卡地納健康 (CAH) 2023 Q3 法說會逐字稿

Hello, and welcome to the Third Quarter Fiscal Year 2023 Cardinal Health, Inc. Earnings Conference Call. My name is George, I'll be a coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions)

您好，歡迎來到 Cardinal Health, Inc. 2023 財年第三季度收益電話會議。我叫喬治，我將擔任今天活動的協調員。請注意，此會議正在錄製中。 （操作員說明）

I'd now like to turn the call over to your host today, Mr. Kevin Moran, Vice President of Investor Relations to begin today's conference. Please go ahead, sir.

我現在想把電話轉給今天的主持人，投資者關係副總裁凱文莫蘭先生，開始今天的會議。請繼續，先生。

Good morning. Today, we will discuss Cardinal Health's Third 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.

早上好。今天，我們將討論 Cardinal Health 的 2023 財年第三季度業績，以及我們全年展望的更新。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。

Joining me today are Jason Hollar, our Chief Executive Officer; and Aaron Alt, our Chief Financial Officer. 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.

今天加入我的是我們的首席執行官 Jason Hollar；和我們的首席財務官 Aaron Alt。在電話會議期間，我們將做出前瞻性陳述。聲明中提及的事項受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預測或暗示的結果存在重大差異。

Please refer to our SEC filings and the forward-looking statement slide at the beginning of our presentation for a description of these risks and uncertainties. Please note that during the discussion today, our comments will be on a non-GAAP basis unless they are specifically called out as GAAP.

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，了解對這些風險和不確定性的描述。請注意，在今天的討論中，我們的評論將以非 GAAP 為基礎，除非它們被特別稱為 GAAP。

GAAP to non-GAAP reconciliations for all relevant period can be found in the schedules attached to our press release. For the Q&A portion of today's call, we kindly ask to limit yourself to one question so that we can try and give everyone in the queue an opportunity.

所有相關期間的 GAAP 與非 GAAP 對賬可在我們新聞稿所附的時間表中找到。對於今天電話會議的問答部分，我們懇請您將自己限制在一個問題上，以便我們可以嘗試給隊列中的每個人一個機會。

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

有了這個，我現在將電話轉給傑森。

Thanks, Kevin, and good morning, everyone. Overall, we're pleased to deliver another quarter demonstrating progress against our plans with our Q3 results led by continued momentum and growth in the Pharma segment.

謝謝，凱文，大家早上好。總的來說，我們很高興又一個季度展示了我們的計劃取得的進展，我們的第三季度業績由製藥部門的持續勢頭和增長帶動。

With the strong overall performance in the quarter and our increased confidence in the rest of the year, we are raising and narrowing our fiscal '23 EPS and adjusted free cash flow guidance. Our Pharma business is a resilient and growing business, where we're well positioned given our critical role in the pharmaceutical supply chain and strong and diverse customer base.

憑藉本季度強勁的整體表現以及我們對今年剩餘時間的信心增強，我們正在提高和縮小我們的 23 財年每股收益和調整後的自由現金流指導。我們的製藥業務是一項富有彈性且不斷發展的業務，鑑於我們在製藥供應鏈中的關鍵作用以及強大而多樣化的客戶群，我們在這方面處於有利地位。

We see an ongoing stability in the underlying fundamentals of the business, including consistent market dynamics in our generics program. We've also seen continued broad-based strength in Pharmaceutical demand spanning across product categories and classes of trade. Pharma team is executing our plans to build upon this growth, both in our core distribution operations and in specialty, where we're focused on capturing the increasing demand for specialty products and services.

我們看到業務基本面的持續穩定，包括我們的仿製藥計劃中一致的市場動態。我們還看到跨產品類別和貿易類別的醫藥需求持續廣泛走強。製藥團隊正在執行我們的計劃，以在我們的核心分銷業務和專業領域實現這一增長，我們專注於捕捉對專業產品和服務不斷增長的需求。

In short, we're pleased with the resiliency and strength of the business and to be able to raise our Pharma outlook for fiscal '23. In Medical, we remain confident in our Medical improvement plan target of at least $650 million of segment profit by fiscal '25 driven by our inflation mitigation and growth initiatives.

簡而言之，我們對業務的彈性和實力感到滿意，並且能夠提高我們對 23 財年的製藥前景。在醫療方面，我們對我們的醫療改進計劃目標充滿信心，即在我們的通脹緩解和增長舉措的推動下，到 25 財年至少實現 6.5 億美元的分部利潤。

While we are making progress with the second consecutive quarter of positive segment profit, we remain focused on taking actions to drive more predictable financial performance in line with this business' underlying potential. For several quarters now, we've seen demand for our higher-margin Cardinal Health brand products remain generally stagnant, which we reflected in our updated fiscal '23 outlook.

雖然我們在連續第二個季度取得正分部利潤方面取得進展，但我們仍然專注於採取行動，根據該業務的潛在潛力推動更可預測的財務業績。幾個季度以來，我們發現對利潤率較高的 Cardinal Health 品牌產品的需求普遍停滯不前，這反映在我們更新的 23 財年展望中。

We continue to achieve progress with inflation mitigation, the #1 key to returning the business to a more normalized level of profitability. Across enterprise, we are operating with urgency to drive our businesses forward. We're collectively focused on our 3 key strategic priorities of executing on the Medical improvement plan, building on the growth and resiliency of the Pharmaceutical segment and maintaining a relentless focus on maximizing shareholder value.

我們繼續在緩解通貨膨脹方面取得進展，這是將業務恢復到更正常的盈利水平的第一大關鍵。在整個企業中，我們正在緊急運營以推動我們的業務向前發展。我們共同專注於我們的 3 個關鍵戰略重點，即執行醫療改進計劃、建立製藥部門的增長和彈性以及持續不懈地關注股東價值最大化。

I'll provide some further updates on our continued progress shortly, but first, let me turn it over to Aaron to review our results and updated outlook.

我將很快就我們的持續進展提供一些進一步的更新，但首先，讓我把它交給 Aaron 來回顧我們的結果和更新的展望。

Thank you, Jason. I am pleased to join you this morning on my first call since assuming the CFO role with nearly 90 days now under my belt. What I could see from the outside has proven to be true on the inside. Cardinal Health is a business with a strong leadership team, an engaged Board, a defined strategy, a strong balance sheet and plenty of operational opportunities to promote value creation for our stakeholders.

謝謝你，傑森。自從擔任首席財務官一職近 90 天以來，我很高興在今天早上第一次與您通話。我從外面看到的東西在裡面被證明是真實的。 Cardinal Health 是一家擁有強大領導團隊、敬業的董事會、明確的戰略、強大的資產負債表和大量運營機會以促進為我們的利益相關者創造價值的企業。

I'll begin today with the enterprise's strong results for the third quarter. Total revenue increased 13% to $50.5 billion, and gross margin increased 6% to $1.8 billion, both driven by the Pharma segment. Consolidated SG&A increased 4% to $1.2 billion, primarily reflecting inflationary supply chain costs, which were offset in part by our comprehensive enterprise-wide cost savings initiatives.

今天我將從企業第三季度的強勁業績開始。總收入增長 13% 至 505 億美元，毛利率增長 6% 至 18 億美元，均由製藥部門推動。綜合 SG&A 增長 4% 至 12 億美元，主要反映了通貨膨脹的供應鏈成本，這部分被我們全面的企業範圍的成本節約計劃所抵消。

Operating earnings of $606 million were 11% higher than the third quarter of last year, driven by significant Pharma segment profit growth with opportunities remaining for us to achieve Medical segment profit increases in future quarters. Moving below the line. Interest and other decreased 32% to $28 million, driven primarily by increased interest income from cash and equivalents.

營業收入為 6.06 億美元，比去年第三季度高出 11%，這是受製藥部門利潤顯著增長的推動，我們仍有機會在未來幾個季度實現醫療部門利潤增長。移動到線下。利息和其他減少 32% 至 2,800 萬美元，這主要是由於現金和等價物的利息收入增加所致。

As a reminder, our debt is largely fixed rate resulting in a net benefit from rising interest rates. Our third quarter effective tax rate finished at 22.4%, slightly lower than we had expected, reflecting some positive discrete items in the quarter. Diluted weighted average shares were 258 million, 7% lower than a year ago due to continued share repurchase actions. The net result of the progress against our strategy with adjusted earnings per share of $1.74 in the third quarter, growth of 20% versus the prior year.

提醒一下，我們的債務基本上是固定利率的，因此利率上升會帶來淨收益。我們第三季度的有效稅率為 22.4%，略低於我們的預期，反映了本季度一些積極的離散項目。由於持續的股票回購行動，稀釋後的加權平均股數為 2.58 億股，比一年前減少 7%。第三季度調整後每股收益為 1.74 美元，與去年同期相比增長 20%，這是我們戰略取得進展的淨結果。

Now turning to the balance sheet. We ended the quarter with strong liquidity with $4 billion of cash on hand. The business generated robust adjusted free cash flow of $1.3 billion in the third quarter. Year-to-date adjusted free cash flow is $2.1 billion.

現在轉向資產負債表。本季度結束時，我們手頭有 40 億美元現金，流動性強勁。該業務在第三季度產生了 13 億美元的強勁調整後自由現金流。年初至今調整後的自由現金流為 21 億美元。

Given our cash balances, we ended the period with no outstanding borrowings on our credit facilities. And in further support of our strong investment-grade rating, during the quarter, we paid down $550 million of maturing March 2023 notes with cash on hand, consistent with our plans. We also extended our $2 billion revolver of backup liquidity until February of 2028.

鑑於我們的現金餘額，我們的信貸額度在該期間結束時沒有未償還的借款。為了進一步支持我們強大的投資級評級，在本季度，我們按照我們的計劃用手頭現金支付了 5.5 億美元 2023 年 3 月到期的票據。我們還將 20 億美元的備用流動資金循環期限延長至 2028 年 2 月。

Earlier in my remarks, I referenced return of capital to shareholders. During the quarter, we returned $378 million to shareholders through a $250 million accelerated share repurchase program and payment of our long-standing dividend. Year-to-date, we've returned $1.5 billion through share repurchase and made nearly $400 million in dividend payments.

在我之前的發言中，我提到了向股東返還資本。本季度，我們通過 2.5 億美元的加速股票回購計劃和支付長期股息向股東返還了 3.78 億美元。年初至今，我們通過股票回購返還了 15 億美元，並支付了近 4 億美元的股息。

Now I will cover our segment performance, beginning with Pharma on Slide 5. Third quarter revenue increased 14% to $47 billion, driven by brand and specialty pharmaceutical sales growth from existing customers. We saw strong broad-based Pharmaceutical demand particularly from our largest customers. GLP-1 medications also provided a revenue tailwind in the quarter.

現在我將介紹我們的部門業績，從幻燈片 5 的製藥公司開始。第三季度收入增長 14% 至 470 億美元，這主要受現有客戶的品牌和專業藥品銷售增長的推動。我們看到了廣泛的醫藥需求，尤其是來自我們最大客戶的需求。 GLP-1 藥物也為本季度帶來了收入增長。

Pharma segment profit increased 23% to $600 million. We were pleased to see that this progress was driven by both positive generic program results, including volume and mix and by a higher contribution from brand and specialty products. Within our generics program, we continue to see consistent market dynamics and strong performance from Red Oak Sourcing.

製藥部門利潤增長 23% 至 6 億美元。我們很高興地看到，這一進展是由積極的通用計劃結果推動的，包括數量和組合，以及品牌和專業產品的更高貢獻。在我們的仿製藥計劃中，我們繼續看到 Red Oak Sourcing 的一致市場動態和強勁表現。

With regards to branded and specialty products, the higher contribution reflects a modest benefit from manufacturer price increases. As a reminder, while over 95% of our overall branded margin is derived from fixed fee-for-service agreements, the contingent portion is highly concentrated in our fiscal third quarter.

關於品牌和特色產品，較高的貢獻反映了製造商價格上漲帶來的適度收益。提醒一下，雖然我們整體品牌利潤的 95% 以上來自固定的按服務收費協議，但或有部分高度集中在我們的第三財季。

Moving to the key growth area of specialty. We've seen strong double-digit growth across specialty distribution, along with our upstream manufacturer services. Our nuclear business, which is tracking ahead of plan, continued its double-digit growth, including benefiting from recent launches of novel theranostics.

轉向專業的重點增長領域。我們已經看到專業分銷以及我們的上游製造商服務實現了兩位數的強勁增長。我們的核業務比計劃提前，繼續保持兩位數的增長，包括受益於最近推出的新型治療診斷學。

Within our Pharmaceutical supply chain, we continue to effectively manage through the incremental inflationary cost pressures seen industry-wide. And in the third quarter, these net impacts were not material on a year-over-year basis. Finally, in the quarter, we lapped more significant opioid-related legal costs and higher costs related to the now completed ERP technology enhancements.

在我們的醫藥供應鏈中，我們繼續有效地應對全行業不斷增加的通脹成本壓力。而在第三季度，這些淨影響與去年同期相比並不重大。最後，在本季度，我們承擔了更多與阿片類藥物相關的法律成本以及與現已完成的 ERP 技術增強相關的更高成本。

Now turning to Medical on Slide 6. Third quarter revenue decreased 5% to $3.7 billion, driven by lower products and distribution sales, primarily due to expected PPE volume and price declines. Medical segment profit decreased 66% versus prior year to $20 million, primarily due to lower products and distribution volumes and unfavorable sales mix. Additionally, these results reflect both net unfavorable nonrecurring adjustments, including simplification actions and some modest year-over-year improvements in PPE margins.

現在轉向幻燈片 6 中的醫療。第三季度收入下降 5% 至 37 億美元，這是由於產品和分銷銷售額下降，主要是由於預期的 PPE 數量和價格下降。醫療部門利潤較上年下降 66% 至 2000 萬美元，這主要是由於產品和分銷量下降以及不利的銷售組合。此外，這些結果反映了淨不利的非經常性調整，包括簡化行動和 PPE 利潤率的一些同比小幅改善。

Similar to Q2, we observed normalized PPE margins in the third quarter. Regarding the demand environment, we've previously discussed some overall volume softness in our products and distribution list, including Cardinal Health brand. In the quarter, volumes for our Cardinal Health brand products were roughly flat sequentially. We achieved inflation mitigation of over 40% driven by our continued efforts. We also saw benefits from our ongoing cost savings initiatives such as in our manufacturing and supply chain.

與第二季度類似，我們在第三季度觀察到正常化的 PPE 利潤率。關於需求環境，我們之前已經討論過我們的產品和分銷清單的整體銷量疲軟，包括 Cardinal Health 品牌。本季度，我們 Cardinal Health 品牌產品的銷量環比基本持平。在我們不斷努力的推動下，我們實現了 40% 以上的通脹緩解。我們還從我們正在進行的成本節約計劃中看到了好處，例如在我們的製造和供應鏈中。

Now for our updated fiscal '23 outlook, beginning on Slide 8. Our team is working hard, and we are seeing positive results in key parts of our portfolio. As we move into the final quarter of the year, we are narrowing and raising our non-GAAP EPS guidance range from $5.20 to $5.50 and two, a new range of $5.60 to $5.80. At the midpoint, this represents a $0.35 increase and 13% year-over-year growth.

現在我們更新的 23 財年展望，從幻燈片 8 開始。我們的團隊正在努力工作，我們在投資組合的關鍵部分看到了積極的成果。隨著我們進入今年最後一個季度，我們正在縮小和提高我們的非 GAAP 每股收益指導範圍，從 5.20 美元到 5.50 美元和兩個新範圍，即 5.60 美元到 5.80 美元。從中點來看，這代表了 0.35 美元的增長和 13% 的同比增長。

This update primarily reflects an improved outlook for the Pharmaceutical segment for the year as well as a more modest short-term outlook for Medical. While we will save commentary or updates on long-term segment guidance for our upcoming Investor Day on June 8, we are showing today that we are reaffirming the long-term financial guidance in the Medical Improvement Plan for the Medical segment.

此次更新主要反映了今年製藥部門前景的改善以及醫療部門更溫和的短期前景。雖然我們將為即將到來的 6 月 8 日投資者日保留對長期部門指導的評論或更新，但我們今天表明，我們正在重申醫療部門醫療改進計劃中的長期財務指導。

We are also updating some key enterprise-wide assumptions as seen on Slide 8. Based on year-to-date performance, we now expect interest and other in the range of $95 million to $105 million, a non-GAAP ETR of approximately 22% to 23% for the year and adjusted free cash flow generation of $2 billion to $2.3 billion for the year. We expect diluted weighted average shares outstanding in the range of 262 million to 263 million, reflecting our year-to-date repurchase activity and continued expectation of $1.5 billion to $2 billion in total share repurchases in fiscal '23. Finally, we now expect capital expenditures of approximately $450 million, reflecting the timing of our continued investment to drive organic growth.

我們還更新了一些關鍵的企業範圍假設，如幻燈片 8 所示。根據年初至今的表現，我們現在預計利息和其他費用在 9500 萬至 1.05 億美元之間，非 GAAP ETR 約為 22%到今年的 23%，並將今年調整後的自由現金流產生 20 億美元至 23 億美元。我們預計稀釋後的加權平均流通股在 2.62 億至 2.63 億股之間，反映了我們年初至今的回購活動以及對 23 財年總股份回購 15 億美元至 20 億美元的持續預期。最後，我們現在預計資本支出約為 4.5 億美元，這反映了我們持續投資以推動有機增長的時機。

Turning to the segments on Slide 9. In Pharma, with the strong Pharmaceutical demand and performance that we've seen to date, we now expect full year revenue growth in the range of 14% to 15% and segment profit growth between 10.5% to 12% growth. We are extremely pleased with the ongoing resiliency and strength of the business and our plans to drive double-digit profit growth in fiscal year '23.

轉到幻燈片 9 中的細分市場。在製藥行業，由於我們迄今為止看到的強勁的製藥需求和業績，我們現在預計全年收入增長在 14% 到 15% 之間，細分市場利潤增長在 10.5% 到 15% 之間。增長 12%。我們對業務的持續彈性和實力以及我們在 23 財年推動兩位數利潤增長的計劃感到非常滿意。

Yet when looking at the more normalized performance of the Pharma business, it's important to note our fiscal '23 outlook includes 2 nonrecurring year-over-year tailwinds. First, as noted, we experienced a modest benefit from branded manufacturer price increases in fiscal year '23 that we assume it's unlikely to repeat in future years. Additionally, relative to the prior year comparisons, our previous fiscal year '23 guidance assumed offsetting year-over-year impacts in total between several nonrecurring drivers, higher-than-usual inflationary supply chain costs, lower opioid-related legal costs and lower cost for technology enhancements compared to fiscal year '22.

然而，在查看製藥業務更加正常化的表現時，重要的是要注意我們的 23 財年展望包括 2 個非經常性同比順風。首先，如前所述，我們從 23 財年的品牌製造商價格上漲中獲得了適度的好處，我們認為未來幾年不太可能重複這種情況。此外，相對於上一年的比較，我們之前的 23 財年指南假設在幾個非經常性驅動因素、高於平常的通貨膨脹供應鏈成本、較低的阿片類藥物相關法律成本和較低的成本之間抵消了同比影響與'22財政年度相比的技術改進。

However, we now expect the in-year comparison to fiscal year '22 for these items to produce a modest year-over-year tailwind unique to fiscal year '23. We will provide insights into our long-term targets for Pharma during our Investor Day, including some early guidance for fiscal year '24.

然而，我們現在預計這些項目與 22 財年的年內比較將產生 23 財年獨有的適度同比順風。我們將在投資者日期間提供對製藥公司長期目標的見解，包括 24 財年的一些早期指導。

Turning to Medical. We now expect a revenue decline of approximately 6% and a segment profit decline of approximately 50% for the year. This updated outlook reflects 3 key changes. First, third quarter actual results, as I've already discussed; second, updated assumptions around Cardinal Health brand volumes, namely that we will see relatively consistent demand patterns for the remainder of the fiscal year; third, delayed realization of lower costs, which we have previously incurred primarily related to international freight.

轉向醫療。我們現在預計全年收入下降約 6%，分部利潤下降約 50%。這一更新後的展望反映了 3 個關鍵變化。首先，正如我已經討論過的，第三季度的實際結果；其次，更新了關於 Cardinal Health 品牌銷量的假設，即我們將看到本財年剩餘時間的需求模式相對一致；第三，延遲實現較低的成本，我們之前發生的主要與國際運費有關。

Based on our updated volume expectations, we now expect some of the previously anticipated fourth quarter improvements in the P&L to shift into fiscal '24. As a reminder, on the cost side, we've seen significant improvement in incurred international freight costs, which are capitalized into inventory on our balance sheet. These costs are then recognized in our P&L results on a delay as we sell through products. We continue to have strong line of sight into this eventual benefit. However, due to timing, the impact to our fourth quarter results will be more modest than previously assumed.

根據我們更新的銷量預期，我們現在預計之前預期的第四季度損益表的一些改善將轉移到 24 財年。提醒一下，在成本方面，我們已經看到發生的國際運費有了顯著改善，這些成本在我們的資產負債表上被資本化為庫存。這些成本隨後會在我們通過產品銷售時延遲確認在我們的損益結果中。我們繼續對這一最終利益有強烈的看法。然而，由於時機的原因，對我們第四季度業績的影響將比之前假設的要小。

Importantly, we continue to expect to exit the year offsetting at least 50% of the gross impact from inflation. Looking ahead to the fourth quarter, the approximate (inaudible) million sequential improvement in Medical segment profit embedded in our guidance primarily reflects the combination of 3 items. First, the normalization from the nonrecurring adjustments from Q3; second, continued improvements and progress on our mitigation initiatives, including the benefit from the previously incurred international freight costs; third, and to a lesser extent, normal seasonality improvements in the fourth quarter.

重要的是，我們繼續預計今年結束時抵消至少 50% 的通貨膨脹總影響。展望第四季度，我們指導中包含的醫療部門利潤的大約（聽不清）百萬連續改善主要反映了 3 個項目的組合。首先，來自第三季度非經常性調整的正常化；其次，我們的緩解措施持續改進和取得進展，包括從之前產生的國際運費中獲益；第三，在較小程度上，第四季度的正常季節性改善。

So in financial summary, an excellent financial quarter overall, raise to guidance with opportunities still in front of us. With that, I'll now turn it back over to Jason.

因此，在財務摘要中，總體而言，這是一個出色的財務季度，在我們面前仍有機會提升至指導。有了這個，我現在將它轉回給傑森。

Thanks, Aaron. Now a few key updates on our 3 strategic priorities for fiscal '23: first, executing our Medical Improvement Plan initiatives. We remain on track with our mitigation actions for inflation and global supply chain constraints and I'm pleased with our continued incremental progress on this critical front. We've now mitigated over 40% of the gross impact to our business through our mitigation initiatives.

謝謝，亞倫。現在我們對 23 財年的 3 個戰略重點進行一些關鍵更新：首先，執行我們的醫療改進計劃舉措。我們在緩解通貨膨脹和全球供應鏈限制方面的行動仍在軌道上，我很高興我們在這一關鍵前沿取得了持續的漸進進展。通過我們的緩解措施，我們現在已經減輕了 40% 以上對我們業務的總影響。

This includes widespread temporary price increases across nearly all of our Cardinal Health brand product categories. Supplier distribution fee increases to offset higher transportation, labor and fuel costs and our focus on other offset opportunities such as additional sourcing efficiencies. We continue to work collaboratively with our industry partners to make pricing adjustments that are reflective of current market conditions on our path to fully mitigating this headwind and by the time we exit fiscal '24 through these collective actions.

這包括我們幾乎所有 Cardinal Health 品牌產品類別的廣泛臨時價格上漲。供應商分銷費增加以抵消更高的運輸、勞動力和燃料成本，我們關注其他抵消機會，例如額外的採購效率。我們將繼續與我們的行業合作夥伴合作，做出反映當前市場狀況的定價調整，以充分緩解這種逆風，並在我們通過這些集體行動退出 24 財年時。

By taking a transparent approach, we are also advancing our recontracting efforts, successfully adjusting long-term product contracts as they renew and including language that allows for greater future flexibility. While costs generally remain significantly elevated relative to pre-pandemic levels, we've seen a stabilization across most areas, along with improvement in international freight. We believe we are now past peak overall cost levels as the improved international freight costs will begin to be reflected in our fourth quarter results. We remain committed to our mitigation efforts as highlighted earlier. To drive growth outside our mitigation actions, we are focused on optimizing and growing our Cardinal Health Brand portfolio, accelerating our growth businesses and driving simplification and continued cost optimization.

通過採取透明的方法，我們也在推進我們的重新合同工作，成功地調整了續籤的長期產品合同，並包括允許未來更大靈活性的語言。雖然相對於大流行前的水平，成本總體上仍然顯著升高，但我們已經看到大多數地區都趨於穩定，同時國際貨運也有所改善。我們相信我們現在已經過了總成本的峰值水平，因為國際貨運成本的改善將開始反映在我們第四季度的業績中。正如之前強調的那樣，我們仍然致力於我們的緩解努力。為了在我們的緩解措施之外推動增長，我們專注於優化和發展我們的 Cardinal Health 品牌組合，加速我們的增長業務並推動簡化和持續的成本優化。

As Aaron indicated, demand for our Cardinal Health Brand products has remained generally stagnant over the first 3 quarters of fiscal '23. We believe market demand will improve in fiscal '24 and '25, coinciding with our ongoing initiatives to increase product availability drive new product innovation and implement other commercial improvements. As an example of product innovation, we recently unveiled the new Kangaroo OMNI Enteral Feeding platform at the ASPEN congress. OMNI is the only enteral pump player to accurately deliver thick formula and is designed to meet enteral feeding needs from the hospital to home, infancy to end of life. OMNI has received very positive feedback from both clinicians and patients generating excitement for the launch in early fiscal '24.

正如 Aaron 所指出的，在 23 財年的前三個季度，對我們 Cardinal Health 品牌產品的需求總體上保持停滯。我們相信市場需求將在 24 財年和 25 財年有所改善，這與我們為提高產品可用性而採取的持續舉措相吻合，以推動新產品創新並實施其他商業改進。作為產品創新的一個例子，我們最近在 ASPEN 大會上推出了新的袋鼠 OMNI 腸內餵養平台。 OMNI 是唯一能夠準確輸送濃稠配方奶粉的腸內泵，旨在滿足從醫院到家庭、從嬰儿期到生命終結的腸內餵養需求。 OMNI 從臨床醫生和患者那裡收到了非常積極的反饋，他們對 24 財年早期的推出感到興奮。

Outside of U.S. product and distribution, we're driving growth in other key areas of the segment. at-Home Solutions, Medical Services, including OptiFreight Logistics and WaveMark and international products and distribution. For example, in at-Home Solutions, we are expanding our footprint to match the sustained growth of home health care we are seeing in the industry and our business. Our new Central Ohio distribution center is now operational. This new location is the next step in supporting our growth strategy and will be equipped with systems and automation capabilities to improve safety, service and operational efficiencies.

在美國產品和分銷之外，我們正在推動該細分市場其他關鍵領域的增長。居家解決方案、醫療服務，包括 OptiFreight Logistics 和 WaveMark 以及國際產品和分銷。例如，在家庭解決方案方面，我們正在擴大我們的足跡，以配合我們在行業和業務中看到的家庭保健的持續增長。我們新的俄亥俄州中部配送中心現已投入運營。這個新地點是支持我們增長戰略的下一步，將配備系統和自動化功能，以提高安全性、服務和運營效率。

A new automated storage and retrieval system will increase throughput and capacity and ideal technology for at-Home solutions facilities that are primarily focused on direct-to-patient fulfillment. In OptiFreight Logistics, we are tolerating our growth as a leader in tech-enabled logistics management by driving best-in-class customer experience and continually diversifying our product offerings. And we continue to take action to drive simplification across our Medical business by optimizing our distribution and global supply chain network and through our active approach to product life cycle management.

一個新的自動存儲和檢索系統將增加吞吐量和容量，並成為主要專注於直接面向患者的家庭解決方案設施的理想技術。在 OptiFreight Logistics 中，我們通過推動一流的客戶體驗和不斷豐富我們的產品組合，成為技術支持的物流管理領域的領導者。我們繼續採取行動，通過優化我們的分銷和全球供應鍊網絡以及通過我們積極的產品生命週期管理方法來簡化我們的醫療業務。

Next, in Pharma, we're building upon the growth and the resiliency of the business. We are privileged to serve and partner with a broad customer base, providing essential health care services in their respective communities, including leaders in retail pharmacy, mail order, grocery and health systems among the many classes of trade. We support our customers by bringing significant scale and leading offerings to market, including our comprehensive generics program anchored by the capabilities of Red Oak Sourcing. The key pace, the strong and resilient demand we are seeing from our customers, we continue to focus on strengthening our core operations by continually developing customer-focused solutions and investing in new technologies across our supply chain.

接下來，在製藥方面，我們正在建立業務的增長和彈性。我們有幸為廣泛的客戶群提供服務並與之合作，為他們各自的社區提供基本的醫療保健服務，包括零售藥房、郵購、食品雜貨和衛生系統等眾多行業的領導者。我們通過將顯著規模和領先的產品推向市場來支持我們的客戶，包括我們以 Red Oak Sourcing 的能力為基礎的綜合仿製藥計劃。我們從客戶那裡看到了關鍵的步伐，強勁而有彈性的需求，我們通過不斷開發以客戶為中心的解決方案和投資整個供應鏈的新技術，繼續專注於加強我們的核心業務。

Our goal is to continue providing innovative tools that address the unique challenges of our customers while unlocking value and further efficiencies across our distribution supply chain. We're also prioritizing the area of specialty through our actions and investments. Our new organizational design is driving efficiencies and further effectiveness, enabling us to move quicker and better prioritize the needs of our customers and manufacturer partners. Downstream, we've seen continued double-digit growth across specialty distribution, including in health systems and alternative care. And in the physician office channel, our acquisition of the Bendcare GPO and investment in their MSO continues to drive a differentiated engagement model for rheumatologists through our expanded capabilities.

我們的目標是繼續提供創新工具來應對客戶的獨特挑戰，同時在我們的分銷供應鏈中釋放價值並進一步提高效率。我們還通過我們的行動和投資優先考慮專業領域。我們新的組織設計正在提高效率和進一步的有效性，使我們能夠更快地行動並更好地優先考慮客戶和製造商合作夥伴的需求。在下游，我們看到專業分銷持續實現兩位數增長，包括醫療系統和替代護理。在醫生辦公室渠道，我們對 Bendcare GPO 的收購和對其 MSO 的投資繼續通過我們擴展的能力為風濕病學家推動差異化的參與模式。

Upstream with biopharma manufacturers, we again saw double-digit growth for manufacturer services in the third quarter. Our leading specialty 3PL continues to win new business, including in the area of cell and gene therapy. Through Q3, we supported 27 product launches with double-digit launches anticipated in the fourth quarter. And in our nuclear business, we're seeing a growing demand pipeline for our Center for Theranostics Advancement in Indianapolis. We've seen strong volumes from recent theranostics launches, such as radiopharmaceutical supporting prostate-specific PET imaging. With the continued success of the business, combined with the innovation that's occurring in the space, we continue to be excited about this very promising area.

在生物製藥製造商的上游，我們在第三季度再次看到製造商服務實現兩位數增長。我們領先的專業 3PL 繼續贏得新業務，包括在細胞和基因治療領域。整個第三季度，我們支持了 27 種產品的發布，預計第四季度的發布數量將達到兩位數。在我們的核業務中，我們看到對印第安納波利斯 Theranostics Advancement 中心的需求不斷增長。我們從最近推出的治療診斷學中看到了強勁的銷量，例如支持前列腺特異性 PET 成像的放射性藥物。隨著業務的持續成功，再加上該領域正在發生的創新，我們繼續對這個非常有前途的領域感到興奮。

And lastly, a brief update regarding our relentless focus on shareholder value creation. We have placed a strong emphasis on responsible capital deployment, including the return of capital to shareholders. This is evident through our plans to return over $2 billion to shareholders in fiscal '23 through dividends and share repurchases. We will continue to pursue opportunities for additional shareholder value creation.

最後，簡要介紹一下我們對股東價值創造的不懈關注。我們非常重視負責任的資本配置，包括向股東返還資本。我們計劃在 23 財年通過股息和股票回購向股東返還超過 20 億美元，這一點顯而易見。我們將繼續尋求為股東創造額外價值的機會。

Our management team has made significant progress in realigning our operations to drive focus and simplicity. Our work is ongoing, and we continue to work through a comprehensive review of our company's strategy, portfolio, capital allocation framework and operations with the support of our Board and the business review committee. Given the importance of this work, today, we announced that the Board has extended the term of the committee for an additional year through July 15, 2024, and we have also extended the term of the cooperation agreement with Elliott.

我們的管理團隊在重新調整我們的運營以推動專注和簡化方面取得了重大進展。我們的工作正在進行中，在董事會和業務審查委員會的支持下，我們將繼續對公司的戰略、投資組合、資本配置框架和運營進行全面審查。鑑於這項工作的重要性，今天，我們宣布董事會將委員會的任期延長一年至 2024 年 7 月 15 日，我們還延長了與 Elliott 的合作協議的期限。

We are very much looking forward to our upcoming Investor Day on June 8 in New York City and the opportunity to further articulate why we believe Cardinal Health is well positioned for long-term success and our plans to maximize shareholder value. Among other topics, we plan to detail our growth strategies and provide updates on our long-term outlook, capital allocation framework and the ongoing business and portfolio review.

我們非常期待即將於 6 月 8 日在紐約市舉行的投資者日，並期待有機會進一步闡明為什麼我們相信 Cardinal Health 為長期成功做好準備以及我們實現股東價值最大化的計劃。除其他主題外，我們計劃詳細說明我們的增長戰略，並提供有關我們的長期前景、資本配置框架以及正在進行的業務和投資組合審查的最新信息。

Before I conclude, I want to thank our Cardinal Health employees who are advancing our key strategic priorities and fulfilling our essential role in health care, serving customers and their patients. While there's still work to do, I am encouraged by our team's continued progress and excited about our future opportunities. With that, we will take your questions.

在我結束之前，我要感謝我們的 Cardinal Health 員工，他們正在推進我們的關鍵戰略重點並履行我們在醫療保健、為客戶及其患者提供服務方面的重要作用。儘管仍有工作要做，但我對我們團隊的持續進步感到鼓舞，並對我們未來的機會感到興奮。這樣，我們將回答您的問題。

(Operator Instructions) First question is coming from Michael Cherny coming from Bank of America.

（操作員說明）第一個問題來自美國銀行的 Michael Cherny。

Maybe if I can just dig in on the Medical side, and just get an understanding, especially given the bridge dynamics between where you're run rating versus the build to the $650 million '25. Is there any way you can go into more detail about what the quantitative and qualitative components of what led to the nonrecurring piece that's been absorbed within the segment? And then as you think about the dynamics behind that, how does that roll off over time as part of that build towards the longer-term multiyear targets?

也許如果我可以深入研究醫療方面，並了解一下，特別是考慮到你的運行評級與構建到 25 年 6.5 億美元之間的橋樑動態。有沒有什麼方法可以更詳細地說明導致該部分吸收的非經常性部分的定量和定性成分是什麼？然後，當您考慮其背後的動力時，作為實現長期多年目標的一部分，它如何隨著時間的推移而滾動？

Sure. Thanks, Michael. Yes. Let's break down the inflation into the components as a way of giving you the pieces I think you're asking for there. And we've given you enough of this, you can back into these numbers, but let me just be really explicit around the impact of inflation across the quarters in fiscal '23 and what that then implies for '24 and beyond. And I think that will get at most of your questions. So the first half of the year, namely within Q2, somewhere around Q1, Q2, we saw the peak net impact of inflation, gross inflation net of the mitigation actions. And then specifically in Q2, we had about $100 million included in our reported Medical segment earnings.

當然。謝謝，邁克爾。是的。讓我們將通貨膨脹分解為組成部分，以此為您提供我認為您在那裡要求的部分。我們已經給了你足夠多的信息，你可以回到這些數字，但讓我非常明確地說明通貨膨脹對 23 財年各季度的影響，以及這對 24 財年及以後的影響。我認為這將解決您的大部分問題。因此，今年上半年，即在第二季度，大約在第一季度、第二季度的某個時間，我們看到了通貨膨脹的淨影響峰值，即扣除緩解措施後的總通貨膨脹。然後特別是在第二季度，我們報告的醫療部門收益中包含了大約 1 億美元。

Now we have had improvements over the course of the last quarter. So in Q3, we saw both the ongoing pricing dynamics as expected and the costs continue to be incurred at lower levels as expected. And what that did then was drove a P&L benefit related to those mitigation actions of $20 million to $30 million for the quarter. The difference in the quarter is at the both Q3 as well as Q4, our volumes are now expected to be lower. So what we see in the P&L is a little bit less than what we had anticipated. But what we're spending on those incurred costs are coming in as expected.

現在我們在上個季度有了改進。因此，在第三季度，我們既看到了預期的持續定價動態，也看到了預期的較低水平的成本繼續發生。然後所做的是推動與本季度 2000 萬至 3000 萬美元的緩解措施相關的損益收益。本季度的差異在於第三季度和第四季度，我們現在預計銷量會更低。所以我們在損益表中看到的比我們預期的要少一些。但我們在這些已發生成本上的支出正按預期出現。

So again, that's Q2 to Q3, a $20 million to $30 million improvement in the net impact. And then we expect pricing to continue to improve as we roll over more and more contracts into the new permanent structure. And then we have ongoing the international freight especially continue to roll through our P&L, again, at a slower pace than originally anticipated, but we still expect that benefit in the fourth quarter, and that's another $20 million to $30 million.

同樣，這是第二季度到第三季度，淨影響增加了 2000 萬到 3000 萬美元。然後，隨著我們將越來越多的合同轉移到新的永久結構中，我們預計定價將繼續改善。然後我們繼續進行國際貨運，特別是繼續以比原先預期的速度慢的速度通過我們的損益表，但我們仍然預計第四季度會受益，這又是 2000 萬到 3000 萬美元。

So as you think about that Q2 to Q4 journey, that's $40 million to $60 million or let's call it about $50 million of benefit just related to the mitigation actions. So again, the actions are entirely consistent with our expectations. It's just that volume component is effectively delaying the benefit of what we see until some of it spilling over into fiscal '24 more than what we had anticipated.

因此，當您考慮第二季度到第四季度的旅程時，這是 4000 萬到 6000 萬美元，或者我們稱之為與緩解措施相關的大約 5000 萬美元的收益。因此，這些行動再次完全符合我們的預期。只是數量部分有效地延遲了我們所看到的好處，直到其中一些超出我們預期的超過 24 財年。

So that's the biggest part of the bridge because our guidance implies an $80 million-ish type of run rate in the fourth quarter. And so getting that Q2 to Q4, $50 million of that, that kind of gets you there. Now to your point, in Q3, there were some nonrecurring items, some puts and takes that we don't anticipate will continue on into Q4, let alone 2024 and 2025. So that's kind of in and out and not really something to think about so much in terms of that overall bridge.

所以這是橋樑的最大部分，因為我們的指導暗示第四季度的運行率達到 8000 萬美元左右。因此，將第二季度到第四季度，其中的 5000 萬美元，就可以讓你到達那裡。現在就你的觀點而言，在第三季度，有一些非經常性項目，一些我們預計不會持續到第四季度的看跌期權和看跌期權將持續到第四季度，更不用說 2024 年和 2025 年了。所以這有點進進出出，並不是真正需要考慮的事情就整個橋樑而言，就這麼多了。

Now the last part of this story then is, okay, so that gets you to the run rate of about $80 million in the fourth quarter. And as I said, we started with $100 million at the beginning of the year, Q2 impacted because of inflation. The $20 million to $30 million each quarter takes you down to the $50 million in Q4. That implies that in that $80 million of profit as we exit the year in our Q4 results, still includes $50 million for the quarter related to the net impact of inflation.

現在這個故事的最後一部分是，好吧，這樣你就可以在第四季度達到大約 8000 萬美元的運行率。正如我所說，我們在年初以 1 億美元開始，第二季度受到通貨膨脹的影響。每個季度 2000 萬到 3000 萬美元會讓你在第四季度下降到 5000 萬美元。這意味著，在我們第四季度業績結束時的 8000 萬美元利潤中，仍包括與通貨膨脹淨影響相關的本季度 5000 萬美元。

That's the opportunity that we remain committed to. Nothing we're talking about here is different than our expectations. I continue to expect us to fully mitigate through pricing, the ongoing renewals as well as this cost will continue to come down in terms of what impacts our P&L. We do not anticipate significant further reductions in other commodity areas, but we do expect that international freight will stay at the low levels that it currently is at.

這是我們繼續致力於的機會。我們在這裡談論的一切都與我們的期望不同。我繼續期望我們通過定價、持續的續訂以及這個成本將在影響我們的 P&L 方面繼續下降來完全緩解。我們預計其他商品領域不會進一步大幅減少，但我們確實預計國際運費將保持在目前的低水平。

Next question is from Lisa Gill of JPMorgan.

下一個問題來自摩根大通的麗莎吉爾。

Jason, I know you're going to talk about this at your Analyst Day around the portfolio review. But there's been some speculation around your nuclear business. Can you just talk about the contribution that, that had maybe overall thus far this year and how you see that? Is that a core component of your business going forward? Or is this something that you would think about when you think about your portfolio review? And any insights that you've around nuclear would be helpful.

傑森，我知道你會在你的分析師日圍繞投資組合審查談論這個。但是有一些關於你的核業務的猜測。你能談談今年到目前為止的貢獻嗎？你怎麼看？這是您未來業務的核心組成部分嗎？或者當你考慮你的投資組合審查時，你會想到這一點嗎？您對核能的任何見解都會有所幫助。

As you would expect, Lisa, I'm not going to comment on any of the rumors or speculation. What I'll say is nuclear is a fantastic business. In our segment flip, we break out the revenue that's trending a little above $1 billion. It did increase a bit here because of some rev rec changes that's taking our revenue growth well over 30%.

如你所料，麗莎，我不會對任何謠言或猜測發表評論。我要說的是，核能是一項了不起的業務。在我們的細分市場中，我們打破了趨勢略高於 10 億美元的收入。它確實在這裡有所增加，因為一些 rev rec 的變化使我們的收入增長遠超過 30%。

But the kind of the normalized level of revenue growth has been in the low double-digit type of revenue growth. So it's been growing nicely. We've never broken out the margin, but we have indicated it's a higher-than-average margin. So it's a growing business. It's a strong business and a great secular area. And that's all that we're going to say about that.

但收入增長的正常水平一直處於低兩位數的收入增長類型。所以它一直在很好地增長。我們從未打破利潤率，但我們已經表明它高於平均利潤率。所以這是一個不斷增長的業務。這是一個強大的業務和一個偉大的世俗地區。這就是我們要說的。

We'll now go to Kevin Caliendo calling from UBS.

我們現在將去瑞銀的 Kevin Caliendo 打電話。

I want to -- I appreciate all the color around the things that you can control on the Medical side. But it's a little confusing to understand why market demand has been stagnant the last couple of quarters for your products. Given what we hear from at least the public hospitals and the like who clearly are doing better, is there a geographic issue? Is it a customer issue that you're not seeing increased demand? Is purchasing changing at the hospital level? Or is it a product portfolio issue? Like what's actually happening in the marketplace that's kind of kept your private portfolio stagnant?

我想——我欣賞你在醫療方面可以控制的事物周圍的所有顏色。但是有點難以理解為什麼市場需求在過去幾個季度對您的產品停滯不前。鑑於我們至少從公立醫院等那裡聽到的情況顯然做得更好，是否存在地域問題？您沒有看到需求增加是客戶問題嗎？醫院層面的採購是否發生變化？還是產品組合問題？就像市場上實際發生的事情讓您的私人投資組合停滯不前一樣？

Yes. There's a few components I can provide some additional color on. First of all, we've highlighted the some of the categories. So PPE, we've highlighted the destocking situation still. So we're not seeing anything new or different there. We have some other categories like our lab business, which is actually seeing a little bit of a headwind sequentially. Nothing too significant, but it's certainly with COVID originally and then with flu testing, we had some pretty good volume over the last couple of years, and that's getting more normalized. So we have some headwinds like that.

是的。我可以在一些組件上提供一些額外的顏色。首先，我們強調了一些類別。所以 PPE，我們仍然強調了去庫存情況。所以我們在那裡沒有看到任何新的或不同的東西。我們還有其他一些類別，例如我們的實驗室業務，實際上在順序上遇到了一些不利因素。沒什麼大不了的，但它肯定是最初的 COVID，然後是流感測試，在過去的幾年裡我們有一些相當不錯的數量，而且越來越正常化。所以我們有這樣的逆風。

For the other, the non-PPE type of Cardinal Health Brand categories that are important to us, especially from a margin perspective, what we have to go back to is just highlight that a couple of years ago, last year, we saw some very significant supply chain constraints. And at that time, we were not able to get our customers the products that they needed.

另一方面，非 PPE 類型的 Cardinal Health 品牌類別對我們很重要，尤其是從利潤率的角度來看，我們必須回顧的只是強調幾年前，去年，我們看到了一些非常顯著的供應鏈限制。那時，我們無法為客戶提供他們需要的產品。

Fortunately, we've been working very hard on that. Our product availability, our product health, our customer service levels are at levels we've not seen since before the pandemic. So we're in really, really good shape now, but we were not getting all the products to our customers that they needed over that period of time, and we lost some opportunity as a result of that. So that's why we're not benefiting from as much of the growth right now. I do think that the underlying utilization is improving. We're not getting our fair share of that. And that's where we're very focused on further investments in our capacity, further investments in product innovation, but also just making certain that we keep our service levels ever increasing to levels that are really exciting our customers so that they want to buy more and more of that product from us.

幸運的是，我們一直在努力解決這個問題。我們的產品可用性、我們的產品健康狀況、我們的客戶服務水平都處於大流行之前以來的最高水平。所以我們現在的狀態真的非常好，但是我們並沒有把所有的產品都提供給我們的客戶，他們在那段時間裡需要他們，因此我們失去了一些機會。所以這就是為什麼我們現在沒有從那麼多的增長中受益。我確實認為潛在的利用率正在提高。我們沒有得到應有的份額。這就是我們非常專注於進一步投資於我們的能力，進一步投資於產品創新，但也只是確保我們將我們的服務水平不斷提高到真正讓我們的客戶興奮的水平，以便他們想要購買更多和更多來自我們的產品。

And we're in the best position we've been in, in years and have more confidence that we'll get there. This is an important part of the medical improvement plan, right? It's 1 of the 4 pillars of growth. And so we are anticipating further improvements. It is about 20% of the actions necessary for us to hit the $650 million-plus target. That's why we're very focused on the other actions as well to see if we can over deliver and derisk this. But we do believe that utilization will continue to improve overall for the market, and we are better positioned now than we've been in a long time to participate in that, and I feel good about our prospects to see that growth, especially as we get into fiscal '24.

多年來，我們處於我們所處的最佳位置，並且更有信心我們會到達那裡。這是醫療改善計劃的重要一環吧？它是增長的四大支柱之一。因此，我們期待進一步的改進。這大約是我們實現 6.5 億美元以上目標所需行動的 20%。這就是為什麼我們也非常關注其他行動，看看我們是否可以過度交付並降低風險。但我們確實相信，整個市場的利用率將繼續提高，而且我們現在的定位比我們長期以來參與其中的位置更好，我對看到這種增長的前景感到滿意，尤其是當我們進入財政'24。

Our next question is coming from Elizabeth Anderson calling from Evercore.

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

One, I was hoping -- thanks for all the details on the Medical business. I was wondering if you could just help us on one more thing and sort of exclusively tell us what the contribution of -- or the hit from onetime items was in the quarter on Medical? And then two, can you talk about the pushes and pulls on the Pharma operating profit in the fourth quarter? Because it seems like it could be a little bit conservative there. So I just want to make sure that we have all the dynamics down there.

一，我希望——感謝醫療業務的所有細節。我想知道您是否可以再幫助我們做一件事，並專門告訴我們醫療的貢獻或曾經的項目的命中率是多少？然後兩個，你能談談第四季度對製藥公司營業利潤的推動和拉動嗎？因為它似乎在那裡可能有點保守。所以我只想確保我們擁有所有的動力。

Okay. So I'll make a comment on your first part of your question, I'll turn it over to Aaron for the second one. It's nothing that we've explicitly quantified just wanted to highlight the words that we used, again, that it was a modest net negative impact in Q3. So it's one component. There's a number of puts and takes within there. Did highlight that as an example, one of the types of items are some costs for further simplification actions. We had some of that in the first quarter as well. So we're constantly looking at our portfolio and taking action to improve our ongoing profitability and that required us to take some further adjustments within the quarter, but nothing else to really highlight there other than the key is that we just don't expect them to continue, certainly not to long term or even into the rest of our guidance for fiscal '24. Aaron?

好的。所以我將對你問題的第一部分發表評論，我會把它交給 Aaron 來做第二部分。我們沒有明確量化只是想再次強調我們使用的詞，這對第三季度產生了適度的淨負面影響。所以它是一個組成部分。裡面有很多 puts 和 takes。確實強調了，例如，其中一種類型的項目是進一步簡化操作的一些成本。我們在第一季度也有一些。因此，我們一直在關注我們的投資組合併採取行動來提高我們的持續盈利能力，這要求我們在本季度內進行一些進一步的調整，但除了關鍵是我們只是不期望它們之外，沒有什麼可以真正強調的了繼續，當然不會長期，甚至不會進入我們對 24 財年的其餘指導。亞倫？

Happy to talk about the Pharma business. First, just let me repeat a little bit of what I said in my prepared remarks, which is we are really pleased with the performance of the Pharma business and what the team is accomplishing in that core part of our business, the resiliency and the strength that showed in Q3 based on the progress on the generics platform as well as some strength in the Branded portfolio and the double-digit growth in specialty allowed us to be able to lean forward and raise our guidance for the year for the Pharma business.

很高興談論製藥業務。首先，讓我重複一下我在準備好的發言中所說的話，我們對製藥業務的表現以及團隊在我們業務的核心部分、彈性和實力方面取得的成就感到非常滿意根據仿製藥平台的進展以及品牌產品組合的一些實力和專業領域的兩位數增長，第三季度顯示，我們能夠向前傾斜並提高我們對製藥業務的年度指導。

I want to highlight a couple of things as you think about Q4, which I think was the point of your question, which is, while we expect to see continued good news relative to the operational performance and a stable macro environment, with the strong underlying fundamentals we laid out, it is important to note that Q4 last year was a strong quarter for us, and so we're lapping a higher point. It's also the case that we'll have less benefit from some nonrecurring items that we called out in our prepared remarks earlier as well. And so overall, strong performance in Q3, looking forward to a good Q4, but careful in our expectation setting.

我想強調您對第四季度的看法，我認為這是您問題的重點，即雖然我們預計會看到與運營績效和穩定的宏觀環境相關的持續好消息，但基礎強勁我們制定的基本面，重要的是要注意去年第四季度對我們來說是一個強勁的季度，所以我們正在取得更高的成績。同樣的情況是，我們從我們之前在準備好的評論中提到的一些非經常性項目中獲益較少。總的來說，第三季度表現強勁，期待第四季度表現良好，但在我們的預期設定中要謹慎。

We'll now move to Eric Percher of Nephron.

我們現在將轉到 Nephron 的 Eric Percher。

Staying on the Pharma side, I wanted to ask whether the changes we're seeing to list prices around the insulin products and the potential for more changes in front of the [AMP cap] sunset next year is significant. I understand this is a change to fee-for-service economics, and that gives you a right to renegotiate. But how would you characterize renegotiations that type when they come up? And are you confident you can maintain absolute profit or something close to it?

在製藥方面，我想問的是，我們看到的圍繞胰島素產品列出價格的變化以及明年 [AMP 上限] 日落前可能發生的更多變化是否顯著。我知道這是對按服務收費的經濟學的一種改變，這使您有權重新談判。但是，當它們出現時，您如何描述這種類型的重新談判？您是否有信心可以保持絕對利潤或接近絕對利潤？

Yes. In short, very confident that we'll continue to appropriately be compensated for our activity-based value. So this is not any different than the various other types of adjustments we've had to make over the years, and it's something that I think we've demonstrated makes sense to make the appropriate adjustments.

是的。簡而言之，非常有信心我們將繼續適當地補償我們基於活動的價值。因此，這與我們多年來必須進行的各種其他類型的調整沒有任何不同，我認為我們已經證明進行適當調整是有意義的。

The other thing I'd highlight is the starting point for a product like this is not real strong margins to start with. So there's not a big profit pool from which to draw value from. So we do expect to be compensated for the value that we provide, and we'll continue to monitor and follow this. One thing we had talked about in the past on this type of topic is where I have the most concern is when we don't have sufficient visibility to changes and that something would just kind of fall in our lab at the last minute because it does require some renegotiation, restructuring in some cases of how the arrangements are made. This one is a little bit more straightforward, and we feel like we can negotiate the appropriate outcome for it. And we certainly have the time for it. But the distinction is if there's ever any really short-term type of impact, and that would be needed to be addressed separately.

我要強調的另一件事是，像這樣的產品的起點並不是真正的高利潤率。因此，沒有可從中獲取價值的大利潤池。因此，我們確實希望因我們提供的價值而得到補償，我們將繼續監控並遵循這一點。我們過去就此類主題討論過的一件事是我最擔心的是，當我們對變化沒有足夠的可見性時，某些東西會在最後一刻落入我們的實驗室，因為它確實需要重新談判，在某些情況下重新調整安排方式。這個更直接一點，我們覺得我們可以為它協商適當的結果。我們當然有時間。但區別在於是否存在任何真正的短期影響，並且需要單獨解決。

Next question is coming from George Hill of Deutsche Bank.

下一個問題來自德意志銀行的喬治希爾。

I guess, first, as it relates to the Cardinal Health Branded products in Medical, I guess, Jason, is there any way to evaluate whether or not you guys are losing wallet share with customers and that is impacting volumes? And I guess my quick follow-up on that would be, we know that you guys have historically forward bought commodity-based products. I guess is there any way to provide any more color around the timing of when Medical inflects as it relates to kind of the forward buying and the commodity impact in the inflation mitigation. Just trying to think about when we -- kind of like when we see the inflection as it relates to these lower costs really pulling through.

我想，首先，因為它與醫療領域的 Cardinal Health 品牌產品有關，我想，Jason，有沒有什麼方法可以評估你們是否正在失去與客戶的錢包份額，這是否會影響銷量？我想我對此的快速跟進是，我們知道你們在歷史上已經購買了基於商品的產品。我想有沒有什麼辦法可以在醫療發生變化的時間點提供更多的顏色，因為它與遠期購買的種類和商品對緩解通脹的影響有關。只是想想想我們什麼時候——有點像當我們看到與這些低成本真正相關的拐點時。

Yes. So as it relates to share, I think when you look back at our volume, we had a step down in volume in Q3 and Q4 of last year. And again, that was -- there was a lot of PPE that came out there. We clearly lost share there. It is a business that's a commodity business for us. It's important for our customers. We participate as needed. We source most of that product. So it's a category that's not our priority. What's most important is that we take care of our customer needs.

是的。因此，就份額而言，我認為當你回顧我們的銷量時，我們在去年第三季度和第四季度的銷量有所下降。再一次，那是——那裡出現了很多個人防護裝備。我們顯然在那裡失去了份額。這是一項對我們來說是商品業務的業務。這對我們的客戶很重要。我們根據需要參與。我們採購了大部分產品。所以這不是我們優先考慮的類別。最重要的是我們關注客戶的需求。

In the non-Cardinal volume, and we also saw some weakness there, as I mentioned before, the supply chain constraints. So as other providers had capacity, then we would have had a lower share as a result of that. Again, I think there's been very little of that change since then. Our service levels and our product health have improved dramatically even over the course of fiscal '23. So I do not believe that we have -- everything that we're seeing from a new contracting perspective has been consistent with our expectations here this year. So I don't see anything new there. But we are dealing with some impacts that happened over the last couple of years. That part is the case.

在非基數量中，我們也看到了一些弱點，正如我之前提到的，供應鏈限制。因此，由於其他供應商有能力，因此我們的份額會降低。同樣，我認為自那時以來幾乎沒有發生這種變化。即使在 23 財年期間，我們的服務水平和產品健康狀況也得到了顯著改善。所以我不相信我們 - 我們從新的合同角度看到的一切都與我們今年在這裡的預期一致。所以我在那裡看不到任何新東西。但我們正在處理過去幾年發生的一些影響。那部分是這樣的。

Your second question, I think I answered it before in terms of the timing associated with the commodity impacts. It's really the international freight is the big one that's reduced. And that reduced significantly 6 to 9 months ago. And that's why right now, we're on the cusp of having to hit our P&L favorably or benefit our P&L is because we typically have 2 to 3 quarters' worth of inventory.

你的第二個問題，我想我之前已經根據與商品影響相關的時間問題回答過這個問題。真的是國際運費減的比較大。而這在 6 到 9 個月前顯著減少。這就是為什麼現在，我們正處於必須有利地達到我們的損益或使我們的損益受益的風口浪尖，因為我們通常有 2 到 3 個季度的庫存。

Why it's spilling over into '24 is that our volumes have been lower than anticipated. And so it's taking a little bit longer for us to recognize that benefit. I've not called out any significant movements on other commodities. There's clearly movement. There's some better. There's some that have not improved. Overall, it's consistent with our expectations. We expected a little bit of an improvement across the board, and we just haven't seen anything more than that outside of international freight. We do have some categories that are just staying very high like nonwovens, where there's a bit of a geopolitical impact on those types of costs and not just on raw input costs.

為什麼它會蔓延到 24 世紀，是因為我們的銷量低於預期。因此，我們需要更長的時間才能認識到這一好處。我沒有指出其他商品有任何重大變動。明顯有動靜還有一些更好的。還有一些沒有改善。總體而言，這符合我們的預期。我們預計整體會有一點改善，但除了國際貨運之外，我們什麼也沒看到。我們確實有一些類別像非織造布一樣保持非常高的水平，這些類別的成本有一些地緣政治影響，而不僅僅是原始投入成本。

And so that is something that may or may not change in the future. It's why we have to have the right structure in the contract, if there's a further shock to be able to have more flexibility with our price adjustments. But overall, we're seeing the other commodities continue to be pretty stable, admittedly at fairly high levels, but they're not changing enough to really impact our overall message here. And by the way, as those change, our pricing will change. Our objective is to offset this. We're not expecting to make a margin on this.

因此，這在未來可能會改變，也可能不會改變。這就是為什麼我們必須在合同中有正確的結構，如果有進一步的衝擊能夠使我們的價格調整具有更大的靈活性。但總的來說，我們看到其他商品繼續相當穩定，誠然處於相當高的水平，但它們的變化不足以真正影響我們在這裡的整體信息。順便說一句，隨著這些變化，我們的定價也會發生變化。我們的目標是抵消這一點。我們不期望在這方面賺取利潤。

But if those come down more quickly, then at some point, I would imagine that those costs will adjust -- those prices will adjust consistent with that. But right now, we are still absorbing $50 million -- well, $50 million to $75 million right now per quarter of those costs, and that's why our prices do need to still keep increasing until those 2 lines converge, which we think will be, again, closer to the end of fiscal '24.

但如果這些下降得更快，那麼在某個時候，我想這些成本會調整——那些價格會隨之調整。但現在，我們仍在吸收 5000 萬美元——好吧，現在每季度這些成本中有 5000 萬到 7500 萬美元，這就是為什麼我們的價格確實需要繼續上漲，直到這兩條線匯合，我們認為這將是，再次接近 24 財年末。

Next question is coming from Eric Coldwell of Baird.

下一個問題來自 Baird 的 Eric Coldwell。

Most of mine have been covered, but I did want to hit on the generics pricing topic. I know you've made some positive comments during the call, but also suggested that market dynamics are generally consistent. We've seen some generic pricing in our data, some generic pricing deflation improvement over the last few months. I'm curious if you're seeing the same thing, and what your outlook might be on that front moving forward?

我的大部分內容都已涵蓋，但我確實想談談仿製藥定價主題。我知道你在電話會議期間發表了一些積極的評論，但也表明市場動態總體上是一致的。我們在數據中看到了一些通用定價，在過去幾個月中一些通用定價通貨緊縮有所改善。我很好奇你是否看到了同樣的事情，你對這方面的前景有何看法？

Thanks, Eric. We called out favorable volume and mix and consistent market dynamics. As we've highlighted many times before, it's important to look at the total of both sides, buy and sell. And we continue to think those overall dynamics are fairly well balanced. And there will be ongoing volatility on one direction or the another, one side or the other, but it's the importance of Red Oak Sourcing and continue to deliver the best-in-class service levels as well as cost. And we feel very good about our competitive positioning there and why we think the margin per unit will continue to be as expected and not as much a part of the story then as the volume in the mix.

謝謝，埃里克。我們呼籲有利的數量和組合以及一致的市場動態。正如我們之前多次強調的那樣，重要的是要查看買賣雙方的總和。我們仍然認為這些整體動態相當平衡。一個方向或另一個方向，一方面或另一方面都會持續波動，但這是紅橡木採購的重要性，並繼續提供一流的服務水平和成本。我們對我們在那裡的競爭定位感到非常滿意，以及為什麼我們認為每單位利潤率將繼續像預期的那樣，而不是故事的一部分，而不是組合中的數量。

Next question is going to come from Mr. Steven Valiquette from Barclays.

下一個問題將來自巴克萊銀行的Steven Valiquette 先生。

You might have just touched on this a little bit, but I guess I was curious more just for the overall Pharma segment. You've had obviously a bunch of consecutive quarters now of double-digit top line growth, including 14% this quarter. And you talked about brand inflation, brand volume, generic specialty, all being strong. So I guess my question was related to.

您可能只是稍微談到了這一點，但我想我只是對整個製藥領域感到好奇。你顯然已經連續幾個季度實現了兩位數的收入增長，包括本季度的 14%。你談到了品牌膨脹、品牌數量、通用專業，所有這些都很強大。所以我想我的問題與。

(technical difficulty)

（技術難度）

Very sorry about that, Gentlemen. The line appears to have just dropped suddenly. (Operator Instructions)

非常抱歉，先生們。線路似乎突然掉線了。 （操作員說明）

If I could, I think I might know where he's going with the question. I think he was leading up to -- I'm guessing that he's leading up to, were there any deviations from that. I mean what we saw was really broad-based performance throughout our Pharma segment. I meant -- I've asked -- answered questions about nuclear, nuclear was just like our other businesses this quarter. We referenced generics. We referenced brand. We referenced specialty. We saw a strong performance across the board. Utilization is certainly strong across the board. I also wanted to highlight our performance on delivering this very strong volume was also positive.

如果可以的話，我想我可能知道他想問這個問題。我認為他正在準備——我猜他正在準備，是否有任何偏差。我的意思是我們看到的是整個製藥部門的廣泛表現。我的意思是 - 我已經問過 - 回答了有關核能的問題，核能就像我們本季度的其他業務一樣。我們引用了泛型。我們參考了品牌。我們參考了專業。我們看到了全面的強勁表現。整體利用率肯定很高。我還想強調我們在交付如此強勁的銷量方面的表現也是積極的。

The one thing to maybe add to this as well, the -- we talked about a new customer that was onboarded Q3 of last year. And that was -- they were onboarded in the prior year Q3, but there's always a ramp-up process there. So we did see some benefit this quarter relative to last year in terms of this customer now being fully onboarded. So we had a bit of a benefit there, not to the extent of what we saw in the last couple of quarters. And then the last piece that has been -- was very robust this quarter as well. That was not the case in the prior year, certainly were the GLP-1s that Aaron had mentioned. So it was a combination of strength across customer class, customers (inaudible) of trade as well as in individual business units.

可能還要添加的一件事，我們談到了去年第三季度加入的新客戶。那就是——他們是在前一年的第三季度入職的，但那裡總是有一個升級過程。因此，就該客戶現在完全入職而言，我們確實看到本季度相對於去年有一些好處。所以我們在那裡有一點好處，而不是我們在過去幾個季度看到的那種程度。然後最後一塊 - 本季度也非常強勁。前一年情況並非如此，Aaron 提到的 GLP-1 肯定是這樣。因此，這是跨客戶類別、貿易客戶（聽不清）以及各個業務部門的實力的結合。

Our next question is coming from Daniel Grosslight calling from Citi.

我們的下一個問題來自花旗銀行的 Daniel Grosslight。

I had a similar question, but more on the EBIT for Pharma. Nice raise, obviously this quarter. But I'm curious if you can kind of break out for us the nonrecurring items in a little more detail in the Pharma EBIT raise and how much will be recurring in fiscal '24?

我有一個類似的問題，但更多關於製藥公司的息稅前利潤。不錯的加薪，顯然是這個季度。但我很好奇，您是否可以在 Pharma EBIT 加薪中更詳細地為我們介紹非經常性項目，以及 24 財年會重複出現多少？

Well, I think the benefit of them being nonrecurring items is that won't recur into fiscal '24. If your question is more on Q4, I think the answer is similar in that way. For the Pharma segment, we saw strength across the board. It was a stable macro situation. We had the strong underlying fundamentals. We had the good operational performance as well. We did see some modest benefit from branded manufacturer price increases and this being the third quarter for us as well, which we don't -- we don't predict are going to repeat as we carry forward.

好吧，我認為它們是非經常性項目的好處是不會再次出現在 24 財年。如果您的問題更多關於 Q4，我認為答案是類似的。對於製藥部門，我們看到了全面的實力。這是一個穩定的宏觀形勢。我們擁有強大的基本面。我們也有良好的經營業績。我們確實看到品牌製造商價格上漲帶來了一些適度的好處，這對我們來說也是第三季度，我們沒有——我們預計在我們繼續前進的過程中不會重複。

And so I think the story for us for Pharma was, a good year so far, a good quarter for Q3. We have -- we raised our guidance for the year, and we'll talk more about fiscal '24 and indeed our long-term expectations for the business during our Investor Day on June 8.

因此，我認為 Pharma 的故事到目前為止是一個不錯的年份，第三季度是一個不錯的季度。我們已經 - 我們提高了今年的指導，我們將在 6 月 8 日的投資者日期間更多地討論 24 財年以及我們對業務的長期預期。

Yes. And I'll just add, the way Aaron put it was perfect as it relates to true nonrecurring items, the only one that we could think of that way would have been -- it depends on your assumption of what you think brand inflation will be next year. That was modest.

是的。我只想補充一點，亞倫所說的方式是完美的，因為它與真正的非經常性項目相關，我們唯一能想到的方式是——這取決於你對品牌膨脹的假設明年。那是謙虛的。

The other part that we did call out that was a benefit from a growth rate perspective year-over-year is that we do see some of our costs related to opioid legal fees and our ERP implementation running a little bit lower than anticipated. Now those are -- that's not nonrecurring, right? It just means that we have gotten to a bit more of a normalized level quicker than what we had anticipated. So I do not expect there to be further significant improvements in the out periods, out years related to those costs going down even further. It will still be something that we'll continue to evaluate and provide updates if that's the case.

我們確實指出的另一部分是從同比增長率的角度來看是一個好處，我們確實看到我們的一些成本與阿片類藥物的法律費用有關，我們的 ERP 實施比預期的要低一些。現在那些 - 這不是一次性的，對吧？這只是意味著我們比預期更快地達到了正常化水平。因此，我不希望在與這些成本相關的年份進一步下降的時期內有進一步的顯著改善。如果是這種情況，我們仍將繼續評估並提供更新。

But it's for those reasons why our implied growth rate in Q4 is more normalized, it's also why we're not communicating anything differently right now for our longer-term targets. And we'll certainly revisit that point when we come together at the Investor Day on June 8. But generally speaking, we're seeing the strength, whether it's the new customer, the brand inflation or some of these cost drivers trending in the right direction, are all items that we think are normalizing now on a go-forward basis and why you should expect more normalized margins from here on out.

但正是出於這些原因，我們在第四季度的隱含增長率更加正常化，這也是為什麼我們現在沒有為我們的長期目標傳達任何不同的信息。當我們在 6 月 8 日的投資者日聚會時，我們肯定會重新審視這一點。但總的來說，我們看到了力量，無論是新客戶、品牌膨脹還是其中一些成本驅動因素都在向右發展方向，我們認為所有項目現在都在前進的基礎上正常化，為什麼你應該期望從現在開始有更多的正常化利潤率。

Our next question is coming from Charles Rhyee calling from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Charles Rhyee。

I wanted to -- just wanted to follow up. I think it was Eric's question around, you were talking about -- in that specific instance about insulin pricing and sort of how you can kind of mitigate some of that. Can you just kind of go into, again, for us a little bit, how your fee-for-service contracts are arranged generally? And maybe more specifically, with insulin perhaps ahead of -- with these changes occurring, and -- because I would have thought that a lot of the language is already built in into your contracts that would automatically sort of adjudicate to maintain sort of the -- to capture that service that you are providing. And then as a follow-up, you had talked earlier about sort of Red Oak and continuing to perform well in generics. Curious if any work in Red Oak is being done in terms of biosimilars and trying to get better economics on that side as well.

我想——只是想跟進。我認為這是埃里克的問題，你在談論 - 在那個特定的例子中關於胰島素定價以及你如何能夠減輕其中的一些。您能否再次為我們稍微介紹一下您的服務費合同一般是如何安排的？也許更具體地說，胰島素可能提前 - 隨著這些變化的發生，並且 - 因為我認為很多語言已經內置在你的合同中，這些語言會自動裁定以維持 - - 獲取您提供的服務。然後作為後續行動，你早些時候談到了某种红橡樹，並繼續在仿製藥方面表現良好。好奇紅橡樹是否在生物仿製藥方面進行了任何工作，並試圖在這方面獲得更好的經濟效益。

Well, I'm not going to go into the mechanics of a product level contracts and structure. Just go back and reiterate that we feel very confident about our process, our experience, our history with any type of change that comes any other product.

好吧，我不打算深入探討產品級合同和結構的機制。回過頭來重申，我們對我們的流程、我們的經驗、我們的歷史以及任何其他產品帶來的任何類型的變化都充滿信心。

Again, as a distributor, we play a role. We play the role of getting the product from the manufacturers to those who need it. And with that will always be changes in the structure and how we go about it. But we -- nothing is different in today's environment than what's been present for the last 50 years of our existence when we'll have to continue to adapt and evolve with this and that's enough to be said there.

同樣，作為分銷商，我們發揮了作用。我們扮演的角色是將產品從製造商那里送到需要它的人手中。隨之而來的是結構的變化以及我們的處理方式。但是我們——在今天的環境中，與我們存在的過去 50 年的情況沒有什麼不同，那時我們將不得不繼續適應和發展，這就足夠了。

And then with respect to biosimilars, what we would say is that we are quite well positioned to support the next phase of growth over the next several years in that expanding therapeutic area on the sites of care. It's going to -- we believe it's going to come from products with a greater retailer or a specialty pharmacy presence, which plays to our strength as well as new therapeutic areas such as immunology and ophthalmology. And so we -- our expectation is it will be a tailwind for us as we push ahead into the end of fiscal year '23 and beyond.

然後關於生物仿製藥，我們要說的是，我們完全有能力支持未來幾年在護理場所擴大治療領域的下一階段增長。它將-我們相信它將來自具有更大零售商或專業藥房存在的產品，這將發揮我們的優勢以及免疫學和眼科等新的治療領域。因此，我們 - 我們的預期是，隨著我們推進到 23 財年末及以後，這將成為我們的順風。

Next question is from A.J. Rice of Credit Suisse.

下一個問題來自 A.J.瑞士信貸大米。

It's Jonathan Yong on for A.J. here. Just going back to Medical again. I appreciate the comments on the cost improvements that you're doing and how that's going to set up a good framework for '24. But I guess given some of the volume constraints that you're kind of seeing and not seeing the same flow through, how much of improvement related to the cost side, especially on the freight side is tied to actually improving that volume side that you kind of need to flow through.

喬納森·楊代替 A.J.這裡。只是再次回到醫療。我很欣賞您對成本改進的評論，以及這將如何為 24 年建立一個良好的框架。但我想考慮到您看到和沒有看到相同流量的一些數量限制，與成本方面相關的改進有多少，尤其是在貨運方面與實際改善您所提供的數量方面有關需要流過。

Well, so it depends on the time frame we're talking about, but for fiscal '25, our ultimate goal of the $650 million that volume impact we're talking about will not materially impact at all the recognition of the inflation mitigation. That is something that does have some volatility quarter-to-quarter, which is exactly what we highlighted as one of the drivers in the guidance change for this year. But it's not something that will impact significantly the future quarters let alone when we get to fiscal '25.

好吧，這取決於我們談論的時間框架，但對於 25 財年，我們所談論的 6.5 億美元的數量影響的最終目標不會對緩解通脹的認識產生實質性影響。這確實每個季度都有一些波動，這正是我們強調的今年指導變化的驅動因素之一。但這不會對未來幾個季度產生重大影響，更不用說我們進入 25 財年了。

And so I think about volume, the volume component of -- the order of magnitude of the impact and the benefit that we expect for growing this volume is that $75 million that we have on one of the slides in the presentation, that volume pillar of growing Cardinal Health Brand products, that is the order of magnitude we're talking about. And so I do not believe long term that, that spills over and impacts the mitigation and the cost side of that. So you can think about those as independent as it relates to the longer-term impacts, they are a bit more mix in the terms of the short term and what that does to how quickly we recognize that, that lower cost, but that is very much just a short-term timing effect.

所以我考慮數量，數量組成部分——影響的數量級和我們預期增加數量的好處是我們在演示文稿中的一張幻燈片上擁有的 7500 萬美元，即數量支柱不斷增長的 Cardinal Health Brand 產品，這就是我們正在談論的數量級。因此，我認為從長遠來看，這不會溢出並影響其緩解和成本方面。因此，您可以將它們視為獨立的，因為它與長期影響相關，它們在短期方面更加混合，這對我們認識到這一點的速度、成本的降低有何影響，但這非常只是短期的時間效應。

And our last question today is going to be coming from Brian Tanquilut calling from Jefferies.

我們今天的最後一個問題將來自 Jefferies 的 Brian Tanquilut。

This is Kristen Shuman for Brian. And you might have mentioned this earlier, but I just want to clarify. So could you just give some guidance around how much of the Pharma segment EBITDA guidance range is expected to recur in fiscal '24?

我是布萊恩的克里斯汀舒曼。你之前可能已經提到過這一點，但我只是想澄清一下。那麼，您能否就製藥部門 EBITDA 指導範圍中有多少預計在 24 財年再次出現提供一些指導？

Well, we have not provided fiscal year '24 guidance. We're pleased to report the strong performance in Q3. As we've talked about, and indeed, we did raise our guidance overall for Pharma. For the year, we're now expecting the profit guidance to be 10.5% to 12% for the full year. That's in contrast to our earlier guidance of low single digit to mid single digit. So we are expecting a good finish to the year from this business, and we're excited to see you all on June 8 at our Investor Day presentation.

好吧，我們還沒有提供 24 財年的指導。我們很高興地報告第三季度的強勁表現。正如我們所討論的那樣，事實上，我們確實提高了對製藥公司的整體指導。對於今年，我們現在預計全年的利潤指引為 10.5% 至 12%。這與我們之前對低個位數到中個位數的指導形成鮮明對比。因此，我們期待這項業務在今年取得圓滿成功，我們很高興在 6 月 8 日的投資者日演講中見到大家。

Ladies and gentlemen, that will conclude today's Q&A session. I'd like to turn the call back over to Mr. Jason Hollar for any additional closing remarks.

女士們，先生們，今天的問答環節到此結束。我想將電話轉回給 Jason Hollar 先生，以獲得任何額外的結束語。

Yes. Great. Thank you, and thank you, everyone, for joining us today. I know that we threw a lot out at you today, but we have a lot going on as an organization and just wanted to share the progress with you and give you more insight to a lot of the key drivers. If I step back and just think about what we went through, certainly, feel terrific about the progress that we're making across the enterprise. Pharma has, of course, a fantastic quarter, a fantastic year, broad-based as we talked. On the Medical side of the business, we have opportunity. We're very, very focused on driving the Medical Improvement Plan. We feel really good about the progress we made are clearly making in 3 of those 4 pillars. We have work to do on the underlying volume.

是的。偉大的。謝謝大家，謝謝大家今天加入我們。我知道我們今天向您拋出了很多麻煩，但作為一個組織，我們還有很多事情要做，只是想與您分享進展，讓您更深入地了解許多關鍵驅動因素。如果我退後一步，想想我們經歷了什麼，當然，我們對整個企業取得的進步感到非常棒。當然，正如我們所說，製藥公司有一個出色的季度，出色的一年，基礎廣泛。在業務的醫療方面，我們有機會。我們非常非常專注於推動醫療改善計劃。我們對在這 4 個支柱中的 3 個方面取得的進展感到非常滿意。我們在基礎卷上有工作要做。

So we have more confidence in where the market is going for that volume, also have confidence in the leading indicators that will take for us to get our fair share of that volume. Of course, also, we're very pleased with the cash performance that we had and that we talked about today and that raising that guidance, narrowing the guidance as well. It highlights both the strong cash management that we have, but also the responsible capital deployment that's going along with that. So just again, thank you for your time today and look forward to seeing you all of you at the Investor Day on June 8.

因此，我們對市場的發展方向更有信心，也對我們獲得公平份額的領先指標充滿信心。當然，我們也對我們今天談到的現金表現以及提高指導、縮小指導範圍感到非常滿意。它既突出了我們擁有的強大現金管理，也突出了隨之而來的負責任的資本部署。再次感謝您今天的寶貴時間，並期待在 6 月 8 日的投資者日與大家見面。

Ladies and gentlemen, that will conclude today's conference and you may disconnect. Have a good day, and goodbye.

女士們，先生們，今天的會議將結束，你們可以斷開聯繫。祝你有美好的一天，再見。