Cardinal Health Stock Loses $912 Million as Recall Searches Test a $63.7 Billion Quarter

DUBLIN, Ohio, August 13, 2026, 15:30 EDT — U.S. equity markets were open.

CAH fell 1.67%, erasing about $912 million in market value.
Levothyroxine recall searches passed 50,000 as the Class II action remained active.
Cardinal’s $63.67 billion quarter makes the recall a scale test, not the main earnings driver.

Cardinal Health, Inc. NYSE:CAH lost about $912 million in market value Thursday. Its shares fell 1.67% while the S&P 500 gained 0.73%.

The drop coincided with more than 50,000 Google searches for “levothyroxine recall 2026.” The recall includes tablets distributed under Cardinal Health labels. Timing alone does not show that the recall caused the share move. Google Trends

The investor angle is scale. Cardinal generated $63.67 billion of quarterly revenue. The recalled lots matter for patients and quality controls, but no direct financial impact has been disclosed.

Market snapshot	Latest level	Daily move
Cardinal Health	$230.24	−1.67%
S&P 500	7,805.42	+0.73%
CAH relative gap	—	−2.40 points
Estimated CAH market-value change	−$912 million	Based on 232.58 million shares

CAH traded at $230.24 at 3:21 p.m. EDT. The session range was $229.36 to $235.67. Volume of 1.33 million shares remained below its 2.24 million average.

The FDA classified the nationwide recall as Class II. Major Pharmaceuticals initiated it July 13 because some tablets may be subpotent. Certain unit-dose packs carried Cardinal Health labels.

Recall measure	Verified scope	Investor read-through
FDA classification	Class II	Serious harm probability described as remote
Strengths named	Seven, from 25 mcg to 150 mcg	Multiple presentations require inventory checks
Base lots named	Nine	Related A and B pack variants also included
Distribution	Nationwide	Patient reach exceeds any one region

Patients should contact a pharmacist or clinician before changing therapy. Abruptly stopping levothyroxine can be riskier than temporarily taking a weaker tablet. The affected strengths and lots are listed in the FDA enforcement record.

Cardinal’s earnings picture is much larger. Fourth-quarter adjusted profit reached $2.91 a share, including a $0.31 tariff refund. Excluding that item, $2.60 still beat the $2.42 consensus.

Fiscal Q4 2026	Reported	Comparison	Result
Adjusted EPS	$2.91	$2.42 estimate	20.2% above
Adjusted EPS excluding tariff refund	$2.60	$2.42 estimate	7.4% above
Revenue	$63.67 billion	$65.03 billion estimate	2.1% below
Pharma and Specialty revenue	$55.4 billion	Year earlier	6% growth

Management expects fiscal 2027 adjusted earnings of $12.40 to $12.60 a share. The $12.50 midpoint stands 3.8% above the $12.04 analyst consensus cited by Reuters. Cardinal also plans $1 billion of share repurchases.

That guidance rests on specialty-drug demand. Chief Executive Jason Hollar has described the business as durable and resilient. Recent acquisitions also expanded Cardinal’s home-care exposure.

Peers were mixed. McKesson Corporation NYSE:MCK fell 2.19%. Cencora, Inc. NYSE:COR slipped 0.22%.

Distributor comparison	Daily move	Market value	P/E
Cardinal Health	−1.67%	$53.57 billion	31.84
McKesson	−2.19%	$100.09 billion	22.99
Cencora	−0.22%	$59.8 billion	Not shown
S&P 500	+0.73%	Not applicable	Not applicable

Analysts remain positive after the earnings update. Twelve of 14 current ratings are buys. The average target of $269.50 implies 17.1% upside from $230.24.

Analyst recommendation	Count	Share of 14
Buy	12	85.7%
Hold	2	14.3%
Sell	0	0%
Average target	$269.50	17.1% upside

Fresh targets range from $250 to $292. Mizuho maintained a buy at $250 Thursday. Deutsche Bank held its neutral view with a $261 target.

Risks: Additional lots, patient claims or supply disruption could raise costs. Revenue guidance, specialty demand, tariffs and acquisition execution carry greater earnings weight.

The near-term test is disclosure. A quantified recall charge would change the scale comparison. Without one, fiscal 2027 guidance remains the stronger valuation signal.

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Further analysis

Editorial insight

Is Cardinal Health's profit outlook significantly impacted by the levothyroxine recall?

There has been no disclosure of any financial effect. The recall covers certain lots and product types, with Cardinal reporting $63.67 billion in quarterly revenue. That view could shift if more lots are involved, supplies are disrupted, or patients file claims.

What items are specifically covered by the recall?

The Class II recall involves nine specified base lots spanning seven dosage strengths, ranging from 25 to 150 micrograms. Associated unit-dose package variants marked with A or B are part of the recall as well. The products were distributed across the country. Patients are advised to speak with a pharmacist or healthcare provider before altering their treatment.

What caused Cardinal Health shares to decline on August 13?

CAH dropped 1.67% as the S&P 500 rose 0.73%, cutting roughly $912 million from its market capitalization. The fall came as recall searches were elevated, though the timing is not conclusive evidence that the recall led to the decline.

What did Cardinal report in its most recent earnings?

Quarterly adjusted earnings reached $2.91 per share, factoring in a $0.31 tariff refund. Without the refund, earnings stood at $2.60 per share, topping the $2.42 forecast. Revenue came in at $63.67 billion, below the consensus estimate of $65.03 billion.

What is currently the primary valuation indicator?

The company’s adjusted earnings outlook for fiscal 2027 stands at $12.40 to $12.60. The midpoint of this range is 3.8% higher than the most recent consensus estimate. Analyst recommendations include 12 buys, two holds, and zero sells, though there are still notable risks tied to revenue growth, tariffs, and the execution of acquisitions.