Brightspring Health Services Inc (BTSG) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. Welcome to BrightSpring Health Services, Inc. first quarter 2026 earnings conference call. (Operator Instructions)

您好，感謝您稍候。歡迎參加 BrightSpring Health Services, Inc. 2026 年第一季財報電話會議。（接線員指示）

I would now like to hand the conference over to David Deuchler. Please go ahead.

現在我想將會議交給 David Deuchler。請開始。

Good morning. Thank you for participating in today's conference call. My name is David Deuchler with Investor Relations at BrightSpring. I'm joined on today's call by John Rousseau, Chief Executive Officer; and Jen Phipps, Chief Financial Officer. Earlier today, BrightSpring released financial results for the quarter ended March 31, 2026.

各位早安。感謝您參與今天的電話會議。我是 BrightSpring 投資人關係部的 David Deuchler。今天與我一同出席的有執行長 John Rousseau，以及財務長 Jen Phipps。稍早今天，BrightSpring 已公布截至 2026 年 3 月 31 日止季度的財務結果。

A copy of the press release and presentation is available on the company's Investor Relations website. Please note that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations, including those related to our future financial performance and industry and market conditions.

新聞稿與簡報可於公司投資人關係網站取得。請注意，今天的討論將包含若干前瞻性陳述，反映我們目前的假設與預期，包括與未來財務表現以及產業與市場狀況相關者。

Such forward-looking statements are not guarantees of future performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. We encourage you to review the information in today's press release and presentation as well as our quarterly report on Form 10-Q that will be filed with the SEC, including specific risk factors and uncertainties discussed in our Form 10-K and Form 10-Q.

此類前瞻性陳述並非對未來表現的保證。這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與我們的預期有重大差異。我們鼓勵您查閱今日新聞稿與簡報中的資訊，以及將向美國證券交易委員會（SEC）提交的 Form 10-Q 季度報告，其中包括在 Form 10-K 與 Form 10-Q 中討論的特定風險因素與不確定性。

Such factors may be updated from time to time in our periodic filings with the SEC, and we do not undertake any duty to update any forward-looking statements, except as required by law. During the call, we will use non-GAAP financial measures when talking about the company's financial performance and financial condition.

此類因素可能會不時在我們向 SEC 提交的定期申報文件中更新；除法律要求外，我們不承擔更新任何前瞻性陳述的義務。在本次電話會議中，當我們談及公司的財務表現與財務狀況時，將使用非 GAAP 財務衡量指標。

You can find additional information on these non-GAAP measures and reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures to the extent available without unreasonable effort in today's earnings press release and presentation, which again are available on our Investor Relations website. This webcast is being recorded and will be available for replay on our Investor Relations website.

您可在今日的財報新聞稿與簡報中找到關於這些非 GAAP 指標的更多資訊，以及在不需付出不合理努力即可取得的範圍內，將非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標進行調節（reconciliation）的資料；上述資料同樣可於我們的投資人關係網站取得。本次網路直播將被錄製，並可於投資人關係網站回放。

With that, I will now turn the call over to John Rousseau, Chief Executive Officer.

接下來，我將把電話會議交給執行長 John Rousseau。

Good morning, everyone, and thank you for joining BrightSpring's first quarter 2026 earnings call. I'd like to start by thanking everyone at BrightSpring who drives our mission forward and makes a lasting impact every day. We're grateful for their hard work and commitment, enabling us to deliver high-quality and timely care to patients. Before we speak to first quarter performance, a few key messages and takeaways from our Investor Day in March and why we are optimistic about the company's prospects in the years ahead. BrightSpring is a national leader in Home & Community health services, serving complex patients in the health care system.

各位早安，感謝各位參加 BrightSpring 2026 年第一季財報電話會議。我想先感謝 BrightSpring 的每一位同仁，他們推動我們的使命向前，並每天帶來長遠的影響。我們感謝他們的辛勤付出與承諾，使我們能為病患提供高品質且及時的照護。在談第一季表現之前，我先分享幾項我們在 3 月投資人日的關鍵訊息與重點，以及為何我們對公司未來數年的前景保持樂觀。BrightSpring 是居家與社區健康服務（Home & Community health services）的全國領導者，服務醫療體系中的複雜病患。

We deliver high-quality services at significant scale with a disciplined operating model that focuses on patient and provider outcomes. Throughout our service lines, that focus on quality care underpins commercial efforts supporting sustainable growth.

我們以嚴謹的營運模式在顯著規模下提供高品質服務，並聚焦於病患與提供者的成果。在我們各項服務線中，對高品質照護的專注支撐了商業推進工作，進而支持可持續的成長。

Our organizational culture of continuous improvement and best practice sharing will continue to enable operations that expand the impact we're making and providing comparatively lower cost services for complex patients across the country. In Pharmacy Solutions, the growth outlook is healthy with the specialty and infusion businesses continuing to deliver impressive script growth and patient satisfaction scores. We continue to see strong volume performance from both brand LDDs and generics, and we added 4 exclusive and UltraAR LDDs to our portfolio in the first quarter, bringing our total number of LDDs to 153.

我們持續改善與分享最佳實務的組織文化，將持續促成營運擴大我們所帶來的影響，並在全國範圍內為複雜病患提供相對較低成本的服務。在藥局解決方案（Pharmacy Solutions）方面，成長展望健康，專科藥局與輸注業務持續帶來亮眼的處方量（script）成長與病患滿意度分數。我們持續看到品牌 LDD 與學名藥的強勁量能表現；第一季我們新增 4 個獨家與 UltraAR LDD 至產品組合，使 LDD 總數達到 153 個。

Infusion represents one of our larger geographic expansion opportunities looking forward, covering today about one-third of the country on the acute side and half the country in chronic specialty. Home & Community Pharmacy is looking to drive organic profitable growth in assisted living, behavioral, hospice, PACE, skilled nursing and other markets, supported by investments in automation across our national pharmacy footprint.

展望未來，輸注（Infusion）是我們較大的地理擴張機會之一：在急性端目前覆蓋約全國三分之一地區，在慢性專科方面覆蓋全國一半地區。居家與社區藥局（Home & Community Pharmacy）希望在安養生活（assisted living）、行為健康、安寧療護（hospice）、PACE、專業護理（skilled nursing）及其他市場推動有機且具獲利性的成長，並由我們在全國藥局據點導入自動化的投資所支持。

On the provider side, in our home health care businesses, we continue to expect organic growth to be underpinned by market share gains from high-quality services and scaled market development and clinical support teams that we continue to invest in. In 2026, we are integrating the acquired Amedisys and LHC branches and expect approximately $30 million of EBITDA contribution in year one.

在提供者端（provider side），於我們的居家健康照護業務中，我們仍預期有機成長將由高品質服務帶來的市占提升所支撐，並由我們持續投資、具規模的市場開發與臨床支援團隊所帶動。2026 年，我們正整合所收購的 Amedisys 與 LHC 分支機構，並預期第一年約可貢獻 3,000 萬美元 EBITDA。

We are continuously looking to innovate services and associated operational processes to drive outcomes and growth with numerous payer agreements and partnerships that reflect this. In palliative and hospice, the strength of our quality results and our patient-centric approach positions us well in a market that remains significantly underutilized with only half of eligible patients receiving such valuable care today. Rehab continues to deliver consistent growth in Home & Community settings with excellent clinical outcomes as we continue to expand in the senior setting through rehab in motion and assisted living facilities.

我們持續尋求在服務與相關營運流程上的創新，以推動成果與成長，並已透過多項付款方（payer）協議與合作夥伴關係反映此一方向。在緩和醫療（palliative）與安寧療護（hospice）方面，我們強勁的品質成果與以病患為中心的方法，使我們在一個仍顯著未被充分利用的市場中具備良好定位；目前僅有約一半符合資格的病患接受此類極具價值的照護。復健（Rehab）在居家與社區場域持續帶來穩健成長並具優異臨床成果；我們也持續透過「行動復健（rehab in motion）」與安養生活機構擴展在高齡族群場域的布局。

Home-based primary care and value-based care initiatives, while still in earlier stages, produce meaningful reductions in hospitalization, help coordinate other needed services and represent significant potential for future growth as we scale. BrightSpring is firmly positioned on the right side of the most important trends in health care to address system and patient needs with a differentiated enterprise and a unique set of assets that deliver real solutions to patients, providers and payers alike.

居家基層醫療（home-based primary care）與價值導向照護（value-based care）計畫雖仍處於較早期階段，但已帶來顯著的住院率降低、協助協調其他所需服務，並在我們擴大規模之際代表未來可觀的成長潛力。BrightSpring 明確站在醫療照護最重要趨勢的有利位置，以差異化的企業體與獨特資產組合回應體系與病患需求，為病患、提供者與付款方提供真正的解決方案。

With that context, let me turn to the first quarter.

在上述背景下，讓我轉到第一季表現。

As a reminder, the company's financial results and 2026 guidance pertain to continuing operations and do not include results from the divested Community Living business nor the impact of any future closed acquisitions. We completed the sale of Community Living to Savita on March 30, 2026, which resulted in net cash proceeds before tax of approximately $811 million. The proceeds from this transaction will be used to further strengthen the balance sheet, including both debt paydown and cash availability. Overall, we are pleased with our first quarter financial results with total company revenue of $3.6 billion that grew 26% year-over-year. Pharmacy Solutions revenue of $3.2 billion and provider services revenue of $442 million represented 25% and 28% growth, respectively.

提醒各位，公司財務結果與 2026 年指引係針對持續營運（continuing operations），不包含已剝離的 Community Living 業務之結果，也不包含任何未來完成交割之收購案的影響。我們已於 2026 年 3 月 30 日完成將 Community Living 出售予 Savita，該交易在稅前帶來約 8.11 億美元的淨現金收入。此交易所得將用於進一步強化資產負債表，包括償還債務與提升現金可用性。整體而言，我們對第一季財務結果感到滿意：公司總營收 36 億美元，年增 26%。藥局解決方案營收 32 億美元、提供者服務營收 4.42 億美元，分別年增 25% 與 28%。

First quarter 2026 adjusted EBITDA of $190 million grew 45% year-over-year with an adjusted EBITDA margin of 5.3%, a 70 basis point improvement year-over-year. Margin expansion was primarily driven by mix and operational efficiencies across the organization. On cash flow, the company realized $123 million of cash flow from operations in the quarter, excluding fees from the Community Living divestiture. Leverage was 2.27 times as of March 31, 2026, which declined from 2.99 times as of December 31, 2025. Pro forma leverage on March 31 was 2.40 times when factoring in cash taxes associated with the Community Living proceeds that will be paid in Q2.

2026 年第一季調整後 EBITDA 為 1.90 億美元，年增 45%；調整後 EBITDA 利潤率為 5.3%，較去年同期提升 70 個基點。利潤率擴張主要由組合（mix）與全組織的營運效率所驅動。在現金流方面，公司本季營運活動現金流為 1.23 億美元（不含 Community Living 剝離相關費用）。截至 2026 年 3 月 31 日，槓桿倍數為 2.27 倍，較 2025 年 12 月 31 日的 2.99 倍下降。若納入將於第二季支付、與 Community Living 交易所得相關的現金稅款，3 月 31 日的備考（pro forma）槓桿倍數為 2.40 倍。

Performance in the quarter was driven by a high quality of care and patient satisfaction.

本季表現主要由高品質照護與病患滿意度所帶動。

In Home Health, over 91% of our branches are 4 stars or greater. We have an industry-leading timely initiation of care of greater than 99%. And in Q1, 65 home health locations were named a best home health provider by US News & World Report. In hospice, quality measures remain well above national average with significantly more visits provided, a top 5% ranked hospice program in the US and a CAPS overall hospice rating of 87%. In rehab, patient satisfaction scores are at 98% with outpatient and 97% with Home & Community rehab. In personal care, we have a client satisfaction score of 4.6 out of 5, consistent with the fourth quarter.

在居家健康（Home Health）方面，我們超過 91% 的分支機構評等為 4 星或以上。我們在業界領先的及時啟動照護（timely initiation of care）達到 99% 以上。且在第一季，有 65 個居家健康據點獲《美國新聞與世界報導》（US News & World Report）評選為最佳居家健康提供者。在安寧療護（hospice）方面，品質指標仍顯著高於全國平均，提供的訪視次數明顯更多；我們的安寧療護計畫在美國排名前 5%，CAPS 整體安寧療護評分為 87%。在復健（rehab）方面，門診病患滿意度為 98%，居家與社區復健為 97%。在個人照護（personal care）方面，我們的客戶滿意度為 5 分制中的 4.6 分，與第四季一致。

On the Pharmacy side, in home and community, dispensing accuracy was 99.99%. Order completeness was 99% and on-time delivery was 96%. And in infusion, our patient satisfaction score was 94%, 97% of discharges were due to completion of therapy. And importantly, we saw recent improvements in both acute and specialty turnaround times near internal goals aimed at best-in-class. And specialty pharmacy demonstrated a consistently high medication possession ratio of 92.1% in the quarter, along with time to first fill of 4.6 days, both much better than national average.

在藥局端（Pharmacy side），於居家與社區業務中，配藥正確率為 99.99%。訂單完整率為 99%，準時送達率為 96%。在輸注（infusion）方面，我們的病患滿意度為 94%，97% 的出院原因為完成療程。更重要的是，我們近期在急性與專科的周轉時間（turnaround times）均接近內部目標，旨在達到同級最佳（best-in-class）。此外，專科藥局在本季展現持續偏高的用藥持有比率（medication possession ratio）92.1%，首次配藥時間（time to first fill）為 4.6 天，兩者均明顯優於全國平均。

I'd like to close by emphasizing that BrightSpring's continued focus on serving large and growing markets, providing high-quality care for patients building and leveraging scale and institutionalizing a disciplined operating model are what collectively differentiate the company. We serve expanding populations of high-acuity individuals with solutions delivered in the home or community settings that consistently improve clinical outcomes while reducing total cost of care.

最後我想強調，BrightSpring 持續聚焦於服務龐大且成長中的市場、為病患提供高品質照護、建立並運用規模，以及制度化嚴謹的營運模式，這些要素共同構成公司的差異化。我們在居家或社區場域為高重症（high-acuity）族群提供解決方案，持續改善臨床結果，同時降低整體照護成本。

We are deliberate in our corporate strategy, and we use our platform scale to generate operational efficiencies while deploying best practices across our pharmacy and provider service lines, equipping them with the resources and capabilities they need to execute and grow.

我們在公司策略上採取審慎且有計畫的作法，並運用平台規模創造營運效率，同時將最佳實務部署至我們的藥局與提供者服務線，為其配備執行與成長所需的資源與能力。

We believe this approach and model is what creates durable value and the most positive impact for all of our stakeholders. BrightSp's first quarter saw a broad-based momentum across both the pharmacy and provider segments that reflected execution on our operating and growth priorities, which we laid out at our Investor Day in March. We feel good about the performance of the business through the first 3 months and are on track to deliver the updated full year guidance provided today.

我們相信，這種方法與模式正是為所有利害關係人創造持久價值並帶來最正面影響的關鍵。BrightSp 第一季在藥局與醫療服務提供者兩大業務板塊均展現廣泛的成長動能，反映出我們對營運與成長優先事項的執行力；這些優先事項我們已在 3 月的投資人日中說明。我們對前 3 個月的業務表現感到滿意，並正按計畫達成今天所提供的更新後全年指引。

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

接下來，我把電話交給 Jeff。

Thank you, John. Before I discuss our financial results for the first quarter of 2026, I'd like to remind you that in the first quarter of 2025, we began to record the Community Living business in discontinued operations, as indicated in the press release and 10-Q to adhere to accounting standards required on an interim basis. As such, all BrightSpring financial results and forecasts that.

謝謝你，John。在我討論 2026 年第一季的財務結果之前，我想提醒各位：在 2025 年第一季，我們開始將 Community Living 業務列為終止營運（discontinued operations）並入帳，如新聞稿與 10-Q 所示，以遵循會計準則對期中期間的要求。因此，所有 BrightSpring 的財務結果與預測都。

I will discuss are related to continuing operations and exclude Community Living and any acquisitions that have not yet closed. Management believes the presentation of the non-GAAP financials from continuing operations is a useful reflection of our current business performance. In the first quarter of 2026, the total company revenue was $3.6 billion, representing 26% growth from the prior year period.

我將討論的內容均與持續營運（continuing operations）相關，並排除 Community Living 以及任何尚未完成交割的收購案。管理層認為，以持續營運為基礎呈現的非 GAAP 財務數據，能有效反映我們目前的業務表現。2026 年第一季，公司總營收為 36 億美元，較去年同期成長 26%。

Pharmacy Solutions segment revenue in the quarter was $3.2 billion, achieving 25% year-over-year growth. Within the Pharmacy segment, specialty and infusion revenue was $2.6 billion, representing growth of 36% from prior year, which was driven by strength in specialty and market adoption of existing LDDs, new LDD wins, brand to generic conversions and generic utilization, growth in fee-for-service programs, including hubs and service agreements and strong commercial execution. Infusion showed solid volume growth and operational metrics driven by process improvements.

本季 Pharmacy Solutions（藥局解決方案）部門營收為 32 億美元，年增 25%。在藥局部門內，專科藥與輸注（specialty and infusion）營收為 26 億美元，較去年成長 36%，主要受惠於專科藥的強勁表現、既有 LDD 的市場採用、新增 LDD 得標、品牌藥轉學名藥（brand to generic conversions）與學名藥使用率提升、按服務計費（fee-for-service）方案（包含 hubs 與服務協議）的成長，以及強勁的商業執行力。輸注業務在流程改善帶動下，量能成長與營運指標表現穩健。

Home & Community Pharmacy revenue was $527 million, representing a decline of 9% year-over-year due to an approximately $50 million impact from the IRA, which was expected, along with our decision to exit any uneconomic customers, both of which we have previously discussed and came in line with our expectations. We expect to see a revenue impact from the IRA of approximately $45 million for each of the remaining quarters of 2026, totaling our Home and Community Pharmacy revenue impact of approximately $175 million for the full year of 2026.

Home & Community Pharmacy（居家與社區藥局）營收為 5.27 億美元，年減 9%，主要因 IRA 帶來約 5,000 萬美元的影響（此為預期之內），以及我們決定退出任何不具經濟效益的客戶；這兩點我們先前都已討論，且結果符合我們的預期。我們預期 2026 年其餘各季 IRA 對營收的影響約為每季 4,500 萬美元，使 2026 全年 Home and Community Pharmacy 的營收影響合計約 1.75 億美元。

In the Provider Services segment, we reported revenue of $442 million in the first quarter, which represented 28% growth compared to the prior year. Within the Provider Services segment, Home Healthcare reported $266 million in revenue, growing 49% versus last year with strong census growth, de novo expansion, preferred MA contracts and ongoing successful integration of our acquired branches.

在 Provider Services（醫療服務提供者服務）部門，我們第一季營收為 4.42 億美元，較去年成長 28%。在 Provider Services 部門內，Home Healthcare（居家醫療）營收為 2.66 億美元，較去年成長 49%，受惠於強勁的在冊人數（census）成長、de novo 擴張、優先 MA 合約，以及我們所收購分支機構持續且成功的整合。

The acquired assets contributed $79 million of revenue and approximately $9 million in adjusted EBITDA in the first quarter. We are encouraged with how well the integration process is going and are optimistic about the performance for the year.

收購資產在第一季貢獻了 7,900 萬美元營收與約 900 萬美元的調整後 EBITDA。我們對整合流程的進展感到鼓舞，並對今年的表現保持樂觀。

Rehab revenue was $75 million, growing 7% versus last year, with momentum in person served and hours billed in core neuro rehab, de novo additions and continued expansion in our Rehab in Motion program. Personal Care revenue was $102 million, representing growth of 4% year-over-year, driven by modest growth in person served and stable operations. Moving down the P&L.

Rehab（復健）營收為 7,500 萬美元，較去年成長 7%，核心神經復健（core neuro rehab）的服務人數與計費時數動能良好，並有 de novo 新增據點，以及我們 Rehab in Motion 計畫的持續擴張。Personal Care（個人照護）營收為 1.02 億美元，年增 4%，主要由服務人數小幅成長與營運穩定所帶動。接著往下看損益表（P&L）。

First quarter company gross profit was $482 million, representing growth of 43% compared with the first quarter of last year. Adjusted EBITDA for the total company was $190 million in the first quarter, an increase of 45% compared to the first quarter of 2025.

公司第一季毛利為 4.82 億美元，較去年第一季成長 43%。公司整體第一季調整後 EBITDA 為 1.90 億美元，較 2025 年第一季增加 45%。

Adjusted EPS for the total company was $0.39 in the first quarter. The company's profitability growth and margins in the first quarter benefited from the performance dynamics John discussed and the impact of investment initiatives to drive operational improvement across the organization. Throughout 2026, we expect targeted commercial strategies and our operational and procurement initiatives to support both investment and growth from best practices deployment in operations, streamlining and ongoing efficiencies realized.

公司整體第一季調整後 EPS 為 0.39 美元。第一季獲利成長與利潤率受惠於 John 所提到的績效動態，以及推動全組織營運改善的投資計畫所帶來的影響。展望 2026 年全年，我們預期聚焦的商業策略，以及營運與採購計畫，將透過在營運中導入最佳實務、流程精簡與持續效率提升，來同時支持投資與成長。

Turning to segment performance in the first quarter. Pharmacy Solutions gross profit was $301 million, growing 48% compared with the first quarter of last year. Adjusted EBITDA for Pharmacy Solutions was $169 million for the first quarter, an increase of 46% compared to last year, representing an adjusted EBITDA margin of 5.3%, which was up approximately 70 basis points versus last year. Strong performance across the therapy portfolio, favorable mix and fee-for-service contributed to profitability performance. Provider Services gross profit was $181 million, growing 35% versus the first quarter of last year.

接著看第一季各部門表現。Pharmacy Solutions 毛利為 3.01 億美元，較去年第一季成長 48%。Pharmacy Solutions 第一季調整後 EBITDA 為 1.69 億美元，較去年成長 46%，調整後 EBITDA 利潤率為 5.3%，較去年提升約 70 個基點。治療產品組合的強勁表現、有利的組合（mix）以及按服務計費（fee-for-service）共同推動獲利表現。Provider Services 毛利為 1.81 億美元，較去年第一季成長 35%。

Adjusted EBITDA for Provider Services was $66 million for the first quarter, growing 29% versus last year, representing an adjusted EBITDA margin of 14.9%, up approximately 10 basis points versus last year. On a total company basis, cash flow from operations was $123 million in the first quarter. Recall that the discontinued operations cash flow are included in total company reports. As we look forward to the balance of the year, excluding community living-related cash flow impact, we expect to deliver approximately $500 million of annual operating cash flow. Our adjusted EBITDA growth, combined with our cash flow generation during the quarter, led to a leverage ratio of 2.27 times as of March 31, 2026.

Provider Services 第一季調整後 EBITDA 為 6,600 萬美元，較去年成長 29%，調整後 EBITDA 利潤率為 14.9%，較去年提升約 10 個基點。以公司整體而言，第一季營運活動現金流為 1.23 億美元。請記得，終止營運的現金流包含在公司整體報表中。展望今年剩餘期間，若排除 community living 相關的現金流影響，我們預期全年可實現約 5 億美元的營運現金流。我們的調整後 EBITDA 成長，加上本季的現金流創造，使得截至 2026 年 3 月 31 日的槓桿比率為 2.27 倍。

This cash flow and leverage profile provides the company with some additional flexibility in capital allocation and capital structure as we move throughout the year. As of March 31, net debt outstanding was approximately $1.7 billion. As John mentioned, we received approximately $811 million of net cash proceeds before tax from the $835 million gross cash consideration for Community Living. Approximately $100 million in taxes is expected to be paid out in the second quarter of 2026.

這樣的現金流與槓桿概況，讓公司在今年推進過程中於資本配置與資本結構方面具備更多彈性。截至 3 月 31 日，未償還淨負債約為 17 億美元。如 John 所提，我們從 Community Living 的 8.35 億美元總現金對價中，在稅前收到約 8.11 億美元的淨現金收益。預計約 1 億美元的稅款將於 2026 年第二季支付。

We will remain active in evaluating options for the existing term loan and the appropriate capital structure for the company over the coming months in light of continued strong operating performance. We expect quarterly interest expense to be approximately $35 million. Turning to guidance for 2026, which excludes the community living business as well as any acquisitions that have not yet closed.

鑑於持續強勁的營運表現，未來數月我們將持續積極評估既有定期貸款（term loan）的各種選項，以及公司適當的資本結構。我們預期每季利息費用約為 3,500 萬美元。接著說明 2026 年指引；該指引排除 community living 業務，以及任何尚未完成交割的收購案。

Total revenue is expected to be in the range of $14.725 billion to $15.225 billion, including Pharmacy Solutions revenue of $12.85 billion to $13.3 billion, and provider services revenue of $1.875 billion to $1.935 billion. This revenue range reflects 14.1% to 17.9% growth over full year 2025, excluding community living in both years.

總營收預期介於 147.25 億至 152.25 億美元之間，其中 Pharmacy Solutions 營收為 128.5 億至 133 億美元，Provider Services 營收為 18.75 億至 19.35 億美元。此營收區間反映相較 2025 全年（兩年皆排除 community living）成長 14.1% 至 17.9%。

Total adjusted EBITDA is now expected to be in the range of $795 million to $825 million for full year 2026. This would reflect 28.7% to 33.6% growth over full year 2025, excluding community living in both years. Included in total adjusted EBITDA is expected contribution from the Amedisys and LHC assets acquisition of approximately $30 million.

2026 全年總調整後 EBITDA 目前預期介於 7.95 億至 8.25 億美元之間。這將反映相較 2025 全年（兩年皆排除 community living）成長 28.7% 至 33.6%。在總調整後 EBITDA 中，預期包含來自 Amedisys 與 LHC 資產收購的約 3,000 萬美元貢獻。

I will now turn it back to John.

我現在把電話交回給 John。

Thanks, Jen. And thank you for your time today to go through BrightSpring's first quarter 2026 results. We'll now open up the call for questions. Operator?

謝謝你，Jen。也感謝各位今天撥冗一起回顧 BrightSpring 2026 年第一季的業績。接下來我們將開放提問。接線員？

(Operator Instructions)

（接線員指示）

Ann Hynes, Mizuho.

Ann Hynes，Mizuho。

Good morning. Thank you. I just want to talk about some of the growth initiatives hitting the P&L this year, especially with infusion. I know that's been a big focus for the company, expanding the chronic portfolio. Can you just let us know how that's going, what the growth rate is, maybe what drug classes you're focused on?

早安，謝謝。我想談談今年有一些成長計畫反映在損益表上，特別是輸注（infusion）方面。我知道這一直是公司的一大重點，正在擴充慢性病產品組合。能否請你們說明目前進展如何、成長率大概是多少，以及你們聚焦的藥物類別可能有哪些？

Yeah. I hope you're doing well. I think pretty characteristically we saw a broad-based growth across the organization on both the provider and the pharmacy side provider obviously had a bit of a tailwind there from closing of the home health branches, but notwithstanding that, we saw really good growth. One of the reasons we had a little outperformance on the home health branches that were acquired was a step-up in admissions, we were able to drive with them being under our roof for 3 to 4 months.

是的。希望你一切都好。我想相當典型地，我們在整個組織看到廣泛的成長，無論是 provider 端或 pharmacy 端；provider 端顯然因居家醫療分支機構完成交割而有一些順風，但即便不考慮這點，我們仍看到非常好的成長。我們在所收購的居家醫療分支機構上有些超預期表現，其中一個原因是入院（admissions）數有所提升，因為它們在我們體系下運作了 3 到 4 個月後，我們得以推動這項改善。

So it was a nice quarter across the company in terms of volume growth. On the pharmacy side, the ramp-up of existing LDDs the launching of new LDDs and focused growth around driving generic utilization led to good growth within our Onco360 in CareMed business. I'd point out within that business, quite a few of our LDDs under CareMed now are outside of oncology, and that's been intentional.

因此，就量能成長而言，這是公司整體表現不錯的一季。在藥局端，既有 LDD 的加速爬坡、新 LDD 的上線，以及聚焦推動學名藥使用率，帶動我們 Onco360 與 CareMed 業務的良好成長。我也要指出，在該業務中，CareMed 旗下相當多的 LDD 現在已不僅限於腫瘤領域，而這是我們刻意為之。

And so not only did we see script growth rates over 30%, but we saw a continued growth rate in the number of new accounts, new prescriber accounts that we're into, as we not only continue to invest in more reps, particularly on the West Coast, but then also get into some therapeutic states in addition beyond oncology as we've continued to focus not only on oncology, but any other therapeutic area of interest, specifically within infusion then, we did see double-digit growth on both the acute side and the chronic specialty side. So I think as we've mentioned before, we've been underweight on chronic specialty.

因此，我們不僅看到處方量成長率超過30%，也看到新帳戶數量——也就是我們新增的開方醫師帳戶——持續成長；因為我們不僅持續投資增加業務代表，特別是在美國西岸，同時也在腫瘤科之外，進一步切入其他治療領域與治療州別。我們持續聚焦的不只是腫瘤科，而是任何我們感興趣、且特別是在輸注（infusion）領域內的其他治療領域。就結果而言，無論是急性端或慢性專科端，我們都看到雙位數成長。所以我想如同我們先前提過的，我們在慢性專科這一塊的比重偏低。

So we think that's an opportunity. We did go live in early Q2 with a concierge program around IVIG and our thoughts are to build out, and we are building out concierge programs around targeted therapy. So it was a productive quarter with solid double-digit growth across both of those areas within infusion.

所以我們認為那是一個機會。我們在第二季初已正式上線一個圍繞 IVIG 的禮賓（concierge）計畫，而我們的想法是持續擴建——我們也正在擴建——圍繞標靶治療（targeted therapy）的禮賓計畫。因此，這是一個富有成效的季度，在輸注領域的這兩個面向都實現了穩健的雙位數成長。

Great. And just for a follow-up, obviously, your leverage is at a nice point after the repayment of debt. If you, I guess, one, would you be interested in larger M&A? And if you would be, what would be a leverage you would be comfortable going back up to for the right asset?

很好。再追問一下，顯然在償還債務之後，你們的槓桿水準處在一個不錯的位置。如果——我想——第一，你們是否會對較大型的併購（M&A）有興趣？如果會，對於合適的資產，你們願意把槓桿提高到什麼程度，會覺得是可接受的？

Yeah. It's, I know it's in particular, very pleased with the balance sheet, but we all are. And I think we've sort of said under 3 times, mid-2s is our is our longer-term target where we'd always like to be. I think you'll continue to see us act the way we have historically with a disciplined approach. I think if you look at least at the last seven years, there's been to transactions that have really worked out well for us that have been a little bit more sizable.

是的。我知道尤其是——大家都對資產負債表非常滿意，我們也是。我想我們大致也說過，低於3倍、約在2倍中段（mid-2s）是我們長期的目標區間，也是我們一直希望維持的水準。我認為你們會持續看到我們像過去一樣，以紀律性的方式行事。如果你回顧至少過去七年，有兩筆交易對我們來說確實非常成功，而且規模相對更大一些。

The original home health and hospice acquisition of a boat, which gave us critical mass there. and then this most recent one here with the LHC and Amedisys assets.

第一筆是最初的居家健康與安寧（home health and hospice）收購，讓我們在那個領域取得關鍵規模；第二筆則是最近這一筆，收購了 LHC 與 Amedisys 的資產。

But I think we do have a little bit more flexibility, obviously, but we will continue to try to make sure we look at anything that makes the most sense in the long term across the organization. I think our bread and butter will continue to be geographical expansion with tuck-ins in our current businesses that allow us maybe to get into some new markets more quickly and where it makes sense or where you need licensure or a CON, et cetera.

不過我認為我們確實有更大的彈性，這點很明顯；但我們仍會持續確保，從整個組織的長期角度出發，去評估任何最合理的機會。我想我們的核心（bread and butter）仍會是透過在既有業務中進行地理擴張、搭配小型併購（tuck-ins），讓我們能更快進入一些新市場；在合理的地方，或在需要執照（licensure）或 CON（需求證明，Certificate of Need）等情況下，這樣做會更有意義。

I think deals in that sort of mid-range or 5% to 10% are probably easier to do. But as we look at our pipeline right now, nothing too different than historically. And whatever we do, we'll continue to be very measured and Yes, we would like to stay within that target leverage range with anything that could come up. But I would say, at least for now, certainly a historically very consistent view and strategy is as we look out at least probably through the next couple of quarters.

我認為那種中等規模、或約占5%到10%的交易可能更容易執行。但就我們目前的案源（pipeline）來看，並沒有比歷史情況有太大不同。無論我們做什麼，我們都會持續非常審慎。而且是的，若有任何機會出現，我們也希望能維持在目標槓桿區間內。但我會說，至少就目前而言，當我們展望至少接下來幾個季度時，我們的觀點與策略仍然與過去一貫一致。

David Larsen, BTIG.

David Larsen，BTIG。

Congratulations on another excellent beat and raise quarter. Can you maybe talk a little bit about the overall Medicare environment and how this is impacting your business, like some of the health plans, obviously, are talking about high trend pressure on margins. And I think you had talked a bit about the potential for getting into some value-based care arrangements in Medicare that could be a benefit to you sort of general thoughts on the overall Medicare landscape and how this is affecting you would be very helpful.

恭喜你們又是一個大幅超預期並上調指引的季度。你們能否談談整體 Medicare 環境，以及這對你們業務的影響？例如一些健康保險計畫顯然在談論趨勢成本（trend）對利潤率的高壓力。我記得你們也提過，可能會進入一些 Medicare 的價值導向照護（value-based care）安排，這可能對你們有利。若能分享你們對整體 Medicare 版圖的看法，以及它如何影響你們，會非常有幫助。

Yeah, sure. We've just seen consistency on the Medicare side this year. no major changes. On the pharmacy side, from a Part D perspective, we've continued to, I think, be a partner in driving cost down there in terms of generic utilization over time. on infusion, we continue to press in D.C.

好的，當然。今年我們在 Medicare 端看到的是一致性，沒有重大變化。在藥局端，從 Part D 的角度來看，我們持續——我想——作為合作夥伴，長期推動透過提高學名藥使用率來降低成本。在輸注方面，我們也持續在華盛頓特區推動。

with the industry and the associations around some of the fixes for the Cures Act to provide much greater access for Medicare patients, beneficiaries being able to receive very valuable home infusion in their own home instead of the hospital that has a massive potential benefit for the program and we continue to be optimistic that at some point, that change and that update can be addressed and can be implemented on the provider side on Home Health & Hospice, we've been pleased with where those rates have shaken out over the last 6 months. So nothing too different that we've seen organizationally in the last even 6 months, I would say, as it relates to value-based care, we continue to make some progress there.

我們與產業及協會一起，推動對《Cures Act》的一些修正，以便讓 Medicare 病患/受益人能更容易取得非常有價值的居家輸注服務，在自己家中接受治療，而不是在醫院；這對該計畫有巨大的潛在效益。我們也持續保持樂觀，認為在某個時間點，這些變更與更新可以被處理並在供應端落地。在居家健康與安寧（Home Health & Hospice）方面，我們對過去6個月費率的落點感到滿意。所以就組織層面而言，至少在過去甚至6個月內，我會說我們沒有看到太多不同。至於價值導向照護，我們仍在取得一些進展。

We're going to be applying to this new lead ACO program that's in the works applications are due in May, and we'll see how that goes. Hopefully, we make it. But that business, we continue to invest in with some really good people even here recently that we've added to the business. And I would say, operationally, being able to serve these patients across skilled nursing assisted living in the home with a house calls model is not the easiest thing to do in the world. And we've been focused on doing that extremely well with really good quality outcomes.

我們將申請這個正在規劃中的新 lead ACO 計畫，申請截止在5月，我們會看看結果如何。希望能入選。我們也持續在這項業務上投資，最近也加入了一些非常優秀的人才。從營運角度來看，要用到府看診（house calls）的模式，跨越專業護理機構（skilled nursing）、輔助生活（assisted living）以及居家場景來服務這些病患，並不是世界上最容易的事。我們一直專注把這件事做到極致，並取得非常好的品質成果。

I think we've really achieved that over the last couple of years, and our focus now is on really trying to scale it. And so we're looking to next-gen ACO programs in addition to the one we're in.

我認為過去幾年我們確實做到了，而我們現在的重點是嘗試真正把它規模化。因此，除了我們目前參與的計畫之外，我們也在關注下一代（next-gen）的 ACO 計畫。

We had a successful year there last year and we've never been as positive about the ability to reduce cost and very desirable care settings as we are today. So that will continue to be a passion for us internally in terms of how we can take care of more folks in their own home in a value-based care model with the most proximal and intimate services possible. We're leaning in and building out that hub as much as we can to provide oversight in between time and trying to apply AI to all of our data and analytics to be as proactive as we can and as smart as we can with our care approaches.

我們去年在那裡有一個成功的年度，而且我們從未像今天這樣，對於在非常理想的照護場域中降低成本的能力感到如此正面。因此，從內部來看，這仍會是我們的熱情所在：在價值導向照護模式下，如何用最貼近、最具親密性的服務，讓更多人能在自己家中獲得照護。我們正積極投入並盡可能擴建那個中樞（hub），以便在兩次服務之間提供監督；同時也嘗試把 AI 應用到我們所有的資料與分析上，讓我們的照護方式能盡可能主動、盡可能聰明。

So nothing too different as we sit here today on the Medicare front at large in terms of traditional payment programs. But I think there are real opportunities for the program. in terms of what we can provide for it in terms of cost reduction in the future across quite a few of our businesses, and we will continue to be passionate about leaning into that.

所以就今天而言，在 Medicare 的大方向上、就傳統支付計畫來說，沒有太多不同。但我認為這個計畫確實存在真正的機會：就未來成本降低而言，我們在多項業務上能為其提供價值，而我們也會持續熱情地投入其中。

Great. And then just one quick follow-up, Jen, I thought that we had been talking about $600 million of revenue headwind in 2026 coming from a combination of IRA community, IRA, specialty infusion and then also brand to generic conversions, is that correct? And you obviously beat my revenue estimate by a lot in the quarter. So you're certainly overcoming that really well. Just sort of an update there would be helpful on how that's tracking relative to expectations.

很好。再一個很快的追問，Jen，我原本以為我們談過，2026 年會有約 6 億美元的營收逆風，來源是 IRA 社區（home and community）、IRA 專科輸注，以及品牌藥轉學名藥（brand to generic）轉換的組合，這樣理解正確嗎？而且你們本季的營收大幅超出我的預估，所以你們顯然把這些逆風消化得很好。若能更新一下目前的進度、相對於原先預期的追蹤情況，會很有幫助。

Yeah, that's correct. Thank you so much for the question. We did obviously talk about the IRA impact in home and community because it was really obvious from a revenue standpoint, but that is consistent, and we're tracking towards our expected numbers in all of those areas. So just as a reminder, that is about $175 million in, which we talked about a little bit earlier on the call in Home & Community related to IRA for the full year IRA of about $181 million in specialty and infusion and brand to generic conversions of about $250 million.

是的，沒錯。非常感謝你的提問。我們確實談過 IRA 在居家與社區（Home & Community）的影響，因為從營收角度看非常明顯；而那部分目前仍一致，我們在所有這些領域都正朝著我們預期的數字前進。提醒一下，這大約是：居家與社區端與 IRA 相關的全年約 1.75 億美元（我們稍早在電話會議中也提到一些）；專科與輸注端 IRA 約 1.81 億美元；以及品牌轉學名藥轉換約 2.5 億美元。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Congrats on the results. Maybe, Jen, just to quickly follow up there. besides the revenue headwind, are we still looking at $15 million of mitigated sort of headwind on the EBITDA line that hasn't changed?

恭喜這次的成果。Jen，我想快速追問一下：除了營收逆風之外，我們在 EBITDA 端仍然是看約 1,500 萬美元、已被緩解（mitigated）的那種逆風，這個數字沒有改變，對嗎？

That is correct.

是的，正確。

Okay. Perfect. And then I don't think you gave sort of what the specialty script growth in the quarter was, and I was just curious what that number was and what maybe health care, Home & Community rev growth ex Genesis was as well?

好的，完美。另外，我不覺得你們有提到本季專科處方量（specialty script）成長是多少，我只是好奇那個數字；以及醫療照護（health care）/居家與社區（Home & Community）在扣除 Genesis 之後的營收成長是多少？

Yeah. So our specialty and infusion script growth in the quarter year-over-year was approximately 30% year-over-year growth. specialty was a little bit higher with infusion in the mid-teens. So higher, specialty was higher than that total infusion in the mid-teens in terms of their script growth. The really strong growth across both of those business lines.

好的。我們本季專科與輸注的處方量年增約 30%。其中專科略高一些，而輸注約在十幾%的區間。也就是說，專科高於整體的 30% 左右，而輸注的處方量成長在十幾%。這兩條業務線的成長都非常強勁。

Home and Community x the uneconomic customers did did see modest trip growth in the mid-single digits.

居家與社區在排除那些不具經濟效益的客戶後，處方量/量體成長（trip growth）確實呈現溫和的中個位數成長。

Got it. That's helpful. And then maybe just one last question. We're seeing a lot of commentary from PBMs and they're really trying to push sort of their own label, biosimilars.

了解，這很有幫助。最後再問一題：我們看到很多來自 PBM 的評論，他們真的在推動某種自有品牌（own label）的生物相似藥（biosimilars）。

And so there's kind of discussion of how much more competitive they are getting or at least trying to steer patients into their own sort of captive pharmacies. I would like to understand sort of how much exposure you have on some of those dynamics. And if that's something that you're seeing? And if so, what can you, what do you do to help kind of get around that?

因此外界在討論他們變得更具競爭性——或者至少試圖把病患導向他們自家的封閉式藥局（captive pharmacies）。我想了解你們在這些動態上的曝險程度有多大；以及你們是否也有看到這種情況？如果有，你們能做什麼來協助繞開或因應這種情況？

Yeah. I think, Charles, just given our history and product portfolio today, I don't think we have a lot of exposure there. You tend to see more of that on injectables. And if you look at our infusion business, still today, the majority is acute. But we look to be growing on the chronic side, and we are but more from an infusible standpoint versus a subcu or an injectable standpoint.

是的。我想，Charles，考量到我們的歷史以及目前的產品組合，我不認為我們在那方面有很大的曝險。你通常會在注射劑上看到更多這種情況。而如果你看我們的輸注業務，即使到今天，大多數仍然是急性照護。但我們正尋求在慢性端成長，而且確實在成長，只是更多是從可輸注（infusible）的角度，而不是皮下（subcu）或注射劑的角度。

So we just, we don't have a lot of concentration internally that would have biosimilar risk. And on the Onco316 CareMed side, the predominant form factor is oral solid. So I think we feel good about that. Last little thing on LTC. We are proud of the performance in the quarter on home community pharmacy.

所以我們內部並沒有很高的集中度會面臨生物相似藥風險。而在 Onco316 與 CareMed 這一端，主要的劑型是口服固體劑型。所以我認為我們對此感覺良好。關於 LTC 最後補充一點：我們對本季居家社區藥局的表現感到自豪。

We've really put just a top-notch team in there over the past year. They're doing a great job, particularly from an operational perspective and then with our focus on some of these attractive end markets and excluding IRA, that business was up in profitability in the quarter year-over-year.

過去一年我們確實在那裡配置了一支一流的團隊。他們做得非常出色，特別是在營運面，並且聚焦於一些具吸引力的終端市場；若排除 IRA，該業務本季的獲利能力較去年同期有所提升。

And our hope and goal is in Q2, even with IRA, we're going to, we're going to have a really strong up quarter versus last year. So some nice momentum there, too. I just wanted to add that.

而我們的希望與目標是在第二季，即使納入 IRA，我們也會相較去年出現一個非常強勁的成長季度。所以那裡也有不錯的動能。我只是想補充這點。

Joanna Gajuk, Bank of America.

Joanna Gajuk，美國銀行。

So maybe on the infusion, if I may, so thanks for the color in terms of you guys growing double digits in both segments. And as it relates to that business, can you give us an update, is it the growth, I guess, is coming from these 20 or so LDDs which you said you had these LDDs, but you were not really participating. So sounds like you're executing on this already? Or that's still kind of in front of you?

那麼也許談談輸注（infusion），如果可以的話，謝謝你們提供關於兩個分部都以雙位數成長的補充說明。就該業務而言，你們能否更新一下：成長是否主要來自你們提到的約 20 個 LDD？你們說過過去雖然有這些 LDD，但其實沒有真正參與。所以聽起來你們已經在執行了？還是說這仍算是接下來要做的事？

Yeah. I think what we said last time is we had won 3 LDDs and we had access to 20-plus more historically. At this point, we've won 5 LDDs in the last 6 months. So we've won a couple more. None of those are of the exclusive or ultra narrow 1 or 2 category is in Onco360 and CareMed.

是的。我想我們上次說的是，我們贏得了 3 個 LDD，而且歷史上我們可以接觸到 20 多個。到目前為止，我們在過去 6 個月贏得了 5 個 LDD，所以又多拿下了幾個。其中沒有任何一個屬於 Onco360 和 CareMed 那種獨家或極度狹窄、只有 1 或 2 個類別的情況。

So that's our goal. But nonetheless, nice wins. And I would say, as we kind of put specialty programs in place, you have to win access to the drug. And then obviously, you have to execute on a number of operational initiatives and programs to pull those drugs through in the market, we do such a good job of that on the Onco360 and the CareMed side with all of our wraparound programs, data services agreements, especially hubs that we provide for patients as well. So we're building that out on the infusion side.

所以那是我們的目標。但即便如此，這些仍是很好的勝利。我會說，當我們逐步建立專科（specialty）方案時，你必須先贏得藥品的准入；然後顯然還要在市場端執行多項營運措施與方案，才能把這些藥品「拉動」到市場。我們在 Onco360 與 CareMed 端做得非常好，因為我們有各種周邊支援（wraparound）方案、資料服務協議，尤其是我們也為病患提供的 hubs。現在我們正在輸注端把這些建置起來。

We launched IG Connect in the quarter, which is a concierge program now for all IG referrals. And we'll look to do that for each one of these LDDs in the future and really have a focus on it to be able to customize that experience for both the manufacturer and the patients. So we are seeing some growth there.

我們在本季推出了 IG Connect，這是一個針對所有 IG 轉介的禮賓式（concierge）方案。未來我們也會針對每一個 LDD 這樣做，並且真正聚焦於此，以便為製造商與病患量身打造那樣的體驗。因此我們確實看到一些成長。

But Joanne, I think we're probably in the early stages of a several year growth focus in LDDs and infusion like we've had over Onco and CareMed for the past decade. But nice continued progress with manufacturers on the infusion side, and we will continue to focus on the pull-through in the programs in the future.

但 Joanna，我想我們可能仍處於一個為期數年的、聚焦 LDD 與輸注成長的早期階段，就像過去十年我們在 Onco 與 CareMed 所做的一樣。不過在輸注端與製造商的合作持續取得不錯進展，我們也會在未來持續聚焦於方案的拉動（pull-through）。

So that was a follow-up. My question was actually about the gross profit per, which was impressive. It was up 50% in the in this quarter year-over-year and sequentially. So how much is from this new LDD launches, new product lanes versus the generic conversions? And I'm asking of just thinking going forward, how much more room, I guess, is there left on that metric?

那是追問。我真正的問題其實是關於每張處方的毛利（gross profit per），這個表現很亮眼。本季相較去年同期以及相較前一季都成長了 50%。那其中有多少來自新的 LDD 上線、新的產品通路（product lanes），相對於學名藥轉換（generic conversions）？我這樣問是因為在想，往前看，這個指標大概還有多少上升空間？

Yeah. I don't know that we would expect to see too much more continued gains in GP per script. I mean, I think your stability there would be very good. But overall, there were 4 principal drivers for the tick up there. Number one was the disproportionate growth on the specialty infusion side in that business with its gross profit per script.

是的。我不確定我們是否會預期每張處方毛利還會持續有太多進一步的增幅。我是說，我認為那裡的穩定性會非常好。但整體而言，這次上升主要有四個驅動因素。第一，是該業務中專科輸注端的成長相對更快，而那一端的每張處方毛利較高。

Second was we did have really healthy growth in both brands and generics, but the brand to generic mix shift there. In the quarter, relative from a volume perspective was additive to GP per script. Third is, from a purchasing perspective, we're, we leverage our scale as much as we can, and we're committed to all of our partners in the supply chain and have I think, very constructive and long-standing relationships there that are really healthy on the supply side.

第二，我們在品牌藥與學名藥兩邊都有非常健康的成長，但本季從量的角度來看，品牌藥對學名藥的組合移轉（brand to generic mix shift）對每張處方毛利是加分的。第三，在採購面，我們盡可能運用規模優勢，同時我們也致力於供應鏈中的所有合作夥伴，並且我認為我們在那裡有非常具建設性且長期的關係，供應端狀況非常健康。

And what we did from a purchasing standpoint has been helpful in the quarter again. And then really last, but maybe even not least fee-for-service, that's a high gross profit margin business that we have with our hubs and our service agreements. And every time you launch a brand, you typically get some good fee-for-service commercial business out of that, too. And so those were the 4 factors that were all contributing to the gross profit per script change.

而我們在採購端所做的事情，本季再次帶來幫助。最後一點（但也許同樣重要）是按服務收費（fee-for-service）：這是我們透過 hubs 與服務協議所經營的一項高毛利率業務。每當你推出一個品牌藥，通常也會帶來一些不錯的按服務收費的商業業務。因此，這四個因素共同推動了每張處方毛利的變化。

Jared Haase, William Blair & Company.

Jared Haase，William Blair & Company。

Maybe I'll pack to here into one. Just as it relates to the margin in the quarter, One thing I wanted to clarify was just a mix comment in regards to margin expansion that you showed in the first quarter, I think all else being equal, we typically assume sort of rapid growth in specialty, particularly on the branded side. Could be a bit dilutive to the overall margin profile. So just wanted to make sure I kind of understood what was going on there and if the mix dynamic had more to do with generics? And then I guess, rolling that forward, how should we think about sort of the cadence of margins for the rest of the year.

也許我把這裡打包成一個問題。就本季的毛利率而言，我想釐清一點：關於你們在第一季所呈現的毛利率擴張，我記得在其他條件不變下，我們通常會假設專科業務快速成長，特別是品牌藥端，可能會對整體毛利率結構有些稀釋作用。所以我想確認我是否理解正確：這次的組合因素是否更多與學名藥有關？另外，把這往後推，今年剩餘時間的毛利率節奏我們應該怎麼看？

I think we typically would model margins building sequentially, but your guidance sort of implies full year margins that are consistent with what you showed in the first quarter. So I just wanted to kind of make sure we're understanding the expectation there as well.

我想我們通常會建模為毛利率逐季走高，但你們的指引似乎暗示全年毛利率會與第一季所呈現的水準一致。所以我也想確認我們對這個預期的理解是否正確。

Jen, maybe you can take the outlook for the year. But I think we would expect some consistency for sure. On the GP side, you've got the percent margin versus the dollar margin. And I think it was the mix shift that we saw that helped probably proportionally on the on the dollar margin side versus the percent margin if you're tracking with me there. Jen?

Jen，也許你可以談談今年的展望。不過我認為我們確實會預期一定程度的一致性。在毛利（GP）方面，你有百分比毛利率與美元毛利額之分。我認為我們看到的組合移轉，若你跟得上我的意思，可能在美元毛利額端的幫助相對更大，而不是在百分比毛利率端。Jen？

Yeah. No. So for the rest of the year, I do think we have the potential for slight build. Those things are going to be based on our guidance range, we have a range of 5.2% to 5.6% margins that we would expect for the year. And the things that we are working on is continued leverage of scale.

是的。那麼就今年剩餘時間而言，我確實認為我們有小幅提升的可能性。這些將取決於我們的指引區間；我們預期全年毛利率在 5.2% 到 5.6% 的區間。我們正在推動的事項包括持續運用規模槓桿。

We have a number of operational initiatives that we are building in place. And then from a mix standpoint, as we think about the mix within each portfolio. So as John mentioned, we're working to drive, for example, chronic therapies within infusion. And so as we execute on those, I think we have the potential for slight margin expansion, but largely consistent with what we saw in Q1.

我們也在建置多項營運措施。然後從組合角度來看，當我們思考各產品組合內部的 mix。正如 John 提到的，我們正在努力推動例如輸注中的慢性治療。因此當我們把這些執行到位時，我認為我們有小幅毛利率擴張的潛力，但大致會與第一季所看到的情況一致。

A.J. Rice.

A.J. Rice。

Just maybe picking up on the comments that Jim just made, I know operational efficiencies have been an ongoing part of your strategy and you're attributing part of the 70 basis points of margin improvement you saw year-to-year to operational efficiencies. Can you just maybe update us on some of the specific areas of focus and any AI-related applications you're looking at there?

我想接續 Jim 剛才的評論。我知道營運效率一直是你們策略的一部分，而你們也把年對年看到的 70 個基點毛利率改善的一部分歸因於營運效率。你們能否更新一下目前一些具體的聚焦領域，以及你們在那方面正在評估的任何 AI 相關應用？

Yeah. Yes, look, I mean, I think as we've said before, we did a nice job offsetting some of this IRA impact in Q1 in Home and Community Pharmacy. Some really nice efforts there from procurement over the past year, but then also in operations with some automation tools and order intake and revenue cycle, in particular, currently working on something in infusion around order intake as well.

是的。你看，我的意思是，我想如同我們之前說過的，我們在第一季於居家與社區藥局（Home and Community Pharmacy）端，對沖了 IRA 影響的一部分，做得不錯。過去一年採購端有一些非常好的努力，同時在營運端也導入了一些自動化工具，特別是在訂單受理（order intake）與營收循環（revenue cycle）方面；目前也正在輸注端針對訂單受理做一些事情。

Just to give everybody a tangible example because it can be a little aerial sometimes, but you get a 5-inch thick patient packet and intake and infusion and take somebody 2 hours. enter the relevant information in the system, working on an agent that can do that in 2 seconds.

我給大家一個具體例子，因為有時候這些說法可能有點抽象：你會收到一份 5 吋厚的病患資料包，在受理與輸注流程中，可能需要花 2 小時把相關資訊輸入系統；我們正在開發一個代理（agent），可以在 2 秒內完成。

That would be an example of streamlining workflow of which we have 9 or 10 different projects going on internally in the organization. As you look at the home health and hospice side, we've invested a lot in portals. There can literally be 85 different portals that hospitals will send their, put their patients into upon discharge and you've got to connect to all of them. And so we've done a ton of work there over the last 2 years, connecting into all the portals. You still have to go earn the referral with your clinical liaison but you've got to be in the game by accepting the referral in the portal.

那會是一個精簡工作流程的例子；我們在組織內部大概同時有 9 或 10 個不同的專案在進行。就居家健康與安寧照護（hospice）這一端來看，我們在入口網站（portal）上投入了很多。醫院在病人出院時，可能真的會把病人送進多達 85 個不同的入口網站，而你必須把這些全部串接起來。因此過去 2 年我們在這方面做了大量工作，把所有入口網站都連上。你仍然需要由臨床聯絡員去爭取轉介，但你必須先能在入口網站裡接受轉介，才能算是有參與到這個流程。

We've done a ton of work there. I think we have evidence of improvement and success in our admissions from doing that. And then I think a last example would be an order intake in home health. We've done a really nice job centralizing that. As some of these assets come over from Amedisys and Optum, they were not centralized, and we're seeing some real benefit there already out of the gates.

我們在那裡做了大量工作。我認為從這些作法帶來的入院（admissions）表現上，我們已經看到改善與成功的證據。最後一個例子會是居家健康的醫囑接收（order intake）。我們把它做得很不錯，已經集中化了。隨著部分資產從 Amedisys 和 Optum 併入，這些原本並沒有集中化，而我們已經在一開始就看到相當實質的效益。

And so continue to continue to invest in that team. I mean, Jen, we're up to over 20 people on our internal AI team now, and it seems like the more we get into it, the more opportunities you find, but that's going to continue to be a real focus for us. There are, there's another, I hesitate to say, but we've got a pretty strong bogey for cost-to-fill reduction in home community pharmacy in Q2 and then more in Q3 and Q4 that we have to hit, and a lot of them are tied to these OpEx initiatives, which are underpinned by some technology systems and automation. So working hard at it, but we are seeing things proceed along the intended path as of now.

因此我們會持續投資那個團隊。我的意思是，Jen，我們內部 AI 團隊現在已經超過 20 人了，而且看起來越深入，就會發現越多機會，這也會持續成為我們的重點。另外，雖然我有點猶豫要不要說，但我們在第二季的居家社區藥局（home community pharmacy）有一個相當強的「補缺成本（cost-to-fill）降低」目標（bogey），第三季、第四季還有更多必須達成；其中很多都與這些營運費用（OpEx）計畫相關，而這些計畫的基礎是一些科技系統與自動化。所以我們正努力推進，但截至目前，我們看到事情都按預期路徑在進行。

Okay. That's great. And maybe just conceptually also ask you about biosimilars. Obviously, you've benefited from tremendous new pacing of new LDD launches and so forth. But I'm also curious about the pace of biosimilars, how biosimilars coming to market has emerged.

好的。很棒。我也想從概念上問一下生物相似藥（biosimilars）。顯然你們受惠於大量新的 LDD 上市節奏加快等等。但我也很好奇生物相似藥的節奏，也就是生物相似藥進入市場的進展情況。

Do you see that as still the opportunity you thought it was a couple of years ago? Or is there aspects about it to either make you more optimistic or a little more cautious about what that pipeline looks like and what it might mean for you?

你是否仍然認為那是你們幾年前所想的機會？或者其中是否有一些面向，讓你對那條產品管線（pipeline）的樣貌，以及它可能對你們意味著什麼，變得更樂觀或稍微更謹慎？

Yeah. I think as we sit here today, we do not see much biosimilar risk just based on our current portfolio and the revenue in GP that we have from it. So I think conceptually, over time, there's an opportunity for us to participate in that more from a baseline of it's all upside. And I think that's how we're thinking about it. So, but I think a lot of that is to be determined.

是的。我想以我們今天所處的位置來看，基於我們目前的產品組合，以及我們從中取得的營收與毛利（GP），我們並沒有看到太多生物相似藥風險。所以從概念上講，隨著時間推進，我們有機會更多參與其中，而出發點是：這基本上都是上行空間（all upside）。我們就是這樣在思考的。不過其中很多仍有待觀察。

If you think about our portfolio today, we have our oncology products. We have our other rare and orphan and LDD that are oral injectable. We have our infusible products that we're leaning into from an LED standpoint. Those are kind of our 3 swim lanes of our primary product today from a specialty standpoint. We are looking just more broadly at the specialty world, any other LDDs or any other just attractive products and thinking if it makes sense to us to participate in any other areas.

如果你看我們今天的產品組合，我們有腫瘤產品；也有其他罕見病、孤兒藥以及口服/注射型的 LDD；另外還有我們從 LED 角度正在加大投入的輸注型產品（infusible products）。這些大概是我們目前在專科（specialty）領域的三條主要產品「泳道」。我們也在更廣泛地看整個專科市場，看看是否還有其他 LDD 或其他具吸引力的產品，並思考我們是否適合參與其他領域。

So I think we will continue to try to refine our strategic assessment of your exact question this year. But I do think that there could be opportunities there. And we don't have any near and present risk in that area today. So hopefully, as we lean into this more, it could be a fourth or fifth swim lane in time.

所以我認為今年我們會持續精煉對你這個問題的策略性評估。但我確實認為那裡可能存在機會。而且我們目前在那個領域沒有任何迫在眉睫的風險。因此希望隨著我們更深入投入，未來它可能會成為第四或第五條泳道。

Sean Dodge, BMO Capital Markets.

Sean Dodge，BMO Capital Markets。

Maybe just going back to the operational initiatives again. John, you gave some specific examples of what you're working on there. But if we think about, I know those were a driver of some of the margin improvement we saw last year. You're continuing to work on those this year. How should we think about the expected contribution from those in '26, maybe relative to what you saw in '25?

也許再回到營運計畫。John，你剛才舉了一些你們正在做的具體例子。但如果我們想一想——我知道那些是去年我們看到部分毛利率改善的驅動因素——你們今年仍在持續推進。那我們應該如何看待這些計畫在 2026 年的預期貢獻，可能相對於你們在 2025 年看到的情況？

The savings or benefits from those you expect to be greater this year than last? And then of all of the margin levers you talked about, where do these efficiency initiatives rank in terms of kind of the amount of EBITDA they're driving? Is this kind of pretty close to the generics? Or is this kind of a distant second?

你們預期今年這些節省或效益會比去年更大嗎？另外，在你們談到的所有毛利率槓桿中，這些效率計畫在推動 EBITDA 的量級上大概排第幾？它是否與學名藥（generics）相當接近？還是明顯是第二梯隊？

Yeah. Jen, maybe you can sort of tack on to this question. But what we have internally, I would say, is a program that's been consistent over time. I think we mentioned at Investor Day, we've even more formalized, call it, continuous improvement, if you will, into a real Lean Sigma training program throughout the organization. White green black belt you can get, and we've really formalized that.

是的。Jen，也許你可以補充這個問題。就我們內部而言，我會說這是一個長期以來都很一致的計畫。我想我們在投資人日也提到，我們把所謂的「持續改善（continuous improvement）」更正式化，並在整個組織推行真正的 Lean Sigma 訓練計畫。你可以取得白帶、綠帶、黑帶，我們已經把它高度制度化。

So I think it is very much in our culture just constantly looking for the next thing. I think our data says that we've got over 700 projects that we've completed in the process improvement arena in the last 5-plus years, that has generated 9 figures of savings, of which a ton of it, we've reinvested back into our people and into IT and technology systems.

所以我認為這確實已經融入我們的文化：不斷尋找下一個可以改善的地方。我們的數據顯示，過去 5 年多在流程改善領域，我們已完成超過 700 個專案，產生了 9 位數的節省；其中很大一部分我們又再投資回我們的人才，以及 IT 與科技系統。

So over the past several years, we've just had, I would say, meaningful savings that have been either investment and/or EBITDA contributors each year into the organization. I mean, look, first and foremost, we are always going to try to drive growth through a focus on the top line. I mean the 3 things that have driven the company over the past 9 years now that we talk about a lot are volume growth, operational efficiency and accretive M&A.

因此在過去幾年，我們每年都有我會稱之為「具意義」的節省，這些節省要嘛用於再投資，要嘛成為對 EBITDA 的貢獻。我的意思是，首先也是最重要的，我們永遠會嘗試透過聚焦營收端（top line）來推動成長。我們過去 9 年常談、也驅動公司成長的三件事是：量的成長（volume growth）、營運效率（operational efficiency）以及具增益性的併購（accretive M&A）。

And we will continue to try to drive each one of those in the future. So the volume growth whether it's on the pharmacy side with LDD wins, trying to maximize generic conversions or whether it's on the provider side with patient volume growth will always be first and foremost. And I would say, the biggest contributor, but we certainly try to complement that. Jen, anything else?

而我們未來也會持續推動這三者。所以量的成長——不論是在藥局端透過贏得 LDD、盡可能提高學名藥轉換（generic conversions），或是在服務提供者端透過病人量成長——永遠會是第一優先。我也會說它是最大的貢獻來源，但我們也確實會用其他方式來補強。Jen，還有要補充的嗎？

No, I would agree. I think the volume underpinned by our high-quality services has always been our very highest focus. And then as John mentioned, the strength of our portfolio of our company really is at the core of our DNA, is leveraging our scale through smart procurement activities continuing to build. We think there's a continuous opportunity for that in terms of focus on execution in those areas, as John mentioned, we have a lot of people we've been training, just out in the peel hundreds of people that have gone through our White Belt and Green Belt trainings, but also making sure that as we scale that we're going back and leveraging that in our procurement initiatives, and I think that will continue to be an important contributor as well as the volume.

沒有，我同意。我認為以我們高品質服務為基礎的量，一直都是我們最高的重點。接著如 John 所提，我們公司產品組合的強項、也是我們 DNA 的核心，是透過聰明的採購活動來運用規模優勢並持續建構。我們認為在這方面仍有持續的機會，重點在於執行力。正如 John 提到，我們訓練了很多人——坦白說，已有數百人完成白帶與綠帶訓練——同時也要確保在我們擴張規模時，能回頭把這些能力運用到採購計畫中。我認為這會和量一樣，持續成為重要的貢獻來源。

Okay. Great. And then you mentioned before, one of the other kind of growth areas within pharmacy being the fee-for-service business. Just anything you can share around kind of the scale of that business now, how much is that contributing? And what do you kind of see the long-run opportunity being with fee-for-service specifically?

好的，很好。然後你先前提到，藥局內另一個成長領域是按服務收費（fee-for-service）業務。你能否分享一下目前這塊業務的大致規模、它貢獻了多少？以及你對按服務收費這塊的長期機會怎麼看？

Yeah. I mean it's, I think we've got 31 hub programs today probably more service agreements than that. It's growing in the 40% to 50% range year-over-year. It's certainly not the majority of our GP contribution within our specialty business, but it's no longer $5 million or $10 million either. So I hesitate to get into too many details.

是的。我的意思是，我想我們目前大概有 31 個 hub 計畫，服務協議可能還不只這些。它的年增率在 40% 到 50% 的區間。它當然不是我們專科業務中毛利（GP）貢獻的主要部分，但也不再只是 500 萬或 1,000 萬美元那種規模了。所以我有點不太想談太多細節。

But it's a meaningful part of the business. That's really important to us. And I think philosophically is an example of how we try to deepen our relationships as much as we can with manufacturers wherever we can be helpful.

但它是業務中一個具意義的部分，對我們非常重要。而且從理念上來說，這也是我們如何在可提供協助的地方，盡可能加深與製藥商（manufacturers）關係的一個例子。

Congratulations.

恭喜。

(technical difficulty) with LRIT Partners.

（技術問題）LRIT Partners。

John, I was just wondering if you have market share data with your specialty business? Just wondering if you know what your oncology share is today versus maybe 1 to 2, 3 years ago?

John，我想請問你們是否有專科業務的市占資料？想了解你們目前腫瘤領域的市占，和 1 到 2、3 年前相比如何？

Yeah. It's tricky, Whitt. I mean it's a great question. And we do have some of this, obviously, drug by drug. As we talk about a lot, a proxy would be generally half of the revenue of specialty drugs go through the SP channel.

是的，Whitt，這很棘手。這是個好問題。我們確實有一些資料，當然是以單一藥品逐一來看。正如我們常說的，一個可用的替代指標（proxy）是：一般而言，專科藥品營收大約有一半會走 SP 通路。

And then what is your share from there? We do feel that our share continues to increase almost by definition, if you're an exclusive with a manufacturer or in an ultra narrow network, say, have 2 pharmacies.

接著就是你在那之中的市占是多少？我們確實覺得我們的市占持續在增加，幾乎是定義上如此——如果你是某家製藥商的獨家合作夥伴，或是在超窄的網路（ultra narrow network）中，例如只選 2 家藥局。

By definition, you're going to get 100% or 50%, 60%, 70% market share of that specific drug. So as more drugs have gone exclusive and ultra narrow, just given the service that we've been able to provide, that will pick up your market share. You do have to go drug by drug, ultimately. But if the trend is towards more LDDs in particular, EDs and Altraneros, we would be seeing a greater share there over time. And then on the generic side, we do try to get in front of it.

按定義來說，你將會取得該特定藥品 100% 或 50%、60%、70% 的市占率。因此，隨著更多藥品走向獨家與超窄網路，單就我們能提供的服務而言，這會帶動你們的市占率提升。最終你確實必須逐一藥品來看。但如果趨勢是朝向更多 LDD（尤其是）、EDs 和 Altraneros，我們將會隨時間在那一塊看到更高的占比。至於學名藥端，我們也確實會嘗試提前布局。

We try to be in the offices well in front of a generic launch, communicating and educating and building out that brand volume.

我們會在學名藥上市之前很早就進入診所端，進行溝通、教育，並建立該品牌的處方量。

So I think we'd like to believe our performance on the conversion side is really strong. And, but we can do a little bit more work on those market shares. You don't have perfect visibility on it, obviously, but we do feel like it is continuing to ebb up.

所以我想我們願意相信，我們在轉換（conversion）端的表現確實很強。不過，我們也還能在那些市占率上再多做一些工作。你當然不可能有完全的可視性，但我們確實覺得它正在持續緩步上升。

That's helpful. Corporate cost was up maybe a little bit more than than we thought. I mean I know you guys are making a lot of investments this year. You've been quite vocal about that. Jim, what do you have in your plan for the full year for corporate?

這很有幫助。公司層級成本可能比我們原先想的高了一點。我知道你們今年做了很多投資，你們也一直很直白地談到這點。Jim，你對全年公司層級成本的規劃是什麼？

Yeah. Great question, Whitt. So if you look at versus Q4, our corporate costs are not up quite as much as they would appear to be year-over-year as we have been making additional investments in different activities throughout 2025 as well. I would say I do expect a small pickup through the remainder of the year as we think about the some additional projects that we have in the pipeline from an IT perspective and other things, but I would say not a significant tick up at this time is our best view.

是的。Whitt，問得很好。所以如果你拿來跟第四季相比，我們的公司成本並沒有像年對年看起來那樣增加那麼多，因為我們在 2025 年也在不同活動上做了額外投資。我會說，隨著我們從 IT 角度以及其他事項來看管線中一些額外專案，我確實預期今年剩餘期間會有小幅上升；但以我們目前最佳判斷，現階段不會有顯著的上揚。

(Operator Instructions)

（接線員指示）

Matthew Gillmor, KeyBanc.

Matthew Gillmor，KeyBanc。

Maybe picking up on some of the generic conversion comments. You had mentioned that utilization was strong. I wanted to see if you could provide a broader comment on the landscape for generic conversions and how you're performing relative to that opportunity.

或許延續一下你們對學名藥轉換的評論。你提到使用量（utilization）很強。我想看看你是否能更廣泛地評論一下學名藥轉換的整體環境，以及你們相對於這個機會的表現如何。

Yeah. I would just say, just very consistent there. in terms of the last, really, 5 years, we've got a broad portfolio across drugs and brands and generics across the organization. And so it's really fluid in terms of what's coming in and what's coming out with new brand launches and conversions, the market's real dynamic. But from a generic standpoint, the playbook remains the same.

是的。我會說那邊一直都非常一致。就過去其實 5 年來看，我們在整個組織中涵蓋藥品、品牌藥與學名藥的廣泛產品組合。因此，隨著新品牌上市與轉換，什麼進來、什麼出去都很流動，市場非常動態。但就學名藥而言，我們的作戰手冊仍然一樣。

We've continued to invest in the sales force, and we've continued to try to invest in our manufacturing partners as well, not only branded but generic to be able to have access to the supply were needed as well. So I would just say it's a strategy that we continue to try to refine over time. It's multifaceted in terms of being able to execute against it. And as we look out to the next 2 years in particular and then another 5 years, there's still a healthy stream of of drugs that will be coming up on their patent expiration date in converting generics. But we're always looking to grow our product portfolio in the most broad and holistic way possible across all therapy types.

我們持續投資銷售團隊，也持續嘗試投資我們的製造合作夥伴，不僅是品牌藥也包括學名藥，以便在需要時能取得供應。所以我會說，這是一個我們會隨時間持續精進的策略。它在執行上是多面向的。當我們展望未來 2 年、尤其是再往後 5 年，仍會有一波健康的藥品在專利到期後轉為學名藥。但我們也一直在尋求以最廣泛、最全面的方式，跨所有治療領域來擴大我們的產品組合。

Brian Tanquilut, Jefferies.

Brian Tanquilut，Jefferies。

John, maybe just a question on the business, right? As it relates to the defensiveness of it? Or how do you think it could be resilient? I guess, any PBM moves in light of the challenges the PBM industry is facing and also some of the stuff we found out yesterday from your peer, where the PBMs and the payers are trying to move drugs away from non-PV rolled specialty pharmacy. So just curious how you're thinking about the strategy around defending the mode of your business.

John，或許問一個關於業務的問題，對吧？就它的防禦性而言？或者你認為它如何能更具韌性？我想問的是，鑑於 PBM 產業正面臨的挑戰，PBM 可能會有哪些動作；以及我們昨天從你們同業那邊得知的一些情況：PBM 與付款方正試圖把藥品從非 PV rolled 的專科藥局移走。所以想請教你如何思考在策略上防守你們業務護城河（moat）。

Yeah. I mean we do as best we can to try to partner with everybody. I mean we have really long-standing relationships and I think healthy partnerships with everybody across the value chain. I mean I think it starts with our quality. We really invest in quality like crazy.

是的。我的意思是，我們會盡最大努力嘗試與所有人合作。我們在價值鏈各環節與所有人都有非常長期的關係，我認為也是健康的合作夥伴關係。我想這首先從我們的品質開始。我們在品質上的投入非常非常大。

I think hopefully, our scale is extremely helpful, too. And look, on the Medicare side, there's rules and any willing provider, for example, but we're big believers that in patient choice and member choice and they should be able to receive a provider that they want. So we try to be a high-quality provider, and we try to provide the best service possible to everybody's members out there.

我想我們的規模也非常有幫助。而且你看，在 Medicare 端有相關規則，例如 any willing provider（任何願意提供服務的供應者）等；但我們非常相信病患選擇權與會員選擇權，他們應該能選擇自己想要的服務提供者。因此我們努力成為高品質的提供者，並盡力為所有會員提供最好的服務。

And I think we try to be really thoughtful about where we participate in terms of what therapeutic areas specifically.

而且我想我們也會非常審慎地思考我們參與哪些領域，特別是哪些治療領域。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Congrats also on a good quarter. Just quickly on the pharmacy solutions grew about 25% in the quarter. The kind of midpoint of guidance sort of mid-teens. Is the difference going forward that an increase in IRA and more branded conversions? Or is it a little sense of conservatism?

也恭喜你們本季表現不錯。快速問一下：藥局解決方案（pharmacy solutions）本季成長約 25%。指引的中位數大概是十幾%的中段。往後差異是因為 IRA 增加以及更多品牌藥轉換嗎？還是說帶有一點保守？

Or what kind of drives a little bit of a slowdown there?

或者是什麼因素導致那邊看起來會稍微放緩？

Jen, do you want to hit that?

Jen，你要回答這題嗎？

Yeah. So I would say, it really is related more to the year-over-year growth and the quarterly sequential growth we saw in 2025. So really, as we think about the remainder of the quarters, while we do expect sequential growth both in terms of revenue and EBITDA, we see that as being much more balanced in terms of quarter-over-quarter growth.

好。我會說，這主要與我們在 2025 年看到的年對年成長以及季度的連續成長有關。所以當我們思考接下來幾個季度時，雖然我們確實預期營收與 EBITDA 都會呈現連續成長，但我們認為季度對季度的成長會更為均衡。

Stephen Baxter, Wells Fargo.

Stephen Baxter，Wells Fargo。

I just wanted to follow up on some of the kind of the efficiency conversations we've been having today. I guess, specifically looking at the pharmacy business, you've held a really tight range for the past couple of years. And I think you've gotten leverage on SG&A, I think, in all 20 quarters that we have in our model. So as we look at this quarter specifically, it looks like SG&A stepped up like $40 million sequentially or something like 40% quarter-over-quarter. So I would love to just understand a little bit better, like what is driving that sequential increase?

我想延續一下我們今天談到的一些效率相關討論。我想特別看藥局業務，你們過去幾年一直維持在一個很窄的區間。我認為你們在 SG&A 上取得了槓桿效益，在我們模型涵蓋的 20 個季度裡每一季都是如此。所以就本季來看，SG&A 看起來連續增加了大約 4,000 萬美元之類，或是季對季約 40%。我很想更了解，究竟是什麼在推動這個連續增幅？

Is there anything has a onetime or kind of unusual to flag? And then just think about what this money is actually being spent on how to think about like kind of the growth profile or the returns that you'd expect to get on this kind of what seems like a pretty meaningful platform spend over time.

有沒有任何一次性或較不尋常的項目需要特別指出？另外，關於這筆錢實際花在什麼地方，以及如何看待這類看起來相當可觀的平台支出，隨時間推進你們預期的成長輪廓或報酬會是什麼？

Yeah. So maybe I'll start and John, if there's anything else you want to add. So from a Q1 perspective, there were a number of investments we've talked about in terms of IT and other areas. Those were certainly contributors from a cost perspective in the quarter. But we also continue to invest for growth in terms of sales force across our different businesses.

是的。也許我先回答，John 如果你還有要補充的再說。就第一季而言，我們談過在 IT 與其他領域的一些投資，這些確實在本季成本面有所貢獻。但我們也持續為了成長而投資，包括在不同業務的銷售團隊上。

a number of other areas. So we've talked about as we're investing, we're always thinking about how can those investments drive growth next year and two years and three years from now. So we did have a number of investments there. There certainly were commissions and other things that related to the strong sales growth in other areas that did drive that. But I would say the largest impact were those investments, including into our sales force and other areas throughout in the quarter.

以及其他一些領域。所以我們一直在談，當我們投資時，總是在想這些投資如何能在明年、後年、以及三年後帶動成長。因此我們確實做了不少投資。當然也有與其他領域強勁銷售成長相關的佣金與其他項目推動了這點。但我會說，最大的影響來自那些投資，包括對我們銷售團隊以及本季其他領域的投入。

Erin Wright, Morgan Stanley.

Erin Wright，Morgan Stanley。

So you need to belabor the topic, but just since we're getting a lot of demand questions on it, I just wanted to dig into the PBM dynamic, just a little bit more on private label. It just seems more dedicated to subcu. But are you seeing any changes in reimbursement now on the infusion side versus subcu? And when the subcu does launch? And how do you kind of think about the scope of the private label right now, does it broaden at all over time, just given some of the traction that they've seen so far?

我不想過度糾結這個主題，但因為我們收到很多關於需求面的問題，我想再更深入一點談 PBM 的動態，特別是自有品牌（private label）。看起來它更聚焦在皮下（subcu）。但你們是否看到在輸注（infusion）端相對於皮下端的給付（reimbursement）有任何變化？以及當皮下產品上市時會如何？另外你們如何看待目前自有品牌的範圍——考量到他們目前看到的一些進展，這個範圍是否會隨時間擴大？

And I guess, how do you think about the relationship with payers and PBMs and any potential conflicts of interest that could arise? And I don't think you give a generic penetration rate, but like what percentage of that could be exposed to some of this competition over time? I'm just trying to reconcile with that.

另外，你們如何看待與付款方與 PBM 的關係，以及可能出現的任何利益衝突？我知道你們不會提供一個學名藥滲透率，但例如其中有多少比例可能會隨時間暴露在這類競爭之下？我只是想把這些因素對照起來理解。

Yeah. I think as it relates to any of the private label stuff, we just don't have a lot of volume or exposure to those sort of relevant products or situations today, and anything we're seeing or experiencing from a payer or PBM standpoint, I'd just say it's very consistent. We're not seeing any big changes or big moves as it relates to our agreements or our products.

是的。我想就任何自有品牌相關的事情而言，我們目前在那些相關產品或情境上的量與曝險其實不大；而且就我們從付款方或 PBM 端看到或經歷到的情況，我會說非常一致。我們沒有看到任何與我們的合約或產品相關的重大變化或重大動作。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. That concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。各位女士先生，我這邊顯示隊列中沒有其他問題。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。