Cardinal Health Falls as Optum Rx Distribution Contract Ends (1)

Cardinal Health Inc. shares fell the most in more than two months after the drug distributor lost a big contract with UnitedHealth Group Inc.’s pharmacy benefits subsidiary.

The drug distribution contract with Optum Rx expires in June and won’t be renewed, Cardinal said Monday in a statement. Cardinal affirmed its fiscal 2024 adjusted earnings forecast of $7.20 to $7.35 a share.

Cardinal fell as much as 5.2% in New York trading Monday, the biggest intraday loss since Feb. 1.

The Optum contract, primarily bulk shipments to supply Optum’s mail-order pharmacy, accounted for 16% of Cardinal’s revenue for fiscal ...