As filed with the U.S. Securities and Exchange Commission on September 25, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 (Exact name of registrant as specified in its charter) Cayman Islands 5122 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 5th Floor, Building 6, No. 100, 18th Street, Baiyang Sub-district, Qiantang Distr ...

Group 1 - Cardinal Health, Inc. (NYSE:CAH) is recognized as one of the 11 cheap quarterly dividend stocks to buy currently [1] - The company is a significant distributor of branded and generic drugs, medical supplies, and laboratory products, serving over 90% of hospitals in the US and operating in more than 30 countries [2] - Cardinal Health has a strong dividend history, having raised its payout for 39 consecutive years, with a payout ratio of about 25% of this year's expected earnings, indicating potential for further increases [3] Group 2 - The current quarterly dividend offered by Cardinal Health is $0.5107 per share, resulting in a dividend yield of 1.32% as of September 23 [4] - Analysts project an earnings growth of nearly 11% annually over the next three to five years, which could support continued dividend expansion [3]

Core Insights - Wellgistics Health, Inc. has launched a new capital access program in partnership with RxERP Financial, aimed at enhancing cash flow and supply chain resilience for pharmacies and wholesalers [1] Group 1: Program Details - The program offers financial support of up to $350,000 per pharmacy and $1 million per wholesaler or manufacturer [1] - The funding is facilitated through trusted third-party financing partners [1] Group 2: Company Overview - Wellgistics Health, Inc. is recognized as a leader in next-generation pharmaceutical distribution, digital prescription routing, and AI-powered hub fulfillment [1]

Summary of McKesson 2025 Investor Day Company Overview - **Company**: McKesson Corporation (NYSE: MCK) - **Event**: 2025 Investor Day held on September 23, 2025 - **Focus**: The presentation highlighted McKesson's growth strategy, innovation, and commitment to improving healthcare access and outcomes for patients [10][11][12] Core Industry Insights - **Healthcare Industry**: McKesson operates within the healthcare services sector, focusing on pharmaceutical distribution, oncology, and biopharma services. - **Market Dynamics**: The healthcare landscape is evolving with increasing demand for innovative therapies, personalized care, and advancements in technology and AI [19][20][76] Key Strategic Pillars 1. **People and Culture**: Emphasis on attracting and nurturing talent to drive productivity and innovation [21][22] 2. **Oncology and Multi-Specialty Services**: Continued investment in oncology services, which represent a significant area of growth and complexity in healthcare [24][25] 3. **North American Pharmaceutical Distribution**: Strengthening core distribution capabilities, which account for over one-third of pharmaceuticals in the U.S. with 99.9% order accuracy [30][72] 4. **Portfolio Modernization**: Ongoing evaluation and optimization of the business portfolio to align with strategic goals and enhance shareholder value [33][55] Financial Performance - **Growth Metrics**: Expected compounded growth rate of 10% in adjusted operating profit and 17% in adjusted earnings per diluted share for fiscal 2026 [18] - **Cash Flow Generation**: Strong cash flow has been utilized for organic and inorganic growth investments [15][54] Innovations and Technology - **AI and Automation**: Investments in advanced technologies to improve operational efficiency and patient outcomes [20][85] - **Supply Chain Resilience**: Focus on maintaining a robust supply chain to mitigate drug shortages and ensure medication access [88] Recent Developments - **Acquisitions**: Completed acquisition of Prism Vision to expand into retinal care, leveraging oncology expertise [27] - **Separation of Medical Surgical Segment**: Planned separation to enhance strategic focus and operational efficiency, expected to be completed by 2027 [59][58] Market Opportunities - **Aging Population**: Increasing demand for medications due to an aging demographic and rising chronic diseases [76] - **Specialty Pharmaceuticals**: Specialty drugs, particularly in oncology, are driving market growth, with significant investments planned in this area [78] Customer Relationships - **Strategic Partnerships**: Building strong relationships with key customers like Walmart and HCA Healthcare to enhance service delivery and patient access [89][91] Conclusion - **Future Outlook**: McKesson is positioned for sustained growth through strategic investments, a focus on innovation, and a commitment to improving healthcare outcomes for all [40][41]

Core Viewpoint - McKesson has raised its profit forecast, focusing on high-margin businesses like cancer medicines to drive growth [1] Company Summary - McKesson is a U.S. drug distributor that is shifting its strategy towards high-margin sectors to enhance profitability [1]

Financial Performance and Strategy - The company is raising its FY26 adjusted EPS outlook to $3805-$3855, previously $3710-$3790[283] - The company anticipates free cash flow between $44 billion and $48 billion[283] - The company projects North American Pharmaceutical revenue growth of 10% to 14% and adjusted operating profit growth of 3% to 7%[284] - Oncology & Multispecialty revenue is expected to grow by 27% to 31%, with adjusted operating profit increasing by 49% to 53%[284] - Prescription Technology Services anticipates revenue growth of 9% to 13% and adjusted operating profit growth of 11% to 15%[284] Market Dynamics and Portfolio Evolution - The US pharmaceutical market is projected to reach $1156 billion in 2029, with a CAGR of +7%[107] - The Canadian Pharma Rx Market is projected to reach $67 billion (CAD) in 2029, with a CAGR of +7%[146] - Specialty spend in the US Pharmaceutical sector is growing, with oncology expected to increase by +60% and immunology by +39%[110] Biopharma Services - The biopharma services market presents a $19 billion opportunity[214] - The company's solutions enable >$10 billion of out-of-pocket savings for patients annually[53] - The company's solutions prevent 12 million prescriptions from abandonment[53]

Core Thesis - McKesson Corporation is viewed as a compelling investment opportunity due to its dominant position in U.S. pharmaceutical distribution, handling approximately one-third of all drugs in the country, which provides strong competitive advantages and steady cash flow [2][3] Valuation Metrics - As of September 12th, McKesson's share price was $711.42, with trailing and forward P/E ratios of 28.49 and 18.94 respectively [1] - The company is trading at 16.5 times free cash flow while growing earnings at about 13% annually, indicating an attractive risk/reward profile [3] Financial Performance - McKesson's current stock price allows for an investment of $10,000 to effectively purchase $607 of owner's earnings, expected to compound at approximately 8.6%, showcasing the company's undervaluation and resilience [4] - The company generates consistent free cash flow and has high returns on capital, making it a recession-resilient business [4] Growth Potential - Demographic tailwinds are expected to drive continued demand growth, and McKesson's strategic shift into higher-margin oncology services positions it for enhanced profitability over time [3] - Long-term investors may anticipate compounded wealth creation at an estimated rate of 10-12% annually, with minimal downside risk [3] Market Perception - The market is currently undervaluing McKesson by focusing on its thin 1% margins rather than its strong cash flow generation and returns on capital [2]

Core Insights - Cardinal Health (CAH) has launched a new Consumer Health Logistics Center in Groveport, OH, which is a 350,000-square-foot facility aimed at enhancing the distribution of over-the-counter medicines and diagnostic products [1][8] - The center is fully operational since July 2025 and has created over 150 new jobs while incorporating advanced technologies such as robotics and automated labeling to improve efficiency and safety [2][10] - CAH's stock has increased by 25.5% this year, contrasting with a 2.6% decline in the industry, indicating positive market sentiment towards the company's initiatives [3] Investment and Growth Strategy - The new logistics center is part of a broader strategy to modernize CAH's distribution network, with over $115 million invested in Ohio over the past five years [9][15] - The facility is designed to support the growing consumer health segment and is expected to enhance cost efficiencies and supply reliability for retail and pharmacy customers [13][15] - The investment aligns with CAH's focus on expanding its specialty care offerings and improving its operational capabilities, which is expected to support margin expansion and cash flow resilience [5][14] Operational Enhancements - The Groveport hub is the first of its kind in CAH's network, specifically built to cater to the consumer health segment, and is expected to drive improvements in service levels and scalability [10][12] - Recent expansions in Texas, South Carolina, and Ohio have already contributed to significant revenue growth in CAH's at-Home Solutions business, which saw nearly a 50% increase in the fiscal fourth quarter [11] - Management has confirmed ongoing efforts to establish a fully automated pharmaceutical distribution center, further enhancing the company's modernization plan [12]

Financial Data and Key Metrics Changes - The company reported core earnings growth in the low double-digit percentage range, which is consistent with the impact of acquisitions and despite the loss of the Optum contract [5][11] - The pharma segment, particularly pharma and specialty solutions, had a strong year with 11% growth in the quarter and 12% for the year [21][70] - The company anticipates a slower growth rate moving forward, although still above normalized long-term rates [11][12] Business Line Data and Key Metrics Changes - The distribution business has grown consistently at mid-teens rates, significantly above market growth [8] - Biopharma solutions, which are higher margin parts of the specialty business, have been growing around 20% and are expected to reach about a billion-dollar business by fiscal 2028 [9] - Generic products have shown stable growth rates of 2% to 3%, with expectations of increased value from the loss of exclusivity of branded products in the next three years [29] Market Data and Key Metrics Changes - The company is confident in the underlying demographic trends that support growth, despite potential policy changes impacting Medicaid funding [25][24] - The retail pharmacy market remains important, with independent pharmacies benefiting from volume, although they face challenges on the reimbursement side [32][33] Company Strategy and Development Direction - The company is focused on diversifying its business to ensure participation in the fastest-growing parts of the market, particularly in specialty areas [13] - Recent acquisitions, such as Solaris, are seen as strategic additions that align with the company's focus on autoimmune and urology sectors [41][42] - The company plans to prioritize organic investments while maintaining a strong balance sheet and returning capital to shareholders [72][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the rising tide of utilization trends and the effectiveness of their operational strategies [11][12] - There is awareness of potential impacts from policy changes, particularly regarding Medicaid and COVID vaccine restrictions, but overall confidence in the business model remains strong [25][12] - The company expects to manage any potential impacts from the most favored nations policy, viewing them as relatively minor [58][59] Other Important Information - The company has raised its share repurchase program from $500 million to $750 million, committing to $1 billion in capital deployment back to shareholders annually [72][73] - The integration of the ADS acquisition is expected to create significant synergies, increasing revenue without heavily impacting distribution capacity [62][63] Q&A Session Summary Question: What are the key factors driving strong performance? - Management highlighted broad-based utilization trends and effective operational execution as key drivers of performance [6][7] Question: How does the company view the impact of COVID vaccine trends? - Management indicated it is too early to provide specifics but expects a slight headwind from COVID vaccine contributions compared to previous years [15][16] Question: What is the outlook for the retail pharmacy market? - Management noted that while independent pharmacies face reimbursement challenges, they benefit from volume and the company's advocacy efforts [32][33] Question: How does the company plan to deploy capital moving forward? - The company will focus on organic investments, maintaining a strong balance sheet, and returning capital to shareholders while remaining opportunistic about acquisitions [72][73]

Core Viewpoint - Cardinal Health (CAH) has experienced a downtrend with a 9.1% decline over the past four weeks, but it is now in oversold territory, suggesting a potential turnaround due to analysts' positive earnings outlook [1] Group 1: Technical Indicators - The Relative Strength Index (RSI) is a momentum oscillator that indicates whether a stock is oversold, with readings below 30 typically signaling this condition [2] - CAH's current RSI reading is 27.62, indicating that heavy selling may be exhausting itself, which could lead to a price rebound [5] Group 2: Fundamental Analysis - Analysts have shown strong agreement in raising earnings estimates for CAH, with a 0.7% increase in the consensus EPS estimate over the last 30 days, which often correlates with price appreciation [7] - CAH holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a near-term turnaround [8]