Cardinal Health drops after losing Walgreen to AmerisourceBergen

theflyonthewall.com

Cardinal Health (CAH) is moving lower in pre-market trading after one of its largest customers, Walgreen (WAG), announced a 10-year primary pharmaceutical supply agreement with AmerisourceBergen (ABC). In its latest quarterly filing, Cardinal Health listed CVS Caremark (CVS) and Walgreen as its largest customers, accounting for approximately 22% and 21%, respectively, of its FY12 revenue. Cardinal Health added that its contracts with CVS and Walgreens are set to expire in June 2013 and August 2013, respectively. Shares of Cardinal Health are down 7%, or $3.18, to $42.95 in pre-market trading.

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