美源伯根 (ABC) 2023 Q2 法說會逐字稿

Good morning, and good afternoon, everyone, and welcome to the AmerisourceBergen's Q2 Fiscal Year 2023 Earnings Call. My name is Emily, and I'll be coordinating your call today.

大家早上好，下午好，歡迎來到 AmerisourceBergen 的 2023 財年第二季度收益電話會議。我叫艾米麗，今天我會協調你的電話。

(Operator Instructions)

（操作員說明）

I will now turn the call over to our host, Bennett Murphy. Please go ahead.

我現在將把電話轉給我們的主持人 Bennett Murphy。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 Second 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 財年第二季度業績。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. Reconciliations 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 財務措施。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 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.

在本次電話會議期間，我們將在調整後的非公認會計原則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。

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 Form 10-K.

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 表格。

AmerisourceBergen assumes no obligation to update any forward-looking statements, and this call cannot be rebroadcast without the express permission of the company. You'll have an opportunity to ask questions after today's remarks by management.

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會議。在今天管理層發表講話後，您將有機會提問。

(Operator Instructions)

（操作員說明）

With that, I will 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 second quarter results and how our execution against our strategic imperatives and thoughtful capital deployment position us to continue delivering long-term sustainable growth.

謝謝你，貝內特。大家早上好，下午好。今天，我們將討論 AmerisourceBergen 的 2023 財年第二季度業績，以及我們如何根據我們的戰略要求和深思熟慮的資本部署來執行我們的工作，以繼續實現長期可持續增長。

In the second quarter, we delivered strong financial performance with revenue growth of nearly 10% and adjusted EPS growth of 9%. Our performance reflects our team members' focus on execution and ability to deliver differentiated solutions to our customers and partners. Additionally, we continue to leverage our infrastructure and scale to increase efficiency and align our capabilities to our customers' needs.

第二季度，我們實現了強勁的財務業績，收入增長近 10%，調整後每股收益增長 9%。我們的業績反映了我們團隊成員對執行的關注以及為我們的客戶和合作夥伴提供差異化解決方案的能力。此外，我們繼續利用我們的基礎設施和規模來提高效率，並使我們的能力與客戶的需求保持一致。

This continued emphasis, along with the fundamental strength of our business and balance sheet, power our ability to continue investing internally and externally to drive our future growth.

這種持續的重視，加上我們業務和資產負債表的基本實力，增強了我們繼續進行內部和外部投資以推動我們未來增長的能力。

As part of our work to bolster productivity and efficiency, we are leveraging our robust infrastructure to align our capabilities to commercial needs and optimize our organizational structure. Across the company, our leaders and team members continue emphasizing collaboration to capitalize on our collective power as we adapt to an ever-changing landscape with a focus on preparing for future opportunities and growth, while delivering on our goals of today.

作為我們提高生產力和效率工作的一部分，我們正在利用我們強大的基礎設施來調整我們的能力以滿足商業需求並優化我們的組織結構。在整個公司，我們的領導和團隊成員繼續強調協作以利用我們的集體力量，因為我們適應不斷變化的環境，重點是為未來的機會和增長做準備，同時實現我們今天的目標。

Continuously pursuing efficiency is vital in our business. And in parallel, AmerisourceBergen is executing and delivering strong performance. The fundamentals of our business remain strong, as we continue to capitalize on opportunities provided by our pharmaceutical-centric strategy and capabilities. Our results continue to demonstrate the value of our pharmaceutical-centric strategy key strategic partnerships, leadership in specialty and comprehensive global commercialization services.

不斷追求效率對我們的業務至關重要。同時，AmerisourceBergen 正在執行並提供強大的性能。隨著我們繼續利用以製藥為中心的戰略和能力提供的機會，我們的業務基礎依然強勁。我們的業績繼續證明了我們以製藥為中心的戰略、關鍵戰略合作夥伴關係、專業領域的領導地位和全面的全球商業化服務的價值。

Our leadership in specialty distribution is a key differentiator for AmerisourceBergen, both with pharma manufacturers and with our downstream provider customers. Through our scale, commercial expertise and deep understanding of the challenges providers face, we are able to offer a comprehensive range of services, including our GPOs, data analytics and technology solutions that help them manage effectively and devote more time to serving their patients.

我們在專業分銷方面的領導地位是 AmerisourceBergen 與製藥製造商和我們的下游供應商客戶的主要差異化因素。通過我們的規模、商業專業知識和對供應商所面臨挑戰的深刻理解，我們能夠提供全面的服務，包括我們的 GPO、數據分析和技術解決方案，幫助他們有效管理並投入更多時間為患者服務。

In addition, leveraging our position at the center of health care, we facilitate communication, education and knowledge sharing between providers, pharma manufacturers and key thought leaders through our extensive network.

此外，利用我們在醫療保健中心的地位，我們通過廣泛的網絡促進供應商、製藥商和主要思想領袖之間的交流、教育和知識共享。

One example of this was our recent ION Exchange meeting, which brought together hundreds of our ION GPO members to participate in panel discussions addressing the complexities community oncologists face and provided them with valuable opportunities to connect with fellow physicians and other industry partners. Community oncologists are important partners for our business, and community care is crucial for efficiency and quality in health care as we continue to invest in and enhance our business.

這方面的一個例子是我們最近的 ION Exchange 會議，該會議匯集了數百名 ION GPO 成員參加小組討論，討論社區腫瘤學家面臨的複雜性，並為他們提供了與其他醫生和其他行業合作夥伴聯繫的寶貴機會。社區腫瘤學家是我們業務的重要合作夥伴，隨著我們繼續投資和加強我們的業務，社區護理對於醫療保健的效率和質量至關重要。

We are committed to accelerating our growth and leadership in specialty by advancing oncology-focused practice solutions and services and continuing to lead with market leaders.

我們致力於通過推進以腫瘤學為中心的實踐解決方案和服務並繼續與市場領導者保持領先地位，來加速我們在專業領域的發展和領導地位。

Most recently, we announced our agreement to invest in OneOncology, a network of leading community oncologists with 900 affiliated providers across 14 states. This investment will deepen and enhance our strong ties to community providers. And OneOncology's practice management services are complementary to AmerisourceBergen's existing capabilities in inventory management, practice analytics and clinical trial support.

最近，我們宣布同意投資 OneOncology，這是一個由領先的社區腫瘤學家組成的網絡，在 14 個州擁有 900 家附屬供應商。這項投資將加深和加強我們與社區提供者的緊密聯繫。 OneOncology 的實踐管理服務是對 AmerisourceBergen 在庫存管理、實踐分析和臨床試驗支持方面現有能力的補充。

We know OneOncology and its members well, with many of the physicians serving as advisers to ION and with AmerisourceBergen having served many of these practices for over 2 decades. Our future plans for collaboration with OneOncology include opportunities for sharing key insights to enhance the value we are able to provide all our community oncology partners as we look to a future with data, analytics and value-based contracting will play an even greater role in community oncology.

我們非常了解 OneOncology 及其成員，許多醫生擔任 ION 的顧問，而 AmerisourceBergen 已經為其中許多實踐服務超過 20 年。我們未來與 OneOncology 合作的計劃包括分享關鍵見解的機會，以提高我們能夠為所有社區腫瘤學合作夥伴提供的價值，因為我們展望未來，數據、分析和基於價值的合同將在社區中發揮更大的作用腫瘤學。

The trusted relationships and legacy we have both within communities support our ultimate goal to create better patient experiences and outcomes across specialty classes and sites of care. Our commitment to our relationship goes beyond providing high-quality dependable services every day. It also means that we are flexible and agile, helping our partners navigate complexity to provide reliable access to pharmaceuticals. We invest and innovate to provide our partners with new technologies and resources, broadening the scope and scale of our portfolio of capabilities.

我們在社區內擁有的值得信賴的關係和遺產支持我們的最終目標，即跨專業類別和護理場所創造更好的患者體驗和結果。我們對我們關係的承諾不僅僅是每天提供高質量的可靠服務。這也意味著我們靈活敏捷，可幫助我們的合作夥伴駕馭複雜性以提供可靠的藥品獲取途徑。我們投資和創新，為我們的合作夥伴提供新技術和資源，擴大我們能力組合的範圍和規模。

For example, World Korea recently enhanced its white-glove customer experience by adding real-time location monitoring on all multiuse packaging shipments, setting a new standard for tracking in the pharmaceutical logistics industry. The ability to track and monitor the precise location of shipments in transit globally allows us to deliver superior service to our customers, proactively anticipate potential risks and ensure the secure and timely distribution of products.

例如，World Korea 最近通過在所有多用途包裝貨件上添加實時位置監控來增強其白手套客戶體驗，為醫藥物流行業的跟踪設定了新標準。跟踪和監控全球運輸貨物的精確位置的能力使我們能夠為客戶提供優質服務，主動預測潛在風險並確保安全及時地分發產品。

This capability further expands AmerisourceBergen's leadership in specialty logistics and positions us to be the partner of choice for innovative products in development and coming to market, such as cell and gene therapies that often require the ability to monitor temperature and location in real time.

這種能力進一步擴大了 AmerisourceBergen 在專業物流領域的領導地位，並使我們成為開發和上市創新產品的首選合作夥伴，例如通常需要實時監測溫度和位置的能力的細胞和基因療法。

Cell and gene therapies are an exciting new frontier for health care and pharmaceutical innovation, and AmerisourceBergen is focused on evolving our solutions to help orchestrate services across the treatment development and patient journey.

細胞和基因療法是醫療保健和製藥創新的一個令人興奮的新領域，AmerisourceBergen 專注於改進我們的解決方案，以幫助協調治療開發和患者旅程中的服務。

In April, we announced the launch of our Cell and Gene Therapy integration hub, a new platform agnostic system offering cell and gene therapy developers support at every stage of the product life cycle, from clinical trial to specialty logistics services, market access strategies and patient support services. While certainly in its early days, we understand how important it is for AmerisourceBergen to play a vital role in helping to advance innovation and access to these products. As we continue to invest in our business and differentiate our value proposition, we are applying our intellectual confidence to capture new opportunities for emerging trends and future innovation.

4 月，我們宣布推出我們的細胞和基因治療集成中心，這是一個新的平台無關係統，在產品生命週期的每個階段為細胞和基因治療開發人員提供支持，從臨床試驗到專業物流服務、市場准入策略和患者支持服務。雖然處於早期階段，但我們了解 AmerisourceBergen 在幫助推動創新和獲取這些產品方面發揮至關重要的作用是多麼重要。隨著我們繼續投資於我們的業務並使我們的價值主張與眾不同，我們正在運用我們的知識自信來抓住新興趨勢和未來創新的新機會。

For our upstream partners, we support a common goal of accelerating treatment time to market and maximizing product success. For partners, big and small, we offer a unique comprehensive suite of services that supports customer needs, including deep expertise in specialty pharmaceuticals, an efficient and innovative approach to support products throughout the commercialization journey, and a global footprint paired with local expertise, including the U.S. and European 3PL and global specialty logistics.

對於我們的上游合作夥伴，我們支持加快治療上市時間和最大限度地提高產品成功率的共同目標。對於大小合作夥伴，我們提供一套獨特的綜合服務來支持客戶需求，包括專業製藥方面的深厚專業知識、在整個商業化過程中支持產品的高效創新方法，以及與當地專業知識相結合的全球足跡，包括美國和歐洲的 3PL 和全球專業物流。

Over the last year, we have detailed how we are well positioned to capture growth opportunities in the pharma services market, particularly with small and midsized biopharma manufacturers, who are more likely to outsource key parts of the clinical development and commercialization process.

在過去的一年裡，我們詳細介紹了我們如何能夠很好地抓住製藥服務市場的增長機會，特別是中小型生物製藥製造商，他們更有可能外包臨床開發和商業化過程的關鍵部分。

According to a recent IQVIA report, these emerging biopharma companies are rapidly gaining share, having originated a little over 2/3 of new drugs in 2022, while representing 2/3 of the innovation pipeline. Importantly, these companies are increasingly launching products independently upon approval. In fact, nearly 70% of drugs originated by emerging biopharmaceutical manufacturers were launched independently in 2022. Our recently closed acquisition of PharmaLex enhances our portfolio of solutions to support pharma, both large and small, as they move through the development process. We are uniquely positioned to provide key solutions, including pharmacovigilance, regulatory affairs consulting and clinical trial logistics, to help accelerate time to market and support ongoing access across geographies.

根據 IQVIA 最近的一份報告，這些新興的生物製藥公司正在迅速擴大份額，到 2022 年它們原創了略高於 2/3 的新藥，同時代表了創新渠道的 2/3。重要的是，這些公司越來越多地在獲得批准後獨立推出產品。事實上，在 2022 年，近 70% 的新興生物製藥製造商研發的藥物都是獨立推出的。我們最近完成的對 PharmaLex 的收購增強了我們的解決方案組合，以支持大型和小型製藥公司在開發過程中的發展。我們具有獨特的優勢，可以提供關鍵解決方案，包括藥物警戒、監管事務諮詢和臨床試驗物流，以幫助加快上市時間並支持跨地區的持續訪問。

As these players increasingly manage the entire product life cycle, our global footprint and comprehensive suite of pre- and post-commercialization services positions us to be their partner of choice. We continue to invest, partner and build to ensure that we have the right capabilities in place to expand the reach of innovative therapies and transform patient access and support, all while positioning our business for future growth.

隨著這些參與者越來越多地管理整個產品生命週期，我們的全球足跡和全面的商業化前後服務套件使我們成為他們的首選合作夥伴。我們繼續投資、合作和建設，以確保我們擁有適當的能力來擴大創新療法的範圍並改變患者的獲取和支持，同時為未來的增長定位我們的業務。

As a purpose-driven organization, our future will be defined by impact on our people, environment and communities in which we live and work around the world. In February, the earthquakes that impacted Turkey had a devastating humanitarian impact. Following the earthquakes, we committed funds to assist in local on-the-ground support and product donations, and AmerisourceBergen Foundation provided a package of relief funds to our strategic nonprofit partners who have extensive experience in supporting disaster response efforts.

作為一家以目標為導向的組織，我們的未來將取決於對我們在世界各地生活和工作的人員、環境和社區的影響。 2 月，影響土耳其的地震造成了毀滅性的人道主義影響。地震發生後，我們投入資金協助當地的實地支持和產品捐贈，而美源伯根基金會向我們在支持救災工作方面具有豐富經驗的戰略性非營利合作夥伴提供了一攬子救災資金。

Our Associate Assistance Fund supported impacted team members based in Turkey by providing resources for shelter immediately following the earthquake, assistance to those who are hospitalized and longer-term financial systems for housing and other crucial needs. Team members continue to support their colleagues in Turkey by taking advantage of our foundations 2-to-1 donation matching program, and I am proud of the work our teams have done to help one another in times of need.

我們的助理援助基金通過在地震後立即提供避難所資源、為住院人員提供援助以及滿足住房和其他關鍵需求的長期金融系統，為駐紮在土耳其的受影響團隊成員提供支持。團隊成員繼續利用我們的基金會 2 對 1 捐贈匹配計劃來支持他們在土耳其的同事，我為我們的團隊在需要時互相幫助所做的工作感到自豪。

Our work to support access and equity is key to delivering on our purpose of creating healthier futures, and we are helping to build a community where everyone can thrive. We are collaborating and engaging with team members, partners, customers and patients in our communities, working together with a shared goal of creating fair and comparable access. This means working to improve health access and equity in the communities in which our team members live and work.

我們支持獲取和公平的工作是實現我們創造更健康未來的目標的關鍵，我們正在幫助建立一個人人都能茁壯成長的社區。我們正在與社區中的團隊成員、合作夥伴、客戶和患者合作和接觸，共同努力創造公平和可比較的訪問權限。這意味著要努力改善我們團隊成員生活和工作所在社區的健康狀況和公平性。

One such initiative is our pharmacy recruit solution, which is creating a program for community pharmacists to contact potential qualified patients and refer them to clinical trial sites for enrollment. We hope that this initiative will help reduce representation gaps that can exist in clinical trial research by leveraging the reach and trusted relationships of community pharmacies. These efforts are deeply aligned with our purpose, and we will continue to work to address the systemic barriers that exist within the health care ecosystem, reduce the disparities that disproportionately impact vulnerable communities and empower more equitable health outcomes for patients.

其中一項舉措是我們的藥房招聘解決方案，它正在為社區藥劑師創建一個項目，以聯繫潛在的合格患者並將他們轉介到臨床試驗地點進行註冊。我們希望這一舉措將通過利用社區藥房的影響力和信任關係，幫助減少臨床試驗研究中可能存在的代表性差距。這些努力與我們的宗旨高度一致，我們將繼續努力解決醫療保健生態系統中存在的系統性障礙，減少對弱勢社區造成不成比例影響的差異，並為患者提供更公平的健康結果。

Driven by our purpose, powered by our team members and fueled by the strength and resilience of our business, we continue to deliver value for all our stakeholders. Leveraging our foundation and distribution and our portfolio of complementary pharmaceutical-centric solutions, we create differentiated value for our customers and partners as a key connector at the center of the health care system.

在我們的宗旨的推動下，在我們團隊成員的支持下，在我們業務的實力和彈性的推動下，我們繼續為所有利益相關者創造價值。利用我們的基礎和分銷以及以製藥為中心的互補解決方案組合，我們作為醫療保健系統中心的關鍵連接器，為我們的客戶和合作夥伴創造差異化的價值。

As we look forward to the remainder of the fiscal year, I continue to be inspired by the thoughtfulness and tenacity of our team members around the world who live our purpose each day.

在我們展望本財政年度的剩餘時間之際，我繼續為我們世界各地團隊成員的深思熟慮和堅韌精神所鼓舞，他們每天都在為實現我們的目標而奮鬥。

Now I will turn the call over to Jim for a more in-depth review of our second 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第二季度的業績和更新後的指導意見。吉姆？

Thanks, Steve. Good morning and good afternoon, everyone. In our second quarter, AmerisourceBergen delivered strong financial performance as our businesses continued executing and delivering a differentiated value proposition to our customers and partners. Operationally, we are focused on increasing efficiency throughout the organization, while continuing to prioritize growth and ensuring that we are innovating to support the needs of our customers across our business.

謝謝，史蒂夫。大家早上好，下午好。在我們的第二季度，隨著我們的業務繼續執行並為我們的客戶和合作夥伴提供差異化的價值主張，AmerisourceBergen 實現了強勁的財務業績。在運營方面，我們專注於提高整個組織的效率，同時繼續優先考慮增長並確保我們通過創新來支持客戶在我們整個業務中的需求。

Additionally, we continue to be focused on making thoughtful and strategic investments to power our long-term growth, supported by our strong balance sheet and free cash flow generation.

此外，在我們強大的資產負債表和自由現金流生成的支持下，我們繼續專注於進行深思熟慮的戰略投資，以推動我們的長期增長。

Before I turn to our second quarter results, as a reminder, my remarks today will focus on our adjusted non-GAAP financial results, unless otherwise stated. For a detailed discussion of our GAAP results, please refer to our earnings press release.

在我轉向我們的第二季度業績之前，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。有關我們的 GAAP 結果的詳細討論，請參閱我們的收益新聞稿。

Turning now to our second quarter results. AmerisourceBergen finished the quarter with adjusted diluted EPS of $3.50, an increase of nearly 9% over the prior year quarter. This solid growth was driven by strong performance in our U.S. Healthcare Solutions segment, which more than offset the gross profit headwind from lapping the peak of COVID-19 therapy contributions in the prior year; good operating performance in our International Healthcare Solutions segment, which helped to offset some of the foreign exchange rate pressure; and a lower share count due to our opportunistic share repurchases during the past year.

現在轉向我們的第二季度業績。 AmerisourceBergen 本季度調整後的攤薄每股收益為 3.50 美元，比去年同期增長近 9%。這種穩健的增長是由我們的美國醫療保健解決方案部門的強勁表現推動的，這大大抵消了上一年 COVID-19 治療貢獻高峰帶來的毛利潤逆風；我們的國際醫療保健解決方案部門的良好經營業績有助於抵消部分匯率壓力；以及由於我們在過去一年中進行機會性股票回購而導致的股票數量減少。

Our consolidated revenue was $63.5 billion, up 10%, driven by growth in our U.S. Healthcare Solutions segment and offset by a slight decline in our International Healthcare Solutions segment, which was negatively impacted by foreign exchange rates and the divestiture of Profarma Specialty in June 2022. On a constant currency basis, consolidated revenue grew 11%.

我們的綜合收入為 635 億美元，增長 10%，這主要受美國醫療保健解決方案業務增長的推動，並被國際醫療保健解決方案業務的輕微下滑所抵消，後者受到匯率和 2022 年 6 月 Profarma Specialty 資產剝離的負面影響. 在固定匯率基礎上，綜合收入增長了 11%。

Consolidated gross profit was $2.4 billion, up 6% due to growth in both segments. Consolidated gross profit margin was 3.71%, a decline of 13 basis points, due primarily to lower COVID treatment contributions and mix in the quarter. Consolidated operating expenses were $1.4 billion, up 9%, due to higher distribution, selling and administrative expenses. As expected, our year-over-year operating expense growth rate slowed sequentially from the first quarter.

綜合毛利為 24 億美元，增長 6%，這歸功於這兩個部門的增長。綜合毛利率為 3.71%，下降了 13 個基點，這主要是由於本季度 COVID 治療貢獻和組合較低。由於分銷、銷售和管理費用增加，綜合運營費用為 14 億美元，增長 9%。正如預期的那樣，我們的營業費用同比增長率從第一季度開始連續放緩。

As we have called out previously, in the second half, we will lap the inflationary pressures that began in the prior year March quarter. We will see operating expense growth slow significantly, particularly in the fourth quarter, due in part to incremental expense management actions taken, which put us on track to have a more normal growth rate in the mid-single-digit percent range for the full year. We continue to focus on leveraging our existing capabilities and scale to create efficiencies, while also investing in our talent and growth initiatives to drive long-term sustainable growth and value creation for all our stakeholders.

正如我們之前所呼籲的那樣，在下半年，我們將克服去年 3 月季度開始的通脹壓力。我們將看到營業費用增長顯著放緩，特別是在第四季度，部分原因是採取了增量費用管理措施，這使我們有望在全年實現更正常的中個位數百分比範圍內的增長率.我們繼續專注於利用我們現有的能力和規模來提高效率，同時也投資於我們的人才和增長計劃，以推動我們所有利益相關者的長期可持續增長和價值創造。

Consolidated operating income was $932 million, an increase of approximately 2% compared to the prior year quarter or up 4% on a constant currency basis. Our operating income growth was driven by solid performance in the U.S. Healthcare Solutions segment, which offset currency-related pressures in the International Healthcare Solutions segment. I will discuss more detailed segment-level business drivers when reviewing segment-level results.

綜合營業收入為 9.32 億美元，比去年同期增長約 2%，按固定匯率計算增長 4%。我們的營業收入增長是由美國醫療保健解決方案部門的穩健表現推動的，這抵消了國際醫療保健解決方案部門與貨幣相關的壓力。在審查細分級結果時，我將討論更詳細的細分級業務驅動因素。

Moving now to our net interest expense. For the second quarter, net interest expense was $64 million, an increase of 21%, which was anticipated, and we indicated would occur on our February earnings call. For the remainder of the year, we would expect quarterly net interest expense to be similar to this quarter.

現在轉到我們的淨利息支出。第二季度，淨利息支出為 6400 萬美元，增長 21%，這是預期的，我們表示將在 2 月份的財報電話會議上發生。對於今年剩餘時間，我們預計季度淨利息支出將與本季度相似。

Turning now to income taxes. Our effective income tax rate was 19% compared to 21% in the prior year quarter. We expect our effective income tax rate to be towards the lower end of our range of 20% to 21% for the fiscal year with higher tax rates in the next 2 quarters.

現在轉向所得稅。我們的有效所得稅率為 19%，而去年同期為 21%。我們預計本財年的有效所得稅率將接近我們 20% 至 21% 範圍的下限，未來兩個季度的稅率會更高。

Turning to diluted share count. Our diluted share count was 204.3 million shares, a 3.6% decrease compared to the second quarter of fiscal 2022, driven by share repurchases we completed over the last 12 months.

轉向稀釋後的股份數量。在過去 12 個月完成的股票回購的推動下，我們的稀釋後股票數量為 2.043 億股，與 2022 財年第二季度相比減少了 3.6%。

Regarding our cash balance and free cash flow. We ended the quarter with approximately $1.5 billion of cash. In the quarter, we repaid the remaining $675 million of short-term debt related to the Alliance Healthcare acquisition, fulfilling our commitment to the ratings agencies to pay down 2/3 of the acquisition debt within 2 years of closing the acquisition.

關於我們的現金餘額和自由現金流。我們以大約 15 億美元的現金結束了本季度。本季度，我們償還了與 Alliance Healthcare 收購相關的剩餘 6.75 億美元短期債務，履行了我們對評級機構的承諾，即在收購完成後 2 年內償還 2/3 的收購債務。

For the first 6 months of the fiscal year, adjusted free cash flow was $1.1 billion, and we remain on track to achieve our adjusted free cash flow guidance of approximately $2 billion for the fiscal year. This completes the review of our consolidated results. Now I'll turn to our segment results for the second quarter.

本財年的前 6 個月，調整後的自由現金流為 11 億美元，我們仍有望實現本財年調整後的自由現金流指導值約 20 億美元。這就完成了對我們綜合結果的審查。現在我將談談我們第二季度的分部業績。

U.S. Healthcare Solutions segment revenue was $56.7 billion, up approximately 11% for the quarter, with broad-based growth across our customer base, including sales to our largest customers and sales of specialty products to physician practices and health systems. This growth was moderated by a decline in sales of COVID-19 treatments versus the prior year quarter.

美國醫療保健解決方案部門的收入為 567 億美元，本季度增長約 11%，我們的客戶群基礎廣泛，包括向我們最大的客戶銷售以及向醫生診所和衛生系統銷售專業產品。這一增長因 COVID-19療法的銷售額與去年同期相比有所下降而有所緩和。

U.S. Healthcare Solutions segment operating income increased by 3.6% to $756 million, driven by growth in specialty and across our distribution businesses as utilization trends continued to be strong. Additionally, in the quarter, we had good results in our Animal Health business, which is in line with the normalization that we foreshadowed on our February earnings call.

美國醫療保健解決方案部門的營業收入增長了 3.6%，達到 7.56 億美元，這得益於專業業務和我們的分銷業務的增長，因為利用率趨勢持續強勁。此外，在本季度，我們的動物保健業務取得了不錯的成績，這與我們在 2 月份的財報電話會議上預示的正常化一致。

As a reminder, the U.S. Healthcare Solutions segment is lapping the March 2022 peak quarter for COVID-19 treatment contributions. Taking a step back, if you look at the segment year-to-date, for the 6 months ended in March, U.S. segment operating income was up 5.6% for the first half of 2023 versus the first half of 2022, if you exclude COVID-19 treatment contributions from both periods.

提醒一下，美國醫療保健解決方案部門正在接近 2022 年 3 月的 COVID-19 治療貢獻高峰季度。退一步看，如果不考慮 COVID，截至 3 月的 6 個月，美國分部營業收入與 2022 年上半年相比，2023 年上半年增長 5.6%兩個時期的 -19 治療貢獻。

I will now turn to our International Healthcare Solutions segment. In the quarter, International Healthcare Solutions revenue was $6.8 billion, down 0.2% on a reported basis or up 12% on a constant currency basis. The as-reported decline reflects the divestiture of Profarma Specialty and unfavorable foreign exchange rates compared to the prior year quarter.

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 68 億美元，按報告基準下降 0.2%，按固定匯率計算增長 12%。報告的下降反映了 Profarma Specialty 的剝離和與去年同期相比不利的匯率。

International Healthcare Solutions' operating income was $176 million, down approximately 6% on a reported basis, driven by a decline at Alliance Healthcare due to the effect of foreign currency exchange rates as well as the June 2022 divestiture of Profarma Specialty, which represented 3% of segment level operating income in the prior year quarter. The decline was offset in part by strong growth at World Courier and the contribution from Pharmalex in the quarter. In the quarter, World Courier continued to perform well as the business saw good trends and demand for international shipments.

International Healthcare Solutions 的營業收入為 1.76 億美元，按報告基礎下降約 6%，原因是 Alliance Healthcare 因外幣匯率影響而下滑，以及 2022 年 6 月剝離 Profarma Specialty，佔 3%上一年季度的部門級營業收入。這一下降部分被世界快遞的強勁增長和 Pharmalex 在本季度的貢獻所抵消。本季度，World Courier 繼續表現良好，因為該業務看到了良好的趨勢和對國際貨運的需求。

On a constant currency basis, the International Healthcare Solutions segment delivered 7% operating income growth.

在固定匯率基礎上，國際醫療保健解決方案部門實現了 7% 的營業收入增長。

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.

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。

Full details of our fiscal 2023 guidance can be found on pages 8 and 9 of our earnings presentation on our Investor Relations website.

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。

Starting with revenue. We are raising our consolidated revenue guidance to a range of 6% to 8% growth to reflect the strong revenue growth we saw in the first half of the year in the U.S. Healthcare Solutions segment and favorable currency movements in the International Healthcare Solutions segment relative to our prior guidance.

從收入開始。我們將綜合收入指引上調至 6% 至 8% 的增長范圍，以反映我們在今年上半年看到的美國醫療保健解決方案部門的強勁收入增長以及國際醫療保健解決方案部門相對於我們之前的指導。

We now expect revenue growth in the U.S. Healthcare Solutions segment to be approximately 7% to 8% or towards the higher end of our previous range of 6% to 8% growth. In the International Healthcare Solutions segment, we are raising our as-reported revenue guidance to a range of a 3% decline to flat, up from our previous expectation, about 1% to 5% decline.

我們現在預計美國醫療保健解決方案部門的收入增長約為 7% 至 8%，或接近我們先前 6% 至 8% 增長范圍的較高端。在國際醫療保健解決方案領域，我們將報告的收入指引上調至下降 3% 至持平，高於我們之前的預期，下降約 1% 至 5%。

Moving to operating income. We are raising our consolidated operating income guidance to a range of 2% to 4% growth from the previous range of 0% to 3% growth to reflect the strong core performance in the U.S. Healthcare Solutions segment. In the second quarter, COVID-19 treatments contributed $0.11 to our consolidated EPS, with about $0.09 in the U.S. and $0.02 in the International segment. COVID treatment contributions in the quarter were slightly higher than our expectations, bringing our total contribution to $0.23 for the first half of the year, and we now expect the contribution from COVID-19 treatment distribution for the full fiscal year to be around $0.30 compared to our previous expectation of $0.25 to $0.30. We expect the small remaining contribution to be in the U.S. segment.

轉向營業收入。我們將綜合營業收入指引從之前的 0% 到 3% 的增長率提高到 2% 到 4% 的增長率，以反映美國醫療保健解決方案部門強勁的核心業績。在第二季度，COVID-19治療為我們的綜合每股收益貢獻了 0.11 美元，其中美國約為 0.09 美元，國際部分約為 0.02 美元。本季度的 COVID 治療貢獻略高於我們的預期，使我們上半年的總貢獻達到 0.23 美元，我們現在預計整個財政年度 COVID-19 治療分配的貢獻約為 0.30 美元，相比之下我們之前的預期為 0.25 美元至 0.30 美元。我們預計剩餘的少量貢獻將來自美國市場。

On an as-reported basis, we are raising our U.S. segment operating income growth to be in the range of 3% to 5%, up from our prior range of 1% to 4%, to reflect the continued strength and execution of our core business. Given our expectations for the core U.S. business, we are increasing our guidance for U.S. Healthcare Solutions segment operating income growth, excluding COVID, to be in the range of 6% to 8%, an increase from our previous expectation for growth of 5% to 7%.

根據報告，我們將美國分部的營業收入增長率從之前的 1% 到 4% 提高到 3% 到 5%，以反映我們核心業務的持續實力和執行力商業。鑑於我們對美國核心業務的預期，我們正在將我們對美國醫療保健解決方案部門營業收入增長（不包括 COVID）的預期提高到 6% 至 8%，高於我們此前預期的 5% 至 8% 7%。

This metric reflects the core performance of our U.S. segment, which represents roughly 80% of our consolidated operating income and helps provide visibility beyond the diminishing transitory contributions from distributing COVID treatments.

該指標反映了我們美國分部的核心績效，該分部約占我們綜合營業收入的 80%，並有助於提供可見性，超越分發 COVID 治療所帶來的暫時性貢獻的減少。

Finally, we now expect weighted average diluted share count to be approximately 205 million shares, down from our prior expectation of approximately 206 million shares, due to lower-than-anticipated dilution to date. As a result of these updates, we are raising our full year diluted EPS guidance to a range of $11.70 to $11.90, up from our prior range of $11.50 to $11.75, representing growth of 6% to 8% on an as-reported basis or 11% to 13%, excluding COVID-19 treatment contributions.

最後，我們現在預計加權平均稀釋股數約為 2.05 億股，低於我們此前預期的約 2.06 億股，原因是迄今為止的稀釋度低於預期。由於這些更新，我們將全年攤薄後每股收益指引從之前的 11.50 美元至 11.75 美元提高至 11.70 美元至 11.90 美元的範圍，表示按報告基礎增長 6% 至 8% 或 11 % 至 13%，不包括 COVID-19 治療貢獻。

Before I turn to my closing remarks, I would like to provide a brief update on how AmerisourceBergen is working to help advance ESG initiatives across our industry. Recently, we partnered with the International Federation of Pharmaceutical Wholesalers and IQVIA to develop an industry ESG framework. In this framework, we leveraged our experience reach and relationships to help support pharmaceutical wholesalers aligning on and advancing key ESG initiatives.

在我開始結束語之前，我想簡要介紹一下 AmerisourceBergen 如何努力幫助推進整個行業的 ESG 舉措。最近，我們與國際藥品批發商聯合會和 IQVIA 合作開發了一個行業 ESG 框架。在此框架內，我們利用我們的經驗範圍和關係來幫助支持藥品批發商調整和推進關鍵的 ESG 計劃。

Through this framework, IFPW members share best practices on key topics, including environmental stewardship, human capital management and health equity. We look forward to continuing to collaborate with the IFPW to move this important initiative forward.

通過這個框架，IFPW 成員分享關鍵主題的最佳實踐，包括環境管理、人力資本管理和健康公平。我們期待繼續與 IFPW 合作，推動這一重要舉措向前發展。

In closing, AmerisourceBergen has a strong track record of execution and performance. We have delivered strong performance in the first half of our fiscal year, and our updated fiscal 2023 guidance reflects the continued strength and resilience of our business. We are well positioned to continue deploying capital internally and externally to advance our business while being good stewards of shareholder capital. I want to thank our purpose-driven team members and leaders for their strong execution and commitment to efficiency, growth, collaboration and innovation to help create differentiated value for all our stakeholders.

最後，AmerisourceBergen 在執行和績效方面擁有良好的記錄。我們在本財年上半年取得了強勁的業績，我們更新的 2023 財年指引反映了我們業務的持續實力和彈性。我們有能力繼續在內部和外部部署資本以推進我們的業務，同時成為股東資本的好管家。我要感謝我們以目標為導向的團隊成員和領導者，感謝他們強有力的執行力和對效率、增長、協作和創新的承諾，以幫助為我們所有的利益相關者創造差異化的價值。

Now I'll 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以打開問題熱線。操作員？

(Operator Instructions)

（操作員說明）

Our first question today comes from Lisa Gill with JPMorgan.

我們今天的第一個問題來自摩根大通的 Lisa Gill。

First, Steve, I want to say congratulations on this OneOncology deal. I think it's a great deal for AmerisourceBergen, but I want to focus my question on an area that we've been writing about. And that's really about the changes in the diabetes and insulin market. Can you remind us how the change or the price cut on insulin will impact you as a drug distributor? And then how do I think about new drug classes like GLP-1s that are substantially more expensive? Are they creating an opportunity? And are you seeing that come through your numbers that we saw that were so strong in the U.S. distribution component?

首先，史蒂夫，我想對 OneOncology 的這筆交易表示祝賀。我認為這對 AmerisourceBergen 來說很重要，但我想把我的問題集中在我們一直在寫的一個領域。這實際上是關於糖尿病和胰島素市場的變化。您能否提醒我們胰島素的變化或降價將如何影響您作為藥品經銷商？那麼我如何看待像 GLP-1 這樣價格高得多的新藥物類別？他們在創造機會嗎？您是否通過我們看到的美國分銷部分如此強大的數字看到了這一點？

Yes. Lisa, and thanks for the question. So let me start off with the insulin pricing. So AmerisourceBergen and our industry will be in the forefront of discussions with manufacturers and stakeholders. The current fee-for-service model obviously is based off the list price or the WAC price, and it provides the transparency for the industry, including manufacturers and distributors. So as these products change the pricing, and we understand that there've probably been no products that are more high profile, that are more important to patient care in terms of the chronic nature of the diabetes condition. And with the high list price and the heavily rebated products, we anticipated that there could be changes.

是的。麗莎，謝謝你的提問。因此，讓我從胰島素定價開始。因此，AmerisourceBergen 和我們的行業將站在與製造商和利益相關者討論的最前沿。目前的按服務收費模式顯然是基於標價或 WAC 價格，它為包括製造商和分銷商在內的行業提供了透明度。因此，隨著這些產品改變定價，我們了解到，就糖尿病的慢性性質而言，可能沒有比這更引人注目、對患者護理更重要的產品了。由於標價高且產品折扣高，我們預計可能會發生變化。

For us, we will try preserve our economics. We do have an ability to negotiate on a fee-for-service basis with the manufacturers. And I think everyone in the industry recognizes that the requirements and the expectations for distributors are becoming even more profound, if you look at the drug security and pedigree changes that are coming into place, the high inventory demands, a much more difficult environment in terms of interest rates. I think our role has never been clearer.

對我們來說，我們將努力保護我們的經濟。我們確實有能力在按服務收費的基礎上與製造商進行談判。而且我認為業內的每個人都認識到，如果你看看藥品安全和正在發生的譜系變化、高庫存需求、一個更加困難的環境，對分銷商的要求和期望變得更加深刻利率。我認為我們的角色從未如此清晰。

I was at NACDS last week, got to meet with all sorts of customers. And we should never take for granted the basic financing, inventory and shipping functions that we do. Those are incredibly important to the health of our customers and our patients.

上週我在 NACDS 會見了各種各樣的客戶。我們永遠不應該將我們所做的基本融資、庫存和運輸功能視為理所當然。這些對我們的客戶和患者的健康非常重要。

The second part of your question was on the new class of products, sometimes called the GLP-1 drugs, as I noticed the category we're talking about. I think it's just really important for us to follow the prescription dollar. We have done that, whether it's cell and gene therapies or on specialty oncology drugs or ophthalmology drugs. And this category is the class or trade is mainly retail. We're well represented in that class, through both mail-order customers and even more specifically through large customers like Walgreens. So we will keep our market share, which is very impressive, somewhere in north of 30% region on these products. And it's just another example of how innovation in health care and new products are going to help drive AmerisourceBergen's growth and fundamentals. So thanks for the question.

你問題的第二部分是關於新產品類別，有時稱為 GLP-1 藥物，因為我注意到我們正在談論的類別。我認為遵循處方藥對我們來說真的很重要。我們已經做到了，無論是細胞和基因療法，還是專業腫瘤藥物或眼科藥物。而這一類是以零售為主的類或貿易類。通過郵購客戶，更具體地說，通過像 Walgreens 這樣的大客戶，我們在這一類中有很好的代表。因此，我們將在這些產品上保持我們的市場份額，這非常可觀，在 30% 以上的地區。這只是醫療保健和新產品創新將如何幫助推動 AmerisourceBergen 的增長和基本面的另一個例子。所以謝謝你的問題。

Our next question comes from Elizabeth Anderson with Evercore.

我們的下一個問題來自 Evercore 的 Elizabeth Anderson。

I guess my question would be just in terms of as we think about the back half of the year, is that the reason that you guys are currently forecasting that you wouldn't see the typical step-up in utilization and sort of revenue growth that you tend to see as you move into the third and the fourth quarter? The reason I asked because given your sort of year-to-date performance, it seems like you guys might be tracking ahead of that. So I just wanted to make sure I understood that.

我想我的問題只是關於我們對今年下半年的看法，你們目前預測你們不會看到典型的利用率提升和收入增長的原因是當你進入第三和第四季度時，你傾向於看到什麼？我問的原因是因為鑑於你們年初至今的表現，你們似乎可能會提前追踪。所以我只是想確保我理解這一點。

And then secondly, can you just talk about sort of any of your early learnings from the Pharmalex acquisition now that had sort of closed, and you guys have had it under -- owned it for a few months now?

其次，你能不能談談你從 Pharmalex 收購中學到的任何早期知識，現在已經結束了，你們已經擁有它幾個月了？

Yes. Great. I will start off, and I'll talk about the back half of the year, and then I'm sure Steve will want to talk about our positive experience we've had thus far with the PharmaLex acquisition. We -- in our guidance, we're implying strong performance in the back half of the year. And as we talked about during the call, during the prepared remarks, we increased our adjusted operating income guidance in the U.S. ex COVID from a 5% to 7% growth to 6% to 8% growth for the year. And really, what's driving the back half is the same sort of things that drove this recent quarter where we performed very well.

是的。偉大的。我會開始，我會談談今年下半年的情況，然後我相信史蒂夫會想談談我們迄今為止在收購 PharmaLex 方面的積極經驗。我們 - 在我們的指導中，我們暗示下半年表現強勁。正如我們在電話會議上談到的那樣，在準備好的發言中，我們將美國除 COVID 之外的調整後營業收入指引從今年的 5% 至 7% 增長提高到 6% 至 8%。實際上，推動後半部分的因素與推動我們在最近一個季度表現出色的因素相同。

We're seeing strong U.S. core growth, particularly ex COVID. We're seeing utilization trends that continue to be strong. We're seeing broad-based growth across our customer base, including sales to our largest customers and sales of specialty products to physician practices and health systems. We also saw good results in our Animal Health business this most recent quarter. And so it's those sorts of things that are driving the continued good performance in the second half. We're also -- as we said during the prepared remarks, we're expecting for OpEx growth to slow during the second half and we're also expecting some better FX in the second half, where it was a headwind in the first half, we're expecting it to be a slight tailwind in the second half.

我們看到強勁的美國核心增長，尤其是前 COVID。我們看到利用率趨勢繼續強勁。我們看到我們客戶群的基礎廣泛增長，包括向我們最大的客戶銷售以及向醫生診所和衛生系統銷售專業產品。最近一個季度，我們的動物保健業務也取得了不錯的成績。因此，正是這些因素推動了下半年的持續良好表現。我們也——正如我們在準備好的發言中所說的那樣，我們預計下半年 OpEx 增長將放緩，我們也預計下半年會有更好的外匯，這是上半年的逆風，我們預計下半年會有輕微的順風。

So those are some of the things that are driving the good performance and the increase in guidance.

因此，這些是推動良好表現和指導增加的一些因素。

And with that, I'll turn it over to Steve to talk about PharmaLex.

有了這個，我會把它交給史蒂夫來談談 PharmaLex。

Yes. Thank you for the question on PharmaLex. We're very proud of this acquisition. I think it really highlights AmerisourceBergen, a commitment to being in the markets we serve, a global commercialization solutions provider. And we really -- I think the leadership under Bob Mauch, that is really focus on the integration of this acquisition, are doing an outstanding job. Most recently, there were a continuation of the planning meetings with both the U.K. and German teams to incredible markets, important markets for that team. I think just getting to know AmerisourceBergen, getting to know our different offerings, getting to understand what World Courier does and [extended] does, for example, has been key learnings for their team. And we are impressed with the quality of the teams and their positioning within the channels and are very interested in helping them grow and develop the business.

是的。感謝您對 PharmaLex 的提問。我們為這次收購感到非常自豪。我認為它真正突出了 AmerisourceBergen，它致力於進入我們所服務的市場，是一家全球商業化解決方案提供商。我們真的——我認為 Bob Mauch 領導下的領導層非常專注於此次收購的整合，他們做得非常出色。最近，與英國和德國團隊的計劃會議繼續進行，以達到令人難以置信的市場，該團隊的重要市場。我認為只是了解 AmerisourceBergen，了解我們的不同產品，了解 World Courier 和 [extended] 所做的事情，例如，一直是他們團隊的主要學習內容。我們對團隊的素質和他們在渠道中的定位印象深刻，並且非常有興趣幫助他們發展和發展業務。

Initially, I think organically and in future, perhaps if you're looking at expansions of both lines of service as well as geographic lines. Just to remind the audience that services that PharmaLex provide fall under 4 main segments: development, consulting, regulatory affairs, pharmacovigilance, quality management and compliance. These are areas that we think will be critically important to the future of the small and medium companies, of course, the larger companies as well. But as we highlighted in the scripts, we are focused on providing additional services to that category of customers. And that's traditionally where PharmaLex has been highly successful, and we expect to only invest and grow behind that team.

最初，我認為有機地和未來，也許如果你正在考慮服務線和地理線的擴展。提醒聽眾，PharmaLex 提供的服務分為 4 個主要部分：開發、諮詢、監管事務、藥物警戒、質量管理和合規性。我們認為這些領域對中小型公司的未來至關重要，當然，大公司也是如此。但正如我們在腳本中強調的那樣，我們專注於為該類別的客戶提供額外的服務。傳統上，這就是 PharmaLex 非常成功的地方，我們希望只在該團隊背後投資和發展。

And we're just so far, so good. I'm proud of the way that our team has really embraced this acquisition. And I think it's also part of the reason why Syncora is going to be a very good strategic name change for the company as we look to the quarters ahead.

我們就這麼遠，這麼好。我為我們的團隊真正接受此次收購的方式感到自豪。而且我認為這也是為什麼 Syncora 在我們展望未來幾個季度時將成為公司非常好的戰略名稱變更的部分原因。

Our next question comes from Eric Percher with Nephron Research.

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

I wanted to follow up on the question that rent insulin and GLP-1s. And my question is a little bit on the give and take. First, on the insulin or any other products that we see lower prices in front of the [AMT cap sunset], I know you've got experience with manufacturers in having renegotiated over the last 3 or 4 years and earning a fair fee. So I'd love to hear any analogues that you could provide on the ability to ensure that you continue to receive similar economics. And then on the GLP-1s, our understanding is that a lot of the pharmacies are -- tend to be low or no margin products. Do you need to give a little there and to help the independents, in particular, as they see increases in volumes of GLP-1?

我想跟進租用胰島素和 GLP-1 的問題。我的問題有點關於讓步。首先，關於胰島素或我們在 [AMT 上限日落前看到的任何其他產品] 價格較低的產品，我知道你有與製造商在過去 3 或 4 年重新談判並賺取公平費用的經驗。因此，我很想听聽您可以提供的關於確保您繼續獲得類似經濟學的能力的任何類比。然後在 GLP-1 上，我們的理解是很多藥店都是——往往是低利潤或無利潤的產品。您是否需要在那裡提供一點幫助獨立人士，特別是當他們看到 GLP-1 的數量增加時？

Yes. Thanks for the question, Eric. As we -- we don't really get into individual product economics. I think one of the things that I think has worked for our industry over time is that we really do provide a portfolio of customers. There's no customer that I'm proud of that we're providing one or two single products to. We like to provide all the products and I think that's also the value proposition we offer to manufacturers is the knowledge that we have of all classes of trade and truly unique to the U.S. market, as you know and probably to me, one of the strongest fundamental drivers are of the U.S. market.

是的。謝謝你的問題，埃里克。正如我們 - 我們並沒有真正進入單個產品經濟學。我認為隨著時間的推移，我認為對我們行業有用的一件事是我們確實提供了一系列客戶。沒有客戶讓我為我們提供一種或兩種單一產品而感到自豪。我們喜歡提供所有產品，我認為這也是我們向製造商提供的價值主張，即我們擁有所有貿易類別的知識，並且真正是美國市場所獨有的，正如你所知，可能對我來說，最強大的市場之一基本驅動力來自美國市場。

Having said that, our current fee for service, as I said, provides transparency. We have got certain rights in the event that there's a change in economics to negotiate with those manufacturers. And I think these are some of the manufacturers that we work with literally for decades. We're in the first fee-for-service generation of contracts. And I think they understand that our economics need to be strong and solid, and we need to offer good returns to our investors. And so these are respectful discussions with changes in business conditions. We expect we're not new to reimbursement change of affecting market prices. And again, we think that overall, this is a benefit to patients and at the end of the day, if it's benefiting our constituencies, that will benefit AmerisourceBergen. So I don't have a tremendous amount of concern on any of these themes. Jim, anything you'd add?

話雖如此，正如我所說，我們目前的服務費用提供了透明度。如果經濟狀況發生變化，我們有權與這些製造商進行談判。我認為這些是我們合作了幾十年的一些製造商。我們處於第一代按服務收費的合同中。我認為他們明白我們的經濟需要強大而穩固，我們需要為投資者提供良好的回報。因此，這些是對業務條件變化的尊重討論。我們希望我們對影響市場價格的報銷變化並不陌生。而且，我們認為，總的來說，這對患者是有益的，歸根結底，如果它有益於我們的選區，那將有益於 AmerisourceBergen。所以我對這些主題中的任何一個都沒有太大的擔憂。吉姆，你有什麼要補充的嗎？

Steve, I would just emphasize the point that you were making earlier that the value we provide in the supply chain and the services we provide are just highly justifiable.

史蒂夫，我只想強調你之前提出的觀點，即我們在供應鏈中提供的價值和我們提供的服務是非常合理的。

Thank you. Thanks, Eric.

謝謝。謝謝，埃里克。

Our next question comes from Erin Wright with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Erin Wright。

So on the international side of the business, can you speak a little bit more about what you're seeing in terms of underlying demand trends, underlying utilization across that wholesaling business? And then on World Courier, can you give us an update on fundamental demand to across that customer base? Have you seen any volatility there? And where are we at now in terms of integration across Alliance and its ability to work with the higher growth areas, such as World Courier?

因此，在業務的國際方面，您能否多談談您在潛在需求趨勢、整個批發業務的潛在利用率方面所看到的情況？然後在 World Courier 方面，您能否向我們提供有關該客戶群基本需求的最新信息？你看到那裡有任何波動嗎？就 Alliance 的整合及其與 World Courier 等高增長領域合作的能力而言，我們現在處於什麼位置？

I can start off, and maybe Jim can add in some trends. I just would say that in Europe, it's been very resilient. There's nothing that I would report as surprising. Of course, Turkey is a big market for Alliance, and that's got a little bit more economic dependencies based on the economy and inflation. But our core European markets are very stable. I'm actually looking forward. I'm going next week to visit a bunch of the countries for the first time and very much looking forward to that trip and learning more. But demand remains solid. As you know, the winter was better than expected in terms of the energy shortfalls and deficits that were anticipated. And our markets have been performing very well.

我可以開始了，也許 Jim 可以添加一些趨勢。我只想說，在歐洲，它非常有彈性。沒有什麼可以讓我感到驚訝的。當然，土耳其對 Alliance 來說是一個很大的市場，它在經濟和通貨膨脹的基礎上有更多的經濟依賴。但我們的核心歐洲市場非常穩定。其實我很期待下週我將首次訪問許多國家，非常期待這次旅行並了解更多信息。但需求依然強勁。如您所知，就預期的能源短缺和赤字而言，冬季比預期的要好。我們的市場表現非常好。

We continue to engage with regulators. For example, in France, we're looking at how do we help with a switch to doing more specialty in pharmacies in the community setting. Those are the sort of initiatives that really get us excited. How to do more at the retail setting and how do we even service some of the hospital settings through changes in manufacturer contracting, et cetera, looking at our logo business, those are key initiatives for us.

我們繼續與監管機構接觸。例如，在法國，我們正在研究如何幫助在社區環境中轉變為在藥房做更多的專業工作。這些都是真正讓我們興奮的舉措。如何在零售環境中做得更多，我們如何通過改變製造商合同等方式為一些醫院環境提供服務，看看我們的標誌業務，這些都是我們的關鍵舉措。

World Courier is just a tremendously high-performing asset. We continue to, I think, lift the bar on innovation. Literally, I'd say, and I try to be fairly modest then, but I am incredibly proud of the work that our companies do in World Courier, just foremost amongst that. Every time I get on the phone with them, I'm so impressed with the dedication, the professionalism, the innovation mindset. And this was truly the best of an acquisition that we have completed.

World Courier 是一項非常高效的資產。我認為，我們將繼續提高創新的門檻。從字面上看，我想說，那時我盡量保持謙虛，但我為我們公司在 World Courier 所做的工作感到無比自豪，其中最重要的是。每次與他們通電話時，他們的奉獻精神、專業精神和創新思維給我留下了深刻的印象。這確實是我們完成的最好的收購。

This week took a very good private company that was well resourced in a way that had a great footprint. And we've just made it, I think, so much better, professionalized management, really invested in the systems. And this is a sort of thesis that drove also, I'd say, our Alliance investments. So we're tremendously proud of the World Courier. And of course, it's been part of AmerisourceBergen for 11 years now. Jim, anything you'd add on pricing trends?

本週選擇了一家非常優秀的私營公司，該公司資源充足，影響力很大。我認為，我們剛剛取得了更好的專業化管理，真正投資於系統。我想說，這是一種推動我們聯盟投資的論點。因此，我們為 World Courier 感到無比自豪。當然，11 年來它一直是 AmerisourceBergen 的一部分。吉姆，關於定價趨勢，你有什麼要補充的嗎？

Sure. I'll just say that we had very good operational performance internationally during the quarter. Revenue was down 0.2% on an as-reported basis, but up 11.9% on a constant currency basis. And operating income was down 5.9% on an as-reported basis, but up 7.3% on a constant currency basis. And please keep in mind that in this quarter last year, we had Profarma Specialty in the numbers also, which has since been divested, which contributed 3% of the segment operating income last year.

當然。我只想說，本季度我們在國際上的運營表現非常好。收入按報告基礎下降 0.2%，但按固定匯率計算增長 11.9%。營業收入按報告基礎下降 5.9%，但按固定匯率計算增長 7.3%。請記住，在去年的這個季度，我們也有 Profarma Specialty 的數據，它已經被剝離，去年佔該部門營業收入的 3%。

As Steve said, one of the key drivers this quarter was performance at World Courier. And we are seeing, as Steve was saying, like good, workings and synergies between World Courier and Alloga at Alliance, and now PharmaLex is getting involved with that, and so there's good opportunities there. And we're also, from an administrative standpoint, seeing good shared services opportunities between the business. And of course, as we've called out before, some very good tax synergies between the businesses as we become a more global company. So thank you for the question.

正如史蒂夫所說，本季度的主要推動因素之一是 World Courier 的業績。正如史蒂夫所說，我們看到了 World Courier 和 Alloga 在 Alliance 之間的良好合作和協同作用，現在 PharmaLex 正在參與其中，因此那裡有很好的機會。而且，從管理的角度來看，我們也看到了企業之間良好的共享服務機會。當然，正如我們之前所說，隨著我們成為一家更加全球化的公司，業務之間會產生一些非常好的稅收協同效應。謝謝你的提問。

Our next question comes from Charles Rhyee with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Charles Rhyee。

Yes. I just wanted to follow up on PharmaLex real quick. You talked about the opportunities to work with small and medium biotech companies. There's been obviously a lot of discussions regarding sort of the biotech funding in deal. Any comments on what you're seeing in the market right now? And what kind of feedback you're receiving from your clients as it relates to this? And then just a follow-up on OneOncology. You mentioned before the potential for value-based contracting. Can you go into that a little bit more? Is that something where you're looking to take risks in certain situations? And how would that look at that?

是的。我只是想真正快速地跟進 PharmaLex。您談到了與中小型生物技術公司合作的機會。顯然有很多關於交易中生物技術資金的討論。對您目前在市場上看到的情況有何評論？您從客戶那裡收到了與此相關的什麼樣的反饋？然後只是對 OneOncology 的跟進。您之前提到過基於價值的合同的潛力。你能再深入一點嗎？這是你在某些情況下想要冒險的事情嗎？那怎麼看呢？

Yes. Yes, let me quickly do the OneOncology question first because it's -- I appreciate getting that opportunity. Look, we are not -- first of all, they will be an independent business entity. Our point is that we have a lot of experience, particularly through our IR network or managing analytics and helping aggregate data on behalf of members.

是的。是的，讓我先快速回答一下 OneOncology 問題，因為它——我很高興得到這個機會。看，我們不是——首先，他們將是一個獨立的商業實體。我們的觀點是，我們擁有豐富的經驗，尤其是通過我們的 IR 網絡或管理分析並幫助代表會員匯總數據。

OneOncology really will take it a step further. And we're saying that the future, the professional and clinical requirements to be in the community and to be serving cancer patients is only going to be increased. The bar is going to be lifted. So investing in this new model, we think, can benefit, of course, OneOncology and the two partners, that's TPG, AmerisourceBergen, but also the physicians who run the business, many of whom we've known for over 2 decades. These are very successful professional and business people. And we want to help use that expertise to deepen our relationships with community oncologists.

OneOncology 真的會更進一步。我們說的是，在未來，社區和為癌症患者服務的專業和臨床要求只會增加。酒吧將被取消。因此，我們認為，投資這種新模式，當然可以使 OneOncology 和兩個合作夥伴，即 TPG、AmerisourceBergen，以及經營該業務的醫生受益，其中許多人我們已經認識超過 20 年。這些都是非常成功的專業人士和商人。我們希望幫助利用這些專業知識加深我們與社區腫瘤學家的關係。

So if you think about AmerisourceBergen right now, we have the distribution business. We have the ION business. And potentially, this is a third way for us to be involved and participate in the market. So I would say that.

因此，如果您現在考慮 AmerisourceBergen，我們有分銷業務。我們有 ION 業務。並且潛在地，這是我們參與和參與市場的第三種方式。所以我會這麼說。

On the biotech and the funding, our business gets really impacted by long-term trends. I am convinced, and I think everyone in the Life Sciences business should be, that there are incredible investment thesis that makes sense for a venture capital and all other forms of capital to invest behind. We're only getting smarter. I think areas like ChatGPT are going to enhance artificial intelligence, are really going to enhance the drug discovery process. It's going to enhance the ability to share information. I think there are trends of cooperation between a lot of the countries that AmerisourceBergen serves that could help also facilitate launching of drugs. And I just think it's a tremendous time to be in this industry.

在生物技術和資金方面，我們的業務確實受到長期趨勢的影響。我相信，而且我認為生命科學行業的每個人都應該相信，有令人難以置信的投資論點，這些論點對於風險投資和所有其他形式的資本投資來說都是有意義的。我們只會變得更聰明。我認為像 ChatGPT 這樣的領域會增強人工智能，真的會增強藥物發現過程。它將增強共享信息的能力。我認為 AmerisourceBergen 服務的許多國家之間存在合作趨勢，這也有助於促進藥物的推出。我只是認為現在是進入這個行業的大好時機。

And we've talked a lot on this call about the GLP-1 class of drugs. I mean, could be incredibly promising. Of course, we all know some good stories here about people who've been prediabetic and have been literally -- the clinical pathway has been altered by this. So tremendously excited to be a part of this. And I think AmerisourceBergen is really of the scale, sophistication and knowledge base that we can help truly make a difference in patients' lives, which is part of our purpose. Jim, anything you'd add?

我們在這次電話會議上談了很多關於 GLP-1 類藥物的問題。我的意思是，可能非常有前途。當然，我們都知道這裡有一些關於前驅糖尿病患者的好故事，而且實際上已經改變了臨床路徑。非常高興能參與其中。我認為 AmerisourceBergen 確實具有規模、複雜性和知識基礎，我們可以幫助真正改變患者的生活，這是我們目標的一部分。吉姆，你有什麼要補充的嗎？

I think that covers it, Steve. Thanks.

我認為這涵蓋了它，史蒂夫。謝謝。

Yes. And just one thing. If we look at AmerisourceBergen, a lot of the work we do, even at companies like PharmaLex, it really doesn't start in Phase I and II. It's -- fortunately, we're more in the Phase III side. So I think that's just another point that Bennett wanted me to make. Got to give the investor guy some credit here.

是的。只有一件事。如果我們看看 AmerisourceBergen，我們所做的很多工作，即使是在 PharmaLex 這樣的公司，也確實不是從 I 期和 II 期開始的。這是——幸運的是，我們更多地處於第三階段。所以我認為這只是 Bennett 希望我提出的另一個觀點。必須在這裡給投資者一些信任。

Our next question comes from Michael Cherny with Bank of America.

我們的下一個問題來自美國銀行的 Michael Cherny。

Jim or Steve, in the press release, you noted how some of the strength in the quarter is from your two largest customers. I guess maybe juxtapose that. Can you give us an update on what you're seeing on the smaller customer side? Where your independents are focused with you? And if at this point in time, given macro worries, if there are any other services that you've either started to provide or other opportunities where you can help and support them as they work to sustain and manage their businesses.

吉姆或史蒂夫，在新聞稿中，您注意到本季度的一些實力來自您的兩個最大客戶。我想也許可以並列。你能告訴我們你在小客戶方面看到的最新情況嗎？您的獨立人士關注您的哪些方面？如果在這個時間點，考慮到宏觀擔憂，如果有任何其他服務你已經開始提供或其他機會，你可以在他們努力維持和管理他們的業務時幫助和支持他們。

Go ahead, Jim.

去吧，吉姆。

Yes. I would say kind of a key thing about the quarter and is just how broad based the results were particularly in the U.S. business. And we called out sales to largest customers, and we provide details on that in the Q. And we did see our two largest customers have quite good growth in sales. We also called out, as we frequently do, increase in sales of specialty products to both physician practices and health systems. But just -- those are just 2 of the things that we called out. I think probably the kind of the key thing on this quarter in the U.S. is just how broad-based it was, and that would include strong performance in independent -- excuse me, independent pharmacies also. And then as I said earlier, a very good quarter in the Animal Health business. And I think Steve has a couple of things he wants to follow up on.

是的。我想說的是本季度的一個關鍵問題，那就是結果的基礎有多廣泛，尤其是在美國業務中。我們呼籲向最大的客戶銷售，我們在 Q 中提供了詳細信息。我們確實看到我們的兩個最大客戶的銷售額增長相當不錯。正如我們經常做的那樣，我們還呼籲增加對醫生診所和衛生系統的專業產品的銷售。但是，這些只是我們提出的兩件事。我認為本季度在美國的關鍵可能在於它的基礎有多廣泛，這將包括獨立的強勁表現 - 對不起，獨立藥店也是如此。然後正如我之前所說，動物保健業務的一個非常好的季度。而且我認為史蒂夫有幾件事他想跟進。

Yes. I mean it's -- the community pharmacists, it's quite incredible how well they hold up. And I think in a way, that sure in the initial days of COVID, I think there was a trend towards people and may or having more market share. But this marketplace really supports all sorts of pharmacy solutions. Definitely, I think the role of the vaccinations in the pharmacies has been a good example of our pharmacists practicing at the top of their scale. And we continue to see our pharmacy customers gain inroads and preserve their market share. And that, in fact, I think most of our payer customers, when we look at our Elevate Network, recognize that they have an important role to play. We try to get, as we pointed out in the script, community pharmacists to play even a role in looking for clinical trial participants, patients that could participate, particularly in disaffected communities, communities that don't often participate in trials.

是的。我的意思是——社區藥劑師，他們的表現令人難以置信。我認為在某種程度上，在 COVID 的最初幾天，我認為有一種趨勢是人們可能或擁有更多的市場份額。但這個市場確實支持各種藥房解決方案。當然，我認為疫苗接種在藥房中的作用一直是我們的藥劑師在其規模中發揮最大作用的一個很好的例子。我們繼續看到我們的藥房客戶取得進展並保持其市場份額。而且，事實上，我認為我們的大多數付款客戶，當我們查看我們的 Elevate Network 時，都認識到他們可以發揮重要作用。正如我們在腳本中指出的那樣，我們試圖讓社區藥劑師在尋找臨床試驗參與者、可以參與的患者方面發揮作用，尤其是在心懷不滿的社區、不經常參加試驗的社區。

So it's just an exciting time to do this kind of work. It's an exciting time for our customers. We have our trade show coming up over the summer. And I know that engaging with those folks always just makes us excited about how they're looking at their patients, their communities and what they can do to serve.

所以現在做這種工作是一個激動人心的時刻。對於我們的客戶來說，這是一個激動人心的時刻。我們的貿易展將在夏季舉行。而且我知道，與這些人接觸總是讓我們對他們如何看待他們的病人、他們的社區以及他們可以做什麼來服務感到興奮。

Also, I would say, our Oncology business, which is comprised largely of independent oncology practices, continues to thrive and I think it will only be strengthened by the continued commitment that we show to the sector. And I think that's the message to our customers on why we're investing in OneOncology as one of the lead investors. Thank you.

此外，我要說的是，我們的腫瘤學業務主要由獨立的腫瘤學實踐組成，它繼續蓬勃發展，我認為只有通過我們對該行業的持續承諾，它才會得到加強。我認為這是向我們的客戶傳達的信息，說明我們為什麼要作為主要投資者之一投資 OneOncology。謝謝。

Our next question comes from Steven Valiquette with Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

So I also have just a couple of questions here on OneOncology. I guess, first, just to confirm a couple of things on the structure. I guess it's not clear. Will the new JV with TPG consolidate the total practice revenues generated from the 900 affiliated providers? Or is the revenue in the JV more derived from some sort of adviser fees or just some cut of the practice rate? Just want to get a sense for how much of a true ownership there is of the affiliated providers.

所以我在這裡也有幾個關於 OneOncology 的問題。我想，首先，只是為了確認結構上的幾件事。我想這還不清楚。與 TPG 的新合資企業是否會整合 900 家附屬供應商產生的總業務收入？還是合資企業的收入更多地來自某種顧問費或只是降低了執業費率？只是想了解附屬提供商有多少真正的所有權。

And then question two, just thinking about the synergy potential, it wasn't clear. Is ABC currently the primary drug distributor to the majority of the roughly 900 affiliated practices? Or do your competitors have a large -- or a material share of that distribution that under your ownership, you could theoretically shift to yourselves? Just want to get a sense for that, too.

然後是第二個問題，只是考慮協同潛力，目前還不清楚。 ABC 目前是大約 900 家附屬診所中大多數的主要藥品分銷商嗎？或者您的競爭對手是否在您擁有的分配中佔有很大或很大份額，理論上您可以轉移給自己？也只是想了解一下。

Yes. OneOncology is technically an MSO, so they get management fees and then they offer some benefits of centralization. They have focused on leading practices across -- either they're in several geographies. And oncology supply has been the lead distributor for almost -- for all the practices. It's possible that some of the practices may not be fully integrated and using one of our competitors. But as you know, if you exclude OneOncology, AmerisourceBergen's share of [immuno-oncology] is pretty high. So really would anticipate that as they bring new practices in that we would benefit from that. But no, we are the primary distributor to OneOncology. Jim, add something?

是的。 OneOncology 在技術上是一個 MSO，因此他們獲得管理費，然後他們提供一些集中化的好處。他們專注於跨地區的領先實踐——無論是在幾個地區。腫瘤供應幾乎是所有實踐的主要分銷商。有些做法可能沒有完全整合併使用我們的競爭對手之一。但如你所知，如果你排除 OneOncology，AmerisourceBergen 在 [immuno-oncology] 中的份額相當高。所以真的會預期，當他們帶來新的實踐時，我們將從中受益。但不，我們是 OneOncology 的主要經銷商。吉姆，補充點什麼？

Yes, Steve, I'll just follow up. And the deal is structured as a joint venture, and we do not own the practices nor consolidate the revenue, as Steve was saying. And of course, it's a JV between AmerisourceBergen, TPG and OneOncology's affiliated practices and physicians. And upon closing the deal, we'd expect to have an initial ownership stake of approximately 35% in the joint venture with TPG, and the OneOncology practices and physicians owning the remaining 65%. And we currently intend to account for the investment after closing under the equity method of accounting, and our share of the joint venture's income or loss would be recorded in other income and included in our adjusted operating results.

是的，史蒂夫，我會跟進。這筆交易的結構是一家合資企業，正如史蒂夫所說，我們不擁有這些做法，也不合併收入。當然，它是 AmerisourceBergen、TPG 和 OneOncology 的附屬實踐和醫生之間的合資企業。交易完成後，我們預計將在與 TPG 的合資企業中擁有約 35% 的初始股權，而 OneOncology 診所和醫生將擁有剩餘的 65%。我們目前打算在權益會計法下對關閉後的投資進行核算，我們在合資企業的收入或損失中的份額將記入其他收入併計入我們調整後的經營成果。

Thank you.

謝謝。

Our next question comes from Daniel Grosslight with Citi.

我們的下一個問題來自花旗銀行的 Daniel Grosslight。

I'm sure we'll get more details in the queue on this. But apart from the expected normalization what drove Animal Health strength this quarter? And how is companion versus production trending?

我相信我們會在隊列中獲得更多詳細信息。但除了預期的正常化之外，是什麼推動了本季度動物健康的實力？同伴與生產趨勢如何？

Yes, it was a good quarter for the Animal Health business. And we signaled 3 months ago during our earnings call, but that's what we expected as a normalization of the business. And there was 6% revenue growth, and it was a good revenue growth in both companion animal and production animal during the quarter. We feel there probably are still some staffing pressures at that clinics weighing on visits, but we felt good about the 6% growth, and it was comparable growth rates in both companion animal and production animal. And I think importantly, we saw solid trends exiting March.

是的，這對動物保健業務來說是個好季度。我們在 3 個月前的財報電話會議上發出信號，但這是我們對業務正常化的預期。收入增長了 6%，本季度伴侶動物和生產動物的收入增長都不錯。我們認為該診所可能仍然存在一些人員壓力，這會影響訪問量，但我們對 6% 的增長感到滿意，而且伴侶動物和生產動物的增長率相當。我認為重要的是，我們看到了 3 月份的穩固趨勢。

Thank you. I will now take the final question, please.

謝謝。現在請我回答最後一個問題。

Our next question comes from George Hill with Deutsche Bank.

我們的下一個問題來自德意志銀行的喬治希爾。

Just a quick one on 340B. There's been a lot of manufacturer pullback in the 340B space. I'm wondering if you guys have seen that impact, either yourselves directly through your relationships with health system providers? Or even though you called out the strength in your largest customers, kind of any impact on your largest customers? And Jim, I thought maybe you might just remind us kind of what percentage of the core drug business is exposed to kind of doctors and health system providers as opposed to pharmacies and other, what we would consider regular way retail locations?

只是一個快速的 340B。 340B 領域有很多製造商撤退。我想知道你們是否直接通過與衛生系統提供者的關係看到了這種影響？或者，即使您大聲疾呼最大客戶的實力，對最大客戶有什麼影響嗎？吉姆，我想也許你可能只是提醒我們，核心藥品業務中有多少百分比是暴露給醫生和衛生系統提供者的，而不是藥房和其他，我們會考慮常規方式的零售地點？

We don't really comment on it. I mean, obviously, the general trend is that 340B is growing. AmerisourceBergen is growing in our health systems business. It's an important customer segment for us. I think a couple of years ago, we were lagging a bit in market share. We've really been able to enhance the team in the Health System segment of growing with market leaders. We have, I think, good relationships with the hospital GPOs and with other key providers and continue to participate where it makes sense in RFPs. Probably this is a sector where there's more RFPs because of the contractual relationships. And a lot of the hospitals are in the $500 million to -- $400 million to $700 million, $800 million range in annual volume, which wouldn't be big enough for us to comment on an individual basis, but there's pretty -- every few months, we participate in a large hospital where it makes sense for us to participate.

我們真的不評論它。我的意思是，很明顯，總的趨勢是 340B 正在增長。 AmerisourceBergen 在我們的健康系統業務中不斷發展壯大。這對我們來說是一個重要的客戶群。我想幾年前，我們在市場份額上有點落後。我們真的能夠加強與市場領導者一起成長的衛生系統部門的團隊。我認為，我們與醫院 GPO 和其他主要供應商有著良好的關係，並繼續參與 RFP 中有意義的活動。由於合同關係，可能這是一個有更多 RFP 的行業。許多醫院的年交易量在 5 億至 - 4 億至 7 億美元，8 億美元之間，這不足以讓我們單獨發表評論，但有相當 - 每隔幾個幾個月，我們參加了一家對我們來說有意義的大醫院。

I would say on 340B, we follow the market. Obviously, some of this historically had hurt some of our Part B cap business as it went into health systems. I think we've been very effective at servicing both classes of trade and being objective providers. I think often this channel -- the thoughts of channel conflict can largely be dismissed and objectively by being a fair provider and really being transparent about what your different strategies are.

我會說在 340B 上，我們跟隨市場。顯然，其中一些在歷史上損害了我們進入衛生系統的 B 部分上限業務。我認為我們在為兩類貿易提供服務和成為客觀提供者方面一直非常有效。我經常認為這個渠道 - 渠道沖突的想法在很大程度上可以通過成為一個公平的供應商並且真正透明地了解您的不同策略而被客觀地駁回。

And so we don't really overfocus on this and just follow that prescription dollar, and I think that's been the best strategy for us, George.

因此，我們並沒有真正過分關注這一點，只是遵循處方美元，我認為這對我們來說是最好的策略，喬治。

So I see we're a little bit past 9:30. So I just want to say how proud Jim and Bennett and I were to report this quarter. It's a tremendously strong second quarter for AB. I think really enhances the theme of us making the right sort of capital deployments. Our acquisitions that we've made recently continued to track very well, and I think it adds hopefully to our reputation of solid execution and building on our strengths.

所以我看到我們已經過了 9:30 了一點。所以我只想說 Jim 和 Bennett 以及我對本季度的報告感到非常自豪。對於 AB 來說，這是一個非常強勁的第二季度。我認為確實增強了我們進行正確的資本部署的主題。我們最近進行的收購繼續跟踪得很好，我認為這有望增加我們穩健執行和鞏固我們優勢的聲譽。

We are excited to have OneOncology join our family of companies in a way through the investment that we've made. And just in summary, I would say that AmerisourceBergen as a purpose-driven company and future as Syncora is very well positioned for long-term growth, and we'll offer our shareholders a differentiated return. Thank you very much.

我們很高興 OneOncology 通過我們的投資以某種方式加入我們的公司家族。總而言之，我想說，AmerisourceBergen 作為一家以目標為導向的公司和 Syncora 的未來，在長期增長方面處於非常有利的地位，我們將為我們的股東提供差異化的回報。非常感謝。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開您的線路。