卡地納健康 (CAH) 2024 Q4 法說會逐字稿

Good day, and welcome to the Fourth Quarter FY 2024 Cardinal Health Inc. earnings conference call. My name is George, I'll be your coordinator for today's event. Please note that this conference is being recorded. (Operator Instructions)

美好的一天，歡迎參加 Cardinal Health Inc. 2024 財年第四季財報電話會議。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 would now like to hand the call over to your host today, Mr. Matt Sims, Vice President of Investor Relations. Please go ahead, sir.

現在，我想將電話轉交給今天的東道主，投資者關係副總裁 Matt Sims 先生。請繼續，先生。

Welcome to this morning's Cardinal Health Fourth Quarter and Fiscal '24 Earnings Conference Call, and thank you for joining us. With me today are Cardinal Health 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第四季和 24 財年財報電話會議，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. (Operator Instructions)

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。 （操作員說明）

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

這樣，我現在將把電話轉給傑森。

Thanks, Matt, and good morning, everyone. Fiscal year '24 marked a year of strong operational execution and record financial results for Cardinal Health, delivered in tandem with significant strategic progress across the portfolio. On that note, we have three key headlines today. First, we finished the year with momentum, growing EPS 29% in both Q4 and fiscal year '24.

謝謝馬特，大家早安。 24 財年是康德樂強勁的營運執行力和創紀錄的財務表現的一年，與整個投資組合的重大策略進展同步實現。就此而言，我們今天有三個重要的頭條新聞。首先，我們以強勁的勢頭結束了這一年，第四季度和 24 財年的每股收益均成長了 29%。

The results exceeded guidance, and full year EPS of $7.53 was $0.96 above the midpoint of our original outlook from Investor Day. We also delivered nearly $4 billion of adjusted free cash flow for the year, positioning us with approximately $5 billion of cash at year-end, even after $1.2 billion of capital returned to shareholders this year and funding our growth investments.

結果超出了預期，全年每股收益為 7.53 美元，比投資者日最初預期的中點高出 0.96 美元。我們今年也交付了近 40 億美元的調整後自由現金流，即使在今年向股東返還 12 億美元的資本並為我們的成長投資提供資金之後，我們在年底仍擁有約 50 億美元的現金。

Second, we have managed through the transition of a significant customer and are raising our guidance for fiscal year '25 while also reconfirming our long-term finance targets. And finally, we continue to advance our strategy to build upon the growth and resiliency of pharma and specialty, execute our GMPD improvement plan and accelerate our growth in key areas while optimizing our portfolio to maximize shareholder value creation. More on that momentarily, but first, some brief reflections.

其次，我們已經完成了重要客戶的過渡，並提高了 25 財年的指導，同時重新確認了我們的長期財務目標。最後，我們繼續推動我們的策略，以製藥和專業產品的成長和彈性為基礎，執行我們的GMPD 改進計劃，加速我們在關鍵領域的成長，同時優化我們的投資組合，以最大限度地創造股東價值。暫時對此進行更多討論，但首先，進行一些簡短的思考。

This year, we continue to take decisive actions to simplify our business and drive performance, highlighted by the reorganization of our operating and segment reporting structure to enhance management focus while enabling efficiencies, accountability and transparency.

今年，我們繼續採取果斷行動，簡化業務並提高績效，重點是重組我們的營運和部門報告結構，以增強管理重點，同時提高效率、問責制和透明度。

We grew our largest and most significant business, Pharmaceutical and Specialty Solutions above our targeted long-term growth rate. We saw ongoing stability in pharmaceutical demand, strong performance from our generics program and our Specialty business grew revenue 14% for the year.

我們最大、最重要的業務—製藥和專業解決方案的成長超過了我們的長期目標成長率。我們看到藥品需求持續穩定，我們的仿製藥計畫表現強勁，我們的特種業務今年營收成長了 14%。

As of fiscal year '24, our Specialty business is now over $36 billion, and we anticipate continued growth next year despite the large contract expiration. We prioritized key growth areas in Specialty with organic investments across therapeutic areas and the acquisition of Specialty Networks.

截至 24 財年，我們的特種業務現已超過 360 億美元，儘管大合約到期，我們預計明年仍將繼續成長。我們優先考慮專業領域的關鍵成長領域，透過跨治療領域的有機投資和收購專業網絡。

In GMPD, we executed our improvement plan initiatives, returning the business to profitability and delivering approximately $240 million in year-over-year segment profit improvement we achieved our year-end inflation mitigation target, a critical milestone for the business.

在 GMPD 中，我們執行了改進計劃舉措，使業務恢復盈利，並實現了約 2.4 億美元的同比部門利潤改善，我們實現了年終通膨緩解目標，這是業務的一個重要里程碑。

Across our Other operating businesses, we collectively grew revenue 12% and segment profit 7% in fiscal year '24. We've seen strong demand across Nuclear, at-Home Solutions and OptiFreight, and our purposeful investments and focus on performance excites us about how these businesses are positioned for the future. Overall, these results were achieved through our team's commitment to execute against a focused set of priorities to create value for our shareholders, our customers and ultimately for millions of patients.

在我們的其他營運業務中，24 財年我們的收入整體成長了 12%，部門利潤成長了 7%。我們看到了核能、家庭解決方案和 OptiFreight 領域的強勁需求，我們有針對性的投資和對績效的關注讓我們對這些業務的未來定位感到興奮。總的來說，這些成果是透過我們的團隊致力於執行一系列重點優先事項來實現的，為我們的股東、客戶並最終為數百萬患者創造價值。

As we turn the page to fiscal year '25, our confidence is reinforced by our strong and resilient business with positive industry trends supporting our growth. And we continue to take actions to optimize not only the performance of our businesses, but also the financial strength of the broader enterprise.

當我們翻到第 25 財年時，我們強大而有彈性的業務以及積極的行業趨勢支持我們的成長增強了我們的信心。我們繼續採取行動，不僅優化我們的業務績效，而且優化更廣泛企業的財務實力。

Before I hand the call over to Aaron, let me provide an update on our business and portfolio review, which, as a reminder, kicked off in September of 2022.

在我將電話轉交給 Aaron 之前，請允許我介紹我們的業務和投資組合審查的最新情況，作為提醒，該審查於 2022 年 9 月開始。

Last June, we concluded our review of the former Pharma segment highlighted at Investor Day with our enhanced organizational focus on Specialty and decision to retain and further invest in our Nuclear and Precision Health Solutions business.

去年六月，我們結束了對投資者日強調的前製藥部門的審查，我們加強了對專業的組織關注，並決定保留並進一步投資我們的核和精準健康解決方案業務。

Then in January, we finalized our review of the growth businesses within the former medical segment determining the best course of action for shareholder value creation was to invest in and further develop at-Home Solutions and OptiFreight for long-term growth while also completing our resegmentation.

然後在1 月份，我們完成了對前醫療部門內成長業務的審查，確定創造股東價值的最佳行動方案是投資並進一步開發at-Home Solutions 和OptiFreight，以實現長期成長，同時完成我們的重新細分。

All along, management, in collaboration with the Business Review Committee and Board, has been reviewing GMPD from every angle as the team executes our turnaround plan. We deeply understand the business' opportunities and complexities and today have some preliminary conclusions to share through the lens of our portfolio review framework as seen on slide 20.

一直以來，管理層與業務審查委員會和董事會合作，在團隊執行我們的周轉計畫時從各個角度審查 GMPD。我們深入了解業務的機會和複雜性，今天透過我們的投資組合審查框架（如幻燈片 20 所示）的鏡頭，得出了一些初步結論，可以與大家分享。

In short, we remain committed to executing the GMPD impairment plan and our fiscal year '26 target of $300 million in segment profit. We are pleased and unsurprised to see significant interest in GMPD during our review. The business is core to the operations of so many health care providers and features not only our formidable distribution expertise, but a broad set of Cardinal Health brand products that are critical to patient care.

簡而言之，我們仍然致力於執行 GMPD 減損計畫和 26 財年 3 億美元的部門利潤目標。在我們的審查過程中，我們很高興看到人們對 GMPD 表現出濃厚的興趣，這並不令人驚訝。該業務是眾多醫療保健提供者運營的核心，不僅擁有強大的分銷專業知識，而且擁有對患者護理至關重要的一系列康德樂品牌產品。

Following our extensive review, we have gained confidence that we are best positioned to continue capitalizing on the meaningful growth and operational opportunities on the horizon for this business. Ultimately, we see more value creation potential ahead for our shareholders by continuing to drive the GMPD turnaround plan.

經過廣泛的審查，我們確信我們處於最佳位置，可以繼續利用該業務即將出現的有意義的成長和營運機會。最終，我們看到透過繼續推動 GMPD 週轉計劃，將為我們的股東帶來更多價值創造潛力。

Even more, analysis uncovered additional opportunities to unlock near-term value through further simplification actions and working capital improvements while continuing to drive the plan. From these initiatives, we plan to generate at least $500 million in cash over the next two years to be deployed according to our disciplined capital allocation framework. In recognition, we're raising our share repurchase expectations for fiscal year '25 to a total of $750 million, which is beyond our $500 million baseline.

更重要的是，分析發現了透過進一步簡化行動和改善營運資本來釋放近期價值的更多機會，同時繼續推動該計劃。透過這些舉措，我們計劃在未來兩年內產生至少 5 億美元現金，並根據我們嚴格的資本分配框架進行部署。作為認可，我們將 25 財年的股票回購預期提高至 7.5 億美元，超出了 5 億美元的基準。

In terms of mechanics of future reviews as the business continues to improve, the Business Review Committee of our Board sunset in July as planned and the ongoing value creation efforts are now being overseen by the Board as a whole.

就隨著業務不斷改善而進行的未來審查機製而言，董事會的業務審查委員會已按計劃於 7 月結束，持續的價值創造工作目前由董事會整體監督。

As always, we take a thorough, objective and open-minded approach focused on maximizing long-term while continuing to invest in the business to ensure that our customers receive the products and service they expect.

一如既往，我們採取徹底、客觀和開放的態度，著眼於長期利益最大化，同時繼續投資業務，以確保我們的客戶獲得他們期望的產品和服務。

I'll go deeper into our strategic plans for our segments later in my remarks. But first, let me turn it over to Aaron to review our results and guidance.

我將在稍後的發言中更深入地探討我們各部門的策略計畫。但首先，讓我將其交給 Aaron 來審查我們的結果和指導。

Thank you, Jason, and good morning. Before discussing our Q4 success and our raised guidance, I want to highlight that today, we are providing revised prior period financials for fiscal year '22 through Q3 fiscal year '24, reflecting slight net increases to non-GAAP EPS. During the preparation of our annual financial statements, management identified a long-standing accounting error in of our at-Home Solutions business related to revenue recognition from third-party payers.

謝謝你，傑森，早安。在討論我們第四季度的成功和我們提出的指引之前，我想強調的是，今天，我們提供了22 財年至24 財年第三季度經修訂的前期財務數據，反映了非GAAP 每股收益的小淨成長。在準備我們的年度財務報表期間，管理層發現我們的家庭解決方案業務中存在與第三方付款人的收入確認相關的長期會計錯誤。

As a result, we have corrected this item in prior periods and also updated the timing of other previously recognized immaterial out-of-period items across the full enterprise. The net impact of these changes increases non-GAAP EPS by $0.07 in fiscal year '24, $0.06 in fiscal year '23 and $0.01 in fiscal year '22. To be helpful, we've included supplemental schedules in our press release along with further detail in our fiscal year '24 10-K.

因此，我們在前期更正了該項目，並更新了整個企業中其他先前確認的非重大期外項目的時間表。這些變化的淨影響使非 GAAP 每股收益在第 24 財年增加 0.07 美元，在第 23 財年增加 0.06 美元，在第 22 財年增加 0.01 美元。為了提供幫助，我們在新聞稿中包含了補充時間表，並在我們的財年 '24 10-K 中提供了更多詳細資訊。

Moving to our results. I am pleased to reinforce that Q4 produced a strong finish to a year in which the Cardinal team made tremendous progress against our financial and strategic priorities. For both Q4 and the year, our EPS results reached historical high points with operating profit growth across pharma, GMPD and Other, also supported by improvements below the line in the form of lower interest costs, better tax rates and lower share count. We delivered strong gross margin growth and matched it with well-controlled SG&A even in an inflationary environment.

轉向我們的結果。我很高興地強調，第四季為這一年畫上了圓滿的句號，卡迪納爾團隊在我們的財務和戰略優先事項方面取得了巨大進展。無論是第四季還是今年，我們的每股盈餘都達到了歷史高點，製藥、GMPD 和其他業務的營業利潤都實現增長，同時還受到了較低的利息成本、更好的稅率和更少的股份數量等線下改善的支持。即使在通膨環境下，我們也實現了強勁的毛利率成長，並與良好控制的銷售、管理及行政費用相匹配。

In Q4, revenue increased 12% to $59.9 billion, reflecting revenue growth in the Pharmaceutical and Specialty Solutions segment, the GMPD segment and in all of the businesses making up Other. Gross margin grew 5% to $1.9 billion outpacing consolidated SG&A, which increased only 2% to $1.3 billion in the quarter, reflecting our disciplined cost management. This translated to total company operating earnings of $605 million, up 14% versus last year.

第四季度，營收成長 12%，達到 599 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。毛利率成長了 5%，達到 19 億美元，超過了綜合銷售、一般管理費用（SG&A），本季度後者僅成長了 2%，達到 13 億美元，這反映了我們嚴格的成本管理。這意味著公司總營業收入為 6.05 億美元，比去年成長 14%。

Below the line, interest and Other improved $6 million versus prior year to $10 million, benefiting from the quarter's strong of performance. Our fourth quarter effective tax rate finished at 24.6%, 4.5 percentage points lower than the prior year. Fourth quarter average diluted shares outstanding were 245 million, 4% lower than a year ago due to our previously announced share repurchases. The net result was fourth quarter EPS of $1.84, growth of 29%.

受惠於本季的強勁表現，線下利息及其他收入較上年同期增加 600 萬美元，達到 1,000 萬美元。我們第四季的有效稅率為 24.6%，比前一年下降 4.5 個百分點。由於我們先前宣布的股票回購，第四季平均稀釋後流通股數為 2.45 億股，比去年同期下降 4%。第四季淨收益為 1.84 美元，成長 29%。

Moving into our segment results, beginning with the pharma segment on slide 11. Fourth quarter revenue increased 13% to $55.6 billion, driven by brand and specialty pharmaceutical sales growth from existing customers. We continue to see broad-based strength in pharmaceutical demand spanning across product categories: Brand, specialty, consumer health and generics and from our largest customers.

進入我們的部門業績，從幻燈片 11 上的製藥部門開始。我們繼續看到跨產品類別的藥品需求的廣泛實力：品牌、特種、消費者健康和仿製藥以及來自我們最大客戶的需求。

Excluding GLP-1 sales, the segment's Q4 revenue growth would be 9%. As we've commented previously, GLP-1 sales do not meaningfully contribute to the bottom line. Segment profit increased 8% to $482 million in the fourth quarter, driven by positive generics program performance.

不包括 GLP-1 銷售，該部門第四季度營收成長將為 9%。正如我們之前評論的那樣，GLP-1 的銷售對利潤沒有任何有意義的貢獻。受仿製藥項目積極業績的推動，第四季度該部門利潤增長 8%，達到 4.82 億美元。

Within our generics program, we continue to see volume growth and consistent market dynamics including strong performance from Red Oak. Pharma segment profit growth in the quarter was 8% despite an approximate $15 million margin headwind related to the unwind of the previously announced large customer transition. This unanticipated impact in the quarter was the primary difference between pharma's Q4 results and the midpoint of our prior guidance.

在我們的仿製藥計劃中，我們繼續看到銷售成長和持續的市場動態，包括紅橡樹的強勁表現。儘管先前宣布的大客戶轉型的解除導致了約 1,500 萬美元的利潤逆風，但本季度製藥部門的利潤增長了 8%。本季的這種意外影響是製藥公司第四季業績與我們先前指導中位數之間的主要差異。

Recall that we previously observed that the impact of the contract loss would be offset by new customers, Specialty Networks and cost controls as part of our contingency planning. Consistent with these mitigation plans, the team began implementing cost control measures and started to see offsetting savings. We also saw strong growth from biopharma solutions in the quarter, including contributions from Specialty Networks.

回想一下，我們之前觀察到，合約損失的影響將被新客戶、專業網路和成本控制所抵消，作為我們應急計畫的一部分。根據這些緩解計劃，團隊開始實施成本控制措施，並開始看到抵銷性節省。本季我們也看到生物製藥解決方案的強勁成長，其中包括專業網路的貢獻。

Turning to the GMPD segment on slide 12. We are quite pleased by the Q4 GMPD results, which confirmed our continued progress against the GMPD improvement plan. Fourth quarter revenue grew 2% to $3.1 billion driven by volume growth from existing customers. We again saw growth in Cardinal brand volumes during the quarter.

轉向幻燈片 12 上的 GMPD 部分。受現有客戶數量成長的推動，第四季營收成長 2%，達到 31 億美元。本季我們再次看到 Cardinal 品牌銷售的成長。

GMPD delivered Q4 segment profit of $47 million generally consistent with our expectations and our prior guidance of approximately $65 million for the year before the prior period revisions. The $40 million year-over-year increase in Q4 was driven by an improvement in net inflationary impacts, including our mitigation initiatives as we achieved our target of offsetting the gross impact of inflation by the end of fiscal year '24. We continue to be encouraged by the tenacity of the team in driving improved execution and customer satisfaction and service levels while identifying additional opportunities to optimize the business.

GMPD 第 4 季的分部利潤為 4,700 萬美元，基本上符合我們的預期，也符合我們先前對上期修訂前一年約 6,500 萬美元的指導。第四季年增 4,000 萬美元是由於淨通膨影響的改善，包括我們在 24 財年末實現抵銷通膨整體影響的目標時採取的緩解措施。我們繼續對團隊在推動提高執行力、客戶滿意度和服務水準方面的頑強精神感到鼓舞，同時尋找更多優化業務的機會。

Finishing with the businesses that aggregate into Other as seen on slide 13. Fourth quarter revenue increased 15% to $1.2 billion driven by growth across all three businesses: at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics.

最後是匯總到「其他」的業務，如幻燈片13 所示。方案以及OptiFreight 物流。

Segment profit grew 11% to $111 million, primarily driven by the performance of OptiFreight Logistics. The OptiFreight business continues to hit on all cylinders as increasing customer demand for our logistics management services is met with strong execution. In Nuclear and at-Home Solutions, we continue to invest strategically to supercharge growth. All three businesses, as key parts of our growth story, have received and will receive going forward, access to capital for expansion of their business models in support of our customers.

該部門利潤成長 11%，達到 1.11 億美元，主要受到 OptiFreight Logistics 業績的推動。隨著客戶對我們物流管理服務日益增長的需求得到了強有力的執行力的滿足，OptiFreight 業務繼續全速發展。在核能和家庭解決方案方面，我們繼續進行策略性投資以促進成長。作為我們成長故事的關鍵部分，所有三個業務都已獲得並將在未來獲得資本來擴展其業務模式以支持我們的客戶。

I will be brief on the full year commentary. Fiscal '24 revenue increased 11% to $227 billion with growth from all five operating segments. Gross margin increased 8% to $7.4 billion while SG&A increased a more modest 4% to $5 billion reflecting our year-long efforts to control costs. Together, this resulted in fiscal '24 total operating earnings growth of 16% to $2.4 billion. All in, it was an excellent year across the business.

我將簡要介紹全年的評論。 24 財年營收成長 11%，達到 2,270 億美元，所有五個營運部門均成長。毛利率成長 8%，達到 74 億美元，而銷售、一般管理費用 (SG&A) 成長 4%，達到 50 億美元，這反映了我們一年來控製成本的努力。總之，24 財年的總營業利潤成長了 16%，達到 24 億美元。總而言之，這是整個行業出色的一年。

Below the line, interest and other decreased 52% to $42 million, driven by increased interest income on cash and equivalents. Our annual effective tax rate finished at 21.7%. Average diluted shares outstanding were $247 million, 6% lower than a year ago due to share repurchases. The net result was fiscal '24 non-GAAP EPS of $7.53, growth of 29%, well above our long-term target of 12% to 14% growth.

由於現金及等價物利息收入增加，線下利息及其他收入下降 52%，至 4,200 萬美元。我們的年度有效稅率為 21.7%。由於股票回購，攤薄後的平均已發行股票為 2.47 億美元，比去年同期下降 6%。最終結果是 24 財年非 GAAP 每股收益為 7.53 美元，成長 29%，遠高於我們 12% 至 14% 成長的長期目標。

Now before I turn to fiscal '25, let's cover the balance sheet. For fiscal '24, our ending cash balance was $5.1 billion. The cash position includes $200 million earmarked for the November 2024 debt maturity with an additional $200 million to be paid for the time deposits held in prepaid assets and Other on the balance sheet.

現在，在討論 25 財年之前，我們先來了解一下資產負債表。 24 財年，我們的期末現金餘額為 51 億美元。現金部位包括指定用於 2024 年 11 月債務到期的 2 億美元，以及預付資產和資產負債表上其他資產中持有的定期存款額外支付的 2 億美元。

To get there, we generated robust adjusted free cash flow, nearly $4 billion in fiscal year '24. Recall that at our Investor Day last June, I commented that cash flow remains an area of opportunity for us. Our excellent adjusted free cash flow results in 2024 was almost entirely a result of the team's year-long effort to optimize each element of our working capital while remaining focused on our service levels.

為了實現這一目標，我們在 24 財年創造了強勁的調整後自由現金流，接近 40 億美元。回想一下，在去年六月的投資者日上，我評論說現金流仍然是我們的一個機會領域。我們在 2024 年取得了出色的調整後自由現金流結果，幾乎完全歸功於團隊一年來努力優化營運資本的各個要素，同時繼續專注於我們的服務水準。

To a much lesser degree, the results reflect balanced preparation for the Q1 contract expiration, which has now occurred in July, largely as we expected. We attribute only a couple of hundred million dollars of our fiscal '24 cash flow to beneficial timing related to the large contract unwind. I'll talk about the impact of the contract to unwind on cash flow shortly as part of our guidance.

在較小程度上，結果反映了對第一季合約到期的均衡準備，該合約現已於 7 月到期，基本上符合我們的預期。我們將 24 財年現金流中的幾億美元歸因於與大型合約解除相關的有利時機。作為我們指導的一部分，我很快就會討論解除合約對現金流的影響。

Also this year, we strengthened our balance sheet and achieved our targeted leverage ratio, which resulted in three positive outlook updates from the credit rating agencies. We also continue to deploy capital in a shareholder-friendly manner, returning more than our baseline commitment of capital returned to shareholders through $750 million of share repurchases and $500 million in dividend payments. And we increased our dividend for the 35th year in a row.

今年，我們還加強了資產負債表並實現了目標槓桿率，這導致信用評級機構發布了三個積極的展望更新。我們也繼續以股東友善的方式部署資本，透過 7.5 億美元的股票回購和 5 億美元的股利支付，向股東返還的資本超過了我們向股東返還資本的基準承諾。我們連續第 35 年增加了股利。

Now let's look forward and discuss our updated fiscal '25 guidance on slide 15. Today, we are increasing our fiscal '25 EPS guidance to a new range of $7.55 to $7.70. This is an increase from the preliminary guidance during our Q3 call of at least $7.50.

現在，讓我們展望並討論幻燈片 15 上更新的 25 財年指引。這比我們第三季電話會議期間的初步指導增加了至少 7.50 美元。

slide 16 shows our fiscal '25 outlook for pharma. On revenue, we expect to decline between 4% and 6%, reflecting the nearly $40 billion revenue headwind from the large customer contract expiration. Normalizing for the large customer, fiscal '25 revenue growth would be between 15% and 18%. This reflects underlying growth generally consistent with our long-term targeted rate of 10% due to strong overall pharmaceutical demand as well as significant growth from the onboarding of new customers and existing customer expansions, primarily in the second half of the year.

幻燈片 16 顯示了我們對製藥業的 25 財年展望。在收入方面，我們預計將下降 4% 至 6%，反映出大客戶合約到期帶來的近 400 億美元的收入逆風。對於大客戶來說，正常化後，25 財年的營收成長將在 15% 至 18% 之間。這反映了基本成長與我們 10% 的長期目標一致，這是由於整體藥品需求強勁，以及新客戶加入和現有客戶擴張（主要是在今年下半年）帶來的顯著成長。

We are on track to address the segment profit impact of the large contract expiration with this incremental volume, contributions from Specialty Networks and additional operational efficiencies. Note that all three of these assets will have some level of a ramp to them throughout our fiscal '25.

我們預計將透過增量、專業網路的貢獻和額外的營運效率來解決大型合約到期對部門利潤的影響。請注意，這三項資產在整個 25 財年都會有一定程度的成長。

We expect consistent market dynamics for our generics program to continue. We also expect increased contributions from brand and specialty products including biosimilars. We are assuming a modest year-over-year headwind related to the distribution of COVID-19 vaccines. On brand manufacturer price increases, we expect an environment generally consistent with the past several years.

我們預計我們的仿製藥計劃將繼續保持一致的市場動態。我們也預計品牌和特色產品（包括生物相似藥）的貢獻將會增加。我們假設與 COVID-19 疫苗的分發相關的同比阻力較小。在品牌製造商漲價方面，我們預期環境與過去幾年基本一致。

Summing it all up, we anticipate pharma segment profit growth in the range of 1% to 3%, a testament to the strength and resiliency of this business. It is the case that segment profit growth will be more back half weighted than usual. We expect first half segment profit to be slightly lower to flat versus the prior year with profit growth in the back half. Q3 should again be the highest absolute dollar profit quarter for the business.

總而言之，我們預計製藥部門的利潤成長在 1% 至 3% 範圍內，證明了該業務的實力和彈性。實際情況是，分部利潤成長將比平常更常採用後半加權。我們預計上半年分部利潤將略低於去年同期或持平，下半年利潤將會成長。第三季應該再次成為該業務絕對美元利潤最高的季度。

Turning to GMPD on slide 17. On the top line, we expect growth between 3% and 5%, aided by low single-digit utilization growth as well as incremental volume from the onboarding of net new distribution customer wins. On the bottom line, we are reiterating our expectation of approximately $175 million in segment profit for fiscal year '25 on our path to approximately $300 million in segment profit by fiscal year '26 by executing the GMPD improvement plan. The plan is unchanged from what we shared a quarter ago. After successfully offsetting inflation at the end of this year, the annualization of these benefits will be a fiscal year '25 tailwind.

轉向投影片17 上的GMPD。 。總而言之，我們重申我們對 25 財年的部門利潤約為 1.75 億美元的預期，透過執行 GMPD 改進計劃，我們將在 26 財年實現約 3 億美元的部門利潤。該計劃與我們一個季度前分享的計劃沒有變化。在今年年底成功抵銷通貨膨脹後，這些福利的年化將成為 25 財年的利多因素。

The team remains focused on continuing to drive Cardinal brand growth through our Five-Point plan. In fiscal year '25, we expect Cardinal brand sales growth between 3% and 5%. Simplification and cost optimization also continue with further opportunity in the pipeline to drive efficiencies and streamline our operations.

團隊仍然專注於透過我們的五點計劃繼續推動 Cardinal 品牌成長。在 25 財年，我們預期 Cardinal 品牌銷售額將成長 3% 至 5%。簡化和成本優化也在繼續，並有更多機會提高效率和簡化我們的營運。

Recognizing that while GMPD's plan may be simple, that does not make it easy. We once again expect a back half-weighted profit year in fiscal '25, just like fiscal '24. The quarterly cadence will be driven by seasonality and the ongoing commercial and operational improvements in the business.

要認識到雖然 GMPD 的計劃可能很簡單，但這並不容易。我們再次預計 25 財年將出現半加權利潤年，就像 24 財年一樣。季度節奏將由季節性以及業務中持續的商業和營運改善所驅動。

Additionally, we expect unfavorable manufacturing cost timing in the first half of the year, which, unlike last year, includes some start-up costs and timing associated with expanding production at Cardinal Health owns domestic manufacturing plants to enhance our supply chain resiliency. Q1 should be the low point of the year due to these factors. Last year's updated Q1 shows $12 million of profit, and this year, we expect Q1 to increase to up to $20 million with sequential improvement thereafter.

此外，我們預計今年上半年的製造成本時機將出現不利，與去年不同的是，其中包括一些啟動成本以及與康德樂擁有國內製造工廠擴大生產以增強我們的供應鏈彈性相關的啟動成本和時機。由於這些因素，第一季應該是今年的最低點。去年更新的第一季顯示利潤為 1200 萬美元，今年我們預計第一季將增至 2000 萬美元，此後將連續改善。

Turning to Other on slide 18. For each of Nuclear, at-Home Solutions and OptiFreight, we expect profit to be aided by the continued strength in demand, execution of our growth strategies and benefits from our increased prioritization of these businesses with investments.

轉向幻燈片 18 上的「其他」。

Collectively, we expect revenue growth in the range of 10% to 12% and segment profit growth of approximately 10% with all three businesses contributing to these targets. Stepping back, we are pleased to see anticipated profit growth across all of our operating segments in fiscal '25.

總的來說，我們預計營收成長在 10% 至 12% 範圍內，部門利潤成長約 10%，所有三項業務都將為這些目標做出貢獻。退一步來說，我們很高興看到 25 財年所有營運部門的預期利潤成長。

Moving below the line, we expect interest and Other in the range of $140 million to $170 million. The large year-over-year increase continues to be driven by lower average cash balances, lower short-term investment rates on our cash and higher rates on our debt resulting from the refinancing of our calendar 2024 maturities. We continue to expect our fiscal year '25 effective tax rate to be in the range of 23% to 24%.

低於該線，我們預計利息和其他費用在 1.4 億至 1.7 億美元之間。平均現金餘額下降、現金短期投資利率下降以及 2024 年到期再融資導致的債務利率上升繼續推動了同比大幅增長。我們繼續預期 25 財年的有效稅率將在 23% 至 24% 之間。

With our near-term GMPD value creation initiatives, we have increased our fiscal year '25 share repurchase expectations beyond our baseline to $750 million in the year, leading to a share count guidance of approximately 245 million shares.

透過我們近期的 GMPD 價值創造計劃，我們將 25 財年的股票回購預期提高到超出基準的 7.5 億美元，從而使股票數量指引達到約 2.45 億股。

Finally, we expect fiscal year '25 adjusted free cash flow of approximately $1 billion, reflecting the Q1 negative impacts from the large contract unwind as well as quarter end day of the week timing. While these dynamics will significantly affect our cash from Q1, our strong investment-grade balance sheet positions us well to manage through these fluctuations and continue making strategic investments in the business consistent with our disciplined capital allocation framework.

最後，我們預計 25 財年調整後的自由現金流約為 10 億美元，反映了第一季大型合約解除以及季度結束日時間表帶來的負面影響。雖然這些動態將嚴重影響我們第一季的現金，但我們強大的投資等級資產負債表使我們能夠很好地管理這些波動，並繼續根據我們嚴格的資本配置框架對業務進行策略性投資。

To close, fiscal year '24 was a standout year filled with notable milestones with adjusted EPS growth of 29% and adjusted free cash flow of nearly $4 billion, the Cardinal team delivered. With six weeks of fiscal '25 behind us, I'm pleased to say that the team is managing adeptly. Between the leaders we have throughout the organization, our dedicated team working tirelessly to serve our customers and our clear strategy, we are confident that we will deliver once again.

Cardinal 團隊表示，24 財年是個出色的一年，充滿了顯著的里程碑，調整後每股收益成長了 29%，調整後自由現金流接近 40 億美元。 25 財年已過六週，我很高興地說團隊管理得很好。在我們整個組織的領導者、我們孜孜不倦地為客戶服務的敬業團隊以及我們明確的策略的幫助下，我們相信我們將再次實現目標。

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

這樣，我會將其轉回給傑森。

Thanks, Aaron. Now I'll go deeper into our strategic priorities, beginning with Pharma and Specialty Solutions, where we remain focused on building upon our strong core foundation and expanding in specialty.

謝謝，亞倫。現在，我將更深入地討論我們的策略重點，從製藥和專業解決方案開始，我們仍然專注於建立我們強大的核心基礎並擴展專業領域。

Everything we do starts with the customer. Recently, we hosted our 32nd Annual Retail Business Conference, the largest in the industry, bringing together 5,000 attendees from across the country. As the trusted partner to retail pharmacy, we understand the critical role retail independent pharmacies play in caring for their communities, to continue to expand their services as community health care destinations and demonstrate the remarkable value and resiliency.

我們所做的一切都是從客戶開始的。最近，我們舉辦了第 32 屆年度零售業務會議，這是業內規模最大的一次，來自全國各地的 5,000 名與會者齊聚一堂。作為零售藥局值得信賴的合作夥伴，我們了解零售獨立藥局在關懷社區方面發揮的關鍵作用，繼續擴大其作為社區醫療保健目的地的服務，並展示其卓越的價值和彈性。

We continue to invest in our full suite of clinical, business and reimbursement solutions to support our customers and provide industry advocacy to empower retail pharmacy now and into the future. Our Consumer Health logistics center slated to open in 2025 will offer a comprehensive selection of over-the-counter medications, treatments and diagnostic solutions.

我們繼續投資於全套臨床、業務和報銷解決方案，以支援我們的客戶並提供行業宣傳，以增強零售藥房現在和未來的能力。我們的消費者健康物流中心計劃於 2025 年開業，將提供全面的非處方藥物、治療和診斷解決方案。

Additionally, our new vaccine alliance program offers cost savings and other benefits from participating manufacturers to help pharmacies engage more patients and expand their immunization programs.We're constantly evaluating ways to bring innovative solutions to our pharmacy and manufacture parts through the breadth of our offerings and capabilities. As part of that commitment, and in collaboration with CVS Health, we have formed Averon, a joint venture to source biosimilars.

此外，我們新的疫苗聯盟計劃還為參與的製造商提供了成本節約和其他好處，以幫助藥房吸引更多患者並擴大其免疫計劃。透過我們廣泛的產品製造零件和能力。作為這項承諾的一部分，我們與 CVS Health 合作成立了 Averon，一家採購生物相似藥的合資企業。

Averon builds upon our company's successful partnerships like Red Oak Sourcing with similar overall objectives for biosimilars. Simply put, we are increasing access to additional therapy options that will provide more choice for patients at a lower cost. Averon began by contracting a couple of products, including HUMIRA biosimilars, and we see opportunities for the program to expand over time.

Averon 建立在我們公司與 Red Oak Sourcing 等成功合作夥伴關係的基礎上，在生物相似藥方面具有類似的總體目標。簡而言之，我們正在增加獲得其他治療選擇的機會，這將以更低的成本為患者提供更多選擇。 Averon 首先簽署了幾種產品，包括 HUMIRA 生物相似藥，我們看到了該計劃隨著時間的推移而擴大的機會。

Continuing in specialty. We're pleased with how quickly Specialty Networks has integrated with our business, and we continue to be impressed with the PPS analytics platforms insight generation capabilities and the team's clinical, technology and operational expertise. As expected, we are leveraging Specialty Networks' demonstrated capabilities in urology, the largest area of its fully integrated model, to enhance our offering in oncology.

繼續專業。我們對 Specialty Networks 與我們業務整合的速度感到滿意，而 PPS 分析平台的洞察生成能力以及團隊的臨床、技術和營運專業知識仍然給我們留下了深刻的印象。正如預期的那樣，我們正在利用 Specialty Networks 在泌尿學領域（其完全整合模型的最大領域）所展示的能力來增強我們在腫瘤學領域的產品。

The fully integrated Specialty Networks' market offering is directly aligned with our strategy for Nevista, our oncology practice alliance providing advanced technology and services. Over the course of the last year, we've built a world-class Nevista team consisting of industry experts to find our offerings and go-to-market strategy and completed our foundational technology build. The Nevista team is engaging with an active pipeline of customers across the oncology marketplace, demonstrating to community oncologists how Nevista can help them remain independent for good.

完全整合的 Specialty Networks 的市場產品與我們的 Nevista 策略直接一致，Nevista 是我們提供先進技術和服務的腫瘤學實踐聯盟。在過去的一年裡，我們建立了一支由行業專家組成的世界一流的 Nevista 團隊，負責尋找我們的產品和進入市場策略，並完成了我們的基礎技術建構。 Nevista 團隊正在與整個腫瘤學市場的活躍客戶管道合作，向社區腫瘤學家展示 Nevista 如何幫助他們永遠保持獨立。

Upstream with manufacturers, our leading specialty 3PL, has continued its track record of growing faster than market with nearly 20% growth during the year. We're leveraging these services as a part of our comprehensive offering that further facilitates the commercialization and delivery of critical cell and gene therapies to providers and patients.

在製造商上游，我們領先的專業 3PL 繼續保持著比市場成長更快的記錄，今年成長了近 20%。我們正在利用這些服務作為我們綜合服務的一部分，進一步促進關鍵細胞和基因療法的商業化以及向提供者和患者的交付。

Our new Advanced Therapy solutions innovation center features a specialized deep frozen storage suite to handle the logistical challenges associated with cell and gene therapies. Additionally, the dedicated space provides opportunities for collaboration and improved process design supporting the ordering, invoicing and accounts receivable process for pharmaceutical products.

我們新的先進治療解決方案創新中心設有專門的深度冷凍儲存套件，可應對與細胞和基因治療相關的後勤挑戰。此外，專用空間也提供了協作和改進流程設計的機會，支援藥品的訂購、開立發票和應收帳款流程。

Across classes of trade, our commitment to service and solutions-oriented commercial approach has resonated with customers, a new health system customer onboarding that we recently completed and a few in the earlier phases of ramp-up are going smoothly, and we expect over $10 billion in total incremental revenue in fiscal year '25 from committed customer wins and expansions.

在各個貿易類別中，我們對以服務和解決方案為導向的商業方法的承諾引起了客戶的共鳴，我們最近完成了新的醫療系統客戶入職，並且早期階段的一些項目進展順利，我們預計將超過10 美元25 財年，來自承諾的客戶贏得和擴張的總增量收入達到 10 億美元。

Turning to GMPD. When we originally introduced the former Medical improvement plan, we consistently highlighted that the first key to turn around the performance of the business was addressing the significant impact of inflation and global supply chain constraints on our business.

轉向 GMPD。當我們最初推出先前的醫療改善計畫時，我們一直強調，扭轉業務績效的首要關鍵是解決通貨膨脹和全球供應鏈限制對我們業務的重大影響。

Our team got to work with urgency, executing various mitigation actions to cover the significant operating losses we incurred. Fast forward to today, after two years of hard work, the GMPD business solid ground. We delivered an approximate $240 million year-over-year improvement in segment profit fiscal year '24. We exited the year successfully offsetting the gross impact of inflation. We've seen three consecutive quarters of year-over-year segment revenue growth and four consecutive quarters of Cardinal Health brand volume growth.

我們的團隊立即採取行動，執行各種緩解措施，以彌補我們遭受的重大營運損失。快轉到今天，經過兩年的努力，GMPD業務已打下堅實的基礎。 24 財年，我們的部門利潤年增了約 2.4 億美元。我們在這一年成功抵消了通貨膨脹的整體影響。我們已經看到連續三個季度的細分市場收入年增率以及康德樂品牌銷售連續四個季度的成長。

We grew Cardinal Health brand revenue 3% overall for the year and 4% in the US Our customer loyalty index score for US distribution remains up over 20 points from its pandemic low. And we're successfully retaining key distribution customers along with some recent wins.

我們的康德樂品牌營收今年整體成長了 3%，美國地區的營收成長了 4%。我們成功地保留了主要分銷客戶以及最近的一些勝利。

Continue to dive into the business through our portfolio review, it's clear there are still significant opportunities to capture. I'll highlight a few. First, as Aaron mentioned, our profit inflation mitigation in fiscal year '24 will annualize and be a significant year-over-year tailwind to our results next year, even with a slight headwind expected from the recent cost increases in international freight.

透過我們的投資組合審查繼續深入該業務，顯然仍然有重要的機會可以抓住。我將重點介紹一些。首先，正如 Aaron 所提到的，我們在 24 財年的利潤通膨緩解將按年計算，並對我們明年的業績產生重大的同比推動作用，儘管近期國際貨運成本上漲預計會帶來輕微的阻力。

Between the actions we've taken to improve our resiliency, the diversity of our global supply chain and some offsets across our broader portfolio of commodities, we're confident in our ability to continue to effectively mitigate supply chain inflation.

在我們為提高彈性而採取的行動、全球供應鏈的多樣性以及更廣泛的商品組合中的一些抵消措施之間，我們對繼續有效緩解供應鏈通膨的能力充滿信心。

Second, Cardinal Health brand leading indicators remain positive and continue to predict an acceleration in growth. We've seen a healthy overall utilization environment for a number of quarters now, and our five-point plan continues to produce encouraging results.

其次，康德樂品牌領導指標依然樂觀，並持續預測成長加速。我們已經看到了多個季度健康的整體利用環境，我們的五點計劃繼續產生令人鼓舞的結果。

Third, the disciplined execution of our simplification strategy has driven improved operational performance. With the business stabilized and only recently turned free cash flow positive, we see opportunities to drive targeted working capital improvements over the next two years. Additionally, we can broaden our simplification efforts, such as further optimizing our real estate and geographic footprints while always prioritizing the needs of our customers as our North Star.

第三，嚴格執行我們的簡化策略推動了營運績效的提升。隨著業務趨於穩定，並且最近自由現金流才轉為正值，我們看到了在未來兩年內推動有針對性的營運資本改善的機會。此外，我們可以擴大我們的簡化工作，例如進一步優化我們的房地產和地理足跡，同時始終優先考慮客戶的需求作為我們的北極星。

Our team is energized to execute on the next phase of the improvement journey, focused on commercial excellence and continued simplification to create additional value for our customers and shareholders.

我們的團隊充滿活力地執行下一階段的改進之旅，專注於商業卓越和持續簡化，為我們的客戶和股東創造額外價值。

In Nuclear and Precision Health Solutions, our leading positioning with 130 nuclear pharmacies and 30 PET sites across the country, these are differentiated ability to partner with manufacturers in order to bring cutting-edge therapies to patients exactly when they need them.

在核能和精準健康解決方案中，我們在全國擁有 130 家核藥局和 30 個 PET 站點，處於領先地位，這些都是與製造商合作的差異化能力，以便在患者需要時為他們提供尖端療法。

Our excitement continues to build around the opportunities to improve patient lives through the use of precision medicine, which we have been investing into heavily with our center for Theranostics advancement. We're seeing the results with our Theranostics business growing over 20% in fiscal year '24, driven by strong demand for prostate cancer theranostics products such as Telix Lucix.

我們的興奮繼續圍繞著透過使用精準醫療來改善患者生活的機會，我們一直在我們的治療診斷中心進行大力投資。在對 Telix Lucix 等前列腺癌治療診斷產品的強勁需求的推動下，我們的治療診斷業務在 24 財年增長了 20% 以上。

In fiscal year '25, we expect similar Theranostics growth, and we'll continue to invest to meet the growing pipeline of opportunities which includes cardiology and neurology, but overall is largely dominated by oncology. As an example, we will be expanding our support of novel prostate radioligand therapies with Novartis' Plavicto in fiscal year '25. We are also investing in increasing our cyclotron capacity and PET manufacturing geograph print to meet increasing demand for diagnostics with the majority of emerging radiotherapeutics requiring a companion PET scan.

在 25 財年，我們預計治療診斷學將出現類似的增長，我們將繼續投資以滿足不斷增長的機會，其中包括心臟病學和神經病學，但總體而言主要由腫瘤學主導。例如，我們將在第 25 財年擴大對諾華 Plavicto 新型前列腺放射配體療法的支持。我們也投資提高迴旋加速器產能和 PET 製造地理列印，以滿足日益增長的診斷需求，因為大多數新興放射治療方法都需要伴隨 PET 掃描。

Fiscal year '24 was a foundational year for our $2.9 billion at-Home Solutions business as we laid the groundwork for future growth and efficiency. This business continues to grow revenue faster than market not only aided by care moving into the home, but also our team's commercial execution.

24 財年是我們價值 29 億美元的家庭解決方案業務的基礎年，我們為未來的成長和效率奠定了基礎。該業務的收入成長速度持續快於市場水平，這不僅得益於家庭護理，還得益於我們團隊的商業執行力。

To drive operating leverage, we've been investing in our technology capabilities, such as new warehouses with state-of-the-art automation. Just last month, we opened a brand-new 350,000 square foot warehouse in South Carolina, featuring the fastest order fulfillment system in the market.

為了提高營運槓桿，我們一直在投資我們的技術能力，例如具有最先進自動化的新倉庫。就在上個月，我們在南卡羅來納州開設了一個佔地 35 萬平方英尺的全新倉庫，擁有市場上最快的訂單履行系統。

This system is also operational in our Central Ohio facility and plan for the new Texas distribution center we previously announced and expect to open in 2025. We're seeing fruits from our investments with our currently the highest they've been in over three years, and our patient Net Promoter Score up over 16% year-over-year.

該系統也在我們俄亥俄州中部的工廠中運行，並計劃在我們先前宣布的德州新配送中心中運行，預計於2025 年開業。來的最高水平，我們耐心的淨推薦值年增超過 16%。

The OptiFreight Logistics team delivered this year with exceptional performance. Our total view Insights platform continues to help customers uncover shipping inefficiencies and optimize delivery through data-driven insights. As a result, our customer loyalty index is at an all-time high.

OptiFreight 物流團隊今年表現出色。我們的整體洞察平台持續幫助客戶發現運輸效率低下的問題，並透過數據驅動的洞察來優化交付。因此，我們的客戶忠誠度指數處於歷史最高水準。

In fiscal year '25, to put it simply, we expect to continue our track record of great execution, helping our customers expand and bringing on new customers to benefit from our program and value. Across enterprise, we are confident in the Cardinal team to continue our momentum and deliver our targeted growth in fiscal year '25 and beyond.

簡而言之，我們希望在 25 財年繼續保持良好的執行記錄，幫助我們的客戶擴展業務並吸引新客戶從我們的計劃和價值中受益。在整個企業中，我們對 Cardinal 團隊充滿信心，相信 Cardinal 團隊將繼續保持我們的勢頭，並在 25 財年及以後實現我們的目標成長。

Before I wrap up, the former CFO and me can't help but acknowledge our team's tremendous progress on cash flow this year. With the record results in fiscal year '24, we're positioned to exceed the adjusted free cash flow expectations we outlined at Investor Day with at least $7 billion over fiscal '24 to '26 period even despite the large contract expiration. We possess the financial flexibility to continue investing in our business, returning capital to shareholders and maximizing long-term shareholder value creation.

在我結束演講之前，前財務長和我必須承認我們團隊今年在現金流方面取得了巨大進步。憑藉 24 財年創紀錄的業績，即使大合約到期，我們仍有望超出我們在投資者日概述的調整後自由現金流預期，在 24 至 26 財年期間至少達到 70 億美元。我們擁有財務靈活性，可以繼續投資我們的業務，向股東返還資本，並最大限度地創造長期股東價值。

In summary, fiscal year '24 was another great year, and we are excited to continue driving our company and health care forward. I want to thank our dedicated employees who serve our customers and continue our work to be health care's most trusted partner.

總而言之，24 財年又是偉大的一年，我們很高興能夠繼續推動我們的公司和醫療保健向前發展。我要感謝我們敬業的員工，他們為客戶提供服務，並繼續努力成為醫療保健領域最值得信賴的合作夥伴。

With that, we will take your questions.

這樣，我們將回答您的問題。

(Operator Instructions)

（操作員說明）

Lisa Gill calling from JPMorgan.

麗莎吉爾 (Lisa Gill) 向摩根大通打來電話。

Thanks for all the detail, Jason. I just want to better understand just two things. One, nice driver of the margin going into next year, you had originally said roughly 1%. Now you're talking 1% to 3%. I think you called out a couple of things, the Specialty Networks, new customer cost mitigation. But I'm just curious especially in the new customer, is there anything unique about that contract or anything else that you would call out as we think about the margin improvement throughout '25?

謝謝你提供的所有細節，傑森。我只是想更好地理解兩件事。其一，明年利潤率的良好推動因素，你最初說的大約是 1%。現在你說的是1%到3%。我認為您提出了幾件事，專業網絡，新客戶成本降低。但我只是很好奇，尤其是對於新客戶，該合約是否有什麼獨特之處，或者當我們考慮整個 25 年的利潤率改善時，您會提出什麼獨特之處？

Thanks for the question. Happy to talk about it. We are really pleased to raise our guide for the pharma business for fiscal '25. It really reflects our continued confidence in the team and continued confidence in the resiliency of that business, notwithstanding some of the puts and takes here over that we've been talking about in the last couple of quarters.

謝謝你的提問。很高興談論它。我們非常高興提高 25 財年製藥業務指南。這確實反映了我們對團隊的持續信心以及對該業務彈性的持續信心，儘管我們在過去幾季中一直在談論一些看跌期權和接管。

I'll touch on the profile in a second, but I do want to emphasize on the revenue side of the house from a guidance perspective that we guided down 4% to 6%, all in, reflecting the $40 million headwind on the low-margin contract nonrenewal. But it's really up 15% to 18% on an adjusted basis, if you take out the impact of that customer loss. Within that 15% to 18% is $10 billion of new revenue, new customers and expansions of service with existing customers. That's on top of an underlying 10% underlying growth with the existing business.

我稍後會談到該公司的概況，但我確實想從指導的角度強調一下公司的收入方面，我們指導其下降 4％ 至 6％，總而言之，反映了低迷 4000 萬美元的逆風 -保證金合同不續簽。但如果剔除客戶流失的影響，調整後的價格確實上漲了 15% 到 18%。其中 15% 到 18% 包括 100 億美元的新收入、新客戶以及現有客戶的服務擴展。這還不包括現有業務 10% 的潛在成長。

And so from that, you can tell that we are growing the portfolio and doing what we said we were going to do with our existing customers and adding on both new customers and expansions with existing customers to get to that revenue base. That supports the increase in guide, the 1% to 3% on the profitability side of the house. The things we called out during the earnings call, it's the consistent market dynamics. It's the generic volume growing at the low single-digit growth in core and the high single-digit growth in specialty and a strong overall Rx demand. There's a lot of things going on, but we are confident in our plans as we carry forward.

因此，您可以看出我們正在擴大產品組合，並按照我們所說的與現有客戶合作，增加新客戶並擴展現有客戶，以達到該收入基礎。這支持了指導方針的增加，即房屋盈利能力方面的 1% 至 3%。我們在財報電話會議上強調的就是持續的市場動態。這是通用藥物銷售的成長，核心藥物的個位數低成長，特殊藥物的高個位數成長以及強勁的整體 Rx 需求。雖然發生了很多事情，但我們對前進的計劃充滿信心。

We commented on the margin profile of any particular customer, particularly in the context of a new customer, and we were delighted to announce formally the Publix win today in our earnings release. I'm not going to comment on their profitability. But I will observe that we have Publix comment on the low margin nature of the business that we've lost. And that certainly doesn't hurt us as we carry forward. Jason, anything you would add?

我們對任何特定客戶的利潤狀況進行了評論，特別是在新客戶的情況下，我們很高興在今天的收益發布中正式宣布 Publix 獲勝。我不會評論他們的盈利能力。但我會注意到，Publix 對我們失去的業務的低利潤性質發表了評論。這當然不會傷害我們前進的腳步。傑森，你還有什麼要補充的嗎？

Nothing to add.

沒什麼好補充的。

Eric Percher calling from Nephron Research.

艾瑞克佩徹 (Eric Percher) 從 Nephron Research 打來電話。

I think it's fair to say there was some concern coming into the quarter on the increase in macro freight trends and other input costs. And I know you mentioned you were able to offset that. Can you give us a sense of how this looked to you in terms of the size of that increase versus what we've seen in the past? Was it material and looked under the current or new contracts versus legacy contracts and the ability to pass that along to your customers?

我認為可以公平地說，本季宏觀貨運趨勢和其他投入成本的增加引起了一些擔憂。我知道你提到你能夠抵消這一點。您能否向我們介紹一下您認為與我們過去看到的成長幅度相比如何？它是否重要，是否根據當前或新合約與舊合約進行比較，以及將其傳遞給客戶的能力？

Sure. Thanks for the question, Eric. I think it's important to back in time a little bit in those last 12 months. A year ago when we were sitting here, certainly, the freight costs had gone all the way back down to historic levels. So we were enjoying really the run-up had come all the way back down. And it was at the beginning of the calendar year. So in our third quarter when the Red Sea issues first began, and that's when we saw the first spike.

當然。謝謝你的提問，艾瑞克。我認為回顧過去 12 個月非常重要。一年前，當我們坐在這裡時，貨運成本當然已經一路回落到歷史水平。所以我們真的很享受從助跑一路回落的過程。那是在年初。因此，在第三季度，當紅海問題首次出現時，我們看到了第一個高峰。

And the reason I remind you of that is that first spike was known come springtime when we gave our initial guidance for GMPD. And so we knew about that first step up already, and that's been factored in from the guidance from day one.

我提醒您的原因是，當我們為 GMPD 提供初步指導時，我們在春天就知道了第一個高峰。因此，我們已經知道了第一步，並且從第一天的指導中就考慮到了這一點。

Yes, there has been further increases since then. But when you look at the combined two increases, the two different steps, first in January then in the spring, they still are woefully short of where we were a couple of years ago when the whole supply chain was under pressure, where even when we were spending two, three times the current levels, we were having difficulty in actually getting reasonable service.

是的，從那時起，情況進一步增加。但是，當你看看兩次加價的總和，兩個不同的步驟，首先是一月份，然後是春季，它們仍然遠低於我們幾年前的水平，當時整個供應鏈都面臨著壓力，即使我們我們的花費是當前水準的兩到三倍，我們很難真正獲得合理的服務。

So yes, the costs are higher, but not nearly as high as they used to be. And most importantly, the supply chain is functioning a lot more efficiently than it was before. Long way of saying, Eric, that yes, there's a little bit of an increase here. It's something we monitor and manage very, very tightly. But it's not the point where it requires widespread price adjustments accordingly, at least not yet.

所以，是的，成本更高，但不像以前那麼高。最重要的是，供應鏈的運作比以前更有效率。說來話長，艾瑞克，是的，這裡有一點成長。這是我們非常非常嚴格地監控和管理的事情。但現在還沒有到需要相應地進行廣泛價格調整的地步，至少現在還不是。

And in addition to that, it's important that we look at the overall inflationary environment. And we talked about this a couple of years ago at the peak. We had a lot of oil and petroleum-based products, including fuel and other type of freight that was also a big issue. Those are actually a little bit softer in terms of the cost.

除此之外，我們關注整體通膨環境也很重要。幾年前我們在高峰期討論過這個問題。我們有許多石油和石油產品，包括燃料和其他類型的貨運，這也是一個大問題。就成本而言，這些實際上要軟一些。

So overall, net-net, we're managing through it better than we have before. And overall, we have some puts and takes that are all very manageable. We'll continue to evaluate the pricing necessary within that. But at this stage, we haven't had to exercise that lever to near the extent that we did in the past.

因此，總的來說，我們比以前更好地應對了這個問題。總的來說，我們的一些看跌期權和看跌期權都非常容易管理。我們將繼續評估其中必要的定價。但在現階段，我們還沒有必要像過去那樣運用這股槓桿。

Michael Cherny calling from Leerink Partners.

邁克爾·切爾尼 (Michael Cherny) 從 Leerink Partners 打來電話。

Maybe if I could dive a little bit more into the underlying pharma growth, if you can. I mean, you did a good job outlining some of the moving pieces on loss contract versus new. Is there any way you can give us a bit more color on where you expect the profit streams to lie from specialty? And then also a bit more color on the COVID hangover, just so that we can have a better understanding, I guess, maybe the simple straightforward question is, where will you be on a exit run rate on pharma growth exiting the year given all the moving pieces you have to start the year?

如果可以的話，也許我可以更深入地了解製藥業的潛在成長。我的意思是，你很好地概述了損失合約與新合約的一些變化。您是否可以透過任何方式向我們提供更多信息，以了解您期望專業產品的利潤流來自何處？然後，對新冠病毒宿醉的影響也有更多的了解，這樣我們就可以更好地理解，我想，也許一個簡單直接的問題是，考慮到所有因素，今年製藥業增長的退出運行率會是多少？

Yes. Let me try to address a few of those pieces. So specialty is absolutely a key part of the story and why we still anticipate being able to grow this business next year. We highlighted in our comments that in fiscal '24, for the year, we saw another year of 14% growth.

是的。讓我嘗試談談其中的一些內容。因此，專業絕對是故事的關鍵部分，也是我們仍然預計明年能夠發展這項業務的原因。我們在評論中強調，在 24 財年，我們又看到了 14% 的成長。

You may recall at our Investor Day last year, the specialty business CAGR over the prior three years was anticipated at that time to be 14% as well. So another year of strong growth driven by the widespread investments that we have made and continue to make.

您可能還記得去年我們的投資者日，當時預計專業業務過去三年的複合年增長率也為 14%。因此，在我們已經進行並將繼續進行的廣泛投資的推動下，又是強勁增長的一年。

We talked today about a couple of interesting growth drivers for the future, whether it's our Advanced Therapy Solutions business, the new venture with CVS for Averon focused on biosimilars. Biosimilars, in general, has been a rising tide type of benefit over the last several years. And of course, then our acquisition of Specialty Networks, which closed in March and as a eight-, nine, month type of year benefit tailwind.

今天我們討論了未來幾個有趣的成長動力，無論是我們的高級治療解決方案業務，還是 Averon 與 CVS 合作的專注於生物相似藥的新企業。總體而言，生物相似藥在過去幾年的效益一直呈上升趨勢。當然，我們對 Specialty Networks 的收購於 3 月完成，作為一年中的八個月、九個月的受益順風車。

So these are all areas that are driving our specialty business to some degree in fiscal '24. But they're all examples of where we would expect that to continue to grow over fiscal '25 to help mitigate for that contract nonrenewal that we think, while that growth will be slower in '25 due to that.

因此，這些都是在 24 財年在某種程度上推動我們的專業業務發展的領域。但它們都是我們預計在 25 財年繼續成長的例子，以幫助緩解我們認為的合約不續約的情況，而因此在 25 財年增長將放緩。

I also made the comment in the remarks that even in spite of this overall revenue reduction for the enterprise, for the pharma segment and the impact of that contract nonrenewal, we still expect our specialty business to grow in fiscal '25 in spite of that.

我還在評論中發表評論說，儘管企業、製藥部門的整體收入減少以及合約不續約的影響，我們仍然預計我們的專業業務將在 25 財年實現成長。

So that tells you that our run rate, as we lap fiscal '25 in that nonrenewal, we would anticipate it to be very consistent with the long-term algorithm that we've highlighted in the past, which, from a profit perspective, has been defined as low single-digit type of profit growth for our PD core business and double-digit growth for specialty. So, we'll continue to look at other opportunities to invest organically as well as inorganically to continue to feed that growth.

因此，這告訴您，當我們在非續約中完成 25 財年的運行率時，我們預計它與我們過去強調的長期演算法非常一致，從利潤的角度來看，該演算法具有被定義為我們的PD 核心業務的低個位數利潤成長和專業業務的兩位數成長。因此，我們將繼續尋找其他有機和無機投資機會，以繼續促進成長。

Erin Wright calling from Morgan Stanley.

艾琳·賴特 (Erin Wright) 從摩根士丹利打來電話。

Great. So in terms of the fiscal '25 guide, are there any changes in terms of how you were thinking about just the Optum unwind in terms of stranded costs or otherwise? And just given the building contributions, whether it's Specialty Networks or the new customer wins with that often offset? I guess, how should we think about that cadence in terms of the split of first half versus second half or however you want to define it, on an EPS perspective, given some of those moving pieces in the first half?

偉大的。那麼，就 25 財年指南而言，您對 Optum 在擱淺成本或其他方面的放鬆的看法是否有任何變化？考慮到建設貢獻，無論是專業網絡還是新客戶都會透過這種經常抵消而獲勝？我想，考慮到上半場的一些變化，我們應該如何從上半場與下半場的劃分來考慮這種節奏，或者無論你想如何定義它，從EPS 的角度來看，考慮到上半場的一些變化？

Yes. I'll have Aaron walk through some of the cadence almost to your question. But I wanted to stress just upfront, what you should have heard from these messages are very, very similar words and phrases that we used last quarter. The plan is unchanged.

是的。我將讓 Aaron 逐步介紹幾乎您的問題的一些節奏。但我想預先強調，您應該從這些訊息中聽到的是我們上個季度使用的非常非常相似的單字和短語。計劃不變。

Of course, we get a little bit smarter. We sharpened our pencils a little bit and we get a better understanding of where our exit rate is for '24. But all the factors that we are talking about today with this business are very similar to what we walked through in the past, and of course, all the investments that we made in this last year. Aaron, a few thoughts on the cadence?

當然，我們會變得更聰明一點。我們削尖了鉛筆，更了解了 24 年的退出率。但我們今天談論的有關這項業務的所有因素都與我們過去經歷的非常相似，當然還有我們去年所做的所有投資。亞倫，對節奏有什麼想法嗎？

Sure. So the way to think about it is, is Optum was an existing customer with us until the end of our Q4. And you can see the results in Q4. We don't need to go deeper on that. But what also happened in Q4 was us being incredibly planful around the impact to our operations as well as to our financials of that customer unwind.

當然。因此，思考這個問題的方法是，Optum 在第四季末之前一直是我們的現有客戶。您可以在第四季度看到結果。我們不需要更深入地討論這一點。但第四季也發生的事情是，我們針對該客戶放鬆對我們的營運以及我們的財務的影響制定了令人難以置信的計劃。

We've talked in the past we talked during our last earnings call around the three offsetting actions, the contribution of Specialty Networks, of course, the new customer wins, the expansion with existing customers as well as further cost optimization opportunities.

我們過去曾在上次財報電話會議上討論過三項抵消行動、專業網絡的貢獻，當然還有新客戶的贏得、現有客戶的擴張以及進一步的成本優化機會。

And we're pleased the team got on it, got ahead of it, and they've already been executing in that respect. And so the guidance we're able to provide today, we view as relatively consistent with what we provided in Q3. But with an additional degree of confidence because the plans are behind us and now we're acting in that way.

我們很高興團隊能夠採取行動，走在前面，他們已經在這方面採取了行動。因此，我們認為我們今天能夠提供的指導與我們在第三季度提供的指導相對一致。但有了額外的信心，因為計劃已經在我們身後，現在我們正在這樣做。

The nonrenewal will impact our Q1. There's no way to avoid that. They were a large low-margin customer. And as we've talked about, the new customers coming on board are largely back-half loaded. And so we will have a timing difference relative to the prior years and that will impact certainly, our revenue and profitability and timing over the course of the year.

不續約將影響我們的第一季。沒有辦法避免這種情況。他們是低利潤的大客戶。正如我們所討論的，新加入的客戶大部分都是後半載的。因此，與前幾年相比，我們的時間安排將會有所不同，這肯定會影響我們全年的收入、獲利能力和時間安排。

There's also a cash impact, right? The unwind of the negative working capital position there is a Q1 impact for us and a key reason why we are carefully monitoring our cash flow during the first quarter, of course, balanced with the fact that we are delighted with the strong adjusted free cash flow and the strong cash balance at the end of Q4.

還有現金影響，對嗎？負營運資本部位的緩解對我們第一季度產生了影響，也是我們在第一季度仔細監控現金流的一個關鍵原因，當然，與我們對強勁的調整後自由現金流感到高興的事實相平衡以及第第四季末強勁的現金餘額。

So look, on balance, the cost optimization is already in play. The specialty networks is already in play, and we continue to work on the customer expansions and the new customer onboarding, and we will make that successful as well.

因此，總的來說，成本優化已經在發揮作用。專業網路已經發揮作用，我們將繼續致力於客戶擴展和新客戶入職，我們也將使其成功。

Allen Lutz calling from Bank of America.

艾倫·盧茨 (Allen Lutz) 從美國銀行打來電話。

One for Aaron. Can you talk about how gross profit performed relative to your internal model. And then are you seeing any impact from insulin pricing changes or HUMIRA shifts to gross profit dollar growth? And then are there any insights or thoughts around the biosimilar launch for STELARA?

一張是給亞倫的。您能否談談相對於您的內部模型的毛利表現如何？那麼您是否看到胰島素定價變化或 HUMIRA 轉變對毛利美元成長產生任何影響？那麼對於 STELARA 生物相似藥的推出有什麼見解或想法嗎？

I'll start. Look, I would observe that our gross margin progression largely as we anticipated over the course of the quarter and the year. We have a very complicated business management between the various parts and no real surprises from my chair in that way. Second part of the question was.

我開始吧。看，我觀察到我們的毛利率成長很大程度上符合我們在本季和全年的預期。我們各部門之間的業務管理非常複雜，我的主席在這方面並沒有真正的驚喜。問題的第二部分是。

So yes, let me take that. It was related to, I think just the general impact of insulin pricing and there's also a HUMIRA element there. So probably a couple of different questions. Within the quarter, we did as you as Aaron highlighted before, we saw, of course, the ongoing benefit of the GLP-1 growth but we did have a similar offset as it relates to the pricing change for the WACC insulin adjustments that happened at the beginning of the calendar year.

所以，是的，讓我接受。我認為這與胰島素定價的整體影響有關，而且還有 HUMIRA 因素。所以可能有幾個不同的問題。在本季度內，我們按照亞倫之前強調的那樣做了，當然，我們看到了 GLP-1 增長的持續好處，但我們確實有類似的抵消，因為它與發生在 WACC 胰島素調整的定價變化有關。日曆年的開始。

So until we get through the second quarter of fiscal '25, we'd anticipate there to be a bit of an offset related to that price change. There was also a question around HUMIRA, and I assume just the biosimilar type of migration.

因此，在我們度過 25 財年第二季之前，我們預計會出現一些與價格變動相關的抵銷。還有一個關於 HUMIRA 的問題，我認為只是生物相似藥類型的遷移。

So we see that it started to move a little bit more. Certainly, some of the actions that CVS has done more broadly in the marketplace seems to have moved things along a little bit further. It's still fairly low penetration throughout the broad industry.

所以我們看到它開始移動一點。當然，CVS 在市場上更廣泛採取的一些行動似乎使事情向前發展了一些。在整個行業中，它的滲透率仍然相當低。

But generally speaking we have seen that start to pick up a little bit. I wouldn't say meaningfully within the quarter and maybe a little bit even afterwards, but it's still at fairly low penetration rates. It's one of the reasons why we're so focused on biosimilars and with our joint venture with Averon is just to continue to look for ways to increase access for patients that need that therapy at an affordable cost. So we'll continue to do our part there.

但總的來說，我們已經看到這種情況開始有所改善。我不會說在本季度內有意義，甚至在之後也可能有意義，但它的滲透率仍然相當低。這就是我們如此專注於生物相似藥的原因之一，而我們與 Averon 的合資企業只是為了繼續尋找方法，以可承受的成本增加需要該治療的患者的可及性。因此，我們將繼續在那裡盡自己的一份力量。

Kevin Caliendo of UBS.

瑞銀集團 (UBS) 的凱文·卡里恩多 (Kevin Caliendo)。

So I'm just trying to triangulate some of the things we've learned this quarter about the GMPD business. You're talking about winning more share of pocket. We're seeing you and make investments in domestic plants. We've seen shipping costs go higher.

因此，我只是嘗試對本季度我們學到的有關 GMPD 業務的一些知識進行三角測量。你說的是贏得更多的口袋份額。我們正在與您見面並對國內工廠進行投資。我們看到運輸成本上漲。

At the same time, we've seen Owens & Minor and Medline put up stronger-than-expected results, and McKesson and Henry Schein put up worse-than-expected results and guide lower in those segments. Is it maybe fair to say that you and your peers on the hospital side are moving downstream at all to try to capture greater percentage of the health system business that's not just in the acute care side? Is that a trend that's happening?

同時，我們看到 Owens & Minor 和 Medline 的表現優於預期，McKesson 和 Henry Schein 的表現差於預期，這些細分市場的指引較低。可以公平地說，您和您在醫院方面的同行正在向下游移動，試圖在醫療系統業務中佔據更大的份額，而不僅僅是在急診護理方面嗎？這是正在發生的趨勢嗎？

And I guess the second part of that is the investments in domestic driven by the idea that now you could be more because shipping costs are higher, costs overs tariffs are coming that the domestic manufacturing can be more competitive on a price basis versus importing?

我想第二部分是國內投資的驅動因素是，現在你可以做得更多，因為運輸成本更高，成本超過關稅即將到來，國內製造業在價格基礎上比進口更具競爭力？

Yes. So it's certainly true that GMPD is more acute focused customers, and we do benefit from the migration towards more of an ASC model. We do not participate widely in physician offices. So that is an element. It's nothing that we've called out as broad trends. And so I don't have much more to go on there other than on a same-store sale basis, we're seeing the utilization fairly consistent this past year, generally speaking, that low single-digit type of range. So we are seeing that there's like-for-like growth.

是的。因此，GMPD 確實是更專注於客戶，我們確實從向 ASC 模式的遷移中受益。我們不廣泛參與醫生辦公室的活動。所以這是一個元素。這並不是我們所謂的大趨勢。因此，除了同店銷售的基礎上，我沒有更多的內容可以繼續，我們看到過去一年的利用率相當一致，一般來說，是低個位數的範圍。所以我們看到有類似的成長。

What we've highlighted fairly consistently is that this last year was or the end of '23 beginning of '24 was the inflection point for us. We were not growing with the market at that point. Over the course of '24, we've largely grown with the market, plus or minus a point here or there.

我們相當一致地強調的是，去年是我們的拐點，即 23 年底或 24 年初。那時我們並沒有隨著市場的成長而成長。在 24 年的過程中，我們基本上隨著市場的成長而成長，有時會增加或減少一點。

So very consistent with that low single digit type of growth over especially after our first quarter. So we don't think there's widespread shifts there, but we definitely have an ASC presence that we do think we benefit from. But I wouldn't call that a main driver of what we're looking at.

因此，與我們第一季之後的低個位數成長非常一致。因此，我們認為那裡不會發生廣泛的轉變，但我們確實認為 ASC 的存在確實讓我們受益匪淺。但我不會稱之為我們正在研究的主要驅動因素。

In terms of the investments we're making, we did call out some domestic investments, but they're not limited to domestic. We believe in a very diversified, competitive geographic footprint. We've stressed that specifically, we don't have manufacturing direct manufacturing in China. It's one of the related questions here as it relates to certainly the ongoing tariff risk.

從我們現在的投資來看，我們確實提到了一些國內的投資，但不限於國內。我們相信我們的地理足跡非常多元化、具有競爭力。我們特別強調，我們在中國沒有直接製造。這是這裡的相關問題之一，因為它肯定與持續的關稅風險有關。

And I can also let you know that we only source less than 10% of our total Cardinal Health branded product in China. So specifically to China, we don't have a large exposure, but we do have exposure beyond China and Asia, nearshore, Central, South America. We believe a diversified broad supply base is important as well as a domestic footprint. So we have increased our investments across the supply chain to improve the resiliency.

我也可以告訴您，我們康德樂品牌產品總量的不到 10% 來自中國。因此，具體到中國，我們沒有大量的業務，但我們確實在中國和亞洲、近岸、中美洲、南美洲以外的地區有業務。我們認為，多元化的廣泛供應基礎以及國內足跡也很重要。因此，我們增加了整個供應鏈的投資，以提高彈性。

And there's a couple of areas within the US specifically. You've seen some of the tariffs related to syringes is a specific area of focus, and we happen to have that capability in the United States. And so that's just one example of where we're really doubling down on that investment.

美國有幾個地區是特別的。您已經看到與注射器相關的一些關稅是一個特定的重點領域，而我們恰好在美國擁有這種能力。這只是我們真正加倍投資的一個例子。

So yes, cost and freight are always a consideration. We build a financial model behind all that, and we look at the risk. But on this particular example, and one example of where we're really leaning in on that investment, that's more about just ensuring our customers get the products they need. This is more of a volume opportunity than a pure cost and margin opportunity. So you got to look at all those factors.

所以，是的，成本和運費始終是一個考慮因素。我們在這一切背後建立了一個財務模型，並研究風險。但在這個特定的例子中，也是我們真正依賴這項投資的一個例子，這更多的是為了確保我們的客戶獲得他們需要的產品。這更多的是一個數量機會，而不是純粹的成本和利潤機會。所以你必須考慮所有這些因素。

Eric Coldwell of Baird.

貝爾德 (Baird) 的埃里克·科德威爾 (Eric Coldwell)。

I wanted to ask quickly about Medicaid disenrollment. And if to the extent you've seen impacts in consumer behavior as a result of that? And if so, could you specify where and possibly quantify those impacts? I think specifically, I'm probably tagging on to Kevin's question and wondering if some of the shifts we're seeing in the Medical segment could be related to roughly 25 million people coming off of the kit here in the last several months.

我想快速詢問有關取消醫療補助的情況。您是否看到了由此對消費者行為的影響？如果是這樣，您能否具體說明這些影響在哪裡並可能量化這些影響？我想具體來說，我可能會關注 Kevin 的問題，並想知道我們在醫療領域看到的一些變化是否可能與過去幾個月大約 2500 萬人不再使用該工具包有關。

Yes. Thanks for the question, Eric. Again, I think my answer is going to be fairly similar to what I said before, but in a different context. We have a very broad base of customers, very broad-based to payers behind those customers. So we don't have necessarily even the insight all the time as to where those reimbursements are coming from.

是的。謝謝你的提問，艾瑞克。再說一次，我認為我的答案與我之前所說的非常相似，但背景不同。我們擁有非常廣泛的客戶群，以及這些客戶背後的付款人。因此，我們甚至不一定總是了解這些報銷的來源。

The same-store sales types of information, what we see more broadly is just not a lot of fluctuations and variations. And we're not talking, again, in any type of growth rate above and beyond what we believe that underlying utilization is. So generally speaking, if there are some of those trends at this stage, I'm not seeing that as a meaningful driver to where our business is going.

同店銷售類型的信息，我們更廣泛地看到的只是沒有很多波動和變化。再說一遍，我們並不是談論任何超出我們認為的基本利用率的成長率。所以一般來說，如果現階段存在一些趨勢，我並不認為它是我們業務發展方向的有意義的驅動力。

George Hill calling in from Deutsche Bank.

喬治·希爾從德意志銀行打來電話。

Two parter, is number one, I guess, Aaron, would you be willing to provide any more color on earnings cadence expectations for the year, particularly Q1 and Q2 versus the back half given the large number of moving pieces?

兩個合作夥伴，我猜是第一，亞倫，您是否願意提供有關今年收益節奏預期的更多信息，特別是考慮到大量移動部件，特別是第一季度和第二季度與後半段的比較？

And then a quick one for Jason is we know you've got the new business coming on. We've got the loss. Would just love an update on the competitive environment in drug distribution. This has been a pretty stable space for a while now. Just kind of want to make sure that nothing's changed or nothing should be changing in the dynamic that we should be aware of?

然後，傑森的一個快速消息是，我們知道您即將開展新業務。我們已經損失慘重了只是希望了解藥品分銷競爭環境的最新情況。一段時間以來，這是一個相當穩定的空間。只是想確保我們應該意識到的動態沒有任何改變或不應該改變？

Sure, I'll start. I would just observe that we're being very thoughtful in the planning we're doing for the year given the number of moving pieces we have both within the pharma business and within the GMPD business, and of course, keeping an eye on the three growth businesses within Other.

當然，我會開始。我只是觀察到，考慮到我們在製藥業務和 GMPD 業務中的移動部件數量，我們在今年的計劃中考慮得非常周到，當然，還要密切關注這三個方面其他領域的增長業務。

Within pharma, what we've referenced is first half from a cadence perspective, will be slightly down to flat versus prior year. That's only natural given the customer unwind and the back-ended nature of the new customer onboarding.

在製藥業，我們提到的是從節奏角度來看的上半年，與去年相比將略有下降至持平。考慮到客戶的放鬆和新客戶入職的後端性質，這是很自然的。

Largely, the drivers within the pharma business are consistent with what have been true in previous years. Q3 will be where we see the branded inflation rolling through. And so not a lot of different news there that I would call out.

很大程度上，製藥業的驅動因素與前幾年的情況一致。第三季我們將看到品牌通膨的發生。因此，我不會指出太多不同的新聞。

From a met perspective, we're just very focused on executing against the plan. We tried to be transparent every quarter about how we're doing and where we see it going, which is why we were purposeful in calling out Q1, specifically as we push ahead.

從客觀的角度來看，我們只是非常專注於執行計劃。我們每季都努力保持透明，說明我們的工作方式以及我們對未來的展望，這就是為什麼我們有目的地公佈第一季度，特別是在我們推進的過程中。

We had great success during fiscal year '24 and accomplished what we told you we're going to do, and we plan to do that again. And I just want to be clear that we are investing in the business, and there are some near-term Q1 drivers that will make that profit number in what we call the up to $20 million as we carry forward.

我們在 24 財年取得了巨大成功，完成了我們告訴您我們要做的事情，我們計劃再次這樣做。我只是想澄清一下，我們正在對這項業務進行投資，並且有一些近期第一季的驅動因素，隨著我們的結轉，這些利潤將達到我們所說的高達 2000 萬美元。

There's no metric there, though, I want to be clear. The plan and the cadence is generally consistent with how we've described the GMPD rather, improvement plan in the past. Of course, we have the benefit of the inflation mitigation now lapping as we push ahead. And of course, we can't forget the important topic of seasonality from a Q4 to Q1 perspective. We've called that out before, and that's why you see a dip from the great results in Q4 into Q1.

不過，我想澄清一下，那裡沒有衡量標準。該計劃和節奏總體上與我們過去描述的 GMPD（而不是改進計劃）一致。當然，隨著我們的前進，我們受益於通膨緩解的效果。當然，我們不能忘記從第四季到第一季的角度來看季節性的重要話題。我們之前已經指出過這一點，這就是為什麼您會看到第四季度的出色業績下降到第一季的原因。

Yes. As it relates to the second question, I'll say what I said before, hey, we're 1% industry. So it's competitive but stable. I would say that the vast majority of contracts don't change hands period-to-period. These couple several that have that are more notable, there's been several that have long-term five-year types of agreements. So every five years, there is the chance, opportunity or risk for that to occur. But again, I'll just stress that the vast majority don't.

是的。因為涉及第二個問題，我會說我之前說過的，嘿，我們是1%的行業。因此它具有競爭力但穩定。我想說的是，絕大多數合約不會隨著時間的推移而而易手。這幾家公司的協議更為引人注目，其中有幾家公司簽訂了長期的五年協議。因此，每五年就有一次這種情況發生的機會、機會或風險。但我再次強調，絕大多數人並不這麼做。

And we feel really good about our positioning competitive positioning. We know we're competitive. We know that our message and our work and our results resonate with our customers. We're very much focused on that experience, the service levels, the value initiatives and propositions behind it, the tools and platforms. We've talked about our Interlogix and our Atrix platforms for health systems as one example.

我們對自己的競爭定位感覺非常好。我們知道我們有競爭力。我們知道我們的訊息、我們的工作和我們的成果會引起客戶的共鳴。我們非常關注體驗、服務水準、價值措施和背後的主張、工具和平台。我們已經討論了用於衛生系統的 Interlogix 和 Atrix 平台作為一個例子。

I'm not just going at them with price, but going at them with value and having through value components to those offerings. And we feel really good about what that positioning is, and that's why we've been able to offset to the degree that we have.

我不只是以價格來對待它們，而是以價值來對待它們，並透過這些產品的價值組成部分來對待它們。我們對這種定位感覺非常好，這就是為什麼我們能夠達到我們所擁有的程度。

Stephanie Davis of Barclays.

巴克萊銀行的史蒂芬妮戴維斯。

Question

問題

This is Ana on for Stephanie. Congrats on the quarter. I was hoping to hear more about your AI road map. You've highlighted AI and machine learning deployments within the Intralogic platform. And just wondering how we should think about additional AI use cases to improve efficiency and potential cost savings'?

這是史蒂芬妮的安娜。恭喜本季。我希望聽到更多關於你們的人工智慧路線圖的資訊。您重點介紹了 Intralogic 平台內的人工智慧和機器學習部署。只是想知道我們應該如何考慮其他人工智慧用例來提高效率和潛在的成本節約？

Yes, thanks for the question. It's broad-based. It's varied. We don't call it out in every call in all areas, but it's so broad. It really is everywhere. It's in the core of how we operate. Examples of what we talked about today without using the phrase AI, Specialty Networks. Their PPS analytics is a great example of taking that data, electronic medical records and synthesizing that for manufacturers as well as the providers and getting actionable insights. I mean that is AI.

是的，謝謝你的提問。它的基礎廣泛。它是多種多樣的。我們不會在所有領域的每次通話中都強調這一點，但它的範圍非常廣泛。它確實無所不在。這是我們運作方式的核心。我們今天討論的範例沒有使用「人工智慧」、「專業網路」一詞。他們的 PPS 分析是一個很好的例子，它為製造商和提供者獲取資料、電子病歷並將其綜合起來，並獲得可行的見解。我的意思是，這就是人工智慧。

When you look at some of the automation I've commented on our at-Home Solutions network. This is now over 25% of our sites that in just the last 12 to 18 months, we're launching a new footprint that is bringing in technology and automation in various forms into the manufacturing or I'm sorry, into the distribution setting to be even more innovative, even more efficient and productive. And as you mentioned, those other platforms, Interlogix, Atrix, working with Palantir and other partners to create value.

當您查看一些自動化時，我對我們的家庭解決方案網絡進行了評論。現在，我們超過 25% 的站點在過去 12 到 18 個月內，我們正在推出新的足跡，將各種形式的技術和自動化引入製造，或者抱歉，引入分銷環境變得更加創新、更加高效、更加富有成效。正如您所提到的，Interlogix、Atrix 等其他平台與 Palantir 和其他合作夥伴合作創造價值。

And then I'm not even getting into the more basic use cases like customer service and back office. I guess I don't want to just hit the same drum beat everyone else is what we're trying to do in our communication is get beyond the buzzwords and really talk about the essence of where we're driving our business, and we feel really good about that. And it's definitely question.

然後我什至沒有進入更基本的用例，例如客戶服務和後台。我想我不想只是跟其他人敲同樣的鼓，我們在溝通中試圖做的就是超越流行語，真正談論我們推動業務發展的本質，我們覺得真的很好。這絕對是一個問題。

Elizabeth Anderson calling from Evercore.

伊麗莎白·安德森從 Evercore 打電話來。

I was wondering if you could maybe expand on your prior comments about two things. One, you talked about customer expansion a couple of times across the course of the call. Can you talk about sort of what those are, generally speaking, are they sort of people like moving from pharma to increase in medical? Are they moving across different pharma categories? How do we think about that?

我想知道您是否可以擴展您之前對兩件事的評論。第一，您在通話過程中多次談到了客戶拓展。可以談談這些是什麼嗎？他們是否跨越不同的藥品類別？我們對此有何看法？

And then if we think about the cost cutting, obviously, there's some rightsizing for the change that you guys mentioned. But how do we think about some of the more it sounds like some of those changes you're putting through are sort of more structural? How do we think about sort of the long-term benefits of those going forward?

然後，如果我們考慮成本削減，顯然，你們提到的變革需要進行一些規模調整。但是，我們如何看待您正在實施的一些聽起來更具結構性的變化？我們如何看待這些未來的長期利益？

Yes, I'll start. On the customer expansion, these are existing customer relationships where we are already a primary distributor for them and they are expanding their footprint, whether it's acquisitions or just taking on more of the business themselves, and we're supporting their growth. So it's an existing relationship and expanding upon that. So it's committed in that sense where we're already there. And you can use BioPlus as one of the examples of what I'm talking about there. Perhaps, Aaron, you can go into a little bit more detail on the cost?

是的，我要開始了。在客戶擴張方面，這些是現有的客戶關係，我們已經是他們的主要經銷商，他們正在擴大他們的足跡，無論是收購還是只是自己承擔更多業務，我們正在支持他們的成長。所以這是一種現有的關係，並在此基礎上擴展。所以從這個意義上來說，我們已經做到了這一點。您可以使用 BioPlus 作為我正在談論的範例之一。也許，亞倫，你可以更詳細地介紹一下費用嗎？

Sure. So as I commented earlier, the team did a great job of assessing our opportunities on the face of the customer nonrenewal. But I guess I would go back and point out that at the end of the day, we operate a 1% operating margin business. And so it's important for us to always be mindful of the cost structure around us. But with the North Star of how do we continue to ensure our customer service.

當然。正如我之前評論的那樣，團隊在評估客戶不續約的機會方面做得很好。但我想我會回頭指出，歸根結底，我們經營著 1% 的營業利潤率業務。因此，對我們來說，始終關注周圍的成本結構非常重要。但我們如何繼續確保我們的客戶服務是北極星的問題。

And so we've been pleased that the reviews we undertook during Q4, the actions we identified will help us to offset the near-term impact of customer loss. But more importantly, they create a more efficient operational structure for us, and the changes are broad-ranging across the enterprise. With that North Star ensuring we continue our customer service focus as we push ahead.

因此，我們很高興在第四季度進行的審查和我們確定的行動將幫助我們抵消客戶流失​​的近期影響。但更重要的是，它們為我們創造了更有效率的營運結構，而這些變化在整個企業範圍內廣泛。北極星確保我們在前進的過程中繼續以客戶服務為中心。

Many of the changes have already been implemented. We're operating that new framework already. We continue to assess what are the productive opportunities. And I also would emphasize that the ideas for these changes are coming from our broader teams as they look around and say, okay, how can we operate better in support of our existing customers and the new customers on the line?

許多變更已經實施。我們已經在運行這個新框架了。我們繼續評估哪些是富有成效的機會。我還要強調，這些變革的想法來自我們更廣泛的團隊，他們環顧四周並說，好吧，我們如何才能更好地運作以支持現有客戶和新客戶？

We'll now move to Stephen Baxter of Wells Fargo.

現在我們請富國銀行的史蒂芬‧巴克斯特發言。

I just wanted to ask a couple about the restatement to GMPD. It sounds like you're saying the higher GMPD base post restatement in 2024 doesn't change the run rate because you're removing out of period items. Is that the right way to think about it? So there's no comparability issue with the $175 million target on that higher base? I guess that's the first question.

我只是想問一些關於 GMPD 重述的問題。聽起來您是在說 2024 年重述後更高的 GMPD 基礎不會改變運行率，因為您要刪除過期項目。這是正確的思考方式嗎？那麼在更高的基礎上 1.75 億美元的目標不存在可比性問題嗎？我想這是第一個問題。

And then based on the restatement schedule you provided, I think the cumulative profit in the business for 2022 to 2024 is $25 million or $30 million higher than previous. I'm just trying to understand why those things don't net out if we're thinking about timing issues here?

然後根據您提供的重述時間表，我認為2022年至2024年該業務的累計利潤比以前高出2500萬美元或3000萬美元。我只是想理解，如果我們在這裡考慮時間問題，為什麼這些事情不會解決？

Yes. Appreciate the question. The answer is there is no comparability issue. The $175 million is unimpacted by the revisions that we've derived to the financials today. The revisions we provided were for the three years for the three-year period. There will be there is an impact of shifting of income or expense into the prior periods as well, which is why you're not seeing direct your comparability has been carried forward.

是的。感謝這個問題。答案是不存在可比性問題。這 1.75 億美元並未受到我們今天對財務數據的修改的影響。我們提供的修訂是針對三年期間的三年。收入或支出轉入前期也會產生影響，這就是為什麼您看不到直接可比性已結轉的原因。

I do want to emphasize, though, that part of our operation here is building and maintaining a strong control environment. And as we identified the issue in the edge park part of our at-Home business, which is part of other, it was a revenue recognition issue tied to the business, which does it's less than 0.5% of our overall revenue base.

不過，我確實想強調，我們在這裡運作的一部分是建立和維護一個強大的控制環境。正如我們在家庭業務的邊緣公園部分（屬於其他業務的一部分）中發現的問題一樣，這是與該業務相關的收入確認問題，占我們整體收入基礎的不到 0.5%。

We were careful to do the right thing and disclose and at the same time, in for their auditors decided that we would reflect the feedback we've gotten from this community and others around comments around nonrecurring adjustments in prior periods, et cetera. And so now we walk into fiscal '25 not only with comparability, but with a clean set of financials unimpacted by timing to be able to talk about our progress as we carry forward.

我們小心翼翼地做正確的事情並進行披露，同時，他們的審計師決定我們將反映我們從這個社區和其他人那裡得到的關於前期非經常性調整等評論的反饋。因此，現在我們進入 25 財年，不僅具有可比性，而且擁有一套乾淨的財務數據，不受時間的影響，能夠在我們前進的過程中談論我們的進展。

Charles Rhyee of TD Cowen.

TD Cowen 的 Charles Rhyee。

Question

問題

Lucas Romanski (Analysts)This is Lucas on for Charles. Wanted to ask about the Other segment. Can you talk about what's expected from OptiFreight, Nuclear and at-Home in fiscal '25 in terms of growth? Should we be thinking about any of these businesses outperforming the 10% segment target that you've set?

盧卡斯·羅曼斯基（Lucas Romanski）（分析師）這是代表查爾斯的盧卡斯。想詢問其他部分。您能否談談對 25 財年 OptiFreight、核能和居家業務成長的預期？我們是否應該考慮這些業務中是否有任何一家的業績超過您設定的 10% 細分市場目標？

Well, from a guidance perspective, we provide guidance for Other on an aggregated basis. But I do want you to take away the enthusiasm present in Jason's comments and his tone of voice around the opportunity. We think each of these three businesses presents to Cardinal Health as we carry forward.

那麼，從指導的角度來看，我們在匯總的基礎上為其他提供指導。但我確實希望你消除傑森評論中的熱情以及他圍繞這個機會的語氣。我們認為，隨著我們的發展，這三項業務都會為康德樂帶來貢獻。

The businesses are unique. They're managed differently. We aggregate them from a financial perspective. It's also the case that we are investing in each of those businesses. We have in '24, and we are in '25. At-Home has recently opened two new distribution points and is investing in automation.

這些企業都是獨一無二的。他們的管理方式不同。我們從財務角度匯總它們。我們也在對每一項業務進行投資。我們在24年有過，現在在25年。 At-Home 最近開設了兩個新的分發點，並正在投資自動化。

OptiFreight has continued to invest in digital platforms and service of its customer experience. The Nuclear business, we've talked at length about expanding the PET network as well as our excitement about the Theranostics opportunities of that business presents.

OptiFreight 繼續投資數位平台和客戶體驗服務。在核能業務方面，我們詳細討論了 PET 網路的擴展，以及我們對該業務所帶來的治療診斷機會的興奮。

And so again, if I go back to the financial guide, part of what you're seeing in the other basis is we are presenting a consistent picture on an aggregated view, which reflects, in some cases, we'll be investing in a year or a month while reaping the benefit in the same year or month from other parts of the portfolio. Jason?

因此，如果我回到財務指南，您在另一個基礎上看到的部分內容是，我們在總體視圖上呈現了一致的圖景，這反映出，在某些情況下，我們將投資於一年或一個月，同時從投資組合的其他部分獲得收益。傑森？

Yes, I would say the one thing we did clarify in the prior comments is that all three businesses are expected to contribute to that growth in fiscal '25. And we are investing fiscal '24 was an especially heavy investment period, but we are continuing to invest across the range.

是的，我想說的是，我們在之前的評論中澄清的一件事是，預計所有三個業務都將為 25 財年的成長做出貢獻。我們正在投資的 24 財年是一個特別大的投資時期，但我們將繼續在整個範圍內進行投資。

Just one example to put it into perspective as we talked a lot about our investments in our Nuclear and Precision Health Solutions business. This is a business that we've highlighted, Theranostics analogs with our second phase of expansion that we announced about a year ago or this last year. And then we also have talked about some PET expansion.

這只是一個例子來說明這一點，因為我們談論了很多我們對核和精準健康解決方案業務的投資。這是我們強調的一項業務，Theranostics 類似於我們大約一年前或去年宣布的第二階段擴張。然後我們也討論了一些 PET 的擴充。

From a '24 fiscal '24 to '26, that's about $100 million, mainly capital that we're investing into that business, but is representative of the big investments that we're making in addition to the three different distribution centers and at-Home Solutions that Aaron had mentioned, are very representative of the inputs that we're putting into these businesses because we deeply believe in their ability to continue to grow benefit from the secular trends they each enjoy but then also reflecting the leadership position we have in each, and that is then further bolstered by these very specific investments.

從 24 財年到 26 財年，這大約是 1 億美元，主要是我們投資到該業務的資本，但代表了我們除了三個不同的配送中心和在-亞倫提到的家庭解決方案非常代表我們對這些業務的投入，因為我們堅信他們有能力繼續從他們各自喜歡的長期趨勢中受益，同時也反映了我們在這些領域的領導地位每一項都得到了這些非常具體的投資的進一步支持。

Daniel Grosslight of Citi.

花旗銀行的丹尼爾‧格羅斯萊特。

Congrats on strong quarter. I was hoping to get a bit more detail on Averon. Will that just be serving CVS at this point? And how does that kind of interact with? And then are there any purchase obligations or quarterly payments associated with that? And then lastly, when does that agreement renew?

恭喜季度表現強勁。我希望了解有關阿維隆的更多詳細資訊。此時只會為 CVS 提供服務嗎？那是如何相互作用的呢？那麼是否有與之相關的任何購買義務或季度付款？最後，該協議何時續約？

Okay. So you crammed in about four there. So Averon, the first specific question on Averon.

好的。所以你在那裡擠了大約四個人。那麼阿維隆，第一個關於阿維隆的具體問題。

Just broadly speaking color.

只是廣義的顏色。

So well, I referenced a few different times, so I think there's a more specific question behind it. But I think the question was, is it just service CVS. The answer is no. It's a consistent concept as what we did with Red Oak Sourcing, reflecting that we both have different needs, different customers, if you will, and can jointly benefit those patients through combining our capabilities in this space. So we would expect to operate in a similar way where we have different benefits associated with that.

好吧，我引用了幾次不同的時間，所以我認為它背後有一個更具體的問題。但我認為問題是，它只是服務 CVS 嗎？答案是否定的。這是一個與我們對Red Oak Sourcing 所做的一致的概念，反映出我們都有不同的需求、不同的客戶（如果你願意的話），並且可以透過結合我們在這個領域的能力來共同造福這些患者。因此，我們希望以類似的方式運作，從而獲得不同的好處。

There are I think what you're talking about are there's not the same type of payment structure and schedule that we have for Red Oak Sourcing, kind of equalization payments, if you will. So that structure does not exist with this. It is structured quite a bit differently in that regard.

我認為你所說的是我們為紅橡樹採購提供的不同類型的付款結構和時間表，如果你願意的話，可以說是一種均衡付款。所以這個結構不存在。在這方面，它的結構有點不同。

So and then we in terms of the I think there's a renewal question there about CVS. And so the contract goes through the distribution contract goes through '27 and then the Red Oak agreement goes through '29. So this is certainly outside of those agreements, and it's very much an example of the type of partnership that we look to have with any and all of our customers in various ways to ensure that we're thinking about how better to serve those underlying patients.

因此，我認為存在關於 CVS 的更新問題。因此，合約經過了 27 年的分銷合同，然後紅橡樹協議經過了 29 年。因此，這肯定不屬於這些協議的範圍，這在很大程度上是我們希望以各種方式與所有客戶建立合作夥伴關係的一個例子，以確保我們正在考慮如何更好地為這些潛在患者提供服務。

Mr. Hollar, we don't have any further questions. I would like to turn the call back over to you for any additional or closing remarks. Thank you.

霍拉爾先生，我們沒有其他問題了。如果您有任何補充或結束語，我想將電話轉回給您。謝謝。

Yes. Thank you, and thank you all for joining us. In addition to the usual pleasantries I have at this point in the call, I do want to step back for just a minute reflecting that, given it's our year-end as well as additional guidance, I know that there was a lot to digest within this, but I hope that we clarified many of your points today.

是的。謝謝你們，也謝謝大家加入我們。除了我在電話中通常的寒暄之外，我確實想退一步思考一下，鑑於這是我們的年終以及額外的指導，我知道其中有很多東西需要消化但我希望我們今天澄清了您的許多觀點。

But I do want to end where I started and just to reemphasize those same three key points I had at the very beginning of the commentary today. First of all, we finished the year with terrific momentum. We grew our earnings per share by 29% for both the quarter and the fiscal year. You add that on top of the growth that we saw last year, that's a nearly 50% increase in our EPS over the last couple of years, driven by performance across the board, but really strong performance in our largest, most significant business, our pharma segment, growing despite having some of those impacts in the quarter from that contract unwind.

但我確實想從我開始的地方結束，只是再次強調我在今天評論一開始時提到的三個要點。首先，我們以強勁的勢頭結束了這一年。本季和本財年我們的每股盈餘均成長了 29%。您補充說，除了我們去年看到的成長之外，過去幾年我們的每股盈餘成長了近50%，這是由全面業績推動的，但我們最大、最重要的業務（我們的業務）的業績確實強勁。

But we're also seeing very good utilization across the enterprise, whether it's pharma as well as GMPD, we see that this industry continues to have a lot of need within the marketplace. That, in part, is driving our GMPD, but really that $240 million improvement that was offered that business this year is being driven by the successful mitigation of inflation, a long, hard journey, but we've gotten there, and now we're able to focus on driving the business going forward.

但我們也看到整個企業的使用率非常高，無論是製藥還是 GMPD，我們看到這個行業在市場上仍然有很多需求。這在一定程度上推動了我們的GMPD，但實際上，今年為業務帶來的2.4 億美元的改善是由成功緩解通貨膨脹所推動的，這是一個漫長而艱難的旅程，但我們已經實現了目標，現在我們'我們能夠專注於推動業務向前發展。

Our Other businesses, we're seeing robust demand across the board. Utilization but secular trends as well. Really excited about the ongoing growth there, double-digit 10% growth in '25 while continuing to invest in the business.

我們的其他業務，我們看到了全面的強勁需求。利用率也是長期趨勢。對那裡的持續成長感到非常興奮，在繼續投資業務的同時，25 年實現了兩位數 10% 的成長。

Cash flow, really strong, not only $4 billion nearly this year. But when you take last year and this year in combination, that's nearly $7 billion that positions us very well for financial flexibility going forward.

現金流確實強勁，今年不僅接近40億美元。但當你把去年和今年結合起來看時，這近 70 億美元使我們在未來的財務靈活性方面處於有利地位。

All right. The second point was because of that momentum, we feel very confident about our fiscal '25 and that's why we raised our guidance, both in our largest business with pharma, but also driving EPS growth in fiscal '25 despite that customer transition.

好的。第二點是由於這種勢頭，我們對我們的25 財年充滿信心，這就是為什麼我們提高了我們的指導，無論是在我們最大的製藥業務中，還是在客戶轉型的情況下推動25 財年的每股收益成長。

And then thirdly and lastly, we're doing all that operational and cash flow focus while also driving our strategy going forward, optimizing our portfolio. Very consistent, transparent dialogue we've had with you. This management team is focused on those key priorities, and we'll continue to communicate.

第三也是最後一點，我們正在關注營運和現金流，同時推動我們的策略前進，優化我們的投資組合。我們與您進行了非常一致、透明的對話。這個管理團隊專注於這些關鍵優先事項，我們將繼續溝通。

We're excited about the progress across a number of areas that we talked about, whether it's furthering our partnership with our largest customer or the ongoing integration of our largest acquisition, Specialty Networks, that we've done in quite some time. We're well positioned to continue to grow the business even in spite of any type of headwinds that we've identified.

我們對我們所討論的許多領域取得的進展感到興奮，無論是深化我們與最大客戶的合作夥伴關係，還是持續整合我們在相當長一段時間內完成的最大收購項目 Specialty Networks。儘管我們發現了任何類型的不利因素，但我們仍處於繼續發展業務的有利位置。

And of course, behind all that, we will continue to responsibly prioritize shareholder value creation. And we've communicated some additional near-term actions, specifically within the GMPD business today. And that is translating to even more opportunistic share repurchases in fiscal year '25.

當然，在這一切的背後，我們將繼續負責任地優先考慮股東價值創造。我們也傳達了一些額外的近期行動，特別是今天在 GMPD 業務中的行動。這意味著第 25 財年將進行更多機會主義的股票回購。

So a lot there, but a lot to be excited about, and we appreciate your time and attention and look forward to keeping you updated on our progress.

事情有很多，但也有很多令人興奮的事情，我們感謝您的時間和關注，並期待向您通報我們的最新進展。

Thank you so much sir. Ladies and gentlemen, that will conclude today's conference. Thank you for your attendance. You can disconnect. Have a good day and goodbye.

非常感謝您，先生。女士們、先生們，今天的會議到此結束。感謝您的出席。您可以斷開連線。祝你有美好的一天，再見。