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Cardinal Health's CEO Discusses Q3 2012 Results - Earnings Call Transcript

In addition, we will reference non-GAAP financial measures. The information about these measures is included at the end of the slides.

I'd also like to remind you of a few upcoming investment conferences and events, in which we will be webcasting, notably: The 2012 Deutsche Bank 37th Annual Healthcare Conference on May 7 in Boston; the Bank of America Merrill Lynch 2012 Healthcare Conference on May 15 in Las Vegas; the Goldman Sachs 33rd Annual Global Healthcare Conference on June 5 in Rancho Palos Verdes, California; and the William Blair 32nd Annual Growth Stock Conference on June 14 in Chicago. The details of these events are -- or will be posted on the IR section of our website at cardinalhealth.com, so please make sure to visit the site often for updated information. We look forward to seeing you at the upcoming events.

Now I'd like to turn the call over to George Barrett. George?

George S. Barrett

Thanks, Sally. Good morning, everyone, and thanks for joining us on our third quarter call today. I'm pleased to report another solid quarter, and we have now completed 9 months of excellent overall growth and progress in our areas of strategic focus in FY 2012.

Revenue for the third quarter was $26.9 billion, up 3% from the prior year. Non-GAAP operating earnings increased by 6% to $524 million. Our non-GAAP EPS grew 16% to $0.94 from last year's $0.81. Our Pharmaceutical segment delivered 9% profit growth and a revenue gain of 3%. The Medical segment achieved top line growth of 8%, reinforcing our improved positioning in the market, but as we had expected, the segment recorded a year-over-year profit decline of 17%, primarily due to residual commodity cost pressures. The team had shown great focus, offsetting much of its headwind with solid performance in the underlying business.

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