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April 30 Reuters) - Drug distributor Cardinal Health on Thursday raised its 2026 profit forecast range, ‌betting on strong demand for costly specialty ‌medicines and branded drugs at its pharmaceuticals unit.

The company now expects ​annual adjusted profit of between $10.7 and $10.8 per share, compared with its prior view of $10.15 to $10.35. Analysts were expecting $10.31, according to data compiled by LSEG.

Drug distributors such as Cardinal ‌Health, Cencora and ⁠McKesson are benefiting from rising demand for high-margin medicines treating complex conditions such as ⁠cancer and autoimmune diseases, as well as from the rollout of biosimilars for blockbuster drugs that have lost ​patent protection.

The ​companies have also been ​expanding their presence in ‌specialty medicines through acquisitions of physician practices and specialty care networks, allowing them to diversify beyond traditional drug distribution.

On an adjusted basis, Cardinal Health reported a profit of $3.17 per share for the quarter, beating estimates of $2.79 ‌per share.

The company's third-quarter total ​sales came in at $60.9 billion, ​below estimates of $61.7 billion.

The ​company generates a significant portion of ‌its revenue from its pharmaceutical ​and specialty solutions ​unit, which distributes branded and generic drugs, specialty medicines and over‑the‑counter healthcare products. The unit brought ​in sales of $56.1 ‌billion, up 11% year-over-year, in the third quarter ​ended March 31.

(Reporting by Siddhi Mahatole in ​Bengaluru; Editing by Devika Syamnath)