卡地納健康 (CAH) 2026 Q1 法說會逐字稿

Hello and welcome to the first quarter fiscal year 2026 Cardinal Health Incorporated earnings conference call. My name is [Sergei], and I'll be your coordinator for today's event.

大家好，歡迎參加 Cardinal Health Incorporated 2026 財年第一季財報電話會議。我叫謝爾蓋，我將擔任今天活動的協調員。

(Operator Instructions) And now I'd like to hand the call over to Matt Sims, Vice President of Investor Relations. Please go ahead, sir.

（操作員指示）現在，我將把電話交給投資者關係副總裁馬特·西姆斯。請繼續，先生。

Good morning and welcome to Cardinal Health's first quarter fiscal '26 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 Cardinal Health 2026 財年第一季財報電話會議，感謝各位的參與。今天陪同我的是康德樂公司執行長傑森·霍拉爾和財務長亞倫·阿爾特。您可以在我們網站 ir.cardinalhealth.com 的投資者關係版塊找到今天早上的收益新聞稿和投資者簡報。

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.

由於我們今天將發表一些前瞻性聲明，請允許我提醒各位，這些聲明中涉及的事項存在風險和不確定性，可能導致我們的實際結果與預測或暗示的結果有重大差異。有關這些風險和不確定性的描述，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幻燈片。

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.

請注意，除非特別註明為GAAP，否則我們今天的討論將以非GAAP為基礎。所有相關期間的 GAAP 與非 GAAP 調整表可在我們的新聞稿附件中找到。

For the Q&A portion of today's call, we kindly ask that you limit questions to one per participant so that we can try and give everyone an opportunity. With that, I will now turn the call over to Jason.

在今天電話會議的問答環節，我們懇請每位參與者只提一個問題，以便我們盡量讓每個人都有機會提問。接下來，我將把電話交給傑森。

Thanks, Matt, and good morning everyone. We are pleased to report a strong start to fiscal '26 with continued operating momentum and broad-based performance with strong double-digit profit growth across each of our five operating segments. These results underscore our team's discipline execution of our strategic priorities and the strength of our resilient business model.

謝謝馬特，大家早安。我們很高興地宣布，2026 財年開局強勁，營運動能持續強勁，業績全面成長，五大營運部門的利潤均實現了兩位數的強勁成長。這些成果凸顯了我們團隊在執行策略重點方面的嚴謹態度以及我們穩健的商業模式的強大實力。

Our performance was again led by our pharmaceutical and specialty solution segment where we continue to benefit from a robust demand environment along with our ongoing efforts to prioritize our core operations and deliver exceptional service for customers.

我們的業績再次由醫藥和特殊解決方案部門引領，我們繼續受益於強勁的需求環境，以及我們不斷努力優先發展核心業務並為客戶提供卓越的服務。

We have made notable progress with our expansion and specialty evidenced by meaningful contributions from our MSO platforms this quarter and the expansion of our biopharma solutions business. This progress will be further accelerated by the acquisition of Solaris Health, the country's largest urology MSO with over 750 providers, which we anticipate closing shortly. We're eager to add the Solaris team's capabilities to the Specialty Alliance, our industry-leading multi-specialty platform to deliver even greater value for providers and patients.

本季度，我們的 MSO 平台做出了重要貢獻，生物製藥解決方案業務也取得了顯著增長，這充分證明了我們在擴張和專業化方面取得了顯著進展。收購 Solaris Health 將進一步加快這一進程。 Solaris Health 是全國最大的泌尿科醫療服務組織 (MSO)，擁有 750 多名醫療服務提供者，我們預計這項收購很快就會完成。我們渴望將 Solaris 團隊的能力添加到我們的行業領先的多專科平台 Specialty Alliance 中，從而為醫療服務提供者和患者帶來更大的價值。

With GMPD, we continue to make steady progress against the improvement plan initiatives, and we're pleased to deliver a strong quarter. And our other growth businesses at home solutions, nuclear and precision Health solutions, and oppti freight logistics also continue to accelerate. This performance reflects their alignment with key secular trends, leading market positions, and our focused investments. We are seeing strength and demand across each business and are successfully executing our integration of ADS, which is creating a powerful business serving patients in their homes.

借助 GMP​​D，我們繼續穩步推進改進計劃，我們很高興能夠取得強勁的季度業績。我們在家庭解決方案、核能和精準醫療解決方案以及機會貨運物流等其他成長業務也持續加速發展。這一業績反映了它們與關鍵長期趨勢的契合度、領先的市場地位以及我們重點關注的投資。我們看到各個業務領域都呈現出強勁的勢頭和需求，並且正在成功推進 ADS 的整合，從而打造一個強大的業務，為居家患者提供服務。

Overall, the momentum across our business gives us confidence as we progress further into fiscal 26, and Aaron will walk you through the increases to our outlook. Our results are driven by the dedication and focus of the Cardinal Health team and is a testament to our unique breadth of capabilities. We are the crucial link across the entire healthcare spectrum from pharmacies to health systems to physician offices and surgery centers all the way to the home, delivering daily to tens of thousands of locations with products sourced from several.

整體而言，我們業務的良好勢頭讓我們對2026財年的進一步發展充滿信心，Aaron將帶您了解我們預期上調的原因。我們的成果得益於康德樂團隊的奉獻和專注，也證明了我們獨特的廣泛能力。我們是貫穿整個醫療保健領域（從藥房到醫療系統，再到醫生診所和手術中心，直至家庭）的關鍵紐帶，每天向數萬個地點配送來自多個供應商的產品。

Different organizations. We are constantly innovating to expand our suite of services both downstream and upstream and are deeply committed to creating value for providers, manufacturer partners, and patients while fulfilling our critical role as healthcare's most trusted partner. With that, I'll turn over to Aaron to go through the financials.

不同的組織。我們不斷創新，拓展下游和上游的服務範圍，並致力於為醫療服務提供者、製造商合作夥伴和患者創造價值，同時履行我們作為醫療保健領域最值得信賴的合作夥伴的關鍵職責。接下來，我會把麥克風交給亞倫，讓他來分析財務狀況。

Thanks, Jason, and good morning. We are really pleased with our first quarter performance, which exceeded our expectations across the board. Overall, we grew operating earnings by 37% and EPS by 36%, while continuing to make strategic progress by integrating last year's acquisitions and making additional organic investments for growth across the enterprise.

謝謝你，傑森，早安。我們對第一季的業績非常滿意，各項指標都超出了我們的預期。總體而言，我們的營業利潤成長了 37%，每股收益成長了 36%，同時透過整合去年的收購項目和進行額外的內生性投資，繼續取得策略進展，促進整個企業的成長。

As Jason signaled, we expect our acquisition of Solari's Health to close shortly. This is a significant step in accelerating our specialty growth strategy, and will create long-term value for patients, providers, and shareholders as Solaris benefits from the broader strengths of the Specialty Alliance's leading multi-specialty platform.

正如傑森所暗示的那樣，我們預計對 Solari's Health 的收購將很快完成。這是加速我們專科成長策略的重要一步，將為患者、醫療服務提供者和股東創造長期價值，因為 Solaris 將受益於專科聯盟領先的多專科平台的更廣泛優勢。

With strong results across the board and the anticipated closing of Solaris, I'm pleased to highlight that we are raising our full year EPS guidance to a range of $9.65 to $9.85. Let's review the results starting with slide 4.

鑑於各項業務業績表現強勁，且Solaris專案預計將順利完成交割，我很高興地宣布，我們將全年每股收益預期上調至9.65美元至9.85美元。讓我們從第4頁開始回顧業績。

Total company revenue increased 22% to $64 billion primarily driven by continued strong demand in pharma and reflecting growth from all five operating segments. Gross profit grew 22% to $2.3 billion while also outpacing SG&A growth, which increased 14% to $1.5 billion excluding the inclusion of the ION, GIA, and ADS acquisitions in our results. SG&A growth was more modest.

公司總收入成長 22% 至 640 億美元，主要得益於醫藥產業的持續強勁需求，並反映了所有五個營運部門的成長。毛利成長 22% 至 23 億美元，同時超過了銷售、一般及行政費用 (SG&A) 的成長，後者成長 14% 至 15 億美元（不包括 ION、GIA 和 ADS 的收購）。銷售、管理及行政費用成長較為溫和。

This reflects our constant focus on cost management even as we annualize fiscal 25's customer wins and investments for growth. This led to operating earnings growth of 37% versus the prior year. Moving below the line, interest another increased by $43 million to $70 million in the quarter due to financing costs related to our announced acquisitions.

這反映了我們對成本管理的持續關注，即使我們將 25 財年的客戶贏得情況和成長投資按年計算。這使得營業利潤比上年增長了 37%。在帳面價值方面，由於與我們宣布的收購相關的融資成本，本季利息支出增加了 4,300 萬美元，達到 7,000 萬美元。

Our first quarter effective tax rate was 21.9%, about 100 basis points better than a year ago due to the timing of discrete items. Q1 average diluted shares outstanding were 239 million shares, 2% lower than last year due to share repurchases. The net result for Q1 was EPS of $2.55 growth of 36%.

第一季實際稅率為 21.9%，由於個別項目的時效性，比去年同期低了約 100 個基點。第一季平均稀釋後流通股數為 2.39 億股，比去年同期減少 2%，原因是股票回購。第一季淨利為每股收益 2.55 美元，成長 36%。

Now turning to the segments beginning with pharmaceutical and specialty solutions on slide 5. First quarter revenue increased by 23% to $59 billion driven by brand and specialty pharmaceutical sales growth from existing and new customers. This included approximately 6% points of revenue growth from GOP 1 sales.

現在就來看看投影片 5 中從藥品和特種解決方案開始的幾個部分。第一季營收成長 23% 至 590 億美元，主要得益於現有客戶和新客戶的品牌藥和特藥銷售成長。這其中包括 GOP 1 銷售額帶來的約 6 個百分點的收入成長。

In Q1, we saw a continuation of strong pharmaceutical demand across the business within brand, specialty, generics, and consumer health and from our largest customers. First quarter from a segment profit increased by 26% to $667 million driven by contributions from brand and specialty products, our MSL platforms, and positive generic program performance.

第一季度，我們看到品牌藥、專科藥、仿製藥和消費者保健品等業務領域以及我們最大的客戶對藥品的需求持續強勁。第一季度，該部門利潤增長 26% 至 6.67 億美元，這主要得益於品牌和特藥產品、我們的 MSL 平台以及積極的仿製藥項目表現。

The distribution of COVID vaccines was a slight year over year headwind in Q1, and we expect a similar headwind in Q2. Notwithstanding that, the strength across the business in pharmaceutical and specialty distribution, our MSO platforms, and our upstream biopharma solutions business provides a solid foundation as we look ahead.

第一季新冠疫苗的發放對年比業績造成了輕微的不利影響，我們預計第二季也會出現類似的不利影響。儘管如此，公司在藥品和特種藥品分銷、MSO 平台以及上游生物製藥解決方案業務方面的強大實力，為我們展望未來奠定了堅實的基礎。

The acquisitions of GIA and ION contributed approximately 8 points of the first quarter segment profit growth. Within the core, the consistent market dynamics in our red oak enabled generics program continued, and we saw healthy, same sort of generic unit growth above our long-term expectations during the quarter.

收購 GIA 和 ION 為第一季業務部門利潤成長貢獻了約 8 個百分點。在核心業務方面，我們紅橡木仿製藥專案的市場動態持續穩定，本季仿製藥銷量實現了健康成長，高於我們的長期預期。

Our results also benefited from our continuous focus on efficiency initiatives across our distribution network. Turning to GMPD on slide 6, revenue increased 2% in Q1 to $3.2 billion driven by volume growth from existing customers. Notably, we continue to see positive trends with Cardinal Health Brand, with over 6% revenue growth in the US.

我們的業績也得益於我們持續關注整個分銷網絡的效率提升措施。翻到幻燈片 6 中的 GMPD，第一季營收成長 2% 至 32 億美元，主要得益於現有客戶的銷售成長。值得注意的是，Cardinal Health 品牌繼續保持積極趨勢，在美國的收入成長超過 6%。

GMPD segment profit increased by $38 million to $46 million in the quarter, driven by growth from existing customers. The GMPD team remains highly focused on mitigating the impact of tariffs and continues to take aggressive actions to control costs across the business, including various sourcing initiatives.

GMPD部門本季獲利成長3,800萬美元至4,600萬美元，主要得益於現有客戶的成長。GMPD 團隊仍然高度重視減輕關稅的影響，並繼續採取積極措施控制整個業務的成本，包括各種採購措施。

Overall, chairs produced a slight net headwind during Q1. As a reminder, we expect a step up in tariff costs in the second quarter, which I'll discuss shortly. Finishing with the businesses reported in other as seen on slide 7. First quarter revenue increased 38% to $1.6 billion reflecting strong demand across all three businesses.

總體而言，第一季椅子產生了輕微的淨逆風。再次提醒大家，我們預計第二季關稅成本將會上漲，我稍後會詳細討論這個問題。最後，我們來看看投影片 7 中提到的其他企業。第一季營收成長 38% 至 16 億美元，反映出三大業務部門的強勁需求。

Segment profit also increased by 60% to $166 million driven by strong growth across all three. A few highlights. The integration of ADS to the businesses, including the acquisition of ADS into at-home solutions is progressing well with earlier realization of plan synergies.

受三大業務部門強勁成長的推動，分部利潤也成長了 60%，達到 1.66 億美元。幾個亮點。將 ADS 整合到各項業務中，包括將 ADS 收購到家庭解決方案中，進展順利，計劃協同效應也已提前實現。

In nuclear and precision Health Solutions, we were pleased to see continued diagnostics revenue growth of over 30%. Opti freight continues to see volume uplift in Group Q1 revenue over 20%. Now turning to the balance sheet, our enterprise-wide focus on cash flow management continues to benefit us as we generated $1.3 billion in adjust to free cash flow during the first quarter.

在核醫和精準醫療解決方案領域，我們很高興看到診斷收入持續成長超過 30%。Opti 貨運業務第一季集團營收持續成長超過 20%。現在來看資產負債表，我們全公司對現金流管理的重視繼續使我們受益，我們在第一季產生了 13 億美元的自由現金流。

Consistent with our disciplined capital allocation approach during Q1, we invested approximately $110 million back into the business to fuel future growth. We retired our $500 million bond maturity in September, and we returned $500 million to shareholders in the form of approximately $125 million in dividends and the launch of a $375 million accelerated share repurchase program.

與第一季我們嚴格的資本配置方法一致，我們將約 1.1 億美元重新投入業務，以推動未來的成長。我們在 9 月償還了 5 億美元到期債券，並將 5 億美元返還給了股東，其中約 1.25 億美元以股息形式發放，3.75 億美元以加速股票回購計劃形式啟動。

With this program, we've now completed half of our $750 million of baseline share repurchases for fiscal year '26. And after all of this, we ended the quarter with a cash position of $4.6 billion. This includes $1 billion raised from our August bond issuance to partially fund the Solaris Health transaction.

透過這項計劃，我們現在已經完成了 2026 財年 7.5 億美元基準股票回購計畫的一半。經過這一切，我們本季末的現金儲備為 46 億美元。其中包括我們8月發行債券所籌集的10億美元，用於部分資助Solaris Health的交易。

Now let's talk about our improved outlook for fiscal year '26. With a strong Q1 behind us and line of sight to the closure of the acquisition of Solaris Health, we are incorporating the benefit of both items into our guidance.

現在讓我們來談談我們對 2026 財年前景的改善。鑑於第一季業績強勁，且對 Solaris Health 的收購即將完成，我們將這兩項利多因素都納入了我們的業績指引。

The net of all of this is a $0.35 increase to fiscal year '26 EPS, giving us a new range of $9.65 to $9.85. This equates to 17% to 20% EPS growth from the prior year, reflecting the resilient strength and growing momentum of Cardinal Health.

綜合所有這些因素，2026財年每股收益將增加0.35美元，新的預期區間為9.65美元至9.85美元。這相當於較上年每股收益成長17%至20%，反映了康德樂公司強大的韌性和不斷成長的勢頭。

We are also increasing our adjusted pre-cash flow guidance to a new range of $3 billion to $3.5 billion for the full year. Drilling into the details. On the top-line, we are increasing our farmer revenue guidance to 15% to 17% growth, from 11% to 13% growth, reflecting the positive demand trends we have experienced.

我們同時將全年調整後的現金流量前預期上調至 30 億至 35 億美元。深入細節。從營收方面來看，我們將農民收入成長預期從 11% 至 13% 上調至 15% 至 17%，這反映了我們所經歷的正面需求趨勢。

Our new pharma segment profit guidance range is for 16% to 90% growth, an increase from our prior range of 11% to 13% growth. This primarily reflects our strong first quarter performance and approximately 3% points of growth from Solaris Health, as is our practice in modeling transactions. Our guidance does not include potential contributions from the distribution of the Solaris drug spend.

我們新的醫藥業務利潤預期範圍為成長 16% 至 90%，高於先前預期的 11% 至 13%。這主要反映了我們強勁的第一季業績以及 Solaris Health 帶來的約 3 個百分點的成長，這符合我們對交易建模的慣例。我們的指導意見不包括 Solaris 藥品支出分配可能帶來的貢獻。

In terms of the expected phasing of our growth throughout the year, we continue to expect strong profit growth in the first half of this year versus the back cap with the $7 billion of new customer revenue primarily in the first half.

就全年預期成長階段而言，我們仍預期今年上半年利潤將強勁成長，而先前的預期主要來自上半年新增的 70 億美元客戶收入。

In the second half of the year, we are annualizing the ION and GIA acquisitions while benefiting from anticipated Solaris contributions. All in, we expect M&A to add approximately 8% points to farmers' profit growth in fiscal year 206.

今年下半年，我們將 ION 和 GIA 的收購成果按年計算，同時受益於 Solaris 的預期貢獻。總的來說，我們預計併購將在 206 財年為農民的利潤成長增加約 8 個百分點。

In GMPD, we continue to expect 2% to 4% revenue growth, and at least $140 million in segment profit. While net tariff costs are anticipated near the high end of our $50 million to $75 million dollar range. The business' core operational performance continues to improve, and we are holding to our annual guidance.

在 GMPD 業務方面，我們繼續預期營收成長 2% 至 4%，部門利潤至少達到 1.4 億美元。預計淨關稅成本將接近我們預期的 5,000 萬美元至 7,500 萬美元範圍的高端。公司核心營運績效持續改善，我們維持年度績效預期。

Looking at GNPD's second quarter, while we project that business will continue its profitability, we do not expect to see year over year profit growth in the quarter as we realize a larger portion of the tariff costs incurred in previous quarters. We continue to expect Q4 to be GMT's highest profit dollar quarter as in recent years.

展望 GNPD 第二季度，雖然我們預計該業務將繼續保持盈利，但由於前幾季度產生的關稅成本佔比更大，我們預計該季度利潤不會同比增長。我們仍然預計第四季將是GMT近年來利潤最高的季度（以美元計）。

In other, our revenue guidance remains unchanged at 26% to 28% growth, while our segment of profit guidance is up 4% points to 29% to 31% driven by the strong performance across all three growth businesses in the year-to-date.

另外，我們的營收預期仍維持在 26% 至 28% 的成長水平，而由於今年迄今所有三個成長業務的強勁表現，我們的利潤預期上調 4 個百分點至 29% 至 31%。

Below the line, interest in other is $150 million higher than originally guided at approximately $325 million reflecting the financing costs for Solaris's health. Of course this is more than offset by Solaris's profit contribution within the pharma segment which together produces EPS secretion of about $0.05 for the partial year.

在下方，其他方面的利息支出比最初預期的約 3.25 億美元高出 1.5 億美元，反映了 Solaris 健康項目的融資成本。當然，Solaris 在製藥領域的利潤貢獻完全抵消了這一影響，兩者合計在本年度部分時間內每股收益約為 0.05 美元。

We are also increasing our expectations for CapEx from approximately $600 million to a range of $600 to $650 million for planned investments into the Specialty Alliance platform. Finally, we are lowering our diluted weighted average shares outlook to approximately 238 million shares from the prior range of 238 million to 240 million shares reflecting our Q1 and anticipated baseline share repurchases.

我們也提高了對專業聯盟平台計畫投資的資本支出預期，從約 6 億美元提高到 6 億至 6.5 億美元。最後，我們將稀釋加權平均股份預期從先前的 2.38 億至 2.4 億股下調至約 2.38 億股，反映了我們第一季和預期基準股份回購情況。

In closing, we're kicking off fiscal '26 with continued momentum. We are highly focused on continuing to do what we said we would do, and I look forward to updating you on our progress in the coming months. With that, I will turn it back over to Jason.

最後，我們以持續的勢頭開啟了 2026 財年。我們將全力以赴，繼續履行我們所做的承諾，我期待在接下來的幾個月向您報告我們的進展。這樣，我就把任務還給傑森了。

Thanks, Aaron. In pharmaceutical and specialty solutions, our disciplined execution of our strategy has enabled us to deliver meaningful progress across the business and ensure we're well positioned to take advantage of future growth in what continues to be a robust demand environment.

謝謝你，亞倫。在醫藥和特殊解決方案領域，我們嚴格執行策略，使公司在各個業務領域取得了實質進展，並確保我們能夠抓住未來在持續強勁的需求環境下實現成長的機會。

We continue to prioritize our core, making strategic investments to further expand and modernize our national pharmaceutical distribution network, driving greater operational execution and delivering even greater efficiency and service levels. We recently announced the opening of our state of the art consumer health logistics Center, which serves as a vital link in our supply chain, efficiently distributing over the counter medications, treatments, and diagnostic solutions to our network and serving customers nationwide.

我們將繼續優先發展核心業務，進行策略性投資，進一步擴大和現代化我們的全國藥品分銷網絡，從而提高營運效率，並提供更高的效率和服務水準。我們最近宣布開設最先進的消費者健康物流中心，該中心是我們供應鏈中的重要一環，能夠有效地向我們的網路分發非處方藥、治療方案和診斷解決方案，並為全國各地的客戶提供服務。

This investment creates an additional 20% in overall network capacity, which will support the strong double-digit growth we're seeing and allow us to move products faster, more accurately and more reliably for our customers.

這項投資將使整體網路容量增加 20%，這將支持我們正在看到的強勁的兩位數成長，並使我們能夠更快、更準確、更可靠地為我們的客戶運送產品。

We also unveiled plans for a new 230,000 square foot flagship for distribution center in Indianapolis outfitted with advanced automation and the latest technological advancements in addition to modernizing and optimizing several other DCs that capacity and storage for specialty drugs.

我們還公佈了在印第安納波利斯新建一座 23 萬平方英尺旗艦配送中心的計劃，該中心將配備先進的自動化設備和最新的技術進步，此外還將對其他幾個配送中心進行現代化改造和優化，以提高其容量和特殊藥物的存儲能力。

Going deeper into specialty, our expansion across our MSL platforms, our biopharma solutions business, and specialty distribution, including with biosimilars, has helped lay the groundwork for sustainable growth. With respect to our MSO platforms, we are well positioned to broaden our impact across our three high priority areas autoimmune, urology, and oncology.

深入專科領域，我們在 MSL 平台、生物製藥解決方案業務以及專科分銷（包括生物相似藥）方面的擴張，為永續成長奠定了基礎。就我們的 MSO 平台而言，我們已做好充分準備，擴大我們在自體免疫、泌尿學和腫瘤學這三個優先領域的影響力。

The addition of Solaris Health further enhances our progress in building the Specialty Alliance's multi-specialty MSO platform, adding significant scale and reach to better meet the comprehensive needs of community urologists across an even wider network of communities. Up on closing, our MSO platforms will serve approximately 3,000 specialty providers across 32 states.

Solaris Health 的加入進一步增強了我們在建立專科聯盟多專科 MSO 平台方面的進展，顯著擴大了規模和覆蓋範圍，從而更好地滿足更廣泛社區網絡中社區泌尿科醫生的全面需求。交易完成後，我們的 MSO 平台將為 32 個州的約 3,000 家專科醫療機構提供服務。

Our teams have prioritized integration efforts with a clear and thorough plan to bring together these platforms and create meaningful synergies that will unlock opportunities to deliver greater value for the community physicians we're serving.

我們的團隊已將整合工作列為優先事項，制定了清晰而全面的計劃，將這些平台整合在一起，創造有意義的協同效應，從而為我們服務的社區醫生帶來更大的價值。

This work is already underway with teams collaborating to develop how the specialty Alliance can further partner on solutions that bring together the breadth of our enterprise capabilities, including areas like nuclear and precision health solutions, where we have a leading role supporting urologists with prostate cancer treatments and deep knowledge of the fast emerging field of their agnostics.

這項工作已經在進行中，各個團隊正在合作開發專業聯盟如何進一步合作開發解決方案，以整合我們企業的各種能力，包括核子醫學和精準醫療解決方案等領域。在這些領域，我們處於領先地位，為泌尿科醫生提供前列腺癌治療支持，並且對快速發展的前列腺癌治療領域有著深刻的了解。

Moving upstream, we continue to see growing demand across our biopharma solutions business, reflecting both the depth of our manufacturer partnerships and our investments to enhance our capabilities. Earlier this month, we hosted our annual business partners conference, which drew record attendance from our manufacturer partners. As the industry continues to evolve, we remain steadfast in our commitment to being a trusted partner to our suppliers.

從上游來看，我們的生物製藥解決方案業務需求持續成長，這不僅反映了我們與製造商建立的深厚合作關係，也反映了我們為提升自身能力而進行的投資。本月初，我們舉辦了年度商業夥伴大會，吸引了創紀錄的製造商合作夥伴出席。隨著產業的不斷發展，我們將始終堅定不移地致力於成為供應商值得信賴的合作夥伴。

As an example, our Sonexus access and patient support business has recently won substantial new business. Underpinned by the implementation of our next generation hub, these winds in our Sonexus business are a key component of the over 30% growth that we expect from our biopharma solutions business in fiscal year '26.

例如，我們的 Sonexus 准入和患者支援業務最近贏得了大量新業務。在我們下一代樞紐的實施下，Sonexus 業務的這些發展勢頭是我們預計 2026 財年生物製藥解決方案業務將成長超過 30% 的關鍵因素。

Turning to GMPD, our improvement plan initiatives are yielding results. We are encouraged by the positive trends within our Cardinal Health branded portfolio, particularly with our more clinically differentiated products, which delivered another quarter of strong buying growth in the United States.

就 GMPD 而言，我們的改進計劃正在取得成效。我們對 Cardinal Health 品牌產品組合的正面趨勢感到鼓舞，尤其是我們更具臨床差異化的產品，這些產品在美國又實現了一個季度的強勁購買成長。

Critical focus of the team continues to be ensuring our customers have the right products when and where they need them. Our success here was recently recognized by the Healthcare Industry Reliance collaborative with an award for our supply chain resilience and transparency, which is consistent with our observed network improvements and service levels near an all-time high. And with respect to tariffs, we remain focused on mitigating this impact for our customers and delivering on our financial commitments for the business.

團隊的首要任務仍然是確保我們的客戶在需要的時候和地點獲得合適的產品。我們在這方面取得的成功最近得到了醫療保健行業信賴合作組織的認可，該組織授予我們供應鏈韌性和透明度獎項，這與我們觀察到的網絡改進和服務水平接近歷史最高水平相一致。至於關稅問題，我們將繼續專注於減輕關稅對客戶的影響，並履行我們對業務的財務承諾。

Now turning to our other growth businesses where we delivered fantastic results demonstrating the increasingly important role these higher margin and faster growing businesses play in our long-term strategy, we are seeing positive performance across all three businesses supported by both strong demand and disciplined execution.

現在讓我們來看看我們其他的成長型業務，這些業務取得了非常好的成績，證明了這些利潤率更高、成長更快的業務在我們長期策略中扮演著越來越重要的角色。在強勁的需求和嚴謹的執行下，所有三個業務都取得了積極的業績。

Nuclear and Precision Health Solutions continues to decisively outpace the market backed by our differentiated offerings and team's deep expertise. This performance is driven by strong demand for diagnostics, which again delivered over 30% revenue growth in the quarter. The growth of these transformative products is a game changer for patients and particularly notable in the area of prostate cancer, which also creates future opportunity for our business.

憑藉差異化的產品和服務以及團隊深厚的專業知識，核能與精準醫療解決方案公司持續以絕對優勢超越市場。這一業績主要得益於市場對診斷產品的強勁需求，該產品在本季再次實現了超過 30% 的營收成長。這些變革性產品的成長對患者來說意義重大，尤其是在攝護腺癌領域，也為我們的業務創造了未來的機會。

To meet increasing demand for pet products, we are expanding production of key radio diagnostics for the detection of cancer, coronary artery disease, and Alzheimer's. To continue this momentum and advance our leadership position, we are making progress on our $150 million of investments over the next three years to expand our pet network across 11 key markets and our Center for Theranostics Advancement.

為了滿足日益增長的寵物產品需求，我們正在擴大用於檢測癌症、冠狀動脈疾病和阿茲海默症的關鍵放射診斷產品的生產。為了保持這一勢頭並鞏固我們的領導地位，我們將在未來三年內投資 1.5 億美元，以擴大我們在 11 個主要市場的寵物網絡和我們的治療診斷技術發展中心。

Within at home solutions, the demand environment is strong, and we see favorable long-term secular trends in home health care. Those factors coupled with the synergies from our ADS integration positioned us for sustainable growth. We've already moved the majority of the ADS volume into our network with minimal utilization of our capacity.

在家照護解決方案方面，需求環境強勁，我們看到家庭醫療保健領域有良好的長期發展趨勢。這些因素，再加上我們整合 ADS 帶來的綜效，使我們實現了永續成長。我們已經將大部分廣告投放量轉移到我們的網路中，而我們的網路容量利用率卻很低。

Our focus is now turning to integrating back office operations and systems, which is critical to our goal of building the best customer experience in the industry. To accelerate this momentum, we continue to invest in our distribution network to drive productivity and reach even more customers. We recently opened our newest distribution center in Fort Worth, Texas, and we'll break ground this fiscal year on our next one in Sacramento, California, which is expected to be fully operational in summer 2027.

我們現在的重點是整合後台營運和系統，這對我們實現打造業界最佳客戶體驗的目標至關重要。為了加快這一發展勢頭，我們將繼續投資於我們的分銷網絡，以提高生產力並覆蓋更多客戶。我們最近在德州沃斯堡開設了最新的配送中心，本財年我們將在加州薩克拉門托破土動工興建下一個配送中心，預計將於 2027 年夏季全面投入營運。

Both facilities are equipped with the latest robotics and automation technology, a key component of our long-term investment strategy to drive efficiency and service levels. OptiFreight Logistics continues to demonstrate its leading value proposition with ongoing investments in our proprietary technology-driven platform total view Insights, we continue to see long-term potential to deliver cost savings, transparency, and operational efficiency for our customers as an extension of their teams.

這兩個設施都配備了最新的機器人和自動化技術，這是我們提高效率和服務水準的長期投資策略的關鍵組成部分。OptiFreight Logistics 持續投資於我們專有的技術驅動平台 Total View Insights，持續展現其領先的價值主張，我們持續看到長期潛力，作為客戶團隊的延伸，為客戶帶來成本節約、透明度和營運效率。

As we outlined during Investor Day, we are expanding Optifreight's offerings in new areas such as supporting the needs of outbound shipping for hospital embedded pharmacies. Wrapping up, I'll know that we continue to monitor the dynamic legislative and regulatory environment closely.

正如我們在投資者日上概述的那樣，我們正在拓展 Optifreight 在新領域的業務，例如支持醫院附屬藥房的出境運輸需求。最後，我要強調的是，我們將繼續密切關注不斷變化的立法和監管環境。

Across the enterprise. We have confidence in the resilience of our business model, as evidenced by our increased guidance and our unique position to safely and efficiently deliver the products and solutions that our customers and patients need.

整個企業範圍。我們對自身商業模式的韌性充滿信心，這一點從我們不斷增長的業績指引以及我們安全高效地為客戶和患者提供所需產品和解決方案的獨特優勢中可見一斑。

Our essential role in healthcare has never been more critical, and we will continue to deliver our unmatched breadth of capabilities to meet the evolving needs of our customers and patients. In closing, this quarter's results are a clear demonstration of our strategy and action and the broad-based momentum of our business. We remain focused on executing with discipline, consistently advancing our priorities and delivering sustainable value creation. And with that, we'll take your questions.

我們在醫療保健領域發揮著至關重要的作用，我們將繼續提供我們無可比擬的廣泛能力，以滿足客戶和患者不斷變化的需求。總之，本季的業績清楚地表明了我們的策略和行動以及我們業務的廣泛發展勢頭。我們將繼續專注於嚴謹執行，不斷推動各項優先事項，並創造可持續的價值。接下來，我們將回答您的問題。

Thank you. (Operator Instructions) Erin Wright, Morgan Stanley.

謝謝。（操作說明）摩根士丹利 Erin Wright。

Great, thanks for taking my question. So at your June investor day, you've raised that long-term pharma and specialty solutions profit growth, but you obviously continue to track well ahead of that, I guess. How should we be thinking about just the broader momentum going forward and what's embedded in your assumptions?

太好了，謝謝你回答我的問題。所以，在你們六月的投資者日上，你們提高了長期製藥和特種解決方案的利潤成長預期，但顯然你們的業績仍然遠遠超過預期，我想。我們該如何看待未來更廣泛的發展勢頭，以及你的假設中隱含著什麼？

You gave some quarterly cadence in there, but has anything surprised you like on an intra-quarter basis that really drove. The upside may be relative to your internal expectations in the in the quarter and then maybe you could unpack a little bit of the M&A contribution. I think you gave overall M&A contribution, but if you could unpack Solaris embedded in the guidance for the balance of the year, that would be great. Thanks.

你在裡面提到了一些季度節奏，但是季度內有沒有什麼讓你感到意外的事情，真正推動了成長呢？收益可能與你對本季的內部預期有關，然後或許可以稍微分析併購的貢獻。我認為您已經給出了併購的整體貢獻，但如果您能詳細分析一下 Solaris 在今年剩餘時間業績指引中的作用，那就太好了。謝謝。

Okay, thanks, Erin. There's a lot there, so I think it's going to require both Aaron and I to contribute to that answer. So let me start in connected to some of the investor day commentary then that certainly still holds true now. As I step back and think at the highest level, specific to our pharma business, I think it's largely true across the enterprise. What we, what we've been doing and executing is there's broad-based industry utilization trends that continue to be positive, but we're translating that through very specific Cardinal Health performance into a great financial result.

好的，謝謝你，艾琳。這裡面有很多東西，所以我認為需要我和亞倫共同努力才能回答這個問題。那麼，讓我先從投資者日的一些評論說起，這些評論現在仍然適用。當我退後一步，從最高層面思考，具體到我們的製藥業務時，我認為這在整個企業中也大體上是成立的。我們一直在做和執行的是，行業整體利用率趨勢持續向好，而我們正在透過 Cardinal Health 的具體業績，將這些趨勢轉化為良好的財務成果。

So both have been true. Let me just start with kind of the utilization picture, but not so satisfying answers that we're seeing strength really across the board, but I do think that's consistent with our investor day messages. When you think about those key trends and themes that we walk through, demographics are clearly in our favor for the aging of America, more and more pharmaceutical products coupled with the innovation that we continue to see in our industry, innovation not just in new branded and specialty products.

所以兩者都屬實。讓我先從利用率情況說起，但結果並不令人滿意，我們並沒有看到各方面都呈現強勁增長，但我認為這與我們投資者日傳達的信息是一致的。當你思考我們所探討的這些關鍵趨勢和主題時，人口結構顯然對我們有利，因為美國人口老化，越來越多的藥品，加上我們行業中不斷湧現的創新，這種創新不僅體現在新品牌和特藥產品上。

But that innovation that goes into, of course, the loss of exclusivity eventually when those branded products go to generics or of course, even more and more biosimilars. So that overall utilization remains strong. We translated that well to assessment of the team's performance, and even then when you double click into some of those broader industry trends and strength where we position the business appropriately to take advantage of the secular trends, the more investments into that home business to be able to support those. In the home or the trends with more and more innovation and precision health like the nuclear diagnostics businesses that we have.

當然，這種創新最終會導致品牌產品失去獨家銷售權，因為這些品牌產品會被仿製藥，或者，當然，會被越來越多的生物相似藥所取代。因此，整體利用率依然保持強勁。我們很好地將這一點轉化為對團隊績效的評估，即便如此，當你深入研究一些更廣泛的行業趨勢和優勢時，我們會適當地定位業務以利用長期趨勢，對家庭業務進行更多投資以支持這些趨勢。無論是在家庭領域，還是在像核診斷業務這樣越來越注重創新和精準醫療的趨勢中，都存在著這樣的問題。

So these are all ways in which we position the business to take advantage of where the industry is going. But now we turn it over to Aaron to actually go through the more specific questions and answers. thanks.

所以這些都是我們調整業務方向，以充分利用產業發展趨勢的方式。現在我們把時間交給亞倫，讓他來解答一些更具體的問題。謝謝。

Great, Jason. Good morning. Look, as Jason said, we're really pleased with the results in Q1 and they're continuation of the momentum we've seen across the business. Jason highlighted the strong demand we were seeing stronger than expected demand, certainly in the first quarter. Some of the key drivers. In the quarters of carrying our drivers from a guidance perspective.

太好了，傑森。早安.正如傑森所說，我們對第一季的業績非常滿意，這延續了我們在整個業務領域看到的良好勢頭。傑森強調，我們看到的需求強勁，比預期需求還要強，尤其是在第一季。一些關鍵驅動因素。從指導的角度來看，在運送我們司機的範圍內。

So let me highlight those. The specialty business in Q1 was trending above historical levers and was a strong performer for us, particularly in our areas of strength, autoimmune neurology, oncology. And we're also seeing good progress in biopharma solutions. I'm really pleased with the MSO platforms, as Jason was referencing as well.

那麼，讓我重點介紹一下這些內容。第一季度，我們的專科業務發展勢頭強勁，超過了歷史平均水平，尤其是在我們的優勢領域——自體免疫神經病學和腫瘤學方面，表現尤為出色。我們也看到生物製藥解決方案方面取得了良好進展。我對MSO平台非常滿意，就像Jason提到的那樣。

They contributed as expected, and they had about 8% of they had about 8% of the of the growth in Q1. Generics was a positive performance story for us with. Above our expectations and there's no substitute for good execution. The team certainly delivered on that reporter.

他們的貢獻符合預期，他們在第一季的成長中佔了約 8%。仿製藥對我們來說是一個正面的業績案例。超出我們的預期，而且執行力強是無可取代的。團隊確實沒有辜負那位記者的期望。

So now as we think about, the guide for the year and erring to your point of the race to our guide, we are guiding profit up 17% to 19% for the year all in inclusive of our M&A. Key assumptions key assumptions underlying that strong demand. We are not assuming outsized demand, as you've heard me say before, but we are assuming continued strong demand. We are assuming continued generics performance.

所以現在，當我們思考今年的業績指引，並考慮到您提到的業績指引競爭時，我們預計全年利潤將增長 17% 至 19%，其中包括我們的併購活動。強勁需求背後的關鍵假設。正如我之前所說，我們並非假設需求會異常旺盛，而是假設需求會持續強勁。我們假設仿製藥將繼續保持良好的表現。

We're assuming double-digit growth from specialty that's going to come both upstream in our biopharma solutions business, including. Our nexus business and downstream in the MSOs as we carry forward and the M&A is going to add 8% points to the year in my prepared remarks, I think I commented that Solaris will be 3% of that 8%. Of course we also have the benefit of a strong customer wins that we're adding in, particularly. In the first half of the year, most of the $7 billion of incremental customer wins come in the first half.

我們預計，來自我們生物製藥解決方案業務上游的特種產品將實現兩位數成長，包括。隨著我們繼續推進業務，我們的 MSO 下游業務和併購將使今年的業績成長 8 個百分點。在我準備的演講稿中，我認為我提到 Solaris 將佔這 8% 中的 3%。當然，我們也受益於我們不斷贏得的大量客戶，尤其是我們正在增加這些客戶。今年上半年，新增客戶價值 70 億美元的大部分都來自上半年。

So, as we think about the cadence as well, each one, we do expect to be stronger than the H2 from a growth perspective driven by the new customers. We of course are analyzing our acquisitions in the second half, but overall we're expecting a good year carrying forward.

所以，當我們考慮節奏時，我們預計每一年都會比上半年更強勁，這主要得益於新客戶的推動。我們當然會在下半年分析我們的收購情況，但總體而言，我們預計今年將會是一個好年。

And I think you might have said, [17% to 19%] our guys [16% to 19%].

我想你可能會說，[17%到19%]我們的人[16%至19%]。

Thanks for the question. Next question, please.

謝謝你的提問。下一個問題。

Elizabeth Anderson, Evercore.

伊麗莎白·安德森，Evercore。

Hi guys, thanks so much for the question and congrats on the really nice quarter. Maybe it's a follow on, to Erin's question I have two parts. One, does the assumptions now include, [Rite Aid] from CVS closing that obviously you've aligned with a high growth customer there and that's amazing. So, one, I just want to make sure that.

大家好，非常感謝你們的提問，也恭喜你們度過了一個非常棒的季度。也許這是艾琳問題的後續，我的問題分為兩部分。第一，現在的假設是否包括 CVS 收購 Rite Aid，顯然你已經與高成長客戶達成了一致，這太棒了。所以，第一，我只是想確認一下。

And expectations and then two, you alluded to some of the policy changes in DC and I was wondering if you could just sort of maybe more specifically help us think through, where are some of the opportunities within some of these political changes and regulatory changes given your diverse business mix. Thank you.

其次，您提到了華盛頓特區的一些政策變化，我想知道您是否可以更具體地幫助我們思考一下，鑑於您多元化的業務組合，在這些政治變化和監管變化中有哪些機會。謝謝。

Sure, yeah, it's, Rite Aid is a tough one to see through where that volume's going. Certainly you've heard a big customer of ours talk about their same sort sales growth, which is certainly a part of that. And of course we support that customer and other customers. So that, we did not support Rite Aid, so that volume has gone somewhere and we're likely picking up a greater share of that because we started with 0% and we're now getting a portion of.

沒錯，Rite Aid 的情況確實很難預測，很難看出它的銷售量會流向哪裡。您肯定也聽過我們的一位大客戶談論過他們類似的銷售成長，這當然是其中的一部分。當然，我們會為這位客戶和其他客戶提供支援。因此，我們沒有支援 Rite Aid，所以這部分銷量流向了其他地方，而我們可能會獲得更大的份額，因為我們最初是 0%，現在我們得到了一部分。

So that's a component of it. I, given the broad-based strength that we're seeing across different customers and different classes of trade, I don't think it's the primary driver by any sense, but it's one of a number of different items as it relates to policy changes, broadly speaking, I would step back and say that we're very much aligned with the administration's attempt to ensure that Americans have access to affordable, innovative healthcare.

這是其中的一個組成部分。鑑於我們在不同客戶和不同貿易類別中看到的廣泛優勢，我認為這絕不是主要驅動因素，但它是與政策變化相關的眾多因素之一。總的來說，我會退一步說，我們非常支持政府確保美國人能夠獲得負擔得起的創新醫療保健的努力。

And those policy changes which are still in the works in some cases being more defined than others, as long as it's achieving those objectives, that is, neutral to positive for the patient and for the industry and for us, because it drives utilization, the right type of utilization to solve and serve those patients and their needs, and so that's how we look at it and it's hard to define exact. What utilization does at the other end of whatever policy changes occur, and of course if price points come down and access to affordability then improve, then that may be good for us, but I think largely speaking we're seeing a fairly solid utilization environment and there's nothing we see at this moment that says that these policy changes will materially change that, but, hopefully continue on and serving those patient needs as we go forward.

這些政策變化仍在製定中，有些比其他政策變化更加明確，只要它們能夠實現這些目標，即對患者、行業和我們本身而言是中性或積極的，因為它們能夠推動利用，推動正確的利用方式來解決和滿足這些患者及其需求，這就是我們看待這個問題的方式，但很難給出確切的定義。政策變化最終會帶來怎樣的利用率變化，當然，如果價格下降，患者能夠負擔得起，那對我們來說可能是件好事。但總的來說，我認為我們目前看到的是一個相當穩定的利用率環境，目前沒有任何跡象表明這些政策變化會對此產生實質的影響。希望這種情況能夠持續下去，並在未來繼續滿足患者的需求。

Next question please.

下一個問題。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Good morning. Thanks for taking the question. Congrats on a nice quarter. Sorry just to keep harping on this, but as you think about what's embedded in your new growth outlook for the year for the pharmaceutical and specialty solution segment in particular, how do you feel about the call it.

早安.感謝您回答這個問題。恭喜你本季業績出色。很抱歉我一直糾纏這個問題，但是當您思考您今年針對製藥和特種解決方案領域的新增長展望中所包含的內容時，您對這個預測有何感想？

Build between what you can control, i.e., driving better penetration to your customers versus what you can't, i.e., just the market being incredibly strong.

在你能控制的因素（例如，提高客戶滲透率）和你無法控制的因素（例如，市場異常強勁）之間取得平衡。

The growth has been so significant. Obviously you put a lot of operational improvements in place in order to get you there. Just trying to further bifurcate out some of the dynamics that's leading to this significant outperformance. Appreciate it.

增長非常顯著。顯然，為了實現這一目標，你們採取了許多營運方面的改善措施。我只是想進一步分析導致這種顯著優異表現的一些動態因素。謝謝。

Yeah, let me start and see if I leave anything out that En can pile on. I think you asked the question the right way, Michael, we stay focused on what we can control, no doubt about it. We believe strongly that utilization is going to continue to be positive. To what degree we're not assuming that outside level of growth that that Aaron. Had referenced, but we expect it to be strong, stronger than what it has historically been, but not quite as strong as what it's been more recently.

好的，讓我先開始，看看我有沒有遺漏什麼，讓恩可以補充。邁克爾，我認為你問的問題很到位，我們當然要專注於我們能控制的事情，這一點毋庸置疑。我們堅信利用率將繼續保持積極態勢。我們並沒有假設亞倫的外在成長水準在多大程度上。之前已經提到過，但我們預計它會很強勁，比歷史上任何時候都強勁，但不會像最近一段時間那麼強勁。

So we are anticipating it's going to be strong, but our objective is to ensure that whatever that volume is, which we anticipate it still to be very growthy type of volume, that we translate that into fantastic service for customers, fantastic service ultimately to the patient. And growing the business financially, so we are focused to your point, you see a lot of what we talked about in our prepared comments this morning and more recent press releases.

所以我們預計業務量會很強勁，但我們的目標是確保無論業務量如何（我們預計業務量仍將保持高速增長），我們都能將其轉化為對客戶的優質服務，最終為患者提供優質服務。並且要實現業務的財務成長，所以我們非常關注您提到的這一點，您可以看到我們今天早上準備好的評論和最近的新聞稿中談到的很多內容。

We're investing heavily into our business organically and inorganically to ensure that we're we're satisfying fulfilling those needs, to ensure that we have the capacity, the service levels, the quality, the safety for our team of, best in class and how we operate and with that. I think that's attractive to customers. We think customers want to work with us because we really focus on the core of the business that is their core of their business. And when they see that, and that's an opportunity for us to continue to maintain and growth share.

我們正在透過有機成長和無機成長對我們的業務進行大量投資，以確保我們能夠滿足這些需求，確保我們擁有一流的產能、服務水準、品質、團隊安全以及我們的營運方式。我認為這對顧客很有吸引力。我們認為客戶之所以想與我們合作，是因為我們真正專注於他們業務的核心，也就是他們業務的核心。當他們看到這一點時，這對我們來說就是一個繼續保持和成長市場份額的機會。

So we are going to continue to stay focused on that and what we can control, and we think that will ultimately result in a positive outcome to what degree, that that's where we need to see exactly what happens with the underlying utilization.

因此，我們將繼續專注於我們能夠控制的事情，我們認為這最終會帶來正面的結果，至於結果能達到什麼程度，我們需要看看實際利用率究竟如何。

Next question, please.

下一個問題。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Good morning, guys. Thanks for taking the question, and Aaron, I'm going to take sources of the beat for 300.

各位早安。謝謝你回答這個問題，Aaron，我打算從300個節拍來源中尋找靈感。

So the implied growth rate in the core for the quarter, looked like it was about 15% or 16%, I'm sorry, that's for the year. I guess my question is. It seems like you're actually assuming a deceleration in the balance of the year, and I guess there's the M&A component of that, but I guess I'd like you to talk about the sustainability of the beat and Jason is kind of a sub question to that. I'd love you to talk about what we call Part B growth versus part D growth, and if you can spend any time on the differences between kind of like that provider facing specialty business versus the regular YRX business.

因此，本季核心業務的隱含成長率看起來大約是 15% 或 16%，抱歉，這是全年的成長率。我想問的是…看來你實際上是假設今年剩餘時間增速會放緩，我想這其中有併購因素，但我希望你談談這種趨勢的可持續性，而 Jason 的問題算是這個話題的一個子問題。我希望您能談談我們所說的 B 部分成長與 D 部分成長，如果您能抽出一些時間談談面向供應商的專業業務與常規 YRX 業務之間的區別就更好了。

Well, good morning. I appreciate the question. Look, what I can observe is we have a lot going on, as a business, and Jason just highlighted the fact that we're very focused on executing specific plans what gets measured gets done. We're very careful to tell you what we're going to do and then get to go do it within the portfolio as well.

早安.感謝您的提問。你看，我觀察到我們公司有很多事情要做，傑森也強調了這一點，我們非常注重執行具體的計劃，凡是能衡量的，就能完成。我們會非常謹慎地告訴您我們將要做什麼，然後也會在投資組合中付諸實行。

We have the demand strength that we've called out that we're going to be very careful to not get ahead of ourselves on, and we've been consistent in our approach there, but we also have the acquisitions coming as well. We'll be closing until there shortly. We'll be laughing so GIA and ION and on as we move into the back half.

我們已經指出了市場需求的強勁勢頭，但我們會非常謹慎，不會操之過急。我們在這方面一直堅持一貫的做法，同時也會進行收購。我們將暫時關門，直到那裡才會重新營業。我們會一直笑著，GIA 和 ION 等等，直到比賽進入後半程。

And so all I can really tell you from a cadence perspective is that we are comfortable and confident in the momentum we've seen, comfortable and confident in the guidance that we've provided, and we're going to do what we have to deliver against that effort, Jason.

所以從節奏的角度來看，我能告訴你的就是，我們對目前取得的進展感到滿意和自信，對我們提供的指導感到滿意和自信，我們將盡一切努力來實現這一目標，傑森。

Yeah. We've already provided a lot of insight into the drivers, George and I think it's safe to say broadly speaking with this. So we're not prepared to break it out even further, but nonetheless, it's safe to say we we've seen strength in all aspects there. Next question, please.

是的。我們已經對司機們進行了很多深入的分析，喬治，我認為可以比較肯定地說，總的來說是這樣。因此，我們暫不准備進一步細分，但儘管如此，可以肯定地說，我們已經看到各個方面都展現了實力。下一個問題。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

Thank you. Let's shift to the other segment, and if I'm reading you right, we're hearing here that there's both strength across all three businesses and then some earlier synergy realization as well as what you expected from ADS. So similar to what you walked around the other businesses, help us understand, maybe some of the cadence you saw in Q1 that pull through and then expectation for the remainder of the year.

謝謝。讓我們轉到另一個部分，如果我理解正確的話，我們在這裡聽到的是，這三項業務都表現出色，而且之前已經實現了協同效應，這也符合您對 ADS 的預期。所以，就像你之前走訪其他企業時看到的那樣，請幫助我們了解一下，你在第一季看到的哪些節奏能夠持續下去，以及對今年剩餘時間的預期。

Look, there's, it's hard not to be proud of what the other businesses have done during the Q1 with 60% of profit growth really driven across with the strong double-digit profit growth across the businesses. You'll see in our queue that, revenue was up dramatically across all three of the businesses at home was up 51% inclusive of the acquisition of ADHG. Nuclear is up 17%.

你看，其他業務在第一季取得的成就確實令人自豪，60% 的利潤成長實際上是由各業務強勁的兩位數利潤成長所推動的。您將在我們的隊列中看到，所有三項業務的收入都大幅成長，其中國內業務成長了 51%，包括收購 ADHG 的收入。核能上漲17%。

[O's] up at 21%. And, what that really goes to the fact that the business, businesses are both positioned well, and performing well. And to your point, the at-home acquisition of ADSG has certainly, they have leaned into the integration and we're. Very pleased with the synergies they are achieving quickly. I think Jason talked on our last news call about the fact that we are quickly moving volume from the third-party provider into our network.

[O] 上升至 21%。而這實際上意味著，企業，尤其是那些企業，都處於良好的市場地位，並且表現良好。正如您所說，ADSG 的本土收購確實已經取得了成功，他們也確實致力於整合，而我們也是如此。對他們迅速取得的綜效非常滿意。我認為傑森在上次新聞電話會議上談到了我們正在迅速將業務量從第三方供應商轉移到我們自己的網路。

Our revenues will go up 33% but only using 2% of our capacity. And we've commented that we have a detailed integration plan that is reasonable to achieve with potential upside, and we're starting to see the benefit in that across other.

我們的收入將成長 33%，但僅使用了 2% 的產能。我們已經表示，我們有一個詳細的整合計劃，該計劃是合理可行且具有潛在收益的，我們已經開始在其他方面看到好處。

I also should point out that within the at-home business we're seeing strength in areas that are core to who we are, urology, CGM, the intro category. Those are parts of the business that Cardinals are very focused on overall, and nuclear precision health certainly is seeing strong growth in the fair agnostics part of its portfolio which Jason referenced in his prepared remarks. Jason, you want that? Yeah.

我還應該指出，在家庭業務方面，我們看到一些核心領域表現強勁，例如泌尿科、CGM 和入門級產品。這些是 Cardinals 非常關注的業務領域，而核精準醫療在其產品組合的公平不可知論部分確實實現了強勁增長，Jason 在他的準備好的發言稿中也提到了這一點。傑森，你想要那個嗎？是的。

That's well said and at the high level I think answers the question. I guess when you think about the 38% revenue growth in the quarter and the 60% segment profit growth in the quarter. While we're not breaking out specifically ADS, what we are saying is that both the core, as well as the acquisition are significant contributors to both of those numbers.

說得很好，我認為從宏觀層面回答了這個問題。我想，當你考慮到本季 38% 的營收成長和本季 60% 的部門利潤成長時，就會明白這一點。雖然我們沒有具體列出 ADS 的數據，但我們想說的是，核心業務和收購業務都對這兩個數字做出了重大貢獻。

So it's not just the acquisition driving either one of those metrics. They're both very strong because of the acquisition as well as our core performance, and if they aren't highlighted. Within the other segment, each of the three businesses is performing strongly, growing strongly.

所以，推動這兩項指標的不僅是收購本身。由於收購以及我們的核心業績，它們都非常強勁，如果它們沒有被重點提及的話。在另一個板塊中，這三家企業都表現出色，並實現了強勁成長。

So overall, what I think is just so fantastic about this quarter for the other segment is that that broad strength that we're seeing across those businesses executing to the plans, the strategies, actions that we laid out.

總的來說，我認為本季其他業務部門最令人振奮的是，我們看到這些業務在執行我們制定的計劃、策略和行動方面都展現出了強大的實力。

Yeah, I did fail to mention the Optifreight business which continues to fire on all cylinders. Next question please.

是的，我確實忘了提及 Optifreight 的業務，它目前仍在高速運轉。下一個問題。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Good morning and thanks for taking the questions. One for Earn, Cardinal health brand growth in the quarter was over 6%. That's really nice growth. Can you talk a little bit about the types of products where demand is high and the runway to drive outs outside growth within that growing part of the business? Thanks.

早安，感謝各位回答問題。就 Earn 而言，Cardinal 健康品牌在本季的成長超過 6%。這是非常可觀的成長。您能否談談目前需求量大的產品類型，以及在業務成長的這一部分之外，還有哪些成長空間可以推動業務向外擴張？謝謝。

Sure, we're really pleased with the continued strength in the Carno Health brand business. The GMBD management team has invested significant efforts in that area, and the strength we're seeing is in clinically, in our clinically differentiated products. Which of course is part of the 5 point plan that Steve Mason walked through at our investor day, and we're looking to continue to invest in those areas as we carry forward. So I'm talking about compression, electrocardiography, surgical kitting, syringes, etc. That's really where we're seeing the growth with our existing customers. Next question please.

當然，我們對 Carno Health 品牌業務的持續強勁成長感到非常滿意。GMBD 管理團隊在該領域投入了大量精力，我們看到的優勢在於臨床方面，在於我們具有臨床差異化的產品。當然，這正是史蒂夫梅森在我們投資者日上闡述的五點計劃的一部分，我們將繼續在這些領域進行投資。所以我說的是壓縮設備、心電圖儀、手術器械包、注射器等等。這些才是我們現有客戶真正成長的領域。下一個問題。

Kevin Kaliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Thanks for taking my question. I want to dive a little bit more into what was driving the same surge in Eric unit growth is there a particular category that moved more? Is there prescribing habits that are changing, or is this are you getting better spreads for some reason? I'm just trying to understand a little bit what made it incrementally better for you if this was purely generics oral into pharmacies or whether there some biosimilar part of this as well.

謝謝您回答我的問題。我想更深入地探討是什麼因素推動了 Eric 銷量的激增，是否存在某個特定類別成長更為顯著？處方習慣是否發生了變化，還是因為某些原因導致藥品分銷情況有所改善？我只是想稍微了解一下，如果這只是純粹的口服仿製藥進入藥房，那麼是什麼讓您感覺有所改善，還是其中也包含一些生物相似藥成分。

The perspective I would start with is that we saw consistent market dynamics within our generic portfolio, as you often hear us talk about, we're managing the buy, sell, spread in that way and always seeking to achieve that consistent market dynamics. The generic success here is really driven by volume, right? And so consistent with the demand, we saw strong volume in the generic portfolio, and that certainly contributed to, the portfolio.

首先我想說的是，我們看到我們的通用產品組合呈現出一致的市場動態，正如你們經常聽到我們談論的那樣，我們以這種方式管理買入、賣出和價差，並始終尋求實現這種一致的市場動態。這種普遍現象的成功，實際上是由銷售驅動的，對吧？因此，與市場需求一致，我們看到通用藥品組合銷售強勁，這無疑對整個產品組合做出了貢獻。

Yeah, I, I'd add, we walked through an investor day that the next three years we see somewhat higher new, loss of exclusivity and branded products, new item launch. So that's something that we anticipate being a component of this, and that as a component of the $7 billion of carry over new customer. Revenue that we are projecting for this year, component of that, a small component of the revenue, more. Would be the side of that, so it's really a combination of. Next question, please.

是的，我還要補充一點，我們在投資者日上談到，未來三年我們預計新產品、獨家銷售權和品牌產品的推出數量會略有增加。所以，我們預計這將是其中的一部分，也是70億美元新增客戶的一部分。我們預計今年的收入，其中一部分，一小部分收入，更多。應該是那一邊，所以實際上是兩者的結合。下一個問題。

Eric Coldwell, Baird

埃里克·科德威爾，貝爾德

Well, the timing there is perfect. I think every one of my questions have been asked right right before now. I guess we'll come back to the biosimilar topic because yesterday there was a Washington presser on getting the regulatory environment and the industry more in line with investing in biosimilars. I think of, well over 100 biologics coming off patent in the next handful of years. There's only a small percentage of those that actually have biosimilars in development.

時機真是太好了。我覺得我提出的所有問題之前都已經被問過了。我想我們還會回到生物相似藥的話題，因為昨天在華盛頓舉行了一場新聞發布會，討論如何讓監管環境和產業更加協調一致，以投資生物相似藥。我認為，未來幾年內將有超過 100 種生物製劑的專利到期。只有一小部分藥物正在研發生物類似藥。

Are you thinking at all about the potential for many more of these biologics to actually start to see R&D and advancement of biosimilars based on some of the things happening in DC? Is that at all factored into your long-term vision? I know this is some more recent news from Washington, but I think it's been part of the policy chatter now for the better part of a year. So I'm just, I'm curious, how excited that, how exciting that might be for you.

您是否考慮過，基於華盛頓特區正在發生的一些事情，未來可能會有更多生物製劑開始進行研發，並開發出生物相似藥？你的長期規劃中是否考慮過這一點？我知道這是華盛頓最近的新聞，但我認為它已經成為近一年來政策討論的一部分了。所以我很好奇，這對你來說會有多興奮？

Well, that's that's a pretty good question, Eric, for how deep in the lineup you had to had to pull and get behind some of those other good questions. So yeah, biosimilars is definitely something that we have highlighted and stressed before as a contributor to our long-term plans and actions we see kind of irrespective of yesterday's announcement, we certainly see that biosimilars will. Be a continued tailwind for the industry and for us as we go forward, it's important to the access and affordability points that I made in my opening comments there.

嗯，艾瑞克，你問的這個問題很好，它涉及到了你必須深入到什麼程度才能回答其他一些好問題。所以，是的，生物相似藥絕對是我們之前強調過的，也是我們長期計畫和行動的重要組成部分。無論昨天的公告如何，我們都認為生物相似藥肯定會發揮作用。這對產業和我們未來的發展來說，將繼續起到順風作用，這對於我在開場白中提到的可及性和可負擔性方面至關重要。

So it's I guess not too much of a surprise administration is working on some additional actions to further facilitate that, to further improve that access and affordability and just like any other type of improvements there, anything that they can do to improve that, could be an opportunity for it, but it is just way too early to tell. I would like more than 24 hours to really understand better exactly what that means. Conceptually it's definitely not bad conceptionally it could be an opportunity, but to what degree we need to understand not only the details behind what exactly.

所以，政府正在採取一些額外措施來進一步促進這一點，進一步改善取得途徑和負擔能力，這並不令人意外。就像其他任何類型的改進一樣，任何有助於改善這一點的措施都可能是一個機會，但現在下結論還為時過早。我希望有超過24小時的時間來真正更好地理解這究竟意味著什麼。從概念上講，這絕對不是壞事，從概念上講，這可能是一個機會，但要達到什麼程度，我們需要了解的不僅僅是背後的具體細節。

This is, but more importantly, how will the industry react, because it does require, companies to make continued investments and, that is something that, this should improve some of those barriers and all things being equal should be more positive, but, let me come back at an appropriate time as we understand some of the details better. Next question, please.

但更重要的是，產業將如何反應？因為這確實需要企業持續投資，而這應該會改善一些障礙，在所有條件相同的情況下，結果應該會更加積極。但是，等我們更了解一些細節後，我會在適當的時候再來討論這個問題。下一個問題。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

Hi guys, thanks for taking the question and congrats on the quarter here. I wanted to focus back on the on boarding of the distribution businesses of your MSO acquisitions. first, just a clarifying question here when you talk about the accretion from ION and GIA, are you also including the accretion from on boarding the distribution businesses or do you view that as separately?

大家好，感謝你們回答這個問題，也恭喜你們本季取得好成績。我想重新聚焦於您收購MSO後分銷業務的整合問題。首先，我想澄清一下，當您談到ION和GIA帶來的收益成長時，您是否也包括整合分銷業務帶來的收益成長，還是您將其視為單獨的成長？

And my real question is you previously mentioned that you're on boarding the distribution business of Ion this quarter, starting in October, I think you mentioned, and then GIA on boards, in April 2026. I assume that's all baked into the guidance here. Can you just talk about how that's going versus your expectations and then as we think about Solaris's distribution, what do you think that could potentially come on Board? Thanks.

我的真正問題是，您之前提到過，您將在本季度（我認為您提到從 10 月開始）接管 Ion 的分銷業務，然後 GIA 將於 2026 年 4 月加入。我想這些內容都已經包含在這裡的指導原則中了。您能否談談目前的情況與您的預期有何不同？另外，考慮到 Solaris 的發行版，您認為哪些方面可能會有所改進？謝謝。

A couple of great questions. Let me seek to provide some clarity. In previous calls, we did provide an update on us gaining the distribution over the course of this fiscal year with respect to the ION and GIA portfolio, but that is going well. There is no one date per se, but the us taking on that distribution for ion and GIA in particular is included in the guidance updates that we've provided today.

兩個很好的問題。讓我來解釋一下。在先前的電話會議中，我們確實提供了關於本財年 ION 和 GIA 投資組合分配情況的最新信息，目前進展順利。雖然沒有確切的日期，但我們今天提供的指導更新中特別提到了美國將承擔離子和 GIA 的分銷工作。

The contrast is in connection with the Solaris transaction which we've not quite yet closed, and the updated guidance we've provided today, we're not yet complete in that process and while we expect the opportunity to be available to us, later this fiscal year, we are not in a position yet to provide an update to guidance inclusive of Cardinal Health gaining the distribution on the Solaris drug spend. Next question, please.

對比之處在於我們尚未完全完成的 Solaris 交易，以及我們今天提供的最新指引。我們尚未完成流程，雖然我們預計在本財年晚些時候會有機會，但我們目前還無法提供包含 Cardinal Health 獲得 Solaris 藥品支出分配在內的最新指引。下一個問題。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券。

Yeah, thanks. Good morning everybody. Congrats on the results as well. Yeah, I think all the questions on the farmer side have been pretty thoroughly addressed at this point, I guess just on the GMPD, one of your competitors, kind of divested their business recently. I'm wondering if that creates any opportunity for you if that changes the competitive landscape one way or the other. Just curious to get any quick thoughts on that that has any impact from your perspective. Thanks.

嗯，謝謝。大家早安。也恭喜你取得這樣的成績。是的，我認為目前關於農民方面的所有問題都已得到相當徹底的解答，我想只是關於GMPD，你們的競爭對手之一，最近剝離了他們的業務。我想知道，如果這改變了競爭格局，是否會為你帶來任何機會。只是好奇想聽聽你對此事的簡要看法，看看你從哪個角度來看，這件事會有什麼影響。謝謝。

Well, certainly it doesn't hurt because we've been very consistent with our customers and with the marketplace that, we're going to put service level and performance above and beyond anything else and we continue.

當然，這不會造成任何損害，因為我們一直對客戶和市場保持著非常一致的態度，那就是我們將服務水準和績效置於一切之上，我們將繼續這樣做。

In this business appropriately so, but also recognizing that it's still a turnaround, so we're investing in areas that are good for customers but also good for us and just like my commentary earlier on the pharma business, I think what we continue to do is focus on what we can influence the most, that level of performance, the level of quality, such that we are the, supplier of choice, the partner of choice for each and every one of those customers. Next question, please.

在這個行業，這樣做是恰當的，但我們也意​​識到這仍然是一個轉型期，所以我們正在投資那些對客戶有利、對我們自身也有好處的領域。就像我之前對製藥業的評論一樣，我認為我們將繼續專注於我們能夠影響最大的方面，即績效水平和品質水平，從而使我們成為每位客戶的首選供應商和首選合作夥伴。下一個問題。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Hey, thanks for the question. Congrats on the quarter. It's Jack Lebanon for Brian. Maybe a quick one just to dive deeper given all the talk on pharma. So just thinking about the MSO assets, is there any color you can give on where pharma spending within the MSO or drug spending with the MSO and trending or anything in terms of growth rates and color and how that might have moved recently, understanding that sort of deeper penetration on those in in sort of the other ologies or non-oncology specialties is sort of core of the thesis.

嘿，謝謝你的提問。恭喜你本季取得佳績。布萊恩的傑克·黎巴嫩。有鑑於最近關於製藥業的討論，或許可以快速深入探討。所以，就MSO資產而言，您能否提供一些關於MSO內部醫藥支出或MSO藥品支出情況以及增長率趨勢或任何相關信息，以及最近的變化情況？了解這些支出在其他學科或非腫瘤專科領域的更深層滲透是論點的核心。

Thanks. Yeah, well, as earn highlighted, we're seeing broad, specialty growth across many different therapeutic areas, specifically to your question on MSOs, what we've indicated before is that there's Very diverse revenue streams and so while the drug spend is a relevant point, it's still only a third of the MSO revenue combined with then the this visits, our priorities on the MSO continue to be autoimmune neurology and oncology.

謝謝。是的，正如 Earn 所強調的那樣，我們看到許多不同治療領域都出現了廣泛的專業增長，特別是關於 MSO 的問題，我們之前已經指出，收入來源非常多樣化，因此，雖然藥物支出是一個相關因素，但它仍然只佔 MSO 收入的三分之一，再加上就診次數，我們在 MSO 方面的重點仍然是自身免疫性神經病學和腫瘤學。

Those are all areas that are, fairly strong underlying volume and revenue growth and but they're not quite unique to the industry either because the specialty strength is broad. We're very pleased with the team and the progress that we're making to provide the capabilities and the services necessary for our position partners to be successful, and we're really pleased with the special lines in particular in the investments that we're making there, but we're just going to keep that.

這些領域都擁有相當強勁的潛在銷售和收入成長，但它們並非該行業獨有，因為專業優勢是廣泛的。我們對團隊以及我們在為合作夥伴提供成功所需的各項能力和服務方面所取得的進展感到非常滿意，尤其對我們在該領域的投資中的專項業務感到非常滿意，但我們只會繼續保持這種投資。

Thank you. And if you are currently no further questions, but this, I'll hand the call back over to Jason Hollar for closing remarks.

謝謝。如果目前您沒有其他問題，那麼我將把電話交還給傑森·霍拉，讓他做總結發言。

Great, yeah, thanks everyone for all the questions this morning and for your continued interest in Cardinal Health. Obviously, we're really pleased with the quarter, but as I highlighted before, really pleased that the breadth of the strength that we saw this quarter by the, each and every one of our five operating segments. Great start to the year, and we're going to keep focused on the continued execution of our strategy. So look forward to keeping you updated on our progress. Thanks again and have a great day.

太好了，謝謝大家今天早上提出的所有問題，也謝謝大家一直以來對康德樂的關注。顯然，我們對本季業績非常滿意，但正如我之前強調的，我們非常高興的是，本季我們五個營運部門的業績都表現出了強勁的勢頭。今年開局良好，我們將繼續專注於策略的持續執行。期待能及時向您報告我們的進展。再次感謝，祝您今天過得愉快。

Thank you. This concludes today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位的參與，女士們、先生們。您現在可以斷開連線了。