卡地納健康 (CAH) 2023 Q1 法說會逐字稿

Good day, and welcome to the First Quarter Fiscal Year 2023 Cardinal Health Earnings Conference Call. Today's call is being recorded.

美好的一天，歡迎參加 2023 財年第一季度 Cardinal Health 收益電話會議。今天的電話正在錄音。

I will now hand the call over to Kevin Moran, Vice President of Investor Relations. Please go ahead, sir.

我現在將把電話轉給投資者關係副總裁凱文莫蘭。請繼續，先生。

Good morning, and welcome. Today, we will discuss Cardinal Health's First Quarter Fiscal 2023 Results, along with updates to our full year outlook. You can find today's press release and earnings presentation on the IR section of our website at ir.cardinalhealth.com. Joining me today are Jason Hollar, Chief Executive Officer; and Trish English, Interim Chief Financial Officer.

早上好，歡迎光臨。今天，我們將討論 Cardinal Health 的 2023 財年第一季度業績，以及對全年展望的更新。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。今天加入我的是首席執行官 Jason Hollar；以及臨時首席財務官 Trish English。

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 the 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 the schedules attached to our press release. During the Q&A portion of today's call, we please ask that you try and limit yourself to one question so that we can try and give everyone in the queue an opportunity.

請注意，在今天的討論中，我們的評論將基於非公認會計原則，除非它們被明確稱為公認會計原則。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。在今天電話會議的問答部分，我們請您嘗試將自己限制在一個問題上，以便我們可以嘗試為隊列中的每個人提供機會。

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

有了這個，我現在將把電話轉給傑森。

Thanks, Kevin, and good morning, everyone. Now that I've had a couple of months to settle into the CEO role, I'm feeling even more energized and excited about the opportunities in front of us. By recent conversations with customers, suppliers, employees and shareholders have reinforced my perceptions that our company's role in health care and our mission to improve the lives of people every day remain as critical as ever. Our customers and their patients rely on us to deliver the right products to the right places at the right time. And yet, there's also a collective recognition of the need for simplification, focused execution and clarification of our company's strategic direction.

謝謝，凱文，大家早上好。現在我已經有幾個月的時間來適應 CEO 的角色，我對擺在我們面前的機會感到更加充滿活力和興奮。通過最近與客戶、供應商、員工和股東的對話，我進一步認識到，我們公司在醫療保健領域的作用以及我們每天改善人們生活的使命與以往一樣重要。我們的客戶和他們的患者依靠我們在正確的時間將正確的產品送到正確的地點。然而，人們也集體認識到需要簡化、集中執行和明確我們公司的戰略方向。

Our goal today, along with reviewing our recent results is to summarize the key near-term priorities and progress to date on our plans, which I will discuss later in my remarks. However, before I turn it over to Trish, let me share some initial perspective on the first quarter.

我們今天的目標以及回顧我們最近的結果是總結近期的關鍵優先事項和迄今為止我們計劃的進展，我將在稍後的發言中討論。然而，在我把它交給 Trish 之前，讓我分享一些對第一季度的初步看法。

Overall, our performance in the first quarter demonstrated continued stable fundamentals in our largest business and tangible progress in medical.

總體而言，我們在第一季度的表現表明我們最大的業務基本面持續穩定，醫療方面取得了切實進展。

In Pharma, we tracked slightly ahead of our expectations as we delivered growth while managing industry-wide inflationary headwinds. We are encouraged by the ongoing stability in prescription volumes and strong performance of our Generics program. In Medical, the quarter's results were also a little better than expectations we announced in September.

在製藥方面，我們在實現增長的同時管理全行業的通脹逆風，其追踪略高於我們的預期。我們對處方量的持續穩定和我們的仿製藥項目的強勁表現感到鼓舞。在醫療方面，本季度的業績也略好於我們在 9 月份宣布的預期。

While I'm pleased with our team's efforts in the quarter to achieve these results, there is more work to be done to drive better, more predictable financial performance in line with the underlying potential of this business. We are highly focused on executing our Medical Improvement Plan initiatives, which I'll cover in greater detail later in my remarks.

雖然我對我們的團隊在本季度為實現這些結果所做的努力感到高興，但仍有更多工作要做，以根據該業務的潛在潛力推動更好、更可預測的財務業績。我們高度專注於執行我們的醫療改進計劃舉措，我將在稍後的發言中更詳細地介紹這些舉措。

Across the company, our team is operating with urgency to drive our businesses forward and committed to creating value for our shareholders.

在整個公司中，我們的團隊正在緊急推動我們的業務向前發展，並致力於為我們的股東創造價值。

Now I'll turn it over to Trish to dive deeper into our results and outlook.

現在，我將把它交給 Trish，以更深入地了解我們的結果和前景。

Thanks, Jason, and good morning, everyone. It's great to speak with you all. Today, I'll share details on 3 areas of focus. Our consolidated first quarter results, the key drivers underlying our segment's performance and our updated fiscal '23 outlook before turning it back to Jason for final remarks.

謝謝，傑森，大家早上好。很高興與大家交談。今天，我將分享 3 個重點領域的詳細信息。我們的第一季度綜合業績、我們部門業績的主要驅動因素以及我們更新的 23 財年展望，然後將其轉回傑森進行最後評論。

First quarter total company revenue increased 13%, driven by Pharma segment sales growth. Gross margin decreased 2% to $1.6 billion due to net inflationary impact in medical and one month impact of the Cordis divestiture, partially offset by our Pharma Generics program performance. Consolidated SG&A increased 7%, reflecting inflationary supply chain costs and other operating expenses such as higher costs to support Pharma sales growth. This increase was partially offset by the Cordis divestiture and benefits from enterprise-wide cost savings initiatives. Operating earnings decreased 20% to $423 million reflecting the decline in Medical segment profit, primarily due to net inflationary impact and partially offset by growth in Pharma segment profit.

第一季度公司總收入增長 13%，受製藥部門銷售增長的推動。毛利率下降 2% 至 16 億美元，原因是醫療行業的淨通脹影響和 Cordis 資產剝離的一個月影響，部分被我們的仿製藥項目業績所抵消。綜合 SG&A 增長 7%，反映了供應鏈成本和其他運營費用的上漲，例如支持醫藥銷售增長的更高成本。這一增長被 Cordis 的資產剝離和企業範圍內的成本節約計劃所帶來的好處部分抵消。營業利潤下降 20% 至 4.23 億美元，反映了醫療部門利潤的下降，主要是由於淨通脹影響，部分被製藥部門利潤的增長所抵消。

Now moving below the line. Interest and Other decreased 25% to $27 million, primarily driven by increased interest income from cash and equivalents. As a reminder, our debt is largely fixed rate, resulting in a net benefit from rising interest rates.

現在移動到線以下。利息和其他減少 25% 至 2,700 萬美元，主要是由於現金和等價物的利息收入增加。提醒一下，我們的債務主要是固定利率，從而從利率上升中獲得淨收益。

Our first quarter effective tax rate finished at 16.9%, approximately 7 percentage points lower than prior year due to certain favorable discrete items. Diluted weighted average shares were $273 million, 6% lower than a year ago due to share repurchases. We are focused on balanced disciplined and shareholder-friendly capital deployment and in mid-September, we initiated a $1 billion accelerated share repurchase program that we expect to complete in the second quarter. The net result for the quarter was earnings per share of $1.20.

由於某些有利的離散項目，我們第一季度的有效稅率為 16.9%，比上年低約 7 個百分點。由於股票回購，稀釋加權平均股票為 2.73 億美元，比一年前下降 6%。我們專注於平衡的紀律和股東友好的資本配置，並在 9 月中旬啟動了一項 10 億美元的加速股票回購計劃，我們預計該計劃將在第二季度完成。本季度的淨收益為每股收益 1.20 美元。

Now turning to the balance sheet. We generated first quarter operating cash flow of approximately $25 million. This includes total litigation payments of approximately $390 million, primarily consisting of the second payment under the national opioid settlement. Adjusted free cash flow in our first quarter was $342 million. We ended the period with a cash position of $3.5 billion with no outstanding borrowings on our credit facility.

現在轉向資產負債表。我們產生了大約 2500 萬美元的第一季度運營現金流。這包括大約 3.9 億美元的總訴訟付款，主要包括根據國家阿片類藥物和解的第二筆付款。我們第一季度調整後的自由現金流為 3.42 億美元。我們在本期結束時擁有 35 億美元的現金頭寸，我們的信貸額度沒有未償還的借款。

Now turning to the segments, beginning with Pharma on Slide 5. First quarter revenue increased 15% to $46 billion driven by branded pharmaceutical sales growth from existing and net new Pharmaceutical Distribution and Specialty customers. Pharma segment profit increased 6% to $431 million, driven by Generic program performance and a higher contribution from Brand and Specialty products, partially offset by inflationary supply chain costs.

現在轉向細分市場，從幻燈片 5 中的 Pharma 開始。第一季度收入增長 15% 至 460 億美元，這是由現有和淨新的藥品分銷和專業客戶的品牌藥品銷售增長推動的。製藥部門的利潤增長了 6%，達到 4.31 億美元，這得益於通用計劃的表現以及品牌和特種產品的更高貢獻，部分被通貨膨脹的供應鏈成本所抵消。

During the quarter, we were pleased to see strong execution and continued consistent market dynamics in our Generics program, including Red Oak. As we've previously noted, inflation continues to impact supply chain costs across the industry, particularly within transportation and labor. We saw an approximate $20 million year-over-year headwind from these areas, which was consistent with our expectations. This headwind was effectively offset by year-over-year tailwind on from our completed ERP technology enhancements and lower opioid-related legal costs.

在本季度，我們很高興看到我們的仿製藥項目（包括紅橡樹）的強大執行力和持續一致的市場動態。正如我們之前所指出的，通貨膨脹繼續影響整個行業的供應鏈成本，尤其是在運輸和勞動力方面。我們看到來自這些領域的同比逆風約為 2000 萬美元，這與我們的預期一致。這一不利因素被我們完成的 ERP 技術改進和與阿片類藥物相關的法律成本降低所帶來的同比順風有效地抵消了。

Okay. Turning to Medical on Slide 6. First quarter revenue decreased 9% to $3.8 billion, driven by lower products and distribution sales, primarily due to PPE pricing and volumes, and to a lesser extent, the Cordis divestiture. Continued strong growth in our at-Home Solutions business offset some of this revenue decline. Medical segment loss of $8 million was due to net inflationary impact in products and distribution as well as a lower contribution from PPE, both of which I will discuss in more detail. Importantly, these results reflect approximately $20 million in total inventory charges related to our previously announced simplification actions. This includes the sale of our gloves portfolio that is primarily utilized in non-health care industries.

好的。在幻燈片 6 上轉向醫療。第一季度收入下降 9% 至 38 億美元，主要是由於 PPE 定價和銷量下降，以及較小程度上是 Cordis 的剝離。我們家庭解決方案業務的持續強勁增長抵消了部分收入下降。醫療部門虧損 800 萬美元是由於產品和分銷的淨通脹影響以及 PPE 的貢獻較低，我將更詳細地討論這兩者。重要的是，這些結果反映了與我們先前宣布的簡化行動相關的大約 2000 萬美元的總庫存費用。這包括出售我們主要用於非醫療保健行業的手套產品組合。

As a reminder, this noncore product line has been a source of volatility and distraction in recent years. These actions, despite the onetime costs are an example of our ongoing commitment to strengthening the medical product and distribution business through simplification.

提醒一下，這種非核心產品線近年來一直是波動和分心的來源。儘管有一次性成本，但這些行動是我們不斷致力於通過簡化來加強醫療產品和分銷業務的一個例子。

During the quarter, the growth impact incremental inflation in our products and distribution business was in line with our expectations of approximately $150 million, and we successfully achieved our inflation mitigation target of 25%. Our mitigation efforts have continued to accelerate, most notably with the implementation of the second wave of product pricing actions in July. Jason will elaborate on our plans for further mitigation shortly.

在本季度，我們的產品和分銷業務的增長影響增量通脹符合我們約 1.5 億美元的預期，我們成功實現了 25% 的通脹緩解目標。我們的緩解工作繼續加速，尤其是在 7 月份實施了第二波產品定價行動。 Jason 將在不久後詳細說明我們的進一步緩解計劃。

Now a quick update on the overall utilization environment. We've previously noticed some overall volume softness in our products and distribution business including a lower demand for PPE, which we believe primarily reflects customers' higher inventory levels. In the first quarter, we saw generally consistent overall products and distribution volumes sequentially, including with PPE. While we do anticipate gradual improvement in volumes relative to these recent lows, we continue to expect choppiness in demand levels going forward.

現在快速更新整體使用環境。我們之前註意到我們的產品和分銷業務的整體銷量疲軟，包括對 PPE 的需求下降，我們認為這主要反映了客戶較高的庫存水平。在第一季度，我們看到整體產品和分銷量大體一致，包括 PPE。雖然我們確實預計銷量會相對於近期低點逐漸改善，但我們仍預計未來需求水平將出現波動。

Now for our fiscal '23 outlook, beginning on Slide 8. We are reiterating our EPS guidance of $5.05 to $5.40. This includes our updated medical segment outlook, which has been adjusted for the impact of simplification actions in the first quarter and a few below-the-line improvement. Based on the first quarter performance, we are confident in lowering the top end of the ranges for interest and other, our effective tax rate and diluted weighted average shares for the fiscal year. We now expect I&O in the range of $140 million to $160 million, an ETR between 23% and 24% and diluted shares between $262 million to $264 million. Our expectations for the remaining items listed on Slide 8 remain unchanged.

現在是我們的 23 財年展望，從幻燈片 8 開始。我們重申每股收益指引為 5.05 美元至 5.40 美元。這包括我們更新的醫療部門展望，該展望已針對第一季度簡化行動的影響和一些線下改進進行了調整。根據第一季度的表現，我們有信心降低本財年利息和其他有效稅率和稀釋加權平均股票的上限。我們現在預計 I&O 將在 1.4 億美元至 1.6 億美元之間，ETR 在 23% 至 24% 之間，稀釋後股票在 2.62 億美元至 2.64 億美元之間。我們對幻燈片 8 中列出的其餘項目的預期保持不變。

We are also reiterating our fiscal '23 outlook for the Pharma segment seen on Slide 9. We continue to expect revenue growth in the range of 10% to 14% and segment profit growth in the range of 2% to 5%. Before transitioning to medical, 2 key call-outs on the Pharma cadence. First, with stronger start to the year, we now expect more balanced year-over-year profit growth between the first and second half of fiscal '23. And specifically, for the second quarter, we expect segment profit dollars to be similar to the first quarter.

我們還重申了我們在幻燈片 9 中看到的 23 財年對製藥部門的展望。我們繼續預計收入增長在 10% 到 14% 之間，部門利潤增長在 2% 到 5% 之間。在過渡到醫療之前，請注意 Pharma 節奏的 2 個關鍵點。首先，隨著今年開局強勁，我們現在預計 23 財年上半年和下半年之間的同比利潤增長將更加平衡。具體而言，對於第二季度，我們預計分部利潤將與第一季度相似。

Now turning to Medical. We expect segment profit ranging from flat to a decline of 20%, which, as I indicated, reflects the impact of the simplification actions in the first quarter.

現在轉向醫療。我們預計分部利潤從持平到下降 20% 不等，正如我所指出的，這反映了第一季度簡化行動的影響。

With respect to inflation and our mitigation actions, there is no change to our expectation of a net impact of approximately $300 million in fiscal '23 or a minimal year-over-year impact. The macroeconomic environment remains dynamic. And while we've seen some decreases in spot rates of certain cost drivers such as international freight, other areas such as commodity costs remain significantly elevated. As a reminder, these product costs are capitalized into inventory. And in the current environment of elongated supply chain reflected in our P&L results on an approximate 2-quarter delay.

關於通貨膨脹和我們的緩解行動，我們對 23 財年淨影響約為 3 億美元或同比影響最小的預期沒有變化。宏觀經濟環境依然充滿活力。雖然我們看到某些成本驅動因素（如國際貨運）的即期匯率有所下降，但商品成本等其他領域的價格仍然顯著升高。提醒一下，這些產品成本被資本化為庫存。在當前供應鏈延長的環境中，我們的損益表結果反映了大約 2 個季度的延遲。

While we now expect growth inflation in the second quarter to be similar to what was seen in Q1, we are implementing additional actions and working proactively to mitigate these pressures. It's important to note that we continue to expect that as we exit the year, the run rate of our mitigation actions will offset at least 50% of the growth impact from inflation.

雖然我們現在預計第二季度的增長通脹與第一季度的情況相似，但我們正在實施額外的行動並積極努力減輕這些壓力。需要注意的是，我們繼續預計，隨著今年的結束，我們緩解行動的執行率將抵消至少 50% 的通脹對增長的影響。

On Medical's quarterly cadence, in Q2, we expect similar segment profit dollars since the first quarter, excluding the impact of the first quarter simplification actions.

根據 Medical 的季度節奏，在第二季度，我們預計自第一季度以來的分部利潤將與第一季度相似，不包括第一季度簡化行動的影響。

As we have noted before, we continue to expect a substantial majority of segment profit to come in the second half of fiscal '23 and particularly in the fourth quarter. This sequencing primarily reflects our assumptions around inflation, inflation mitigation and PPE.

正如我們之前所指出的，我們繼續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、通脹緩解和個人防護裝備的假設。

With that, I'll now turn it over to Jason.

有了這個，我現在把它交給傑森。

Thanks, Trish. I concluded our August earnings call with 3 key takeaways that I'd like to provide updates on: number one, improving the underlying performance of the Medical segment through our Medical Improvement Plan initiatives. The key driver to achieving our segment profit target of at least $650 million by fiscal '25 is our mitigation actions for inflation and global supply chain constraints. Though elevated inflation has persisted in the macro environment for longer than expected, we are on track to exit fiscal '23 offsetting at least 50% of the gross impact on our business.

謝謝，翠西。我在 8 月份的財報電話會議上總結了 3 個關鍵要點，我想提供更新：第一，通過我們的醫療改進計劃舉措改善醫療部門的基本表現。到 25 財年實現至少 6.5 億美元的分部利潤目標的關鍵驅動因素是我們針對通貨膨脹和全球供應鏈限制採取的緩解措施。儘管通脹在宏觀環境中持續的時間比預期的要長，但我們有望退出 23 財年，從而抵消至少 50% 的對我們業務的總影響。

As I previously mentioned, we plan to fully address the impact of inflation and global supply chain constraints through mitigation initiatives by the time we exit fiscal '24. Our third wave of price increases went into effect on October 1 and we are planning additional actions for the third quarter.

正如我之前提到的，我們計劃在退出 24 財年時通過緩解舉措來全面解決通貨膨脹和全球供應鏈限制的影響。我們的第三波漲價於 10 月 1 日生效，我們計劃在第三季度採取更多行動。

To date, we have adjusted product categories representing nearly 90% of U.S. Cardinal Health brand sales, excluding PPE. Additionally, we successfully adjusted language in product contracts as they've renewed to allow for greater pricing flexibility to respond to macroeconomic dynamics. We've also executed distribution fee increases to offset higher transportation, labor and fuel costs and continue to explore other opportunities for further offsets with urgency.

迄今為止，我們已經調整了占美國 Cardinal Health 品牌銷售額近 90% 的產品類別，不包括 PPE。此外，我們成功地調整了產品合同中的語言，因為它們已經更新，以允許更大的定價靈活性以應對宏觀經濟動態。我們還增加了分銷費用，以抵消較高的運輸、勞動力和燃料成本，並繼續緊急探索其他機會進一步抵消。

Outside of our mitigation actions, we expect the largest contributor to our growth to be our ability to optimize and grow our $4.6 billion Cardinal Health brand portfolio. This will be achieved through new product innovation and increased product availability as a result of targeted investments.

在我們的緩解行動之外，我們預計對我們增長的最大貢獻是我們優化和發展我們價值 46 億美元的 Cardinal Health 品牌組合的能力。這將通過有針對性的投資通過新產品創新和提高產品可用性來實現。

Additionally, I'm confident in our ability to optimize our cost structure and our sourcing and manufacturing footprints as we focus on driving simplification across the medical organization. The team is energized by the goals we have laid out in the medical improvement plan and has already hit the ground running on execution.

此外，我對我們優化成本結構以及採購和製造足蹟的能力充滿信心，因為我們專注於推動整個醫療組織的簡化。我們在醫療改進計劃中製定的目標使團隊充滿活力，並且已經開始著手執行。

Moving to item #2, for the Pharma business, continuing to build upon the growth and the resiliency that we've seen by executing in the core and accelerating our growth areas, primarily Specialty. Similarly, continuing on talent and leadership, we are excited by the appointment of Debbie Weitzman to CEO of the Pharma segment. Debbie has a deep understanding of our industry landscape, long-standing and strong relationships with our customers and a proven track record as a commercial and operations leader across her 17 years at Cardinal Health. Debbie's deployment was part of our recently announced segment restructuring designed to reduce complexity, drive productivity and efficiency gains, and simplify how our customers and our manufacturing partners to do business with us.

轉到第 2 項，對於製藥業務，通過在核心領域執行和加速我們的增長領域，主要是專業領域，繼續建立我們所看到的增長和彈性。同樣，在人才和領導力方面，我們對任命 Debbie Weitzman 為製藥部門首席執行官感到興奮。 Debbie 對我們的行業格局、與客戶的長期而牢固的關係以及在 Cardinal Health 工作 17 年中作為商業和運營領導者的良好記錄有著深刻的了解。 Debbie 的部署是我們最近宣布的部門重組的一部分，旨在降低複雜性、提高生產力和效率，並簡化我們的客戶和製造合作夥伴與我們開展業務的方式。

These changes are intended to maximize the strength of our Pharmaceutical Distribution and Specialty businesses bringing together similar services under one team, enabling us to respond faster and more effectively to changes in the health care landscape while keeping the customer at the center of everything we do. Simply, it is allowing us to reposition with both the right talent and organizational design.

這些變化旨在最大限度地發揮我們的藥品分銷和專業業務的實力，將類似的服務整合到一個團隊中，使我們能夠更快、更有效地應對醫療保健領域的變化，同時將客戶置於我們所做一切的中心。簡而言之，它允許我們重新定位合適的人才和組織設計。

In Specialty, we have a robust service offering both downstream with providers and upstream with biopharma manufacturers and we continue to build upon our capabilities. In the area of oncology, we've expanded our best-in-class offering for value-based care, the Navista TS, which will continue to serve as a vital resource for oncologists transitioning to the new CMS enhancing oncology model.

在專業領域，我們為下游的供應商和上游的生物製藥製造商提供強大的服務，我們將繼續加強我們的能力。在腫瘤學領域，我們擴展了基於價值的護理的一流產品 Navista TS，它將繼續作為腫瘤學家過渡到新的 CMS 增強腫瘤學模型的重要資源。

In rheumatology, we've closed on our recent tuck-in acquisition of the Bank Care GPO and our investment in our managed services organization has expanded our capabilities in the space and contributed to new customer growth. In just 30 days, this cross-functional leadership team worked diligently to onboard over 250 health care providers onto our distribution and logistics platforms.

在風濕病領域，我們最近完成了對 Bank Care GPO 的收購，我們對託管服務組織的投資擴大了我們在該領域的能力，並為新的客戶增長做出了貢獻。在短短 30 天內，這個跨職能的領導團隊努力工作，將 250 多家醫療保健提供者加入我們的分銷和物流平台。

With biosimilars, we remain well positioned to distribute and provide the surrounding services as they come to market, particularly in the new therapeutic areas and sites of care. We continue to expect increased contributions from biosimilars in fiscal '23 and beyond.

對於生物仿製藥，我們仍然有能力在它們進入市場時分銷和提供周邊服務，特別是在新的治療領域和護理場所。我們繼續預計生物仿製藥在 23 財年及以後的貢獻會增加。

Upstream and Specialty, our third-party logistics business continues its strong growth with more than double the launches in the first quarter compared to a year ago as well as double-digit new contract wins. And our continued investment towards the digital transformation of our Sonexus access and patient support business has enabled us to realize benefits from new business wins and expansion of existing clients.

上游和專業，我們的第三方物流業務繼續保持強勁增長，第一季度的發布量比一年前增加了一倍以上，新合同也獲得了兩位數。我們對 Sonexus 訪問和患者支持業務的數字化轉型的持續投資使我們能夠從新業務的勝利和現有客戶的擴展中受益。

And finally, number three, a relentless focus on shareholder value creation. This includes maximizing sustainable, profitable growth and cash flow generation as well as a return of capital to shareholders. We continue to expect strong and resilient cash flow generation supporting our capital allocation priorities. We are prioritizing organic growth, deploying CapEx to the highest value projects. We've made tremendous progress in reducing our long-term debt, which has created additional flexibility for shareholder returns.

最後，第三，對股東價值創造的不懈關注。這包括最大限度地提高可持續、盈利的增長和現金流的產生，以及向股東返還資本。我們繼續期待強勁和有彈性的現金流產生支持我們的資本配置優先事項。我們優先考慮有機增長，將資本支出部署到最高價值的項目。我們在減少長期債務方面取得了巨大進展，這為股東回報創造了額外的靈活性。

We were pleased to initiate the $1 billion accelerated share repurchase program in the first quarter and continue to expect $1.5 billion to $2 billion in total share repurchases in fiscal '23, in addition to our ongoing dividend of over $500 million annually.

我們很高興在第一季度啟動了 10 億美元的加速股票回購計劃，並繼續預計 23 財年的股票回購總額將達到 15 億至 20 億美元，此外我們每年持續支付超過 5 億美元的股息。

Beyond these actions, we also announced enhancements to our governance structure, including 4 new independent Board members and a new business review committee, task was supporting a comprehensive review of our company's strategy, portfolio, capital allocation framework and operations. Our business review committee, which I chair, has already held multiple meetings and is working through the detailed review covering every business. We expect to share conclusions publicly at an Investor Day in the first half of calendar 2023.

除了這些行動之外，我們還宣布加強我們的治理結構，包括 4 名新的獨立董事會成員和一個新的業務審查委員會，任務是支持對我們公司的戰略、投資組合、資本分配框架和運營進行全面審查。我主持的業務審查委員會已經召開了多次會議，並正在對每項業務進行詳細審查。我們希望在 2023 年上半年的投資者日上公開分享結論。

In closing, I recognize there is still a lot to accomplish, yet I remain excited about these opportunities to drive growth. I believe that our resilient business model, robust operating cash flow generation, favorable capital structure and capital allocation flexibility differentiates us in this time of macroeconomic uncertainty, and I am confident in our future. Before we open up to Q&A, I do want to spend a moment thanking our dedicated team around the globe.

最後，我承認還有很多事情要做，但我仍然對這些推動增長的機會感到興奮。我相信，我們有彈性的商業模式、強勁的經營現金流產生、有利的資本結構和資本配置靈活性使我們在宏觀經濟不確定的時期與眾不同，我對我們的未來充滿信心。在我們開始問答之前，我想花一點時間感謝我們在全球的敬業團隊。

We've had a number of opportunities to connect with them across the last couple of months and is truly a privilege to lead every day. They are driving the execution of the initiatives that we've discussed to date to deliver for our shareholders, for our customers and for their patients, and we are very much looking forward to the opportunities that remain ahead.

在過去的幾個月裡，我們有很多機會與他們聯繫，每天都能領導我們真的很榮幸。他們正在推動我們迄今為止討論過的舉措的執行，為我們的股東、我們的客戶和他們的患者提供服務，我們非常期待未來的機會。

With that, we will take your questions.

有了這個，我們會回答你的問題。

(Operator Instructions) We will take the first question from Elizabeth Anderson with Evercore.

（操作員說明）我們將與 Evercore 一起回答 Elizabeth Anderson 的第一個問題。

I was just wondering if you could talk a little bit about the sort of embedded expertise in the back half of the year. You obviously at the first quarter and you had some nice outperformance and hitting some early milestones and key initiatives. But in terms of like how we think about that outperformance versus sort of how you still see the progression in terms of the quarterly ramp in the back half, more color on that would be very helpful.

我只是想知道你是否可以談談今年下半年的那種嵌入式專業知識。顯然，您在第一季度取得了一些出色的表現，並達到了一些早期的里程碑和關鍵舉措。但就我們如何看待這種優異表現而言，與你仍然如何看待後半部分季度斜坡的進展情況相比，更多的顏色將非常有幫助。

Sure. And as your question, Elizabeth, specific to any particular business? Or are you just talking generally?

當然。作為你的問題，伊麗莎白，具體到任何特定的業務？還是你只是泛泛而談？

Specifically in terms of Medical, but I would also be curious on the pharma side as well.

特別是在醫療方面，但我也對製藥方面感到好奇。

Okay. Yes. For Medical specifically, it's the biggest driver by far will be the mitigation actions to address inflation. That's -- as we talked, our first pricing actions went in place March 1 of fiscal '22. And then we had another wave in July of fiscal -- the very beginning of fiscal '23 and then another price adjustment that occurred October 1. We do expect further price adjustments in the third quarter of the fiscal year. And then at the same time, we would expect, especially in the fourth quarter of fiscal '23 to start to see some of the lower costs, especially with the international freight piece, finally starting to hit our P&L.

好的。是的。具體而言，對於醫療而言，迄今為止最大的推動力將是應對通脹的緩解措施。那就是——正如我們所說，我們的第一個定價行動是在 22 財年的 3 月 1 日實施的。然後我們在財政年度的 7 月又迎來了另一波浪潮——23 財政年度的開始，然後是 10 月 1 日發生的另一次價格調整。我們確實預計本財年第三季度會進一步調整價格。同時，我們預計，尤其是在 23 財年第四季度，開始看到一些較低的成本，尤其是國際貨運，最終開始影響我們的損益。

As Trish highlighted in her comments, the supply chain remains very elongated. And so we would anticipate it's going to take, again, at least a couple of quarters before lower costs actually come through the P&L. But as we indicated in our comments, the international freight is really the only area of any significance that we're seeing cost reductions at this point. We do see some of the other commodities coming down, but not to the same extent.

正如 Trish 在她的評論中強調的那樣，供應鏈仍然很長。因此，我們預計至少需要幾個季度才能真正通過損益表實現更低的成本。但正如我們在評論中指出的那樣，國際貨運確實是我們目前看到成本降低的唯一重要領域。我們確實看到其他一些大宗商品下跌，但幅度不同。

The other key component from a first half, second half perspective for Medical is just the normalization of PPE. We talked about the higher-cost PPE being on our balance sheet when volumes fell quite a bit at the latter part of fiscal '22, that meant that higher cost save in our balance sheet longer and while we're pleased to see that it feels like we've come off the lows here from the fourth quarter in terms of demand, it remains still something that will take a few quarters to work through. And then beyond that, really for all of our businesses, it's just a normal cost reduction and other growth initiatives over the course of the year, just build up.

從上半年和下半年的醫療角度來看，另一個關鍵組成部分就是 PPE 的正常化。我們談到了在 22 財年後期銷量大幅下降時，我們的資產負債表上成本較高的 PPE，這意味著我們資產負債表中的較高成本節省時間更長，雖然我們很高興看到這種感覺就像我們在需求方面已經從第四季度的低點回落一樣，它仍然需要幾個季度才能解決。然後除此之外，對於我們所有的業務來說，這只是一年中正常的成本降低和其他增長舉措，只是建立起來。

Within pharma, the specific item to remember from a first half, second half, specifically the third quarter is always just the recognition of the brand inflation. While that continues to be a small portion of our overall brand margin less than 5%. It does remain highly concentrated in the third quarter. And that's the biggest driver for that particular business.

在製藥行業，上半年、下半年、特別是第三季度要記住的具體項目始終只是對品牌膨脹的認識。雖然這仍然是我們整體品牌利潤率不到 5% 的一小部分。它確實仍然高度集中在第三季度。這是該特定業務的最大驅動力。

We will now take the next question from Lisa Gill with JPMorgan.

我們現在將回答摩根大通麗莎吉爾的下一個問題。

Jason. I want to spend a couple of minutes on the Pharmaceutical Distribution side of your business. So a few things. One of the things that really stuck out to me is you talked about strong performance in your Generic program, and having enhancing programs going forward. I kind of think of where we need to be in Generics. So maybe can you talk about what you're seeing in the market and incremental opportunities?

傑森。我想花幾分鐘時間了解一下貴公司的藥品分銷方面。所以有幾件事。真正讓我印象深刻的一件事是你談到了你的通用程序中的強大性能，以及未來的增強程序。我有點想我們需要在泛型中處於什麼位置。那麼，也許您能談談您在市場上看到的情況和增量機會嗎？

And then secondly, when I look at the revenue on Pharmaceutical Distribution, you're coming in well above where the industry is. Can you maybe just talk about where you see that over time? And again, even your guidance is above where industry rates are? Like what's the key drivers there?

其次，當我查看藥品分銷的收入時，您的收入遠遠高於該行業的水平。你能不能談談隨著時間的推移你在哪裡看到的？再說一次，即使您的指導也高於行業水平？比如那裡的關鍵驅動因素是什麼？

Yes. Let me start with the revenue point. So revenue for -- this particular quarter we highlighted was driven by brand products as our -- with our larger customers. So when you think about the flow-through of that, that typically brings with it a lower margin profile, but brand has been very strong, and our larger customers have been an overweight of that. So kind of winning with the winners. We -- our bigger customers have been growing nicely, and that has been driving our revenue quite a bit higher, but that tends to be the lower margin product. And so that's why you don't see quite the same flow-through in terms of margin dollars.

是的。讓我從收入點開始。因此，我們強調的這個特定季度的收入是由我們的品牌產品和我們的大客戶推動的。因此，當您考慮其流動性時，通常會帶來較低的利潤率，但品牌一直非常強大，而我們的大客戶一直在增持。與獲勝者一起獲勝。我們——我們的大客戶增長良好，這推動了我們的收入相當高，但這往往是利潤率較低的產品。這就是為什麼您在保證金美元方面看不到完全相同的流量。

That's fairly consistent to what we've seen for quite some time. We also highlighted in the third quarter fiscal '22, some new business wins that did benefit our revenue as well. And with that, it means that the first half of fiscal '23, we would anticipate our revenue having a little bit of a tailwind relative to the full year because we will then anniversary lap that new business win come the third quarter of fiscal '23.

這與我們在相當長一段時間內看到的情況相當一致。我們還在 22 財年第三季度強調了一些新的業務勝利，這些勝利也確實有利於我們的收入。有了這個，這意味著在 23 財年的上半年，我們預計我們的收入相對於全年會有一點順風，因為我們將在 23 財年第三季度獲得新業務的勝利。 .

And so your first question -- I'm sorry, the first question on Generics. Yes. So it continues to be a very consistent dynamics in the marketplace. Some of the new business wins have benefited that as well. We continue to have a very strong performance within Red Oak Sourcing. And the underlying utilization continues to be much more consistent and stable and predictable than what we've seen ever since the beginning of the pandemic. So it feels a little bit more as business as usual and less fluctuations and then underlying that, driving margin through sourcing and driving the new business through our system. So those are the primary drivers.

所以你的第一個問題——對不起，第一個關於泛型的問題。是的。因此，它仍然是市場上非常一致的動態。一些新的業務勝利也從中受益。我們在 Red Oak Sourcing 中的表現繼續非常強勁。與自大流行開始以來我們所看到的相比，潛在的利用率仍然更加一致、穩定和可預測。所以感覺有點像往常一樣，波動更少，然後通過採購提高利潤並通過我們的系統推動新業務。所以這些是主要的驅動力。

The next question comes from Kevin Caliendo with UBS.

下一個問題來自瑞銀的 Kevin Caliendo。

I wanted to talk a little bit about the contracting. I think the last time Cardinal went through a lot of contracting through COVID, it ended up kind of working against you as things reverse. So I just want to understand more about how you're amending these contracts. Are customers comfortable with this? Is there any pushback? There seemingly is efforts on amongst almost all hospital companies to reduce their supply costs right now or reduce costs in general. So just wondering how it works? Does it -- is it impacting you immediately? Or is this more of a cushion for longer term? Anything there would be helpful.

我想談一點關於合同的事情。我認為上一次紅衣主教通過 COVID 進行大量簽約時，隨著事情的逆轉，它最終對你不利。所以我只是想更多地了解你是如何修改這些合同的。客戶對此感到滿意嗎？有什麼回擊嗎？幾乎所有醫院公司似乎都在努力降低他們的供應成本，或者總體上降低成本。所以只是想知道它是如何工作的？有沒有——它會立即影響到你嗎？或者這更像是長期的緩衝？那裡的任何東西都會有所幫助。

And then one other follow-up. I read that there was a real estate transaction done, and now that was part of the business review potential outcomes was to maybe monetize some real estate. Can you talk about the opportunity size to be able to do that in terms of generating capital for the business?

然後是另一項後續行動。我讀到有一筆房地產交易已經完成，現在這是業務審查的一部分，潛在結果是可能將一些房地產貨幣化。您能否談談在為企業創造資金方面能夠做到這一點的機會規模？

Sure. So on the contracting, first of all, Kevin, I'm presuming you're talking about the medical inflationary price impacts?

當然。所以關於合同，首先，凱文，我假設你在談論醫療通脹價格的影響？

Yes.

是的。

Yes, okay. So the way the pricing that we've defined, those are temporary in nature to get us to the contracting that you're talking about. So as the contracts renew, those temporary price increases are then flowed through to the permanent structure with then having adjustments within there so that we don't have the same issue again in the future that we've had to experience here.

是的，好的。因此，我們定義的定價方式本質上是暫時的，可以讓我們簽訂您正在談論的合同。因此，隨著合同的續簽，這些臨時的價格上漲會流入永久性結構，然後在那裡進行調整，這樣我們將來就不會再遇到同樣的問題了。

So as you can imagine, those contracts roll over the course of multiple years, we've highlighted 3 to 4 years. And we're still in the earlier phases of an innings with that.

所以你可以想像，這些合同會持續多年，我們強調了 3 到 4 年。我們仍處於這一局的早期階段。

However, I'll tell you it's going consistent with my expectations. These are never easy conversations. But to your point and how you even frame the question, inflation is everywhere. And while some of this is more temporary in nature, a lot of it is going to be long-lasting and permanent.

但是，我會告訴你，這符合我的預期。這些從來都不是簡單的對話。但就您的觀點以及您如何提出問題而言，通貨膨脹無處不在。雖然其中一些本質上是暫時的，但其中很多將是持久和永久的。

When you think about specialty labor, right, those costs are never going to come down and a lot of the transportation costs feel like it's going to be at very elevated levels for quite some time. So there's some components that will be more variable.

當您考慮專業勞動力時，對，這些成本永遠不會下降，而且很多運輸成本感覺會在相當長的一段時間內處於非常高的水平。因此，有些組件將更加可變。

But ultimately, the one thing that's clear to us is that there will be a permanent step-up increase in that level of cost.

但最終，我們清楚的一件事是，該成本水平將永久增加。

And depending upon exactly how the Fed moves here and how macro economic factors roll into this. We need to be positioned so that we have a structure that allows us to claw this back by the time we exit fiscal '24. So again, not easy, but it's a process that our customers understand that we're in the middle of this supply chain and that we have to have the assistance to be able to offset these costs. And you can just look at our public financial statements to understand that we're not making anything in addition on this. We are still funding this gap and that's why we have this urgency on this issue and why it's our highest priority as a business.

並且取決於美聯儲如何在這裡移動以及宏觀經濟因素如何影響到這一點。我們需要定位，以便我們有一個結構，使我們能夠在退出 24 財年時將其收回。再說一遍，這並不容易，但這是一個讓我們的客戶明白我們處於供應鏈中間的過程，我們必須得到幫助才能抵消這些成本。你可以看看我們的公開財務報表，了解我們沒有在這方面做任何額外的事情。我們仍在為這個缺口提供資金，這就是為什麼我們在這個問題上如此緊迫，以及為什麼它是我們作為企業的最高優先事項。

As it relates to the real estate transaction, we've had some small transactions. There's nothing material at all to call out. The -- there's always evaluation. We do own some real estate. It is a component of one of those factors that we look at. At this point, it's too early to talk about any type of opportunity with that.

因為它涉及到房地產交易，我們有一些小交易。根本沒有什麼材料可以說出來。 - 總是有評估。我們確實擁有一些房地產。它是我們研究的這些因素之一的組成部分。在這一點上，談論任何類型的機會都為時過早。

The next question comes from Erin Wright with Morgan Stanley.

下一個問題來自摩根士丹利的 Erin Wright。

Great. And can you speak a little bit to the long-term strategy and what's feasible in terms of your opportunity to improve mix and increase your exposure to Specialty over time? And as we think about kind of specialty, can you also speak to the biosimilar opportunity and your near-term positioning to participate with like HUMIRA biosimilars as well as others?

偉大的。您能否談談長期戰略以及隨著時間的推移改善組合併增加您對專業的曝光率方面的可行性？當我們考慮某種專業時，您能否談談生物仿製藥的機會以及您近期參與的 HUMIRA 生物仿製藥等定位？

Yes. Well, first and foremost, absolutely, I appreciate and understand the question. This is a key reason for our recent reorganization within the Pharma segment. We have structured the team to have specialty in PD altogether, reducing the complexity, driving not just productivity, but more importantly, simplifying how we go to market with both our customers as well as the manufacturing partners. So this is all to recognize the importance of driving that favorable mix. The market is going to, in part, be a rising tide but we definitely want to do as much as possible to participate as much of that growth as there is.

是的。嗯，首先，當然，我很欣賞並理解這個問題。這是我們最近在製藥領域進行重組的一個關鍵原因。我們已經組建了團隊，使其完全具備 PD 專業知識，降低了複雜性，不僅提高了生產力，更重要的是，簡化了我們與客戶和製造合作夥伴一起進入市場的方式。所以這一切都是為了認識到推動這種有利組合的重要性。市場將在一定程度上呈上升趨勢，但我們絕對希望盡可能多地參與其中的增長。

We did just recently acquired Bendcare that gives us additional exposure here. We have invested organically in all the different businesses and tools that I referenced in my script. So we're investing both inorganically as well as organically and have now a structure and a leadership team that's intensely focused on this. So we feel like we're really well positioned to be able to take advantage of that into the future.

我們最近剛剛收購了 Bendcare，這給了我們額外的曝光率。我們對我在腳本中引用的所有不同業務和工具進行了有機投資。因此，我們既進行了無機投資，也進行了有機投資，現在擁有一個非常關注這一點的結構和領導團隊。所以我們覺得我們已經做好了充分的準備，能夠在未來利用這一點。

On biosimilars, that is absolutely a component of this as well. The same point. We've invested into our capabilities and our team. We participate in that today. It is a nice driver for our business, not large enough that we have called it out specifically. But nonetheless, it is an area that as we continue to see evolution of the sites of care in the therapeutic areas then we would anticipate that to be further opportunities for us, and it fits nicely into our capabilities.

在生物仿製藥上，這也絕對是其中的一個組成部分。同一點。我們已經投資於我們的能力和我們的團隊。我們今天參與其中。它對我們的業務來說是一個很好的驅動力，但規模還不夠大，我們沒有特別提到它。但儘管如此，隨著我們繼續看到治療領域中護理場所的發展，我們預計這將為我們提供更多機會，並且非常適合我們的能力。

I know we get a lot of questions specifically about HUMIRA and how that is going to benefit us. There's a lot to be still played out here in terms of how all participants drive the different processes for this, specifically the payers and PBMs, how they go to market and work with the market to implement these evolutions. So a lot to be learned there. But the point is we are positioned very well we're able to take advantage of that. But there's some level of uncertainty, but we do have confidence there will be a tailwind for us going forward as it has been in the last few years as well.

我知道我們收到了很多關於 HUMIRA 以及這將如何使我們受益的問題。關於所有參與者如何為此推動不同的流程，特別是付款人和 PBM，他們如何進入市場並與市場合作以實施這些演變，這裡還有很多事情要做。所以在那裡可以學到很多東西。但關鍵是我們的定位非常好，我們能夠利用這一點。但是存在一定程度的不確定性，但我們確實有信心繼續前進，就像過去幾年一樣。

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

我們的下一個問題來自美國銀行的 Michael Cherny。

I have one kind of just technical question and then a bit more on the numbers. So just first, on the ASR, you said you launched it in mid-September. Is there any way to quantify how much of the ASR you completed in 1Q relative to the timing of the 2Q finish?

我有一種只是技術問題，然後是關於數字的更多問題。所以首先，在 ASR 上，你說你在 9 月中旬推出了它。有什麼方法可以量化您在第一季度完成的 ASR 相對於第二季度完成時間的多少？

And then on the guidance, and I hear you on especially the trajectory of medical per Elizabeth's question earlier. But if you think about the moving pieces and what you updated today, it seems like there's more tailwinds when it comes to tax interest expense and share count than there are headwinds on the medical guide down. Any thought about why reiterating the guide versus not maybe bringing up the low end of the minimum?

然後是指導，我聽到你特別是伊麗莎白早些時候提出的醫療軌跡。但是，如果您考慮移動部分以及您今天更新的內容，似乎在稅收利息費用和股票數量方面的順風比醫療指南中的逆風更多。有沒有想過為什麼要重申指南而不是可能會提出最低限度的低端？

Sure. As it relates to the ASR, the -- your technical question. Yes, about 80% is what you would expect for the immediate benefit. And like you appropriately referenced, it was implemented in mid-September, so a relatively small impact to the current quarter.

當然。由於它與 ASR 相關，您的技術問題。是的，大約 80% 是您對直接收益的期望。就像您適當引用的那樣，它是在 9 月中旬實施的，因此對當前季度的影響相對較小。

As it relates to the guidance changes, well, hey, it's the first quarter. It's certainly early. We're also talking about -- but still a fairly uncertain macroeconomic environment. We're also talking about a lot of news out there that we're always looking at in addition to our own data in terms of utilization.

因為它與指導變化有關，嗯，嘿，這是第一季度。肯定還早。我們也在談論——但仍然是一個相當不確定的宏觀經濟環境。除了我們自己的利用率數據之外，我們還談論了很多我們一直在關注的新聞。

So as our comments highlighted, we did not see a lot of surprises as it relates to utilization in either of our businesses, either our segments this particular quarter. And that was certainly welcome, given what the last couple of years have looked like. But nonetheless, we continue to see more data points on that through a lot of external references, and that's something that we continue to look at.

因此，正如我們的評論所強調的那樣，我們沒有看到很多驚喜，因為這與我們的任何一項業務的利用率有關，無論是我們在這個特定季度的細分市場。鑑於過去幾年的情況，這當然是受歡迎的。但儘管如此，我們通過大量外部參考繼續看到更多的數據點，這是我們繼續關注的東西。

But mathematically, I don't think there's that much difference in terms of the offsets that we took, both in the takedown with medical driven in part by that simplification efforts, but then also those other items where we took the top end down. It's still a reasonable range considering how early it is in the year as well as the drivers that are all around us.

但從數學上講，我認為我們採取的抵消措施並沒有太大的差異，無論是在醫療方面的取消部分是由簡化工作推動的，但在其他項目中我們也採取了最高端的措施。考慮到今年有多早以及我們周圍的車手，這仍然是一個合理的範圍。

Our next question comes from Eric Percher with Nephron Research.

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

I'd like to return to Medical and relative to the offset that you're attempting to achieve in '23, it sounds like we have 3 factors, the pricing efforts, letting some of the supply chain and cost flow through or normalize and then access to private label. Could you speak to what portion of the offset for fiscal year '23 falls into those buckets if you think those are the right buckets?

我想回到醫療領域，相對於你在 23 年試圖實現的抵消，聽起來我們有 3 個因素，定價努力，讓一些供應鍊和成本流過或正常化，然後訪問私人標籤。如果您認為那些是正確的桶，您能否談談 '23 財年的抵消部分屬於這些桶？

And then as you move to '24, how does that change in terms of how much is driven by each of those factors?

然後當你進入 24 年時，這些因素在多大程度上是如何變化的？

So just make sure I understand the question. So we have our gross inflationary impacts and then we have the mitigation actions that get us to the net. You're specifically asking about the mitigation actions and how to think about what's driving those, both for '23 and '24?

所以只要確保我理解這個問題。所以我們有我們的總通脹影響，然後我們有讓我們上網的緩解措施。您是在特別詢問緩解措施以及如何考慮是什麼推動了這些措施，無論是 23 年還是 24 年？

Exactly. What are the most material factors of the mitigating actions and how do they change '24 versus '23?

確切地。緩解措施最重要的因素是什麼？它們如何改變 '24 和 '23？

Yes. By far, it's pricing. That is -- there's opportunity. And of course, what we want to do is work with our customers as much as possible to reduce what is necessary to flow through in terms of pricing but the amount that can be moved on those items as well as others is relatively small. So pricing will be the predominant element there.

是的。到目前為止，它的定價。那就是——有機會。當然，我們想要做的是盡可能與我們的客戶合作，以減少在定價方面需要流動的東西，但這些物品以及其他物品上可以移動的金額相對較小。所以定價將是那裡的主要因素。

The other component is just the cost coming down naturally as well. So we have 2 things happening between now and the end of the fiscal year. Pricing will continue to go up period-to-period, quarter-to-quarter. And our costs will, at some point here, peak, which we're pretty close to that. We believe we indicated similar gross costs in Q1 as what we expect in Q2 and especially into Q4 with the international freight piece, that's the one area that we have some confidence is going to come down.

另一個組成部分只是成本自然下降。因此，從現在到本財年末，我們有兩件事發生。價格將繼續按期、按季度上漲。我們的成本將在這裡的某個時候達到峰值，我們已經非常接近了。我們相信我們在第一季度的總成本與我們在第二季度的預期相似，尤其是在第四季度的國際貨運方面，這是我們有信心將下降的一個領域。

And so I know your question is specifically on the mitigation items but the gross will come down is expected to come down right now, specifically because of the international freight.

所以我知道你的問題是專門針對緩解項目的，但預計現在總量會下降，特別是因為國際貨運。

The other components to inflation and other commodities, especially, we are seeing them come down a little bit in some areas but not very significantly and certainly at a pace less than what we had thought. And a handful of them are actually going up. But overall, I would expect to exit the year with a little bit lower cost run rate than what we have coming into the year.

尤其是通貨膨脹和其他商品的其他組成部分，我們看到它們在某些領域略有下降，但不是很明顯，而且速度肯定低於我們的預期。其中少數實際上正在上升。但總的來說，我預計今年的成本運行率會比我們今年的運行率低一些。

Our next question comes from George Hill with Deutsche Bank.

我們的下一個問題來自德意志銀行的喬治希爾。

Jason, I'm going to come back to the MedSurg segment again. I was just wondering if there's kind of a way to quantify like what part of the book has the new contracting terms in place? And I don't know if you can talk about kind of the actions taken by peers. And then kind of -- I kind of roll that into kind of timing of implementation like you kind of talked about the 2 quarter lag between -- not really the lag, but like kind of the timing of the supply chain in that segment of the book.

Jason，我將再次回到 MedSurg 部分。我只是想知道是否有一種量化的方法，比如書的哪一部分有新的合同條款？我不知道你能否談談同行採取的行動。然後有點——我把它融入到實施時間中，就像你談到的 2 個季度之間的滯後——不是真正的滯後，而是那種供應鏈在那個部分的時間書。

So I'm just trying to think about how long it takes the entire book to get recontracted to the new terms? And kind of what is the end date by which we should expect the full MedSurg book to kind of be operating under the new model?

所以我只是想想想整本書需要多長時間才能重新簽訂新條款？我們應該期待完整的 MedSurg 書籍在新模式下運行的結束日期是什麼？

Well, it's going to take at least a few more years to get to the essence where you're going with that to get the full book there. But it will be relatively consistent between now and then. So every -- remember, these are not necessarily massive clip event contracts. Our product -- we've got a couple of dozen different product lines, and they have different dates with different GPOs and different customers. So it's a fairly consistent stair stepping towards that. It's not like one big clip event.

好吧，至少還需要幾年的時間才能達到你所要達到的精髓，從而獲得整本書。但從現在到那時，它會相對一致。所以每個 - 請記住，這些不一定是大型剪輯事件合同。我們的產品——我們有幾十個不同的產品線，它們與不同的 GPO 和不同的客戶有不同的日期。所以這是一個相當一致的階梯。這不像是一場大型剪輯活動。

So you can think about it as every day, we have to work on this. And every day, it's incredibly important that we roll over the temporary prices into permanent prices given the permanent nature of so much of this cost. So we are considering different ways to give you a little bit more insight to that. I'm not going to go into that further yet, other than to say we are having the success as expected with this.

因此，您可以將其視為每天，我們都必須為此努力。鑑於這種成本的永久性質，每天將臨時價格轉為永久價格非常重要。因此，我們正在考慮不同的方法來讓您對此有更多的了解。除了說我們在這方面取得了預期的成功外，我不打算進一步討論。

We feel it's the right thing, and we feel very good about this plan, and there's still a lot of work we need to focus on, but it's the right plan. It's the right thing to do and we have not been surprised with this at this stage of the year and at this stage of the plan.

我們覺得這是正確的事情，我們對這個計劃感覺很好，還有很多工作需要我們關注，但這是正確的計劃。這是正確的做法，在今年的這個階段和計劃的這個階段，我們對此並不感到驚訝。

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

我們的下一個問題來自 A.J.瑞信的賴斯。

I might just ask, obviously, you've got a lot of things going on and seemingly having some success with your simplification and mitigation strategies. Now you have this business review committee. Are the -- and that's -- I know it's still early in getting up and running and going. Are the guardrails as to the things you're already doing to improve performance versus what the business review committee is doing pretty clear?

我可能會問，很明顯，你已經做了很多事情，並且似乎在簡化和緩解策略方面取得了一些成功。現在你有了這個業務審查委員會。是 - 那是 - 我知道它仍然處於起步和運行的早期階段。您已經為提高績效而採取的措施與業務審查委員會正在採取的措施之間的界限是否非常清楚？

And did I hear you right in the prepared remarks that you think a review committee will have an update at the calendar '23 Investor Day? I assume that would be preliminary if there's anything to share them.

我在準備好的評論中聽到你說你認為審查委員會將在日曆'23 投資者日更新嗎？如果有什麼可以分享的話，我認為這將是初步的。

Sure. So yes, there's a charter for the business review committee. It's very consistent to what I provided in my comments. Of course, there's a portfolio element. There's a strategy and operations element. And importantly, there's a capital allocation framework.

當然。所以，是的，業務審查委員會有章程。這與我在評論中提供的內容非常一致。當然，還有一個投資組合元素。有一個戰略和運營元素。重要的是，有一個資本分配框架。

As we communicated before, we had these types of evaluations and communication with our board prior. We now have new Board members. Of course, we have the business review committee as well.

正如我們之前溝通的那樣，我們之前與我們的董事會進行了這些類型的評估和溝通。我們現在有了新的董事會成員。當然，我們也有業務審查委員會。

So it's a bit more of a formalized process. We are taking full advantage of the insights and experience that all of those board members are bringing to the discussion and the business review committee acts as any other Board committee where we work and provide insights and advice to the broad Board and make it a bit more of a formal process.

所以這更像是一個正式的過程。我們正在充分利用所有這些董事會成員在討論中帶來的洞察力和經驗，業務審查委員會就像我們工作的任何其他董事會委員會一樣，向廣大董事會提供洞察力和建議，並使其更加完善的正式過程。

But the guardrails are, as I just described there and it's very clear what we work on. As I share it and I lead the agenda, I've, of course, also listened to the committee as to what they believe are the key areas of opportunity, and it's very collaborative and constructive.

但是，正如我剛剛在那裡描述的那樣，護欄是非常清楚的，我們的工作非常清楚。當我分享它並領導議程時，我當然也聽取了委員會關於他們認為哪些是關鍵機會領域的意見，這是非常協作和建設性的。

So from my perspective, we're getting good insight. I think that all of our Board members, but the committee specifically is doing the best we tend to think through the lens of the investor and make sure that we're driving the business, we're evaluating the portfolio. And of course, we're in a fairly uncertain time, both operationally and from a macroeconomic perspective. We have that filter as well that comes through our work that we evaluate. But nonetheless, we -- as I commented already, we are meeting frequently. We are meeting with urgency, and we're very focused on this.

所以從我的角度來看，我們得到了很好的洞察力。我認為我們所有的董事會成員，但特別是委員會正在盡最大努力，我們傾向於從投資者的角度思考，並確保我們正在推動業務，我們正在評估投資組合。當然，無論從運營角度還是從宏觀經濟角度來看，我們都處於一個相當不確定的時期。我們也有這個過濾器，它來自我們評估的工作。但儘管如此，我們——正如我已經評論過的那樣，我們經常會面。我們正在緊急開會，我們非常關注這一點。

As it relates to the readout, Yes, you heard that right, the calendar '23 -- by the first half of calendar '23, we will have that Investor Day. And we'll have an update as to what is potential to update at that point in time. And I see this as a journey, not necessarily just a sprint but we are working with urgency to have as much completed by them as possible.

因為它與讀數有關，是的，你沒聽錯，日曆 '23 - 到日曆 '23 的前半部分，我們將有那個投資者日。我們將及時更新有關可能更新的內容。我認為這是一段旅程，不一定只是一個衝刺，但我們正在緊急工作，盡可能多地完成他們的工作。

Our next question comes from Charles Rhyee with Cowen.

我們的下一個問題來自 Charles Rhyee 和 Cowen。

Just 2 really here. Just a follow-up. On the Medical guide, I might have missed it, but -- obviously, you've changed it. Was it -- has there been any change in your assumptions in the macro environment between July and now that's -- is it really macro driven is how -- in fact, because it seems like you have control over the pricing part of things -- is it just waiting for the environment itself and some of the natural inflation that's floating around here to come in line to get to your targets?

真的只有2個。只是一個後續。在醫學指南上，我可能錯過了它，但是 - 顯然，你已經改變了它。是嗎 - 從 7 月到現在，您對宏觀環境的假設是否發生了任何變化？ 是否真的是宏觀驅動的 - 事實上，因為您似乎可以控制事物的定價部分 -它只是在等待環境本身和一些在此浮動的自然通貨膨脹來達到你的目標嗎？

And then secondly, there's been news a lot about shortages in amoxicillin. Just any of your thoughts here on truck shortages, elsewhere possibly in the supply chain. Any thoughts on the outlook there?

其次，有很多關於阿莫西林短缺的消息。您對卡車短缺的任何想法，可能在供應鏈的其他地方。對那裡的前景有任何想法嗎？

Sure. Yes. In terms of Medical, it's -- the underlying performance that we are anticipating for the business is really unchanged. The key item we highlighted is the simplification cost that has been wrapped into this. But the underlying business volume utilization, other performance elements are relatively unchanged. There's always puts and takes. Not a lot of new news there for really either business. In both businesses, we had a few nonrecurring items, a little bit of timing in medical. But overall, not too many surprises there.

當然。是的。在醫療方面，我們預期的業務基本表現確實沒有變化。我們強調的關鍵項目是包含在其中的簡化成本。但底層業務量利用率，其他性能要素相對不變。總有投入和投入。對於這兩種業務來說，沒有太多新消息。在這兩項業務中，我們都有一些非經常性項目，在醫療方面有一點時間。但總的來說，那裡並沒有太多驚喜。

As it relates to any type of product shortages, there's always some of that in any of our business. There's a few items that are being chased within the Pharma segment. Nothing that I would call very unusual. And certainly, nothing at this stage that I would anticipate being a significant impact or really any noticeable impact for the segment for the current quarter or the fiscal year. But that's why we believe that, obviously, just sourcing in general is an incredibly important function, specifically to Generics, it's the Red Oak Sourcing is a huge driver for not just cost control but for delivery. And certainly, there's been some strong demand for some of those products like amoxicillin that you just referenced for respiratory challenges that we're seeing some drive for in the marketplace. But again, it's something that we don't think will be either lasting or any type of impact for us.

由於它與任何類型的產品短缺有關，因此在我們的任何業務中都存在一些問題。製藥領域正在追逐一些項目。沒有什麼我會稱之為非常不尋常的。當然，在這個階段，我預計不會對本季度或本財年的細分市場產生重大影響或真正任何明顯的影響。但這就是為什麼我們認為，很明顯，採購通常是一項非常重要的功能，特別是對於仿製藥而言，紅橡木採購不僅是成本控制的巨大推動力，也是交付的巨大推動力。當然，您剛才提到的阿莫西林等一些產品的需求強勁，我們在市場上看到了這些產品的一些推動力。但同樣，我們認為這不會對我們產生持久或任何類型的影響。

And our last question comes from Steven Valiquette with Barclays.

我們的最後一個問題來自巴克萊銀行的 Steven Valiquette。

Great. So you guys touched on this topic a little bit, but this quarter, we saw your largest publicly traded hospital distribution and self-manufacturing MedSurg competitor really struggle with delayed product reorders by their acute care hospital customers who chose to deplete the stockpiled items. So I know you have a different set of SKUs versus that competitor for the self-manufacturing component. But can you just confirm that you generally are able to successfully track the level of inventory sitting within your health system customers in the Medical segment and the currently hopefully not seeing a similar inventory destocking trend within the health system customer base that could be a risk factor for the recovery as the fiscal year progresses?

偉大的。所以你們稍微談到了這個話題，但是本季度，我們看到你們最大的上市醫院分銷和自主製造的 MedSurg 競爭對手確實在與選擇耗盡庫存物品的急性護理醫院客戶延遲產品重新訂購作鬥爭。所以我知道你的 SKU 與自製造組件的競爭對手不同。但是，您能否確認您通常能夠成功跟踪醫療部門的醫療系統客戶中的庫存水平，並且目前希望在醫療系統客戶群中看不到類似的庫存去庫存趨勢，這可能是一個風險因素隨著財政年度的進展，復甦？

Yes. So those types of comments are very consistent with what we've been saying in the last couple of quarters. So we have seen destocking of our customers' inventory. We are very close with them and have that dialogue all the time and that is what we have been seeing. We referenced in our comments that our volume specifically to PPE, but even more broadly is fairly consistent sequentially from Q4 of last year to Q1 of this year.

是的。因此，這些類型的評論與我們在過去幾個季度中所說的非常一致。因此，我們已經看到客戶庫存的去庫存化。我們與他們非常密切，並且一直在進行這種對話，這就是我們所看到的。我們在評論中提到了我們專門針對 PPE 的數量，但更廣泛地說，從去年第四季度到今年第一季度的順序相當一致。

So we're not seeing significant changes in the poll, but we did call this out last quarter because it was a fairly significant reduction we saw sequentially at the latter end of fiscal '22.

因此，我們沒有看到民意調查發生重大變化，但我們確實在上個季度提出了這一點，因為這是我們在 22 財年末連續看到的相當顯著的減少。

So the concept, we absolutely have referenced ourselves and have seen, but we have seen pretty consistent demand patterns here this last quarter. And while it's still very early in Q2, I can say that we haven't seen anything significantly different so far at the beginning of this quarter as well. But there's really nothing else to add at this point.

所以這個概念，我們絕對參考了自己並且已經看到，但我們在上個季度看到了非常一致的需求模式。雖然在第二季度還很早，但我可以說，到目前為止，我們在本季度初也沒有看到任何明顯的不同。但在這一點上真的沒有什麼可以補充的了。

So I think that's the final -- final question. So I'll just end it with just a couple of closing comments here. I'll end where I began my comments this morning that I am pleased with the progress that we're making in our core business fundamentals. We are driving lasting improvements in both segments while maintaining a relentless focus on shareholder value creation.

所以我認為這是最後一個問題。因此，我將在這裡僅以幾條結束評論來結束它。我將在今天早上開始發表評論的地方結束，我對我們在核心業務基礎方面取得的進展感到滿意。我們正在推動這兩個領域的持續改進，同時保持對股東價值創造的不懈關注。

So with that, thank you, and have a great day.

所以，謝謝你，祝你有美好的一天。

Thank you for joining today's call. You may now disconnect.

感謝您加入今天的電話會議。您現在可以斷開連接。