卡地納健康 (CAH) 2022 Q4 法說會逐字稿

Good day, and welcome to the Fourth Quarter and Full Year 2022 Cardinal Health, Inc. Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Kevin Moran, Vice President of Investor Relations. Please go ahead, sir.

美好的一天，歡迎參加 2022 年第四季度和全年 Cardinal Health, Inc. 收益電話會議。今天的會議正在錄製中。此時，我想將會議轉交給投資者關係副總裁 Kevin Moran 先生。請繼續，先生。

Good morning, and welcome. Today, we will discuss Cardinal Health's fourth quarter and year-end fiscal 2022 results, along with our outlook for fiscal year 2023. You can find today's press release and earnings presentation on the IR section of our website at ir.cardinalhealth.com.

早上好，歡迎光臨。今天，我們將討論 Cardinal Health 的 2022 財年第四季度和年底業績，以及我們對 2023 財年的展望。您可以在我們網站 ir.cardinalhealth.com 的 IR 部分找到今天的新聞稿和收益報告。

Joining me today are Mike Kaufmann, Chief Executive Officer; Jason Hollar, Chief Financial Officer; and Trish English, Chief Accounting Officer.

今天加入我的是首席執行官 Mike Kaufmann； Jason Hollar，首席財務官；和 Trish English，首席會計官。

During the call, we will be making forward-looking statements. The matters addressed in the statements are subject to the risks and uncertainties that could cause actual results to differ materially from those projected or implied. Please refer to our SEC filings and the forward-looking statement slide at the beginning of our presentation for a full description of these risks and uncertainties.

在電話會議期間，我們將做出前瞻性陳述。聲明中涉及的事項受到風險和不確定性的影響，可能導致實際結果與預測或暗示的結果存在重大差異。有關這些風險和不確定性的完整描述，請參閱我們提交給美國證券交易委員會的文件和我們演示文稿開頭的前瞻性聲明幻燈片。

Please note that during our discussion today, our comments will be on a non-GAAP basis, unless they are specifically called out as GAAP. GAAP to non-GAAP reconciliations for all relevant periods can be found in schedule attached to our press release. (Operator Instructions)

請注意，在我們今天的討論中，我們的評論將基於非公認會計原則，除非它們被特別稱為公認會計原則。所有相關期間的 GAAP 與非 GAAP 對賬可以在我們新聞稿所附的時間表中找到。 （操作員說明）

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

有了這個，我現在將把電話轉給邁克。

Thanks, Kevin, and good morning, everyone. As I am sure many of you have seen, a short time ago, we issued a press release, announcing that I am stepping down as CEO and as a board member of Cardinal Health, but will continue to serve through August 31. Effective September 1, Jason will become Cardinal's new CEO. He has also been appointed as a board member effective today.

謝謝，凱文，大家早上好。我相信你們中的許多人都已經看到，不久前，我們發布了一份新聞稿，宣布我將辭去 Cardinal Health 的首席執行官和董事會成員的職務，但將繼續任職至 8 月 31 日。9 月 1 日生效，傑森將成為紅衣主教的新任首席執行官。他還被任命為董事會成員，即日生效。

They say timing is everything, and I believe as we start a new fiscal year, the time is right for me to step away as CEO and open the door for a new leader to take Cardinal Health forward over the coming years. I have been blessed to be part of the Cardinal Health family for 32 years. In that time, I've seen our company grow and evolve in many ways. We are truly essential to care, and I'm honored to have been part of it. Jason has been a tremendous partner over the past 2-plus years and has been instrumental in many of our strategic initiatives. He deeply understands our business, priorities and industry landscape, and the Board and I are confident that he is the right person for the job.

他們說時機就是一切，我相信，隨著我們開始新的財政年度，我現在是時候辭去首席執行官一職，為新的領導者打開大門，在未來幾年帶領 Cardinal Health 向前發展。 32 年來，我有幸成為 Cardinal Health 大家庭的一員。在那段時間裡，我見證了我們公司在很多方面的成長和發展。我們確實對關懷至關重要，我很榮幸能成為其中的一員。在過去 2 年多的時間裡，Jason 一直是一位出色的合作夥伴，並在我們的許多戰略計劃中發揮了重要作用。他深入了解我們的業務、優先事項和行業格局，董事會和我相信他是這份工作的合適人選。

With that, I would like to turn the call over to Jason.

有了這個，我想把電話轉給傑森。

Thanks, Mike. I really appreciate the kind words and the opportunity to work closely with you these past few years. Let me start by saying how excited I am to be taking on this new responsibility. I am grateful for the trust and the confidence the Board of Directors is placing in me.

謝謝，邁克。在過去的幾年裡，我非常感謝您的客氣話和與您密切合作的機會。首先讓我說我是多麼興奮能夠承擔這個新的責任。我感謝董事會對我的信任和信任。

I would also like to thank you, Mike, for the leadership and the many contributions to the company over the years. I hope to preserve the culture that you've helped ingrain into the fabric of our organization, and I look forward to what I know will be a smooth transition. I also want to welcome Trish English, who will be serving as our Interim Chief Financial Officer. Trish most recently served as our Chief Accounting Officer and has been a valuable member of the Cardinal Health family for over 16 years. I look forward to continuing to work with her in this new capacity while we conduct an external search for a permanent CFO.

邁克，我還要感謝您多年來的領導和對公司的許多貢獻。我希望保留您幫助根深蒂固地融入我們組織結構的文化，我期待著我所知道的平穩過渡。我還要歡迎 Trish English，他將擔任我們的臨時首席財務官。 Trish 最近擔任我們的首席會計官，16 年來一直是 Cardinal Health 大家庭的重要成員。我期待著在外部尋找常任首席財務官的同時，繼續以新的身份與她合作。

Before stepping into the details of our financial performance for the quarter, let me step back and summarize the key points this past year. Within our pharma segment, while we experienced the effects of industry-wide inflation and incurred incremental technology investments, we grew the business 5%, consistent with both our original guidance for the year as well as our long-term growth targets.

在詳細介紹我們本季度的財務業績之前，讓我退一步總結一下過去一年的關鍵點。在我們的製藥部門，雖然我們經歷了全行業通貨膨脹的影響並產生了增量技術投資，但我們的業務增長了 5%，與我們當年的原始指導以及我們的長期增長目標一致。

The Medical business was more significantly impacted by these inflationary dynamics, which drove a significant impact on our results. However, we have strong mitigation actions in place, including pricing and will present a plan to you today that mitigates all of the inflationary and global supply chain constraint impacts, plus an additional 8% of compounded annual growth by fiscal '25.

醫療業務受到這些通貨膨脹動態的影響更為顯著，這對我們的業績產生了重大影響。但是，我們採取了強有力的緩解措施，包括定價，並將在今天向您提出一項計劃，以緩解所有通貨膨脹和全球供應鏈限制的影響，以及到 25 財年額外增加 8% 的複合年增長率。

Underlying these operating results this past year was a significant focus on cash flow, which results in increased financial flexibility. We are absolutely focused on shareholder value and intend to deploy these incremental funds to additional share repurchases for fiscal '23. While we remain in a dynamic environment, I'm excited to share further details of our plans with you today and commit to continue to provide increased clarity to the drivers and the key metrics underlying our performance.

去年這些經營業績的基礎是對現金流的重大關注，從而提高了財務靈活性。我們絕對專注於股東價值，並打算將這些增量資金用於 23 財年的額外股票回購。雖然我們仍處於動態環境中，但我很高興今天與您分享我們計劃的更多細節，並承諾繼續為驅動因素和我們績效的關鍵指標提供更高的清晰度。

So let's now turn to some of the details driving our results in the fourth quarter, beginning with the pharma segment on Slide 6. Fourth quarter revenue increased 13% to $43 billion, driven by branded pharmaceutical sales growth from existing and net new PD and specialty customers. Segment profit increased 26% to $451 million, driven by generics program performance and a higher contribution from brand sales mix, partially offset by inflationary supply chain costs.

因此，現在讓我們轉向推動我們第四季度業績的一些細節，從幻燈片 6 上的製藥部門開始。第四季度收入增長 13% 至 430 億美元，這得益於現有和淨新 PD 和專業的品牌藥品銷售增長顧客。分部利潤增長 26% 至 4.51 億美元，這主要得益於仿製藥項目的表現和品牌銷售組合的貢獻增加，部分被通脹供應鏈成本所抵消。

As we've previously noted, this also reflects a favorable comparison due to the prior year inventory adjustments. During the quarter, our generics program, including Red Oak, saw strong performance and continued to experience consistent market dynamics. Regarding the inflationary supply chain costs, we saw impacts in areas such as transportation and labor, which we expect to continue into next year. We also incurred higher cost supporting sales growth. And with ongoing progress in opioid litigation matters, we saw a decrease of approximately $15 million in opioid-related legal costs.

正如我們之前所指出的，這也反映了由於上一年的庫存調整而產生的有利比較。在本季度，我們的仿製藥計劃（包括紅橡樹）表現強勁，並繼續經歷一致的市場動態。關於通貨膨脹的供應鏈成本，我們看到運輸和勞動力等領域的影響，我們預計這種影響將持續到明年。我們還承擔了更高的成本來支持銷售增長。隨著阿片類藥物訴訟事務的不斷進展，我們看到與阿片類藥物相關的法律費用減少了約 1500 萬美元。

Turning to Medical on Slide 7. Fourth quarter revenue decreased 11% to $3.8 billion due to the divestiture of the Cordis business and lower products and distribution volumes. Medical segment loss of $16 million in the fourth quarter was due to net inflationary impacts on global supply chain constraints and products and distribution. On a year-over-year basis, the favorable comparison to the prior year of $197 million PPE inventory reserve was mostly offset by the net inflationary and global supply chain constraint impacts, a lower contribution from PPE and the Cordis divestiture.

在幻燈片 7 上轉向醫療。由於 Cordis 業務的剝離以及產品和分銷量的下降，第四季度收入下降了 11% 至 38 億美元。第四季度醫療部門虧損 1600 萬美元是由於通貨膨脹對全球供應鏈限制以及產品和分銷的淨影響。與去年同期相比，1.97 億美元的 PPE 庫存儲備與上一年的有利比較大部分被淨通脹和全球供應鏈限制影響、PPE 的貢獻降低和 Cordis 剝離所抵消。

During the quarter, our products and distribution business saw an approximate $100 million impact from net incremental inflation and supply chain constraints. This reflects a gross impact of approximately $125 million and approximate $25 million offset from our mitigation actions, which includes our initial wave of price increases on 5 Cardinal Health brand categories that went into effect back in March. I'll elaborate on our plans for further mitigation in fiscal '23 and beyond shortly.

在本季度，我們的產品和分銷業務受到淨增量通脹和供應鏈限制的影響約 1 億美元。這反映了大約 1.25 億美元的總影響和大約 2500 萬美元的緩解行動抵消了我們的緩解行動，其中包括我們在 3 月份生效的 5 個 Cardinal Health 品牌類別的初始價格上漲浪潮。我將詳細說明我們在 23 財年及以後進一步緩解的計劃。

As mentioned, it continues to be a highly dynamic medical environment, and our Q4 results came in lower than we had previously expected. This primarily reflects overall volume softness in our products and distribution business, including a lower contribution from PPE.

如前所述，它仍然是一個高度動態的醫療環境，我們的第四季度業績低於我們之前的預期。這主要反映了我們產品和分銷業務的整體銷量疲軟，包括來自 PPE 的較低貢獻。

Stepping back, demand for PPE has fluctuated significantly over the past couple of years. We saw lower volumes as we exited Q3, and the fourth quarter experienced further declines. We believe this primarily reflects customers' higher inventory levels and, to a lesser extent, some PPE category-specific customer losses driven by supply constraints during the pandemic. We continue to have strong conviction in our overall value proposition, which includes leading brands and clinically differentiated products. For context, PPE represents approximately 15% of sales in our overall Cardinal Health brand portfolio, as you'll see on Slide 20.

退一步說，過去幾年對 PPE 的需求波動很大。隨著我們退出第三季度，我們看到交易量下降，第四季度進一步下降。我們認為，這主要反映了客戶較高的庫存水平，並且在較小程度上反映了大流行期間供應限制導致的一些特定於 PPE 類別的客戶損失。我們繼續堅信我們的整體價值主張，包括領先品牌和臨床差異化產品。就上下文而言，PPE 約占我們整個 Cardinal Health 品牌組合銷售額的 15%，如幻燈片 20 所示。

Moving below line. Interest and other increased by $36 million to $64 million due to a decrease in the value of our deferred compensation plan investments compared to gains in the prior year. As a reminder, deferred compensation gains or losses reported in interest and other are fully offsetting corporate SG&A and net neutral to our bottom line. Additionally, in the fourth quarter, a onetime write-down of an equity investment impacted EPS by $0.06 per share. The increase in other expense was partially offset by lower interest due to debt reduction actions. As indicated, we repaid the $280 million of remaining June 2022 notes at maturity. Our fourth quarter effective tax rate finished at 25.4%, approximately 3 percentage points higher than the prior year. The net result was fourth quarter EPS of $1.05, an increase of 36%, primarily reflecting the growth in pharma segment profit.

移動到線下。由於與上一年的收益相比，我們的遞延薪酬計劃投資價值下降，利息和其他費用增加了 3600 萬美元至 6400 萬美元。提醒一下，利息和其他方面報告的遞延補償收益或損失完全抵消了公司 SG&A，對我們的底線保持中性。此外，在第四季度，股權投資的一次性減記對每股收益產生了 0.06 美元的影響。其他費用的增加被債務削減行動導致的利息降低部分抵消。如前所述，我們在到期時償還了 2022 年 6 月剩餘的 2.8 億美元票據。我們第四季度的有效稅率為 25.4%，比上年高出約 3 個百分點。淨結果是第四季度每股收益為 1.05 美元，增長 36%，主要反映了製藥部門利潤的增長。

Now transitioning to our consolidated results for the year. Fiscal '22 revenues increased 12% to $181 billion, driven by the pharma segment. Gross margin decreased 3% to $6.5 billion due to the Cordis divestiture. Total company SG&A increased 1%, reflecting inflationary supply chain costs, our previously mentioned IT investments and higher costs to support sales growth, mostly offset by the Cordis divestiture and benefits from cost savings initiatives.

現在過渡到我們今年的綜合業績。在製藥部門的推動下，22 財年的收入增長了 12%，達到 1810 億美元。由於 Cordis 的剝離，毛利率下降 3% 至 65 億美元。公司 SG&A 總額增長 1%，反映了供應鏈成本通脹、我們之前提到的 IT 投資以及支持銷售增長的更高成本，大部分被 Cordis 的剝離和成本節約計劃的收益所抵消。

Operating earnings decreased 12%, which primarily reflects a year-over-year headwind of approximately $300 million related to net inflationary impacts and global supply chain constraints in Medical, partially offset by pharma segment profit growth. Interest and other increased 24% to $165 million, largely due to the items affecting the fourth quarter. Of note, this came in higher than our guidance primarily due to equity investment write-down in the quarter. Our annual effective tax rate finished at 22.1%. The net result was fiscal '22 EPS of $5.06.

營業利潤下降 12%，這主要反映了與淨通脹影響和醫療全球供應鏈限制相關的約 3 億美元的同比逆風，部分被製藥部門利潤增長所抵消。利息和其他費用增加 24% 至 1.65 億美元，主要是由於影響第四季度的項目。值得注意的是，這高於我們的預期，主要是由於本季度的股權投資減記。我們的年度有效稅率為 22.1%。最終結果是 22 財年每股收益為 5.06 美元。

Now turning to the balance sheet. In fiscal '22, we generated robust operating cash flow of $3.1 billion. This includes the previously defined tax refund of nearly $1 billion and favorable timing of working capital. Additionally, in fiscal '22, we made approximately $500 million in litigation payments, primarily related to opioid settlements. In July, we made our second annual payment under the national opioid settlement agreement of approximately $375 million, which will be reflected in Q1 fiscal '23 operating cash flow. We are focused on deploying capital in a balanced, disciplined and shareholder-friendly manner. This year, we invested approximately $385 million of CapEx back into the business to drive future growth, paid down approximately $850 million in debt to reduce leverage and returned $1.6 billion to shareholders through share repurchases and dividends. We ended the year with a cash position of $4.7 billion, which does reflect some timing favorability with no outstanding borrowings on our credit facilities.

現在轉向資產負債表。在 22 財年，我們產生了 31 億美元的強勁運營現金流。這包括先前定義的近 10 億美元的退稅和有利的營運資金時機。此外，在 22 財年，我們支付了大約 5 億美元的訴訟付款，主要與阿片類藥物和解有關。 7 月，我們根據國家阿片類藥物和解協議支付了大約 3.75 億美元的第二次年度付款，這將反映在 23 財年第一季度的運營現金流中。我們專注於以平衡、有紀律和對股東友好的方式部署資本。今年，我們將大約 3.85 億美元的資本支出重新投資於該業務以推動未來增長，償還了大約 8.5 億美元的債務以降低杠桿率，並通過股票回購和股息向股東返還了 16 億美元。我們年底的現金頭寸為 47 億美元，這確實反映了一些時間優勢，我們的信貸額度沒有未償還的借款。

As for the segment's full year results, beginning with pharma on Slide 10. Pharma revenue increased 14% to $165 billion, reflecting consistent drivers with the fourth quarter. Pharma segment profit increased 5% to $1.8 billion, driven primarily by generics program performance and an improvement in volumes compared to the prior year. This was partially offset by investments in technology enhancements and inflationary supply chain costs. To be helpful, the tailwind from improved volumes and the headwind from incremental IT investments effectively offset in fiscal '22, each approximately $80 million on a year-over-year basis. Additionally, we saw an approximate $50 million headwind from inflationary supply chain costs, primarily in the second half of the year.

至於該部門的全年業績，從幻燈片 10 上的製藥開始。製藥收入增長 14% 至 1650 億美元，反映出與第四季度一致的驅動因素。製藥部門利潤增長 5% 至 18 億美元，這主要得益於仿製藥項目的表現和與去年相比的銷量增長。這部分被技術改進和通脹供應鏈成本的投資所抵消。為了提供幫助，數量增加帶來的順風和增量 IT 投資帶來的逆風在 22 財年有效地抵消了，每年約 8000 萬美元。此外，我們看到供應鏈成本通脹帶來了大約 5000 萬美元的阻力，主要是在下半年。

Moving to Medical on Slide 11. Fiscal '22 Medical revenue decreased 5% to $15.9 billion, primarily due to the divestiture of the Cordis business. To a lesser extent, lower products and distribution volumes were partially offset by growth in at-Home Solutions. Segment profit decreased 63% to $216 million, primarily due to the net inflationary impacts and global supply chain constraints in products and distribution. Additionally, the favorable comparison to the prior year PPE inventory reserve was offset by a lower contribution from PPE and the divestiture of the Cordis business.

在幻燈片 11 上轉向醫療。22 財年醫療收入下降 5% 至 159 億美元，主要是由於剝離了 Cordis 業務。在較小程度上，較低的產品和分銷量被家庭解決方案的增長部分抵消。分部利潤下降 63% 至 2.16 億美元，主要是由於淨通脹影響以及產品和分銷方面的全球供應鏈限制。此外，與上一年 PPE 庫存儲備的有利比較被 PPE 的較低貢獻和 Cordis 業務的剝離所抵消。

Now for our fiscal '23 guidance on Slide 13. We expect earnings per share in the range of $5.05 to $5.40, which reflects the following assumptions. First, for the enterprise, we expect interest and other between $140 million to $170 million, which assumes approximately $550 million in debt paydown for the March 2023 notes at/or before maturity. We are assuming a non-GAAP effective tax rate in the range of 23% to 25%. We anticipate diluted weighted average shares outstanding between 262 million and 266 million, reflecting our plan to complete between $1.5 billion to $2 billion in share repurchases over the course of the year. And supporting our capital allocation priorities, we expect adjusted free cash flow in the range of $1.5 billion to $2 billion, which excludes litigation payments and any other significant and unusual or nonrecurring items.

現在是我們對幻燈片 13 的 23 財年指導。我們預計每股收益在 5.05 美元至 5.40 美元之間，這反映了以下假設。首先，對於企業而言，我們預計利息和其他費用在 1.4 億美元至 1.7 億美元之間，假設 2023 年 3 月票據到期/或之前的債務償還額約為 5.5 億美元。我們假設非公認會計原則的有效稅率在 23% 到 25% 之間。我們預計稀釋後的加權平均流通股在 2.62 億至 2.66 億股之間，反映出我們計劃在年內完成 15 億至 20 億美元的股票回購。為了支持我們的資本分配優先事項，我們預計調整後的自由現金流在 15 億美元至 20 億美元之間，其中不包括訴訟付款和任何其他重大和不尋常或非經常性項目。

As for the segments, beginning with pharma on Slide 14. We expect revenue growth in the range of 10% to 14%, driven by growth in existing and net new PD and specialty customers. We expect segment profit growth in the range of 2% to 5% based on the following key assumptions. We expect continued stability in overall pharmaceutical volumes along with consistent market dynamics within our generics program. Continuation of the inflationary supply chain costs we've seen in the last 2 quarters should result in approximate $50 million headwind primarily in the first half of the year. The completion of ERP technology enhancements should be an approximate $30 million tailwind. We expect opioid-related legal costs, including initial costs for implementation of the settlement injunctive relief terms of approximately $80 million in fiscal '23, a $20 million tailwind. And we see increased contributions from our growth areas, primarily specialty, including biosimilars.

至於細分市場，從幻燈片 14 上的製藥開始。我們預計收入增長在 10% 到 14% 之間，這主要得益於現有和淨新 PD 和專業客戶的增長。基於以下關鍵假設，我們預計分部利潤增長在 2% 至 5% 之間。我們預計整體藥品銷量將持續穩定，同時我們的仿製藥項目將保持一致的市場動態。我們在過去兩個季度看到的通脹供應鏈成本的持續應該會導致大約 5000 萬美元的逆風，主要是在今年上半年。 ERP 技術改進的完成應該是大約 3000 萬美元的順風。我們預計與阿片類藥物相關的法律費用，包括在 23 財年執行和解禁令救濟條款的初始費用約為 8000 萬美元，這是 2000 萬美元的順風。我們看到我們增長領域的貢獻增加，主要是專業，包括生物仿製藥。

Before moving to Medical, a couple of points from the pharma fiscal '23 themes. Similar to last year, we expect the year-over-year segment profit growth to be significantly back-half weighted, which primarily reflects the year-over-year impact of inflationary supply chain costs in the first half. Specifically, in the first quarter of next year, we expect segment profit between $400 million and $420 million. While we do not typically provide quarterly guidance, we thought additional color may be helpful given the puts and takes over the last several quarters.

在轉向醫療之前，請從製藥 '23 財年主題中獲得幾點。與去年類似，我們預計分部利潤同比增長將顯著增加，這主要反映了上半年通脹供應鏈成本的同比影響。具體來說，明年第一季度，我們預計分部利潤將在 4 億美元至 4.2 億美元之間。雖然我們通常不提供季度指導，但我們認為考慮到看跌期權並接管過去幾個季度，額外的顏色可能會有所幫助。

Now turning to Medical on Slide 15. We expect revenue to decline in the range of 3% to 6% due to lower PPE sales and lab testing volumes. We expect segment profit ranging from a decline of 10% to growth of 10%, reflecting the following assumptions. We expect a similar net impact of approximately $300 million from inflation, global supply chain constraints and mitigation actions in fiscal '23 or a minimal impact on a year-over-year basis. This assumes an approximate $475 million gross impact from inflation and global supply chain constraints, partially offset by $175 million of mitigation actions, including pricing and evolving our commercial contracting.

現在轉向幻燈片 15 上的醫療。由於 PPE 銷售和實驗室檢測量下降，我們預計收入將下降 3% 至 6%。我們預計分部利潤從下降 10% 到增長 10% 不等，反映了以下假設。我們預計 23 財年通脹、全球供應鏈限制和緩解行動將產生約 3 億美元的類似淨影響，或同比影響最小。這假設通貨膨脹和全球供應鏈限制的總影響約為 4.75 億美元，部分被 1.75 億美元的緩解行動所抵消，包括定價和改進我們的商業合同。

While still significantly elevated relative to historical levels, we're encouraged by the recent improvements in spot rates of certain cost drivers such as international freight and some commodities. As a reminder, these product costs are capitalized and have historically been reflected in our P&L results on a 1 to 2 quarter delay. However, in the current period of elongated supply chains, it is closer to 2 quarters. Our current assumption is that the impact of inflation and global supply chain constraints will peak in the first quarter of fiscal '23 and gradually decrease over the next couple of years.

雖然相對於歷史水平仍顯著提高，但我們對最近某些成本驅動因素（如國際貨運和一些商品）的即期匯率的改善感到鼓舞。提醒一下，這些產品成本已資本化，並且歷來反映在我們延遲 1 到 2 個季度的損益表結果中。然而，在當前供應鏈拉長的時期，它接近 2 個季度。我們目前的假設是，通脹和全球供應鏈限制的影響將在 23 財年第一季度達到頂峰，並在未來幾年逐漸減弱。

Additionally, along with the pricing actions that went into effect at the start of the year, we are implementing additional ways of increases over the course of fiscal '23. We continue to expect that as we exit fiscal '23, the run rate of our mitigation actions will offset at least 50% of the gross impact from inflation and global supply chain constraints.

此外，除了年初生效的定價措施外，我們還在 23 財年期間實施了其他增加價格的方式。我們繼續預計，隨著我們退出 23 財年，我們的緩解行動的運行率將抵消至少 50% 的通貨膨脹和全球供應鏈限制的總影響。

In terms of other key assumptions for Medical in fiscal '23. As the operating environment continues to normalize, we expect an approximate $50 million tailwind from an improvement in PPE margins. We plan to sell-through the majority of higher-cost PPE in the first half of the year and for PPE margins to normalize as we exit the year. We expect the PPE tailwind to be offset by a similar headwind from lower lab testing volumes. We also anticipate a headwind of approximately $50 million from re-baseline incentive compensation following fiscal '22 underperformance. And finally, we expect increased contributions from our strategic growth areas, primarily at-Home Solutions.

就 23 財年醫療的其他關鍵假設而言。隨著運營環境繼續正常化，我們預計 PPE 利潤率的提高將帶來約 5000 萬美元的順風。我們計劃在今年上半年出售大部分成本較高的 PPE，並在今年退出時使 PPE 利潤率正常化。我們預計 PPE 的順風將被來自較低實驗室測試量的類似逆風所抵消。我們還預計，在 22 財年業績不佳之後，重新設定激勵薪酬將帶來約 5000 萬美元的逆風。最後，我們預計我們的戰略增長領域的貢獻會增加，主要是家庭解決方案。

On Medical's quarterly cadence, while we are assuming a similar segment profit total in fiscal '23 versus fiscal '22, we do expect the cadence to be the reverse of the prior year. Specifically, in the first quarter, we expect segment profit ranging from a loss of $20 million to profit of $20 million. We expect the gross impact of inflation and global supply chain constraints in the first quarter to be approximately $150 million, with approximately 25% of this offset through our mitigation actions.

關於 Medical 的季度節奏，雖然我們假設 23 財年與 22 財年的分部利潤總額相似，但我們確實預計節奏將與上一年相反。具體來說，在第一季度，我們預計分部利潤從虧損 2000 萬美元到利潤 2000 萬美元不等。我們預計第一季度通脹和全球供應鏈限制的總影響約為 1.5 億美元，其中約 25% 通過我們的緩解行動抵消。

As for the rest of the year, we expect a substantial majority of segment profit to come in the second half of fiscal '23, particularly in the fourth quarter. This sequencing primarily reflects our assumptions around inflation, global supply chain constraints, inflation mitigation and PPE. While there are many moving parts in fiscal '23, we are confident in our long-term outlook and are reiterating our previously announced long-term targets for our businesses and for double-digit combined EPS growth and dividend yield over longer normalized periods. Additionally, we are introducing a new target for at least $650 million in Medical segment profit by fiscal '25, driven by the Medical Improvement Plan that we are introducing today.

至於今年剩餘時間，我們預計大部分分部利潤將出現在 23 財年的下半年，特別是在第四季度。這種排序主要反映了我們對通脹、全球供應鏈約束、通脹緩解和個人防護裝備的假設。儘管 23 財年有許多變動因素，但我們對我們的長期前景充滿信心，並重申我們先前宣布的業務長期目標，以及在更長的正常化時期內實現兩位數的每股收益增長和股息收益率。此外，在我們今天推出的醫療改進計劃的推動下，我們正在推出一個新的目標，即到 25 財年醫療部門的利潤至少達到 6.5 億美元。

Slide 17 highlights our 4 areas of focus to improve Medical performance. Number one, mitigate inflation and global supply chain constraints. We plan to fully address the impact of inflation and global supply chain constraints through mitigation initiatives by the time we exit fiscal '24 and are targeting to exit fiscal '23 offsetting at least half of the gross impact on our business. Our second wave of price increases went into effect on July 1 on 4 more categories, and we plan on the next wave commencing on October 1. In addition, we've executed distribution fee increases for certain suppliers, and we are actively working with customers and GPOs to adjust language in our product and distribution contracts as they renew, allowing for greater price flexibility to respond to current and future macroeconomic dynamics.

幻燈片 17 突出了我們提高醫療績效的 4 個重點領域。第一，緩解通貨膨脹和全球供應鏈限制。我們計劃在我們退出 '24 財年時通過緩解舉措全面解決通貨膨脹和全球供應鏈限制的影響，併計劃在退出 '23 財年時抵消至少一半對我們業務的總體影響。我們的第二波漲價於 7 月 1 日對另外 4 個品類生效，我們計劃在 10 月 1 日開始下一波漲價。此外，我們已經對部分供應商執行了分銷費上漲，我們正在積極與客戶合作和 GPO 在我們的產品和分銷合同續籤時調整其語言，從而實現更大的價格靈活性，以應對當前和未來的宏觀經濟動態。

Two, optimize and grow the Cardinal Health brand portfolio. Our $4.6 billion Cardinal Health brand portfolio, which includes nearly $4 billion of non-PPE categories, offers leading brands and clinically differentiated products. We plan to grow Cardinal Health brand sales by a compounded annual growth rate of at least 3%, which will generate $75 million or more of incremental segment profit over the next 3 years.

二、優化和發展康德樂品牌組合。我們價值 46 億美元的 Cardinal Health 品牌組合，包括近 40 億美元的非 PPE 類別，提供領先品牌和臨床差異化產品。我們計劃以至少 3% 的複合年增長率增長 Cardinal Health 品牌銷售額，這將在未來 3 年內產生 7500 萬美元或更多的增量利潤。

This growth will be achieved through 2 key areas of focus. First, R&D and new product innovation. We see opportunities in key categories such as nutritional delivery, where we will be launching the next-generation Kangaroo enteral feeding platform. Second is increased product availability as a result of investments within targeted categories such as surgical gloves and electrodes. For example, in our surgical glove portfolio, we are investing $125 million for construction of a new manufacturing facility dedicated to increase supply for a leading Protexis brand gloves. Third area of focus is to accelerate our growth businesses, primarily at-Home Solutions. These businesses have growth rates in excess of our core, along with a higher margin opportunity, and we've been making investments to drive at least $60 million of total segment profit by fiscal '25.

這一增長將通過兩個重點領域來實現。一是研發與新產品創新。我們看到了諸如營養輸送等關鍵類別的機會，我們將在這些領域推出下一代袋鼠腸內餵養平台。其次，由於對手術手套和電極等目標類別的投資，提高了產品可用性。例如，在我們的外科手套產品組合中，我們將投資 1.25 億美元建設一個新的製造工廠，專門用於增加領先 Protexis 品牌手套的供應。第三個重點領域是加速我們的業務增長，主要是家庭解決方案。這些業務的增長率超過了我們的核心業務，以及更高的利潤率機會，我們一直在進行投資，以在 25 財年之前推動至少 6000 萬美元的總分部利潤。

At-Home Solutions, for example, is now a $2.4 billion business that has consistently grown top line at around 10% as patient care continues to shift into the home. And finally, our fourth area of focus is to continue our simplification and cost optimization efforts. We expect actions that increase productivity in our manufacturing plants, distribution centers, supply chain and back office to yield at least $50 million of net cost savings by fiscal '25.

例如，在家解決方案現在是一項價值 24 億美元的業務，隨著患者護理繼續轉移到家庭中，該業務的收入一直以 10% 左右的速度增長。最後，我們的第四個重點領域是繼續我們的簡化和成本優化工作。我們預計，在我們的製造工廠、配送中心、供應鍊和後台辦公室提高生產力的行動將在 25 財年產生至少 5000 萬美元的淨成本節約。

Going forward, we are focused on driving simplification through value improvement projects, transportation management and further optimizing our sourcing and manufacturing footprint where possible. We expect these initiatives to contribute towards exceeding our existing enterprise $750 million cost savings goal by fiscal '23. While on the topic of our supply chain, let me take a moment to share some additional color where we have received a number of investor questions. We operate a highly diverse global supply chain with approximately 2/3 of our Cardinal Health brand revenue coming from self-manufactured products.

展望未來，我們將專注於通過價值提升項目、運輸管理來推動簡化，並儘可能進一步優化我們的採購和製造足跡。我們預計這些舉措將有助於在 23 財年之前超過我們現有的企業 7.5 億美元的成本節約目標。在談到我們的供應鍊主題時，讓我花點時間分享一些額外的顏色，我們收到了一些投資者的問題。我們經營著高度多樣化的全球供應鏈，大約 2/3 的 Cardinal Health 品牌收入來自自製產品。

We have invested in additional self-manufacturing capabilities, many in our own North American facilities. And today, approximately half of our Cardinal Health brand revenue comes from North America in total. To best serve our customers, we continue to believe in the importance of a diverse global supply chain, and we are focused on responding to any global supply chain disruptions with resilience and agility. In summary, we believe the introduction of measurable proof points in each of these 4 areas of focus provides visibility to measure progress against our plans going forward.

我們已經投資了額外的自主製造能力，其中許多是在我們自己的北美工廠中。今天，我們大約一半的 Cardinal Health 品牌收入來自北美。為了最好地服務我們的客戶，我們繼續相信多元化全球供應鏈的重要性，我們專注於以彈性和敏捷性應對任何全球供應鏈中斷。總而言之，我們相信在這 4 個重點領域中的每一個領域都引入可衡量的證明點，為衡量我們未來計劃的進展提供了可見性。

Now let's turn to the Pharmaceutical segment where we continue to focus on strengthening our core PV business and investing in our growth businesses, primarily specialty. In pharma distribution, with our significant technology enhancements that we've been working on over the past several years substantially completed, we now focus our attention on increasing productivity, maximizing working capital efficiency and prioritizing the customer experience. With our generics program anchored by the scale and expertise of Red Oak, we continue to further enhance our capabilities as we focus on share of wallet and maximizing margins. We recently held our Retail Business Conference where over 4,000 customers attended live for the first time in 3 years and had an opportunity to see and experience our latest innovations. We also had the chance to register for services that would help them create an online shopping portal, advisory support to optimize reimbursement and central fill compliance packaging services.

現在讓我們轉向製藥領域，我們將繼續專注於加強我們的核心光伏業務並投資於我們的增長業務，主要是專業。在醫藥分銷方面，隨著我們在過去幾年中一直致力於的重大技術改進已基本完成，我們現在將注意力集中在提高生產力、最大限度地提高營運資金效率和優先考慮客戶體驗上。憑藉以 Red Oak 的規模和專業知識為基礎的仿製藥計劃，我們將繼續進一步增強我們的能力，因為我們專注於錢包份額和利潤最大化。我們最近舉辦了零售業務會議，有 4,000 多名客戶參加了 3 年來的首次現場直播，並有機會看到和體驗我們的最新創新。我們還有機會註冊可幫助他們創建在線購物門戶的服務、優化報銷的諮詢支持和集中填充合規性包裝服務。

In specialty, we are continuing to see downstream momentum in oncology and emerging therapeutic areas driven by our offerings, including Navista TS. We recently announced a tuck-in acquisition of the Bendcare GPO and investment in their managed services organization. These will further strengthen Specialty Solutions' Cornerstone Rheumatology GPO, which offers innovative office management solutions and robust specialty drug access to over 1,300 rheumatology providers nationwide.

在專業領域，我們繼續看到由我們的產品推動的腫瘤學和新興治療領域的下游勢頭，包括 Navista TS。我們最近宣布對 Bendcare GPO 進行全面收購，並對其託管服務組織進行投資。這些將進一步加強 Specialty Solutions 的 Cornerstone Rheumatology GPO，該 GPO 為全國 1,300 多家風濕病學提供商提供創新的辦公室管理解決方案和強大的專業藥物訪問權。

Upstream with biopharma manufacturers, we are investing for future growth in our 3PL business as evidenced through our cold chain storage expansion, which increases our current capacity by 200%. We also continue to see strong growth in Sonexus, our patient hub where our technology solutions help biopharma customers remove barriers to patient care.

在生物製藥製造商的上游，我們正在為 3PL 業務的未來增長進行投資，這通過我們的冷鏈存儲擴展來證明，這將我們目前的產能提高了 200%。我們還繼續看到 Sonexus 的強勁增長，這是我們的患者中心，我們的技術解決方案幫助生物製藥客戶消除患者護理的障礙。

And with biosimilars, we are proactively addressing common barriers to adoption by investing in education campaigns to build awareness, clinical comfort and ensure accessibility. We continue to be excited about the future growth in the space and remain well positioned as new biosimilars come to market.

對於生物仿製藥，我們通過投資教育活動來積極解決採用生物仿製藥的常見障礙，以建立意識、臨床舒適度並確保可及性。我們繼續對該領域的未來增長感到興奮，並在新的生物仿製藥進入市場時保持良好的定位。

In closing, while there's a lot of work to be done, I'm excited to work with our 44,000 teammates in executing our plans to grow in fiscal '23 and beyond. With that, I will now take your questions.

最後，雖然還有很多工作要做，但我很高興能與我們的 44,000 名隊友一起執行我們在 23 財年及以後實現增長的計劃。有了這個，我現在將回答你的問題。

(Operator Instructions) We will take our first question today from Lisa Gill of JPMorgan.

（操作員說明）我們今天將從摩根大通的 Lisa Gill 那裡回答我們的第一個問題。

I want to say best of luck to you, Mike Kaufmann. It's been great working with you all these years. And I look forward to hopefully staying in touch. And congratulations, Jason, on becoming CEO.

我想祝你好運，邁克考夫曼。這些年來和你一起工作真是太好了。我期待著保持聯繫。祝賀 Jason 成為 CEO。

I really want to start with, obviously, you talked about this huge ramp getting the medical side of the business back to $650 million of profit. And Jason, you just talked about 4 different areas. I really want to just focus on the first area, and that's growing Cardinal brand products. And obviously, for someone like myself that's followed the company for a long time, that's kind of ebbed and flowed as far as the focus of the company. Can you talk about, one, why now, you think that you can really accelerate that? Two, I think you talked about nutritional. We've had others that have had problems in that area, right? Why do you think that, that's a good area for Cardinal to go into?

很明顯，我真的很想從你談到讓醫療業務的利潤恢復到 6.5 億美元的巨大增長。 Jason，你剛才談到了 4 個不同的領域。我真的想只關注第一個領域，那就是增長的 Cardinal 品牌產品。很明顯，對於像我這樣長期關注公司的人來說，這在公司的關注點上有點退潮。你能談談，一個，為什麼現在，你認為你真的可以加速那個？二，我想你談到了營養。我們有其他人在該領域遇到問題，對嗎？為什麼你認為這是 Cardinal 進入的好領域？

And then secondly, when we think about physician preference, et cetera, what are you hearing in the market around private label product to give you some of the insights as to the opportunities that you see here specific to Cardinal brand products. So I'll stop there.

其次，當我們考慮醫生偏好等時，您在市場上聽到的關於自有品牌產品的信息，可以為您提供一些關於您在這裡看到的特定於 Cardinal 品牌產品的機會的見解。所以我會停在那裡。

Yes. Great way to start off the discussion. Thanks, Lisa. So first of all, let's start with your first one there about why now. So ebbs and flows, I understand what you mean. And of course, I think what you're referring to is we especially talked about the sales force. Right before the pandemic, we've made a significant restructuring to have that team very much focused on driving our Cardinal brand mix. And then COVID occurred, and it went from a sales-focused challenge to now a supply chain challenge. And of course, our sales team as well as our customers were very much focused on PPE and in giving care to COVID patients and the change in the mix was not exactly the highest priority.

是的。開始討論的好方法。謝謝，麗莎。所以首先，讓我們從你的第一個開始，為什麼現在。所以潮起潮落，我明白你的意思。當然，我認為您所指的是我們特別談到了銷售人員。就在大流行之前，我們進行了重大重組，讓該團隊非常專注於推動我們的 Cardinal 品牌組合。然後 COVID 發生了，它從以銷售為中心的挑戰變成了現在的供應鏈挑戰。當然，我們的銷售團隊以及我們的客戶都非常關注個人防護裝備和為 COVID 患者提供護理，而組合的變化並不是最重要的。

So I think it's always been a focus with Cardinal, but we recognize that we needed to change our priorities to align with our customers' priority over the last couple of years. But behind the scenes, especially with the pandemic, our medical team realized that we needed to invest in our own supply chain capability, our own products and a lot of the capacity that is necessary for the manufacturing, either whether it's our own products or sourced products to ensure further resiliency.

因此，我認為這一直是 Cardinal 關注的重點，但我們認識到，我們需要改變我們的優先事項，以與過去幾年客戶的優先事項保持一致。但在幕後，尤其是在大流行的情況下，我們的醫療團隊意識到我們需要投資於我們自己的供應鏈能力、我們自己的產品以及製造所需的大量能力，無論是我們自己的產品還是採購的產品以確保進一步的彈性。

So now that we are getting a little bit more normalized, and we see that we have to invest in that supply chain, it not only helps provide resiliency to our customers, but it also allows us to grow high-margin products where we have the right to win and expand our margins further. So now is the right time as we start to move on and allow our sales team to get reengaged and focus on driving that volume. But of course, we need the capacity and the products to allow them to be successful.

因此，現在我們變得更加正常化了，並且我們看到我們必須對該供應鏈進行投資，這不僅有助於為我們的客戶提供彈性，而且還使我們能夠在我們擁有的地方種植高利潤產品贏得併進一步擴大利潤的權利。因此，現在是我們開始前進並讓我們的銷售團隊重新參與並專注於推動銷量的正確時機。但是，當然，我們需要能力和產品來讓他們成功。

You asked a specific question about nutritional. That's just one area, right? We have a very broad, diverse product line. We are successful in the category today. The Kangaroo brand is a market leader. So this is not necessary we're getting into it. In fact, that's what gets me so excited about this item, this opportunity. The 2 items I referenced, the surgical gloves and nutritional, are already areas we're significant leaders. We are with good margins, good growth. We have the opportunity to just continue our leadership through additional products and additional capacity. So it's actually a lower-risk strategy than entering in separately.

你問了一個關於營養的具體問題。這只是一個領域，對吧？我們擁有非常廣泛、多樣化的產品線。我們今天在該類別中取得了成功。袋鼠品牌是市場領導者。所以我們沒有必要進入它。事實上，這就是讓我對這個項目、這個機會如此興奮的原因。我提到的兩個項目，手術手套和營養品，已經是我們重要的領導者。我們的利潤率很高，增長良好。我們有機會通過額外的產品和額外的能力繼續我們的領導地位。所以這實際上是一種比單獨進入風險更低的策略。

As it relates to your last question, again, we have a very broad, diverse products. And we can manufacture, we can source and we are to use all tools available to us and use that diverse capability, internal/external, with partners or ourselves and just continue to adapt and evolve as the market demands it and when we look at the supply chain [strategy that go behind that].

由於它與您的最後一個問題有關，同樣，我們有一個非常廣泛、多樣化的產品。我們可以製造，我們可以採購，我們將使用我們可用的所有工具，並與合作夥伴或我們自己一起使用內部/外部的各種能力，並隨著市場需求以及當我們看到供應鏈[背後的戰略]。

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 Mike, I'll echo Lisa's comments in wishing you well. And I guess, Jason, I don't mean this question to sound insensitive, but I guess given the company's recent performance, could you talk about why the Board choose to not run a process to replace Mike? And why you guys kind of went with an internal promotion? And just kind of, I don't know if you're able to comment at all, just kind of on the Board's perception of company performance and how it kind of wants to evaluate management going forward.

還有邁克，我會回應麗莎的評論，祝你一切順利。我想，傑森，我並不是說這個問題聽起來不敏感，但我想鑑於公司最近的表現，你能談談為什麼董事會選擇不運行流程來取代邁克嗎？為什麼你們會進行內部晉升？只是，我不知道你是否能夠發表評論，只是關於董事會對公司業績的看法以及它希望如何評估未來的管理層。

Well, I certainly will not attempt to speak for the Board, but what I will say is that my time both here as well as elsewhere in industry, I'm very focused, very tenured on driving operational performance within the business. I have made a mark within this organization. I've been very focused on capital deployment, driving cash in the company and have made that impact When I think about what -- why I feel like I'm the right person going forward here, we have a lot of great assets within the organization. We have a wonderful culture. We have wonderful products, leading positions, great growth areas. But what the pandemic has shown us is that we need to go back to some level of basics here in terms of the operational core in driving efficiency, driving simplification. So probably doing fewer things but doing them better. And that focus and that attention to derisking the model and driving this profit improvement plan for the Medical business.

好吧，我當然不會嘗試代表董事會發言，但我要說的是，我在這里以及其他行業的時間，我都非常專注，非常專注於推動企業的運營績效。我在這個組織中留下了印記。我一直非常專注於資本配置，為公司增加現金並產生了影響組織。我們有很棒的文化。我們擁有出色的產品、領先的地位、巨大的增長領域。但這場大流行向我們展示的是，我們需要在提高效率、推動簡化方面的運營核心方面回到某種程度的基礎。所以可能做的事情更少，但做得更好。以及對降低模型風險和推動醫療業務利潤改善計劃的關注和關注。

The pharma business has been very resilient. We hit our both short- and long-term goals this year. We need to keep doing more of the same while also continuing to grow those growth areas, of which of course, specialty is the largest one. So we're in a very different phase there. And then with this plan today, we're really highlighting how aggressive we're going to be with our capital deployment, that when we generate that cash, $3.1 billion in '22, we're going to deploy it effectively. I'm well positioned to take us through those challenges that we've been faced with, and I am going to be absolutely focused on taking the next steps here.

製藥業務一直非常有彈性。今年我們實現了短期和長期目標。我們需要繼續做更多相同的事情，同時繼續發展這些增長領域，當然，專業是最大的領域。所以我們在那里處於一個非常不同的階段。然後通過今天的這個計劃，我們真正強調了我們在資本部署方面的積極性，當我們在 22 年產生 31 億美元的現金時，我們將有效地部署它。我有能力帶領我們度過我們所面臨的挑戰，我將完全專注於採取下一步行動。

We now move to A.J. Rice of Credit Suisse.

我們現在搬到 A.J.瑞信的賴斯。

It's Jonathan Yong on for A.J. I just want to echo my congrats to Jason and Mike as well. So you mentioned various costs have been coming down within the Medical segment. And understanding there is a lag between when the spot prices come down versus when it flows through your P&L, should we take it that any further decline in the spot prices would be upside to the Medical outlook for FY '23 and beyond? And then alongside that, you talked about the 3% revenue CAGR for the Cardinal Health brand products. I guess what are you assuming in terms of pricing growth moving forward and alongside that utilization?

喬納森·永 (Jonathan Yong) 為 A.J.我只想向 Jason 和 Mike 表達我的祝賀。所以你提到醫療領域的各種成本一直在下降。並且了解現貨價格下跌與流經您的損益表之間存在滯後，我們是否應該認為現貨價格的進一步下跌將對 23 財年及以後的醫療前景有利？除此之外，您還談到了 Cardinal Health 品牌產品的 3% 收入複合年增長率。我猜你對未來的定價增長和利用率有何假設？

Okay. So to start with the spot prices. Well, that's why we always talk about the net impact is because obviously, there's a gross impact in the pricing and other contracting items that create that net. And so as I think about that dynamic in the short term, as I think you indicated and understand, it depends on what it is, right? It's inventory costs like the freight -- international freight, the product freight or the commodities that will be rolled in, and that will be more of that 2-quarter lag.

好的。所以從現貨價格開始。嗯，這就是我們總是談論淨影響的原因，因為很明顯，定價和其他創造淨影響的合同項目會產生重大影響。所以當我在短期內考慮這種動態時，正如我認為你所指出和理解的那樣，這取決於它是什麼，對吧？它是庫存成本，如運費——國際運費、產品運費或將滾入的商品，這將更多地是兩個季度的滯後。

But as it relates to the domestic transportation, that piece, which hasn't moved very much in either direction, that is a little bit more real time. So it kind of depends on what costs you're talking about. Long term, we believe there's going to be a parity to pre-pandemic levels for this. So if costs weaken, get lower, then some of the pricing actions may change. In the near term, I don't think pricing is going to change. Under all these pricing scenarios, we're still not covering -- expected to cover more than half of that impact.

但由於它與國內交通有關，這塊在任何一個方向上都沒有太大移動，所以更實時一些。所以這取決於你所說的成本。從長遠來看，我們認為這將與大流行前的水平持平。因此，如果成本減弱、降低，那麼一些定價行為可能會改變。在短期內，我認為定價不會改變。在所有這些定價情景下，我們仍然沒有涵蓋——預計將涵蓋一半以上的影響。

So overall, we think in the short term, yes, the costs are going to flow more to minimizing the impact of what we have. But again, that would be most likely in the second half of the year.

所以總的來說，我們認為在短期內，是的，成本將更多地用於最大限度地減少我們所擁有的影響。但同樣，這很可能發生在下半年。

In terms of the 3% CAGR, I'm not sure I fully understand the price question there. But within our Cardinal Health, it's specifically related to that $4 billion bucket that I referenced in my comments, that the underlying volume is what that's related to. There is pricing that goes along with that. But I would say it's more on the volume side and the pricing side that's driving that type of CAGR. It's not double dipping on the pricing actions. That is presuming a normalized level of inflation in pricing, and so then it would be more a volume driving that incremental value.

就 3% 的複合年增長率而言，我不確定我是否完全理解那裡的價格問題。但在我們的 Cardinal Health 中，它與我在評論中提到的那個 40 億美元的桶特別相關，即潛在的交易量就是與之相關的。隨之而來的是定價。但我想說的是推動這種複合年增長率的更多是數量方面和定價方面。這並不是對定價行為的雙重打擊。這是假設定價通貨膨脹的正常化水平，因此它將更多地推動該增量價值。

Moving to Michael Cherny of Bank of America.

搬到美國銀行的邁克爾·切爾尼。

And Mike, obviously, same here, but I wish you best wishes as you move on. It's been a pleasure working with you over the years. Maybe, Jason, to dive a little bit also into the medical transformation plan, as you think about the totality of Cardinal as you step into the CEO seat. As you think about the moving pieces that you have and the drivers to push back towards growth, can you give us a sense as well on how much the linkage between the pharma and Medical side will be able to help allow you to hit these targets that you've laid out? And how do you view the synergies, especially among this revamped Medical outlook between these 2 segments going forward?

和邁克，顯然，在這裡，但我祝你繼續前進。多年來與您合作非常愉快。也許，傑森，也可以深入了解一下醫療轉型計劃，因為當您踏入 CEO 席位時，您會想到 Cardinal 的整體情況。當您考慮您擁有的移動部件和推動增長的驅動因素時，您能否讓我們了解製藥和醫療方面之間的聯繫在多大程度上能夠幫助您實現這些目標你佈置好了嗎？您如何看待協同效應，尤其是在這兩個細分市場之間經過改進的醫療前景中？

Yes. So when I step back and think about that plan, the area that is -- there's a couple of areas that could be impacted that have connectivity there. Probably the first one is the simplification and continued cost optimization. Those types of initiatives are wide ranging. And as we implement a particular project to reduce cost, it's a lot of cherry-picking between the segments and the corporate functions. When one person has a good idea, we push those across all of them. And in some cases, we're leveraging that scale. We're doing a lot of centralization of work to standardize and offshore back-office activities, things of that nature, using digital tools that when we can invest in those types of technologies and capabilities essentially and blow that out to the whole organization. So that's certainly a piece of it.

是的。因此，當我退後一步考慮該計劃時，該區域 - 有幾個可能受到影響的區域在那裡具有連接性。可能第一個是簡化和持續的成本優化。這些類型的倡議範圍很廣。當我們實施一個特定的項目來降低成本時，在細分市場和公司職能之間進行了大量的挑選。當一個人有一個好主意時，我們會將其推向所有人。在某些情況下，我們正在利用這種規模。我們正在做很多集中化的工作，以標準化和離岸後台活動，這種性質的事情，使用數字工具，當我們可以從本質上投資於這些類型的技術和能力並將其推廣到整個組織時。所以這肯定是其中的一部分。

And then when we talk about the -- growing our Cardinal Health brand portfolio, while there's not a lot of crossover selling, we do have the same customers. And so those relationships, those discussions can spot into a variety of different opportunities. So that's not a huge enabler of that type of item, but it could be a component of it. And I would say that, that's probably the areas that there's the most overlap.

然後當我們談論 - 發展我們的 Cardinal Health 品牌組合時，雖然沒有很多交叉銷售，但我們確實擁有相同的客戶。所以那些關係，那些討論可以發現各種不同的機會。所以這不是那種類型的項目的巨大推動者，但它可能是它的一個組成部分。我想說，這可能是重疊最多的領域。

We move now to Elizabeth Anderson of Evercore.

我們現在搬到 Evercore 的 Elizabeth Anderson。

Best wishes, Mike, and excited to where we see you in your new role, Jason. I have a question just in terms of you talked about, I think, on the last call that you had gotten sort of 50% of SKUs sort of at a higher -- you've been able to pass through higher costs there. I was wondering if you could update that because I know you said in your slides, obviously, you were going to have offset about 50% of that gross impact exiting '23, and I know that there are a variety of things in there. So I was just wondering if you could update us on that.

最好的祝福，邁克，很高興看到你擔任新角色，傑森。我有一個關於你談到的問題，我認為，在最後一次電話會議上，你已經獲得了 50% 的 SKU 有點高——你已經能夠在那里通過更高的成本。我想知道您是否可以更新這一點，因為我知道您在幻燈片中說過，很明顯，您將抵消 23 年退出的總影響的約 50%，而且我知道其中有很多東西。所以我只是想知道你是否可以更新我們。

Yes. So that reference to 50% of SKUs was reflective of the expected July 1 price increases. So that is effective July 1. Now since then, we've now discussed and are informing everyone of the October 1 increases. I didn't provide that exact number. But remember, that's just the percentage of SKUs that we're touching. I think the more important way to think about it is the percentage of mitigation that we're targeting. So let me kind of walk through the flow and how I think you should think about it for this upcoming year.

是的。因此，提到 50% 的 SKU 反映了預期的 7 月 1 日價格上漲。所以這從 7 月 1 日起生效。從那時起，我們現在已經討論並正在通知每個人 10 月 1 日的增加。我沒有提供那個確切的數字。但請記住，這只是我們接觸的 SKU 的百分比。我認為考慮它的更重要的方式是我們所針對的緩解百分比。因此，讓我來介紹一下流程，以及我認為您應該如何看待即將到來的一年。

So just as an anchor point I just walked you through in the prepared comments. In Q4 '22, what we just finished is about a 20% mitigation. So we indicated there was a $125 million gross impact with $25 million of pricing, so a 20% mitigation. We expect that 20% with the July increases and phasing in over the quarter. That's going to increase that to 25% average for the first quarter of '23. Now we would expect that to continue to increase each and every quarter over the course of the year as we roll through various other increases. I mean these are the big ways, but there's always going to be other increases along the way and our supplier fees that go along with this, too. And then that 25%, we expect to double by the time we exit fiscal '23. So we expect a run rate of about 50% by the time we exit fiscal '23.

因此，作為一個錨點，我只是在準備好的評論中向您介紹了這些內容。在 22 年第 4 季度，我們剛剛完成了大約 20% 的緩解措施。因此，我們表示有 1.25 億美元的總影響和 2500 萬美元的定價，因此緩解了 20%。我們預計隨著 7 月份的增長和整個季度的逐步增加，這一數字將增加 20%。這將使 23 年第一季度的平均值增加到 25%。現在，隨著我們進行各種其他增長，我們預計這一數字將在一年中的每個季度繼續增長。我的意思是這些都是重要的方式，但在此過程中總會有其他的增長，我們的供應商費用也會隨之而來。然後是 25%，我們預計在我們退出 23 財年時會翻一番。因此，我們預計到我們退出 23 財年時的運行率約為 50%。

And then as I indicated in my comments, we would expect to exit fiscal '24 with 100% mitigation. By the time you get to the end of '24, we would expect that part of this inflation continues to come down. So our gross impact in '24 would trend lower and then our pricing would trend higher until effectively, those 2 numbers offset.

然後正如我在評論中指出的那樣，我們希望以 100% 的緩解措施退出 24 財年。到 24 年底，我們預計通脹的一部分將繼續下降。因此，我們在 24 年的總體影響會趨於下降，然後我們的定價會趨於上升，直到有效地抵消這兩個數字。

We now move to Steven Valiquette of Barclays.

我們現在轉到巴克萊的 Steven Valiquette。

I also just want to congratulate Mike on a rewarding 30-plus years at Cardinal. And Jason here's to you, hoping you'll have 30-plus years at Cardinal as well. I think it will put you in your late 70s, but I think you can do it.

我還想祝賀 Mike 在 Cardinal 工作了 30 多年，收穫頗豐。 Jason 也是給你的，希望你也能在 Cardinal 工作 30 多年。我認為這會讓你進入 70 多歲，但我認為你可以做到。

I'm not sure [if I can do it], but thank you.

我不確定[如果我能做到]，但謝謝。

Just the 10% to 14% revenue growth in pharma, jump-out is pretty high. I guess I was curious for more color on the drivers of growth within that. That's for fiscal '23, obviously. One more color around the double-digit top line within the pharma business.

僅製藥業 10% 到 14% 的收入增長，跳出率就相當高了。我想我很好奇其中的增長驅動因素的更多色彩。顯然，這是針對 23 財年的。製藥業務中兩位數收入的另一種顏色。

Sure. Well, yes, no. Yes, okay. Got it. I think there's a couple of key points. First of all, it's very consistent with what we've done this past year, and that was driven by a couple of key drivers. And I think you should think about the drivers as being similar, because one of the drivers we've referenced a few times is some net new business that we referenced came in beginning in the third quarter of '22. So that would be a little bit more of a front-end loaded type of revenue benefit as we see fiscal '23.

當然。嗯，是的，不是。是的，好的。知道了。我認為有幾個關鍵點。首先，這與我們過去一年所做的非常一致，這是由幾個關鍵驅動因素驅動的。而且我認為您應該將驅動因素視為相似，因為我們多次引用的驅動因素之一是我們引用的一些淨新業務，這些業務始於 22 年第三季度。因此，正如我們在 23 財年看到的那樣，這將更像是一種前端加載類型的收入收益。

And then we've also been highlighting the strength in our large customers, large book PD specialty. And we've seen some really good volume in the brand category. And so as you know, some of that larger customers and some of the brand volume doesn't always bring with it a tremendous amount of margin. But that's one of the reasons why you see very robust revenue growth and still profit growth well within the range of what we've indicated for both our short- and long-term goals. But those are the biggest drivers.

然後我們也一直在強調我們的大客戶、大書 PD 專業的實力。我們在品牌類別中看到了一些非常好的銷量。如您所知，一些較大的客戶和一些品牌數量並不總是帶來巨大的利潤。但這就是為什麼您看到非常強勁的收入增長和利潤增長仍然在我們為我們的短期和長期目標所指出的範圍內的原因之一。但這些是最大的驅動力。

Next, we move to Ricky Goldwasser of Morgan Stanley.

接下來，我們轉向摩根士丹利的 Ricky Goldwasser。

And Mike, all my very best wishes. And Jason, congrats and good luck. So a couple of follow-up questions here. So just to get a sense -- and Jason, thank you for clarifying the $150 million in headwind -- in gross headwind in the first quarter versus the $125 million. So as we think about it, it seems like your -- in your guidance, right, you're assuming that the headwinds are going to get worse in the first quarter versus the run rate, the exit run rate? I just want to make sure that I'm thinking about this correctly, and then will slowly improve throughout the year. As we think about the mitigation, I think your numbers imply about $38 million, right, in mitigation from better pricing in the first quarter. When you're saying 50%, should we assume basically a double from that, so $75 million? I just wanted to kind of like understand the reference of that 50%.

還有邁克，我最誠摯的祝愿。還有傑森，恭喜你，祝你好運。所以這裡有幾個後續問題。所以只是為了了解一下——傑森，感謝你澄清了 1.5 億美元的逆風——第一季度的總逆風與 1.25 億美元的對比。因此，當我們考慮這一點時，您的指導似乎是，對，您假設第一季度的逆風將變得更糟，而不是運行率，退出運行率？我只是想確保我正確地考慮了這一點，然後全年都會慢慢改進。當我們考慮緩解措施時，我認為您的數字意味著大約 3800 萬美元，正確的，以緩解第一季度更好的定價。當你說 50% 時，我們應該假設基本上是 7500 萬美元的兩倍嗎？我只是想有點像理解那 50% 的參考。

And then an additional question on the Cardinal brand because it seems that, that's a really important part of sort of the longer-term plan. It seems that it's about 29% of revenue for the segment that comes from Cardinal Health brand. So one, how do you envision this revenue mix, what it will be by 2025? And then how should we think about sort of the EBIT mix? It's 29% of revenue. What percent is it of profit today?

然後是關於紅衣主教品牌的另一個問題，因為這似乎是長期計劃中非常重要的一部分。似乎大約 29% 的收入來自 Cardinal Health 品牌。那麼，您如何設想這種收入組合，到 2025 年會是什麼？那麼我們應該如何考慮息稅前利潤組合呢？這是收入的 29%。今天的利潤是百分之幾？

Okay. Okay. So starting with the pricing. I think you got it fairly close, but let me clarify a few points. Yes, on -- you got the math right for Q1, that would be pretty close to how you should think about it. So yes, the gross impact is increasing a little bit from the $125 million in Q4 to the $150 million in Q1. And that is -- just to make sure we connect all the dots. Yes, spot prices, we see are starting to soften in a few areas, not all areas because of some going the opposite direction, too. But generally speaking, there's some benefit there, which -- but it's not impacting our P&L because it's got that 2-quarter lag.

好的。好的。所以從定價開始。我想你已經很接近了，但讓我澄清幾點。是的，在 - 你得到了 Q1 的數學正確，這將非常接近你應該如何考慮它。所以是的，總體影響從第四季度的 1.25 億美元略微增加到第一季度的 1.5 億美元。那就是——只是為了確保我們連接所有的點。是的，我們看到現貨價格在一些地區開始走軟，而不是所有地區，因為一些地區也朝著相反的方向發展。但總的來說，那裡有一些好處，但這並沒有影響我們的損益，因為它有兩個季度的滯後。

So when you think about when the international freight specifically, it started reducing dramatically about 2 months ago -- 2, 3 months ago, there was a really big reduction. So you wouldn't expect that and it didn't reduce -- there's been a consistent reduction over the last several weeks. So it's going to take some time for that to flow through. So certainly, Q1 is not going to see any of that benefit. And that's why you see the growth impact still increasing is because that's from 5, 6 months ago as well.

因此，當您具體考慮國際運費時，大約 2 個月前開始大幅減少 - 2、3 個月前，減少幅度非常大。所以你不會想到它並沒有減少 - 在過去的幾周里一直在減少。因此，它需要一些時間才能通過。所以當然，第一季度不會看到任何好處。這就是為什麼你看到增長影響仍在增加的原因是因為那也是從 5 個月、6 個月前開始的。

As we think about the exit, and you're trying to get the math on the pricing, is the pricing double from that $37 million, $38 million probably not because what you're missing, I think, in your math is that, that $150 million should come down over the course of the year. We are anticipating it will come down in part because of that international freight. So that will begin to come down and then pricing will continue to go up. But by the time we exit, again, that exit rate would be around that 50%. But lower than the $150 million and higher than the $37 million, $38 million from the first quarter.

當我們考慮退出時，您正在嘗試計算定價，定價是 3700 萬美元的兩倍，3800 萬美元可能不是因為您缺少的東西，我認為，在您的數學中， 1.5 億美元應該會在一年內減少。我們預計它將部分由於國際貨運而下降。所以這將開始下降，然後價格將繼續上漲。但是，當我們再次退出時，退出率將在 50% 左右。但低於第一季度的 1.5 億美元和高於 3700 萬美元的 3800 萬美元。

As it relates to the revenue mix, that's hard to say. I'm not ready to answer that specifically. The one thing I'll highlight is, as we indicated, $2.4 billion of revenue for at-Home, this is a meaningful number when you look at that. So it's a matter of are you doing calculations on the full segment or only on medical products and distribution? At $2.4 billion of revenue, it's been growing consistently at 10%. We expect to continue growing robustly. And so that will, in a way, have a mix effect, so a percentage of revenue in the total segment, that will be a bigger piece of medical product distribution, most likely will be the smaller piece. So we'll need a little bit more math before we can respond more clearly on that one.

由於它與收入組合有關，這很難說。我還沒準備好具體回答。正如我們所指出的，我要強調的一件事是，24 億美元的家庭收入，當你看到這個數字時，這是一個有意義的數字。所以問題是你是對整個細分市場進行計算還是僅對醫療產品和分銷進行計算？它的收入為 24 億美元，一直以 10% 的速度增長。我們預計將繼續強勁增長。因此，在某種程度上，這將產生混合效應，因此佔總收入的百分比，這將是醫療產品分銷的較大部分，很可能是較小的部分。因此，我們需要更多的數學知識才能更清楚地對此做出回應。

We now move to Eric Percher of Nephron Research. We move to our next question, Charles Rhyee of Cowen.

我們現在轉向 Nephron Research 的 Eric Percher。我們轉到下一個問題，Cowen 的 Charles Rhyee。

Mike, congratulations and best wishes with everything. And Jason, I look forward to working -- continuing working with you. I wanted just to maybe follow up, Jason, you talked about really using the cash and deploying it. And obviously, you outlined an amount for share repurchase. When you think about getting to the $650 million sort of target in Medical operating profit, can you talk about maybe sort of M&A or other kind of capabilities that you might want to add? I know that we spent the last few years actually divesting assets. But is part of that growth inorganic as well?

邁克，恭喜你，祝你一切順利。 Jason，我期待著與您繼續合作。我只是想跟進一下，傑森，你談到了真正使用現金並進行部署。顯然，您概述了股票回購的金額。當您考慮達到 6.5 億美元的醫療運營利潤目標時，您能否談談您可能想要添加的併購或其他類型的能力？我知道過去幾年我們實際上是在剝離資產。但是，這種增長的一部分也是無機的嗎？

And then secondly, Producer Price Index kind of fell below -- was below what people expected. When we think about the gross impact from inflationary pressures, are you starting to see some of that ease as well given sort of this July report?

其次，生產者價格指數低於人們的預期。當我們考慮通脹壓力的總體影響時，您是否開始看到一些緩解以及考慮到這份 7 月份的報告？

Okay. So the short answer for the Medical Improvement Plan is no. M&A is not a cornerstone of that plan. We will be looking to always augment, especially our growth businesses. So when I -- when we talk about that second point, accelerating our growth businesses, primarily at-Home Solutions, that is very much an organic investment story. We are investing in distribution capacity. That 10% growth does mean that we have some constraints, and we need to invest in that to ensure that, that business can continue to grow profitably. So that is not a cornerstone. In fact, I would say maybe a little bit of the opposite. A lot of what this plan is, is very focused on the core. It's very focused on -- we have -- we just increased our CapEx guidance this year from where it's been in the past.

好的。因此，醫療改進計劃的簡短回答是否定的。併購不是該計劃的基石。我們將始終尋求擴大，尤其是我們的增長業務。所以當我 - 當我們談論第二點時，加速我們的增長業務，主要是家庭解決方案，這是一個非常有機的投資故事。我們正在投資分銷能力。 10% 的增長確實意味著我們有一些限制，我們需要對此進行投資以確保該業務能夠繼續盈利增長。所以這不是基石。事實上，我會說可能有點相反。這個計劃的很多內容都非常關注核心。它非常關注 - 我們已經 - 我們今年剛剛從過去的水平上增加了我們的資本支出指導。

That was hinted at and signaled last quarter, where we talked about some of these capacity investments that, again, we still are relatively low risk and a good return. So it's more of that type of investment that we're focused on, and that we believe is a better balance of risk and return as we drive this plan forward. We won't ever ignore it, and it could be a pillar -- or I'm sorry, it could be an enabler at some point later on, but it's not the focus and not necessary for what we're doing.

上個季度已經暗示並表明了這一點，我們在那裡談到了其中一些產能投資，同樣，我們仍然是相對較低的風險和良好的回報。因此，我們關注的更多是那種類型的投資，並且我們認為在我們推動這個計劃的過程中可以更好地平衡風險和回報。我們永遠不會忽視它，它可能是一個支柱——或者我很抱歉，它可能會在以後的某個時候成為推動者，但這不是重點，也不是我們正在做的事情所必需的。

As it relates to PPI, I think just one, maybe. I kind of talked about a lot of the pieces, but one area that is often referenced as a key driver for a lot of our cost is just oil in general. That has come down. So PPI in general, I don't pay much attention to. I do look at the price of oil at least 2, 3 times a day. It does have an impact on a lot of input costs and we talk about polypropylene, polyethylene, polystyrene, all these have some input costs that are petroleum based that does impact it.

由於它與 PPI 有關，我認為可能只有一個。我談到了很多事情，但通常被稱為我們很多成本的關鍵驅動因素的一個領域就是一般的石油。那已經下來了。所以一般的PPI，我不太關注。我確實每天至少看 2、3 次石油價格。它確實對很多投入成本有影響，我們談論聚丙烯、聚乙烯、聚苯乙烯，所有這些都有一些以石油為基礎的投入成本，確實會影響它。

But the supply/demand dynamics are so wonky right now that it's hard to see a one-for-one transition of these input costs. And I think at some point, that will come through, but we're really not seeing it that much. We are seeing lower diesel costs, so that's going in the right direction. That -- I would expect at some point will help with the transportation rates, but we're not necessarily seeing those elements, where it is most striking is the international freight. And that continues to be the one that is clearly running lower but it's just going to take time for that to run through our P&L.

但是現在的供需動態非常不穩定，很難看到這些投入成本一對一的轉變。我認為在某些時候，這會實現，但我們真的沒有看到那麼多。我們看到柴油成本降低，所以這是朝著正確的方向發展。那 - 我希望在某些時候有助於提高運輸費率，但我們不一定會看到這些因素，其中最引人注目的是國際貨運。這仍然是明顯走低的那個，但它只是需要時間才能貫穿我們的損益表。

But I wouldn't call that an inflation-driven or input cost-driven point, the cost of diesel fuel for a freight are small. It's the supply and demand dynamics that we're all out of whack early on the pandemic that appear to be getting a bit more in line. And that's why at this point, I believe that, that cost will maybe not keep going down at the pace of that going down, but it does feel like we're seeing more flat and down days for those costs than updates. Everything else, we're going to have to get more data to be able to provide additional input.

但我不會將其稱為通脹驅動或投入成本驅動的觀點，貨運的柴油成本很小。在大流行初期，供需動態似乎變得更加一致。這就是為什麼在這一點上，我相信，該成本可能不會以下降的速度繼續下降，但確實感覺我們看到這些成本比更新更平穩和下降的日子。其他一切，我們將不得不獲得更多數據才能提供額外的輸入。

We now move to Kevin Caliendo of UBS.

我們現在轉到 UBS 的 Kevin Caliendo。

Again, congrats to both you, Mike and Jason. I guess my question is going back to the Medical segment. There's a lot of execution that needs to take place between now and 2025 to hit these targets. Are you happy with the team in place? How do you enhance your probability of success here internally? Is it bringing in new people, more people? Or do you feel the team in place can do it?

再次恭喜你們，邁克和傑森。我想我的問題要回到醫療領域。從現在到 2025 年，需要執行大量工作才能實現這些目標。您對現有的團隊滿意嗎？您如何在內部提高成功的可能性？它會帶來新的人，更多的人嗎？或者你覺得在位的團隊可以做到嗎？

And the second part of that question is a lot of this is price increases, which you've talked about. How are you competitively positioned now when it comes to price? You talked earlier about losing some share in Medical because of PPE capacity and availability earlier. How are you now positioned competitively when it comes to pricing? And are customers asking for any offsets anywhere else? I know you talked about some guarantees and the like, but I just want to understand the competitive positioning as well.

這個問題的第二部分是價格上漲，你已經談到了。在價格方面，您現在的競爭地位如何？您之前談到由於 PPE 的容量和可用性而失去了一些醫療份額。在定價方面，您現在的競爭地位如何？客戶是否在其他任何地方要求任何補償？我知道你談到了一些保證之類的，但我也想了解競爭定位。

Yes, I am happy with the team in place. This is our plan. They've been working on this for quite some time. We have shared elements of it conceptually with our investors, with you all in the past. What this is doing is putting a finer point on this plan and making it more visible, the commitments that we're making. We are leaning into some of the investments I mentioned before, especially on the CapEx. I do think that we need to continue to augment some of the capabilities. We have several very key new team members on that team, that when you think about a lot of the supply chain challenges that we're talking about over -- especially this past year and even with last quarter, we have augmented the team significantly with terrific talent, industry-relevant talent, but most importantly, product talent, talent that knows the supply chain knows manufacturing that was able to make an immediate impact in finalizing this plan and allowing us to take it over the line.

是的，我對現有的團隊感到滿意。這是我們的計劃。他們已經為此工作了很長一段時間。過去，我們在概念上與我們的投資者以及你們所有人共享了它的元素。這樣做是在這個計劃上提出一個更好的觀點，並使其更加明顯，我們正在做出的承諾。我們傾向於我之前提到的一些投資，尤其是在資本支出方面。我確實認為我們需要繼續增強一些能力。我們在那個團隊中有幾個非常關鍵的新團隊成員，當你考慮到我們正在談論的很多供應鏈挑戰時——尤其是在過去的一年，甚至在上個季度，我們已經通過以下方式顯著擴充了團隊非常棒的人才，與行業相關的人才，但最重要的是，產品人才，了解供應鏈的人才了解能夠對最終確定該計劃並讓我們接管生產線產生直接影響的製造。

So I would not be presenting it this way if I didn't have the confidence that we have the people behind it to actually execute it. The other thing I'll say about a plan like this is I absolutely understand the intent of your question because there are several things that need to happen here. And one thing I've learned in my 2 years here is that it's not what's on the piece of paper that ends up taking a sideways. It's the things that are unforeseen like COVID and like inflation. And so with that said, that's why you see after every single one of these actions, at least or $60 million plus or $50 million plus is because our internal plans are definitely more aggressive than this. And we know that there's going to be some unforeseen things that are going to make us exceed some of these items so that we can hit it. So yes, a lot of execution, but we have the team and we have the plan in place, and that's where we have to start.

因此，如果我不相信我們有支持它的人來實際執行它，我就不會以這種方式呈現它。關於這樣的計劃，我要說的另一件事是我完全理解你的問題的意圖，因為這裡需要發生幾件事。我在這裡的兩年中學到的一件事是，最終橫盤整理的並不是紙上的內容。這是無法預見的事情，例如 COVID 和通貨膨脹。話雖如此，這就是為什麼你在每一項行動之後都會看到，至少或超過 6000 萬美元或超過 5000 萬美元，因為我們的內部計劃肯定比這更激進。而且我們知道會有一些不可預見的事情會讓我們超過這些項目中的一些，以便我們能夠擊中它。所以是的，很多執行，但我們有團隊，我們有適當的計劃，這就是我們必須開始的地方。

As it relates to your question on competitiveness, I think I'd like to answer that maybe a little bit more broadly because let's just talk about inflation. As long as we have a cost-competitive sourcing, manufacturing footprint, then inflation that we incur absolutely needs to be pushed down to the final customer. By its nature, inflation in most industries, the most periods of time, don't get absorbed in the supply chain, there's not -- especially in distribution, there's not the margin to absorb inflation. And so when that higher cost with the industry's cost, over a longer period of time, we would expect that to flow, generally speaking. But how you get there is a very choppy type of process. That's why this is taking 2, 3 years. It's also certainly because of the contracting nature where a lot of this is rolling over into more permanent contracts in addition to shorter-term actions.

由於它與你關於競爭力的問題有關，我想我想回答的可能更廣泛一些，因為讓我們只談談通貨膨脹。只要我們擁有具有成本競爭力的採購、製造足跡，那麼我們所產生的通貨膨脹絕對需要被推到最終客戶身上。就其本質而言，大多數行業、大部分時間段的通脹不會被供應鏈吸收，沒有——尤其是在分銷方面，沒有吸收通脹的餘地。因此，當更高的成本與行業的成本相提並論時，在更長的一段時間內，我們通常會期望它會流動。但是你如何到達那裡是一個非常不穩定的過程。這就是為什麼這需要2、3年的時間。這當然也是因為合同性質，除了短期行動之外，其中很多都轉入更永久的合同。

So there's nothing about industry dynamics. There's nothing about our competitiveness that indicates that we should be losing margin here. We have to be versatile and move our supply chain if we're uncompetitive in a particular area. But if we're competitive from a cost perspective, there's no reason we shouldn't go back to historical margins.

因此，與行業動態無關。我們的競爭力沒有任何跡象表明我們應該在這裡失去利潤。如果我們在特定領域沒有競爭力，我們必須多才多藝並移動我們的供應鏈。但是，如果我們從成本的角度來看具有競爭力，那麼我們沒有理由不回到歷史利潤率。

We now take our last question today from Eric Percher of Nephron Research.

我們現在從 Nephron Research 的 Eric Percher 那裡回答我們今天的最後一個問題。

Am I coming through this time?

我這次能熬過去嗎？

Yes.

是的。

Perfect. So Jason, as you take on the new role, I think a couple of questions came down to what you will do different. And what I heard during the call was you've had a desire to be more aggressive on returning capital to shareholders. And opioid settlement behind you, strong balance sheet, we're going to see that. I heard the focus on cost management. I want to ask if there are other elements that you think are important for us to understand. And then I want to also ask pointedly, will you reassess the portfolio and consider whether Medical and pharmacy -- pharma need to be together long term?

完美的。所以傑森，當你擔任新角色時，我認為有幾個問題可以歸結為你將做哪些不同的事情。我在電話會議中聽到的是，您希望更積極地向股東返還資本。而你身後的阿片類藥物結算，強大的資產負債表，我們將看到這一點。我聽說對成本管理的關注。我想問一下，您認為是否還有其他元素對我們來說很重要。然後我還想有針對性地問，你會重新評估投資組合併考慮醫療和藥學——製藥是否需要長期合作？

Yes. So let me start. Well, whenever I step into any project, let alone a role, it is always about defining where the best opportunity to create value. Where is the opportunities, what are the challenges? And what is clear to me is that until we can get better evidence of the progress on our Medical business, we're going to be challenged. And so that is why I'm so focused on this Medical Improvement Plan, why we provided such clarity on it is that it is absolutely one of, if not my greatest focus especially in the near term.

是的。那麼讓我開始吧。好吧，每當我進入任何項目時，更不用說角色了，我總是要定義創造價值的最佳機會。機遇在哪裡，挑戰在哪裡？對我來說很清楚的是，在我們能夠更好地證明我們的醫療業務取得進展之前，我們將面臨挑戰。這就是為什麼我如此專注於這個醫療改進計劃，為什麼我們提供如此明確的原因是它絕對是我最大的關注之一，尤其是在短期內。

And when you think about kind of any type of process to fix anything, it has to be, first and foremost, defining what the challenge is. And I do want to step back for a moment. When you think about the challenges in the medical, I know there's been a lot of adjustments, I know there's been a lot of noise. But when you think about the vast majority of the issues, they do stem from one very common theme, it is related to the supply chain.

當您考慮採用任何類型的流程來解決任何問題時，首先必須定義挑戰是什麼。我確實想退後一步。當你想到醫療方面的挑戰時，我知道有很多調整，我知道有很多噪音。但是當你考慮絕大多數問題時，它們確實源於一個非常普遍的主題，它與供應鏈有關。

Now I can start and highlight all the external influences with that and blame things that have happened to us, and then it's very, very true. But when you think about where we were pre-COVID, this type of business, this type of industry was extremely stable. Our volume is predictable, especially in areas like PPE to think about going up 5, 10x in terms of demand overnight and then not having a supply chain that could adjust with that, it really impacted our ability to execute in that environment, in our diverse, low-cost global footprint, what went from a strength to a challenge pretty much overnight. So now we've learned from that. That's what this plan is talking about. It's building in resiliency and capacity into our system so we can be a lot more flexible. We can derisk the model while also growing profitable categories.

現在我可以開始並以此強調所有外部影響，並指責發生在我們身上的事情，然後這是非常非常真實的。但是，當您考慮到我們在 COVID 之前所處的位置時，這種類型的業務，這種類型的行業非常穩定。我們的數量是可以預測的，特別是在 PPE 等領域，考慮到需求在一夜之間增加 5 倍、10 倍，然後沒有可以調整的供應鏈，這確實影響了我們在那種環境中的執行能力，在我們多樣化的環境中，低成本的全球足跡，幾乎在一夜之間從實力變成了挑戰。所以現在我們已經從中吸取了教訓。這就是這個計劃所說的。它在我們的系統中建立彈性和容量，因此我們可以更加靈活。我們可以在增加盈利類別的同時取消該模型的風險。

So this is very much a cornerstone of what needs to be the focus, but it's not just cost, it's simplification to reduce cost. It's also about driving the right volume, driving organic buying, driving high-margin volume and simplifying everything about how we operate so that we can be more nimble and we can derisk. And then, again, within both segments, there is an absolute need to continue to grow our growth businesses. What you heard me say today was more of an emphasis on specialty and on at-Home. Of course, we love all of our growth businesses. But what I'm really indicating here is for us to achieve the $650 million, what we need are those 2 businesses to continue to grow the top line and to have a good flow-through on that incremental volume that comes with it. And with that, then we have high confidence that we'll be able to get the pieces of growth for both segments necessary to hit their longer-term objectives.

因此，這在很大程度上是需要關注的基石，但這不僅僅是成本，而是降低成本的簡化。這也是關於推動正確的銷量、推動有機購買、推動高利潤銷量並簡化我們的運營方式，以便我們可以更加靈活，我們可以冒險。然後，再次，在這兩個領域中，絕對需要繼續發展我們的增長業務。你今天聽到我說的更多是強調專業和在家。當然，我們熱愛我們所有的成長型業務。但我在這裡真正要說明的是我們要實現 6.5 億美元，我們需要的是這 2 家業務來繼續增長收入，並在隨之而來的增量交易量上獲得良好的流通。有了這個，我們就有很高的信心，我們將能夠獲得實現其長期目標所必需的兩個細分市場的增長。

So that is very much a growth-based story, but it's about, again, prioritization and being really, really focused on the core of both businesses so that these 2 growth businesses can build from there.

所以這在很大程度上是一個基於增長的故事，但它再次強調優先級，並真正、真正專注於兩個業務的核心，以便這兩個增長業務可以從那裡建立起來。

In terms of the portfolio, it's something that I believe in continually evaluating our portfolio for all of our businesses. And the company has demonstrated this in the past. You know about China naviHealth and more recently, Cordis. We've monetized several billion dollars over the last several years through those activities and was responsible with the capital deployment thereafter. I'm not going to attempt to define what the appropriate long-term course of action is for this business, for the Medical business. But under all scenarios, what's really, really clear to me is that the near-term actions need to be very focused on this improvement plan, and then that will set us up for the best actions thereafter.

就投資組合而言，我相信不斷評估我們所有業務的投資組合。該公司過去已經證明了這一點。您知道中國 naviHealth 和最近的康得思。在過去幾年中，我們通過這些活動賺取了數十億美元，並負責此後的資本部署。我不會試圖為這項業務、醫療業務定義適當的長期行動方案。但在所有情況下，我真正非常清楚的是，近期行動需要非常關注這個改進計劃，然後這將為我們之後的最佳行動做好準備。

I would now like to turn the call back over to Mr. Mike Kaufmann for any additional or closing remarks.

我現在想將電話轉回給 Mike Kaufmann 先生，以獲得任何補充或結束語。

Thank you. Before Jason ends the call, I would like to say that I appreciate all of your congratulations and comments and enjoyed working with all of you. I look forward to a smooth transition with Jason, and have complete confidence in his leadership. Jason, to you.

謝謝你。在 Jason 結束通話之前，我想說感謝您的所有祝賀和評論，並且很高興與大家一起工作。我期待與傑森的順利過渡，並對他的領導能力充滿信心。傑森，給你。

Yes. Thanks, Mike. I want to also thank everybody for taking the time to be on the call today and for all your questions. In addition to the leadership succession, I acknowledge that we drew a lot out of you today, including new disclosures, various puts and takes and examples of incremental actions that we are taking. We did all this in an effort to provide additional visibility as we are confident and excited about these opportunities to drive growth. But there are 3 key takeaways I want to make sure that you have: first, we are committed to improving our results, as demonstrated by the introduction of our Medical Improvement Plan. Second, we continue to be encouraged by the resiliency of our pharma segment, which continues to meet both our short- and long-term objectives. And third, that we continue to take actions that are in our shareholders' best interest.

是的。謝謝，邁克。我還要感謝大家抽出時間參加今天的電話會議並提出所有問題。除了領導層的繼任，我承認我們今天從你們那裡學到了很多東西，包括新的披露、各種看跌期權以及我們正在採取的漸進行動的例子。我們這樣做是為了提供更多的知名度，因為我們對這些推動增長的機會充滿信心和興奮。但我想確保您擁有 3 個關鍵要點：首先，我們致力於改善我們的結果，正如我們推出的醫療改進計劃所證明的那樣。其次，我們繼續對製藥部門的彈性感到鼓舞，這將繼續滿足我們的短期和長期目標。第三，我們將繼續採取符合股東最佳利益的行動。

With that, thank you, and have a great day.

有了這個，謝謝你，祝你有美好的一天。

Thank you. Ladies and gentlemen, that will conclude today's conference call. Thank you for your participation. You may now disconnect.

謝謝你。女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。