美源伯根 (ABC) 2023 Q3 法說會逐字稿

Hello, and welcome to today's AmerisourceBergen Q3 Fiscal '23 Earnings Call. My name is Jordan, and I'll be coordinating your call today. (Operator Instructions) I'm now going to hand over to Bennett Murphy, the Senior VP and Head of Investor Relations and Treasury, to begin. Bennett, please go ahead.

您好，歡迎參加今天的 AmerisourceBergen '23 財年第三季度財報電話會議。我叫喬丹，今天我將協調您的電話。 （操作員指示）我現在將由高級副總裁兼投資者關係和財務主管貝內特·墨菲 (Bennett Murphy) 開始。貝內特，請繼續。

Thank you. Good morning, good afternoon, and thank you all for joining us for this conference call to discuss AmerisourceBergen fiscal 2023 Third Quarter Results. I am Bennett Murphy, Senior Vice President, Head of Investor Relations and Treasury. Joining me today are Steve Collis, Chairman, President and CEO; and Jim Cleary, Executive Vice President and CFO.

謝謝。早上好，下午好，感謝大家參加我們的電話會議，討論 AmerisourceBergen 2023 財年第三季度業績。我是貝內特·墨菲 (Bennett Murphy)，高級副總裁兼投資者關係和財務主管。今天與我一起出席的有董事長、總裁兼首席執行官 Steve Collis；以及執行副總裁兼首席財務官 Jim Cleary。

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

在今天的電話會議上，我們將討論非公認會計準則財務指標。今天的新聞稿中提供了這些措施與 GAAP 的對賬，該新聞稿可在我們的網站 Investor.amerisourcebergen.com 上獲取。我們還在投資者網站上發布了幻燈片演示文稿，以配合今天的新聞稿。在本次電話會議期間，我們將在調整後的非公認會計準則基礎上就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 10-K. AmerisourceBergen assumes no obligation to update any forward-looking statements.

前瞻性陳述基於管理層當前的預期，並可能受到不確定性和變化的影響。有關關鍵風險和假設的討論，我們建議您參閱今天的新聞稿和我們向 SEC 提交的文件，包括我們最新的 10-K。 AmerisourceBergen 不承擔更新任何前瞻性陳述的義務。

And this call cannot be broadcast as an express permission of the company. You have an opportunity to ask questions after today's remarks by management. We ask that you limit your questions to one per participant in order for us to get to as many participants as possible in the hour. With that, I will turn the call over to Steve.

並且，作為公司的明確許可，本次通話不能被廣播。在管理層今天的講話之後，您有機會提問。我們要求您將問題限制為每位參與者一個問題，以便我們在一小時內接觸到盡可能多的參與者。這樣，我會將電話轉給史蒂夫。

Thank you, Bennett. Good morning and good afternoon to everyone on the call. Today, I am pleased to discuss our AmerisourceBergen's pharmaceutical centric businesses, the strength of our balance sheet and execution by our team members have continued driving our strong performance in fiscal 2023.

謝謝你，貝內特。各位來電的人早上好，下午好。今天，我很高興討論我們 AmerisourceBergen 以製藥為中心的業務，我們的資產負債表實力和團隊成員的執行力繼續推動我們在 2023 財年的強勁業績。

In the quarter, we saw continued momentum across our businesses, delivering revenue growth of 11% and adjusted EPS growth of 11%. We are once again raising our fiscal 2023 guidance as we continue to benefit from good underlying business fundamentals and our focus on operating more efficiently. As I said last quarter, we are leveraging our commercial and organizational strength to find ways to better collaborate with a focus on enhancing the way we go to market with our customers. Operating efficiently is critical to our role in the supply chain, and to our ability to invest as we seek to drive further differentiation in our business.

本季度，我們的業務繼續保持增長勢頭，收入增長 11%，調整後每股收益增長 11%。我們再次提高 2023 財年指引，因為我們繼續受益於良好的基本業務基本面以及我們對更高效運營的關注。正如我上季度所說，我們正在利用我們的商業和組織優勢來尋找更好的合作方式，重點是加強我們與客戶進入市場的方式。高效運營對於我們在供應鏈中的角色以及我們尋求推動業務進一步差異化的投資能力至關重要。

Guided by our pharmaceutical-centric strategy, we advanced our business by focusing on 4 key areas: community providers, specialty medicine and services, global access and opportunity and customer partnerships. We leverage our robust commercial strengths to provide solutions and forge deep relationships with customers and partners globally. Community providers from specialty physicians and local health centers to pharmacies and veterinarians are the cornerstone of access and care in their communities. We work closely with our customers to provide solutions to support their operational needs and strategic initiatives, as they enhance their patient impact.

在我們以製藥為中心的戰略的指導下，我們通過專注於 4 個關鍵領域來推進我們的業務：社區提供商、特種藥物和服務、全球准入和機會以及客戶合作夥伴關係。我們利用強大的商業優勢提供解決方案並與全球客戶和合作夥伴建立深厚的關係。從專科醫生和當地衛生中心到藥房和獸醫的社區提供者是社區獲取和護理的基石。我們與客戶密切合作，提供解決方案來支持他們的運營需求和戰略舉措，從而增強對患者的影響。

By leveraging our scale and expertise we offer a broad range of solutions to our community provider customers from those designed to help them solve for everyday challenges like marketing and contracting to those designs to help evolve and broaden their reach. One example of this is our [Fegan] network of community pharmacies across Europe, where we recently introduced an oncology support program. This program provided community pharmacists with improved training to support patients undergoing cancer treatment. Our [Faga] oncology support equips pharmacists to interact frequently with cancer patients with resources to help address topics such as mental health, managing side effects related to treatment and adjusting to lifestyle habits and changes.

通過利用我們的規模和專業知識，我們為社區提供商客戶提供廣泛的解決方案，從旨在幫助他們解決營銷和承包等日常挑戰的解決方案，到幫助他們發展和擴大影響範圍的設計。其中一個例子是我們遍布歐洲的 [Fegan] 社區藥房網絡，我們最近在其中推出了一項腫瘤學支持計劃。該計劃為社區藥劑師提供了改進的培訓，以支持接受癌症治療的患者。我們的 [Faga] 腫瘤學支持使藥劑師能夠經常與癌症患者互動，並獲得資源來幫助解決心理健康、管理與治療相關的副作用以及調整生活習慣和變化等主題。

By providing these types of valuable services, we are able to help elevate the role community pharmacists play as critical health care providers within their communities. In the United States, the completion of our minority investment in OneOncology marked an important step in evolving AmerisourceBergen support of community oncology providers. Over the past several decades, we have built our leadership in oncology and been a strong supporter of community oncologists. Leveraging our expertise, we partner with our customers to drive innovation and share best practices to support the health and vitality of those crucial community providers in the spirit.

通過提供這些類型的有價值的服務，我們能夠幫助提升社區藥劑師作為社區內關鍵醫療保健提供者的作用。在美國，我們對 OneOncology 的少數股權投資的完成標誌著 AmerisourceBergen 在發展對社區腫瘤學提供商的支持方面邁出了重要一步。在過去的幾十年裡，我們在腫瘤學領域建立了領導地位，並成為社區腫瘤學家的堅定支持者。利用我們的專業知識，我們與客戶合作推動創新並分享最佳實踐，以支持這些重要社區提供者的健康和活力。

Our investment in OneOncology further expands our footprint within the oncology space allowing us to deepen our already strong ties to community oncologists. We look forward to enhancing the value we provide to all our partners as the oncology landscape continues to grow and evolve. As we continue to expand our downstream solutions in specialty, our focus on specialty medicine and services, differentiates us to our pharmaceutical manufacturer partners across the commercialization process, from clinical development to patient access.

我們對 OneOncology 的投資進一步擴大了我們在腫瘤學領域的足跡，使我們能夠加深與社區腫瘤學家本已牢固的聯繫。隨著腫瘤學領域的不斷發展和發展，我們期待著提高為所有合作夥伴提供的價值。隨著我們不斷擴展專科下游解決方案，我們對專科醫學和服務的關注使我們在從臨床開發到患者獲取的整個商業化過程中與製藥製造商合作夥伴區分開來。

As pharmaceutical innovation continues to advance medical care and health in our communities, we have positioned ourselves as a differentiated leader. AmerisourceBergen's ability to provide global access and opportunity by offering U.S. and pan-European logistics reach. And commercialization support makes us a partner of choice for pharmaceutical manufacturers, particularly as specialty medicines with higher commercial and distribution complexity, are making up a bigger portion of the pharmaceutical development pipeline.

隨著製藥創新不斷推進我們社區的醫療保健和健康，我們將自己定位為差異化的領導者。 AmerisourceBergen 有能力通過提供美國和泛歐物流服務來提供全球准入和機會。商業化支持使我們成為藥品製造商的首選合作夥伴，特別是因為商業和分銷複雜性較高的特種藥品在藥品開發渠道中所佔的比例越來越大。

Our offering is particularly unique in the cell and gene space, where we can integrate logistics with essential patient support services and orchestration technology. While still in early days with cell and gene, we have had positive receptivity to our integrated solutions for these highly specialized products from their biopharmaceutical innovators. Cell and gene therapy is a key area for innovation as it represents an evolving and expanding market with considerable long-term growth opportunities.

我們的產品在細胞和基因領域尤其獨特，我們可以將物流與基本的患者支持服務和編排技術相結合。雖然細胞和基因仍處於早期發展階段，但我們對來自生物製藥創新者的這些高度專業化產品的集成解決方案抱有積極的態度。細胞和基因治療是創新的關鍵領域，因為它代表著一個不斷發展和擴大的市場，具有相當大的長期增長機會。

Following the launch of our Cell Gene and Therapy integration hub in April, we announced our support for the commercialization of a recently approved gene therapy. We will serve as the exclusive distributor of the product and provide commercialization support, including 3PL, kitting and storage. Our goal is to simplify the commercialization process for our partners and help them achieve their desired outcomes.

繼四月份推出細胞基因和治療整合中心後，我們宣布支持最近批准的基因療法的商業化。我們將作為該產品的獨家經銷商並提供商業化支持，包括3PL、配套和存儲。我們的目標是簡化合作夥伴的商業化流程並幫助他們實現預期成果。

AmerisourceBergen is well positioned to support the next evolution of innovative products, and we will continue to invest in developing technologies and solutions to increase our value to our partners. Our ability to drive innovation and establish new solutions to serve our customers and partners, is key to advancing our strategy and long-term growth. Transparency into the supply chain has never been so broadly appreciated, and we are focused on providing actionable and timely insights to ensure the supply chain can operate in an efficient manner. Serving at the core of the pharmaceutical supply chain, we take our role seriously handling nearly $1 billion worth of orders daily across tens of thousands of products.

AmerisourceBergen 處於有利地位，可以支持創新產品的下一代發展，我們將繼續投資開發技術和解決方案，以增加我們對合作夥伴的價值。我們推動創新和建立新解決方案來服務客戶和合作夥伴的能力是推進我們戰略和長期增長的關鍵。供應鏈的透明度從未受到如此廣泛的重視，我們致力於提供可行且及時的見解，以確保供應鏈能夠高效運營。作為醫藥供應鏈的核心，我們認真對待自己的角色，每天處理數以萬計的產品、價值近 10 億美元的訂單。

Our ability to manage thoughtfully, professionally and effectively through disruptions and shortages amplifies the importance of the expertise and diligence we provide in the pharmaceutical supply chain. To further our ability to provide confidence and transparency, we recently announced a partnership with ParcelShield, which will enhance our customers' view of the delivery of critical medications by providing them with real-time packaging, tracking and delivery updates. This example builds on other initiatives we have taken to enhance supply chain visibility, including the addition of real-time tracking on shipments in our global logistics business, and demonstrates how we are leveraging our infrastructure, enhancing our distribution efficiency and creating innovative partnerships to deliver value services for our customers and partners up and downstream.

我們能夠在中斷和短缺的情況下進行深思熟慮、專業和有效的管理，這增強了我們在藥品供應鏈中提供的專業知識和勤奮的重要性。為了增強我們提供信心和透明度的能力，我們最近宣布與 ParcelShield 建立合作夥伴關係，這將通過向客戶提供實時包裝、跟踪和交付更新來增強客戶對關鍵藥物交付的看法。該示例建立在我們為提高供應鏈可視性而採取的其他舉措的基礎上，包括在我們的全球物流業務中添加實時貨運跟踪，並展示了我們如何利用我們的基礎設施、提高我們的配送效率以及建立創新的合作夥伴關係來交付為我們的上下游客戶和合作夥伴提供價值服務。

We also drive value by leveraging our extensive customer partnerships to develop solutions that will expand access to high-quality care. In 2022, the innovative test to treat initiative began permitting pharmacists to administer COVID-19 tests and prescribe certain COVID treatments. This, in turn, increased accessibility to these treatments, particularly in underserved communities. Taking learnings from the success of this program, AmerisourceBergen has partnered with SteadyMD to pilot a telehealth solution for community pharmacies to expand the number of Test to Treat services they can offer. By working jointly with physicians through the SteadyMD platform, pharmacists can accelerate patient access to Accenture Pharmaceuticals before conditions become critical. These type of initiatives fortify our customer partnerships and support our customers' growth.

我們還通過利用廣泛的客戶合作夥伴關係來開發解決方案，以擴大獲得高質量護理的機會，從而推動價值。 2022 年，創新測試治療計劃開始允許藥劑師進行 COVID-19 測試並開出某些 COVID 治療藥物。這反過來又增加了獲得這些治療的機會，特別是在服務不足的社區。借鑒該計劃的成功經驗，AmerisourceBergen 與 SteadyMD 合作，為社區藥房試行遠程醫療解決方案，以擴大他們可以提供的“檢測到治療”服務的數量。通過 SteadyMD 平台與醫生合作，藥劑師可以在病情變得危急之前加快患者獲得埃森哲製藥的服務。此類舉措加強了我們的客戶合作夥伴關係並支持客戶的成長。

Guided by our purpose of creating healthier futures, we are focused on contemplating and building out other solutions to innovate how we support and grow with our partners as they improve patient care and outcomes. Over the last 2 decades, AmerisourceBergen has recognized the importance of being a purpose-driven company. And unifying under a new name that better represents who we are today and where we are going in the future will allow us to deliver on our purpose, and advance our impact across the health care industry. Today, I am tremendously excited to announce that effective August 30, 2023, and AmerisourceBergen will officially become Cencora and begin trading as COR which will unite our team members under a globally inclusive name and ticker symbol that reflects our core role in health care.

在創造更健康未來的宗旨的指導下，我們專注於思考和構建其他解決方案，以創新我們支持合作夥伴並與合作夥伴共同成長的方式，幫助他們改善患者護理和治療結果。在過去 20 年中，AmerisourceBergen 認識到成為一家以目標為導向的公司的重要性。統一在一個新名稱下，更好地代表我們今天的身份和未來的發展方向，將使我們能夠實現我們的目標，並提高我們在整個醫療保健行業的影響力。今天，我非常高興地宣布，自2023 年8 月30 日起，AmerisourceBergen 將正式更名為Cencora 並開始以COR 進行交易，這將使我們的團隊成員團結在一個具有全球包容性的名稱和股票代碼下，反映我們在醫療保健領域的核心作用。

This new identity will allow us to go to market as a unified enterprise to our customers and partners, showcasing the breadth and depth of our solutions across our footprint. The name Cencora also better represents our commitment to our people who are at the center of everything we do. Our team members are the key to our success and we are focused on creating an inclusive and engaging environment, where our people feel comfortable sharing the unique backgrounds and experiences. We pride ourselves on cultivating an inclusive culture and continually improving upon our efforts to ensure all our team members feel empowered and welcome. We've taken steps to further our inclusion efforts by signing the CEO disability inclusion letter published by Disability IN to ensure an accessible and equitable environment within the AmerisourceBergen team.

這一新身份將使我們能夠作為一個統一的企業向我們的客戶和合作夥伴進入市場，向我們的客戶和合作夥伴展示我們解決方案的廣度和深度。 Cencora 這個名字也更好地代表了我們對員工的承諾，他們是我們一切工作的核心。我們的團隊成員是我們成功的關鍵，我們致力於創造一個包容性和參與性的環境，讓我們的員工能夠輕鬆地分享獨特的背景和經驗。我們為培養包容性文化並不斷改進我們的努力以確保所有團隊成員感到被賦予權力和受到歡迎而感到自豪。我們已採取措施進一步推進我們的包容性工作，簽署了由 Disability IN 發布的 CEO 殘疾人包容性信函，以確保 AmerisourceBergen 團隊內部擁有一個無障礙且公平的環境。

We were also honored to be recognized as the best place to work for disability inclusion after receiving a perfect score on the Disability Equality Index. We proactively set goals and action items to advance disability inclusion and equity, demonstrating our commitment to enacting change within the environment in which people with disabilities work. At AmerisourceBergen, we are powered by our people, and we are proud to promote a working environment that supports and empowers all backgrounds, abilities and genders. As we continue to grow and evolve under our new corporate identity, we will remain driven by our purpose. Our future success hinges on our people, environment and communities in which we live and work and I remain inspired by our team that delivers our purpose every day.

在殘疾平等指數上獲得滿分後，我們還很榮幸被評為殘疾包容性最佳工作場所。我們積極制定目標和行動項目，以促進殘疾人包容和公平，表明我們致力於改變殘疾人的工作環境。在AmerisourceBergen，我們的動力來自於我們的員工，我們很自豪能夠營造一個支持和增強所有背景、能力和性別的工作環境。隨著我們在新的企業形像下不斷成長和發展，我們將繼續以我們的目標為動力。我們未來的成功取決於我們生活和工作的人員、環境和社區，我仍然受到我們每天實現我們目標的團隊的啟發。

In the remaining months of our fiscal 2023 year, we look forward to executing on our strategy and investing in further innovation and growth. Building on AmerisourceBergen's strong legacy, Cencora will continue to be a differentiated force within the global health care system and provide value for all our stakeholders. The emphasis we place on innovation and efficiency sets us up for a long-term growth and success as a leader in pharmaceutical centric healthcare. I will now hand the call over to Jim for a more in-depth look at our third quarter results and updated guidance going into the final quarter of our fiscal 2023. Jim?

在 2023 財年的剩餘幾個月中，我們期待執行我們的戰略並投資於進一步的創新和增長。憑藉 AmerisourceBergen 的強大傳統，Cencora 將繼續成為全球醫療保健系統中的一支差異化力量，並為我們所有利益相關者提供價值。我們對創新和效率的重視使我們能夠作為以製藥為中心的醫療保健領域的領導者實現長期增長和成功。我現在將把電話轉給吉姆，讓他更深入地了解我們第三季度的業績以及 2023 財年最後一個季度的最新指導。吉姆？

Thanks, Steve. Good morning and good afternoon, everyone. AmerisourceBergen delivered another quarter of strong results as our team members' execution continues to create significant value for all our stakeholders. Our results speak to the strength of our business and our continued work to drive efficiencies.

謝謝，史蒂夫。大家早上好，下午好。 AmerisourceBergen 又取得了一個季度的強勁業績，因為我們團隊成員的執行力繼續為所有利益相關者創造重大價值。我們的業績證明了我們的業務實力以及我們為提高效率所做的持續努力。

In the quarter, we also strategically deployed capital closing our minority investment in OneOncology, an example of investing to further our strengths and we continue to opportunistically repurchase shares to also return capital to our shareholders. Before I turn to our third 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.

在本季度，我們還戰略性地部署了資本，結束了對OneOncology 的少數股權投資，這是通過投資來增強我們的優勢的一個例子，我們繼續機會性地回購股票，以將資本返還給我們的股東。在我談到第三季度業績之前，提醒一下，除非另有說明，我今天的講話將重點關注我們調整後的非公認會計準則財務業績。有關我們的 GAAP 業績的詳細討論，請參閱我們的收益新聞稿。

Turning now to our third quarter results. AmerisourceBergen had adjusted diluted EPS of $2.92 and an increase of 11% over the prior year quarter, driven by growth in both segments, and a lower share count due to opportunistic share repurchases over the past year. Our consolidated revenue was $66.9 billion, up 11.5%, driven by growth in both segments, particularly in the U.S. Healthcare Solutions segment, which had broad-based growth across our customer base, including growth in sales of products labeled for diabetes and weight loss in the GLP-1 class. Without this increase in GLP-1 products, our consolidated revenue growth would have been more in line with our consolidated gross profit growth.

現在轉向我們的第三季度業績。 AmerisourceBergen 將稀釋後每股收益調整為 2.92 美元，較去年同期增長 11%，這主要是由於兩個部門的增長以及過去一年中機會性股票回購導致的股票數量減少所致。我們的綜合收入為669 億美元，增長11.5%，這兩個細分市場的增長推動了我們的發展，特別是美國醫療保健解決方案細分市場，該細分市場在我們的客戶群中實現了廣泛的增長，包括糖尿病和減肥產品的銷售增長。 GLP-1 類。如果沒有 GLP-1 產品的增加，我們的綜合收入增長將更符合我們的綜合毛利潤增長。

Consolidated gross profit was $2.2 billion, up 8% due to growth in both segments. Consolidated gross profit margin was 3.33% and a decline of 11 basis points due primarily to lower contribution from COVID treatments, which have higher gross profit margins and continued volume growth in GLP-1s, which have lower gross profit margins. Both these margin impacts are to be expected given the unique characteristics of each of these product groups. Consolidated operating expenses were $1.4 billion, up 7.6%, primarily due to higher expenses in our International Healthcare Solutions segment. We continue to focus on creating efficiencies and working collaboratively to drive value for our stakeholders which contributed to the sequential year-over-year moderation of growth in operating expenses in the quarter, particularly in our U.S. Healthcare Solutions segment as a result of actions we have taken.

由於兩個部門的增長，綜合毛利潤為 22 億美元，增長 8%。綜合毛利率為 3.33%，下降了 11 個基點，主要是由於毛利率較高的新冠治療藥物的貢獻較低，以及毛利率較低的 GLP-1 銷量持續增長。鑑於每個產品組的獨特特徵，這兩種利潤率影響都是可以預料的。綜合運營支出為 14 億美元，增長 7.6%，主要是由於國際醫療保健解決方案部門的支出增加。我們繼續專注於提高效率並共同努力為利益相關者創造價值，這有助於本季度運營支出的同比增長放緩，特別是在我們的美國醫療保健解決方案部門，這是我們採取的行動的結果採取。

Consolidated operating income was $822 million, an increase of nearly 9% compared to the prior year quarter. Our operating income growth was driven by solid performance in both segments and I will provide more detailed business drivers when discussing segment level results. Moving now to our net interest expense. For the third quarter, net interest expense was $58 million, an increase of 9.5% versus the prior year quarter. As we look to the fourth quarter, we expect net interest expense to be at its highest level this fiscal year given cash use in the past few months. Now turning to income taxes. Our effective income tax rate was 21.5% compared to 20.2% in the prior year quarter. As we called out last quarter, we continue to expect our full year fiscal 2023 effective tax rate to be towards the bottom end of our guidance range of 20% to 21%.

綜合營業收入為 8.22 億美元，比去年同期增長近 9%。我們的營業收入增長是由兩個細分市場的穩健業績推動的，我將在討論細分市場層面的業績時提供更詳細的業務驅動因素。現在轉向我們的淨利息支出。第三季度淨利息支出為 5800 萬美元，比去年同期增長 9.5%。展望第四季度，考慮到過去幾個月的現金使用情況，我們預計淨利息支出將達到本財年的最高水平。現在轉向所得稅。我們的有效所得稅率為 21.5%，而去年同期為 20.2%。正如我們上季度所指出的那樣，我們繼續預計 2023 財年全年有效稅率將接近我們指導範圍 20% 至 21% 的下限。

Turning to diluted share count. Our diluted share count was 204.4 million shares a 3.5% decrease compared to the third quarter of fiscal 2022, driven by share repurchases we completed over the last 12 months. This included $100 million of repurchases in the third quarter in conjunction with transactions, Walgreens Boots Alliance executed. Going forward, we expect transactions to continue to occur and we anticipate continuing to collaborate and coordinate with Walgreens Boots Alliance as we have done over the past year. Regarding our cash balance and free cash flow, we ended the quarter with approximately $1.4 billion of cash. Our adjusted free cash flow for the 9 months ended June 30 was $1.5 billion, and we are now slightly improving our adjusted free cash flow guidance to be at least $2 billion for the fiscal year, up from approximately $2 billion. This completes the review of our consolidated results.

轉向稀釋後的股份數量。由於我們在過去 12 個月完成的股票回購，我們的稀釋後股票數量為 2.044 億股，比 2022 財年第三季度減少了 3.5%。其中包括第三季度 1 億美元的回購以及 Walgreens Boots Alliance 執行的交易。展望未來，我們預計交易將繼續發生，並且我們預計將繼續與沃爾格林博姿聯盟合作和協調，就像我們在過去一年所做的那樣。關於我們的現金餘額和自由現金流，本季度末我們的現金約為 14 億美元。截至 6 月 30 日的 9 個月，我們調整後的自由現金流為 15 億美元，我們現在將本財年調整後的自由現金流指引從約 20 億美元提高到至少 20 億美元。這樣就完成了對我們綜合結果的審查。

Now I'll turn to our segment results for the third quarter. U.S. Healthcare Solutions segment revenue was $59.9 billion, up 12% for the quarter with broad-based growth across our customer base, including sales of products in the GLP-1 class and also sales of specialty products to physician practices and health systems. U.S. Healthcare Solutions segment operating income increased by 9.5% to $635 million as we saw good pharmaceutical utilization trends across our business, and our Animal Health business had another good quarter with growth in both the companion and production animal markets. Our operating income growth also benefited from an easier expense comparison as we lapped inflationary pressures that began in the March quarter of fiscal 2022 and from efficiency initiatives that we have taken, both of which we called out last quarter.

現在我將談談第三季度的部門業績。美國醫療保健解決方案部門收入為 599 億美元，本季度增長 12%，我們的客戶群廣泛增長，包括 GLP-1 類產品的銷售以及向醫生診所和衛生系統銷售的特種產品。美國醫療保健解決方案部門的營業收入增長了9.5%，達到6.35 億美元，因為我們看到整個業務的藥品利用趨勢良好，而且我們的動物保健業務又一個良好的季度，伴隨著伴侶動物和生產動物市場的增長。我們的營業收入增長還得益於更輕鬆的費用比較，因為我們克服了 2022 財年第三季度開始的通脹壓力，以及我們採取的效率舉措（這兩項舉措都是我們上季度呼籲的）。

This combination of operating expense items helped improve our operating expense margin in the quarter, offsetting most of the gross profit margin pressure from lower COVID-19 treatment contributions and increased volumes of GLP-1s. In the quarter, U.S. Healthcare Solutions segment operating income margin did still have a year-over-year decline of 3 basis points to 1.06% as a result of our mix of those 2 product groups. As a reminder, COVID product volume has continued to decline as expected, and we are earning a fee for distributing government-owned products and GLP-1s are a big driver of revenue growth but not a meaningful driver of operating income growth.

這種運營費用項目的組合有助於提高我們本季度的運營費用利潤率，抵消了因 COVID-19 治療貢獻減少和 GLP-1 銷量增加而帶來的大部分毛利率壓力。本季度，由於我們對這兩個產品組進行了組合，美國醫療保健解決方案部門的營業利潤率仍同比下降 3 個基點至 1.06%。提醒一下，新冠病毒產品數量如預期持續下降，我們通過分銷政府擁有的產品賺取費用，而 GLP-1 是收入增長的重要推動因素，但不是營業收入增長的有意義的推動因素。

I will now turn to our International Healthcare Solutions segment. In the quarter, International Healthcare Solutions revenue was $7.0 billion, up 5.6% on a reported basis or up 12.4% on a constant currency basis. In this segment, we saw growth in all our businesses. International Healthcare Solutions operating income was $187 million, up 6% on a reported basis or 7% on a constant currency basis, driven by solid performance in our Global Logistics business, and the inclusion of PharmaLex in the quarter, which offset the impact of the divestiture of our Brazilian specialty business in June of 2022. As a reminder, this divested business contributed nearly 2% of segment level operating income in the third quarter of fiscal 2022. That completes the review of our segment level results.

我現在將談談我們的國際醫療保健解決方案部分。本季度，國際醫療保健解決方案收入為 70 億美元，按報告計算增長 5.6%，按固定匯率計算增長 12.4%。在這個領域，我們的所有業務都實現了增長。國際醫療保健解決方案運營收入為 1.87 億美元，按報告計算增長 6%，按固定匯率計算增長 7%，這得益於我們全球物流業務的穩健表現以及本季度納入 PharmaLex，抵消了於2022 年6月剝離我們的巴西特種業務。提醒一下，該剝離的業務在2022 財年第三季度貢獻了近2% 的部門級營業收入。至此，我們完成了對部門級業績的審查。

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. Full details of our fiscal 2023 guidance can be found on Pages 8 and 9 of our earnings presentation on our Investor Relations website. Starting with revenue. We are raising our consolidated revenue guidance and now expect our revenue growth to be at least 8% to reflect stronger revenue growth in the U.S. Healthcare Solutions segment and favorable currency movements in the International Healthcare Solutions segment relative to our prior guidance.

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。有關 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的第 8 和第 9 頁。從收入開始。我們正在提高綜合收入指導，現在預計我們的收入增長至少為 8%，以反映美國醫療保健解決方案部門的收入增長強勁以及國際醫療保健解決方案部門相對於我們之前的指導有利的貨幣走勢。

In the U.S. Healthcare Solutions segment, we now expect revenue growth to be at least 9% and which reflects strong pharmaceutical utilization trends and also the increase in volume of GLP-1 products. In the International Healthcare Solutions segment, we are raising our as-reported revenue growth guidance to be in a range of 1% to 4%, up from our previous expectation of a 3% decline to flat due to favorable currency movements relative to our May guidance. Moving to operating income. We are narrowing our consolidated operating income guidance to a range of 3% to 4% growth from the previous range of 2% to 4% growth, primarily to reflect the strong performance we have seen in the U.S. Healthcare Solutions segment, and to reflect favorable currency movements in the International Healthcare Solutions segment.

在美國醫療保健解決方案領域，我們目前預計收入增長至少 9%，這反映了強勁的藥品利用趨勢以及 GLP-1 產品銷量的增加。在國際醫療保健解決方案領域，我們將報告中的收入增長指導上調至 1% 至 4%，高於我們之前預期的下降 3% 至持平，原因是相對於 5 月份有利的匯率變動指導。轉向營業收入。我們將綜合營業收入指引從之前的 2% 至 4% 增長范圍縮小至 3% 至 4% 增長范圍，主要是為了反映我們在美國醫療保健解決方案領域看到的強勁表現，並反映有利的業績國際醫療保健解決方案部門的貨幣走勢。

In the U.S. Healthcare Solutions segment, we now expect segment operating income growth to be in the range of 4% to 5% from our previous range of 3% to 5%, excluding contributions related to COVID-19 treatment distribution. We now expect operating income growth to be in the range of 7% to 8% from our previous range of 6% to 8%, and we are more likely to be near the top end of that 7% to 8% range. In the third quarter, COVID-19 treatments contributed $0.06 to our consolidated EPS with about $0.05 in the U.S. and $0.01 in the International segment. This brings our total COVID treatment contribution year-to-date to $0.29. Our full year expectations for COVID treatment contributions remained generally unchanged and we expect only $0.01 or $0.02 of COVID-related contributions in the fourth quarter with the contribution occurring in the U.S. Healthcare Solutions segment.

在美國醫療保健解決方案領域，我們現在預計該領域的營業收入增長將從之前的 3% 至 5% 增至 4% 至 5%，不包括與 COVID-19 治療分配相關的貢獻。我們現在預計營業收入增長將從之前的 6% 至 8% 調整至 7% 至 8%，並且更有可能接近 7% 至 8% 範圍的上限。第三季度，COVID-19 治療為我們的合併每股收益貢獻了 0.06 美元，其中美國市場約為 0.05 美元，國際市場約為 0.01 美元。這使得我們今年迄今為止的新冠治療捐款總額達到 0.29 美元。我們對全年新冠治療捐款的預期總體保持不變，我們預計第四季度與新冠肺炎相關的捐款僅為 0.01 美元或 0.02 美元，其中美國醫療保健解決方案部門的捐款。

In the International Healthcare Solutions segment, we now expect as-reported segment operating income growth to be in the range of flat to 4% growth, which reflects favorable FX rates relative to our previous guidance. As a result of these updates, we are raising our full year diluted EPS guidance from our prior range of $11.70 to $11.90 to a new range of $11.85 to $11.95, representing growth of 7% to 8% on an as-reported basis or 12% to 13%, excluding COVID-19 treatment contributions. As you turn to your models, there are a few items we wanted to remind you of as you think about the fourth quarter and the year ahead. In the fourth quarter of fiscal 2022, we had $0.17 of contribution from distributing COVID treatments, $0.16 of which was in the U.S. Healthcare Solutions segment.

在國際醫療保健解決方案部門，我們現在預計報告所述部門的營業收入增長將在持平至 4% 的增長范圍內，這反映出相對於我們之前的指導而言有利的匯率。由於這些更新，我們將全年攤薄每股收益指引從之前的 11.70 美元至 11.90 美元範圍提高至 11.85 美元至 11.95 美元的新範圍，較報告的基礎增長 7% 至 8%，即增長 12%至13 %，不包括COVID-19 治療費用。當您轉向模型時，當您考慮第四季度和未來一年時，我們想提醒您一些事項。在 2022 財年第四季度，我們從分發新冠治療藥物中獲得了 0.17 美元的貢獻，其中 0.16 美元來自美國醫療保健解決方案部門。

As I mentioned, this year, we expect to only have $0.01 or $0.02 of COVID treatment contributions in this year's fourth quarter, which will impact year-over-year growth rates. It's also important to keep in mind, that [into] the fourth quarter of fiscal 2022, the dollar was at historically strong levels versus most major currencies. This should create a tailwind in the International Healthcare Solutions segment on an as-reported basis, as we lap that easier comparison and as reported growth is expected to be higher than constant currency growth in the fourth quarter of fiscal 2023. This dynamic is reflected in our increased as-reported operating income guidance at the International Healthcare Solutions segment level, and in our constant currency operating income guidance, which remains unchanged at the International Healthcare Solutions segment level.

正如我所提到的，我們預計今年第四季度的新冠治療捐款僅為 0.01 美元或 0.02 美元，這將影響同比增長率。同樣重要的是要記住，到 2022 財年第四季度，美元兌大多數主要貨幣都處於歷史強勢水平。這應該會在報告的基礎上為國際醫療保健解決方案領域創造一股順風，因為我們採用了更簡單的比較，並且報告的增長預計將高於2023 財年第四季度的恆定貨幣增長。這種動態反映在我們增加了國際醫療保健解決方案部門層面的報告營業收入指引，以及國際醫療保健解決方案部門層面的固定貨幣營業收入指引，該指引保持不變。

We are in the middle of our planning process and feel confident that the strength and resilience of our core business, and our value-creating approach to capital deployment will allow us to deliver on our long-term growth guidance. While it remains early in our planning process, at this point, we would expect contributions related to COVID treatment distribution to be minimal in fiscal 2024. As usual, we will provide full fiscal 2024 guidance in November when it can be fully informed by our detailed planning process. Before I turn to my closing remarks, I would like to provide a brief update on one of our key ESG initiatives. As we have discussed, in fiscal 2023, we introduced an ESG metric within our executive compensation program that includes 3 quantifiable components focused on business resiliency, female representation in leadership roles, and employee inclusion and engagement.

我們正處於規劃過程中，我們相信我們核心業務的實力和彈性，以及我們創造價值的資本部署方法將使我們能夠實現我們的長期增長指導。雖然目前仍處於我們規劃過程的早期階段，但我們預計2024 財年與新冠病毒治療分配相關的貢獻將是最小的。像往常一樣，我們將在11 月提供完整的2024 財年指導，屆時我們可以充分了解我們詳細的信息規劃過程。在開始我的結束語之前，我想簡要介紹一下我們的一項關鍵 ESG 舉措的最新情況。正如我們所討論的，在2023 財年，我們在高管薪酬計劃中引入了ESG 指標，其中包括3 個可量化的組成部分，重點關注業務彈性、領導角色中的女性代表性以及員工包容性和敬業度。

During the quarter, we successfully completed the business resiliency target by completing business impact assessments across our locations. This exercise informs our resilience planning and ensures we are able to continue operating in the face of natural disasters and a changing climate. To this end, we were also proud to be recognized by Forbes on their first-ever Net Zero Leaders list. This list recognizes businesses that are leading the way not only in transitioning to a low-carbon economy by 2050, but also our embedding sustainability practices into their business and working to achieve sustainability targets. Companies were evaluated across industries for the robustness of the company's climate governance strategy and risk management principles. We continue to focus on maintaining strong business resilience practices to allow us to deliver on a role at the center of the pharmaceutical supply chain.

本季度，我們通過完成各個地點的業務影響評估，成功完成了業務彈性目標。這項活動為我們的複原力規劃提供了信息，並確保我們能夠在面對自然災害和氣候變化時繼續運營。為此，我們也很榮幸被福布斯列入其首個淨零領導者名單。該榜單表彰了那些不僅在 2050 年之前向低碳經濟轉型方面處於領先地位的企業，而且還表彰了我們將可持續發展實踐融入其業務並努力實現可持續發展目標的企業。對各行業的公司進行了氣候治理戰略和風險管理原則穩健性的評估。我們繼續致力於保持強大的業務彈性實踐，使我們能夠在藥品供應鏈的中心發揮作用。

Reflecting on this being our last earnings call with the corporate name AmerisourceBergen, I am impressed by our company's track record of adapting and evolving over the years. We have executed on our pharmaceutical-centric strategy, building on our foundation and pharmaceutical distribution, and expanding our suite of solutions for both our customers and manufacturer partners. Looking ahead, I'm excited that on August 30, we will begin trading under the ticker symbol COR, C-O-R on the New York Stock Exchange. This ticker is more meaningful and reflective of our business and role in the supply chain. As we begin our next chapter at Cencora, I am confident that our team members will build upon the legacy we have created and continue to drive long-term growth for our stakeholders. Now I will turn the call over to the operator to open the line for questions. Operator?

考慮到這是我們最後一次以 AmerisourceBergen 公司名稱召開的財報電話會議，我對我們公司多年來的適應和發展記錄印象深刻。我們執行了以製藥為中心的戰略，以我們的基礎和藥品分銷為基礎，並為我們的客戶和製造商合作夥伴擴展了我們的解決方案套件。展望未來，令我興奮的是，我們將於 8 月 30 日開始在紐約證券交易所以股票代碼 COR、C-O-R 進行交易。該代碼更有意義，反映了我們的業務和在供應鏈中的角色。當我們在 Cencora 開啟新篇章時，我相信我們的團隊成員將在我們創造的遺產的基礎上再接再厲，並繼續推動利益相關者的長期增長。現在我將把電話轉給接線員以打開提問線路。操作員？

(Operator Instructions) Our first question comes from Elizabeth Anderson of Evercore ISI.

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

Congrats on the quarter. One that was particularly impressive as we think about the performance in the quarter was obviously the improvement in the OpEx. Can you help us sort of think about the sustainability of that improvement as we think about maybe the fourth quarter and then maybe conceptually beyond that?

恭喜本季度。當我們考慮本季度的業績時，特別令人印象深刻的是運營支出的改善。您能否幫助我們思考這種改善的可持續性，就像我們思考第四季度，然後可能在概念上超越這一點？

Yes, thanks so much for asking that question, Elizabeth. One thing we were really pleased about -- there's obviously so many things we were pleased about during this quarter. But one of the things we were pleased with is that our OpEx growth was slower than our gross profit growth. So as I'm sure you saw our gross profit growth during the quarter was 8.0% and our OpEx growth was 7.6%. And really where we saw the improvement was in the U.S. Healthcare Solutions segment where our operating expense margin declined by 11 basis points.

是的，非常感謝您提出這個問題，伊麗莎白。我們真正感到高興的一件事是——顯然，本季度有很多事情讓我們感到高興。但我們感到滿意的一件事是我們的運營支出增長慢於毛利潤增長。我確信您看到我們本季度的毛利潤增長了 8.0%，運營支出增長了 7.6%。我們真正看到改善的是美國醫療保健解決方案部門，我們的運營費用利潤率下降了 11 個基點。

And we really were able to achieve this by focusing on aligning our internal capabilities to our customers' needs and creating a more efficient organizational structure. And we had talked about that on the May call. And that's something that we were very focused on. And then we also benefited from lapping inflationary pressure that had started in the March quarter of fiscal year '22. And so we lapped that pressure, and so we had less cost pressure during the quarter. And so as we look towards the fourth quarter and we look towards fiscal year '24, this is something that our company is very focused on. We're very focused on efficiency, so we can really align our capabilities to our customers' needs and have an efficient organization. So thanks a lot for asking that.

通過專注於將我們的內部能力與客戶的需求相結合併創建更高效​​的組織結構，我們確實能夠實現這一目標。我們在五月份的電話會議上討論過這個問題。這是我們非常關注的事情。然後我們還受益於 22 財年第三季度開始的通脹壓力。因此，我們克服了這種壓力，因此本季度我們的成本壓力較小。因此，當我們展望第四季度和 24 財年時，這是我們公司非常關注的事情。我們非常注重效率，因此我們可以真正根據客戶的需求調整我們的能力，並擁有一個高效的組織。非常感謝您提出這個問題。

Our next question comes from Lisa Gill of JPMorgan.

我們的下一個問題來自摩根大通的麗莎·吉爾。

Just want to understand a couple of things better on the margin side. So first, in your prepared comments, you talked about exclusive distribution relationships on cell gene therapies. And then you talked a little bit about the growth in GLP-1s, which I understand, high dollar value when we think about it branded, but probably a lower margin as we think about your book of business.

只是想更好地了解利潤方面的一些事情。首先，在您準備好的評論中，您談到了細胞基因療法的獨家經銷關係。然後您談到了 GLP-1 的增長，據我了解，當我們考慮品牌時，美元價值很高，但當我們考慮您的業務時，利潤率可能較低。

How do I think about like the progression of margin, especially in the U.S. distribution component of the business as we think about; one, exclusive distribution relationships; two, the continued growth in GLP-1; three, biosimilars, how that plays a role.

我如何看待利潤率的增長，尤其是我們所考慮的美國業務分銷部分；一、獨家經銷關係；二、GLP-1的持續增長；三、生物仿製藥，它是如何發揮作用的。

And then just lastly, like anything else that I should keep in mind, whether it's generic price deflation, which seems to have moderated as we start to think about not just the fourth quarter, but thinking about '24 as well.

最後，就像我應該記住的其他事情一樣，無論是一般的價格通貨緊縮，當我們開始不僅考慮第四季度，而且還考慮 24 世紀時，通貨緊縮似乎已經緩和。

Yes. There's a lot there. And so let me start out by talking about GLP-1s because they were such a driver of revenue growth during the quarter. And I mentioned during my prepared remarks that we had about 11.5% revenue growth in the quarter and that if we backed out GLP-1s, our revenue growth would have been more in line with our GP growth of 8.0%.

是的。那裡有很多東西。讓我首先談談 GLP-1，因為它們是本季度收入增長的推動力。我在準備好的發言中提到，我們本季度的收入增長約為 11.5%，如果我們退出 GLP-1，我們的收入增長將更符合 8.0% 的 GP 增長。

And so GLP-1s really are a driver of top line revenue growth. But from an operating income standpoint, they are minimally profitable. And so they really are a driver of top line, but minimally profitable at the operating income line. And this is caused by the fact that the gross profit margins on them are low. And then, the operating expenses are a little higher because of the cold chain nature of the product. And then with regard to things like exclusive cell and gene relationships, of course, those sorts of things are very positive for the company and very strategically important. But in terms of dollars, small at this point in time.

因此，GLP-1 確實是收入增長的推動力。但從營業收入的角度來看，他們的利潤微乎其微。因此，他們確實是收入的推動者，但營業收入線的利潤卻微乎其微。這是由於它們的毛利率較低造成的。其次，由於產品的冷鏈性質，運營費用略高。當然，關於獨家細胞和基因關係之類的事情，這些事情對公司來說非常積極，並且具有非常重要的戰略意義。但就美元而言，目前還很小。

Biosimilars, you asked about, they continue to be in a really kind of key and a growth opportunity and margin opportunity for AmerisourceBergen. You asked about generic deflation. And during the last few months, we have seen some moderation of generic deflation in certain pockets. This is too early to call a trend. But of course, if it were to broaden beyond a few pockets into a broader range of generics, it certainly would become a tailwind for the company. But you mentioned, in particular the U.S., and I think probably the thing that I'll point out -- and I talked about this in the prepared remarks on a consolidated basis.

您問到，生物仿製藥仍然是 AmerisourceBergen 的關鍵、增長機會和利潤機會。您詢問了一般通貨緊縮。在過去的幾個月裡，我們看到某些地區的通貨緊縮有所緩和。現在稱其為趨勢還為時過早。但當然，如果它要從少數幾個領域擴展到更廣泛的仿製藥領域，那麼它肯定會成為該公司的順風車。但你提到的，特別是美國，我想我可能會指出這一點——我在準備好的發言中綜合討論了這一點。

But in the U.S. segment, the gross profit margin decline during the quarter was 13 basis points, and that was really driven by 2 things. One is less sales of COVID therapies, which are high margin and then greater sales of GLP-1s, which are lower-margin products and minimally profitable. But -- and so I think that addresses your questions, but I just want to finish by saying, we were really pleased by results we had during the quarter, in particular, the operating income growth that was driven by several things, including strong, broad-based results across many businesses, good utilization trends we saw in the U.S. and then the good performance we made on the OpEx front that I had earlier talked about.

但在美國市場，本季度毛利率下降了 13 個基點，這實際上是由兩件事驅動的。一是利潤率較高的新冠療法銷量減少，而利潤率較低且利潤微薄的 GLP-1 銷量增加。但是 - 所以我認為這解決了你的問題，但我只想說，我們對本季度的業績感到非常滿意，特別是由多種因素推動的營業收入增長，包括強勁，許多企業取得了廣泛的成果，我們在美國看到了良好的利用率趨勢，然後我們在我之前談到的運營支出方面取得了良好的表現。

Our next question comes from Eric Percher of Nephron Research.

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

Thank you for the commentary on GLP-1. I want to stay on that subject and it's good to hear they're minimally profitable for Amerisource, but what we're hearing from pharmacies, particularly independence is that they're not profitable. And it sounds like maybe even the same for chains. So given the importance of independents, have you had to help them offset that? Or is that the role of the manufacturer and others in the supply chain?

感謝您對 GLP-1 的評論。我想繼續討論這個話題，很高興聽到他們為 Amerisource 帶來的利潤微乎其微，但我們從藥店，尤其是獨立藥店那裡聽到的是，他們沒有盈利。聽起來對於連鎖店來說甚至可能是一樣的。那麼考慮到獨立人士的重要性，你是否必須幫助他們抵消這一點？或者這是製造商和供應鏈中其他人的角色？

Yes. So Eric, thanks. As you know, we price more on product category, so this would fit into a branded and indeed, oral category that's dispensed mainly in the retail sector. A fairly significant amount of this is going through mail order.

是的。埃里克，謝謝。如您所知，我們對產品類別的定價更高，因此這將適合主要在零售領域銷售的品牌產品和口服產品。其中相當大一部分是通過郵購進行的。

So it's -- we don't discount on a particular product category, even as significant as this product category is. But we do regard ourselves as a liaison. So of course, we'll be talking on behalf of Good Neighbor Pharmacies in particular, you look at the Elevate network, we discussed this as a key product category that is affecting profitability, reimbursement stability in the community pharmacy. But it's not anything that we are discounting on a particular art on a particularly category basis. So it just fits into that broader category. Of course, these products are extremely important, a good example of innovation and there is a lot of product, a lot of positives about the product as well.

因此，我們不會對特定產品類別打折，即使該產品類別非常重要。但我們確實將自己視為聯絡人。當然，我們將特別代表好鄰居藥房進行討論，您看看 Elevate 網絡，我們將其作為影響社區藥房盈利能力和報銷穩定性的關鍵產品類別進行討論。但這並不是我們在特定類別的基礎上對特定藝術打折的東西。所以它正好適合這個更廣泛的類別。當然，這些產品非常重要，是創新的一個很好的例子，而且有很多產品，產品也有很多積極的一面。

I think we shouldn't only look at this in terms of the negatives. I mean, I think there will be a whole lot of benefits to the pharmacy industry as this category evolves including the monitoring of side effects, potentially anything else that pharmacists can do to help manage the health of their patients and AmerisourceBergen will, of course, be there to assist.

我認為我們不應該只從負面的角度來看待這個問題。我的意思是，我認為隨著這一類別的發展，製藥行業將會有很多好處，包括副作用監測，藥劑師可以做的任何其他事情來幫助管理患者的健康，當然，AmerisourceBergen 也會，隨時提供幫助。

Our next question comes from Daniel Grosslight of Citi.

我們的下一個問題來自花旗銀行的丹尼爾·格羅斯萊特。

Congrats on another strong quarter here. I just had a quick question on the adjusted operating income guidance for the rest of this year and how we should think about that going into '24. So if you back out the COVID impact and assume that you're going to be at the high end of the range for the fiscal year. It implies around a 2% sequential step-down from 3Q.

祝賀又一個強勁的季度。我只是有一個關於今年剩餘時間調整後營業收入指導的快速問題，以及我們應該如何考慮進入 24 年。因此，如果您排除新冠疫情的影響，並假設您將處於本財年範圍的高端。這意味著較第三季度連續下降約 2%。

I'm curious if there was any pull-through from 4Q into 3Q that may be causing that sequential decline? Or is that kind of the normal seasonality now? And then going forward, is kind of a like low teens, high double -- high single-digit growth rate in that segment reasonable?

我很好奇是否有任何從第四季度到第三季度的拉動可能導致連續下降？或者現在這是正常的季節性嗎？然後，展望未來，該細分市場的低十幾歲、高雙位數增長率是否合理？

Yes. Thank you for asking the question. And let me say, of course, we were really pleased with the results during the quarter. And as -- and due to that, we did really kind of across the board raised our narrowing of guidance for fiscal year '23. And we have a lot of confidence in our updated fiscal year '23 guidance, and we have a lot of confidence in our long-term guidance, which is, of course, 5% to 8% organic operating income growth. And then including capital deployment, it's double-digit compound annual growth rate for adjusted EPS at the midpoint of the range.

是的。感謝您提出問題。當然，我要說的是，我們對本季度的結果非常滿意。因此，我們確實全面提高了 23 財年的指導範圍。我們對更新後的 23 財年指導充滿信心，對長期指導充滿信心，當然，這就是 5% 至 8% 的有機營業收入增長。然後包括資本部署，調整後每股收益的複合年增長率處於該範圍的中點。

Of course, both those exclude COVID and exclude CapEx, but we -- there are, of course, a number of things that can impact results quarter-to-quarter and timing and those sorts of things. But rather than kind of get into the details there. I just want to say that as we are starting into fiscal -- excuse me, the fiscal fourth quarter, we've got a lot of good momentum in our business. We're seeing strong utilization trends in the U.S. We're seeing good performance in just a number of areas of the business, and that's what gives us a lot of confidence in both our fiscal year '23 full year guide and our long-term guidance that I talked about. And of course, we're just in the middle of our fiscal year planning process now, and we'll look forward to providing our fiscal year '24 guidance on the November call.

當然，這兩者都不包括新冠疫情和資本支出，但我們——當然，有很多因素會影響季度業績、時間安排等。但不是深入了解那裡的細節。我只想說，當我們開始進入第四財季時——對不起，我們的業務出現了很多良好的勢頭。我們在美國看到了強勁的利用率趨勢。我們在多個業務領域都看到了良好的表現，這讓我們對 23 財年全年指南和長期目標充滿信心我談到的指導。當然，我們現在正處於財政年度規劃過程的中間，我們期待在 11 月的電話會議上提供 24 財年的指導。

Our next question comes from Charles Rhyee of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Charles Rhyee。

Congrats on the quarter. I wanted to go back talking about sort of the services that you're looking to do that you are providing for pharma manufacturers here. You talked about more commercial support, the cell and gene therapy hub, et cetera. Can you talk about a little bit maybe how maybe OneOncology fits into this? You look at some of your peers and some of the efforts that they're making in terms of sort of upward facing services to manufacturers. I know you have a lot of that when we think about World Courier as well.

恭喜本季度。我想回過頭來談談你們希望為製藥製造商提供的服務。您談到了更多的商業支持、細胞和基因治療中心等等。您能談談 OneOncology 如何融入其中嗎？你看看你的一些同行以及他們在為製造商提供向上服務方面所做的一些努力。我知道當我們想到 World Courier 時，您也有很多這樣的想法。

What is the broader strategy? And what are the services that many manufacturers are starting to ask from folks like you? And what's the unique position that you have here in -- and I guess, ultimately, how much share of a business do you think this will be when we think of Cencora going forward?

更廣泛的戰略是什麼？許多製造商開始向像您這樣的人要求提供哪些服務？你們在這裡的獨特地位是什麼？我想，最終，當我們考慮 Cencora 的未來發展時，你們認為這將佔據多少業務份額？

Yes. Charles, thanks for the question. That's -- I'll try to cover all the elements you asked. Of course, one of the ways at AmerisourceBergen has a differentiated value proposition is our strong portfolio of distribution capabilities and key strategic relationships are really -- we juxtapose and relate those into our upstream relationships and try to provide more services to manufacturers.

是的。查爾斯，謝謝你的提問。那就是——我將盡力涵蓋您詢問的所有要素。當然，AmerisourceBergen 擁有差異化價值主張的方式之一是我們強大的分銷能力組合和關鍵戰略關係，我們將這些與我們的上游關係並置並聯繫起來，並嘗試為製造商提供更多服務。

So key themes that you should keep in mind is our presence in specialty distribution, where we've been the leading community oncology. And this will only be enhanced by the OneOncology acquisition, where we expect to have learnings. There's been a lot of activity, for example, recently in urology. But -- so that could be a future area of interest for us. As any of these physician dispensing capabilities, we come up in areas that we're already active in, including urology and rheumatology, ophthalmology, that will be of interest, and neurology could be one that we are very interested in as well. Aligned with our distribution capabilities to the dispensing physician and what we often call the Part B market is our GPO capabilities.

因此，您應該牢記的關鍵主題是我們在專科分銷領域的存在，我們一直是社區腫瘤學領域的領先者。只有通過收購 OneOncology 才能增強這一點，我們希望從中吸取教訓。例如，最近在泌尿科領域有很多活動。但是——所以這可能是我們未來感興趣的領域。與這些醫師配藥能力中的任何一個一樣，我們會進入我們已經活躍的領域，包括泌尿科、風濕病學、眼科，這些領域都是我們感興趣的，神經病學也可能是我們非常感興趣的領域。與我們向配藥醫生的分銷能力以及我們通常所說的 B 部分市場相一致的是我們的 GPO 能力。

And then I'd have to say AmerisourceBergen has really focused and invested in the development and the breadth and depth of our commercialization services. The customer is the biopharmaceutical manufacturer who will actually be billing for a lot of these services. And I think if you look at the various businesses that we've been invested in, go back to ['98] when we invested in Lash. We started our ICS business for pre-wholesale third-party logistics. We have always been a leader in this area as well. And our goal is to provide an end-to-end suite of solutions and support our partners at every stage of the commercialization journey.

然後我不得不說，AmerisourceBergen 確實專注於並投資於我們商業化服務的開發以及廣度和深度。客戶是生物製藥製造商，他們實際上將為許多此類服務付費。我認為，如果你看看我們投資的各種業務，可以追溯到['98]，當時我們投資了 Lash。我們開始了針對批發前第三方物流的 ICS 業務。我們也一直是該領域的領導者。我們的目標是提供端到端的解決方案套件，並在商業化之旅的每個階段為我們的合作夥伴提供支持。

So of course, as you have new more complex therapies, none more so than more intriguing than cell and gene therapies and you have -- when you launch them, you have cost issues, you have access issues, you have, of course, the distribution and storage issues, transportation issues. AmerisourceBergen is really creating a lot of services around this. And you've heard how we even -- for a unique product. Now we're doing some kitting and different sorts of handling for cell and gene product. So we will continue to evolve our business. There's a lot we can do. We can track outcomes on a therapy-specific level. In some cases, we've done that in the past. So we will be responsive to the needs of the market and continue to add value to -- for patients on the access front and to manufacturers on taking those different distribution and other points we have to get their products into the market and efficiently and effectively.

因此，當然，當你有新的更複雜的療法時，沒有什麼比細胞和基因療法更有趣了，當你推出它們時，你有成本問題，你有訪問問題，當然，你有分配和儲存問題、運輸問題。 AmerisourceBergen 確實圍繞此創建了很多服務。您已經聽說過我們如何為獨特的產品而努力。現在我們正在對細胞和基因產品進行一些配套和不同類型的處理。因此，我們將繼續發展我們的業務。我們可以做很多事情。我們可以跟踪特定治療水平的結果。在某些情況下，我們過去就這樣做過。因此，我們將響應市場的需求，並繼續為准入方面的患者和製造商增加價值，以採取不同的分銷和其他方式，我們必須將他們的產品高效地推向市場。

Our next question comes from Andrea Alfonso of UBS.

我們的下一個問題來自瑞銀集團的安德里亞·阿方索。

It's Kevin Caliendo for Andrea. Yes, on the International segment, you've discussed pricing visibility. And on World Courier, there's been a benefit from higher weight per shipment. Is that dynamic what increases pricing organically on a go-forward basis?

這是凱文·卡林多（Kevin Caliendo）飾演安德里亞（Andrea）。是的，在國際部分，您已經討論了定價可見性。在 World Courier 上，每批貨件的重量增加也帶來了好處。這種動態是否會在未來的基礎上有機地提高定價？

I guess what I'm really trying to -- try to understand here is what -- how should we think about what drives margin improvement here and internationally besides operating cost, headwinds easing for the -- just for the whole international segment. Is that one of the big drivers? Or is there anything else we should think about in terms of the international margin or the potential for margin improvement in that business?

我想我真正想要做的是——嘗試理解這裡是什麼——除了運營成本、整個國際市場的逆風緩解之外，我們應該如何思考推動這里和國際利潤率提高的因素。這是最大的推動者之一嗎？或者就國際利潤率或該業務利潤率改善的潛力而言，我們還應該考慮什麼？

Thanks for asking that question. And as we look at the international business, you asked about World Courier, and there has been some benefit from price. But I think as we look forward there, probably a good deal of the benefit we'll see from World Courier will be in volume growth.

感謝您提出這個問題。當我們關注國際業務時，您詢問了 World Courier，價格帶來了一些好處。但我認為，當我們展望未來時，我們將從 World Courier 中看到的很大一部分好處可能是數量增長。

As we look at margins overall in the international business, probably what will impact it more than anything else is a mix. And as we deploy capital like we did in PharmaLex, those will be in higher margin, higher growth businesses. And that will -- over a period of time, it should positively impact margin percentage growth in the international business. And I think that will be the key driver.

當我們審視國際業務的整體利潤率時，對它影響最大的可能是混合因素。當我們像在 PharmaLex 那樣部署資本時，這些資金將投向利潤率更高、增長速度更快的業務。這將在一段時間內對國際業務的利潤率增長產生積極影響。我認為這將是關鍵驅動因素。

Our next question comes from Eric Coldwell of Baird.

我們的下一個問題來自貝爾德 (Baird) 的埃里克·科德威爾 (Eric Coldwell)。

I'm going to shift topics here a little bit. We're seeing aging of receivables and weaker cash collections in certain of our health care services coverage. Biopharma clients simply trying to hold on to cash as long as possible to take advantage of interest rates. I know payments really never seen as a risk here, but at least on the pharma side.

我要稍微轉移一下話題。在我們的某些醫療保健服務範圍內，我們看到應收賬款老化和現金收款疲軟。生物製藥客戶只是想盡可能長時間地持有現金以利用利率。我知道付款在這裡從未被視為風險，但至少在製藥方面是這樣。

But I'm just curious, what are you seeing in contract renewals, client negotiations when it comes to payment terms? And are you seeing any of your upstream or downstream accounts trying to hold on to cash longer than they have in the past?

但我只是很好奇，您在合同續簽、客戶談判以及付款條件方面有何看法？您是否發現您的任何上游或下游賬戶試圖比過去更長時間地持有現金？

Yes. I can start out. It's an interesting question given the interest rate environment and the different -- the sort of near recession we've had, I'm not the economist on this call, but the terms in our business are very stable. There are longer terms often given to the physician segment, but we are not seeing anything discernible, noticeable on changes in terms.

是的。我可以開始了考慮到利率環境和不同的情況，這是一個有趣的問題——我們經歷過的那種接近衰退的情況，我不是這次電話會議的經濟學家，但我們業務的條款非常穩定。醫生部門通常有更長的任期，但我們沒有看到任何明顯的、明顯的條款變化。

Certainly, there's a tighter funding environment for biopharma manufacturers and especially start-up innovative products. But that's a cycle we think we may be seeing some sort of signs of optimism there. And we, of course, follow very closely some of the World Courier peers, larger life sciences type services companies and note their pronouncements, the comments on this. But nothing specific, I'd call Jim out on. When we actually negotiating fee-for-service and clauses, I mean, the terms are pretty well established. And the last thing I would say is that with nearly 30 years in the business, the resiliency of the balance sheet that we have, the inventory, the overall majority of the manufacturers we have are -- and I'd say the vast majority of, we've had some few smaller manufacturers have run into financial problems in the last couple of quarters. But it's -- if you look at the gross business of AmerisourceBergen, it's fairly negligible. And very stable. Jim, you want to add something?

當然，生物製藥製造商，尤其是初創創新產品的融資環境更加緊張。但我們認為在這個週期中我們可能會看到某種樂觀的跡象。當然，我們非常密切地關註一些世界速遞同行、較大的生命科學類型服務公司，並註意到他們的聲明和評論。但沒什麼具體的，我會打電話給吉姆。我的意思是，當我們實際談判按服務收費和條款時，條款已經相當完善。我要說的最後一件事是，經過近 30 年的經營，我們擁有的資產負債表、庫存、我們擁有的大多數製造商的彈性 - 我想說絕大多數，我們有一些較小的製造商在過去幾個季度遇到了財務問題。但如果你看看 AmerisourceBergen 的總業務，就會發現這是相當微不足道的。而且非常穩定。吉姆，你想補充點什麼嗎？

Yes. So this is, of course, something that we monitor and something that we manage very closely and constantly, and there's no meaningful change to call out. Of course, in a working capital management and ROIC and free cash flow are such key value drivers for us over the long term. This is something that we really stay on top of. And I said there's -- as I said, there's no major change to call out.

是的。因此，當然，這是我們密切監控和持續管理的事情，並且沒有任何有意義的變化值得呼籲。當然，從長遠來看，營運資本管理、投資回報率和自由現金流是我們的關鍵價值驅動因素。這是我們真正關注的事情。我說過，正如我所說，沒有什麼重大變化值得指出。

Our next question comes from A.J. Rice of Credit Suisse.

我們的下一個問題來自 A.J.瑞士信貸的大米。

It's Jonathan Yong on for A.J. Just going back to the generic pricing commentary, and I appreciate that the improvement is in the pockets of products. I guess how are you thinking about this from a competitive landscape? Is the increased pricing perhaps providing an opportunity to gain share in the market if your purchasing might be better than others? Just curious to get your thoughts there.

喬納森·楊 (Jonathan Yong) 代表 A.J.回到一般的定價評論，我很欣賞產品的改進。我想您從競爭格局的角度如何看待這個問題？如果您的採購可能比其他人更好，那麼提高的定價是否可能提供獲得市場份額的機會？只是好奇想知道你的想法。

So yes, like I said earlier, this is -- what we're seeing is the last few months is a moderation of deflation. And again, as you said, it's in pockets. So too early to call a trend. And -- but of course, but [we're] a trend, it would be a benefit for us. And then on the sell side, which you talked about, what I'll say on the sell side is it's a competitive market, and it's a stable market also.

所以，是的，就像我之前說的，我們看到的是過去幾個月通貨緊縮有所緩和。再說一次，正如你所說，它在口袋裡。所以現在判斷趨勢還為時過早。而且——當然，但是[我們]是一種趨勢，這對我們來說是有好處的。然後在賣方方面，您談到了，我想說的是，這是一個競爭市場，也是一個穩定的市場。

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

我們的下一個問題來自美國銀行的邁克爾·切爾尼。

This is Dan Clark on for Mike. Are you seeing any impacts to sterile injectable pricing margins or supply after the Pfizer plant was disrupted a little earlier this month or last month? And if so, how does that impact factored in the guidance?

這是邁克的丹·克拉克。在本月早些時候或上個月輝瑞工廠中斷後，您是否認為無菌注射劑的定價利潤或供應受到任何影響？如果是這樣，這種影響是如何納入指導的？

It's very quick. It's very soon. Obviously, that was a plant that manufactured a couple of injectable products. We've actually worked closely with Pfizer in this particular instance to see if we could help, we had a distribution center closed by the impacted manufacturer plant. But nothing to report yet. It's -- we're keeping our eye on this. Our supply chain group does a fantastic job, has managed through COVID has managed through all sorts of setback.

速度非常快。很快了。顯然，那是一家生產幾種注射產品的工廠。實際上，在這個特殊情況下，我們與輝瑞密切合作，看看我們是否可以提供幫助，我們在受影響的製造商工廠關閉了一個配送中心。但還沒有什麼可報告的。我們正在密切關注這一點。我們的供應鏈團隊做得非常出色，成功度過了新冠疫情，也成功度過了各種挫折。

We had the farmer nationalism that we had on one of the calls. We had a lot of concerns about that. I don't think that one manufacturer plant will impact us. And also you're talking about one of the most well-established resilient manufacturers. I would imagine they have their contingency plans and business continuity plan. So I think we did -- Jim and I and Bob Mauch, our COO. We did have a call with our supply chain people to understand and nothing alarming yet, but we will keep a close eye on the situation, and we feel confident we can manage through this as we have a lot of the setbacks and -- not overall material to what AmerisourceBergen does.

我們在一次電話會議上表現出了農民的民族主義情緒。我們對此有很多擔憂。我認為一家製造商工廠不會影響我們。而且您談論的是最知名的彈性製造商之一。我想他們有應急計劃和業務連續性計劃。所以我認為我們做到了——吉姆、我和我們的首席運營官鮑勃·莫奇。我們確實與供應鏈人員通了電話，以了解情況，目前還沒有什麼令人擔憂的情況，但我們將密切關注局勢，我們有信心能夠渡過難關，因為我們遇到了很多挫折，而且不是總體上的。對 AmerisourceBergen 所做的事情至關重要。

Our next question comes from George Hill of Deutsche Bank.

我們的下一個問題來自德意志銀行的喬治·希爾。

And James, I want to come back to Eric's question talking about GLP-1s and generics. And I guess has the growth of the GLP-1 kind of changed the generic mix and kind of compliance hurdles in the independent channels? And I guess has this led to the independence kind of like artificially hitting generic compliance numbers with you guys to kind of offset the brand into generic mix. I would just kind of love to hear you delve into that dynamic a little bit more.

James，我想回到 Eric 的問題，談論 GLP-1 和仿製藥。我想 GLP-1 的增長是否改變了獨立渠道中的通用組合和合規障礙？我想這是否導致了獨立性，就像人為地與你們達成通用合規數字，以將品牌抵消到通用組合中。我只是很想听你進一步深入探討這種動態。

George, it's a good question. I mean the growth of these products have been producing headlines, and it has altered. But we are -- far from a rigid organization. We have discussions with our customers. We stay very close to the customers. I think -- in fact, I think one of the things that I've been really proud about the teams in the last few years is we don't just do all customers when it comes to RFPs, the large and the small customers.

喬治，這是個好問題。我的意思是這些產品的增長已經成為頭條新聞，而且它已經改變了。但我們遠不是一個嚴格的組織。我們與客戶進行討論。我們與客戶保持非常密切的關係。我認為——事實上，我認為過去幾年我對團隊感到非常自豪的一件事是，當涉及到 RFP 時，我們不僅僅服務於所有客戶，無論是大客戶還是小客戶。

We're trying to stay very close to them and we have a whole lot of new resources, including the telehealth attributes that we're trying to help with our venture capital funds, but also just the general communication tools that we have with customers and the coverage we have in the market. As Jim said, is competitive but stable. So we know our customers well, we know what's going on. And if we have issues, we help with them. And certainly, the growth of this product category is something that will be discussed and potentially could be adjusted for. But no clear trend yet, but it's definitely a good thought and we have our big retail trade show this weekend.

我們正在努力與他們保持密切聯繫，我們擁有大量新資源，包括我們試圖通過風險投資基金提供幫助的遠程醫療屬性，以及我們與客戶和客戶之間的通用溝通工具。我們在市場上的覆蓋範圍。正如吉姆所說，有競爭力但穩定。所以我們很了解我們的客戶，我們知道發生了什麼。如果我們遇到問題，我們會幫助解決。當然，該產品類別的增長是值得討論的問題，並且可能會進行調整。雖然還沒有明確的趨勢，但這絕對是一個好主意，我們本週末將舉辦大型零售貿易展。

And I'm sure that this is going to come up because we have -- Bennett uses the term headline grabbing products and they are. I mean since the hepatitis drugs, we've never seen anything market, but this is definitely more sustainable and even much bigger than that. So -- and of course, much different payer mixes, et cetera. But we want to make sure that our partners, community pharmacies in particular, are stable for the long term, and this would include the management of these products, which are important for their patients.

我確信這個問題將會出現，因為我們——貝內特使用了“搶占頭條的產品”這個詞，而且它們確實是。我的意思是，自從肝炎藥物出現以來，我們從未見過任何市場，但這絕對是更可持續的，甚至比這更大。所以——當然，還有很多不同的付款人組合，等等。但我們希望確保我們的合作夥伴，特別是社區藥房，長期穩定，這將包括這些產品的管理，這對他們的患者很重要。

So last question?

那麼最後一個問題？

That was the last...

那是最後一次...

Okay. Well, thank you today. Thank you. We are kind of a little bit emotional here as we report our last quarter as AmerisourceBergen. And I know Dave [Yost] is going to be turning over. He doesn't like that we haven't changed us. But we are very, very excited to be talking in the future about Cencora. Cencora is a name that I think really resonates with myself and the team as we look towards a future where we're even more of a United Global Health Solutions leader.

好的。嗯，今天謝謝你。謝謝。當我們報告 AmerisourceBergen 的最後一個季度時，我們有點激動。我知道戴夫（約斯特）將會翻身。他不喜歡我們沒有改變自己。但我們非常非常興奮能夠在未來談論 Cencora。我認為 Cencora 這個名字確實能引起我自己和團隊的共鳴，因為我們展望未來，我們將成為聯合全球健康解決方案的領導者。

This name has been studied very well by AmerisourceBergen, and we really believe that it resonates with our team and who we are. What's also extremely important, and I cannot understate this enough, is who we are, what we do and how we do it will not change. We will continue to be a purpose-driven pharmaceutical-centric leader powered by our team members and driven to provide differentiated solutions to our pharma partners and provider customers. We will continue to build on our foundation in pharmaceutical distribution, further our leadership in specialty distribution and services and carry forward our long track record of execution and creating value for all our stakeholders as Cencora. Thank you for your time and attention today.

AmerisourceBergen 對這個名字進行了很好的研究，我們確實相信它與我們的團隊和我們是誰產生了共鳴。同樣極其重要的是，我們是誰、我們做什麼以及我們如何做都不會改變，這一點我怎麼強調都不為過。我們將繼續成為一個以目標為導向、以製藥為中心的領導者，由我們的團隊成員提供動力，並致力於為我們的製藥合作夥伴和提供商客戶提供差異化​​的解決方案。我們將繼續鞏固我們在藥品分銷領域的基礎，進一步鞏固我們在專業分銷和服務方面的領導地位，並發揚我們作為 Cencora 的長期執行記錄並為所有利益相關者創造價值。感謝您今天的時間和關注。

Thank you. This concludes today's event. You may now disconnect your lines.

謝謝。今天的活動到此結束。您現在可以斷開線路。