美源伯根 (ABC) 2023 Q1 法說會逐字稿

Hello, everyone, and welcome to the AmerisourceBergen Q1 FY '23 Earnings Conference Call. My name is Bruno, and I will be operating your call today. (Operator Instructions).

大家好，歡迎來到 AmerisourceBergen Q1 FY '23 收益電話會議。我叫布魯諾，今天我將接聽您的電話。 （操作員說明）。

I will now hand over to your host, Mr. Bennett Murphy. Mr. Bennett. Please go ahead.

現在有請主持人 Bennett Murphy 先生髮言。貝內特先生。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 2023 first quarter results. I am Bennett Murphy, Senior Vice President, Head of Investor Relations and Treasury. Joining me today are Steven Collis, Chairman, President and CEO; and Jim Cleary, Executive Vice President and CFO.

謝謝。早上好，下午好，感謝大家參加本次電話會議，討論 AmerisourceBergen 的 2023 財年第一季度業績。我是 Bennett Murphy，高級副總裁兼投資者關係和財務主管。今天加入我的是董事長、總裁兼首席執行官 Steven Collis；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. Reconciliation of these measures to GAAP are provided in today's press release, which is available on our website at investor.amerisourcebergen.com. We've also 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 GAAP 的對賬，可在我們的網站 investor.amerisourcebergen.com 上查閱。我們還在我們的投資者網站上發布了幻燈片演示，以配合今天的新聞稿。

During the 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 rebroadcast without the expressed permission of the company. (Operator Instructions).

在電話會議期間，我們將在調整後的非 GAAP 基礎上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。有關主要風險和假設的討論，請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，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，不得轉播此電話。 （操作員說明）。

With that, I'll turn the call over to Steve.

有了這個，我會把電話轉給史蒂夫。

Thank you, Bennett. Good morning, and good afternoon to everyone on the call. Today, we will discuss AmerisourceBergen's fiscal 2023 first quarter results, our future under a new unified identity and our impact from our position at the center of global pharmaceutical innovation and access.

謝謝你，貝內特。大家早上好，下午好。今天，我們將討論 AmerisourceBergen 的 2023 財年第一季度業績、我們在新的統一身份下的未來以及我們在全球製藥創新和獲取中心的地位所產生的影響。

In the first quarter of fiscal 2023, we delivered solid financial results, with revenue of nearly $63 billion, representing 5% growth on a year-over-year basis along with adjusted EPS growth of 5%. These results reflect the resilience of our business as we focus on execution excellence, provided value-added solutions to our customers and benefited from our strong market position. We also acted on opportunities to utilize our strong balance sheet to employ our value-creating approach to capital allocation.

在 2023 財年第一季度，我們取得了穩健的財務業績，收入接近 630 億美元，同比增長 5%，調整後每股收益增長 5%。這些結果反映了我們業務的彈性，因為我們專注於卓越執行，為我們的客戶提供增值解決方案並受益於我們強大的市場地位。我們還抓住機會，利用我們強大的資產負債表，採用我們創造價值的方法進行資本配置。

Our business continues to have strong fundamentals as we maintain our focus on providing a differentiated value proposition to our customers and partners, up and down the health care value chain. Importantly, our performance underscores the strength of our pharmaceutical-centric strategy, as we leverage our expertise, capabilities and scale to drive our long-term sustainable growth.

我們的業務繼續擁有強大的基礎，因為我們繼續專注於為醫療保健價值鏈上下游的客戶和合作夥伴提供差異化的價值主張。重要的是，我們的業績凸顯了我們以製藥為中心的戰略的優勢，因為我們利用我們的專業知識、能力和規模來推動我們的長期可持續增長。

As we announced last week, our future includes operating under a new unified identity as Cencora. Our new name resonates with customers and team members across geographies, reflects who we are as a purpose-driven organization, and better represents our impact across pharmaceutical care. Cencora also aligns with our growth strategy and long-term vision of building on our leadership in pharmaceutical distribution and growing our high-margin, high-growth businesses.

正如我們上周宣布的那樣，我們的未來包括在新的統一標識下運營，即 Cencora。我們的新名稱引起了不同地區的客戶和團隊成員的共鳴，反映了我們作為一個以目標為導向的組織的形象，並更好地代表了我們在藥學服務領域的影響。 Cencora 還符合我們的增長戰略和長期願景，即建立我們在醫藥分銷領域的領導地位並發展我們的高利潤、高增長業務。

Importantly, while our name will be changing, our purpose and who we are as an organization remains the same. We remain united in our responsibility to create healthier futures as we focus on advancing our core business, enhancing our capabilities and growth and innovating to further drive our differentiation.

重要的是，雖然我們的名稱會發生變化，但我們的宗旨和我們作為一個組織的身份保持不變。當我們專注於推進我們的核心業務、增強我們的能力和增長以及創新以進一步推動我們的差異化時，我們仍然團結一致創造更健康的未來。

We continue to advance our core business by providing our market-leading customers with a leading distribution network. Throughout our history, we have invested in our infrastructure to ensure that critical medications reach their destinations efficiently, reliably and securely. We also seek to be next-minded in our investments. And we have further enhanced our specialty distribution infrastructure with a new state-of-the-art facility on the West Coast, which we celebrated opening during the quarter.

我們通過為市場領先的客戶提供領先的分銷網絡，繼續推進我們的核心業務。縱觀我們的歷史，我們投資於我們的基礎設施，以確保關鍵藥物高效、可靠和安全地到達目的地。我們還尋求在我們的投資中成為下一個頭腦。我們在西海岸新建了最先進的設施，進一步加強了我們的專業分銷基礎設施，我們在本季度慶祝了該設施的開業。

We are now even better positioned to support our customers and partners with the unique logistical needs and by facilitating patient access to their specialty medicines, we promote the continued rapid growth of specialty pharmaceuticals in the market now and in the pipeline for the future.

我們現在可以更好地支持我們的客戶和合作夥伴的獨特物流需求，並通過促進患者獲得他們的專科藥物，我們促進專科藥物在市場上的持續快速增長和未來的發展。

To strengthen our role as the partner of choice for global pharma and biotech companies, we continue to plan for the future of health care delivery and enhance our capabilities accordingly. This includes building on our legacy of leadership in specialty medicines to support our customers' growing needs across a broad range of categories. We have recently expanded our portfolio of specialty solutions with the acquisition of PharmaLex, a leading provider of pharmaceutical services ranging from clinical development consulting to market authorization. PharmaLex enhances our capabilities with additional regulatory affairs, development consulting and scientific affairs, pharmacovigilance and quality management and compliance services in both, the U.S. and internationally. With these enhancements, the acquisition not only advances our strategic imperative of expanding on our leadership in specialty but also on investing in innovation to further drive our differentiation.

為了加強我們作為全球製藥和生物技術公司首選合作夥伴的作用，我們繼續規劃醫療保健服務的未來，並相應地提高我們的能力。這包括鞏固我們在專業藥物領域的領導地位，以支持我們客戶在廣泛類別中不斷增長的需求。我們最近通過收購 PharmaLex 擴大了我們的專業解決方案組合，PharmaLex 是一家領先的製藥服務提供商，從臨床開發諮詢到市場授權。 PharmaLex 通過在美國和國際上提供額外的監管事務、開發諮詢和科學事務、藥物警戒和質量管理以及合規服務來增強我們的能力。通過這些增強，此次收購不僅推進了我們擴大我們在專業領域的領導地位的戰略要務，而且還推動了對創新的投資，以進一步推動我們的差異化。

With assets such as PharmaLex, our comprehensive portfolio of specialty distribution and commercialization solutions is uniquely positioned to serve pharma and biotechs across the product life cycle, lead specific logistical and market access needs and ultimately deliver the most innovative and promising treatments to the patients who need them.

憑藉 PharmaLex 等資產，我們全面的專業分銷和商業化解決方案組合具有獨特的優勢，可以在整個產品生命週期內為製藥和生物技術公司提供服務，引領特定的物流和市場准入需求，並最終為需要的患者提供最具創新性和最有前途的治療他們。

As we continue to support pharmaceutical innovation and access, we are focused on enhancing our differentiation by investing in our business to support our partners in bringing the latest scientific advancements to patients worldwide. In the area of cell and gene therapy, for example, we have many capabilities to serve our customers' current and future needs. This includes our technology-centric partnerships such as our integrated technology platform designed to accelerate patient access to prescribe cell and gene therapies and to deliver complete visibility throughout the treatment journey. This also includes investing in our global specialty logistics capabilities which range from facilitating decentralized clinical trials to providing white glove distribution of the most time- and temperature-sensitive therapies.

隨著我們繼續支持藥物創新和獲取，我們專注於通過投資我們的業務來增強我們的差異化，以支持我們的合作夥伴為全球患者帶來最新的科學進步。例如，在細胞和基因治療領域，我們有很多能力可以滿足客戶當前和未來的需求。這包括我們以技術為中心的合作夥伴關係，例如我們的集成技術平台，旨在加速患者獲得處方細胞和基因療法，並在整個治療過程中提供完整的可見性。這還包括投資於我們的全球專業物流能力，從促進分散的臨床試驗到提供對時間和溫度最敏感的療法的白手套配送。

With capabilities that ensure life-sustaining pharmaceuticals are consistently delivered on schedules at the right temperature. And through the most complex situation, we have gained the trust of pharma and biotechs worldwide to be their partner of choice. This trust is built individually partner by partner, and behind each success story is the unparalleled dedication and talent of our team members who now include the team from PharmaLex. Our people are the foundation that drives our business forward, and I'm humbled every day by the impact we make as we are guided by an unwavering pursuit of our purpose.

具有確保維持生命的藥物始終如一地在適當溫度下按時交付的能力。在最複雜的情況下，我們贏得了全球製藥和生物技術公司的信任，成為他們的首選合作夥伴。這種信任是逐個合作夥伴單獨建立的，每個成功故事的背後都是我們團隊成員無與倫比的奉獻精神和才華，現在包括來自 PharmaLex 的團隊。我們的員工是推動我們業務向前發展的基礎，我每天都為我們所產生的影響感到謙卑，因為我們堅定不移地追求我們的目標。

United in our responsibility to create healthier futures, we embrace our role as a responsible business. From a foundation of ethics, integrity and transparency, we are committed to advancing our environmental, social and governance initiatives to foster a positive impact on the planet and people while improving access and equity in health care.

我們肩負著創造更健康未來的責任，承擔起負責任企業的角色。我們以道德、誠信和透明為基礎，致力於推進我們的環境、社會和治理舉措，以對地球和人類產生積極影響，同時改善醫療保健的可及性和公平性。

Last week, we published our seventh annual environmental, social and governance report, which highlights the progress we made in fiscal 2022. I'm particularly proud of the progress we made to create a more diverse, equitable and inclusive culture. In fiscal 2022, we established a center for excellence that oversees governance of DEI, including our DEI Global Counsel and employee resource groups, establish channels through which teams across the organization can better partner, collaborate and consult, and improve the way we measure our progress using a data-driven approach. In a similar fashion, our supplier diversity program has made great progress investing in minority-owned enterprises.

上週，我們發布了第七份年度環境、社會和治理報告，重點介紹了我們在 2022 財年取得的進展。我為我們在創造更加多元化、公平和包容的文化方面取得的進展感到特別自豪。在 2022 財年，我們建立了一個卓越中心來監督 DEI 的治理，包括我們的 DEI 全球顧問和員工資源小組，建立渠道，使整個組織的團隊可以更好地合作、協作和諮詢，並改進我們衡量進展的方式使用數據驅動的方法。以類似的方式，我們的供應商多元化計劃在投資少數族裔企業方面取得了長足進步。

I'm impressed by the direct, indirect and community impacts of our $1.8 billion spend with small and diverse suppliers. Through our program, we have supported more than 11,000 jobs within our supply chain and in suppliers' communities.

我們對小型和多元化供應商的 18 億美元支出所產生的直接、間接和社區影響給我留下了深刻印象。通過我們的計劃，我們在供應鍊和供應商社區內支持了 11,000 多個工作崗位。

We remain committed to making a positive impact in our communities. In recent years, our business has been at the forefront of responding to global health care challenges, including the COVID-19 pandemic and the mpox public health emergency. From these experiences, we have strengthened our public and private relationships and further evolved our capabilities to increase our agility and resiliency. We are well positioned to solve for potential future challenges, in particular, those that disproportionately affect vulnerable populations due to our footprint, reach and strong relationships with governments, manufacturers, providers and community organizations.

我們仍然致力於對我們的社區產生積極影響。近年來，我們的業務一直處於應對全球醫療保健挑戰的最前沿，包括 COVID-19 大流行和 mpox 突發公共衛生事件。從這些經驗中，我們加強了我們的公共和私人關係，並進一步發展了我們的能力，以提高我們的敏捷性和彈性。由於我們的足跡、影響力以及與政府、製造商、供應商和社區組織的牢固關係，我們有能力解決未來潛在的挑戰，特別是那些對弱勢群體影響特別大的挑戰。

One significant global health issue that we are helping to address is antimicrobial resistance, which the World Health Organization, the U.S. government and the European Commission have each initiated action plans around. We recently led a call to action for health care distributors in partnership with GIRP, the umbrella organization for full-service health care distributors in Europe to explore public and private multi-sector collaborative efforts to drive a global response. ESG has become increasingly important to our stakeholders and to hold ourselves accountable to making progress in areas that further our business objectives and reinforce our ESG priorities. We are incorporating an ESG metric within our executive compensation program for fiscal 2023.

我們正在幫助解決的一個重要的全球健康問題是抗菌素耐藥性，世界衛生組織、美國政府和歐盟委員會都圍繞這一問題啟動了行動計劃。我們最近與 GIRP 合作，為醫療保健分銷商發出了行動呼籲，GIRP 是歐洲提供全方位服務的醫療保健分銷商的傘式組織，旨在探索公共和私營部門的多部門協作努力，以推動全球響應。 ESG 對我們的利益相關者來說變得越來越重要，並讓我們自己負責在推進我們的業務目標和加強我們的 ESG 優先事項的領域取得進展。我們正在將 ESG 指標納入 2023 財年的高管薪酬計劃。

Designed based on feedback we have collected, our ESG metrics includes 3 quantifiable components focused on business resiliency planning for climate-driven events, female representation in leadership roles globally and employee inclusion and engagement.

我們的 ESG 指標是根據我們收集的反饋設計的，包括 3 個可量化的組成部分，重點是氣候驅動事件的業務彈性規劃、全球領導角色中的女性代表以及員工的包容性和敬業度。

As we continue to think about what the future holds for public health, pharmaceutical innovation, care delivery and more, we are also constantly evaluating our leadership to ensure that we have the right team driving our future success. This includes the individuals guiding our organization from the top, and we are pleased to have welcomed Dr. Redonda Miller to our Board of Directors in January. The addition of Dr. Miller, who is President of Johns Hopkins Hospital, further illustrates our focus on adding key skill sets and diverse perspectives to help support our business strategy and delivering on our purpose.

在我們繼續思考公共衛生、藥物創新、醫療服務等方面的未來時，我們也在不斷評估我們的領導能力，以確保我們擁有合適的團隊來推動我們未來的成功。這包括從高層指導我們組織的個人，我們很高興地歡迎 Redonda Miller 博士在 1 月份加入我們的董事會。約翰霍普金斯醫院院長米勒博士的加入進一步說明了我們專注於增加關鍵技能組合和多元化觀點，以幫助支持我們的業務戰略和實現我們的目標。

We also want to offer our sincere thanks and appreciation to Dr. Jane Haney and Mike Long for their meritorious service. Their advice, wisdom and counsel have helped shape the AmerisourceBergen of today.

我們還要對 Jane Haney 博士和 Mike Long 博士的卓越服務表示衷心的感謝和讚賞。他們的建議、智慧和忠告幫助塑造了今天的 AmerisourceBergen。

Looking forward to the rest of the year and beyond, we are powered by the resilience of our business and remain confident that our pharmaceutical-centric strategy will deliver long-term sustainable growth by enabling us to capture exciting opportunities in pharmaceutical innovation. We have a strong foundation in place, and our high margin, high-growth services reinforce the differentiated value we provide to our partners and customers, which in turn strengthens our relationships and bolsters our position at the center of global pharmaceutical innovation and access.

展望今年餘下時間及以後，我們將以業務的彈性為動力，並堅信我們以製藥為中心的戰略將使我們能夠抓住製藥創新領域的激動人心的機遇，從而實現長期可持續增長。我們擁有堅實的基礎，我們的高利潤、高增長服務強化了我們為合作夥伴和客戶提供的差異化價值，這反過來又加強了我們的關係，鞏固了我們在全球醫藥創新和准入中心的地位。

As we continue to advance our foundation, enhance our capabilities and invest in innovation to further drive our differentiation, we remain purpose-driven and well-positioned to create significant shareholder value.

隨著我們繼續推進我們的基礎，增強我們的能力並投資於創新以進一步推動我們的差異化，我們仍然以目標為導向並處於有利地位，以創造重要的股東價值。

Now I will turn the call over to Jim for a more in-depth review of our first quarter results and our updated guidance. Jim?

現在，我將把電話轉給吉姆，以更深入地審查我們的第一季度業績和更新後的指導意見。吉姆？

Thanks, Steve. Good morning and good afternoon, everyone. Before I turn to our results, I want to join Steve in expressing my excitement on our recent announcement that we intend to change our name to Cencora in the second half of calendar 2023. By becoming Cencora, we will be able to better connect with our team members, customers and other stakeholders on a unified basis across our footprint. And Cencora will better represent our role and impact as a leading health care solutions organization supporting pharmaceutical innovation and access.

謝謝，史蒂夫。大家早上好，下午好。在我談到我們的結果之前，我想和史蒂夫一起表達我對我們最近宣布我們打算在 2023 年下半年更名為 Cencora 的興奮。通過成為 Cencora，我們將能夠更好地與我們聯繫團隊成員、客戶和其他利益相關者在我們足蹟的統一基礎上。 Cencora 將更好地代表我們作為支持藥物創新和獲取的領先醫療保健解決方案組織的角色和影響。

Now turning to our first quarter results, and as a reminder, my remarks today will focus on our adjusted non-GAAP financial results unless otherwise stated. AmerisourceBergen delivered solid results in our first quarter that were mostly in line with our expectations. We finished the quarter with adjusted diluted EPS of $2.71, an increase of 5% over the prior year quarter. Adjusted EPS benefited from a lower share count as a result of our recent opportunistic share repurchases, and strong fundamentals in our business helped offset previously anticipated elevated expenses in the quarter.

現在轉向我們的第一季度業績，提醒一下，除非另有說明，否則我今天的發言將集中在我們調整後的非 GAAP 財務業績上。 AmerisourceBergen 在第一季度取得了穩健的業績，基本符合我們的預期。本季度結束時，調整後的攤薄每股收益為 2.71 美元，比去年同期增長 5%。調整後的每股收益受益於我們最近的機會性股票回購導致的股票數量減少，而我們業務的強勁基本面幫助抵消了先前預期的本季度增加的費用。

Our consolidated revenue was $62.8 billion, up 5%, driven by growth in our U.S. Healthcare Solutions segment, which was offset by foreign currency pressure on the translation of our sales in the International Healthcare Solutions segment. While the U.S. dollar weakened from the historically strong levels seen in the fourth quarter of fiscal 2022, the year-over-year comparison still created a headwind as expected, which I will discuss in more detail when reviewing segment level results.

我們的綜合收入為 628 億美元，增長 5%，這得益於我們美國醫療保健解決方案部門的增長，這被我們在國際醫療保健解決方案部門的銷售換算帶來的外匯壓力所抵消。儘管美元從 2022 財年第四季度的歷史強勢水平走弱，但與去年同期相比仍像預期的那樣產生了不利因素，我將在審查部門層面的結果時更詳細地討論這一點。

Consolidated gross profit was $2.1 billion, up 5% due to growth in the U.S. Healthcare Solutions segment. While each segment had better gross profit margins relative to the prior year quarter, consolidated gross profit margin was flat year-over-year as the foreign exchange impact on the higher-margin International Healthcare Solutions segment was a drag on margin growth at the consolidated level.

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%。雖然每個部門的毛利率都比去年同期高，但綜合毛利率同比持平，因為外匯對利潤率較高的國際醫療保健解決方案部門的影響拖累了綜合水平的利潤率增長.

Consolidated operating expenses were $1.4 billion, up 9.8% due to higher distribution, selling and administrative expenses to support revenue growth and reflecting inflationary impacts on certain operating expenses. As I called out on our November earnings call, we did not begin to see inflationary pressures in our business until towards the end of the March 2022 quarter. The higher expense growth rate in this year's first quarter was driven by a tougher comparison versus the prior year period. We expect the operating expense growth rate to decline sequentially in the subsequent quarters and to become a more normalized rate for the full year.

綜合運營費用為 14 億美元，增長 9.8%，這是由於更高的分銷、銷售和管理費用以支持收入增長並反映通貨膨脹對某些運營費用的影響。正如我在 11 月的財報電話會議上所說，直到 2022 年 3 月季度末，我們才開始看到業務中的通脹壓力。今年第一季度較高的費用增長率是由於與去年同期相比更為嚴格。我們預計運營費用增長率將在隨後幾個季度依次下降，並成為全年更為正常的增長率。

Consolidated operating income was $734 million, a decrease of approximately 2% compared to the prior year quarter or up 4% on a constant currency basis. The as-reported decline was driven primarily by the impact of foreign currency translation for the International Healthcare Solutions segment and was partially offset by growth in the U.S. Healthcare Solutions segment which I'll discuss in more detail when I review segment level results.

綜合營業收入為 7.34 億美元，與去年同期相比下降約 2%，按固定匯率計算增長 4%。報告的下降主要是由於國際醫療保健解決方案部門外幣換算的影響，部分被美國醫療保健解決方案部門的增長所抵消，我將在審查部門層面的結果時更詳細地討論這一點。

Moving now to our net interest expense for the first quarter, net interest expense was $46 million, down approximately 14% due to higher interest income resulting from higher cash balances and interest rates on investments. Looking ahead, our average cash balances will be lower following the opportunistic share repurchases we announced in the quarter, the successful early completion of the PharmaLex acquisition, and the upcoming March 2023 debt repayment. Our lower invested cash balances will drive our net interest expense higher in the coming quarters and result in higher interest expense versus fiscal 2022, as I called out in November.

現在轉到我們第一季度的淨利息支出，淨利息支出為 4600 萬美元，下降約 14%，原因是較高的現金餘額和投資利率導致利息收入增加。展望未來，在本季度宣布機會性股票回購、成功提前完成 PharmaLex 收購以及即將於 2023 年 3 月償還債務之後，我們的平均現金餘額將會減少。正如我在 11 月指出的那樣，我們較低的投資現金餘額將在未來幾個季度推高我們的淨利息支出，並導致與 2022 財年相比更高的利息支出。

Turning now to income taxes, our effective income tax rate was 19.1% compared to 21.2% in the prior year quarter. The lower tax rate for the quarter was in line with our expectations. And we continue to expect our full year effective tax rate to be in the range of approximately 20% to 21%. Our diluted share count was 206.3 million shares, a 2.3% decline compared to the first quarter of fiscal 2022, and driven by opportunistic share repurchases over the past several months, including $700 million of repurchases completed in November and December.

現在談談所得稅，我們的有效所得稅率為 19.1%，而去年同期為 21.2%。本季度較低的稅率符合我們的預期。我們繼續預計我們的全年有效稅率將在大約 20% 至 21% 的範圍內。我們的稀釋股數為 2.063 億股，與 2022 財年第一季度相比下降 2.3%，這是受過去幾個月機會性股票回購的推動，包括 11 月和 12 月完成的 7 億美元回購。

Regarding our cash balance, we ended the quarter with approximately $1.7 billion of cash due to the timing of holidays around the PharmaLex acquisition close at the beginning of January. We prefunded the acquisition on December 29, which resulted in a prepaid asset on our balance sheet and lower cash balance when we closed the quarter.

關於我們的現金餘額，由於 1 月初 PharmaLex 收購結束前後的假期時間，我們在本季度結束時擁有約 17 億美元的現金。我們在 12 月 29 日為收購提供了預付資金，這導致我們的資產負債表上出現了預付資產，並且在我們關閉該季度時現金餘額減少。

In the quarter, adjusted free cash flow was $584 million, and we remain on track to achieve our adjusted free cash flow guidance of approximately $2 billion for the fiscal year.

本季度，調整後的自由現金流為 5.84 億美元，我們仍有望在本財年實現調整後的自由現金流指導值約 20 億美元。

This completes the review of our consolidated results. Now I'll turn to our segment results for the first quarter. U.S. Healthcare Solutions segment revenue was $56.2 billion, up approximately 6% for the quarter as we continued to see strong specialty sales and broad-based solid growth in our human health distribution businesses. U.S. Healthcare Solutions segment operating income increased by approximately 1% to $572 million. Sales to specialty physicians and health systems were once again strong in the quarter as our leadership in specialty continue to position us well to deliver growth including in biosimilars where we are seeing good trends in oncology and more recently, ophthalmology.

這就完成了對我們綜合結果的審查。現在我將談談我們第一季度的分部業績。美國醫療保健解決方案部門收入為 562 億美元，本季度增長約 6%，因為我們繼續看到強勁的專業銷售和人類健康分銷業務的廣泛穩健增長。美國醫療保健解決方案部門營業收入增長約 1% 至 5.72 億美元。本季度對專科醫師和衛生系統的銷售再次強勁，因為我們在專業領域的領導地位繼續使我們能夠很好地實現增長，包括在生物仿製藥領域，我們在腫瘤學和最近的眼科領域看到了良好的趨勢。

The strength in specialty and broad-based good utilization trends in human health distribution helped to offset the previously anticipated higher operating expenses as well as softness in the animal health market. As has been widely discussed in the animal health industry, there are short-term pressures in both, the companion and production animal markets. From a cadence perspective, however, some of the softness in our Animal Health business in the quarter is related to timing and will normalize in the second quarter.

人類健康分銷領域的專業優勢和廣泛的良好利用趨勢有助於抵消先前預期的較高運營費用以及動物保健市場的疲軟。正如動物保健行業廣泛討論的那樣，伴侶動物和生產動物市場都存在短期壓力。然而，從節奏的角度來看，本季度我們動物保健業務的一些疲軟與時間有關，並將在第二季度正常化。

I will now turn to our International Healthcare Solutions segment. In the quarter, International Healthcare Solutions revenue was $6.6 billion, down 0.6% on a reported basis or up 17.7% on a constant currency basis. The as-reported decline was driven by the impact of foreign currency translation on revenue for Alliance Healthcare as the business is more exposed to currency fluctuations. International Healthcare Solutions operating income was $161 million, down approximately 10% on a reported basis, driven by the impact of foreign currency translation on income for Alliance Healthcare and the divestiture of ProPharma Specialty, which represented approximately 3% of segment operating income in the first quarter of fiscal 2022.

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 66 億美元，按報告基準下降 0.6%，按固定匯率計算增長 17.7%。報告下降的原因是外幣換算對 Alliance Healthcare 收入的影響，因為該業務更容易受到貨幣波動的影響。國際醫療保健解決方案營業收入為 1.61 億美元，較報告基礎下降約 10%，這是受外幣換算對 Alliance Healthcare 收入的影響以及剝離 ProPharma Specialty 的影響，ProPharma Specialty 佔第一季度營業收入的約 3% 2022 財年季度。

When looking at the segment on a constant currency basis, it delivered 11% operating income growth driven by solid underlying fundamentals and favorable manufacturer price adjustments this quarter in one of our developing market countries.

在以固定匯率為基礎查看該細分市場時，本季度在我們的一個發展中市場國家，由於穩固的基本面和有利的製造商價格調整，它實現了 11% 的營業收入增長。

From a cadence perspective last year, this price adjustment occurred in our second fiscal quarter. This price adjustment activity offset the negative impact of the decline in the value of the local currency.

從去年的節奏角度來看，這次價格調整髮生在我們的第二個財政季度。此次調價活動抵消了本幣貶值帶來的負面影響。

That completes the review of our segment level results. I will now discuss our updated 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. Full details of our fiscal 2023 guidance can be found on Pages 8 and 9 of our earnings presentation on our Investor Relations website.

這完成了對我們的細分級別結果的審查。我現在將討論我們更新的 2023 財年指導預期。提醒一下，我們不提供基於 GAAP 的前瞻性指導，因此以下指標是在調整後的非 GAAP 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。有關我們 2023 財年指導的完整詳細信息，請參閱我們投資者關係網站上收益演示文稿的第 8 頁和第 9 頁。

I'll begin with EPS. We are raising our full year diluted EPS guidance to a range of $11.50 to $11.75, up from our prior range of $11.30 to $11.60, representing growth of 4% to 7% on an as-reported basis or 6% to 9% on a constant currency basis. Our increased EPS guidance range is primarily a result of our opportunistic share repurchases in the first quarter, which results in our updated guidance on full year diluted average share count. We now expect our share count to be approximately 206 million shares, down from our previous range of 207 to 209 million shares. Our increased EPS guidance range is also a result of the higher as-reported operating income and international health care solutions, partially offset by the reduced contribution from COVID in the U.S.

我將從 EPS 開始。我們將全年攤薄後每股收益指引從之前的 11.30 美元至 11.60 美元提高至 11.50 美元至 11.75 美元的範圍，表示按報告基礎增長 4% 至 7%，或按固定增長 6% 至 9%貨幣基礎。我們增加的 EPS 指導範圍主要是由於我們在第一季度進行了機會性股票回購，這導致我們更新了全年攤薄平均股數的指導。我們現在預計我們的股票數量約為 2.06 億股，低於我們之前的 207 至 2.09 億股。我們增加的 EPS 指導範圍也是報告的營業收入和國際醫療保健解決方案增加的結果，部分被美國 COVID 的貢獻減少所抵消。

Next, I would like to provide a brief update on COVID-19 treatment distribution contributions. In the first quarter, COVID-19 treatments contributed $0.12 to our consolidated EPS compared to $0.14 in the first quarter of last year, with about $0.09 in the U.S. and $0.03 in our international segment. Given trends we have seen to date, we now expect the full year contribution from COVID-19 treatment distribution to be in the range of $0.25 to $0.30, down from our previous range of $0.30 to $0.35 that we provided in November. For the rest of the year, the majority of the expected COVID contribution is in the U.S. segment with just a few more pennies of contribution expected in the International segment for the year.

接下來，我想簡要介紹一下 COVID-19 治療分配貢獻的最新情況。在第一季度，COVID-19治療為我們的合併每股收益貢獻了 0.12 美元，而去年第一季度為 0.14 美元，其中美國約為 0.09 美元，國際部分為 0.03 美元。鑑於我們迄今為止看到的趨勢，我們現在預計 COVID-19 治療分配的全年貢獻將在 0.25 美元至 0.30 美元之間，低於我們之前在 11 月提供的 0.30 美元至 0.35 美元的範圍。在今年餘下的時間裡，預計 COVID 貢獻的大部分是在美國部分，今年國際部分的貢獻預計只會增加幾美分。

To reflect the lower expected contribution from COVID treatment distribution, we are lowering the bottom end of our U.S. health care solutions as reported operating income guidance. We now expect this segment to deliver as reported growth in the range of 1% to 4% growth widened from the prior range of 2% to 4% growth. Our guidance for the U.S. Healthcare Solutions segment excluding COVID contributions remains unchanged at 5% to 7% growth in fiscal 2023.

為了反映 COVID 治療分配的預期貢獻較低，我們正在降低美國醫療保健解決方案的底端，如報告的營業收入指導。我們現在預計該部門將實現報告的 1% 至 4% 增長范圍，從之前的 2% 至 4% 增長范圍擴大。我們對不包括 COVID 貢獻的美國醫療保健解決方案部門的指導在 2023 財年保持 5% 至 7% 的增長不變。

Now moving to the International Healthcare Solutions updated segment-level operating income assumptions. We are raising our as-reported operating income guidance for the International Healthcare Solutions segment to a range of a decline of 3% to growth of 1% from our previous range of a decline of 7% to a decline of 3%, driven by the general weakening of the U.S. dollar and the incremental contribution from PharmaLex. The accretive and strategic deal is another example of how we create incremental value through capital deployment. And we are excited to welcome the PharmaLex team to AmerisourceBergen. PharmaLex's leading solutions built upon our existing capabilities and will allow us to deepen our partnerships with pharma manufacturers as we provide support throughout the cycle from clinical development to regulatory support and access strategies to providing logistics services. For additional operating income guidance measures for the International Healthcare Solutions segment, I would refer you to our investor presentation deck. These guidance measures also were increased, driven by the general weakening of the U.S. dollar and the incremental contribution from PharmaLex.

現在轉向 International Healthcare Solutions 更新的部門級營業收入假設。由於美元的普遍走弱和 PharmaLex 的增量貢獻。增值和戰略交易是我們如何通過資本配置創造增量價值的另一個例子。我們很高興歡迎 PharmaLex 團隊來到 AmerisourceBergen。 PharmaLex 的領先解決方案建立在我們現有能力的基礎上，將使我們能夠加深與製藥商的合作夥伴關係，因為我們在從臨床開發到監管支持和准入策略到提供物流服務的整個週期內提供支持。對於國際醫療保健解決方案部門的其他營業收入指導措施，我建議您參考我們的投資者演示文稿。在美元普遍走弱和 PharmaLex 的增量貢獻的推動下，這些指導措施也有所增加。

In summary, regarding the updates we have made to guidance, there is no change in our guidance for as-reported consolidated adjusted operating income. And we are raising our adjusted EPS guidance for the full year, all while lowering our expectations for COVID contributions.

總之，關於我們對指南所做的更新，我們對報告的綜合調整後營業收入的指南沒有變化。我們正在提高調整後的全年每股收益指引，同時降低我們對 COVID 貢獻的預期。

Before I turn to my closing remarks, I would like to briefly discuss a few highlights about how we are working to ensure a resilient supply chain and mitigate our impact on climate change. As a crucial member of the Global Pharmaceutical Supply Chain, we play a key role in ensuring the safe and reliable supply of medications. We take this role seriously and have robust plans and teams in place to support supply chain resiliency. In fiscal 2022, we advanced these efforts and expanded the scope of our physical risk assessment process to reflect our expanded footprint since we last conducted a physical risk assessment in 2020. In 2022, we included nearly 400 sites across 24 countries, up from 100 sites. The updated assessment will inform our business continuity planning process to help ensure the continuity of supply in the event of extreme weather or natural disasters.

在我開始結束語之前，我想簡要討論一些關於我們如何努力確保有彈性的供應鍊和減輕我們對氣候變化的影響的要點。作為全球醫藥供應鏈的重要成員，我們在確保安全可靠的藥品供應方面發揮著關鍵作用。我們認真對待這一角色，並製定了強有力的計劃和團隊來支持供應鏈的彈性。在 2022 財年，我們推進了這些工作並擴大了我們的物理風險評估流程的範圍，以反映自我們上次在 2020 年進行物理風險評估以來我們擴大的足跡。2022 年，我們包括了 24 個國家/地區的近 400 個站點，高於 100 個站點.更新後的評估將為我們的業務連續性規劃流程提供信息，以幫助確保在發生極端天氣或自然災害時的供應連續性。

While we prepare for it and adapt our business to address the impacts of a change in climate, we continue to look at ways we can reduce our carbon footprint and be good environmental stewards. As part of these efforts, in May 2022, we submitted a near-term target to reduce our greenhouse gas emissions to the science-based targets initiative for validation. In January, we learned the science-based targets initiative approved our near-term science-based emissions reduction target.

在我們為此做好準備並調整我們的業務以應對氣候變化的影響的同時，我們繼續尋找減少碳足跡和成為優秀環境管理者的方法。作為這些努力的一部分，我們於 2022 年 5 月向科學目標倡議提交了一項減少溫室氣體排放的近期目標以供驗證。一月份，我們了解到基於科學的目標倡議批准了我們近期的基於科學的減排目標。

In addition to the items Steve and I have discussed today, our recently published ESG report contains additional information on how we are living our purpose and creating healthier futures through our ESG initiatives. The report aligns with a number of leading ESG reporting standards and frameworks, and key data points have been externally assured. I would encourage you to review the report's entirety on its dedicated microsite at esg.amerisourcebergen.com.

除了史蒂夫和我今天討論的項目外，我們最近發布的 ESG 報告還包含有關我們如何通過我們的 ESG 舉措實現我們的目標和創造更健康的未來的更多信息。該報告與多項領先的 ESG 報告標準和框架保持一致，關鍵數據點已獲得外部保證。我鼓勵您在其專門的微型網站 esg.amerisourcebergen.com 上查看報告的全部內容。

In closing, our updated fiscal 2023 guidance reflects our continued strategic use of capital to create value for our stakeholders through a combination of returning capital to shareholders and investing in our business to further our value proposition for our partners, powered by the continued resilience and growth of our business. As we progress through 2023, we remain focused on executing on our long-term strategy. And through our foundation and pharmaceutical distribution and complementary higher-margin, high-growth businesses, we are well positioned to create long-term sustainable growth.

最後，我們更新的 2023 財年指南反映了我們繼續戰略性地使用資本，通過向股東返還資本和投資我們的業務相結合，為我們的利益相關者創造價值，以在持續的彈性和增長的推動下進一步推進我們對合作夥伴的價值主張我們的業務。隨著 2023 年的進展，我們將繼續專注於執行我們的長期戰略。通過我們的基礎和藥品分銷以及互補的高利潤、高增長業務，我們有能力創造長期可持續增長。

Now I will turn the call over to the operator to open the line for questions. Operator?

現在我將把電話轉給接線員打開問題熱線。操作員？

(Operator Instructions) First question is from Elizabeth Anderson from Evercore.

（操作員說明）第一個問題來自 Evercore 的 Elizabeth Anderson。

I was wondering if you could talk about PharmaLex a little bit more. Obviously, that was nice to see the transaction close early. And now that you've had it for a whole month, I was wondering if you could talk a little bit about what some of the early wins are in terms of from like a client perspective and sort of what they're most interested in, and what are some of the things that have been new to you since fully taking ownership of the asset.

我想知道你是否可以多談談 PharmaLex。顯然，很高興看到交易提前結束。現在你已經有整整一個月了，我想知道你是否可以從客戶的角度以及他們最感興趣的方面談談一些早期的勝利，自從完全擁有該資產以來，您有哪些新鮮事物？

Elizabeth, thanks for the question. Maybe I could just start with some general comments about our approach to capital deployment. Literally, there's nothing this management team takes more seriously other than our reputation and capital deployment. It's our key opportunity, and we want to make sure that we leverage all the available dollars we have. Having said that, PharmaLex is a continuation of AmerisourceBergen's strategy of investing to further our leadership in specialty distribution and services. Our portfolio has literally been built through decades of significant organic and inorganic strategic investments, including this recently completed acquisition. This is complementary to our U.S. existing manufacturer services platform. And also, you will recall that when we bought the Alliance business, we focused on their value-added services businesses, and in fact, pointed out that they had a higher percentage of the operating income coming from those services. So we feel that this significantly enhances our international capabilities.

伊麗莎白，謝謝你的提問。也許我可以從對我們的資本配置方法的一些一般性評論開始。從字面上看，除了我們的聲譽和資本配置之外，沒有什麼比這個管理團隊更重視的了。這是我們的關鍵機會，我們希望確保利用我們擁有的所有可用資金。話雖如此，PharmaLex 是 AmerisourceBergen 投資戰略的延續，旨在進一步鞏固我們在專業分銷和服務領域的領導地位。我們的投資組合實際上是通過數十年的重大有機和無機戰略投資建立起來的，包括最近完成的收購。這是對我們美國現有製造商服務平台的補充。而且，你會記得，當我們收購 Alliance 業務時，我們專注於他們的增值服務業務，事實上，指出他們有更高比例的營業收入來自這些服務。所以我們覺得這大大增強了我們的國際能力。

AmerisourceBergen is focused on growing our higher-margin, higher-growth businesses. And particularly, we've identified this area as a robust area for us. Our goal is in the long term to be the first stop for any services that manufacturers would like to deploy our businesses like PharmaLex and AmerisourceBergen for.

AmerisourceBergen 專注於發展我們利潤率更高、增長更快的業務。特別是，我們已將此領域確定為我們的強項領域。從長遠來看，我們的目標是成為製造商希望部署我們的業務（如 PharmaLex 和 AmerisourceBergen）的任何服務的第一站。

Let me also just say that I was literally 2 weeks ago with the PharmaLex management team. We've had some calls before, it was a pleasure to meet them in person. I've been very impressed with the approach that Bob Mauch and his leadership team have taken with this integration and with the merging of PharmaLex into our existing businesses. And I'm very excited about the opportunities ahead for this acquisition.

我還要說的是，我兩週前還在 PharmaLex 管理團隊工作。我們之前打過一些電話，很高興能親自見到他們。 Bob Mauch 及其領導團隊在此次整合以及將 PharmaLex 合併到我們現有業務中所採取的方法給我留下了深刻的印象。我對這次收購的未來機會感到非常興奮。

Our next question is 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 can dive into the U.S. segment for a bit. There's a number of moving pieces embedded within your reiterated 5% to 7% ex COVID EBIT growth. You talked about some of the OpEx pressure you have that's annualizing over the course of the year versus last year. You talked about some of the variability in animal health. Along the other side, what's allowing you to drive forward with hitting that robust growth metrics, thinking through where some of the potential upside variability may be in volume versus price versus mix. Just curious to dig a little bit more into some of the good stuff there that's putting you basically within the general range that you would typically have as part of your long-term guidance from last year's Analyst Day.

也許我們可以深入研究一下美國市場。在您重申的 5% 至 7% 的 COVID 息稅前利潤增長中，有許多動人的因素。您談到了與去年相比，您在今年的過程中所面臨的一些 OpEx 壓力。你談到了動物健康的一些可變性。另一方面，是什麼讓您能夠通過實現強勁的增長指標來推動前進，思考一些潛在的上行變化可能在數量、價格和組合方面的哪些方面。只是好奇地想更多地了解那裡的一些好東西，這些好東西基本上使你處於一般範圍內，作為去年分析師日的長期指導的一部分，你通常會擁有這些範圍。

Thank you, Michael, for asking that question. And I think really kind of a key point and a key takeaway is that we really have continued strong performance in our U.S. business and strong performance in specialty and broadly across human health distribution. And we're seeing continued strong utilization trends. And so that's true in the U.S., and it's really true at Alliance also where we saw international strong performance and utilization trends during the quarter. I called out in my prepared remarks as you referenced that COVID came in below our expectations during the quarter. And as I said in the prepared remarks, we had a softer quarter for animal health and higher OpEx growth rate during the quarter, but we expect that to normalize for the full year. And really kind of, I think, the key takeaway is just strong performance and execution, both in specialty and broadly across human health distribution. And that's kind of evidenced in our -- maintaining that guidance rate, excluding COVID of 5% to 7% in the U.S. segment. And as reported, excluding COVID, on a consolidated basis, improving our adjusted operating income guidance from 3% to 5% to 4% to 6%.

邁克爾，謝謝你提出這個問題。我認為真正的關鍵點和關鍵要點是，我們在美國業務中確實持續表現強勁，在專業領域和廣泛的人類健康分銷領域表現強勁。我們看到持續強勁的利用率趨勢。這在美國是真實的，在 Alliance 也是如此，我們在本季度看到了國際強勁的業績和利用率趨勢。當您提到 COVID 在本季度低於我們的預期時，我在準備好的發言中大聲疾呼。正如我在準備好的發言中所說，本季度我們的動物健康季度表現疲軟，運營支出增長率更高，但我們預計全年都會正常化。我認為，真正的關鍵是強大的表現和執行力，無論是在專業領域還是在廣泛的人類健康分佈領域。這在我們的某種程度上得到了證明——維持該指導率，不包括美國部分 5% 至 7% 的 COVID。據報導，在合併的基礎上，不包括 COVID，將我們調整後的營業收入指導從 3% 提高到 5%，提高到 4% 到 6%。

Our next question is from Erin Wright from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Erin Wright。

Can you speak a little bit more about what you're seeing in terms of underlying utilization trends in that International wholesaling business? And have there been any surprises in the most recent quarter that we should be aware of? And how should we be thinking about the quarterly cadence for the balance of the year there? And just more broadly, kind of on International -- in the next 5 years or so, does your International segment and footprint and integration across that business look vastly different to you? And just with the name change and just thinking about how you think about the contribution of international over the next 5 years or so.

你能多談談你在國際批發業務中看到的潛在利用趨勢嗎？最近一個季度有沒有我們應該注意的驚喜？我們應該如何考慮那裡一年中剩餘時間的季度節奏？更廣泛地說，在國際上——在未來 5 年左右，您的國際業務部門、足跡和整合在您看來是否有很大不同？只是隨著名稱的改變，想想你如何看待國際在未來 5 年左右的貢獻。

Yes, I'll start with some of the financial aspects to the question, Erin. And then I'm sure Steve will want to comment also. So in the International business, we're seeing good utilization trends and performance. Alliance had another strong quarter. If we look at our guidance update that we've done in the International segment, as I mentioned during the prepared remarks, on an as-reported basis, we increased our guidance by 4 percentage points at the low end of the range and 4 percentage points at the high end of the range. And that's essentially evenly split by the impact of FX since the dollar has generally weakened since we put out guidance and also the early close of PharmaLex. And so each of those things is worth about 2 percentage points. But overall, in terms of the execution of the business, or I should say the performance of the business, we're seeing really good execution by the management team and a good utilization trends.

是的，我將從問題的一些財務方面開始，艾琳。然後我確定史蒂夫也會想發表評論。因此，在國際業務中，我們看到了良好的利用率趨勢和績效。 Alliance 有另一個強勁的季度。如果我們看看我們在國際部分所做的指導更新，正如我在準備好的評論中提到的那樣，在報告的基礎上，我們將指導在範圍的低端和 4 個百分點上調了 4 個百分點點在範圍的高端。自從我們發布指引以及 PharmaLex 提前收盤以來，美元普遍走軟，這基本上被外彙的影響平分秋色。所以這些東西中的每一個都值大約 2 個百分點。但總的來說，就業務執行而言，或者我應該說業務績效，我們看到管理團隊的執行非常好，利用率趨勢也很好。

The one thing I'll comment on, and I did mention this in the prepared remarks, is there was a price increase in a developing market that happened in the first quarter of this fiscal year that happened in the second quarter of last fiscal year. So that will impact the cadence just a bit. Steve?

我要評論的一件事，我在準備好的評論中確實提到了這一點，即本財年第一季度發生在上一財年第二季度的發展中市場價格上漲。所以這會稍微影響節奏。史蒂夫？

Yes, thanks, Erin. I think AmerisourceBergen is very consistently facing -- is trying to really be squarely in the prescription drug market, our services and distribution are anchored around the prescription market. I've been impressed with Alliance. It's now our seventh quarter reporting them, and they've been very resilient. We have strong market positions in almost every country we're in, and where we've had to, we've complemented it. Some of the smaller markets, for example, Norway and Netherlands, we're in retail. We've also got a very strong Alloga business, which was one of the most interesting aspects of this integration and acquisition for us.

是的，謝謝，艾琳。我認為 AmerisourceBergen 始終如一地面臨——正試圖真正進入處方藥市場，我們的服務和分銷圍繞處方藥市場展開。 Alliance 給我留下了深刻的印象。現在是我們報告它們的第七個季度，它們非常有彈性。我們幾乎在我們所在的每個國家/地區都擁有強大的市場地位，並且在我們必須這樣做的地方，我們已經對其進行了補充。一些較小的市場，例如挪威和荷蘭，我們從事零售業務。我們還有非常強大的 Alloga 業務，這是我們此次整合和收購中最有趣的方面之一。

We're aligning that very closely with our ICS business, which is being more closely aligned with World Courier in the past historically and is focused on the more complex therapies. And Alliance -- Alloga business has a very strong basis in core pharmaceutical products. So I'm also excited about what PharmaLex is going to bring to the equation. We have about 2,500 team members that we've added with PharmaLex, and about 800 of them have PhD or equivalent degrees. I go back to my experience in a lot smaller scale, but when we acquired Xcenda when I was at the specialty group, the uplift in talent and intellectual thought around the manufacturer was so important to the development of the specialty group, and I think that PharmaLex can be analogous to our European and international business growth. So we're -- I think we're just are very well positioned. I like what this acquisition is going to bring to us. And Jim just has 1 more comment I'd like to make.

我們正在將其與我們的 ICS 業務緊密結合，ICS 業務在歷史上與 World Courier 更加緊密地結合在一起，並專注於更複雜的療法。與聯盟——Alloga 業務在核心醫藥產品方面擁有非常強大的基礎。因此，我也對 PharmaLex 將帶來什麼感到興奮。我們有大約 2,500 名加入 PharmaLex 的團隊成員，其中大約 800 名擁有博士學位或同等學位。我回顧了我在小範圍內的經驗，但是當我在專業組時收購 Xcenda 時，圍繞製造商的人才和知識思想的提升對於專業組的發展非常重要，我認為PharmaLex 可以類似於我們的歐洲和國際業務增長。所以我們 - 我認為我們的位置非常好。我喜歡這次收購將帶給我們的東西。 Jim 還有 1 條評論我想發表。

Yes, thanks. Just 1 thing I do want to say, Erin, thanks very much for the question on International. I do want to say, of course, as you look at our business overall, our operating income mix is about 80% in the U.S. and 20% International.

對了謝謝。艾琳，我只想說一件事，非常感謝你提出關於國際的問題。我確實想說，當然，當你看一下我們的整體業務時，我們的營業收入組合大約有 80% 來自美國，20% 來自國際。

Our next question next from Eric Percher from Nephron Research.

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

A question on U.S. health care. I see you pretty consistently called out specialty to physician practices as a growth driver. And I noticed the last quarter or 2, we haven't seen mail called out, recognizing I could be reading too much into the -- a few words here. But I'm curious, is there any change to distribution activity or self-distribution for the largest mail and specialty clients, and I know there's been some discussion that we could see biosimilar source directly as we see larger volumes in the pharmacy benefit. Any thoughts on those trends?

關於美國醫療保健的問題。我看到你非常一致地將醫生實踐的專業稱為增長動力。我注意到上個季度或第二個季度，我們沒有看到郵件被調用，意識到我可能讀得太多了——在這裡說幾句話。但我很好奇，最大的郵件和專業客戶的分銷活動或自我分銷是否有任何變化，而且我知道有一些討論我們可以直接看到生物仿製藥來源，因為我們看到藥房福利的數量增加。對這些趨勢有什麼想法嗎？

So Eric, thanks for answer the question. No, we -- AmerisourceBergen is focused on following the prescription dollar. So we have a broad segment of our customers, and I think it's well known that Express Scripts Cigna is our lead customer in that area. They are a fast-growing customer, and we're not going to comment too specifically on them. But some of the customers do source Part D, more specifically Part D products directly. And we'll see that, that trend could continue.

埃里克，謝謝你回答這個問題。不，我們 - AmerisourceBergen 專注於遵循處方美元。因此，我們擁有廣泛的客戶群，我認為眾所周知，Express Scripts Cigna 是我們在該領域的主要客戶。他們是一個快速增長的客戶，我們不會對他們發表過於具體的評論。但是一些客戶確實直接採購 D 部分，更具體地說是 D 部分產品。我們會看到，這種趨勢可能會繼續下去。

But it's just really 1 segment of our portfolio of customers, and we're happy with the relationship. We want to do the best job we can as a distributor for them. And the needs of large complex customers like Express Scripts are very different than the needs of some of our smaller customers that tend to use our services more readily. So probably that's all on that. Jim, anything you'd add?

但這實際上只是我們客戶組合的一部分，我們對這種關係感到滿意。作為他們的分銷商，我們希望盡我們所能。像 Express Scripts 這樣的大型複雜客戶的需求與我們一些更容易使用我們服務的較小客戶的需求大不相同。所以可能就是這樣。吉姆，你有什麼要補充的嗎？

I think that covers it. Thanks.

我認為這涵蓋了它。謝謝。

Our next question is from Charles Rhyee from Cowen.

我們的下一個問題來自 Cowen 的 Charles Rhyee。

You mentioned before opportunistic share repurchases over the last few months. Can you talk about sort of what the capacity you have to continue to do that? If, for example, Walgreens was to continue to take down its stake in the company, can you kind of give us a sense for sort of where you are in terms of that?

你之前提到過過去幾個月的機會主義股票回購。你能談談你有什麼能力繼續這樣做嗎？例如，如果 Walgreens 繼續減持其在該公司的股份，您能否讓我們了解一下您在這方面的進展情況？

Yes. We -- obviously, we feel very good about the opportunistic share repurchases we've done over the past several months. And as you know, we've successfully collaborated with Walgreens on their 2 latest sales, repurchasing about $700 million in shares in conjunction with those sales. And we view these as a good opportunity to repurchase shares. And we continue to maintain a collaborative relationship with WBA. And we would expect to work together on any future plan sales, including potentially repurchasing shares. And that's as a result of our very strong financial position, which continues, of course, and our focus on opportunistic share repurchases. And so if they do decide to sell additional shares, we would view it as an opportunity to repurchase.

是的。我們 - 顯然，我們對過去幾個月進行的機會主義股票回購感覺非常好。如您所知，我們已經成功地與 Walgreens 合作進行了他們的 2 次最新銷售，與這些銷售一起回購了約 7 億美元的股票。我們將這些視為回購股票的好機會。我們繼續與 WBA 保持合作關係。我們希望在任何未來的銷售計劃中合作，包括可能回購股票。這是因為我們非常強勁的財務狀況，當然，我們會繼續關注機會主義的股票回購。因此，如果他們確實決定出售更多股票，我們會將其視為回購的機會。

Our next question is from George Hill from Deutsche Bank.

我們的下一個問題來自德意志銀行的喬治希爾。

Jim, I'm going to take a shot at kind of 2 numbers-related questions. I guess number one is with the closing of PharmaLex, can you say whether or not manufacturer services is now greater than 50% of gross profits in the International segment? And my brief follow-up would be is that if we look at the macro level, specialty drugs are now approaching 50% of kind of total sales in the Pharmaceutical segment. Is it safe to assume that, that mix is kind of reflective of [ADC's] U.S. [current] sales mix as well?

吉姆，我將嘗試回答與數字相關的 2 個問題。我想第一是 PharmaLex 的關閉，你能說製造商服務現在是否超過國際部門毛利潤的 50%？我的簡短跟進是，如果我們從宏觀層面看，專業藥物現在接近製藥領域總銷售額的 50%。可以安全地假設，這種組合也反映了 [ADC] 美國 [當前] 的銷售組合嗎？

Yes, and so there was a lot there, and we specifically do not break out the percentage of manufacturer services. But I will say that those sorts of services are a really important part of our International business, just like they are in the U.S. business. And I think one kind of key thing to call out is you'll note that our Operating margin is significantly higher in the International segment than it is in the U.S. segment. And the reason for that is those higher-margin services businesses are a higher percentage of sales in our International segment than they are in the U.S. segment. And they're driven historically by things like World Courier, of course. But Alloga also, which is Alliance's very successful 3PL business and some of Alliance's other services business. And now it's an even greater percentage of the business given the exciting acquisition of PharmaLex. And so that's just a little bit of commentary on the international market.

是的，所以那裡有很多，我們特別沒有打破製造商服務的百分比。但我要說的是，這些服務是我們國際業務中非常重要的一部分，就像它們在美國業務中一樣。我認為需要指出的一個關鍵問題是，您會注意到我們在國際市場的營業利潤率明顯高於美國市場。其原因是那些利潤率較高的服務業務在我們國際部門的銷售額中所佔的百分比高於在美國部門的銷售額。當然，他們在歷史上一直受到 World Courier 等事物的推動。但 Alloga 也是 Alliance 非常成功的 3PL 業務和 Alliance 的一些其他服務業務。現在，鑑於對 PharmaLex 的激動人心的收購，它在業務中所佔的比例甚至更高。所以這只是對國際市場的一點評論。

And you asked about specialty products. In some cases, a number of the specialty products in the international market are 3PL. And so I think you also asked about the U.S. business. And of course, specialty continues to be a driver for us in the U.S. market, as you know, very well. And we're a leader in the specialty business, both for physician practices and for nonphysician parts of the business. And it's really kind of a leading part of our legacy businesses that Steve started many years ago and a super important part of our future through our key partnerships.

您詢問了特色產品。在某些情況下，國際市場上的許多特色產品都是 3PL。所以我想你也問了美國業務。當然，正如你所知，專業仍然是我們在美國市場的驅動力。我們是專業業務的領導者，無論是在醫生實踐中還是在業務的非醫生部分。它確實是史蒂夫多年前開始的我們傳統業務的領先部分，也是我們未來通過我們的關鍵合作夥伴關係的一個非常重要的部分。

Our next question is from Steven Valiquette from Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

Our next question is from Eric Coldwell from Baird.

我們的下一個問題來自 Baird 的 Eric Coldwell。

Two, if I might, and they're both somewhat related in terms of when you first outlined the guardrails on fiscal '23 outlook versus the updates today. First one, HUMIRA. I know pound for pound, it's not as important as certain other drugs due to the channel of administration. But have your views changed at all now that we have -- front and center, we have the launch here? Have you had any change in perspective on the dynamics of that particularly large biosimilar in the market?

兩個，如果可以的話，它們在你第一次概述 23 財年展望與今天更新的護欄方面有些相關。第一個，修美樂。我知道一磅一磅，由於給藥渠道，它不像某些其他藥物那麼重要。但是，既然我們已經 - 前線和中心，我們在這裡推出，您的觀點是否完全改變了？您對市場上這種特別大的生物仿製藥的動態有任何改變嗎？

And then second and somewhat correlated on the guidance timing through the last 7, 8 months, whatever it is, the corporate name change and rebranding, maybe a bit of a silly question, but there will be some expenses associated with that absorbed in guidance, or is it incremental? I guess when you first laid out the guardrails on fiscal '23, were you assuming some expenses here or is this a newer topic that you've just subsequently absorbed? And if you could quantify that impact on the expense and capitalization side, it might be interesting.

其次，與過去 7、8 個月的指導時間有些相關，無論是什麼，公司名稱變更和品牌重塑，這可能是一個有點愚蠢的問題，但在指導中會產生一些與此相關的費用，還是增量的？我想當你第一次在 23 財年制定護欄時，你是否在這裡承擔了一些費用，或者這是你剛剛吸收的一個新話題？如果你能量化這種對費用和資本化方面的影響，那可能會很有趣。

Eric, I'll start off. Obviously, we've talked about this for a while, and it seems like it was never going to be here. But of course, our first biosimilar HUMIRA launched this week. And it's an important drug for the U.S. health system, by some measures, the largest drug in history. And the introduction is going to be an important creator of headroom for the new innovative therapies that AmerisourceBergen is so well positioned to serve our stakeholders in. So that's important.

埃里克，我要開始了。顯然，我們已經討論了一段時間了，而且它似乎永遠不會出現在這裡。但當然，我們的第一個生物仿製藥 HUMIRA 本週推出。它是美國衛生系統的重要藥物，從某些方面來看，是歷史上最大的藥物。介紹將成為 AmerisourceBergen 非常適合為我們的利益相關者服務的新創新療法的重要創造者。所以這很重要。

The first -- so we're interested to see how the trends go. And again, in July, we'll see some more entrants, and some of them have different clinical aspects to them as you well know. But we've said consistently that Part D is our sweet spot. This is very much a Part D drug. And it will be incrementally better for us in margins, but it's mostly mail order. And as was pointed out previously, some of our Express Scripts, for example, and other customers in that category could be ordering directly. And they have limited locations, and it's a much easier distribution function for manufacturers to fill. So not -- it won't change our guidance or anything too much, but it is a very serious milestone in biosimilars. And we'll look to see how the market absorbs this product. Jim, anything on the (inaudible) guidance aspects?

第一個 - 所以我們有興趣看看趨勢如何發展。再次，在 7 月，我們將看到更多的參賽者，正如您所知，其中一些具有不同的臨床方面。但我們一直說 D 部分是我們的最佳選擇。這在很大程度上是 D 部分藥物。這對我們的利潤率會越來越好，但主要是郵購。正如之前所指出的，例如，我們的一些 Express Script 和該類別中的其他客戶可以直接訂購。而且它們的位置有限，製造商更容易填補分銷功能。所以不會 - 它不會改變我們的指導或任何太多，但它是生物仿製藥的一個非常重要的里程碑。我們將看看市場如何吸收該產品。吉姆，關於（聽不清）指導方面有什麼嗎？

Yes, Eric had asked about the name change and some of the costs and whatnot related to the name change. And Eric, we aren't going to get into a lot of specifics at this time, but I will say that the spend will be spread out over the next 3 years, and it really happens in 3 phases. The first is planning and preparation, the second is launch, and the third is ongoing brand migration. And a majority of these costs will be GAAP only as they are nonrecurring in nature. And then a portion of the cost will be capitalized and depreciated over time and recorded against our adjusted non-GAAP results. I'll also comment that with regard to amortization of some of our existing trade names, there will be an increase in amortization expense, and it will be recorded and disclosed, beginning in our March quarter. And as a reminder, amortization expense relating to trade names is accounted for as a GAAP-only expense and is not included in our adjusted results.

是的，埃里克詢問了更名和一些費用以及與更名無關的事情。埃里克，我們現在不打算談太多細節，但我會說支出將在未來 3 年內分攤，而且實際上分 3 個階段進行。第一是規劃和準備，第二是發布，第三是正在進行的品牌遷移。這些成本中的大部分將只是 GAAP，因為它們本質上是非經常性的。然後一部分成本將隨著時間的推移資本化和折舊，並根據我們調整後的非 GAAP 結果進行記錄。我還要評論，關於我們一些現有商品名稱的攤銷，攤銷費用將會增加，並且將從我們的 3 月季度開始記錄和披露。提醒一下，與商品名稱相關的攤銷費用僅作為 GAAP 費用計算，不包括在我們調整後的結果中。

Our next question is from Steven Valiquette from Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

Just a general question around Europe. There's been some chatter in the marketplace about the possibility of expansion, the ability for entities in certain European countries to be able to potentially source drug inventory from other external European countries that may lead to lower drug costs. I guess I'm just curious if you have any high-level thoughts around this and at least maybe directionally, maybe talk about how this could impact your international operations.

只是關於歐洲的一般性問題。市場上有一些關於擴張可能性的討論，某些歐洲國家的實體有能力從其他歐洲外部國家潛在地採購藥品庫存，這可能會導致藥品成本降低。我想我只是想知道您是否對此有任何高層次的想法，至少是方向性的，也許可以談談這將如何影響您的國際業務。

Yes, so -- not a key area of focus for us. There is definitely a parallel trade market in Europe, which is actually highly regulated. But I haven't heard that there's any intention. This is not something we focused on. I haven't heard that there's any intention to expand that. And we really don't have much further insight on that. Jim, do you agree?

是的，所以 - 不是我們關注的關鍵領域。歐洲肯定有一個平行貿易市場，實際上是高度監管的。但是沒聽說有什麼打算。這不是我們關注的重點。我還沒有聽說有任何擴大它的意圖。我們對此真的沒有更多的了解。吉姆，你同意嗎？

Yes.

是的。

Our next question is from Brian Tanquilut from Jefferies.

我們的下一個問題來自 Jefferies 的 Brian Tanquilut。

Just a quick question. Steve, how are you thinking about macro in the U.S.? It looks like the U.S. business is holding up pretty well. But as I think about your guidance for the year, how should we be thinking about the assumptions you've baked in, in terms of the expected hitting of the recession sometime in the middle of this year?

只是一個簡單的問題。史蒂夫，你如何看待美國的宏觀經濟？看起來美國業務表現不錯。但是當我考慮你今年的指導時，我們應該如何考慮你已經融入的假設，就今年年中某個時候經濟衰退的預期打擊而言？

Yes, we -- AmerisourceBergen, I think if we prove one thing -- and our industry, in fact, has proved that we are pretty resilient. And what's important to us is that our -- the patients that we ultimately serve are able to access products, and the payer systems, both the commercial and government systems, continue to work very well. And I think I've told this story many times that in 2009, which is my first year running the full-on drug wholesale business in that time, and of course, the whole world was melting down, and we had less than $4 million or $5 million in bad debt. So -- but key for all of our businesses, whether it's Europe or U.S., is continued patient access to [care]. And in many cases, we are working with single-payer systems.

是的，我們 - AmerisourceBergen，我認為如果我們證明一件事 - 事實上，我們的行業已經證明我們非常有彈性。對我們來說重要的是，我們最終服務的患者能夠獲得產品，而商業和政府系統的支付系統繼續運行良好。我想我在 2009 年講過很多次這個故事，那是我當時經營全面藥品批發業務的第一年，當然，整個世界都在崩潰，我們只有不到 400 萬美元或 500 萬美元的壞賬。所以——但對於我們所有的企業來說，無論是歐洲還是美國，關鍵是讓患者繼續獲得[護理]。在許多情況下，我們正在使用單一付款人系統。

But I just want to stress that one of the beauties about AmerisourceBergen is we go through many cycles, but the core and the specialty businesses and the manufacturer services we provide are so fundamental to the health systems. And then we are also very good at adapting to whatever changes we need to make. So I would say, COVID is an extremely applicable application of that. We really were able to adjust so many of our businesses to go virtual and really had 1 month of disruption, I would say, because of just so much of the economy moving inside. But other than that, I have to say that AmerisourceBergen has proven through all sorts of cycles that we are very resilient and carry on producing earnings and cash flow, which is very important. Jim?

但我只想強調，AmerisourceBergen 的優點之一是我們經歷了很多周期，但我們提供的核心和專業業務以及製造商服務對衛生系統來說非常重要。然後我們也非常善於適應我們需要做出的任何改變。所以我想說，COVID 是一個非常適用的應用程序。我們確實能夠調整我們的許多業務以實現虛擬化，並且確實有 1 個月的中斷，我想說，因為有太多的經濟活動在內部轉移。但除此之外，我不得不說 AmerisourceBergen 已經通過各種週期證明我們非常有彈性並繼續產生收益和現金流，這非常重要。吉姆？

Well, Steve, I would just echo that. From my perspective, it's just 1 of the wonderful things about our company and our industry is our proven resilience.

好吧，史蒂夫，我只是附和一下。在我看來，這只是我們公司和我們行業的一大優點，那就是我們久經考驗的韌性。

Well, that wraps it up for today. And Jim, thank you for ending on that keyword, resilience.

好了，今天就到此為止。吉姆，謝謝你以這個關鍵詞結束，韌性。

I would say that we had an excellent quarter, and I'm excited about the Cencora name change. And whether we're talking about AmerisourceBergen or in the future, Cencora, we are highly differentiated and well positioned for long-term growth, anchored in our core distribution and specialty services, and also with our very high potential customer base. And we'll continue to benefit from growth in the pharmaceutical market driven by patient demographics, prescription utilization trends and continued innovation.

我會說我們有一個出色的季度，我對 Cencora 更名感到興奮。無論我們談論的是 AmerisourceBergen 還是未來的 Cencora，我們都具有高度的差異化優勢，並且在長期增長方面處於有利地位，立足於我們的核心分銷和專業服務，以及我們非常高的潛在客戶群。我們將繼續受益於患者人口統計、處方使用趨勢和持續創新推動的醫藥市場增長。

Thank you for your time today. It's been a pleasure spending this last hour with you.

謝謝你今天的時間。很高興和你一起度過最後一個小時。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。