卡地納健康 (CAH) 2025 Q3 法說會逐字稿

Hello, and welcome to the third-quarter fiscal year 2025 Cardinal Health Incorporated earnings conference call. My name is George, and I'll be your coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions)

您好，歡迎參加 Cardinal Health Incorporated 2025 財年第三季財報電話會議。我叫喬治，我將擔任今天活動的協調員。請注意，本次會議正在錄製。（操作員指示）

I'd like to now turn the call over to your host today, Mr. Matt Sims, Vice President, Investor Relations, to begin today's conference. Thank you.

現在，我想將電話轉給今天的主持人、投資者關係副總裁馬特·西姆斯先生，開始今天的會議。謝謝。

Welcome to this morning's Cardinal Health third-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.

歡迎參加今天上午的康德樂健康 25 財年第三季財報電話會議，感謝您的參與。今天與我一同出席的還有康德樂執行長 Jason Hollar 和財務長 Aaron Alt。您可以在我們網站 ir.cardinalhealth.com 的「投資者關係」板塊查看今天上午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 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有重大差異。請參閱我們向美國證券交易委員會提交的文件以及簡報開頭的前瞻性聲明投影片，以了解這些風險和不確定性的描述。

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

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 對帳表均可在我們的新聞稿所附的支援附表中查閱。（活動須知）

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

說完這些，我現在將電話轉給傑森。

Thank you, and good morning, everyone. Today, we reported strong third-quarter results, which demonstrate the continued acceleration of the momentum we've established in recent years, the underlying strength of our business, and the effectiveness of our strategy.

謝謝大家，早安。今天，我們公佈了強勁的第三季業績，這表明我們近年來建立的發展勢頭持續加速、我們業務的潛在實力以及我們策略的有效性。

In today's increasingly complex macro environment, our role as healthcare's crucial link is more important than ever. We bridge the clinical and operational aspects of healthcare, delivering end-to-end solutions that touch every part of the care continuum. Customers and manufacturer partners confidently rely on us to safely, securely, and efficiently deliver essential products and services to the right place and time.

在當今日益複雜的宏觀環境中，我們作為醫療健康關鍵環節的角色比以往任何時候都更重要。我們將醫療保健的臨床和營運方面聯繫起來，提供涉及護理過程每個部分的端到端解決方案。客戶和製造商合作夥伴滿懷信心地依賴我們，安全、可靠、有效率地將重要產品和服務準時送達正確的地點。

Our team continuously navigates evolving market conditions and regulatory complexities within the healthcare industry, allowing us to act with urgency and flexibility to best serve customers and patients. We create tremendous value for our partners through the breadth and scale of our offerings. With our strong competitive positioning and the positive trends underpinning our results, our business has proven to be incredibly resilient.

我們的團隊不斷應對醫療保健行業不斷變化的市場條件和監管複雜性，使我們能夠採取緊急和靈活的行動，為客戶和患者提供最好的服務。我們透過產品的廣度和規模為合作夥伴創造巨大的價值。憑藉強大的競爭地位和支撐業績的正面趨勢，我們的業務已證明具有極強的韌性。

It should also be noted that while our industry relies upon an efficient and effective global supply chain, Cardinal Health has a strong US footprint with over 99% of our enterprise revenue generated here. Roughly 95% of our segment profit is generated from four of our five businesses, which are as yet largely unimpacted by tariffs or other regulatory actions.

另外值得注意的是，雖然我們的產業依賴高效且有效的全球供應鏈，但康德樂在美國擁有強大的影響力，其企業收入的 99% 以上都來自美國。我們大約 95% 的分部利潤來自我們的五項業務中的四項，這些業務目前基本上不受關稅或其他監管行動的影響。

And we have invested approximately $7 billion in the last two years in the United States, including recent acquisitions, expanded domestic manufacturing, new distribution nodes, technology, and automation, which has directly supported the delivery of our country's healthcare. As always, we proactively monitor proposed legislation and regulation. And as I said before, we continue to support the overarching goals of increasing patient access, affordability, and innovation in healthcare.

過去兩年，我們在美國投資了約 70 億美元，包括最近的收購、擴大國內製造業、新的分銷節點、技術和自動化，直接支持了我國醫療保健的發展。像往常一樣，我們積極監控擬議的立法和法規。正如我之前所說，我們將繼續支持提高病患醫療可近性、可負擔性和醫療保健創新的整體目標。

Moving on to our results, our performance this quarter was driven by strong utilization trends and execution across our most significant business, Pharmaceutical and Specialty Solutions. And our three growth businesses reported another, which are becoming an increasingly important part of our overall mix. Most notably, the broad-based performance reflected profit growth from all five of our operating segments, an indication that our relentless focus on advancing our strategic priorities is delivering real measurable impact.

談到我們的業績，本季的業績受到我們最重要的業務——製藥和專業解決方案——強勁的利用趨勢和執行力的推動。我們的三家成長型企業又報告了另一項成長，它們正成為我們整體業務組合中越來越重要的一部分。最值得注意的是，廣泛的業績反映了我們所有五個營運部門的利潤成長，這表明我們堅持不懈地致力於推進我們的策略重點，正在產生真正的可衡量的影響。

It's also worth mentioning when looking at the strong pharma results, we're seeing the first positive benefits from the acquisitions of GI Alliance and Integrated Oncology Network, both of which in early days are performing consistent with our expectations.

值得一提的是，在回顧強勁的製藥業績時，我們看到了收購 GI Alliance 和 Integrated Oncology Network 帶來的首個積極效益，這兩家公司早期的表現都符合我們的預期。

And within our higher-margin other businesses, At-Home Solutions, Nuclear, and OptiFreight, we see continued potential to expand our capabilities and create additional value. We are pleased to complete the acquisition of Advanced Diabetes Supply Group at the beginning of April and would like to extend a warm welcome to the ADSG team.

在我們利潤率更高的其他業務，如家庭解決方案、核能和 OptiFreight 中，我們看到了擴大我們的能力和創造額外價值的持續潛力。我們很高興在四月初完成對 Advanced Diabetes Supply Group 的收購，並向 ADSG 團隊表示熱烈歡迎。

As a result, we are pleased to again raise our fiscal '25 EPS guidance and have great confidence in our ability to generate sustainable, long-term growth for the future. In summary, we are encouraged by the performance this quarter, which validates the strength of our strategy, the discipline of our teams, and our conviction in our trajectory heading into the fourth quarter.

因此，我們很高興再次提高 25 財年的每股盈餘預期，並對我們未來實現可持續的長期成長的能力充滿信心。總而言之，本季的表現令我們感到鼓舞，這證明了我們策略的實力、我們團隊的紀律性以及我們對進入第四季度的發展軌蹟的信心。

With that, I'll turn it over to Aaron.

說完這些，我就把麥克風交給 Aaron。

Thanks, Jason, and good morning. Q3 was a strong financial quarter for us as we continue to do what we said we were going to do: invest in the business, drive growth in pharma and the three other growth businesses, and continue the turnaround of GMPD.

謝謝，傑森，早安。第三季度對我們來說是一個強勁的財務季度，因為我們繼續做我們說過要做的事情：投資業務，推動製藥和其他三個成長業務的成長，並繼續扭轉 GMPD 的局面。

Overall, we grew operating earnings by 21% and EPS by 13%, even while comparing against the prior period to the customer contract expiration and while executing and integrating our recent acquisitions. The outstanding performance of pharma, up 14%, anchored our earnings results with further momentum provided by all three of the other growth businesses together up 22%, and continued profit growth in GMPD.

總體而言，即使與客戶合約到期前的時期相比，以及在執行和整合我們最近的收購時，我們的營業收入仍增長了 21%，每股收益增長了 13%。製藥業務表現出色，成長了 14%，為我們的獲利結果奠定了基礎，其他三項成長業務合計成長了 22%，並且 GMPD 的利潤持續成長，為我們的獲利提供了進一步的動力。

In total, our results led to earnings per share in the quarter of $2.35. As a result, we are raising and narrowing our full-year EPS guidance to a range of $8.05 to $8.15. Let's review the results, starting with slide 4.

總體而言，我們的業績使本季每股收益達到 2.35 美元。因此，我們上調並縮減了全年每股收益預期，至 8.05 美元至 8.15 美元之間。讓我們從第 4 張投影片開始回顧業績。

Total company revenue was flat at nearly $55 billion on a reported basis. Adjusting for the contract expiration, revenue increased 19% versus the prior year with strong demand across pharma and all three of the growth businesses and other.

據報道，公司總營收持平於近 550 億美元。經過合約到期調整後，由於製藥、三大成長業務及其他業務的需求強勁，收入較上年增長了 19%。

We drove strong operating leverage in the quarter. Total company gross profit dollars increased 10%, while SG&A increased a more modest 4%, notwithstanding our investments across the business and recent acquisitions.

我們在本季實現了強勁的經營槓桿。儘管我們對整個業務進行了投資並且最近進行了收購，但公司總毛利潤增長了 10%，而銷售、一般及行政費用僅增長了 4%。

Digging deeper, SG&A actually decreased slightly year over year when normalizing out the additions of GI Alliance and ION, reflecting the strong cost control efforts and efficiencies pursued by the team. This led to operating earnings growth of 21% versus the prior year.

深入挖掘後發現，當將 GI Alliance 和 ION 的新增業務標準化後，銷售、一般及行政費用 (SG&A) 實際上同比略有下降，這反映了團隊在成本控制方面的大力努力和追求的效率。這使得營業利潤較上年增長了 21%。

Moving below the line, interest and other increased by $38 million to $65 million in the quarter, primarily due to previously anticipated acquisition-related financing costs. Our third-quarter effective tax rate was 22.4%, a 2.5 point increase from prior year due to the nonrepetition of some positive discrete items in the prior year. Q3 average diluted shares outstanding were 240 million shares, 2% lower than a year ago due to our share repurchase efforts. The net result for Q3 was EPS of $2.35, growth of 13%.

低於這一水平的是，本季利息和其他費用增加了 3,800 萬美元，達到 6,500 萬美元，這主要是由於先前預計的收購相關融資成本。我們第三季的有效稅率為 22.4%，比前一年增加 2.5 個百分點，原因是去年一些正離散項目沒有重複。第三季平均稀釋流通股數為 2.4 億股，由於我們股票回購的努力，比去年同期下降了 2%。第三季淨利為每股收益 2.35 美元，成長 13%。

Now turning to the segments, beginning with pharma on slide 5, third-quarter revenue was relatively flat at $50.4 billion. Excluding the customer contract expiration, revenue increased 20% driven by brand and specialty pharmaceutical sales growth from existing and new customers. This included approximately 7 percentage points of revenue growth from GLP-1 sales.

現在轉向各個部門，從幻燈片 5 上的製藥部門開始，第三季的收入相對持平，為 504 億美元。不計客戶合約到期，收入成長了 20%，這得益於現有和新客戶的品牌和特種藥品銷售成長。其中包括 GLP-1 銷售帶來的約 7 個百分點的收入成長。

In Q3, we saw a continuation of strong pharmaceutical demand across the business within brand, specialty, generics and consumer health, and from our largest customers. We also saw growth from new customers. And we're especially pleased with the successful onboarding of Publix during the quarter, which was made possible by the collaborative effort between the Cardinal and Publix teams.

在第三季度，我們看到整個業務領域對品牌、專業、仿製藥和消費者保健以及我們最大客戶的醫藥需求持續強勁。我們也看到新客戶數量的成長。我們對 Publix 本季的成功入職感到特別高興，這得益於 Cardinal 和 Publix 團隊的共同努力。

Q3 delivered segment profit of $662 million, growth of 14%. This was driven by all of contributions from brand and specialty products, our MSO platforms including GI Alliance, BioPharma Solutions including Specialty Networks, and by positive generics program performance. This growth was partially offset by the customer contract expiration.

第三季分部獲利為 6.62 億美元，成長 14%。這是由品牌和特色產品、我們的 MSO 平台（包括 GI Alliance）、生物製藥解決方案（包括 Specialty Networks）以及仿製藥計劃的積極表現所推動的。這一增長被客戶合約到期部分抵消。

As a reminder, we closed our acquisition of ION in Q2 and of GIA on January 30. So the quarter included positive results from both businesses. We continue to be excited about these additional higher-margin revenue streams which, as we've said, are anticipated to contribute approximately 3 percentage points to our pharma segment profit growth this year. Finally, our generics program continued to see positive performance, including strong volume growth and consistent market dynamics.

提醒一下，我們在第二季完成了對 ION 的收購，並於 1 月 30 日完成了對 GIA 的收購。因此本季兩家公司都取得了積極的業績。我們繼續對這些額外的高利潤收入來源感到興奮，正如我們所說，預計今年這些收入來源將為我們製藥部門的利潤成長貢獻約 3 個百分點。最後，我們的仿製藥項目繼續表現出色，包括強勁的銷售成長和穩定的市場動態。

Let's turn now to our turnaround business, the GMPD segment. Revenue increased 2% in Q3 to $3.2 billion, driven by volume growth from existing customers. We were particularly pleased to see Cardinal Health brand growth of 3% during the quarter, which was actually a couple of percentage points higher when normalizing for billing day differences between periods and currency fluctuations.

現在讓我們來談談我們的扭虧為盈業務，即 GMPD 部門。受現有客戶銷售成長的推動，第三季營收成長 2%，達到 32 億美元。我們特別高興地看到，Cardinal Health 品牌在本季度增長了 3%，如果將期間之間的結算日差異和貨幣波動標準化，這一增長實際上要高出幾個百分點。

GMPD segment profit increased to $39 million in the quarter, driven by the net benefit from our cost optimization initiatives. The team continues to be aggressive in executing its simplification strategy to deliver operational efficiencies and best serve our customers.

受成本優化措施帶來的淨收益推動，GMPD 部門利潤本季增至 3,900 萬美元。該團隊繼續積極執行簡化策略，以提高營運效率並為客戶提供最佳服務。

Finishing with the businesses reported in other, as seen on slide 7, third-quarter revenue increased 13% to $1.3 billion. Demand was strong for the products and services of these businesses. In At-Home Solutions, we saw a 12% revenue growth. OptiFreight Logistics had 17% revenue growth, and Nuclear had 14% revenue growth, which included 30%-plus revenue growth in Theranostics. Third-quarter profit growth in other increased 22% to $134 million, with profit growth across all three operating segments.

最後以投影片 7 中報告的其他業務為例，第三季營收成長 13%，達到 13 億美元。這些企業的產品和服務需求強勁。在家庭解決方案方面，我們的收入成長了 12%。OptiFreight Logistics 的營收成長了 17%，Nuclear 的營收成長了 14%，其中 Theranostics 的營收成長了 30% 以上。第三季其他業務利潤成長 22% 至 1.34 億美元，三個營運部門的利潤均成長。

Now turning to the balance sheet. We ended the quarter with a cash position of $3.3 billion. We've delivered adjusted free cash flow of $1.2 billion year-to-date and have continued to deploy capital according to our disciplined capital allocation framework. We've invested $315 million back into the business so far this year.

現在轉向資產負債表。本季末我們的現金狀況為 33 億美元。今年迄今為止，我們已實現 12 億美元的調整後自由現金流，並繼續按照我們嚴格的資本配置框架部署資本。今年到目前為止，我們已向該業務重新投資了 3.15 億美元。

We have more than fulfilled our baseline commitment and repurchased $750 million in shares during the year, as we completed $375 million of accelerated share repurchases in March. The average price of our year-to-date share repurchases has been $117 per share. And during Q3, we deployed $2.8 billion for the closing of our majority position in GI Alliance.

我們超額履行了基本承諾，並在年內回購了價值 7.5 億美元的股票，其中 3 月完成了 3.75 億美元的加速股票回購。我們今年迄今的股票回購平均價格為每股 117 美元。在第三季度，我們投入了 28 億美元來關閉我們在 GI Alliance 的多數股權。

Now let's talk about our full-year guidance for fiscal year '25 with only one quarter left to go. Reflecting the strong Q3 results, we are raising and narrowing our fiscal '25 EPS guidance to a range of $8.05 to $8.15, an $0.18 increase at the midpoint of our prior guidance. Given the better-than-expected adjusted free cash flow year-to-date, we also are now expecting adjusted free cash flow at the high end of our prior guidance range, approximately $1.5 billion.

現在，讓我們來談談 25 財年的全年指導，只剩下一個季度了。鑑於第三季的強勁業績，我們將 25 財年每股收益預期上調並縮小至 8.05 美元至 8.15 美元的範圍，比之前預期的中位數高出 0.18 美元。鑑於今年迄今調整後的自由現金流好於預期，我們現在預計調整後的自由現金流將達到我們先前指導範圍的高端，約為 15 億美元。

We are narrowing our interest and other guidance to the lower end of our previous guidance, now $200 million to $215 million, primarily reflecting the strong cash flows. As a result, we borrowed less than we anticipated to complete the ADSG transaction. This guidance implies roughly $75 million in INO next quarter now that we've completed our acquisitions of ION, GIA, and ADSG.

我們正在將利息和其他指導範圍縮小到先前指導範圍的低端，目前為 2 億美元至 2.15 億美元，這主要反映了強勁的現金流。因此，我們借入的資金比完成 ADSG 交易所需的資金少。由於我們已經完成對 ION、GIA 和 ADSG 的收購，該指引意味著下個季度 INO 的投資額將達到約 7,500 萬美元。

As a reminder, our interest in other line also includes the income that GIA recognizes from its minority equity positions in ambulatory surgery centers. For context, we expect about $10 million of other income from the ASC positions in Q4. We are also updating our effective tax rate guidance to a range of 23% to 23.5%.

提醒一下，我們對其他業務的興趣還包括 GIA 從其在門診手術中心的少數股權中確認的收入。就背景而言，我們預計第四季度 ASC 職位的其他收入約為 1000 萬美元。我們也將有效稅率指引更新至 23% 至 23.5% 的範圍。

Moving on to our segments, starting on slide 10, for pharma, we are raising our segment profit guidance for the full year to 11.5% to 12.5% growth, driven by the continued broad-based demand we've seen in core pharma and specialty. Of note, Q4 is expected to contain a higher-than-usual amount of investment-related costs as we near completion of our Consumer Health Logistics Center, continue to invest in technology, and continue to add capabilities while scaling our MSO platforms.

前往我們的細分市場，從第 10 張投影片開始，對於製藥業，我們將全年細分市場利潤預期提高到 11.5% 至 12.5% 的成長，這得益於我們在核心製藥和專業領域看到的持續廣泛需求。值得注意的是，由於我們即將完成消費者健康物流中心的建設，繼續投資技術，並在擴展 MSO 平台的同時繼續增加功能，預計第四季度的投資相關成本將高於平常。

While individual customer timelines have varied, we are confirming that we have now completed customer onboarding that make up approximately $10 billion of new customer revenue in fiscal year '25, setting us up for further growth in fiscal year '26.

雖然各個客戶的時間表有所不同，但我們確認現已完成客戶入職培訓，這將為 25 財年帶來約 100 億美元的新客戶收入，為我們在 26 財年的進一步增長奠定基礎。

For GMPD, we are narrowing our guidance to the lower end of our prior fiscal year '25 guidance range, now $130 million to $140 million. Even with this narrowing of guidance for GMPD, the team is making good progress. And the fourth quarter should reflect a meaningful step-up in profitability as a result of the actions taken in the last several quarters.

對於 GMPD，我們將指導範圍縮小至上一財年 25 指導範圍的下限，即 1.3 億美元至 1.4 億美元。即使 GMPD 的指導範圍有所縮小，該團隊仍取得了良好的進展。由於過去幾季採取的行動，第四季的獲利能力應該會顯著提升。

There are a few factors which support our guidance. First, Q3 showed a positive change in trajectory for Cardinal Health brand volume, including strengths we saw as we exited the quarter. Second, the team has continued to respond to environmental adversity by finding incremental cost-saving actions, including a reduction in force, which occurred at the end of Q3. Third, our guidance has always signaled that fourth quarter would be our highest seasonal quarter in terms of segment profit, just like last year.

有幾個因素支持我們的指導。首先，第三季康德樂品牌銷售軌跡呈現正面變化，包括我們在本季結束時看到的優勢。其次，團隊持續應對環境逆境，尋找漸進式成本節約措施，包括裁減人力，這在第三季末實現。第三，我們的指引始終表明，第四季將成為我們分部利潤最高的季節性季度，就像去年一樣。

I should note that while Q4 will be impacted by the earlier rounds of tariffs between the US, Mexico, and Canada, most of that early impact will be offset in the quarter or will be recognized in future periods when the related product is sold. As a result, the onset of tariffs is not expected to have a direct material financial impact on the fourth fiscal quarter for any of our businesses.

我應該指出，雖然第四季度將受到美國、墨西哥和加拿大之前幾輪關稅的影響，但大部分早期影響將在本季度得到抵消，或在相關產品銷售的未來期間得到確認。因此，預計關稅的實施不會對我們任何業務的第四財季產生直接的重大財務影響。

In Other, we now expect fiscal year '25 revenue growth of 17% to 19% and segment profit growth of 16% to 18%, driven by stronger organic growth across the businesses and anticipated contributions from ADSG during the fourth quarter. We expect ADSG to be slightly accretive to EPS immediately despite the one-time impact of an acquisition-related inventory fair value step-up, which will be unique to Q4.

在其他方面，我們現在預計 25 財年營收將成長 17% 至 19%，分部利潤將成長 16% 至 18%，這得益於各業務部門更強勁的有機成長以及第四季度 ADSG 的預期貢獻。儘管與收購相關的庫存公允價值提升會產生一次性影響，但我們預計 ADSG 將立即對 EPS 產生小幅增值，這將是第四季獨有的。

Now given the highly dynamic environment in which we are all operating, today, we will provide early context on next year. We are only six weeks away from our Investor Day on June 12, by which time we expect to have more visibility on macro events and to offer more concrete thoughts on fiscal '26 and beyond.

鑑於我們所處的高度動態環境，今天我們將提供明年的早期背景資訊。距離 6 月 12 日的投資者日僅剩六週時間，屆時我們預計將對宏觀事件有更深入的了解，並對 26 財年及以後的財年提出更具體的想法。

In Pharma, we expect to continue to benefit from positive utilization growth, our strong core foundation, which includes our leading Red Oak-enabled generics program, and our partnerships across a diverse and growing customer base. We expect strong growth in specialty, both in our upstream biopharma solutions and our downstream services, including our MSO platforms, which continue to expand.

在製藥領域，我們預計將繼續受益於積極的利用率成長、強大的核心基礎（包括我們領先的 Red Oak 仿製藥計劃）以及我們與多元化且不斷增長的客戶群的合作夥伴關係。我們預計專業領域將強勁成長，包括我們的上游生物製藥解決方案和下游服務（包括我們的 MSO 平台），這些服務將繼續擴展。

We are confident in our ability to navigate changes to the US healthcare ecosystem, whether that is the administration's Section 232 review of the pharmaceutical industry or the recent drug pricing executive order. Based on what is known at this time, we do not currently expect meaningful changes to our economics from these actions because of our unique value proposition and ability to respond as needed.

我們有信心應對美國醫療保健生態系統的變化，無論是政府對製藥業的第 232 條審查，還是最近的藥品定價行政命令。根據目前已知的情況，由於我們獨特的價值主張和根據需要做出回應的能力，我們目前並不期望這些行動會對我們的經濟產生重大變化。

In Other, we expect continued strong demand and organic growth fueled by the secular tailwinds of the markets, our leading competitive positions and our investments. The addition of ADSG to At-Home Solutions will be accretive to our business as we work to quickly unlock deal synergies.

在其他方面，我們預計，在市場長期順風、我們領先的競爭地位和我們的投資的推動下，需求將繼續保持強勁，有機成長也將持續。隨著我們努力快速實現交易協同效應，ADSG 加入 At-Home Solutions 將會增進我們的業務。

In GMPD, Jason will shortly talk about the aggressive actions we're continuing to take to reduce the burden of the tariffs on our customers and on our business. We remain committed to the GMPD turnaround and are relentlessly focused on ensuring GMPD retains a viable and improved financial profile.

在 GMPD 中，Jason 將簡要介紹我們為減輕關稅對我們的客戶和業務造成的負擔而繼續採取的積極行動。我們將繼續致力於 GMPD 的轉型，並堅持不懈地致力於確保 GMPD 保持可行且改善的財務狀況。

While we need more clarity on the nature, geographic reach, intended duration, and resulting financial impact to our business of the reciprocal and targeted tariffs, the operational improvements the team has made give us confidence that GMPD fiscal year '26 segment profit will be at least consistent with fiscal '25 levels.

雖然我們需要更清楚地了解互惠和有針對性的關稅的性質、地理範圍、預期持續時間以及對我們業務產生的財務影響，但團隊所做的營運改進使我們相信，GMPD 26 財年的分部利潤至少將與 25 財年的水平保持一致。

Finally, in fiscal '26, having lapped the negative working capital unwind of the customer contract expiration, we expect robust cash flow generation. We remain committed to our disciplined capital allocation framework, prioritizing internal investments such as our new Consumer Health Logistics Center, strengthening our balance sheet with incremental debt paydown, returning capital to shareholders, and prioritizing tuck-in acquisitions in areas of strategic focus, as you saw in our earnings release this morning.

最後，在 26 財年，在解決了客戶合約到期導致的負營運資本解除問題後，我們預計會產生強勁的現金流。我們將繼續致力於嚴格的資本配置框架，優先考慮內部投資，例如我們新的消費者健康物流中心，透過逐步償還債務來加強我們的資產負債表，向股東返還資本，並優先考慮戰略重點領域的補充收購，正如您在我們今天上午發布的收益報告中看到的那樣。

Bringing this all together, overall, the largest and highest growth parts of our business are resilient and well positioned to continue growth in fiscal year '26. And we are confident in the enterprise achieving double-digit non-GAAP EPS growth next year.

綜合起來，整體而言，我們業務中規模最大、成長最快的部分具有韌性，並預計在 26 財年繼續保持成長。我們有信心該企業明年實現兩位數的非公認會計準則每股收益成長。

In closing, our team is steadfast on pursuing operational execution while investing for long-term growth. We have a plan, we are executing against it, and we look forward to sharing more at our upcoming Investor Day on June 12.

最後，我們的團隊堅定地追求營運執行，同時投資於長期成長。我們有一個計劃，我們正在執行它，我們期待在 6 月 12 日即將到來的投資者日上分享更多資訊。

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

說完這些，我會把話題還給傑森。

Thanks, Aaron. Stepping back, there is a lot to be excited about with our results this quarter. Not only did we see earnings growth in each of our five operating segments, but we also saw significant growth in our high-priority growth areas: Specialty, Nuclear, At-Home Solutions, and OptiFreight. We have more work to do at GMPD, but I am pleased with the operational improvements we have achieved even in a more uncertain macroeconomic environment.

謝謝，亞倫。回顧過去，我們本季的業績有很多值得興奮的地方。我們不僅看到五個營運部門的獲利成長，而且我們還看到了高優先成長領域的顯著成長：專業、核能、家庭解決方案和 OptiFreight。我們在 GMPD 還有很多工作要做，但即使在更不確定的宏觀經濟環境下，我們也取得了營運方面的改進，對此我感到滿意。

So let's go a little deeper. In Pharmaceutical and Specialty Solutions, the positive third-quarter performance reflects sustained momentum across the segment, highlighting our disciplined approach to operational execution and prioritization of the core.

讓我們更深入地探討一下。在製藥和專業解決方案領域，第三季的積極業績反映了整個部門的持續發展勢頭，凸顯了我們對營運執行和核心優先排序的嚴謹態度。

It is our customer-focused execution that led to the successful onboarding of Publix during this quarter. We consistently aim to provide all of our customers with industry-leading support, and the team has continued to drive above-target, on-time delivery metrics with historically high service levels.

正是我們以客戶為中心的執行力，才使得 Publix 在本季成功加入。我們始終致力於為所有客戶提供業界領先的支持，並且團隊繼續以歷史性的高服務水準推動超越目標、準時的交付指標。

Another critical component of our success in the core is our partnership with Red Oak, which continues to fulfill its dual mandate of securing product access and controlling costs. Specialty remains central to our long-term growth strategy, with compelling opportunities to drive meaningful and differentiated value and accelerate our growth.

我們在核心領域取得成功的另一個關鍵因素是與 Red Oak 的合作，Red Oak 繼續履行其確保產品存取和控製成本的雙重使命。專業仍然是我們長期成長策略的核心，擁有極佳的機會來推動有意義的差異化價值並加速我們的成長。

We are delighted to share the news about GI Alliance's recent acquisitions, furthering our mission to deliver integrated, high-quality, and patient-centered specialty care across the United States. Notably, Urology America and Potomac Urology marked GIA's expansion into urology, reinforcing its commitment to building a comprehensive multi-specialty model. We are encouraged by the latest additions to our portfolio and see clear evidence that our strategic approach of providing community-based physician practices with a comprehensive MSO platform is working.

我們很高興分享有關 GI Alliance 最新收購的消息，進一步推進我們在美國提供全面、高品質、以患者為中心的專科護理的使命。值得注意的是，美國泌尿外科協會和波托馬克泌尿外科協會標誌著 GIA 向泌尿外科領域的擴張，強化了其致力於建立全面的多專業模式的承諾。我們對我們投資組合中的最新成員感到鼓舞，並看到明確的證據表明，我們為社區醫生實踐提供全面的 MSO 平台的策略方法正在發揮作用。

Turning to GMPD, where the team's rigorous focus on executing the GMPD improvement plan led to solid growth for the quarter. Along with the efforts to further streamline our cost structure, we were pleased to see stronger growth of our Cardinal Health-branded products. We're also pleased with the recent commercial progress, including a new long-term distribution agreement with a notable health system.

談到 GMPD，團隊嚴格專注於執行 GMPD 改進計劃，從而實現了本季的穩健成長。隨著我們努力進一步精簡成本結構，我們很高興看到康德樂品牌產品實現了更強勁的成長。我們也對最近的商業進展感到滿意，包括與一家著名醫療系統達成的新的長期分銷協議。

Now I know that you're all interested in some further color on tariffs. We understand the importance of the United States competing in a fair global market, and we are engaging with the administration to try to mitigate impact to patient care. Our focus has been on GMPD, given the other four operating segments representing 95% of our segment profit are largely unaffected by the announcements to date. And we anticipate their robust business models will continue to minimize ongoing impacts.

現在我知道你們都對關稅的進一步細節感興趣。我們了解美國在公平的全球市場中競爭的重要性，我們正在與政府合作，努力減輕對病患照護的影響。我們的重點是 GMPD，因為占我們分部利潤 95% 的其他四個營運分部基本上不受迄今為止的公告的影響。我們預計其強大的商業模式將繼續最大限度地減少持續的影響。

Within GMPD, we have been proactive and aggressive in implementing mitigation actions to reduce the burden on our customers as much as possible. This includes increasing US manufacturing capacity in key categories such as syringes in incontinence; diversifying our supplier network away from higher-risk jurisdictions; identifying and onboarding alternate sources of supply, including, in some cases, pre-stocking inventory; deploying AI in support of our tariff planning and compliance; and further reducing our internal cost structure.

在 GMPD 內部，我們積極主動地實施緩解措施，盡可能減輕客戶的負擔。這包括提高美國在關鍵類別（如失禁注射器）方面的製造能力；使我們的供應商網絡遠離高風險司法管轄區；確定和引入替代供應源，在某些情況下包括預先備貨庫存；部署人工智能以支持我們的關稅規劃和合規性；並進一步降低我們的內部成本結構。

Only after aggressive mitigation actions like these are accomplished do we consider price adjustments. So far, these actions and others have helped us already mitigate several hundred million dollars of exposure. However, based on today's tariffs, we would still anticipate roughly $200 million to $300 million of remaining gross tariff costs in fiscal '26 before further mitigation. We anticipate mitigating the majority of these costs through continued operational actions and price adjustments, which we are already working on with our customers.

只有在採取這些積極的緩解措施之後，我們才會考慮調整價格。到目前為止，這些行動和其他行動已經幫助我們減輕了數億美元的風險。然而，根據今天的關稅，我們仍然預計在進一步降低關稅之前，26財年剩餘的總關稅成本約為2億至3億美元。我們預計透過持續的營運行動和價格調整來減輕大部分成本，我們目前正與客戶合作。

As Aaron said, we are working to ensure that GMPD retains a viable financial profile. We are all too aware of the burden that GMPD and Cardinal Health shouldered during COVID, resulting in significant financial losses. And we are highly focused on ensuring that costs are minimized, but also shared more equitably in this case. In proactively working with our customers, we are seeking a scenario which does not result in market scarcity of key products or disruptions to supply.

正如亞倫所說，我們正在努力確保 GMPD 保持可行的財務狀況。我們非常清楚 GMPD 和 Cardinal Health 在 COVID 期間所承擔的負擔，造成了重大的經濟損失。我們高度重視確保成本最小化，但在這種情況下也更公平地分擔成本。在與客戶積極合作的過程中，我們尋求一種不會導致關鍵產品市場短缺或供應中斷的情況。

And now finishing with our other businesses. With strong performance across the three operating segments, this continues to be an area where we see substantial runway for growth, thanks to our differentiated offerings, supportive secular trends, strong competitive positioning, and investments for the future.

現在我們結束其他業務。憑藉三個營運部門的強勁表現，我們認為該領域仍具有巨大的成長空間，這要歸功於我們差異化的產品、支持性的長期趨勢、強大的競爭地位以及對未來的投資。

Within Nuclear and Precision Health Solutions, we continue to see above-market growth in our core business and saw over 30% growth in Theranostics this quarter, reflecting meaningful growth in the demand for products within our oncology and urology portfolio, such as Illuccix and Pluvicto. We're also excited about the potential of new therapeutics to enhance the treatment of Alzheimer's and other conditions.

在核能和精準醫療解決方案領域，我們的核心業務持續保持高於市場的成長，本季治療診斷業務的成長超過 30%，這反映了我們腫瘤學和泌尿科產品組合中 Illuccix 和 Pluvicto 等產品的需求顯著增長。我們也對新療法在增強阿茲海默症和其他疾病治療方面的潛力感到興奮。

Our positioning as the go-to partner for radiopharmaceutical innovators is evident when we consider recent activity, including our announcement that we've entered into an agreement with GE Healthcare to manufacture and distribute Flyrcado, a first-of-its-kind PET agent for enhanced diagnosis of coronary artery disease.

當我們考慮最近的活動時，我們作為放射性藥物創新者的首選合作夥伴的定位就顯而易見了，包括我們宣布與 GE Healthcare 達成協議，生產和分銷 Flyrcado，這是一種用於增強冠狀動脈疾病診斷的首創 PET 藥劑。

In At-Home Solutions, we are delivering on our clear strategy to win in this rapidly growing part of the industry. We continue to invest in automation to bolster the productivity, quality and safety of our supply chain, which has been a driver in our all-time-high operational metrics. The business is on an extremely solid foundation as we have begun the integration of ADSG, which in its early weeks is tracking as planned.

在家庭解決方案領域，我們正在實施明確的策略，以在這個快速成長的行業中獲勝。我們持續投資自動化，以提高供應鏈的生產力、品質和安全性，這一直是我們營運指標創歷史新高的驅動力。由於我們已開始整合 ADSG，因此業務基礎非常穩固，初期階段一切進展順利，一切按計劃進行。

We continue to expect the synergistic combination of ADSG and At-Home Solutions to create value for patients and enable us to grow profitably as the overall diabetes care market expands well into the future. And in OptiFreight Logistics, we're driving consistently strong performance. With the team's ability to deliver action-driving insights, more customers are expanding on our platform.

我們繼續期待 ADSG 和 At-Home Solutions 的協同組合能夠為患者創造價值，並使我們能夠在未來整個糖尿病護理市場擴張的同時實現盈利增長。在 OptiFreight Logistics，我們一直保持著強勁的業績。憑藉團隊提供行動驅動洞察力的能力，越來越多的客戶正在我們的平台上擴展業務。

In closing, this quarter's strong results, driven by solid contributions across all five operating segments, demonstrate the clarity of our strategic direction and underlying strength of our business. The broad-based momentum we're seeing across enterprise reinforces our confidence in the path ahead and our ability to accelerate through the remainder of fiscal year '25.

最後，本季的強勁業績得益於所有五個營運部門的穩健貢獻，證明了我們策略方向的清晰度和業務的潛在實力。我們在整個企業中看到的廣泛發展勢頭增強了我們對未來道路的信心，以及我們在 25 財年剩餘時間內加速發展的能力。

While we continue to monitor the broader landscape, we are confident in the resiliency of our business and this team's ability to deliver. Our focus remains on the disciplined execution of our strategy to best serve our customers and drive long-term value creation. Thank you to our team for consistently going above and beyond to fulfill our role as healthcare's most trusted partner.

在我們繼續關注更廣闊前景的同時，我們對我們業務的彈性和該團隊的交付能力充滿信心。我們仍然專注於嚴格執行我們的策略，以便為客戶提供最好的服務並推動長期價值創造。感謝我們的團隊始終不遺餘力地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) Lisa Gill, JPMorgan.

（操作員指示） 摩根大通的麗莎吉爾 (Lisa Gill)。

Thanks very much. And thank you for all the details, Jason. I appreciate the comments around the tariffs, and I look forward to more when we get to the Analyst Day. I really want to focus my question on what you talked about in the quarter, really strong brand and specialty sales growth.

非常感謝。謝謝你提供的所有詳細信息，傑森。我很感謝有關關稅的評論，並期待在分析師日聽到更多評論。我真正想關注的問題是，您在本季度談到了非常強勁的品牌和專業銷售成長。

Can you talk about where that's coming from? Do you think that changes due to the IRA under Part D, is that driving it? I know underlying utilization costs continue to go higher when we think about pharmaceutical costs. Just any color that you can give around what you're seeing from a volume perspective and how sustainable you think that is as we move into '26.

你能說說這是從何而來的嗎？您是否認為，由於 D 部分下的 IRA 而發生的變化是推動因素？我知道，當我們考慮藥品成本時，潛在的利用成本會繼續走高。您可以根據從數量角度看到的情況給出任何顏色，以及您認為隨著我們進入 26 年，這種情況的可持續性如何。

Yes. Thanks, Lisa, for the question. And while that may -- out-of-pocket maximum reduction may have some impact, it'd be nearly impossible to determine. But I would highlight that this is very broad-based. And so I think there are other factors at play here as well. When you think about the strength that we've seen -- that we saw this quarter, it goes -- certainly, it began well before this quarter, and it's in each of the different categories of our business.

是的。謝謝麗莎提出這個問題。雖然這可能——自付費用最高減免可能會產生一些影響，但幾乎不可能確定。但我想強調的是，這項基礎非常廣泛。所以我認為這裡還有其他因素在起作用。當你想到我們所看到的——我們在本季度看到的——優勢時，它當然在本季度之前就已經開始，並且它存在於我們業務的各個不同類別中。

When we called out the drivers for earnings growth for the Pharma segment this quarter, we highlighted multiple different categories, generics and just broader branded products. But especially within specialty, we saw a broad-based strength, continued strength. We're now several years into mid-teens type of growth for our specialty distribution, and this was yet another quarter at that same type of level.

當我們指出本季製藥業獲利成長的驅動因素時，我們強調了多個不同類別、仿製藥和更廣泛的品牌產品。但特別是在專業領域，我們看到了廣泛的優勢和持續的優勢。我們的專業分銷業務目前已進入十五六歲左右的成長階段，本季我們又一次保持了同樣的成長水準。

We saw very good strength within our BioPharma Solutions business, obviously, relatively little on the top line, but in terms of the size of the business, but a nice profit contributor. That did include the Specialty Networks last quarter that we see that tailwind from a year-over-year perspective. And then we saw the addition, of course, of the MSOs, ION, and GIA. So it really is broad-based, both organic and inorganic within the quarter.

我們看到生物製藥解決方案業務實力非常強勁，雖然營業收入相對較少，但就業務規模而言，卻是一個不錯的利潤貢獻者。這確實包括上個季度的專業網絡，從同比角度來看，我們看到了順風。然後，我們當然看到了 MSO、ION 和 GIA 的加入。因此，它確實是廣泛的，本季內既有有機的，也有無機的。

And we are quite consistent with what we've seen in the prior quarters in that regard as well. We did have the beginnings of -- the new customers did start in our second quarter. But this is the first real full quarter associated with that $10 billion of new customers that we anticipated for the full year. This is kind of the first full quarter of that.

在這方面，我們觀察到的情況與前幾季的情況非常一致。我們確實在第二季開始了新客戶。但這是我們預計全年新增客戶金額達到 100 億美元的第一個真正完整的季度。這是該情況的第一個完整季度。

So that was another additional nice tailwind, which to put that into context, while our revenue was relatively flat ex the large customer transition, that's about 20% volume revenue growth, and that was driven by all those factors that I just referenced. And of course, GLP-1s being about 7% of that growth as well. So still very solid, robust low- to mid-teens type of growth driven by all those factors.

所以這是另一個額外的順風，具體來說，雖然我們的收入在大型客戶轉型後相對持平，但銷量收入增長了約 20%，這是由我剛才提到的所有因素推動的。當然，GLP-1 也佔了這一成長的 7% 左右。因此，在所有這些因素的推動下，成長率仍然非常穩固、強勁，處於低至中等水平。

And Lisa, to the point of your question on the carryforward, while we're not providing a specific guide on pharma today, we'll provide more details on that at our Investor Day. It is the case that we are carrying forward in '26, assuming a positive utilization environment.

麗莎，關於你關於結轉的問題，雖然我們今天沒有提供有關製藥業的具體指南，但我們將在投資者日提供更多詳細資訊。假設利用環境是正面的，那麼我們將在 26 年繼續推進這項計劃。

\We're assuming consistent market dynamics and good performance in the generics program as we move into next year as well, as well as continued strong growth in specialty, both upstream in biopharma and downstream in the MSO platforms, as well as benefiting from those customer wins that Jason referenced earlier.

我們預計，隨著進入明年，仿製藥項目將保持穩定的市場動態和良好的表現，同時專業領域（包括生物製藥上游和 MSO 平台下游）也將持續強勁增長，並且受益於 Jason 之前提到的客戶勝利。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Good morning, and thanks for taking the questions. I guess, I'll kind of flip Lisa's question and ask, are you seeing any script headwinds from consumer weakness related to tariff concerns and the weaker macro? Wondering if any consumers are pulling back on prescriptions or has the growth really been resilient across the board? Thanks, guys.

早上好，感謝您回答問題。我想，我會反過來問麗莎的問題，你是否看到與關稅問題和宏觀經濟疲軟相關的消費者疲軟帶來的任何劇本阻力？想知道是否有消費者減少處方藥購買，或整體成長是否真的具有彈性？謝謝大家。

Yeah. Nothing in particular, no. And while we're just into the first month of the next quarter, there's no trend changes that we see kind of real time here as well. And when you go back in time to some of the -- I think the more significant types of macro events like the Great Recession to use an extreme example, even in that environment, we saw pharmaceutical demand remain quite resilient.

是的。沒什麼特別的，沒有。雖然我們剛剛進入下一季的第一個月，但我們還沒有看到即時趨勢的變化。當你回顧過去時——我認為更重要的宏觀事件，例如大衰退，舉一個極端的例子，即使在那種環境下，我們也看到藥品需求仍然相當有彈性。

So we are privileged to be in an industry that typically does not see significant volatility in the face of especially more minor type of macro events. The more significant you get, there could be some impact, but it's not consistent with what we've seen historically being a very cyclical type of industry.

因此，我們很榮幸能處於一個在面對較小類型的宏觀事件時通常不會出現重大波動的行業。你獲得的資訊越多，就越有可能產生一些影響，但這與我們歷史上所見的周期性行業類型不一致。

And another key point with all of that is beyond just the lack of cyclical nature of it, this is an industry that does have very favorable secular trends. You've heard me talk quite a bit about whether it's the demographics or the innovation that continues to be the lifeblood of this industry. That does continue and will continue under any type of macro scenario and event. And so we're feeling really good about the setup for the industry and our role specifically.

另一個關鍵點是，除了缺乏週期性之外，這個行業確實具有非常有利的長期趨勢。你們已經聽我多次談論人口結構還是創新是否繼續成為這個行業的命脈。這種現象確實會持續下去，而且在任何類型的宏觀情景和事件下都將繼續下去。因此，我們對這個行業的設定以及我們的角色感到非常滿意。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

This is Joanna for Elizabeth. So I think we know Cardinal brand revenue is about one-third of total GMPD revenue. Can you give us an update what's the AOI percentage? And what percentage of Cardinal Health branded do you expect to be covered by USMCA? Thank you.

我是伊莉莎白的喬安娜。所以我認為我們知道 Cardinal 品牌收入約佔 GMPD 總收入的三分之一。能告訴我們 AOI 百分比的最新情況嗎？您預計 USMCA 將涵蓋 Cardinal Health 品牌的多少比例？謝謝。

I think just to make sure that it was a question around the profit mix of Cardinal Health Brand, which is we talked about the revenue disclosure.

我認為只是為了確保這是一個有關 Cardinal Health Brand 利潤組合的問題，也就是我們討論的收入揭露。

Right. So the only information that we'll provide is revenue-based, and roughly $4 billion of our GMPD revenue is from Cardinal Health Brand. It is clearly a higher margin relative to national brand, but we're not going to break out the specific pieces there.

正確的。因此，我們提供的唯一資訊是基於收入的，而我們約 40 億美元的 GMPD 收入來自 Cardinal Health Brand。與國內品牌相比，它的利潤率顯然更高，但我們不會透露具體細節。

Aaron highlighted in his comments that we did see good volume growth for Cardinal Health Brand overall being at 3%. But when normalized for FX and a number of operating billing days, that was closer to 5%. And that was led by our most important categories within Cardinal brand, our leader categories that do have higher margin, and the types of products that we are investing most into.

亞倫在評論中強調，我們確實看到 Cardinal Health Brand 整體銷量成長良好，達到 3%。但當根據外匯和營業結算天數進行標準化後，比率接近 5%。這是由 Cardinal 品牌中最重要的類別、利潤率較高的領先類別以及我們投資最多的產品類型所主導的。

And it is also a case that our team is very focused on, wherever appropriate, pursuing the USMCA and Nairobi Protocol exemptions. And the team is focused there, and we've been deploying new tools to ensure that we are mitigating tariffs wherever possible based on those exemptions.

而且我們的團隊也非常注重在適當的情況下爭取 USMCA 和內羅畢議定書的豁免。我們的團隊專注於此，並且一直在部署新工具，以確保我們盡可能根據這些豁免來降低關稅。

Eric Percher, Nephron.

Eric Percher，Nephron。

Thank you. I'll take the tariff question in a slightly different angle. So if we look at the one-third of Cardinal brand, could you speak to what is required there to offset the exposure that you have?

謝謝。我將從稍微不同的角度來探討關稅問題。因此，如果我們看一下 Cardinal 品牌的三分之一，您能否談談需要做些什麼來抵消您所面臨的風險？

And when you speak to $200 million to $300 million incremental, how does the action to offset for Cardinal brand differ from national brand? And is there a general expectation of ability to pass that on if needed at national brand versus more responsibility for offset falling to you at Cardinal brand?

當您談到 2 億到 3 億美元的增量時，Cardinal 品牌的抵消措施與國家品牌有何不同？大家是否普遍期望，在國家品牌中，如果需要的話，能夠將這種責任轉交給您，而在 Cardinal 品牌中，更多的抵銷責任則落在您的身上？

Yes. Of the remaining $200 million to $300 million, the majority of that, given the significant operational actions and the other several hundred million, so more than 50% being mitigated plans already in place, given that, that is already after those mitigation actions, we would anticipate the majority of that $200 million to $300 million to be in the form of pricing.

是的。在剩下的 2 億到 3 億美元中，考慮到重大的營運行動，其中大部分是另外幾億美元，因此超過 50% 是已經到位的緩解計劃，考慮到這些緩解行動之後，我們預計這 2 億到 3 億美元中的大部分將以定價的形式出現。

So we're already kind of working through the operational aspects and getting to that remaining component. We'll continue to look for opportunities to minimize that as much as possible, but that is the underlying assumption that we're basing that on.

因此，我們已經開始著手解決操作方面的問題並開始處理剩餘的部分。我們將繼續尋找機會盡可能地減少這種情況，但這是我們所基於的基本假設。

Within national brand and that component of your question, that's largely a pass-through. And so there will be some short-term type of noise that goes along with that, but it's largely a fee-for-service type of relationship. And so the pricing we're talking about, the vast majority of it would be on the Cardinal Health side of it.

在國家品牌和您問題中的部分內容中，這在很大程度上是一種傳遞。因此，隨之而來的是一些短期噪音，但這主要是一種收費服務類型的關係。因此，我們所討論的定價中，絕大部分都屬於 Cardinal Health 方面。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Good morning, and congrats on a nice quarter. Just want to come back to the tariff question, especially as you think through the starting point for fiscal '26. I appreciate the update. I think it was $200 million to $300 million expected tariff impact at this point in time that you're obviously working to mitigate.

早安，恭喜本季取得良好業績。我只是想回到關稅問題，特別是當你考慮 26 財年的起點。我很感謝你的更新。我認為目前預計關稅影響金額為 2 億至 3 億美元，而您顯然正在努力減輕這一影響。

As you think about where GMPD sits as a jumping-off point, should we think about, based on what you know now at least, that being the max impact and that the new update both, A, is a framing of a downside and, B, is much more tariff oriented than anything else?

當您考慮 GMPD 作為起點的位置時，我們是否應該考慮，至少基於您現在所知道的內容，這是最大影響，並且新的更新既是 A 是對不利因素的框架，又是 B 比其他任何東西都更注重關稅？

It seems like everything else on the GMPD recovery still seems to be on track. So just trying to bridge the delta from previous versus current views and figure out how much precisely of that is specifically the net impact of tariffs.

看起來 GMPD 復甦的其他一切似乎仍在正軌上。因此，只是試圖彌合以前的觀點與當前的觀點之間的差距，並弄清楚其中究竟有多少是關稅的淨影響。

Yes. The more significant part, certainly, the majority of it will be in the form of the tariff impact that flows through. I think about it -- just let's just start with kind of puts and takes from '25 to '26. We would anticipate all the things that we've been talking about and the drivers of the business this year continuing. So we anticipate continued growth with Cardinal Health Brand, largely driven by the underlying industry, but continued improvements in underlying mix as well as our ongoing cost reductions.

是的。當然，更重要的部分，也就是其中的大部分，將以關稅影響的形式反映出來。我想了一下——我們就從 25 年到 26 年的情況開始吧。我們預計我們一直在談論的所有事情以及今年業務的驅動力都將繼續下去。因此，我們預期 Cardinal Health 品牌將持續成長，這主要得益於基礎產業的推動，但基礎產品的組合也會持續改善，成本也會持續降低。

You heard from Aaron that we made further reductions in our headcount here in the third quarter to ensure that we are doing our part to mitigate this as much as possible. But then that will be offset, to some degree, with the impacts in the near term that we do anticipate from the portion of the $200 million to $300 million that is not passed along in the form of pricing. So those are the puts and takes that are the key contributors to that and very consistent with the prior commentary we made about the underlying drivers of the business.

您從 Aaron 那裡聽說，我們在第三季進一步裁員，以確保我們盡自己的努力盡可能地緩解這種影響。但我們預計，這 2 億至 3 億美元中未以定價形式轉嫁的部分將在短期內產生一定程度的影響。因此，這些是造成這一結果的關鍵因素，與我們先前對業務潛在驅動因素的評論非常一致。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

I want to shift actually over to the potential pharma tariffs and how to think about the impact to you guys and how it impacts the chain. Like do you have enough comfort contractually that you as a distributor and the purchaser of the drug can pass through whatever the ingredient cost tariff is to pharmacies?

我實際上想轉到潛在的藥品關稅以及如何看待它對你們的影響以及它如何影響供應鏈。例如，從合約角度來看，您是否有足夠的信心，作為經銷商和藥品購買者，您可以將所有成分成本關稅轉嫁給藥局？

And is there a potential opportunity here for you? Is there any potential risk? Just trying to understand how the process might work and how you fit into that and how it affects your financials.

這裡對您來說有潛在的機會嗎？有沒有潛在危險？只是想了解這個過程如何運作、你如何適應它以及它如何影響你的財務狀況。

Yes, certainly. I guess, this is the benefit of being a 1% margin distributor is that we don't have that type of risk largely in our Pharma business. We take title typically in the United States. It is an important element to our customers and ultimately, patient affordability. So it's not lost on us that changes to the pricing for pharmaceutical products is something that we watch very closely.

是的，當然。我想，作為 1% 利潤分銷商的好處在於，我們在製藥業務中基本上不存在這種風險。我們通常在美國取得所有權。這對我們的客戶以及最終患者的承受能力來說是一個重要因素。因此，我們不會忘記密切關注藥品定價的變化。

I feel very good about the model. The model -- the business model has evolved many times over the years. The value that we provide to safely, securely, and efficiently deliver these products is unchanged, unchanged relative to the price point or unchanged relative to any tariff add-ons, whatever it may be.

我對這個模型感覺非常好。這種模式——商業模式多年來已經演變多次。我們為安全、可靠、有效率地交付這些產品所提供的價值是不變的，相對於價格點或任何關稅附加費而言都是不變的，無論它是什麼。

We've seen this in the past as it relates to when prices have gone down for certain products like insulin. You heard from us at that point in time talk about the value we are providing was unchanged. And so we expect our compensation to be unchanged, and that's exactly what's happened.

我們過去曾看到過這種情況，它與胰島素等某些產品的價格下降有關。當時您聽到我們談論我們提供的價值沒有改變。因此，我們預期我們的薪酬將保持不變，事實也確實如此。

So as we look forward, we can't predict exactly what will happen and how that will look. But we feel very good about the contracts. We feel very good about this business model. And we feel very good about the historical context that has proven that the value that we provide is understood and rewarded by our customers in the form of just the ongoing arrangement. So we'll continue to stay focused on it, but we feel good about that setup.

因此，當我們展望未來時，我們無法準確預測會發生什麼以及事情會是什麼樣子。但我們對這些合約感到非常滿意。我們對這種商業模式感到非常滿意。我們對歷史背景感到非常滿意，這證明我們所提供的價值已經透過持續的安排得到了客戶的理解和獎勵。因此我們會繼續關注它，但我們對這種設置感到滿意。

Now your question was on pharma, but I do want to take a moment to highlight the other businesses that they individually each have their own different version of that same type of discussion. We largely, in the same manner, don't have -- we have a very similar type of structure and arrangement as pharma. Some like OptiFreight has no real direct exposure.

現在您的問題是關於製藥業的，但我想花點時間強調其他企業，他們對同一類型的討論都有自己不同的看法。同樣，我們基本上沒有——我們的結構和安排與製藥業非常相似。一些公司，例如 OptiFreight，並沒有真正的直接曝光。

So we feel very good about the 95% of our segment profit that's in the form of those four out of five different businesses. We'll continue to manage through that aggressively and appropriately to make sure we take care of customers and patients. But at the same time, we feel really good about the business models of each of those four businesses. And we'll continue to work hard to mitigate any impacts on GMPD.

因此，我們對我們 95% 的分部利潤來自這五分之四的不同業務感到非常滿意。我們將繼續積極、適當地處理這個問題，以確保我們照顧好客戶和患者。但同時，我們對這四家企業的商業模式感到非常滿意。我們將繼續努力減輕對 GMPD 的影響。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Hey, good morning, guys, and thanks for taking the question. I just had a question on the margin expansion in pharma. And, Aaron, I was wondering if we look at the -- we've kind of continued to see this margin expansion in pharma despite the growth in specialty and brand drug sales.

嘿，大家早安，感謝你們回答這個問題。我只是對製藥業的利潤擴張有疑問。亞倫，我想知道，儘管特種藥品和品牌藥品的銷售額有所增長，但我們仍然看到製藥業的利潤率不斷擴大。

I was just wondering if maybe you could attribute the margin expansion rank order, you're going to have the acquisitions, the new customers, just growth in the business, generics program, to some degree, offset by the client loss and which should be compression in, due to mix change, in branded specialty. Would just be interested if there's any way that you could attribute kind of the outlay of the positive drivers versus the negative drivers of margin expansion.

我只是想知道您是否可以將利潤率擴張歸因於以下順序：您將獲得收購、新客戶、業務成長、仿製藥計劃，這些在一定程度上被客戶流失所抵消，而由於產品組合變化，品牌專科方面的利潤率應該會受到壓縮。我只是感興趣，您是否能以某種方式將支出歸因於利潤率擴張的積極驅動因素和消極驅動因素。

Well, first, thank you for noticing. That's certainly been an intentional effort on the part of the pharma team to grow our gross margin. And the drivers you called out are the right drivers, whereas we continue to double and triple down on growing the specialty parts of our portfolio. Now that is a higher-margin part of the business that's growing much faster than our core lower-margin business.

嗯，首先，感謝您的關注。這無疑是製藥團隊為提高毛利率而做出的有意努力。您所提到的驅動因素是正確的，而我們將繼續加倍甚至三倍地增加我們投資組合中專業部分的成長。現在，這是我們業務中利潤率較高的部分，其成長速度遠遠快於我們利潤率較低的核心業務。

Certainly, the additions of the higher -- of the additional revenue streams that are higher-margin profiles as well through the MSOs is facilitating that, although those are still early days for us given the timing of the closure of the benefits. And so all of that is really coming together to help drive that gross margin improvement.

當然，透過 MSO 增加更高的額外收入流（也就是利潤率更高的收入流）也有助於實現這一目標，儘管考慮到福利結束的時間，這對我們來說還處於早期階段。所以，所有這些因素共同作用，有助於推動毛利率的增加。

Now I would be remiss if I didn't point out the other piece of it, though, which is we are very happy with how the team has also been controlling our SG&A position. And as a 1% business overall, we're very focused on both parts of the P&L.

不過，如果我不指出另一部分的話，那我就失職了，那就是我們對團隊如何控制我們的銷售、一般和行政費用狀況感到非常滿意。作為一家總體佔比 1% 的企業，我們非常關注損益表的兩個部分。

And I hope you noticed that I called out during my comments that if you extract the -- if you normalize out the absolute dollar addition of the SG&A from the acquisitions, our SG&A was actually down for the quarter. And that's us trying to set the business up for long-term success as we carry forward.

我希望您注意到，我在評論中指出，如果您提取 - 如果您將收購產生的銷售、一般和行政費用的絕對美元增加量標準化，那麼我們本季度的銷售、一般和行政費用實際上是下降的。這就是我們在前進的過程中努力為企業的長期成功奠定基礎。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

Thanks very much. A quick one here on the mention of taking advantage or at least looking at the Nairobi Protocol on tariffs. I'm curious, one, do you have Nairobi Protocol protections in place today for any of your products?

非常感謝。這裡簡單提一下利用或至少研究一下有關關稅的《內羅畢議定書》。我很好奇，第一，你們現在是否對任何產品實施了《內羅畢議定書》保護？

Two, could you give us a sense on what types of products you think would be most applicable? And then three, what is the process? Do you simply say discounts, we're not going to pay a tariff? Or do you actually have to get affirmation from US Customs before doing so? Thanks very much.

第二，您能否告訴我們您認為最適用的產品類型是什麼？第三，流程是怎麼樣的？您是否只是說折扣，我們就不用支付關稅？或者你實際上必須先獲得美國海關的確認才能這樣做嗎？非常感謝。

I offer a little bit of perspective without going too far, which is we do actually have some protections in place as the tariff discussion has continued. As I said earlier, our team has continued to lean in into where the existing protections are and what additional products may be benefited by the Nairobi Protocol.

我提供一點看法，但不會說得太遠，那就是隨著關稅討論的繼續，我們確實採取了一些保護措施。正如我之前所說，我們的團隊一直在努力研究現有的保護措施以及哪些其他產品可以從《內羅畢議定書》中受益。

And so that is part of the team's ongoing efforts as well as we assess the broader portfolio. We're not going to identify today because it is broadly immaterial at an enterprise level for us, but just know -- but just take away that the team is turning over every rock in an attempt to identify where we have those opportunities.

這是團隊持續努力的一部分，也是我們對更廣泛投資組合的評估。我們今天不會去確定，因為這對我們來說在企業層面上並不重要，但要知道——但要知道，團隊正在竭盡全力，試圖確定我們在哪裡有這些機會。

Yes. What I would add is it's consistent with what Aaron is saying. But just to give you a little more color, it is something we've used for the last couple of years. So it's not new to us, and it's covered hundreds of different product SKUs that we have. So we have a pretty good understanding of it, and we'll continue to monitor very closely any ongoing evolution and usage of it.

是的。我想補充的是，這與亞倫所說的一致。但只是為了給你更多細節，這是我們過去幾年一直在使用的東西。所以它對我們來說並不新鮮，它涵蓋了我們擁有的數百種不同的產品 SKU。因此，我們對此有相當好的了解，並且我們將繼續密切關注它的任何持續發展和使用情況。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Can you talk a little bit more, I guess, in detail about kind of the customer onboarding in terms of the new customer wins? Anything new to call out on that front and sort of how that -- how we should be thinking about that in terms of the progression of pharma growth and the quarterly cadence of this onboarding and how that's just progressing relative to your expectations at this point? Thanks.

我想，您能否詳細談談關於新客戶贏得方面的客戶入職情況？關於這方面有什麼新消息需要指出，我們應該如何看待製藥業的成長進程和季度入職節奏，以及目前的進展與您預期相比如何？謝謝。

Yes, there's always puts and takes to any new customer onboarding, but we did reaffirm the $10 billion of incremental new customers for this year. I did comment just briefly in my earlier comment. But to repeat it here, that onboarding did begin in the second quarter.

是的，任何新客戶的加入總是會有付出和收穫，但我們確實重申了今年 100 億美元的增量新客戶目標。我在之前的評論中確實只是做了簡短的評論。但這裡要重申的是，入職培訓確實是在第二季開始的。

But when you look at the $10 billion, it's spread fairly evenly between the third and fourth quarter in terms of the biggest impact. So it started in Q2 and now has gotten to the full rollout of those customers that we anticipate for the remainder of this year. But like I said, there's puts and takes. But we feel very good about certainly the benefit that we're seeing in the current year being consistent with what we thought.

但當你看這 100 億美元時，就最大影響而言，它在第三季和第四季之間分佈得相當均勻。因此，它從第二季開始，現在已經全面推出，我們預計今年剩餘時間內將推出這些客戶。但就像我說的，有得必有失。但我們感到非常高興，因為我們今年看到的收益與我們想像的一致。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Hi, guys. Thanks for taking the question. I wanted to dig in a little bit more into the mechanics of taking price increases to offset some of those GMPD tariffs. If you listen to what some of the large health systems have said publicly about their supply costs, they're all pretty confident that the vast majority of their supply costs are fixed for at least the next year. I think most of the publicly traded guys have said around 70% of supply costs are fixed.

嗨，大家好。感謝您回答這個問題。我想更深入地研究一下透過提高價格來抵消部分 GMPD 關稅的機制。如果你聽一些大型醫療系統公開談論的供應成本，你會發現他們都非常有信心，至少在未來一年內，他們的絕大部分供應成本都是固定的。我認為大多數上市公司都表示大約 70% 的供應成本是固定的。

So I'm curious, from your perspective, how much of the price increases that you're going to seek to take are contractually obligated versus how much are you going to have to basically say, hey, if you don't take these prices, we can't supply you now? And then with that, of that $200 million to $300 million of gross tariff costs, what percent do you think can be mitigated by price increases? Thanks.

所以我很好奇，從您的角度來看，您試圖接受的價格上漲有多少是合約規定的，又有多少是您必須說「嘿，如果您不接受這些價格，我們現在就無法向您供貨」？那麼，您認為在 2 億到 3 億美元的總關稅成本中，有多少百分比可以透過提高價格來緩解？謝謝。

Yes, let me touch on the last piece first. The majority of that $200 million to $300 million is price. I mean, that's after all those other actions. And I'm not sure we're all saying anything that's too significantly different from one another because as I indicated, the vast majority of what we're doing here is through other non-pricing actions to minimize that impact.

是的，讓我先談談最後一點。這2億到3億美元中，大部分是價格。我的意思是，這是在採取了所有其他行動之後。而且我不確定我們所說的內容是否彼此之間存在太大差異，因為正如我所指出的，我們在這裡所做的絕大多數工作都是透過其他非定價行動來盡量減少這種影響。

And we're going to work very collaboratively with our customers to find solutions. Some product categories are absolutely overweighted from low-cost overseas locations that carry with them very low margins. Those are the products that are the most difficult and costly to bring into other locations.

我們將與客戶密切合作，尋找解決方案。有些產品類別明顯來自低成本的海外地區，而這些地區的利潤率非常低。這些產品是最難進口到其他地方且成本最高的。

When you think about the profile of where we take our product, as I mentioned in the past, only about 10% of our product comes out of China. Well, why that 10% still exists is that it is incredibly low-cost, more commoditized types of products or some other reason that makes it more challenging to be able to resource. That type of product cannot be resourced easily elsewhere or we would already do that.

當你考慮到我們的產品銷往哪裡時，正如我過去提到的，只有大約 10% 的產品來自中國。嗯，那 10% 仍然存在的原因是，它是極其低成本、更商品化的產品類型，或者其他一些原因，使得獲取資源變得更具挑戰性。這種類型的產品無法在其他地方輕易獲得資源，否則我們早就這麼做了。

So there's exceptions to all that, and not every product is going to see price increases. Not every product is going to see the same level of price increases. And our primary focus is to find something that works for us that's not creating significant losses for the business while ensuring that we protect, most importantly, for the supply of those critical products to our customers.

所以凡事都有例外，並不是每種產品都會漲價。並非所有產品都會出現相同程度的價格上漲。我們的主要重點是找到適合我們的方法，既不會對企業造成重大損失，又能確保我們能夠保護客戶的關鍵產品供應。

[Ryan] Rhyee, TD Cowen.

[Ryan] Rhyee，TD Cowen。

Yes. I just want to touch maybe, Aaron, on fiscal '26. Obviously, you're calling out for double-digit EPS growth even with the outlook for the potential challenging macro environment. When we think about it -- because it sounds like what you're saying is, right -- when you think about the five businesses that you're running, three of which are within the Other segment. You have four out of five really operating at a good pace, and it sounds like, for the most part, should be fairly tariff resistant here.

是的。亞倫，我只是想談談 26 財年的情況。顯然，即使宏觀環境可能充滿挑戰，您仍呼籲實現兩位數的每股盈餘成長。當我們考慮這一點時——因為這聽起來就像您所說的那樣，對的——當您考慮您正在經營的五項業務時，其中三項屬於其他部分。五分之四的企業確實在以良好的速度運營，而且聽起來，在大多數情況下，它們應該具有相當強的關稅抵抗力。

So when we think about the components to get to that double digit -- and obviously, you've kind of given an outline for GMPD a little bit here with more to come potentially. But is it fair to think that we should think predominantly that the Pharma segment is what's going to be the primary driver here in fiscal '26 given sort of when we look at growth ex sort of M&A or certainly the customer shifts, sort of the underlying growth and really that, to a certain extent, GMPD at this point isn't going to be the biggest driver here as we think about the outlook?

因此，當我們考慮達到兩位數的組成部分時——顯然，您在這裡對 GMPD 做了一些概述，並且可能會有更多內容。但是，我們是否應該主要認為製藥業將成為 26 財年的主要驅動力，因為當我們考慮成長（不包括併購或客戶轉變）時，某種潛在的成長，並且實際上，在某種程度上，當我們考慮前景時， GMPD 目前不會成為最大的驅動力？

Great question. Let me offer some more perspective. Obviously, we're not yet done with our fiscal '25, and our budgeting efforts are still underway. And we are working hard to get ready for our Investor Day in a near six weeks. But we thought it was important to provide some perspective on '26 today, just given the broader macro environment, which is very, very dynamic.

好問題。讓我提供更多的觀點。顯然，我們的 25 財年尚未完成，我們的預算工作仍在進行中。我們正在努力為近六週後的投資者日做準備。但我們認為，鑑於更廣泛的宏觀環境非常非常活躍，提供一些關於今天 26 的觀點是很重要的。

Look, if you think back to what Jason said at the start of our call, we have momentum in our business broadly at the enterprise level. The businesses tend to be very resilient as well. And as a result, we believe the basket of businesses we run are positioned to continue to grow in fiscal year '26. And we were purposeful on calling out the double-digit EPS growth next year, which is really the combination of the various profiles that our businesses have.

你看，如果你回想一下傑森在我們通話開始時說的話，你會發現，我們的業務在企業層面上總體上有著良好的發展勢頭。這些企業往往也具有很強的韌性。因此，我們相信，我們經營的一系列業務將在 26 財年繼續成長。我們特意宣布明年每股收益將達到兩位數成長，這實際上是我們各項業務綜合的結果。

There's not a lot terribly different between how -- you've heard me describe pharma, positive utilization, continued generics program performance, consistent market dynamics, strong growth in specialty, upstream, downstream, the benefit of the customer wins. That's all contributing to that double-digit EPS growth next year.

您聽我描述過製藥業、積極利用、持續的仿製藥計劃表現、一致的市場動態、專業的強勁增長、上游、下游、客戶利益的勝利，這些之間並沒有太大的區別。這一切都將推動明年每股收益將達到兩位數成長。

Similarly, on the other businesses, the three businesses that we've revealed more to the outside world in the last 18 months, right, continued strong demand there. And we continue to invest in all three of those businesses to certainly support and grow the revenue and profit growth within those businesses as well. And all three businesses have secular tailwinds that have contributed to their performance so far this year and that we expect to continue on into the business as well.

同樣，在其他業務方面，我們在過去 18 個月中向外界披露的三項業務也持續保持強勁需求。我們將繼續對這三項業務進行投資，以支持和增加這些業務的收入和利潤。這三家公司都擁有長期的順風優勢，這對它們今年迄今的業績做出了貢獻，我們預計這種優勢也將繼續惠及這些公司。

And as you pointed out, we can't forget about the M&A, right? GIA, they announced two acquisitions yesterday. They're doing what they said they were going to do or what we said we were going to do when we announced the deal. And with ADSG having closed 29 or 30 days ago, we're very pleased with how that integration is already operating. So that will also be a contributor there.

正如您所指出的，我們不能忘記併購，對嗎？GIA，他們昨天宣布了兩項收購。他們正在按照他們所說的去做，或者按照我們在宣布交易時所說的去做。由於 ADSG 已於 29 或 30 天前關閉，我們對整合的現狀感到非常滿意。因此這也將是個貢獻者。

And so really just net-net, as we think about the puts and takes that Jason has called off with tariffs on GMPD, we were purposeful on calling out that we expect that business to perform at least consistent with fiscal '25. We view that as a positive sign.

因此，實際上，當我們考慮傑森取消的 GMPD 關稅所帶來的利弊時，我們特意指出，我們預計該業務的表現至少與 25 財年一致。我們認為這是一個正面的信號。

It's driven in no small part by just the sheer operational execution and the level of detail at which that team has been operating now for the last couple of years, their ability to also handle the tariff environment. When you put all those pieces together, that's what's bringing us to that double-digit EPS growth for next year. And I promise we will provide more details at our Investor Day in six weeks.

這在很大程度上得益於該團隊過去幾年來的出色營運執行力和精細運作水平，以及他們處理關稅環境的能力。如果把所有這些因素綜合起來，我們明年的每股盈餘將達到兩位數的成長。我保證我們將在六週後的投資者日上提供更多詳細資訊。

Steve Baxter, Wells Fargo.

富國銀行的史蒂夫·巴克斯特。

Hi, I appreciate all of the tariff discussion. I was hoping that you could just maybe be a little bit more descriptive about what level of tariffs are actually considered in this gross estimate that's being discussed. I mean, for example, for China, is this the full 145%, I guess, for the rest of the world, the current 10%? Or are you assuming something closer to what was proposed on Liberation Day?

你好，我很感謝所有關於關稅的討論。我希望您能更詳細地描述一下在討論的這個總體估算中實際考慮的關稅水平。我的意思是，例如對中國來說，這個數字是不是全部是 145%？我猜對世界其他國家來說，這個數字就是目前的 10%？還是您假設的內容更接近解放日所提出的建議？

And I guess, how do we think about what happens if there is to be some moderation, for example, in the China tariffs at some point over the next several months? I guess, like what happens to the price increases that you'll be putting through? Are you needing to agree to reverse those if the tariff situation changes? Would love to just understand that dynamic a little bit better. Thank you.

我想，如果在未來幾個月的某個時候對中國徵收關稅等有所緩和，我們該如何考慮會發生什麼？我想，你們實施的價格上漲會怎樣？如果關稅情況發生變化，您是否需要同意撤銷這些規定？希望能夠更好地理解這種動態。謝謝。

Yes, there's a lot there. So the short answer is this is absolutely based upon what we understand literally today. So as everything evolves, we've got a great process and model set up to be able to manage this real time. There's a lot of game theory that goes into trying to answer the second part of your question because it's not just the tariff rates.

是的，那裡有很多。所以簡短的回答是，這絕對是基於我們今天字面上的理解。因此，隨著一切的發展，我們已經建立了一個很好的流程和模型來即時管理這一切。在回答你問題的第二部分時需要運用大量的博弈論，因為這不只是關稅稅率的問題。

It's the relative tariff rates because the types of products that we have outside the United States tend to have a profile that are more commoditized, higher content of labor cost, things that under, I think, most likely scenarios for tariff rates would indicate that they are probably going to remain outside the United States. There are certainly some products that will continue to come into the US, like what we've already done with our syringes and other products.

這是相對關稅稅率，因為我們在美國以外銷售的產品類型往往更加商品化，勞動力成本更高，我認為，在最有可能的關稅稅率情景下，這些產品可能會留在美國境外。當然，有些產品將繼續進入美國，就像我們已經對注射器和其他產品所做的那樣。

So we'll continue to look at the relative rates to determine what that is and, of course, make sure that we're working with our customers all along the way for supply to ensure that we are protecting them with that. We've made good progress in getting more to North America and the United States, in particular.

因此，我們將繼續關注相對利率，以確定利率是多少，當然，還要確保我們在整個供應過程中與客戶合作，以確保我們能夠保護他們。我們在將更多產品推向北美，尤其是美國方面取得了良好進展。

We're now about a third of our underlying value of production is coming out of the US. This is the single largest country in which we operate. And then secondary to that would be Mexico, so that the combination of North America is now over 50%.

目前，我們約有三分之一的生產基礎價值來自美國。這是我們開展業務的最大國家。其次是墨西哥，因此北美的總份額現已超過 50%。

So we feel pretty good about our setup. We clearly have a very diverse global footprint that has served us well through this process, but it's not bulletproof to the extreme rates. And so as I mentioned before, that 10% in China is the biggest driver of tariff dollars. And so that will impact the math as we go forward.

所以我們對我們的設置感到非常滿意。我們顯然擁有非常多樣化的全球足跡，這為我們在整個過程中提供了良好的服務，但它並不能抵禦極端利率的影響。正如我之前提到的，中國的 10% 是關稅金額的最大驅動力。這將對我們未來的數學產生影響。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

Maybe I'll just circle back to Kevin's question from earlier on potential pharma tariffs. If I think about historical trend, right, generic inflation was a benefit to drug distributors such as yourselves. So just curious, I mean, if tariffs are pushed through for drugs, should that be inflationary? Or is there anything I'm missing in that thought process?

也許我會回到凱文之前關於潛在藥品關稅的問題。如果我考慮歷史趨勢，那麼仿製藥價格上漲對像你們這樣的藥品分銷商來說是一種好處。所以我很好奇，我的意思是，如果對藥品徵收關稅，這會導致通貨膨脹嗎？或者我在這個思考過程中遺漏了什麼嗎？

Yes, we continue to look at it from a spread basis, and it's a matter of the buy and sell side and not just any one side of that. And so there have been some instances historically that you're talking about, but there's also been plenty of instances where the two have moved in tandem as well.

是的，我們繼續從價差的角度來看待這個問題，這是一個買方和賣方的問題，而不僅僅是其中任何一方的問題。所以，歷史上確實存在一些您談到的情況，但也有很多兩者同時發生的情況。

So we see consistent market dynamics that continues to be in the environment today, and we think it's prudent to assume that, that will continue going forward.

因此，我們看到當今環境中持續存在的一致市場動態，我們認為可以謹慎地假設這種動態將持續下去。

Steve Valiquette, Mizuho.

瑞穗的史蒂夫·瓦利奎特。

So the company's ending inventory level on the balance sheet seem pretty normal for a March quarter with some typical inventory drawdown during fiscal 3Q. Can you just remind us, is there any dynamic for this year where it makes sense for the company to procure higher levels of certain product inventory ahead of potential tariffs either in the Pharmaceutical or Medical segments? Or should we just assume fairly normal inventory levels for the company exiting fiscal '25 and into early fiscal '26, the way things stand right now?

因此，該公司資產負債表上的期末庫存水準對於 3 月季度來說似乎相當正常，但在第三財季期間會出現一些典型的庫存下降。您能否提醒我們，今年是否存在某種動態，使得公司在製藥或醫療領域的潛在關稅之前採購更高水平的某些產品庫存是合理的？或者，就目前的情況來看，我們是否應該假設該公司在 25 財年末和 26 財年初期的庫存水準相當正常？

Yes, I think you should assume it's fairly normal. I did the math myself. I think we're up maybe like 8% in inventory, and it's obviously fairly in line with overall growth that we're seeing in much of the business. Well, I did make some comments around some target aspects within GMPD. That's an element of what we are managing through there.

是的，我認為你應該認為這是相當正常的。我自己做了計算。我認為我們的庫存可能增加了 8%，這顯然與我們在大部分業務中看到的整體成長相當一致。嗯，我確實圍繞著 GMPD 中的一些目標方面發表了一些評論。這是我們在此進行管理的要素。

But I wouldn't think about anything extraordinary that's being done elsewhere in the enterprise because back to your math there at $16 billion, that is less than one month's worth of sales. And so if you try to escalate that quickly, it obviously creates an incredible burden on the balance sheet and cash flow. So we have to be able to manage within that.

但我不會考慮企業其他地方正在做的任何特別的事情，因為回到你的計算中，160 億美元還不到一個月的銷售額。因此，如果你試圖迅速升級這個問題，顯然會給資產負債表和現金流帶來難以置信的負擔。所以我們必須能夠在這個範圍內進行管理。

And to that point, I'd be a bad CFO if I didn't observe that cash flow remains a strong focus for us. And our teams are working hard to ensure that we're optimizing our cash flow, both in fiscal '25 and in years going forward. And we'll talk more about that at Investor Day as well.

就這一點而言，如果我沒有註意到現金流仍然是我們關注的重點，那麼我將是一個糟糕的財務長。我們的團隊正在努力確保我們在 25 財年以及未來幾年都能優化現金流。我們也將在投資者日上進一步討論這個問題。

We have no further questions at this stage. I'd like to turn the call back over to Jason Hollar for any additional or closing remarks. Thank you.

目前我們沒有其他問題。我想將電話轉回給 Jason Hollar，讓他做任何補充或結束語。謝謝。

Yes. Thanks, and thanks for all the great questions and attendance here. Just real quick, really pleased obviously with the quarter, shows the continued momentum that we have as a business, but also very pleased with the underlying strategy progression that we're seeing.

是的。謝謝，也謝謝大家提出的所有精彩問題和出席。很快，顯然對本季度感到非常滿意，這表明我們作為一家企業繼續保持著發展勢頭，而且我們也對所看到的潛在戰略進展感到非常滿意。

Bringing these new businesses underneath the Cardinal Health umbrella has been fantastic. Everything is at least what we had anticipated; the people, probably the best part of it. We see this being really great drivers of our longer-term growth.

將這些新業務納入 Cardinal Health 旗下是一件很棒的事。一切都至少是我們所預料的；而人們，可能是其中最好的部分。我們認為這確實是我們長期成長的巨大推動力。

And just again, welcome to the ADSG team with us and continue to look forward to working with all the other new entrants as well. All right. Take care.

再次歡迎您加入 ADSG 團隊，並繼續期待與所有其他新加入者合作。好的。小心。

Thank you very much. Ladies and gentlemen, that will conclude today's conference. Thank you for your attendance. You may now disconnect. We wish you a good day, and goodbye.

非常感謝。女士們、先生們，今天的會議到此結束。謝謝您的出席。您現在可以斷開連線。祝您有美好的一天，再見。