Slide Presentation

Investor and Analyst

Educational Session

Jeff Henderson

Chief Financial Officer

Cardinal Health

June 8, 2009

Exhibit 99.1

Forward-looking statements

This

presentation

contains

forward-looking

statements

addressing

expectations,

prospects,

estimates

and

other

matters

that

are

dependent

upon

future events or developments. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those

projected, anticipated or implied. The most significant of these uncertainties are described in Cardinal Health’s Form 10-K, Form 10-Q and Form 8-K

reports and CareFusion’s

Form 10 registration statement (including all amendments to those reports and registration statement) and exhibits to those

reports

and

registration

statement,

and

include

(but

are

not

limited

to)

the

following:

uncertainties

the

deferral

hospital

capital

spending

affecting Cardinal Health’s Clinical and Medical Products segment and difficulties in forecasting the exact duration and potential long-term changes in

hospital

spending

patterns;

uncertainties

regarding

the

planned

spinoff

CareFusion

new

standalone

entity,

including

the

timing

and

terms

any such spinoff and whether such spinoff will be completed as it is subject to a number of conditions, uncertainties regarding the impact of the

planned

spinoff

Cardinal

Health,

CareFusion

and

the

potential

market

for

their

respective

securities,

and

uncertainties

forecasting

Cardinal

Health’s estimated future earnings after the planned spinoff and the estimated negative synergies resulting from the planned spinoff; competitive

pressures in Cardinal Health’s various lines of business; the loss of one or more key customer or supplier relationships or changes to the terms of

those

relationships;

uncertainties

relating

timing

generic

and

branded

pharmaceutical

introductions

and

the

frequency

rate

branded

pharmaceutical price appreciation or generic pharmaceutical price deflation; changes in the distribution patterns or reimbursement rates for health

care products and/or services; the results, consequences, effects or timing of any inquiry or investigation by any regulatory authority or any legal or

administrative proceedings; future actions of regulatory bodies or government authorities relating to Cardinal Health’s manufacturing or sale of

products and other costs or claims that could arise from its manufacturing, compounding or repackaging operations or from its other services,

including

uncertainties

and

costs

relating

complying

with

the

amended

consent

decree

entered

into

with

the

FDA

and

implementing

the

corrective

action

plan

submitted

the

FDA

pursuant

the

amended

consent

decree;

the

effects,

timing

success

restructuring

programs

plans;

the

costs,

difficulties

and

uncertainties

the

integration

acquired

businesses;

uncertainties

the

recent

disruptions

the

financial

markets, including uncertainties related to the availability and/or cost of credit and the impact of the financial market disruptions on Cardinal Health’s

customers and vendors; uncertainties regarding the ultimate features of government health care reform initiatives and their enactment and

implementation; with respect to future dividends, the decision by Cardinal Health’s board of directors to declare such dividends, which decision will

depend on Cardinal Health’s surplus, earnings, cash flows, financial condition and prospects at the time any such action is considered; and conditions

the

pharmaceutical

market

and

general

economic

and

market

conditions.

This

presentation

reflects

management’s

views

June

2009.

Except

the

extent

required

applicable

law,

Cardinal

Health

undertakes

obligation

update

revise

any

forward-looking

statement.

addition, this presentation includes non-GAAP financial measures. Definitions and reconciling information is included at the end of this presentation

and

will

also

available

the

investor

relations

page

Cardinal

Health’s

website

www.cardinalhealth.com.

transcript

the

webcast

will

available

the

investor

relations

page

www.cardinalhealth.com.

Development of CFN FY09 pro formas

Reported CMP

segment

CFN historical

“as managed”

CFN pro

forma

•

Push down of estimated ~$90M of special items/impairments

•

Adjustments for legal vs. management reporting

•

Addition of allocated interest and other expense

Separation

adjustments

•

Incorporates estimated effect of post-spin transition services and

commercial agreements

Discontinued

operations

•

Carves out the infection prevention business remaining with

CAH

Financing

adjustments

•

Additional financing cost estimated for CFN

•

Represents new FY09 baseline for management comparative

purposes

•

Diluted shares outstanding ~452M

•

FY09 estimated tax rate of 25.6%

•

Includes estimated ~$90M of special items and impairments

Development of nCAH FY09 pro formas

Reported CAH

GAAP

Add back

special items &

impairments

nCAH pro forma

Non-GAAP

•

Expect to report Martindale in discontinued operations ($0.03 -

$0.05 impact)

Discontinued

operations

•

Represents CFN businesses to be spun off

•

Includes allowed allocation of corporate costs and interest

expense

•

Adds back special items and impairments for CAH only

•

Represents new FY09 baseline for management comparative

purposes

•

Continues to include infection prevention businesses remaining

with CAH

•

Diluted shares outstanding of ~361M

•

FY09 estimated tax rate of 36%

Recast pro forma estimates

Current CAH non-GAAP EPS guidance:

Low

end

$3.50-$3.60

CFN FY09 pro forma EPS estimate:

$0.58 -

$0.62

nCAH

FY09 pro forma recast non-

GAAP EPS estimate:

$2.20

$2.25

Includes Martindale operation in continuing operations

Includes Martindale operation in discontinued operations

Estimated FY09 non-GAAP EPS reconciliation

Est. FY09

Comments

CAH non-GAAP EPS

Incl. Martindale in Continuing Operations

nCAH non-GAAP EPS (361M shares)

$2.20 - $2.25

Excl. special items; Treats Martindale as DO

CFN Pro forma EPS (452M shares)

$0.58 - $0.62

Includes special items

$2.78 - $2.87

Estimated Differential

$0.68

Using lower end of CAH range and mid-points

of CFN/nCAH ranges

Differential Reconciliation

Est. FY09

Comments

Share count of CFN

$0.19

Assumes 452M shares o/s

Special items in CFN proforma

$0.19

Martindale in DO

$0.04

Additional financing costs of CFN

$0.08

"Trapped costs" created by

treatment of corp. alloc. in DO

& other items

$0.18

$0.68

Low end of $3.50 - $3.60

Estimates ($M)

FY10

FY11

FY12

CFN

nCAH

Reflected in FY09 Proforma

CFN

nCAH

Incremental

CFN

nCAH

Estimated negative synergies

Cumulative Total

Retained CFN stake

•

nCAH will retain <20% ownership interest in CFN

–

Substantial

source

liquidity

strengthen

balance

sheet

over

time

•

<20% investment in CFN accounted for on the cost method

–

As a general rule, investments < 20% are accounted for under the

cost method unless the investor can exercise significant influence

•

nCAH

will not have the ability to exercise significant influence over CFN

•

No representation on Board and no overlap of Board members

•

No special voting rights (Stockholders agreement will require nCAH’s

shares to be voted in proportion to votes cast by other shareholders)

–

Accounted for as an available-for-sale security

•

Marked to market every reporting period

•

Gain/loss reported as part of equity until sold

Dividend announcement

•

Dividend Increase for CAH

–

Increased quarterly dividend by 25%

–

Expected to continue post-spin

–

CFN not expected to pay a dividend

–

Goal to grow dividend at or above earnings growth in FY11 and

FY12

–

Pro forma FY09 payout >31%

–

Key component of delivering strong Total Shareholder Return over

the coming years

Pro forma payout ratio reflects the anticipated dividend per share post spinoff of $0.175 cents per share per

quarter divided by the mid-point of the FY09 pro forma non-GAAP earnings per share of $2.20-$2.25.

Q & A

Forward-looking non-GAAP measures

Cardinal Health presents non-GAAP earnings from continuing operations and non-GAAP effective tax rate

from

continuing

operations

(and

presentations

derived

from

these

financial

measures)

forward-looking

basis. Non-GAAP earnings from continuing operations is defined as earnings from continuing operations

excluding special items and impairments, (gain)/loss on sale of assets and other, net, each net of tax. Non-

GAAP

effective

tax

rate

from

continuing

operations

defined

(provision

for

income

taxes

adjusted

for

special

items

and

impairments,

(gain)/loss

sale

assets

and

other,

net)

divided

(earnings

before

income taxes and discontinued operations adjusted for special items and impairments, (gain)/loss on sale of

assets and other, net). Cardinal Health's current fiscal 2009 non-GAAP EPS from continuing operations

guidance also excludes costs incurred in connection with the company's plans to spin off its clinical and

medical product's businesses that are not included in special items or impairments, (gain)/loss on sale of

assets and other, net (“other spin-off costs”). These costs are included in discontinued operations in

Cardinal Health's pro forma condensed consolidated financial statements filed as Exhibit 99.3 to the Form 8-

K filed on June 2, 2009 and hence are not excluded from non-GAAP earnings from continuing operations

presented in those financial statements. The most directly comparable forward-looking GAAP measures are

earnings from continuing operations and effective tax rate from continuing operations. Cardinal Health is

unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most

comparable forward-looking GAAP measures because the company cannot reliably forecast special items,

impairments, (gain)/loss on sale of assets and other, net and other spin-off costs, which are difficult to

predict and estimate and are primarily dependent on future events. Please note that the unavailable

reconciling items could significantly impact the company’s future financial results.