Cardinal Health quarterly profits rise, reaffirms outlook

Tue Oct 30, 2012 7:30am EDT

Oct 31(Reuters) - Drug wholesaler Cardinal Health Inc. on Tuesday reported higher quarterly profits even as revenue fell as patients converted to generic pharmaceuticals from higher-priced brand name pharmaceuticals.

Cardinal lost business from pharmacy benefits manager Express Scripts Holding Co starting at the beginning of October, but the company reaffirmed its outlook for the coming year.

It said fiscal first quarter net earnings were $271 million, or 80 per share, up from $237 million or 69 per share a year earlier. Sales

Earnings from continuing operations, excluding one-time items, were 79 cents a share.

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