美源伯根 (ABC) 2022 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the AmerisourceBergen Q4 FY 2022 Earnings Call. My name is Glenn, and I will be coordinating your call today. (Operator Instructions) I will now hand you over to your host, Bennett Murphy, to begin. Please go ahead.

女士們，先生們，歡迎參加 AmerisourceBergen 2022 財年第四季度財報電話會議。我的名字是格倫，今天我將協調你的電話。 （操作員說明）我現在將您交給您的主持人 Bennett Murphy，開始。請繼續。

Thank you. Good morning, good afternoon, and thank you all for joining us for this conference call to discuss AmerisourceBergen's Fiscal 2022 Fourth Quarter and Full Year Results. I am Bennett Murphy, Senior Vice President, Investor Relations. Joining me today are Steve Collis, Chairman, President and CEO; and Jim Cleary, Executive Vice President and CFO.

謝謝你。早上好，下午好，感謝大家參加這次電話會議，討論 AmerisourceBergen 的 2022 財年第四季度和全年業績。我是投資者關係高級副總裁 Bennett Murphy。今天加入我的是董事長、總裁兼首席執行官史蒂夫·科利斯；和執行副總裁兼首席財務官 Jim Cleary。

On today's call, we will be discussing non-GAAP financial measures. Reconciliations of these measures to GAAP are provided in today's press release, which is available on our website at investor.amerisourcebergen.com. We have posted a slide presentation to accompany today's press release on our investor website.

在今天的電話會議上，我們將討論非 GAAP 財務指標。今天的新聞稿中提供了這些措施與公認會計原則的對賬，該新聞稿可在我們的網站investor.amerisourcebergen.com 上查閱。我們在我們的投資者網站上發布了一張幻燈片，以配合今天的新聞稿。

During this conference call, we will make forward-looking statements about our business and financial expectations on an adjusted non-GAAP basis, including, but not limited to, EPS, operating income and income taxes. Forward-looking statements are based on management's current expectations and are subject to uncertainty and change. For a discussion of key risks and assumptions, we refer you to today's press release and our SEC filings, including our most recent 10-K. AmerisourceBergen assumes no obligation to update any forward-looking statements, and this call cannot be broadcasted without the express permission of the company. You have an opportunity to ask questions after today's remarks by management. (Operator Instructions) With that, I'll turn the over to Steve.

在本次電話會議期間，我們將根據調整後的非公認會計原則對我們的業務和財務預期做出前瞻性陳述，包括但不限於每股收益、營業收入和所得稅。前瞻性陳述基於管理層當前的預期，並受不確定性和變化的影響。有關關鍵風險和假設的討論，請參閱今天的新聞稿和我們提交給 SEC 的文件，包括我們最近的 10-K。 AmerisourceBergen 不承擔更新任何前瞻性陳述的義務，未經公司明確許可，不得廣播本次電話會議。在管理層今天發表講話後，您有機會提問。 （操作員說明）有了這個，我會把任務交給史蒂夫。

Thank you, Bennett. Good morning and good afternoon to everyone on the call. Today, my remarks will focus on the successes about 2022 fiscal year and the ways in which our leading distribution and pharmaceutical solution capabilities are core to advancing global pharmaceutical innovation and access, ultimately driving significant value creation for all our stakeholders.

謝謝你，貝內特。早上好，下午好，通話中的每個人。今天，我的講話將重點關注 2022 財年的成功，以及我們領先的分銷和醫藥解決方案能力如何成為推進全球醫藥創新和獲取的核心，最終為我們所有的利益相關者創造巨大的價值。

AmerisourceBergen delivered another strong fiscal year, driven by the resilience and strength of our business as our team continue to execute to advance our strategic priorities and build on our foundation for future growth. First, we leveraged the strength of our leading pharmaceutical distribution businesses. During fiscal 2022, we were proud to continue to support the continued global response to the COVID-19 pandemic as the exclusive distributor of emergency use authorization treatments in the U.S. and by supporting the distribution of vaccines and test kits internationally.

AmerisourceBergen 在我們業務的彈性和實力的推動下又實現了強勁的財政年度，因為我們的團隊繼續執行以推進我們的戰略重點並為我們未來的增長奠定基礎。首先，我們利用了領先的藥品分銷業務的優勢。在 2022 財年，我們很自豪能夠繼續支持全球對 COVID-19 大流行的持續響應，作為美國緊急使用授權治療的獨家經銷商，並支持疫苗和檢測試劑盒的國際分銷。

Guided by our purpose, and empowered by our commercial strengths and execution, we played an important role in supporting public health. This also presented an opportunity to enhance relationships with key stakeholders worldwide, including governments, public health agencies, and providers and pharmacies. Importantly, we also continue to support our community provider customers from pharmacies to physicians to veterinarians all of whom are integral to ensuring patient access and care in our communities around the world.

以我們的宗旨為指導，並以我們的商業實力和執行力為動力，我們在支持公共衛生方面發揮了重要作用。這也提供了一個機會，可以加強與全球主要利益相關者的關係，包括政府、公共衛生機構、供應商和藥房。重要的是，我們還繼續為我們的社區提供者客戶提供支持，從藥房到醫生再到獸醫，所有這些客戶對於確保我們在世界各地社區的患者獲得和護理都是不可或缺的。

Second, we solidified our global capabilities to further enhance our customer experience. In the nearly 18 months since our acquisition of Alliance Healthcare, we have continued to integrate the business and facilitate collaboration across teams. As we look forward to the next phase of our integration, we are focused on streamlining our solutions under one commercial leader. Group President, Bob Mauch, will now also oversee Alliance Healthcare and assumed the role of Chief Operating Officer. By uniting and simplifying our commercial operations, we will engage with our partners as a truly integrated healthcare solutions leader, fortifying our position at the core of the global pharmaceutical supply chain.

二是鞏固全球能力，進一步提升客戶體驗。自收購 Alliance Healthcare 以來的近 18 個月中，我們繼續整合業務並促進跨團隊協作。當我們期待下一階段的整合時，我們專注於在一個商業領導者的領導下簡化我們的解決方案。集團總裁 Bob Mauch 現在還將監督 Alliance Healthcare 並擔任首席運營官。通過整合和簡化我們的商業運營，我們將與我們的合作夥伴合作，成為真正的綜合醫療保健解決方案領導者，鞏固我們在全球醫藥供應鏈核心的地位。

Third, we advanced our legacy of responsible corporate stewardship with our ESG commitments, engagement and reporting, including further aligning our ESG work with recognized international standards, frameworks and initiatives. One important area where we continue to evolve our programs and policies is in diversity, equity and inclusion. And as a sign of progress, I'm pleased to say that our most recent gender pay data in the United States indicates that for every dollar male employees are paid, female employees in AmerisourceBergen are paid [$0.998], an increase from our previous ratio of [$0.994].

第三，我們通過 ESG 承諾、參與和報告推進了我們負責任的企業管理傳統，包括進一步使我們的 ESG 工作與公認的國際標準、框架和倡議保持一致。我們繼續發展我們的計劃和政策的一個重要領域是多樣性、公平和包容性。作為進步的標誌，我很高興地說，我們最近在美國的性別薪酬數據表明，男性員工每獲得一美元，AmerisourceBergen 的女性員工就會獲得 [0.998 美元]，比我們之前的比率有所增加[0.994 美元]。

Furthermore, to extend our work in DEI, we are making important investments to support health equity in our communities. These efforts include our disparities in cancer care task force, which is focused on addressing disparities and analyzing social determinants of health for oncology patients at the community level. In August, we held our first ever disparities in Cancer Care Summit, where we brought together researchers, community physicians, patient advocates, payers and healthcare leaders to collaborate and share information. By uniting thought leaders and industry leaders, we hope to stimulate, innovative partnerships that will address the disparities in cancer care today.

此外，為了擴展我們在 DEI 的工作，我們正在進行重要投資，以支持我們社區的健康公平。這些努力包括我們在癌症護理工作組中的差距，該工作組專注於解決差距和分析社區層面腫瘤患者健康的社會決定因素。 8 月，我們在癌症護理峰會上舉行了有史以來的第一次差距，我們聚集了研究人員、社區醫生、患者倡導者、付款人和醫療保健領導者，以協作和共享信息。通過聯合思想領袖和行業領袖，我們希望激發創新的合作夥伴關係，以解決當今癌症治療方面的差距。

We are also focused on supporting our people. Based on feedback, we have solicited from our team members, we have evolved our workforce policies to address post-pandemic labor trends, reinforce the strength of our culture, investing in our talent and aligned their development with our goal for the business. We recognize that our people are our most important asset and that's the strength of our performance, thanks to the tremendous efforts of our team members around the globe.

我們還專注於支持我們的員工。根據反饋，我們徵求了團隊成員的意見，我們制定了勞動力政策，以應對大流行後的勞動力趨勢，加強我們的文化實力，投資於我們的人才，並使他們的發展與我們的業務目標保持一致。我們認識到，我們的員工是我們最重要的資產，這也是我們業績的優勢所在，這要歸功於我們全球團隊成員的巨大努力。

With purpose-driven dedication, commitment and expertise, our teams are executing against our strategic pillars to maintain a leading share of pharmaceutical distribution and best-in-class efficiency while growing our higher-margin and higher-growth businesses.

憑藉以目標為導向的奉獻精神、承諾和專業知識，我們的團隊正在執行我們的戰略支柱，以保持藥品分銷的領先份額和一流的效率，同時發展我們更高利潤和更高增長的業務。

Looking to the year ahead and beyond, we have strong momentum, and the importance of pharmaceutical care and the opportunities provided by continued pharmaceutical innovation bolster our strategy and fortify our ability to create additional stakeholder value. To advance our foundational pharmaceutical distribution business, we lead with market leaders around the world. It's no coincidence that customers are our first strategic pillar because they are at the center of everything we do. Our key anchor customers range from upstream emerging biotechs and large pharma manufacturers to downstream providers across the spectrum of care delivery, including physicians, community and specialty pharmacies, health systems, veterinarians and government agencies. We form long-term strategic partnerships to solve for the current and future needs of our customers. And with our expanded footprint and capabilities, we are now able to partner with them on a truly global scale.

展望未來一年，我們勢頭強勁，醫藥護理的重要性和持續醫藥創新提供的機會支持我們的戰略，並加強我們創造額外利益相關者價值的能力。為了推進我們的基礎藥品分銷業務，我們與世界各地的市場領導者合作。客戶是我們的第一個戰略支柱並非巧合，因為他們是我們所做一切的核心。我們的主要主力客戶包括從上游新興生物技術公司和大型製藥商到下游提供醫療服務的供應商，包括醫生、社區和專業藥房、衛生系統、獸醫和政府機構。我們形成長期的戰略合作夥伴關係，以解決客戶當前和未來的需求。隨著我們擴大足跡和能力，我們現在能夠在真正的全球範圍內與他們合作。

This includes supporting them with a technologically advanced standard setting infrastructure. For a distributor, maintaining infrastructure is table stakes, and we are proud that our historical investments have enabled us to be a leader in adopting new technologies and innovations to fulfill our purpose of being united in our responsibility to create healthier futures.

這包括為他們提供技術先進的標準制定基礎設施。對於分銷商來說，維護基礎設施是賭注，我們很自豪我們的歷史投資使我們能夠成為採用新技術和創新的領導者，以實現我們團結一致的目標，創造更健康的未來。

In particular, our footprint efficiency and capabilities in data and analytics have enabled us to support the COVID-19 pandemic response globally. Today, we are proud to be supporting the response to monkeypox, and we stand readily to facilitate patient access to life-changing and life-sustaining medication to advance public health around the world.

特別是，我們在數據和分析方面的足跡效率和能力使我們能夠支持全球應對 COVID-19 大流行。今天，我們很自豪能夠支持應對猴痘，我們隨時準備幫助患者獲得改變生命和維持生命的藥物，以促進世界各地的公共衛生。

To ensure future readiness, AmerisourceBergen is enhancing our capabilities to grow our higher-margin, higher-growth businesses to support the rapidly evolving and global nature of pharmaceutical innovation, at the center of which is specialty medical care. Our team members, customers, suppliers and investors have known and appreciated AmerisourceBergen as the leader in specialty. Our specialty business is nearly 30 years old, and the tremendous investments we've made in our specialty capabilities have helped build us into the leader we are today and have laid a strong foundation for us to lead in the specialty of the future.

為確保為未來做好準備，AmerisourceBergen 正在增強我們發展高利潤、高增長業務的能力，以支持快速發展的全球性醫藥創新，其核心是專科醫療。我們的團隊成員、客戶、供應商和投資者都知道並讚賞 AmerisourceBergen 作為專業領域的領導者。我們的專業業務已有近 30 年曆史，我們在專業能力方面的巨大投資幫助我們打造了今天的領先地位，並為我們在未來專業領域的領先奠定了堅實的基礎。

Cell and gene therapies, for example, is one area with a combination of scientific breakthroughs, regulatory support and industry developments by accelerating product pipelines and patient access. To support this cutting-edge innovation in patient care, we deploy our broad and expanding platform of capabilities in distribution, commercialization and specialty logistics. This includes assets such as World Courier, Alloga and Innomar, which we are able to leverage to provide pharma manufacturers with the expertise needed to solve their most complex problems now and plan for the solutions of tomorrow.

例如，細胞和基因療法是一個結合了科學突破、監管支持和行業發展的領域，通過加速產品管道和患者獲取。為了支持患者護理領域的這一前沿創新，我們部署了我們廣泛且不斷擴展的分銷、商業化和專業物流能力平台。這包括 World Courier、Alloga 和 Innomar 等資產，我們能夠利用這些資產為製藥商提供解決當前最複雜問題所需的專業知識，並為未來的解決方案製定計劃。

Specialty medicines play a key role in future pharmaceutical innovation. And with our continued innovation and investments, we further strengthened our leadership and capture this growth opportunity. AmerisourceBergen is also well positioned to benefit from high and increasing demand for outsourced manufacture consulting and logistics services as we solidify our role as partner of choice for global pharmaceutical manufacturers.

特種藥物在未來的藥物創新中發揮著關鍵作用。隨著我們不斷的創新和投資，我們進一步加強了我們的領導地位並抓住了這一增長機會。隨著我們鞏固作為全球製藥商首選合作夥伴的角色，AmerisourceBergen 也處於有利地位，可以從對外包製造諮詢和物流服務的高需求和不斷增長的需求中受益。

Through our various investments and partnerships, we offer a differentiated portfolio of commercialization solutions to support pharmaceutical innovation. Our recently announced acquisition of PharmaLex, for example, enhances our portfolio of solutions across our footprint and represents our ability to support clients at every stage of the commercialization journey from providing market access strategies and early-stage clinical development consulting services to leveraging our pharmaceutical distribution reach and specialty distribution leadership to bring innovative products to market.

通過我們的各種投資和合作夥伴關係，我們提供差異化的商業化解決方案組合，以支持藥物創新。例如，我們最近宣布收購 PharmaLex，增強了我們在整個業務範圍內的解決方案組合，並代表了我們在商業化旅程的每個階段為客戶提供支持的能力，從提供市場准入戰略和早期臨床開發諮詢服務到利用我們的藥品分銷達到和專業分銷領導地位，將創新產品推向市場。

We are differentiating and getting closer to our pharma partners by expanding our solution set, advancing our core capabilities and leveraging our existing commercial strength, ultimately contributing to positive pharmaceutical outcomes.

我們通過擴展我們的解決方案集、提升我們的核心能力和利用我們現有的商業實力來區分和拉近我們的製藥合作夥伴，最終促成積極的製藥結果。

We further drive our differentiation by investing in innovation to both advance our foundation and enhance our capabilities. Our investment strategy prioritizes continually improving and building on our strengths, supporting customer needs and ensuring our continued leadership in core capabilities such as supply chain excellence, clinical practice efficiency and patient access and adherence. We are also next-minded and focused on areas where we see trends leading to future growth such as clinical trial service, digital commerce and home health.

我們通過投資創新來進一步推動我們的差異化，以推進我們的基礎和增強我們的能力。我們的投資戰略優先考慮不斷改進和鞏固我們的優勢，支持客戶需求，並確保我們在卓越供應鏈、臨床實踐效率以及患者訪問和依從性等核心能力方面的持續領先地位。我們也有新的想法，並專注於我們看到趨勢導致未來增長的領域，例如臨床試驗服務、數字商務和家庭健康。

In clinical trial services, for example, we continue to play a leading role with direct-to-patient capabilities, helping our customers manage complexities as they increasingly adopt decentralized and hybrid models. Through this capability, we leverage our capabilities and reach to support pharmaceutical innovation and facilitate patient access. And to create the next generation of solutions to power our success long into the future, we continuously innovate through a combination of internal investments, capability building, strategic partnerships and venture capital.

例如，在臨床試驗服務中，我們繼續發揮直接面向患者的能力，幫助我們的客戶管理複雜性，因為他們越來越多地採用分散和混合模式。通過這種能力，我們利用我們的能力和影響力來支持藥物創新並促進患者獲得治療。為了創造下一代解決方案以推動我們在未來取得成功，我們通過內部投資、能力建設、戰略合作夥伴關係和風險投資的結合不斷創新。

We remain committed to creating differentiated value for our stakeholders. Our long-term sustainable growth is supported by investments in our people and culture and our commitment to ESG. Our people drive our business forward, and we are committed to investing in and supporting them with a culture that unites, cultivate and empower them. Underpinned by our purpose and guiding principles, we are advancing our talent and culture to support our strategy and innovation to create an energized, diverse and inclusive workplace that helps our talent be action-biased, credibly resourceful and next-minded.

我們仍然致力於為我們的利益相關者創造差異化的價值。我們對員工和文化的投資以及我們對 ESG 的承諾支持我們的長期可持續增長。我們的員工推動我們的業務向前發展，我們致力於投資和支持他們，建立一種團結、培養和授權他們的文化。在我們的宗旨和指導原則的支持下，我們正在提升我們的人才和文化，以支持我們的戰略和創新，以創建一個充滿活力、多元化和包容性的工作場所，幫助我們的人才注重行動、足智多謀和下一個想法。

Our business is supported by the right people, including at the top of the organization. We recently had the pleasure of welcoming to our Board of Directors, Dr. Lorence Kim, whose business acumen and knowledge of healthcare and pharmaceutical innovation, will serve AmerisourceBergen well in his new capacity as an independent Director.

我們的業務得到了合適的人的支持，包括組織的高層。我們最近很高興地歡迎 Lorence Kim 博士加入我們的董事會，他的商業頭腦和對醫療保健和製藥創新的知識，將以獨立董事的新身份為 AmerisourceBergen 服務。

We are focused on adding key skill sets and diverse perspectives to help support our business and strategy as we continue our process of Board succession planning. Just as we invest in our people, we also invest in our communities, which have grown in scale and geography. With this in mind, we continue to evolve our environmental, social and governance initiatives to create healthier futures around the world, which includes adapting to a change in climate, promoting health equity and embracing a culture of transparency, ethics and integrity. We take very seriously our leading role in healthcare, and we are committed to being a sustainable and responsible business.

在我們繼續進行董事會繼任計劃的過程中，我們專注於增加關鍵技能和多樣化的觀點，以幫助支持我們的業務和戰略。正如我們投資於我們的員工一樣，我們也投資於我們的社區，這些社區的規模和地理範圍都在擴大。考慮到這一點，我們繼續發展我們的環境、社會和治理舉措，以在世界各地創造更健康的未來，其中包括適應氣候變化、促進健康公平以及擁抱透明、道德和誠信的文化。我們非常重視我們在醫療保健領域的領導作用，並致力於成為一家可持續和負責任的企業。

We are pleased with the progress we are making towards our long-term vision of expanding our leadership in pharmaceutical distribution and growing our higher-margin, higher-growth businesses. We have the right strategy in place to do so. By advancing our foundation, enhancing our capabilities and investing in innovation to further drive our differentiation, we are solidifying our position at the core of global pharmaceutical innovation and access.

我們對我們在擴大我們在藥品分銷領域的領導地位和發展我們更高利潤、更高增長的業務的長期願景所取得的進展感到高興。我們有正確的策略來做到這一點。通過推進我們的基礎、增強我們的能力和投資於創新以進一步推動我們的差異化，我們正在鞏固我們在全球醫藥創新和獲取核心的地位。

Our leadership and growth are further supported by our strong financial foundation and value-enhancing capital allocation strategy, which Jim will discuss shortly. Just as importantly, we live our purposes of being united in our responsibility to create healthier futures with a focus on creating a better future for all of our stakeholders.

我們強大的財務基礎和增值資本配置策略進一步支持了我們的領導力和增長，Jim 將在稍後討論這些策略。同樣重要的是，我們的目標是團結一致，共同承擔創造更健康未來的責任，並專注於為所有利益相關者創造更美好的未來。

Now I will turn the call over to Jim for a more in-depth review of our fourth quarter and fiscal year 2022 results and to discuss our expectations for fiscal 2023. Jim?

現在我將把電話轉給吉姆，以更深入地審查我們第四季度和 2022 財年的業績，並討論我們對 2023 財年的預期。吉姆？

Thanks, Steve. Good morning and good afternoon, everyone. Reflecting on fiscal 2022, I am proud of the strong execution and performance by our teams as we advanced our company commercially and strategically, playing our central role in connecting pharma manufacturers with providers and patients as a leading healthcare solutions provider.

謝謝，史蒂夫。大家早上好，下午好。回顧 2022 財年，我為我們團隊的強大執行力和業績感到自豪，因為我們在商業和戰略上推動了公司的發展，作為領先的醫療保健解決方案提供商，在將製藥製造商與供應商和患者聯繫起來方面發揮了核心作用。

Throughout the year, our teams navigated exceptionally well through a complex environment to ensure the delivery of crucial medications and services around the globe.

在這一年中，我們的團隊在復雜的環境中表現得非常出色，以確保在全球範圍內提供關鍵的藥物和服務。

Before I turn to our results, as a reminder, my remarks today will focus on our adjusted non-GAAP financial results unless otherwise stated. Growth rates and comparisons are made against the prior year September quarter and fiscal year. For a detailed discussion of our GAAP results, please refer to our earnings press release.

在我轉向我們的結果之前，提醒一下，除非另有說明，否則我今天的講話將集中在我們調整後的非公認會計原則財務結果上。增長率和比較是與上一年的九月季度和財政年度進行的。有關我們的 GAAP 結果的詳細討論，請參閱我們的收益新聞稿。

Beginning with our fourth quarter results. We finished the quarter with adjusted diluted EPS of $2.60, an increase of 8.8%, which was driven by strong performance in our U.S. Healthcare Solutions segment. Our consolidated revenue was $61.2 billion, up approximately 4%, driven by growth in our U.S. healthcare solutions segment, offsetting weaker sales in the International healthcare solutions segment as a result of foreign currency translation pressure due to the historically strong dollar.

從我們的第四季度業績開始。我們在本季度結束時調整後的攤薄後每股收益為 2.60 美元，增長 8.8%，這得益於我們美國醫療保健解決方案部門的強勁表現。我們的綜合收入為 612 億美元，增長約 4%，這得益於我們美國醫療保健解決方案部門的增長，抵消了國際醫療保健解決方案部門因美元歷來強勢導致的外匯兌換壓力而導致的銷售疲軟。

Consolidated gross profit was $2.1 billion, up 5% due to growth in the U.S. healthcare solutions segment. Consolidated gross profit margin expanded by 4 basis points in the quarter to 3.44% driven by growth in the U.S. healthcare solutions segment. Consolidated operating income was $741 million, up 7% compared to the prior year quarter. This growth was driven by a strong performance in the U.S. healthcare solutions segment, more than offsetting the decline in the International healthcare solutions segment, which I will discuss in more detail when I review segment level performance.

由於美國醫療保健解決方案部門的增長，綜合毛利潤為 21 億美元，增長 5%。受美國醫療保健解決方案部門增長的推動，本季度綜合毛利率增長 4 個基點至 3.44%。合併營業收入為 7.41 億美元，與去年同期相比增長 7%。這一增長是由美國醫療保健解決方案領域的強勁表現推動的，這遠遠抵消了國際醫療保健解決方案領域的下滑，我將在回顧細分市場層面的表現時更詳細地討論這一點。

Moving now to our net interest expense and effective tax rate for the fourth quarter. Net interest expense was $52 million, down 5.6% as a result of higher interest income. Our effective income tax rate was 19.8% compared to 20.3% in the prior year quarter. Our diluted share count was 210 million shares, a 0.4% decrease compared to the fourth quarter of fiscal 2021, driven by opportunistic share repurchases in the second half of our fiscal year. This completes the review of our consolidated results. Now I'll turn to our segment results for the fourth quarter.

現在轉到我們第四季度的淨利息支出和有效稅率。由於利息收入增加，淨利息支出為 5,200 萬美元，下降 5.6%。我們的有效所得稅率為 19.8%，而去年同期為 20.3%。我們的稀釋股數為 2.1 億股，與 2021 財年第四季度相比減少了 0.4%，這是由於我們在本財年下半年的機會性股票回購推動的。這完成了對我們綜合結果的審查。現在我將轉向我們第四季度的分部業績。

U.S. healthcare solutions segment revenue was $54.8 billion up 5% for the quarter as we continue to see broad-based solid performance and utilization trends across our portfolio. Revenue growth was impacted by lower sales of commercial COVID-19 treatments that have traditional commercial revenue associated with them, unlike the government-owned products that contributed more meaningfully to operating income in both the quarter and full fiscal year 2022.

本季度美國醫療保健解決方案部門的收入為 548 億美元，增長 5%，因為我們繼續看到我們投資組合的廣泛穩健的業績和利用率趨勢。收入增長受到與傳統商業收入相關的商業 COVID-19治療銷售額下降的影響，這與政府擁有的產品不同，後者在 2022 年季度和整個財政年度對營業收入的貢獻更大。

U.S. Healthcare Solutions segment operating income increased by 14% to $578 million. In the quarter, our specialty physician services business delivered strong growth across specialty classes. We also continue to benefit from strong biosimilar utilization in both specialty physician practices and health systems. Operating income margin increased by 9 basis points to 1.06% due to the distribution of COVID-19 treatments and growth in specialty physician services.

美國醫療保健解決方案部門營業收入增長 14% 至 5.78 億美元。在本季度，我們的專科醫師服務業務在各個專科類別中實現了強勁增長。我們還繼續受益於專業醫師實踐和衛生系統中強大的生物仿製藥使用。由於 COVID-19 治療的分佈和專科醫師服務的增長，營業利潤率增加了 9 個基點至 1.06%。

Also, again, as a reminder, in the fourth quarter of fiscal 2021, we had elevated operating expenses as we made investments in our talent and growth initiatives. This impacts the year-over-year comparison for the segment in the quarter as we benefited from lapping those prior year expenses.

此外，再次提醒一下，在 2021 財年第四季度，由於我們對人才和增長計劃進行了投資，因此我們提高了運營費用。這會影響本季度該細分市場的同比比較，因為我們受益於上一年的支出。

I will now turn to our international healthcare solutions segment. In the quarter, international healthcare solutions revenue was $6.4 billion down 3% on a reported basis. International healthcare solutions operating income was $163 million down 13% on an as-reported basis driven by the impact of foreign currency translation and the divestiture of Profarma Specialty, which occurred in June 2022 and contributed $6 million in operating income during the fourth quarter of fiscal 2021.

我現在將轉向我們的國際醫療保健解決方案部門。本季度，國際醫療保健解決方案收入為 64 億美元，同比下降 3%。國際醫療保健解決方案營業收入為 1.63 億美元，在報告的基礎上下降 13%，受外幣換算的影響和 Profarma Specialty 剝離的影響，這發生在 2022 年 6 月，並在本財年第四季度貢獻了 600 萬美元的營業收入2021 年。

When looking at the segment on a constant currency basis, we believe the underlying business fundamentals are solid. In the quarter, we continued to have strong performances at World Courier, and Alliance Healthcare continued to execute well as we navigate inflation in the local economies.

在以固定貨幣為基礎查看該細分市場時，我們認為基本的業務基本面是穩固的。在本季度，我們在 World Courier 繼續保持強勁表現，Alliance Healthcare 在我們應對當地經濟的通貨膨脹時繼續表現良好。

While the strong dollar continues to be a headwind on an as-reported basis, our teams throughout the segment have delivered good operational performance with solid trends across the businesses. As we look to 2023, we are excited to continue our progress on integrating Alliance Healthcare and to expand our global pharmaceutical solutions platform with the previously announced pending acquisition of PharmaLex.

儘管在報告的基礎上，強勢美元仍然是一個不利因素，但我們整個部門的團隊已經交付了良好的運營業績，並在整個業務中呈現出穩健的趨勢。展望 2023 年，我們很高興能夠繼續在整合 Alliance Healthcare 方面取得進展，並通過先前宣布的即將收購的 PharmaLex 來擴展我們的全球製藥解決方案平台。

That concludes our fiscal fourth quarter discussion. Now I will turn to a discussion of our full year fiscal 2022 results. Our consolidated revenue was $239 billion up 12% driven by growth in both segments and benefiting from the full year contribution of Alliance Healthcare. Excluding Alliance Healthcare, our consolidated revenue was up 5%. As we have indicated throughout the year, we had lower revenue recognized from COVID-19 treatment in the United States due to much of the volume associated with COVID treatments this year being associated with government-owned emergency use authorization treatments.

我們的第四財季討論到此結束。現在我將轉向討論我們的 2022 財年全年業績。我們的綜合收入為 2390 億美元，增長 12%，這主要得益於這兩個部門的增長以及 Alliance Healthcare 的全年貢獻。不包括 Alliance Healthcare，我們的綜合收入增長了 5%。正如我們全年所指出的那樣，由於今年與 COVID-19 治療相關的大部分與政府擁有的緊急使用授權治療相關，我們在美國從 COVID-19 治療中確認的收入較低。

In the prior year fiscal 2021, we had approximately $3.7 billion of sales related to COVID-19 treatments versus $1.7 billion in fiscal 2022. Consolidated operating income grew 20% to $3.2 billion driven by the full year contribution of Alliance Healthcare and solid performance across our portfolio, including sales to specialty physician practices.

在上一財年的 2021 財年，我們與 COVID-19 治療相關的銷售額約為 37 億美元，而 2022 財年為 17 億美元。由於 Alliance Healthcare 的全年貢獻和我們的穩健表現，合併營業收入增長 20% 至 32 億美元產品組合，包括向專科醫師實踐的銷售。

From a segment perspective, U.S. Healthcare Solutions had operating income growth of 9%, while international healthcare solutions operating income grew 81% year-over-year to $706 million. In fiscal 2022, we had $0.72 of contribution related to COVID treatment, test kits and vaccine distribution with $0.62 in the U.S. Healthcare Solutions segment and $0.10 in the international healthcare solutions segment.

從細分市場來看，美國醫療保健解決方案的營業收入增長了 9%，而國際醫療保健解決方案的營業收入同比增長 81%，達到 7.06 億美元。在 2022 財年，我們為 COVID 治療、檢測試劑盒和疫苗分發貢獻了 0.72 美元，其中美國醫療保健解決方案部門為 0.62 美元，國際醫療保健解決方案部門為 0.10 美元。

Turning now to interest expense. In fiscal 2022, net interest expense was $211 million, an increase of 21% as a result of debt related to the Alliance Healthcare acquisition. In fiscal 2022, we repaid $1.1 billion of debt and expect to repay the remaining $675 million in short-term Alliance Healthcare-related debt by March 2023, delivering on our commitment to the rating agencies to repay 2/3 of the debt related to the Alliance Healthcare acquisition.

現在轉向利息費用。在 2022 財年，淨利息支出為 2.11 億美元，由於與 Alliance Healthcare 收購相關的債務增加了 21%。在 2022 財年，我們償還了 11 億美元的債務，並預計將在 2023 年 3 月之前償還剩餘的 6.75 億美元短期 Alliance Healthcare 相關債務，兌現我們對評級機構的承諾，償還與聯盟醫療收購。

While we project that our total corporate debt will be lower in 2023, we expect our interest expense to increase somewhat in fiscal 2023 due to local country-level subsidiary borrowings at higher interest rates.

雖然我們預計 2023 年我們的總公司債務將減少，但我們預計由於當地國家級子公司以更高的利率借款，我們的利息支出將在 2023 財年有所增加。

Regarding taxes, our adjusted effective tax rate for fiscal 2022 was 20.6% compared to 21.3% in fiscal 2021, as we began to realize tax synergies related to the Alliance Healthcare acquisition.

在稅收方面，我們在 2022 財年調整後的有效稅率為 20.6%，而 2021 財年為 21.3%，因為我們開始實現與 Alliance Healthcare 收購相關的稅收協同效應。

Turning now to EPS. Our full year adjusted diluted EPS grew 19% to $11.03, driven by the incremental 8-month contribution from Alliance Healthcare and solid growth across our businesses. Adjusted free cash flow for the year was $3 billion, and we ended the year with a cash balance of $3.4 billion. As a result of our better-than-expected cash flow generation and our strong balance sheet, we opportunistically returned capital to shareholders through the repurchase of $500 million in shares in the back half of the fiscal year during a time of equity market fluctuations. After these repurchases, we have approximately $900 million remaining on our current share repurchase authorization.

現在轉向EPS。在 Alliance Healthcare 8 個月的增量貢獻和我們業務的穩健增長的推動下，我們全年調整後的攤薄每股收益增長 19% 至 11.03 美元。本年度調整後的自由現金流為 30 億美元，年末現金餘額為 34 億美元。由於我們產生的現金流好於預期和我們強勁的資產負債表，在股市波動期間，我們在本財年下半年通過回購 5 億美元的股票機會性地向股東返還了資本。在這些回購之後，我們目前的股票回購授權剩餘大約 9 億美元。

That completes the review of our fiscal 2022 results. I will now discuss our fiscal 2023 guidance expectations. As a reminder, we do not provide forward-looking guidance on a GAAP basis. So the following metrics are provided on an adjusted non-GAAP basis. I will also provide certain guidance metrics on a constant currency basis. We have also provided a detailed overview of guidance metrics on Slides 9 and 10 of our earnings presentation.

這完成了對我們 2022 財年業績的審查。我現在將討論我們對 2023 財年的指導預期。提醒一下，我們不提供基於公認會計原則的前瞻性指導。因此，以下指標是在調整後的非公認會計原則基礎上提供的。我還將在固定貨幣基礎上提供某些指導指標。我們還在收益報告的幻燈片 9 和 10 中提供了指導指標的詳細概述。

Starting with revenue. We expect consolidated revenue to grow in the 5% to 7% range on a reported basis and in the 6% to 8% range on a constant currency basis. On a segment level, we expect U.S. healthcare solutions revenue to grow in the 6% to 8% range and international health care solutions, on a reported basis, we expect revenue to decline in the 1% to 5% range. On a constant currency basis, we expect the international segment's revenue to grow in the 8% to 12% range.

從收入開始。我們預計合併收入將在報告基礎上增長 5% 至 7%，在固定貨幣基礎上增長 6% 至 8%。在細分市場層面，我們預計美國醫療保健解決方案的收入將在 6% 至 8% 的範圍內增長，而國際醫療保健解決方案的報告顯示，我們預計收入將在 1% 至 5% 的範圍內下降。在固定貨幣基礎上，我們預計國際部門的收入將在 8% 至 12% 的範圍內增長。

Moving to operating income. We expect consolidated operating income to grow in the 0% to 3% range or 3% to 6% on a constant currency basis. Excluding COVID contributions, we expect consolidated operating income growth to be in the 3% to 5% range or 6% to 8% on a constant currency basis. On a segment level, we expect U.S. healthcare solutions' operating income growth to be in the 2% to 4% range.

轉向營業收入。我們預計綜合營業收入將在 0% 至 3% 的範圍內增長，或在固定貨幣基礎上增長 3% 至 6%。排除 COVID 貢獻，我們預計綜合營業收入增長將在 3% 至 5% 範圍內，或按固定貨幣計算 6% 至 8%。在細分市場層面，我們預計美國醫療保健解決方案的營業收入增長將在 2% 至 4% 之間。

As we've called out throughout the year, in fiscal 2022, we had a significant tailwind related to the work we did to distribute COVID-19 treatments across the U.S. In the fourth quarter, the COVID treatment contribution came in slightly stronger than expected, bringing our total COVID treatment contribution for the segment to $0.62 for the year.

正如我們全年所呼籲的那樣，在 2022 財年，我們為在美國各地分發 COVID-19 治療所做的工作獲得了巨大的順風。在第四季度，COVID 治療貢獻略高於預期，使我們對該部門的總 COVID 治療貢獻達到 0.62 美元。

In our fiscal 2023 guidance, we have embedded approximately $0.30 of contribution in the U.S. segment related to COVID treatment distribution. Excluding the contributions from COVID-related operating income, we expect U.S. segment operating income growth to be in the 5% to 7% range in fiscal 2023, generally in line with the long-term guidance we introduced at our Investor Day in June.

在我們的 2023 財年指導中，我們在與 COVID 治療分配相關的美國部分投入了大約 0.30 美元。不包括與 COVID 相關的營業收入的貢獻，我們預計 2023 財年美國分部營業收入的增長將在 5% 至 7% 之間，大致符合我們在 6 月投資者日推出的長期指導。

Turning now to our International healthcare solutions segment fiscal 2023 operating income guidance. We expect international healthcare solutions segment operating income to decline in the 3% to 7% range on an as-reported basis or 5% to 9% growth on a constant currency basis. In fiscal 2022, the international segment had a $0.10 contribution related to COVID vaccine and test kit distribution. In fiscal 2023, we expect a few cents of contribution from COVID-related business in the segment.

現在轉向我們的國際醫療保健解決方案部門 2023 財年營業收入指南。我們預計國際醫療保健解決方案部門的營業收入將在報告的基礎上下降 3% 至 7% 或在固定貨幣基礎上增長 5% 至 9%。在 2022 財年，國際部門為 COVID 疫苗和檢測試劑盒的分發貢獻了 0.10 美元。在 2023 財年，我們預計該領域與 COVID 相關的業務將貢獻幾美分。

On an ex-COVID as-reported basis, we expect the international healthcare solutions segment operating income decline to be in the 1% to 5% range or operating income growth of 7% to 11% on a constant currency basis.

在不包括新冠疫情報告的基礎上，我們預計國際醫療保健解決方案部門的營業收入將下降 1% 至 5%，或按固定匯率計算營業收入增長 7% 至 11%。

As you turn to your models, there are a few items impacting the international segment from fiscal 2022 to fiscal 2023. First, we completed the sale of Profarma Specialty in June which represented 2% of segment operating income in fiscal 2022. Second, the historically strong dollar created pressure in the segment during fiscal 2022, largely in the second half of the fiscal year. While FX pressure impacts the translation of income for our business, there are some elements of our business that mitigate FX risks, including that we operate and source in the local countries where we generate sales. While we expect an FX headwind in 2023 over 2022 using rates as of late October, the impact is fully reflected in our 2023 guidance and would largely be front-half weighted as the dollar did not significantly strengthen until the back half of fiscal 2022.

當您轉向您的模型時，從 2022 財年到 2023 財年，有一些項目會影響國際部門。首先，我們在 6 月完成了 Profarma Specialty 的出售，佔 2022 財年部門營業收入的 2%。其次，從歷史上看在 2022 財年，主要是在本財年的下半年，強勢美元給該部門帶來了壓力。雖然外匯壓力會影響我們業務的收入轉換，但我們業務的一些要素可以降低外匯風險，包括我們在我們產生銷售的當地國家運營和採購。儘管使用截至 10 月底的匯率，我們預計 2023 年的外匯逆風將超過 2022 年，但這種影響完全反映在我們的 2023 年指引中，並且主要是前半部分的加權，因為美元直到 2022 財年後半段才顯著走強。

Third, as we said in the September announcement of our intent to acquire PharmaLex we anticipate closing the acquisition by March and expect the business to contribute approximately $0.15 in the last 7 months of our fiscal year. Our teams are making good progress and are on track to close the acquisition on schedule. The acquisition is accretive and adds to our higher-margin, higher-growth pharma manufacturer services platform for long-term value creation.

第三，正如我們在 9 月份宣布有意收購 PharmaLex 時所說，我們預計將在 3 月份完成收購，並預計該業務將在本財年的最後 7 個月貢獻約 0.15 美元。我們的團隊正在取得良好進展，並有望按時完成收購。此次收購具有增值作用，並增加了我們更高利潤、更高增長的製藥製造商服務平台，以實現長期價值創造。

Despite FX and inflationary pressures, our International Healthcare Solutions segment has delivered solid operational performance in the businesses and the segment, our core component of our strategic vision. With our distribution, scale and portfolio of manufactured services, we're uniquely positioned to support pharmaceutical innovation and access across our footprint.

儘管存在外彙和通脹壓力，但我們的國際醫療保健解決方案部門在業務和部門中取得了穩健的運營業績，這是我們戰略願景的核心組成部分。憑藉我們的分銷、規模和製造服務組合，我們具有獨特的優勢，可以支持我們整個足蹟的藥物創新和訪問。

Moving on to tax rate and share count. We expect our tax rate to be approximately 20% to 21% for fiscal 2023. We expect that our share count will be approximately 207 million to 209 million shares as we will continue to opportunistically repurchase shares in fiscal 2023. Given these expectations, we are guiding for adjusted diluted EPS to be in the range of $11.30 to $11.60 on an as-reported basis, reflecting year-over-year growth of 2% to 5% or 4% to 7% on a constant currency basis. Excluding both the COVID-19 contribution of $0.72 in fiscal '22 and the expectation for approximately $0.30 to $0.35 of contribution in fiscal 2023, EPS growth would be in the 7% to 9% range or 9% to 11% on a constant currency basis.

繼續討論稅率和股票數量。我們預計 2023 財年的稅率約為 20% 至 21%。我們預計我們的股票數量將約為 2.07 億至 2.09 億股，因為我們將在 2023 財年繼續機會性地回購股票。鑑於這些預期，我們將調整後的稀釋後每股收益在報告基礎上的指導範圍為 11.30 美元至 11.60 美元，反映按固定匯率計算的同比增長 2% 至 5% 或 4% 至 7%。不包括 22 財年 COVID-19 貢獻 0.72 美元和 2023 財年貢獻約 0.30 美元至 0.35 美元的預期，每股收益增長將在 7% 至 9% 範圍內，或按固定匯率計算為 9% 至 11% .

There are still many variables that make it difficult to predict the timing and realization of COVID treatment contribution. While this is our current estimate of COVID treatment contribution, we will continue to review trends over the coming months and make adjustments to our expectations as necessary.

仍有許多變數使得難以預測 COVID 治療貢獻的時間和實現。雖然這是我們目前對 COVID 治療貢獻的估計，但我們將繼續審查未來幾個月的趨勢，並根據需要調整我們的預期。

Turning now to capital expenditures and cash flow expectations. CapEx is expected to be approximately $500 million as we continue to invest to advance our business and support future growth opportunities. For adjusted free cash flow, we expect adjusted free cash flow to be approximately $2 billion. Since the opioid settlement agreement has been agreed to and annual payments are now predictable, the cash payments associated with the settlement are now included in our adjusted free cash flow guidance, which is the driver of lower adjusted free cash flow guidance in fiscal 2023 relative to fiscal 2022.

現在轉向資本支出和現金流預期。隨著我們繼續投資以推進我們的業務並支持未來的增長機會，資本支出預計約為 5 億美元。對於調整後的自由現金流，我們預計調整後的自由現金流約為 20 億美元。由於已就阿片類藥物和解協議達成一致，並且現在可以預測年度付款，因此與和解相關的現金支付現在包含在我們調整後的自由現金流指導中，這是 2023 財年調整後自由現金流指導相對於2022財年。

As a reminder, in fiscal 2022, we made 2 payments related to the settlement both at 2021 and the 2022 payments that totaled approximately $775 million.

提醒一下，在 2022 財年，我們在 2021 年和 2022 年支付了 2 筆與和解相關的款項，總額約為 7.75 億美元。

Before I make my closing remarks, while we do not provide guidance on a quarterly basis, I would like to provide some color on our quarterly cadence as you turn to your models. First, the dollar did not substantially strengthen until the second half of our fiscal year 2022. As a result, in fiscal 2023, we expect to see a more significant FX related headwind in the first half. Second, in fiscal 2022, inflationary pressures in the business were largely in the last 7 to 8 months of the year, resulting in a tougher comparison for the first quarter of fiscal 2023 as we continue to carry those higher costs sequentially.

在我發表結束語之前，雖然我們不按季度提供指導，但當您轉向您的模型時，我想為我們的季度節奏提供一些顏色。首先，美元直到 2022 財年下半年才大幅走強。因此，在 2023 財年，我們預計上半年會出現更大的與外匯相關的逆風。其次，在 2022 財年，企業的通脹壓力主要集中在今年最後 7 到 8 個月，導致 2023 財年第一季度的比較更加艱難，因為我們繼續連續承擔這些較高的成本。

While we feel very good about our growth rates in our full year fiscal 2023 guidance, these 2 factors create a tougher comparison in the first half of our fiscal year, particularly in the first quarter.

雖然我們在 2023 財年全年指引中對我們的增長率感到非常滿意，但這兩個因素在我們的財年上半年，特別是在第一季度，造成了更嚴格的比較。

To conclude, fiscal 2022 was a successful year for AmerisourceBergen, as our purpose-driven team members delivered exceptional execution and performance. We entered fiscal 2023 with strong momentum, and our increasingly united teams are creating differentiated value for our customers, partners and the patients they serve. We are well positioned to continue to drive value for our stakeholders by continuing to leverage our commercial strengths to create efficiency, investing in innovation to enhance our capabilities and deploying capital thoughtfully and strategically.

總而言之，2022 財年對 AmerisourceBergen 來說是成功的一年，因為我們以目標為導向的團隊成員提供了卓越的執行力和績效。我們以強勁的勢頭進入 2023 財年，我們日益團結的團隊正在為我們的客戶、合作夥伴和他們所服務的患者創造差異化價值。通過繼續利用我們的商業優勢來創造效率、投資於創新以增強我們的能力以及深思熟慮和戰略性地部署資本，我們已做好準備，繼續為我們的利益相關者創造價值。

With that, I'll now turn the call over to the operator to open the line for questions. Operator?

有了這個，我現在將把電話轉給接線員來打開問題線。操作員？

(Operator Instructions) We have our first question, comes from Lisa Gill from JPM.

（操作員說明）我們的第一個問題來自 JPM 的 Lisa Gill。

Great. And thanks for all the comments and color today. Steve, I want to start with a bigger strategy question, and that's really around specialty. One, we hear about a number of different JVs and relationships in the marketplace. I'm just curious as to how you're Board feeling in the current market, one, from a competitive landscape perspective. And then two, biosimilars is an area that we've really been focused on. You did highlight that in your commentary as an opportunity. So maybe if you could talk about those 2 things. And then secondly, if I could ask, Jim, can you just talk about upper and lower end of the COVID range? What's in there?

偉大的。並感謝今天所有的評論和顏色。史蒂夫，我想從一個更大的戰略問題開始，這實際上是關於專業的。第一，我們聽說市場上有許多不同的合資企業和關係。從競爭格局的角度來看，我只是好奇你在當前市場上的董事會感覺如何。其次，生物仿製藥是我們真正關注的領域。您確實在評論中強調了這一點，這是一個機會。所以也許你能談談這兩件事。其次，如果我可以問一下，吉姆，你能談談 COVID 範圍的上限和下限嗎？裡面有什麼？

Okay. Lisa, good to hear from you, and thank you for the question. Yes, I could not be more proud to speak about our specialty distribution and services business. We started the business, as you know, almost 30 years ago. And it's interesting because ION oncology supply, of course, were the formative businesses and we've added a lot of capabilities, of course, on the distribution side with companies like Besse and then most importantly, Lash and Xcenda got us into the services area. And we now with the ICS and World Courier and PharmaLex, we continue to build out our portfolio in ways that are very thoughtful to both our up and downstream customers.

好的。麗莎，很高興收到你的來信，謝謝你的問題。是的，我非常自豪地談論我們的專業分銷和服務業務。如您所知，我們在大約 30 年前開始了這項業務。這很有趣，因為 ION 腫瘤供應當然是形成性的業務，我們增加了很多能力，當然，在 Besse 等公司的分銷方面，最重要的是，Lash 和 Xcenda 讓我們進入了服務領域.現在，我們與 ICS、World Courier 和 PharmaLex 合作，繼續以對我們的上游和下游客戶都非常周到的方式來構建我們的產品組合。

But on the legacy specialty business, let me just say, we've always adapted the business for the needs of both large and small customers. If you look at the market shares we have considering that a good portion of the market in community oncology in the U.S. which is where our biggest business is, is not available to us. The market shares we have are pretty impressive, and we've maintained them those relationships for a long time. And we do that with exceptional service, pricing and strong relationships on the ground. Then you look at the development of services like ION and the clinical pathways and the information and data that manufacturers require, and that help our practices better perform in this current environment and the ongoing needs to enhance that and then refine that and increase it, including areas that AmerisourceBergen hasn't until recently been active in like ESG, like clinical trial -- diversity in clinical trials, like more and more longitudinal information, and we really have a tremendous presence.

但在傳統的專業業務上，我只想說，我們一直在調整業務以滿足大客戶和小客戶的需求。如果您查看市場份額，我們會考慮到我們最大的業務所在的美國社區腫瘤學市場的很大一部分對我們來說是不可用的。我們擁有的市場份額令人印象深刻，我們長期以來一直與他們保持這些關係。我們通過卓越的服務、定價和牢固的實地關係來做到這一點。然後，您會查看 ION 和臨床路徑等服務的開發，以及製造商需要的信息和數據，這有助於我們的實踐在當前環境中更好地執行，以及持續需要增強、改進和增加它，包括AmerisourceBergen 直到最近才活躍的領域，如 ESG，如臨床試驗——臨床試驗的多樣性，如越來越多的縱向信息，我們確實擁有巨大的影響力。

One of the drivers right now in oncology business is the aggregators, and AmerisourceBergen is proud to be partnering with the 3 largest aggregators. So we work, of course, with the small customers, but we are able to be the lead distributor for those 3 aggregator companies, which are highly active, and we anticipate that they will continue to grow as the market evolves.

目前腫瘤業務的驅動力之一是聚合商，AmerisourceBergen 很自豪能與三大聚合商合作。因此，當然，我們與小客戶合作，但我們能夠成為這 3 家高度活躍的聚合公司的主要分銷商，我們預計它們將隨著市場的發展而繼續增長。

We've also developed a good practice for institutional accounts that want to get more in this market. But I could talk about this a lot. I feel I also need to talk about our investment in services, which really helps expand on the presence that we have in the market. It helps compound our theme of international growth and differentiation. It helps enhance our outcomes and the outcomes for our pharma companies.

我們還為希望在這個市場獲得更多收益的機構賬戶制定了良好的做法。但我可以談論很多。我覺得我還需要談談我們在服務方面的投資，這確實有助於擴大我們在市場上的影響力。它有助於復合我們的國際增長和差異化主題。它有助於提高我們的成果以及我們製藥公司的成果。

And you asked about biosimilars. We are going to be working hard on both Europe and the U.S. to help our customers access them to access them profitably, to access them on behalf of their patients. I think we've already demonstrated tremendous success. And our sweet spot is, again, like it was with the generics 2 to 4 players, we do best, and once it gets too much beyond that, it's -- the reimbursement declines a lot for our customers. And we really are evaluating the shifts and what makes clinical and economic sense for our customers. But it's been a tremendous -- it creates a lot of headroom for our suppliers and for actual drug spending, which we believe is the most efficient form of healthcare. And I could talk a lot about this, but I know you have a question for Jim, and thank you for asking me to talk about our business.

你問到了生物仿製藥。我們將在歐洲和美國努力工作，以幫助我們的客戶訪問他們以獲取利潤，代表他們的患者訪問他們。我認為我們已經展示了巨大的成功。而且，我們的最佳點是，就像仿製藥 2 到 4 名球員一樣，我們做得最好，一旦超出這個範圍，我們的客戶的報銷金額就會下降很多。我們真的正在評估這些變化以及對我們的客戶有臨床和經濟意義的因素。但這是一個巨大的——它為我們的供應商和實際藥物支出創造了很大的空間，我們認為這是最有效的醫療保健形式。我可以就此談很多，但我知道你有一個問題要問吉姆，感謝你邀請我談談我們的業務。

Last thing I'd say before I hand over to Jim, just this week, we celebrated the opening of a new hub for our specialty services on the West Coast, and it looks terrific. I can't wait to get there in the next year or so. But it just shows you the growth of the actual distribution of specialty products including biosimilars and looking at emerging areas like cell and gene therapies is so important for our manufactures and our provider customers that we've now opened a third largest regional center. So Jim?

在交給 Jim 之前，我要說的最後一件事是，就在本週，我們慶祝了一個新的西海岸專業服務中心的開業，它看起來棒極了。我迫不及待地想在明年左右到達那裡。但這只是向您展示了包括生物仿製藥在內的專業產品的實際分銷的增長，並且著眼於細胞和基因療法等新興領域對我們的製造商和我們的供應商客戶非常重要，我們現在已經開設了第三大區域中心。那麼吉姆?

Sure. Lisa, you had asked about COVID therapies and our contribution from COVID therapies. In fiscal year '23, as we indicated, we're expecting $0.30 to $0.35 with approximately $0.30 being in the U.S. and a few cents international. And that's down, of course, from the contribution in fiscal year '22, which was $0.72. And we said we were a little bit ahead of expectations in the fourth quarter. We had a contribution from COVID therapies of $0.17. And so this is something that is hard to predict, and so we'll be very transparent, and we will indicate what our COVID therapy contribution in each quarter, as people will see in their earnings presentation that we posted this morning, this is why we provided guidance both including and excluding COVID therapies.

當然。麗莎，您詢問了 COVID 療法以及我們對 COVID 療法的貢獻。正如我們所指出的，在 23 財年，我們預計 0.30 美元到 0.35 美元，其中大約 0.30 美元在美國和幾美分國際。當然，這比 22 財年 0.72 美元的捐款有所下降。我們說我們在第四季度有點超出預期。我們從 COVID 療法中獲得了 0.17 美元的捐款。所以這是難以預測的事情，所以我們會非常透明，我們將說明我們在每個季度對 COVID 治療的貢獻，正如人們將在我們今天早上發布的收益報告中看到的那樣，這就是為什麼我們提供了包括和不包括 COVID 療法在內的指導。

And I will note that in the month of October, it was a little bit lighter than we expected. But we are providing the guidance for the year of this $0.30 to $0.35, and we will be transparent and update on it every quarter. And I'll just finish by saying, of course, we're very proud of the role that we served as the distributor of a number of these COVID therapies, Lisa.

我會注意到，在 10 月份，它比我們預期的要輕一些。但我們提供的是 0.30 美元到 0.35 美元的年度指導，我們將保持透明並每季度更新一次。最後，我要說的是，當然，我們為我們作為這些 COVID 療法的分銷商所扮演的角色感到非常自豪，麗莎。

We have our next question comes from Michael Cherny from Bank of America.

我們的下一個問題來自美國銀行的 Michael Cherny。

Maybe if we could drill down a little bit more on the U.S. health care business and especially the segment EBIT, as you think about the puts and takes heading into next year, script growth, pricing, other areas of the business thinking like MWI, how do you think about the variability within that guidance, call it, the 5% to 7% ex-COVID range? And what are the areas, if we can, that you think are most point in the right direction versus areas that potentially have some level of overhang or slower growth versus what you would typically expect to see?

也許如果我們可以深入了解美國醫療保健業務，尤其是息稅前利潤，當您考慮明年的看跌期權和收益時，腳本增長，定價，其他業務領域，如 MWI，如何您是否考慮過該指南中的可變性，稱之為 5% 至 7% 的 COVID 前範圍？如果可以的話，您認為哪些領域最有可能指向正確的方向，而哪些領域可能存在一定程度的懸垂或增長放緩，而不是您通常期望看到的領域？

Yes, I'll start the comment there. And as you commented on, our guidance for adjusted operating income growth in the U.S. segment ex-COVID is 5% to 7%, and of course, that's driven by continued strong operational performance really across multiple businesses. We continue to really execute very well and have -- and a particularly strong growth in our specialty business. And of course, we would continue to expect to see strong growth there. As I commented before, one of the other moving pieces in the business is COVID therapies. But of course, if we kind of focus on the ex-COVID.

是的，我會從那裡開始評論。正如您所評論的那樣，我們對美國除 COVID 之前的調整後營業收入增長的指導為 5% 至 7%，當然，這是由多個業務持續強勁的運營業績推動的。我們繼續真正執行得非常好，並且在我們的專業業務中實現了特別強勁的增長。當然，我們將繼續期待那裡的強勁增長。正如我之前評論的那樣，該業務中的其他移動部分之一是 COVID 療法。但是，當然，如果我們專注於前 COVID。

I just think, Michael, we're seeing strong utilization trends, and so we haven't seen any surprises there as we would expect utilization trends are strong. And then just really good performance across just multiple businesses that drove the growth rates in '22 that we would expect to see to continue in '23.

我只是認為，邁克爾，我們看到了強勁的利用率趨勢，因此我們沒有看到任何驚喜，因為我們預計利用率趨勢很強勁。然後，僅在多個業務中表現非常出色，推動了 22 年的增長率，我們預計將在 23 年繼續看到這種增長率。

We have our next question comes from George Hill from Deutsche Bank.

我們的下一個問題來自德意志銀行的 George Hill。

Yes. I'll try to sneak 2 in. Jim, just to make sure I heard you correctly, on PharmaLex, as we think about '23, you guys are calling for AOI up, call it, 7% ex the noise. So with the inclusion of PharmaLex, is the core actually up kind of 11x to 15x PharmaLex? Or should we be thinking up 11x to 15x inclusive of PharmaLex, it's a back-end weighted number? I just -- I kind of didn't hear the math clearly on that.

是的。我會嘗試偷偷溜進來 2。Jim，只是為了確保我在 PharmaLex 上聽錯了，當我們想到 23 年時，你們正在呼籲 AOI，打電話吧，7% 的噪音除外。那麼，隨著 PharmaLex 的加入，核心實際上是 11 倍到 15 倍的 PharmaLex 嗎？還是我們應該考慮將 PharmaLex 包括在內的 11 倍到 15 倍，這是一個後端加權數字？我只是 - 我有點沒有清楚地聽到數學。

Yes. And so what I would draw people to take a look at is Page 10 of the earnings presentation that we posted to our website earlier today, which shows the growth rates of our International Health Care Solutions segment. And it really kind of report that we show it on an as-reported basis, a constant currency basis, as reported, excluding COVID constant currency, excluding COVID, then we also show what the impact of the acquisition is.

是的。因此，我想吸引人們看的是我們今天早些時候發佈到我們網站上的收益報告的第 10 頁，它顯示了我們國際醫療保健解決方案部門的增長率。它確實是一種報告，我們在報告的基礎上顯示它，按報告的固定貨幣基礎顯示它，不包括 COVID 固定貨幣，不包括 COVID，然後我們還展示了收購的影響是什麼。

And for PharmaLex, we're expecting a March 1 close. We are expecting it to contribute $0.15 to fiscal year '23. And what I'd say is if you look at international healthcare solutions segment, our growth rate, constant currency, excluding COVID, is 7% to 11%. And if we were to back out the impact of the acquisition, that would take about 4 percentage points off the -- both the bottom end and the top end of that range, which I think answers your question.

對於 PharmaLex，我們預計 3 月 1 日收盤。我們預計它將為 23 財年貢獻 0.15 美元。我想說的是，如果你看看國際醫療保健解決方案領域，我們的增長率（不包括 COVID 的固定貨幣）是 7% 到 11%。如果我們要取消收購的影響，那將在該範圍的最低端和最高端降低大約 4 個百分點，我認為這可以回答你的問題。

We have our next question comes from Charles Rhyee from Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Charles Rhyee。

Yes. And maybe just to look at the guidance again here. You're obviously guiding to very strong growth if we look at excluding COVID on a constant currency basis. Back at your Investor Day, you talked about sort of a long-term guide of about 5%; adjusted operating income growth, 5% to 7%. It looks like here, though, you're kind of guiding better than what you were kind of indicating on a long-term basis. Anything coming up in this year that you would kind of call out to say maybe is sort of a near-term benefit that you might not see going on sort of indefinitely? Or is there an opportunity to -- where sort of the long-term adjusted operating income growth could be better than what you were kind of indicating back to -- at the Analyst Day?

是的。也許只是在這裡再次查看指南。如果我們在不變的貨幣基礎上考慮排除 COVID，那麼您顯然正在引導非常強勁的增長。回到你的投資者日，你談到了大約 5% 的長期指導；調整後營業收入增長5%至7%。不過，看起來在這裡，您的指導比您在長期基礎上所表明的要好。今年出現的任何事情，你可能會大聲說出來，這可能是一種短期的好處，你可能不會無限期地看到這種好處？或者有沒有機會——在分析師日，長期調整後的營業收入增長可能比你所暗示的要好？

Yes. I would say that this is in line with the guidance that we provided with at Investor Day, where we talked about 5% operating income growth and 8% EPS growth in fiscal year '23. And then we talked about 5% to 8% operating income growth over the long term and then an additional 3% to 4% from capital deployment.

是的。我想說這符合我們在投資者日提供的指導，我們談到了 23 財年 5% 的營業收入增長和 8% 的每股收益增長。然後我們談到長期運營收入增長 5% 到 8%，然後資本部署額外增加 3% 到 4%。

And I think, feel like these results and guidance that we're talking about today are very much in line with what we indicated back on Investor Day, and it's really kind of driven by our leading presence in distribution, both in the U.S. and internationally and then our ability to supplement that with higher margin, higher growth businesses that are able to contribute to our operating income growth and then deliver the capital deployment, both through acquisitions like the PharmaLex acquisition in fiscal year '23 and share repurchases, as we've demonstrated over the last 6 months with about $500 million of share repurchases.

而且我認為，感覺我們今天談論的這些結果和指導與我們在投資者日表示的非常一致，這實際上是由我們在美國和國際分銷領域的領先地位推動的然後我們有能力通過更高利潤率、更高增長的業務來補充這一點，這些業務能夠為我們的營業收入增長做出貢獻，然後通過收購（如 23 財年的 PharmaLex 收購和股票回購）進行資本部署，因為我們在過去 6 個月中，我們進行了約 5 億美元的股票回購。

Yes, just one comment, Jim, too. I would say we end the fiscal year with a lot of momentum, and it highlights the resiliency and just core demand for our services. We really -- we should never -- appreciate this tremendous industry we're in.

是的，吉姆，也只有一條評論。我想說，我們在本財年結束時勢頭強勁，它突出了我們服務的彈性和核心需求。我們真的——我們永遠不應該——欣賞我們所處的這個巨大的行業。

We have our next question comes from Eric Percher from Nephron Research.

我們的下一個問題來自 Nephron Research 的 Eric Percher。

Question on free cash flow trajectory. In the last 5 years, we're not seeing our profit growth and free cash flow. I know there's some obvious factors around investment and the opioid settlement. But I'd welcome your view on underlying growth in fiscal year '23 and the opportunity to see free cash flow expansion post settlement?

關於自由現金流軌蹟的問題。在過去的 5 年裡，我們沒有看到我們的利潤增長和自由現金流。我知道投資和阿片類藥物結算有一些明顯的因素。但我歡迎您對 23 財年潛在增長的看法以及在結算後看到自由現金流擴張的機會？

Yes. And so first of all, I'd say we were really pleased with our free cash flow in fiscal year '22. Our adjusted free cash flow of $3 billion in fiscal year '22. And as I look forward, Eric, I'd just kind of see the free cash flow metrics kind of being about the same as they have been. And of course, they've been very favorable, and we've had great performance on free cash flow. But I don't really kind of see anything that would kind of change those metrics.

是的。首先，我想說我們對 22 財年的自由現金流感到非常滿意。我們在 22 財年調整後的自由現金流為 30 億美元。埃里克，正如我期待的那樣，我只是看到自由現金流量指標與以往大致相同。當然，他們一直非常有利，我們在自由現金流方面表現出色。但我真的沒有看到任何會改變這些指標的東西。

Of course, as I commented in the prepared remarks in fiscal year '23, now that the settlement is known, we will be subtracting the settlement out of free cash flow, not adding it back. But in terms of the metrics, I view kind of our working capital is one of the very positive things about our business and kind of seeing those free cash metrics being kind of consistent.

當然，正如我在 23 財年準備好的評論中評論的那樣，既然已經知道了和解，我們將從自由現金流中減去和解，而不是加回來。但就指標而言，我認為我們的營運資金是對我們業務非常積極的事情之一，並且看到這些自由現金指標是一致的。

We have our next question comes from Eric Coldwell from Baird.

我們的下一個問題來自 Baird 的 Eric Coldwell。

That last Q&A kind of covered my FX follow-up -- or sorry, free cash follow-up. But I did have a separate question on MWI. I'm just curious. What are you thinking about the performance of that business currently in the outlook? My thought process is the companion side is perhaps on the back half of the COVID pet boom. And then at least historically in periods of weaker economies and global challenges, maybe production animal support goes down a bit, less animal consumption, et cetera. So just hoping we could get an update on MWI and your outlook for next year.

最後的問答涵蓋了我的外匯跟進——或者對不起，免費現金跟進。但我確實有一個關於 MWI 的單獨問題。我只是好奇。您如何看待該業務目前在前景中的表現？我的思考過程是伴侶方面可能處於 COVID 寵物熱潮的後半部分。然後至少從歷史上看，在經濟疲軟和全球挑戰時期，生產動物的支持可能會下降一點，動物消費減少等等。因此，希望我們能獲得有關 MWI 的最新信息以及您對明年的展望。

Yes. And so it has been a lower growth year for MWI and the animal health market in '22. I think for the year at MWI, it's about 3% growth and a little bit higher than that in companion animal and a little bit lower than that but still growth in the production animal market. And of course, it's comping over some very strong years in the animal health market, where there are a lot of pet adoptions during COVID, and that really drove the market for a period of time.

是的。因此，22 年 MWI 和動物保健市場的增長率較低。我認為在 MWI 的這一年中，它的增長率約為 3%，略高於伴侶動物，略低於此，但生產動物市場仍在增長。當然，它在動物保健市場上經歷了一些非常強勁的年份，在 COVID 期間有很多寵物收養，這確實推動了市場一段時間。

And then I think what's been happening this year is there have been some staffing issues. Of course, as the labor market has been tight, there's been staffing issues in veterinary clinics. So it's a little bit harder to get an appointment. And so that's impacted the market, but it's a very strong market and a very strong business for the long term. And in both good economies and bad economies, that market has performed well. And I think we would continue to see that over the long term.

然後我認為今年發生的事情是出現了一些人員問題。當然，由於勞動力市場一直吃緊，獸醫診所也出現了人員配備問題。所以預約的難度有點大。所以這影響了市場，但從長遠來看，這是一個非常強大的市場和非常強大的業務。在經濟狀況良好和經濟狀況不佳的情況下，該市場都表現良好。我認為從長遠來看，我們將繼續看到這一點。

We have our next question comes from Kevin Caliendo from UBS.

我們的下一個問題來自瑞銀的 Kevin Caliendo。

I had 2 international questions tied into one. Is -- do you expect there to be any future recurrence of the Turkish FX remeasurement expense on inventory? And also, were there any excess fuel energy costs in the U.K.? Was that an incremental headwind to you -- a material headwind to you? Because it's certainly something that's popped up on our radar screens, it's being potentially a problem.

我將 2 個國際問題合二為一。是否-您預計土耳其外匯重新計量庫存費用將來會再次發生嗎？此外，英國是否有任何多餘的燃料能源成本？這對你來說是一個漸進的逆風——對你來說是一個實質性的逆風嗎？因為它肯定會出現在我們的雷達屏幕上，所以它可能是一個問題。

Yes. And so with regard to Turkey, there is a mechanism in that market so that -- each year, there is a price increase, which really protects us for many devaluation in the currency. And so we would expect that annual price increase to be recurring in future years, like it has been in past years. And so in fiscal year '22, the price increase really offset the currency devaluation, and our guidance assumes that the same thing happens in '23, although the level of price increase may be lower.

是的。因此，關於土耳其，該市場有一種機制，因此 - 每年都會出現價格上漲，這確實保護了我們免受貨幣貶值的影響。因此，我們預計未來幾年會再次出現年度價格上漲，就像過去幾年一樣。所以在 22 財年，價格上漲確實抵消了貨幣貶值，我們的指導假設在 23 年也會發生同樣的事情，儘管價格上漲的水平可能會更低。

And then with regard to fuel and the U.K., yes, I mean, we have had inflationary pressures, particularly in the second half of fiscal year '22 in the U.K., and we would expect those to continue in fiscal year '23, and it's fully reflected in our results and our guidance. And I would say that our team at Alliance is just very good at controlling costs. But we absolutely do have a headwind from inflation that's reflected in our guidance.

然後關於燃料和英國，是的，我的意思是，我們有通脹壓力，特別是在英國的 22 財年下半年，我們預計這些壓力將在 23 財年繼續存在，而且充分體現在我們的結果和我們的指導中。我想說的是，我們聯盟的團隊非常擅長控製成本。但我們絕對確實有來自通脹的逆風，這反映在我們的指導中。

We have our next question comes from Stephen Valiquette from Barclays.

我們的下一個問題來自巴克萊銀行的 Stephen Valiquette。

Great. So with the U.S. healthcare solutions segment operating growth, 5% to 7% ex-COVID, can you just remind us at a high level whether or not there's any notable call-out just on negative impact from customer contract renewal pricing being absorbed within that 5% to 7% growth assumption? If there is, obviously, it's positive, you still get there. But just curious if that was a factor not just -- either measured in basis points, et cetera, just within that.

偉大的。因此，隨著美國醫療保健解決方案部門的運營增長（不包括 COVID 增長 5% 至 7%），您能否在高水平上提醒我們，是否有任何顯著的呼籲只是因為客戶合同續訂定價的負面影響被吸收在其中5%到7%的增長假設？如果有，顯然，它是積極的，你仍然可以到達那裡。但只是好奇這是否不僅僅是一個因素——要么以基點衡量，等等，就在這個範圍內。

Yes. Yes. No, we have no call-outs there. And of course, we're very proud of our ability to be able to renew with customers, and very pleased with our success there. And what we're seeing really in the U.S. is just continued broad-based growth and performance across a number of businesses.

是的。是的。不，我們那裡沒有呼喚。當然，我們為能夠與客戶續訂的能力感到非常自豪，並對我們在那裡取得的成功感到非常高興。我們在美國真正看到的只是許多企業持續廣泛的增長和業績。

We have our next question comes from A.J. Rice from Credit Suisse.

我們的下一個問題來自 A.J.瑞士信貸大米。

Just want to ask about capital deployment, and 3 aspects to it really. By March '23, you're saying you'll be done with the need to pay down the debt that you committed to the rating agencies for the Alliance deal. Does that impact your priorities and where you think your capital deployment will go? You've also got the strong dollar, which I know is impacting on the translation side, but you've got 2 businesses doing very well, World Courier and Alliance. Any thought about using the strong dollar for other acquisitions internationally?

只想問一下資本配置，真的是3個方面。到 23 年 3 月，你說你將完成償還你為聯盟交易向評級機構承諾的債務的需要。這是否會影響您的優先事項以及您認為您的資本部署將走向何方？你們還有強勢美元，我知道這對翻譯方面產生了影響，但你們有兩家公司做得很好，World Courier 和 Alliance。有沒有想過將強勢美元用於其他國際收購？

And then, I guess, finally, just the Walgreens stake, does that affect your capital priorities in anyway? Do you need to hold reserve in case you have an opportunity to buy your shares back through -- in anything they do?

然後，我想，最後，只是沃爾格林的股份，這會影響你的資本優先事項嗎？您是否需要保留準備金以防萬一您有機會通過他們的任何方式買回您的股票？

Yes. So thank you very much for that question. Of course, our capital deployment priorities remain consistent and continuing to invest in the business, strategic M&A, opportunistic share repurchases and maintaining a reasonable growing dividend. And with regard to parts of the question that you asked, we obviously will continue to look at strategic acquisition opportunities. We feel really good about the PharmaLex acquisition and the opportunity that, that creates for us in the global biopharma market.

是的。所以非常感謝你提出這個問題。當然，我們的資本部署優先事項保持一致，並繼續投資於業務、戰略併購、機會性股票回購和保持合理增長的股息。關於你提出的部分問題，我們顯然會繼續關注戰略收購機會。我們對 PharmaLex 的收購以及為我們在全球生物製藥市場創造的機會感到非常高興。

And then with regard to the Walgreens question you asked, if Walgreens does decide to sell additional shares, of course, we'll view that as an opportunity to collaborate with them and be a repurchaser of some of the shares. And I think through our actions over the last 6 months, we've demonstrated our interest in opportunistically repurchasing shares. And this is all enabled by our very strong free cash flow. We really exceeded our guidance on adjusted free cash flow for fiscal year '23 and we're fully -- are fully meeting our commitments, of course, as you mentioned, to pay down the Alliance debt.

然後關於你問的沃爾格林問題，如果沃爾格林確實決定出售額外的股份，當然，我們會將其視為與他們合作並成為部分股份回購者的機會。我認為，通過過去 6 個月的行動，我們已經表現出對機會性回購股票的興趣。這一切都得益於我們非常強勁的自由現金流。我們確實超出了我們對 23 財年調整後自由現金流的指導，而且我們完全 - 完全履行了我們的承諾，當然，正如你所提到的，償還聯盟債務。

We have no more further questions. I will now hand the call over back to Steve for closing remarks.

我們沒有更多的問題了。我現在將把電話轉交給史蒂夫，以便結束髮言。

Thank you, everybody, for your participation today. I hope that Jim and Bennett and myself were very clear that we are tremendously proud of AmerisourceBergen's performance in fiscal year 2022. We enter fiscal year 2023 with tremendous confidence, which is only enhanced by the flexibility, our strong balance sheet affords us. AmerisourceBergen is making the right strategic, human and operational investments to continue to grow our franchise in ways that will enhance value for all of our stakeholders. Thank you for your time today.

謝謝大家今天的參與。我希望 Jim 和 Bennett 以及我自己都非常清楚，我們為 AmerisourceBergen 在 2022 財年的表現感到非常自豪。我們以極大的信心進入 2023 財年，只有通過我們強大的資產負債表為我們提供的靈活性才能增強這種信心。 AmerisourceBergen 正在進行正確的戰略、人力和運營投資，以繼續發展我們的特許經營權，從而提高我們所有利益相關者的價值。謝謝你今天的時間。

Thank you, everyone, for joining the call today. Have a lovely day. You may now disconnect your lines.

謝謝大家今天加入電話會議。祝你有個愉快的一天。您現在可以斷開線路。