{"slug":"cardinal-health","name":"카디널 헬스","name_en":"Cardinal Health, Inc.","ticker":"CAH","updated_at":"2026-09-23T09:58:34.815097+00:00","canonical":"https://valuechain.wiki/cardinal-health","citable":"밸류체인 그래프 기준 카디널 헬스의 직접 연결 기업은 10곳(관계 기준 공급 9·매출 1)이고, 사슬을 2차까지 넓히면 28곳에 닿는다. 링크의 근거 출처는 14건이며 그중 1차공시가 9건이다 (valuechain.wiki, 2026-09-23 기준).","citable_en":"Per the valuechain.wiki graph, Cardinal Health, Inc. is directly linked to 10 companies (9 supply, 1 revenue relationships) and reaches 28 companies within two hops; the links are backed by 14 dated sources, 9 of them primary filings (as of 2026-09-23).","kicker":"의약품·의료제품 유통","kicker_en":"Pharmaceutical and medical distribution","lead":"카디널 헬스는 브랜드·제네릭·스페셜티 의약품을 약국과 의료기관에 유통하고, 의료·수술·검사실 제품을 제조·조달·유통해 돈을 번다. 의약품 제조사와 의료제품 공급사에서 재고를 매입하며, 전문의 진료 조직과 재택의료 사업 인수에도 자본을 투입한다.","lead_en":"Cardinal Health earns money by distributing branded, generic and specialty pharmaceuticals to pharmacies and healthcare providers, and by manufacturing, sourcing and distributing medical, surgical and laboratory products. It purchases inventory from pharmaceutical and medical-product suppliers and deploys capital into physician-practice and home-care acquisitions.","categories":[{"key":"pharma-distribution","ko":"의약품 유통","en":"Pharmaceutical Distribution","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"제약 및 스페셜티 솔루션","note":"브랜드·제네릭·스페셜티 의약품 유통과 제조사·의료기관 대상 서비스"},{"name":"글로벌 의료제품 및 유통","note":"자체 브랜드와 타사 의료·수술·검사실 제품의 제조·조달·유통"},{"name":"기타","note":"핵의학·정밀의료, 재택 솔루션, 의료물류 사업"}],"total":"FY2026 총매출 2,542억4,800만달러","track":"C"},"segments_en":{"parts":[{"name":"Pharmaceutical and Specialty Solutions","note":"Distribution of branded, generic and specialty pharmaceuticals, plus services for manufacturers and providers"},{"name":"Global Medical Products and Distribution","note":"Manufacturing, sourcing and distribution of Cardinal Health and national-brand medical, surgical and laboratory products"},{"name":"Other","note":"Nuclear and precision health, at-home solutions and healthcare logistics"}],"total":"FY2026 total revenue: $254.248 billion"},"returns_yearly":{"2021":-0.4,"2022":54.1,"2023":34.1,"2024":19,"2025":76.3,"2026":21.1},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"elevance-health","name":"엘레반스 헬스","name_en":"Elevance Health, Inc.","tier":2,"returns_yearly":{"2021":46.1,"2022":11.8,"2023":-6.9,"2024":-20.7,"2025":-3.1,"2026":17.4}},{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":1,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}}],"benefiting":[{"slug":"moderna","name":"모더나","name_en":"Moderna","tier":1,"returns_yearly":{"2021":143.1,"2022":-29.3,"2023":-44.6,"2024":-58.2,"2025":-29.1,"2026":393.6}},{"slug":"amgen","name":"암젠","name_en":"Amgen","tier":1,"returns_yearly":{"2021":0.9,"2022":20.4,"2023":13.5,"2024":-6.8,"2025":29.7,"2026":36.3}},{"slug":"dexcom","name":"덱스콤","name_en":"Dexcom","tier":1,"returns_yearly":{"2021":45.2,"2022":-15.6,"2023":9.6,"2024":-37.3,"2025":-14.7,"2026":26.7}},{"slug":"gilead-sciences","name":"길리어드 사이언스","name_en":"Gilead Sciences, Inc.","tier":1,"returns_yearly":{"2021":30,"2022":23.6,"2023":-2,"2024":18.7,"2025":36.6,"2026":25.4}},{"slug":"abbvie","name":"애브비","name_en":"AbbVie","tier":1,"returns_yearly":{"2021":32.4,"2022":24,"2023":-0.2,"2024":18.9,"2025":33.1,"2026":23.9}},{"slug":"becton-dickinson","name":"벡톤 디킨슨","name_en":"Becton, Dickinson and Company","tier":1,"returns_yearly":{"2021":1.9,"2022":5.1,"2023":-2.7,"2024":-5.4,"2025":-12.6,"2026":22.8}},{"slug":"pfizer","name":"화이자","name_en":"Pfizer Inc.","tier":1,"returns_yearly":{"2021":66.7,"2022":-10.4,"2023":-41.3,"2024":-2.2,"2025":0.6,"2026":20.2}},{"slug":"bristol-myers-squibb","name":"브리스톨 마이어스 스퀴브","name_en":"Bristol-Myers Squibb Company","tier":1,"returns_yearly":{"2021":2.9,"2022":19,"2023":-26.1,"2024":15.8,"2025":0.1,"2026":14.5}},{"slug":"lilly-eli","name":"일라이 릴리","name_en":"Lilly (Eli)","tier":1,"returns_yearly":{"2021":66.1,"2022":34.3,"2023":60.9,"2024":33.3,"2025":40.2,"2026":10.3}},{"slug":"abcellera","name":"AbCellera","name_en":"AbCellera Biologics","tier":2,"returns_yearly":{"2022":-29.2,"2023":-43.6,"2024":-48.7,"2025":16.7,"2026":234.2}},{"slug":"jabil","name":"자빌","name_en":"Jabil","tier":2,"returns_yearly":{"2021":66.4,"2022":-2.5,"2023":87.4,"2024":13.3,"2025":58.7,"2026":36.3}},{"slug":"west-pharmaceutical-services","name":"웨스트 파마슈티컬 서비스","name_en":"West Pharmaceutical Services","tier":2,"returns_yearly":{"2021":65.9,"2022":-49.7,"2023":50,"2024":-6.8,"2025":-15.7,"2026":23.8}},{"slug":"veeva-systems","name":"비바 시스템스","name_en":"Veeva Systems","tier":2,"returns_yearly":{"2021":-6.2,"2022":-36.8,"2023":19.3,"2024":9.2,"2025":6.2,"2026":23.2}},{"slug":"incyte","name":"인사이트","name_en":"Incyte Corporation","tier":2,"returns_yearly":{"2021":-15.6,"2022":9.4,"2023":-21.8,"2024":10,"2025":43,"2026":14.2}},{"slug":"thermo-fisher-scientific","name":"써모 피셔 사이언티픽","name_en":"Thermo Fisher Scientific","tier":2,"returns_yearly":{"2021":43.5,"2022":-17.3,"2023":-3.4,"2024":-1.7,"2025":11.8,"2026":13.9}},{"slug":"agilent-technologies","name":"애질런트 테크놀로지스","name_en":"Agilent Technologies, Inc.","tier":2,"returns_yearly":{"2021":35.5,"2022":-5.5,"2023":-6.4,"2024":-2.7,"2025":1.9,"2026":11.5}},{"slug":"edwards-lifesciences","name":"에드워즈 라이프사이언스","name_en":"Edwards Lifesciences Corporation","tier":2,"returns_yearly":{"2021":42,"2022":-42.4,"2023":2.2,"2024":-2.9,"2025":15.2,"2026":5.5}},{"slug":"mettler-toledo","name":"메틀러 토레도","name_en":"Mettler-Toledo International Inc.","tier":2,"returns_yearly":{"2021":48.9,"2022":-14.8,"2023":-16.1,"2024":0.9,"2025":13.9,"2026":-3.5}},{"slug":"shionogi","name":"시오노기제약","name_en":"Shionogi & Co.","tier":2,"returns_yearly":{"2021":15,"2022":-2.2,"2023":17.8,"2024":-1,"2025":42.4,"2026":-7.3}},{"slug":"steris","name":"스테리스","name_en":"STERIS plc","tier":2,"returns_yearly":{"2021":29.5,"2022":-23.4,"2023":20.2,"2024":-5.6,"2025":24.3,"2026":-14.7}},{"slug":"blackstone","name":"Blackstone","name_en":"Blackstone","tier":2,"returns_yearly":{"2021":107.1,"2022":-40,"2023":82.7,"2024":35.1,"2025":-7.8,"2026":-23.5}},{"slug":"cognizant","name":"코그니전트","name_en":"Cognizant Technology Solutions Corporation","tier":2,"returns_yearly":{"2021":9.6,"2022":-34.5,"2023":34.4,"2024":3.5,"2025":9.7,"2026":-23.6}},{"slug":"yuhan","name":"유한양행","name_en":"Yuhan Corporation","tier":2,"returns_yearly":{"2021":-9,"2022":-2.3,"2023":19.7,"2024":119.9,"2025":-16.7,"2026":-24.2}},{"slug":"samsung-biologics","name":"삼성바이오로직스","name_en":"Samsung Biologics","tier":2,"returns_yearly":{"2021":-6.8,"2022":8.6,"2023":5.8,"2024":28.7,"2025":5,"2026":-30.1}},{"slug":"ligachem-biosciences","name":"리가켐바이오","name_en":"LigaChem Biosciences","tier":2,"returns_yearly":{"2021":-26.2,"2022":-18.1,"2023":37.1,"2024":151,"2025":60.5,"2026":-63.9}},{"slug":"abl-bio","name":"에이비엘바이오","name_en":"ABL Bio","tier":2,"returns_yearly":{"2021":15.9,"2022":-31.3,"2023":14.2,"2024":65.2,"2025":443.9,"2026":-63.9}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":3,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":56.7}},{"slug":"state-street","name":"스테이트 스트리트","name_en":"State Street Corporation","tier":3,"returns_yearly":{"2021":31,"2022":-13.8,"2023":3.5,"2024":30.2,"2025":35.5,"2026":38.8}},{"slug":"exxonmobil","name":"엑슨모빌","name_en":"ExxonMobil","tier":3,"returns_yearly":{"2021":57.6,"2022":87.4,"2023":-6.3,"2024":11.3,"2025":16,"2026":35.2}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":23.2}},{"slug":"solventum","name":"솔벤텀","name_en":"Solventum","tier":3,"returns_yearly":{"2025":20,"2026":15.7}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":14.6}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}},{"slug":"orion","name":"오리온","name_en":"Orion","tier":3,"returns_yearly":{"2021":-18.4,"2022":29,"2023":-25.5,"2024":10.6,"2025":18.7,"2026":11.9}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":4}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":2.8}},{"slug":"ppl","name":"PPL 코퍼레이션","name_en":"PPL Corporation","tier":3,"returns_yearly":{"2021":12.9,"2022":0.4,"2023":-3.8,"2024":24,"2025":11.4,"2026":1.8}},{"slug":"medtronic","name":"메드트로닉","name_en":"Medtronic plc","tier":3,"returns_yearly":{"2021":-9.8,"2022":-22.6,"2023":9.6,"2024":0.3,"2025":24,"2026":-0.3}},{"slug":"eqt","name":"EQT 코퍼레이션","name_en":"EQT Corporation","tier":3,"returns_yearly":{"2021":71.6,"2022":57.6,"2023":16.2,"2024":21.4,"2025":17.6,"2026":-0.6}},{"slug":"danaher","name":"다나허","name_en":"Danaher Corporation","tier":3,"returns_yearly":{"2021":48.6,"2022":-19,"2023":-1.2,"2024":-0.3,"2025":0.4,"2026":-3.4}},{"slug":"workday","name":"워크데이","name_en":"Workday, Inc.","tier":3,"returns_yearly":{"2021":14,"2022":-38.7,"2023":65,"2024":-6.5,"2025":-16.8,"2026":-8.8}},{"slug":"salesforce","name":"세일즈포스","name_en":"Salesforce, Inc.","tier":3,"returns_yearly":{"2021":14.2,"2022":-47.8,"2023":98.5,"2024":27.8,"2025":-20.2,"2026":-12.9}},{"slug":"oscotec","name":"오스코텍","name_en":"Oscotec","tier":3,"returns_yearly":{"2021":-17,"2022":-38.1,"2023":-0.3,"2024":39.8,"2025":108.2,"2026":-32.2}},{"slug":"alnylam-pharmaceuticals","name":"앨라일람","name_en":"Alnylam Pharmaceuticals","tier":3,"returns_yearly":{"2020":0,"2021":30.5,"2022":40.1,"2023":-19.5,"2024":22.9,"2025":69,"2026":-41.5}}],"analysis":"의약품·의료제품 유통 기업. 강세가 이어졌고 2026년 +21.1%다. 공급단(평균 +120.6%)이 본주(+21.1%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 모더나(+393.6%), 가장 처진 곳은 길리어드 사이언스(+24.5%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Cardinal Health, Inc. operates across Pharmaceutical and medical distribution. Momentum stayed firm and it is +21.1% in 2026. The supply side (avg +120.6%) has moved harder than the stock (+21.1%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Moderna (+393.6%) and the furthest behind is Gilead Sciences, Inc. (+24.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It purchases inventory from pharmaceutical and medical-product suppliers and deploys capital into physician-practice and home-care acquisitions.","analysis_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"암젠","counterparty_slug":"amgen","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-13","basis":"암젠이 공시한 카디널 헬스 대상 총제품매출","value":12562000000,"period":"FY2025","basis_en":"Amgen-reported gross product sales to Cardinal Health","qualifier":"counterparty_reported_gross_product_sales"},"note":"암젠은 카디널 헬스를 주요 의약품 도매 고객으로 사용한다. 암젠이 공시한 FY2025 카디널 헬스 대상 총제품매출은 125억6,200만달러로, 카디널 헬스 관점에서는 암젠 제품 조달 관계를 보여준다.","note_en":"Amgen uses Cardinal Health as a major pharmaceutical wholesale customer. Amgen reported $12.562 billion of FY2025 gross product sales to Cardinal Health, evidencing Cardinal Health's sourcing relationship from the manufacturer side.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/318154/000031815426000010/amgn-20251231.htm","title":"암젠 2025 회계연도 Form 10-K","title_en":"Amgen 2025 Form 10-K","excerpt":"암젠의 FY2025 카디널 헬스 대상 총제품매출은 125억6,200만달러였다.","excerpt_en":"Cardinal Health, Inc.: Gross product sales $12,562 million."}]},{"direction":"investment","counterparty":"Solaris Health","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-08-11","basis":"Solaris Health 현금 인수가","value":1900000000,"period":"Acquisition completed 2025-11-03","basis_en":"Cash purchase price for Solaris Health","qualifier":"approximate_subject_to_adjustments"},"note":"카디널 헬스는 2025년 11월 비뇨기과 관리서비스조직 Solaris Health 인수를 완료했다. 현금 인수가는 약 19억달러이며, 인수 사업은 다중 전문의 플랫폼 The Specialty Alliance에 편입됐다.","note_en":"Cardinal Health completed its acquisition of urology management-services organization Solaris Health in November 2025. The cash purchase price was approximately $1.9 billion, and the business joined the multi-specialty platform The Specialty Alliance.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-08-11","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000038/cah-20260630.htm","title":"카디널 헬스 2026 회계연도 Form 10-K","title_en":"Cardinal Health Fiscal 2026 Form 10-K","excerpt":"Solaris Health 인수의 현금 인수가는 약 19억달러였다.","excerpt_en":"$1.9 billion in cash"},{"stance":"mentions","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"news","lang":"ko","published_at":"2025-08-12","url":"https://kr.investing.com/news/earnings/article-1590845","title":"카디널 헬스, 전망 상향에도 예상치 못한 매출로 주가 하락","title_en":"Cardinal Health Shares Fall on Revenue Miss Despite Raised Outlook","excerpt":"카디널 헬스는 750명 이상의 의료 제공자를 보유한 Solaris Health 인수를 발표했다.","excerpt_en":"Cardinal Health announced the acquisition of Solaris Health, which has more than 750 providers."}]},{"direction":"revenue","counterparty":"Vizient·Premier 회원기관","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-08-11","basis":"Vizient·Premier 회원기관 대상 합산 매출의 카디널 헬스 FY2026 총매출 비중","value":29,"period":"FY2026","basis_en":"Combined sales to Vizient and Premier members as a share of Cardinal Health FY2026 total revenue","qualifier":"combined_counterparties"},"note":"Vizient와 Premier는 매출 기준 카디널 헬스의 양대 공동구매조직 관계다. 두 조직의 회원기관에 대한 여러 사업의 합산 판매가 FY2026 매출의 29%를 차지했다.","note_en":"Vizient and Premier are Cardinal Health's two largest group-purchasing-organization relationships by revenue. Combined sales across the company to members of the two organizations represented 29% of FY2026 revenue.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-08-11","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000038/cah-20260630.htm","title":"카디널 헬스 2026 회계연도 Form 10-K","title_en":"Cardinal Health Fiscal 2026 Form 10-K","excerpt":"Vizient와 Premier는 매출 기준 양대 GPO 회원 관계다.","excerpt_en":"Vizient, Inc. and Premier, Inc. are our two largest GPO member relationships."}]},{"direction":"revenue","counterparty":"CVS 헬스","counterparty_slug":"cvs-health","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-08-11","basis":"카디널 헬스 FY2026 총매출 중 CVS 헬스 비중","value":28,"period":"FY2026","basis_en":"CVS Health share of Cardinal Health FY2026 total revenue","qualifier":null},"note":"CVS 헬스는 카디널 헬스의 최대 고객이다. 카디널 헬스는 CVS 약국과 유통센터에 의약품을 공급하며, FY2026 매출의 28%가 이 관계에서 발생했다.","note_en":"CVS Health is Cardinal Health's largest customer. Cardinal Health supplies pharmaceuticals to CVS pharmacies and distribution centers, and the relationship generated 28% of FY2026 revenue.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-08-11","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000038/cah-20260630.htm","title":"카디널 헬스 2026 회계연도 Form 10-K","title_en":"Cardinal Health Fiscal 2026 Form 10-K","excerpt":"CVS 헬스가 FY2026 매출의 28%를 차지했다.","excerpt_en":"CVS Health accounted for 28 percent."},{"stance":"mentions","publisher":"드러그 채널스 인스티튜트","publisher_en":"Drug Channels Institute","kind":"research","lang":"en","published_at":"2025-10-01","url":"https://drugchannelsinstitute.com/files/2025-26-PharmaWholesalers-Overview.pdf","title":"2025-26 의약품 도매·스페셜티 유통 경제 보고서 개요","title_en":"The 2025-26 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors: Report Overview","excerpt":"카디널 헬스 고객 분석에서 CVS 헬스를 별도 절로 다룬다.","excerpt_en":"8.3.2. CVS Health"},{"stance":"confirms","publisher":"카디널 헬스 뉴스룸","publisher_en":"Cardinal Health Newsroom","kind":"ir","lang":"en","published_at":"2021-08-11","url":"https://newsroom.cardinalhealth.com/2021-08-11-Cardinal-Health-Extends-Pharmaceutical-Distribution-Agreements-with-CVS-Health","title":"카디널 헬스, CVS 헬스와 의약품 유통계약 연장","title_en":"Cardinal Health Extends Pharmaceutical Distribution Agreements with CVS Health","excerpt":"CVS 소매약국과 유통센터에 의약품을 공급하는 계약을 연장했다.","excerpt_en":"extended its agreements with CVS Health to distribute pharmaceuticals"}]},{"direction":"cost","counterparty":"브리스톨 마이어스 스퀴브","counterparty_slug":"bristol-myers-squibb","confidence":"high","metric":null,"note":"카디널 헬스는 BMS의 3대 미국 의약품 도매 고객 중 하나로, 2025년 카디널 헬스 대상 총매출은 BMS 미국 총매출의 22%였다.","note_en":"Cardinal Health is one of BMS's three largest U.S. pharmaceutical wholesale customers, with gross revenue to Cardinal Health representing 22% of BMS's U.S. gross revenue in 2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm","title":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","title_en":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","excerpt":"2025년 미국 총매출 중 카디널 헬스 대상 총매출 비중은 22%였다.","excerpt_en":"Cardinal Health, Inc. | 22% | 22% | 23%."}]},{"direction":"cost","counterparty":"모더나","counterparty_slug":"moderna","confidence":"high","metric":null,"note":"카디널 헬스는 FY2025 모더나 총매출의 11%를 차지한 미국 유통 고객으로, 상대별 절대 매출액은 공개되지 않았다.","note_en":"Cardinal Health was a U.S. distribution customer representing 11% of Moderna's FY2025 total revenue, while the absolute revenue amount by counterparty was not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285226000033/mrna-20251231.htm","title":"모더나 2025 회계연도 Form 10-K","title_en":"Moderna 2025 Form 10-K","excerpt":"중요 고객 표에서 Cardinal Health의 2025년 매출 비중을 11%로 공시했다.","excerpt_en":"Cardinal Health | 11 | %."}]},{"direction":"cost","counterparty":"애브비","counterparty_slug":"abbvie","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-20","basis":"카디널 헬스의 애브비 의약품 매입 관계","value":null,"period":"FY2025","basis_en":"Cardinal Health purchases of AbbVie pharmaceutical products","qualifier":"confirmed_no_disclosed_value"},"note":"애브비는 미국 의약품을 카디널 헬스를 포함한 대형 도매 유통사에 판매한다. 카디널 헬스가 매입한 애브비 제품의 개별 금액이나 비중은 공개되지 않았다.","note_en":"AbbVie sells its U.S. pharmaceutical products through major wholesalers including Cardinal Health. AbbVie does not disclose the amount or share attributable specifically to Cardinal Health.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","title":"애브비 2025 회계연도 Form 10-K","title_en":"AbbVie 2025 Form 10-K","excerpt":"카디널 헬스는 애브비의 미국 의약품을 취급하는 세 대형 도매사 중 하나다.","excerpt_en":"three wholesale distributors (McKesson Corporation, Cardinal Health, Inc. and Cencora, Inc.)"}]},{"direction":"cost","counterparty":"길리어드 사이언스","counterparty_slug":"gilead-sciences","confidence":"high","metric":null,"note":"카디널 헬스와 그 전문 유통 계열사는 길리어드의 주요 미국 도매 고객으로, FY2025 길리어드 총 gross product sales의 29%를 차지했다.","note_en":"Cardinal Health and its specialty distributor affiliates are major U.S. wholesale customers of Gilead and represented 29% of Gilead's total gross product sales in FY2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/882095/000088209526000006/gild-20251231.htm","title":"GILEAD SCIENCES, INC. 10-K (2026-02-24)","title_en":"GILEAD SCIENCES, INC. 10-K (2026-02-24)","excerpt":"주요 고객 매출 표에서 카디널 헬스의 FY2025 비중을 총 gross product sales의 29%로 공시했다.","excerpt_en":"Cardinal Health, Inc. 29%."}]},{"direction":"cost","counterparty":"화이자","counterparty_slug":"pfizer","confidence":"high","metric":null,"note":"카디널 헬스는 화이자의 세 번째로 큰 미국 도매상 고객으로, FY2025 화이자 총매출에서 두 자릿수 비중을 차지했다.","note_en":"Cardinal Health is Pfizer's third-largest U.S. wholesaler customer and represented a double-digit share of FY2025 total revenue.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm","title":"PFIZER INC 2025 사업보고서(Form 10-K)","title_en":"PFIZER INC 2025 Form 10-K","excerpt":"10-K는 2025년 카디널 헬스에서 발생한 매출이 총매출의 13%라고 공시했다.","excerpt_en":"Cardinal Health, Inc. 13%."}]},{"direction":"cost","counterparty":"일라이 릴리","counterparty_slug":"lilly-eli","confidence":"high","metric":null,"note":"카디널 헬스는 릴리로부터 의약품을 매입해 유통하는 미국 3대 도매유통사 중 하나로, 릴리 10-K에 따르면 맥케슨·센코라·카디널은 각각 연결 매출의 10%+를 차지하고 릴리는 약국이 아니라 이들 도매상에 판매하므로 카디널 헬스가 속한 3대 축의 유통 집중은 채널 협상력이자 총매출-순매출 간극(리베이트·PBM)이 형성되는 지점이다.","note_en":"Cardinal Health is one of the three major U.S. wholesalers that buy and distribute Lilly products, and Lilly's 10-K discloses that McKesson, Cencora, and Cardinal each account for 10%+ of consolidated revenue, with Lilly selling to these wholesalers rather than pharmacies and the resulting concentration creating both channel bargaining power and the layer where the gross-to-net gap (rebates, PBMs) forms.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm","title":"일라이 릴리 10-K FY2025","title_en":"Eli Lilly 10-K FY2025","excerpt":"미국 3대 도매상(맥케슨·센코라·카디널)이 각각 연결 매출 10%+","excerpt_en":"Three U.S. wholesalers (McKesson, Cencora, Cardinal) each 10%+ of consolidated revenue"}]},{"direction":"cost","counterparty":"덱스콤","counterparty_slug":"dexcom","confidence":"high","metric":null,"note":"카디널 헬스는 두 계열 유통망과 함께 덱스콤의 미국 소매·의료장비 유통망을 구성하며, 덱스콤이 FY2022 이 관계에서 총매출의 10% 이상이 발생했다고 공시한 뒤에도 두 계열 유통망과 함께 2026년 공식 유통사 목록에 남아 있다.","note_en":"Cardinal Health, together with two affiliated channels, forms part of Dexcom's U.S. retail and durable-medical-equipment distribution network and remains on its 2026 authorized-distributor list after Dexcom disclosed that the relationship generated at least 10% of FY2022 revenue.","sources":[{"stance":"confirms","publisher":"덱스콤","publisher_en":"Dexcom","kind":"ir","lang":"en","published_at":"2026-09-23","url":"https://www.dexcom.com/en-us/dexcom-suppliers","title":"덱스콤 공급사 및 공식 유통사","title_en":"Dexcom Suppliers and Authorized Distributors","excerpt":"덱스콤은 카디널 헬스를 소매 유통사로, 카디널 헬스 앳홈 계열사를 소매·의료장비 유통사로 열거한다.","excerpt_en":"Cardinal Health | Retail."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2023-02-09","url":"https://www.sec.gov/Archives/edgar/data/1093557/000109355723000024/dxcm-20221231.htm","title":"덱스콤 2022 회계연도 Form 10-K","title_en":"DexCom, Inc. FY2022 Form 10-K","excerpt":"카디널 헬스와 계열사는 FY2022 덱스콤 총매출의 10% 이상을 각각 만든 주요 유통사에 포함됐다.","excerpt_en":"Cardinal Health and affiliates, our most significant wholesalers and distributors, each generated 10% or more."}]},{"direction":"cost","counterparty":"벡톤 디킨슨","counterparty_slug":"becton-dickinson","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2022-03-18","basis":"카디널 헬스를 통한 BD 제품 매출","value":null,"period":"2022 relationship disclosure","basis_en":"BD product revenue distributed through Cardinal Health","qualifier":"confirmed_no_disclosed_value"},"note":"카디널 헬스는 미국에서 BD 제품을 창고 보관하고 주문 처리와 마케팅을 수행하는 주요 독립 유통사이며, 카디널 헬스에 귀속되는 BD 매출액은 공개되지 않았다.","note_en":"Cardinal Health is a major independent U.S. distributor that warehouses BD products and supports order processing and marketing, while BD revenue attributable to Cardinal Health is not disclosed.","sources":[{"stance":"confirms","publisher":"미국 제7연방항소법원(Justia)","publisher_en":"U.S. Court of Appeals for the Seventh Circuit via Justia","kind":"analysis","lang":"en","published_at":"2022-03-18","url":"https://law.justia.com/cases/federal/appellate-courts/ca7/21-1513/21-1513-2022-03-18.html","title":"Marion Diagnostic Center, LLC 대 Becton Dickinson & Co., 제21-1513호","title_en":"Marion Diagnostic Center, LLC v. Becton Dickinson & Co., No. 21-1513","excerpt":"법원 기록은 카디널 헬스와 맥케슨을 BD 제품의 양대 주요 유통사로 설명한다.","excerpt_en":"Cardinal and McKesson are two of the largest distributors of the Products."}]}]}