卡地納健康 (CAH) 2025 Q4 法說會逐字稿

Hello, and welcome to the Fourth Quarter fiscal year 2025 Cardinal Health Inc. Earnings Conference Call. My name is George, I'll be the coordinator for today's event. Please note that this conference is being recorded. (Operator Instructions)

您好，歡迎參加 Cardinal Health Inc. 2025 財年第四季財報電話會議。我叫喬治，我將擔任今天活動的協調員。請注意，本次會議正在錄製。（操作員指示）

I'd like to hand the call over to your host today, Mr. Matt Sims, Vice President, Investor Relations, to begin today's conference. Please go ahead, sir.

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，開始今天的會議。先生，請繼續。

Good morning, and welcome to Cardinal Health's fourth quarter fiscal '25 earnings conference call, and thank you for joining us. With me today are Cardinal Health, CEO, Jason Hollar; and our CFO, Aaron Alt. You can find this morning's earnings press release and investor presentation on the investor relations section of our website at ir.cardinalhealth.com.

早安，歡迎參加康德樂健康 25 財年第四季財報電話會議，感謝您的參與。今天與我一同出席的還有康德樂執行長傑森‧霍勒 (Jason Hollar) 與財務長亞倫‧阿爾特 (Aaron Alt)。您可以在我們網站 ir.cardinalhealth.com 的投資者關係版塊查看今天早上的收益新聞稿和投資者介紹。

Since we will be making forward-looking statements today, let me remind you that the matters addressed in 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 statement slide at the beginning of our presentation for a description of these risks and uncertainties.

由於我們今天將做出前瞻性陳述，因此請允許我提醒您，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 (SEC) 提交的文件以及簡報開頭的前瞻性聲明投影片，以了解這些風險和不確定性的描述。

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

請注意，在我們今天的討論中，評論將以非 GAAP 為基礎，除非特別指出是 GAAP。所有相關期間的 GAAP 與非 GAAP 對帳表均可在我們的新聞稿所附的支援附表中查閱。（操作員指示）

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

說完這些，我現在將電話轉給傑森。

Thanks, Matt, and good morning, everyone. We closed fiscal '25 with momentum, delivering excellent fourth quarter results in what was a transformative year for Cardinal Health. Our consistent performance with all five operating segments delivering double-digit profit growth, both the year and Q4, reflects the significant progress we've made against our strategic priorities.

謝謝，馬特，大家早安。我們以強勁的勢頭結束了 25 財年，在康德樂轉型的一年中，我們取得了出色的第四季度業績。我們五個營運部門的業績表現穩定，今年和第四季均實現了兩位數的利潤成長，這反映了我們在策略重點方面取得的重大進展。

As we outlined at investor day, our strategy is clear, and we continue to deliver on our commitments, reflecting disciplined execution across each of our operating segments. Our relentless focus on driving simplification and operational efficiencies in our core, along with strategic investments for growth, are enabling us to evolve to meet the needs of our customers and drive long-term value creation.

正如我們在投資者日所概述的那樣，我們的策略很明確，我們將繼續履行承諾，反映我們每個營運部門的嚴格執行。我們堅持不懈地致力於推動核心業務的簡化和營運效率，並進行成長策略投資，這使我們能夠持續發展以滿足客戶的需求並推動長期價值創造。

Before I get into the specifics and Aaron takes us through the financials, I want to recognize the hard work and dedication of our teams around the world. Their commitment to our mission and our customers is essential to strengthening our position as health care's most trusted partner at a time when reliability, resiliency and access are more important than ever.

在我介紹具體細節並讓 Aaron 向我們介紹財務狀況之前，我想先表彰一下我們全球團隊的辛勤工作和奉獻精神。在可靠性、彈性和可近性比以往任何時候都更重要的時代，他們對我們的使命和客戶的承諾對於鞏固我們作為醫療保健最值得信賴的合作夥伴的地位至關重要。

Within pharmaceutical and Specialty Solutions, our largest and most significant business, we continue to see robust pharmaceutical demand and strong underlying performance. Our path forward remains well defined and consistent: prioritize the growth and Resiliency of this business by building upon our strong core foundation and further expanding in specialty, as you saw in our press release this morning.

在我們最大、最重要的業務—製藥和專業解決方案領域，我們持續看到強勁的製藥需求和強勁的潛在業績。我們的前進道路仍然明確且一致：透過鞏固我們強大的核心基礎並進一步擴大專業領域，優先考慮該業務的成長和彈性，正如您在我們今天上午的新聞稿中看到的那樣。

We're thrilled to announce the acquisition of Solaris Health, the country's leading urology managed services organization. This greatly accelerates our progress in building the Specialty Alliances multi-specialty MSO platform, significantly expanding the reach of our urology alliance physician network. We see substantial opportunity ahead with Cardinal Health positioned as the multi-specialty leader, and I'll elaborate on this shortly.

我們很高興地宣布收購了全國領先的泌尿科管理服務機構 Solaris Health。這大大加快了我們建立專科聯盟多專科MSO平台的進程，顯著擴大了我們泌尿科聯盟醫師網路的覆蓋範圍。我們看到，隨著康德樂成為多專業領域的領導者，未來將面臨巨大的機遇，我很快就會對此進行詳細說明。

In GMPD, our improvement plan initiatives are driving results, delivering $70 million in profit for the fourth quarter. The team continues to navigate the current environment to optimize our global footprint and increase supply chain resiliency for our customers. We see further opportunities ahead to continue to drive the GMPD improvement plan.

在 GMPD，我們的改進計劃舉措正在推動成果，為第四季度帶來了 7000 萬美元的利潤。團隊將繼續適應當前環境，以優化我們的全球影響力並提高客戶的供應鏈彈性。我們看到了繼續推動 GMPD 改進計劃的更多機會。

Our differentiated growth businesses within other made substantial contributions this quarter, capping off a year of meaningful momentum. The performance was broad-based with strong growth across At-Home Solutions, now including the acquisition of ADS, Nuclear and Precision Health Solutions and OptiFreight Logistics.

我們其他業務的差異化成長在本季度做出了巨大貢獻，為這一年有意義的發展勢頭畫上了圓滿的句號。業績表現廣泛，家庭解決方案業務均實現強勁成長，目前包括收購 ADS、核能和精準健康解決方案以及 OptiFreight Logistics。

As we close out fiscal '25 and look ahead, we have great optimism in what we will achieve in fiscal '26. We continue to make strategic investments to optimize the business and position us for success. I'll dive deeper into these and other updates shortly.

在 25 財年結束之際，展望未來，我們對 26 財年所取得的成就充滿信心。我們將繼續進行策略性投資，以優化業務並為我們的成功做好準備。我很快會更深入地探討這些和其他更新。

I will now turn it over to Aaron to take us through the financials.

現在我將把話題交給 Aaron，讓他帶我們了解一下財務狀況。

Thank you, Jason, and good morning. I am delighted to share more details on our Q4 financial results and the significant year that we have had at Cardinal Health. Here are some of the key financial headlines. At the enterprise level, we grew operating earnings 19% in the quarter and 15% on the year. We grew EPS by 13% in the quarter and over 9% on the year. We delivered $2.5 billion of adjusted free cash flow in the year, $500 million ahead of our increased expectations from investor day.

謝謝你，傑森，早安。我很高興與大家分享有關我們第四季度財務業績以及康德樂重要的一年的更多細節。以下是一些重要的財經新聞。在企業層面，我們本季的營業利潤成長了 19%，年增了 15%。本季我們的每股盈餘成長了 13%，全年成長了 9% 以上。我們今年實現了 25 億美元的調整後自由現金流，比投資者日提高的預期高出 5 億美元。

We invested nearly $550 million in CapEx, returned to shareholders nearly $500 million for our growing dividend, repurchased $750 million of shares at an average price of $117 per share and completed four strategic acquisitions, three in Specialty and one in At-Home Solutions to drive our future growth. And we got all of this done in parallel with the previously announced customer contract expiration, a significant focus on cost mitigation, the onboarding of new customers and managing through regulatory uncertainty and the implementation of tariffs.

我們在資本支出上投資了近 5.5 億美元，向股東返還了近 5 億美元的不斷增長的股息，以每股 117 美元的平均價格回購了價值 7.5 億美元的股票，並完成了四項戰略收購，其中三次是在專業領域，一次是在家庭解決方案領域，以推動我們未來的增長。我們完成了所有這些工作，同時宣布客戶合約到期，重點關注降低成本、吸引新客戶以及管理監管不確定性和實施關稅。

Let's go through the Q4 results. Total company revenue was relatively flat at $60.2 billion on a reported basis. Adjusting for the contract expiration, revenue at the enterprise level increased 21% versus the prior year, led by strong demand across pharma and for growth businesses in other. Gross profit grew 17% to $2.2 billion with rate improving by approximately 50 basis points, reflecting favorable product, customer and business mix.

讓我們來看看第四季的業績。據報道，公司總收入相對持平，為 602 億美元。經過合約到期調整後，企業層面的收入較上年增長了 21%，這主要得益於製藥業和其他行業增長業務的強勁需求。毛利成長 17% 至 22 億美元，利率提高約 50 個基點，反映出良好的產品、客戶和業務組合。

Gross profit growth again outpaced consolidated SG&A growth, which increased 16% to $1.5 billion in the quarter, primarily driven by the inclusion of our acquisitions of ION, GIA and ADS in our results. On an organic basis, SG&A increased a more modest 4%, reflective of both our investing for the future and our continued focus on efficiency with GMPD and pharma in particular successfully executing against significant cost improvement projects.

毛利成長再次超過合併銷售、一般及行政費用成長，後者在本季成長 16%，達到 15 億美元，主要原因是我們將對 ION、GIA 和 ADS 的收購納入了業績。從有機基礎來看，銷售、一般及行政費用僅增加了 4%，這不僅反映了我們對未來的投資，也反映了我們對效率的持續關注，尤其是 GMPD 和製藥業成功執行了重大成本改進項目。

Overall, our efforts resulted in total company operating earnings of $719 million, up 19% versus last year. Below the line, interest and other increased by $34 million versus prior year to $44 million due to acquisition-related financing costs. Interest and other finished better than our expectations due to several factors, including the strong cash performance and the quarterly revaluation of our company's deferred compensation plan, which as a reminder is offset as an expense in corporate SG&A above the line.

總體而言，我們的努力使公司總營業收入達到 7.19 億美元，比去年增長 19%。低於這一水準的利息及其他費用較上年增加 3,400 萬美元，達到 4,400 萬美元，原因是收購相關的融資成本。由於多種因素，利息和其他收入的結果好於我們的預期，包括強勁的現金表現和公司遞延薪酬計劃的季度重估，提醒一下，這被抵消為公司銷售、一般和行政管理費用中的一項費用。

Our fourth quarter effective tax rate was 26.3% and 1.7 percentage points higher than the previous year and modestly higher than our expectations due to earnings mix at the state level and abroad. Fourth quarter average diluted shares outstanding were $240 million, 2% lower than a year ago due to our share repurchase efforts earlier in the year. The net result was fourth quarter EPS of $2.08, growth of 13%.

我們第四季的有效稅率為 26.3%，比上年高出 1.7 個百分點，並且由於州一級和海外的收益組合而略高於我們的預期。第四季平均攤薄流通股數為 2.4 億美元，比去年同期下降 2%，歸因於我們今年稍早的股票回購措施。第四季淨利為每股收益 2.08 美元，成長 13%。

One quick note on Q4 EPS. We acquired a majority position in GI Alliance and other physician support organizations in the back half of this year, culminating with our just announced acquisition of Solaris Health, which will not close until at least the second quarter of fiscal year '26.

關於第四季每股收益的簡要說明。我們在今年下半年收購了 GI Alliance 和其他醫生支援組織的多數股權，最終宣布收購 Solaris Health，該收購至少要到 2026 財年第二季才會完成。

We have determined that the minority equity positions owned by physicians and management in GI Alliance, now part of the Specialty Alliance, represent a liability to Cardinal Health, whereas our investor day guidance assumed a non-controlling interest reduction to EPS. As a result, we are showing a higher-than-expected EPS contribution from the Specialty Alliance in fiscal year '25 or approximately $0.05 more than anticipated.

我們已確定，GI Alliance（現為 Specialty Alliance 的一部分）的醫生和管理層所持有的少數股權對康德樂健康來說是一種負債，而我們的投資者日指導假設非控股權益會減少每股收益。因此，我們顯示專業聯盟在 25 財年的 EPS 貢獻高於預期，或比預期高出約 0.05 美元。

Moving on to our segment results, beginning with the pharma segment on slide 5. Fourth quarter revenue was relatively flat at $55.4 billion. Excluding the customer contract expiration, revenue increased a robust 22% driven by brand and Specialty pharmaceutical sales growth from existing and new customers. This included approximately 6 percentage points of revenue growth from GLP-1 sales.

接下來介紹我們的分部業績，首先從投影片 5 上的製藥分部開始。第四季營收相對持平，為 554 億美元。不計客戶合約到期，營收強勁成長 22%，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 6 個百分點的收入成長。

During Q4, as we have in prior quarters this year, we saw strong pharmaceutical demand across the entire business, within brand, within Specialty, within generics and within consumer health. This strength came from both our largest existing customers and our new customers. Segment profit increased 11% to $535 million in the fourth quarter driven by contributions from our MSO platforms and brand and Specialty products in particular.

與今年前幾季度一樣，在第四季度，我們看到整個業務領域（包括品牌藥、專業藥、仿製藥和消費者保健藥）的藥品需求強勁。這種優勢既來自我們現有的最大客戶，也來自我們的新客戶。第四季度，分部利潤成長 11%，達到 5.35 億美元，這主要得益於我們的 MSO 平台、品牌和特色產品的貢獻。

This growth was partially offset by the customer contract expiration. At this point, I will repeat the point that we saw strong demand and volumes across the business. However, Q4 pharma segment profit was a touch lighter than we expected due to the impact of a few individually immaterial expenses, including bad debt adjustments and the resolution of some routine contractual open items with customers and vendors.

這一增長被客戶合約到期部分抵消。此時，我要重申一點，我們看到整個業務的強勁需求和銷售量。然而，由於一些單獨的非重要費用的影響，包括壞帳調整以及與客戶和供應商解決一些常規合約未清項目，第四季度製藥部門的利潤略低於我們的預期。

If not for these items, our results would have been above the midpoint of our pharma profit guidance. Finally, we are pleased that our generics program continues to see positive performance, including strong volume growth and consistent market dynamics. Turning to GMPD on slide 6. Fourth quarter revenue grew 3% to $3.2 billion, driven by volume growth from existing customers.

如果不是這些因素，我們的業績將會高於製藥利潤預期的中點。最後，我們很高興看到我們的仿製藥項目繼續取得積極表現，包括強勁的銷售成長和穩定的市場動態。前往投影片 6 上的 GMPD。受現有客戶銷售成長的推動，第四季營收成長 3%，達到 32 億美元。

As we saw last quarter, Cardinal Health brand continues to trend positively with over 6% revenue growth in the US. GMPD delivered Q4 segment profit of $70 million, its highest profit quarter, driven by volume growth from existing customers and reflecting the team's notable progress against the GMPD improvement plan, particularly cost containment efforts.

正如我們上個季度所看到的，Cardinal Health 品牌繼續呈現正面趨勢，在美國的營收成長超過 6%。GMPD 第四季度分部利潤達 7000 萬美元，為該季度利潤最高的一個季度，這得益於現有客戶銷量的增長，也反映了團隊在 GMPD 改進計劃方面取得的顯著進展，特別是在成本控制方面。

While we continue to invest in the business and are pleased with the continued quarter-by-quarter significant improvements to profitability and cash flow presented by the segment, we have more work to do. The team also continued to make progress on mitigating tariff impacts, which Jason will touch on shortly. Finishing with the growth businesses reported within other as seen on slide 7.

雖然我們繼續對該業務進行投資，並對該部門盈利能力和現金流逐季度持續顯著改善感到滿意，但我們還有更多工作要做。團隊還在減輕關稅影響方面繼續取得進展，Jason 稍後將談到這一點。如投影片 7 所示，最後介紹其他業務的成長情況。

Fourth quarter revenue increased 37% to $1.6 billion, and segment profit increased 44% to $160 million. As we highlighted at investor day, these businesses are becoming an increasingly important part of our overall growth, and this quarter was no exception. These growth businesses contributed over 40% of the growth in our enterprise operating earnings for the quarter.

第四季營收成長 37% 至 16 億美元，分部利潤成長 44% 至 1.6 億美元。正如我們在投資者日強調的那樣，這些業務正在成為我們整體成長中越來越重要的一部分，本季也不例外。這些成長業務為我們本季企業營業利潤的成長貢獻了40%以上。

Revenue and segment profit were driven by strong growth across all three businesses. At-Home Solutions, including contributions from the ADS acquisition; Nuclear and Precision Health Solutions and OptiFreight Logistics. We closed the ADS acquisition at the start of the fourth quarter and are very pleased with the integration and surgery capture efforts.

三大業務的強勁成長推動了收入和分部利潤的增加。At-Home Solutions，包括 ADS 收購的貢獻；核能和精準健康解決方案以及 OptiFreight Logistics。我們在第四季度初完成了 ADS 收購，並對整合和手術捕獲工作感到非常滿意。

The At-Home-Solutions management team has a synergy realization plan which is specific and achievable with opportunities for overperformance over time. All three businesses saw strong organic growth. These businesses continue to benefit from their leading value propositions, efficient operations and alignment with favorable long-term secular trends.

At-Home-Solutions 管理團隊有一個協同實現計劃，該計劃具體且可實現，並且有機會隨著時間的推移實現超額完成。這三項業務均實現了強勁的有機成長。這些企業繼續受益於其領先的價值主張、高效的營運以及與有利的長期趨勢的一致性。

Turning briefly to our full year enterprise commentary. Fiscal '25 revenue decreased 2% to $223 billion driven by the customer contract expiration. Excluding the contract expiration, full year revenue increased 18%. Gross margin increased 10% to $8.2 billion, while SG&A increased 8% to $5.4 billion, reflecting the acquisitions and our continued focus on driving operating leverage.

簡要回顧我們的全年企業評論。由於客戶合約到期，25 財年營收下降 2% 至 2,230 億美元。不計合約到期影響，全年營收成長18%。毛利率成長 10% 至 82 億美元，銷售、一般及行政費用成長 8% 至 54 億美元，這反映了收購以及我們對提高經營槓桿的持續關注。

Together, this resulted in fiscal '25 total operating earnings growth of 15% to $2.8 billion. Below the line, interest and other increased $174 million, primarily due to financing costs related to acquisitions related to acquisitions. Our annual effective tax rate finished at 23.3%. Average diluted shares outstanding were $242 million, 2% lower than a year ago due to share repurchases.

整體而言，這使得 25 財年總營業利潤成長 15%，達到 28 億美元。線下，利息和其他增加了 1.74 億美元，主要由於與收購相關的融資成本。我們的年度有效稅率為23.3%。平均稀釋流通股數為 2.42 億美元，由於股票回購，比去年同期下降 2%。

The net result was fiscal '25 non-GAAP EPS of $8.24, growth of over 9%, again despite the large customer contract expiration and our significant investments for future growth. Now before I turn to fiscal '26, let's cover the balance sheet. For fiscal '25, our ending cash balance was a robust $3.9 billion, reflecting $2.5 billion of adjusted free cash flow driven by the strong performance of our businesses and a continued focus on working capital management across our management team.

儘管大客戶合約到期且我們為未來成長投入了大量資金，但 25 財年非 GAAP 每股盈餘淨額仍為 8.24 美元，成長超過 9%。現在，在我討論 26 財年之前，讓我們先來看看資產負債表。就 25 財年而言，我們的期末現金餘額達到了強勁的 39 億美元，反映了 25 億美元的調整後自由現金流，這得益於我們業務的強勁表現以及管理團隊對營運資本管理的持續關注。

This is an area of both further focus and further opportunity. Now let's look forward to our updated fiscal '26 guidance. Before I start, a reminder that our fiscal year '26 guidance does not yet include the benefit of Solaris Health. While we expect the acquisition to be slightly accretive to EPS within the first 12-months post-close as is our practice, we will update guidance following the close of that acquisition.

這是一個值得進一步關注和擁有更多機會的領域。現在讓我們期待更新後的 26 財年指引。在我開始之前，需要提醒的是，我們的 26 財年指導尚未包括 Solaris Health 的福利。雖然我們預計此次收購將在收購完成後的前 12 個月內略微增加每股收益，這是我們的慣例，但我們將在收購結束後更新指引。

Today we are increasing our fiscal year '26 EPS guidance to a new range of $9.30 to $9.50, which reflects growth of 13% to 15%. This is a $0.20 increase from the guidance provided at investor day, driven by the benefit to net earnings of the liability classification I referenced earlier as well as increased contributions from pharma and increased contributions from our other growth businesses.

今天，我們將 26 財年的每股盈餘預期上調至 9.30 美元至 9.50 美元的新範圍，這反映了 13% 至 15% 的成長。這比投資者日提供的指導增加了 0.20 美元，這得益於我之前提到的負債分類對淨收益的影響，以及製藥業和其他增長業務的貢獻增加。

Slide 15 shows our updated fiscal '26 outlook for our segments. Beginning with pharma. On revenue, we continue to expect an increase of 11% to 13% as we annualize the new customer wins we had in fiscal year '25 and the first half of fiscal '26, resulting in an approximate $7 billion revenue tailwind. Pro forma segment profit, we are raising our guidance and now expect between 11% and 13% growth.

投影片 15 展示了我們各部門最新的 26 財年展望。從製藥業開始。在營收方面，我們繼續預期營收將成長 11% 至 13%，因為我們將 25 財年和 26 財年上半年獲得的新客戶數量按年計算，從而帶來約 70 億美元的收入順風。預計分部利潤方面，我們上調了預期，目前預計將成長 11% 至 13%。

We are expecting 2% to 3% generics market volume growth and continued consistent market dynamics in our Red Oak enabled generics program. In Specialty, we're expecting double-digit revenue growth, including in our higher-margin Biopharma Solutions business where we expect at least 20% revenue growth, fueled in part by the strong momentum in our Sonexus hub that Jason will touch on shortly.

我們預計仿製藥市場銷量將成長 2% 至 3%，並且我們的 Red Oak 仿製藥計劃將繼續保持穩定的市場動態。在專業領域，我們預計營收將實現兩位數成長，包括利潤率更高的生物製藥解決方案業務，我們預計該業務的收入將至少成長 20%，部分原因是我們的 Sonexus 中心的強勁發展勢頭，Jason 稍後會談到這一點。

We anticipate strong growth in our MSO platforms and increasing contributions from biosimilars. With respect to the MSO platforms, we can now confirm that Cardinal Health will be picking up distribution for the Specialty Alliance gastroenterology portfolio starting in April 2026. We've also begun transitioning the oncology distribution tied to ION, with the majority of volume shifting over during Q2 of this year, consistent with the expiration of existing agreements.

我們預計我們的 MSO 平台將強勁成長，生物相似藥的貢獻也將持續增加。關於 MSO 平台，我們現在可以確認，康德樂將從 2026 年 4 月開始負責 Specialty Alliance 胃腸病學產品組合的分銷。我們也開始轉變與 ION 相關的腫瘤學分銷，大部分交易量將在今年第二季轉移，與現有協議的到期一致。

Additionally, with respect to the evolving policy environment, we remain confident in our resilient business model that creates tremendous value for the US health care system. In terms of pharma segment profit cadence, we anticipate first half growth to be a bit stronger than second half growth driven by the annualization of new customer wins from fiscal '25 and the acquisitions of GIA and ION.

此外，儘管政策環境不斷變化，我們仍然對我們為美國醫療保健系統創造巨大價值的彈性商業模式充滿信心。就製藥部門的利潤節奏而言，我們預計上半年的成長將比下半年略強，這得益於 25 財年新客戶數量的年化以及對 GIA 和 ION 的收購。

Nevertheless, Q3 will remain the highest dollar profit quarter as it has been in prior years. Moving on to GMPD. On the top line, we are updating our guidance to growth between 2% and 4%, aided by low single-digit utilization growth as well as accretive Cardinal brand growth. On the bottom line, we continue to expect segment profit of at least $140 million, which continues to assume a net $50 million to $75 million headwind to our results in fiscal '26 from tariffs.

儘管如此，第三季仍將像往年一樣成為利潤最高的季度。繼續討論 GMPD。在營收方面，我們將成長預期更新為 2% 至 4%，這得益於低個位數的利用率成長以及 Cardinal 品牌的持續成長。就底線而言，我們繼續預計分部利潤至少為 1.4 億美元，這仍然假設關稅將給我們 26 財年的業績帶來 5,000 萬至 7,500 萬美元的淨不利影響。

While the tariff environment continues to evolve, we are not communicating any changes to our exposure or actions today. In addition to market growth and modest increases in Cardinal Health brand penetration, our results will continue to be aided by ongoing execution of simplification and cost optimization projects in our distribution operations, in our manufacturing operations and in our central functions.

儘管關稅環境不斷變化，但我們今天不會公佈我們的風險敞口或行動的任何變化。除了市場成長和康德樂品牌滲透率的適度提高之外，我們在分銷業務、製造業務和核心職能領域持續實施的簡化和成本優化項目也將繼續幫助我們取得更好的業績。

In terms of cadence, we expect GMPD's segment profit to be weighted to the second half of the year as we've seen in both fiscal '25 and fiscal '24 driven by seasonality and the timing of tariff mitigation. We expect this profit split to be roughly 1/3 in the first half and 2/3 in the second half, and Q4 should again be the high point of the year.

就節奏而言，我們預計 GMPD 的部門利潤將集中在下半年，正如我們在 25 財年和 24 財年所看到的那樣，受到季節性和關稅減免時機的影響。我們預計上半年利潤分成比例約為 1/3，下半年約為 2/3，第四季應該會再次成為今年的最高點。

Q2 is the quarter in which the earlier rounds of fiscal year '25 tariff expenses will be realized. As a result, that quarter may have the lowest profit in absolute dollar terms. Turning to our other growth businesses. We continue to expect robust revenue growth of 26% to 28% and profit growth of 25% to 27%, but on top of a higher jump-off point relative to our investor day expectations.

第二季是 25 財年前幾輪關稅支出將實現的季度。因此，以絕對美元計算，該季度的利潤可能是最低的。轉向我們的其他成長業務。我們繼續預期營收將強勁成長 26% 至 28%，利潤將強勁成長 25% 至 27%，但相對於投資者當日的預期，起點會更高。

This reflects contributions from ADS and continued strong demand overall. Altogether, we expect normalized profit growth of approximately 10% on an organic basis. In At-Home Solutions, we will benefit from our ongoing distribution capacity expansions and automation efficiencies, double-digit revenue growth and the integration of ADS's distribution volumes.

這反映了 ADS 的貢獻以及整體持續強勁的需求。總體而言，我們預計正常化利潤成長率約為 10%。在 At-Home Solutions 方面，我們將受益於持續的分銷能力擴張和自動化效率、兩位數的收入成長以及 ADS 分銷量的整合。

In Nuclear, we expect above-market core growth and approximately 20% growth from PET and Theranostics while investing in additional capacity to service the substantial pipeline in areas like oncology, urology and neurology. In OptiFreight Logistics, the team will drive strong core volume growth as well as incremental growth driven by our expansion into the hospital pharmacy.

在核能領域，我們預計核心業務成長將高於市場水平，PET 和治療診斷業務的成長將達到約 20%，同時我們還將投資額外的產能，為腫瘤學、泌尿學和神經病學等領域的大量產品線提供服務。在 OptiFreight Logistics，該團隊將推動強勁的核心業務量成長以及透過向醫院藥房擴張而推動的增量成長。

With the ADS acquisition having closed at the start of our Q4, our growth rates will be strongest in the first three quarters until we begin lapping the acquisition in Q4. Stepping back, we feel well positioned to deliver another strong year of operating earnings growth. Moving below the line, we expect interest and other of about $275 million driven by a step-up in interest expense from the annualization of our acquisition debt financing.

由於 ADS 收購已於第四季初完成，因此在第四季開始完成收購之前，我們的成長率將在前三個季度達到最高。回顧過去，我們感覺自己已經做好準備，實現另一個強勁的營業利潤成長年。低於該線，我們預計利息和其他費用約為 2.75 億美元，這是由於我們的收購債務融資年化導致利息支出增加所致。

Our interest expense guidance does not yet take into account the anticipated financing costs for our proposed acquisition of Solaris Health. Cardinal will fund the cash component of the purchase price through a relatively even mix of new bond financing and use of cash on hand. We will provide more details upon closing, but recall that I commented that the deal should be slightly accretive in the first 12-months.

我們的利息支出指引尚未考慮我們擬議收購 Solaris Health 的預期融資成本。Cardinal 將透過新債券融資和庫存現金的相對均衡的組合來支付收購價格中的現金部分。我們將在交易完成後提供更多細節，但請記住，我曾評論說，該交易在前 12 個月應該會略有增值。

We continue to expect our fiscal year '26 effective tax rate to be in the range of 22% to 24%. As announced at investor day, our new baseline of annual share repurchases is $750 million, which we are confirming even with the assumed closure of the Solaris Health acquisition during the year. This leads to diluted weighted average shares outstanding between $238 million and $240 million for the year.

我們繼續預期 26 財年的有效稅率將在 22% 至 24% 之間。正如在投資者日宣布的那樣，我們新的年度股票回購基準為 7.5 億美元，即使假設 Solaris Health 收購在年內完成，我們仍會確認這一基準。這導致全年稀釋加權平均流通股數在 2.38 億美元至 2.4 億美元之間。

Finally, we expect fiscal '26 adjusted free cash flow between $2.75 billion and $3.25 billion driven by our growing profit, improving working capital efficiency and lapping of the customer unwind last year. Our strong cash flow generation will enable us to delever back to our targeted leverage range of 2.75 times to 3.25 times adjusted gross debt to EBITDA by the end of fiscal year '26 even with the Solaris acquisition.

最後，我們預計 26 財年調整後的自由現金流將在 27.5 億美元至 32.5 億美元之間，這得益於我們不斷增長的利潤、提高的營運資本效率以及去年客戶流失的彌補。即使收購了 Solaris，我們強勁的現金流產生能力也將使我們能夠在 26 財年末將槓桿率恢復到目標範圍，即調整後總債務與 EBITDA 之比為 2.75 倍至 3.25 倍。

To close, fiscal year '25 was a terrific year showcasing the resilience and power of our enterprise. As we embark on building upon our growth, we are well positioned with strong cash flows and a robust balance sheet to support our strategic plans. We look forward to updating you on our progress throughout the year.

總而言之，25 財年是輝煌的一年，展現了我們企業的韌性和實力。隨著我們開始進一步發展，我們擁有強勁的現金流和穩健的資產負債表來支持我們的策略計劃。我們期待向您通報我們全年的進展。

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

說完這些，我會把話題還給傑森。

Thanks, Aaron. Now let's take a closer look at our strategic progress across the businesses. Our Pharmaceutical and Specialty Solutions strategy centers on strengthening our core and expanding in Specialty, both of which are essential for unlocking long-term value. Our execution of this strategy was evident in our strong fiscal '25 performance.

謝謝，亞倫。現在讓我們仔細看看我們各個業務的策略進展。我們的製藥和專業解決方案策略以加強核心和擴大專業領域為中心，這兩者對於釋放長期價值至關重要。我們執行這項策略的成果在我們 25 財年的強勁表現中得到了證明。

Our focus on customer experience continues to be a key differentiator. In fiscal '25, as we previously confirmed, we successfully onboarded new customers, contributing approximately $10 billion in new business, and have made significant strides in streamlining and accelerating the onboarding process. Our sustained core distribution growth has allowed us to finalize our multiyear plan for expanding and modernizing our distribution footprint.

我們對客戶體驗的關注仍然是我們的關鍵差異化因素。正如我們先前所確認的，在 25 財年，我們成功地吸收了新客戶，貢獻了約 100 億美元的新業務，並且在簡化和加速吸收流程方面取得了重大進展。我們持續的核心分銷成長使我們能夠完成擴大和現代化分銷足跡的多年計劃。

We are making great progress on our multistate search for our new fully automated pharma distribution center as we announced at investor day. Our new Consumer Health Logistics Center, the first of its kind hub for consumer health and over-the-counter health care products, has successfully launched is now fully operational.

正如我們在投資者日宣布的那樣，我們在跨州尋找新的全自動醫藥配送中心方面取得了重大進展。我們的新消費者健康物流中心是首個消費者健康和非處方保健產品中心，現已成功啟動並全面投入營運。

These strategic investments, along with the modernization of our core technology platforms, enhance the service and capabilities we can provide to customers and support our long-term growth trajectory. This includes our new ordering platform, Vantus HQ, where we continue to seamlessly migrate customers, offering them new capabilities to create value for their business.

這些策略投資以及我們核心技術平台的現代化增強了我們為客戶提供的服務和能力，並支持了我們的長期成長軌跡。這包括我們的新訂購平台 Vantus HQ，我們在此繼續無縫遷移客戶，為他們提供新功能，為他們的業務創造價值。

Last month, we hosted our 33rd Annual Retail Business Conference, the largest in the industry, signaling our continued strong role as a trusted partner to retail pharmacies through our commitment to providing solutions, consultative support and advocacy. As an example, during this year's conference, we announced the formation of our One Voice initiative to support state advocacy efforts for independent pharmacies, reinforcing our commitment to their success and the vital role they play with patient care in their communities.

上個月，我們舉辦了第 33 屆年度零售業務會議，這是業內規模最大的一次會議，表明我們透過致力於提供解決方案、諮詢支援和宣傳，繼續發揮零售藥局值得信賴的合作夥伴的強大作用。例如，在今年的會議期間，我們宣布成立「同一個聲音」倡議，以支持國家對獨立藥局的宣傳工作，加強我們對獨立藥局成功的承諾以及它們在社區病患照護方面發揮的重要作用。

Turning to Specialty, which remains central to our long-term growth strategy and was again a meaningful contributor for the quarter. We continue to see outside opportunities to drive significant value with a long runway for future growth ahead. Today's announcement of the acquisition of Solaris Health and the recent momentum we've seen with the Specialty Alliance and Navista are clear indications that we are well positioned to grow the impact of our MSO platforms across three related high priority areas, autoimmune, urology and oncology.

談到專業業務，它仍然是我們長期成長策略的核心，並且再次成為本季的重要貢獻者。我們繼續看到外部機會，以推動巨大的價值，並為未來的成長提供長期的跑道。今天宣布收購 Solaris Health，以及我們最近在 Specialty Alliance 和 Navista 上看到的勢頭，都清楚地表明我們已做好準備，在三個相關的高優先級領域（自身免疫、泌尿科和腫瘤科）擴大 MSO 平台的影響力。

These therapeutic areas continue to benefit from robust product pipeline and ongoing innovation efforts. But importantly, in the areas of autoimmune and urology, also provide diverse revenue streams for our MSO platform due to the breadth of ancillary services such as pathology and laboratory testing, administering anesthesia and diagnostic imaging.

這些治療領域繼續受益於強大的產品線和持續的創新努力。但重要的是，在自體免疫和泌尿外科領域，由於病理學和實驗室測試、麻醉管理和診斷成像等輔助服務的廣泛性，也為我們的 MSO 平台提供了多樣化的收入來源。

The addition of Solaris Health further bolsters the strength and resiliency of this business model by adding scale and expanding our reach to patients and providers in new communities. As the nation's leading urology MSO, Solaris Health adds over 750 providers across 14 states to the Specialty Alliance led by Dr. Jim Weber, and solidifies our leadership in the urology therapeutic area.

Solaris Health 的加入進一步增強了這個商業模式的優勢和彈性，擴大了規模並擴大了我們在新社區的患者和提供者的覆蓋範圍。作為全美領先的泌尿科 MSO，Solaris Health 將來自 14 個州的 750 多家供應商納入由 Jim Weber 博士領導的專業聯盟，鞏固了我們在泌尿科治療領域的領導地位。

Coupled with the acquisitions of Urology America, Atomic Urology and, most recently, Academic Urology and Urogynecology, our Urology Alliance team will be better positioned to meet the comprehensive needs of community urologists and even more communities through the robust combined capabilities of the Specialty Alliance, Cardinal Health and Specialty networks.

加上對美國泌尿科協會 (Urology America)、原子泌尿科協會 (Atomic Urology) 以及最近的學術泌尿科和婦科泌尿科的收購，我們的泌尿科聯盟團隊將能夠透過專業聯盟、Cardinal Health 和專業網絡的強大綜合能力，更好地滿足社區泌尿科醫生乃至更多社區的綜合需求。

Our comprehensive suite of services empower physicians so that they can spend their time where it matters most: caring for patients with the absolute highest standards of care. In addition to Solaris Health, we continue to attract providers to our MSO platforms, and we're pleased to add additional providers through Navista.

我們全面的服務使醫生能夠將時間花在最重要的事情上：以絕對最高的護理標準照顧患者。除了 Solaris Health 之外，我們繼續吸引供應商加入我們的 MSO 平台，並且我們很高興透過 Navista 增加更多供應商。

Of note, the expansion of our MSO platforms, including the Specialty Alliance and Navista, positions us to support approximately 3,000 providers across 32 states following the completion of the Solaris Health transaction. Additionally, we have seen strong and growing demand across our upstream biopharma solutions businesses, expecting 20% revenue growth in fiscal '26 and beyond.

值得注意的是，我們的 MSO 平台（包括 Specialty Alliance 和 Navista）的擴展使我們能夠在 Solaris Health 交易完成後為 32 個州的約 3,000 家供應商提供支援。此外，我們看到上游生物製藥解決方案業務的需求強勁且不斷成長，預計 26 財年及以後的營收將成長 20%。

This includes our Sonexus patient access business where the team's excellent patient and provider experience is leading to 40 expected launches in calendar year '25, growth of over 30%, driven by our investments in product innovation and technology. This success is due to the implementation of our next-generation hub that is digitizing and automating the patient support process, which, combined with our team of experts, is getting more patients on therapy faster, helping them stay on therapy longer and driving great feedback from our manufacturer partners.

這包括我們的 Sonexus 患者訪問業務，該團隊出色的患者和提供者經驗將在 25 日曆年帶來 40 個預期發布，增長率超過 30%，這得益於我們對產品創新和技術的投資。這項成功歸功於我們實施的下一代中心，該中心正在數位化和自動化患者支援流程，結合我們的專家團隊，該中心可以讓更多患者更快地接受治療，幫助他們更長時間地接受治療，並從我們的製造商合作夥伴那裡獲得良好的反饋。

We plan to share more on this in the coming quarters. We've also seen momentum with Specialty Network's data and site platforms, PPS Analytics and Sonar. These platforms leverage advanced AI capabilities to abstract and curate patient information from unstructured data. This enables the creation of a comprehensive, 360-degree patient view, empowering health care professionals to make clinically appropriate decisions for optimal patient outcomes.

我們計劃在未來幾季分享更多相關資訊。我們也看到了 Specialty Network 的數據和網站平台、PPS Analytics 和 Sonar 的發展勢頭。這些平台利用先進的人工智慧功能從非結構化資料中提取和整理患者資訊。這使得創建全面的、360度的患者視圖成為可能，使醫療保健專業人員能夠做出適當的臨床決策，以獲得最佳的患者治療效果。

Specialty Networks platforms were recently launched into oncology, and the strategy is resonating, evidenced by the first signed oncology customer agreement this quarter. Turning to GMPD, which delivered operational and profit improvements in Q4 and fiscal '25, reflecting the continued progress we're making against our improvement plan initiatives.

Specialty Networks 平台最近已進軍腫瘤學領域，該策略正在引起共鳴，本季簽署的首份腫瘤學客戶協議就是明證。談到 GMPD，它在第四季度和 25 財年實現了營運和利潤改善，反映了我們在改進計劃舉措方面取得的持續進展。

In addition to our cost optimization efforts, we are also encouraged by the stronger growth of our Cardinal Health branded products with another quarter of strong volume growth in the United States. Our team continues to prioritize the execution of our plan focused on customer service, product availability and innovation of our product portfolio to meet the evolving needs of our customers.

除了我們的成本優化努力之外，我們也對 Cardinal Health 品牌產品的更強勁成長感到鼓舞，在美國又實現了四分之一的強勁銷售成長。我們的團隊繼續優先執行以客戶服務、產品可用性和產品組合創新為重點的計劃，以滿足客戶不斷變化的需求。

During the quarter, we launched the Kendall DL multisystem, a multiparameter single-patient use monitoring cable and lead wire system that enables the continuous monitoring of cardiac activity, blood oxygen level and temperature with 1 point of connection to simplify patient monitoring and drive efficiencies for providers.

在本季度，我們推出了 Kendall DL 多系統，這是一種多參數單一患者使用的監測電纜和導線系統，可透過 1 個連接點持續監測心臟活動、血氧水平和溫度，從而簡化患者監測並提高提供者的效率。

As it relates to further details about the impacts of tariffs, our views remain largely unchanged since investor day, supported by our proactive and aggressive implementation of mitigation actions to reduce the burden on our customers as much as possible. This includes increasing US manufacturing capacity, which is now our largest country of origin, proactively diversifying the supplier network and reducing our dependency on higher-risk jurisdictions.

至於關稅影響的進一步細節，自投資者日以來，我們的觀點基本上保持不變，我們積極主動地實施緩解措施，盡可能減輕客戶的負擔。這包括提高美國的製造能力（美國現在是我們最大的原產國），積極實現供應商網路多元化，並減少對高風險司法管轄區的依賴。

We've also implemented pricing adjustments, as we previously communicated, and continue to work with our customers to identify win-win opportunities to help offset the impact of tariffs by growing Cardinal Health brand penetration. And now closing with our other businesses. With strong performance and execution across each of these three, momentum is accelerating, and we continue to view these businesses as a high potential engine of growth.

正如我們之前所溝通的，我們還實施了價格調整，並繼續與我們的客戶合作，尋找雙贏的機會，透過提高 Cardinal Health 品牌的滲透率來幫助抵消關稅的影響。現在我們正在關閉其他業務。憑藉這三項業務的強勁表現和執行力，成長勢頭正在加速，我們繼續將這些業務視為具有高潛力的成長引擎。

Nuclear and Precision Health Solutions continues to outpace the market, driven by our highly differentiated offerings, leading positioning and early investments. We are strategically expanding our PET cyclotron capacity in 11 key markets and enhancing our Center for Theranostics advancement to support a strong pipeline of products targeting oncology, urology and neurology.

由於我們高度差異化的產品、領先的定位和早期投資，核能和精準醫療解決方案繼續領先市場。我們正在 11 個主要市場策略性地擴大我們的 PET 迴旋加速器產能，並加強我們的治療診斷中心的進步，以支持針對腫瘤學、泌尿學和神經病學的強大產品線。

We continue to see strong demand for Theranostics products, which grew revenue over 30% in fiscal '25. Notably, the urology portfolio of products that we support, which includes both diagnostic and therapeutic PSMA drugs for prostate cancer, experienced even greater growth. Recently, we've seen momentum for certain radioligand therapies to move earlier in the regimen of treatment, in advance of even chemotherapy, which is exciting for patients and a long-term opportunity for our business.

我們繼續看到市場對 Theranostics 產品的強勁需求，其收入在 25 財年增長了 30% 以上。值得注意的是，我們支持的泌尿科產品組合（包括用於前列腺癌的診斷和治療 PSMA 藥物）經歷了更大的增長。最近，我們看到某些放射性配體療法在治療方案中更早出現，甚至早於化療，這對患者來說是令人興奮的，對我們的業務來說也是一個長期機會。

Furthermore, we are uniquely positioned to support our Specialty strategy benefiting from significant customer and product overlap in therapeutic areas like oncology as well as urology where we are establishing a leading position. In At-Home Solutions, our investments in distribution capacity and automation are yielding tangible results.

此外，我們在腫瘤學和泌尿學等治療領域擁有獨特的優勢，能夠支持我們的專業策略，得益於我們在這些領域建立的領先地位的腫瘤學和泌尿學等治療領域的大量客戶和產品重疊。在家庭解決方案方面，我們在配送能力和自動化方面的投資正在產生實際的成果。

Q4 revenue grew nearly 50% and double digits on an organic basis, significantly outpacing the increase in our freight and warehousing costs. This includes strong growth in urology products, which grew revenue over 20% on the year. We are continuing our investments with a new state-of-the-art distribution center on the West Coast planned to break ground in fiscal '26.

第四季營收有機成長近 50%，達到兩位數，大大超過了運費和倉儲成本的成長。其中包括泌尿科產品的強勁成長，其營收年增超過 20%。我們將繼續投資，在西海岸建立一個全新的最先進的配送中心，計劃於 26 財年破土動工。

This facility, like our new facilities in Texas, South Carolina and Ohio, will leverage the latest robotics and technology to further enhance supply chain efficiency, quality and employee safety beyond the record levels we've seen to close this fiscal year. We anticipate continued growth fueled by the secular tailwinds in home health care and synergies from the full integration with ADS.

該工廠與我們在德克薩斯州、南卡羅來納州和俄亥俄州的新工廠一樣，將利用最新的機器人技術進一步提高供應鏈效率、品質和員工安全，超越我們在本財年結束時創下的最高水平。我們預計，在家庭保健的長期順風和與 ADS 全面整合的協同效應的推動下，公司將繼續成長。

This integration positions us well to build on this year's momentum and manage through potential changes in the reimbursement environment. ADS excels in multichannel patient acquisition and user experience, leading to exceptional patient retention and customer satisfaction. Our strong operational foundation will support ADS and enable us to achieve greater growth and operating leverage.

此次整合使我們能夠充分利用今年的發展勢頭，並應對報銷環境中的潛在變化。ADS 在多通路患者獲取和用戶體驗方面表現出色，從而實現了卓越的患者保留率和客戶滿意度。我們強大的營運基礎將支援ADS並使我們能夠實現更大的成長和營運槓桿。

We've already begun transitioning the ADS volume into our DC network, and we expect full conversion by the end of Q1. OptiFreight Logistics continues to demonstrate its value, providing strategic logistics support to our customers as an extension of their teams. Thanks to ongoing investments in our proprietary technology-driven platform, TotalVue Insights, we continue to see long-term potential to deliver cost savings, transparency and operational efficiency for customers.

我們已經開始將 ADS 容量轉換到我們的 DC 網絡，我們預計在第一季末完成全面轉換。OptiFreight Logistics 持續展現其價值，作為其團隊的延伸，為我們的客戶提供策略性物流支援。由於我們對專有技術驅動平台 TotalVue Insights 的持續投資，我們繼續看到為客戶節省成本、提高透明度和提高營運效率的長期潛力。

Our efforts continue to resonate with the market with the renewal of some notable key contracts in Q4 as a direct reflection of our leading value proposition. In summary, I'm pleased with the progress and execution across all five of our operating segments. Our strong results speak to the strength of our foundation, the talent of our teams and the consistent demand for value we bring to the market.

我們的努力繼續與市場產生共鳴，第四季度續簽了一些值得注意的關鍵合同，直接反映了我們領先的價值主張。總而言之，我對我們五個營運部門的進展和執行感到滿意。我們強勁的業績證明了我們的基礎實力、我們團隊的才華以及我們為市場帶來的價值的持續需求。

We've accelerated our momentum and are well positioned to carry it forward. We'll wrap up in a moment and take your questions, which I know will include the current and anticipated regulatory environment. While this remains fluid, we continue to be confident in our resilient business model across the enterprise and continue to believe that policymakers and stakeholders are aligned with our goals of increasing access, affordability and innovation in health care.

我們已經加快了發展勢頭，並已做好準備繼續向前發展。我們馬上就會結束討論並回答您的問題，我知道這些問題包括當前和預期的監管環境。儘管這種情況仍不確定，但我們仍然對整個企業的彈性業務模式充滿信心，並繼續相信政策制定者和利益相關者與我們的目標保持一致，即提高醫療保健的可及性、可負擔性和創新性。

We are uniquely positioned to support these efforts with the products and services that are absolutely indispensable to our customers and patients. We work tirelessly to provide fantastic service and significant benefit for the margin we earn and are confident these capabilities will continue to be valued. As we enter fiscal '26, we are operating from a position of strength. We remain focused on executing our strategy, serving our customers and patients and delivering value creation and look forward to the year ahead.

我們擁有獨特的優勢，可以透過為我們的客戶和患者提供絕對不可或缺的產品和服務來支持這些努力。我們孜孜不倦地努力提供優質的服務和顯著的利潤收益，並相信這些能力將繼續受到重視。進入26財年，我們處於實力雄厚的地位。我們將繼續專注於執行我們的策略，服務我們的客戶和患者並創造價值，並期待未來的一年。

And with that, we'll take your questions.

接下來，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)。

I just have a numbers question. If I look at the updated guidance for the Pharmaceutical and Specialty Solutions division, it's up by 100 basis points. And Aaron, I think you talked about $0.05 coming from the change in NCI, so that would be about half of that. Can you talk about where --

我只是想問一個數字問題。如果我查看製藥和專業解決方案部門的最新指南，它上升了 100 個基點。亞倫，我想您說的是來自 NCI 變化的 0.05 美元，所以這大約是其中的一半。你能談談在哪裡--

I'm very sorry, but it appears that her line has dropped.

非常抱歉，但她的線路似乎斷了。

I'll proceed with the answer. Lisa, thank you for the question. You're right to call out that we did raise our guide for the year by $0.20. Roughly half of that is tied to the liability classification and roughly half of that is tied to higher expectations for both pharma and the other business. It's a higher percentage off a lower base in pharma and the same percentage off a higher base than others.

我會繼續回答。麗莎，謝謝你的提問。您說得對，我們確實將年度指引上調了0.20美元。其中大約一半與負債分類有關，大約一半與對製藥和其他業務的更高預期有關。在製藥業中，較低基數的百分比較高，而其他行業中較高基數的百分比相同。

And so we are pleased with what we saw in Q4. As you no doubt took from Jason's and my comments on the demand we're seeing across the business, and that's reflected in our raise to the guidance.

因此，我們對第四季的表現感到滿意。正如您從傑森和我對我們在整個業務中看到的需求的評論中了解到的那樣，這反映在我們對指導的提高中。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

One for Aaron. SG&A was up a bit quarter-over-quarter. And I know there's a lot of moving pieces here. You just said the closing of ADS. There's some R&D investments you talked about at the investor day. But can you talk about or frame the high-level drivers of that quarterly step-up and then how we should think about SG&A heading into fiscal '26?

一個給亞倫。銷售、一般及行政開支較上一季略有上升。我知道這裡有很多活動的部分。您剛才說了ADS的關閉。您在投資者日談到了一些研發投資。但是，您能否談論或概括一下該季度成長的高層驅動因素，以及我們應該如何看待 26 財年的銷售、一般和行政費用？

Really appreciate the question. First, I want to point out that we actually saw gross margin improvement as well. And so we're pleased with the benefits we're seeing really across the mix of the business, whether it's product, customer or part of the business. SG&A is really a story of us investing for the future, offset by extensive efforts to simplify and optimize our operating costs.

非常感謝您的提問。首先，我想指出的是，我們實際上也看到了毛利率的增加。因此，我們很高興看到整個業務組合中確實存在的效益，無論是產品、客戶或業務的一部分。銷售、一般及行政費用實際上是我們為未來投資的故事，透過大量努力簡化和優化我們的營運成本來抵銷這一損失。

But you're right, we are making investments in technology, et cetera, that's hitting expense. But I do want to point out that the vast majority of the increase in SG&A is tied to the inclusion of the recent acquisitions. And as you can imagine, when you have acquisitions, we also have synergy opportunities that develop over time. And so we see opportunity there as well.

但您說得對，我們正在對技術等方面進行投資，這會增加開支。但我確實想指出，銷售、一般及行政費用的增加絕大部分與最近的收購有關。正如您所想像的，當您進行收購時，我們也會擁有隨著時間的推移而發展的協同機會。因此我們也看到了那裡的機會。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Maybe just to follow up on what Allen was asking. Can you just confirm that the -- when you were talking about the things that moved the pharma numbers versus I think your expectations of above that high end of the AOI guide for 4Q, and you talked about bad debt and routine contractual items, that does not include -- those items do not include the things you called out in your investor day about like the consumer health, logistics center, MSO investments.

也許只是為了跟進艾倫所問的問題。您能否確認一下——當您談論那些影響製藥數據的事情時，我認為您對第四季度 AOI 指南高端的預期，以及您談到的壞帳和常規合約項目，這並不包括——這些項目不包括您在投資者日提到的那些事情，例如消費者健康、物流中心、 MSO 投資。

And then two, could you maybe double-click a little bit more on the pharma AOI guidance increase, sort of the specific drivers that kind of caused you to go from your prior guide of 1.5-months ago to the new guide?

然後第二，您能否再詳細談談製藥業 AOI 指導增加的情況，有哪些具體驅動因素導致您從一個半月前的指導轉變為新的指導？

Sure. Let me take it in reverse order. What I would observe is we are really pleased with the pharma business performance in the fourth quarter and indeed for the entire year. And while the numbers came in a little bit lighter than what we had expected when we issued our updated guidance three weeks before the end of the fiscal year, the practical reality is we are seeing strong demand really across the business.

當然。讓我按相反的順序來做。我觀察到的是，我們對第四季甚至全年的製藥業務表現感到非常滿意。雖然這些數字比我們在財政年度結束前三週發布更新指南時預期的要少一些，但實際情況是，我們看到整個企業的需求確實強勁。

And that was why we were comfortable raising our guide for next year for pharma as well. And then on your point about the -- what led to the pharma results for Q4. There were a number of individually immaterial items like bad debt, some contract resolution points with vendors and suppliers that aren't terribly exceptional.

這就是為什麼我們也願意提高明年製藥業的指導價。然後關於您提到的——是什麼導致了第四季度製藥業的業績。還有一些單獨不重要的項目，例如壞賬，以及與供應商和供貨商之間的一些合約解決點，這些都不是特別特殊。

They are individually material and they all happened at our -- as we approach the year-end. And so I don't want people to read too much into it. What you should focus on is the strong demand we are seeing across the business from a go-forward perspective.

它們都是單獨發生的，而且都發生在我們接近年底的時候。所以我不希望人們對此進行過多的解讀。您應該關注的是，從未來的角度來看，我們看到整個業務領域都存在著強勁的需求。

Yes. And the only thing I'd add within that is, when you dive down deeper into all the different KPIs, metrics and operational performance of not only the Pharma business, but the rest of the enterprise, it's reflective of these updates that we saw confidence in that we have a lot of momentum exiting fiscal '25 that we expect to continue into fiscal '26. And that increasing confidence allowed us to tweak that up just a little bit.

是的。我唯一要補充的是，當你深入研究不僅是製藥業務，而且是企業其他部分的所有不同 KPI、指標和營運績效時，這些更新反映了我們對退出 25 財年的巨大發展勢頭充滿信心，我們預計這種勢頭將持續到 26 財年。而這種不斷增強的信心使我們能夠稍微調整一下。

Elizabeth, those items did not include the investments that you referenced either.

伊麗莎白，這些項目也不包括您提到的投資。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

Maybe if I can just dive in a little bit on the gross profit performance in the quarter. You talked about the margin expansion. Obviously, some of that is mix driven because of MSOs. How are you thinking about the gross margin trajectory you're seeing within your core distribution business? And what are some of the moving pieces, particularly in the quarter that drove some of the performance, if it did increase on an underlying basis?

也許我可以稍微深入了解一下本季的毛利表現。您談到了利潤率的擴大。顯然，其中一些是由於 MSO 的混合驅動。您如何看待核心分銷業務的毛利率走勢？如果業績確實從根本上有所成長，那麼，特別是在推動業績成長的季度中，有哪些因素在起作用呢？

We are very focused on driving profit improvement across the enterprise. And so we look at it on a total enterprise and total business segment perspective. And so while I'm not going to comment on the gross margin elements just to the core distribution business, I do want to point out that our emphasis on Specialty distribution, which is a higher-margin business, growing double digits, our emphasis on the additional revenue streams coming out of our MSO acquisitions like Solaris, all of those things are helpful to our overall gross profit profile.

我們非常注重推動整個企業的利潤成長。因此，我們從整個企業和整個業務部門的角度來看這個問題。因此，雖然我不會只對核心分銷業務的毛利率因素發表評論，但我確實想指出，我們強調專業分銷，這是一個利潤率更高的業務，增長兩位數，我們強調來自 MSO 收購（如 Solaris）的額外收入來源，所有這些都有助於我們的整體毛利率狀況。

And of course, we can't lose sight of the rapidly growing other parts of the business, the Nuclear and Precision Health, the At-Home, the OptiFreight, et cetera. Those are also helping our overall profit profile.

當然，我們不能忽視快速成長的其他業務部分，如核能和精準醫療、At-Home、OptiFreight 等等。這些也有助於我們的整體利潤狀況。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Great. So I'll switch to GMPD, and just more broadly, what are you seeing in terms of utilization trends across the segment? And then on the tariff front, I think you said no change to your expectations there. But just speak to how maybe some of the mitigation efforts are playing out relative to your expectations on that front. You spoke a little bit about that quarterly cadence.

偉大的。因此，我將轉到 GMPD，更廣泛地說，您看到整個領域的利用趨勢如何？然後在關稅方面，我想您說您的預期沒有改變。但請談談相對於你對此方面的預期，一些緩解措施的效果如何。您稍微談了一下季度節奏。

Is that how you were thinking that it would play out for the year? And just can you kind of remind us how meaningful of a component some of the mitigation efforts around price increases across that segment?

您是否認為今年的情況會如此？您能否提醒我們，針對該領域物價上漲採取的一些緩解措施有多重要？

Yes, sure. Overall there's not a lot of new news as it relates to the GMPD business overall, whether we're talking utilization that remains relatively consistent. We've always said we're targeting the overall market growth and then a little bit of extra as it relates to increasing the penetration of our Cardinal Health branded products, and that's exactly what you saw in the quarter. So not much is changing there.

是的，當然。總體而言，與 GMPD 業務整體相關的新消息並不多，無論我們談論的是保持相對穩定的利用率。我們一直說，我們的目標是整體市場成長，然後再做一些額外的努力，因為這與提高我們 Cardinal Health 品牌產品的滲透率有關，而這正是您在本季度看到的。因此那裡沒有太大的變化。

Within the tariffs, also not much is changing there. Absolutely, there's some puts and takes in terms of the different changes to the tariff rates by country, but they've been relatively small in that regard. The overall aggregate gross impact as it relates to the tariffs remains in that around $450 million that we've referenced before. We continue to anticipate that we can mitigate $250 million to $300 million of that.

在關稅方面，也沒有太大的變化。當然，各國對關稅稅率的不同變化存在一些爭論，但爭論相對較小。與關稅相關的整體累積總影響仍然約為 4.5 億美元，我們之前提到過。我們仍預計可以減少其中的 2.5 億至 3 億美元。

So up to 2/3 of that, we are working through mitigation actions, operational mitigation actions, that do not impact either us or our customers. And it's that remainder then, that $150 million to $200 million that we're working through. Part of that is included in this guidance. That remains also the same of that $50 million to $75 million.

因此，對於其中的 2/3，我們正在採取緩解措施、營運緩解措施，這些措施不會對我們或我們的客戶產生影響。我們正在處理的就是剩餘的 1.5 億至 2 億美元。其中一部分已包含在本指南中。這也仍維持在 5,000 萬美元至 7,500 萬美元之間。

And then the remainder is in the form of pricing that we only take as a last resort for those items that are under particular pressure and are unique to where it's sourced that we feel that that's appropriate. So we'll continue to work that. What's really important is that when we had the incremental inflation three years ago or so, three-year, four-years ago, it took us about three years to get to a run rate that was acceptable.

然後，剩下的就是定價了，我們只對那些面臨特殊壓力且其來源地獨特的商品採取最後的手段，我們認為這是合適的。因此我們會繼續努力。真正重要的是，當我們在大約三年前、三年前、四年前出現增量通貨膨脹時，我們花了大約三年的時間才達到可接受的運作率。

As it relates to this, we're targeting trying to get our run rate to be back to much closer to parity as we exit fiscal '26, and we're making really good progress on that. I'll turn it over to Aaron here to walk through a little bit more on the cadence as it relates how to think about all this over the course of fiscal '26.

與此相關，我們的目標是在 26 財年結束時，讓我們的運行率恢復到更接近平價的水平，而且我們在這方面取得了非常好的進展。我將把這個問題交給 Aaron，讓他更詳細地講解一下節奏，以及如何在 26 財年思考這一切。

Thanks, Jason. Erin, look, Jason and I are really proud of what the GMPD team has accomplished this year and for them to deliver a $70 million profit number in Q4 is an excellent result for that business given how it's evolved over the last couple of years. From a quarterly cadence perspective though, I do want to point out that in each of the fiscal year '24 and '25, they were very back half-weighted years.

謝謝，傑森。艾琳，你看，傑森和我都為 GMPD 團隊今年的成就感到無比自豪，考慮到公司過去幾年的發展，他們在第四季度實現了 7000 萬美元的利潤，這對於該公司來說是一個極好的成績。不過，從季度節奏的角度來看，我確實想指出，在 24 財年和 25 財年，它們都是非常落後的半加權年份。

And that's what we anticipate happening again in fiscal year '26. In my prepared remarks, I called out that we expect the profit to be roughly 1/3 H1, 2/3 H2. Q2 is probably going to be -- may well be the low point from an absolute dollar perspective because of when we'll realize the impact from the early rounds of tariffs as well. And Q4, again, we expect to be the high point of the year.

我們預計這種情況將在 26 財年再次發生。在我準備好的發言中，我曾表示，我們預期利潤大約是上半年的 1/3、下半年的 2/3。從絕對美元角度來看，第二季很可能是最低點，因為我們將意識到早期關稅的影響。我們再次預計第四季將成為今年的最高點。

And so very similar profile for the last two years as we look -- from a cadence perspective as we look ahead.

從節奏角度來看，過去兩年的情況非常相似。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

A question on Solaris. So I think at 750 providers, this is about double what you started with not so long ago. I know you've been adding. So I'd be interested to hear what they may be adding in terms of capabilities or opportunities versus what you're adding. And then, Aaron, what I'd ask you, I know we don't have accretion beyond the initial view, but what is your view on where accretion will ultimately come from relative to the MSO share versus distribution versus new revenue streams?

關於 Solaris 的一個問題。所以我認為，現在有 750 家供應商，這大約是你不久前開始時數量的兩倍。我知道你一直在添加。因此，我很有興趣聽聽他們在能力或機會方面可能增加了什麼，而您則增加了什麼。然後，Aaron，我想問你，我知道除了最初的觀點之外，我們沒有其他的成長，但你認為相對於 MSO 份額、分銷和新收入來源，成長最終將來自哪裡？

Okay. So let me go in and start and then Aaron can clean up here afterwards. So really pleased with the partnership and acquisition we see here with Solaris. It fits very well to what we laid out at investor day. You're right, Eric, that this is 750 providers, and you add it to the other recent acquisitions in urology for Urology America, Photomic Urology and Academic Urology and Urogynecology, those combine to nearly 1,000 providers within urology.

好的。所以讓我進去開始，然後 Aaron 可以在這裡清理。我們對與 Solaris 的合作和收購感到非常高興。這與我們在投資者日所闡述的內容非常吻合。埃里克，你說得對，這是 750 名提供商，再加上美國泌尿外科協會、光子泌尿外科和學術泌尿外科和婦科泌尿外科在泌尿外科領域的其他近期收購，這些加起來泌尿外科領域的提供者總數接近 1,000 名。

And specifically, what are we bringing, the Cardinal Health side, urology is a real sweet spot for this enterprise. When you think about our leadership and our strengths across the enterprise, so much of it fits well within autoimmune and urology, which is why we laid out the strategy we did. Think Specialty Networks, our first acquisition in the Specialty space in quite some time, nearly now two years ago, they were born and their strength remains in urology while they're expanding quickly into other therapeutic areas like oncology.

具體來說，我們為 Cardinal Health 帶來的是泌尿科，這對該企業來說是一個真正的亮點。當你思考我們的領導力和整個企業的優勢時，你會發現其中許多都非常適合自體免疫和泌尿科，這就是我們制定策略的原因。想想 Specialty Networks，這是我們在相當長一段時間內首次在專業領域收購的公司，大約兩年前，他們成立了，他們的優勢仍然在泌尿科，同時他們正在迅速擴展到腫瘤學等其他治療領域。

Think about our nuclear business, long known for strength in leadership in oncology, but urology is more and more an area of strength and growth. As you heard this quarter, we're growing our Theranostics business more than 30% and even faster in the urology space. At-Home Solutions, it's a real strength. We have a key role within delivering those urology products to people's homes. And then, of course, the addition of all that.

想想我們的核心業務，長期以來以其在腫瘤學領域的領導地位而聞名，但泌尿科越來越成為一個強大、不斷增長的領域。正如您在本季所聽到的，我們的治療診斷業務成長了 30% 以上，而且在泌尿科領域的成長速度甚至更快。在家解決方案，這是一個真正的優勢。我們在將這些泌尿科產品運送到人們家中方面發揮著關鍵作用。然後，當然，將所有這些添加進去。

So we really like how it fits into our portfolio. And when you think about what they're bringing beyond 750 fantastic Specialty providers, Specialty physicians and providers throughout the United States, what they're even stream. So while there's a drug component spend to this, it's pretty similar to the ratios we've talked about before.

所以我們真的很喜歡它融入我們的投資組合。當您想到他們為全美 750 多家出色的專科供應商、專科醫生和供應商帶來什麼時，您就會明白他們甚至還在不斷湧現。因此，雖然這其中涉及藥物成分支出，但它與我們之前討論過的比例非常相似。

So this is an additional $1.5 billion of revenue and less than 1/3 of that being in the drug spend. And so that real breadth of revenue and strength of providers fits nicely into the MSO structure that we have at GI Alliance. A lot of those capabilities will carry over. This will be managed by a common leadership team, but having a very specific focus on the urology space to ensure that those physicians have the added attention and specialization they need for their practices. So what did I now miss?

因此，這是額外的 15 億美元收入，其中不到 1/3 用於藥品支出。因此，實際收入廣度和供應商實力與 GI Alliance 的 MSO 結構完美契合。許多這樣的能力將會被繼承下來。這將由一個共同的領導團隊管理，但會特別關注泌尿科領域，以確保這些醫生在實踐中得到所需的額外關注和專業化。那麼我現在錯過了什麼？

Let me offer up a couple of additional insights. First, some data points for you, Eric. Jason called out the revenue for Solaris being about $1.5 billion. From a modeling purpose -- for modeling purposes, assume EBITDA of, call it, $125 million. We've got some questions on purchase price. Our cash out the door will be $1.9 billion, as you see in our press release, that we get about a 75% stake.

讓我提供一些額外的見解。首先，埃里克，給你一些數據點。傑森稱 Solaris 的收入約為 15 億美元。從建模目的來看 - 為了建模目的，假設 EBITDA 為 1.25 億美元。我們對購買價格有一些疑問。我們的現金支出將達到 19 億美元，正如您在我們的新聞稿中看到的那樣，我們獲得了約 75% 的股份。

The enterprise value or transaction headline value is $2.4 billion. And as we call that, we will fund our portion of that through a combination of cash on hand as well as some incremental financing that will follow in coming days, and we expect to close it by the end of the year. Last thing I observed really to build on Jason's point about accretion, it's coming from a couple of different places.

企業價值或交易總價值為 24 億美元。正如我們所說，我們將透過庫存現金以及未來幾天將進行的一些增量融資來為我們的部分提供資金，我們預計將在今年年底前完成。我最後觀察到的一點是，為了進一步闡述傑森關於吸積的觀點，它來自幾個不同的地方。

One, scale, right? This is the fifth business now that is urology, MSO related, that will be part of our portfolio. And we have efficiencies across the various businesses that are being added to the Specialty Alliance, the Urology Alliance, part of the Specialty Alliance. And don't forget there are also opportunities across the Cardinal portfolio as well.

一、規模，對吧？這是目前第五家與泌尿科、MSO 相關的企業，將成為我們投資組合的一部分。我們正在提高各個業務部門的效率，這些部門正在被添加到專業聯盟、泌尿科聯盟以及專業聯盟的一部分。並且不要忘記 Cardinal 投資組合中也存在著投資機會。

We started our acquisition efforts in support of our strategy, and by acquiring Specialty Networks, which had a very strong urology platform as well.

為了支持我們的策略，我們開始了收購工作，並收購了同樣擁有非常強大的泌尿科平台的 Specialty Networks。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Just want to confirm one thing. On the noncontrolling interest, is that being added back to AOI or is that just $0.05 less below the line? I'm just trying to understand if it actually impacts the operating income, the change of accounting on this actually changes the operating income increase and guide in the pharma segment or not. It was just unclear to me.

只是想確認一件事。關於非控制權益，是將其加回 AOI 中，還是僅低於該線 0.05 美元？我只是想知道它是否真的會影響營業收入，會計上的變化是否真的會改變製藥領域的營業收入成長和指導。我只是不清楚。

The liability classification is exactly what we called it, so it will adjust.

責任分類就是我們所說的，所以它會被調整。

But no direct impact to that above the line operating income.

但對上述營業收入並沒有直接影響。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

I appreciate the question. Aaron, can you walk us through, I guess, two things I wanted to follow up on, one I think was Kevin's question on the accounting treatment. And are there any marks on the liability that will run through the income statement in future periods? Kind of like what's the offset for the NCI going away? And are you able to quantify the value of the assets from Specialty Networks, either from a revenue or earnings perspective, that are being contributed to the new JV that you guys will own 75% of?

我很感謝你提出這個問題。亞倫，你可以向我們介紹一下我想跟進的兩件事嗎？我認為其中一件事是凱文關於會計處理的問題。負債上是否有任何標記會貫穿未來期間的損益表？有點像 NCI 消失的抵銷額是多少？您能否從收入或收益的角度量化 Specialty Networks 資產的價值，這些資產將為新合資企業做出貢獻，而您將擁有該合資企業的 75% 股份？

On your last point, Specialty Networks is now being contributed into the broader core part of our operation. And indeed, as we've highlighted on earlier calls, Specialty Networks has become a much larger piece of the overall Cardinal profile.

關於你的最後一點，專業網絡現在正被納入我們營運的更廣泛的核心部分。事實上，正如我們在先前的電話會議中所強調的那樣，專業網路已經成為 Cardinal 整體形像中更重要的組成部分。

If I could jump in there to make sure I connect all the dots. When I was referencing what we bring to the relationship with Solaris Health, is we bring these capabilities. We're not contributing anything to that business. It's the broader infrastructure of everything that we have as it relates to what Specialty Networks brings, what we bring for distribution and what we bring more broadly with the relationship with GI Alliance, which is now the Specialty Alliance.

如果我可以跳進去確保我把所有的點連接起來。當我提到我們與 Solaris Health 的關係帶來什麼時，我們就帶來了這些能力。我們沒有為該業務做出任何貢獻。它是我們所擁有的一切的更廣泛的基礎設施，因為它與專業網絡所帶來的、我們為分銷所帶來的以及我們與 GI Alliance（現為專業聯盟）的關係所帶來的更廣泛的影響有關。

And then with respect to the liability classification, I think you just heard me call out that from an update to our overall guide perspective, we raised it by $0.20 and roughly half of that is tied to the liability classification and half of it is tied to our expectations for the underlying new business. You will see further details in our 10-K, which we encourage you to take a look at. And if you have more questions on that, Matt and team, we're happy to take it.

然後關於負債分類，我想你剛才聽到我說過，從我們整體指南的更新角度來看，我們將其提高了 0.20 美元，其中大約一半與負債分類有關，一半與我們對基礎新業務的預期有關。您將在我們的 10-K 中看到更多詳細信息，我們鼓勵您查看。如果您對此還有其他問題，Matt 和團隊，我們很樂意解答。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Can you talk about some of the potential pricing headwinds in home solutions, particularly I'm thinking about competitive bidding coming back maybe in a couple of years from now? Can you just help size what percent of your at-home revenue is subject to competitive bidding and how you're thinking about potential CGMs and pumps being included in that program?

您能否談談家庭解決方案中的一些潛在定價阻力，特別是我在考慮幾年後可能出現的競爭性投標？您能否幫助估算一下，您的家庭收入中有多少百分比需要透過競爭性投標來獲得，以及您如何考慮將潛在的 CGM 和泵納入該計劃？

Yes. Well, first of all, we feel very good about our overall product portfolio and our payer portfolio. When you think about the payer mix, it's quite diverse. We had relatively little Medicaid type of reimbursement within the prior portfolio. It is higher with government payers within the recent acquisition. But overall, we have a very diverse product as well as payers that, overall, we feel quite comfortable with.

是的。首先，我們對我們的整體產品組合和付款人組合感到非常滿意。當你考慮付款人組合時，你會發現它相當多樣化。在先前的投資組合中，我們醫療補助類型的報銷相對較少。在最近的收購中，政府付款人的比例更高。但總體而言，我們的產品和付款人都非常多樣化，總體而言，我們對此感到非常滿意。

As it relates to where we think the administration is going, we are uniquely positioned to help support that. In terms of our capabilities, when you think about we're the only scaled distributor and provider together, so we provide that unique capability. And what's really important to the administration as well as to us is ensuring that access for patients to those products that are clearly creating a lot of value for them.

由於這關係到我們認為政府的未來走向，因此我們具有獨特的優勢來支持這一進程。就我們的能力而言，您知道我們是唯一一家規模經銷商和供應商，因此我們提供了獨特的能力。對政府和我們來說，真正重要的是確保患者能夠獲得那些顯然為他們創造巨大價值的產品。

So that overall is a nice setup, and we feel like we will be indispensable in any solution or changes going forward. In fact, Daniel, I read your note, and I think there's some elements within that that are pretty consistent with what I'm going to say here. Overall, I think the setup for the CGMs is one where, while there's likely to be this competitive process, is a category that is already seeing fairly low rates relative to commercial rates.

總體來說這是一個很好的設置，我們覺得我們將在未來的任何解決方案或變革中發揮不可或缺的作用。事實上，丹尼爾，我讀了你的筆記，我認為其中的一些內容與我要在這裡說的非常一致。總體而言，我認為 CGM 的設定是這樣的，雖然可能會有這種競爭過程，但相對於商業費率而言，這一類別的費率已經相當低。

And we see it as a fairly concentrated, just two manufacturer type of environment. So the setup feels a little bit different than some of the other historical precedents. And to answer your question specific to the CGMs across our At-Home Solutions portfolio, it represents for Medicare only about less than 15% of our total revenue for At-Home Solutions.

我們認為這是一個相當集中的環境，只有兩家製造商。因此，這種設定與其他一些歷史先例略有不同。為了回答您有關我們家庭解決方案產品組合中的 CGM 的具體問題，對於醫療保險而言，它僅占我們家庭解決方案總收入的 15% 以下。

So overall, something that is important to us is important to our customers and to patients, and we'll be managing very tightly and closely and advocating for them with the administration. But feel pretty good about the overall setup. And when you think about what they're really trying to accomplish, is the taking out the fraud waste and abuse.

所以總的來說，對我們來說重要的事情對我們的客戶和患者也很重要，我們將非常嚴格和密切地管理，並向管理部門爭取他們的利益。但對整體設定感覺相當不錯。想想他們真正想要實現的目標，就是消除詐欺、浪費和濫用。

And we run a pretty tight ship and we are very focused on compliance and running strong processes. And so the more pressure there may be, I think the more opportunities we may have to pick up an even greater leadership role within this important category.

我們的管理非常嚴格，我們非常注重合規性和運作強大的流程。因此，我認為壓力越大，我們就越有機會在這個重要類別中發揮更大的領導作用。

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Just a couple of quick numbers ones. Just wanted to see if you might be willing to size the cumulative impact of the pharma items that you called out in the quarter. I think your commentary was potentially above the midpoint of the range ex those items. So I think it potentially implies $10 million to $15 million, but interested if you potentially could speak to that.

只需幾個簡單的數字。只是想看看您是否願意評估本季您提到的製藥項目的累積影響。我認為您的評論可能超出了除這些項目之外的範圍的中點。所以我認為它可能意味著 1000 萬到 1500 萬美元，但如果您能談論這個，我很感興趣。

And then other income in the quarter was elevated and heard the call-out on revaluation, but I think there's also some impact from GIA as well in other income. Would love to just try to think about what the impact from revaluation was so we could maybe have a cleaner look at the EBIT line in the quarter.

然後本季的其他收入有所增加，並聽到了重估的呼聲，但我認為 GIA 對其他收入也產生了一些影響。我很想試著思考一下重估的影響是什麼，以便我們可以更清楚地了解本季的息稅前利潤線。

I think you heard me correctly on your estimate around the impact of the other items. I did say in the prepared remarks that it would have been above the midpoint of the guide we called on June 12, just before the end of our fiscal year, relative to that. And then on the revaluation points, as I pointed out earlier, there will be a lot of detail in our 10-K, which is about to be filed. You can take a look at the accounting disclosures there.

我認為您正確地聽到了我對其他項目影響的估計。我在準備好的演講中確實說過，相對於這個數字，它將高於我們在 6 月 12 日（財政年度結束前）提出的指導方針的中點。然後關於重估點，正如我之前指出的，我們即將提交的 10-K 文件中將會有很多細節。您可以查看那裡的會計披露。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

Maybe just a couple of clarification. I think, Aaron, to Elizabeth's question earlier, I kind of missed your answer at the end. You're saying that these -- and maybe to follow up on this last question, which is the extra expenses, these were not part of the kind of investments that you talked about at analyst day. And then secondly, when we think about the $0.05 change for the liability, is that -- also includes like the catch-up from the fiscal third quarter since GI Alliance was closed back then? So really think of it as like roughly $0.025 per quarter, and that's why we're only seeing about $0.10 in fiscal '26?

也許只是需要澄清幾點。亞倫，我想，對於伊莉莎白之前提出的問題，我有點錯過了你最後的回答。您說的是，這些——也許是為了跟進最後一個問題，即額外費用，這些都不屬於您在分析師日談到的投資類型。其次，當我們考慮負債的 0.05 美元變化時，這是否也包括自 GI Alliance 當時關閉以來第三財季的追趕？那麼實際上可以將其視為每季約 0.025 美元，這就是為什麼我們在 26 財年只看到大約 0.10 美元的原因？

There was a lot there. Let me attempt to catch the pieces and the team will tell me what I miss. At investor day, we provided an updated guidance, and that included the impact of a variety of look-forward investments we're making across our portfolio. Those are not what I'm referencing today when calling out that there were a number of individually immaterial items that took us to the bottom end of our pharma guide.

那裡有很多東西。讓我嘗試抓住這些碎片，然後團隊會告訴我我錯過了什麼。在投資者日，我們提供了更新的指導，其中包括我們在投資組合中進行的各種前瞻性投資的影響。我今天要說的是，有許多不重要的項目讓我們跌到了藥品指南的底端，而我指的並不是這些。

Had those individually immaterial items like some bad debt adjustments or some other ordinary person contractual resolutions not occurred in the last couple of weeks of our quarter, we would have been above the midpoint. And so I think you can size it from there. I lost track of the second piece.

如果本季最後幾週沒有發生一些單獨的非重要項目，例如一些壞帳調整或其他一些普通人合約解決方案，我們的業績就會高於中點。所以我認為你可以從那裡開始確定尺寸。我失去了第二件作品的蹤跡。

Just the $0.05 and as it relates to --

僅 0.05 美元，並且與--

Right, the quantification. And really, the best way to think about that is to look forward. And we called out a $0.20 increase to our guide for fiscal year '26, and I said roughly half of that is tied to the liability classification and half of it's tied to our adjustments on a higher percentage on pharma, a lower base, and a same percentage on a higher base on other. And so that will give you a view of how to roll it across the year. GIA closed in February.

對，量化。事實上，思考這個問題的最好方法就是向前看。我們要求將 26 財年的指導金額增加 0.20 美元，我說其中大約一半與負債分類有關，另一半與我們對製藥行業的較高百分比、較低基數以及其它行業較高基數上的相同百分比的調整有關。這樣您就可以了解如何在全年推行這項舉措。GIA 於二月關閉。

Steven Valiquette, Mizuho.

瑞穗的史蒂文‧瓦利奎特 (Steven Valiquette)。

Yes. Most of the questions have been answered here. But really, just a quick confirmation just on that last topic again. Given the change in the liability classification, what should we expect for just the total net earnings or loss attributable to noncontrolling interest on the P&L for FY '26? Is that going to be pretty close to zero now? I just want to make sure I'm understanding the mechanics of that properly.

是的。大部分問題都在這裡得到解答。但實際上，我只是想再次快速確認最後一個主題。鑑於負債分類的變化，我們對 26 財年損益表中歸屬於非控制權益的總淨收益或損失應有何種預期？現在這個數字是不是已經接近零了？我只是想確保我正確理解了其中的機制。

I guess all I can reference you to is the fact that, A, we believe the business is set up for great success, continued growth as we carry into fiscal year '26. We have raised our guidance overall reflective of the liability classification as well as the updates into our views of the underlying business. And so while there are some puts and takes across the P&L, you'll see the details of that within the 10-K, which is about to be filed.

我想我能給你提到的事實是，A，我們相信隨著我們進入 26 財年，業務將取得巨大成功並持續成長。我們已整體上提高了指導意見，反映了負債分類以及對基礎業務的看法的更新。因此，儘管損益表中存在一些損益，但您會在即將提交的 10-K 報表中看到相關詳細資訊。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

Maybe just hitting on Sonexus specifically, can you talk about the services that are driving the growth in that segment right now? Is it prior authorization or is there any other call out on what's pushing Sonexus higher?

也許只是特別提到 Sonexus，您能談談目前推動該領域成長的服務嗎？這是事先授權還是有其他因素推動 Sonexus 股價上漲？

There's not any particular area I would call out other than the breadth of new products that we're supporting. It is within the biopharma solutions piece of the business that we called out at investor day that has a 20% expected growth CAGR over the next three years, which takes that overall business from $550 million in '25 to about $1 billion by fiscal '28.

除了我們支持的新產品的廣度之外，沒有特別值得關注的領域。我們在投資者日上提到，生物製藥解決方案業務在未來三年的複合年增長率預計為 20%，這將使整體業務規模從 25 年的 5.5 億美元增長到 28 財年的約 10 億美元。

And we called out Sonexus is expected to -- is currently growing faster than that type of rate, and that's why we called it out. We'll provide more color as to some of those drivers in future quarters.

我們指出 Sonexus 預計目前的成長速度將超過這種速度，這就是我們指出這一點的原因。我們將在未來幾季對其中一些驅動因素提供更多說明。

So ladies and gentlemen, we have no further questions at this time. I will turn the call back over to Mr. Jason Hollar for any additional or closing remarks. Thank you.

女士們、先生們，我們現在沒有其他問題了。我會把電話轉回給 Jason Hollar 先生，讓他發表任何補充或結束語。謝謝。

Yes. Thanks, everyone, for joining us. And thanks to the Cardinal Health team for another great year and the fantastic momentum we have exiting '25. As we've laid out here today, we have a clear plan in place for '26, very consistent with the investor day strategies that we laid out just a month or so ago. And importantly, we see the momentum taking us to at least those levels in the near term, which is why we felt comfortable in raising our broader operational and EPS targets for today.

是的。感謝大家加入我們。感謝 Cardinal Health 團隊又取得了出色的一年，並為我們在 2025 年即將到來之際保持了良好的發展勢頭。正如我們今天在這裡所闡述的，我們為 26 年制定了明確的計劃，這與我們一個月前製定的投資者日策略非常一致。重要的是，我們看到這種勢頭至少在短期內會將我們帶至這些水平，這就是為什麼我們今天放心地提高更廣泛的營運和每股盈餘目標。

And just looking forward to providing additional updates over the course of the year.

並期待在今年內提供更多更新。

Thank you very much, sir. Ladies and gentlemen, that will conclude today's conference. We'd like to thank you for your participation. You may now disconnect. Have a good day, and goodbye.

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