8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 18, 2009

Cardinal Health, Inc.

(Exact name of registrant as specified in its charter)

Ohio	1-11373	31-0958666
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

7000 Cardinal Place, Dublin, Ohio 43017

(Address of principal executive offices) (Zip Code)

(614) 757-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On August 18, 2009, Cardinal Health, Inc. (“Cardinal Health”) issued a news release announcing its results for the quarter and fiscal year ended June 30, 2009. A copy of the news release is included as Exhibit 99.1 to this report.

A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding Cardinal Health’s financial condition and results of operations is included as Exhibit 99.2 to this report.

Item 7.01 Regulation FD Disclosure

During a conference call scheduled to be held at 8:30 a.m. EDT on August 18, 2009, Cardinal Health’s incoming Chairman and Chief Executive Officer and Chief Financial Officer will discuss its historical and adjusted results for the quarter and fiscal year ended June 30, 2009 and outlook for the fiscal year ending June 30, 2010. In addition, the expected Chairman and Chief Executive Officer and expected Chief Financial Officer of CareFusion Corporation, the company that will become public from the spin-off of Cardinal Health’s clinical and medical products businesses (“CareFusion”), will discuss CareFusion’s historical proforma results and outlook for its fiscal year ending June 30, 2010. The slide presentation for the conference call is included as Exhibit 99.3 to this report. A transcript of the conference call will be available on the Investors page at www.cardinalhealth.com.

Cardinal Health unaudited adjusted consolidated financial statements that are adjusted to present the estimated impact of the removal of the CareFusion businesses from the historical financial statements of Cardinal Health and non-GAAP reconciliations are included as Exhibit 99.4 to this report. CareFusion unaudited pro forma condensed consolidated statements of earnings and reconciliations of non-GAAP information are included as Exhibit 99.5 to this report.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1	News release issued by Cardinal Health on August 18, 2009 announcing fourth quarter and full fiscal year results
99.2	Information disclosed by Cardinal Health on August 18, 2009
99.3	Slide presentation
99.4	Cardinal Health unaudited adjusted consolidated financial statements and non-GAAP reconciliations
99.5	CareFusion unaudited pro forma condensed consolidated statements of earnings and reconciliations of non-GAAP information

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Cardinal Health, Inc.
	(Registrant)
Date: August 18, 2009	By:	/s/ Stuart G. Laws
		Name:	Stuart G. Laws
		Title:	Senior Vice President and Chief Accounting Officer

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EXHIBIT INDEX

99.1	News release issued by Cardinal Health on August 18, 2009 announcing fourth quarter and full fiscal year results
99.2	Information disclosed by Cardinal Health on August 18, 2009
99.3	Slide presentation
99.4	Cardinal Health unaudited adjusted consolidated financial statements and non-GAAP reconciliations
99.5	CareFusion unaudited pro forma condensed consolidated statements of earnings and reconciliations of non-GAAP information

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EX-99.1

Exhibit 99.1

7000 Cardinal Place

Dublin,OH 43017

www.cardinalhealth.com

FOR IMMEDIATE RELEASE

Cardinal Health:	CareFusion:
Troy Kirkpatrick (Media) (614) 757-6225 troy.kirkpatrick@cardinalhealth.com	Jim Mazzola (Media) (858) 617-1203 jim.mazzola@carefusion.com
Sally Curley (Investors) (614) 757-7115 sally.curley@cardinalhealth.com	Carol Cox (Investors) (858) 617-2020 carol.cox@CareFusion.com

CARDINAL HEALTH REPORTS FISCAL 2009 RESULTS, PROVIDES FISCAL 2010 OUTLOOK

• Consolidated revenue grew 9 percent to nearly $100 billion

• Healthcare Supply Chain Services fourth-quarter segment profit increased 8 percent to $341 million

• Cardinal Health fiscal 2010 non-GAAP earnings per share estimates increased to $1.90 to $2.00, adjusted for the spinoff of CareFusion Corp.

• CareFusion fiscal 2010 adjusted earnings per share expected to be between $1.10 and $1.20 as a standalone company

• CareFusion spinoff on track for completion on Aug. 31

DUBLIN, Ohio, Aug. 18, 2009 — Cardinal Health today reported fiscal 2009 diluted earnings per share (EPS) from continuing operations of $3.16, or $3.48 on a non-GAAP basis¹, which was in line with the company’s expectations and includes a $0.03 dilutive impact from the classification of the company’s UK-based Martindale injectable manufacturing business as discontinued operations.

The company reported fourth-quarter diluted EPS from continuing operations of $0.74, or $0.86 on a non-GAAP basis, which includes a $0.01 dilutive impact from the Martindale classification as discontinued operations. The quarter was highlighted by the Healthcare Supply Chain Services (HSCS) segment, which reported an 8 percent increase in segment profit, driven by strong growth in the Pharmaceutical Supply Chain and Nuclear Pharmacy Services businesses, and a return to growth in its surgical and procedural kitting operations. The growth in the final quarter contributed to a slight increase of 0.4 percent in HSCS segment profit for the full fiscal year.

Fourth-quarter and full-year segment profit for the Clinical and Medical Products segment declined on a year-over-year basis within company expectations, due to the deferral in hospital capital spending and the impact from a shipping hold on its Alaris^® System infusion product during the

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second half of fiscal 2009. Sequentially from the third quarter, revenue and segment profit increased. In addition, the Alaris^® System shipping hold was lifted in July. The spinoff of CareFusion Corp., the company that will become public from the spinoff of Cardinal Health’s Clinical and Medical Products businesses, remains on track to be completed after the close of business on Aug. 31.

“Fiscal 2009 saw accelerated investments to improve our ability to serve customers, as well as disciplined cost-containment measures, all of which will continue through an important transition year in fiscal 2010,” said R. Kerry Clark, chairman and chief executive officer of Cardinal Health. “With the improvement in the core businesses within the Healthcare Supply Chain Services segment and the resumption of customer installations for the Alaris^® System, both Cardinal Health and CareFusion have solid foundations and initiatives in place to position themselves for long-term success.”

CONSOLIDATED Q4 AND FY09 RESULTS

The company reported fourth-quarter revenue growth of 10 percent to $25.2 billion and a 15 percent decline in earnings from continuing operations to $268 million, driven by previously disclosed factors impacting the Clinical and Medical Products business with a partial offset from solid profit growth from the Healthcare Supply Chain Services segment. Special items and impairments and other costs associated with the planned spinoff decreased after-tax earnings by $44 million or $0.12 per share. Excluding these items, fourth-quarter non-GAAP earnings from continuing operations² declined 9 percent to $311 million.

For full fiscal 2009, consolidated revenue grew 9 percent to $99.5 billion and earnings from continuing operations declined 12 percent to $1.1 billion. The net after-tax dilutive impact from special items and impairments and the impact of other costs associated with the planned spinoff totaled $114 million or $0.32 per share. Excluding these items, non-GAAP earnings from continuing operations declined 8 percent to $1.3 billion. In addition, the company finished the year with strong consolidated operating cash flow of approximately $1.6 billion, through disciplined management of working capital.

Q4 and FY09 SUMMARY

	Q4 FY09		Q4 FY08		Y/Y		FY09		Y/Y
Revenue	$	25.2 billion	$	22.9 billion	10	%	$	99.5 billion	9	%
Operating Earnings	$	436 million	$	527 million	(17	%)	$	1.9 billion	(10	%)
Non-GAAP Operating Earnings3	$	509 million	$	560 million	(9	%)	$	2.1 billion	(4	%)
Earnings from Continuing Operations	$	268 million	$	316 million	(15	%)	$	1.1 billion	(12	%)
Non-GAAP Earnings from Continuing Operations	$	311 million	$	342 million	(9	%)	$	1.3 billion	(8	%)
Diluted EPS from Continuing Operations	$	0.74	$	0.88	(16	%)	$	3.16	(11	%)
Non-GAAP Diluted EPS from Continuing Operations	$	0.86	$	0.96	(10	%)	$	3.48	(7	%)

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FISCAL 2009 SEGMENT RESULTS AND FISCAL 2010 OUTLOOK

Healthcare Supply Chain Services

The Healthcare Supply Chain Services segment increased fourth-quarter revenue 11 percent to $24.3 billion, driven by strong growth in the pharmaceutical supply chain business across all customer categories. Sales to bulk pharmaceutical customers⁴ increased 16 percent to $11 billion and sales to non-bulk pharmaceutical customers⁵ increased 9 percent to $11.1 billion. Segment profit for the quarter increased 8 percent to $341 million, driven by the profit contribution from revenue gains, growth in generics, strong performance under the company’s fee-for-service arrangements with branded manufacturers, strength in nuclear pharmacy and disciplined expense management.

For the full year, segment revenue increased 10 percent to $95.7 billion, driven by solid sales across the segment. Full-year revenue from bulk pharmaceutical customers increased 17 percent to $43.7 billion and annual sales to non-bulk pharmaceutical customers increased 4 percent to $43.6 billion. Annual segment profit was slightly positive from the previous year at $1.3 billion with profit contribution from revenue gains, solid generics performance and medical supply chain growth being offset by pharmaceutical contract repricings, the impact from anti-diversion activities and bad-debt expense.

The company is in the midst of driving several important initiatives designed to optimize customer mix and improve margins. These include actions to enhance the overall experience across all customer categories, improve its generic pharmaceutical and medical product sourcing programs and enhance internal processes related to pricing. This is complemented by lean operating model initiatives, including a disciplined focus on inventory levels across all lines of business. Importantly, the medical and surgical supply chain businesses have initiated a transformation program, which is designed to implement new systems and processes to improve customer ordering and service.

“The Healthcare Supply Chain Services segment had a strong finish to a solid year,” said George Barrett, incoming chairman and chief executive officer of Cardinal Health. “While we are pleased with the improvement in the supply chain segment, our work continues as we take the necessary strategic actions to drive long-term growth.”

Healthcare Supply Chain Services	Q4 FY09		Q4 FY08		Y/Y		FY09		Y/Y
Revenue	$	24.3 billion	$	21.8 billion	11	%	$	95.7 billion	10	%
Segment Profit	$	341 million	$	316 million	8	%	$	1.3 billion	0	%

Fiscal 2010 Outlook for ‘New’ Cardinal Health

Excluding the businesses that will be spun off as CareFusion, Cardinal Health’s adjusted fiscal 2009 revenue was $96 billion and adjusted diluted EPS from continuing operations for the full year was $2.12 or $2.26 on a non-GAAP basis⁶.

“As we look forward to fiscal 2010 for ‘new’ Cardinal Health, we expect low single-digit revenue growth and non-GAAP diluted earnings per share from continuing operations in the range of $1.90 to $2.00, which is a slight increase from the implied range of $1.87 to $1.91 provided at our Investor Day on June 2,” Barrett said. “The progress we made in fiscal 2009 reinforces our belief that the company’s core businesses are strong and the investments we are making in fiscal 2010 will create a more positive and sustainable longer-term growth trajectory.”

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The company expects its Medical segment to contribute strong segment profit growth in fiscal 2010, which will be offset by an expected decline in Pharmaceutical segment profit, resulting from business investments, unfavorable year-over-year comparison from generic launches and customer contract repricings.

Additional Fourth-Quarter and Recent Highlights from Cardinal Health:

• Renewed a distribution agreement with CVS Caremark to supply pharmaceuticals to its national network of retail pharmacies through mid-2013.

• Increased the regular quarterly dividend by 25 percent to $0.175 per share, with the impact significantly increasing its expected payout ratio post-spin.

• Record-breaking attendance at the company’s Retail Business Conference, which included launches of new tools to help independent pharmacies deliver cost-effective, personalized care to more patients.

• Announced three new members of the board of directors: George S. Barrett as chairman and chief executive officer of Cardinal Health, effective Sept. 1; Bruce L. Downey, former chairman and chief executive officer of Barr Pharmaceuticals, effective Sept. 1; and Glenn A. Britt, chairman, president and chief executive officer of Time Warner Cable, effective Oct. 1.

• Hired Patricia Morrison as Chief Information Officer to enhance the company’s enterprise-wide information technology infrastructure to support Cardinal Health’s strategic business needs.

Clinical and Medical Products

Fourth-quarter revenue for the Clinical and Medical Products segment declined 12 percent to $1.1 billion, due to the continued deferral in hospital capital spending, the Alaris^® System shipping hold and the negative impact of foreign exchange rates. Segment profit declined 32 percent in the fourth quarter to $157 million, driven by the decline in revenue and the negative impact of foreign exchange rates. The quarterly profit decline was partially offset by aggressive spending reductions and sales of ChloraPrep^® from the Enturia acquisition.

Clinical and Medical Products revenue saw a slight decrease of 0.4 percent for the full year to $4.6 billion, with increases in the first half of the year being offset by the revenue decline in the second half. Segment profit was also affected by the second-half factors that impacted segment revenue and finished the year down 9 percent to $670 million. The Enturia acquisition continued to exceed expectations for the quarter and full year.

“There is no doubt that the second half of fiscal 2009 was a challenging economic environment, but we assessed and addressed the market conditions correctly,” said David Schlotterbeck, chief executive officer of CareFusion. “In the fourth quarter, we saw a sequential improvement in customer orders from the third quarter and continued strong performance from the infection prevention businesses with top- and bottom-line growth. In addition, resuming customer installations of our Alaris^® System infusion line in July, following 510 (k) clearance from the Food and Drug Administration, was an important milestone under our enhanced quality system.”

Clinical and Medical Products	Q4 FY09		Q4 FY08		Y/Y		FY09		Y/Y
Revenue	$	1.1 billion	$	1.3 billion	(12	%)	$	4.6 billion	0	%
Segment Profit	$	157 million	$	229 million	(32	%)	$	670 million	(9	%)

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Fiscal 2010 Outlook for CareFusion

For the fiscal year ending June 30, 2010, CareFusion expects mid single-digit revenue growth compared to fiscal 2009 pro forma revenue of $3.7 billion. Adjusted diluted earnings per share⁷ for fiscal 2010 are expected to be between $1.10 and $1.20, compared to fiscal 2009 pro forma adjusted diluted earnings per share of $1.54, or $1.32 on an unadjusted basis. The pro forma financials reflect CareFusion results as if the separation and related transactions had already occurred. ⁸

The expected year-over-year decline in adjusted diluted earnings per share is primarily driven by an incremental $100 million to $110 million in spending CareFusion will incur due to several factors including higher compensation expense, R&D spending and costs to stand up infrastructure as a new public company. In addition the company expects a significant increase in the tax rate from fiscal 2009 to 2010, due primarily to a one-time tax benefit received in 2009.

The guidance for fiscal 2010 is based on an assumed diluted weighted average outstanding share count of 228 million and reflects a previously announced distribution ratio of 0.5 shares of CareFusion common stock for each common share of Cardinal Health held as of 5 p.m. EDT on Aug. 25.

Additional Fourth-Quarter and Recent Highlights for CareFusion:

• Form 10 registration statement declared effective by the Securities and Exchange Commission and a private letter ruling received from the Internal Revenue Service. The spinoff is on track to be completed after the close of business on Aug. 31.

• Launched the CareFusion brand, establishing the company as an industry leader in helping hospitals measurably improve patient care and safety.

• Announced the nine members that will comprise the CareFusion board of directors.

• Awarded a contract with the Centers for Disease Control to supply more than 4,500 ventilators to the National Stockpile Program.

• Signed a five-year, exclusive agreement for Pyxis^® brand medication dispensing equipment with HCA.

• Pyxis^® products named #1 in customer service from MD Buyline’s April through June quarterly report, reflecting a multi-year commitment to investing in improved customer service.

• MedMined™ services received #1 ranking for infection surveillance technology providers by KLAS.

CONFERENCE CALL

Cardinal Health and CareFusion will host a conference call today at 8:30 a.m. EDT to discuss the fiscal 2009 results and outlook for fiscal 2010. The conference call will be divided into two separate sessions. During the first session, Cardinal Health Chief Financial Officer Jeff Henderson will briefly review consolidated Cardinal Health financial results for the fourth quarter and fiscal 2009, including the Clinical and Medical Products businesses that are part of the planned spinoff of CareFusion. Following the consolidated discussion, Barrett will discuss a business update on ‘new’ Cardinal Health, and Henderson will provide adjusted financials reflecting the removal of the CareFusion businesses, followed by a discussion of fiscal 2010 expectations and assumptions. These prepared comments will be followed by a question and answer session focused on ‘new’ Cardinal Health and consolidated Cardinal Health results. At approximately 9:15 a.m. EDT, the call will transition to Schlotterbeck for a business update on CareFusion. Ed Borkowski, chief financial officer for CareFusion, will follow with a discussion of historical pro forma financials and expectations for fiscal 2010. CareFusion management then will address questions specific to CareFusion.

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To access the call and corresponding slide presentation, visit the investor page at cardinalhealth.com or dial 617-213-4858, passcode 66270788. Participants are advised to pre-register at the investor page at cardinalhealth.com or to dial into the call at least 10 minutes prior to the start time. Pre-registrants are issued a pin number that provides faster access to the live call. Presentation slides, an audio replay and a transcript will be archived on the Web site after the conclusion of the meeting. The audio replay will also be available until 5 p.m. EDT on Aug. 25 by dialing 617-801-6888, passcode 65367949.

UPCOMING CARDINAL HEALTH EVENTS

Cardinal Health will be participating in the following health care investor conferences:

• 2009 Thomas Weisel Partners Healthcare Conference in Boston on Sept. 10.

• Morgan Stanley Global Healthcare Unplugged Conference in New York on Sept. 15.

• 2009 INVESTOhio Equity Conference in Columbus, Ohio on Sept. 15.

• UBS Global Life Sciences Conference in New York on Sept. 23.

At these events, company executives will discuss Cardinal Health’s diverse products and services, company performance and strategies for continued growth. To access more details and live webcasts of these events, including remarks or a transcript, go to the Investors page at cardinalhealth.com.

About ‘New’ Cardinal Health

Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a Fortune 18 health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals and ambulatory care sites focus on patient care while reducing costs, improving efficiency and quality, and increasing profitability. As one of the largest health care companies in the world, Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products to more than 40,000 locations each day. The company is also a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company supports the growing diagnostic industry by supplying medical products to clinical laboratories and operating the nation’s largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Cardinal Health employs more than 30,000 people worldwide. More information about the company may be found at cardinalhealth.com.

About CareFusion Corp.

CareFusion Corp., a wholly owned subsidiary of Cardinal Health, is expected to become a public company with the planned spinoff of the clinical and medical products businesses of Cardinal Health. The global company serves the health care industry with products and services that help hospitals measurably improve the safety and quality of health care. CareFusion develops market-leading technologies including Alaris^® IV pumps, Pyxis^® automated dispensing and patient identification systems, AVEA and Pulmonetic Systems™ ventilation and respiratory products, ChloraPrep^® for infection prevention and MedMined™ services for infection surveillance, neurological monitoring and diagnostic products, V. Mueller^® surgical instruments and an extensive line of products that support interventional medicine.

CareFusion employs more than 15,000 people across its global operations. The company has been authorized to have its shares of common stock listed on the New York Stock Exchange under the ticker symbol “CFN.” More information may be found at carefusion.com.

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About the planned CareFusion spinoff

Cardinal Health’s board has approved the spinoff of CareFusion Corp. through a pro rata distribution of at least 80.1 percent of the shares of CareFusion common stock to Cardinal Health shareholders, with Cardinal Health retaining the remaining shares. The distribution of shares of CareFusion common stock will be made after the close of trading on Aug. 31 to Cardinal Health’s shareholders of record as of 5 p.m. EDT on Aug. 25, the record date for the spinoff. Cardinal Health will distribute 0.5 share of CareFusion common stock for each common share of Cardinal Health outstanding as of the record date. Shareholders will receive cash in lieu of fractional shares of CareFusion common stock. No action is required by Cardinal Health shareholders as of the record date to receive their shares of the common stock of CareFusion Corp. in the spinoff.

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¹ Non-GAAP diluted EPS from continuing operations: Non-GAAP earnings from continuing operations divided by diluted weighted average shares outstanding.

² 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, except for adjusted results, (3) spinoff costs not included in special items or impairments, (gain)/loss on sale of assets and other, net, each net of tax.

³ Non-GAAP operating earnings: Operating earnings excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) spinoff costs not included in special items or impairments, (gain)/loss on sale of assets and other, net.

⁴ 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.

⁵ Non-bulk pharmaceutical customers consist of all Healthcare Supply Chain Services customers to which the segment distributes pharmaceutical, radiopharmaceutical and over-the-counter health care products other than bulk pharmaceutical customers.

⁶ Cardinal Health unaudited adjusted financial results have been derived from Cardinal Health’s historical consolidated financial statements and have been adjusted to present the estimated impact of removal of the CareFusion businesses from the historical financial statements of Cardinal Health. These financial results do not necessarily reflect the financial results that will be presented within Cardinal Health’s consolidated financial statements subsequent to the completion of the spinoff of CareFusion. In addition, they do not reflect what the financial results would have been if Cardinal Health had actually operated without the CareFusion businesses during the periods shown nor are they necessarily indicative of Cardinal Health’s future results. The assumptions and estimates used and adjustments derived from such assumptions are based on currently available information, and Cardinal Health management believes such assumptions and estimates are reasonable under the circumstances. For more information, see the Cardinal Health unaudited adjusted consolidated financial statements included as Exhibit 99.4 to Cardinal Health’s Form 8-K filed on Aug. 18, 2009.

⁷ CareFusion adjusted diluted earnings per share: CareFusion earnings from continuing operations adjusted to exclude (1) restructuring and acquisition integration charges (including one-time spinoff related costs) and (2) acquired in-process research and development, divided by the anticipated number of diluted weighted average shares of CareFusion common stock outstanding at spinoff. This is a non-GAAP financial measure.

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⁸ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements and accounting records of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. These financial results do not necessarily reflect what CareFusion’s financial results would have been if it had operated as an independent, publicly traded company during this fiscal period. In addition, these financial results are not necessarily indicative of CareFusion’s future results. The assumptions and estimates used and pro forma adjustments derived from such assumptions are based on currently available information, and CareFusion management believes such assumptions are reasonable under the circumstances. For more information, see the CareFusion unaudited pro forma condensed combined financial statements included as an Exhibit 99.5 to Cardinal Health’s Form 8-K filed on Aug. 18, 2009.

A reconciliation of the differences between these non-GAAP financial measures and their most directly comparable GAAP financial measures is provided in the attached tables and at cardinalhealth.com. Reconciliations of non-GAAP adjusted Cardinal Health financial measures and pro forma adjusted CareFusion financial measures are also provided in Exhibits 99.4 and 99.5 respectively to Cardinal Health’s Form 8-K filed on Aug. 18, 2009.

Cardinal Health uses its Web site as a channel of distribution for material company information. Important information, including news releases, analyst presentations and financial information regarding Cardinal Health is routinely posted and accessible on the investor page at cardinalhealth.com.

This news release 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. These risks and uncertainties include (but are not limited to) uncertainties related to the deferral in hospital capital spending affecting Cardinal Health’s Clinical and Medical Products businesses and difficulties in forecasting the exact duration and potential long-term changes in hospital spending patterns; uncertainties and risks regarding the spinoff, including the costs associated with the spinoff and the impact of the 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; 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 disruptions in the financial markets, including uncertainties related to the availability and/or cost of credit and the impact of 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. In addition, Cardinal Health, CareFusion and the spinoff are subject to additional risks and uncertainties 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. This news release reflects management’s views as of Aug. 18, 2009. Except to the extent required by applicable law, neither Cardinal Health nor CareFusion undertakes an obligation to update or revise any forward-looking statement.

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CARDINAL HEALTH, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

	Fourth Quarter
(in millions, except per Common Share amounts)	2009			2008			% Change
Revenue	$	25,198.9		$	22,894.3		10	%
Cost of products sold		23,827.7			21,439.6		11	%
Gross margin		1,371.2			1,454.7		(6	)%
Selling, general and administrative expenses		870.1			895.0		(3	)%
Impairments, (gain)/loss on sale of assets and other, net		11.5			(10.0	)	N.M.
Special items:
Restructuring charges		53.0			10.9		N.M.
Acquisition integration charges		2.8			25.1		N.M.
Litigation and other		(2.0	)		6.4		N.M.
Operating earnings		435.8			527.3		(17	)%
Interest expense and other		34.6			47.0		(26	)%
Earnings before income taxes and discontinued operations		401.2			480.3		(16	)%
Provision for income taxes		133.7			164.4		(19	)%
Earnings from continuing operations		267.5			315.9		(15	)%
Earnings from discontinued operations (net of tax expense of $2.5 and $5.1 for the fourth quarter of fiscal 2009 and 2008, respectively)		5.7			2.1		N.M.
Net earnings	$	273.2		$	318.0		(14	)%
Basic earnings per Common Share:
Continuing operations	$	0.75		$	0.89		(16	)%
Discontinued operations		0.01			—		N.M.
Net basic earnings per Common Share	$	0.76		$	0.89		(15	)%
Diluted earnings per Common Share:
Continuing operations	$	0.74		$	0.88		(16	)%
Discontinued operations		0.01			—		N.M.
Net diluted earnings per Common Share	$	0.75		$	0.88		(15	)%
Weighted average number of Common Shares outstanding:
Basic		358.2			355.5
Diluted		361.1			359.8

CARDINAL HEALTH, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

	Fiscal Year
(in millions, except per Common Share amounts)	2009			2008			% Change
Revenue	$	99,512.4		$	90,975.5		9	%
Cost of products sold		93,986.0			85,395.8		10	%
Gross margin		5,526.4			5,579.7		(1	)%
Selling, general and administrative expenses		3,438.3			3,390.1		1	%
Impairments, (gain)/loss on sale of assets and other, net		25.0			(32.0	)	N.M.
Special items:
Restructuring charges		164.3			65.7		N.M.
Acquisition integration charges		14.5			44.9		N.M.
Litigation and other		(1.4	)		19.5		N.M.
Operating earnings		1,885.7			2,091.5		(10	)%
Interest expense and other		218.7			169.4		29	%
Earnings before income taxes and discontinued operations		1,667.0			1,922.1		(13	)%
Provision for income taxes		524.2			626.1		(16	)%
Earnings from continuing operations		1,142.8			1,296.0		(12	)%
Earnings from discontinued operations (net of tax expense of $8.6 and $39.7 for fiscal 2009 and 2008, respectively)		8.8			4.6		N.M.
Net earnings	$	1,151.6		$	1,300.6		(11	)%
Basic earnings per Common Share:
Continuing operations	$	3.20		$	3.62		(12	)%
Discontinued operations		0.02			0.01		N.M.
Net basic earnings per Common Share	$	3.22		$	3.63		(11	)%
Diluted earnings per Common Share:
Continuing operations	$	3.16		$	3.56		(11	)%
Discontinued operations		0.02			0.01		N.M.
Net diluted earnings per Common Share	$	3.18		$	3.57		(11	)%
Weighted average number of Common Shares outstanding:
Basic		357.6			358.2
Diluted		361.5			364.0

CARDINAL HEALTH, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	June 30,		June 30,
(in millions)	2009		2008
Assets
Cash and equivalents	$	1,847.5	$	1,291.3
Trade receivables, net		5,643.6		4,987.7
Current portion of net investment in sales-type leases		398.9		383.7
Inventories		7,145.5		6,757.7
Prepaid expenses and other		588.8		591.4
Assets from businesses held for sale and discontinued operations		174.7		264.2
Total current assets		15,799.0		14,276.0
Property and equipment, net		1,873.0		1,714.0
Net investment in sales-type leases, less current portion		929.8		916.8
Goodwill and other intangibles, net		6,095.9		6,157.3
Other assets		421.1		384.1
Total assets	$	25,118.8	$	23,448.2
Liabilities and Shareholders’ Equity
Current portion of long-term obligations and other short-term borrowings	$	367.3	$	159.0
Accounts payable		9,138.0		8,303.8
Other accrued liabilities		1,868.2		1,874.9
Liabilities from businesses held for sale and discontinued operations		26.3		50.0
Total current liabilities		11,399.8		10,387.7
Long-term obligations, less current portion and other short-term borrowings		3,280.0		3,687.4
Deferred income taxes and other liabilities		1,714.3		1,625.6
Total shareholders’ equity		8,724.7		7,747.5
Total liabilities and shareholders’ equity	$	25,118.8	$	23,448.2

CARDINAL HEALTH, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Fourth Quarter						Fiscal Year
(in millions)	2009			2008			2009			2008
Cash Flows From Operating Activities:
Net earnings	$	273.2		$	318.0		$	1,151.6		$	1,300.6
Earnings from discontinued operations		(5.7	)		(2.1	)		(8.8	)		(4.6	)
Earnings from continuing operations		267.5			315.9			1,142.8			1,296.0
Adjustments to reconcile earnings from continuing operations to net cash provided by / (used in) operating activities:
Depreciation and amortization		110.6			94.9			399.4			374.8
Asset impairments and (gain)/loss on sale of assets, net		11.5			(9.4	)		25.0			(31.4	)
Purchased in-process research and development		—			18.0			—			18.0
Equity compensation		30.5			35.6			122.8			122.3
Provision for deferred income taxes		69.5			25.8			69.5			25.8
Provision for bad debts		5.8			3.8			59.4			26.1
Change in operating assets and liabilities, net of effects from acquisitions:
(Increase)/decrease in trade receivables		232.7			(18.9	)		(646.1	)		(313.1	)
(Increase)/decrease in inventories		912.6			499.2			(341.8	)		614.3
(Increase)/decrease in net investment in sales-type leases		8.0			(41.1	)		(28.2	)		(124.9	)
Increase/(decrease) in accounts payable		(889.6	)		(638.4	)		749.0			(859.9	)
Other accrued liabilities and operating items, net		84.4			(48.0	)		6.5			405.6
Net cash provided by operating activities - continuing operations		843.5			237.4			1,558.3			1,553.6
Net cash provided by/(used in) operating activities - discontinued operations		(16.8	)		4.9			9.0			(36.0	)
Net cash provided by operating activities		826.7			242.3			1,567.3			1,517.6
Cash Flows From Investing Activities:
Acquisition of subsidiaries, net of divestitures and cash acquired		—			(475.9	)		(5.3	)		(514.9	)
Proceeds from sale of property and equipment		1.0			22.4			13.5			32.6
Additions to property and equipment		(271.4	)		(120.8	)		(533.4	)		(366.0	)
Sale of investment securities available for sale, net		—			—			—			132.0
Net cash used in investing activities - continuing operations		(270.4	)		(574.3	)		(525.2	)		(716.3	)
Net cash used in investing activities - discontinued operations		(3.4	)		(3.7	)		(17.7	)		(10.1	)
Net cash used in investing activities		(273.8	)		(578.0	)		(542.9	)		(726.4	)
Cash Flows From Financing Activities:
Net change in commercial paper and short-term borrowings		—			(202.7	)		—			(0.5	)
Reduction of long-term obligations		5.5			(4.6	)		(304.6	)		(21.5	)
Proceeds from long-term obligations, net of issuance costs		(24.4	)		302.5			0.4			303.5
Proceeds from issuance of Common Shares		0.5			18.6			39.3			227.9
Tax benefit/(expense) from stock options		(2.7	)		26.8			(2.9	)		42.1
Dividends on Common Shares		(50.3	)		(42.6	)		(200.4	)		(173.1	)
Purchase of Common Shares in treasury		—			—			—			(1,181.6	)
Net cash provided by/(used in) financing activities - continuing operations		(71.4	)		98.0			(468.2	)		(803.2	)
Net cash provided by/(used in) financing activities - discontinued operations		—			—			—			—
Net cash provided by/(used in) financing activities		(71.4	)		98.0			(468.2	)		(803.2	)
Net increase/(decrease) in cash and equivalents		481.5			(237.7	)		556.2			(12.0	)
Cash and equivalents at beginning of period		1,366.0			1,529.0			1,291.3			1,303.3
Cash and equivalents at end of period	$	1,847.5		$	1,291.3		$	1,847.5		$	1,291.3

CARDINAL HEALTH, INC. AND SUBSIDIARIES

BUSINESS ANALYSIS

TOTAL COMPANY

	Fourth Quarter						Non-GAAP Fourth Quarter
(in millions)	2009			2008			2009			2008
Revenue
Amount	$	25,199		$	22,894
Growth Rate		10	%		3	%
Operating Earnings
Amount	$	436		$	527		$	509		$	560
Growth Rate		(17	)%		27	%		(9	)%		5	%
Earnings from Continuing Operations
Amount	$	268		$	316		$	311		$	342
Growth Rate		(15	)%		36	%		(9	)%		1	%
	Fiscal Year						Non-GAAP Fiscal Year
	2009			2008			2009			2008
Revenue
Amount	$	99,512		$	90,976
Growth Rate		9	%		5	%
Operating Earnings
Amount	$	1,886		$	2,092		$	2,098		$	2,190
Growth Rate		(10	)%		55	%		(4	)%		3	%
Earnings from Continuing Operations
Amount	$	1,143		$	1,296		$	1,256		$	1,365
Growth Rate		(12	)%		58	%		(8	)%		—

Refer to the GAAP / Non-GAAP Reconciliation for definitions and calculations supporting the non-GAAP balances.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

SEGMENT BUSINESS ANALYSIS

	Fourth Quarter
(in millions)	2009			2008
HEALTHCARE SUPPLY CHAIN SERVICES
Revenue 1
Amount	$	24,318		$	21,832
Growth Rate		11	%		2	%
Mix		95	%		93	%
Segment Profit 2
Amount	$	341		$	316
Growth Rate		8	%		(13	)%
Mix		66	%		55	%
Segment Profit Margin		1.40	%		1.45	%
	Fourth Quarter
(in millions)	2009			2008
ALL OTHER
Revenue 1
Amount	$	234		$	288
Growth Rate		(19	)%		1	%
Mix		1	%		1	%
Segment Profit 2
Amount	$	17		$	27
Growth Rate		(36	)%		9	%
Mix		3	%		5	%
Segment Profit Margin		7.44	%		9.41	%

	Fourth Quarter
(in millions)	2009			2008
CLINICAL AND MEDICAL PRODUCTS
Revenue 1
Amount	$	1,119		$	1,270
Growth Rate		(12	)%		25	%
Mix		4	%		6	%
Segment Profit 2
Amount	$	157		$	229
Growth Rate		(32	)%		20	%
Mix		31	%		40	%
Segment Profit Margin		13.99	%		18.04	%

Refer to definitions for an explanation of calculations.

¹ Total consolidated revenue for the three months ended June 30, 2009 was $25.2 billion, which included total segment revenue of $25.7 billion and Corporate revenue of $(0.5) billion. Total consolidated revenue for the three months ended June 30, 2008 was $22.9 billion, which included total segment revenue of $23.4 billion and Corporate revenue of $(0.5) billion. Corporate consists primarily of elimination of inter-segment revenue.

² Total consolidated operating earnings for the three months ended June 30, 2009 were $436 million, which included total segment profit of $515 million and Corporate loss of $(79) million. Total consolidated operating earnings for the three months ended June 30, 2008 were $527 million, which included total segment profit of $572 million and Corporate loss of $(45) million. Corporate includes, among other things, special items and impairments, (gain)/loss on sale of assets and other, net.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

SEGMENT BUSINESS ANALYSIS

	Fiscal Year
(in millions)	2009			2008
HEALTHCARE SUPPLY CHAIN SERVICES
Revenue 1
Amount	$	95,718		$	87,110
Growth Rate		10	%		4	%
Mix		94	%		94	%
Segment Profit 2
Amount	$	1,339		$	1,333
Growth Rate		—	%		(12	)%
Mix		64	%		61	%
Segment Profit Margin		1.40	%		1.53	%
	Fiscal Year
(in millions)	2009			2008
ALL OTHER
Revenue 1
Amount	$	1,018		$	1,190
Growth Rate		(14	)%		3	%
Mix		1	%		1	%
Segment Profit 2
Amount	$	95		$	101
Growth Rate		(5	)%		(6	)%
Mix		4	%		5	%
Segment Profit Margin		9.36	%		8.45	%

	Fiscal Year
(in millions)	2009			2008
CLINICAL AND MEDICAL PRODUCTS
Revenue 1
Amount	$	4,588		$	4,606
Growth Rate		—	%		30	%
Mix		5	%		5	%
Segment Profit 2
Amount	$	670		$	735
Growth Rate		(9	)%		37	%
Mix		32	%		34	%
Segment Profit Margin		14.59	%		15.96	%

Refer to definitions for an explanation of calculations.

¹ Total consolidated revenue for the fiscal year ended June 30, 2009 was $99.5 billion, which included total segment revenue of $101.3 billion and Corporate revenue of $(1.8) billion. Total consolidated revenue for the fiscal year ended June 30, 2008 was $91.0 billion, which included total segment revenue of $92.9 billion and Corporate revenue of $(1.9) billion. Corporate consists primarily of elimination of inter-segment revenue.

² Total consolidated operating earnings for the fiscal year ended June 30, 2009 were $1,886 million, which included total segment profit of $2,104 million and Corporate loss of $(218) million. Total consolidated operating earnings for the fiscal year ended June 30, 2008 were $2,092 million, which included total segment profit of $2,169 million and Corporate loss of $(77) million. Corporate includes, among other things, special items and impairments, (gain)/loss on sale of assets and other, net.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

SCHEDULE OF NOTABLE ITEMS

	Fourth Quarter						Fiscal Year
(in millions, except per Common Share amounts)	2009			2008			2009			2008
Special Items
Restructuring charges	$	(53.0	)	$	(10.9	)	$	(164.3	)	$	(65.7	)
Acquisition integration charges		(2.8	)		(25.1	)		(14.5	)		(44.9	)
Litigation and other		2.0			(6.4	)		1.4			(19.5	)
Total special items		(53.8	)		(42.4	)		(177.4	)		(130.1	)
Tax benefit		15.2			12.0			51.6			43.8
Special items, net of tax	$	(38.6	)	$	(30.4	)	$	(125.8	)	$	(86.3	)
Decrease to diluted EPS from continuing operations	$	(0.11	)	$	(0.09	)	$	(0.35	)	$	(0.24	)
Other Spin-Off Costs
Other spin-off costs	$	(8.4	)	$	—		$	(10.4	)	$	—
Tax benefit		3.1			—			3.9			—
Other spin-off costs, net of tax	$	(5.3	)	$	—		$	(6.5	)	$	—
Decrease to diluted EPS from continuing operations	$	(0.01	)	$	—		$	(0.02	)	$	—
Impairments, Gain/(Loss) on Sale of Assets and Other, Net
Impairments, gain/(loss) on sale of assets and other, net 1	$	(11.5	)	$	10.0		$	(25.0	)	$	32.0
Tax benefit / (expense)		11.8			(6.0	)		43.5			(14.4	)
Impairments, gain/(loss) on sale of assets and other, net, net of tax	$	0.3		$	4.0		$	18.5		$	17.6
Increase to diluted EPS from continuing operations	$	—		$	0.01		$	0.05		$	0.05
Weighted Average Number of Diluted Shares Outstanding		361.1			359.8			361.5			364.0

¹ Other spin-off costs included in selling, general and administrative expenses and interest expense and other for the three months ended June 30, 2009 were $8.1 million and $0.3 million, respectively. Other spin-off costs included in selling, general and administrative expenses and interest expense and other for the fiscal year ended June 30, 2009 were $10.1 million and $0.3 million, respectively.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ASSET MANAGEMENT ANALYSIS

	Fourth Quarter				Fiscal Year
	2009		2008		2009		2008
Receivable Days	20.1		20.9
Days Inventory on Hand	24		25
Debt to Total Capital	29	%	33	%
Net Debt to Capital	17	%	25	%
Return on Equity	12.7	%	16.8	%	14.1	%	17.7	%
Non-GAAP Return on Equity	14.8	%	18.2	%	15.4	%	18.8	%
Return on Invested Capital	5.97	%	7.35	%	6.63	%	7.55	%
Non-GAAP Return on Invested Capital	6.85	%	7.91	%	7.21	%	7.96	%
Effective Tax Rate from Continuing Operations	33.3	%	34.2	%	31.4	%	32.6	%
Non-GAAP Effective Tax Rate from Continuing Operations	34.5	%	33.2	%	33.2	%	32.4	%

Refer to the GAAP / Non-GAAP Reconciliation for non-GAAP calculations.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Fourth Quarter 2009													Fiscal Year 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	$	436		$	54	$	8	$	12		$	509		$	1,886		$	177	$	10	$	25		$	2,098
Growth Rate		(17	)%									(9	)%		(10	)%									(4	)%
Provision for Income Taxes	$	134		$	15	$	3	$	12		$	164		$	524		$	52	$	4	$	44		$	623
Earnings from Continuing Operations
Amount	$	268		$	39	$	5	$	—		$	311		$	1,143		$	126	$	7	$	(19	)	$	1,256
Growth Rate		(15	)%									(9	)%		(12	)%									(8	)%
Diluted EPS from Continuing Operations
Amount	$	0.74		$	0.11	$	0.01	$	—		$	0.86		$	3.16		$	0.35	$	0.02	$	(0.05	)	$	3.48
Growth Rate		(16	)%									(10	)%		(11	)%									(7	)%
	Fourth Quarter 2008													Fiscal Year 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	$	527		$	42	$	—	$	(10	)	$	560		$	2,092		$	130	$	—	$	(32	)	$	2,190
Growth Rate		27	%									5	%		55	%									3	%
Provision for Income Taxes	$	164		$	12	$	—	$	(6	)	$	170		$	626		$	44	$	—	$	(14	)	$	655
Earnings from Continuing Operations
Amount	$	316		$	30	$	—	$	(4	)	$	342		$	1,296		$	86	$	—	$	(18	)	$	1,365
Growth Rate		36	%									1	%		58	%									—	%
Diluted EPS from Continuing Operations
Amount	$	0.88		$	0.09	$	—	$	(0.01	)	$	0.96		$	3.56		$	0.24	$	—	$	(0.05	)	$	3.75
Growth Rate		47	%									9	%		75	%									11	%

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

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Fourth Quarter						Fiscal Year
(in millions)	2009			2008			2009			2008
GAAP Return on Equity		12.7	%		16.8	%		14.1	%		17.7	%
Non-GAAP Return on Equity
Net earnings	$	273.2		$	318.0		$	1,151.6		$	1,300.6
Special items, net of tax, in continuing operations		38.6			30.4			125.8			86.3
Other spin-off costs, net of tax		5.3			—			6.5			—
Impairments, (gain)/loss on sale of assets and other, net, net of tax, in continuing operations		(0.3	)		(4.0	)		(18.5	)		(17.6	)
Gain on sale of PTS, net of tax, in discontinued operations		—			—			—			7.6
Adjusted net earnings	$	316.8		$	344.4		$	1,265.4		$	1,376.9
Annualized	$	1,267.2		$	1,377.6		$	1,265.4		$	1,376.9
Divided by average shareholders’ equity 1	$	8,579.6		$	7,570.4		$	8,190.5		$	7,338.8
Non-GAAP return on equity		14.8	%		18.2	%		15.4	%		18.8	%
	Fourth Quarter						Fiscal Year
	2009			2008			2009			2008
GAAP Return on Invested Capital		5.97	%		7.35	%		6.63	%		7.55	%
Non-GAAP Return on Invested Capital
Net earnings	$	273.2		$	318.0		$	1,151.6		$	1,300.6
Special items, net of tax, in continuing operations		38.6			30.4			125.8			86.3
Other spin-off costs, net of tax		5.3			—			6.5			—
Impairments, (gain)/loss on sale of assets and other, net, net of tax, in continuing operations		(0.3	)		(4.0	)		(18.5	)		(17.6	)
Interest expense and other, net of tax		21.9			30.0			139.3			108.4
Gain on sale of PTS, net of tax, in discontinued operations		—			—			—			7.6
Adjusted net earnings	$	338.7		$	374.4		$	1,404.7		$	1,485.3
Annualized	$	1,354.8		$	1,497.6		$	1,404.7		$	1,485.3
Divided by average total invested capital 2	$	19,778.3		$	18,935.7		$	19,487.0		$	18,664.2
Non-GAAP return on invested capital		6.85	%		7.91	%		7.21	%		7.96	%

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

	Fourth Quarter						Fiscal Year
(in millions)	2009			2008			2009			2008
GAAP Effective Tax Rate from Continuing Operations		33.3	%		34.2	%		31.4	%		32.6	%
Non-GAAP Effective Tax Rate from Continuing Operations
Earnings before income taxes and discontinued operations	$	401.2		$	480.3		$	1,667.0		$	1,922.1
Special items		53.8			42.4			177.4			130.1
Other spin-off costs		8.4			—			10.4			—
Impairments, (gain)/loss on sale of assets and other, net		11.5			(10.0	)		25.0			(32.0	)
Adjusted earnings before income taxes and discontinued operations	$	474.9		$	512.7		$	1,879.8		$	2,020.2
Provision for income taxes	$	133.7		$	164.4		$	524.2		$	626.1
Special items tax benefit		15.2			12.0			51.6			43.8
Other spin-off costs tax benefit		3.1			—			3.9			—
Impairments, (gain)/loss on sale of assets and other, net, tax impact		11.8			(6.0	)		43.5			(14.4	)
Adjusted provision for income taxes	$	163.8		$	170.4		$	623.2		$	655.5
Non-GAAP effective tax rate from continuing operations		34.5	%		33.2	%		33.2	%		32.4	%
	Fourth Quarter
	2009			2008
Debt to Total Capital		29	%		33	%
Net Debt to Capital
Current portion of long-term obligations and other short-term borrowings	$	367.3		$	159.0
Long-term obligations, less current portion and other short-term borrowings		3,280.0			3,687.4
Debt	$	3,647.3		$	3,846.4
Cash and equivalents		(1,847.5	)		(1,291.3	)
Net debt	$	1,799.8		$	2,555.1
Total shareholders’ equity	$	8,724.7		$	7,747.5
Capital	$	10,524.5		$	10,302.6
Net debt to capital		17	%		25	%

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.

CareFusion presents the non-GAAP measure “adjusted diluted earnings per share” on a forward-looking basis. The most directly comparable forward-looking GAAP measure for CareFusion is diluted earnings per share. CareFusion is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure, because CareFusion cannot reliably forecast merger integration and restructuring costs and acquired in-process research and development costs. Please note that the unavailable reconciling items could significantly impact CareFusion’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 ¹

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)¹

¹ For the fiscal year ended June 30, 2008, the numerator in calculating these non-GAAP measures also excludes the $7.6 loss, net of tax, on the sale of PTS recorded in discontinued operations.

EX-99.2

Exhibit 99.2

Use of Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), Cardinal Health, Inc.’s (“Cardinal Health’s”) earnings release contains non-GAAP financial measures. The non-GAAP financial measures disclosed by Cardinal Health should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by Cardinal Health may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Cardinal Health has provided reconciliations of the historical non-GAAP financial measures to the most directly comparable historical GAAP financial measures. Management encourages readers to rely upon the GAAP numbers, but includes the non-GAAP financial measures as supplemental metrics to assist readers. Definitions of the non-GAAP financial measures are included in the earnings release.

Non-GAAP operating earnings and presentations derived from it (growth rate calculation). Cardinal Health presents the non-GAAP financial measure “non-GAAP operating earnings” and presentations derived from this measure. This non-GAAP financial measure excludes special items and impairments, (gain)/loss on sale of assets and other, net.

A restructuring activity is a program whereby Cardinal Health fundamentally changes its operations such as closing facilities, moving a product to another location or outsourcing the production of a product. Restructuring activities may also involve substantial re-alignment of the management structure of a business unit in response to changing market conditions. Restructuring charges are recognized in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 146, “Accounting for Costs Associated with Exit or Disposal Activities.” Under SFAS No. 146, a liability for a cost associated with an exit or disposal activity is recognized and measured initially at its fair value in the period in which it is incurred except for a liability for a one-time termination benefit which is recognized over its future service period.

Acquisition integration charges include costs to integrate acquired companies. Upon acquisition, certain integration charges are recognized as incurred within selling, general and administrative expenses in accordance with SFAS No. 141 and other integration charges are recognized as special items as incurred.

Cardinal Health recognizes income from the favorable outcome of legal settlements, judgments or other resolution of legal and regulatory matters as special items on the consolidated financial statements when the associated cash or assets are received. Generally, expenses due to the unfavorable outcome of legal settlements, judgments or other resolution of legal and regulatory matters (“litigation settlement losses”) are charged to the segment to which the matter relates and, as a result, are classified as selling, general and administrative expenses on Cardinal Health’s consolidated financial statements. In certain circumstances, significant litigation settlement losses are classified in special items on the consolidated statement of earnings. Factors considered in determining whether a particular litigation settlement loss should be classified in special items include the size of settlement, the nature of the matter (i.e., significant matters that are infrequent, non-recurring or unusual in nature are classified as special items), the age of the matter and the pervasiveness of the matter to the entire organization. Cardinal Health also classifies legal fees and document preservation and production costs incurred in connection with the previously-disclosed SEC investigation and related Audit Committee internal review and related matters as special items. For information regarding these investigations, see Cardinal Health’s Annual Report on Form 10-K for the fiscal year ended June 30, 2007, as amended.

Cardinal Health classifies certain asset impairments related to restructurings in special items. Asset impairments and gains and losses from the sale of assets not eligible to be classified as special items or discontinued operations are classified within impairments, (gain)/loss on sale of assets and other, net within the consolidated statements of earnings.

For further discussion of items classified as special items and impairments, (gain)/loss on sale of assets and other, net, see the notes to the consolidated financial statements contained in Cardinal Health’s Annual and Quarterly Reports on Form 10-K and Form 10-Q.

On July 10, 2009, Cardinal Health’s Board of Directors approved the spin-off (the “Spin-Off”) of Cardinal Health’s clinical and medical products businesses through the distribution of at least 80.1 percent of the outstanding common stock of the spin-off company, CareFusion Corporation (“CareFusion”), to Cardinal Health’s shareholders. Beginning the second quarter of fiscal 2009, this non-GAAP measure also excludes costs incurred in connection with the Spin-Off that are not included in special items or impairments, (gain)/loss on sale of assets and other, net. These costs are referred to hereinafter as the “Other Spin-Off Costs.”

Management uses non-GAAP operating earnings to evaluate Cardinal Health’s performance. As Cardinal Health’s core business is providing healthcare products and services to the healthcare industry, management finds it useful to use financial measures that do not include charges and gains associated with restructuring activities, integrating acquisitions, significant litigation settlements, asset impairments and gains and losses from the sale of assets. While these special items and impairments, (gain)/loss on sale of assets and other, net may be recurring, management believes that these items and charges are not reflective of the day-to-day offering of its products and services and relate more to strategic, multi-year corporate actions, without predictable trends, that may obscure the trends and financial performance of Cardinal Health’s core business. The Other Spin-Off Costs are excluded for similar reasons.

The limitation associated with using this non-GAAP measure is that the measure excludes items that impact Cardinal Health’s current period operating results. In most cases, the excluded items include transactions that reflect cash costs to Cardinal Health. This limitation is best addressed by using this non-GAAP measure in combination with operating earnings (the most comparable GAAP measure) because the non-GAAP measure does not reflect items that impact current period operating results and may be higher than the most comparable GAAP measure. Management believes that investors may find it useful to evaluate the components of special items and impairments, (gain)/loss on sale of assets and other, net separately and in the aggregate when reviewing Cardinal Health’s performance, as well as the Other Spin-Off Costs.

Non-GAAP earnings from continuing operations and presentations derived from it (per share and growth rate calculations). Cardinal Health presents the non-GAAP financial measure “non-GAAP earnings from continuing operations” and presentations derived from this measure. This non-GAAP financial measure excludes special items, net of tax, and impairments, (gain)/loss on sale of assets and other, net, net of tax. See the discussion of special items and impairments, (gain)/loss on sale of assets and other, net above under the heading “non-GAAP operating earnings and presentations derived from it (growth rate calculation)” for information regarding the components of Cardinal Health’s special items and impairments, (gain)/loss on sale of assets and other, net classifications. Beginning the second quarter of fiscal 2009, this non-GAAP measure also excludes the Other Spin-Off Costs, net of tax.

Management uses this non-GAAP measure to evaluate Cardinal Health’s performance. As Cardinal Health’s core business is providing healthcare products and services to the healthcare industry, management finds it useful to use financial measures that do not include charges and gains associated with restructuring activities, integrating acquisitions, significant litigation settlements, asset impairments and gains and losses from the sale of assets. While these special items and impairments, (gain)/loss on sale of assets and other, net may be recurring, management believes that these items and charges are not reflective of the day-to-day offering of its products and services and relate more to strategic, multi-year corporate actions, without predictable trends, that may obscure the trends and financial performance of Cardinal Health’s core business. The Other Spin-Off Costs are excluded for similar reasons.

The limitation associated with using this non-GAAP measure is that this measure excludes items that impact Cardinal Health’s current period operating results. In most cases, the excluded items include transactions that reflect cash costs to Cardinal Health. This limitation is best addressed by using this non-GAAP measure in combination with earnings from continuing operations (the most comparable GAAP measure) because the non-GAAP measure does not reflect items that impact current period operating

-2-

results and may be higher than the most comparable GAAP measure. Management believes that investors may find it useful to evaluate the components of special items and impairments, (gain)/loss on sale of assets and other, net separately and in the aggregate when reviewing Cardinal Health’s performance, as well as the Other Spin-Off Costs.

Non-GAAP return on equity. Cardinal Health presents the non-GAAP financial measure “non-GAAP return on equity.” This non-GAAP financial measure excludes special items, net of tax, and impairments, (gain)/loss on sale of assets and other, net, net of tax, from the numerator of the calculation. See the discussion of special items and impairments, (gain)/loss on sale of assets and other, net above under the heading “non-GAAP operating earnings and presentations derived from it (growth rate calculation)” for information regarding the components of Cardinal Health’s special items and impairments, (gain)/loss on sale of assets and other, net classifications. Beginning the second quarter of fiscal 2009, this non-GAAP financial measure also excludes the Other Spin-Off Costs, net of tax, from the numerator of the calculation. In addition, due to the classification of Cardinal Health’s former Pharmaceutical Technologies and Services segment (“PTS”) as discontinued operations during the second quarter of fiscal 2007, for the fiscal year ended June 30, 2008, the numerator in calculating this non-GAAP financial measure also excludes a loss of $7.6 million on the sale of PTS recorded, net of tax, in discontinued operations. The adjustment related to the PTS sale is referred to hereinafter as the “PTS Adjustment.”

Management uses this non-GAAP measure to evaluate Cardinal Health’s performance. As Cardinal Health’s core business is providing healthcare products and services to the healthcare industry, management finds it useful to use financial measures that do not include charges and gains associated with restructuring activities, integrating acquisitions, significant litigation settlements, asset impairments and gains and losses from the sale of assets. While these special items and impairments, (gain)/loss on sale of assets and other, net may be recurring, management believes that these items and charges are not reflective of the day-to-day offering of its products and services and relate more to strategic, multi-year corporate actions, without predictable trends, that may obscure the trends and financial performance of Cardinal Health’s core business. The Other Spin-Off Costs and PTS Adjustment are excluded for similar reasons.

The limitation associated with using this non-GAAP measure is that this measure excludes items that impact Cardinal Health’s current period operating results. In most cases, the excluded items include transactions that reflect cash costs to Cardinal Health. This limitation is best addressed by using this non-GAAP measure in combination with return on equity (the most comparable GAAP measure) because the non-GAAP measure does not reflect items that impact current period operating results and may be higher than the most comparable GAAP measure. Management believes that investors may find it useful to evaluate the components of special items and impairments, (gain)/loss on sale of assets and other, net separately and in the aggregate when reviewing Cardinal Health’s performance, as well as the Other Spin-Off Costs and the PTS Adjustment.

Non-GAAP return on invested capital. Cardinal Health presents the non-GAAP financial measure “non-GAAP return on invested capital.” This non-GAAP financial measure excludes special items, net of tax, and impairments, (gain)/loss on sale of assets and other, net, net of tax, from the numerator of the calculation. See the discussion of special items and impairments, (gain)/loss on sale of assets and other, net above under the heading “non-GAAP operating earnings and presentations derived from it (growth rate calculation)” for information regarding the components of Cardinal Health’s special items and impairments, (gain)/loss on sale of assets and other, net classifications. Beginning the second quarter of fiscal 2009, non-GAAP financial measure also excludes the Other Spin-Off Costs, net of tax, from the numerator of the calculation. Due to the classification of Cardinal Health’s former PTS segment as discontinued operations during the second quarter of fiscal 2007, for the fiscal year ended June 30, 2008, the numerator in calculating this non-GAAP financial measure also excludes the PTS Adjustment.

Management uses this non-GAAP measure to evaluate Cardinal Health’s performance. As Cardinal Health’s core business is providing healthcare products and services to the healthcare industry, management finds it useful to use financial measures that do not include charges and gains associated with restructuring activities, integrating acquisitions, significant litigation settlements, asset impairments and gains and losses from the sale of assets. While these special items and impairments, (gain)/loss on sale of assets and other, net may be recurring, management believes that these items and charges are not reflective

-3-

of the day-to-day offering of its products and services and relate more to strategic, multi-year corporate actions, without predictable trends, that may obscure the trends and financial performance of Cardinal Health’s core business. The Other Spin-Off Costs and PTS Adjustment are excluded for similar reasons.

The limitation associated with using this non-GAAP measure is that this measure excludes items that impact Cardinal Health’s current period operating results. In most cases, the excluded items include transactions that reflect cash costs to Cardinal Health. This limitation is best addressed by using this non-GAAP measure in combination with return on invested capital (the most comparable GAAP measure) because the non-GAAP measure does not reflect items that impact current period operating results and may be higher than the most comparable GAAP measure. Management believes that investors may find it useful to evaluate the components of special items and impairments, (gain)/loss on sale of assets and other, net separately and in the aggregate when reviewing Cardinal Health’s performance, as well as the Other Spin-Off Costs and PTS Adjustment.

Non-GAAP effective tax rate from continuing operations. Cardinal Health presents the non-GAAP financial measure “non-GAAP effective tax rate from continuing operations.” This non-GAAP financial measure excludes special items and impairments, (gain)/loss on sale of assets and other, net from the denominator of the calculation and the tax effect of special items and impairments, (gain)/loss on sale of assets and other, net from the numerator of the calculation. See the discussion of special items and impairments, (gain)/loss on sale of assets and other, net above under the heading “non-GAAP operating earnings and presentations derived from it (growth rate calculation)” for information regarding the components of Cardinal Health’s special items and impairments, (gain)/loss on sale of assets and other, net classifications. Beginning the second quarter of fiscal 2009, this non-GAAP financial measure excludes the Other Spin-Off Costs from the denominator of the calculation and the tax effect of the Other Spin-Off Costs from the numerator of the calculation. Management uses this non-GAAP measure to evaluate Cardinal Health’s performance because special items and impairments, (gain)/loss on sale of assets and other, net may be taxed differently than other items. The Other Spin-Off Costs are excluded for similar reasons.

The limitation associated with using this non-GAAP measure is that this measure excludes items that impact Cardinal Health’s current period operating results. In most cases, the excluded items include transactions that reflect cash costs to Cardinal Health. This limitation is best addressed by using this non-GAAP measure in combination with effective tax rate from continuing operations (the most comparable GAAP measure) because the non-GAAP measure does not reflect items that impact current period operating results and may be lower than the most comparable GAAP measure. Management believes that investors may find this non-GAAP measure useful to evaluate Cardinal Health’s future performance because special items and impairments, (gain)/loss on sale of assets and other, net may have a different tax impact than other items, as well as the Other Spin-Off Costs.

Net debt to capital. Cardinal Health also presents the non-GAAP financial measure “net debt to capital,” which is net debt divided by capital (net debt plus total shareholders’ equity). “Net debt,” also a non-GAAP financial measure, is debt (the most comparable GAAP measure, calculated as long-term obligations plus short-term borrowings) minus cash and equivalents and short-term investments available for sale. Management believes that net debt to capital is an important measure to monitor leverage and evaluate the balance sheet. With respect to net debt, cash and equivalents and short-term investments available for sale are subtracted from the GAAP measure because they could be used to reduce Cardinal Health’s debt obligations.

The limitation associated with using net debt is that it subtracts cash and equivalents and short-term investments available for sale and therefore may imply that there is less Cardinal Health debt than the most comparable GAAP measure indicates. This limitation is best addressed by using net debt in combination with debt because net debt may be lower than the most comparable GAAP measure. Management believes that investors may find it useful to monitor leverage and evaluate the balance sheet.

CareFusion adjusted diluted earnings per share. CareFusion presents the non-GAAP financial measure “adjusted diluted earnings per share.” This non-GAAP financial measure excludes merger integration and restructuring costs (which includes one-time costs associated with the Spin-Off) and acquired in-process research and development.

-4-

A restructuring activity is a program whereby CareFusion fundamentally changes its operations such as closing facilities, moving a product to another location or outsourcing the production of a product. Restructuring activities may also involve substantial re-alignment of the management structure of a business unit in response to changing market conditions. Restructuring charges are recorded in accordance with SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities.” Under SFAS No. 146, a liability is measured at its fair value and recognized as incurred. Acquired in-process research and development (“IPR&D”) costs include the write-off of research and development projects in process at the time of acquisition, which had not yet reached technological feasibility and were deemed to have no alternative future use.

CareFusion management uses this non-GAAP measure to evaluate CareFusion’s performance. As CareFusion’s core business is providing healthcare products and services to the healthcare industry, its management finds it useful to use financial measures that do not include charges and gains associated with restructuring activities and integrating acquisitions. While these items may be recurring, CareFusion management believes that these items and charges are not reflective of the day-to-day offering of its products and services and relate more to strategic, multi-year corporate actions, without predictable trends, that may obscure the trends and financial performance of CareFusion’s core business.

The limitation associated with using this non-GAAP measure is that this measure excludes items that impact CareFusion’s current period operating results. In most cases, the excluded items include transactions that reflect cash costs to CareFusion. This limitation is best addressed by using this non-GAAP measure in combination with diluted earnings per share (the most comparable GAAP measure) because the non-GAAP measure does not reflect items that impact current period operating results and may be higher than the most comparable GAAP measure. CareFusion management believes that investors may find it useful to evaluate the components of merger integration and restructuring costs and acquired in-process research and development separately and in the aggregate when reviewing CareFusion’s performance.

-5-

EX-99.3

Essential to care

Q4FY2009 and FY2010E

Investor/Analyst Call

August 18, 2009

Exhibit 99.3

2

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.

These risks and uncertainties include (but are not limited to) uncertainties related to the deferral in hospital

capital spending affecting Cardinal Health’s Clinical and Medical Products businesses and difficulties in forecasting the exact duration and

potential long-term changes in hospital spending patterns; uncertainties and risks regarding the spinoff, including the costs associated with the

spinoff

and

the

impact

of

the

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; 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

disruptions

in

the

financial

markets,

including

uncertainties

related

to

the

availability

and/or

cost

of

credit and the impact of 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.

In

addition,

Cardinal

Health,

CareFusion

and

the

spinoff

are

subject

to

additional

risks

and

uncertainties

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.

This

presentation

reflects

management’s

views

as

of

August

18,

2009.

Except

to

the

extent

required

by

applicable

law,

neither

Cardinal

Health

nor

CareFusion

undertakes

an

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 reconciliation of non-GAAP adjusted financial measures is provided in Exhibit 99.4 to Cardinal Health’s Form 8-K

filed on August 18, 2009.  A transcript of the conference call will be available on the investor relations page at www.cardinalhealth.com.

3

3

Agenda

Consolidated CAH FY09 financial results

Jeff Henderson, Chief Financial Officer

New Cardinal Health

George Barrett, Post-spinoff: Chairman and CEO

nCAH

historical adjusted financials and FY10 outlook

Jeff Henderson, Chief Financial Officer

nCAH

Q&A

CareFusion

Dave Schlotterbeck, Chairman and CEO

CFN historical pro forma financials and FY10 outlook

Ed Borkowski, Chief Financial Officer

CFN Q&A

4

Q4 and YE FY2009 CAH Results

5

5

Q4 FY2009 Financial Review  

$25,199       

$436

$268

$0.74

$828M

12.7%

($M)

10%

(17%)

(15%)

(16%)

%

Change¹

GAAP Basis

$25,199

$509

$311

$0.86

14.8%

($M)

10%

(9%)

(9%)

(10%)

%

Change¹

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

6

6

Q4 FY2009 Operating Earnings and EPS

Note:

Costs

associated

with

the

spinoff

are

as

follows:

1

Non-GAAP consolidated diluted EPS from continuing operations for Q4 FY2009 and Q4 FY2008 includes a dilutive impact of $0.01

and $0.02, respectively, from the classification of the company’s UK-based Martindale injectable

manufacturing business as

discontinued operations.

Operating      

Earnings ($M)

Diluted EPS from

Continuing

Operations

1

Operating       

Earnings ($M)

Diluted EPS from

Continuing

Operations

1

GAAP consolidated

$436

$0.74

$527

$0.88

Special items

(Note)

$54

$0.11

$42

$0.09

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

net (Note)

$12

-

($10)

($0.01)

Spinoff costs not included in special items or

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

net (Note)

$8

$0.01

-

-

Non-GAAP consolidated

$509

$0.86

$560

$0.96

Spinoff costs included in special items or

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

net

$46

Spinoff costs not included in special items or

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

net

$8

Total spinoff costs

$54

Q4 FY 2008

Q4 FY 2009

7

7

FY2009 Financial Review  

$99,512       

$1,886

$1,143

$3.16

$1.6B

14.1%

($M)

9%

(10%)

(12%)

(11%)

%

Change¹

GAAP Basis

$99,512

$2,098

$1,256

$3.48

15.4%

($M)

9%

(4%)

(8%)

(7%)

%

Change¹

Non-GAAP Basis

1

% change over prior year

Revenue

Operating earnings

Earnings from continuing ops

Diluted EPS from continuing ops

Operating cash flow

Return on equity

8

8

Operating      

Earnings ($M)

Diluted EPS from

Continuing

Operations¹

Operating      

Earnings ($M)

Diluted EPS from

Continuing

Operations¹

GAAP consolidated

$1,886

$3.16

$2,092

$3.56

Special items (Note)

$177

$0.35

$130

$0.24

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

net (Note)

$25

($0.05)

($32)

($0.05)

Spinoff costs not included in special items or

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

net (Note)

$10

$0.02

-

-

Non-GAAP consolidated

$2,098

$3.48

$2,190

$3.75

Spinoff costs included in special items or

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

net

$97

Spinoff costs not included in special items or

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

net

$10

Total spinoff costs

$107

FY 2009

FY 2008

FY2009 Operating Earnings and EPS

Note:

Costs

associated

with

the

spinoff

are

as

follows:

1

Non-GAAP consolidated diluted EPS from continuing operations for FY2009 and FY2008 includes a dilutive impact of $0.03 and

$0.05, respectively, from the classification of the company’s UK-based Martindale injectable

manufacturing business as

discontinued operations.

9

Cardinal Health

Business

Analysis

Revenue

Segment Profit

Q4 FY09

($M)

21,832

316

Q4 FY08

($M)

11%

8%

%

Change

Revenue

Segment Profit

1,270

229

(12%)

(32%)

Healthcare Supply Chain Services

Clinical and Medical Products

24,318

341

1,119

157

FY09

($M)

87,110

1,333

FY08

($M)

10%

0%       

%

Change

95,718

1,339

Q4 FY09

($M)

Q4 FY08

($M)

%

Change

FY09

($M)

FY08

($M)

%

Change

4,606

735

(0%)

(9%)

4,588

670

10

New Cardinal Health

Improving the cost-effectiveness of healthcare

11

FY09 Accomplishments

Laying the foundation for New Cardinal Health

–

Invested to improve the customer experience and strengthen core business

–

Focused the portfolio

–

Disciplined management of operating expenses and capital; rationalized

infrastructure to prepare for post-spin

–

Stabilized our chain customer base

–

Progress in driving non-bulk revenue growth to improve mix; improved generics

performance

–

Enhanced our regulatory compliance systems and processes

–

Effectively grew nuclear business and re-positioned for future

–

Positioned medical businesses for sustained growth

–

Revised capital deployment strategy; increased dividend pay-out

–

Improved business processes to optimize performance

12

New Cardinal Health (nCAH)

FY 2010 outlook

13

nCAH

FY 2010 Financial Expectations

August 18, 2009

FY10 outlook

FY09 adjusted

base financials

Total revenue

growth:

Low single digits

$96B

Non-GAAP

EPS :

$1.90 -

$2.00

$2.26

1

Non-GAAP diluted earnings per share from continuing operations

1

14

nCAH

Pharmaceutical Segment

FY2010 Business Trends and Expectations

August 18, 2009

–

Market factors:

–

Modest revenue growth

–

YoY

decline in generic launches

–

Incorporates customer contract repricings

–

Key strategic moves benefiting the longer-term:

–

Portfolio repositioning to focus (divestitures) and optimize existing platforms

(MSI)

–

Pfizer DSA transition timing

–

Sourcing model changes (generics)

–

Transformational investments:

–

Investments in customer-facing systems

–

Incorporates some risk adjustment for the nuclear supply chain

–

Strong working capital management continues

15

–

Market factors:

–

Modest revenue growth

–

Positive impact from decreases in raw materials/COGS

–

Transformational investments:

–

Medical Transformation accelerating

–

Progress

in

ambulatory

care

channel

–

investments

continue

–

Improvement in Presource

performance

–

Lean/operational excellence initiatives improving supply chain

and working capital

nCAH

Medical Segment

FY10 Business Trends and Expectations

August 18, 2009

16

nCAH

FY10 Overall Expectations

August 18, 2009

FY10 outlook

FY09 adjusted

base financials

Non-GAAP effective tax

rate

~ 36-37%

37%

Diluted weighted average

shares outstanding

~

362M

~361.5M

Interest and other

$120M -

$130M

$128M

Capital expenditures

$200M -

$250M

$419M

17

17

nCAH:  Our Focus in FY 2010

–

Continue investing to improve the customer experience

and strengthen the core

–

Drive margin improvement

–

Optimize customer, pricing and supplier processes

–

Relentlessly manage expenses and capital

–

Sustained commitment to building upon FY09 regulatory

compliance successes

–

Institutionalize performance culture; consistently measure

and improve our performance

–

Take actions to deliver sustainable profit growth over the

longer-term

Q&A

20

20

New Cardinal Health

Historical adjusted financials

Unaudited adjusted results reflect the estimated impact of the removal of the CareFusion

businesses from the historical financial results of Cardinal Health.  These adjusted financial

results have been derived from Cardinal Health’s historical consolidated financial statements and

do not necessarily reflect the financial results that will be presented within Cardinal Health’s

consolidated financial statements subsequent to the completion of the spinoff of CareFusion.  In

addition, they do not reflect what the financial results would have been if Cardinal Health had

actually  operated  without  the  CareFusion

businesses

during  the  periods shown nor are

they necessarily indicative of Cardinal Health’s future results.  The assumptions and estimates

used and adjustments derived from such assumptions are based on currently available

information, and Cardinal Health management believes such assumptions and estimates are

reasonable under the circumstances.  See Cardinal Health unaudited adjusted financial

statements filed with the Form 8-K dated Aug. 18, 2009 for further explanation of the adjusted

presentation.

21

21

Adjusted nCAH

Financial Review  

Non-GAAP Adjusted Financials

Fiscal 2009

($M)

Fiscal 2008

($M)

Revenue 

$95,992

$87,408

Operating Earnings 

$1,419

$1,437

Earnings from continuing ops

$816

$890

Diluted EPS from continuing ops

$2.26

$2.45

22

Pharmaceutical segment

adjusted financials

Quarterly analysis:  FY08 -

09

Q1FY08

Q2FY08

Q3FY08

Q4FY08

FY08

Revenue

($M)

19,277

20,409

19,952

19,861

79,498

Segment

Profit ($M)

280

238

280

224

1,022

Q1FY09

Q2FY09

Q3FY09

Q4FY09

FY09

Revenue

($M)

21,404

22,079

22,118

22,263

87,863

Segment

Profit ($M)

213

262

286

273

1,036

23

Medical Segment adjusted financials

Quarterly analysis:  FY08 -

09

Q1FY08

Q2FY08

Q3FY08

Q4FY08

FY08

Revenue

($M)

1,883

1,973

2,026

2,035

7,917

Segment

Profit ($M)

76

98

127

110

411

Q1FY09

Q2FY09

Q3FY09

Q4FY09

FY09

Revenue

($M)

2,037

2,057

1,976

2,090

8,159

Segment

Profit ($M)

98

75

129

83

384

24

24

GAAP to Non-GAAP

Reconciliation Statements

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Fourth Quarter 2009													Fiscal Year 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	$	436		$	54	$	8	$	12		$	509		$	1,886		$	177	$	10	$	25		$	2,098
Growth Rate		(17	)%									(9	)%		(10	)%									(4	)%
Provision for Income Taxes	$	134		$	15	$	3	$	12		$	164		$	524		$	52	$	4	$	44		$	623
Earnings from Continuing Operations
Amount	$	268		$	39	$	5	$	—		$	311		$	1,143		$	126	$	7	$	(19	)	$	1,256
Growth Rate		(15	)%									(9	)%		(12	)%									(8	)%
Diluted EPS from Continuing Operations
Amount	$	0.74		$	0.11	$	0.01	$	—		$	0.86		$	3.16		$	0.35	$	0.02	$	(0.05	)	$	3.48
Growth Rate		(16	)%									(10	)%		(11	)%									(7	)%
	Fourth Quarter 2008													Fiscal Year 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	$	527		$	42	$	—	$	(10	)	$	560		$	2,092		$	130	$	—	$	(32	)	$	2,190
Growth Rate		27	%									5	%		55	%									3	%
Provision for Income Taxes	$	164		$	12	$	—	$	(6	)	$	170		$	626		$	44	$	—	$	(14	)	$	655
Earnings from Continuing Operations
Amount	$	316		$	30	$	—	$	(4	)	$	342		$	1,296		$	86	$	—	$	(18	)	$	1,365
Growth Rate		36	%									1	%		58	%									—	%
Diluted EPS from Continuing Operations
Amount	$	0.88		$	0.09	$	—	$	(0.01	)	$	0.96		$	3.56		$	0.24	$	—	$	(0.05	)	$	3.75
Growth Rate		47	%									9	%		75	%									11	%

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

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Fourth Quarter						Fiscal Year
(in millions)	2009			2008			2009			2008
GAAP Return on Equity		12.7	%		16.8	%		14.1	%		17.7	%
Non-GAAP Return on Equity
Net earnings	$	273.2		$	318.0		$	1,151.6		$	1,300.6
Special items, net of tax, in continuing operations		38.6			30.4			125.8			86.3
Other spin-off costs, net of tax		5.3			—			6.5			—
Impairments, (gain)/loss on sale of assets and other, net, net of tax, in continuing operations		(0.3	)		(4.0	)		(18.5	)		(17.6	)
Gain on sale of PTS, net of tax, in discontinued operations		—			—			—			7.6
Adjusted net earnings	$	316.8		$	344.4		$	1,265.4		$	1,376.9
Annualized	$	1,267.2		$	1,377.6		$	1,265.4		$	1,376.9
Divided by average shareholders’ equity 1	$	8,579.6		$	7,570.4		$	8,190.5		$	7,338.8
Non-GAAP return on equity		14.8	%		18.2	%		15.4	%		18.8	%
	Fourth Quarter						Fiscal Year
	2009			2008			2009			2008
GAAP Return on Invested Capital		5.97	%		7.35	%		6.63	%		7.55	%
Non-GAAP Return on Invested Capital
Net earnings	$	273.2		$	318.0		$	1,151.6		$	1,300.6
Special items, net of tax, in continuing operations		38.6			30.4			125.8			86.3
Other spin-off costs, net of tax		5.3			—			6.5			—
Impairments, (gain)/loss on sale of assets and other, net, net of tax, in continuing operations		(0.3	)		(4.0	)		(18.5	)		(17.6	)
Interest expense and other, net of tax		21.9			30.0			139.3			108.4
Gain on sale of PTS, net of tax, in discontinued operations		—			—			—			7.6
Adjusted net earnings	$	338.7		$	374.4		$	1,404.7		$	1,485.3
Annualized	$	1,354.8		$	1,497.6		$	1,404.7		$	1,485.3
Divided by average total invested capital 2	$	19,778.3		$	18,935.7		$	19,487.0		$	18,664.2
Non-GAAP return on invested capital		6.85	%		7.91	%		7.21	%		7.96	%

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

(in millions)	Fourth Quarter						Fiscal Year
	2009			2008			2009			2008
GAAP Effective Tax Rate from Continuing Operations		33.3	%		34.2	%		31.4	%		32.6	%
Non-GAAP Effective Tax Rate from Continuing Operations
Earnings before income taxes and discontinued operations	$	401.2		$	480.3		$	1,667.0		$	1,922.1
Special items		53.8			42.4			177.4			130.1
Other spin-off costs		8.4			—			10.4			—
Impairments, (gain)/loss on sale of assets and other, net		11.5			(10.0	)		25.0			(32.0	)
Adjusted earnings before income taxes and discontinued operations	$	474.9		$	512.7		$	1,879.8		$	2,020.2
Provision for income taxes	$	133.7		$	164.4		$	524.2		$	626.1
Special items tax benefit		15.2			12.0			51.6			43.8
Other spin-off costs tax benefit		3.1			—			3.9			—
Impairments, (gain)/loss on sale of assets and other, net, tax impact		11.8			(6.0	)		43.5			(14.4	)
Adjusted provision for income taxes	$	163.8		$	170.4		$	623.2		$	655.5
Non-GAAP effective tax rate from continuing operations		34.5	%		33.2	%		33.2	%		32.4	%
	Fourth Quarter
	2009			2008
Debt to Total Capital		29	%		33	%
Net Debt to Capital
Current portion of long-term obligations and other short-term borrowings	$	367.3		$	159.0
Long-term obligations, less current portion and other short-term borrowings		3,280.0			3,687.4
Debt	$	3,647.3		$	3,846.4
Cash and equivalents		(1,847.5	)		(1,291.3	)
Net debt	$	1,799.8		$	2,555.1
Total shareholders’ equity	$	8,724.7		$	7,747.5
Capital	$	10,524.5		$	10,302.6
Net debt to capital		17	%		25	%

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.

CareFusion presents the non-GAAP measure “adjusted diluted earnings per share” on a forward-looking basis. The most directly comparable forward-looking GAAP measure for CareFusion is diluted earnings per share. CareFusion is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure, because CareFusion cannot reliably forecast merger integration and restructuring costs and acquired in-process research and development costs. Please note that the unavailable reconciling items could significantly impact CareFusion’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 ¹

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)¹

¹ For the fiscal year ended June 30, 2008, the numerator in calculating these non-GAAP measures also excludes the $7.6 loss, net of tax, on the sale of PTS recorded in discontinued operations.

©

2009 CareFusion

Corporation or one of its subsidiaries. All rights reserved.

August 18, 2009

FY2009 and FY2010E

Investor/Analyst Call

©

2009 CareFusion

Corporation or one of its subsidiaries. All rights reserved.

26

Forward-Looking Statements and

GAAP Reconciliation

Forward-Looking Statements and

GAAP Reconciliation

“Safe

Harbor”

Statement

under

the

Private

Securities

Litigation

Reform

Act

of

1995:

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

our

Form

10

and

Cardinal

Health’s

Form

10-K,

Form

10-Q

and

Form

8-K

reports

(including

all

amendments

to

those

reports)

and

exhibits

to

those

reports,

and

include

(but

are

not

limited

to)

those

described

in

the

last

slide

of

this

presentation.

This

presentation

reflects

management’s

views

as

of

August

18,

2009.

Except

to

the

extent

required

by

applicable

law,

we

undertake

no

obligation

to

update

or

revise

any

forward-looking

statement.

Pro

Forma

and

Non-GAAP

Financial

Measures:

This

presentation

includes

pro

forma

financial

information

for

CareFusion

Corporation

as

a

standalone

company.

The

unaudited

pro

forma

results

included

in

this

presentation

are

derived

from

Cardinal

Health’s

historical

consolidated

financial

statements

to

reflect

CareFusion's

results

as

if

the

spinoff

and

certain

related

transactions

had

occurred

as

of

the

beginning

of

the

fiscal

year.

These

financial

results

do

not

necessarily

reflect

what

CareFusion's

financial

results

would

have

been

if

it

had

operated

as

an

independent,

publicly

traded

company

during

this

fiscal

period.

In

addition,

these

financial

results

are

not

necessarily

indicative

of

CareFusion's

future

results.

The

assumptions

and

estimates

used

and

pro

forma

adjustments

derived

from

such

assumptions

are

based

on

currently

available

information,

and

CareFusion

management

believes

such

assumptions

are

reasonable

under

the

circumstances.

For

more

information,

see

the

CareFusion

unaudited

pro

forma

condensed

combined

financial

statements

included

as

Exhibit

99.5

to

Cardinal

Health's

Form

8-K

filed

on

August

18,

2009.

The

financial

information

included

in

this

presentation

includes

non-GAAP

financial

measures.

Reconciliations

can

be

found

on

slide

7

of

this

presentation.

In

addition,

definitions

and

reconciling

information

can

be

found

on

CareFusion’s

website

at

www.carefusion.com

under

the

SEC

Filings

link

of

the

Investor

Relations

tab.

©

2009 CareFusion

Corporation or one of its subsidiaries. All rights reserved.

27

Today’s Speakers

Today’s Speakers

Dave Schlotterbeck

Chairman and Chief Executive Officer

Ed Borkowski

Chief Financial Officer

©

2009 CareFusion

Corporation or one of its subsidiaries. All rights reserved.

Fiscal 2010 Financial Guidance

Fiscal 2010 Financial Guidance

FY10 Outlook

FY09 Pro Forma

Financials¹

Total Revenue Growth

Mid single digits

Flat at $3,707 M

Operating Expenses

34% of total revenue

33% of total revenue

One-time

Items

~$120-$130M

$72M

Adjusted Diluted EPS

$1.10 -

$1.20

$1.54

28

1

Unaudited

pro

forma

results

are

derived

from

Cardinal’s

historical

consolidated

financial

statements

to

reflect

CareFusion's

results

as

if

the

spinoff

and

certain

related

transactions

had

occurred

as

of

the

beginning

of

the

fiscal

year.

2  

Includes $100 -

$110M incremental operating expenses over pro forma FY09 related to “Public Company”

costs, incentive compensation and R&D spend.

3  

One-time expenditures related to merger integration, restructuring and spinoff costs.

4

Adjusted diluted earnings per share is a Non-GAAP measure that excludes one-time items related to merger integration, restructuring and spinoff costs.

5

See reconciliation on  slide 7.

3

4

2

5

©

2009 CareFusion

Corporation or one of its subsidiaries. All rights reserved.

Fiscal 2010 Corporate Assumptions

Fiscal 2010 Corporate Assumptions

FY10 Outlook

FY09 Pro Forma

Financials

Adjusted Tax Rate

~25%

16.5%

Diluted weighted

average shares

outstanding

~228M

226M

Capital Expenditures

$180M

$130M

29

1

Unaudited

pro

forma

results

are

derived

from

Cardinal’s

historical

consolidated

financial

statements

to

reflect

CareFusion's

results

as

if

the

spinoff

and

certain

related

transactions

had

occurred

as

of

the

beginning

of

the

fiscal

year.

1

©

2009 CareFusion

Corporation or one of its subsidiaries. All rights reserved.

30

FY10 Segment-related Assumptions

FY10 Segment-related Assumptions

Critical Care Technologies assumptions:

–

Segment revenue grows in mid single digits

–

Slowdown in hospital capital spending continues to impact 

segment

–

Infusion: Resumption of shipping the Alaris

®

System drives

infusion business

–

Respiratory: Launch of EnVe™

palmtop, CDC order of 4,500

ventilators and ramp up for Swine Flu drive respiratory business

–

Dispensing: expected to be flat year-over-year

Medical Technologies and Services assumptions:

–

Segment revenue grows in mid single digits

–

ChloraPrep

®

continues to grow double digits

©

2009 CareFusion

Corporation or one of its subsidiaries. All rights reserved.

Non-GAAP Reconciliations

Non-GAAP Reconciliations

FY09

Pro Forma¹

One-Time

Items²

FY09

Adjusted

Pro Forma³

Operating earnings

$448

$72M

$520M

Provision for income taxes

$47

$22M

$69M

Net earnings from

continuing operations

$298

$50M

$348M

Diluted EPS from

continuing operations

$1.32

$0.22

$1.54

31

1

Unaudited

pro

forma

results

are

derived

from

Cardinal’s

historical

consolidated

financial

statements

to

reflect

CareFusion's

results

as

if

the

spinoff

and

certain

related

transactions

had

occurred

as

of

the

beginning

of

the

fiscal

year.

2

One-time items related to merger integration, restructuring and spinoff costs.

3   

Pro forma results adjusted on a non-GAAP basis to exclude one-time  items related to merger integration, restructuring and spinoff costs.

Note: A full GAAP pro forma to non-GAAP pro forma reconciliation can be found on CareFusion’s

website at www.carefusion.com

under the SEC Filings link of the

Investor Relations tab

Q&A

Q&A

©

2009 CareFusion Corporation or one of its subsidiaries. All rights reserved.

32

©

2009 CareFusion

Corporation or one of its subsidiaries. All rights reserved.

33

Forward Looking Statements

Forward Looking Statements

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

our

Form

10

and

Cardinal

Health’s

Form

10-K,

Form

10-Q

and

Form

8-K

reports

(including

all

amendments

to

those

reports)

and

exhibits

to

those

reports,

and

include

(but

are

not

limited

to)

the

following:

uncertainties

regarding

our

planned

spinoff

as

a

new

stand-alone

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

us

and

the

potential

market

for

our

securities;

uncertainties

regarding

the

divestiture

of

any

of

our

stock

retained

by

Cardinal

Health

after

the

spinoff;

difficulties

or

delays

in

the

development,

production,

manufacturing

and

marketing

of

new

or

existing

products

and

services,

including

difficulties

or

delays

associated

with

obtaining

requisite

regulatory

approvals

or

clearances

associated

with

those

activities;

changes

in

laws

and

regulations

or

in

the

interpretation

or

application

of

laws

or

regulations,

as

well

as

possible

failures

to

comply

with

applicable

laws

or

regulations

as

a

result

of

possible

misinterpretations

or

misapplications;

cost-containment

efforts

of

our

customers,

purchasing

groups,

third-party

payers

and

governmental

organizations;

the

continued

financial

viability

and

success

of

our

customers

and

suppliers

and

the

potential

impact

on

our

customers

and

suppliers

of

declining

economic

conditions,

which

could

impact

our

results

of

operations

and

financial

condition;

uncertainties

related

to

the

deferral

in

hospital

capital

spending

and

difficulties

in

forecasting

the

exact

duration

and

potential

long-term

changes

in

hospital

spending

patterns;

costs

associated

with

protecting

our

trade

secrets

and

enforcing

our

patent,

copyright

and

trademark

rights,

and

successful

challenges

to

the

validity

of

our

patents,

copyrights

or

trademarks;

actions

of

regulatory

bodies

and

other

government

authorities,

including

the

FDA

and

foreign

counterparts,

that

could

delay,

limit

or

suspend

product

development,

manufacturing

or

sales

or

result

in

recalls,

seizures,

consent

decrees,

injunctions

and

monetary

sanctions;

costs

or

claims

resulting

from

potential

errors

or

defects

in

our

manufacturing

that

may

injure

persons

or

damage

property

or

operations,

including

costs

from

remediation

efforts

or

recalls;

the

results,

consequences,

effects

or

timing

of

any

commercial

disputes,

patent

infringement

claims

or

other

legal

proceedings

or

any

government

investigations;

disruption

or

damage

to

or

failure

of

our

information

systems;

interruption

in

our

ability

to

manufacture

our

products

or

an

inability

to

obtain

key

components

or

raw

materials

or

increased

costs

in

such

key

components

or

raw

materials;

the

costs,

difficulties

and

uncertainties

related

to

the

integration

of

acquired

businesses,

including

liabilities

relating

to

the

operations

or

activities

of

such

businesses

prior

to

their

acquisition;

uncertainties

in

our

industry

due

to

government

healthcare

reform;

uncertainties

related

to

the

availability

of

additional

financing

to

us

in

the

future

and

the

terms

of

such

financing;

risks

associated

with

international

operations,

including

fluctuations

in

currency

exchange

rates;

the

effects

of

our

strategies

to

run

our

business

in

a

tax-efficient

manner;

competitive

pressures

in

the

markets

in

which

we

operate;

the

loss

of,

or

default

by,

one

or

more

key

customers

or

suppliers;

unfavorable

changes

to

the

terms

of

key

customer

or

supplier

relationships;

and

general

economic

and

market

conditions.

This

presentation

reflects

management’s

views

as

of

August

18,

2009.

Except

to

the

extent

required

by

applicable

law,

we

undertake

no

obligation

to

update

or

revise

any

forward-looking

statement.

EX-99.4

Exhibit 99.4

CARDINAL HEALTH, INC. AND SUBSIDIARIES

UNAUDITED ADJUSTED CONSOLIDATED FINANCIAL STATEMENTS

AND

GAAP / NON-GAAP RECONCILATIONS AND DEFINITIONS

The Cardinal Health, Inc. and subsidiaries (“Cardinal Health”) unaudited adjusted consolidated financial statements included below consist of unaudited adjusted consolidated statements of earnings for the quarters ended September 30, December 31, March 31 and June 30, 2009 and 2008 and for the fiscal years ended June 30, 2009 and 2008, unaudited adjusted consolidated balance sheets as of June 30, 2009 and 2008, and unaudited adjusted consolidated statements of cash flows for the fiscal years ended June 30, 2009 and 2008. The unaudited adjusted consolidated financial statements included below have been derived from the historical consolidated financial statements and accounting records of Cardinal Health and have been adjusted to present the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. They do not show the planned distribution by CareFusion of $1.4 billion in cash to Cardinal Health in connection with the planned spin-off and the planned use of that cash to reduce Cardinal Health long-term obligations. Certain surgical and exam gloves, drapes and apparel and fluid management businesses that are currently part of the Clinical and Medical Products segment will be retained by Cardinal Health and will continue to be presented within continuing operations.

The unaudited adjusted consolidated financial statements do not necessarily reflect the financial position and results of operations that will be presented within Cardinal Health’s consolidated financial statements subsequent to the completion of the planned spin-off of CareFusion. In addition, they do not reflect what the financial position and results of operations would have been if Cardinal Health had actually operated without the CareFusion businesses during the periods shown nor are they necessarily indicative of Cardinal Health’s future results of operations or financial condition. The assumptions and estimates used and adjustments derived from such assumptions are based on currently available information, and management believes such assumptions and estimates are reasonable under the circumstances.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Fiscal 2009			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1			Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Fiscal 2009
Revenue	$	99,512.4		$	(3,520.9	)	$	95,991.5								$	95,991.5
Cost of products sold		93,986.0			(1,742.0	)		92,244.0									92,244.0
Gross margin		5,526.4			(1,778.9	)		3,747.5									3,747.5
Selling, general and administrative expenses		3,438.3			(1,109.3	)		2,329.0									2,329.0
Impairments, (gain)/loss on sale of assets and other, net		25.0			(11.1	)		13.9						(13.9	)		—
Special items:
Restructuring charges		164.3			(63.2	)		101.1			(101.1	)					—
Acquisition integration charges		14.5			(8.2	)		6.3			(6.3	)					—
Litigation and other		(1.4	)		—			(1.4	)		1.4						—
Operating earnings		1,885.7			(587.1	)		1,298.6									1,418.5
Interest expense and other		218.7			(91.0	)		127.7									127.7
Earnings before income taxes and discontinued operations		1,667.0			(496.1	)		1,170.9									1,290.8
Provision for income taxes		524.2			(118.5	)		405.7			29.9			39.4			475.0
Earnings from continuing operations		1,142.8			(377.6	)		765.2									815.8
Earnings from discontinued operations		8.8			377.6			386.4									386.4
Net earnings	$	1,151.6		$	—		$	1,151.6								$	1,202.2
Basic earnings per Common Share:
Continuing operations	$	3.20		$	(1.06	)	$	2.14
Discontinued operations		0.02			1.06			1.08
Net basic earnings per Common Share	$	3.22		$	—		$	3.22
Diluted earnings per Common Share:
Continuing operations	$	3.16		$	(1.04	)	$	2.12		$	0.21		$	(0.07	)	$	2.26
Discontinued operations		0.02			1.04			1.06
Net diluted earnings per Common Share	$	3.18		$	—		$	3.18
Weighted average number of Common Shares outstanding:
Basic		357.6			357.6			357.6
Diluted		361.5			361.5			361.5			361.5			361.5			361.5

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

2

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Three Months Ended September 30, 2008		Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1			Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Three Months Ended September 30, 2008
Revenue	$	24,321.0	$	(883.9	)	$	23,437.1								$	23,437.1
Cost of products sold		22,967.5		(431.6	)		22,535.9									22,535.9
Gross margin		1,353.5		(452.3	)		901.2									901.2
Selling, general and administrative expenses		876.8		(286.5	)		590.3									590.3
Impairments, (gain)/loss on sale of assets and other, net		3.6		—			3.6						(3.6	)		—
Special items:
Restructuring charges		49.7		(26.7	)		23.0			(23.0	)					—
Acquisition integration charges		2.4		(4.8	)		(2.4	)		2.4						—
Litigation and other		0.3		—			0.3			(0.3	)					—
Operating earnings		420.7		(134.3	)		286.4									310.9
Interest expense and other		62.0		(30.2	)		31.8									31.8
Earnings before income taxes and discontinued operations		358.7		(104.1	)		254.6									279.1
Provision for income taxes		112.5		(29.9	)		82.6			7.6			20.9			111.1
Earnings from continuing operations		246.2		(74.2	)		172.0									168.0
Earnings from discontinued operations		2.9		74.2			77.1									77.1
Net earnings	$	249.1	$	—		$	249.1								$	245.1
Basic earnings per Common Share:
Continuing operations	$	0.69	$	(0.21	)	$	0.48
Discontinued operations		0.01		0.21			0.22
Net basic earnings per Common Share	$	0.70	$	—		$	0.70
Diluted earnings per Common Share:
Continuing operations	$	0.68	$	(0.20	)	$	0.48		$	0.04		$	(0.05	)	$	0.47
Discontinued operations		0.01		0.20			0.21
Net diluted earnings per Common Share	$	0.69	$	—		$	0.69
Weighted average number of Common Shares outstanding:
Basic		356.7		356.7			356.7
Diluted		361.1		361.1			361.1			361.1			361.1			361.1

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

3

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Three Months Ended December 31, 2008			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1			Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Three Months Ended December 31, 2008
Revenue	$	25,074.8		$	(957.0	)	$	24,117.8								$	24,117.8
Cost of products sold		23,668.0			(465.3	)		23,202.7									23,202.7
Gross margin		1,406.8			(491.7	)		915.1									915.1
Selling, general and administrative expenses		846.6			(268.1	)		578.5									578.5
Impairments, (gain)/loss on sale of assets and other, net		6.9			—			6.9						(6.9	)		—
Special items:
Restructuring charges		14.2			(0.4	)		13.8			(13.8	)					—
Acquisition integration charges		5.8			(2.7	)		3.1			(3.1	)					—
Litigation and other		(0.3	)		—			(0.3	)		0.3						—
Operating earnings		533.6			(220.5	)		313.1									336.6
Interest expense and other		62.1			(20.2	)		41.9									41.9
Earnings before income taxes and discontinued operations		471.5			(200.3	)		271.2									294.7
Provision for income taxes		155.4			(53.2	)		102.2			6.6			3.4			112.2
Earnings from continuing operations		316.1			(147.1	)		169.0									182.5
Earnings from discontinued operations		0.4			147.1			147.5									147.5
Net earnings	$	316.5		$	—		$	316.5								$	330.0
Basic earnings per Common Share:
Continuing operations	$	0.89		$	(0.41	)	$	0.48
Discontinued operations		—			0.41			0.41
Net basic earnings per Common Share	$	0.89		$	—		$	0.89
Diluted earnings per Common Share:
Continuing operations	$	0.88		$	(0.41	)	$	0.47		$	0.03		$	0.01		$	0.51
Discontinued operations		—			0.41			0.41
Net diluted earnings per Common Share	$	0.88		$	—		$	0.88
Weighted average number of Common Shares outstanding:
Basic		357.3			357.3			357.3
Diluted		360.3			360.3			360.3			360.3			360.3			360.3

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

4

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Three Months Ended March 31, 2009			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1		Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Three Months Ended March 31, 2009
Revenue	$	24,917.7		$	(828.4	)	$	24,089.3							$	24,089.3
Cost of products sold		23,522.8			(420.4	)		23,102.4								23,102.4
Gross margin		1,394.9			(408.0	)		986.9								986.9
Selling, general and administrative expenses		844.9			(272.6	)		572.3								572.3
Impairments, (gain)/loss on sale of assets and other, net		3.0			(2.3	)		0.7					(0.7	)		—
Special items:
Restructuring charges		47.4			(17.0	)		30.4		(30.4	)					—
Acquisition integration charges		3.5			(2.2	)		1.3		(1.3	)					—
Litigation and other		0.6			(0.1	)		0.5		(0.5	)					—
Operating earnings		495.5			(113.8	)		381.7								414.6
Interest expense and other		59.9			(23.0	)		36.9								36.9
Earnings before income taxes and discontinued operations		435.6			(90.8	)		344.8								377.7
Provision for income taxes		122.5			6.8			129.3		5.1			6.7			141.1
Earnings from continuing operations		313.1			(97.6	)		215.5								236.6
Earnings / (loss) from discontinued operations		(0.2	)		97.6			97.4								97.4
Net earnings	$	312.9		$	—		$	312.9							$	334.0
Basic earnings per Common Share:
Continuing operations	$	0.88		$	(0.27	)	$	0.61
Discontinued operations		—			0.27			0.27
Net basic earnings per Common Share	$	0.88		$	—		$	0.88
Diluted earnings per Common Share:
Continuing operations	$	0.87		$	(0.27	)	$	0.60	$	0.08		$	(0.02	)	$	0.66
Discontinued operations		—			0.27			0.27
Net diluted earnings per Common Share	$	0.87		$	—		$	0.87
Weighted average number of Common Shares outstanding:
Basic		358.1			358.1			358.1
Diluted		360.9			360.9			360.9		360.9			360.9			360.9

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

5

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Three Months Ended June 30, 2009			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1			Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Three Months Ended June 30, 2009
Revenue	$	25,198.9		$	(851.6	)	$	24,347.3								$	24,347.3
Cost of products sold		23,827.7			(424.7	)		23,403.0									23,403.0
Gross margin		1,371.2			(426.9	)		944.3									944.3
Selling, general and administrative expenses		870.1			(282.2	)		587.9									587.9
Impairments, (gain)/loss on sale of assets and other, net		11.5			(8.8	)		2.7						(2.7	)		—
Special items:
Restructuring charges		53.0			(19.1	)		33.9			(33.9	)					—
Acquisition integration charges		2.8			1.5			4.3			(4.3	)					—
Litigation and other		(2.0	)		0.1			(1.9	)		1.9						—
Operating earnings		435.8			(118.4	)		317.4									356.4
Interest expense and other		34.6			(17.5	)		17.1									17.1
Earnings before income taxes and discontinued operations		401.2			(100.9	)		300.3									339.3
Provision for income taxes		133.7			(42.1	)		91.6			10.6			8.5			110.7
Earnings from continuing operations		267.5			(58.8	)		208.7									228.6
Earnings from discontinued operations		5.7			58.8			64.5									64.5
Net earnings	$	273.2		$	—		$	273.2								$	293.1
Basic earnings per Common Share:
Continuing operations	$	0.75		$	(0.17	)	$	0.58
Discontinued operations		0.01			0.17			0.18
Net basic earnings per Common Share	$	0.76		$	—		$	0.76
Diluted earnings per Common Share:
Continuing operations	$	0.74		$	(0.16	)	$	0.58		$	0.07		$	(0.02	)	$	0.63
Discontinued operations		0.01			0.16			0.17
Net diluted earnings per Common Share	$	0.75		$	—		$	0.75
Weighted average number of Common Shares outstanding:
Basic		358.2			358.2			358.2
Diluted		361.1			361.1			361.1			361.1			361.1			361.1

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

6

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Fiscal 2008			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1			Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Fiscal 2008
Revenue	$	90,975.5		$	(3,567.3	)	$	87,408.2								$	87,408.2
Cost of products sold		85,395.8			(1,764.7	)		83,631.1									83,631.1
Gross margin		5,579.7			(1,802.6	)		3,777.1									3,777.1
Selling, general and administrative expenses		3,390.1			(1,049.5	)		2,340.6									2,340.6
Impairments, (gain)/loss on sale of assets and other, net		(32.0	)		(1.3	)		(33.3	)					33.3			—
Special items:
Restructuring charges		65.7			(10.4	)		55.3			(55.3	)					—
Acquisition integration charges		44.9			(42.3	)		2.6			(2.6	)					—
Litigation and other		19.5			—			19.5			(19.5	)					—
Operating earnings		2,091.5			(699.1	)		1,392.4									1,436.5
Interest expense and other		169.4			(72.1	)		97.3									97.3
Earnings before income taxes and discontinued operations		1,922.1			(627.0	)		1,295.1									1,339.2
Provision for income taxes		626.1			(178.2	)		447.9			16.1			(14.8	)		449.2
Earnings from continuing operations		1,296.0			(448.8	)		847.2									890.0
Earnings from discontinued operations		4.6			448.8			453.4									453.4
Net earnings	$	1,300.6		$	—		$	1,300.6								$	1,343.4
Basic earnings per Common Share:
Continuing operations	$	3.62		$	(1.25	)	$	2.37
Discontinued operations		0.01			1.25			1.26
Net basic earnings per Common Share	$	3.63		$	—		$	3.63
Diluted earnings per Common Share:
Continuing operations	$	3.56		$	(1.23	)	$	2.33		$	0.17		$	(0.05	)	$	2.45
Discontinued operations		0.01			1.23			1.24
Net diluted earnings per Common Share	$	3.57		$	—		$	3.57
Weighted average number of Common Shares outstanding:
Basic		358.2			358.2			358.2
Diluted		364.0			364.0			364.0			364.0			364.0			364.0

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

7

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Three Months Ended September 30, 2007			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1		Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Three Months Ended September 30, 2007
Revenue	$	21,945.4		$	(787.6	)	$	21,157.8							$	21,157.8
Cost of products sold		20,616.3			(391.1	)		20,225.2								20,225.2
Gross margin		1,329.1			(396.5	)		932.6								932.6
Selling, general and administrative expenses		824.0			(247.6	)		576.4								576.4
Impairments, (gain)/loss on sale of assets and other, net		(0.2	)		0.6			0.4					(0.4	)		—
Special items:
Restructuring charges		14.8			(0.5	)		14.3		(14.3	)					—
Acquisition integration charges		5.4			(4.5	)		0.9		(0.9	)					—
Litigation and other		2.3			0.1			2.4		(2.4	)					—
Operating earnings		482.8			(144.6	)		338.2								356.2
Interest expense and other		42.3			(17.4	)		24.9								24.9
Earnings before income taxes and discontinued operations		440.5			(127.2	)		313.3								331.3
Provision for income taxes		141.9			(39.9	)		102.0		6.9			0.1			109.0
Earnings from continuing operations		298.6			(87.3	)		211.3								222.3
Earnings from discontinued operations		3.2			87.3			90.5								90.5
Net earnings	$	301.8		$	—		$	301.8							$	312.8
Basic earnings per Common Share:
Continuing operations	$	0.82		$	(0.24	)	$	0.58
Discontinued operations		0.01			0.24			0.25
Net basic earnings per Common Share	$	0.83		$	—		$	0.83
Diluted earnings per Common Share:
Continuing operations	$	0.81		$	(0.24	)	$	0.57	$	0.03		$	0.00		$	0.60
Discontinued operations		0.01			0.24			0.25
Net diluted earnings per Common Share	$	0.82		$	—		$	0.82
Weighted average number of Common Shares outstanding:
Basic		363.0			363.0			363.0
Diluted		370.2			370.2			370.2		370.2			370.2			370.2

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

8

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Three Months Ended December 31, 2007			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1			Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Three Months Ended December 31, 2007
Revenue	$	23,253.4		$	(873.1	)	$	22,380.3								$	22,380.3
Cost of products sold		21,913.2			(436.8	)		21,476.4									21,476.4
Gross margin		1,340.2			(436.3	)		903.9									903.9
Selling, general and administrative expenses		822.0			(254.2	)		567.8									567.8
Impairments, (gain)/loss on sale of assets and other, net		(23.0	)		0.3			(22.7	)					22.7			—
Special items:
Restructuring charges		31.5			(0.6	)		30.9			(30.9	)					—
Acquisition integration charges		10.0			(9.1	)		0.9			(0.9	)					—
Litigation and other		(12.0	)		—			(12.0	)		12.0						—
Operating earnings		511.7			(172.7	)		339.0									336.1
Interest expense and other		49.5			(18.5	)		31.0									31.0
Earnings before income taxes and discontinued operations		462.2			(154.2	)		308.0									305.1
Provision for income taxes		142.1			(48.8	)		93.3			6.9			(8.7	)		91.5
Earnings from continuing operations		320.1			(105.4	)		214.7									213.6
Earnings from discontinued operations		4.6			105.4			110.0									110.0
Net earnings	$	324.7		$	—		$	324.7								$	323.6
Basic earnings per Common Share:
Continuing operations	$	0.89		$	(0.29	)	$	0.60
Discontinued operations		0.02			0.29			0.31
Net basic earnings per Common Share	$	0.91		$	—		$	0.91
Diluted earnings per Common Share:
Continuing operations	$	0.88		$	(0.29	)	$	0.59		$	0.04		$	(0.04	)	$	0.59
Discontinued operations		0.01			0.29			0.30
Net diluted earnings per Common Share	$	0.89		$	—		$	0.89
Weighted average number of Common Shares outstanding:
Basic		358.7			358.7			358.7
Diluted		364.6			364.6			364.6			364.6			364.6			364.6

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

9

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Three Months Ended March 31, 2008			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1		Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Three Months Ended March 31, 2008
Revenue	$	22,882.4		$	(906.4	)	$	21,976.0							$	21,976.0
Cost of products sold		21,426.7			(447.1	)		20,979.6								20,979.6
Gross margin		1,455.7			(459.3	)		996.4								996.4
Selling, general and administrative expenses		849.1			(260.3	)		588.8								588.8
Impairments, (gain)/loss on sale of assets and other, net		1.2			(0.4	)		0.8					(0.8	)		—
Special items:
Restructuring charges		8.5			(5.2	)		3.3		(3.3	)					—
Acquisition integration charges		4.4			(3.3	)		1.1		(1.1	)					—
Litigation and other		22.7			—			22.7		(22.7	)					—
Operating earnings		569.8			(190.1	)		379.7								407.6
Interest expense and other		30.8			(9.8	)		21.0								21.0
Earnings before income taxes and discontinued operations		539.0			(180.3	)		358.7								386.6
Provision for income taxes		177.7			(56.4	)		121.3		10.4			0.3			132.0
Earnings from continuing operations		361.3			(123.9	)		237.4								254.6
Earnings / (loss) from discontinued operations		(5.3	)		123.9			118.6								118.6
Net earnings	$	356.0		$	—		$	356.0							$	373.2
Basic earnings / (loss) per Common Share:
Continuing operations	$	1.01		$	(0.34	)	$	0.67
Discontinued operations		(0.01	)		0.34			0.33
Net basic earnings per Common Share	$	1.00		$	—		$	1.00
Diluted earnings / (loss) per Common Share:
Continuing operations	$	1.00		$	(0.34	)	$	0.66	$	0.05		$	0.00		$	0.71
Discontinued operations		(0.01	)		0.34			0.33
Net diluted earnings per Common Share	$	0.99		$	—		$	0.99
Weighted average number of Common Shares outstanding:
Basic		355.5			355.5			355.5
Diluted		360.2			360.2			360.2		360.2			360.2			360.2

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

10

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(in millions, except per Common Share amounts)	Historical Three Months Ended June 30, 2008			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1			Special Items			Impairments, Gain/(Loss) on Sale of Assets and Other, Net			Non-GAAP Adjusted 1 Three Months Ended June 30, 2008
Revenue	$	22,894.3		$	(1,000.3	)	$	21,894.0								$	21,894.0
Cost of products sold		21,439.6			(489.8	)		20,949.8									20,949.8
Gross margin		1,454.7			(510.5	)		944.2									944.2
Selling, general and administrative expenses		895.0			(287.3	)		607.7									607.7
Impairments, (gain)/loss on sale of assets and other, net		(10.0	)		(1.8	)		(11.8	)					11.8			—
Special items:
Restructuring charges		10.9			(4.1	)		6.8			(6.8	)					—
Acquisition integration charges		25.1			(25.4	)		(0.3	)		0.3						—
Litigation and other		6.4			—			6.4			(6.4	)					—
Operating earnings		527.3			(191.9	)		335.4									336.5
Interest expense and other		47.0			(26.5	)		20.5									20.5
Earnings before income taxes and discontinued operations		480.3			(165.4	)		314.9									316.0
Provision for income taxes		164.4			(33.2	)		131.2			(8.2	)		(6.5	)		116.5
Earnings from continuing operations		315.9			(132.2	)		183.7									199.5
Earnings from discontinued operations		2.1			132.2			134.3									134.3
Net earnings	$	318.0		$	—		$	318.0								$	333.8
Basic earnings per Common Share:
Continuing operations	$	0.89		$	(0.38	)	$	0.51
Discontinued operations		—			0.38			0.38
Net basic earnings per Common Share	$	0.89		$	—		$	0.89
Diluted earnings per Common Share:
Continuing operations	$	0.88		$	(0.37	)	$	0.51		$	0.06		$	(0.02	)	$	0.55
Discontinued operations		—			0.37			0.37
Net diluted earnings per Common Share	$	0.88		$	—		$	0.88
Weighted average number of Common Shares outstanding:
Basic		355.5			355.5			355.5
Diluted		359.8			359.8			359.8			359.8			359.8			359.8

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

11

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions)	Historical June 30, 2009		Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1 June 30, 2009
Assets
Cash and equivalents	$	1,847.5	$	(625.5	)	$	1,222.0
Trade receivables, net		5,643.6		(428.7	)		5,214.9
Current portion of net investment in sales-type leases		398.9		(388.9	)		10.0
Inventories		7,145.5		(312.7	)		6,832.8
Prepaid expenses and other		588.8		(75.8	)		513.0
Assets from businesses held for sale and discontinued operations		174.7		6,923.4			7,098.1
Total current assets		15,799.0		5,091.8			20,890.8
Property and equipment, net		1,873.0		(408.5	)		1,464.5
Net investment in sales-type leases, less current portion		929.8		(913.8	)		16.0
Goodwill and other intangibles, net		6,095.9		(3,738.1	)		2,357.8
Other assets		421.1		(31.4	)		389.7
Total assets	$	25,118.8	$	—		$	25,118.8
Liabilities and Shareholders’ Equity
Current portion of long-term obligations and other short-term borrowings	$	367.3	$	(1.1	)	$	366.2
Accounts payable		9,138.0		(96.1	)		9,041.9
Other accrued liabilities		1,868.2		(390.7	)		1,477.5
Liabilities from businesses held for sale and discontinued operations		26.3		1,363.3			1,389.6
Total current liabilities		11,399.8		875.4			12,275.2
Long-term obligations, less current portion and other short-term borrowings		3,280.0		(8.4	)		3,271.6
Deferred income taxes and other liabilities		1,714.3		(867.0	)		847.3
Total shareholders’ equity		8,724.7		—			8,724.7
Total liabilities and shareholders’ equity	$	25,118.8	$	—		$	25,118.8

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

12

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions)	Historical June 30, 2008		Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1 June 30, 2008
Assets
Cash and equivalents	$	1,291.3	$	(482.5	)	$	808.8
Trade receivables, net		4,987.7		(504.3	)		4,483.4
Current portion of net investment in sales-type leases		383.7		(373.2	)		10.5
Inventories		6,757.7		(402.1	)		6,355.6
Prepaid expenses and other		591.4		(77.2	)		514.2
Assets from businesses held for sale and discontinued operations		264.2		6,955.3			7,219.5
Total current assets		14,276.0		5,116.0			19,392.0
Property and equipment, net		1,714.0		(425.1	)		1,288.9
Net investment in sales-type leases, less current portion		916.8		(899.2	)		17.6
Goodwill and other intangibles, net		6,157.3		(3,761.7	)		2,395.6
Other assets		384.1		(30.0	)		354.1
Total assets	$	23,448.2	$	—		$	23,448.2
Liabilities and Shareholders’ Equity
Current portion of long-term obligations and other short-term borrowings	$	159.0	$	(7.4	)	$	151.6
Accounts payable		8,303.8		(115.1	)		8,188.7
Other accrued liabilities		1,874.9		(468.7	)		1,406.2
Liabilities from businesses held for sale and discontinued operations		50.0		1,359.4			1,409.4
Total current liabilities		10,387.7		768.2			11,155.9
Long-term obligations, less current portion and other short-term borrowings		3,687.4		(5.7	)		3,681.7
Deferred income taxes and other liabilities		1,625.6		(762.5	)		863.1
Total shareholders’ equity		7,747.5		—			7,747.5
Total liabilities and shareholders’ equity	$	23,448.2	$	—		$	23,448.2

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

13

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in millions)	Historical June 30, 2009			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1 June 30, 2009
Cash Flows From Operating Activities:
Net earnings	$	1,151.6		$	—		$	1,151.6
Earnings from discontinued operations		(8.8	)		(377.6	)		(386.4	)
Earnings from continuing operations		1,142.8			(377.6	)		765.2
Adjustments to reconcile earnings from continuing operations to net cash provided by / (used in) operating activities:
Depreciation and amortization		399.4			(195.4	)		204.0
Asset impairments and (gain)/loss on sale of assets, net		25.0			(11.1	)		13.9
Equity compensation		122.8			(20.4	)		102.4
Provision for deferred income taxes		69.5			79.9			149.4
Provision for bad debts		59.4			(11.3	)		48.1
Change in operating assets and liabilities, net of effects from acquisitions:
(Increase)/decrease in trade receivables		(646.1	)		(64.2	)		(710.3	)
(Increase)/decrease in inventories		(341.8	)		(89.4	)		(431.2	)
(Increase)/decrease in net investment in sales-type leases		(28.2	)		30.2			2.0
Increase/(decrease) in accounts payable		749.0			47.8			796.8
Other accrued liabilities and operating items, net		6.5			(10.5	)		(4.0	)
Net cash provided by operating activities - continuing operations		1,558.3			(622.0	)		936.3
Net cash provided by operating activities - discontinued operations		9.0			479.0			488.0
Net cash provided by operating activities		1,567.3			(143.0	)		1,424.3
Cash Flows From Investing Activities:
Acquisition of subsidiaries, net of divestitures and cash acquired		(5.3	)		(0.1	)		(5.4	)
Proceeds from sale of property and equipment		13.5			(3.3	)		10.2
Additions to property and equipment		(533.4	)		114.7			(418.7	)
Sale of investment securities available for sale, net		—			—			—
Net cash used in investing activities - continuing operations		(525.2	)		111.3			(413.9	)
Net cash used in investing activities - discontinued operations		(17.7	)		(111.3	)		(129.0	)
Net cash used in investing activities		(542.9	)		—			(542.9	)
Cash Flows From Financing Activities:
Reduction of long-term obligations		(304.6	)		3.2			(301.4	)
Proceeds from long-term obligations, net of issuance costs		0.4			(0.4	)		—
Proceeds from issuance of Common Shares		39.3			(0.1	)		39.2
Tax benefit/(expense) from stock options		(2.9	)		—			(2.9	)
Dividends on Common Shares		(200.4	)		—			(200.4	)
Purchase of Common Shares in treasury		—			—			—
Net cash used in financing activities - continuing operations		(468.2	)		2.7			(465.5	)
Net cash used in financing activities - discontinued operations		—			(2.7	)		(2.7	)
Net cash used in financing activities		(468.2	)		—			(468.2	)
Net increase in cash and equivalents		556.2			(143.0	)		413.2
Cash and equivalents at beginning of period		1,291.3			(482.5	)		808.8
Cash and equivalents at end of period		1,847.5			(625.5	)		1,222.0

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

14

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in millions)	Historical June 30, 2008			Adjustment: Estimated Impact of Removal of CareFusion Business			Adjusted 1 June 30, 2008
Cash Flows From Operating Activities:
Net earnings	$	1,300.6		$	—		$	1,300.6
Earnings from discontinued operations		(4.6	)		(448.8	)		(453.4	)
Earnings from continuing operations		1,296.0			(448.8	)		847.2
Adjustments to reconcile earnings from continuing operations to net cash provided by / (used in) operating activities:
Depreciation and amortization		374.8			(158.8	)		216.0
Asset impairments and (gain)/loss on sale of assets, net		(31.4	)		(1.3	)		(32.7	)
Purchased in-process research and development		18.0			(18.0	)		—
Equity compensation		122.3			(14.4	)		107.9
Provision for deferred income taxes		25.8			(48.1	)		(22.3	)
Provision for bad debts		26.1			(8.5	)		17.6
Change in operating assets and liabilities, net of effects from acquisitions:
(Increase)/decrease in trade receivables		(313.1	)		19.3			(293.8	)
(Increase)/decrease in inventories		614.3			20.0			634.3
(Increase)/decrease in net investment in sales-type leases		(124.9	)		123.0			(1.9	)
Increase/(decrease) in accounts payable		(859.9	)		11.7			(848.2	)
Other accrued liabilities and operating items, net		405.6			(11.7	)		393.9
Net cash provided by operating activities - continuing operations		1,553.6			(535.6	)		1,018.0
Net cash provided by/(used in) operating activities - discontinued operations		(36.0	)		559.7			523.7
Net cash provided by operating activities		1,517.6			24.1			1,541.7
Cash Flows From Investing Activities:
Acquisition of subsidiaries, net of divestitures and cash acquired		(514.9	)		559.3			44.4
Proceeds from sale of property and equipment		32.6			0.1			32.7
Additions to property and equipment		(366.0	)		180.2			(185.8	)
Sale of investment securities available for sale, net		132.0			—			132.0
Net cash provided by/(used in) investing activities - continuing operations		(716.3	)		739.6			23.3
Net cash used in investing activities - discontinued operations		(10.1	)		(739.6	)		(749.7	)
Net cash used in investing activities		(726.4	)		—			(726.4	)
Cash Flows From Financing Activities:
Net change in commercial paper and short-term borrowings		(0.5	)		0.5			—
Reduction of long-term obligations		(21.5	)		17.6			(3.9	)
Proceeds from long-term obligations, net of issuance costs		303.5			(3.2	)		300.3
Proceeds from issuance of Common Shares		227.9			—			227.9
Tax benefit/(expense) from stock options		42.1			—			42.1
Dividends on Common Shares		(173.1	)		—			(173.1	)
Purchase of Common Shares in treasury		(1,181.6	)		—			(1,181.6	)
Net cash used in financing activities - continuing operations		(803.2	)		14.9			(788.3	)
Net cash provided by/(used in) financing activities - discontinued operations		—			(14.9	)		(14.9	)
Net cash used in financing activities		(803.2	)		—			(803.2	)
Net increase/(decrease) in cash and equivalents		(12.0	)		24.1			12.1
Cash and equivalents at beginning of period		1,303.3			(506.6	)		796.7
Cash and equivalents at end of period	$	1,291.3		$	(482.5	)	$	808.8

¹ Adjusted reflects the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. See page 1 of this exhibit for further explanation of the adjusted presentation.

15

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ SEGMENT BUSINESS ANALYSIS

(in millions)	First Quarter 2009			Second Quarter 2009			Third Quarter 2009			Fourth Quarter 2009			Full Year 2009
Pharmaceutical
Revenue 2
Amount	$	21,404		$	22,079		$	22,118		$	22,263		$	87,863
Growth Rate		11	%		8	%		11	%		12	%		11	%
Mix		91	%		91	%		92	%		91	%		92	%
Segment Profit 3
Amount	$	213		$	262		$	286		$	273		$	1,036
Growth Rate		(24	)%		10	%		2	%		22	%		1	%
Mix		68	%		78	%		69	%		77	%		73	%
Segment Profit Margin		1.0	%		1.2	%		1.3	%		1.2	%		1.2	%
(in millions)	First Quarter 2009			Second Quarter 2009			Third Quarter 2009			Fourth Quarter 2009			Full Year 2009
Medical
Revenue 2
Amount	$	2,037		$	2,057		$	1,976		$	2,090		$	8,159
Growth Rate		8	%		4	%		(2	)%		3	%		3	%
Mix		9	%		9	%		8	%		9	%		8	%
Segment Profit 3
Amount	$	98		$	75		$	129		$	83		$	384
Growth Rate		29	%		(23	)%		2	%		(25	)%		(7	)%
Mix		32	%		22	%		31	%		23	%		27	%
Segment Profit Margin		4.8	%		3.6	%		6.5	%		4.0	%		4.7	%

Refer to definitions for an explanation of calculations.

The sum of the quarters may not equal year-to-date due to rounding.

¹ Adjusted represents the new segment structure for Cardinal Health after the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. The Pharmaceutical segment encompasses the businesses previously within the Healthcare Supply Chain Services segment that distributed pharmaceutical, radiopharmaceutical and over-the-counter healthcare products as well as the businesses previously within the All Other segment. The Medical segment encompasses the remaining businesses within the Healthcare Supply Chain Services segment as well as certain surgical and exam gloves, drapes and apparel and fluid management businesses previously within the Clinical and Medical Products segment.

² Total consolidated revenue for the first quarter, second quarter, third quarter, fourth quarter and full year was $23,437 million, $24,118 million, $24,089 million, $24,347 million and $95,992 million, respectively, which included total segment revenue of $23,441 million, $24,136 million, $24,094 million, $24,353 million and $96,022 million, respectively, and Corporate revenue of $(4) million, $(18) million, $(5) million, $(6) million and $(30) million, respectively. Corporate consists primarily of elimination of inter-segment revenue.

³ Total consolidated operating earnings for the first quarter, second quarter, third quarter, fourth quarter and full year was $286 million, $313 million, $382 million, $317 million and $1,299 million, respectively, which included total segment profit of $311 million, $337 million, $415 million, $356 million and $1,420 million, respectively, and Corporate loss of $(25) million, $(24) million, $(33) million, $(39) million and $(121) million, respectively. Corporate includes, among other things, special items and impairments, (gain)/loss on sale of assets and other, net.

16

CARDINAL HEALTH, INC. AND SUBSIDIARIES

ADJUSTED ¹ SEGMENT BUSINESS ANALYSIS

(in millions)	First Quarter 2008			Second Quarter 2008			Third Quarter 2008			Fourth Quarter 2008			Full Year 2008
Pharmaceutical
Revenue 2
Amount	$	19,277		$	20,409		$	19,952		$	19,861		$	79,498
Mix		91	%		91	%		91	%		91	%		91	%
Segment Profit 3
Amount	$	280		$	238		$	280		$	224		$	1,022
Mix		79	%		71	%		69	%		67	%		71	%
Segment Profit Margin		1.5	%		1.2	%		1.4	%		1.1	%		1.3	%
(in millions)	First Quarter 2008			Second Quarter 2008			Third Quarter 2008			Fourth Quarter 2008			Full Year 2008
Medical
Revenue 2
Amount	$	1,883		$	1,973		$	2,026		$	2,035		$	7,917
Mix		9	%		9	%		9	%		9	%		9	%
Segment Profit 3
Amount	$	76		$	98		$	127		$	110		$	411
Mix		21	%		29	%		31	%		33	%		29	%
Segment Profit Margin		4.0	%		5.0	%		6.3	%		5.4	%		5.2	%

Refer to definitions for an explanation of calculations.

The sum of the quarters may not equal year-to-date due to rounding.

¹ Adjusted represents the new segment structure for Cardinal Health after the estimated impact of the removal of the CareFusion businesses from the historical financial results of Cardinal Health. The Pharmaceutical segment encompasses the businesses previously within the Healthcare Supply Chain Services segment that distributed pharmaceutical, radiopharmaceutical and over-the-counter healthcare products as well as the businesses previously within the All Other segment. The Medical segment encompasses the remaining businesses within the Healthcare Supply Chain Services segment as well as certain surgical and exam gloves, drapes and apparel and fluid management businesses previously within the Clinical and Medical Products segment.

² Total consolidated revenue for the first quarter, second quarter, third quarter, fourth quarter and full year was $21,158 million, $22,380 million, $21,976 million, $21,894 million and $87,408 million, respectively, which included total segment revenue of $21,160 million, $22,382 million, $21,978 million, $21,896 million and $87,415 million, respectively, and Corporate revenue of $(2) million, $(2) million, $(2) million, $(2) million and $(7) million, respectively. Corporate consists primarily of elimination of inter-segment revenue.

³ Total consolidated operating earnings for the first quarter, second quarter, third quarter, fourth quarter and full year were $338 million, $339 million, $380 million, $335 million and $1,392 million, respectively, which included total segment profit of $356 million, $336 million, $407 million, $334 million and $1,433 million, respectively, and Corporate earnings / (loss) of $(18) million, $3 million, $(27) million, $1 million and $(41) million, respectively. Corporate includes, among other things, special items and impairments, (gain)/loss on sale of assets and other, net.

17

CARDINAL HEALTH, INC. AND SUBSIDIARIES

RECONCILIATIONS AND DEFINITIONS

GAAP

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

NON-GAAP

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

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

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

18

EX-99.5

Exhibit 99.5

CAREFUSION CORPORATION

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

AND

GAAP / NON-GAAP RECONCILIATIONS

The CareFusion Corporation (“CareFusion”) unaudited pro forma condensed combined financial statements included below consist of unaudited pro forma condensed combined statements of earnings for the quarters ended September 30, December 31, March 31 and June 30, 2009 and 2008 and for the fiscal years ended June 30, 2009 and 2008. The unaudited pro forma condensed combined financial statements included below have been derived from the historical consolidated financial statements and accounting records of Cardinal Health and have been adjusted to present the estimated impact of removing certain businesses that manufacture and sell surgical and exam gloves, surgical drapes and apparel and fluid management products in the U.S. market that are currently part of the Clinical and Medical Products segment of Cardinal Health, and will be retained by Cardinal Health following the spin-off.

The unaudited pro forma condensed combined financial statements do not necessarily reflect the financial position and results of operations that will be presented within CareFusion’s condensed combined financial statements subsequent to the completion of the planned spin-off from Cardinal Health. In addition, they do not reflect what the financial position and results of operations would have been if CareFusion had actually operated as a stand-alone publicly traded company. The assumptions and estimates used and pro forma adjustments derived from such assumptions are based on currently available information, and management believes such assumptions and estimates are reasonable under the circumstances.

CAREFUSION CORPORATION

PRO FORMA¹ CONDENSED COMBINED STATEMENTS OF EARNINGS (UNAUDITED)

FISCAL YEAR 2009

(in millions, except per common share amounts)	First Quarter 2009		Second Quarter 2009		Third Quarter 2009			Fourth Quarter 2009			Total Year 2009
Revenue	$	943	$	997	$	872		$	895		$	3,707
Cost of products sold		500		519		450			488			1,957
Gross margin		443		478		422			407			1,750
Selling, general and administrative expenses		283		259		266			261			1,069
Research and development expenses		37		41		39			44			161
Restructuring and acquisition integration charges		30		5		20			17			72
Operating earnings		93		173		97			85			448
Interest expense and other, net		29		25		24			25			103
Earnings before income taxes and discontinued operations		64		148		73			60			345
Provision for income taxes		29		39		(17	)		(4	)		47
Earnings from continuing operations		35		109		90			64			298
Earnings from discontinued operations, net of tax		82		80		83			31			276
Net earnings	$	117	$	189	$	173		$	95		$	574
Diluted earnings per common share:
Continuing operations	$	0.15	$	0.48	$	0.40		$	0.28		$	1.32
Discontinued operations		0.36		0.35		0.37			0.14			1.22
Net diluted earnings per common share 2	$	0.52	$	0.84	$	0.77		$	0.42		$	2.54
Weighted average pro forma number of diluted common shares outstanding3:		226.0		226.0		226.0			226.0			226.0
Adjusted diluted earnings per common share:
Continuing operations 24	$	0.25	$	0.50	$	0.46		$	0.34		$	1.54

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Earnings per share calculations are performed separately for each period presented. Therefore, the sum of the per share components from the table may not equal the per share amount presented.

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential dilutive shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings from continuing operations have been adjusted to exclude restructuring and acquisition integration charges (including one-time spinoff related costs).

CAREFUSION CORPORATION

PRO FORMA¹ CONDENSED COMBINED STATEMENTS OF EARNINGS (UNAUDITED)

FISCAL YEAR 2008

(in millions, except per common share amounts)	First Quarter 2008		Second Quarter 2008		Third Quarter 2008		Fourth Quarter 2008		Total Year 2008
Revenue	$	835	$	921	$	957	$	1,058	$	3,771
Cost of products sold		445		487		497		553		1,982
Gross margin		390		434		460		505		1,789
Selling, general and administrative expenses		246		255		267		274		1,042
Research and development expenses		36		37		35		49		157
Restructuring and acquisition integration charges		6		10		6		13		35
Acquired in-process research and development		—		—		—		18		18
Operating earnings		102		132		152		151		537
Interest expense and other, net		3		29		6		42		80
Earnings before income taxes and discontinued operations		99		103		146		109		457
Provision for income taxes		28		28		39		19		114
Earnings from continuing operations		71		75		107		90		343
Earnings from discontinued operations, net of tax		72		88		79		87		326
Net earnings	$	143	$	163	$	186	$	177	$	669
Diluted earnings per common share:
Continuing operations	$	0.31	$	0.33	$	0.47	$	0.40	$	1.52
Discontinued operations		0.32		0.39		0.35		0.38		1.44
Net diluted earnings per common share 2	$	0.63	$	0.72	$	0.82	$	0.78	$	2.96
Weighted average pro forma number of diluted common shares outstanding3:		226.0		226.0		226.0		226.0		226.0
Adjusted diluted earnings per common share:
Continuing operations 2 4	$	0.33	$	0.36	$	0.50	$	0.44	$	1.63

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Earnings per share calculations are performed separately for each period presented. Therefore, the sum of the per share components from the table may not equal the per share amount presented.

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential dilutive shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings from continuing operations have been adjusted to exclude restructuring and acquisition integration charges (including one-time spinoff related costs), and acquired in-process research and development charges.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

FISCAL YEAR 2009

(in millions, except per common share amounts)	Historical			Discontinued Operations			Financing Adjustments			Separation Adjustments			Pro Forma1		One-Time Items			Adjusted Pro Forma2
FIRST QUARTER
Revenue	$	1,141		$	(221	)	$	—		$	23		$	943	$	—		$	943
Cost of products sold		626			(146	)		—			20			500		—			500
Gross margin		515			(75	)		—			3			443		—			443
Selling, general and administrative expenses		304			(24	)		—			3			283		—			283
Research and development expenses		38			(1	)		—			—			37		—			37
Restructuring charges and acquisition integration charges		31			(1	)		—			—			30		(30	)		—
Operating earnings		142			(49	)		—			—			93		30			123
Interest expense and other		27			6			(4	)		—			29		—			29
Royalty (income) and other, net received from parent		(48	)		48			—			—			—		—			—
Earnings before income taxes and discontinued operations		163			(103	)		4			—			64		30			94
Provision for income taxes		50			(21	)		1			(1	)		29		9			38
Earnings from continuing operations		113			(82	)		3			1			35		21			56
Earnings from discontinued operations, net of tax		—			82			—			—			82		—			82
Net earnings	$	113		$	—		$	3		$	1		$	117	$	21		$	138
Weighted average pro forma number of diluted common shares outstanding3:		226.0			226.0			226.0			226.0			226.0		226.0			226.0
Diluted Earnings from continuing operations per common share4:	$	0.50		$	(0.36	)	$	0.01		$	—		$	0.15	$	0.09		$	0.25

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs).

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

FISCAL YEAR 2009

(in millions, except per Common Share amounts)	Historical			Discontinued Operations			Financing Adjustments			Separation Adjustments			Pro Forma1		One-Time Items			Adjusted Pro Forma2
SECOND QUARTER
Revenue	$	1,193		$	(219	)	$	—		$	23		$	997	$	—		$	997
Cost of products sold		665			(166	)		—			20			519		—			519
Gross margin		528			(53	)		—			3			478		—			478
Selling, general and administrative expenses		282			(26	)		—			3			259		—			259
Research and development expenses		42			(1	)		—			—			41		—			41
Restructuring charges and acquisition integration charges		5			—			—			—			5		(5	)		—
Operating earnings		199			(26	)		—			—			173		5			178
Interest expense and other		30			(7	)		2			—			25		—			25
Royalty (income) and other, net received from parent		(66	)		66			—			—			—		—			—
Earnings before income taxes and discontinued operations		235			(85	)		(2	)		—			148		5			153
Provision for income taxes		47			(5	)		(1	)		(2	)		39		2			41
Earnings from continuing operations		188			(80	)		(1	)		2			109		3			112
Earnings from discontinued operations, net of tax expense		—			80			—			—			80		—			80
Net earnings	$	188		$	—		$	(1	)	$	2		$	189	$	3		$	192
Weighted average pro forma number of diluted common shares outstanding3:		226.0			226.0			226.0			226.0			226.0		226.0			226.0
Diluted Earnings from continuing operations per common share4:	$	0.83		$	(0.35	)	$	—		$	0.01		$	0.48	$	0.01		$	0.50

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs).

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

FISCAL YEAR 2009

(in millions, except per Common Share amounts)	Historical			Discontinued Operations			Financing Adjustments		Separation Adjustments			Pro Forma1			One-Time Items			Adjusted Pro Forma2
THIRD QUARTER
Revenue	$	1,076		$	(227	)	$	—	$	23		$	872		$	—		$	872
Cost of products sold		612			(183	)		—		21			450			—			450
Gross margin		464			(44	)		—		2			422			—			422
Selling, general and administrative expenses		285			(21	)		—		2			266			—			266
Research and development expenses		40			(1	)		—		—			39			—			39
Restructuring charges and acquisition integration charges		20			—			—		—			20			(20	)		—
Operating earnings		119			(22	)		—		—			97			20			117
Interest expense and other		26			(2	)		—		—			24			—			24
Royalty (income) and other, net received from parent		(80	)		80			—		—			—			—			—
Earnings before income taxes and discontinued operations		173			(100	)		—		—			73			20			93
Provision for income taxes		2			(17	)		—		(2	)		(17	)		6			(11	)
Earnings from continuing operations		171			(83	)		—		2			90			14			104
Earnings from discontinued operations, net of tax expense		—			83			—		—			83			—			83
Net earnings	$	171		$	—		$	—	$	2		$	173		$	14		$	187
Weighted average pro forma number of diluted common shares outstanding3:		226.0			226.0			226.0		226.0			226.0			226.0			226.0
Diluted Earnings from continuing operations per common share4:	$	0.76		$	(0.37	)	$	—	$	0.01		$	0.40		$	0.06		$	0.46

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs).

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

FISCAL YEAR 2009

(in millions, except per common share amounts)	Historical			Discontinued Operations			Financing Adjustments			Separation Adjustments			Pro Forma1			One-Time Items			Adjusted Pro Forma2
FOURTH QUARTER
Revenue	$	1,091		$	(219	)	$	—		$	23		$	895		$	—		$	895
Cost of products sold		616			(148	)		—			20			488			—			488
Gross margin		475			(71	)		—			3			407			—			407
Selling, general and administrative expenses		284			(26	)		—			3			261			—			261
Research and development expenses		45			(1	)		—			—			44			—			44
Restructuring charges and acquisition integration charges		17			—			—			—			17			(17	)		—
Operating earnings		129			(44	)		—			—			85			17			102
Interest expense and other		20			1			4			—			25			—			25
Royalty (income) and other, net received from parent		(39	)		39			—			—			—			—			—
Earnings before income taxes and discontinued operations		148			(84	)		(4	)		—			60			17			77
Provision for income taxes		52			(53	)		(1	)		(2	)		(4	)		5			1
Earnings from continuing operations		96			(31	)		(3	)		2			64			12			76
Earnings from discontinued operations, net of tax expense		—			31			—			—			31			—			31
Net earnings	$	96		$	—		$	(3	)	$	2		$	95		$	12		$	107
Weighted average pro forma number of diluted common shares outstanding3:		226.0			226.0			226.0			226.0			226.0			226.0			226.0
Diluted Earnings from continuing operations per common share4:	$	0.42		$	(0.14	)	$	(0.01	)	$	0.01		$	0.28		$	0.05		$	0.34

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs).

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

FISCAL YEAR 2009

(in millions, except per Common Share amounts)	Historical			Discontinued Operations			Financing Adjustments			Separation Adjustments			Pro Forma1		One-Time Items			Adjusted Pro Forma2
FISCAL YEAR 2009
Revenue	$	4,501		$	(886	)	$	—		$	92		$	3,707	$	—		$	3,707
Cost of products sold		2,519			(643	)		—			81			1,957		—			1,957
Gross margin		1,982			(243	)		—			11			1,750		—			1,750
Selling, general and administrative expenses		1,155			(97	)		—			11			1,069		—			1,069
Research and development expenses		165			(4	)		—			—			161		—			161
Restructuring charges and acquisition integration charges		73			(1	)		—			—			72		(72	)		—
Operating earnings		589			(141	)		—			—			448		72			520
Interest expense and other		103			(2	)		2			—			103		—			103
Royalty (income) and other, net received from parent		(233	)		233			—			—			—		—			—
Earnings before income taxes and discontinued operations		719			(372	)		(2	)		—			345		72			417
Provision for income taxes		151			(96	)		(1	)		(7	)		47		22			69
Earnings from continuing operations		568			(276	)		(1	)		7			298		50			348
Earnings from discontinued operations, net of tax expense		—			276			—			—			276		—			276
Net earnings	$	568		$	—		$	(1	)	$	7		$	574	$	50		$	624
Weighted average pro forma number of diluted common shares outstanding3:		226.0			226.0			226.0			226.0			226.0		226.0			226.0
Diluted Earnings from continuing operations per common share4:	$	2.51		$	(1.22	)	$	—		$	0.03		$	1.32	$	0.22		$	1.54

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs).

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

FISCAL YEAR 2008

(in millions, except per Common Share amounts)	Historical			Discontinued Operations			Financing Adjustments			Separation Adjustments		Pro Forma1		One-Time Items			Adjusted Pro Forma2
FIRST QUARTER
Revenue	$	1,015		$	(202	)	$	—		$	22	$	835	$	—		$	835
Cost of products sold		561			(135	)		—			19		445		—			445
Gross margin		454			(67	)		—			3		390		—			390
Selling, general and administrative expenses		264			(21	)		—			3		246		—			246
Research and development expenses		37			(1	)		—			—		36		—			36
Restructuring charges and acquisition integration charges		6			—			—			—		6		(6	)		—
Operating earnings		147			(45	)		—			—		102		6			108
Interest expense and other		9			(4	)		(2	)		—		3		—			3
Royalty (income) and other, net received from parent		(47	)		47			—			—		—		—			—
Earnings before income taxes and discontinued operations		185			(88	)		2			—		99		6			105
Provision for income taxes		43			(16	)		1			—		28		2			30
Earnings from continuing operations		142			(72	)		1			—		71		4			75
Earnings from discontinued operations, net of tax		—			72			—			—		72		—			72
Net earnings	$	142		$	—		$	1		$	—	$	143	$	4		$	147
Weighted average pro forma number of diluted common shares outstanding3:		226.0			226.0			226.0			226.0		226.0		226.0			226.0
Diluted Earnings from continuing operations per common share4:	$	0.63		$	(0.32	)	$	—		$	—	$	0.31	$	0.02		$	0.33

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs).

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

FISCAL YEAR 2008

(in millions, except per Common Share amounts)	Historical			Discontinued Operations			Financing Adjustments			Separation Adjustments		Pro Forma1		One-Time Items			Adjusted Pro Forma2
SECOND QUARTER
Revenue	$	1,105		$	(206	)	$	—		$	22	$	921	$	—		$	921
Cost of products sold		611			(142	)		—			18		487		—			487
Gross margin		494			(64	)		—			4		434		—			434
Selling, general and administrative expenses		267			(16	)		—			4		255		—			255
Research and development expenses		38			(1	)		—			—		37		—			37
Restructuring charges and acquisition integration charges		10			—			—			—		10		(10	)		—
Operating earnings		179			(47	)		—			—		132		10			142
Interest expense and other		19			13			(3	)		—		29		—			29
Royalty (income) and other, net received from parent		(49	)		49			—			—		—		—			—
Earnings before income taxes and discontinued operations		209			(109	)		3			—		103		10			113
Provision for income taxes		48			(21	)		1			—		28		4			32
Earnings from continuing operations		161			(88	)		2			—		75		6			81
Earnings from discontinued operations, net of tax expense		—			88			—			—		88		—			88
Net earnings	$	161		$	—		$	2		$	—	$	163	$	6		$	169
Weighted average pro forma number of diluted common shares outstanding3:		226.0			226.0			226.0			226.0		226.0		226.0			226.0
Diluted Earnings from continuing operations per common share4:	$	0.71		$	(0.39	)	$	0.01		$	—	$	0.33	$	0.03		$	0.36

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs).

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

FISCAL YEAR 2008

(in millions, except per Common Share amounts)	Historical			Discontinued Operations			Financing Adjustments			Separation Adjustments			Pro Forma1		One-Time Items			Adjusted Pro Forma2
THIRD QUARTER
Revenue	$	1,150		$	(214	)	$	—		$	21		$	957	$	—		$	957
Cost of products sold		618			(140	)		—			19			497		—			497
Gross margin		532			(74	)		—			2			460		—			460
Selling, general and administrative expenses		285			(21	)		—			3			267		—			267
Research and development expenses		37			(2	)		—			—			35		—			35
Restructuring charges and acquisition integration charges		6			—			—			—			6		(6	)		—
Operating earnings		204			(51	)		—			(1	)		152		6			158
Interest expense and other		5			2			(1	)		—			6		—			6
Royalty (income) and other, net received from parent		(41	)		41			—			—			—		—			—
Earnings before income taxes and discontinued operations		240			(94	)		1			(1	)		146		6			152
Provision for income taxes		55			(15	)		—			(1	)		39		1			40
Earnings from continuing operations		185			(79	)		1			—			107		5			112
Earnings from discontinued operations, net of tax expense		—			79			—			—			79		—			79
Net earnings	$	185		$	—		$	1		$	—		$	186	$	5		$	191
Weighted average pro forma number of diluted common shares outstanding3:		226.0			226.0			226.0			226.0			226.0		226.0			226.0
Diluted Earnings from continuing operations per common share4:	$	0.82		$	(0.35	)	$	—		$	—		$	0.47	$	0.02		$	0.50

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs).

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

FISCAL YEAR 2008

(in millions, except per Common Share amounts)	Historical			Discontinued Operations			Financing Adjustments			Separation Adjustments		Pro Forma1		One-Time Items			Adjusted Pro Forma2
FOURTH QUARTER
Revenue	$	1,248		$	(212	)	$	—		$	22	$	1,058	$	—		$	1,058
Cost of products sold		682			(147	)		—			18		553		—			553
Gross margin		566			(65	)		—			4		505		—			505
Selling, general and administrative expenses		288			(17	)		—			3		274		—			274
Research and development expenses		50			(1	)		—			—		49		—			49
Restructuring charges and acquisition integration charges		15			(2	)		—			—		13		(13	)		—
Acquired in-process research and development		18			—			—			—		18		(18	)		—
Operating earnings		195			(45	)		—			1		151		31			182
Interest expense and other		34			9			(1	)		—		42		—			42
Royalty (income) and other, net received from parent		(52	)		52			—			—		—		—			—
Earnings before income taxes and discontinued operations		213			(106	)		1			1		109		31			140
Provision for income taxes		38			(19	)		—			—		19		21			40
Earnings from continuing operations		175			(87	)		1			1		90		10			100
Earnings from discontinued operations, net of tax expense		—			87			—			—		87		—			87
Net earnings	$	175		$	—		$	1		$	1	$	177	$	10		$	187
Weighted average pro forma number of diluted Common Shares outstanding3:		226.0			226.0			226.0			226.0		226.0		226.0			226.0
Diluted Earnings from continuing operations per Common Share4:	$	0.77		$	(0.38	)	$	—		$	—	$	0.40	$	0.04		$	0.44

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs), and acquired in-process research and development charges.

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.

CAREFUSION CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

FISCAL YEAR 2008

(in millions, except per Common Share amounts)	Historical			Discontinued Operations			Financing Adjustments			Separation Adjustments			Pro Forma1		One-Time Items			Adjusted Pro Forma2
FISCAL YEAR 2008
Revenue	$	4,518		$	(834	)	$	—		$	87		$	3,771	$	—		$	3,771
Cost of products sold		2,472			(564	)		—			74			1,982		—			1,982
Gross margin		2,046			(270	)		—			13			1,789		—			1,789
Selling, general and administrative expenses		1,104			(75	)		—			13			1,042		—			1,042
Research and development expenses		162			(5	)		—			—			157		—			157
Restructuring charges and acquisition integration charges		37			(2	)		—			—			35		(35	)		—
Acquired in-process research and development		18			—			—			—			18		(18	)		—
Operating earnings		725			(188	)		—			—			537		53			590
Interest expense and other		67			20			(7	)		—			80		—			80
Royalty (income) and other, net received from parent		(189	)		189			—			—			—		—			—
Earnings before income taxes and discontinued operations		847			(397	)		7			—			457		53			510
Provision for income taxes		184			(71	)		2			(1	)		114		28			142
Earnings from continuing operations		663			(326	)		5			1			343		25			368
Earnings from discontinued operations, net of tax expense		—			326			—			—			326		—			326
Net earnings	$	663		$	—		$	5		$	1		$	669	$	25		$	694
Weighted average pro forma number of diluted common shares outstanding3:		226.0			226.0			226.0			226.0			226.0		226.0			226.0
Diluted Earnings from continuing operations per common share4:	$	2.93		$	(1.44	)	$	0.02		$	—		$	1.52	$	0.11		$	1.63

¹ CareFusion unaudited pro forma financial results have been derived from the historical consolidated financial statements of Cardinal Health, Inc. and reflect CareFusion’s results as if the spinoff and certain related transactions had occurred as of the beginning of the fiscal year. See page 1 of this exhibit for further explanation of the pro forma presentation.

² Adjusted pro forma financial information reflects pro forma results adjusted on a non-GAAP basis to exclude one-time items related to restructuring charges and acquisition integration charges (including one-time spinoff related costs), and acquired in-process research and development charges.

³ Reflects a distribution ratio of 0.5 shares of CareFusion common stock for every 1 common share of Cardinal Health outstanding on the record date, plus potential shares of common stock under equity plans in which our employees participate, based on the distribution ratio.

⁴ Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the pro forma or adjusted pro forma per share totals presented.