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.