Essential to care

Q3FY2009  

Investor/Analyst Call

April 30, 2009

Exhibit 99.3

2

Forward-looking statements and

GAAP reconciliation

This

presentation

contains

forward-looking

statements

addressing

expectations,

prospects,

estimates

and

other

matters

that

are

dependent upon future events or developments. These matters are subject to risks and uncertainties that could cause actual results

to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in

Cardinal

Health’s

Form

10-K,

Form

10-Q

and

Form

8-K

reports

and

CareFusion’s

Form

10

registration

statement

(including

all

amendments to those reports and registration statement) and exhibits to those reports and registration statement, and include (but

are not limited to) the following: uncertainties related to the deferral in hospital capital spending affecting Cardinal Health’s Clinical

and

Medical

Products

segment

and

difficulties

in

forecasting

the

exact

duration

and

potential

long-term

changes

in

hospital

spending

patterns;

uncertainties

regarding

the

planned

spinoff

of

CareFusion

as

a

new

standalone

entity,

including

the

timing

and

terms of any such spinoff and whether such spinoff will be completed as it is subject to a number of conditions, and uncertainties

regarding

the

impact

of

the

planned

spinoff

on

Cardinal

Health,

CareFusion

and

the

potential

market

for

their

respective

securities;

competitive pressures in Cardinal Health’s various lines of business; the loss of one or more key customer or supplier relationships

or changes to the terms of those relationships; uncertainties relating to timing of generic and branded pharmaceutical

introductions and the frequency or rate of branded pharmaceutical price appreciation or generic pharmaceutical price deflation;

changes in the distribution patterns or reimbursement rates for health care products and/or services; the results, consequences,

effects or timing of any inquiry or investigation by any regulatory authority or any legal or administrative proceedings; future

actions of regulatory bodies or government authorities relating to Cardinal Health’s manufacturing or sale of products and other

costs or claims that could arise from its manufacturing, compounding or repackaging operations or from its other services,

including

uncertainties

and

costs

relating

to

complying

with

the

amended

consent

decree

entered

into

with

the

FDA

and

implementing the corrective action plan submitted to the FDA pursuant to the amended consent decree; the effects, timing or

success of restructuring programs or plans; the costs, difficulties and uncertainties related to the integration of acquired

businesses; uncertainties related to the recent disruptions in the financial markets, including uncertainties related to the availability

and/or cost of credit and the impact of the financial market disruptions on Cardinal Health’s customers and vendors; uncertainties

regarding

the

ultimate

features

of

government

health

care

reform

initiatives

and

their

enactment

and

implementation;

and

conditions

in

the

pharmaceutical

market

and

general

economic

and

market

conditions.

This

presentation

reflects

management’s

views as of April 30, 2009. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or

revise any forward-looking statement. In addition, this presentation includes non-GAAP financial measures. Cardinal Health

provides definitions and reconciling information at the end of this presentation and on its investor relations page at

www.cardinalhealth.com. A transcript of the conference call will be available on the investor relations page at

www.cardinalhealth.com.

3

Agenda

Opening remarks

Kerry Clark

Chairman and Chief Executive Officer

Financial overview

Jeff Henderson

Chief Financial Officer

HSCS comments

George Barrett

Vice Chairman and CEO

Healthcare Supply Chain Services

CMP comments

Dave Schlotterbeck

Clinical and Medical Products

Q&A

Vice Chairman

and

CEO 

4

Q3 FY2009 Results

5

Q3 FY2009 Financial Review  

$24,939       

$496

$314

$0.87

$821

15.1%

($M)

9%

(14%)

(14%)

(15%)

%

Change

GAAP Basis

$24,939

$553

$350

$0.97

16.9%

($M)

9%

(10%)

(10%)

(10%)

%

Change

Non-GAAP Basis

1

% change over prior year quarter

Revenue

Operating earnings

Earnings from continuing ops

Diluted EPS from continuing ops

Operating cash flow

Return on equity

1

1

6

Operating      

Earnings ($M)

Diluted EPS from

Continuing

Operations

Operating      

Earnings ($M)

Diluted EPS from

Continuing

Operations

GAAP consolidated

$496

$0.87

$577

$1.02

Special items (Note)

$52

$0.11

$36

$0.06

Impairments, (gain)/loss on sale of assets and other,

net (Note)

$3

($0.01)

$1

-

Spinoff costs not included in special items or

impairments, (gain)/loss on sale of assets and other,

net (Note)

$2

-

-

-

Non-GAAP consolidated

$553

$0.97

$613

$1.08

Spinoff costs included in special items or

impairments, (gain)/loss on sale of assets and other,

net

$37

Spinoff costs not included in special items or

impairments, (gain)/loss on sale of assets and other,

net

$2

Total spinoff costs

$39

Q3 FY 2009

Q3 FY 2008

Q3 FY2009 Operating Earnings and EPS

Note:

Costs

associated

with

the

spinoff

are

as

follows:

7

Healthcare Supply Chain Services

Business Analysis

Highlights:

•

Revenue

up

9%

on

growth

in

pharma

supply

chain

business

•

Revenue

from

bulk

pharmaceutical

customers

up

19%,

primarily

due

to

increased

volumes

from

existing customers

•

Revenue

from

non-bulk

pharmaceutical

customers

up

3%,

driven

by

organic

growth

and

the

Borschow

acquisition,

partially

offset

by

the

previously

reported

shift

in

volume

from

non-bulk

to

bulk from a large customer

•

Segment

profit

up

2%,

driven

by

revenue

growth,

disciplined

cost

controls

and

nuclear

pharmacy,

partially

offset

by

the

impact

of

customer

mix

and

an

increase

in

bad

debt

reserves

Revenue

Segment Profit

23,958

384

Q3 FY09

($M)

21,923

377

Q3 FY08

($M)

9%

2%

% Change

1

Bulk

pharmaceutical

customers

consist

of

Healthcare

Supply

Chain

Services

customers

to

which

the

segment

distributes

pharmaceutical,

radiopharmaceutical

and

over-the-counter

health

care

products

to

the

customers’

centralized

warehouse

operations and mail order businesses

2

Non-bulk

pharmaceutical

customers

consist

of

Healthcare

Supply

Chain

Services

customers

to

which

the

segment

distributes

pharmaceutical, radiopharmaceutical and over-the-counter health care products other than bulk pharmaceutical customers

3

Three regional chain customers declared bankruptcy during the quarter

1

2

3

8

Clinical and Medical Products

Business Analysis

Highlights:

•

Segment revenue down 6% over prior year due to the previously reported deferral in hospital capital

spending

and

negative

impact

of

foreign

exchange

(~4

pps),

partially

offset

by

the

Enturia

acquisition

•

Segment profit down 22% due to the deferral in hospital capital spending, a reserve associated with the

remediation

efforts

for

certain

Alaris

products

and

the

impact

from

the

ship-hold

as

well

as

the

negative

impact

of

foreign

exchange

(~8

pps),

partially

offset

by

the

Enturia

acquisition

•

Enturia continues to perform well-above expectations

Revenue

Segment Profit

1,100

148

Q3 FY09

($M)

1,170

190

Q3 FY08

($M)

(6%)

(22%)

% Change

9

HSCS Update

•

Pharmaceutical

–

Strong revenue growth

–

Momentum with DSD customers

–

Strong nuclear pharmacy quarter

•

Medical

–

Solid profit growth

–

Signs of softness in hospital admissions and physicians

visits

–

Continued focus on efficiency and category management

•

Disciplined management of operating expenses

10

CMP Update

•

FY09(E) segment profit down 7-11%

–

Alaris

remediation reserve and ship-hold impact

–

Continued hospital deferral in capital spending

–

Reduction in workforce, stringent cost controls to primarily impact FY10 and

beyond

–

Disposables are steady, recurring stream

•

Progress made towards requirements of the amended consent decree

–

Corrective Action Plan submitted to FDA

•

Future

growth drivers

–

Continued investment in R&D with pipeline of innovative, clinically differentiated

products, focus on patient safety

–

Working diligently to standup CareFusion

Corporation as separate publicly

traded entity

11

Summary

12

FY 2009 Priorities

•

Investing judiciously to enhance key quality and

regulatory systems

•

Return HSCS to steady growth

•

Continue to invest (R&D) in CMP growth

•

Complete

integrations

(VIASYS

®

,

Enturia,

Borschow)

•

Prepare

organization

for

and

execute

spinoff

of

CareFusion

Corporation

Q&A

15

Q3FY09 Trailing Five Quarters

16

Segment Analysis:  Q3FY09

Q3FY08

Q4FY08

Q1FY09

Q2FY09

Q3FY09

Q3FY09/

Q3FY08

% change

Revenue

($M)

$21,923

$21,863

$23,418

$24,096

$ 23,958

9%

Segment

Profit ($M)

$377

$324

$292

$333

$384

2%

Healthcare Supply Chain Services

Q3FY08

Q4FY08

Q1FY09

Q2FY09

Q3FY09

Q3FY09/

Q3FY08

% change

Revenue

($M)

$1,170

$1,270

$1,155

$1,215

$1,100

(6%)

Segment

Profit ($M)

$190

$229

$167

$198

$148

(22%)

Clinical and Medical Products

17

Segment Analysis:  Q3FY09

Q3FY08

Q4FY08

Q1FY09

Q2FY09

Q3FY09

Q3FY09/

Q3FY08

% change

Revenue

($M)

$308

$288

$273

$265

$246

(20%)

Segment

Profit ($M)

$27

$27

$24

$31

$23

(12%)

All Other Segment

18

GAAP to Non-GAAP

Reconciliation Statements

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Third Quarter 2009													Year-to-Date 2009
(in millions, except per Common Share amounts)	GAAP			Special Items		Other Spin-Off Costs		Impairments, (Gain)/Loss on Sale of Assets and Other, Net			Non-GAAP			GAAP			Special Items		Other Spin-Off Costs		Impairments, (Gain)/Loss on Sale of Assets and Other, Net			Non-GAAP
Operating Earnings
Amount	$	496		$	52	$	2	$	3		$	553		$	1,461		$	124	$	2	$	14		$	1,600
Growth Rate		(14	)%									(10	)%		(8	)%									(3	)%
Provision for Income Taxes	$	122		$	12	$	1	$	8		$	143		$	393		$	37	$	1	$	32		$	462
Earnings from Continuing Operations
Amount	$	314		$	40	$	1	$	(5	)	$	350		$	882		$	88	$	1	$	(18	)	$	953
Growth Rate		(14	)%									(10	)%		(11	)%									(8	)%
Diluted EPS from Continuing Operations
Amount	$	0.87		$	0.11	$	—	$	(0.01	)	$	0.97		$	2.44		$	0.24	$	—	$	(0.04	)	$	2.64
Growth Rate		(15	)%									(10	)%		(10	)%									(7	)%
	Third Quarter 2008													Year-to-Date 2008
	GAAP			Special Items		Other Spin-Off Costs		Impairments, (Gain)/Loss on Sale of Assets and Other, Net			Non-GAAP			GAAP			Special Items		Other Spin-Off Costs		Impairments, (Gain)/Loss on Sale of Assets and Other, Net			Non-GAAP
Operating Earnings
Amount	$	577		$	36	$	—	$	1		$	613		$	1,586		$	88	$	—	$	(22	)	$	1,651
Growth Rate		N.M.										1	%		66	%									2	%
Provision for Income Taxes	$	180		$	13	$	—	$	—		$	192		$	467		$	32	$	—	$	(9	)	$	491
Earnings from Continuing Operations
Amount	$	366		$	23	$	—	$	1		$	390		$	994		$	56	$	—	$	(14	)	$	1,037
Growth Rate		N.M.										—	%		65	%									—	%
Diluted EPS from Continuing Operations
Amount	$	1.02		$	0.06	$	—	$	—		$	1.08		$	2.72		$	0.15	$	—	$	(0.04	)	$	2.83
Growth Rate		N.M.										13	%		85	%									11	%

The sum of the components may not equal the total due to rounding.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Third Quarter						Year-to-Date
(in millions)	2009			2008			2009			2008
GAAP Return on Equity		15.1	%		19.6	%		14.5	%		18.1	%
Non-GAAP Return on Equity
Net earnings	$	312.9		$	356.0		$	878.4		$	982.6
Special items, net of tax, in continuing operations		40.0			22.7			87.8			55.9
Other spin-off costs, net of tax		1.0			—			1.3			—
Impairments, (gain)/loss on sale of assets and other, net, net of tax, in continuing operations		(4.5	)		0.8			(18.3	)		(13.5	)
(Gain)/loss on sale of PTS, net of tax, in discontinued operations		—			7.6			—			7.6
Adjusted net earnings	$	349.4		$	387.1		$	949.2		$	1,032.6
Annualized	$	1,397.6		$	1,548.4		$	1,265.6		$	1,376.8
Divided by average shareholders’ equity 1	$	8,281.2		$	7,250.7		$	8,057.0		$	7,236.6
Non-GAAP return on equity		16.9	%		21.4	%		15.7	%		19.0	%
	Third Quarter						Year-to-Date
	2009			2008			2009			2008
GAAP Return on Invested Capital		7.18	%		8.03	%		6.86	%		7.63	%
Non-GAAP Return on Invested Capital
Net earnings	$	312.9		$	356.0		$	878.4		$	982.6
Special items, net of tax, in continuing operations		40.0			22.7			87.8			55.9
Other spin-off costs, net of tax		1.0			—			1.3			—
Impairments, (gain)/loss on sale of assets and other, net, net of tax, in continuing operations		(4.5	)		0.8			(18.3	)		(13.5	)
Interest expense and other, net of tax		38.6			19.9			118.3			79.4
(Gain)/loss on sale of PTS, net of tax, in discontinued operations		—			7.6			—			7.6
Adjusted net earnings	$	388.0		$	407.0		$	1,067.5		$	1,112.0
Annualized	$	1,552.0		$	1,628.0		$	1,423.3		$	1,482.7
Divided by average total invested capital 2	$	19,584.5		$	18,727.9		$	19,380.9		$	18,546.9
Non-GAAP return on invested capital		7.92	%		8.70	%		7.34	%		7.99	%

¹ The average shareholders’ equity shown above is calculated using the average of the prior and current quarters except for year-to-date which is calculated as the average of shareholders’ equity at the end of the prior years’ fourth quarter plus each of the current year quarters.

² Total invested capital is calculated as the sum of the current portion of long-term obligations and other short-term borrowings, long-term obligations, total shareholders’ equity and unrecorded goodwill. The average total invested capital is calculated using the average of total invested capital at the end of the prior and current quarters except for year-to-date which is calculated as the average of the prior years’ fourth quarter plus each of the current year quarters. Unrecorded goodwill is $7.5 billion for all periods presented.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Third Quarter						Year-to-Date
(in millions)	2009			2008			2009			2008
GAAP Effective Tax Rate from Continuing Operations		28.1	%		32.9	%		30.8	%		32.0	%
Non-GAAP Effective Tax Rate from Continuing Operations
Earnings before income taxes and discontinued operations	$	435.9		$	545.4		$	1,275.2		$	1,461.5
Special items		52.2			35.6			124.4			87.7
Other spin-off costs		1.6			—			2.0			—
Impairments, (gain)/loss on sale of assets and other, net		3.0			1.2			13.5			(22.0	)
Adjusted earnings before income taxes and discontinued operations	$	492.7		$	582.2		$	1,415.1		$	1,527.2
Provision for income taxes	$	122.4		$	179.5		$	393.1		$	467.2
Special items tax benefit		12.2			12.9			36.6			31.8
Other spin-off costs tax benefit		0.6			—			0.7			—
Impairments, (gain)/loss on sale of assets and other, net, tax impact		7.5			0.4			31.8			(8.5	)
Adjusted provision for income taxes	$	142.7		$	192.8		$	462.2		$	490.5
Non-GAAP effective tax rate from continuing operations		29.0	%		33.1	%		32.7	%		32.1	%

	Third Quarter
	2009			2008
Debt to Total Capital		30	%		34	%
Net Debt to Capital
Current portion of long-term obligations and other short-term borrowings	$	368.0		$	355.3
Long-term obligations, less current portion and other short-term borrowings		3,303.1			3,450.1
Debt	$	3,671.1		$	3,805.4
Cash and equivalents		(1,366.0	)		(1,529.0	)
Net debt	$	2,305.1		$	2,276.4
Total shareholders’ equity	$	8,434.5		$	7,393.2
Capital	$	10,739.6		$	9,669.6
Net debt to capital		21	%		24	%

Forward-Looking Non-GAAP Financial Measures

The Company presents non-GAAP earnings from continuing operations and non-GAAP effective tax rate from continuing operations (and presentations derived from these financial measures) on a forward-looking basis. The most directly comparable forward-looking GAAP measures are earnings from continuing operations and effective tax rate from continuing operations. The Company is unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most comparable forward-looking GAAP measures because the Company cannot reliably forecast special items, impairments, (gain)/loss on sale of assets and other, net and other spin-off costs, which are difficult to predict and estimate and are primarily dependent on future events. Please note that the unavailable reconciling items could significantly impact the Company’s future financial results.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

DEFINITIONS

GAAP

Debt: long-term obligations plus short-term borrowings

Debt to Total Capital: debt divided by (debt plus total shareholders’ equity)

Diluted EPS from Continuing Operations: earnings from continuing operations divided by diluted weighted average shares outstanding

Effective Tax Rate from Continuing Operations: provision for income taxes divided by earnings before income taxes and discontinued operations

Operating Cash Flow: net cash provided by / (used in) operating activities from continuing operations

Other Spin-Off Costs: costs incurred in connection with the Company’s plans to spin off its clinical and medical products businesses that are not included in special items or impairments, (gain)/loss on sale of assets and other, net

Segment Profit: segment revenue minus (segment cost of products sold and segment selling, general and administrative expenses)

Segment Profit Margin: segment profit divided by segment revenue

Segment Profit Mix: segment profit divided by total segment profit for all segments

Return on Equity: annualized net earnings divided by average shareholders’ equity

Return on Invested Capital: annualized net earnings plus interest expense and other divided by (average total shareholders’ equity plus debt plus unrecorded goodwill)

Revenue Mix: segment revenue divided by total segment revenue for all segments

NON-GAAP

Net Debt to Capital: net debt divided by (net debt plus total shareholders’ equity)

Net Debt: debt minus (cash and equivalents and short-term investments available for sale)

Non-GAAP Diluted EPS from Continuing Operations: non-GAAP earnings from continuing operations divided by diluted weighted average shares outstanding

Non-GAAP Diluted EPS from Continuing Operations Growth Rate: (current period non-GAAP diluted EPS from continuing operations minus prior period non-GAAP diluted EPS from continuing operations) divided by prior period non-GAAP diluted EPS from continuing operations

Non-GAAP Earnings from Continuing Operations: earnings from continuing operations excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs, each net of tax

Non-GAAP Earnings from Continuing Operations Growth Rate: (current period non-GAAP earnings from continuing operations minus prior period non-GAAP earnings from continuing operations) divided by prior period non-GAAP earnings from continuing operations

Non-GAAP Effective Tax Rate from Continuing Operations: (provision for income taxes adjusted for (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs) divided by (earnings before income taxes and discontinued operations adjusted for (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs)

Non-GAAP Operating Earnings: operating earnings excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs

Non-GAAP Operating Earnings Growth Rate: (current period non-GAAP operating earnings minus prior period non-GAAP operating earnings) divided by prior period non-GAAP operating earnings

Non-GAAP Return on Equity: (annualized current period net earnings excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs, each net of tax) divided by average shareholders’ equity

Non-GAAP Return on Invested Capital: (annualized net earnings excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net, (3) Other Spin-Off Costs and (4) interest expense and other, each net of tax) divided by (average total shareholders’ equity plus debt plus unrecorded goodwill)