卡地納健康 (CAH) 2025 Q1 法說會逐字稿

Hello, and welcome to the first quarter fiscal year 2025 Cardinal Health, Inc., earnings conference call. My name is George, and I'll be a coordinator for today's event. Please note this conference is being recorded. I will now hand the call over to your host today, Mr. Matt Sims, Vice President, Investor Relations, to begin today's conference. Please go ahead, sir.

您好，歡迎參加康德樂 2025 財年第一季財報電話會議。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。現在我將把電話轉交給今天的東道主投資者關係副總裁馬特·西姆斯先生，開始今天的會議。請繼續，先生。

Welcome to this morning's Cardinal Health first quarter fiscal '25 earnings conference call, and thank you for joining us. With me today are Cardinal Health's CEO, Jason Hollar; and our CFO, Aaron Alt. You can find this morning's earnings press release and investor presentation on the Investor Relations section of our website at ir.cardinalhealth.com. 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 our actual results to differ materially from those projected or implied.

歡迎參加今天上午的康德樂 25 財年第一季財報電話會議，感謝您加入我們。今天與我在一起的有 Cardinal Health 執行長 Jason Hollar；和我們的財務長 Aaron Alt。您可以在我們網站 ir.cardinalhealth.com 的投資者關係部分找到今天早上的收益新聞稿和投資者介紹。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，可能導致我們的實際結果與預測或暗示的結果有重大差異。

Please refer to our SEC filings and the forward-looking statement slide of our presentation for a description of these risks and uncertainties. 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. For the Q&A portion of today's call, we kindly ask that you limit questions to one per participant, so that we can try and give everyone an opportunity. With that, I will now turn the call over to Jason.

請參閱我們向 SEC 提交的文件以及我們簡報中的前瞻性聲明幻燈片，以了解這些風險和不確定性的描述。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。對於今天電話會議的問答部分，我們懇請您將問題限制為每位參與者一個，以便我們可以嘗試為每個人提供機會。這樣，我現在將把電話轉給傑森。

Thanks, Matt, and good morning, everyone. Overall, Cardinal Health delivered a terrific start to fiscal '25 with strong operational and financial performance led by Pharma and Specialty Solutions. The ongoing strength and resiliency of our largest and most significant business was evident delivering 16% segment profit growth, reflecting the team's advanced preparations and excellent execution in managing through the previously communicated large customer transition. We continue to operate in a stable industry environment with positive utilization trends underpinning our growth.

謝謝馬特，大家早安。總體而言，康德樂 (Cardinal Health) 在 Pharma 和 Specialty Solutions 的帶領下，憑藉著強勁的營運和財務業績，在 25 財年取得了良好的開局。我們最大、最重要的業務的持續實力和彈性顯而易見，實現了 16% 的部門利潤增長，反映了團隊在管理之前溝通的大客戶轉型過程中的先進準備和出色執行力。我們繼續在穩定的行業環境中運營，積極的利用率趨勢支撐著我們的成長。

We saw particularly strong and broad-based pharmaceutical demand this quarter across brand, specialty, consumer health and our generics program. We are pleased to again support our customers with commercial distribution of the COVID-19 vaccines in preparation for the fall immunization season. And as I alluded to, the team executed our customer transition plan with urgency realigning operational processes to address inefficiencies, facilitate the ongoing growth of the business and support new customer implementations. In GMPD, while the Q1 financial results were below our expectations due to some unanticipated health and welfare costs that Aaron will cover in detail, our team continues to make progress against the GMPD improvement plan, which is unchanged and and take actions to enhance our supply chain resiliency.

本季我們看到了品牌、專業、消費者健康和我們的仿製藥計劃方面特別強勁和廣泛的藥品需求。我們很高興再次透過商業分銷 COVID-19 疫苗為我們的客戶提供支持，為秋季免疫季節做好準備。正如我所提到的，團隊執行了我們的客戶過渡計劃，緊急重新調整營運流程，以解決效率低下的問題，促進業務的持續成長並支持新客戶的實施。在GMPD 中，雖然由於Aaron 將詳細承擔一些意外的健康和福利成本，第一季的財務業績低於我們的預期，但我們的團隊繼續在GMPD 改進計劃方面取得進展，該計劃沒有改變，並採取行動增強我們的供應鏈彈性。

We're confident in our plans to accelerate the performance of the GMPD business over the next two years while also continuing our near-term value creation focus as we outlined last quarter. Across our other businesses, Nuclear, at-Home and OptiFreight, we continue to be encouraged by the strong demand and underlying performance we are seeing as these businesses continue to expand and benefit from positive industry trends. In summary, we're pleased to be in a position to raise our enterprise guidance for fiscal '25 after the first quarter. Our business is strong, and we're confident as we look ahead. With that, let me turn it over to Aaron to review our results and updated guidance in more detail.

我們對未來兩年加速 GMPD 業務業績的計劃充滿信心，同時繼續我們上季度概述的近期價值創造重點。在我們的其他業務中，核能、在家和 OptiFreight，隨著這些業務不斷擴張並受益於積極的行業趨勢，我們所看到的強勁需求和基本業績繼續令我們感到鼓舞。總之，我們很高興能夠在第一季之後提高 25 財年的企業指引。我們的業務很強勁，展望未來我們充滿信心。接下來，讓我將其交給亞倫，以更詳細地審查我們的結果和更新的指導。

Thanks, Jason, and good morning. Q1 delivered an excellent start to Cardinal Health's fiscal 2025 with outstanding results from the Pharma segment, accompanied by solid operational performance from GMPD and the businesses included in other. As an enterprise, we grew operating earnings by 12% and EPS by 9% despite the recent customer transition. At the same time, the team adeptly managed through an anticipated negative working capital unwind over delivering on our Q1 cash flow expectations and enabling us to continue to both invest in the business and execute on an early accelerated share repurchase program. With the solid start to the year, I am delighted to share the headline that we are raising our EPS guidance to an EPS range of $7.75 to $7.90 and raising our adjusted free cash flow outlook for fiscal '25 to a range of billion to $1.5 billion. More on that shortly.

謝謝，傑森，早安。第一季為康德樂 2025 財年開了一個良好的開端，製藥部門取得了出色的業績，同時 GMPD 和其他業務也取得了穩健的營運業績。作為一家企業，儘管最近發生了客戶轉型，但我們的營業利潤成長了 12%，每股收益成長了 9%。同時，團隊巧妙地管理了預期的負營運資金，以實現我們第一季的現金流預期，並使我們能夠繼續投資業務並執行早期加速的股票回購計畫。憑藉今年的良好開局，我很高興與大家分享這樣的標題：我們將每股收益指引上調至 7.75 至 7.90 美元，並將 25 財年調整後的自由現金流前景上調至 10 億至 15 億美元。稍後會詳細介紹。

Let's review the results, starting with Slide 4. Total company revenue decreased 4% to $52 billion, better than we expected. Adjusting for the customer transition, total company revenue increased 15% versus the prior year, reflecting our strong organic revenue growth across the rest of our business. We also started to successfully onboard the first of the new customers that make up the over $10 billion of incremental revenue in pharma that we've referenced in our guidance for the year.

讓我們從投影片 4 開始回顧一下結果。在根據客戶轉型進行調整後，公司總收入比上一年增長了 15%，反映出我們其他業務的有機收入強勁成長。我們也開始成功吸引第一批新客戶，這些客戶構成了我們在今年的指導中提到的超過 100 億美元的製藥增量收入。

Total company gross margin increased 9%, driven by positive trends in both brands and generics in the Pharma segment. While we tightly control discretionary spending during the quarter on the face of our financials, SG&A grew by $91 million or 8% versus prior year. Approximately half of this increase was driven by incremental health and welfare employee costs. This included substantially higher employee plan utilization costs, both numbers of claims and cost per claim as well as a onetime catch-up charge resulting from our third-party actuary on whom we rely, notifying us of a mistake in the calculation of our health and wealth plan liabilities from prior years.

受製藥業品牌和仿製藥積極趨勢的推動，公司總毛利率成長 9%。雖然從財務角度來看，我們在本季度嚴格控制可自由支配支出，但銷售、管理及行政費用 (SG&A) 與上年相比增長了 9,100 萬美元，即 8%。這一增長的大約一半是由員工健康和福利成本的增加所推動的。這包括大幅增加的員工計劃使用成本、索賠數量和每次索賠的成本，以及我們所依賴的第三方精算師通知我們在計算我們的健康和費用時出現錯誤而產生的一次性追補費用。財富計劃負債。

Even with that impact, we delivered operating earnings of $625 million, 12% higher than last year. Moving below the line, interest and other increased $15 million to $27 million primarily driven by lower interest income due to the anticipated lower cash balances. Our first quarter effective tax rate finished at 23%, up 2 percentage points due to the nonrepetition of some positive discrete items in the prior year. As a result of our share repurchases, Q1 average diluted shares outstanding were $245 million, 2% lower than a year ago. The net result for Q1 was EPS of $1.88, growth of 9%.

即使受到這種影響，我們仍實現了 6.25 億美元的營業利潤，比去年高出 12%。在該線以下，利息及其他費用增加了 1500 萬美元至 2700 萬美元，主要是由於預期現金餘額減少而導致利息收入減少。由於去年一些積極的離散項目不再重複，我們第一季的有效稅率達到 23%，上升了 2 個百分點。由於我們的股票回購，第一季攤薄後的平均已發行股票為 2.45 億美元，比去年同期減少 2%。第一季的淨利潤為每股收益 1.88 美元，成長 9%。

Now turning to the segments, beginning with Pharma and Specialty Solutions on slide 5. First quarter revenue decreased 5% to $48 billion due to the impact of the customer transition. Excluding that, revenue increased 16%, driven by brand and specialty pharmaceutical sales growth from existing customers. This included 5 percentage points of revenue growth from GLP-1 sales.

現在轉向細分市場，從幻燈片 5 上的製藥和專業解決方案開始。不計此，在現有客戶的品牌和特種藥品銷售成長的推動下，營收成長了 16%。其中包括 GLP-1 銷售帶來的 5 個百分點的收入成長。

During Q1, we saw strong pharmaceutical demand across product categories, brand, specialty, consumer health and generics and from our largest customers. Segment profit increased 16% to $530 million in the first quarter, driven by a higher contribution from brand and specialty products, including a favorable impact from the earlier seasonal launch of COVID-19 vaccine distribution and positive generics program performance. This more than offset the profit impact from the customer transition. In Specialty, we saw strong broad-based performance across specialty distribution and biopharma solutions.

在第一季度，我們看到來自我們最大客戶的跨產品類別、品牌、專業、消費者健康和仿製藥的強勁藥品需求。第一季度，該部門利潤增長16%，達到5.3 億美元，這得益於品牌和特色產品的貢獻增加，其中包括較早推出的季節性COVID-19 疫苗分銷和積極的仿製藥計劃績效帶來的有利影響。這足以抵銷客戶轉型對利潤的影響。在專業領域，我們在專業分銷和生物製藥解決方案中看到了廣泛的強勁表現。

Notably, Specialty Networks contributed to this performance as expected, and we are pleased with the progress on the integration. With COVID-19 vaccines, recall, last year, the FDA's original approval for commercial distribution came on September 11 and our demand peaked in October. This year, leading distribution peak within the first quarter. While the demand for COVID-19 vaccines in the second quarter is difficult to predict, trends tell us that we should continue to expect a modest headwind for the full year with the tailwind we saw in Q1 more than offset by lower year-over-year COVID-19 vaccine sales in Q2.

值得注意的是，專業網絡為此業績做出了預期的貢獻，我們對整合的進展感到高興。回想一下，去年，FDA 於 9 月 11 日首次批准了 COVID-19 疫苗的商業分銷，我們的需求在 10 月達到了頂峰。今年第一季引領發行高峰。儘管第二季對 COVID-19 疫苗的需求難以預測，但趨勢告訴我們，我們應該繼續預計全年將出現溫和的逆風，而我們在第一季看到的逆風將被同比下降所抵消。季度COVID-19 疫苗銷售情況。

This overall impact is consistent with our prior guidance for the year. Our generics program continued to see volume growth coupled with consistent market dynamics, including strong performance from Red Oak. We also need to give our team significant credit for planning ahead and executing quickly on our plans to optimize our cost structure and operations following the customer transition. We found incremental opportunities to improve our overall business as a result of the flexibility created by the contract transition.

這一整體影響與我們先前對今年的指導一致。我們的仿製藥計劃繼續實現銷售成長，加上持續的市場動態，包括紅橡樹的強勁表現。我們還需要高度讚揚我們的團隊提前規劃並快速執行我們的計劃，以在客戶轉型後優化我們的成本結構和營運。由於合約過渡帶來的靈活性，我們發現了改善整體業務的增量機會。

So overall, we are very proud of the pharma team navigating a large complex change to the business while to bring a tremendous quarter of 16% segment profit growth in Pharmaceutical and Specialty Solutions. Turning to the GMPD segment on Slide 6, revenue increased 3% in Q1 to $3.1 billion, driven by volume growth from existing customers. The solid operational progress made in the quarter was obscured by a $17 million year-over-year increase in the previously mentioned health and welfare costs and resulted in GMPD segment profit decreasing to $8 million in Q1. As previewed last quarter, our results were also impacted by increased manufacturing costs, including some start-up costs related to expanding domestic manufacturing to enhance our supply chain resiliency which we expect to also impact Q2.

因此，總體而言，我們對製藥團隊在推動業務進行大規模複雜變革的同時，在製藥和專業解決方案領域實現了 16% 的季度利潤成長感到非常自豪。轉向幻燈片 6 上的 GMPD 細分市場，在現有客戶銷售成長的推動下，第一季營收成長了 3%，達到 31 億美元。本季取得的穩健營運進度被前面提到的健康和福利成本年增 1,700 萬美元所掩蓋，導致第一季 GMPD 部門利潤下降至 800 萬美元。正如上季所預測的那樣，我們的業績也受到製造成本增加的影響，包括與擴大國內製造以增強供應鏈彈性相關的一些啟動成本，我們預計這也會影響第二季。

On the positive, an improvement in net inflationary impacts, including our mitigation initiatives and growth from existing customers mostly offset the decline in the quarter. And we also again saw year-over-year growth in Cardinal brand volumes during the quarter. Finishing with the businesses reported in other, as seen on slide 7. First quarter revenue increased 13% to $1.2 billion due to growth across all 3 businesses: at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics.

從正面的方面來看，淨通膨影響的改善，包括我們的緩解措施和現有客戶的成長，大部分抵消了本季的下降。本季我們也再次看到 Cardinal 品牌銷售較去年同期成長。最後是其他報告的業務，如幻燈片 7 所示。

I'm pleased with the underlying performance of all three of our businesses and other as they collectively grew segment profit in the quarter by 8%, driven by the performance of OptiFreight Logistics. OptiFreight had another strong quarter as demand for health care logistics technology and services continues to grow. Now turning to the balance sheet. We ended the quarter with a cash position of $2.9 billion, which includes $200 million earmarked for the November debt maturity with an additional $200 million to be paid through the time deposits held in prepaid assets and other on the balance sheet.

我對我們所有三個業務和其他業務的基本業績感到滿意，因為在 OptiFreight Logistics 業績的推動下，本季它們的部門利潤總共成長了 8%。隨著對醫療保健物流技術和服務的需求持續成長，OptiFreight 又迎來了一個強勁的季度。現在轉向資產負債表。截至本季末，我們的現金部位為29 億美元，其中包括2 億美元指定用於11 月份債務到期，另外2 億美元將透過預付資產和資產負債表上其他資產中持有的定期存款支付。

Adjusted free cash flow was a use of $1.4 billion for the quarter, better than our expectations and as guided reflected the large contract unwind and the unfavorable quarter and day-of-week timing we previewed on our Q4 call. During the first quarter, we continued to deploy capital according to our disciplined capital allocation framework. We invested $90 million in CapEx back into the businesses to drive organic growth. We returned approximately $500 million to shareholders through the share repurchase and dividends, including a $375 million accelerated share repo program.

本季調整後的自由現金流為 14 億美元，好於我們的預期，並且反映了大型合約解除以及我們在第四季度電話會議中預覽的不利的季度和周時間安排。第一季度，我們繼續根據嚴格的資本配置框架來部署資本。我們將 9,000 萬美元的資本支出重新投入到業務中，以推動有機成長。我們透過股票回購和股利向股東返還約 5 億美元，其中包括 3.75 億美元的加速股票回購計畫。

We continue to invest in specialty by reaching an agreement to acquire integrated oncology network for $1.1 billion, a deal which is not yet closed. Jason will elaborate on that shortly. Now for our updated fiscal '25 guidance on Slide 9, beginning with the enterprise. After the strong start to the year, we are raising our fiscal '25 EPS guidance to the range of $7.75 to $7.90, a $0.20 increase at the midpoint from our prior guidance of $7.55 to $7.70, primarily reflecting our improved pharma segment profit expectations. We are raising our adjusted free cash flow guidance to a range of $1 billion to $1.5 billion.

我們繼續在專業領域進行投資，達成協議以 11 億美元收購綜合腫瘤學網絡，該交易尚未完成。傑森將很快詳細說明這一點。現在我們更新投影片 9 上的 25 財年指南，從企業開始。在今年強勁開局之後，我們將 25 財年每股收益指引上調至 7.75 美元至 7.90 美元，比之前指導的 7.55 美元至 7.70 美元增加了 0.20 美元，主要反映了我們對製藥部門利潤預期的改善。我們將調整後的自由現金流指引提高至 10 億至 15 億美元的範圍。

We are also adjusting our guidance for our individual segments as seen on Slide 10. For Pharmaceutical and Specialty Solutions, we are improving our revenue outlook to a decline of 2% to 4%, reflecting the strong broad-based pharmaceutical demand trends we've seen so far, including increased expectations for GLP-1 sales. Our full year COVID-19 vaccine expectations are unchanged. Normalizing for customer transition, fiscal '25 revenue growth at the midpoint would now be between 18% to 20%. Our expectations for incremental volume from new customers and customer expansions is generally unchanged from what we outlined a quarter ago, over $10 billion of revenue in fiscal '25.

我們也正在調整對各個細分市場的指導，如幻燈片10 所示。藥品需求趨勢到目前為止，包括 GLP-1 銷售的預期增加。我們對全年 COVID-19 疫苗的預期保持不變。客戶轉型正常化後，25 財年中點營收成長將在 18% 至 20% 之間。我們對新客戶和客戶擴張帶來的增量的預期與我們上個季度之前概述的基本沒有變化，即 25 財年收入超過 100 億美元。

Our segment profit, following the strength of the first quarter, we are raising our Pharma segment profit guidance for the full year to 4% to 6% growth, which I'll notice consistent with our long-term target despite the contract transition. In terms of Pharma segment profit cadence, given the earlier COVID-19 vaccine season, along with the contract expiration, we continue to expect Q2 segment profit to be slightly down year-over-year with growth resuming in our third and fourth quarters.

我們的部門利潤，繼第一季的強勁表現之後，我們將全年製藥部門的利潤指引提高至4% 至6% 的成長，我會注意到，儘管合約過渡，但這與我們的長期目標一致。就製藥部門的利潤節奏而言，鑑於 COVID-19 疫苗季節較早，加上合約到期，我們繼續預計第二季部門利潤將同比小幅下降，但成長將在第三季和第四季恢復。

Turning to GMPD. We are updating our GMP segment revenue outlook to 2% to 4% growth to reflect the recent notification of lost lower-margin via government distribution contracts which will partially offset some of the new distribution volume we are onboarding in fiscal '25. We do continue to expect 3% to 5% Cardinal Health brand revenue growth for the year. Our segment profit we are updating our fiscal '25 guidance primarily to reflect the impact from the health and welfare costs I referenced. We are still in the sight to hit $175 million in segment profit for the year and the GMPD team is executing on a tonal initiatives to recover the gap arising from Q1 results.

轉向 GMPD。我們將 GMP 部門的營收預期更新為 2% 至 4% 的成長，以反映最近透過政府分銷合約損失較低利潤的通知，這將部分抵消我們在 25 財年引入的部分新分銷量。我們仍預期康德樂今年品牌營收將成長 3% 至 5%。我們正在更新 25 財年的指導，主要是為了反映我所提到的健康和福利成本的影響。我們今年的部門利潤仍有望達到 1.75 億美元，GMPD 團隊正在執行一項調整性舉措，以彌補第一季業績帶來的差距。

Nevertheless, given the unanticipated health and welfare impacts and other externalities impacting the business, we think it pragmatic in the near term to adjust our GMPD segment profit outlook to a range of $140 million to $175 million. I want to emphasize that while the timing and impact of specific incremental actions identified by the team to support the GMPD strategy and profit growth may be pressed to fully impact our fiscal '25. Those efforts continue to support our focus on $300 million as our profit goal for fiscal '26.

儘管如此，考慮到意外的健康和福利影響以及影響業務的其他外部因素，我們認為短期內將 GMPD 部門利潤前景調整至 1.4 億至 1.75 億美元的範圍是務實的。我想強調的是，雖然團隊確定的支持 GMPD 策略和利潤成長的具體增量行動的時機和影響可能會受到壓力，以充分影響我們的 25 財年。這些努力繼續支持我們將 26 財年利潤目標定為 3 億美元。

Regarding GMPD's segment profit quarterly cadence, we continue to expect profit to be back half weighted with sequential improvements each quarter, driven by the ongoing commercial and operational improvements in the business as well as seasonality. We continue to expect Q2 to be impacted by higher manufacturing costs along with some carryover from the higher health and welfare plan utilization we saw in Q1.

關於 GMPD 的部門利潤季度節奏，我們繼續預計，在業務持續商業和營運改善以及季節性的推動下，每季的利潤將回升，並實現環比改善。我們繼續預計第二季將受到製造成本上升以及第一季較高的健康和福利計劃利用率的影響。

In other, we are reiterating our prior guidance of 10% to 12% revenue growth for the full year, approximately 10% segment profit growth. One note on others cadence. We are expecting an industry-wide raw material shortage of Moly-99 to impact the nuclear business volume and profitability in Q2. As a result, we expect Q2 segment profit growth for other to moderate to the low to mid-single digits for the quarter. However, we expect these volumes to generally return in subsequent quarters as delayed procedures are rescheduled.

另一方面，我們重申先前的預期，全年營收成長 10% 至 12%，部門利潤成長約 10%。關於其他節奏的一點說明。我們預期Moly-99全產業原物料短缺將影響第二季的核能業務量和獲利能力。因此，我們預計第二季其他部門的利潤成長將放緩至低至中個位數。然而，我們預計，隨著延遲程序的重新安排，這些數量將在接下來的幾季恢復。

With those details on the table, let's return to the enterprise guidance for a second. On the positive side, we have the combination of a raise to our pharma full year guidance which is reflective of our anticipated offset in Q2 from the earlier COVID-19 contribution and anticipated efficiencies in corporate for the rest of the year. Those positive trends are partially offset by a wider full year profit range we are providing today on GMPD. The combination gets us to our $0.20 raise to guidance at the midpoint following our first quarter.

有了這些細節，讓我們暫時回到企業指南。從積極的一面來看，我們提高了我們的製藥公司全年指導，這反映了我們在第二季度對早期 COVID-19 貢獻的預期抵消以及公司今年剩餘時間的預期效率。這些積極的趨勢被我們今天在 GMPD 上提供的更廣泛的全年利潤範圍所部分抵消。這一組合使我們在第一季的中點將指導價值提高了 0.20 美元。

Before I wrap up, a couple of comments on capital deployment. Our disciplined capital allocation strategy continues to be our North Star, invest in the business, protect our investment-grade credit rating, provide baseline return of capital and assess additional M&A and return of capital opportunities. Of note, even with our announced investment and return of capital plans, we expect to be at the bottom end of our targeted leverage range of 2.5 times by the end of fiscal year '25. As I hope you can tell from our fiscal year '24 and Q1 fiscal '25 announcements, our eyes remain firmly focused on delivering shareholder value creation over the long term.

在結束之前，我想先談幾點關於資本部署的評論。我們嚴格的資本配置策略仍然是我們的北極星，投資於業務，保護我們的投資等級信用評級，提供基準資本回報並評估額外的併購和資本回報機會。值得注意的是，即使我們宣布了投資和資本回報計劃，我們預計到 25 財年末，槓桿率仍將處於 2.5 倍目標槓桿範圍的底部。我希望您可以從我們 24 財年和 25 財年第一季的公告中看出，我們的目光仍然堅定地專注於長期創造股東價值。

To close, we started fiscal '25 strong. I am especially pleased to see the performance in our Pharma segment. Raising segment guidance in our largest and most significant business to our long-term target while managing through quite a large change is further proof of the strength and resilience of this business. Across all of our businesses, I'm excited for the value creation opportunities in front of us and look forward to updating you on that in coming months. With that, I will turn it back over to Jason.

最後，我們 25 財年的開局強勁。我特別高興看到我們製藥部門的表現。將我們最大和最重要的業務的細分指導提高到我們的長期目標，同時管理相當大的變化，進一步證明了該業務的實力和彈性。在我們所有的業務中，我對我們面前的價值創造機會感到興奮，並期待在未來幾個月內向您通報最新情況。這樣，我會將其轉回給傑森。

Thanks, Aaron. The strong first quarter results build upon the momentum we've established over the past couple of years by ruthlessly prioritizing simplification and core operational execution to serve our customers and their patients with essential products and industry-leading service. They are also a testament to the ags we've taken to solidify our core foundation and increase our exposure to higher growth in higher-margin areas. In Pharma and Specialty Solutions we've been consistently focused on execution in the core and expanding in specialty. This quarter, we made further progress on both fronts.

謝謝，亞倫。第一季的強勁業績建立在我們過去幾年建立的勢頭之上，我們堅持不懈地優先考慮簡化和核心營運執行，為我們的客戶及其患者提供必要的產品和行業領先的服務。它們也證明了我們為鞏固我們的核心基礎並增加我們在高利潤領域獲得更高成長的機會所採取的措施。在製藥和專業解決方案中，我們始終專注於核心執行和專業擴展。本季度，我們在這兩方面都取得了進一步的進展。

We delivered strong operational performance across our distribution network. During the quarter, we achieved multiyear highs in productivity and our service levels reached their highest level in over a year. A key part of our ability to maximize service delivery for our customers is our generics program. Red Oak continues to effectively execute its dual mandate managing both cost and available supply, which supports the positive volume growth and performance that we've seen and continue to expect. On the businesses commercial front, we've seen successful renewals and extensions of key customers and a couple of recent customer onboardings that have gone smoothly due to our team's continual customer focus.

我們在整個分銷網絡中實現了強勁的營運績效。在本季度，我們的生產力達到了多年來的最高水平，我們的服務水平達到了一年多來的最高水平。我們能夠最大限度地為客戶提供服務的關鍵部分是我們的仿製藥計劃。紅橡樹繼續有效地執行其管理成本和可用供應的雙重任務，這支持了我們已經看到並繼續期望的銷售和性能的積極增長。在企業商業方面，我們已經看到了關鍵客戶的成功續約和擴展，以及最近的一些客戶入職，由於我們團隊對客戶的持續關注，這些客戶的入職進展順利。

In Specialty, we've seen strong continued momentum, both downstream and upstream. We're thrilled to have reached an agreement to acquire integrated oncology networks as we announced in September. Together, Cardinal Health and Ion will continue to push forward in our joint mission to improve cancer care in underserved communities. We will drive innovation through the Navista and specialty networks platforms to offer community oncologists who seek to remain independent of a suite of clinical and economic offerings to improve patient care and enhance practice performance.

在特種產品領域，我們看到下游和上游的強勁持續勢頭。正如我們在 9 月宣布的那樣，我們很高興達成收購綜合腫瘤學網絡的協議。 Cardinal Health 和 Ion 將共同繼續推動我們的共同使命，改善服務不足社區的癌症護理。我們將透過 Navista 和專業網路平台推動創新，為尋求獨立於一套臨床和經濟產品的社區腫瘤學家提供服務，以改善患者護理並提高實踐績效。

Integrated Oncology network adds immediate scale to our offering, across its 10-state footprint, ION's more than 100 providers deliver broad-reaching care in medical and radiation oncology urology, diagnostic testing and provide other ancillary services. It brings to Navista additional proven in-house MSL solutions such as revenue cycle management, payer relations and formulary management. When combined with Navista's tech solutions focused on supporting the clinical and operational needs of independent community oncologists and Specialty Networks PPS analytics platform we can offer a powerful combination for independent physicians to lower costs, improve outcomes and drive success in value-based care. While we are pleased with the suite of services and capabilities we're building, we will continue to invest organically and actively evaluate additional inorganic opportunities to further accelerate our growth strategies across the specialty therapeutic areas.

綜合腫瘤學網絡立即擴大了我們的服務規模，在 ION 的 10 個州覆蓋範圍內，100 多家提供者在醫療和放射腫瘤泌尿學、診斷測試方面提供廣泛的護理，並提供其他輔助服務。它為 Navista 帶來了其他經過驗證的內部 MSL 解決方案，例如收入週期管理、付款人關係和處方管理。當與專注於支持獨立社區腫瘤學家的臨床和營運需求的Navista 技術解決方案和Specialty Networks PPS 分析平台相結合時，我們可以為獨立醫生提供強大的組合，以降低成本、改善結果並推動基於價值的護理取得成功。雖然我們對我們正在建立的一系列服務和能力感到滿意，但我們將繼續有機投資並積極評估其他無機機會，以進一步加速我們在專業治療領域的成長策略。

Upstream with manufacturers, our BioPharma Solutions and Advanced Therapy Solutions businesses continue to develop new offerings. For example, we launched our Advanced Therapy Connect provider ordering solution in the quarter. The streamlined provider portal enables treatment centers to ask their contracted cell ending therapy products in 1 place to ensure seamless patient care and efficient product availability.

與上游製造商一起，我們的生物製藥解決方案和高級治療解決方案業務繼續開發新產品。例如，我們在本季推出了 Advanced Therapy Connect 供應商訂購解決方案。簡化的提供者入口網站使治療中心能夠在一處詢問其簽約的細胞末期治療產品，以確保無縫的患者護理和高效的產品可用性。

Turning to GMPD, where we're continuing to execute our GMPD improvement plan initiatives. Our team is operating with urgency, driving positive operational progress across key priorities, implementing significant distribution wins taking actions to drive our Cardinal Health brand line, strengthening our offerings and mitigating the impact of macro challenges while enhancing our supply chain resiliency. During the quarter, we secured key distribution renewals and remain on track to implement some notable new distribution wins during the year. Overall utilization trends remained stable, and we're seeing consistent growth across our customer base.

談到 GMPD，我們將繼續執行 GMPD 改進計劃措施。我們的團隊正在緊急行動，推動關鍵優先事項的積極營運進展，實現重大分銷勝利，採取行動推動我們的康德樂品牌線，加強我們的產品和減輕宏觀挑戰的影響，同時增強我們的供應鏈彈性。在本季度，我們獲得了關鍵的分銷續約，並繼續在年內實現一些值得注意的新分銷勝利。整體利用率趨勢保持穩定，我們的客戶群持續成長。

With Cardinal Health brand, our leading indicators remain healthy. Service levels have continued to trend positively, back orders remain near multiyear lows, and we're maintaining industry-leading customer loyalty index scores for U.S. distribution. We're constantly striving to provide our customers and their patients with the right products at the right place and time. On that note, demand for the newest Kangaroo OMNI Enteral Feeding Pump has continued to build in fiscal '25 with onboarding of thousands of patients in the U.S. and Canada in Q1. We look forward to expanding patient access to pump globally throughout this fiscal year with launch into EMEA and APAC regions.

憑藉康德樂品牌，我們的領先指標保持健康。服務水準持續呈正面趨勢，延期交貨訂單仍接近多年來的低點，我們在美國分銷方面保持行業領先的客戶忠誠度指數評分。我們不斷努力在正確的地點和時間為我們的客戶及其患者提供正確的產品。就這一點而言，對最新袋鼠 OMNI 腸內飼餵泵的需求在 25 財年持續增長，第一季美國和加拿大已有數千名患者開始使用。我們期待在本財年在全球擴大患者使用幫浦的機會，並在歐洲、中東和非洲和亞太地區推出。

Additionally, we are preparing to launch our next-generation Kendall compression device in the back half of fiscal year. The next-generation platform is designed for optimal outcomes to prevent deep vein thrombosis and pulmonary embolisms by enhancing blood circulation. We're also adapting our operations to the macro environment, while leveraging the diversity of our global supply chain. During the quarter, we significantly expanded domestic syringe production at two US-based manufacturing facilities in response to industry-wide disruptions and tariffs.

此外，我們準備在本財年下半年推出下一代 Kendall 壓縮設備。下一代平台旨在透過增強血液循環來實現最佳結果，以預防深部靜脈栓塞和肺栓塞。我們也正在調整我們的營運以適應宏觀環境，同時利用我們全球供應鏈的多樣性。本季度，我們大幅擴大了位於美國的兩家製造工廠的國內注射器產量，以應對全行業的干擾和關稅。

We're managing through external challenges such as the impacts of the East Coast port strike and southeastern hurricanes with minimal disruptions to our service. And as we've exited the quarter, we've seen a decline in international freight costs from the recently elevated levels. We're continuing to take an aggressive approach to managing our cost structure and evaluating opportunities to accelerate planned initiatives in support of our goals. In short, with the significant progress we've achieved to date, we remain confident in our turnaround plan and the opportunities for GMPD on the horizon.

我們正在應對外部挑戰，例如東海岸港口罷工和東南颶風的影響，同時將對我們的服務造成的干擾降至最低。當我們結束本季時，我們看到國際貨運成本從最近的高水準下降。我們將繼續採取積極的方法來管理我們的成本結構，並評估加速計劃舉措以支持我們目標的機會。簡而言之，鑑於我們迄今為止的重大進展，我們對我們的周轉計劃和即將到來的 GMPD 機會仍然充滿信心。

Turning to our other businesses. In Nuclear and Precision Health Solutions, the business has continued its double-digit revenue growth with above-market growth in the core categories and Theranostics. As Aaron indicated, we are anticipating that an industry-wide shortage will have an adverse impact on second quarter volumes for many of our core low energy products. We've been working closely with suppliers and maximize available doses to minimize disruptions as much as possible. With PET, we're investing to increase our cyclotron capacity and geographic reach to meet increasing demand for diagnostic imaging agents such as GE Healthcare's Vizamyl, used for early detection of Alzheimer's and dementia.

轉向我們的其他業務。在核能和精準健康解決方案方面，該業務持續保持兩位數的收入成長，核心類別和治療診斷的成長高於市場水準。正如亞倫指出的那樣，我們預計全行業的短缺將對我們許多核心低能耗產品第二季的銷售量產生不利影響。我們一直與供應商密切合作，最大限度地增加可用劑量，以盡可能減少干擾。透過 PET，我們正在投資提高迴旋加速器的容量和地理覆蓋範圍，以滿足對診斷成像劑日益增長的需求，例如用於早期檢測阿茲海默症和癡呆症的 GE Healthcare 的 Vizamyl。

Outside the core, we've continued to see significant demand for Theranostics products, which again grew revenue over 20% in Q1, most predominantly in the areas of oncology with products such as Felix six. In at Home Solutions, we're also continuing to see double-digit revenue growth and deliver a leading customer experience. We've seen strong growth across key categories such as CGN and urology, which supports our ongoing focus on driving positive operating leverage. The benefits of our investments in additional distribution capacity and increased automation are beginning to take hold.

在核心業務之外，我們繼續看到對 Theranostics 產品的巨大需求，該產品在第一季的收入再次增長了 20% 以上，主要是在腫瘤學領域，其產品包括 Felix 6 等。在家庭解決方案方面，我們也持續實現兩位數的收入成長並提供領先的客戶體驗。我們看到 CGN 和泌尿科等關鍵類別的強勁成長，這支持了我們持續致力於推動積極的營運槓桿。我們在增加配送能力和提高自動化方面的投資所帶來的好處已經開始顯現。

In Q1, our primary operational metrics have achieved the highest levels on record for service quality and efficiency. We expect to continue investing in the growth and capability of this business. In OptiFreight Logistics, we're continuing to invest in tech forward platforms such as our total view insights and evolve our capabilities to unlock decision-driving insights and value for our customers. For example, our recent product launches include enhancements to our limited liability shipment product that provides coverage on critical shipments and makes it easier for customers to view spending trends and tracking on these shipments. We're always working to add incremental value and capabilities to satisfy the needs of our customers.

第一季度，我們的主要營運指標在服務品質和效率方面達到了有史以來的最高水準。我們期望繼續投資於該業務的成長和能力。在 OptiFreight Logistics 中，我們將繼續投資於技術前沿平台，例如我們的整體視野洞察力，並發展我們的能力，為客戶釋放決策驅動的洞察力和價值。例如，我們最近推出的產品包括對有限責任貨運產品的增強，該產品可以涵蓋關鍵貨運，並使客戶更容易查看支出趨勢並追蹤這些貨運。我們始終致力於增加增量價值和能力，以滿足客戶的需求。

At an enterprise level, the actions we've taken to strengthen our balance sheet over the past several years, along with our team's relentless attention to optimizing our working capital has positioned us with significant financial flexibility. We're continuing to invest in the business, return capital to shareholders and prioritize the right strategic choices to accelerate our long-term growth. We are in an active M&A environment, and we'll continue to pursue inorganic activity to those areas that fit with our strategic priorities of investing primarily in specialty as well as the other growth areas of at-Home, Nuclear and OptiFreight.

在企業層面，我們過去幾年為加強資產負債表而採取的行動，以及我們團隊對優化營運資本的不懈關注，使我們擁有顯著的財務靈活性。我們將繼續投資業務，向股東返還資本，並優先考慮正確的策略選擇，以加速我們的長期成長。我們正處於活躍的併購環境中，我們將繼續在那些符合我們主要投資於專業領域的策略重點以及家庭、核能和 OptiFreight 等其他成長領域的領域開展無機活動。

Before I wrap up, I'd like to acknowledge all those affected by the destating southeastern hurricanes. Our priority is always the lobbing of our employees and our customers. I'm proud but not surprised at how the Cardinal team has navigated challenges to continue delivering for our customers and their patients. To close, we had a great start to fiscal '25 and are excited to continue building upon our momentum. Thank you to our team for their many tireless efforts fulfilling our role as health care's most trusted partner. With that, we will take your questions.

在結束演講之前，我要向所有受到東南颶風破壞的人們表示感謝。我們的首要任務始終是員工和顧客的遊說。對於 Cardinal 團隊如何應對挑戰，繼續為我們的客戶及其患者提供服務，我感到自豪，但並不感到驚訝。最後，我們在 25 財年有了一個良好的開端，並且很高興能夠繼續鞏固我們的勢頭。感謝我們的團隊為履行我們作為醫療保健最值得信賴的合作夥伴的角色所做的不懈努力。這樣，我們將回答您的問題。

(Operator Instructions) Lisa Gill, JPMorgan.

（操作員指示）Lisa Gill，摩根大通。

I just want to focus on the drug distribution side of your business, which had great results. Just a few questions. First, when I think about the vaccine, thank you for calling out the revenue component. Jason Aaron, can you talk about the margin? Is that materially better?

我只想專注於你們業務的藥品分銷方面，這方面取得了很好的成果。只是幾個問題。首先，當我想到疫苗時，感謝您指出收入部分。 Jason Aaron，你可以談談利潤嗎？物質上是不是更好了？

Or is there something else that was driving the margin improvement when we think about the quarter? And then secondly, when you called out the revenue improvement around specialty. What we've heard from some of the managed care companies is that changes in IRA as potentially driving incremental volumes, especially around specialty drugs. And those changes will increase as we think about calendar 2025.

或者，當我們考慮本季時，還有其他因素推動了利潤率的提高嗎？其次，當你提到專業領域的收入改善。我們從一些管理式醫療公司了解到，IRA 的變化可能會推動銷售的成長，尤其是在特殊藥物方面。當我們考慮 2025 年時，這些變化將會增加。

So I'm just curious as to how you're thinking about volumes there, margins there. So just overall, my 2 questions and a single question would just really be around that segment. first being how to think about the vaccine and contribution to the margin? And then secondly, how do we think about what's happening on the specialty side.

所以我很好奇你們是如何考慮那裡的銷售和利潤率的。總的來說，我的兩個問題和一個問題實際上都圍繞著該部分。首先是如何考慮疫苗和對利潤的貢獻？其次，我們如何看待專業方面正在發生的事情。

Yes. Thanks, Lisa. And I'm glad you asked that question first because that's, I think, very much the highlight of this quarter is what's driving the Pharma segment. We gave a lot of color in the script, but let me go a little bit deeper and just put some additional commentary to behind it. It was a strong quarter for the Pharma segment, and you referenced a couple of the key components, and I'll get into those, but let me just kind of back up and talk about the key drivers overall because what you're going to hear from me is there's not any one thing in particular that drove the success this quarter. I'll bucket it into three key buckets.

是的。謝謝，麗莎。我很高興您首先提出這個問題，因為我認為，本季的亮點是推動製藥業的發展。我們在劇本中賦予了很多色彩，但讓我更深入一點，並在背後添加一些額外的評論。這是製藥業強勁的一個季度，您提到了幾個關鍵組成部分，我將詳細介紹這些組成部分，但讓我稍微備份並談談總體的關鍵驅動因素，因為您將要做什麼據我所知，沒有任何一件事特別推動了本季的成功。我將把它分成三個關鍵的桶子。

First of all, and I think it's the essence of your question is, we did see very strong and very broad demand utilization across various customers across various products, classes of trade. Really, all corners of the pharma business was strong from a utilization perspective. Again, whether we're talking about brands or consumer health or generics, you call out specialty with the specialty, we saw stricter distribution as well as biopharma services and solutions. And so we have across that spectrum, some really good strength. Specifically with COVID, yes, the volume was stronger this quarter because the FDA approval, of course, was about a month earlier than last year.

首先，我認為你問題的本質是，我們確實看到了不同產品、不同貿易類別的不同客戶的非常強勁和非常廣泛的需求利用。事實上，從利用率的角度來看，製藥業務的各個方面都表現強勁。再說一次，無論我們談論品牌、消費者健康還是仿製藥，你都可以用專業來稱呼專業，我們看到了更嚴格的分銷以及生物製藥服務和解決方案。因此，我們在整個領域都擁有一些真正強大的優勢。特別是在新冠疫情方面，是的，本季的銷售量更大，因為 FDA 的批准當然比去年早了一個月左右。

So September 11 last year, middle to late August this year. So we had the peak of COVID volumes clearly was in Q1 this year. It was clearly in October in Q2 of last year. So that is a difference. However, I would highlight that the actual contribution to year-over-year earnings for the Pharma segment was a small tailwind, a slight tailwind associated with COVID. So higher and better than what we thought for the first quarter but not a significant driver of those year-over-year results.

那麼去年9月11日，今年8月中下旬。因此，我們發現新冠病毒感染量的峰值顯然是在今年第一季。顯然是去年第二季的十月。所以這是有差別的。然而，我要強調的是，對製藥部門年比收益的實際貢獻是一個小小的推動力，一個與新冠疫情相關的輕微推動力。比我們對第一季的預期更高、更好，但並不是這些同比業績的重要推動因素。

It was the other breadth and depth of the strength of the utilization that was a bigger driver. One last comment on the COVID vaccines as well we see the timing difference for Q1 and Q2. For the full year, we still anticipate being the same -- a modest headwind year-over-year, but that will be all that headwind will be in the second quarter. So that's the first point, the primary point, strong volume across the board. Second point is the volume that we did see, we did see some favorable mix.

利用率強度的另一個廣度和深度是更大的驅動力。關於新冠疫​​苗的最後一個評論是，我們看到第一季和第二季的時間差異。對於全年來說，我們仍然預計會出現同樣的情況——同比溫和的阻力，但這將是第二季的全部阻力。這是第一點，也是最重要的一點，成交量全面強勁。第二點是我們確實看到的成交量，我們確實看到了一些有利的組合。

So the types of customers cost to trade was more favorable. But I would highlight that, that's really on the back of that broad strength in underlying utilization. And then the final leg of the stool is the fact that with that volume, we had fantastic service levels multiyear productivity enhancements. In a quarter in which we had a lot of change, a lot of transition of customers, we performed incredibly well, meaning that, that volume that we did have we're able to deliver it efficiently.

所以該類型的客戶對交易成本比較有利。但我要強調的是，這確實是在潛在利用率的廣泛優勢的支持下。最後一個事實是，憑藉如此大的數量，我們的服務水準多年來都得到了提高，生產力也得到了提高。在我們發生了許多變化、大量客戶轉變的一個季度，我們的表現非常好，這意味著我們能夠有效地交付我們現有的數量。

And to some degree, we will actually even deliver it, right, having good service levels, improved service levels in the quarter strong levels that allowed us to actually execute upon that, so those are the drivers. It's more than just vaccines, it's more than just specialty. Within your question around IRA and perhaps there may be some dynamics there, we did see specialty growth faster than the overall when we look at our overall enterprise growth. Our pharma growth ex the large customer transition that was 16%.

在某種程度上，我們實際上甚至會交付它，對吧，擁有良好的服務水平，在本季度提高服務水平，使我們能夠真正執行這一目標，所以這些是驅動因素。這不僅僅是疫苗，也不僅僅是專業。在你關於 IRA 的問題中，也許那裡可能存在一些動態，當我們審視我們的整體企業成長時，我們確實看到專業成長快於整體。我們的製藥公司成長了 16%（大客戶轉型除外）。

When you look at specialty in the same way, it was a little bit higher than that. So we did see some strength there. But I wouldn't say that this was driven by that. It was a component of that underlying growth.

當你以同樣的方式看待專業時，它比那要高一點。所以我們確實在那裡看到了一些力量。但我不會說這是由這個驅動的。這是潛在成長的一個組成部分。

Michael Cherny, Leerink Partners.

邁克爾·切爾尼，Leerink Partners。

Maybe I'll try a similar approach to Lisa, one question but a couple of pieces tied into it. I just want to bridge the gap on the 300 basis point uptick in pharma guidance for the year. I mean, Jason, I heard you talk a lot about utilization improvements. But any way you can give us a sense of what were the biggest drivers that led to the full year improvement?

也許我會嘗試對麗莎採取類似的方法，一個問題，但與它相關的幾個部分。我只是想彌補今年製藥業指引上漲 300 個基點的差距。我的意思是，傑森，我聽到你談論了很多關於利用率改進的內容。但您能否讓我們了解導致全年改善的最大驅動因素是什麼？

And specifically within there, you mentioned the COVID headwind being modest year-over-year. I just want to make sure it's the same level of modest and then anything you can say on GLP-1 economics, whether that played any role in the guidance uptick or not?

特別是在其中，您提到新冠疫情的逆風逐年溫和。我只是想確保它處於同樣的適度水平，然後您可以對 GLP-1 經濟學說些什麼，這是否在指導上升中發揮了任何作用？

Happy to talk and provide some perspective on the updates to guidance for form. And of course, starting where Jason left off, we are really pleased with the Q1 performance, leading to the raise to our guide to actually to our long-term target of 4% to 6% new profit growth for the year. It's really driven by the strength and the resiliency of the business in Q1 that we see continuing as we carry forward. Now part of this is just execution. You heard Jason reference the strong broad-based demand, right?

很高興與您交談並就表格指南的更新提供一些觀點。當然，從 Jason 留下來的地方開始，我們對第一季的表現非常滿意，這導致我們的指南上調，實際上我們的長期目標是今年 4% 至 6% 的新利潤成長。這實際上是由第一季業務的實力和彈性推動的，我們認為隨著我們的推進，這一點將繼續下去。現在這一部分只是執行。您聽說傑森提到了廣泛的強烈需求，對吧？

That certainly assists in the raise to our guidance. It's also the case that as we walk into Q1, we were very focused on how are we going to execute as part of the customer transition. And the good news is, is that we managed the team managed that very well, both from an income statement perspective and from a working capital perspective. The impact that we were anticipating in Q1 was offset by significant simplification. We got more done there than we had anticipated, especially Networks contributed the new customers.

這無疑有助於提高我們的指導意見。同樣的情況是，當我們進入第一季時，我們非常關注如何作為客戶過渡的一部分來執行。好消息是，我們的團隊管理得很好，無論是從損益表的角度還是從營運資金的角度來看。我們在第一季預期的影響被顯著簡化所抵消。我們在那裡完成的工作比我們預期的要多，特別是網路部門貢獻了新客戶。

You heard me say we've started to onboard those as well. And so the pieces are really coming together, helping to give us more confidence than as we carry forward through the year as well, how the offset of that business will continue. Now our guidance assumes consistent market dynamics in our generics portfolio. We saw strength in Q1 in generics, and we anticipate those consistent market dynamics are continuing. Our guidance also continues to see increased contributions from brand and specialty products.

你聽到我說過我們也開始加入這些。因此，這些部分確實正在整合在一起，這有助於讓我們對這項業務的抵消將如何繼續進行下去更有信心。現在，我們的指導假設我們的仿製藥產品組合具有一致的市場動態。我們在第一季看到了仿製藥的強勁勢頭，我們預計這些一致的市場動態將持續下去。我們的指導也持續看到品牌和特色產品的貢獻不斷增加。

I won't repeat what Jason just had to say about that category CO we did guide at the start of the year. And indeed, our guidance continues that it will be a modest headwind for us through the year, notwithstanding that it was a modest tailwind for us during Q1. On the revenue side of the house, right? Of course, we did call up our overall guide there.

我不會重複傑森剛才所說的關於我們在年初指導的 CO 類別的內容。事實上，我們的指引繼續認為，這對我們全年來說將是一個溫和的逆風，儘管這在第一季對我們來說是一個溫和的順風。在房子的收入方面，對吧？當然，我們確實在那裡調用了我們的總體指南。

And that's driven in part by the strength from the existing customers and strength from the new customers and GLP-1s are continuing to contribute and grow more so than we had originally expected, and that's about 4 percentage points of the revenue increase. Now from a cadence perspective on the guide, anticipating perhaps your next question, Q2, we are guiding to be slightly down due to the headwind from COVID-19. The second half, we are expecting to be consistent with the guide of 4% to 6% that we have for the long term. And as I frequently say, Q3 will be the highest dollar profit quarter just given that's when we see the impact of brand inflation over the course as well.

這在一定程度上是由現有客戶的實力和新客戶的實力推動的，GLP-1 繼續做出貢獻，成長速度超出我們最初的預期，約佔收入成長的 4 個百分點。現在，從指南的節奏角度來看，預計您的下一個問題，即第二個問題，由於 COVID-19 的不利影響，我們的指南將略有下降。下半年，我們預計將與 4% 至 6% 的長期指導保持一致。正如我經常說的那樣，第三季度將是美元利潤最高的季度，因為那時我們也看到了品牌通膨的影響。

One final note to the guide. Our guide does not include the impact of ION of the Integrated Oncology Network acquisition, we will provide that update to our guidance when we close, although I am pleased to report that. The HSR waiting period on that transaction has now expired. And subject to the completion of some other customary closing conditions, we are anticipating that we're going to close that deal by the end of the calendar year.

對指南的最後一點說明。我們的指南不包括 ION 收購綜合腫瘤學網絡的影響，我們將在交易結束時對我們的指南進行更新，儘管我很高興地報告這一點。該交易的 HSR 等待期現已到期。在滿足其他一些慣例成交條件的情況下，我們預計我們將在今年年底之前完成該交易。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Yes, Pharma was strong, but I do want to ask on medical here. So how do we think about the quarterly progression in medical at this point for the balance of the year? And then how are you thinking about kind of just underlying demand trends, excluding some of those dynamics that you were talking about in your prepared remarks, but just underlying utilization across that medical segment?

是的，製藥業很強大，但我確實想在這裡詢問醫療方面的問題。那麼，我們該如何看待今年剩餘時間內醫療產業的季度進展？然後，您如何考慮潛在的需求趨勢，排除您在準備好的發言中討論的一些動態，而只是整個醫療領域的潛在利用率？

Appreciate the question. Let me offer some perspective on both the quarter and the year as we carry forward. I want to start with the headline that we are still in the pipe to hit the $175 million, that was our original guide for the year. And it is absolutely the case that we continue to make progress against the GMPD improvement plan and our fiscal 2016 target of $300 million, which is unchanged, notwithstanding the results in Q1.

感謝這個問題。讓我對本季和本年度的進展提出一些看法。我想從標題開始，我們仍然有望達到 1.75 億美元，這是我們今年最初的目標。毫無疑問，我們繼續在 GMPD 改進計劃和 2016 財年 3 億美元的目標方面取得進展，儘管第一季的結果沒有改變，但這一目標沒有改變。

We did update our guide for the year to be $140 million to $175 million, primarily reflecting some unanticipated health and wellness costs. And just a little bit more context on that. At the enterprise level, that was around $45 million. I think I called out about half of the $91 million increase in overall SG&A. About 1/3 of that was an error buyer actuaries tied to in prior years. The rest was tied to a notable increase in the number of claims as well as Noble increase in the cost per claim at an unusual level for us. That's really what was driving the Q1 performance.

我們確實將今年的指南更新為 1.4 億至 1.75 億美元，主要反映了一些意外的健康和保健成本。還有更多關於這一點的背景資訊。在企業層面，這一數字約為 4,500 萬美元。我想我調出了 SG&A 整體成長 9,100 萬美元中的大約一半。其中約 1/3 是前幾年買家精算師的錯誤。其餘的則與索賠數量的顯著增加以及每項索賠成本的增加有關，這對我們來說是不尋常的水平。這確實是推動第一季業績的因素。

We are otherwise quite pleased with the GMPD progress against the plan. The tenacity they showed and continue to find additional opportunities to help drive the plan. Now the health and wellness challenges we aren't anticipating they'll be the same level in Q1, certainly, given the breakdown I just gave you, they will mostly carry into Q2. But the team continues to accelerate as we knew they would as we planned they would against the execution of the GNPD improvement plan for fiscal '25.

除此之外，我們對該計劃的 GMPD 進展感到非常滿意。他們展現了頑強的毅力，並繼續尋找更多機會來幫助推動該計劃。現在，我們預計健康和保健挑戰不會與第一季的水平相同，當然，考慮到我剛剛向您提供的細分，它們將主要延續到第二季​​度。但團隊繼續加速，正如我們所知道的那樣，他們會像我們計劃的那樣，反對執行 25 財年 GNPD 改進計劃。

And we are seeing increased contributions from the plan initiatives, the mitigation of the supply chain cost inflation is well within progress, right? Significant year-over-year growth from the fiscal '24 inflation mitigation that we've already experienced. We are anticipating the Cardinal Health brand revenue growth will continue following the 3% fiscal '24 revenue growth there. And the team has proven nachos in finding additional ways to simplify and cost to optimize their business as we carry forward.

我們看到計畫措施的貢獻增加，供應鏈成本通膨的緩解正在取得進展，對嗎？我們已經經歷過 24 財年通膨緩解措施帶來的顯著同比增長。我們預計，繼 24 財年 3% 的營收成長之後，康德樂品牌營收將持續成長。隨著我們的推進，該團隊已經證明了玉米片能夠找到其他方法來簡化業務並降低成本來優化其業務。

From a cadence perspective, the cadence for our guide remains unchanged from our prior guidance. We've always said the GMPD improvement plan will be back half weighted and indeed, that continues. There's no change to the overall seasonality of the business from what we've described previously, but we are expecting sequential improvement quarter-over-quarter as we push ahead.

從節奏的角度來看，我們指南的節奏與先前的指導保持不變。我們一直說 GMPD 改進計劃將恢復一半權重，事實上，這種情況仍在繼續。與我們之前描述的相比，業務的整體季節性沒有變化，但我們預計隨著我們的推進，季度將比季連續改善。

The only thing I would add is there's an element of utilization, I think, in your question, Aaron, you certainly didn't see the same level of strength on the medical side that we have seen on pharma products. But with that said, it's fairly consistent utilization than what we've seen more recently, historically in the last year or two. So we're not seeing big changes there, which to me is partly positive just given when you think about all the macro factors and the hurricanes and, of course, the disruptions with saline that we're not seeing big changes. Some smaller health systems we do see there being some deferral or cancellation of some procedures.

我唯一要補充的是，有一個利用的因素，我認為，在你的問題中，亞倫，你肯定沒有看到我們在醫藥產品上看到的醫療方面的同等強度。但話雖如此，與我們最近看到的、過去一兩年歷史上看到的情況相比，它的利用率相當一致。因此，我們沒有看到那裡發生重大變化，對我來說，考慮到所有宏觀因素和颶風，當然還有鹽水的干擾，我們沒有看到重大變化，這在一定程度上是積極的。我們確實看到一些較小的衛生系統推遲或取消了某些程序。

But overall, we've not seen wide aspects throughout the industry on that. So cautiously optimistic that we as well as our customers are doing a fantastic job of managing through some disruptions that at this point, we don't see materially impacting underlying utilization.

但總的來說，我們還沒有看到整個行業在這方面有廣泛的影響。我們和我們的客戶在管理一些中斷方面做得非常出色，因此我們持謹慎樂觀的態度，目前我們認為不會對潛在利用率產生重大影響。

Eric Percher, Nephron Research.

艾瑞克‧佩徹（Eric Percher），腎臟單位研究中心。

Question on pharma. We heard some commentary from manufacturers of GLP-1s on inventory fluctuation. And I'd expect that the DSA agreements do not allow you to build inventory in pharma as pretty good visibility. So can we check that assumption? And then relative to GLP-1 inventory, have you been able to optimize as growth stabilizes? And was that at all a factor in improving cash flow?

關於製藥的問題。我們聽到了 GLP-1 製造商對庫存波動的一些評論。我預計 DSA 協議不允許您在製藥公司建立庫存，因為其可見度相當高。那我們可以檢驗這個假設嗎？然後，相對於 GLP-1 庫存，您是否能夠隨著成長穩定而優化？這真的是改善現金流的因素嗎？

Yes. So I'm aware of some comments on GLP-1 inventory. Obviously, I can't speak for the broader industry. For us, specifically, we manage this very closely. You can imagine that there's a lot of volatility in terms of strong demand supply that does not meet that demand. So we're managing it at a very detailed manual level. And we have seen very static levels of inventory, relatively low levels of inventory that have not fluctuated much at all over the last several quarters.

是的。我知道一些關於 GLP-1 庫存的評論。顯然，我不能代表更廣泛的行業。具體來說，對於我們來說，我們對此進行了非常嚴格的管理。您可以想像，在無法滿足需求的強勁需求供應方面存在著很大的波動。所以我們在非常詳細的手動級別上對其進行管理。我們看到庫存水準非常穩定，庫存水準相對較低，在過去幾個季度中沒有太大波動。

Relatively low levels of inventory, certainly, but it is our practice, our priority to get this product in the hands of our customers and ultimately to patients as quickly as possible. So no, we have not been changing our levels of inventory in any meaningful way whatsoever. And as it relates to our impact on our underlying financials. It is 5% of that 16% Q1 revenue growth. So it was certainly meaningful to our top line and still that implies strong growth ex that GLP-1 impact.

當然，庫存水準相對較低，但我們的做法是，我們的首要任務是將這種產品盡快送到客戶手中，並最終送到患者手中。所以不，我們沒有以任何有意義的方式改變我們的庫存水準。因為它關係到我們對基礎財務狀況的影響。這是第一季 16% 營收成長的 5%。因此，這對我們的收入肯定有意義，並且仍然意味著除 GLP-1 影響外的強勁成長。

But as we've always said, it is not a meaningful driver of our earnings, and that continues to be the case and is not a significant driver of the financial results other than revenue for this particular quarter. And given the inventory is now fluctuating, it's also not a significant driver of our cash flow.

但正如我們一直所說的那樣，這並不是我們收入的有意義的驅動因素，而且情況仍然如此，除了本季度的收入之外，它並不是財務業績的重要驅動因素。鑑於庫存現在正在波動，它也不是我們現金流的重要驅動因素。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

One for Aaron. The gross margin, really nice improvement year-over-year. Obviously, you're getting some type of benefit there from losing a low-margin customer. But is there any way to frame the puts and takes on the gross margin line, excluding that contract change?

一張是給亞倫的。毛利率年比確實有不錯的改善。顯然，你會從失去低利潤客戶中獲得某種好處。但是，除了合約變更之外，有沒有什麼方法可以將看跌期權和看跌期權納入毛利率線？

Actually, I'm going to take that one first. I know you give it to Aaron, I'll let him talk after me, but I'm the one that's made a lot of statements on this before Aaron arrived and after he arrived. So I did when gross margin rates were lower year-over-year, I always highlighted that's not how we manage our business. We manage our business on gross margin dollars.

事實上，我會​​先拿那個。我知道你把它交給亞倫，我會讓他在我之後發言，但我是在亞倫到達之前和他到達之後對此發表了很多聲明的人。因此，當毛利率比去年同期較低時，我總是強調這不是我們管理業務的方式。我們根據毛利率來管理我們的業務。

And so I'm not going to take credit for gross margin rate improvements when we lose a low-margin, large customer. So I appreciate the fact that we like the direction of those metrics. And all things being equal, I would love to have higher margin rates, especially if revenues are growing higher. But in a business like this that has negative working capital very slim overall margins.

因此，當我們失去低利潤的大客戶時，我不會將毛利率的增加歸功於自己。所以我很欣賞我們喜歡這些指標的方向。在所有條件相同的情況下，我希望有更高的利潤率，特別是如果收入成長更高的話。但在這樣一個營運資本為負的企業中，整體利潤率非常微薄。

What's important is how we manage the balance between our SG&A and our gross margin. And this is another great example of it this quarter that regardless of the gross margin rate, we manage gross margin dollars higher than our SG&A increase, and that's what keeps this model working the way it is. And that's what we're going to continue to be focused on. We'll celebrate the margin rate increases, which are largely driven by the cost reductions and the mix benefits and having more higher-margin customers, fewer lower-margin customers, but it's not a model change, and that's the key thing I want to get across.

重要的是我們如何管理銷售、管理費用和毛利率之間的平衡。這是本季的另一個很好的例子，無論毛利率如何，我們管理的毛利率都高於我們的 SG&A 成長，這就是使該模型保持現狀的原因。這就是我們將繼續關注的重點。我們將慶祝利潤率的提高，這主要是由成本降低和混合效益以及擁有更多高利潤客戶和更少低利潤客戶推動的，但這不是模型的變化，這是過去我想要的關鍵事情。

And I just realized I probably took all your talking points, Aaron, anything to add.

我剛剛意識到我可能接受了你所有的談話要點，亞倫，還有什麼要補充的。

I thought that was incredibly well said, Jim.

我認為這句話說得非常好，吉姆。

Kevin Caliendo, UBS.

凱文‧卡里恩多，瑞銀集團。

So I just want to make sure there's been no necessarily any change in GLP-1 economics going forward at all. That's not driving in any way, the change in guidance for the full year. And two, sort of secondarily, one of the infusion companies who reported this week suggested that STELARA pricing, brand pricing was going to get come 1/12 when biosimilars came. And I know part of that's infusion part of that is subcu.

因此，我只是想確保 GLP-1 經濟學未來不會有任何變化。全年指導方針的變化不會以任何方式推動。其次，一家輸液公司本週報告稱，當生物相似藥問世時，STELARA 定價、品牌定價將達到 1/12。我知道其中一部分是輸液，一部分是 subcu。

But I'm wondering if a brand company lowers price to sort of a lower level, how does that impact you? Does this potentially impact you in any way? Can you just talk through the economics of how that would work and potentially impact you, if at all?

但我想知道如果一家品牌公司將價格降低到較低水平，這對您有何影響？這對您有潛在的影響嗎？您能從經濟學角度談談這將如何運作以及對您可能產生的影響（如果有的話）嗎？

Sure. Yeah. No, the GLP-1 economics, I think I basically answered that one before, so I don't think there's much else to add there. It's not a key part of the change. Again, I highlighted that broad strength and I didn't even mention GLP specifically when I was talking about the key drivers there. Again, we love innovation. We think that's great for the industry. It's great for us, it benefits like the volume, it helps allow us to be even more efficient and things of that nature.

當然。是的。不，GLP-1 經濟學，我想我之前基本上已經回答過這個問題了，所以我認為沒有什麼可以補充的了。這不是變革的關鍵部分。我再次強調了這種廣泛的優勢，當我談論那裡的關鍵驅動因素時，我甚至沒有具體提到 GLP。再次強調，我們熱愛創新。我們認為這對該行業來說非常有利。這對我們來說很棒，它像數量一樣帶來好處，它有助於讓我們變得更有效率以及類似的事情。

But it's not something that specifically drove the underlying strength that we saw in all those other areas that I highlighted. So, it's a component, but it's definitely not the driver. In terms of the STELARA comment, this is not new when it comes to price changes that we see in our industry, the model continues to work in the way that makes sense for us. We basically operate on a fixed fee basis for our service.

但這並不是專門推動我們在我強調的所有其他領域中看到的潛在優勢的東西。所以，它是一個組件，但絕對不是驅動程式。就 STELARA 的評論而言，就我們在行業中看到的價格變化而言，這並不新鮮，該模型繼續以對我們有意義的方式發揮作用。我們的服務基本上是按固定收費進行營運。

And that concept was recently tested yet again with insulin and those dramatic price reductions that we saw at that point. And not only us, but our peers, you didn't hear us talking a lot about that type of flow through. So, we continue to believe that we are by far the best alternative to delivering these products safely, securely and efficiently in the marketplace. And when the price levels change, the dollar fee we get for those prices to stock and support on the manufacturer side is unchanged.

最近，這個概念再次透過胰島素和我們當時看到的價格大幅下降進行了測試。不僅是我們，還有我們的同行，你沒有聽到我們談論很多關於這種類型的流程。因此，我們仍然相信，我們是迄今為止在市場上安全、可靠、有效率地交付這些產品的最佳替代方案。當價格水準發生變化時，我們為這些價格而獲得的庫存費用和製造商方面的支援保持不變。

We provide the exact same service and expect to get the exact same financial compensation for that. So, we continue to expect that model to continue to evolve. And whether you're talking about, again, insulin or STELARA, you also have all the IRA products that will happen in phases over, well, the future. And each of those cases, we would expect that model to continue to hold given how we have structured that today and how we'll continue to evolve with it.

我們提供完全相同的服務，並期望為此獲得完全相同的經濟補償。因此，我們繼續期望該模型繼續發展。無論您談論的是胰島素還是 STELARA，您都還擁有未來分階段出現的所有 IRA 產品。對於每一種情況，考慮到我們今天的結構以及我們將如何繼續發展，我們預計模型將繼續保持下去。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

Congrats on the good performance here. I had a couple just quick on GMPD. I just want to confirm that profit in the segment would have more than doubled it looks like, if not for the unexpected increase in health and wellness costs? And so I guess a confirmation on that. And then is it possible to size the incremental manufacturing costs as you build out the syringe capacity in the US? And also talk about what you're seeing with international costs across other products.

恭喜你在這裡取得了良好的表現。我有幾個很快就了解了 GMPD。我只是想確認一下，如果不是健康和保健成本意外增加，該領域的利潤將會增加一倍以上？所以我想對此進行確認。那麼，當您在美國擴大注射器產能時，是否可以確定增量製造成本的大小？並談談您所看到的其他產品的國際成本。

We're hearing some suppliers might be raising their costs as we're seeing some of these China tariff knock-ons and then some of the other limitations to China product coming into the US market for other reasons. So I guess a multifold question around GMPD, but anything you could help us size what, if there is such a thing is underlying profit growth ex health and wellness and ex the increase in manufacturing costs would be helpful.

我們聽說一些供應商可能會提高成本，因為我們看到一些中國關稅的連鎖反應，然後由於其他原因對中國產品進入美國市場的一些其他限制。因此，我想圍繞 GMPD 存在一個多重問題，但是如果存在這樣的事情，您可以幫助我們確定除健康和保健以及製造成本增加之外的潛在利潤增長的任何內容都會有所幫助。

Appreciate the questions. A couple of quick responses. First, your math is no doubt correct where if you add the $17 million headwind from health and wellness to the $8 million delivery, that would forth mid-20s profit delivery on an operating basis for the business ex that one adjustment. And then broadly, the quantification or the estimation, if you will, of the manufacturing across it was a similar dollar impact to the health and wellness impact in Q1.

感謝您提出的問題。幾個快速回覆。首先，你的數學無疑是正確的，如果你將來自健康和保健的1700 萬美元逆風添加到800 萬美元的交付中，那麼在該業務的運營基礎上，除那次調整外，這將帶來20 年代中期的利潤交付。然後，從廣義上講，如果您願意的話，整個製造業的量化或估計與第一季的健康和福祉影響類似。

Yes. And on your last part of your question related to cost, you're referencing products coming out of China, you're really getting at the tariffs that are going to go into place here beginning in January and then rolling out later.

是的。關於與成本相關的問題的最後一部分，您指的是來自中國的產品，您確實了解了將從一月份開始實施的關稅，然後再推出。

So let me make a broad statement about it that I think is consistent with how to think about it in the short term. We have a very diversified supply base. But it's given it's diversified, it's not entirely in the US. We've highlighted about half of our Cardinal Health brand products come from North America, which does include a decent amount coming out of Mexico as well.

因此，讓我對此發表一個廣泛的聲明，我認為這與短期內如何思考它是一致的。我們擁有非常多元化的供應基地。但鑑於它是多元化的，它並不完全在美國。我們強調了大約一半的康德樂品牌產品來自北美，其中也包括相當數量的來自墨西哥。

We use some degree out of China, less than 10% source China. We don't manufacture anything in China, but we use Southeast Asia, we use Latin America quite a bit as well. And like I mentioned, U.S. and Mexico. So we have a very diverse supply base that has served us fairly well. We had challenges, of course, during COVID, when perhaps too much was in Asia, and we continue to migrate that.

我們使用的部分來自中國，不到10%來自中國。我們在中國不生產任何東西，但我們使用東南亞，我們也大量使用拉丁美洲。正如我所提到的，美國和墨西哥。因此，我們擁有非常多元化的供應基地，為我們提供了相當好的服務。當然，在新冠疫情期間，我們遇到了挑戰，當時亞洲可能有太多的挑戰，我們繼續將其遷移。

But when you add tariffs on top of it, that is something that will raise cost. There's no doubt about that. It will mean that we will take it from the economically optimal location to one that's less optimal. And that will raise costs not only for us, but throughout the industry. And you know our margins, you know the margins in this space that -- if there's a 10% across-the-board type of tariff, that will have to flow through in some way.

但當你在此基礎上增加關稅時，就會增加成本。毫無疑問。這意味著我們會將其從經濟上最優的位置轉移到不太理想的位置。這不僅會增加我們的成本，還會增加整個產業的成本。你知道我們的利潤，你知道這個領域的利潤——如果有 10% 的全面關稅，那麼就必須以某種方式流通。

We will do everything we can to keep that from flowing through entirely to our customers, but there will be some impacts that will have to be absorbed. So your commentary around some data points that we're already seeing it for these very short list of products, namely syringes and PPE that's occurring here in the near term, I think, is representative of that. Those are products that are largely sourced out of Southeast Asia and especially into China, and you are seeing some pricing changes that are coming through the marketplace anecdotally, and we think that makes sense because the low-cost alternative is being impacted with a higher cost, and that will have to flow through the supply base. Of course, we're working on solutions to minimize that impact. But I think it's something that should be expected that there will be price increases.

我們將盡一切努力防止這種影響完全流向我們的客戶，但必須吸收一些影響。因此，您對一些數據點的評論，我們已經看到了這些非常短的產品清單，即近期出現的注射器和個人防護裝備，我認為，就代表了這一點。這些產品主要來自東南亞，尤其是中國，您會看到市場上出現的一些定價變化，我們認為這是有道理的，因為低成本替代品正在受到更高成本的影響，並且必須流經供應基地。當然，我們正在研究解決方案以盡量減少這種影響。但我認為價格上漲是應該預期的。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Yeah. Good morning, guys. Thanks for taking the question, and I hope you'll forgive the joke, which is I have just one question but in 27 parts. But actually a lot of the questions that I'm getting this morning from investors focus on the Pharma OP outperformance in the quarter. And Aaron or Jason, I was wondering if you guys would either just maybe attribute kind of vaccine versus it sounds like GLP-1s weren't much versus generics and other.

是的。早安，夥計們。感謝您提出問題，希望您能原諒我這個玩笑，即我只有一個問題，但分為 27 個部分。但實際上，今天早上我從投資者那裡收到的許多問題都集中在製藥公司本季的優異表現上。 Aaron 或 Jason，我想知道你們是否只是將其歸因於某種疫苗，而聽起來 GLP-1 與仿製藥和其他藥物相比並沒有多大。

And you guys called out the Generics program, where we've seen kind of an increase in some generic drug prices and we've seen an increase in generic drug shortages, which we both tend to think of as being able to contribute to Pharma margins. So, again just like outperformance kind of vaccines versus other, and would just kind of love your -- hear your commentary on what's happening in the generic drug market as it relates to pricing and shortages.

你們提到了仿製藥計劃，我們看到一些仿製藥價格有所上漲，而且仿製藥短缺情況有所增加，我們都傾向於認為這能夠為製藥公司的利潤做出貢獻。因此，就像疫苗與其他疫苗相比表現優異一樣，我想聽聽您對仿製藥市場上正在發生的事情的評論，因為它與定價和短缺有關。

Yeah. I can kind of force rank. I mean, what we put into our comments and what's in the presentation, you can see that our Brand and Specialty Products together are the greatest drivers. Within that, both Brand and Specialty were good drivers. Again, I'll say it again, the vaccines were a slight year-over-year increase. I think we quantified before last year that it was about $25 million of profit in the quarter. It was a little bit higher than that, but it's not the driver of it. Generics was notable. It's not as large as Brand and Specialty, but it was also a driver of it.

是的。我可以強制排名。我的意思是，我們的評論和演示中的內容，您可以看到我們的品牌和特色產品一起是最大的驅動力。其中，品牌和專業都是很好的驅動力。我再說一遍，疫苗數量比去年同期略有增加。我想我們在去年之前就量化過該季度的利潤約為 2500 萬美元。它比這個高一點，但這不是它的驅動因素。泛型是值得注意的。它不像品牌和專業那麼大，但也是它的驅動力。

And that's why I answered the question the way I did is that, we're seeing strength in utilization across the board and we had strong operational and cost performance as well. That was a nice tailwind, more simple operating environment, of course, this particular quarter. Even though we had a lot of change, we managed to do that very well. But that's the best I can do, and again you can do the math with the revenue growth highlights. It was pretty good revenue as well with 16% ex the customer transition, 5 percentage points of that being GLP-1. So, still quite strong kind of core revenue growth, which translates into all those categories I referenced.

這就是為什麼我回答這個問題的方式是，我們看到了全面利用率的優勢，我們也擁有強大的營運和成本效益。當然，在這個特定的季度，這是一個很好的順風，更簡單的營運環境。儘管我們做了很多改變，但我們還是做得很好。但這是我能做的最好的事情，你也可以用收入成長亮點來進行數學計算。這也是相當不錯的收入，扣除客戶轉換後的收入為 16%，其中 5 個百分點是 GLP-1。因此，核心收入成長仍然相當強勁，這轉化為我提到的所有這些類別。

The one thing I would add is we as we usually do, we drilled out the fact that generics program had consistent market dynamics, which you should really take us the sign that we saw good volumes there because there's nothing extraordinary happening on the buyer. So we manage those two sites together.

我要補充的一件事是，我們像往常一樣，深入了解了仿製藥計劃具有一致的市場動態這一事實，您確實應該向我們表明我們在那裡看到了良好的銷量，因為買方沒有發生任何異常情況。所以我們一起管理這兩個網站。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Congrats on the quarter. I've got one that kind of dovetails on what Eric asked. I was hopefully to hear how you're thinking about the puts and takes of the potential election outcome. Since you could have some easing M&A risk for pharma, there's potential tariff risk in GMPD kind of your broader thoughts there would be helpful.

恭喜本季。我有一個與埃里克的問題相符的答案。我希望聽到您如何看待潛在選舉結果的優缺點。由於製藥公司的併購風險可能會有所緩解，因此 GMPD 中存在潛在的關稅風險，您更廣泛的想法將會有所幫助。

Sure. Well, I think the first thing I would think about is the good news is I think most people in DC believe that affordable access to health care is really important. And when you've heard me talk about any of these topics, I talked about. We love affordability. We love transparency, we love access because ultimately, that drives the utilization for the right products to solve those patients' needs, which has helped us be an even better provider to those that ultimately provide those services to the patients.

當然。嗯，我想我首先要考慮的好消息是，我認為華盛頓特區的大多數人都認為負擔得起的醫療保健服務非常重要。當你聽到我談論這些話題時，我就談到了。我們喜歡負擔得起的價格。我們喜歡透明度，我們喜歡訪問，因為最終，這會推動正確產品的使用來解決患者的需求，這有助於我們成為最終為患者提供這些服務的更好的提供者。

So I don't see that at the highest level, there is a difference in wanting what's best for the patient. Of course, there's different ways to get there. You've heard my commentary already today about tariffs being something that could impact how prices flow through to the industry, and we see that our customers are already under a lot of reimbursement pressure and that's something that's certainly top of mind for us. But at the end of the day, there's a lot more not known about how that would flow through and how medical and pharma products would be included that creates just some level of uncertainty with that.

所以我不認為在最高層次上，想要對病人最好的東西有什麼不同。當然，有不同的方式可以到達那裡。你們今天已經聽過我的評論，關稅可能會影響價格流向該行業的方式，我們看到我們的客戶已經面臨很大的報銷壓力，這當然是我們最關心的事情。但歸根結底，關於如何流通以及如何將醫療和製藥產品納入其中，還有很多未知之處，這造成了一定程度的不確定性。

But ultimately, in doing what's best for the patient is something that I think will always be the North Star, and we feel that we're very well positioned to work with either party whether we're talking about the President or either of the other elements of Congress. So we're in a good spot, and we have a lot of momentum going into that, and we don't foresee that changing in the near or medium or long term.

但最終，我認為為患者做最好的事情永遠是北極星，我們覺得我們處於非常有利的位置，可以與任何一方合作，無論我們談論的是總統還是另一方國會的要素。所以我們處於一個很好的位置，我們有很大的動力進入這方面，我們預計這種情況在短期、中期或長期不會改變。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Can you talk about some of the simplification efforts? I mean, obviously, this has been a longer-term trend for you guys. Where are we in that? How much of it was obviously driven by the contract change this quarter. But as we think about sort of the rest of the year and beyond, help us maybe think through that a little bit more.

能談談一些簡化工作嗎？我的意思是，顯然，這對你們來說是一個長期趨勢。我們在哪裡？其中有多少顯然是由本季的合約變化所推動的。但當我們思考今年剩餘時間及以後的情況時，也許可以幫助我們多思考一下。

And then just one follow-up on the nuclear supply sort of time line. Like how do you see that evolving across the rest of the year in terms of like the potential time line for that if any kind of parameters you could help put on that would be helpful.

然後是核供應時間線的一個後續行動。就像你如何看待今年剩餘時間的發展，例如潛在的時間線，如果你可以幫助設定任何類型的參數會有幫助的話。

Yes. Thanks. As it relates to simplification, it's not any one particular business. This is very much a core part of our broader strategy. It has absolutely served us well. And it's a bit cliche, but it is absolutely a journey and not a destination. So I think that there's probably more opportunity relative to the size of the business for GMPD than there is for pharma.

是的。謝謝。由於它涉及簡化，因此它不是任何特定的業務。這是我們更廣泛策略的核心部分。它絕對為我們提供了很好的服務。這有點陳腔濫調，但這絕對是一次旅程，而不是目的地。因此，我認為 GMPD 的業務規模可能比製藥業有更多的機會。

But even within pharma, this quarter, I think, highlighted that we can do some things. I'm not sure we fully understood. So there's going to be an ongoing journey here to continue to challenge ourselves and continue to find additional ways to be even more efficient. Throughout our whole enterprise, we don't use a ton of automation in all aspects of our business.

但我認為，即使在製藥業，本季也強調我們可以做些什麼。我不確定我們是否完全理解。因此，我們將繼續不斷挑戰自己，並繼續尋找其他方法來提高效率。在我們整個企業中，我們並沒有在業務的所有方面都使用大量自動化。

We are absolutely testing and learning in different parts of the company that as we learn from that, we introduced it in other parts. So I think there's a lot of opportunity there. Within GMPD, whether we're talking about our distribution network or manufacturing, manufacturing, especially is always an area that's always going to have opportunity through automation, through new and improved processes. And one little anecdote with this, it shows up in the financial numbers, all the efficiencies.

我們絕對在公司的不同部門進行測試和學習，當我們從中學習時，我們將其引入其他部門。所以我認為那裡有很多機會。在 GMPD 中，無論我們談論的是我們的分銷網絡還是製造，尤其是製造始終是一個透過自動化、透過新的和改進的流程總是有機會的領域。與此有關的一個小軼事，它體現在財務數據和所有效率中。

We have had this last quarter, fantastic safety metric, something we don't often talk about because it's not directly related to financials, but it's really important to our team it just shows that our underlying processes are working incredibly well, much, much better than we have historically, which is driving improvements throughout the process. we've talked quite a bit about the investments we're making in at home. I referenced in some of my comments that we have best on record metrics this quarter all the way from quality to service, to efficiency to safety was also an all-time high on record for that business as well, highlighting that the right investments where we're making more automation investments there than we are in other businesses as a percentage of the size of the business, and we're going to continue to learn from that and roll it out more broadly.

上個季度我們有非常出色的安全指標，我們不常談論它，因為它與財務沒有直接關係，但它對我們的團隊來說非常重要，它只是表明我們的基礎流程運作得非常好，非常非常好比我們歷史上的情況要好，這正在推動整個過程的改進。我們已經談論了很多我們在國內進行的投資。我在一些評論中提到，本季我們從品質到服務、從效率到安全的所有指標都創下了歷史新高，這也創下了該業務的歷史新高，這強調了我們的正確投資從佔業務規模的百分比來看，我們在那裡進行的自動化投資比我們在其他業務中的投資要多，我們將繼續從中學習並更廣泛地推廣。

So we have received a lot of value from it. I think there's still more to come. But I would also say that's part of that continued ongoing expectation for the long-term targets that we have. We have these types of cost reductions baked into that. And of course, our customers are always wanting to share in that. And so we'll continue to find ways to be competitive, but also try to put some of that to the bottom line as well.

所以我們從中獲得了很多價值。我認為還有更多的事情要做。但我還要說，這是我們對長期目標持續預期的一部分。我們將這些類型的成本削減融入其中。當然，我們的客戶總是希望分享這一點。因此，我們將繼續尋找提高競爭力的方法，但也會嘗試將其中的一些納入底線。

On Nuclear, so this is a bit of unfortunate timing with three of the six reactors that typically we derive our product from out of Europe for moly-99 being down simultaneously some plans, some unplanned type of downtime. The good news is we do have a pretty good line of sight as to those reactors coming back up in the next week or two. So this seems to be about a 1-month type of impact for us, pretty significant for this month of October. Starting to come up over the course of the next couple of weeks, and we have a pretty good line of sight to indicate that it will be resolved within this quarter, then the volumes will take a couple more quarters.

在核能方面，這是一個有點不幸的時機，我們通常從歐洲生產鉬 99 產品的六個反應器中的三個同時關閉，一些計劃，一些計劃外類型的停機。好消息是，我們確實對未來一兩週內恢復運作的反應爐有很好的視野。因此，這對我們來說似乎是大約 1 個月的影響，對於 10 月來說相當重要。在接下來的幾週內開始出現，我們有一個很好的視線表明它將在本季度內解決，然後數量將需要幾個季度。

We believe most of that will come back because, of course, the end of this process is a patient that needs these types of scans. This is the low energy product that's usually more for cardiac type of scanning procedures. So these are patients that we expect to reschedule this in the next couple of quarters. But I doubt it will go beyond the fiscal year, but it's still a bit early to understand the full implications of that.

我們相信其中大部分都會回來，因為當然，這個過程的最後是需要這些類型掃描的患者。這是低能量產品，通常更適合心臟類型的掃描過程。因此，我們預計這些患者將在接下來的幾個季度內重新安排治療時間。但我懷疑它會超出本財年，但現在要了解其全部影響還為時過早。

Just to put a pin on that, we have not changed our guidance for the full year for the other segments. As a result of this was a timing or cadence observation only.

為了強調這一點，我們沒有改變其他細分市場的全年指導。因此，這只是時間或節奏的觀察。

Daniel Grosslight, Citi.

丹尼爾‧格羅斯萊特，花旗銀行。

Just a question on GMPD. And really, you mentioned the loss of a couple of regions in the VA program. I was curious if more broadly speaking, you're seeing an increase in the competitive intensity within this segment, specifically as one of your competitors is rumored to be going public soon.

只是關於 GMPD 的問題。事實上，您提到了 VA 計劃中失去了幾個地區。我很好奇，從更廣泛的角度來看，您是否會看到這一領域的競爭強度增加，特別是因為有傳言稱您的競爭對手之一即將上市。

Yes. My commentary will be the same as they've been in the past. It's a competitive and stable environment. That VA business you're talking about was relatively low margin. quite low Cardinal brand products attached to it. So it's something that we would have liked to have kept it, but at the same time, there's not as much value associated with that as with other customers. So I don't see that, that's anything different than what we see within this space, just normal type of customer rotation.

是的。我的評論將與過去一樣。這是一個競爭激烈且穩定的環境。你所說的退伍軍人管理局業務的利潤率相對較低。與之相連的卡迪納爾品牌產品相當低。因此，我們希望保留它，但同時，與其他客戶相關的價值並不多。所以我不認為這與我們在這個領域看到的有什麼不同，只是正常類型的客戶輪調。

Charles Rhyee, TD Cowen.

查爾斯‧萊伊 (Charles Rhyee)，TD 考恩 (TD Cowen)。

Just maybe a couple of quick clarifications. Jason, you kind of made a comment, I think, maybe is related to hurricanes about some deferrals and cancellations of procedures. Are you saying just those are just hurricane-related and has distribution kind of everything kind of picked back up since. And then also related to the health care hard utilization costs, is what are your assumptions for the level of utilization going forward? And is that already embedded into the guide?

也許只是一些快速的澄清。傑森，我認為你發表的評論可能與颶風有關一些程序的延遲和取消有關。你是說這些只是與颶風有關，並且從那時起所有東西的分佈都有所恢復。然後也與醫療保健硬利用成本相關，您對未來利用水準的假設是什麼？這是否已嵌入到指南中？

Yes. So to be clear, when I was talking about the hurricane that was it was GMPD. And what I indicated was we're not seeing anything meaningful at all for that, that both us and our customers are managing it quite well. Utilization is what I was highlighting that utilization is not as strong as on the pharma side, but I wouldn't say that's because GMPD is weak. I would just say that because pharma has been stronger, which I think leads into the second part of your question, which is that we're guiding for a normal utilization type of environment.

是的。需要明確的是，當我談論颶風時，它指的是 GMPD。我所指出的是，我們沒有看到任何有意義的事情，我們和我們的客戶都管理得很好。利用率是我強調的，利用率不如製藥方面那麼強，但我不會說這是因為 GMPD 很弱。我只想說，因為製藥公司變得更強大，我認為這引出了你問題的第二部分，即我們正在指導正常利用類型的環境。

So it would be more consistent with, as you heard from Aaron, our long-term guidance. It's basically effectively when you normalize for the COVID timing and things of that nature, what we're guiding for in Q2 to 4 is much more normalized type of earnings growth, which would be consistent with the normalized level of utilization.

因此，正如您從亞倫那裡聽到的那樣，這將更符合我們的長期指導。當你將新冠疫情的時間和類似性質的事情標準化時，這基本上是有效的，我們在第二季度到第四季度的指導是更加標準化的盈利增長類型，這將與標準化的利用率水平一致。

Stephen Baxter, Wells Fargo.

史蒂芬‧巴克斯特，富國銀行。

Just one last kind of cleanup one on the pharma guidance. So I appreciate all the comments that the strength of broad based and there's some differences in cadence to keep in here. I guess when we think about the $16 million raise on the EBIT line, you're very clear that it's not driven by COVID. Do we think about this as largely just seeing the Q1 underlying favorability in the business?

這只是藥品指南中的最後一種清理方法。因此，我感謝所有關於基礎廣泛的力量的評論，並且節奏上存在一些差異，需要保留在這裡。我想當我們想到息稅前利潤增加 1600 萬美元時，您會很清楚這不是由新冠疫情驅動的。我們是否認為這很大程度上只是看到了第一季業務的潛在好感度？

Or should we think about this as the annualization of the favorability that we saw in the first quarter seeing that strength is largely going to continue into the balance of the year.

或者我們是否應該將其視為我們在第一季看到的好感度的年化，因為這種強勢將在很大程度上持續到今年剩餘時間。

Yes. And so it depends on which pieces we're talking about. For the the three elements that I talked about in terms of what's driving the growth of the business. The first element I highlighted was the underlying broad volume growth. And I'd highlight that would be for our Qs 2 to 4 would be more normalized levels of growth. I also highlighted part of this quarter's favorability was favorable mix that some quarters as positive, some is negative. So it's neutral this particular quarter, it was more favorable.

是的。所以這取決於我們談論的是哪些部分。對於我談到的三個推動業務成長的要素。我強調的第一個要素是潛在的廣泛銷售成長。我想強調的是，我們的第二至第四季將是更正常化的成長水準。我還強調了本季的部分好感度是有利的組合，有些季度是正面的，有些是負面的。所以這個特定季度是中性的，更有利。

So that's the type of thing that normally does not continue in one direction or the other. And then, of course, our ongoing cost reductions is the smaller of the pieces, but still relevant in all this. So it's the combination of all that. But again, our guidance here anticipates a more normalized level, except for that COVID piece will certainly with pretty high confidence.

因此，這種事情通常不會朝著一個方向或另一個方向持續下去。當然，我們正在進行的成本削減只是其中較小的一部分，但仍然與所有這些相關。所以這是所有這些的結合。但同樣，我們在這裡的指導預計會出現一個更正常化的水平，除了那篇關於新冠肺炎的文章肯定會有相當高的信心。

We've seen COVID vaccines peak and come down now. We track this very, very tightly. It will be quite a modest impact headwind in the second quarter that's baked into this. But ex that, we expect more normalized levels of performance.

我們已經看到了新冠疫苗的使用高峰和現在的下降。我們非常非常密切地跟踪這一點。第二季度的影響將是相當溫和的逆風。但除此之外，我們預期性能水準會更加標準化。

Thank you very much. As there are no further questions. Mr. Hollar, I'd like to turn the call back over to you for any additional closing remarks. Thank you.

非常感謝。因為沒有其他問題了。 Hollar 先生，我想將電話轉回給您，以便您發表更多的結束語。謝謝。

Yes. Just thanks again for joining us this morning. Again, an excellent start to the year, showing our broad strength, resiliency and momentum of our broad business, especially our largest, most significant pharma business. We're pleased to be in a position to raise our guidance after only the first quarter and looking forward to continuing to give you more updates throughout the year. With that, thank you, and have a great day. .

是的。再次感謝您今天早上加入我們。再次，這是今年的良好開端，展示了我們廣泛業務的強大實力、彈性和勢頭，尤其是我們最大、最重要的製藥業務。我們很高興能夠在第一季後提高我們的指導，並期待全年繼續為您提供更多更新。就這樣，謝謝你，祝你有美好的一天。 。

That will conclude today's conference. Thank for your attendance. We wish you a very good day. Have a good day, and goodbye.

今天的會議到此結束。感謝您的出席。我們祝福您有個愉快的一天。祝你有美好的一天，再見。