CareFusion investor day slide presentations

Analyst and Investor Meeting

June 2, 2009

NYSE: CFN

Exhibit 99.2

Forward Looking Statements

These presentations contain 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 our Form 10 and

Cardinal Health’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and exhibits to those reports,

and include (but are not limited to) the following: uncertainties regarding our planned spin-off as a new stand-alone entity, including the

timing and terms of any such spin-off and whether such spin-off will be completed as it is subject to a number of conditions, and

uncertainties regarding the impact of the planned spin-off on us and the potential market for our securities; uncertainties regarding the

divestiture of any of our stock retained by Cardinal Health after the spin-off; difficulties or delays in the development, production,

manufacturing and marketing of new or existing products and services, including difficulties or delays associated with obtaining requisite

regulatory approvals or clearances associated with those activities; changes in laws and regulations or in the interpretation or application

of laws or regulations, as well as possible failures to comply with applicable laws or regulations as a result of possible misinterpretations or

misapplications; cost-containment efforts of our customers, purchasing groups, third-party payers and governmental organizations; the

continued financial viability and success of our customers and suppliers and the potential impact on our customers and suppliers of

declining economic conditions, which could impact our results of operations and financial condition; uncertainties related to the deferral in

hospital capital spending and difficulties in forecasting the exact duration and potential long-term changes in hospital spending patterns;

costs associated with protecting our trade secrets and enforcing our patent, copyright and trademark rights, and successful challenges to

the validity of our patents, copyrights or trademarks; actions of regulatory bodies and other government authorities, including the FDA and

foreign counterparts, that could delay, limit or suspend product development, manufacturing or sales or result in recalls, seizures, consent

decrees, injunctions and monetary sanctions; costs or claims resulting from potential errors or defects in our manufacturing that may

injure persons or damage property or operations, including costs from remediation efforts or recalls; the results, consequences, effects or

timing of any commercial disputes, patent infringement claims or other legal proceedings or any government investigations; disruption or

damage to or failure of our information systems; interruption in our ability to manufacture our products or an inability to obtain key

components or raw materials or increased costs in such key components or raw materials; the costs, difficulties and uncertainties related

to the integration of acquired businesses, including liabilities relating to the operations or activities of such businesses prior to their

acquisition; uncertainties in our industry due to government healthcare reform; uncertainties related to the availability of additional

financing to us in the future and the terms of such financing; risks associated with international operations, including fluctuations in

currency exchange rates; the effects of our strategies to run our business in a tax-efficient manner; competitive pressures in the markets

in which we operate; the loss of, or default by, one or more key customers or suppliers; unfavorable changes to the terms of key customer

or supplier relationships; and general economic and market conditions. These presentations reflect management’s views as of June 2,

2009. Except to the extent required by applicable law, we undertake no obligation to update or revise any forward-looking statement. A

transcript of the webcast will be available on the investors page of Cardinal Health’s website at www.cardinalhealth.com

David L. Schlotterbeck

Chairman and CEO

Key Themes

Large, global, growing opportunities

Competitive advantage, leadership across all

categories

Clear growth drivers

–

Innovation

–

Align to execute

–

Expand margins

Afternoon Agenda

Dave Schlotterbeck

Chairman, CEO

Dwight Winstead

Chief Operating Officer

Ed Borkowski

Chief Financial Officer

Dave Schlotterbeck

Dwight Winstead

Ed Borkowski

Jim Hinrichs, Controller

Segment presidents

2:00 p.m. Company, strategic overview

Who we are, why invest

Focus on innovation

2:40 p.m. Operations overview

Why we win, how we grow

Organized to execute

Expand margins

3:25 p.m. Financial overview

CFN P&L

Spinoff details

Capital strategy

3:45 p.m. Q&A

4:30 p.m. Product showcase

Why Invest in Us?

Among largest med-tech companies with global

reach and longstanding customer relationships

Industry leadership across all categories

Aligned with pressing trends in healthcare,

differentiated strategy

Strong pipeline of innovative products

and services

experience

Led by veteran healthcare team

focus

scale

portfolio

innovation

E x p e r i e n c e

Seasoned Management Team

Proven leadership in sales & marketing, operations,

finance, M&A, R&D/innovation

Dave Schlotterbeck, Chairman & CEO

Dwight Winstead, COO

Ed Borkowski, CFO

Vivek

Jain, President Medical Technologies and Services

Tom Leonard, President Dispensing Technologies

Carol Zilm, President Critical Care Technologies

Years in Healthcare

S c a l e

As an Independent Company

Revenue

$3.77B

Op earnings

$537M

R&D Spend

~$157M

Patents/pending

~3,200

Direct operations

>20 Countries

Customers

25,000

Employees

>15,000

Headquarters

San Diego

Ticker

NYSE: CFN

Pro forma FY08 (Amendment #1 to Form 10, May 14, 2009)

S c a l e

Targeting a Large Global Opportunity

Insurance

providers

>$15 B

global

opportunity

Acute care

hospitals

Outpatient

surgery centers

Ambulatory

clinics

Government

Estimated worldwide opportunity in 2010: industry sources, CareFusion

Corporation analysis

F o c u s

Macro Trends Play to Strengths

•

Rising healthcare costs,

declining reimbursement and

funding

•

Increase in global demand for

quality healthcare

•

Shortage of more than 4M

healthcare workers

•

Healthcare reform will drive

change, transparency

•

Reimbursement tied to

quality: CMS, Hospital

Acquired Conditions (U.S.)

The World Health Report 2006, “Working together for health”, pp 11-12.

Play to

our

strengths

Global

healthcare

focused on

safety and

efficiency of

care

100

1,000

10,000

100,000

1,000,000

U.S. industry

Best-in-Class

Anesthesia-

fatality rate

Airline baggage handling

Breast cancer

screening

Adverse drug events

Hospital-acquired infections

Defects

per

million

levels

Overall healthcare

in U.S. (RAND)

F o c u s

Need Has Never Been Greater

Source: C. Buck, GE, 2007

Sources: Agency for Healthcare Research and Quality, April 2008.

Annual serious adverse events in

a typical 300-bed hospital

F o c u s

Addressing Critical Market Needs

•

Medication errors cost

$3.5 billion per year in

U.S. , $3 billion per year

in top 5 European

countries .

•

More than 7 million

global HAIs

annually ,

costing as much as $20

billion per year in the

U.S alone

1,300

1,260

Adverse drug

events

Hospital-acquired

infections

Institute of Medicine. Preventing medication errors. Aspen P, Wolcott J, Bootman L, Cronenwell LR, Eds. 2006;

Washington DC: National Academic Press.

Creation of a better medication safety culture in Europe: Building up safe medication practices, Expert Group on

Safe Medication Practices (P-SP-PH/SAFE) Council of Europe (2006)

WHO, Fast Facts , available at: \http://www.who.int/features/factfiles/patient_safety/en/index.html.

McCaughey, Betsy. Unnecessary Deaths: The Human and Financial Costs of Hospital Infections. Committee to

Reduce Infection Deaths. www.hospitalinfection.org -. Accessed via

http://www.vigilairsystems.com/pdfs/RID%20costs%20HAI%20UVGI.pdf, January 5, 2009.

F o c u s

Our Mission

Deliver clinically proven products and services

that measurably improve the productivity and

safety of healthcare globally

P o r t f o l i o

Creating a New Industry Leader

Medication safety and infusion systems

Leader

Dispensing systems

Leader

Worldwide acute-care respiratory

Leader

Hospital-acquired infection (HAI) prevention

Leader

Enterprise-wide medication management

Leader

Positive patient identification

Leader

Handheld surgical instruments

Leader

P o r t f o l i o

Positive Patient Identification

•

Tissue and implant tracking

•

Bar-code medication

administration

•

Nursing documentation

•

Blood transfusion tracking

•

Patient lab and specimen

collection

•

Infant care: mother / child

association

•

Charge capture

I n n o v a t i o n

CareFusion

Growth Engine

6-7%

~ 4%

Today

Long-Term Goal

2010 Revenue from

2007-2009 new product

introductions

New

Product

revenue

~20%

R&D as % of Sales

Agile information management

Next-generation medication management

‘12

Remote device programming

Integration of health records

‘10

Data & Analytics

Clinical Connectivity

Patient Event Advisor

EnVe Ventilator

VAP bundle

‘09

~40 new

products

Safety

Value

I n n o v a t i o n

Expanding Traditional Markets

Core products

I n n o v a t i o n

EnVe

Ventilator

•

Full featured Critical Care Ventilator for

pediatric and adult patients

•

9 ½

lbs compared to products in the same

class at 80 –

90 lbs.

•

Well positioned in largest segment in

ventilation

•

Patented ActivCore

Technology is the basis

for an extremely powerful and compact

designed ventilator

•

Wall independence and 4 hour hot swap

battery technology

•

Proprietary disposable and reusable circuits,

flow sensor technology for enhanced safety

I n n o v a t i o n

Patient Event Advisor

•

Monitors patients for adverse

reactions in near real time

•

Warns of inappropriate

medications ordered

•

Focuses pharmacist resources

•

Provides workflow

documentation

•

Reports quality metrics

•

Future plans: ADE warnings

through Pyxis MedStation

System

New tool in the fight against Adverse Drug Events

Near-Term Considerations

•

FY09 –

American Hospital Association reports 80% of

hospitals deferring some portion of capital spend (April

2009)

–

spending

deferral

affecting

FY09

–

CMP

segment

profit

down 7-11% from FY08

•

FY10 will continue to be affected by capital deferral,

plus stand-up costs

–

expect improvement in 2H CY10

•

Will

issue

full

guidance

ahead

“when-issued”

trading

Future Revenue, Earnings Trends

Revenue

•

Longer term revenue trend expected to

outpace growth of core markets

•

Long-term growth goal: mid-single digits

Earnings

•

Post-spin baseline set in FY10

•

Operating

earnings

long-term

growth

goal:

11%

15%

Why Invest in Us?

Among largest med-tech companies with global

reach and longstanding customer relationships

Industry leadership across all categories

Aligned with pressing trends in healthcare,

differentiated strategy

Strong pipeline of innovative products

and services

experience

Led by veteran healthcare team

focus

scale

portfolio

innovation

Dwight Winstead

Chief Operating Officer

Agenda

Reporting segments

•

Why we win

•

How we grow

Value drivers

•

Organized to execute

•

Expand margins

Two Segments

with Scale, Leadership

Critical Care

Technologies

Dispensing

Infusion

Respiratory

Revenue:

$2.6B

FY08

Medical Technologies

and Services

Infection

Prevention

Medical

Specialties

Revenue:

$1.1B

FY08

Leading Offerings

Data is unaudited pro forma information prepared on the

same basis as the pro forma condensed combined financial

statements included in the Amendment No. 1 to Form 10 filed on May 14, 2009.

Positioned in Large

$15

Billion

Worldwide

Opportunity

Dispensing

Infusion

Respiratory

Infection

Prevention

Medical

Specialties

Critical Care

Technologies

Medical Technologies

& Services

$7B

$8B

Worldwide opportunity growing 5% annually

Estimated worldwide opportunity in 2010: industry sources,

CareFusion

Corporation analysis

Pyxis

Critical Care

Technologies Segment

Alaris

Respiratory

AVEA

Pulmonetic Systems™

Jaeger

Dispensing

Infusion

Leading Brand Names

Critical Care

Technologies Segment

Value Proposition

Critical Care

Technologies Segment

Respiratory

Dispensing

Infusion

Reduced time to first dose, control cost and diversion

Pyxis

Pyxis

D i s p e n s i n g

Why We Win

Leadership

•

7 of every 10 automated medication dispensing machines

are Pyxis

MedStation

systems

Innovation

•

Extensive history of “firsts”, including creating the category

Experience

•

Broadest solution portfolio & experienced clinical professionals

to assist with best practices

Customer Service

•

ranking

customer

satisfaction

HIMSS Analytics, April 2009

MD Buyline

Pyxis D i s p e n s i n g

Growth Imperatives

•

Continue to innovate in

core business

•

Market expansion

•

Longer term: Expand

end-to-end medication

management solution for

global hospital pharmacies

Safe administration of IV medications

Value Proposition

Critical Care

Technologies Segment

Respiratory

Dispensing

Infusion

Alaris

Alaris

I n f u s i o n

Why We Win

Leadership

•

Proven

systems

with

largest

installed

base

–

created

“smart pump”

•

Comprehensive IV medication safety system

•

Global presence

Product differentiation

•

Only modular system, multiple modalities on single interface

•

Substantial lead in wireless connectivity

•

Measurable improvements in practice via continuous quality

improvement (CQI) data

Alaris

I n f u s i o n

Growth Imperatives

•

Adding new value to large,

installed base

•

Expand available market with

new offerings

Tight glycemic

control

Connectivity with HIT

systems

Data analytics

Alaris

Regulatory Update

History

•

February 2007 –

Alaris

SE pumps in the U.S.

•

February 2009 –

Amended consent decree, infusion pumps in the U.S.

Key requirements

•

Submit corrective action plan

•

Independent

inspection/certification

infusion

pump

operations

and

recall procedures

Status

•

Met all initial requirements of amended consent decree

•

Targeting release of Alaris

ship hold this month, pending 510K clearance

•

Remediate field units following FDA approval of corrective action plan

Leading technology to improve outcomes in adult and

neonatal ventilation

Value Proposition

Critical Care

Technologies Segment

AVEA

Pulmonetic Systems™

Jaeger

Respiratory

Dispensing

Infusion

R e s p i r a t o r y

Why We Win

Leadership

•

Breadth and depth of product offering

•

Leading global brands

•

Proven clinical outcomes

Customer Support

•

Skilled clinical sales force

•

Clinical implementation and education teams

R e s p i r a t o r y

Growth Imperatives

•

Execute on new product and feature

roadmap, upgrade installed base

•

Launch clinically differentiated

consumables internationally

•

Further expand ventilator portfolio –

adult/pediatric/neonatal segments

Infection

Prevention

Medical Technologies

and Services Segment

ChloraPrep

MedMined™

Medical

Specialties

V. Mueller

Interventional Specialties

I n f e c t i o n P r e v e n t i o n

Why We Win

Leadership, measurable outcomes

•

Broadest offering of clinically proven products

ChloraPrep: Standard of care 2% chlorhexidine-gluconate

antiseptic system

Skin-prep products: Surgical clippers, prep trays

MedMined: Information-based infection surveillance

system

Scale

•

Largest operating room focused disposables business for

European market

M e d i c a l S p e c i a l t i e s

Why We Win

Leadership, brand, breadth of offering

•

V. Mueller –

Broadest offering of handheld

insturments

–

Leader in acute care

•

Interventional

Specialties

–

Focused

Interventional

Radiologist

–

Bone cement

–

Chronic drainage

–

Standard diagnostic trays

Key Segment Priorities

Critical Care

Technologies

Medical Technologies

and Services

•

Maintain, expand U.S. competitive

position

•

Align for global growth

•

Demonstrate strength of new

quality system

•

R&D, Innovation

•

Drive infection prevention franchises

•

Optimize current portfolio

•

Leverage international distribution

infrastructure

Operational Priorities

Organized to Execute

•

Clear sales focus

–

Product sales, marketing aligned with global segments

•

New emphasis on alternate sales channels

–

Telesales unit

–

Channel partners

•

Global alignment

–

Reduce layers between region management and customers

–

Clear segmentation: Defined opportunities, product

requirements

–

Selectively targeting emerging markets

•

Distinct culture-aligned with CareFusion

beliefs

Expand Operating Margins

Manufacturing optimization

–

Aggressive operational excellence goals

–

Optimize capabilities across network

Strategic sourcing

–

Driving toward fewer suppliers

–

Greater volume to drive cost, quality

Greater efficiency post-transition service agreements

–

$160 million annual spend in transition service agreements

–

Longer-term, target 10-20% reduction

Realize benefits of March 2009 restructuring

–

$110M-$130M in annualized savings by FY11

–

Substantial savings begin in FY10

Key Themes

Large, global, growing opportunities

Competitive advantage, leadership across all

categories

Clear growth drivers

–

Innovation

–

Align to execute

–

Expand margins

Ed Borkowski

Chief Financial Officer

•

Early perspectives

•

Spin-off transaction detail

•

CareFusion P&L

•

Capital strategy

Introduction

•

Personal background and experience

20 years in healthcare finance

Formerly CFO of Mylan Inc.

•

Why CareFusion?

The med tech space

Opportunity to help grow another healthcare company

Managerial and transactional experience to continue growth

Near-Term Focus

•

Learn the business, the organization, the team

•

Ensure “stand-up”

capabilities in key financial areas

for an independent, publicly traded company

Audit, tax, treasury, IR, etc.

•

Finalize and execute capital structure plans

Launch and place debt financings

•

Continue to educate shareholders and market the

CFN equity story

Spin-off Transaction Plans

•

CAH will spin-off at least 80% of CFN outstanding shares through a

pro-rata distribution to CAH shareholders

–

Cardinal Health required to dispose of remaining stake in CareFusion

within 5 years

•

CFN will obtain a bridge loan for $1.4 billion to finance cash

distribution to CAH

•

Immediately, or as market conditions permit, CFN will issue $1.4

billion in debt financing to replace bridge loan

•

Arrange $500m revolving bank credit facility as liquidity backstop

•

Target Summer 2009 for completion

–

Contingent upon SEC declaring the Form 10 effective, IRS ruling on

tax-free nature of the transaction, obtaining investment grade credit

ratings and completion of necessary financing

–

All are progressing

Prospective Credit Ratings

•

A criteria for the spin-off is assignment of investment

grade ratings from leading credit rating agencies

•

Cardinal Health meets regularly with the credit rating

agencies, and they are familiar with the prospective

CareFusion

businesses

•

The agencies publicly announce their ratings on specific

financings when they are launched

•

are

confident

that

CareFusion’s

debt

offerings

will

assigned investment grade ratings

CFN Historical Pro Forma P&L

CareFusion

Pro Forma Financials As Reported

FY06-

FY08 Form 10 Pro Formas

2006

2007

2008

($ Millions, except per share amounts)

Revenue

$ 2,322

$ 2,659

$ 3,771

Gross Margin

1,132

1,311

1,789

Operating Earnings

284

279

537

Interest Expense and Other, net

(41)

(33)

(119)

Net Earnings

177

196

319

ETR

27.4%

20.4%

23.8%

EPS (Diluted) (1)

$ 0.39

$ 0.43

$ 0.70

Items of Interest

($ Millions)

2006

2007

2008

Restructuring, Acquisition Integration Charges and

IPR&D (2)

$ 23

$ 107

$ 53

Additional interest expense if consistent w/FY08 ($1.4B

at 8.5%) (3)

$ (74)

$ (76)

$ -

(1)

EPS for 2006 and 2007 is based on Form 10 Pro Forma amounts for the respective years

and

assumes

~450M

diluted

outstanding

(2) Source: CFN Form 10 Amendment 1

(3) CFN Calculations

Near-Term Expectations

•

FY09

CMP

segment

profit

goal:

-7%

-11%

–

Translates to approximately the same range for CFN pro forma

operating earnings excluding stand-up, restructuring, merger integration

costs

•

FY10:

Revenue: continued impact of capital spend slowdown

Operating expenses excluding stand-up, merger integration and

restructuring costs: $50M to $70M higher net of restructuring benefit

Incremental

“public

company”

costs

Incentive compensation

Incremental Innovation and R&D spend

Stand up, merger integration and restructuring costs of approximately

$80M -

$100M

Anticipated tax rate: 30% to 32%

Longer-Term Expectations

FY10 becomes the new baseline for comparability

going forward

Beyond FY10:

•

Revenue

growth:

mid-single

digits

•

R&D:

growing faster than revenue

•

Earnings:

–

Operating earnings grow 11% to 15%

•

Anticipated

Tax

rate:

30%

32%

Capital and Financial Strategy

•

We are committed to maintaining investment grade credit

ratings and prudent financial management practices

•

Earnings will be retained to finance growth

–

research and development as % of revenue will grow

–

focus on product and technology acquisitions

•

Opportunistic

debt

pay-down

planned

over

the

FY10-12

period

•

Do not anticipate paying any cash dividends or initiating

share repurchase programs

Disciplined Approach to Capital

Management

•

Primary Objective: Maintain financial strength and

flexibility

–

Enable investment in the business

–

Opportunistic acquisition

–

Reduce debt balances

•

Maximizing earnings and cash flow are key

–

Management incentives focused upon growth in both

–

Expect prudent control over capital expenditures

–

Reduce working capital over time

Key Themes

Large, global, growing opportunities

Competitive advantage, leadership across all