卡地納健康 (CAH) 2024 Q3 法說會逐字稿

Hello, and welcome to the Third Quarter Fiscal Year 2024 Cardinal Health, Inc. Earnings Conference Call. My name is George, I'll be your coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions)

您好，歡迎參加 Cardinal Health, Inc. 2024 財年第三季財報電話會議。我叫喬治，我將擔任今天活動的協調員。請注意，本次會議正在錄製中。 （操作員說明）

I'd like to turn the call over to your host today, Matt Sims, Vice President, Investor Relations. Please go ahead, sir.

我想把今天的電話轉給主持人，投資人關係副總裁 Matt Sims。請繼續，先生。

Welcome to this morning's Cardinal Health Third Quarter Fiscal '24 Earnings Conference Call, and thank you for joining us. With me today are Cardinal Health's CEO, Jason Hollar; and our CFO, Aaron Alt. You can find this morning's earnings press release and investor presentation on the Investor Relations section of our website at ir.cardinalhealth.com.

歡迎參加今天上午的康德樂 24 年第三季財報電話會議，感謝您加入我們。今天與我在一起的有 Cardinal Health 執行長 Jason Hollar；和我們的財務長 Aaron Alt。您可以在我們網站 ir.cardinalhealth.com 的投資者關係部分找到今天早上的收益新聞稿和投資者介紹。

Since we will be making forward-looking statements today, let me remind you that the matters addressed in the statements are subject to 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 description of these risks and uncertainties.

由於我們今天將做出前瞻性聲明，請允許我提醒您，聲明中涉及的事項存在風險和不確定性，可能導致實際結果與預測或暗示的結果有重大差異。請參閱我們向 SEC 提交的文件以及簡報開頭的前瞻性聲明投影片，以了解這些風險和不確定性的描述。

Please note that during our discussion today, the comments will be on a non-GAAP basis, unless specifically called out as GAAP. GAAP to non-GAAP reconciliations for all relevant periods can be found in the supporting schedules attached to our press release.

請注意，在我們今天的討論中，評論將基於非公認會計原則（non-GAAP），除非特別指出為公認會計原則（GAAP）。所有相關期間的 GAAP 與非 GAAP 調整表可在我們新聞稿所附的支援表中找到。

(Operator Instructions) With that, I'll now turn the call over to Jason.

（操作員說明）這樣，我現在將通話轉給 Jason。

Good morning, everyone.

大家，早安。

A year ago at our Investor Day, I reflected upon what attracted me to Cardinal Health: our strong culture, values and mission to be health care's most trusted partner; how the company was uniquely positioned with its breadth and scale to navigate the complexities of the health care ecosystem and serve the needs of customers, manufacturers and ultimately patients.

一年前的投資人日，我反思了康德樂吸引我的原因：我們強大的文化、價值觀和成為醫療保健最值得信賴的合作夥伴的使命；該公司如何以其獨特的廣度和規模定位來應對醫療保健生態系統的複雜性並滿足客戶、製造商和最終患者的需求。

At the same time, I was open about some of the opportunities in front of us as an organization. Together, we laid out a clear but aggressive strategic plan, streamlined our focus, and the team got to work, all the time prioritizing on our core business to emerge as a stronger, more resilient company.

同時，我對我們作為一個組織面臨的一些機會持開放態度。我們一起制定了明確但積極的策略計劃，簡化了我們的重點，團隊開始工作，始終優先考慮我們的核心業務，以成為更強大、更有彈性的公司。

And we have a recent proof point. Over the last several months, we deeply focused on preparing for a variety of alternatives regarding a particular large, low-margin customer contract, which has allowed us to quickly navigate the upcoming contract change and confirm that we expect to grow our earnings in fiscal '25.

我們有一個最近的證據。在過去的幾個月裡，我們專注於為特定的大型低利潤客戶合約的各種替代方案做準備，這使我們能夠快速應對即將到來的合約變更，並確認我們預計將增加我們的財務收入。 25.

By driving improvements in our core operations, investing to expand our offerings in key areas like specialty and evolving our commercial approach in ways which have resonated elsewhere in the marketplace, we demonstrated that we have made progress on positioning our business for sustained success and growth.

透過推動核心業務的改進，投資擴大我們在專業領域等關鍵領域的產品範圍，並以在市場其他地方引起共鳴的方式發展我們的商業方法，我們證明了我們在定位我們的業務以實現持續成功和成長方面取得了進展。

As we look ahead, the current quarter's results reinforce our confidence. We're operating from a position of growing strength and resiliency with industry trends that remain stable and in our favor.

展望未來，本季的業績增強了我們的信心。我們的營運實力和彈性不斷增強，產業趨勢保持穩定且對我們有利。

In Q3, we delivered broad-based growth while executing on our 4 strategic priorities: building upon the growth and resiliency of Pharmaceutical and Specialty Solutions, executing our GMPD improvement plan, accelerating growth in key areas and maintaining a relentless focus on shareholder value creation.

在第三季度，我們實現了廣泛的成長，同時執行了4 個策略重點：以製藥和專業解決方案的成長和彈性為基礎，執行我們的GMPD 改善計劃，加速關鍵領域的成長，並堅持不懈地關注股東價值創造。

In our most significant business, Pharmaceutical and Specialty Solutions, we again drove solid profit growth on top of a difficult comparison to last year's strong performance. We've seen ongoing stability in pharmaceutical demand, consistent market dynamics in our generics program and strong performance in specialty, both downstream and upstream, all of which enables us to raise our fiscal '24 profit outlook for the segment to a midpoint of 9% growth.

在我們最重要的業務—製藥和專業解決方案中，我們與去年的強勁業績相比，再次實現了穩健的利潤成長。我們看到藥品需求持續穩定，我們的仿製藥計劃保持一致的市場動態，以及下游和上游特種產品的強勁表現，所有這些使我們能夠將該細分市場的24 財年利潤前景提高至9% 的中點生長。

In GMPD, we are pleased to see the strong top line and bottom line performance with an acceleration in growth reflecting further progress against the business's turnaround plan. GMPD's quarter was overall consistent with our expectations, and the team is already working hard on the continued ramp-up in Q4.

在 GMPD 中，我們很高興看到強勁的營收和利潤表現，成長加速，反映出業務週轉計畫取得進一步進展。 GMPD 的季度總體符合我們的預期，並且該團隊已經在努力實現第四季度的持續成長。

Among our other operating businesses, our new reporting structure implemented at the start of Q3 is reinforcing our focus on performance and purposeful investment in growth. The strong demand we are seeing across Nuclear, at-Home Solutions and OptiFreight, fueled by favorable industry trends, excites us about the long-term potential as these markets and businesses continue to develop. And as we've optimized the financial strength of the broader enterprise, we've seen meaningful benefits below the operating line this year.

在我們的其他營運業務中，我們在第三季初實施的新報告結構加強了我們對業績和有目的的成長投資的關注。在有利的行業趨勢的推動下，我們在核能、家庭解決方案和 OptiFreight 領域看到了強勁的需求，隨著這些市場和業務的不斷發展，我們對長期潛力感到興奮。隨著我們優化更廣泛的企業的財務實力，我們今年看到了營運線以下的有意義的效益。

Putting it all together, we're pleased to be in a position to raise our fiscal '24 EPS outlook, provide preliminary guidance for fiscal '25 of profit growth in each of Pharma, GMPD and Other as well as overall EPS and reiterate our long-term targets for our businesses and enterprise. Our strategy and long-term outlook are unaltered, and our team remains focused on executing our plan as we serve our customers and continue to drive our company forward.

總而言之，我們很高興能夠提高我們的 24 財年每股收益預期，為製藥、GMPD 和其他領域的 25 財年利潤增長以及整體每股收益提供初步指導，並重申我們的長期預期我們的業務和企業的長期目標。我們的策略和長期前景沒有改變，我們的團隊仍然專注於執行我們的計劃，為客戶提供服務並繼續推動公司前進。

With that, let me turn it over to Aaron to review our Q3 results, fiscal '24 guidance and early fiscal '25 outlook in more detail.

接下來，讓我將其交給亞倫，更詳細地審查我們的第三季業績、24 財年指導和 25 財年早期展望。

Thank you, Jason. This morning, we are reporting our financial results on the new financial reporting segment structure we implemented at the beginning of Q3. To that end, we released an 8-K on April 23, which provided the recast historical quarterly results for fiscal year '22, fiscal year '23 and fiscal year '24 through Q2, reflective of the new segmentation for Pharmaceutical and Specialty Solutions, GMPD and Other.

謝謝你，傑森。今天早上，我們將報告我們在第三季初實施的新財務報告分部結構的財務表現。為此，我們於4 月23 日發布了8-K，其中提供了截至第二季度的22 財年、23 財年和24 財年的歷史季度業績，反映了製藥和專業解決方案的新細分， GMPD 和其他。

As we called out at the time, the new segmentation is designed to provide greater transparency, focus and accountability across our businesses, and we are already seeing those benefits.

正如我們當時所呼籲的那樣，新的細分旨在為我們的業務提供更大的透明度、重點和問責制，而且我們已經看到了這些好處。

Overall, Q3 was a strong quarter with double-digit operating earnings growth and 20% EPS growth. We accomplished that growth while, at the same time, leaning in and making significant investments of time, expense and capital against our longer-term strategic plan. With both continued confidence in our strategies and a resilient business and team, we are pleased to once again raise our EPS guidance for fiscal year '24. More on that shortly.

總體而言，第三季度是一個強勁的季度，營運利潤實現兩位數成長，每股收益成長 20%。我們在實現這一成長的同時，根據我們的長期策略計劃投入了大量時間、費用和資本。憑藉對我們策略的持續信心以及富有彈性的業務和團隊，我們很高興再次提高 24 財年的每股收益指引。稍後會詳細介紹。

As seen on Slide 4, total company revenue increased 9% to $55 billion, reflecting revenue growth in the Pharmaceutical and Specialty Solutions segment, the GMPD segment and in all of the businesses making up Other. We were particularly pleased to see the second consecutive quarter of revenue growth in GMPD at 4%.

如投影片 4 所示，公司總收入成長 9%，達到 550 億美元，反映了製藥和專業解決方案部門、GMPD 部門以及構成其他的所有業務的收入成長。我們特別高興看到 GMPD 收入連續第二季成長 4%。

We are also pleased that gross margin increased 9% to $1.9 billion, while consolidated SG&A also increased just under 9% to $1.3 billion in the quarter. The increased amount reflects technology and other purposeful investments against the future of the business and higher cost to support sales growth. With strong broad-based profit growth, we delivered operating earnings of $666 million, 10% higher than last year.

我們也感到高興的是，本季毛利率成長了 9%，達到 19 億美元，而綜合 SG&A 也成長了近 9%，達到 13 億美元。增加的金額反映了針對業務未來的技術和其他有目的的投資以及支持銷售成長的更高成本。憑藉強勁的廣泛利潤成長，我們實現了 6.66 億美元的營業利潤，比去年成長 10%。

Moving below the line, interest and other was generally consistent with the prior year at $26 million. And our third quarter effective tax rate of 20.4% was better than we expected due to positive discrete items. As a result of our prior share repurchases, Q3 average diluted shares outstanding were 245 million, 5% lower than a year ago. As I mentioned earlier, the net result for Q3 was EPS of $2.08, reflecting growth of 20%.

在此線以下，利息和其他費用與上年基本一致，為 2,600 萬美元。由於離散項目積極，我們第三季的有效稅率為 20.4%，優於我們的預期。由於我們之前進行了股票回購，第三季平均稀釋後流通股數為 2.45 億股，比去年同期減少 5%。正如我之前提到的，第三季的淨利潤為每股收益 2.08 美元，成長了 20%。

Now turning to the segments, beginning with Pharmaceutical and Specialty Solutions on Slide 5. Third quarter revenue increased 9% to $50.7 billion, driven by brand and specialty pharmaceutical sales growth. We continued to see strong pharmaceutical demand across product categories, brand, specialty, consumer health and generics and from our largest customers, while we again saw robust demand for GLP-1 medications.

現在轉向細分市場，從幻燈片 5 上的製藥和專業解決方案開始。我們繼續看到來自我們最大客戶的跨產品類別、品牌、專業、消費者健康和仿製藥的強勁藥品需求，同時我們再次看到對 GLP-1 藥物的強勁需求。

Recall that we had guided that the revenue growth rate would moderate this quarter as it did given the acceleration that we started to realize last year during Q3. Excluding GLP-1 sales, the segment's Q3 revenue growth would be 7%. As we previously noted, these sales did not meaningfully contribute to the bottom line.

回想一下，我們曾預期本季營收成長率將放緩，因為去年第三季我們開始實現加速成長。不包括 GLP-1 銷售，該部門第三季營收成長將為 7%。正如我們之前指出的，這些銷售並沒有對利潤產生有意義的貢獻。

Segment profit increased 4% to $580 million in the third quarter, driven by positive generics program performance. Our generics program continues to see both volume growth and consistent market dynamics. Within our brand and specialty products, demand for COVID-19 vaccines in the quarter was, consistent with our expectations, not a meaningful contributor.

受仿製藥項目積極業績的推動，第三季該部門利潤成長 4%，達到 5.8 億美元。我們的仿製藥計劃繼續實現銷售成長和持續的市場動態。在我們的品牌和特色產品中，本季對 COVID-19 疫苗的需求與我們的預期一致，並不是一個有意義的貢獻者。

As anticipated and guided, lower branded inflation than last year's relative high point was a year-over-year drag on profit growth. So overall, we were pleased to deliver 4% segment profit growth in Pharmaceutical and Specialty Solutions, solid growth on top of an exceptionally strong quarter a year ago, which grew 23%.

正如預期和指導的那樣，低於去年相對高點的品牌通膨對利潤成長構成同比拖累。因此，總體而言，我們很高興在製藥和專業解決方案領域實現了 4% 的利潤增長，這是在一年前異常強勁的季度（增長 23%）的基礎上實現的穩健增長。

Turning to the GMPD segment on Slide 6. Revenue grew for the second quarter in a row by 4% in Q3 to $3.1 billion. This increase was driven by volume growth from existing customers. The GMPD segment delivered segment profit of $20 million, a $66 million year-over-year increase, driven by an improvement in net inflationary impacts, including our mitigation initiatives.

轉向幻燈片 6 上的 GMPD 部分。這一成長是由現有客戶的銷售成長所推動的。 GMPD 部門實現了 2,000 萬美元的部門利潤，年增 6,600 萬美元，這得益於淨通膨影響（包括我們的緩解措施）的改善。

GMPD continued its strong turnaround trajectory, achieving its highest level of quarterly profitability in the last 2.5 years. We continue to be encouraged by the underlying improvements in the business, driven by the team's efforts against the GMPD Improvement Plan. As a reminder, the components of the former Medical Improvement Plan are now split between GMPD and Other, and the plan continues to be on track.

GMPD 持續保持強勁的扭虧為盈軌跡，實現了過去 2.5 年來最高的季度獲利水準。在團隊針對 GMPD 改進計劃所做的努力的推動下，我們繼續對業務的根本改進感到鼓舞。提醒一下，以前的醫療改進計劃的組成部分現在分為 GMPD 和其他部分，並且該計劃繼續按計劃進行。

The team achieved notable progress on inflation mitigation in the quarter, and we again saw a year-over-year improvement in growth in Cardinal Health Brand volumes, providing continued fuel for the business's ongoing turnaround.

該團隊在本季度在緩解通膨方面取得了顯著進展，我們再次看到康德樂品牌銷售的同比增長有所改善，為業務的持續扭虧為盈提供了持續的動力。

Finishing with the businesses that aggregate into Other, as seen on Slide 7. Third quarter revenue increased 14% to $1.2 billion due to growth across all 3 businesses: at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics. Collectively, the businesses grew segment profit in the quarter by 5% with OptiFreight Logistics showing particular strength as we worked during the quarter to create the foundations for future profit growth in all of the businesses. Jason will further discuss our excitement around these businesses and some of the recent trends momentarily.

最後是匯總到「其他」的業務，如幻燈片7 所示。 OptiFreight 物流。總的來說，本季各業務的部門利潤成長了 5%，其中 OptiFreight Logistics 展現了特別的優勢，因為我們在本季努力為所有業務的未來利潤成長奠定基礎。傑森將進一步討論我們對這些業務的興奮以及近期的一些趨勢。

Now turning to the balance sheet. We ended the quarter with a strong cash position with $3.7 billion of cash and equivalents on the balance sheet. Year-to-date, we've generated $2.1 billion of adjusted free cash flow and have continued to deploy capital according to our disciplined capital allocation framework, including investing approximately $320 million in CapEx back into the business to drive organic growth and funding the $1.2 billion acquisition of Specialty Networks.

現在轉向資產負債表。本季結束時，我們的現金狀況強勁，資產負債表上有 37 億美元的現金和等價物。今年迄今為止，我們已經產生了21 億美元的調整後自由現金流，並繼續根據我們嚴格的資本配置框架部署資本，包括將約3.2 億美元的資本支出投資回業務以推動有機增長，並為1.2美元的業務提供資金億美元收購Specialty Network。

Over the past several years, we've made tremendous progress with our balance sheet. At the end of the quarter, we received a further update to our ratings outlook with Moody's moving our outlook to positive. We issued $1.15 billion in new notes during the quarter to refinance our upcoming June and November debt maturities. We plan to hold the cash proceeds and time deposits until the calendar year 2024 maturities come due.

在過去的幾年裡，我們的資產負債表取得了巨大的進展。本季末，我們收到了評級展望的進一步更新，穆迪將我們的評級展望調整為正面。我們在本季發行了 11.5 億美元的新票據，為即將到期的 6 月和 11 月債務進行再融資。我們計劃持有現金收益和定期存款，直至 2024 年到期。

I'll note, due to the nature of these contracts, only about half of the total cash received is reflected in our Q3 ending cash balance. The remaining $550 million is recorded in prepaid expenses and other on the balance sheet.

我要指出的是，由於這些合約的性質，收到的現金總額中只有大約一半反映在我們第三季末的現金餘額中。剩餘的 5.5 億美元記錄在資產負債表上的預付費用和其他費用。

We have returned over $1 billion total to shareholders year-to-date, which includes approximately $375 million of quarterly dividend payments and $750 million in share repurchases, which is in excess of our committed baseline repurchase of $500 million.

年初至今，我們已向股東返還總額超過 10 億美元，其中包括約 3.75 億美元的季度股息支付和 7.5 億美元的股票回購，這超出了我們承諾的 5 億美元的基線回購。

Now for our updated fiscal '24 guidance on Slide 9, beginning with the enterprise. We are raising and narrowing our fiscal year '24 non-GAAP EPS guidance. Our new range of $7.30 to $7.40 reflects the midpoint which is 27% above our fiscal '23 EPS results. We started the year working to deliver our guidance of 14% EPS growth at the midpoint. What a year it has been so far.

現在我們更新投影片 9 上的 24 財年指南，從企業開始。我們正在提高和縮小 24 財年非 GAAP 每股盈餘指引。我們的新範圍 7.30 美元至 7.40 美元反映了中點，比我們 23 財年每股收益結果高出 27%。今年伊始，我們就努力實現每股盈餘成長 14% 的中期目標。到目前為止，這是多麼美好的一年。

Before we turn to the segments, a few comments on our enterprise assumptions. With the year-to-date results, we are improving our fiscal '24 effective tax rate guidance to an updated range of 22% to 23%. And we are reiterating our fiscal '24 expectations for adjusted free cash flow of approximately $2.5 billion, for CapEx of around $500 million, for diluted shares of approximately 247 million and for share repurchases of $750 million, which, consistent with our framework, does not assume further repurchase activity this year.

在我們轉向細分市場之前，先對我們的企業假設進行一些評論。根據今年迄今的結果，我們正在將 24 財年有效稅率指引提高到 22% 至 23% 的更新範圍。我們重申24 財年的預期，調整後自由現金流約為25 億美元，資本支出約為5 億美元，稀釋後股票約為2.47 億股，股票回購約為7.5 億美元，這與我們的框架一致，預計今年將進一步進行回購活動。

Now turning to the fiscal '24 outlook for our new segment reporting structure, as seen on Slide 10. With another solid quarter from Pharmaceutical and Specialty Solutions, we are raising and narrowing our segment profit guidance for the full year to 8.5% to 9.5% growth, which at the midpoint implies continued mid-single-digit profit growth in the fourth quarter.

現在轉向我們新的分部報告結構的24 財年展望，如幻燈片10 所示。 % 至9.5%成長，這意味著第四季利潤將繼續實現中個位數成長。

We are reiterating our guide for GMPD segment profit of approximately $65 million for fiscal year '24. We continue to expect to address the impact of inflation as we exit fiscal '24, along with continued Cardinal Health Brand volume growth and benefits from our continued cost savings initiatives. Additionally, we anticipate a positive impact from seasonality in Q4 compared to Q3.

我們重申 24 財年 GMPD 部門利潤約為 6,500 萬美元的指導。我們繼續期望在退出 24 財年時解決通貨膨脹的影響，同時康德樂品牌銷售持續成長，並從我們持續的成本節約措施中獲益。此外，與第三季相比，我們預計第四季的季節性因素將產生正面影響。

We are also reiterating our segment profit guide for the Other businesses, 6% to 8% segment profit growth for the full year, given that we expect a strong Q4 for those businesses. On the top line, we now expect Other full year revenue growth of approximately 12%. So as I highlighted earlier, we are raising our guidance for fiscal year '24 to $7.30 to $7.40.

我們也重申了其他業務的部門利潤指南，全年部門利潤成長 6% 至 8%，因為我們預計這些業務的第四季將表現強勁。就營收而言，我們目前預計其他全年營收將成長約 12%。因此，正如我之前所強調的，我們將 24 財年的指導下調至 7.30 至 7.40 美元。

Finally, let me conclude my remarks by providing a guidance preview for fiscal year '25. We will provide formal fiscal year '25 guidance during our Q4 and full year earnings call in August. However, with the benefits of our raised fiscal year '24 expectations and the action plans already underway in response to recent market changes, here is our preliminary perspective.

最後，讓我透過提供 25 財年的指導預覽來結束我的演講。我們將在 8 月的第四季和全年財報電話會議期間提供正式的 25 財年指引。然而，由於我們上調的 24 財年預期以及為應對近期市場變化而實施的行動計劃，以下是我們的初步看法。

For our largest business, Pharmaceutical and Specialty Solutions, while revenue will reset in the year as we offset a recent customer nonrenewal, we notably expect to deliver at least 1% segment profit growth in fiscal year '25 before returning to more normalized growth in fiscal year '26.

對於我們最大的業務製藥和專業解決方案，雖然收入將在今年重置，因為我們抵消了最近的客戶不續約，但我們特別預計在25 財年實現至少1% 的部門利潤增長，然後再恢復到更正常的財政增長。

Looking forward, our commercial and operational teams have been busy, and our value proposition is resonating in the marketplace. Over the past several months, we have had some attractive wins with new customers, and some existing customers are expanding their own footprints with us. Some of these are already under contract and ordering, and others are scheduled for implementation in the second half of next fiscal year. So over the course of the upcoming year, we expect new volume coming our way at sustainable margins.

展望未來，我們的商業和營運團隊一直很忙碌，我們的價值主張正在市場中引起共鳴。在過去的幾個月裡，我們贏得了一些有吸引力的新客戶，而一些現有客戶正在與我們一起擴大自己的足跡。其中一些已經簽訂合約和訂購，另一些則計劃在下一財年下半年實施。因此，在接下來的一年裡，我們預計新的銷售將以可持續的利潤率出現。

We completed the Specialty Networks acquisition quickly, which will be additive to our efforts in fiscal year '25. Separately, we have turned a further eye to optimizing our cost structure across our corporate functional footprint and across the Pharmaceutical and Specialty Solutions portfolio. Regarding environmental factors, we are expecting brand inflation to be roughly equivalent to fiscal '24 levels, while we remain watchful relative to the contribution of COVID-19 vaccines.

我們很快就完成了對 Specialty Networks 的收購，這將有助於我們在 25 財年的努力。另外，我們也進一步關注優化公司職能範圍以及製藥和專業解決方案產品組合的成本結構。關於環境因素，我們預計品牌通膨將大致相當於 24 財年的水平，同時我們仍對 COVID-19 疫苗的貢獻保持警惕。

For the GMPD segment, we expect continued growth in fiscal year '25 on our path to approximately $300 million in segment profit by fiscal year '26, driven by the annualization of inflation mitigation, progress with Cardinal Health Brand growth and continued simplification and cost optimization. We expect approximately $175 million in GMPD segment profit in fiscal year '25.

對於GMPD 細分市場，我們預計25 財年將持續成長，到26 財年，該細分市場利潤將達到約3 億美元，這主要得益於通膨緩解的年化、康德樂品牌成長的進展以及持續的簡化和成本優化。我們預計 25 財年 GMPD 部門利潤約為 1.75 億美元。

And for the businesses included in Other, we expect the strong demand we've seen across these businesses to continue. With positive industry trends and the strength of our competitive positioning, we expect collective segment profit growth in fiscal year '25 at the top end of our long-term target, approximately 10%.

對於「其他」中包含的業務，我們預計這些業務的強勁需求將持續下去。憑藉積極的行業趨勢和我們的競爭定位優勢，我們預計 25 財年的集體部門利潤成長將達到我們長期目標的上限，約為 10%。

During fiscal '25, we will be investing across all of our businesses with key examples being new facilities like our Consumer Health Logistics Center, at-Home Solutions facilities in Texas and South Carolina and further geographic reach of our Nuclear and Precision Health Solutions PET network. We will also continue our build-out of Navista and investments in GMPD supply chain resiliency.

在25 財年，我們將投資於我們的所有業務，其中關鍵的例子包括我們的消費者健康物流中心、德克薩斯州和南卡羅來納州的家庭解決方案設施等新設施，以及我們的核和精準健康解決方案PET 網路更廣泛的地理覆蓋範圍。我們也將繼續擴大 Navista 並投資於 GMPD 供應鏈彈性。

Now a few call-outs below the line and with the balance sheet. We anticipate a significant step-up in interest and other next year, primarily due to much lower average cash balances due to cash already deployed for Specialty Networks and due to the onetime unwinding of negative net working capital from the large contract nonrenewal. We also expect lower short-term investment rates on cash and higher interest rates on debt resulting from the refinancing of our calendar 2024 maturities, leading to an interest and other range of $160 million to $190 million in fiscal year '25.

現在，在線下和資產負債表中進行一些標註。我們預計明年利息和其他費用將大幅增加，這主要是由於已為專業網路部署的現金導致平均現金餘額大幅下降，以及由於大型合約不續約而一次性解除了負淨營運資本。我們也預計，由於 2024 年到期的再融資，短期現金投資利率會降低，債務利率會上升，導致 25 財年的利息和其他費用達到 1.6 億至 1.9 億美元。

We expect our fiscal year '25 effective tax rate to be in the range of 23% to 24%, slightly higher year-over-year due to discrete favorability seen this year. Partially offsetting these impacts, we would expect a lower share count between 244 million and 245 million due to the $500 million of baseline share repurchases we've previously outlined.

我們預計 25 財年的有效稅率將在 23% 至 24% 之間，由於今年出現的離散優惠，年比略高。由於我們先前概述的 5 億美元基準股票回購，我們預計股票數量將減少 2.44 億至 2.45 億股，部分抵銷這些影響。

Finally, while we continue to expect to generate adjusted free cash flow of approximately $2 billion on average from fiscal 2024 to 2026, we think it is important to call out that fiscal 2025 will be lower than that average, primarily due to the large contract unwind as well as quarter-end day-of-week timing. These dynamics will significantly influence our cash flow in Q1 of next year. However, our strong investment-grade balance sheet positions us well to manage through these fluctuations.

最後，雖然我們繼續預計2024 財年至2026 財年平均產生約20 億美元的調整後自由現金流，但我們認為重要的是要指出，2025 財年的現金流量將低於該平均水平，這主要是由於大量合約解除以及季末星期幾的計時。這些動態將顯著影響我們明年第一季的現金流。然而，我們強大的投資等級資產負債表使我們能夠很好地應對這些波動。

With respect to the long term, it is full speed ahead. We are reiterating our fiscal year '24 through '26 targets for the enterprise and segments and expect to deliver at least $7.50 of non-GAAP EPS in fiscal year '25, which reflects at least 30% total EPS growth on a 2-year basis.

從長遠來看，它正在全速前進。我們重申 24 財年至 26 財年的企業和細分市場目標，並預計在 25 財年實現至少 7.50 美元的非 GAAP 每股收益，這反映了 2 年基礎上至少 30% 的總每股收益增長。

With that, I will turn it back over to Jason.

這樣，我會將其轉回給傑森。

Thanks, Aaron. Now for some additional perspective on our businesses, beginning with Pharmaceutical and Specialty Solutions where our focus remains executing in the core to build upon our strong foundation.

謝謝，亞倫。現在我們對我們的業務有一些額外的看法，從製藥和專業解決方案開始，我們的重點仍然是在核心領域執行，以建立我們強大的基礎。

We're continuing to invest in our core business to drive operational efficiency and provide improved customer-focused capabilities. At the same time, we have been evolving our commercial engagement strategies to get closer to the customer, better understand their complex needs and provide proactive solutions.

我們將繼續投資我們的核心業務，以提高營運效率並提供改進的以客戶為中心的能力。同時，我們一直在發展我們的商業參與策略，以更貼近客戶、更好地了解他們的複雜需求並提供主動的解決方案。

As an example, we've highlighted our first-to-market clinically integrated supply chain, the Cardinal Health InteLogix Platform, which deploys AI and machine learning through the Palantir Foundry platform to analyze real-time clinical and purchasing data to help providers reduce costs, optimize drug inventories and streamline medication supply.

例如，我們重點介紹了我們首款上市的臨床整合供應鏈 Cardinal Health InteLogix 平台，該平台透過 Palantir Foundry 平台部署人工智慧和機器學習，以分析即時臨床和採購數據，幫助提供者降低成本、優化藥品庫存並簡化藥品供應。

We've also developed the Cardinal Health Atrix Elements offering, which is a suite of hospital reimbursement services that help improve hospitals' workflows and efficiencies. We've driven tremendous progress in our services for health systems, leading to the successful onboarding of a new key customer and additional new health system business coming in fiscal '25.

我們也開發了 Cardinal Health Atrix Elements 產品，這是一套醫院報銷服務，有助於改善醫院的工作流程和效率。我們在衛生系統服務方面取得了巨大進展，導致新的關鍵客戶成功入職，並在 25 財年推出了更多新的衛生系統業務。

We recently broke ground on our new 350,000 square foot Consumer Health Logistics Center in Central Ohio that we see as a differentiator in the marketplace. Over the past several years, we've experienced growing demand for over-the-counter consumer health products, which are an important part of our offering for retail pharmacy customers, particularly among our valued retail independent community pharmacies. With innovative technology and automation solutions powering the new facility, which will serve as a centralized replenishment center, we anticipate improved inventory efficiency across our network and providing unparalleled supply chain responsiveness for our customers.

最近，我們在俄亥俄州中部新建的 35 萬平方英尺的消費者健康物流中心破土動工，我們認為該中心是市場上的差異化因素。在過去的幾年中，我們經歷了對非處方消費者保健產品的需求不斷增長，這是我們為零售藥房客戶提供的產品的重要組成部分，特別是在我們有價值的零售獨立社區藥房中。憑藉創新技術和自動化解決方案為新設施（將作為集中補貨中心）提供動力，我們預計將提高整個網路的庫存效率，並為客戶提供無與倫比的供應鏈響應能力。

We see the rapid development of advanced automation technologies as an ongoing opportunity for our business. During the quarter, we deployed new sortation systems in a number of our distribution centers with a continual focus on employee safety, customer service and operational efficiency.

我們將先進自動化技術的快速發展視為我們業務的持續機會。本季度，我們在多個配送中心部署了新的分類系統，並持續關注員工安全、客戶服務和營運效率。

Turning to specialty, where we have and will continue to invest to accelerate our growth, as Aaron noted, our integration of Specialty Networks is underway, and the reaction from the providers we serve and the energy from our new teammates has been extremely encouraging. Specialty Networks' mission as part of Cardinal Health remains creating clinical and economic value for independent physicians by lowering costs, operating more efficiently and helping them deliver best-in-class care to their patients.

談到專業領域，我們已經並將繼續投資以加速我們的成長，正如亞倫指出的那樣，我們對專業網路的整合正在進行中，我們服務的提供者的反應和我們新隊友的能量非常令人鼓舞。作為康德樂的一部分，Specialty Networks 的使命仍然是透過降低成本、提高營運效率並幫助獨立醫生為患者提供一流的護理來為他們創造臨床和經濟價值。

We see greater opportunities together with the business's multi-specialty platform, proprietary technology and deep clinical expertise being a natural extension of Cardinal Health suite of solutions for specialty practices across the country. Specialty Networks expands our offerings with physicians in the areas of urology, GI and rheumatology, while providing a proven platform in PPS Analytics that we'll further invest into in fiscal '25 and look to extend into other therapeutic areas such as oncology. The platform's insight generation capabilities for clinicians are robust, which accelerates our upstream data and research opportunities with biopharma manufacturers.

我們看到了更大的機會，該業務的多專業平台、專有技術和深厚的臨床專業知識是康德樂全國專業實踐解決方案套件的自然延伸。 Specialty Networks 擴大了我們在泌尿科、胃腸道和風濕病學領域與醫生的合作範圍，同時在PPS 分析中提供了一個經過驗證的平台，我們將在25 財年進一步投資該平台，並尋求擴展到腫瘤學等其他治療領域。該平台為臨床醫生提供的洞察生成能力非常強大，這加速了我們與生物製藥製造商的上游數據和研究機會。

We see these and other capabilities as supporting our ongoing build-out of Navista, our clinician design oncology practice alliance offering advanced services and technology. Navista's mission is to unlock the power of community oncologists to secure their independence and revolutionize patient-centered cancer care. This build-out continues to progress according to plan as we actively pilot next-generation technologies and capabilities with select oncology practices.

我們認為這些和其他功能支持我們不斷建構 Navista，我們的臨床醫生設計腫瘤學實踐聯盟提供先進的服務和技術。 Navista 的使命是釋放社區腫瘤學家的力量，確保他們的獨立性並徹底改變以患者為中心的癌症護理。隨著我們透過選定的腫瘤學實踐積極試驗下一代技術和能力，這項建設繼續按計劃進行。

Upstream with manufacturers, we saw a strong performance from our biopharma solutions business during the quarter. With scaled assets, differentiated solutions and a tenured team of experts, our leading specialty 3PL has supported 23 launches year-to-date through March with more anticipated in the coming quarters. Our 3PL and regulatory consulting capabilities helped pioneer the commercialization of the first CAR T-cell and gene therapies years ago, and we continue to bring innovative services to the market.

在上游製造商中，我們的生物製藥解決方案業務在本季表現強勁。憑藉規模化的資產、差異化的解決方案和長期的專家團隊，我們領先的專業 3PL 從年初至今已支援 23 項產品發布，預計未來幾季還會有更多產品發布。多年前，我們的 3PL 和監管諮詢能力幫助開創了第一個 CAR T 細胞和基因療法的商業化，我們繼續為市場帶來創新服務。

Opening in May, our Advanced Therapy Innovation Center that features a deep frozen storage suite will support the complex storage requirements of cell and gene therapies. And we've seen our Advanced Therapy Solutions and Nuclear Precision Health Solutions businesses successfully collaborating in support of cell and gene manufacturers.

我們的高級治療創新中心將於 5 月開業，配備深度冷凍儲存套件，將支持細胞和基因療法的複雜儲存要求。我們已經看到我們的先進治療解決方案和核精準健康解決方案業務成功合作，為細胞和基因製造商提供支援。

Turning to the GMPD business where we're executing our GMPD Improvement Plan. We continue to drive momentum across the business in Q3 with strong sequential segment profit growth and significant improvement versus prior year. During the quarter, we also had approximately 90% of the gross inflation impact on our business. Through the execution of our mitigation initiatives, commercial contracting efforts and the continued realization of reduced costs for international freight, we're on track with our target to address these impacts by the time we exit fiscal '24.

談到 GMPD 業務，我們正在執行 GMPD 改進計劃。我們在第三季繼續推動整個業務的發展勢頭，部門利潤連續強勁增長，並且與去年相比顯著改善。本季度，我們的業務也受到了約 90% 的總通膨影響。透過執行我們的緩解措施、商業承包工作以及持續降低國際貨運成本，我們正在實現在 24 財年退出時解決這些影響的目標。

We are pleased to achieve 4% top line growth in the quarter, reflecting the improving health of our business. We saw growth across Cardinal Health Brand and core distribution and in our domestic and international businesses. Specifically, our 5-point plan to grow Cardinal Health Brand volumes continues to show positive trends across the key leading indicators. Our customer loyalty index score for U.S. distribution has increased by 14 points in the past 2 years and is up over 20 points from its pandemic low a few years ago.

我們很高興本季實現 4% 的營收成長，這反映出我們業務的健康狀況不斷改善。我們看到了康德樂品牌和核心分銷以及國內和國際業務的成長。具體來說，我們增加康德樂品牌銷售的 5 點計畫繼續在關鍵領先指標上顯示出積極的趨勢。我們在美國分銷的客戶忠誠度指數得分在過去 2 年增加了 14 分，比幾年前的疫情低點上升了 20 多分。

We successfully retained key distribution customers, and the team is gearing up for some new customer implementations in the months ahead. Our product back orders remain near multiyear lows, and we've continued to develop and commercialize new products such as our Kendall pediatric sleeve to prevent deep vein thrombosis risk in young patients.

我們成功保留了主要分銷客戶，團隊正在為未來幾個月的一些新客戶實施做好準備。我們的產品延期交貨訂單仍接近多年來的低點，我們繼續開發和商業化新產品，例如我們的 Kendall 兒科袖套，以預防年輕患者的深部靜脈栓塞風險。

We've noted our investments and the resiliency of our supply chain to better service our customers. In Q3, our efforts were recognized as the first distributor to achieve the highest rating by Healthcare Industry Resilience Collaborative's Resiliency Badge program, a key industry benchmark of our progress.

我們注意到我們的投資和供應鏈的彈性，以便更好地服務我們的客戶。在第三季度，我們的努力被醫療保健行業彈性合作組織的彈性徽章計劃認可為第一家獲得最高評級的分銷商，該計劃是我們進步的關鍵行業基準。

Finally, we are executing our simplification initiatives across our business, the continued focus on optimizing our cost structure and global manufacturing and supply chain. In Nuclear and Precision Health Solutions, we're realizing continued double-digit growth in theranostics, driven by the successful launch and execution of new and advanced theranostics in oncology.

最後，我們正在整個業務中執行簡化計劃，繼續專注於優化我們的成本結構以及全球製造和供應鏈。在核與精準健康解決方案中，在成功推出和執行腫瘤學領域新型先進治療診斷的推動下，我們正在實現治療診斷學的持續兩位數成長。

For example, we have realized meaningful growth in fiscal '24 from the adoption and growing demand of prostate cancer radio diagnostics, which are an important tool for health care providers to assess and properly treat the disease.

例如，由於前列腺癌放射診斷的採用和需求不斷增長，我們在 24 財年實現了有意義的增長，前列腺癌放射診斷是醫療保健提供者評估和正確治療疾病的重要工具。

We see a large, growing and diversified pipeline, positioning our business to deliver value long into the future. The pipeline consists of more than 60 opportunities across oncology, cardiology and neurology that are either contracted, in negotiations or being actively explored with pharmaceutical companies.

我們看到了一個龐大、不斷成長和多元化的管道，使我們的業務能夠在未來長期創造價值。該管道包括腫瘤學、心臟病學和神經病學領域的 60 多個機會，這些機會要么已與製藥公司簽訂合約、正在談判中，要么正在積極探索。

As an example, in oncology, we look forward to expanding our support level of novel prostate radioligand therapies in fiscal '25. As we look into the future, when you consider the strength of the theranostics pipeline, only a handful of successful products are needed to deliver the strong growth outlined in our long-term targets.

例如，在腫瘤學領域，我們期待在 25 財年擴大對新型前列腺放射性配體療法的支持程度。當我們展望未來時，當您考慮治療診斷管道的實力時，只需要少數成功的產品即可實現我們長期目標中概述的強勁增長。

Our at-Home Solutions business plays an instrumental role in providing patients and caregivers the critical products and services they need for care in the home. We continue to see strong demand for home health care. And over the past decade, we've grown from servicing about 1 million customers annually to around 5 million today. Our business is positioned to accelerate in the coming years as we invest to expand the capacity of our network, the breadth of our offering and deploying new automation technology.

我們的居家解決方案業務在為患者和照護者提供居家照護所需的關鍵產品和服務方面發揮著重要作用。我們繼續看到對家庭醫療保健的強勁需求。在過去的十年裡，我們已經從每年為約 100 萬客戶提供服務發展到如今的約 500 萬客戶。隨著我們投資擴大網路容量、產品範圍和部署新的自動化技術，我們的業務將在未來幾年加速發展。

We're excited that our new distribution center being built in South Carolina, featuring the fastest order fulfillment system per square foot in the market, is scheduled to open by early next fiscal year.

我們很高興我們在南卡羅來納州建造的新配送中心計劃在下一財年年初開業，該中心擁有市場上每平方英尺最快的訂單履行系統。

In OptiFreight Logistics, we continue to hear from our customers the value our TotalVue Insights technology platform is providing as they seek to control their shipping spend and drive performance. Our technology provides action-driving analytics and benchmarks with shipping status and delay visibility.

在 OptiFreight Logistics 中，我們不斷從客戶那裡聽到我們的 TotalVue Insights 技術平台在他們尋求控制運輸支出和提高績效時所提供的價值。我們的技術提供行動驅動的分析和基準以及運輸狀態和延遲可見度。

We continue to invest in new technology-driven solutions. And true to our commitment to innovation, we collaborate side-by-side with customers. For example, this quarter, we successfully co-developed and introduced a tailored pharmacy shipping solution with a strategic customer across multiple facilities.

我們繼續投資新技術驅動的解決方案。我們恪守對創新的承諾，與客戶並肩合作。例如，本季度，我們成功與跨多個設施的策略客戶共同開發並推出了量身定制的藥房運輸解決方案。

Across our businesses, opportunities are everywhere we look. We have affirmed our long-term targets for the enterprise and segments, which reflects Cardinal Health's ability to achieve sustained growth and deliver attractive returns for shareholders through an ongoing focus on value creation.

在我們的業務中，機會無處不在。我們確認了企業和細分市場的長期目標，這反映出康德樂有能力透過持續關注價值創造來實現持續成長並為股東帶來有吸引力的回報。

We continue to prioritize the prudent management of our balance sheet and responsible capital allocation. We remain well positioned with the financial flexibility to continue investing in our business and returning capital to shareholders. As part of our simplification journey, we are taking proactive actions to optimize our future cost structure and enhance our ability to grow well into the future.

我們繼續優先考慮審慎管理資產負債表和負責任的資本配置。我們仍然保持良好的財務靈活性，可以繼續投資我們的業務並向股東返還資本。作為我們簡化之旅的一部分，我們正在採取積極行動來優化未來的成本結構並增強我們未來良好發展的能力。

During the quarter, we took substantial steps to reduce our corporate real estate footprint and reorganized certain teams for greater efficiency and effectiveness. Our Business Review Committee continues to make progress on our ongoing review of the GMPD business. We have no further updates to share today, but plan to keep you apprised of our progress. Driving the improvement plan remains our near-term priority, and the team is making excellent progress.

本季度，我們採取了實質措施來減少公司房地產足跡，並重組了某些團隊，以提高效率和效益。我們的業務審查委員會在 GMPD 業務的持續審查方面繼續取得進展。我們今天沒有進一步的更新可以分享，但計劃讓您隨時了解我們的進展。推動改進計劃仍然是我們近期的首要任務，團隊正在取得出色的進展。

To close, we've had a strong first 3 quarters of the year and are focused on sprinting through the tape. Plans are in place to deliver growth in fiscal '25 and beyond, and we're eager to continue delivering for our many stakeholders. None of this will be possible without our highly engaged and talented team who continues to lean in, drive our company forward and fulfill our critical role as health care's most trusted partner.

最後，我們今年前三個季度表現強勁，並專注於衝刺。我們已製定計劃在 25 財年及以後實現成長，我們渴望繼續為眾多利害關係人提供服務。如果沒有我們高度敬業且才華橫溢的團隊，這一切都不可能實現，他們繼續精益求精，推動我們公司前進並履行我們作為醫療保健最值得信賴的合作夥伴的關鍵角色。

With that, we will take your questions.

這樣，我們將回答您的問題。

(Operator Instructions) Our first question today is coming from Lisa Gill coming from JPMorgan.

（操作員說明）我們今天的第一個問題來自摩根大通的麗莎·吉爾（Lisa Gill）。

Jason, I just really want to dig into the 2025 guidance that you've given, especially when we think about the Rx and Specialty business. We clearly know that revenue will be down because of the change Rx -- or I'm sorry, because of the Optum Rx contract. But...

Jason，我真的很想深入研究您給出的 2025 年指導，特別是當我們考慮 Rx 和專業業務時。我們清楚地知道，由於 Rx 的變化，收入將會下降——或者抱歉，因為 Optum Rx 合約。但...

(technical difficulty)

（技術難度）

Very sorry about that, gentlemen. Her line appears to just have dropped suddenly. If she could just maybe dial back in, we'll put her back in the queue. But now we will move to Michael Cherny.

先生們，對此非常抱歉。她的線路似乎突然掉線了。如果她可以重新撥入，我們會將她重新放入隊列中。但現在我們將轉向邁克爾·切爾尼。

Hopefully, my line won't drop. I probably had a similar question on Lisa's, so hopefully you can address this directly. Relative to the '25 segment EBIT, as you think about the moving pieces here, maybe a 2-part question, first, is there any way you can give us an underlying growth rate beyond the loss of Optum?

希望我的線路不會斷線。我可能對麗莎有類似的問題，所以希望你能直接解決這個問題。相對於'25段息稅前利潤，當你想到這裡的移動部分時，可能是一個由兩部分組成的問題，首先，除了Optum 的損失之外，你有什麼辦法可以給我們一個潛在的增長率嗎？

And then second, as you think about the at least 1% segment performance, can you give us just a further breakdown on how much of that is volume growth versus mix versus new customers? Any more color you can provide on that as we think about the jumping-off point and then how that factors into '26 would be great.

其次，當您考慮至少 1% 的細分市場績效時，您能否進一步細分其中有多少是銷售成長、組合成長和新客戶成長？當我們考慮起始點以及如何將其納入 26 年時，您可以提供更多的顏色，那就太好了。

This is Aaron. I appreciate the question. I'm happy to provide a little more context. I want to start by observing that the PS&S team has got -- have strong plans for '25 as they continue to deliver against what was a very strong fiscal '24. We have provided long-term guidance for PS&S of 4% to 6% profit growth. As we now think about that in comparison to the guidance we provided today of at least 1% profit growth within that segment, the delta you should think about it is really the impact of profit -- net impact of profit so far relative to the Optum business.

這是亞倫。我很欣賞這個問題。我很高興提供更多背景資訊。首先，我想觀察 PS&S 團隊為 25 年制定了強有力的計劃，因為他們在 24 財年非常強勁的情況下繼續交付。我們為 PS&S 提供了 4% 至 6% 利潤成長的長期指引。我們現在考慮的是，與我們今天提供的該細分市場內至少 1% 的利潤增長指導相比，您應該考慮的增量實際上是利潤的影響——迄今為止相對於 Optum 的利潤淨影響商業。

And the simple math I do is if you take the midpoint of our long-term guidance to 5%, each percentage point is worth about $20 million. You take it down to the 1% -- the at least 1% that we've guided, now that's about an $80 million net impact so far that we are working through. So that's the profit guide I would give you.

我做的簡單計算是，如果將我們長期指導的中點取為 5%，那麼每個百分點的價值約為 2000 萬美元。你把它降低到 1%——我們指導的至少 1%，現在我們正在努力解決的淨影響約為 8000 萬美元。這就是我要給你的利潤指南。

On the revenue side, I would observe that we've already provided the impact that fiscal '23 was about 16% of our revenue. Fiscal '24, not yet done. We'll land somewhere between $35 billion and $40 billion of revenue. Back that out, but recognizing that the portfolio is still growing 10% or so as we push ahead.

在收入方面，我發現我們已經提供了 23 財年約占我們收入 16% 的影響。 24 財年，尚未完成。我們的收入將在 350 億至 400 億美元之間。推翻這一點，但認識到隨著我們的推進，投資組合仍在增長 10% 左右。

And then lastly, on the cash flow side of the house, I hope you noted in my comments that we are holding to our average of $2 billion of adjusted cash flow each year in the '24 to '26 period. It will be lower in '25 as we work through the negative working capital position from that non-renewed contract and a days-of-week impact. But this is manageable. And as you -- I hope you take away from the fact we're calling growth as we push ahead for PS&S, we have plans in place.

最後，在現金流方面，我希望您在我的評論中指出，在 24 至 26 年間，我們每年平均調整後的現金流量保持在 20 億美元。到 25 年，隨著我們解決未續約合約帶來的負營運資金部位以及每週幾天的影響，這一數字將會更低。但這是可以控制的。我希望你們在推動 PS&S 時不要忘記我們所說的增長這一事實，我們已經制定了計劃。

Jason, anything you want to add?

傑森，你還有什麼要補充的嗎？

Yes. Just I'll build out a little bit further the puts and takes for '25. As Aaron highlighted and scoped it, the delta is a net of approximately $80 million when you look at the different reference points. So that obviously implies an Optum impact of something greater than that. That's being partially mitigated through several different items that we've called out.

是的。只是我會進一步建構 25 年的看跌期權和拿取期權。正如 Aaron 所強調和界定的那樣，當你查看不同的參考點時，增量約為 8000 萬美元。因此，這顯然意味著 Optum 的影響比這更大。透過我們提出的幾個不同的項目，可以部分緩解這種情況。

One is the other customer progress that we've had. So this value proposition is definitely resonating well with our customers, and so we've had good win rates in other areas. And so that would allow us some opportunity to partially offset that, that's included in that net $80 million, as well as the inclusion of Specialty Networks. So overall specialty growth, we expect to continue to be strong.

其中之一是我們已經取得的其他客戶進展。因此，這個價值主張肯定會與我們的客戶產生良好的共鳴，因此我們在其他領域也取得了良好的勝率。因此，這將使我們有機會部分抵消這一損失，這包括在 8000 萬美元的淨資金中，也包括專業網絡。因此，我們預計整體專業成長將持續強勁。

And then we have the Specialty Networks acquisition that closed last month. So we'll get kind of a 3-quarter type of year-over-year benefit because we'll have it in our fourth quarter as well and the ongoing growth with that. And then there's some opportunity to further reduce costs by streamlining our processes even further, simplifying even further. So overall, we feel really good about those offsets, and that gets us to that net about 4 percentage points that we're calling out right now.

然後我們上個月完成了對 Specialty Networks 的收購。因此，我們將獲得第三季的年比收益，因為我們也將在第四季獲得這種收益，並隨之持續成長。然後就有機會透過進一步簡化我們的流程來進一步降低成本。總的來說，我們對這些抵銷感覺非常好，這使我們達到了我們現在所說的大約 4 個百分點。

We'll now move to George Hill of Deutsche Bank.

現在我們請德意志銀行的喬治·希爾發言。

Jason, I kind of have a question around the intersection of the competitive environment in specialty. The industry has been pretty stable without any large contract switches for a while, though we saw 2 kind of in the last handful of months.

傑森，我有一個關於專業競爭環境交叉點的問題。儘管我們在過去幾個月中看到了兩種情況，但該行業在一段時間內相當穩定，沒有發生任何大型合約變更。

And my question is like given the composition of assets in the pharmaceutical business right now, are you seeing more of a demand for what I would call like cross-functional service where people want to see core pharmaceutical distribution with other parts of specialty with -- as it relates to oncology? I'm just trying to figure out, like how do you guys feel with the breadth of solutions that you offer as the competitive environment evolves?

我的問題是，考慮到目前製藥業的資產組成，您是否看到了對我所說的跨職能服務的更多需求，人們希望看到核心藥品分銷以及其他專業領域——因為它與腫瘤學有關？我只是想弄清楚，隨著競爭環境的發展，你們對你們提供的廣泛解決方案有何感受？

Yes. There's a couple of things I think about with this, George. First of all, thanks for the question. As I step back and think about just the backdrop of your question on the competitive environment, while there are a couple of changing hands, as you highlighted, I think the overall market continues to behave in a very rational way. We continue to be very thoughtful and disciplined in how we participate within it.

是的。喬治，對此我有一些思考。首先，感謝您的提問。當我退一步思考你關於競爭環境的問題的背景時，正如你所強調的那樣，雖然有一些易手，但我認為整體市場仍然以非常理性的方式運作。我們在參與其中的方式上繼續深思熟慮並遵守紀律。

And it's the exception of those contracts changing hands. The vast majority of contracts don't change hands as they come up for renewal. So I don't think that, that changes things. While you're still stepping back from everything, our role, ultimately, on the distribution side is to safely, securely and efficiently deliver these products for our customers. That hasn't changed.

但那些易手的合約除外。絕大多數合約在續約時不會易手。所以我不認為這會改變事情。當您仍然從一切事情中退一步時，我們在分銷方面的最終角色是安全、可靠和高效地為我們的客戶交付這些產品。這一點沒有改變。

Now I think your question is, are there other elements that make that evolve further? Hey, we've got the full suite of services. We are building those out further. I think our customers always are looking for opportunities where we can add additional value. That hasn't changed either, it just evolves as to where they are most focused. And each customer has a little bit different value proposition from which to build from.

現在我認為你的問題是，是否還有其他因素可以使其進一步發展？嘿，我們有全套服務。我們正在進一步建設這些。我認為我們的客戶一直在尋找可以增加額外價值的機會。這也沒有改變，只是演變成他們最關注的地方。每個客戶都有一些不同的價值主張可供建構。

So that will resonate better with some customers than others. And our objective is to continue to build out those capabilities, both upstream and downstream, so that we can be that full-service supplier and partner to ensure that we can help them to grow their business.

因此，這會比其他客戶更能引起某些客戶的共鳴。我們的目標是繼續增強上游和下游的這些能力，以便我們能夠成為全方位服務的供應商和合作夥伴，確保我們能夠幫助他們發展業務。

George, I would add one further thought, which is, as you see from examples like our acquisition of Specialty Networks, of course, we continue to work to get closer to the ultimate practitioner so that we are prepared to offer the incremental services that the industry is demanding.

喬治，我想補充一個進一步的想法，那就是，正如您從我們收購 Specialty Networks 等例子中看到的那樣，當然，我們會繼續努力接近最終的實踐者，以便我們準備好提供增量服務，行業要求很高。

We now move to Lisa Gill of JPMorgan.

現在我們請摩根大通的麗莎吉爾發言。

And hopefully, this time it will work. So my question was actually asked, but I want to just really dig in just a little bit deeper. As I think about the cadence for 2025, I know you're not giving specific guidance, but maybe even first half, second half as we think about some of the comments you made, for example, simplifying costs, right, that...

希望這次能成功。所以我的問題確實被問到了，但我想更深入地探討一下。當我想到 2025 年的節奏時，我知道您沒有給出具體的指導，但甚至可能是上半年、下半年，因為我們考慮到您提出的一些評論，例如，簡化成本，對吧，…

(technical difficulty)

（技術難度）

Okay, very sorry about that. So it would appear we're -- I'm very sorry, gentlemen, her line has dropped.

好吧，對此非常抱歉。所以看起來我們——非常抱歉，先生們，她的線路已經斷線了。

Well, yes, I think we can understand where she was going with trying to build out further for first half versus second half. So the one thing I would stress, let's talk about the puts and takes and the timing of the puts and takes. So this customer migration will be somewhat of a cliff event at the end of the fiscal year, so the June 30 to July 1, which is exactly the beginning of the fiscal year. So that first quarter, we'll see that volume drop off fairly precipitously.

嗯，是的，我想我們可以理解她在上半場和下半場試圖進一步發展的方向。因此，我要強調的一件事是，讓我們談談看跌期權和看跌期權以及看跌期權和期權的時機。所以這次客戶遷移在某種程度上會是財年末的懸崖事件，所以6月30日到7月1日，剛好是財年的開始。因此，在第一季度，我們將看到銷量急劇下降。

And then the other business that we've won, some of it is already feathering in. Some of it will continue over the course of the year. And we've highlighted in our comments, a lot of it will be in the second half of fiscal '25. So the timing of that, that piece of the puts and takes, will be a little bit more second half weighted.

然後我們贏得的其他業務，其中一些已經開始顯現。我們在評論中強調，其中大部分將在 25 財年下半年進行。因此，下半場的看跌期權和看跌期權的時間安排將更加重要。

Specialty Networks, I referenced, that is a nice tailwind that is going to start benefiting us. It's included in our guidance for the fourth quarter. But we'll have 3 quarters of year-over-year performance driven by that business being added in and continued just overall growth of utilization over the course of next year that we expect as well.

我提到，專業人脈是一個很好的順風，將開始使我們受益。它包含在我們第四季的指導中。但我們將在 3 個季度實現同比業績成長，這是由該業務的增加所推動的，並且我們預計明年的利用率將繼續整體成長。

The other cost actions will be varied. There are some things -- we've been planning for this for quite some time. And so some of those cost actions will be in place by the end of the year. Some of those will need to take time to allow our operations to settle with that lower volume. So this is a customer that beyond it being -- it's a large and growing customer, so we definitely like that volume. At the same time, it was a customer that had a lot of nonstandard and customized processes, and the demand profile was a bit more volatile.

其他成本行動將會有所不同。有些事情——我們已經為此計劃了很長一段時間。因此，其中一些成本行動將在今年年底前實施。其中一些需要時間才能讓我們的業務適應較低的交易量。因此，這是一個超越其本身的客戶——它是一個龐大且不斷增長的客戶，所以我們絕對喜歡這個數量。同時，該客戶擁有大量非標準和客製化流程，需求狀況也更加不穩定。

So we'll be able to operate more efficiently as this volume exits, but that won't necessarily be a day 1 type of thing. It will take us a little bit of time to get the -- each of the individual sites to be flowing with the new product that is coming in, but also just optimizing with the existing product. So the puts and takes there are all items that we start to see some mitigation at the very beginning of the fiscal year and then build over the course of the year.

因此，隨著這一數量的退出，我們將能夠更有效地運營，但這不一定是第一天的事情。我們需要一點時間才能讓每個單獨的站點與即將推出的新產品相容，但也只是對現有產品進行最佳化。因此，我們在本財年之初就開始看到一些緩解措施，然後在全年中逐步建立。

We'll now move to Allen Lutz calling from Bank of America.

我們現在接聽美國銀行的 Allen Lutz 電話。

We've heard anecdotally that generic prices are a little bit firmer this time versus maybe last year. Can you talk a little bit about buy side and sell side pricing here of generics and maybe how gross profit dollars in that part of the business and generics are trending versus...

我們聽說，這次的仿製藥價格可能比去年稍微堅挺一些。您能否談談仿製藥的買方和賣方定價，以及這部分業務和仿製藥的毛利趨勢與...

(technical difficulty)

（技術難度）

Thanks for the question. What we would tell you is as we continue to be in an environment of consistent market dynamics where we see stability on the buy and the sell within our generic business, as we've talked about in the past, the stability that comes with that is when we see a rising tide of volume and a strong prescription demand environment, which we have. We continue to see strength in the generics portfolio, and that's where we are. We are aware that others have made comments somewhat variant from that over time, but we see consistent market dynamics and view that stability as a strength of our portfolio.

謝謝你的提問。我們要告訴您的是，由於我們繼續處於市場動態一致的環境中，我們看到通用業務中的買賣穩定，正如我們過去談到的那樣，隨之而來的穩定性是當我們看到銷量不斷當上升和處方需求強勁的環境時，我們已經擁有了。我們繼續看到仿製藥產品組合的優勢，這就是我們的現狀。我們知道，隨著時間的推移，其他人的評論有所不同，但我們看到了一致的市場動態，並將這種穩定性視為我們投資組合的優勢。

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

現在我們將接聽瑞銀的 Kevin Caliendo 的電話。

I'll try to ask quickly before it gets dropped. Can you help us bridge on the medical side sort of the inputs to get to your fiscal '25 operating income from sort of where we are today? What are the most important factors that will get us from sort of where we are with the run rate through fiscal 3Q of '24 to the expected numbers in fiscal '25?

我會盡力在它被刪除之前盡快詢問。您能否協助我們在醫療方面的投入上建立橋樑，以達到您 25 財年的營業收入？哪些最重要的因素將使我們從 24 財年第三季的運行率達到 25 財年的預期數字？

And then just a quick follow-up. Does the loss of Optum and your partner in Red Oak also lost a large payer contract, has that affected Red Oak in any way, shape or form or your purchasing power or your economics there? I'm just wondering how to think about that because it's 2 sizable chunks of business, but I just don't know how to think about the impact on Red Oak.

然後進行快速跟進。失去 Optum 和你在 Red Oak 的合作夥伴是否也失去了一份大額付款人合同，這是否以任何方式、形狀或形式影響了 Red Oak，或者你的購買力或你在那裡的經濟？我只是想知道如何考慮這一點，因為這是兩個相當大的業務區塊，但我只是不知道如何考慮對紅橡樹的影響。

Why don't I start with the med cadence and then turn it over to Jason to talk further about Red Oak. Look, the med -- or rather the GMPD business, we are executing against the plan that we've now been talking about for several quarters. And a couple of numbers on the page, fiscal year '23, it was a negative $165 million. Fiscal '24 today, we've confirmed we're calling a positive $65 million. That's about a $230 million swing, which puts us halfway to the fiscal '26 target of $300 million. Fiscal '25, we've called today will be approximately $175 million, really a midpoint between those.

我為什麼不從醫學節奏開始，然後將其交給傑森進一步討論紅橡樹。看，醫療——或者更確切地說是 GMPD 業務，我們正在按照我們已經討論了幾個季度的計劃執行。頁面上有幾個數字，23 財年，這是負 1.65 億美元。今天，我們確認 24 財年的獲利為 6,500 萬美元。這大約是 2.3 億美元的波動，這使我們實現 26 財年 3 億美元目標的一半。我們今天所說的 25 財年將約為 1.75 億美元，實際上是其中的中間點。

How we get there is how we've gotten halfway there so far, the single biggest initiative -- single biggest impact to those numbers is continuing to achieve the inflation mitigation that we've been talking about for several quarters. We exited Q3 at about 90%. We expect to achieve full mitigation by the end of the fiscal year. But as we move into next year, of course, we'll be lapping a lower percentage execution. So that will be a tailwind. That will be a significant tailwind for us certainly in the first half, indeed, the first -- for the full year.

我們如何實現這一目標，到目前為止我們已經完成了一半，對這些數字最大的影響就是繼續實現我們幾個季度以來一直在談論的通膨緩解目標。第三季我們的進度約為 90%。我們預計在本財年年底前實現全面緩解。但隨著我們進入明年，當然，我們的執行百分比將會降低。所以這將是一個順風。這對我們上半年（實際上是全年）來說肯定是一個重要的推動力。

It's also important that we continue to see the good revenue growth and, in particular, the good volume and revenue growth tied to the Cardinal Health Brand as that is a broader -- that is a more profitable part of our business. I know you noticed that in Q1, we called out a positive change in trend relative to the revenue in that business. Q2, we saw 2% growth. Q4, we saw 4% growth. And so we're seeing signs of progress that give us reasons to believe that we can achieve both the $65 million this year and the $175 million next year.

同樣重要的是，我們繼續看到良好的收入成長，特別是與康德樂品牌相關的良好銷售和收入成長，因為這是我們業務中更廣泛、更有利可圖的部分。我知道您注意到，在第一季度，我們指出相對於該業務收入的趨勢發生了積極的變化。第二季度，我們看到了 2% 的成長。第四季度，我們看到了 4% 的成長。因此，我們看到了進展的跡象，這使我們有理由相信我們今年可以實現 6500 萬美元，明年可以實現 1.75 億美元。

Lastly, on the cadence and the importance of the team will continue to do what they've been doing around simplification and cost-out, right? It's a very complex business, and the team has been doing a good job of simplifying and identifying sources of cost this year, and that will continue into next year as well.

最後，關於團隊的節奏和重要性，他們將繼續圍繞簡化和成本削減所做的事情，對吧？這是一項非常複雜的業務，今年團隊在簡化和確定成本來源方面做得很好，這種情況也將持續到明年。

Jason, anything you want to add or talk about Red Oak?

傑森，關於紅橡樹，您有什麼想要補充或談論的嗎？

Nothing to add on that component. As it relates to Red Oak, we feel very good about the scale and competitiveness of that venture -- joint venture that we have with CVS. The combined volume that we both bring is sufficient to have significant scale in the space. The percentage of volume that was related to the lost customer is quite small relative to the total that we have that remains.

沒有什麼可以添加到該組件上。就 Red Oak 而言，我們對該企業（我們與 CVS 的合資企業）的規模和競爭力感到非常滿意。我們雙方帶來的總體積足以在空間中形成顯著的規模。與我們剩餘的總銷售量相比，與流失客戶相關的銷售百分比相當小。

So we feel good about our -- continuing our mandate of both continued value for our partners and ultimately our customers and as well as the dual mandate aspect of also driving supply as much as possible.

因此，我們對繼續履行我們的使命感到滿意，即為我們的合作夥伴和最終為我們的客戶提供持續價值，以及盡可能推動供應的雙重使命。

We'll now go to Eric Percher calling from Nephron Research.

現在我們將接聽 Nephron Research 的 Eric Percher 的電話。

A couple of modest items relative to pharma that I want to tick through. One is in discussing the headwind penciling out to $80 million, you used the comment so far once or twice. Is that so far reflecting that there may be more mitigation or that this is influx? That would be one.

我想勾選一些與製藥相關的普通項目。其中一個是在討論 8000 萬美元的逆風時，到目前為止您已經使用過一兩次這樣的評論。到目前為止，這是否反映出可能會出現更多緩解措施，或者是否正在湧入？那就是其中之一。

Number two, is there a contemplation of any incentive comp reduction in '25 that would then reset in '26 in that mitigation? And the last one is Specialty Networks, it sounds like you're expecting a benefit at the op profit line. I believe the comment when you closed it was it would be accretive 12 months following close. Any commentary on contribution there would be helpful as well.

第二，是否考慮在 25 年減少激勵補償，然後在 26 年緩解措施中重設？最後一個是專業網絡，聽起來您期望在營運利潤線上獲得收益。我相信您關閉時的評論是，它將在關閉後 12 個月內增值。任何有關貢獻的評論也會有所幫助。

Yes. So the so far comment was simply to highlight that we are guiding to at least 1% growth. And so that reference is entirely around. Of course, we continue to look for other opportunities to mitigate further. And depending upon our success with those additional actions will be the answer to your question about incentive comp. We'll, of course, appropriately define a target with the alignment with our Board to ensure that we are motivated to drive the business forward.

是的。因此，到目前為止的評論只是為了強調我們的指導目標是至少 1% 的成長。所以這個參考完全是圍繞的。當然，我們會繼續尋找其他機會來進一步緩解壓力。您關於激勵補償的問題的答案將取決於我們這些額外行動的成功。當然，我們會適當地制定一個與董事會保持一致的目標，以確保我們有動力推動業務向前發展。

And then as it relates to Specialty Networks, our underlying assumptions are unchanged. The accretive comment was, you're right, Eric, the reference point was a year after the close, and that was including the dilutive effect on the interest. So the lost interest on $1 billion, $1.2 billion is the offset to the operating earnings that we see within the pharma business. So it's really just the geography of the plus and minus with that.

然後，由於它與專業網絡相關，我們的基本假設保持不變。增值評論是，你是對的，埃里克，參考點是收盤後一年，其中包括對利息的稀釋影響。因此，10 億美元、12 億美元的利息損失抵銷了我們在製藥業務中看到的營業收入。所以這其實只是地理上的利弊。

Eric, you had also asked about the impact to compensation plans, and the point I would make is we set compensation plans on an annual basis for the management teams. And -- but we also have a long-term element, which is highlighted in our proxy, the targets there. And we'll continue to -- the teams will be continually motivated to hit those objectives.

艾瑞克，您也詢問了對薪酬計畫的影響，我想說的是，我們每年為管理團隊制定薪酬計畫。而且 - 但我們還有一個長期因素，在我們的代理中突出顯示，即那裡的目標。我們將繼續——團隊將不斷受到激勵來實現這些目標。

The next question will be coming from Stephanie Davis of Barclays.

下一個問題將由巴克萊銀行的史蒂芬妮戴維斯提出。

You called out a few new wins and expansions in the prepared remarks, and you did highlight some customer progress that offsets the Optum headwind. So I was hoping we can dig in there a little bit more. Can you tell us about the nature of these wins? Is this more core? Is it onc? Is it other ologies? And how much the bridge from FY '25 to the 3-year guidance relies on further progress with these wins versus more of the streamlining and cost-out that you've called out?

您在準備好的演講中提到了一些新的勝利和擴展，並且確實強調了一些抵消 Optum 不利因素的客戶進展。所以我希望我們能在那裡多挖一點。您能告訴我們這些勝利的性質嗎？這個更核心嗎？是一次嗎？是其他學派嗎？從 25 財年到 3 年指導的橋樑在多大程度上依賴這些勝利的進一步進展，而不是您所呼籲的更多精簡和成本削減？

Yes. So it's across various classes of trade. So it's broad-based wins that we've received. We are not anticipating needing additional new wins beyond what we've already completed or in process of completing. And that's why when you think about the embedded guidance that we're talking about in terms of maintaining our long-term targets of that 4% to 6% growth, some years, like this year, we're at above the high end; and next year, we'll be a little bit below the low end. But the average is out to that 4% to 6%. And so it implies a '26 and beyond type of rates that continues to be in that 4% to 6% range, which is kind of a normalized ongoing type of earnings level.

是的。所以它涉及各個類別的貿易。因此，我們獲得了廣泛的勝利。除了我們已經完成或正在完成的工作之外，我們預計不需要額外的新勝利。這就是為什麼當你考慮我們正在談論的關於維持 4% 至 6% 成長的長期目標的嵌入式指導時，有些年份，例如今年，我們處於高端之上；明年，我們的水平將略低於低端水平。但平均值是 4% 到 6%。因此，這意味著 26 年及以後的利率將繼續保持在 4% 至 6% 的範圍內，這是正常化的持續收入水準。

So what -- how I'd step back and think about our progress to date, it really comes down to our service levels and our customer service and really listening to what is important to those customers and working with them for a solution that is not necessarily customized, it is standardized, but with their needs in mind. And we're getting fantastic feedback from our current customers in terms of what that service level has been. That is translating over to the desire by customers that we're not working with today to consider using Cardinal Health.

那又怎樣——我會如何退後一步，思考我們迄今為止的進展，這實際上取決於我們的服務水平和客戶服務，並真正傾聽對這些客戶來說重要的事情，並與他們合作尋找一個不重要的解決方案。我們從當前客戶那裡得到了關於服務水準的極好的回饋。這意味著我們今天未與之合作的客戶希望考慮使用康德樂。

And so we have the time, attention and energy now that we're able to devote even more to those existing customers to streamline those processes in a little bit more of a simplified fashion, and we'll continue to drive that value proposition with those new customers. But it's very much a booked-business type of perspective that we're now into execution mode. And after this year, fiscal '25, we'd expect it to be even more normalized at that point.

因此，我們現在有時間、注意力和精力，能夠為現有客戶投入更多精力，以更簡單的方式簡化這些流程，我們將繼續透過這些客戶來推動這一價值主張新客戶。但這在很大程度上是一種預定業務類型的視角，我們現在進入了執行模式。在今年，也就是 25 財年之後，我們預計屆時它會更加正常化。

I would add a couple of things to that. First, you asked about cost-out and my response or our response is that simplification has been a priority of ours for the last couple of years. And we will, of course, continue to go looking for ways we can simplify our operations and optimize our cost.

我想補充幾件事。首先，您詢問了成本支出問題，我的回答或我們的回答是，過去幾年來，簡化一直是我們的首要任務。當然，我們將繼續尋找簡化營運和優化成本的方法。

But let me be clear, right, we are not backing away from customer support, particularly the new customers coming on board so that we do that seamlessly. And we're not backing away from investing in our future across our enterprise. And so we will continue to talk about the highlights of those as we make them in future earnings calls, but we will optimize as appropriate while focused on the long term.

但讓我明確一點，我們不會放棄客戶支持，特別是新客戶的加入，以便我們可以無縫地做到這一點。我們不會放棄對整個企業未來的投資。因此，我們將在未來的財報電話會議中繼續討論其中的亮點，但我們將在著眼於長期的同時進行適當優化。

We'll now move to Eric Coldwell calling from Baird.

我們現在接聽來自貝爾德 (Baird) 的 Eric Coldwell 的電話。

I wanted to talk a bit about specialty in general and then tie in Specialty Networks. So in the recent past, you've given a sizing of your overall specialty business in the low- to mid-$30 billion range. You will lose some of that with the Optum roll-off, probably $3.5 billion, $4 billion, I'm guessing. You're going to add some with Specialty Networks and then you have normal market growth. So netting this all together, what would you anticipate the baseline specialty business to be sized at when you start fiscal '25?

我想談談一般專業，然後談談專業網絡。因此，在最近，您對整個專業業務的規模進行了 300 億美元中低端的評估。隨著 Optum 的推出，你會損失一些，我猜可能是 35 億美元、40 億美元。您將透過專業網路添加一些，然後您將獲得正常的市場成長。因此，將所有這些綜合起來，您預計 25 財年開始時專業業務的基線規模是多少？

So those are a number of puts and takes that, as you noticed, I'm sure, Eric, we did not provide revenue guidance in this update. We will be providing that in the next update, of course. So certainly, you're in the ballpark on the Optum piece because, as I've highlighted before, that is about 10% of that overall book of business, that's specialty, everything else will be PD non-specialty.

因此，這些都是一些看跌期權，正如您所注意到的，我確信，埃里克，我們在本次更新中沒有提供收入指導。當然，我們將在下一次更新中提供這一點。所以，當然，你對 Optum 的文章很感興趣，因為正如我之前強調的那樣，這大約佔整個業務的 10%，這是專業，其他所有內容都將是 PD 非專業。

And Specialty Networks, the revenue is quite low because it's a service revenue, it's not distribution revenue. So that's what I would think of -- independent of that, we, of course, would expect our non-Optum specialty revenue to continue to grow nicely, and we will frame that. But don't think about that as something specifically related to Specialty Networks.

而專業網路公司的收入相當低，因為它是服務收入，而不是發行收入。這就是我的想法 - 獨立於這一點，我們當然希望我們的非 Optum 專業收入繼續良好增長，我們將以此為框架。但不要將其視為與專業網絡特別相關的東西。

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

我們的下一個問題是伊麗莎白·安德森從 Evercore 打來的電話。

I was hoping you could talk a little bit about -- more about GMPD. It seems like the competitive environment maybe is improving in your favor. It seems like maybe there's some benefit from underlying just like utilization demand. Could you please just give us a little bit more color on sort of those underlying changing dynamics and maybe more conceptually about some of the specific cost cutting and other inflation offsets that you've already talked about?

我希望您能多談談 GMPD。競爭環境似乎正在改善，對你有利。看起來，就像利用率需求一樣，底層可能會帶來一些好處。您能否就這些潛在的變化動態向我們提供更多的信息，或許還可以從概念上講一下您已經討論過的一些具體的成本削減和其他通脹抵消措施？

Yes. I think the competitive environment, I'm not sure I'd put much into that. Our performance within this industry has improved dramatically. I referenced in my comments, the customer loyalty scores have improved consistently and dramatically from the bottom of the pandemic a couple of years ago.

是的。我認為競爭環境，我不確定我是否會投入太多。我們在這個行業的表現有了顯著的提升。我在評論中提到，從幾年前大流行的谷底開始，客戶忠誠度分數持續大幅提高。

So our performance is noticeable. Our customers are feeling it. That customer loyalty index, the scores behind it improving because we have the low back order. We have product availability. We have great service levels. We're very engaged from a sales force perspective. So we're out there now selling instead of reacting to the challenges of the pandemic. So our customers are feeling that. We have very stable win-loss types of rates. We're growing at least with the market now.

所以我們的表現是引人注目的。我們的客戶已經感受到了。客戶忠誠度指數，背後的分數有所提高，因為我們有低額訂單。我們有產品供應。我們有很高的服務水準。從銷售人員的角度來看，我們非常投入。因此，我們現在是在銷售，而不是應對疫情的挑戰。所以我們的客戶也有這樣的感覺。我們有非常穩定的盈虧類型的費率。我們現在至少正在與市場一起成長。

So it's more of us showing up, I think, the right way than the market being overly growing more or growing less. The market utilization continues to be more and more normalized. So there's maybe a little bit of volatility here and there, but it's much more normalized compared to where it has been the last several years. So not -- and that's the environment we like. We like to see predictable, consistent lower single-digit type of utilization rates that we can grow a little bit above that through our mix and other actions.

因此，我認為，更多的是我們以正確的方式出現，而不是市場過度成長或成長過少。市場利用率不斷趨於常態化。因此，這裡那裡可能會有一點波動，但與過去幾年相比，它已經更加正常化了。所以不是——這就是我們喜歡的環境。我們希望看到可預測的、持續的較低個位數的利用率，透過我們的組合和其他行動，我們可以將其提高一點。

And then, of course, as Aaron highlighted, the single biggest driver not only this past year, but what we expect at least in the first half of next year, would be just the lapping of the inflation impacts and everything we've done to mitigate that, which that's another thing that's helpful for us to get that behind us so that we're focused on selling and talking to our customers what the value that we can help provide them as opposed to dealing with inflationary fluctuations that have occurred in the past.

當然，正如亞倫所強調的那樣，最大的推動因素不僅是去年，而且我們至少在明年上半年預期的，將是通貨膨脹的影響以及我們為實現這一目標所做的一切。這是另一件事，有助於我們擺脫這種情況，以便我們專注於向客戶銷售和談論我們可以幫助他們提供的價值，而不是處理發生在的通貨膨脹波動過去的。

So we're well positioned to now drive the other elements, the medical -- the GMPD Improvement Plan, which is the ongoing simplification, the ongoing cost reductions, but just continuing to really prioritize more than anything that Cardinal Health Brand volume growth.

因此，我們現在處於有利位置，可以推動其他要素，即醫療 - GMPD 改進計劃，該計劃是持續的簡化、持續的成本降低，但只是繼續真正優先考慮 Cardinal Health 品牌銷量的增長。

The next question will be coming from Stephen Baxter calling from Wells Fargo.

下一個問題將由來自富國銀行的史蒂芬‧巴克斯特 (Stephen Baxter) 提出。

Just one quick confirmation and the actual question. I think what you're suggesting is that beyond fiscal 2025, there is no direct or indirect impact from the Optum contract loss to contemplate. Just wanted to confirm that point that there's not any kind of earnings contribution from a transitional period inside the 2025 thinking.

只需一個快速確認和實際問題。我認為您的建議是，在 2025 財年之後，Optum 合約損失不會產生直接或間接影響。只是想確認這一點，即 2025 年思維中的過渡期不會對盈利做出任何貢獻。

And then the actual question is from the Other segment. The revenue growth has been quite strong. It's taken a little bit for the profit growth to kind of catch up to your long-term expectations. Just remind us what the key kind of moving parts are there to accelerate the profit growth in the next couple of years?

然後實際的問題來自其他部分。營收成長相當強勁。利潤成長需要一點時間才能趕上您的長期預期。請提醒我們，未來幾年加速獲利成長的關鍵因素是什麼？

To answer your first question, our guide today does confirm the long-term growth within the pharma business, 4% to 6%. It will be off a lower base in fiscal '25 as we grow at least the 1%. We've not commented on an absolute dollar basis, but we will provide more context on that when we get to our year-end results and final guidance for fiscal '25 during our August earnings call.

為了回答你的第一個問題，我們今天的指南確實確認了製藥業的長期成長，4% 到 6%。 25 財年的基數將較低，因為我們的成長率至少為 1%。我們沒有對絕對美元進行評論，但當我們在 8 月的財報電話會議上公佈年終業績和 25 財年的最終指導時，我們將提供更多相關背景資訊。

With respect to the Other business, we are pleased with what we're seeing so far. We re-segmented the operation to create additional transparency, focus and accountability. And I referenced in my prepared remarks that we are already seeing the benefit of that. The top line results are good, right? And we guided 6% to 8% profit growth for this year. We were a little bit lower than that in Q3 for the businesses aggregating in Other so far. And of course, we had the impact of some of the nonrecurring adjustments that we called out in Q2 tied to the at-Home business, which reports into Other in the second quarter.

關於其他業務，我們對迄今為止所看到的情況感到滿意。我們重新劃分了運營，以提高透明度、重點和問責制。我在準備好的發言中提到，我們已經看到了這樣做的好處。頂線結果很好，對嗎？我們預計今年利潤將成長 6% 至 8%。到目前為止，其他地區的業務聚集情況略低於第三季。當然，我們受到了我們在第二季度呼籲的一些與在家業務相關的非經常性調整的影響，該業務將在第二季度向其他部門報告。

But I want to emphasize, we did confirm that we are expecting to achieve the higher results, the 8% to 10% for fiscal '24, and we confirmed the high end of that range for fiscal '25. As Jason digs in with the businesses, we're now reporting directly to them. And as we invest as an enterprise, again, setting those businesses up for a higher growth trajectory.

但我想強調的是，我們確實確認我們預計將在 24 財年實現更高的業績，即 8% 至 10%，並且我們確認了 25 財年該範圍的上限。隨著傑森深入了解業務，我們現在直接向他們報告。當我們作為企業進行投資時，再次為這些企業設定更高的成長軌跡。

Yes, just a couple of things to add. First, on the first question, just to be real explicit, given it's a cliff event customer transition that we are anticipating for July 1, we'd anticipate that, that would be largely in fiscal '25 results. And there's nothing that we're calling out or indicating at this point that would carry over into '26.

是的，只需補充幾件事。首先，關於第一個問題，要真正明確的是，考慮到我們預計 7 月 1 日將發生懸崖事件客戶過渡，我們預計這將主要體現在 25 財年的業績中。目前我們沒有指出或表明任何內容會延續到 26 年。

And as it relates to the Other businesses, how I think about them, they're each growing very nicely. They each have strong industry -- strong sectors of the industry that are benefiting from their own individual secular tailwinds. So they each have different reasons for their growth. But ultimately, it's because each of these 3 areas provide a real interesting value proposition to customers and ultimately to the patients.

由於它與其他業務有關，我對它們的看法是，它們都成長得非常好。他們各自擁有強大的產業——該產業的強大部門受益於各自的長期順風。所以他們每個人的成長都有不同的原因。但最終，這是因為這三個領域中的每一個領域都為客戶並最終為患者提供了真正有趣的價值主張。

And each of these 3, we have the leadership position in. So we're not only [betting it] from that secular trend, but we're leading and maintaining or growing our own fair share within it. So we're well positioned for each 1 of these 3 and why we have confidence. We are investing into them, as Aaron highlighted, that's driving the growth that we believe will be driving long-term profitability as well.

在這三個領域中，我們都處於領導地位。因此，我們在這三項中的每一項上都處於有利位置，這也是我們有信心的原因。正如亞倫所強調的那樣，我們正在對它們進行投資，這推動了成長，我們相信這也將推動長期獲利能力。

The next question will be coming from Charles Rhyee of TD Cowen.

下一個問題將由 TD Cowen 的 Charles Rhyee 提出。

This is Lucas on for Charles. I wanted to ask about Cardinal Health Brand and get a sense of where we're at on the path to realizing $50 million in targeted growth by fiscal '26. I understand that you've expanded the number of products you offer under private label and that you're starting to see momentum and growing volumes. Can you help us understand how much of that $50 million has already been realized and then how much we should expect you guys to realize in fiscal '25?

這是盧卡斯替查爾斯發言。我想詢問 Cardinal Health 品牌的情況，了解我們在 2026 財年實現 5,000 萬美元目標成長的道路上所處的位置。據我所知，您已經擴大了自有品牌提供的產品數量，並且開始看到勢頭和數量不斷增長。您能否幫助我們了解這 5000 萬美元中有多少已經實現，然後我們應該期望你們在 25 財年實現多少？

Yes, so I'd -- it's -- we inflected a couple of quarters ago, right? You saw that with our overall revenue growth that is partly driven by the Cardinal Health Brand volume growth. So we saw, for example, this quarter, our revenue growth of 4% was prorated within that national brand as well as Cardinal Health Brand. So we're seeing distribution stabilize. We're seeing that. We've won some business there that has allowed us to grow at or a little bit better than the market.

是的，所以我——是的——我們在幾個季度前就發生了變化，對嗎？您已經看到我們的整體營收成長部分是由康德樂品牌銷售成長所推動的。因此，我們看到，例如，本季度，我們的收入成長 4% 是在該全國品牌和康德樂品牌內按比例分配的。所以我們看到分佈趨於穩定。我們正在看到這一點。我們在那裡贏得了一些業務，這使我們能夠以市場水平或略高於市場的水平成長。

So overall, we're seeing that this business has now stabilized at a growth consistent with the market. We expect that to continue. This is something that we do have as a component of that growth. As Aaron highlighted, the single biggest driver of profit performance for '25 -- from '24 to '25 is the annualization, the carryover of the inflationary pressure. So that's the biggest item of that implied $100 million, $110 million year-over-year profit improvement.

總的來說，我們看到這項業務現在已經穩定在與市場一致的成長水平。我們預計這種情況會持續下去。這是我們確實擁有的成長的組成部分。正如 Aaron 所強調的那樣，25 年（從 24 年到 25 年）利潤表現的最大驅動因素是年化，即通膨壓力的延續。因此，這是其中最大的一項，意味著利潤年增 1 億美元、1.1 億美元。

Then beyond that, you have Cardinal Health Brand volume growth, cost reductions and other actions. And so it is a component. It's not the biggest component. And then it would be from '25 to '26, the primary components that then drive that growth would be Cardinal Health Brand volume as well as further cost reductions as we continue to look to streamline and optimize our footprint as well as our other supporting costs. So we're not going to break out the individual pieces there, but those are the biggest pieces then when you go from '25 to '26.

除此之外，還有康德樂品牌銷售成長、成本降低和其他行動。所以它是一個組件。它不是最大的組成部分。然後從 25 年到 26 年，推動成長的主要因素將是康德樂品牌數量以及進一步降低成本，因為我們將繼續尋求精簡和優化我們的足跡以及其他支援成本。所以我們不會分解其中的各個部分，但當你從 25 年到 26 年時，這些是最大的部分。

Our last question today will be coming from Daniel Grosslight of Citi.

我們今天的最後一個問題將來自花旗銀行的丹尼爾·格羅斯萊特。

Most of my questions have been asked, but I was hoping to just get an update on Navista and any metrics you're able to share on the market adoption you're seeing there, number of providers aligned to it, et cetera. And I know one of the key strategic objectives of the Specialty Networks acquisition was to kind of integrate some of their technology, notably PSS (sic) [PPS] Analytics into Navista and other specialty assets. So I'm also curious if you can provide an update on how quickly you can integrate that technology and [Murphy], you've already kind of started on that path.

我的大部分問題都被問到了，但我希望得到 Navista 的最新信息，以及您能夠分享的有關您在那裡看到的市場採用率、與其一致的提供者數量等的任何指標。我知道收購 Specialty Networks 的關鍵策略目標之一是將他們的一些技術，特別是 PSS（原文如此）[PPS] 分析整合到 Navista 和其他專業資產中。因此，我也很好奇您是否可以提供有關集成該技術的速度的最新信息，並且 [Murphy]，您已經開始走上這條道路了。

Yes. Yes, thanks for the question, Daniel. And so with Navista, we are on track to everything that we've laid out, first, raising this about a year ago. And as I think about the progress we've made, I'd break it into a few key buckets. First of all, first and foremost, we've hired and brought in a fantastic team, a great mixture of internal and external talent, really drawing from industry those that have done this before and understand what that looks like, but also using our own expertise that have been more focused in other therapeutic areas, but a nice augmentation of the 2.

是的。是的，謝謝你的提問，丹尼爾。因此，對於 Navista，我們正在按計劃實現我們所製定的一切，首先是大約一年前提出的。當我思考我們所取得的進展時，我會將其分為幾個關鍵部分。首先，最重要的是，我們聘請並引進了一支出色的團隊，內部和外部人才的完美結合，真正從行業中汲取了以前做過這件事並了解其外觀的人，但也使用了我們自己的團隊更專注於其他治療領域的專業知識，但對 2 來說是一個很好的增強。

And then that new team quickly went to work and defined what went in front of our customers and prospective customers and really listened as to what is it that they need to run their practice, their business more efficiently, more effectively. And it was through that work that we then came to the final point, which is defining the tools, the capabilities that we are building within Navista.

然後，這個新團隊迅速開始工作，定義了我們的客戶和潛在客戶面前的內容，並真正傾聽他們需要什麼來更有效地經營他們的實踐和業務。正是透過這項工作，我們到達了最後一點，即定義我們在 Navista 中所建構的工具和功能。

So we didn't just go off and build it. We are building it around what the customers are demanding that they need those community oncologists, those independent community oncologists, really looking at differentiating for what they need to run their business both, again, efficiently, but also effectively to further improve upon the lives of their patients.

所以我們不只是開始建造它。我們正在圍繞客戶的需求構建它，他們需要那些社區腫瘤學家，那些獨立的社區腫瘤學家，真正著眼於差異化他們需要的東西來運營他們的業務，再次，高效，而且有效地進一步改善人們的生活他們的病人。

So that is the work that's been done, and we are every day building out more elements of this. So I wouldn't think about it as a particular date that everything goes live and we suddenly have this influx of volume. This is the type of thing that builds out our capability over time in different ways and working with our current customers as well as the prospective ones to layer in when they come into this network and with services -- which services they utilize within the network.

這就是已經完成的工作，我們每天都在建構更多的元素。因此，我不會將其視為一切都上線並且我們突然出現大量流量的特定日期。隨著時間的推移，這種類型的事情會以不同的方式增強我們的能力，並與我們當前的客戶以及潛在的客戶合作，當他們進入這個網路並提供服務時，他們會在網路中使用哪些服務。

So that leads you to the Specialty Networks piece, which I would think about it as we now have an internal technology and capability set that's augmenting what we had before. But this has always approached us in terms of the best of the best in the industry. Using what we have is great, but we also are using a lot of third-party partners to bring in their tools and capabilities because we're going to put the customers' needs first, the providers' needs first and then build around that.

因此，這將引導您進入專業網路部分，我會考慮它，因為我們現在擁有一套內部技術和能力集，可以增強我們之前的能力。但這一直是我們業界最優秀的產品。使用我們擁有的東西很棒，但我們也使用許多第三方合作夥伴引入他們的工具和功能，因為我們將把客戶的需求放在第一位，將提供者的需求放在第一位，然後圍繞這些需求進行建構。

So we do see that there's a role for Specialty Networks and their PPS Analytics platform. But we're not going to make that the priority. We're going to listen to the customers and then determine which pieces of that to bring into that network. So we haven't finalized those decisions as it relates to Specialty Networks. But what I will tell you, on day 1, just having that team's insights and expertise has been very beneficial to our own Navista team.

因此，我們確實看到 Specialty Networks 及其 PPS 分析平台可以發揮作用。但我們不會把它當作優先事項。我們將聽取客戶的意見，然後確定將其中的哪些部分引入該網路。因此，我們尚未最終確定與專業網絡相關的這些決定。但我要告訴您的是，在第一天，僅僅擁有該團隊的見解和專業知識就對我們自己的 Navista 團隊非常有益。

So having -- and I mentioned this when we announced the acquisition of Specialty Networks, yes, the assets are fantastic, the business is fantastic, but the most important thing for us was the leadership team and the capabilities that they're bringing along with it. It's every bit as great as what we thought it was when we made the announcement. And we're seeing that with boots on the ground now as we work not just with Navista, but with the broader business to further improve our capabilities across all the therapeutic areas.

因此，當我們宣布收購 Specialty Networks 時，我提到了這一點，是的，資產很棒，業務很棒，但對我們來說最重要的是領導團隊以及他們帶來它的能力。它和我們宣布這一消息時所想的一樣好。我們現在不僅與 Navista 合作，而且與更廣泛的業務合作，進一步提高我們在所有治療領域的能力，因此我們已經腳踏實地地看到了這一點。

Ladies and gentlemen, that will conclude today's question-and-answer session. I'd like to turn the call back over to Mr. Jason Hollar for any additional or closing remarks. Thank you.

女士們、先生們，今天的問答環節到此結束。我想將電話轉給 Jason Hollar 先生，請他發表補充或結束語。謝謝。

Yes. Yes, thank you. Just to close, I appreciate everyone spending some time with us this morning. We hope the overall message that you took away from the call today is that we have a strong and resilient business and a very clear plan for us for '25 and '26. And we're excited about the opportunities and ensuring that our customers and their patients continue to get fantastic service.

是的。是的，謝謝。最後，我感謝大家今天早上與我們共度時光。我們希望您從今天的電話會議中得到的總體訊息是，我們擁有強大而有彈性的業務，並且為 25 和 26 年制定了非常明確的計劃。我們對這些機會感到興奮，並確保我們的客戶及其患者繼續獲得優質的服務。

So thanks again for joining us today, and have a great day.

再次感謝您今天加入我們，祝您有美好的一天。

Thank you very much. Ladies and gentlemen, that concludes today's presentation. Thank you for your attendance. You may now disconnect. Have a good day, and goodbye.

非常感謝。女士們、先生們，今天的演講到此結束。感謝您的出席。您現在可以斷開連線。祝你有美好的一天，再見。