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

I'd like to walk you through the performance highlights of these segments. First, Pharmaceutical. Revenue increases came from multiple classes of trade. This growth outpaced the market in virtually every channel. Our focus on creating value for the specific needs of each customer in this dynamic environment remains a top priority. Our customer base remains strong, and the mix continues to evolve along our strategic pathway. Our non-bulk sales were up 7.6% versus prior year.

Profit was fueled by the continued strength of our generic activities and solid performance with our branded partners, whose names continue to evolve in changing markets. Our strong generic results reflect the continued focus in this important industry driver and the impact of new and recently launched products, a number of which launched in the prior quarter.

I want to take a few moments to comment on our nuclear activities, as this part of the industry has been going through some change. We see distinct market dynamics at work from the 2 different nuclear product lines. On the low energy side, our legacy business, demand remains soft. Although we continue to provide market-leading products and the supply of raw materials to us has been reliable, the number of nuclear cardiac procedures is considerably below historical norms.

Part of this can be explained by general economic conditions and part is likely associated with payer and employer policies designed to continue growth in medical procedures. We've been making the necessary modification to our business to adjust to what maybe the new normal from a cardiac-procedure perspective. I should note here that demographics should, in the long-term, generate some upward pressure on demand.

As you know, our activities in the PET area are at a different stage of evolution. We were excited to see the FDA approval of Amyvid and high-energy products used in PET scanning as a diagnostic product for patients being evaluated for Alzheimer's reviews. We have been an innovator in this area, a partner in the development of this product, and we will be an important part of the team as the manufacturer and distributor of Amyvid from our specialized facilities.

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