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)

大家好，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。（操作員指示）

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.

現在我想將電話交給今天的主持人、投資者關係副總裁馬特·西姆斯先生。先生，請繼續。

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.

歡迎參加今天早上的 Cardinal Health 第四季和 24 財年財報電話會議，感謝您的加入。今天與我一同出席的還有康德樂執行長 Jason Hollar 和財務長 Aaron Alt。您可以在我們網站 ir.cardinalhealth.com 的「投資者關係」版塊查看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陳述，因此請允許我提醒您，陳述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。請參閱我們向美國證券交易委員會 (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，評論將以非 GAAP 為基礎，除非特別指出是 GAAP。所有相關期間的 GAAP 與非 GAAP 對帳表均可在我們的新聞稿所附的支援附表中查閱。（操作員指示）

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

說完這些，我現在將電話轉給傑森。

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 財年是康德樂營運執行力強勁、財務業績創紀錄的一年，同時整個產品組合也取得了重大策略進展。關於這一點，我們今天有三個重要新聞標題。首先，我們以強勁勢頭結束了這一年，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.

結果超出預期，全年每股收益為 7.53 美元，比投資者日我們最初預測的中點高出 0.96 美元。我們也實現了近 40 億美元的年度調整後自由現金流，即使今年我們已向股東返還了 12 億美元的資本並為我們的成長投資提供資金，但我們年底仍擁有約 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，我們成功度過了重要客戶的轉型期，並提高了 25 財年的業績預期，同時也重新確認了我們的長期財務目標。最後，我們將繼續推進我們的策略，以製藥和專業領域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，同時優化我們的產品組合，以最大限度地創造股東價值。稍後將對此進行詳細介紹，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、提高業績，其中重點重組了營運和分部報告結構，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——的成長速度超過了我們目標的長期成長率。我們看到藥品需求持續穩定，仿製藥專案表現強勁，專科業務全年營收成長了 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，我們的專業業務現已超過 360 億美元，儘管大筆合約到期，但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，對治療領域進行有機投資並收購專業網絡。

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，我們實施了改進計劃舉措，使業務恢復盈利，並實現了約 2.4 億美元的同比分部利潤增長，我們實現了年底通膨緩解目標，這對業務來說是一個關鍵的里程碑。

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，我們在 24 財年的總收入成長了 12%，分部利潤成長了 7%。我們看到核能、家庭解決方案和 OptiFreight 等方面的需求強勁，而我們有目的的投資和對業績的關注讓我們對這些業務的未來定位感到興奮。總體而言，這些成果是透過我們團隊致力於執行一系列重點優先事項而實現的，旨在為我們的股東、客戶以及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.

當我們翻開 25 財年的新篇章時，我們強勁而有韌性的業務以及積極的行業趨勢支持著我們的成長，增強了我們的信心。我們將繼續採取行動，不僅優化我們的業務業績，也優化整個企業的財務實力。

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.

在我將電話交給 Aaron 之前，請允許我先介紹我們的業務和投資組合審查的最新情況，提醒一下，審查於 2022 年 9 月啟動。

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 6 月，我們完成了對投資者日重點關注的前製藥部門的審查，我們加強了對專業領域的組織關注，並決定保留和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.

然後在一月份，我們完成了對前醫療部門內增長業務的審查，確定為股東創造價值的最佳行動方案是投資並進一步開發 at-Home Solutions 和 OptiFreight 以實現長期增長，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，在團隊執行扭虧為盈計劃時從各個角度審查 GMPD。我們深刻地理解業務的機會和複雜性，今天我們透過第 20 張投影片所示的投資組合審查框架，得出了一些初步結論。

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 億美元的分部獲利目標。我們很高興並且並不驚訝地看到，在審查過程中，人們對 GMPD 表現出了極大的興趣。該業務是眾多醫療保健提供者營運的核心，不僅體現了我們強大的分銷專業知識，還體現了對患者護理至關重要的一系列 Cardinal Health 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 扭虧為盈計劃，我們的股東將擁有更多的價值創造潛力。

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同時繼續推動該計劃來釋放短期價值的更多機會。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配置框架進行部署。為了實現這一目標，我們將 25 財年的股票回購預期上調至總額 7.5 億美元，這超過了我們 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.

就未來審查機製而言，隨著業務的不斷改善，我們董事會的業務審查委員會將按計劃於 7 月結束，目前正在進行的價值創造工作正由整個董事會監督。

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.

像往常一樣，我們採取全面、客觀和開放的態度，專注於實現長期利益最大化，同時繼續投資於業務，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深入探討我們各部門的策略計畫。但首先，讓我把時間交給 Aaron 來回顧我們的成果和指導。

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上調的指引之前，我想強調的是，今天，我們將提供 22 財年至 24 財年第三季度的修訂前期財務數據，反映出非 GAAP EPS 的輕微淨增長。在編制年度財務報表時，管理層發現我們的家庭解決方案業務中存在一個長期存在的會計錯誤，與第三方付款人的收入確認有關。

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，我們在前期修正了該項目，並更新了整個企業內其他先前確認的非重大期外項目的時間。這些變化的淨影響使 24 財年非 GAAP 每股收益增加 0.07 美元，23 財年增加 0.06 美元，22 財年增加 0.01 美元。為了提供幫助，我們在新聞稿中附上了補充時間表，並在 24 財年 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，在這一年中，Cardinal 團隊在財務和策略重點方面取得了巨大進展。無論是第四季度還是全年，我們的每股盈餘結果都達到了歷史最高點，製藥、GMPD 和其他業務的營業利潤均實現了增長，同時還得益於利息成本降低、稅率提高和股票數量減少等因素帶來的線下改善。即使在通膨環境下，我們也實現了強勁的毛利率成長，並且銷售、一般及行政費用也得到了良好的控制。

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% 至 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」業務的所有業務的收入成長。毛利率成長 5% 至 19 億美元，高於合併銷售、一般及行政費用（本季僅成長 2% 至 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達到 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%.

總體而言，利息及其他收入較上年同期增加了 600 萬美元，達到 1,000 萬美元，這得益於本季的強勁表現。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，第四季平均稀釋流通股數為 2.45 億股，比去年同期下降 4%。第四季淨利為每股收益 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.

進入我們的分部業績，從幻燈片 11 上的製藥分部開始。第四季營收成長 13%，達到 556 億美元，這得益於現有客戶的品牌和特種藥品銷售額的成長。我們持續看到跨產品類別的醫藥需求普遍強勁：品牌藥、專業藥、消費者保健藥和仿製藥，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 銷售額，該部門第四季的營收成長率將達到 9%。正如我們之前所評論的，GLP-1 的銷售對盈利沒有顯著的貢獻。受仿製藥項目良好表現的推動，第四季分部利潤成長 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.

在我們的仿製藥項目中，我們繼續看到銷售成長和穩定的市場動態，包括 Red Oak 的強勁表現。儘管先前宣布的大客戶轉型終止導致利潤率下降約 1,500 萬美元，但本季製藥部門的利潤仍增加了 8%。本季的這一意外影響是製藥公司第四季業績與我們先前預期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，作為應急計畫的一部分，合約損失的影響將被新客戶、專業網路和成本控制所抵消。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的節省。本季我們也看到生物製藥解決方案的強勁成長，其中包括來自專業網路的貢獻。

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.

前往投影片 12 上的 GMPD 部分。我們對第四季度的 GMPD 結果感到非常滿意，這證實了我們在 GMPD 改進計劃方面繼續取得進展。受現有客戶銷售成長的推動，第四季營收成長 2%，達到 31 億美元。本季度，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 第四季分部利潤為 4,700 萬美元，與我們的預期以及上期修訂前年度約 6,500 萬美元的先前預測基本一致。第四季年增 4,000 萬美元，這得益於淨通膨影響的改善，包括我們的緩解舉措，因為我們實現了到 24 財年末抵銷通膨整體影響的目標。我們繼續受到團隊堅持不懈的鼓舞，他們不斷推動執行力、客戶滿意度和服務水準的提高，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.

如投影片 13 所示，最後將業務匯總到「其他」類別。第四季營收成長 15%，達到 12 億美元，這得益於三大業務的成長：家庭解決方案、核能和精準健康解決方案以及 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% 至 1.11 億美元，主要得益於 OptiFreight Logistics 的表現。隨著客戶對我們物流管理服務日益增長的需求得到強有力的執行，OptiFreight 業務繼續全速發展。在核能和家用解決方案領域，我們持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，這三項業務都已獲得並將繼續獲得資本，以擴展其業務模式，為我們的客戶提供支援。

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.

我將簡要介紹全年評論。24 財年營收成長 11%，達到 2,270 億美元，五個營運部門均成長。毛利率成長 8% 至 74 億美元，而銷售、一般及行政費用則小幅成長 4% 至 50 億美元，這反映了我們一年來在控製成本方面所做的努力。總體而言，這使得 24 財年總營業利潤成長 16%，達到 24 億美元。總而言之，對於整個企業來說，這是出色的一年。

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.

低於這一水平的利息及其他收入下降 52% 至 4,200 萬美元，這主要是由於現金及等價物的利息收入增加。我們的年度有效稅率為 21.7%。平均攤薄流通股數為 2.47 億美元，由於股票回購，較去年同期下降 6%。淨結果是 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% 的長期成長目標。

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，在我討論 25 財年之前，讓我們先來看看資產負債表。24財年，我們的期末現金餘額為51億美元。現金狀況包括 2024 年 11 月到期的債務預留的 2 億美元，以及為資產負債表上的預付資產和其他項目持有的定期存款支付的另外 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，我們創造了強勁的調整後自由現金流，24 財年接近 40 億美元。回想一下，在去年六月的投資者日上，我曾說過，現金流仍然是我們一個機會的領域。我們 2024 年出色的調整後自由現金流結果幾乎完全歸功於團隊長達一年的努力，他們致力於優化營運資本的每個要素，同時始終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，這一結果反映了對第一季合約到期的均衡準備，目前第一季合約到期已於 7 月發生，基本上符合我們的預期。我們將 24 財年現金流中僅有幾億美元歸因於與大額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.

今年我們也加強了資產負債表，實現了目標槓桿率，因此獲得了三家信用評級機構的正面展望更新。我們也繼續以股東友善的方式配置資本，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基準承諾的金額。我們連續第35年增加股利。

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.

現在讓我們展望未來，並在第 15 張投影片上討論我們更新的 25 財年指引。今天，我們將2025財年每股收益預期上調至7.55美元至7.70美元的新區間。這比我們第三季電話會議上初步預測的至少7.50美元有所上調。

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 展示了我們對製藥業 25 財年的展望。就收入而言，我們預計收入將下降 4% 至 6%，這反映了大客戶合約到期帶來的近 400 億美元的收入逆風。對大客戶而言，25財年的營收成長率將在15%至18%之間。這反映出基本成長率與我們 10% 的長期目標成長率基本一致，這得益於強勁的整體醫藥需求以及新客戶加入和現有客戶擴張帶來的顯著成長（主要發生在下半年）。

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.

我們正在透過增加交易量、專業網絡的貢獻和額外的營運效率來解決大額合約到期對部門利潤的影響。請注意，這三項資產在我們的 25 財年都會出現一定程度的成長。

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項目將持續保持穩定的市場動態。我們也預計品牌產品和特色產品（包括生物相似藥）的貢獻將會增加。我們預計，與 COVID-19 疫苗分發相關的同比阻力將較小。對於品牌製造商的價格上漲，我們預期環境與過去幾年大致一致。

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率將在 1% 至 3% 之間，證明了該業務的實力和彈性。事實上，分部利潤成長將比平常更受到後半部的加權。我們預計上半年分部利潤將比上年略低或持平，下半年利潤將成長。第三季應該再次成為該企業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.

前往投影片 17 上的 GMPD。就營收而言，我們預期成長率將在 3% 至 5% 之間，這得益於低個位數的利用率成長以及淨新分銷客戶贏得帶來的增量。總的來說，我們重申對 25 財年分部利潤約為 1.75 億美元的預期，透過執行 GMPD 改進計劃，我們預計在 26 財年實現約 3 億美元的分部利潤。該計劃與我們一個季度前分享的計劃相比沒有變化。在成功抵銷今年底通貨膨脹的影響後，這些福利的年化將成為25財年的順風。

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.

團隊將繼續致力於透過我們的五點計劃推動 Cardinal 品牌的發展。在 25 財年，我們預計 Cardinal 品牌銷售額將成長 3% 至 5%。簡化和成本優化也將繼續進行，並進一步提供機會來提高效率並簡化我們的營運。

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.

認識到雖然 GMPD 的計劃可能很簡單，但這並不意味著它很容易。我們再次預計 25 財年將出現半加權利潤年度，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決定。

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不利，與去年不同的是，這包括一些啟動成本以及與擴大 Cardinal Health 擁有的國內製造工廠的生產相關的時間，以增強我們的供應鏈彈性。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，我們預計第一季利潤將增至 2000 萬美元，隨後將持續改善。

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.

翻到投影片 18 上的「其他」。對於核電、家用解決方案和 OptiFreight 而言，我們預計持續強勁的需求、我們成長策略的執行以及我們對這些業務加大投資優先度所帶來的收益將有助於實現利潤成長。

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.

總體而言，我們預計營收成長率將在 10% 至 12% 之間，分部獲利成長率將在 10% 左右，這三項業務都將為實現這些目標做出貢獻。回顧過去，我們很高興看到 25 財年所有營運部門的利潤都有望成長。

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金額將在 1.4 億美元至 1.7 億美元之間。年比大幅成長的動力繼續來自於平均現金餘額下降、現金短期投資利率下降以及 2024 年到期債務再融資導致的債務利率上升。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從基準水準提高到 7.5 億美元，使股票數量預期達到約 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，這反映了大額合約解除以及季度末日時間對第一季造成的負面影響。雖然這些動態將顯著影響我們第一季的現金，但我們強勁的投資等級資產負債表使我們能夠很好地應對這些波動，並繼續根據我們嚴謹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.

總而言之，24 財年是出色的一年，取得了許多值得紀念的里程碑，調整後的每股收益增長了 29%，調整後的自由現金流接近 40 億美元，這些都是 Cardinal 團隊所取得的成果。25 財年已經過去六週了，我很高興地說團隊管理得非常好。憑藉我們整個組織的領導、我們孜孜不倦地為客戶服務的專業團隊以及我們明確的策略，我們有信心再次取得成功。

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

說完這些，我會把話題還給傑森。

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，我將更深入地探討我們的策略重點，首先是製藥和專業解決方案，我們將繼續專注於鞏固我們強大的核心基礎並擴大專業領域。

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.

我們所做的一切都以客戶為中心。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會議，匯集了來自全國各地的 5,000 名與會者。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.

我們將繼續投資於全套臨床、商業和報銷解決方案，以支持我們的客戶並提供行業倡導，為現在和未來的零售藥局提供支援。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、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，我們的新疫苗聯盟計劃提供參與製造商的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。我們不斷評估透過廣泛的產品和能力為我們的藥房和製造零件帶來創新解決方案的方法。作為該承諾的一部分，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 以我們公司與 Red Oak Sourcing 等公司成功的合作夥伴關係為基礎，對生物相似藥有著類似的總體目標。簡而言之，我們正在增加獲得額外治療選擇的機會，以便以更低的成本為患者提供更多選擇。Averon 最初承包了幾種產品，包括 HUMIRA 生物相似藥，我們看到該計劃隨著時間的推移將有擴大的機會。

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.

繼續專業化。我們對 Specialty Networks 與我們業務的快速整合感到非常高興，並且 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也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 在泌尿外科領域（其完全整合模型中最大的領域）所展示的能力來增強我們在腫瘤學領域的服務。

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.

完全整合的專業網路市場產品與我們的腫瘤實踐聯盟 Nevista 的策略直接一致，Nevista 提供先進的技術和服務。在過去的一年裡，我們組建了一支由行業專家組成的世界級 Nevista 團隊，以尋找我們的產品和市場策略，並完成了基礎技術建構。Nevista 團隊正在與腫瘤學市場的活躍客戶接觸，向社區腫瘤學家展示 Nevista 如何幫助他們永久保持獨立。

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，我們領先的專業第三方物流 (3PL) 持續保持高於市場的成長速度，全年成長近 20%。我們將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供應商和患者提供。

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配備了專門的深度冷凍儲存套件，以應對與細胞和基因治療相關的後勤挑戰。此外，專用空間提供了協作和改進流程設計的機會，支援藥品的訂購、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，我們對服務和以解決方案為導向的商業方法的承諾引起了客戶的共鳴，我們最近完成的新醫療系統客戶入職培訓和一些早期階段的提升工作進展順利，我們預計，透過贏得承諾的客戶和業務擴展，25 財年的總增量收入將超過 100 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。當我們最初推出前醫療改進計劃時，我們始終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，採取各種緩解措施來彌補我們所遭受的重大營運損失。時光荏苒，時至今日，經過兩年的努力，GMPD業務紮實落地。我們 24 財年的分部利潤年增了約 2.4 億美元。我們在年底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分部營收年增，以及連續四個季度的 Cardinal Health 品牌銷售成長。

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.

康德樂品牌全年總收入成長了 3%，美國市場收入成長了 4%。我們美國分銷的客戶忠誠度指數得分仍比疫情期間的最低點高出 20 多個百分點。我們成功留住了主要分銷客戶，並且最近取得了一些成功。

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研究業務，顯然仍有重大機會可抓住。我將重點介紹其中的幾點。首先，正如 Aaron 所提到的，儘管近期國際貨運成本上漲預計會帶來輕微阻力，但 24 財年的利潤通膨緩解將實現年度化，並對我們明年的業績產生顯著的同比推動作用。

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.

透過採取各種措施來提高我們的彈性、我們的全球供應鏈的多樣性以及我們更廣泛的商品組合中的一些抵消措施，我們有信心能夠繼續有效地緩解供應鏈通膨。

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仍保持積極態勢，並持續預示成長將加速。我們已經看到多個季度以來總體利用環境的健康，我們的五點計劃繼續產生令人鼓舞的成果。

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，嚴格執行簡化策略推動了營運績效的提升。隨著業務的穩定以及最近自由現金流變為正值，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，同時始終將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，準備好執行改進之旅的下一階段，專注於商業卓越和持續簡化，為我們的客戶和股東創造更多價值。

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.

在核能和精準醫療解決方案領域，我們在全國擁有 130 家核藥局和 30 個 PET 站點，佔據領先地位，這些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.

我們對透過使用精準醫療來改善患者生活的機會感到興奮不已，我們一直在我們的治療診斷進步中心投入大量資金。我們看到了成果，我們的治療診斷業務在 24 財年成長了 20% 以上，這得益於對 Telix Lucix 等前列腺癌治療診斷產品的強勁需求。

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領域將出現類似的成長，並且我們將繼續投資以滿足不斷增長的治療機會，其中包括心臟病學和神經病學，但總體而言，腫瘤學占主導地位。例如，我們將在 25 財年擴大對諾華 Plavicto 新型前列腺放射性配體療法的支持。我們也投資提高迴旋加速器產能和 PET 製造地理印刷，以滿足日益增長的診斷需求，大多數新興放射治療都需要伴隨 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之年，為我們未來的成長和效率奠定了基礎。這項業務的收入持續以高於市場的速度成長，這不僅得益於家庭護理的普及，也得益於我們團隊的商業執行。

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，例如配備最先進自動化設備的新倉庫。就在上個月，我們在南卡羅來納州開設了一個全新的 35 萬平方英尺的倉庫，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.

該系統也在我們位於俄亥俄州中部的工廠投入運行，並計劃在我們先前宣布的德州新配送中心投入運行，預計將於 2025 年開業。我們的投資已初見成效，目前的投資回報率已達到三年來的最高水平，患者淨推薦值年增超過 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 Logistics 團隊今年表現出色。我們的全面洞察平台將繼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優化交付。因此，我們的客戶忠誠度指數達到了歷史最高水準。

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，在 25 財年，我們希望繼續保持出色的執行力，幫助我們的客戶拓展業務，並吸引新客戶從我們的計劃和價值中受益。在整個企業中，我們相信 Cardinal 團隊能夠繼續保持發展勢頭，並在 2025 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.

在結束之前，前財務長和我不得不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，儘管大額合約到期，我們仍有望超出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，自由現金流至少達到 70 億美元。我們擁有財務靈活性，可以繼續投資於我們的業務，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，我們很高興能繼續推動公司和醫療保健事業的發展。我要感謝我們敬業的員工，他們為客戶服務，並將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.

我們將回答您的問題。

(Operator Instructions)

（操作員指示）

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?

謝謝你提供的所有詳細信息，傑森。我只是想更好地理解兩件事。首先，對於明年的利潤率來說，您最初說的大約是 1%。現在您談論的是 1% 到 3%。我認為您提到了幾件事，專業網絡、新客戶成本緩解。但我只是很好奇，特別是對於新客戶，當我們考慮整個 25 年的利潤率提高時，該合約有什麼獨特之處嗎？或者您還會指出其他什麼嗎？

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。我們非常高興能夠提高 25 財年製藥業務的指導。它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事情。

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.

我稍後會談及概況，但我確實想從指導角度強調公司的收入方面，我們預計總收入將下降 4% 至 6%，這反映了低利潤合約不續簽帶來的 4000 萬美元的逆風。但如果剔除客戶流失的影響，調整後的實際成長率將達到 15% 至 18%。其中 15% 至 18% 為新收入、新客戶以及針對現有客戶服務的擴展，金額達 100 億美元。這是在現有業務 10% 潛在成長的基礎上實現的。

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，從中你可以看出，我們正在擴大產品組合，並按照我們先前對現有客戶的承諾去做，增加新客戶並擴大現有客戶，以實現這一收入基礎。這支持了獲利方面的指導成長，即 1% 至 3%。我們在收益電話會議上強調的是一致的市場動態。核心藥物的仿製藥銷售量以低個位數成長，專業藥物銷售量以高個位數成長，整體 Rx 需求強勁。有很多事情正在發生，但我們對我們的計劃充滿信心，我們會繼續前進。

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，特別是在新客戶的背景下，我們很高興在今天的收益報告中正式宣布 Publix 的勝利。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。這當然不會對我們繼續前進造成傷害。傑森，您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.

埃里克·珀徹 (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，人們對本季宏觀貨運趨勢和其他投入成本的成長感到擔憂。我知道您提到您能夠抵消這一點。您能否告訴我們，與過去相比，這次成長的幅度有何不同？它是否重要？是否根據當前或新的合約與遺留合約進行審查？以及是否能夠傳遞給客戶？

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。我認為回顧過去的 12 個月是很重要的。一年前，當我們坐在這裡時，運費確實已經回落至歷史水平。所以我們真的很享受一路的上升和下降。那是在日曆年初。因此，在第三季度，當紅海問題首次出現時，我們看到了第一次高峰。

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.

我提醒您這一點的原因是，當我們為 GMPD 提供初步指導時，第一次高峰是在春季出現的。因此，我們已經知道了第一步，並且從第一天起就已經在指導中考慮到了這一點。

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，自那時起，數量又進一步增加。但是，當你把兩個不同步驟的漲價（一月份和春季）結合起來看，它們仍然遠遠達不到幾年前的水平，當時整個供應鏈都面臨壓力，即使我們的支出是當前水平的兩到三倍，我們也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，成本確實更高了，但遠不及以前那麼高了。最重要的是，供應鏈的運作比以前更有效率。長話短說，埃里克，是的，這裡有一點增長。我們對此進行非常嚴格的監控和管理。但至少現在還不是需要進行大規模價格調整的階段。

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，關注整體通膨環境也很重要。幾年前我們在巔峰時期討論過這個問題。我們有許多石油和石油基產品，包括燃料和其他類型的貨物，這也是一個大問題。從成本方面來看，這些其實稍微便宜一些。

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，總體而言，我們的管理比以前更好。整體而言，我們的一些得失都是可以掌控的。我們將繼續評估其中必要的定價。但目前，我們還沒有像過去那樣充分運用這股槓桿。

Michael Cherny calling from Leerink Partners.

來自 Leerink Partners 的 Michael Cherny 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底層成長。我的意思是，你很好地概述了損失合約與新合約之間的一些變動。您能否向我們詳細介紹一下您預期的專業利潤來源？然後，為了讓我們更好地理解，我還要對 COVID 後遺症進行更詳細的描述，我想，也許簡單直接的問題是，考慮到年初所有的活動因素，您在年底製藥增長的退出運行率將處於什麼位置？

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。讓我嘗試解決其中的幾個問題。因此，專業性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，24財年，我們又實現了14%的成長率。

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，在去年的投資者日上，當時預計前三年的專業業務複合年增長率也為 14%。因此，在我們已進行並將繼續進行的廣泛投資的推動下，我們迎來了強勁增長的一年。

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.

今天我們談到了未來的幾個有趣的成長動力，無論是我們的先進治療解決方案業務，還是與 CVS 合作的專注於生物仿製藥的 Averon 新合資企業。總體而言，生物相似藥在過去幾年中一直是一種日益流行的福利類型。當然，我們對 Specialty Networks 的收購於 3 月完成，這對我們全年而言是一個八到九個月的利好。

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 財年一定程度上推動我們專業業務發展的領域。但它們都是我們預計在 25 財年將繼續成長的例子，以幫助緩解我們認為的合約不續約的影響，而由於這個原因，25 年的成長將會放緩。

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.

我在評論中也表示，儘管企業、製藥部門的整體收入減少，並且受到合約不續約的影響，但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 25 財年不續約時，我們的運行率預計會與我們過去強調的長期演算法非常一致，從利潤角度來看，這被定義為我們的 PD 核心業務的低個位數利潤增長和專業業務的兩位數增長。因此，我們將繼續尋找其他機會，透過有機投資和無機投資來繼續推動這一成長。

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，就財政 25 指南而言，在擱淺成本或其他方面，您對 Optum 解散的看法有什麼變化嗎？而且只考慮到建築貢獻，無論是專業網絡還是新客戶贏得的收益通常都會抵消嗎？我想，考慮到上半年的一些變動，我們應該如何從上半年與下半年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？

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。我會讓 Aaron 詳細解說您提出的問題。但我想首先強調的是，您應該從這些訊息中聽到的與我們上個季度使用的非常非常相似的詞語和短語。計劃沒有改變。

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，我們變得更聰明了。我們稍微削尖了鉛筆，對 24 年的退出率有了更好的了解。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，當然還有我們去年進行的所有投資。亞倫，對於節奏有什麼想法嗎？

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。所以，我們可以這樣想，Optum 在我們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。我們不需要深入探討這一點。但在第四季度，我們對客戶流失對我們的營運和財務的影響制定了非常周密的計劃。

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.

我們在上次財報電話會議上討論過三項抵消行動，當然包括專業網絡的貢獻、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參與其中，並取得領先，而且他們已經在這方面付諸行動。因此，我們認為我們今天提供的指導與我們在第三季度提供的指導相對一致。但我們更有信心，因為計劃已經完成，而且我們正在按照計劃行事。

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。這是無法避免的。他們是一個低利潤的大客戶。正如我們所討論的，新加入的客戶大多都是後半部的客戶。因此，與前幾年相比，我們將有一個時間差異，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.

這也會造成現金影響，對嗎？負營運資本狀況的緩解對我們第一季產生了影響，這也是我們在第一季度密切監控現金流的關鍵原因，當然，我們對第四季度末強勁的調整後自由現金流和強勁的現金餘額感到高興。

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.

所以，總的來說，成本優化已經發揮作用了。專業網絡已投入使用，我們將繼續致力於客戶擴展和新客戶入職培訓，我們也將取得成功。

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?

一個給亞倫。能否談談相對於您的內部模型，毛利的表現如何？那麼，您是否看到胰島素定價變化或 HUMIRA 轉變對毛利成長有任何影響？那麼，對於 STELARA 生物相似藥的推出，您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.

我先開始。看起來，我會觀察到我們的毛利率成長基本上與我們在本季和全年的預期一致。我們各部門之間的業務管理非常複雜，在這方面我並不感到驚訝。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.

是的，讓我來接受。我認為這與胰島素定價的整體影響有關，其中也包含 HUMIRA 因素。所以可能有幾個不同的問題。在本季度內，我們正如 Aaron 之前所強調的那樣，當然，我們看到了 GLP-1 成長的持續好處，但我們確實有類似的抵消，因為它與日曆年初發生的 WACC 胰島素調整的價格變化有關。

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，我們預計價格變動將帶來一些抵銷。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得更多了。當然，CVS 在市場上採取的一些更廣泛的行動似乎已經取得了一些進展。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.

但總體而言，我們已經看到這種情況開始有所改善。我不會說本季內會有顯著變化，甚至之後也會有一點變化，但滲透率仍然相當低。這也是我們如此關註生物相似藥的原因之一，我們與 Averon 的合資企業就是為了繼續尋找方法，以可承受的成本為需要該療法的患者增加治療機會。因此，我們將繼續盡自己的一份力量。

Kevin Caliendo of UBS.

瑞銀的 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，我只是想對我們本季了解到的有關 GMPD 業務的一些情況進行三角測量。你說的是贏得更多的錢。我們正在與您會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，而 McKesson 和 Henry Schein 的表現則差於預期，而這些細分市場的業績預期有所下降。是否可以公平地說，您和醫院方面的同行正在向下游發展，試圖佔據不僅僅是急性護理方面的更大比例的醫療系統業務？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力，因為現在運輸成本更高，關稅成本也更高，國內製造業在價格上比進口製造業更具競爭力？

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 確實更加關注客戶，我們確實受益於向 ASC 模式的遷移。我們並沒有廣泛參與醫生辦公室。所以這是一個元素。這並不是我們所稱的廣泛趨勢。因此，除了同店銷售額之外，我沒有太多可了解的信息，我們看到去年的利用率相當穩定，一般來說，處於低個位數範圍。因此，我們看到了同類的成長。

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.

我們一直強調的是，去年或 23 年底和 24 年初是我們的轉捩點。那時我們還沒有隨著市場一起成長。在過去的 24 年裡，我們基本上隨著市場一起成長，只是偶爾有增減。

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，這與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，但我們確實擁有 ASC 的存在，我們確實認為我們會從中受益。但我不認為這是我們所關注的主要驅動因素。

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.

就我們正在進行的投資而言，我們確實提到了一些國內投資，但它們並不局限於國內。我們相信非常多樣化、有競爭力的地理覆蓋範圍。我們特別強調過，我們沒有在中國直接生產。這是相關問題之一，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，我們從中國採購的 Cardinal Health 品牌產品僅佔總產品的 10% 以下。具體到中國，我們的業務範圍並不大，但我們在中國以外、亞洲、近海、中美洲和南美洲的業務範圍確實很大。我們認為，多元化的廣泛供應基礎和國內影響力同樣重要。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.

具體來說，美國有幾個地區。您已經看到，與注射器相關的一些關稅是我們關注的特定領域，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。我們在所有這些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上，以及我們真正傾向於投資的一個例子上，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.

貝爾德的埃里克·科德威爾。

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.

我想快速詢問有關醫療補助取消登記的問題。您是否已經看到這對消費者行為產生了何種影響？如果是的話，您能否具體說明這些影響在哪裡並量化這些影響？我認為具體來說，我可能在回答凱文的問題，並想知道我們在醫療領域看到的一些變化是否與過去幾個月大約有 2500 萬人停止使用該設備有關。

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。再次，我認為我的回答與我之前所說的非常相似，只是背景不同。我們擁有非常廣泛的客戶群，客戶背後的付款人基礎也非常廣泛。因此，我們甚至不一定能始終了解這些報銷款來自哪裡。

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.

就同店銷售類型的信息而言，我們更廣泛地看到的只是波動和變化並不多。再次強調，我們討論的並不是超出我們認為的基本利用率的任何成長率。所以一般來說，如果現階段存在一些這樣的趨勢，我認為這不會成為我們業務發展的有意義的推動力。

George Hill calling in from Deutsche Bank.

德意志銀行的喬治·希爾打來電話。

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?

第二部分，我想是第一部分，Aaron，您是否願意提供更多關於今年盈利節奏預期的信息，特別是第一季度和第二季度與下半年相比，考慮到大量變動因素？

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?

然後我要快速地告訴傑森，我們知道您即將開展新業務。我們遭受了損失。只是想了解藥品分銷競爭環境的最新情況。一段時間以來，這裡一直是個相當穩定的空間。只是想確保我們應該注意的動態沒有任何改變或不應該有任何改變？

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，我這就開始。我只是注意到，考慮到製藥業務和 GMPD 業務中活動部件的數量，我們在製定年度計劃時非常周到，當然，我們也在關注其他業務中的三個增長業務。

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，從節奏角度來看，我們預計上半年的銷售額將與去年同期相比略有下降或持平。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.

總體而言，製藥業的驅動因素與前幾年的情況一致。第三季度，我們將看到品牌通膨的到來。因此，我沒有特別值得一提的消息。

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.

從大都會的角度來看，我們只是非常專注於執行計畫。我們試圖在每個季度都透明地展示我們的業績以及我們對未來發展的展望，這就是為什麼我們特意在第一季度公佈業績，特別是在我們向前推進的時候。

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 財年取得了巨大的成功，完成了我們承諾要做的事情，我們計劃再次這樣做。我只是想明確表示，我們正在對這項業務進行投資，並且有一些近期的第一季驅動因素，這些因素將使我們在未來實現所謂的高達 2000 萬美元的利潤。

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.

但我想明確一點，那裡沒有衡量標準。該計劃和節奏與我們過去描述的 GMPD 或改進計劃基本一致。當然，隨著我們不斷前進，我們也享受了通膨緩解的益處。當然，我們不能忘記從第四季到第一季的季節性這一重要主題。我們之前已經提到過這一點，這就是為什麼你會看到第四季度的出色業績在第一季度有所下滑。

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。至於第二個問題，我還是重複我之前說過的話，嘿，我們是 1% 的行業。因此它既有競爭力又穩定。我想說的是，絕大多數合約不會在不同時期易手。其中幾個比較引人注目的是，有幾家簽訂了長期五年期協議。因此每五年就有發生這種情況的機會或風險。但我再次強調，絕大多數人可不這麼認為。

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.

我們對我們的定位競爭定位感到非常滿意。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。我們非常注重體驗、服務水準、背後的價值措施和主張、工具和平台。我們已經討論了用於醫療系統的 Interlogix 和 Atrix 平台作為範例。

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.

我不僅用價格來衡量它們，還用價值來衡量它們，並透過這些產品的價值組成部分來衡量它們。我們對這種定位感到非常滿意，這也是我們能夠在某種程度上進行抵銷的原因。

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'?

我是 Ana，代表 Stephanie。恭喜本季取得佳績。我希望聽到更多有關您的人工智慧路線圖的資訊。您強調了 Intralogic 平台內的 AI 和機器學習部署。只是想知道我們應該如何考慮額外的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。它具有廣泛的基礎。它是多種多樣的。我們不會在所有領域的每次通話中都提到這一點，但它的範圍非常廣泛。它確實無所不在。這是我們運作的核心。我們今天討論的內容中沒有使用「AI」、「專業網路」等短語的例子。他們的 PPS 分析是一個很好的例子，它獲取數據、電子醫療記錄，並將其綜合起來供製造商和供應商使用，並獲得可操作的見解。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功能時，我對我們的家庭解決方案網路進行了評論。在過去的 12 到 18 個月裡，我們已經有超過 25% 的工廠採取了新的舉措，將各種形式的技術和自動化引入製造領域，或者更準確地說，是引入分銷領域，從而變得更加創新、更加高效和富有成效。正如您所提到的，其他平台，Interlogix、Atrix，正在與 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.

然後我什至沒有涉及更基本的用例，例如客戶服務和後台辦公室。我想我不想只是和其他人重複同樣的節奏，我們在溝通中試圖做的是超越流行語，真正談論我們推動業務發展的本質，我們對此感到非常高興。這絕對是個問題。

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詳細闡述您之前對兩件事的評論。首先，您在通話過程中多次談到了客戶擴展問題。您能否談談這些人的情況？一般來說，他們是從製藥業轉向醫療業的人嗎？他們是否跨越不同的製藥類別？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，如果我們考慮削減成本，顯然，你們提到的變化會有一些調整。但是，我們如何看待您實施的一些變化，聽起來這些變化似乎更具結構性？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，我這就開始。在客戶擴展方面，這些都是現有的客戶關係，我們已經是他們的主要分銷商，他們正在擴大他們的足跡，無論是收購還是自己承擔更多的業務，我們都在支持他們的成長。所以這是一種現有的關係，並且正在不斷擴展。所以從這個意義上來說我們已經做出了承諾。您可以使用 BioPlus 作為我所談論內容的範例之一。也許，Aaron，您可以更詳細地介紹成本？

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。因此，正如我之前評論的那樣，團隊在客戶不續約的情況下，很好地評估了我們的機會。但我想我應該回過頭來指出，最終我們的營業利潤率為 1%。因此，我們必須時時注意周圍的成本結構。但是有了北極星，我們如何繼續確保我們的客戶服務。

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，我們很高興看到我們在第四季度進行的審查以及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，而這些變化影響著整個企業。有了這顆北極星的指引，我們才能在前進的道路上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?

許多變革已經實施。我們已經在運行這個新框架了。我們將繼續評估有哪些生產機會。我還要強調的是，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，我們如何更好地支持我們現有的客戶和新客戶？

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

我們現在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.

我只是想問幾個關於 GMPD 重述的問題。聽起來您好像是說 2024 年重述後更高的 GMPD 基數不會改變運行率，因為您刪除了超出期間的項目。這是正確的思考方式嗎？那麼，在更高的基數上，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 年業務的累計利潤將比之前高出 2500 萬美元或 3000 萬美元。我只是想了解，如果我們考慮時間問題，為什麼這些事情不會發生？

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。感謝你的提問。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所做的修訂的影響。我們提供的修訂是針對三年期間的。收入或支出轉移到前期也會產生影響，這就是為什麼您沒有直接看到可比性被結轉的原因。

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，我確實想強調的是，我們這裡的營運的一部分是建立和維護強大的控制環境。當我們發現家庭業務的邊緣公園部分有問題時，該部分是其他業務的一部分，這是與業務相關的收入確認問題，它占我們總收入的不到 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.

我們謹慎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的評論的反饋，等等。因此，現在我們邁入 25 財年時，不僅具有可比性，而且擁有一套不受時間影響的清晰的財務狀況，能夠談論我們前進過程中取得的進展。

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 (分析師)這是查爾斯的盧卡斯。想詢問有關其他部分的問題。您能否談談 OptiFreight、Nuclear 和 at-Home 在 25 財年的成長預期？我們是否應該考慮這些業務中的任何一項能夠超越您設定的 10% 細分目標？

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.

嗯，從指導的角度來看，我們以總結的方式為其他提供指導。但我確實希望你能從傑森的評論和他談論這個機會的語氣中感受到熱情。我們認為，這三項業務將為康德樂健康帶來發展。

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。它們的管理方式不同。我們從財務角度對它們進行匯總。事實上，我們也正在對其中的每一項業務進行投資。我們在 24 年就做到了，現在我們正處於 25 年。At-Home 最近開設了兩個新的分銷點，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 持續投資於數位平台和客戶體驗服務。對於核能業務，我們已經詳細討論了擴大 PET 網路以及我們對該業務帶來的治療診斷機會的興奮之情。

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，如果我再次回顧財務指南，您在其他基礎中看到的內容是，我們在匯總視圖上呈現了一致的圖景，這反映在某些情況下，我們將在一年或一個月內進行投資，同時在同一年或同一個月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，我想說我們在先前的評論中確實澄清的一件事是，這三家企業預計都將為 25 財年的成長做出貢獻。我們正在進行 24 財年的投資，這是一個投資特別繁重的時期，但我們將繼續進行全方位的投資。

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，因為我們談論了很多有關核能和精準健康解決方案業務的投資。這是我們重點關注的一項業務，Theranostics 與我們大約一年前或去年宣布的第二階段擴張類似。然後我們也討論了一些 PET 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，主要是我們投資於該業務的資本，但這代表了我們在除 Aaron 提到的三個不同的配送中心和家庭解決方案之外所做的大筆投資，非常有代表性地代表了我們對這些業務的投入，因為我們深信他們能夠繼續從各自的長期地位中增強了這一點

Daniel Grosslight of Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

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?

恭喜本季業績強勁。我希望能夠獲得有關 Averon 的更多詳細資訊。目前這是否僅服務於 CVS？它們是怎麼相互作用的？那麼是否存在與此相關的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 Averon，第一個具體問題是關於 Averon 的。

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.

嗯，我已經提到過幾次了，所以我認為這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。這與我們與 Red Oak Sourcing 合作的理念一致，反映出我們都有不同的需求，不同的客戶，並且可以透過結合我們在這個領域的能力共同造福這些患者。因此，我們希望以類似的方式運作，並獲得與之相關的不同利益。

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.

我認為您談論的是，我們的付款結構和時間表與 Red Oak Sourcing 的付款結構和時間表不同，如果您願意的話，可以稱之為均衡付款。因此，該結構並不存在。從這個方面來看，它的結構相當不同。

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，就我認為 CVS 而言存在一個更新問題。因此，合約將通過 27 年，分銷合約將通過 29 年，然後 Red Oak 協議將通過 29 年。因此，這肯定超出了這些協議的範圍，這在很大程度上是我們希望與所有客戶以各種方式建立的合作類型的一個例子，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.

霍拉先生，我們沒有其他問題了。我想將電話轉回給您，以便您做任何補充或結束語。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。謝謝大家，也謝謝大家加入我們。除了我在通話中此時通常進行的寒暄之外，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，我知道其中有很多內容需要消化，但我希望我們今天澄清了你們的許多觀點。

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.

但我最後想回到開始的地方，再次強調我在今天評論一開始就提到的三個關鍵點。首先，我們以極好的勢頭結束了這一年。本季和本財年的每股收益均成長了 29%。再加上我們去年看到的成長，過去幾年我們的每股盈餘成長了近 50%，這得益於整體業績的推動，但我們最大、最重要的業務——製藥部門的表現確實非常強勁，儘管本季度受到了合約解除的一些影響，但仍實現了成長。

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好，無論是製藥業還是 GMPD，我們都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，今年該業務獲得的 2.4 億美元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過程，但我們已經到達了那裡，現在我們可以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，我們看到了全面強勁的需求。利用率，但長期趨勢也是如此。真的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 10% 的兩位數成長。

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。但如果將去年和今年加起來，這個數字接近 70 億美元，這為我們未來的財務靈活性奠定了良好的基礎。

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 25 財年非常有信心，這就是為什麼我們提高了業績指引，不僅在我們最大的製藥業務中，而且儘管客戶正在轉型，但仍推動 25 財年的每股收益增長。

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，我們正在集中精力進行所有營運和現金流工作，同時推動我們的未來策略，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.

我們對所討論的多個領域取得的進展感到興奮，無論是進一步加強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——Specialty Networks。即使我們發現有任何類型的不利因素，我們仍有能力繼續發展業務。

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，在這一切背後，我們將繼續負責任地優先考慮股東價值創造。我們今天也傳達了一些額外的近期行動，特別是在 GMPD 業務方面。這意味著 25 財年將有更多機會進行股票回購。

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.

有很多事情要做，但也有很多令人興奮的事情，我們感謝您的時間和關注，並期待隨時向您通報我們的進展。

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。謝謝您的出席。您可以斷開連線。祝您有美好的一天，再見。