卡地納健康 (CAH) 2025 Q2 法說會逐字稿

Hello, and welcome to the second quarter fiscal Year 2025 Cardinal Health, Inc. earnings conference call. My name is George, and I'll be coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions) I'd now like to hand the call over to your host today, Mr. Matt Sims, Vice President, Investor Relations, to begin this conference. Please go ahead.

您好，歡迎參加 Cardinal Health, Inc. 2025 財年第二季財報電話會議。我叫喬治，我將擔任今天活動的協調員。請注意，本次會議正在錄音。 （操作員指示）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，開始本次會議。請繼續。

Hello, and welcome to this morning's Cardinal Health second 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.

大家好，歡迎參加今天上午的 Cardinal Health 25 財年第二季財報電話會議，感謝您的參與。今天與我一起的有 Cardinal Health 的執行長 Jason Hollar；以及我們的財務長 Aaron Alt。您可以在我們網站 ir.cardinalhealth.com 的投資者關係部分找到今天早上的收益新聞稿和投資者介紹。

Since we will be making forward-looking statements today, let me remind you that the matters addressed in these statements are subject to risks and uncertainties that could cause our actual results to differ materially from those projected or implied. Please refer to our SEC filings and the forward-looking statements slide at the beginning of our investor 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，這些陳述中涉及的事項受風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與預測或暗示的結果存在重大差異。請參閱我們向美國證券交易委員會 (SEC) 提交的文件以及投資者報告開頭的前瞻性聲明幻燈片，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. (Event Instructions) With that, I will now turn the call over to Jason.

請注意，在我們今天的討論中，除非特別指出是 GAAP，否則評論將以非 GAAP 為基礎。所有相關期間的 GAAP 與非 GAAP 對帳表均可在我們新聞稿所附的支援附表中查閱。 （活動說明）現在我將把電話轉給傑森。

Thank you, and good morning, everyone. Today, we reported strong second quarter results, accelerating the momentum that we've built over the last couple of years. Overall, the performance was led by robust demand across our largest and most significant business, pharmaceutical and specialty solutions, and our relentless focus on the execution of our simplification strategy to best serve our customers.

謝謝大家，早安。今天，我們報告了強勁的第二季業績，加速了我們在過去幾年中建立的發展勢頭。整體而言，業績表現的推動因素包括我們最大、最重要的業務、製藥和專業解決方案的強勁需求，以及我們堅持不懈地專注於執行簡化策略，以便為客戶提供最好的服務。

Notably, we're seeing strength in brand, specialty, generics, and consumer health as we're well-positioned within a growing market.

值得注意的是，我們在品牌、專業、仿製藥和消費者健康方面表現出色，因為我們在不斷增長的市場中佔據有利地位。

As a result of the significant strategic and operational actions we've taken, we remained bullish about our position in the healthcare industry and confident in our strategic direction for the future.

由於我們採取了重大策略和營運行動，我們對自己在醫療保健行業的地位仍然充滿信心，並對我們未來的策略方向充滿信心。

And with this confidence, we are pleased to again raise our fiscal '25 enterprise guidance, which Aaron will cover in more detail shortly.

憑藉這種信心，我們很高興再次提高我們的 25 財年企業指導，Aaron 很快就會詳細介紹。

We see opportunities to continue building upon the resiliency of the pharma business and drive consistent growth, particularly within specialty. Today's closing of the acquisition of a majority stake in GI Alliance, which in conjunction with our recently completed integrated oncology network transaction, will allow us to continue to expand across key therapeutic areas and generate additional value for our customers, patients, and shareholders.

我們看到了繼續增強製藥業務的彈性並推動持續成長的機會，尤其是在專業領域。今天完成對 GI Alliance 多數股權的收購，結合我們最近完成的綜合腫瘤網絡交易，將使我們能夠繼續擴展關鍵治療領域，並為我們的客戶、患者和股東創造更多價值。

Later on, I'll talk more about how these investments accelerate our strategy. But for now, I'd like to officially welcome both the ION and GI Alliance teams to Cardinal Health and thank them for their focus and dedication as we work together to unlock new opportunities. In GMPD, while Q2 was below our expectations, the team remains focused on executing the GMPD Improvement Plan with positive progress on our cost optimization initiatives during the quarter.

稍後我將進一步談談這些投資如何加速我們的策略。但現在，我想正式歡迎 ION 和 GI Alliance 團隊加入 Cardinal Health，並感謝他們的專注和奉獻，我們將共同努力開拓新的機會。在 GMPD 方面，雖然第二季的表現低於我們的預期，但團隊仍專注於執行 GMPD 改進計劃，並在本季度在成本優化計劃方面取得了積極進展。

And across our other businesses, nuclear, at-home and OptiFreight, we see robust demand across these three faster-growing and higher-margin businesses. The long-term potential for growth is evident, and we intend to continue to invest across these businesses to add scale and capabilities. In summary, we are pleased with this quarter's results, which reflect our efforts to accelerate our strategy, execute with precision and drive sustainable long-term growth.

在我們的其他業務（核能、國內業務和 OptiFreight）中，我們看到這三項成長更快、利潤率更高的業務需求強勁。長期成長潛力顯而易見，我們打算繼續投資這些業務以擴大規模和增強能力。總而言之，我們對本季的業績感到滿意，這反映了我們加快策略、精準執行和推動永續長期成長的努力。

With that, I'll turn it over to Aaron to review our results and updated guidance.

說完這些，我將交給 Aaron 來審查我們的結果和更新後的指導。

Thanks, Jason, and good morning.

謝謝，傑森，早安。

From a financial perspective, we continued our momentum in Q2 with outstanding results from the pharma segment, strong performance from the businesses included in other, and continued operational progress in GMPD.

從財務角度來看，我們在第二季度延續了良好的發展勢頭，製藥部門取得了出色的業績，其他業務表現強勁，GMPD 的營運也持續取得進展。

We grew operating earnings by 9%, while overcoming the headwinds of the prior customer contract expiration and the as-anticipated COVID-19 seasonal timing.

我們的營業收入成長了 9%，同時克服了先前客戶合約到期和預期的 COVID-19 季節性因素帶來的不利影響。

In summary, we had a lot going on, and we are pleased to report that the profit growth across the business resulted in a much better-than-expected EPS of $1.93. We are raising our EPS guidance to a range of $7.85 to $8.

總而言之，我們做了很多事情，我們很高興地報告，整個業務的利潤成長導致每股收益遠好於預期，達到 1.93 美元。我們將每股收益預期上調至 7.85 美元至 8 美元之間。

Let's review the results, starting with slide 4.

讓我們回顧一下結果，從第 4 張投影片開始。

Total company revenue decreased 4% to $55 billion on a reported basis.

據報道，公司總收入下降 4% 至 550 億美元。

Adjusting for the contract expiration, revenue increased to 16% versus the prior year, primarily reflecting strong demand across pharma and all three of the businesses included in other.

經過合約到期調整後，收入較上年增長了 16％，主要反映了製藥業以及其他三項業務的強勁需求。

Total company gross margin increased 5%, with contributions from all of our operating segments.

公司總毛利率成長了 5%，這得益於所有營運部門的貢獻。

As you can see from the financials, our team continued to control our costs across the enterprise with SG&A increasing a modest 3%, covering the impact of rising healthcare costs, the ION acquisition, and investments against the businesses.

從財務數據中可以看出，我們的團隊繼續控制整個企業的成本，銷售、一般及行政開支適度增長 3%，以彌補醫療成本上漲、ION 收購以及對業務的投資帶來的影響。

This led to operating earnings growth of 9% versus the prior year.

這使得營業收入較上年增長了 9%。

Moving below the line, interest and other increased [$45 million to $38 million], primarily driven by financing impacts related to the recent acquisitions, including the Q2 proactive debt issuance.

低於該線的是，利息和其他費用增加了 [4,500 萬美元至 3,800 萬美元]，主要受到最近收購相關的融資影響，包括第二季主動發行債務。

Our second quarter effective tax rate finished at 21.4%, flat to our rate a year ago.

我們第二季的有效稅率為 21.4%，與去年同期持平。

Q2 average diluted shares outstanding were 243 million shares, 1% lower than a year ago, due to our previous share repurchases.

由於我們先前的股票回購，第二季平均攤薄流通股數為 2.43 億股，比去年同期下降 1%。

The net result for Q2 was EPS of $1.93, growth of 2%.

第二季淨利為每股收益 1.93 美元，成長 2%。

Now turning to the segments, beginning with pharmaceutical and specialty solutions on slide 5.

現在轉到各個部分，從幻燈片 5 上的製藥和專業解決方案開始。

Second quarter revenue decreased 4% to $51 billion due to the impact of the customer transition.

由於客戶轉型的影響，第二季營收下降4%至510億美元。

Excluding that, revenue increased 17%, driven by brand and specialty sales growth from existing and new customers.

除此之外，由於現有和新客戶的品牌和特色銷售成長，收入成長了 17%。

This included approximately 6.5 percentage points of revenue growth from GLP-1 sales.

其中 GLP-1 銷售收入成長約 6.5 個百分點。

As we indicated at a recent industry conference, during Q2, we saw strong pharmaceutical demand across our business in brand, specialty, consumer health, and generics and from our largest customers.

正如我們在最近的一次行業會議上所指出的，在第二季度，我們看到來自品牌、專業、消費者健康和仿製藥等領域以及我們最大客戶的藥品需求強勁。

The team delivered segment profit of $531 million in the second quarter, an increase of 7%, driven by growth from Biopharma Solutions, including contributions from specialty networks and a higher contribution from brand and specialty products, only partially offset by the customer contract expiration.

該團隊在第二季度實現了5.31 億美元的分部利潤，成長7%，這得益於生物製藥解決方案的成長，包括來自專業網路的貢獻以及來自品牌和專業產品的更高貢獻，但客戶合約到期僅部分抵消了這一增長。

In specialty, we saw strong performance across specialty distribution.

在專業領域，我們看到了專業分佈的強勁表現。

We also continued to be pleased with the progress of integrating specialty networks, which is benefiting our overall specialty strategy and tracking consistent with our original expectations.

我們也對整合專業網絡的進展感到滿意，這有利於我們的整體專業策略並與我們最初的預期保持一致。

As expected, the distribution of COVID-19 vaccines was a headwind in the quarter as we compared to last year's peak during Q2.

正如預期的那樣，與去年第二季的高峰相比，本季 COVID-19 疫苗的分發遭遇阻力。

We do not expect a meaningful contribution from COVID-19 vaccines for the remainder of the fiscal year.

我們預計在本財年剩餘時間內 COVID-19 疫苗不會帶來有意義的貢獻。

Our generics program continued to see positive performance, including strong volume growth and consistent market dynamics.

我們的仿製藥專案持續取得積極表現，包括強勁的銷售成長和穩定的市場動態。

Operationally, our large customer onboardings and expansions are in progress.

在營運方面，我們的大型客戶入職和擴張工作正在進行中。

While each customer's needs are unique and timelines vary, we are pleased with the performance of our pharma business and how that business has prepared for the future.

雖然每個客戶的需求都是獨一無二的，時間表也各不相同，但我們對製藥業務的表現以及該業務為未來所做的準備感到滿意。

Let's turn now to our turnaround business, the GMPD segment, which continues to advance the GMPD improvement plan.

現在讓我們來談談我們的扭虧為盈業務，即 GMPD 部門，該部門將繼續推進 GMPD 改進計劃。

Revenue increased 1% in Q2 to $3.2 billion, driven by volume growth from existing customers.

受現有客戶銷售成長的推動，第二季營收成長 1%，達到 32 億美元。

As previewed earlier this month, volume growth was less than we expected, in part driven by softness with respiratory products in our lab business.

正如本月稍早預測的那樣，銷售成長低於我們的預期，部分原因是我們實驗室業務中呼吸產品疲軟。

GMPD segment profit increased to $18 million, slightly below our initial expectations for the quarter, reflecting the softer volumes I just referenced and an unanticipated $15 million impact in our WaveMark business, largely from the write-off of uncollectible receivables.

GMPD 部門利潤增加至1800 萬美元，略低於我們對該季度的初步預期，這反映了我剛才提到的銷售量下降以及WaveMark 業務意外產生的1500 萬美元影響，這主要來自於無法收回的應收帳款的註銷。

While we were disappointed with the WaveMark adjustments this quarter, the business model is resonating with customers as they continue to realize substantial benefit from the products and value-creating services we provide.

雖然我們對本季 WaveMark 的調整感到失望，但該商業模式引起了客戶的共鳴，因為他們繼續從我們提供的產品和創造價值的服務中獲得巨大利益。

On the positive side, it should be noted that the GMPD team managed to mostly offset the shortfall to expectations in the quarter with aggressive SG&A management and a better-than-expected impact from our cost optimization initiatives.

從積極的一面來看，值得注意的是，GMPD 團隊透過積極的銷售、一般及行政開支管理以及成本優化舉措好於預期的影響，成功彌補了本季度與預期之間的差距。

Finishing with the businesses reported in other, as seen on slide 7.

完成其他業務的報告，如投影片 7 所示。

Second quarter revenue increased 13% to $1.3 billion due to the growth across all three businesses: at-home solutions, nuclear and precision health solutions, and OptiFreight Logistics.

第二季營收成長 13%，達到 13 億美元，這得益於三項業務的成長：家庭解決方案、核能和精準健康解決方案以及 OptiFreight 物流。

The businesses collectively grew segment profit in the quarter by 11%, driven by OptiFreight and nuclear.

在 OptiFreight 和核能的推動下，該業務的分部利潤在本季整體成長了 11%。

I'm especially pleased that our nuclear business managed through the moly-99 shortage astutely and posted better-than-expected results.

我特別高興的是，我們的核能業務巧妙地度過了鉬-99短缺的時期並取得了好於預期的業績。

We are looking forward to talking about at-home's progress against its automation and efficiency efforts in future quarters.

我們期待在未來幾季討論家庭在自動化和效率方面的進展。

Now turning to the balance sheet.

現在轉向資產負債表。

We ended the quarter with a cash position of $3.8 billion, which included $2.8 billion, which was used today to close the acquisition of 73% of GI Alliance.

截至本季末，我們的現金部位為 38 億美元，其中包括今天用於完成對 GI Alliance 73% 股份的收購的 28 億美元。

Adjusted free cash flow was a use of approximately $250 million in the quarter, primarily reflecting unfavorable quarter end day of the week timing.

本季調整後的自由現金流約為 2.5 億美元，主要反映了季度末的不利時間表。

During the second quarter, we continued to deploy capital according to our disciplined capital allocation framework.

第二季度，我們繼續按照嚴格的資本配置框架部署資本。

We invested nearly $100 million in CapEx back into the businesses to drive organic growth.

我們將近 1 億美元的資本支出重新投資於業務，以推動有機成長。

We returned approximately $125 million to shareholders through dividends, and we closed on the ION acquisition and obtained the financing that we're using to complete the GIA acquisition today.

我們透過股息向股東返還了約 1.25 億美元，並完成了 ION 收購併獲得了今天用於完成 GIA 收購的融資。

Now let's turn our gates forward, some context notes before we begin.

現在讓我們把大門向前打開，在開始之前先了解一些背景資訊。

We have reached the midyear point and are now focused in the back half on significant customer onboarding and expansions, the third element of our large customer non-renewal mitigation plans.

我們已經到了年中，目前下半年的重點是重要客戶的引入和擴展，這是我們大客戶不續約緩解計畫的第三個要素。

We've closed our acquisitions of ION and GI Alliance and early positive views of those businesses are incorporated into today's updated guidance.

我們已經完成了對 ION 和 GI Alliance 的收購，並且對這些業務的早期積極看法已納入今天更新的指引中。

We do not yet have visibility to a closing date on ADSG, given customary closing conditions, so we'll wait to incorporate ADSG into our guidance until after closing.

鑑於慣例成交條件，我們尚不清楚 ADSG 的成交日期，因此我們將等到成交之後再將 ADSG 納入我們的指導中。

Together, ION and GIA, while positive profit generators are not meaningful to our fiscal '25 EPS given the partial remaining year, the increased interest expense to fund the transactions, and the timing of our investments and synergy achievement plans.

總的來說，ION 和GIA 雖然能產生正利潤，但考慮到剩餘年度不完整、為交易提供資金而增加的利息支出以及我們的投資時機和協同效應實現計劃，對我們25 財年的每股收益意義不大。

We will provide more details beyond this fiscal year when providing fiscal year '26 guidance on future calls.

在提供 26 財年未來呼籲的指導時，我們將提供本財年之後的更多詳細資訊。

With that out of the way, let's talk about our updated fiscal '25 guidance.

好了，現在讓我們來談談我們更新的 25 財年指引。

After another strong quarter, we are raising our fiscal '25 EPS guidance to a range of $7.85 to $8, a $0.10 increase at the midpoint from our prior guidance of $7.75 to $7.90. This is primarily driven by strong growth in the pharma segment, offset by GMPD and higher interest costs.

在又一個強勁季度之後，我們將 25 財年每股收益預期上調至 7.85 美元至 8 美元之間，比之前預期的 7.75 美元至 7.90 美元中位數上調 0.10 美元。這主要得益於製藥業的強勁成長，但被 GMPD 和更高的利息成本所抵消。

Reflecting our acquisitions, interest and other has increased to a range of $200 million to $230 million, driven by the new debt financing and foregone interest income.

反映我們的收購，利息和其他費用增加到 2 億至 2.3 億美元之間，這受到新債務融資和放棄的利息收入的推動。

Moving on to our segments starting on slide 10.

從投影片 10 開始繼續我們的部分內容。

For Pharma, we are improving our revenue outlook to a decline of 1% to 3%, reflecting the addition of GI Alliance and ION into our guidance and the strong year-to-date utilization we've seen.

對於製藥業，我們將收入預期上調至下降 1% 至 3%，這反映了 GI Alliance 和 ION 加入我們的指導範圍以及我們看到的今年迄今為止強勁的利用率。

Normalizing for the customer transition and our acquisitions, fiscal '25 revenue growth at the midpoint would now be approximately 20%.

由於客戶轉型和我們的收購，25 財年中期收入成長率現在約為 20%。

For segment profit, we are raising our pharma segment profit guidance for the full year to 10% to 12% growth.

對於分部利潤，我們將全年製藥分部利潤預期上調至成長 10% 至 12%。

Excluding the contributions of GIA and ION, this would equate to high single-digit underlying segment growth.

除去 GIA 和 ION 的貢獻，這將相當於高個位數的基礎分部成長。

You should note that GIA holds meaningful minority equity positions in many of the ambulatory surgical centers in which their procedures are inducted.

您應該注意到，GIA 在許多引入其手術的門診手術中心持有重要的少數股權。

The ASC-tied profit streams in GIA will not show up in our pharma segment, but will rather show up as a positive item in INO's other income.

GIA 中與 ASC 掛鉤的利潤流不會出現在我們的製藥部門，而是會作為 INO 的其他收入中的正項目出現。

For reference, we expect about $15 million of other income coming from GIA's equity method investments in fiscal '25.

作為參考，我們預計 GIA 在 25 財年將從權益法投資中獲得約 1,500 萬美元的其他收入。

Regarding pharma's cadence, we continued to expect significant incremental volume over the back half of the year from new customer wins and expansions.

就製藥業的發展節奏而言，我們繼續預計，由於贏得新客戶和業務擴張，下半年的銷售將大幅增加。

And we also continued to expect Q3 to be the highest profit dollar quarter of the year, driven by the timing of manufacturer price increases, which have traded generally consistent with our expectations.

我們繼續預期第三季將成為今年利潤最高的季度，這得益於製造商漲價的時機，而這與我們的預期基本一致。

For GMPD, our revenue outlook remains unchanged at 2% to 4% growth, which is also what we now expect for Cardinal brand revenue growth.

對於 GMPD，我們的營收預期保持不變，為 2% 至 4% 的成長，這也是我們現在對 Cardinal 品牌營收成長的預期。

As we think about the GMPD improvement plan and the efforts I referenced earlier, while we are pleased with the progress the team is making, the efforts do take time.

當我們思考 GMPD 改進計劃和我之前提到的努力時，雖然我們對團隊所取得的進展感到滿意，但這些努力確實需要時間。

For the rest of this year, we recognized the impact of the healthcare costs, the WaveMark write-off, and the Q2 soft volume headwinds that we have experienced.

對於今年剩餘的時間，我們認識到醫療保健成本、WaveMark 註銷以及我們所經歷的第二季度銷售疲軟阻力的影響。

As a result, we are adjusting our GMPD guidance on segment profit to be in the $130 million to $150 million range, still a significant improvement from last year.

因此，我們將 GMPD 分部利潤預期調整至 1.3 億美元至 1.5 億美元之間，仍比去年有顯著改善。

As I have commented before, we continue to expect improvements in profit in the back half of the year with Q4 being the high point of the fiscal year, similar to last year.

正如我之前所評論的那樣，我們繼續預計今年下半年利潤將會改善，第四季將成為本財年的最高點，與去年類似。

We are not providing an update to our fiscal '26 our long-term profit guide on GMPD today.

我們今天不會對 GMPD 的 26 財年長期利潤指南提供更新。

While our financial objectives are clear, we are scrutinizing volume trends and the current highly fluid tariff environment in Mexico and the United States, and we are awaiting clarity on whether there will be industry-wide dislocations or exceptions, which may present both risks and opportunities for us.

雖然我們的財務目標很明確，但我們正在仔細研究墨西哥和美國目前高度流動的貿易趨勢和關稅環境，並等待明確是否會出現全行業的混亂或例外情況，這可能既帶來風險也帶來機會對我們來說。

This is a highly fluid situation.

這是一個高度不穩定的情況。

The one certainty is that our GMPD team continues to aggressively work to improve our business.

可以確定的是，我們的 GMPD 團隊將繼續積極努力地改善我們的業務。

In other, we are reiterating our expectations for 10% to 12% revenue growth and approximately 10% segment profit.

另外，我們重申對營收成長 10% 至 12% 和分部利潤成長約 10% 的預期。

One note on other's cadence.

一個音符影響別人的節奏。

We expect stronger year-over-year profit growth in Q4 than in Q3, due to the timing of our growth-oriented technology investments and associated benefits.

由於我們以成長為導向的技術投資和相關收益的時機，我們預計第四季的利潤將年增至第三季。

Before I wrap up, a couple of comments on capital deployment.

在結束之前，我想就資本部署談幾點評論。

We remain committed to creating continued shareholder value over the long term.

我們仍致力於長期持續創造股東價值。

Nothing is changing regarding our disciplined capital allocation strategy, invest in the business, protect our investment-grade rating, return a baseline of capital, and assess additional M&A, and return of capital opportunities.

我們的嚴謹的資本配置策略、投資業務、保護我們的投資等級、返回資本基準、評估額外的併購和資本回報機會沒有任何變化。

Following the closures of our deals, we will take a disciplined approach to paying down debt.

交易完成後，我們將採取嚴格的方式來償還債務。

We anticipate retaining our BBB, Baa2 investment-grade rating by quickly getting back within Moody's post deal updated targeted leverage range for us, of 2.75 times to 3.25 times adjusted debt to EBITDA.

我們預計，透過迅速回到穆迪交易後更新的目標槓桿範圍（即調整後債務與 EBITDA 比率的 2.75 倍至 3.25 倍），我們將保持 BBB、Baa2 投資級評級。

We will also execute on our previously committed fiscal year '25 additional share repurchases of $375 million.

我們也將履行先前承諾的25財年額外3.75億美元股票回購計畫。

As for M&A, we are focused on executing against the integration and improvement plans that surround the acquisitions we have announced in the last year.

至於併購，我們專注於執行去年宣布的收購相關的整合和改進計劃。

We will continue to evaluate high-quality assets in strategic areas of importance, but we'll focus on integration and tuck-in acquisitions to the multispecialty and oncology platforms that we have just acquired.

我們將繼續評估重要策略領域的優質資產，但我們將專注於剛收購的多專業和腫瘤學平台的整合和附加收購。

To close, Cardinal Health continues to benefit from our disciplined focus on our core, while also making important investments, securing our growth for the long term.

最後，康德樂繼續受益於我們對核心業務的嚴格關注，同時進行重要投資，確保我們的長期成長。

Our shareholder value creation efforts expand our enterprise in both the progress-to-date and the road map of what we have in front of us gives Jason and I confidence to raise our guidance again for the remainder of this year.

我們為股東創造價值的努力擴大了我們企業迄今為止的進展，而我們面前的路線圖使傑森和我有信心再次提高今年剩餘時間的業績預期。

We look forward to updating you on this in coming months.

我們期待在未來幾個月內向您通報這一情況。

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

說完這些，我會把話題轉回給傑森。

Thanks, Aaron.

謝謝，亞倫。

In pharmaceutical and specialty solutions, a positive second quarter performance is a direct result of our rigorous focus on prioritizing core operational execution and simplification.

在製藥和專業解決方案領域，第二季的積極業績直接得益於我們嚴格注重優先考慮核心營運的執行和簡化。

The team's efforts have resulted in commercial gains, including new distribution business and renewals with key customers.

該團隊的努力已帶來商業收益，包括新的分銷業務和與主要客戶的續約。

We successfully onboarded a couple of notable acute health systems this quarter and consistently aim to provide them and all of our customers with entry leading service.

本季度，我們成功引入了幾個知名的急性醫療系統，並始終致力於為他們和我們所有的客戶提供領先的入門服務。

In fact, our service levels have continued increase off of last quarter's multiyear high and are now up over 10% over the last two years.

事實上，我們的服務水準從上個季度的多年最高水準持續上升，在過去兩年中已上漲了 10％ 以上。

Of note, our team has navigated severe storm activity this winter, while maintaining above-target on-time delivery metrics.

值得注意的是，我們的團隊在今年冬天度過了嚴重的風暴，同時保持了高於目標的準時交貨指標。

Our efforts to build a strong foundation and increase our exposure to higher growth and higher-margin areas are working to drive growth and continued momentum across the business.

我們努力建立堅實的基礎，並增加我們在高成長、高利潤領域的投資，以推動整個業務的成長和持續發展勢頭。

As I've consistently indicated, specialty is our most important growth area where we've been investing both organically and inorganically in areas where there's not only the greatest opportunity for future business growth but also where we can create value for our customers and patients.

正如我一直指出的那樣，專業領域是我們最重要的成長領域，我們一直在透過有機和無機投資的方式對這些領域進行投資，這些領域不僅擁有未來業務成長的最大機會，而且還可以為我們的客戶和患者創造價值。

Our specialty strategy, as seen on slide 12, is centered upon the community provider and is our ambition to deliver clinical and economic value for specialty physicians across key therapeutic areas, enabling them to focus on providing high-quality and cost-effective patient care.

如第12 頁所示，我們的專業策略以社區提供者為中心，我們的目標是為關鍵治療領域的專科醫生提供臨床和經濟價值，使他們能夠專注於提供高品質且具有成本效益的患者護理。

We are excited about the suite of services and capabilities we are building beyond our heritage and distribution and contracting, including today's closing of GI Alliance.

我們對我們正在建立的超越我們的傳統、分銷和承包的一系列服務和能力感到非常興奮，包括今天關閉的 GI Alliance。

This acquisition is a key component of our strategy to continue driving meaningful growth over the long term in the larger 60% of the specialty market consisting of non-oncology therapeutic areas.

此次收購是我們策略的重要組成部分，該策略旨在繼續推動非腫瘤治療領域 60% 的專業市場實現長期有意義的成長。

GI Alliance, the largest gastroenterology managed services platform in the country with over 900 physicians across 345 practice sites in 20 states will serve as the foundation of our multi-specialty platform, enabling further national expansion in GI in areas like urology, rheumatology, and neurology.

GI Alliance 是美國最大的胃腸病學管理服務平台，在20 個州的345 個執業地點擁有900 多名醫生，它將作為我們多專業平台的基礎，進一步在泌尿科、風濕病學和神經病學等領域實現全國的胃腸病學擴張。

This team brings best-in-class support capabilities such as revenue cycle management, and a physician-led leadership team headed by Founder and CEO, Dr. Jim Weber, that is highly regarded in the industry, and will continue to operate the business as a stand-alone platform within Cardinal Health.

該團隊帶來了一流的支援能力，例如收入周期管理，以及由創始人兼首席執行官 Jim Weber 博士領導的由醫生領導的領導團隊，該團隊在業內享有很高的聲譽，並將繼續以康德樂健康集團(Cardinal Health) 內部的一個獨立平台。

In oncology, the work to integrate the IM team and providers into our Navista platform is progressing as planned.

在腫瘤學領域，將 IM 團隊和提供者整合到我們的 Navista 平台的工作正在按計劃進行。

The combined leadership team is in place and has visited key sites where it's easy to see how joining Navista's clinical expertise with ION's operational strengths will be a big win for independent community oncologists.

聯合領導團隊已經到位並訪問了關鍵站點，從中不難看出，將 Navista 的臨床專業知識與 ION 的營運優勢結合起來，將為獨立社區腫瘤學家帶來巨大的勝利。

The team has created its consolidated leadership structure, defined the Navista go-to-market strategy and is engaging with a growing pipeline of opportunities as a result of our expanded offerings.

該團隊已經創建了整合的領導結構，定義了 Navista 的行銷策略，並且隨著我們產品範圍的擴大，正在抓住越來越多的機會。

A multitude of data is created while treating patients and thanks to the capabilities of Specialty Networks' PPS Analytics, providers can generate actionable insight to improve patients' clinical outcomes, while manufacturers can leverage its sonar capabilities for research purposes to improve future therapies.

在治療患者時會產生大量數據，借助Specialty Networks 的PPS Analytics 功能，服務提供者可以產生可操作的見解來改善患者的臨床結果，而製造商可以利用其聲納功能進行研究，以改善未來的治療方法。

We've completed the integration of the legacy Specialty Networks and Cardinal Health processes and established the go-forward execution road map, including extending Specialty Networks' capabilities to Navista, so providers on both our oncology and multi-specialty platforms can enhance their ability to provide exceptional patient care and grow the practices.

我們已經完成了傳統專科網路和 Cardinal Health 流程的整合，並製定了未來的執行路線圖，包括將專科網路的功能擴展到 Navista，以便我們的腫瘤和多專科平台上的供應商能夠增強其提供卓越的患者護理並發展實踐。

Aaron highlighted our strong performance from Biopharma Solutions, which in addition to Specialty Networks, includes our leading specialty 3PL and Sonexus patient access, among its offerings.

Aaron 強調了我們在生物製藥解決方案方面的強勁表現，除了專業網路之外，其產品還包括我們領先的專業 3PL 和 Sonexus 患者訪問。

We continued to see strong 3PL performance during the second quarter with revenue growth of over 20%.

我們在第二季持續看到第三方物流表現強勁，營收成長超過20%。

And Sonexus, which has seen steady growth, is executing a number of key product implementations with a strong pipeline of opportunities ahead.

Sonexus 一直保持著穩定成長勢頭，目前正在實施多項關鍵產品，未來將迎來大量機會。

We've previously highlighted our Advanced Therapy solutions offering, which supports 15 cell and gene therapy manufacturers across 450 sites of care and has already processed over 18,000 cell and gene therapy orders.

我們之前曾重點介紹我們的先進治療解決方案，該產品支援 450 個護理站點的 15 家細胞和基因治療製造商，並且已經處理了超過 18,000 個細胞和基因治療訂單。

In the quarter, we launched Advanced Therapy Connect, a first-in-class cell and gene therapy ordering solution, which allows our customers to efficiently consolidate their ordering processes onto our singular platform.

本季度，我們推出了 Advanced Therapy Connect，這是一流的細胞和基因療法訂購解決方案，它使我們的客戶能夠有效地將他們的訂購流程整合到我們的單一平台上。

Our business is partnering with biopharma innovators and many of the top academic medical centers to bring cell and gene therapy products more efficiently to patients.

我們的業務正在與生物製藥創新者和許多頂尖學術醫療中心合作，為患者更有效地提供細胞和基因療法產品。

Turning to GMPD, where the team is focused on executing our GMPD Improvement Plan initiatives.

談到 GMPD，團隊專注於執行我們的 GMPD 改進計劃措施。

Stepping back, while we had some additional nonrecurring impacts with WaveMark in the quarter, we are pleased with the continued improvement in the GMPD business.

回顧一下，雖然本季 WaveMark 為我們帶來了一些額外的非經常性影響，但我們對 GMPD 業務的持續改善感到滿意。

Combined with last year's significant growth, this year's guidance reflects a nearly $300 million profit improvement from fiscal '23 driven by progress on inflation mitigation, cost reductions, and return to growth with our Cardinal-branded products.

結合去年的大幅成長，今年的預期反映了 23 財年利潤成長近 3 億美元，這得益於通膨緩解、成本削減和 Cardinal 品牌產品恢復成長方面的進展。

But we recognize work remains in this transformation.

但我們認識到，這轉變過程中仍有工作要做。

We have an aggressive set of service, profit, and cash flow improvement efforts in flight across the business that will continue to power the turnaround.

我們在整個業務範圍內採取了一系列積極的服務、利潤和現金流改善措施，這將繼續推動業務轉虧為盈。

For example, we are modernizing our distribution network and bringing innovative solutions to the market, including the opening of a new distribution center in Massachusetts that will increase US warehouse capacity and expand specialized handling capabilities.

例如，我們正在對我們的分銷網絡進行現代化改造，並向市場推出創新解決方案，包括在馬薩諸塞州開設一個新的分銷中心，這將增加美國的倉庫容量並擴大專業處理能力。

At the same time, we reached an agreement to sell the legacy distribution facility in the area, which will contribute to our stated value creation initiatives, along with some recent inventory improvements we've driven.

同時，我們達成協議，出售該地區的舊配送設施，這將有助於我們所述的價值創造計劃，以及我們最近推動的一些庫存改進。

Our business is committed to getting our customers the right products at the right place and time and remain focused on doing so as we navigate the existing trade environment, monitoring the potential impact of new trade policies and their effect on pricing.

我們的業務致力於讓我們的客戶在正確的時間和地點獲得正確的產品，並在我們適應現有貿易環境、監控新貿易政策的潛在影響及其對定價的影響的同時，繼續專注於此。

Our geographically diverse manufacturing network supports our ability to balance supply resiliency, service and cost for our customers.

我們地理分佈廣泛的製造網絡支持我們為客戶平衡供應彈性、服務和成本的能力。

As an example, with our recent investments to expand domestic syringe production, 90% of our syringe product category is now manufactured in the United States.

例如，我們最近投資擴大國內注射器生產，目前 90% 的注射器產品都是在美國製造的。

And now finishing with our other businesses, which are becoming a greater growth driver for us in an area where we intend to continue to invest in the future.

現在我們來結束討論我們的其他業務，這些業務將成為我們未來繼續投資的領域更大的成長動力。

In nuclear and precision health solutions, we see continued strength in both our core business and Theranostics, along with an expanding pipeline.

在核能和精準醫療解決方案領域，我們的核心業務和治療診斷技術持續保持強勁發展勢頭，產品線也不斷擴大。

We are now the first company to offer actinium-225 at commercial scale, spearheaded from our collaboration with TerraPower, offering a significant milestone and increasing access to potential new cancer treatments for patients.

目前，我們是第一家以商業規模提供錒-225 的公司，這得益於我們與 TerraPower 的合作，這是一個重要的里程碑，並增加了患者獲得潛在新型癌症治療方法的機會。

New therapies containing the isotope actinium-225 have the potential to become the next generation of cancer treatment, due to their less invasive impact to the patient.

含有同位素錒-225 的新療法有可能成為下一代癌症治療方法，因為它們對患者的侵入性較小。

This is an example of innovation and action and reaffirms our commitment to making meaningful investments to help address some of the most pressing health issues facing patients today.

這是創新和行動的一個例子，重申了我們致力於進行有意義的投資以幫助解決當今患者面臨的一些最緊迫的健康問題。

We've also grown production of GE Healthcare's Vizamyl in Alzheimer's PET diagnostic by nearly 70% since last quarter.

自上個季度以來，我們還將 GE Healthcare 用於阿茲海默症 PET 診斷的 Vizamyl 產量提高了近 70%。

Investments are underway to nearly double our Vizamyl manufacturing sites by the end of fiscal year '25.

我們正在進行投資，到 25 財年末，我們的 Vizamyl 生產基地將擴大近一倍。

In at-home solutions, we have begun construction on our new distribution center in Fort Worth, Texas to continue benefiting from the growth of home health care.

在居家解決方案方面，我們已經開始在德州沃斯堡建造新的配送中心，以繼續受益於家庭保健業務的成長。

The facility will be equipped with leading robotics and automation technologies and should be fully operational by this summer.

該設施將配備領先的機器人和自動化技術，並將於今年夏天全面投入營運。

Our investments in advanced distribution centers will enable synergies related to our acquisition of Advanced Diabetes Supply Group.

我們對先進配送中心的投資將實現與我們收購高級糖尿病供應集團相關的綜效。

Bringing together the scale and efficiency of our at-home business with the patient acquisition and retention capabilities of ADSG will be highly complementary, create further diversification within our diabetes business, and allow us to drive significant value for customer patients.

將我們的家庭業務的規模和效率與 ADSG 的患者獲取和保留能力結合起來，將產生高度互補的效果，進一步實現我們的糖尿病業務的多樣化，並使我們能夠為客戶患者創造巨大的價值。

CMS continues to make policy decisions supporting CGM access, and we are well positioned to take advantage of future market growth as CGM utilization continues to increase.

CMS 繼續制定支援 CGM 存取的政策決策，隨著 CGM 利用率的持續增加，我們已準備好利用未來的市場成長。

And in OptiFreight Logistics, we continue to deliver action-driven insights to support our customers, many of the leading health systems in the United States, enabling them to better manage their shipping needs.

在 OptiFreight Logistics，我們繼續提供行動驅動的見解來支援我們的客戶（許多美國領先的醫療系統），使他們能夠更好地管理他們的運輸需求。

The team remains laser-focused on innovative and technology-driven solutions that drive incremental value and capabilities for our customers.

團隊始終專注於創新和技術驅動的解決方案，為我們的客戶帶來增量價值和能力。

Recently, the team made enhancements to our TotalVue Insights portfolio with TotalVue Reporting, making it easier for customers to answer critical program performance questions and unlock decision-driving insights.

最近，團隊透過 TotalVue Reporting 對我們的 TotalVue Insights 產品組合進行了增強，使客戶更容易回答關鍵的程式效能問題並獲得決策驅動見解。

At least three product launches planned over fiscal '25 and '26, our team is constantly expanding its capabilities and exploring opportunities for new product penetration and clinical departments within hospitals where customers are looking for support, efficiency, and value.

我們的團隊計劃在 25 和 26 財年推出至少三款產品，並不斷擴展其能力並探索新產品滲透的機會以及客戶尋求支援、效率和價值的醫院臨床部門。

In closing, we are pleased with what we accomplished this quarter and are excited about the future.

最後，我們對本季所取得的成績感到滿意，並對未來充滿期待。

Thank you to our team for their unwavering dedication to fulfilling our role as healthcare's most trusted partner.

感謝我們的團隊堅定不移地致力於履行我們作為醫療保健領域最值得信賴的合作夥伴的職責。

With that, we will take your questions.

我們將回答您的問題。

(Operator Instructions) John Stansel, J.P. Morgan.

（操作員指示）約翰·斯坦塞爾，J.P. 摩根。

I think what I heard was high single-digit operating profit growth in pharma ex M&A.

我認為我所聽到的是製藥業除併購外的營業利潤呈現高個位數成長。

Just thinking about the back half, I think that would imply a bit of a deceleration versus first half.

只考慮後半部分，我認為這會比前半部分稍微減速一些。

Can you just help kind of pick through some of the key puts and takes as we think about growth, second half fiscal '25 kind of excluding M&A and kind of what those factors might be?

當我們考慮成長、25 財年下半年不包括併購以及這些因素可能是什麼時，您能否幫助我們挑選出一些關鍵的利弊？

Thanks for the question.

謝謝你的提問。

As we called out in the prepared remarks, we are really pleased with the results of the enterprise overall.

正如我們在準備好的演講中所說的那樣，我們對整個企業的表現感到非常滿意。

And certainly, our pharma business so far this year, including Q2, including the raise to our guidance.

當然，今年到目前為止我們的製藥業務，包括第二季度，都已經提高了預期。

Just to restate the raise for the full year OI, up 10% to 12%.

重申全年 OI 的漲幅，上漲 10% 至 12%。

That, of course, includes the impact of ION and the GI deal, which we closed today.

當然，這包括我們今天完成的 ION 和 GI 交易的影響。

You heard us correctly that the OI for the full year would be high single digits without the deals.

您沒聽錯，如果沒有這些交易，全年的 OI 將會是高個位數。

The M&A is adding about 300 basis points to the pharma arrays, but also don't lose sight of the fact of $15 million more of positive progress that is going to hit other income, just given the equity treatment on the minority ASCs.

此次併購將為製藥業務增加約 300 個基點，但也不要忽視這樣一個事實：僅考慮少數股權 ASC 的股權處理，1500 萬美元的積極進展將影響其他收入。

In the first half of the year, we experienced a strong utilization environment really across every element of the business.

今年上半年，我們業務的各個要素都經歷了強勁的利用率環境。

You heard Jason comment on that.

您聽到了傑森對此的評論。

In the back half, we are assuming a more normalized environment.

在後半段，我們假設環境將更加正常化。

We don't believe that utilization will be sustained at the same levels.

我們不相信利用率會持續維持同樣的水準。

And of course, we would be happy to be wrong there.

當然，我們很高興看到我們錯了。

I also want to call out that we have also started the onboarding of the significant ramp of new customers.

我還想指出的是，我們已經開始大量接納新客戶。

Our onboarding costs for those new customers are already built into the updated guide that we've provided.

我們為這些新客戶支付的入職費用已經包含在我們提供的更新指南中。

And of course, we're lapping our Specialty Networks acquisition in March.

當然，我們在三月完成了對 Specialty Networks 的收購。

And so we believe that the guide in that half, the need to guide for the year is a prudent one, reflective of the success so far and acknowledging that as I said in my prepared remarks, we have a lot going on and that we're looking to land and playing well.

因此，我們認為，今年上半年的指引、今年的指引是審慎的，反映了迄今為止取得的成功，並承認，正如我在準備好的發言中所說，我們有很多事情要做，我們’正在尋找著陸點並發揮出色。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

So could you talk a little bit about what you're seeing across specialty right now?

那麼您能否談談目前在專業領域看到的情況？

Just the key drivers that you're thinking about how the integration of some of these assets is progressing relative to your expectations?

您正在考慮的關鍵驅動因素是，這些資產的整合相對於您的預期進展如何？

And just how we should think about that progressing throughout the year?

那麼我們該如何看待這項全年的進展呢？

Sure.

當然。

Yeah.

是的。

Specialty was absolutely a driver of revenue and profit for the quarter.

專業絕對是本季營收和利潤的推動力。

We talked about the broad-based specialty growth over the last several years, ex a large customer non-renewal.

我們討論了過去幾年廣泛的專業成長，例如大客戶不續約。

We've seen close to mid-single-digit type of -- mid-teens growth type of growth, 14% growth over the last several years.

我們看到接近中等個位數的成長——中等個位數的成長，過去幾年的成長率為 14%。

And we saw a pretty similar growth last quarter as well as this quarter was even a little bit stronger, a couple of points faster than that.

上個季度和本季的成長情況非常相似，甚至比上個季度的成長還要強勁一些，快了幾個個百分點。

So the specialty category continues to grow very well, which certainly gives us confidence to continue to invest into that business, which is, of course, underpinning not just the more recent closings now of both ION and GI Alliance.

因此，專業類別繼續保持良好的成長勢頭，這無疑給了我們繼續投資該業務的信心，當然，這不僅僅是最近 ION 和 GI Alliance 的關閉的基礎。

But of course, it was also a key component of the strategy that we laid out more recently and started with the inorganic investments with Specialty Networks.

但當然，這也是我們最近制定的策略的關鍵組成部分，該策略從對專業網路的無機投資開始。

And we did include in the material, I believe it's Slide 12, that just reminds everyone of that strategy, and I talked a little bit about it.

我們確實在材料中加入了這一點，我相信是投影片 12，只是提醒大家這個策略，我對此進行了一點討論。

But I think the key point here is that, that community physician, specialty physician, they have a lot of requirements, a lot of needs.

但我認為這裡的關鍵點是，社區醫生、專科醫生有很多要求，很多需求。

They want to take care of those patients, but they also need to run a business.

他們想要照顧這些病人，但他們也需要經營生意。

And what we've done here is build up a series of support around and beyond contracting, getting into helping them manage their data, getting the administrative as well as the broader MSO services to support those physicians.

我們在這裡所做的是建立一系列圍繞合約及其以外的支持，幫助他們管理數據，獲得行政以及更廣泛的 MSO 服務來支持這些醫生。

And we think by putting that specialty position at the center of how we approach them as a partner and a customer will lead to growth well beyond just distribution and into all those other services.

我們認為，將專業地位置於我們如何將他們視為合作夥伴和客戶對待的核心位置，將會帶來超越分銷範圍的成長，並拓展到所有其他服務領域。

One other area of differentiation that we've continued to clarify with this strategy is that we're going to market with two very distinct platforms, one within oncology, which is, of course, ION is combined with our Navista business.

我們在這項策略中不斷澄清的另一個差異化領域是，我們將透過兩個截然不同的平台進行行銷，一個是腫瘤學平台，當然，ION 與我們的 Navista 業務相結合。

And then the other one, of course, is GI Alliance and getting into the other 60% of the multi-specialty part of the business.

當然，另一個是 GI Alliance，它佔據了業務的另外 60% 的多專業部分。

So we're pleased with the strategy.

我們對這個策略很滿意。

We're pleased with the underlying momentum that we're seeing in the specialty business that just further gives us confidence that we should be investing into this critically important part of the market, not just for us financially, but probably more importantly for customers and ultimately, patients.

我們對特種業務的潛在發展勢頭感到高興，這進一步讓我們有信心，我們應該投資於這個至關重要的市場領域，這不僅對我們自己有利，對客戶和企業來說可能更為重要。患者。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

One for Aaron.

一份給亞倫。

How did the COVID vaccine volumes come in, in the second quarter versus your expectations?

與您的預期相比，第二季度的新冠疫苗接種量如何？

I think we were estimating something like a $20 million headwind year over year.

我認為我們估計同比損失約為 2000 萬美元。

But is there any way to size the relative contribution from vaccines in the second quarter versus the first quarter or size the headwind year-over-year?

但是，有沒有辦法衡量第二季相對於第一季疫苗的相對貢獻，或衡量年比的逆風呢？

We have not provided a specific number on the impacts of COVID in Q2, although what I can tell you, it came in exactly as we expected it would and we were pleased to overcome it, obviously, given the incredibly strong results from the form of business in the quarter.

我們沒有提供第二季度新冠疫情影響的具體數字，但我可以告訴你的是，疫情的影響正如我們預期的那樣，我們很高興能夠克服它，顯然，考慮到本季度的業務。

We had said it would be a modest headwind, and that's indeed what -- how it played out.

我們曾經說過，這將是一個溫和的逆風，事實也確實如此。

Elizabeth Anderson, Evercore.

伊麗莎白·安德森（Elizabeth Anderson），Evercore。

Thanks for the color today, I was wondering if you could talk a little bit more about GMPD.

感謝您今天的分享，我想知道您是否可以再多談談 GMPD。

Obviously, we thank you for helping us to quantify the WaveMark contribution in the quarter, but I know you've talked about some investments, and I realized that there's tariff implications that we probably can't quantify right now.

顯然，我們感謝您幫助我們量化本季的 WaveMark 貢獻，但我知道您已經談到了一些投資，我意識到存在一些關稅影響，我們現在可能無法量化。

But if we think about like just the core business ex some of these one-time items and forgetting about tariffs for a second, how do we think about sort of the cadence of sort of investment and sort of the opportunity as we move through the back half of the year?

但如果我們只考慮核心業務，例如一些一次性項目，暫時忘記關稅，我們如何看待投資的節奏和機會？

I used to -- like is that sort of ramping down and we should think of that as a go-forward like rate there?

我曾經──就像那種逐漸減少的速度，我們應該把它看作是一種前進的速度嗎？

Or do you think there's sort of more long-term investments that you will continue to make as you continue to grow that business?

或者您認為隨著業務的持續發展，您會繼續進行更多長期投資？

Let me start with some comments on the guidance and then perhaps Jason will want to offer some strategic comments there.

讓我先對該指南發表一些評論，然後 Jason 可能會想提供一些策略性評論。

We started the year with a guide on GMPD of

今年我們以 GMPD 指南開始

[$175 million].

[1.75億美元]。

And then as a result of the unanticipated health care -- incremental healthcare costs in Q1, we adjusted our guidance to bring it down, and that was, as you'll recall, [$17 million] in Q1.

然後，由於第一季意外的醫療保健成本增加，我們調整了指導方針以降低成本，正如你們所記得的，第一季的醫療成本為 1700 萬美元。

In Q2, we have certainly experienced another unanticipated item, which is a $15 million charge in the WaveMark part of the business, really trying to uncollectible receivables.

在第二季度，我們確實遇到了另一個意外情況，即 WaveMark 業務部分的一筆 1500 萬美元的費用，這實際上是無法收回的應收帳款。

Absent those two items, the GMPD improvement plan really continues as it has.

如果沒有這兩項，GMPD 改進計劃實際上會繼續進行。

And so while we want to be prudent and reflect the realities of those two items and, of course, call out that volumes were a little soft in Q2, softer than we expected.

因此，雖然我們希望保持謹慎並反映這兩個項目的現實情況，當然要指出第二季的交易量有些疲軟，比我們預期的要疲軟。

Other than that, the business continues to perform as we had expected and indeed, consistent with the guidance we've provided.

除此之外，業務表現繼續符合我們的預期，並且確實與我們提供的指導一致。

We said at the start of the year that the -- we expected sequential improvement each quarter in profitability.

我們在年初就說過，我們預計每季的獲利能力都會持續提高。

We still expect that to be the case.

我們仍然期待情況會如此。

Q4 will be higher than Q3, obviously, from a sequential perspective.

從連續角度來看，第四季顯然會高於第三季。

And what we appreciate about the team leading GMPD is that they are leaving no rock unturned relative to continuing to invest in the business and find the ways to improve the operating performance, improve our customer service so that we are achieving the plans.

我們欣賞 GMPD 領導團隊的一點是，他們竭盡全力繼續對業務進行投資，並尋找改善營運績效、改善客戶服務的方法，以便我們可以實現計劃。

We have not backed away from our long-term guidance today.

我們今天並沒有放棄我們的長期指導。

We are not providing an update on long-term guidance either for GMPD or for the overall enterprise.

我們不會為 GMPD 或整個企業提供長期指導的最新資訊。

And you can read into that, what you will.

你可以從中讀出你想要的內容。

I would just observe, though, that we believe the new guidance of $130 million to $150 million, with the midpoint being the reduction of the two one-time items or non-recurring items from that original guidance is a reflection of kind of where we are.

不過，我只是想說，我們認為新的指導金額為 1.3 億美元至 1.5 億美元，中間值是從原始指導金額中減少兩項一次性項目或非經常性項目，這反映了我們是。

Jason?

傑森？

Yeah, I'll add on some other elements here.

是的，我會在這裡添加一些其他元素。

So I'm pleased with the performance of the team given some other elements that Aaron didn't talk about, right?

因此，考慮到 Aaron 沒有談到的一些其他因素，我對球隊的表現感到滿意，對嗎？

We've been receiving a number of questions, of course, as it relates to international freight, all the storms, the winter activity as well.

當然，我們收到了許多問題，因為它們與國際貨運、所有風暴以及冬季活動有關。

There's a lot of complexities within the supply chain that has not impacted significantly in the business, and we've not made any changes to our guidance as a result of those types of items.

供應鏈中存在許多複雜因素，但這些因素並未對業務造成重大影響，而且我們也沒有因為這些因素而對我們的指導方針做出任何改變。

So the team has managed through a challenging type of supply chain environment this year.

因此，團隊今年成功地度過了充滿挑戰的供應鏈環境。

Now that leads us, of course, to -- all right.

當然，這引導我們—好吧。

So now what does it mean for the balance of the year as it relates to tariffs?

那麼，這對於與關稅相關的年度餘額意味著什麼？

I should probably also add that we had tariffs in China that did require us to resource and to pass on some of that in the form of pricing as well.

我可能還應該補充一點，中國徵收的關稅確實要求我們提供資源，並將其中一部分以定價的形式轉嫁出去。

But now when we're looking at potentially more significant tariffs, both in Mexico as well as in United States, that requires us to continue to evaluate that model and manage through it.

但現在，當我們考慮墨西哥和美國可能徵收的更高的關稅時，我們需要繼續評估該模型並進行管理。

So we are not providing any adjustments to our guidance, both current year as well as long term as it relates to that.

因此，我們不會對我們的指導做出任何調整，包括當前年度以及與此相關的長期指導。

It's still a bit early to determine that.

現在確定這一點還為時過早。

What I will say is that the team has done a nice job to de-risk the model from where we were before.

我想說的是，團隊已經做得很好，降低了我們之前的模型的風險。

We still have some work to do with tariffs.

我們在關稅方面還有一些工作要做。

We're looking at both sides of it, the sourcing side as well as the customer and pricing side.

我們正在從兩個方面進行考慮，即採購方面以及客戶和定價方面。

On the sourcing side, we've made some fantastic improvements to the resiliency of that supply base.

在採購方面，我們對供應基地的彈性做出了一些重大改進。

As a reminder, only about a third of our business of that $12 billion-ish in revenue is Cardinal brand.

提醒一下，在我們約 120 億美元的收入中，只有大約三分之一是 Cardinal 品牌。

So the two-thirds, that's national brand.

所以這三分之二是國家品牌。

We largely passed through those types of adjustments.

我們基本上已經經歷了這些類型的調整。

So that one-third, that is Cardinal brand, is where we have the most work to do there.

因此，那三分之一，也就是 Cardinal 品牌，是我們要做的工作最多的地方。

Within that a third, about half of it is sourced out of North America, which is split between the US and Mexico for the most part.

在這三分之一中，約有一半來自北美，其中大部分分佈在美國和墨西哥。

And then the rest of the world is quite diverse.

世界其他地方也相當多元。

We no longer manufacture out of China.

我們不再在中國進行生產。

We sourced a little bit, although with the more recent tariffs, we've reduced that further.

我們採購了一點，但隨著最近的關稅，我們進一步減少了採購量。

So we're definitely well below 10% at that level, and we have nearshored into Latin America, quite a bit of product as well.

因此，我們在該水平上的比例肯定遠低於 10%，而且我們已經將相當多的產品轉移到了拉丁美洲。

We've been brought some of it more onshore.

我們已將其中一些運往岸上。

As Aaron highlighted, 90% of our syringe categories now produced in a Cardinal-owned facility in the United States.

正如 Aaron 所強調的，我們 90% 的注射器類別目前都是在美國 Cardinal 旗下的工廠生產的。

So we'll continue to do what we can to minimize the impact as it relates to tariffs.

因此，我們將繼續盡最大努力將關稅影響降至最低。

But make no mistake.

但不要誤會。

If there are widespread tariffs, anywhere from the 10% to 25% range, I anticipate there will be corresponding price increases.

如果普遍徵收關稅，範圍在 10% 至 25% 之間，我預計價格也會相應上漲。

We will do what we can to minimize those, but with 1% to 2% margins, we will not absorb whatever impacts are left.

我們將盡力將這些影響降至最低，但由於利潤率只有 1% 到 2%，我們無法吸收剩餘的影響。

And with our diverse supply base, supply chain throughout the globe and what we believe is balanced, we think we're well-positioned competitively to be able to pass on those price increases.

憑藉我們多元化的供應基礎、遍布全球的供應鏈以及我們認為的平衡，我們認為我們擁有良好的競爭優勢，能夠轉嫁這些價格上漲的影響。

So it's something we'll work to minimize, but it's going to be a reality if tariffs are widespread across multitude of countries.

所以我們會努力將這種情況降到最低，但如果關稅在多個國家普遍存在，這種情況就會成為現實。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

Congratulations on another really nice quarter.

恭喜您又度過了一個非常愉快的季度。

Maybe if I can go back to some of the specialty commentary.

也許我可以回顧一些專業評論。

As you think about where you're now positioned with all the -- at least, specialty-oriented acquisitions closed right now.

當你思考你現在所處的位置時，至少是所有針對專業領域的收購都已經完成。

And Jason, you had talked a bit about some of your service expansion, but how fast do you feel some of that integration resonating in the market?

傑森，您剛才談到了一些服務擴展，但是您覺得這些整合在市場上引起反響的速度有多快呢？

How much of it do you feel the competitive driver in terms of winning new business?

從贏得新業務的角度來看，您認為競爭動力有多大？

And how do you feel about that against the backdrop of what seemingly appears be elevated specialty market growth whether it's due to changes in the IRA Part D design or other areas?

在專業市場似乎有所增長的背景下，您對此有何感想，無論這種增長是由於 IRA Part D 設計的變化還是其他領域的變化造成的？

But how does it all factor into, from an underlying specialty basis, your ability to essentially accelerate growth on top of a now larger portfolio?

但是，從基礎的專業基礎來看，這一切如何影響您在現在更大的投資組合基礎上加速成長的能力？

Well, it certainly doesn't hurt in the marketplace, as I'm sure you can imagine.

嗯，我相信你可以想像，這當然不會對市場造成傷害。

There's a lot of factors that go into a customer's decision.

影響顧客決定的因素很多。

I think our investments in specialty, they want to see that we're competitive and that we understand their needs in that space, which this certainly does.

我認為，我們在專業領域的投資，他們希望看到我們具有競爭力，並且我們了解他們在該領域的需求，而這確實做到了。

I wouldn't draw too many connections.

我不會建立太多聯繫。

I mean, it depends on what part of the market you're talking about.

我的意思是，這取決於你談論的是市場的哪個部分。

If you're talking about retail independent, if you're talking about a large chain, I think our investments in specialty are a lot less relevant.

如果您談論的是獨立零售，如果您談論的是大型連鎖店，我認為我們在專業領域的投資就沒那麼重要了。

What's more relevant for them is are we taking care of their needs today?

對他們來說更重要的是我們今天是否滿足了他們的需求？

Is this service levels?

這是服務水準嗎？

What are the types of products and capabilities we can bring for them?

我們能為他們帶來哪些類型的產品和功能？

Of course, when you're talking about that specialty physician, it is incredibly important for them that we take care of as many of their needs as possible, of which distribution is only one of them.

當然，當你談到專科醫生時，對他們來說，盡可能地滿足他們的需求是非常重要的，而分銷只是其中之一。

So it is a flywheel effect we've talked about only back to our Investor Day, that was the cornerstone of the strategy that is what's most important to that physician.

因此，我們在投資者日討論的就是飛輪效應，這是策略的基石，也是對醫生來說最重要的。

Of course, we have to be competitive in everything else, but it is all bringing together.

當然，我們必須在其他所有方面都具有競爭力，但這一切都是相互的。

Now this quarter, as I mentioned, we're seeing a little bit stronger specialty revenue growth.

正如我所提到的，本季我們看到專業收入成長略有強勁。

Is that because we continue to be a partner of choice?

這是因為我們繼續成為首選合作夥伴嗎？

I think it's a little early with some of these acquisitions as well.

我認為有些收購還為時過早。

But certainly, we're growing, at least, as fast as the market, 16% type of growth in the quarter.

但可以肯定的是，我們的成長速度至少與市場一樣快，本季的成長率為 16%。

So we're holding our own and have great partners that are growing quickly as well.

因此，我們保持了自己的地位，並且擁有快速成長的優秀合作夥伴。

And we're doing what we can to further improve our capabilities to be an even better partner for them going forward.

我們正在盡我們所能，進一步提高我們的能力，以便在未來成為他們更好的合作夥伴。

Eric Percher, Nephron.

艾瑞克·佩徹（Eric Percher），Nephron。

I'd like to return to medical and maybe expand to GMPD and at-home.

我想重返醫療產業，或許也想擴展到 GMPD 和家庭領域。

It sounds like the impact from macro weakness is maybe a little bit less severe than we might have thought.

聽起來宏觀經濟疲軟的影響可能沒有我們想像的那麼嚴重。

Can you tell us, is the Cardinal brand still growing?

您能告訴我們，Cardinal 品牌是否還在發展中？

Has there been any change in trajectory?

軌跡有改變嗎？

And then is the impact extending to at-home in any meaningful way?

那麼，其影響是否會以任何有意義的方式延伸到家庭？

Yeah.

是的。

So the overall -- we saw a slight growth in overall for all products as well as Cardinal Health brand products.

因此總體而言——我們看到所有產品以及 Cardinal Health 品牌產品的整體銷售量均略有成長。

So there's no distinction or differentiation there of any significance.

因此，不存在任何重要的區別或區分。

And you'll see in the Q that comes out, we continue -- I think Aaron even made the comments, we have double-digit growth for each of our other businesses in terms of top line.

您將在即將發布的 Q 報告中看到，我們繼續 - 我認為 Aaron 甚至已經評論過，就營收而言，我們其他每項業務都實現了兩位數的增長。

So we continue to see very strong growth there that as Aaron did highlight, we saw some weakness within respiratory and lab-type of products within the GMPD business.

因此，我們繼續看到非常強勁的成長，正如 Aaron 所強調的那樣，我們看到 GMPD 業務中的呼吸和實驗室類產品存在一些弱點。

Those are not products that drive volume through our at-Home business.

這些產品並不能推動我們的家庭業務銷售。

It is a very diverse type of product groupings within that at-home customer but it's different than those types of products.

它是家庭客戶中非常多樣化的產品分組類型，但它與那些類型的產品不同。

So the other thing I'd just highlight is, last quarter, we were at 3% growth.

我要強調的另一件事是，上個季度我們的成長率為 3%。

Overall market, we predicted to be somewhere in the low single-digit range.

我們預期整體市場將處於個位數低位範圍內。

And so 1% growth, while a little bit weaker and we certainly wanted to call that out.

因此，雖然成長率為 1%，但略顯疲弱，我們當然想指出這一點。

We're watching it very closely.

我們正在密切關注。

The trends are going to be important.

這些趨勢將會變得非常重要。

How much of this is related to what is happening on the respiratory lab side of cough, cold and flu this season is something that we'll determine here in the next couple of months, if it's a lasting trend or if it gets more back to that typical type of longer-term lower single digit, but better than 1% growth that we anticipate.

我們將在未來幾個月內確定，這與本季咳嗽、感冒和流感的呼吸道實驗室表現有多少關聯，這是否是一個持續的趨勢，還是會再次出現這是典型的長期較低個位數成長，但好於我們預期的1% 的成長率。

And that's why we're watching it closely, but we need to see what kind of trends this really looks like before making any other further adjustments.

這就是我們密切關注的原因，但在做出任何進一步調整之前，我們需要看看這到底是什麼樣的趨勢。

Just to reinforce some of the questions -- some of the answers around at-home, you will see that at-Home' revenue growth in the quarter was up 13%, strong in CVM, new diabetes and urology-related categories.

只是為了強化一些問題——一些關於家庭的答案，你會發現本季家庭收入成長率為 13%，在 CVM、新糖尿病和泌尿科相關類別中表現強勁。

We do continue to make large investments in that business, even pre-closure of the acquisition we've announced.

我們確實會繼續對該業務進行大規模投資，甚至在我們宣布的收購完成之前。

And that's why you heard me signal in my prepared remarks of how we're looking forward to talking about the profit contributions from that business in future quarters, really driven by seeing the return on the investments we've been making in automation and efficiency as they get to multiyear record levels of productivity, quality, and safety over the course of the year.

這就是為什麼你們聽到我在準備好的發言中暗示我們期待在未來幾季談論該業務的利潤貢獻，這實際上是受到我們在自動化和效率方面投資回報的推動。裡達到了多年來創紀錄的生產力、品質和安全水準。

And so we view -- while we haven't spent a lot of time talking about at-home, we view it as a bright spot for the future of the business.

因此我們認為——雖然我們沒有花很多時間談論在家辦公，但我們認為它是業務未來的亮點。

Kevin Caliendo, UBS.

瑞銀的凱文‧卡利恩多 (Kevin Caliendo)。

I want to get to your comments around utilization and the sort of expectation that it's going to normalize or step down a little bit from what you've seen in the first half.

我想聽聽你對利用率的評論，以及它將如何恢復正常或比上半年的情況略有下降的預期。

My question is sort of are you actually seeing this now?

我的問題是，你現在真的看到了嗎？

Is it a question of your comping higher utilization in this fiscal second half of the year?

這是關於您今年下半年的財政年度利用率更高的問題嗎？

And was the higher utilization that you saw in the first half of the year, was there anything special about it?

您看到的上半年使用率更高嗎？

Was it higher margin?

利潤率是否更高？

Or did it contribute more to EBIT than corporate average?

或者它對息稅前利潤的貢獻是否高於企業平均？

I'm just trying to understand like what was the driver or what the higher utilization was and sort of why you don't expect it to continue?

我只是想要了解驅動因素是什麼或更高的利用率是什麼，以及為什麼您不希望它繼續下去？

Yeah.

是的。

Let me start and then -- there's a lot there to unpack, and so Aaron may have something in the back end.

然後讓我開始——有很多東西需要解開，所以 Aaron 可能在後端有一些東西。

So as I think about -- let me talk to the second quarter growth that we've seen.

所以當我想到——讓我談談我們看到的第二季的成長。

And it does resemble quite a bit the type of growth we saw in the first quarter.

它確實與我們在第一季看到的成長類型相似。

So let me just go deeper into that, give you a little bit more insight as to what's driving.

所以讓我更深入地探討這個問題，讓您更深入地了解推動因素。

And when we say broad utilization, what exactly do we mean?

當我們說廣泛利用時，我們到底是什麼意思？

To give you a little bit more perspective there, and then I think that will help inform the types of trends that you would expect to continue and perhaps on that.

為了給您更多的觀點，我認為這將有助於您了解您預計將繼續的趨勢類型。

So as I step back and think about the drivers of our profitability, we have already talked about some of the headwinds, right?

因此，當我回顧並思考我們獲利能力的驅動因素時，我們已經討論了一些不利因素，對嗎？

So it's COVID and it's the large customer non-renewal.

因此，這是 COVID，也是大型客戶不續約的原因。

As Aaron highlighted, our headwinds this quarter from an earnings perspective, as well as from a revenue perspective, we're very consistent with our expectation.

正如 Aaron 所強調的那樣，從獲利角度以及收入角度來看，本季我們面臨的阻力與我們的預期非常一致。

And what I'm really pleased with this particular quarter.

我對這個季度的表現感到非常滿意。

So our strength in pharma was driven not by having less bad news, it was more good news, more strength in the underlying business.

因此，我們在製藥業的優勢不是來自於壞消息的減少，而是來自於好消息的增加以及基礎業務的增強。

So what drove that -- those tailwinds that allowed us to grow that business from an earnings perspective, this particular quarter?

那麼，是什麼推動了這一因素呢？

Okay.

好的。

Utilization was -- is, of course, one of those items.

利用率當然是其中之一。

So the 4% reduction in revenue, as Aaron highlighted, translated to 17% ex large customer non-renewal.

因此，正如 Aaron 所強調的，收入減少 4% 就意味著大客戶不續約率下降了 17%。

And then when you adjust for GLP-1s, that's another 6%, 7%.

然後當您調整 GLP-1 時，這又是 6%、7%。

So you get close to 10% to 11% ex-customer non-renewal, ex-GLP-1 type of growth.

因此，您可以獲得接近 10% 到 11% 的前客戶不續約、前 GLP-1 類型的成長。

So that 10% to 11% is significant.

因此 10% 到 11% 是相當重要的。

It's not too unlike where we have been operating, but it's good growth.

這與我們的經營方式沒有太大區別，但成長勢頭良好。

And of course, we're talking revenue.

當然，我們談論的是收入。

But when you're looking at the underlying volume in areas that contribute less revenue like generics, it was also a little bit stronger than what we've typically seen.

但是，當你查看仿製藥等收入貢獻較少的領域的基礎銷售時，你會發現它也比我們通常看到的要強勁一些。

So within that 10% to 11% adjusted type of revenue, there were no real headwinds that we had to offset.

因此，在 10% 到 11% 的調整後收入範圍內，我們並沒有遇到需要抵銷的實際阻力。

So we did see growth across all the categories.

因此我們確實看到所有類別都實現了成長。

Brand and generics were generally consistent with that type of rate where we saw excess growth above.

品牌藥和仿製藥通常與我們看到的過度增長的速率一致。

That was specialty, so that brings with it nice margin.

那是一種專業，因此可以帶來不錯的利潤。

It brings with it a nice mix.

它帶來了一種美妙的混合。

And it's also, some of our consumer health business.

這也是我們的部分消費者健康業務。

Within Generics, while the revenue was not a big driver of it.

在仿製藥領域，收入並不是主要推動力。

Where we saw strength were in the areas that do bring with it a little more margin like retail independent as one example.

我們看到的優勢在於那些能帶來更多利潤的領域，例如獨立零售。

We did have some new customers that were being onboarded, but there was a good mix by, again, specialty by retail independence, there is the right type of volume that we saw that was a little bit stronger this quarter than we've seen before.

我們確實有一些新客戶加入，但再次強調，零售獨立性的專業性，我們看到了合適的交易量，本季的交易量比以前稍微強勁一些。

Now that's just one of the components of our earnings drivers.

這只是我們獲利驅動因素之一。

We also had very good productivity.

我們的生產力也非常好。

It was a quarter that had great volume, and we translated that volume to very strong earnings.

該季度的銷量很大，我們將這一銷量轉化為非常強勁的收益。

And that's based upon some of the actions that we've put into place beginning almost a year ago when we learned that, that large customer non-renewal that we will start to lap.

這是基於我們從一年前了解到將開始應對大量客戶不續約的情況後開始採取的一些行動。

And then, of course, the Specialty Networks will be lapping here in the third quarter as well.

當然，專業網絡在第三季也將取得同樣的成績。

And that's the third component.

這是第三個組成部分。

Our biopharma solutions business was very strong this quarter.

本季我們的生物製藥解決方案業務非常強勁。

That is Specialty Networks, but it's also 3PL.

那是專業網絡，但也是第三方物流。

We saw higher than usual type of growth.

我們看到了高於平常的成長類型。

So 3PL is growing over 20%.

因此，3PL 的成長率超過20%。

So there's a lot of growth drivers like that, that while we've invested into it and while we have confidence, we'll continue to grow.

所以有很多這樣的成長動力，只要我們對其進行了投資並且我們有信心，我們就會繼續成長。

The level of growth and that positive mix of specialty, of generics, of retail independence, of categories like that are more of the areas that we would expect to be more normalized going forward.

我們預計，成長水準以及專業化、通用化、零售獨立性等類別的積極組合將在未來更加正常化。

And of course, Specialty Networks, we begin to lap it in the third quarter as well.

當然，對於專業網絡，我們也在第三季開始對其進行改進。

Aaron, anything I missed there?

亞倫，我遺漏了什麼嗎？

The only thing I would add was just the -- quote a note that -- our back half, if you adjust -- if you normalize out for Optum, we are expecting the profit to grow above our long-term target of 4% to 6%.

我唯一想補充的是——引用一段註釋——我們的後半部分，如果你調整——如果你對 Optum 進行正常化，我們預計利潤將增長超過我們 4% 的長期目標6%。

And so I appreciate the pushback on the number there but we are expecting our targeted growth in the back half in pharma.

因此，我理解人們對這個數字的反對，但我們預計製藥業將在下半年實現目標成長。

Eric Coldwell, Baird.

埃里克·科爾德威爾，貝爾德。

I was hoping to touch on GI Alliance a bit.

我希望稍微談談 GI Alliance。

When investors see MSO deals in a drug distribution industry, they tend to think of distribution contracts, they think of biosimilars, et cetera.

當投資者看到藥品分銷行業的 MSO 交易時，他們往往會想到分銷合約、生物相似藥等等。

But is there not also a MedSurg opportunity, particularly in this segment?

但是，是否也存在醫學外科 (MedSurg) 機會，特別是在這一領域？

And if so, could you talk about that and where you might see some opportunities to further help those physicians with your MedSurg package and/or any other solutions that you provide?

如果是的話，您能否談談這個問題，以及您可能在哪些方面看到機會透過您的 MedSurg 套件和/或您提供的任何其他解決方案進一步幫助這些醫生？

Are there tie-ins to something in the other segment, for example, as well?

比如說，是否也與其他部分有關？

Yeah.

是的。

Thanks for the question, Eric.

謝謝你的提問，艾瑞克。

And the short answer is yes, there's opportunities.

簡短的回答是肯定的，有機會。

But I'd rather stress what I talked about before.

但我寧願強調我之前談到的內容。

I think the problem with answering your question in that manner is it puts us first and not the physician first.

我認為以這種方式回答你的問題的問題在於它把我們放在第一位，而不是把醫生放在第一位。

And their biggest problem isn't getting MedSurg items, and it's relatively small relative to -- now, of course, across the full industry as a big part of it.

而他們最大的問題不是獲得 MedSurg 產品，而且相對於現在整個產業而言，這個數字相對較小，當然，這是其中很大一部分。

But when you look at even 1,000 physicians, it's just not significant relative to the broader industry.

但即使只看 1,000 名醫生，相對於整個產業來說，這個數字也不大。

And certainly, that could be less than one health system customer on that side.

當然，這可能還不到一個醫療系統客戶。

So it's something that we're not ignoring but it's also clearly not the cornerstone of what we're doing here.

因此，我們不會忽視這一點，但顯然這不是我們在這裡所做工作的基石。

This is very specifically on GI Alliance.

這是關於 GI Alliance 的具體內容。

We're most focused on that physician, and we're specifically most focused on that other 60%, the other non-oncology therapeutic areas where not only is it an area that hasn't been invested into near their extent as oncology.

我們最關注的是醫生，我們特別關注另外 60%，即其他非腫瘤治療領域，這不僅是尚未像腫瘤學那樣投入的領域。

There's not nearly the options and support out there, but what's so exciting for us is what we believe is the best of the best is Dr. Jim Weber, and team in GI Alliance.

雖然目前幾乎沒有選擇和支持，但讓我們興奮的是，我們相信最好的是 Jim Weber 博士和 GI Alliance 的團隊。

We did scour the industry to look for the best possible partner in the other 60%, and we're confident it's that team and that organization that fits well with us culturally, but also fits well with being able to solve the needs of so many of those physicians in both GI as well as other therapeutic areas.

我們確實在業界尋找了另外 60% 的最佳合作夥伴，我們相信這個團隊和組織不僅在文化上與我們非常契合，而且能夠很好地解決如此多客戶的需求。領域的醫生。

Just to emphasize, this is both GI Alliance and ION.

需要強調的是，這是 GI Alliance 和 ION。

Their platforms for future growth, which come with higher margin service opportunities and capabilities that we will look at as a basket of opportunities as we continue to drive our progress in specialty going forward.

它們的未來成長平台具有更高利潤的服務機會和能力，我們將把它們視為一攬子機會，繼續推動我們在未來專業領域的進步。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

I wanted to go back to some of the comments you made on tariffs, and you provided some great detail there, namely the 50% of Cardinal-branded products that are made in North America.

我想回顧一下您對關稅所發表的一些評論，您提供了一些非常詳細的信息，例如 50% 的 Cardinal 品牌產品都是在北美生產的。

I'm wondering if you could help kind of segregate that out between the United States and Mexico.

我想知道您是否可以幫助將美國和墨西哥區分開來。

And then also help us think about how -- what of your products are made in Central and South America?

然後也幫助我們思考──你們的產品是在中美洲和南美洲生產的嗎？

And finally, if all of this tariff noise volatility is making you kind of rethink your onshoring strategy.

最後，如果所有這些關稅噪音波動讓你重新考慮你的在岸策略。

So perhaps more of your branded product will look like syringes versus how it has traditionally looked?

因此，與傳統外觀相比，您的品牌產品的外觀可能更像注射器？

Sure.

當然。

So again, let me just walk it from the top.

因此，讓我再一次從頂部開始講解。

Two-thirds is National brand, one-third Cardinal brand.

三分之二是 National 品牌，三分之一是 Cardinal 品牌。

Of the Cardinal brand, about 50-50, North America versus rest of the world.

就 Cardinal 品牌而言，北美和世界其他地區的比例約為 50%。

That 50%, that's North America, it's pretty well balanced between and the US.

那 50% 是北美，與美國之間的平衡相當好。

So think about it as another 50-50.

因此可以將其視為另一個 50-50。

And as it relates to Central and South America, I would say that other 50% outside of North America is very diverse.

就中美洲和南美洲而言，我想說北美以外的其他 50% 非常多樣化。

So I'm not going to break it down further into that.

因此我不會對此進行進一步的分解。

We do have Southeast Asia that remains a component of that.

東南亞仍然是其中的一部分。

But it's quite diverse where we have very little -- I would not a -- significant concentration in any one country outside of that.

但它是相當多樣化的，我們很少——我不會——將重點集中在除此以外的任何一個國家。

So it is truly broad and diverse there.

那裡確實廣闊而多樣。

The other data point that I highlighted in the past and maybe again today, I can't remember.

我過去強調過的其他數據點，以及今天可能再次強調的數據點，我記不清了。

But we do have product capabilities of manufacturing 50% of Cardinal brand in the United States.

但我們確實擁有在美國生產 50% Cardinal 品牌產品的能力。

So we don't manufacture that, but we have up to 50% today of those categories where we're already manufacturing a product where we can bring more of it onshore.

因此，我們不生產這些產品，但目前我們已經在生產其中 50% 的產品，並且可以將更多的產品轉移到國內。

Now that's not something that can be done overnight.

這不是一朝一夕就能完成的事。

But we have the capability, the expertise to be able to do so over time.

但我們有能力、有專業知識，能夠隨著時間的推移做到這一點。

And when I think about tariffs, that element of time is an important one because it is something that beyond the cost impact, the FDA is going to be very busy, helping the industry resource significant amounts of product if there is no exclusion.

當我考慮關稅時，時間因素非常重要，因為除了成本影響之外，如果沒有排除，FDA 還會非常忙碌，幫助業界採購大量產品。

Remember, in the first Trump administration, there were widespread exclusions that included a lot of medical and healthcare products.

請記住，在川普第一任政府時期，存在著廣泛的排除條款，其中包括許多醫療和保健產品。

But if those exclusions are not existing this time around, there will be strong incentives to resource a lot of products quickly.

但如果這次不存在這些排除條件，就會有強烈的動機去快速採購大量產品。

And that's something that we'll have to do what we can but we're going to have to look at that cost trade-off.

我們必須盡力而為，但也必須考慮成本權衡。

And there are plenty of products that will still not make sense to sort of transition to the United States.

但仍有許多產品不適合出口到美國。

The cost differential is many times greater than that.

成本差異比這大很多倍。

But then there's also just the natural capacity to build a resource -- products that must be tested rigorously before changing suppliers, before changing sites and manufacturing.

但是，還有建立資源的自然能力——在更換供應商、更換地點和製造之前，必須對產品進行嚴格的測試。

That will cause for a lot of effort, but also a lot of volatility that we'll want to make sure we keep the patient and safety in mind as well.

這將需要很多努力，但也會帶來很大的波動，因此我們要確保同時也考慮到患者和安全。

Steven Valiquette, Mizuho.

瑞穗的史蒂文‧瓦利奎特 (Steven Valiquette)。

So I think you briefly touched on the cough, cold for the GMPD segment.

所以我認為您簡要地談到了 GMPD 部分的咳嗽、感冒。

But really for the overall company, my question is separate from the timing of your revenue recognition related to the COVID vaccines.

但實際上對於整個公司而言，我的問題與 COVID 疫苗相關的收入確認時間無關。

And there was some discussion amongst some of your peers that the flu and/or illness season that was pretty soft in the December quarter.

一些同事討論說，12 月季度的流感和/或疾病季節相當淡季。

But then more recently shows has actually picked up a lot in January, which I think should bode well on a net basis for your upcoming fiscal 3Q.

但最近，1 月的演出票房實際上已經大幅回升，我認為這對您即將到來的第三財季來說是一個良好的淨兆頭。

So I guess I'm curious whether you have any further color just from your own point of view, in relation to these quote-unquote illness season dynamics for the December quarter and March quarter, really across all your segments and the overall company.

所以我想知道，從您自己的角度來看，您是否能進一步了解 12 月季度和 3 月季度所有部門和整個公司的疾病季節動態。

Yeah.

是的。

Thanks, Steve.

謝謝，史蒂夫。

It's an interesting question because on the one hand, we're talking about strong utilization.

這是一個有趣的問題，因為一方面，我們談論的是強大的利用率。

On the other hand, we're talking about weaker utilization.

另一方面，我們談論的是利用率較低。

And so understanding the distinction is important.

因此，理解這一區別非常重要。

And we use cough, cold and flu illness in general as a centerpiece of that discussion.

我們將咳嗽、感冒和流感疾病作為討論的核心。

I think there -- this is the hypothesis.

我認為——這就是假設。

We're not -- what we're seeing is, again, on the GMPD side is more lab and respiratory.

我們不是—我們再次看到的是，在 GMPD 方面更多的是實驗室和呼吸道。

So perhaps what we're seeing in this last quarter because we didn't see the same weakness within our pharma business.

因此，也許我們在上個季度看到的情況是因為我們並沒有在製藥業務中看到同樣的弱點。

So people are getting treated for illnesses at a rate that seems to be, at least, as it was last year.

因此，人們接受疾病治療的比例似乎至少與去年相當。

So we're not seeing weakness there.

因此，我們沒有看到那裡的弱點。

Now it's not a huge margin driver for us anyways on the pharma side.

現在，對於我們製藥業來說，這並不是一個巨大的利潤驅動因素。

It's higher-margin products on the GMPD side.

這是 GMPD 方面利潤較高的產品。

So this could be one of test -- less testing versus less treatment.

因此，這可能是一種測試——減少測試，減少治療。

So our treatments aren't seeing a whole lot of difference, but we're testing a bit lower.

因此，我們的治療並沒有看到很大的差異，但是我們的測試結果稍微低一些。

I've heard anecdotally some of the same that you just referenced that perhaps January will be a little stronger because there seems to be a little bit of resurgence.

我聽到一些傳聞，就像您剛才提到的那樣，也許一月份的表現會更強勁一些，因為似乎出現了一些復甦的跡象。

I won't say that I've seen that yet.

我不會說我已經見過這個。

If it has happened, it hasn't -- just not -- it's just too early to have a great perspective on that.

如果已經發生了，那也沒發生——只是還沒有——現在對此有一個很好的看法還為時過早。

And so I think for the time being, that's about much that I can give you.

所以我想目前我能給你的就這麼多了。

Charles Rhyee, TD Cowen.

查爾斯·瑞（Charles Rhyee），TD Cowen。

Just wanted to go back a little bit on the issue of sort of onshoring products, understanding the complexity of that.

我只是想稍微回顧一下產品在岸化的問題，了解這個問題的複雜性。

But with sort of the -- with this administration coming in, I think last quarter, you did talk about expanding domestic products, in response to sort of disruptions, et cetera.

但隨著——隨著本屆政府的上台，我想上個季度你確實談到了擴大國內產品，以應對各種幹擾等等。

Does the new administration and sort of their kind of yielding of tariffs all over the place here, is that looking to accelerate sort of your plans here in terms of bringing more products to be manufactured domestically?

新政府在各地提高關稅，是否是為了加速你們的計劃，讓更多的產品在國內生產？

Or so the uncertainty, does that maybe give you a little pause and just kind of make you want to wait and see?

或者說這種不確定性是否會讓您稍事停頓並只是想等待和觀察？

And then secondly, you talked about sort of a stable generics kind of environment.

其次，您談到了一個穩定的泛型環境。

But when we look at -- I'm sorry, you said consistent dynamics here in the second quarter.

但是當我們看 - 抱歉，您說的是第二季度的持續動態。

But if we look, we're seeing consistently in the data moderation in deflation.

但如果我們仔細觀察，就會發現數據不斷顯示通貨緊縮正在緩和。

Just curious if you think that can persist going forward, if there's any dynamics you're seeing as you look out in the next few quarters?

我只是好奇，您是否認為這種情況可以持續下去，展望未來幾個季度，您是否看到任何動態？

Yeah.

是的。

There's a lot of variables and decisions that go into where we source product.

我們在選擇產品來源時需要考慮許多變數和決策。

And short term, I think it will be very difficult like I said, not only are there the constraints of us getting the capability, but there's also the regulatory compliance requirements to ensuring that we have the ability to, through FDA approvals and such.

而且從短期來看，我認為這將非常困難，就像我說的，不僅存在我們獲得能力的限制，而且還有監管合規要求，以確保我們有能力通過 FDA 批准等。

So that will be a natural limiter on how quickly those moves can be made.

因此，這將會自然地限制這些措施的實施速度。

And it's just too early to tell.

現在說還太早。

If we're talking about -- like in the case of China with PPE at 50% tariffs, that was a no-brainer.

如果我們談論的是——就像中國對個人防護裝備徵收 50% 的關稅的情況一樣，這是顯而易見的。

It needed to be moved out of China.

它需要被移出中國。

There's no way for there to be a business case for staying there.

從商業角度來說，留在那裡是沒有任何意義的。

But to be clear, those products did not come to the US, they went to Southeast Asia.

但要明確說明的是，這些產品並沒有銷往美國，而是銷往了東南亞。

And I'm not convinced that even at a 50% tariff throughout the world that those products would come back onshore, given the cost differential that is there between domestic manufacturing versus low-cost countries in general.

而且，考慮到國內製造業與低成本國家之間的成本差異，我也不認為即使全球徵收 50% 的關稅，這些產品還會回流到國內。

So there's a big delta there for some commoditized products.

因此，一些商品化產品存在很大的差異。

There's less of a delta for more highly complex products.

對於更複雜產品而言，差異較小。

And the highly complex products often have more manufacturing investments.

而高度複雜的產品往往需要更多的製造投資。

And so when we have to make those decisions, whether or not we bring them on shore, we have to look at the timeline and say, is it worth the investment and the uncertainty to make those types of investments today get enough of a payback to justify doing that or will the next administration have a different view?

因此，當我們必須做出這些決定時，無論我們是否將它們帶到岸上，我們都必須考慮時間表，並說，是否值得投資和不確定性，以便今天進行此類投資獲得足夠的回報是否證明這樣做是合理的，還是下一屆政府會有不同的看法？

So those are all elements that will have to come together.

所以這些都是必須結合在一起的因素。

And we'll always be looking at what makes the most sense.

我們將始終尋找最有意義的方法。

As it relates to the second part of the question, I'll turn it over to Aaron.

至於問題的第二部分，我將把它交給 Aaron。

Sure.

當然。

You're right.

你說得對。

We did see a consistent market dynamic environment.

我們確實看到了一致的市場動態環境。

And when asked about inflation or not in the quarter, we always point to the fact that we manage both sides of the equation.

當被問及本季是否有通貨膨脹時，我們總是指出，我們已經管理了等式的兩邊。

We have the benefit of working with Red Oak to do that.

與 Red Oak 合作讓我們受益匪淺。

And so we're managing the business to a consistent average margin per unit, which means it doesn't make as much of an impact for us, right, because we're managing the portfolio as a basket there with rising volume, which we saw in generics as well, that leads to goodness in the P&L.

因此，我們將業務管理到穩定的平均單位利潤率，這意味著它不會給我們帶來太大的影響，因為我們將投資組合作為一個籃子來管理，隨著交易量的增加，我們在泛型中也看到了這一點，這導致了損益表的良好。

Brian Tanquilut, Jefferies.

傑富瑞 (Jefferies) 的 Brian Tanquilut。

[Jack Slevin] on for Brian.

[傑克·斯萊文] 替換布萊恩。

I think you guys have run through in detail most of the stuff we want to ask.

我想你們已經詳細地講解了我們想要問的大部分內容。

Just want to do maybe a more nitty-gritty one on the cash flow side and some of the comments you had.

只是想就現金流方面以及您的一些評論做一個更詳細的說明。

I appreciate the talking points on wanting to maintain the credit rating and giving some of the ranges there.

我很欣賞關於希望維持信用評級的討論要點以及給出的一些範圍。

Can you just run back through exactly sort of what that means for the next, call it, six quarters?

您能否重新闡述這對接下來六個季度意味著什麼？

I guess on my quick math, you look at the acquisitions, dividends, buybacks that are left in the back half of this year versus the free cash guide.

我想，根據我的快速計算，您可以查看今年下半年剩餘的收購、股息、回購與免費現金指南之間的比較。

You've got something like a $1.5 billion to $2 billion hole that you need to fill.

你有一個 15 億到 20 億美元的缺口需要填補。

Is the right way to think about that, that, that needs to be debt paid down until that sort of hole is filled and then you can get back to sort of pushing excess into buybacks and tuck-ins?

正確的想法是不是這樣的：需要先償還債務，直到填補這個漏洞，然後才能將多餘的資金用於回購和收購？

Or just any thoughts on what that might mean for '26 capital allocation?

或者您認為這對 26 年資本配置意味著什麼？

Sure.

當然。

I appreciate the question.

我很感謝你提出這個問題。

I always like talking about capital allocation, given my role.

考慮到我的角色，我總是喜歡談論資本配置。

We have confirmed a couple of things over time before today and today.

在今天之前和今天之前，我們已經確認了一些事情。

The first is that we have a disciplined capital allocation strategy, which is unchanged post M&A.

首先，我們有一個嚴格的資本配置策略，在併購後沒有改變。

And that in order is, first, we're going to invest against the business, and we'll spend -- we'll invest more than $500 million in CapEx against the business this year.

首先，我們將針對該業務進行投資，今年我們將在該業務上投資超過 5 億美元的資本支出。

Second, then we'll protect our investment-grade rating.

其次，我們將保護我們的投資等級。

I'll come back to that in a second because there's some change there.

我馬上就回來討論這個問題，因為那裡有一些變化。

Third, that we will provide a baseline return of capital to investors.

第三，我們將向投資者提供基準資本回報。

Historically, that's been $500 million.

從歷史上看，這個數字是 5 億美元。

This year, we have reconfirmed that we will complete $750 million of return of capital to shareholders through the share repurchase.

今年，我們再次確認將透過股票回購完成7.5億美元的股東資本回報。

And then we look for further opportunities for M&A or additional return of capital to shareholders.

然後，我們尋找進一步的併購機會或向股東提供額外的資本回報。

With respect to the debt we've taken on in connection with the acquisitions, we were pleased that when we presented our plans to the rating agencies, that they confirmed for us, that they saw the industrial logic that we did.

關於我們在收購中所承擔的債務，我們很高興，當我們向評級機構提交我們的計劃時，他們向我們確認了，他們看到了我們所遵循的行業邏輯。

They saw the value creation opportunities.

他們看到了創造價值的機會。

And they appreciate the fact that we continued to be committed to paying down our debt over time.

他們讚賞我們繼續致力於逐步償還債務。

They actually raised our degrees of flexibility as part of commenting on the deals.

他們實際上提高了我們對交易發表評論的靈活性。

And so having announced four acquisitions, we actually have a different leverage metric now.

在宣布四次收購後，我們實際上現在有了不同的槓桿指標。

It's gone up.

已經漲了。

It was before 2.5 to 3times.

之前是2.5到3倍。

Now it's 2.75 to 3.25 times.

現在是2.75到3.25倍。

And so we will manage our leverage ratio over time to get back within the new Moody's ratio consistent with that.

因此，我們將逐步管理我們的槓桿率，以回到與穆迪新比率一致的水平。

That will take us a lot of time as you're doing the math, as we carry forward, given I believe we also reconfirmed our adjusted free cash flow guidance here for the year.

這將花費我們很多時間，因為我們正在進行計算，因為我相信我們也重新確認了今年調整後的自由現金流指引。

So while we won't get there this year, the rating agencies aren't expecting us to get there within fiscal '25.

因此，雖然我們今年無法實現這一目標，但評級機構也不指望我們在25財年內實現這一目標。

But as you look at our debt stack, the towers we have coming in the near term, you'll see we have imminent flexibility to be able to continue to do what we said we were going to do, which is invest in the business, pay down some of that debt quickly, while continuing our return of capital plans to shareholders.

但當你看看我們的債務堆積如山，以及我們近期即將面臨的困境時，你會發現我們有即將到來的靈活性，能夠繼續做我們說過要做的事情，那就是投資於業務，迅速償還部分債務，同時繼續向股東返還資本計畫。

Now we have an important day coming.

現在我們有一個重要的日子即將到來。

June 12 is our next Investor Day.

6 月 12 日是我們的下一個投資者日。

And if you look back at our comments, Jason, on my comments from our Investor Day two years ago, what you will see is we were very focused on laying out the long-term algorithm for shareholder value creation, not just on the income statement, but also on the cash flow.

Jason，如果你回顧我們兩年前投資者日的評論，你會看到我們非常專注於制定股東價值創造的長期演算法，而不僅僅是損益表，還影響現金流。

And we will provide further detail on that the opportunities we see as we carry, forward into '26 and beyond as we get to that June 12 deadline -- June 12 Investor Day, rather.

隨著 6 月 12 日最後期限（更確切地說是 6 月 12 日投資者日）的臨近，我們將進一步詳細介紹我們在 26 年及以後所看到的機會。

And we do not have any other questions in the queue.

我們沒有其他問題。

So I'll turn the call back over to you, Mr. Hollar, for any additional closing remarks.

因此，我將把電話轉回給您，霍拉先生，以便您可以做最後的補充發言。

Thank you.

謝謝。

Yeah.

是的。

Thank you for joining us again this morning.

感謝您今天早上再次加入我們。

Just a quick summary here.

這裡只是一個簡短的總結。

Very pleased with the second quarter, another very strong quarter for Cardinal Health, driven by really strength across the enterprise, but most especially by our largest, most significant business within pharma.

對第二季度感到非常滿意，對於 Cardinal Health 來說，這是一個非常強勁的季度，這得益於整個企業的強勁成長，尤其是我們製藥領域最大、最重要的業務。

Very pleased with that 7% growth, considering some of those headwinds to still be above the long-term target is fantastic progress.

對 7% 的成長率感到非常高興，考慮到其中一些不利因素仍然高於長期目標，這是一個了不起的進步。

And that certainly gives us the confidence for the year ahead and pleased that we were able to raise our guidance yet again to that

這無疑讓我們對未來一年充滿信心，很高興我們能夠再次提高我們的指導目標。

[$7.75 to $7.90].

[7.75 美元至 7.90 美元]。

But probably most exciting for me is that we're doing that all progressing our strategy, the strategy that is progressing through the organic investments that's further accelerated by the significant steps we've taken here with the ION closed December and the GI Alliance close that occurred today.

但對我來說最令人興奮的是，我們正在推動我們的策略，這項策略透過有機投資而不斷推進，而我們採取的重要措施進一步加速了這項策略的實施，例如12 月關閉的ION和GI Alliance。

And that just gives us confidence to continue to drive our business going forward.

這給了我們信心繼續推動我們的業務向前發展。

And as Aaron just indicated, we look forward to going into those strategies even further, come our Investor Day in June.

正如 Aaron 剛才所說，我們期待在六月的投資者日進一步推動這些策略。

Until then, and until the next quarter, talk to you then.

到那時為止，直到下個季度為止，我們到時再聊。

Thank you.

謝謝。

Ladies and gentlemen, that will conclude today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for your attendance, and wish you a very good day.

感謝您的出席，並祝您有個愉快的一天。