卡地納健康 (CAH) 2026 Q2 法說會逐字稿

Hello, and welcome to the second quarter fiscal year 2026 Cardinal Health Inc. earnings conference call. My name is Serge and I will be your co-ordinator for today's event. Please note that this conference is being recorded. (Operator Instructions)

大家好，歡迎參加 Cardinal Health Inc. 2026 財年第二季財報電話會議。我叫塞爾吉，我將擔任今天活動的協調員。請注意，本次會議正在錄影。（操作說明）

I will now hand you over to your host, Matt Sims, Vice President, Investor Relations, to begin today's conference.

現在我將把主持權交給今天的主持人，投資者關係副總裁馬特·西姆斯，由他來開始今天的會議。

Thank you.

謝謝。

Good morning, and welcome to Cardinal Health's second quarter fiscal '26 earnings conference call, and thank you for joining us. With me today are Cardinal Health's CEO, Jason Hollar; and our CFO, Aaron Alt. You can find this morning's earnings press release and investor presentation on the Investor Relations section of our website at ir.cardinalhealth.com.

早安，歡迎參加 Cardinal Health 2026 財年第二季財報電話會議，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 的投資者關係專欄中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. 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.

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。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。

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

接下來，我將把電話交給傑森。

Thanks, Matt, and good morning, everyone. We are pleased to report that the Cardinal Health team has delivered another excellent quarter, driven by broad-based performance across the enterprise. I am encouraged by our results, which are a direct reflection of our continued operating momentum and relentless commitment to serving our customers and driving our strategy forward.

謝謝馬特，大家早安。我們很高興地報告，在公司整體表現的推動下，康德樂醫療團隊又取得了一個出色的季度表現。我對我們的業績感到鼓舞，這直接反映了我們持續的營運動能以及我們為客戶服務和推進策略的不懈努力。

We have continued to prioritize strengthening our core and expanding in specialty, accelerating our other growth businesses and executing our GNPD turnaround. What stands out to me most in this quarter's performance is the balance of results across our portfolio as we achieved strong profit growth of at least double digits from all five of our operating segments.

我們持續優先強化核心業務並拓展專業領域，加速其他成長業務的發展，並執行 GNPD 轉型計畫。本季業績最令我印象深刻的是我們各個業務板塊的業績平衡，我們所有五個營運部門都實現了至少兩位數的強勁利潤成長。

Our performance was again led by strength in our Pharmaceutical and Specialty Solutions segment, where we continue to see a robust demand environment, coupled with strong operational execution. Our strategic focus on specialty is delivering tangible results. As we shared at a recent industry conference, we expect our specialty revenues will surpass $50 billion in fiscal '26, a testament to our progress in this high-growth, higher-margin space.

我們的業績再次得益於醫藥和特種解決方案部門的強勁表現，該部門持續保持強勁的需求環境，並擁有強大的營運執行力。我們專注於專業領域的策略正在取得實際成果。正如我們在最近的一次行業會議上所分享的那樣，我們預計我們的特種產品收入將在 2026 財年超過 500 億美元，這證明了我們在這一高成長、高利潤領域取得的進展。

Our MSO platforms continue to be a meaningful driver of our growth, in particular, led by the Specialty Alliance's leading multi-specialty platform. With the acquisition of the country's leading urology MSO, Solaris Health, officially completed in early November, we are positioned to further expand as we add additional practices and capabilities to our platform.

我們的 MSO 平台繼續成為我們成長的重要驅動力，尤其是由專科聯盟領先的多專科平台引領的成長。隨著對該國領先的泌尿科醫療服務組織 Solaris Health 的收購於 11 月初正式完成，我們將透過在我們的平台上增加更多實踐和能力，進一步擴大我們的規模。

Turning to our GMPD segment. We are pleased to report continued progress against our improvement plan initiatives. The team remains focused on driving Cardinal Health brand growth, where we continue to see positive results and simplification, which is driving improved operational health. Other growth businesses, at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics also again delivered a strong quarter.

接下來進入我們的GMPD板塊。我們很高興地報告，我們的改進計劃各項措施持續取得進展。團隊仍然專注於推動 Cardinal Health 品牌的成長，我們持續看到積極的成果和簡化，這正在推動營運狀況的改善。其他成長型企業，如居家解決方案、核能和精準醫療解決方案以及 OptiFreight Logistics，也再次取得了強勁的季度業績。

The performance of these businesses is driven by secular tailwinds, the strength of their value propositions and our focused long-term investments. Our second quarter performance gives us confidence as we move forward. And as a result, I'm pleased to share that we are again raising our outlook.

這些企業的表現得益於長期利好因素、其強大的價值主張以及我們專注的長期投資。第二季的業績讓我們對未來充滿信心。因此，我很高興地宣布，我們再次提高了預期。

With that, I'll turn it over to Aaron to go through the financials.

接下來，我將把財務報表交給亞倫來審核。

Thank you, Matt and good morning. We provided an interim update at a recent industry conference, but noted at the time that our books were still open for the second quarter. I'm now pleased to share the final details of our second quarter results, which reflect another period of exceptional execution and broad-based demand strength across our enterprise.

謝謝你，馬特，早安。我們在最近的一次行業會議上提供了中期更新，但當時指出，我們第二季的帳目仍然開放。現在我很高興與大家分享我們第二季業績的最終細節，這反映了我們公司又一個卓越的執行力和廣泛的市場需求強勁的時期。

Our performance demonstrates the resilience of our business model and the tangible benefits of our diversified portfolio as demonstrated by the significant earnings growth in all five of our operating segments. As a result of this momentum and factoring in our updated forecast for the remainder of the fiscal year, I'm also pleased to note that we are raising again our fiscal year 2026 earnings per share guidance.

我們的業績證明了我們商業模式的韌性以及我們多元化投資組合帶來的實際利益，這體現在我們所有五個營運部門的顯著獲利成長。鑑於這一發展勢頭，並考慮到我們對本財年剩餘時間的最新預測，我很高興地宣布，我們將再次提高 2026 財年每股收益預期。

Our new range is $10.15 to $10.35, up from the -- at least $10 interim guidance update. This updated outlook represents year-over-year EPS growth of 23% to 26%. Let us begin with the second quarter consolidated results, which are most easily explained with the observation that when revenue and gross margin grew faster than SG&A, positive progress is the result.

我們新的價格區間為 10.15 美元至 10.35 美元，比之前的臨時指導價格高出至少 10 美元。更新後的展望顯示，每股盈餘年增23%至26%。讓我們從第二季合併業績開始，最簡單的解釋是，當收入和毛利率成長速度超過銷售、一般及行政費用成長速度時，就會取得積極的進展。

Total revenue for the second quarter increased 19% to $66 billion. This top line expansion was primarily driven by continued strong demand within the Pharmaceutical and Specialty Solutions segment as well as others.

第二季總營收成長19%，達到660億美元。此次營收成長主要得益於醫藥和特種解決方案領域以及其他領域持續強勁的需求。

Gross margin dollars increased 24% to $2.4 billion, driven by favorable mix across our businesses. We remain disciplined with our cost structure even as we expand our capabilities and invest for the future. While SG&A expenses increased 16% to $1.5 billion, it is important to note that excluding the impact of recent acquisitions, our organic SG&A growth was more modest in the low single digits, and that the turnaround part of our business, GMPD, actually saw lower SG&A year-over-year from optimization efforts.

毛利成長 24% 至 24 億美元，這得益於我們各項業務組合的良好表現。即使在拓展自身能力和投資未來之際，我們仍將嚴格控製成本結構。雖然銷售、一般及行政費用增長了 16%，達到 15 億美元，但值得注意的是，如果不計入近期收購的影響，我們的有機銷售、一般及行政費用增長較為溫和，僅為個位數低段；而且，我們業務的轉型部分 GMPD 通過優化措施，其銷售、一般及行政費用實際上同比有所下降。

The combination of robust growth and disciplined expense management resulted in operating earnings of $877 million at the total enterprise level, an increase of 38% compared to the prior year period. Moving below the operating line. Interest and other expense increased to $77 million compared to $38 million in the prior year.

強勁的成長和嚴格的費用管理相結合，使公司整體的營業利潤達到 8.77 億美元，比上年同期成長 38%。低於運行線。利息和其他支出增加至 7,700 萬美元，而前一年為 3,800 萬美元。

This increase was driven primarily by the financing costs associated with our announced acquisitions, including the Solaris Health transaction, which we were excited to close during the quarter. Our effective tax rate for the quarter was flat at 21.4%. Average diluted shares outstanding were $237 million, a decrease of 2% from the prior year. In the quarter, we repurchased $375 million in shares, reaching our full year fiscal '26 target for baseline share repurchase of $750 million.

這一成長主要是由於與我們宣布的收購相關的融資成本，包括我們很高興在本季完成的 Solaris Health 交易。本季實際稅率維持在 21.4% 不變。平均稀釋後流通股數為 2.37 億美元，較上年減少 2%。本季度，我們回購了價值 3.75 億美元的股票，達到了 2026 財年全年 7.5 億美元的基準股票回購目標。

Our weighted average price on these repurchases has been $173 per share. The net result for the quarter was non-GAAP diluted EPS of $2.63, an increase of 36% compared to $1.93 in the second quarter of last year. Now let's turn to the segment results, starting with Pharmaceutical and Specialty Solutions. Revenue for the segment increased 19% to $61 billion.

我們此次回購的加權平均價格為每股 173 美元。本季淨業績為非GAAP稀釋後每股收益2.63美元，比去年第二季的1.93美元成長了36%。現在讓我們來看看各個細分市場的結果，首先是製藥和特殊解決方案。該業務板塊的營收成長了 19%，達到 610 億美元。

This growth was driven by both existing and new customers, and we observed a continuation of strong pharmaceutical demand across the portfolio. This included approximately 6 percentage points of revenue growth from GLP-1 sales. Segment profit increased 29% to $687 million. This significant profit expansion was driven by contributions from brand and specialty products our MSO platforms and positive results within our generics program.

這一成長是由現有客戶和新客戶共同推動的，我們觀察到整個產品組合的藥品需求持續強勁。這其中包括 GLP-1 銷售額約 6 個百分點的收入成長。分部獲利成長29%，達到6.87億美元。利潤大幅成長主要得益於我們MSO平台旗下品牌和特藥產品的貢獻，以及我們仿製藥計畫的正面成果。

We experienced consistent market dynamics in our Red Oak enabled generics program. And once again, we saw healthy generic unit growth that exceeded our long term expectations. Furthermore, these results benefited from our continuous focus on efficiency initiatives across our distribution network. Our teams are leveraging our investments in technology infrastructure, such as the Ventus HQ e-commerce platform to drive customer efficiency and streamline our operations, which directly supports our margin profile.

我們在 Red Oak 支持的仿製藥項目中經歷了持續的市場動態。我們再次看到仿製藥銷量健康成長，超過了我們的長期預期。此外，這些成果也得益於我們持續關注整個分銷網絡的效率提升措施。我們的團隊正在利用我們在技術基礎設施方面的投資，例如 Ventus HQ 電子商務平台，來提高客戶效率並簡化我們的運營，這直接支持了我們的利潤率。

Moving to the GMPD segment. Revenue increased 3% to $3.3 billion, driven by volume growth from our existing customer base. We were particularly pleased with the performance of our Cardinal Health brand portfolio, which saw revenue growth of 10% in the United States.

接下來進入GMPD部分。營收成長 3% 至 33 億美元，主要得益於現有客戶群的銷售成長。我們對 Cardinal Health 品牌組合的表現尤其滿意，該品牌在美國的收入成長了 10%。

It is worth noting that we estimate 3 percentage points to 4 percentage points of this growth in the quarter was driven by the timing of inventory restocking by other distributors, which we anticipate offsetting in Q3. Segment profit for GMPD increased to $37 million compared to $18 million in the prior year period. This improvement was driven by volume growth from existing customers and the realization of benefits from our cost optimization initiatives.

值得注意的是，我們估計本季成長的 3 個百分點到 4 個百分點是由其他經銷商的庫存補貨時間所推動的，我們預計這將在第三季被抵銷。GMPD部門獲利從上年同期的1,800萬美元增加至3,700萬美元。這項改善得益於現有客戶的業務量成長以及成本優化措施帶來的效益實現。

These positive drivers were partially offset by the adverse net impact of tariffs. Despite the tariff headwind, the segment's transitioned from past challenges to solid profitability is evident, and we remain committed to the improvement plan initiatives that focus on growing Cardinal Health brand, enhancing our supply chain and simplifying operations.

這些正面因素部分被關稅帶來的不利淨影響所抵消。儘管面臨關稅方面的不利因素，但該業務板塊已從過去的挑戰中轉型為穩健的盈利能力，這一點顯而易見。我們將繼續致力於改進計劃，重點發展 Cardinal Health 品牌、增強供應鏈和簡化營運。

Now let us discuss our other growth businesses, Nuclear and Precision Health Solutions, atHome Solutions and OptiFreight Logistics. Revenue increased 34% to $1.7 billion, driven by strong demand across all three businesses and the contribution from the acquisition of Advanced Diabetes Supply or ADS. Segment profit increased 52% to $179 million.

現在讓我們來討論一下我們其他的成長業務，包括核能和精準醫療解決方案、居家解決方案和OptiFreight物流。受三大業務強勁需求以及收購 Advanced Diabetes Supply (ADS) 的貢獻推動，營收成長 34% 至 17 億美元。分部利潤成長 52%，達到 1.79 億美元。

This impressive growth was driven by strong underlying performance across all 3 businesses as well as the acquisition of ADS. The integration of ADS into our at-Home Solutions business continues to progress well. This combination has created a powerful platform for patients with chronic conditions, and we are seeing the benefits of our dual strategy as both a direct-to-home distributor and a direct provider.

這一令人矚目的成長得益於所有 3 項業務的強勁基本面表現以及對 ADS 的收購。ADS 與我們家庭解決方案業務的整合進展順利。這種組合為慢性病患者創造了一個強大的平台，我們正在看到我們作為直接面向家庭的經銷商和直接供應商的雙重策略帶來的好處。

In Nuclear and Precision Health Solutions, we were pleased to see continued momentum in our theranostics offerings with revenue growth exceeding 30%. Our leadership in the radiopharmaceutical space and our end-to-end service capabilities continues to resonate with pharmaceutical partners and providers alike.

在核能和精準醫療解決方案領域，我們很高興地看到我們的診療一體化產品持續保持成長勢頭，收入成長超過 30%。我們在放射性藥物領域的領先地位以及我們的端到端服務能力，持續受到製藥合作夥伴和供應商的認可。

OptiFreight Logistics also delivered an exceptional quarter. welcoming new customers to our logistics management program and helping current customers succeed in expanding utilization of our program drove significant growth in inbound and outbound shipments.

OptiFreight Logistics本季也取得了卓越的表現。我們歡迎新客戶加入我們的物流管理計劃，並幫助現有客戶成功擴大計劃的使用範圍，這顯著推動了進出貨物的大幅成長。

As a result, the business was able to grow revenues by over 30% this quarter, further validating our position as the leader in health care logistics management. Turning to the balance sheet and cash flow. Year-to-date, we've now generated $1.8 billion in adjusted free cash flow. Our teams continue to focus on working capital efficiency to support our capital deployment priorities. We ended the quarter with a cash position of $2.8 billion.

因此，本季公司營收成長超過 30%，進一步鞏固了我們作為醫療保健物流管理領域領導者的地位。接下來來看資產負債表和現金流量表。今年迄今為止，我們已產生 18 億美元的調整後自由現金流。我們的團隊將繼續專注於提高營運資金效率，以支持我們的資本部署重點。本季末，我們的現金儲備為28億美元。

Regarding capital allocation, we deployed significant capital during the quarter to drive value for shareholders and invest in our future. Year-to-date, we've invested approximately $240 million back into the business through capital expenditures to support our organic growth initiatives.

在資本配置方面，我們在本季度投入了大量資金，以創造股東價值並投資於我們的未來。今年迄今為止，我們已透過資本支出向業務投入了約 2.4 億美元，以支持我們的有機成長計劃。

We've also returned $1 billion to shareholders so far this year comprised of approximately $250 million in dividends and, as mentioned, $750 million through accelerated share repurchase programs. We accomplished all of this and still closed the quarter with a Moody's adjusted leverage ratio of 3.2 times, which is back within our targeted range of 2.75 times to 3.25 times. We achieved this target well ahead of schedule, and that provides us with flexibility to assess opportunities consistent with our disciplined capital allocation framework.

今年到目前為止，我們已經向股東返還了 10 億美元，其中包括約 2.5 億美元的股息，以及如前所述，透過加速股票回購計畫返還的 7.5 億美元。我們完成了所有這些工作，本季末穆迪調整後的槓桿率為 3.2 倍，這又回到了我們 2.75 倍至 3.25 倍的目標範圍內。我們提前完成了這一目標，這使我們能夠靈活地評估符合我們嚴謹的資本配置框架的各種機會。

I will now highlight our updated fiscal year '26 guidance. With two strong orders behind us and signs of continued momentum across our portfolio, we are raising again our outlook for the full year to a new range of $10.15 to $10.35. In the Pharma segment, our revenue guidance remains unchanged. Our prior guidance had already contemplated an anticipated impact from manufacturer list price decreases associated with IRA.

接下來，我將重點介紹我們更新後的 2026 財年業績指引。鑑於我們已獲得兩筆強勁訂單，且旗下所有業務均呈現持續成長勢頭，我們將全年業績預期再次上調至每股收益 10.15 美元至 10.35 美元的新區間。在製藥領域，我們的營收預期保持不變。我們先前的指導意見已經考慮到了與 IRA 相關的製造商標價下降可能帶來的影響。

For Pharma segment profit, we are pleased to raise our outlook to a range of 20% to 22% growth, up from the prior range of 16% to 19%. This increase reflects the strength we have seen year-to-date and the confidence we have in the continued performance of our largest operating segment. As we've previously highlighted, in the second half of fiscal '26, we annualized the $10 billion of new customer revenue that we onboarded last year as well as the prior acquisitions of ION and GIA while also benefiting from Solaris contributions this year.

對於製藥業務的利潤，我們很高興地將成長預期從先前的 16% 至 19% 上調至 20% 至 22%。這一成長反映了我們今年迄今所取得的強勁業績，以及我們對最大營運部門持續表現的信心。正如我們之前所強調的那樣，在 2026 財年下半年，我們將去年新增的 100 億美元客戶收入以及先前收購的 ION 和 GIA 的收入計入年化，同時也受益於 Solaris 今年的貢獻。

Although we aren't assuming the same level of outsized demand to persist for the balance of the year, we have incorporated some of the recent strength and anticipate mid-teens profit growth in the second half of the year. In the GMPD segment, we are updating our revenue outlook to 1% to 3% growth. On GMPD segment profit, we are raising our guidance to approximately $150 million.

雖然我們預計今年剩餘時間不會持續出現同樣強勁的需求，但我們已經將近期的一些成長勢頭納入考量，並預計下半年利潤將實現兩位數中段的成長。在 GMPD 業務板塊，我們將營收預期更新為成長 1% 至 3%。關於 GMPD 業務部門的利潤，我們將預期上調至約 1.5 億美元。

This raised outlook reflects the continued progress our team is making against the GMPD improvement plan, including with Cardinal Health brand. As I mentioned when reviewing the GMPD Q2 results, some of the outperformance in Q2 was attributed to the timing of Cardinal Health brand distributor buying patterns, which we anticipate will normalize in Q3.

這項提升的預期反映了我們的團隊在 GMPD 改善計畫方面取得的持續進展，包括與 Cardinal Health 品牌的合作。正如我在回顧 GMPD 第二季度業績時所提到的，第二季度的部分超額收益歸因於 Cardinal Health 品牌分銷商的購買模式的時間安排，我們預計這種情況將在第三季度恢復正常。

We continue to anticipate sequential profit growth from Q3 to Q4. In our other growth businesses, our revenue guidance remains unchanged at 26% to 28% growth. We are increasing our segment profit guidance for other to a range of 33% to 35% growth up from the prior range of 29% to 31%.

我們繼續預期第三季到第四季獲利將季增。在其他成長型業務方面，我們的營收預期保持不變，仍為 26% 至 28% 的成長。我們將其他業務部門的利潤預期從先前的 29% 至 31% 上調至 33% 至 35%。

This revision is driven by the strong performance across all three growth businesses to date. As you model the remainder of the year, please remember that we will lap the acquisition of ADS in our fourth quarter. Additionally, we will face more difficult comparisons in our nuclear business in the third quarter as we begin to lap some of the robust theranostics growth that we experienced a year ago.

此次調整是基於三大成長業務迄今的強勁表現。在對今年剩餘時間進行建模時，請記住，我們將在第四季度完成對 ADS 的收購。此外，由於我們開始逐漸失去一年前強勁的診療一體化成長勢頭，第三季我們在核能業務方面將面臨更嚴峻的比較情勢。

Moving below the operating line, we are lowering our outlook for our effective tax rate by 1 percentage point to a range of 21% to 23%, down from the prior outlook of 22% to 24%. This improvement reflects our first half performance and the expectations of positive discrete items in the back half of fiscal 2026.

在營運層面，我們將實際稅率預期下調 1 個百分點至 21% 至 23%，低於先前的 22% 至 24% 的預期。這項改善反映了我們上半年的業績，以及對 2026 財年下半年各項利好項目的預期。

We are also updating our share count assumptions reflecting our Q2 accelerated share repurchase program. We are lowering our outlook for diluted weighted average shares to a range of 237 million to 238 million shares from approximately 238 million shares. Finally, regarding adjusted free cash flow, we continue to anticipate robust adjusted free cash flow generation between $3 billion and $3.5 billion for the year.

我們同時也在更新股份數量假設，以反映我們第二季加速的股份回購計畫。我們將稀釋後加權平均股數的預期從約 2.38 億股下調至 2.37 億股至 2.38 億股。最後，關於調整後的自由現金流，我們繼續預計今年將產生強勁的調整後自由現金流，介於 30 億美元至 35 億美元之間。

In conclusion, our second quarter results demonstrate that Cardinal Health is executing effectively on its strategy. We are strengthening our core distribution business, while aggressively expanding in higher-margin areas such as specialty and our other growth businesses. We remain focused on operational excellence, simplification and delivering value to our customers and partners.

總之，我們第二季的業績表明，康德樂公司正在有效地執行其策略。我們正在加強核心分銷業務，同時積極拓展利潤率更高的領域，例如特種產品和其他成長型業務。我們將繼續專注於卓越營運、簡化流程，並為我們的客戶和合作夥伴創造價值。

Our updated guidance reflects our confidence in the remainder of the fiscal year and our ability to navigate the dynamic health care environment. We are well positioned to deliver sustainable growth and long-term value for our shareholders.

我們更新後的指導意見反映了我們對本財年剩餘時間的信心，以及我們應對瞬息萬變的醫療保健環境的能力。我們具備實現永續成長和為股東創造長期價值的良好條件。

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

這樣，我就把電話轉回給傑森了。

Thanks, Aaron. Our strategy within Pharmaceutical and Specialty Solutions remains clear and the team's consistent execution gives us confidence in the long-term potential ahead. We continue to prioritize the core and the investments in our footprint and technology have contributed to improved service levels, including a 10% improvement over the past 2 years, setting a new benchmark for product availability.

謝謝你，亞倫。我們在醫藥和特殊解決方案領域的策略依然清晰，團隊的持續執行力讓我們對未來的長期潛力充滿信心。我們繼續優先發展核心業務，對業務佈局和技術的投資提高了服務水平，包括在過去兩年中提高了 10%，為產品可用性樹立了新的標竿。

In Specialty, we are seeing growing contributions across specialty distribution, our MSL platforms and biopharma solutions. Our acquisition of Solaris Health is already gaining momentum in the market with the addition of our first urology practice under this new structure in Michigan.

在專科領域，我們看到專科分銷、我們的 MSL 平台和生物製藥解決方案的貢獻都在不斷增長。我們對 Solaris Health 的收購已經在市場上獲得了發展勢頭，我們在密西根州以這種新架構下開設了第一家泌尿科診所。

Moving upstream to a key part of our specialty growth, biopharma solutions. We are pleased to highlight that a number of key manufacturer partners have recently selected our Sonexus access and patient support business to support their hub programs totaling over 1 million new patients served. These wins were enabled by our significant investments to digitize the patient support journey.

向上游拓展，進入我們專業成長的關鍵領域—生物製藥解決方案。我們很高興地宣布，近期許多重要的製造商合作夥伴選擇我們的 Sonexus 准入和患者支援業務來支持他們的中心項目，這些項目總共服務了超過 100 萬名新患者。這些勝利得益於我們對病患支援流程數位化的巨額投資。

We're seeing similar momentum in our leading 3PL business, where we continue to partner with manufacturers in the commercialization of their specialty therapies. As an example, in calendar '25, our business supported roughly half of all new product launches that utilize the 3PL.

我們在領先的第三方物流業務中也看到了類似的成長勢頭，我們繼續與製造商合作，實現其特殊療法的商業化。例如，在 2025 年，我們的業務支援了大約一半使用 3PL 的新產品發布。

Turning to GMPD. Our improvement plan initiatives are yielding tangible results. We remain focused on simplification while continuing to invest in our network and are encouraged by the positive trends within the Cardinal Health branded portfolio. This is particularly evident in our more clinically differentiated product categories where innovation remains central to our product portfolio.

轉向大曼徹斯特警察局。我們的改進計劃正在取得切實成效。我們將繼續專注於簡化流程，同時繼續投資於我們的網絡，並對 Cardinal Health 品牌組合的積極趨勢感到鼓舞。這一點在我們臨床差異化程度較高的產品類別中尤其明顯，創新仍然是我們產品組合的核心。

For example, the SmartFlow intermittent pneumatic compression device designed to reduce the risk of deep vein thrombosis has had a very positive market response with volume exceeding our launch expectations. Now turning to our other growth businesses where we remain encouraged by both the momentum in the results and strong positioning for future growth. Increasingly, we see additional points of connectivity across nuclear, at-Home Solutions and OptiFreight and an ability to leverage the full strength of our enterprise portfolio.

例如，旨在降低深部靜脈栓塞風險的 SmartFlow 間歇性氣動加壓裝置獲得了非常積極的市場反響，銷售量超過了我們的預期。現在讓我們來看看我們其他的成長型業務，這些業務的業績動能和未來成長的良好基礎都讓我們倍感鼓舞。我們越來越看到核能、家庭解決方案和 OptiFreight 之間的更多連接點，並能夠充分利用我們企業產品組合的全部優勢。

Nuclear and Precision Health Solutions continues to outpace the market, backed by our differentiated offerings and our team's deep expertise. I'm pleased to share that nuclear recently conducted their 2025 customer survey and again earned a Net Promoter Score well above the industry average, a clear reflection of the reliability, adaptability and cutting-edge technology we deliver to customers.

核能與精準醫療解決方案憑藉著我們差異化的產品和服務以及團隊深厚的專業知識，持續超越市場平均水準。我很高興地宣布，核能部門最近進行了 2025 年客戶調查，再次獲得了遠高於行業平均水平的淨推薦值，這清楚地反映了我們為客戶提供的可靠性、適應性和尖端技術。

Our performance is driven by our unique end-to-end capabilities and strong demand for theranostics, which again delivered over 30% revenue growth for the quarter. The expansion of these products has meaningful impact for our customers and the patients they serve and we will continue to invest to support the business growth of the more than 70 products in our pipeline, which is largely dominated by novel theranostics in the areas of oncology and urology.

我們的業績得益於我們獨特的端到端能力和對診療一體化的強勁需求，這再次為本季度帶來了超過 30% 的收入成長。這些產品的擴展對我們的客戶及其服務的患者俱有重要意義，我們將繼續投資以支持我們研發管線中 70 多種產品的業務成長，這些產品主要以腫瘤學和泌尿學領域的新型診療產品為主。

We continue to see opportunities for greater connectivity between our nuclear business and our MSO and specialty businesses, aided by industry shifts driving greater demand for precision medicine. We are uniquely positioned to equip community practices with the know-how to establish and manage the theranostics program to accelerate adoption.

我們持續看到，在產業變革推動精準醫療需求不斷增長的背景下，我們的核能業務與MSO和專業業務之間將存在更大的聯繫。我們擁有獨特的優勢，可以為社區診所提供建立和管理治療診斷項目的專業知識，從而加速其普及應用。

Within at-Home Solutions, the demand environment continues to be strong, supported by the shift of care to the home. We are executing a smooth and efficient integration of ADS, positioning us for long-term growth. We see synergistic opportunities with our large core Pharma and Specialty Solutions business with the latest example seen in the announcement of our continued care pathways program.

居家照護解決方案領域的需求環境依然強勁，這得益於護理服務轉移到家庭的趨勢。我們正順利且有效率地整合ADS，為長期發展奠定基礎。我們看到，這與我們龐大的核心製藥和特殊解決方案業務存在協同效應，最近的例子就是我們宣布的持續護理路徑計劃。

This program leverages the full Cardinal Health portfolio to simplify diabetes supply management for partner pharmacies and patients, which is already supporting over 11,000 pharmacies today with more opportunities in the pilot testing phase. We are pleased to announce a key partnership with public supermarkets, a recent new customer in our pharma business to further expand our reach.

該計劃利用 Cardinal Health 的全部產品組合，簡化合作藥房和患者的糖尿病用品管理，目前已為超過 11,000 家藥房提供支持，試點測試階段還有更多機會。我們很高興地宣布與公共超市建立重要的合作關係，這是我們醫藥業務最近的新客戶，這將進一步擴大我們的業務範圍。

Finally, OptiFreight Logistics continues to demonstrate its market-leading value proposition. With ongoing investments in our proprietary technology driven platform, Total View Insights, we see long-term potential to deliver cost savings, transparency and operational efficiency for our customers.

最後，OptiFreight Logistics 持續展現其市場領先的價值主張。透過對我們專有的技術驅動平台 Total View Insights 的持續投資，我們看到了為客戶節省成本、提高透明度和營運效率的長期潛力。

We are also making strong progress with new customer-centric technology to expand our presence in the pharmacy space as we continue to drive core growth and tech forward transformation. In closing, we have great confidence in the resilience of our business model and our essential position as the backbone of the US health care system, delivering daily to tens of thousands of locations with products sourced from several thousand manufacturers.

我們也在以客戶為中心的新技術方面取得了顯著進展，以擴大我們在藥房領域的業務，同時我們將繼續推動核心成長和技術前沿轉型。最後，我們對自身商業模式的韌性以及作為美國醫療保健系統支柱的重要地位充滿信心，我們每天向數萬個地點提供來自數千家製造商的產品。

This vital role was on full display during the recent storms that impacted much of the United States, where the Cardinal Health team demonstrated its extraordinary commitment to ensuring critical products and services reach customers and patients. The team's commitment and actions are instrumental to our success, and we're deeply grateful for their contributions.

在最近影響美國大部分地區的風暴中，Cardinal Health 團隊充分展現了其至關重要的作用，他們表現出非凡的決心，確保關鍵產品和服務能夠送達客戶和患者手中。團隊的投入和行動對我們的成功至關重要，我們非常感謝他們的貢獻。

As we move into the back half of the fiscal year, the momentum across our business reinforces our belief in the opportunities in front of us and gives us confidence in our ability to continue delivering sustainable value creation.

隨著我們進入本財年的下半年，我們業務的良好發展勢頭增強了我們對眼前機會的信心，也讓我們有信心繼續創造可持續的價值。

With that, we will take your questions.

接下來，我們將回答您的問題。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Great. Thanks for taking my question. So can you unpack or break down some of the components of the profit performance in Pharma Solutions? And can you break down what's organic versus inorganic? And for the balance of the year, what's implied in terms of that underlying organic growth in the second half?

偉大的。謝謝您回答我的問題。那麼，您能否詳細分析醫藥解決方案業務的獲利表現組成？可以解釋一下什麼是有機物，什麼是無機物嗎？那麼，就今年剩餘時間而言，下半年的潛在有機成長意味著什麼？

And just that underlying demand trend, I think you commented on that in your prepared remarks, how do you think about that continued underlying strength and stability of the business from a utilization term perspective as well as strength in specialty?

而就這種潛在的需求趨勢而言，我認為您在準備好的發言稿中也提到了這一點，您如何看待從利用期限和專業領域來看，業務持續的潛在實力和穩定性？

Thanks.

謝謝。

Good morning. Erin, thank you for the question. We saw momentum in the quarter within the Pharma business, as we've seen in the last several quarters with strong demand really across all categories and parts of the business, brand, specialty, consumer generics. You saw the significant revenue growth and profit growth as well. It's really driven in particular by -- on the profit line by specialty, right, trending above historical levers.

早安.艾琳，謝謝你的提問。本季度，我們看到醫藥業務發展勢頭強勁，正如過去幾個季度所見，所有類別和業務部門（品牌藥、專科藥、消費者仿製藥）的需求都非常強勁。您也看到了營收和利潤的顯著成長。尤其受到以下因素的驅動——按專業劃分的利潤線，對吧，趨勢高於歷史水平。

As we talked about at JPMorgan, we're going to be above the $50 billion for the year there. Seeing strength in the key priority areas, urology, oncology, nice strength within the biopharma parts of the business as well. You've heard us talk about the Sonexus. We saw the contributions we expected from the MSOs, and we're pleased to close the Solaris transaction in November.

正如我們在摩根大通討論的那樣，我們今年的業績將超過 500 億美元。在泌尿科、腫瘤科等重點優先領域，以及生物製藥業務方面，公司都展現了強大的實力。你們都聽我們說過 Sonexus 了。我們看到了MSO的預期貢獻，我們很高興在11月完成了Solaris的交易。

So we got 2 months of benefit in the quarter there. But I want to emphasize the contributions in the quarter from the MSOs were consistent with our expectations. We really saw a strong core growth. Generics is always a positive or has always been a positive story for us when we see growing volumes, which we saw and consistent market dynamics, which we saw, right, that is certainly a nice contributor to the underlying business.

所以，我們那一季獲得了兩個月的福利。但我想強調的是，本季MSO的貢獻與我們的預期一致。我們確實看到了強勁的核心成長。對我們來說，仿製藥始終是一個正面的訊號，或者說一直是個正面的訊號。我們看到銷售量不斷成長，市場動態也保持穩定，這無疑對公司的基本業務做出了良好的貢獻。

And of course, you can't get past just strong execution by our operations teams in the quarter as well. As we think about where pharma goes from there and the guide for the rest of the year, I guess, I'd observed that the raise to our guide is really driven by both reflecting the strong Q2 performance and improved expectations as we carry forward, particularly in the core part of the business.

當然，這也不能忽視我們營運團隊在本季出色的執行力。當我們思考製藥業未來的發展方向以及今年剩餘時間的業績指引時，我認為，我們上調業績指引的真正驅動力在於：一方面反映了第二季度強勁的業績，另一方面也反映了我們未來發展，特別是核心業務方面，預期有所提高。

We do have higher growth in H1 than we have called, we called mid-teens profit growth in the back half. And that's not a deceleration of expectation on demand. It's rather the observation that as part of our guidance along, we've referenced the fact that we'll be lapping $10 billion of new customers in the back half from last year and lapping of course, ION and GIA, which we acquired in the second half last year with some benefit from Solaris not being in the portfolio.

我們上半年的成長確實高於預期，我們先前預測下半年的獲利成長率為15%左右。但這並不代表需求預期有所放緩。更確切地說，我們觀察到，作為我們業績指引的一部分，我們提到，我們將在下半年新增價值 100 億美元的客戶，當然，還將超過去年下半年收購的 ION 和 GIA，這得益於 Solaris 不在我們的投資組合中。

We are assuming strong -- stronger demand, if you will. As we called out in my prepared remarks, we did raise our expectation in part based on demand we're seeing but we are not calling outsized demand. That would be an opportunity, and that's consistent with our guidance philosophy from prior quarters as well.

我們預期需求強勁——或者說，需求會更加旺盛。正如我在事先準備好的演講稿中提到的，我們確實提高了預期，部分原因是基於我們所看到的需求，但我們並不認為需求過大。那將是一個機會，也與我們前幾季的指導理念一致。

And lastly, I would observe that we are not assuming as is our practice, that the Solaris distribution moves over to Cardinal Health, that if that were to come to us, it would be towards the end of our fiscal year, so that is not baked in.

最後，我想指出，我們並沒有像往常那樣假設 Solaris 發行版會轉移到 Cardinal Health，即使它真的轉移到我們這裡，那也應該是在我們財政年度的末期，所以這還沒有被納入考慮範圍。

Jason, anything you want to add?

傑森，你還有什麼要補充的嗎？

Yeah. I would just -- I know this question will probably come up a variety of different ways. I think it is helpful to remind you all what we said in the last call is still pretty consistent with our current expectations that M&A for the pharma business is expected to be about 8% of our total growth for the full year.

是的。我知道這個問題可能會以各種不同的方式被提出。我認為有必要提醒大家，我們在上次電話會議中所說的內容仍然與我們目前的預期基本一致，即醫藥業務的併購預計將占我們全年總增長的 8% 左右。

So that's the same ballpark that we're anticipating today and can help you kind of piece together all those different elements. But definitely very pleased with the core performance of the business, not just the pharma business, but throughout the other operating segments.

所以，這和我們今天預期的大致範圍相同，可以幫助你將所有這些不同的因素拼湊起來。但我對公司的核心業務表現非常滿意，不僅是製藥業務，也包括其他所有營運部門。

So while M&A has been a nice accelerator of our strategy, what we've continued to demonstrate is that the core is strong and our organic core investments and priorities continue to drive the business forward as well.

因此，儘管併購很好地加速了我們的策略，但我們不斷證明的是，核心實力雄厚，我們的有機核心投資和優先事項也繼續推動業務向前發展。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Hi guys, good morning. Congrats on the quarter. I was wondering if you could maybe parse apart the other segment a little bit. Is ADSG sort of performing in ahead of your expectations in terms of how you thought that sort of full first year performance would be?

大家好，早安。恭喜你本季取得佳績。我想問您是否可以稍微分析一下另一部分內容。ADSG 的表現是否超出了您的預期，與您預想的第一年業績相比，是否有些出乎意料？

How would you -- is it sort of improved competitive position? You talked about some of the underlying dynamics in nuclear. So I'm just maybe trying to parse apart on the sort of three underlying business levels, some of that outperformance there as that was obviously a very nice result in the quarter.

您認為這算是一種提升競爭力的方式嗎？你談到了核能領域的一些基本動態。所以我只是想從三個基本的業務層面來分析一下，看看為什麼這個季度業績表現如此出色，這顯然是一個非常好的結果。

Yeah. I'll go ahead. This is Jason. I'll go ahead and start and have Aaron add in any additional details. I'd say it's a very similar type of commentary that Aaron and I just provided for our pharma business. The core was strong for each of the three businesses within our Other segment. We saw good double-digit growth irrespective of the M&A and the ADS acquisition as well.

是的。我先來。這是傑森。我先開始，其他細節請亞倫補充。我認為這與我和 Aaron 為我們的製藥業務提供的評論非常相似。我們「其他」板塊下的三個業務板塊的核心業務都很強勁。即使不考慮併購和ADS收購，我們也實現了兩位數的良好成長。

That acquisition has gone at least consistent, perhaps a little bit better than what we had anticipated. It's still early in terms of all the integration and synergy opportunities. But the core business remains strong overall for at-Home business, but also for our nuclear and OptiFreight businesses.

這次收購進展順利，甚至可能比我們預期的還要好。就所有整合和協同機會而言，現在還處於早期階段。但整體而言，家庭業務的核心業務仍然強勁，核能業務和 OptiFreight 業務也是如此。

Each one of these three businesses are very much focused on core organic investments, making sure that, that core is strong and that we're taking care of customers and patients that we have today. We are investing organically in each of these three businesses in different ways to further propel their capabilities and their growth going forward.

這三家企業都非常注重核心有機投資，確保核心業務強大，並照顧好我們現有的客戶和患者。我們將以不同的方式對這三家企業進行有機投資，以進一步提升它們的能力並促進它們未來的發展。

And then as it relates to at-Home, of course, we are also doing the inorganic investments. But it's really important for us that we keep that organic investments and organic growth going. Each one of those three businesses have a little bit of a different story.

當然，就居家辦公領域而言，我們也正在進行非有機投資。但對我們來說，維持這種有機投資和有機成長至關重要。這三家企業各有各的故事。

Within our at-Home business organically, we're very much focused on the distribution network. Continuing to build out the automation and the technology there. We've completed three of the 11 DCs. We have another three to go for the next 3 years. Nuclear, it's very much a story around the continued growth of Theranostics and the innovation that we're seeing in that space, and we're investing into our capabilities and our cyclotron capacity to get there.

在我們的家庭辦公業務中，我們非常注重分銷網絡。繼續完善那裡的自動化和技術。我們已經完成了 11 個資料中心中的 3 個。接下來三年我們還有三個目標要達成。核能領域的故事主要圍繞著治療診斷技術的持續發展以及我們在該領域看到的創新，我們正在投資提升自身能力和迴旋加速器產能，以實現這一目標。

And OptiFreight is to take the leadership and the capability that we already have a long history of in the medical side and expand that into a greater share of wallet with those medical customers, but also expanding over time into the pharmacy side of that.

OptiFreight 的目標是利用我們在醫療領域長期累積的領導地位和能力，擴大我們在醫療客戶中的市場份額，並隨著時間的推移擴展到藥房領域。

So each of them are operating very well, very consistent growth right now, and we'll continue to evaluate the right type of M&A to further accelerate that as appropriate. But for the time being, we're still wanting to make certain we're taking care of the at-home customers and make sure that this integration goes flawlessly.

因此，它們各自的營運狀況都非常好，目前都保持著非常穩定的成長，我們將繼續評估合適的併購類型，以在適當的時候進一步加速這一成長。但就目前而言，我們仍希望確保照顧好居家客戶，並確保此次整合順利進行。

Aaron, anything I missed there?

亞倫，我漏掉了什麼嗎？

I would just emphasize strong positioning, positive secular trends, double-digit core profit growth in each of the three businesses, setting aside the positive impact of the ADS acquisition. Jason did reference the theranostics point. I would point out that we will be lapping a strong Q3 in theranostics with the product launches from last year. And so that will be -- that is part of our guidance already as well.

我只想強調強大的市場定位、正面的長期趨勢，以及三項業務各自兩位數的核心利潤成長，暫且不談收購 ADS 的正面影響。Jason確實提到了治療診斷學這一點。我想指出的是，憑藉去年推出的產品，我們在診療整合領域將迎來強勁的第三季。所以，這將會是──這也是我們指導方針的一部分。

Eric Percher, Nephron Research

Eric Percher，腎臟單位研究

Thank you. Question on capital allocation. I believe your prior commentary was somewhat predicated on returning to the low 3s. You're back there, maybe earlier than we expected significant cash flow over the balance of the year.

謝謝。關於資本配置的問題。我認為你之前的評論在某種程度上是基於重回3以下水平的假設。你們又回來了，或許比我們預期的還要早，今年剩餘時間就能產生可觀的現金流。

Can you give us a bit more on capital allocation and maybe also the capacity or opportunity for further transactions? Do you need some time on MSOs? And do you see opportunities in the other segment?

您能否詳細介紹一下資本配置情況，以及進一步交易的能力或機會？您需要一些時間來處理MSO嗎？您認為其他領域也存在機會嗎？

Thank you for the question, Eric. I would observe two things. First, that we try very hard to tell you what we're going to do and then go do it and report back. And we are very disciplined in the following the aptly named disciplined capital allocation framework that we have.

謝謝你的提問，艾瑞克。我想指出兩點。首先，我們會盡力告訴你們我們要做什麼，然後去做，並向你們報告。我們嚴格遵循我們所製定的、名副其實的「紀律資本配置架構」。

And so two quarters into the year, we are on track to make the $600 million to $650 million of CapEx investments that we talked about before. We have protected our balance sheet and gotten us back within our targeted leverage range at the end of Q2. So that's good news as well. And we've two quarters in, fulfilled our baseline share repurchase commitment of $750 million.

因此，今年已經過了兩個季度，我們正按計畫實現先前討論過的 6 億至 6.5 億美元的資本支出投資。在第二季末，我們保護了資產負債表，並將槓桿率重新控制在了目標範圍內。所以這也是個好消息。兩個季度過去了，我們已經完成了 7.5 億美元的基本股票回購承諾。

And what that means for a business that is continuing to generate strong cash is that we have flexibility to assess how will we create the most shareholder value as we carry forward. We are working -- as you can tell from Jason's comments, we are investing of our growth in the businesses really across the portfolio, whether it's in the pharma business with specialty within the other -- three parts of the other business we just highlighted or indeed continuing the progress against the turnaround plan for GMPD.

對於一家持續產生強勁現金流的企業而言，這意味著我們可以靈活地評估如何在未來的發展中為股東創造最大價值。正如你從傑森的評論中看到的那樣，我們正在努力，我們正在投資於整個投資組合中的各項業務的增長，無論是製藥業務以及其他業務中的專業領域——我們剛才重點提到的其他業務的三個部分，還是繼續推進 GMPD 的扭虧為盈計劃。

Now part of that as well is we are looking at the landscape and seeing where can we drive more growth? Or where should we be returning additional capital to shareholders. And while we have nothing to provide today from a commitment in that respect. We are very mindful of the flexibility that the business is generating for us to ensure that we are relentlessly focused on creating the shareholder value.

現在，我們也正在檢視現狀，看看哪些方面可以推動更多成長？或者我們應該在哪裡向股東返還額外資本？而就目前而言，我們在這方面沒有任何承諾可以做出。我們非常重視業務為我們帶來的靈活性，以確保我們始終專注於創造股東價值。

Yeah. What I would add is we've worked real hard. The team has done a fantastic job and worked very hard to generate a lot of cash, and we're going to be very careful as to how we deploy that. And when you think about in our industry where there's been some of the greatest operational challenges, it's very much on this core decisions on where to allocate capital.

是的。我想補充的是，我們真的非常努力。團隊表現出色，付出了巨大的努力來創造大量資金，我們將非常謹慎地使用這些資金。當你思考我們這個產業中一些最大的營運挑戰時，你會發現，這些挑戰很大程度上都與資本分配的核心決策有關。

So we have learned from that and are very intentional around where we put that to work. As I already mentioned, we're really focused on the core of the business, and the strategy is not predicated on any significant M&A. With that said, I think the word opportunistic will come up, whether we're talking about repurchases or whether we'll talk about additional M&A.

所以我們從中吸取了教訓，並且非常有意識地選擇在哪裡運用這些教訓。正如我之前提到的，我們真正專注於業務的核心，而我們的策略並非基於任何重大併購。也就是說，我認為無論我們談論的是股票回購還是其他併購，都會提到「機會主義」這個詞。

I don't see that there is a large gap or anything that we're going to be really leaning into. We're really pleased on the MSO side with the three different platforms that we have now acquired and/or built oncology, autoimmune and neurology. And we're going to want to look at how we can create more value with each of those partnerships and those assets.

我看不出有什麼很大的差距，或者說有什麼需要我們重點關注的領域。在MSO方面，我們對目前已收購和/或建立的三個不同平台（腫瘤學、自體免疫學和神經病學）感到非常滿意。接下來，我們將研究如何利用這些合作關係和資產創造更多價值。

And we think that there's opportunities probably to do more but smaller types of acquisitions in that type of space. The at-Home space and other in general remains quite fragmented. So there will be opportunities, if we so choose. But we're going to make certain that we protect the core with any of those additional acquisitions to ensure that it truly does create synergistic value, helps build capabilities and that we're not going to be doing anything defensively here.

我們認為，在這個領域，或許還有機會進行更多但較小的收購。居家辦公空間以及其他領域整體上仍然相當分散。所以，如果我們願意，機會總是會有的。但我們將確保透過任何額外的收購來保護核心業務，以確保它真正創造協同價值，幫助建立能力，並且我們不會在這裡採取任何防禦性措施。

We'll be looking to see if there's some offensive actions take place. And while we're pleased with the leverage, our cash is at a little bit of the lower side where it's historically been, and that's something that we'll be having a lot of flexibility with all of our other levers that are in place to continue to have the flexibility as needed when those opportunities do arise. So we'll continue to evaluate all that and certainly report back as we get better clarity on it.

我們將密切關注是否發生了任何進攻性行為。雖然我們對目前的槓桿水平感到滿意，但我們的現金儲備略低於歷史平均水平，不過我們擁有其他多種槓桿手段，可以靈活應對這種情況，以便在機會出現時繼續保持所需的靈活性。所以我們會繼續評估所有這些情況，一旦有了更清晰的了解，一定會及時報告。

Yeah. Just to summarize, I guess what I would say is we're pleased that both internally and externally, there is competition for our capital.

是的。總而言之，我想說的是，我們很高興看到，無論在公司內部或外部，我們的資金都面臨競爭。

Michael Cherny, Leerink Capital

Michael Cherny，Leerink Capital

Good morning and thanks for taking the question. Maybe if I can build on that a little more. Clearly, the last couple of years, the story in many eyes has been about the improvement on specialty, both from an MSO as well as distribution capability, the scaling you've done.

早上好，感謝您回答這個問題。或許我可以在此基礎上再進一步。顯然，在過去幾年裡，許多人眼中，故事的重點在於專業領域的改進，包括 MSO 和分銷能力，以及你們所取得的規模化成就。

As you think about that prioritization of internal capital and external capital, how has the experience you've had with specialty combined with the pipeline for a variety of different new launches and biosimilars impacted your thought process of where strategic advancement should be as you continue to push for driving towards your LRP and potentially higher.

當您考慮內部資本和外部資本的優先順序時，您在專科領域積累的經驗，以及各種不同的新產品上市和生物類似藥的研發管線，是如何影響您對戰略發展方向的思考的？您將繼續努力實現您的長期目標，並有可能達到更高的目標。

Yeah. Great question. I'd love to go deeper. Our view has changed very little. If you go back to not this last Investor Day, but the one before that, we talked about the specialty flywheel effect and benefits that we anticipate that while distribution is important to us.

是的。問得好。我很想深入了解。我們的觀點幾乎沒有改變。如果你回顧上一次投資者日，而不是最近一次，我們討論了特殊飛輪效應和我們預期的好處，雖然分銷對我們來說很重要。

The MSO strategy, the biopharma solution strategy, all these capabilities, both upstream with the manufacturers and downstream with our customers and ultimately patients all work together. And I don't think it's a surprise that what we're seeing in specialty is across the board performance improvements. The MSOs certainly help bring it all together in different ways.

MSO 策略、生物製藥解決方案策略，所有這些能力，無論是上游與製造商的合作，還是下游與客戶以及最終與患者的合作，都是相互協作的。我認為，我們在專業領域看到的全面績效提升並不令人意外。多方組織（MSO）無疑以各種方式幫助將所有事物連結起來。

Our biopharma solutions strength has absolutely improved our credibility in the distribution space. We have fantastic relationships, both upstream and downstream. So we're executing very well, both directions, and that then creates additional opportunities. Having really referenced our other businesses of nuclear at-Home and OptiFreight, all three of which plug into pharmacy capabilities in different ways.

我們在生物製藥解決方案方面的實力，大大提升了我們在分銷領域的信譽。我們與上游和下游都建立了非常好的關係。因此，我們在各方面都執行得非常好，這便創造了更多機會。確實提到了我們的其他業務，例如家庭核能和 OptiFreight，這三項業務都以不同的方式與藥房能力相結合。

One of which we've talked about a little bit this last month with our continued care pathways program with at-Home and connecting the dots with those large pharmacy customers. So we see a lot of opportunity to continue to bring that together. And that's why we're less focused on expanding into new and different areas because there's still a lot of opportunity to expand within the customers within the products, within the platforms, within the capabilities that we already have.

其中之一，我們在上個月就透過我們的居家護理持續路徑計劃以及與大型藥房客戶的聯繫，進行了一些討論。所以我們看到了很多機會，可以繼續把這些結合起來。正因如此，我們才不太注重拓展到新的領域，因為在客戶、產品、平台以及我們已有的能力範圍內，仍有許多拓展的機會。

And I think when you look at those opportunities, there's more than enough there that we just don't need to get distracted and grow in other ways because we just don't have a gap in that portfolio that currently we're worried about. So that means we can just, again, be more offensive and take on additional growth vectors within what we already have.

我認為，當你審視這些機會時，你會發現機會綽綽有餘，我們根本不需要分心去追求其他發展方式，因為我們目前的投資組合中並沒有任何我們擔心的缺口。所以這意味著我們可以再次採取更具進攻性的做法，並在我們已有的基礎上尋求額外的成長途徑。

Allen Lutz, Bank of America

艾倫·盧茨，美國銀行

Good morning. Thanks for taking the questions. The Cardinal Health brands in GMPD continues to accelerate, even if you net the timing issue that you mentioned, is there anything specific to call out there around that strength?

早安.謝謝您回答問題。即使考慮到您提到的時機問題，Cardinal Health 在 GMPD 中的品牌仍在加速成長，那麼圍繞這一優勢，有什麼特別值得一提的地方嗎？

And then a second question on GMPD. Lower SG&A in the quarter around optimization efforts. Can you talk a little bit about what you're seeing there, specifically where those savings are coming from? And then what's implied in the GMPD guide for the remainder of the year?

然後是關於大曼徹斯特警察局的第二個問題。本季銷售、管理及行政費用因優化措施而降低。您能否談談您在那裡看到的情況，特別是這些節省的費用來自哪裡？那麼，大曼徹斯特警察局 (GMPD) 在今年剩餘時間的指導方針中又暗示了什麼呢？

Thanks.

謝謝。

Yeah. Great. Yeah, I'll start and then hand it over to Aaron for the SG&A question. As it relates to Cardinal brand growth, it's really not all that sophisticated. It goes back similar to my last commentary, you have to go back at least a few years, probably more like several years to when the GMPD team really started to not only focus on but really invest into their core.

是的。偉大的。好的，我先開始，然後把問題交給 Aaron 回答銷售、管理及行政費用的問題。就 Cardinal 品牌發展而言，其實並沒有那麼複雜。這和我上次的評論類似，至少要追溯到幾年前，可能更確切地說是好幾年前，當時GMPD團隊不僅開始關注，而且真正投入到他們的核心工作中。

So that's the 5-point plan that we walked through before, really focused on the basics of the business. We had to invest in some capacity and capability at the manufacturing sites. We have fantastic products, and we had great demand, but we weren't always getting product to the customer at the right time in place. So getting those capabilities right, our back orders, I don't think it's ever been lower. Our service levels have never been higher.

這就是我們之前討論過的5點計劃，它真正專注於業務的基本要素。我們必須對生產基地的產能和能力進行投資。我們的產品非常棒，市場需求也很大，但我們並非總是能及時將產品送到客戶手中。所以，在確保這些能力的前提下，我們的積壓訂單數量，我認為從未如此低。我們的服務水準從未如此之高。

I mean we're at levels of operational excellence that we've just not seen before and that creates lots of opportunities. It was hard for us to expand into new customers, new categories with those constraints we had before those constraints are largely off and we're really executing quite well to those customer requirements.

我的意思是，我們現在的營運水平達到了前所未有的卓越水平，這創造了許多機會。以前我們很難拓展到新客戶、新類別，因為之前我們受到許多限制，但現在這些限制基本上已經解除，我們在滿足客戶需求方面做得非常好。

It's nice that the underlying utilization is still relatively robust. It's not like what we see on the pharma side. but that low single-digit consistent type of market growth, so it allows us to have enough underlying volume that we're then able to come in and take care of more of our customers needs.

令人欣慰的是，基礎利用率仍然相對穩健。這和我們在醫藥領域看到的不一樣，而是那種持續的低個位數市場成長，這使得我們有足夠的潛在銷售量，從而能夠滿足更多客戶的需求。

I'll now turn it over to Aaron for the --

現在我把它交給亞倫。--

And on the SG&A topic, certainly, GMPD is a highlight there, which we'll come to in a second, but I want to emphasize that Jason and I are really pleased with the focus that the entire enterprise has been putting on how do we both invest for the future and relentlessly optimize our cost structure to, of course, reinforce that flywheel.

至於銷售、一般及行政費用 (SG&A) 方面，GMPD 無疑是一大亮點，我們稍後會詳細介紹。但我想強調的是，我和 Jason 對整個企業一直以來關注的重點——如何為未來投資，以及如何不斷優化成本結構，以鞏固這一飛輪效應——感到非常滿意。

The GMPD business in the face of the -- executing the GMPD improvement plan has been relentless and looking for opportunities on how do we both consistent with the 5-point plan, raise our game and service our customers better, but do it at a much efficient -- in much more efficient way.

面對挑戰，GMPD 業務一直在不懈地執行 GMPD 改進計劃，並尋找機會，既要與 5 點計劃保持一致，又要提高我們的水平，更好地服務我們的客戶，而且要以更有效率的方式做到這一點。

And this quarter is testament to the progress they've been making and that their overall SG&A costs, both direct and from an enterprise perspective, really came down in ways that we were pleased to see in support of that business.

本季業績證明了他們的進步，他們的整體銷售、一般及行政費用（包括直接費用和企業費用）確實有所下降，我們很高興看到這些下降對業務發展起到了支持作用。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Yeah, good morning guys, and thanks for taking the question. I guess, Jason, I'd like to ask about the macro pricing environment as we're seeing some brand drug manufacturers take price increases is 2026 starts. It doesn't seem to have impacted your guys guidance at all.

好的，各位早安，感謝你們回答這個問題。傑森，我想問一下宏觀定價環境的情況，因為我們看到一些品牌藥生產商從 2026 年開始漲價。看來這完全沒有影響到你們的指導工作。

But as you look forward, I guess I'm wondering, should we expect to see manufactured brand drug price decreases -- I'm sorry, not increases, decreases, impact either the revenue -- either the revenue line or the operating income line as we think about calendar '26. And maybe also if you could talk about the offsets that you guys have used to preserve your operating earnings in the income statement.

但展望未來，我想知道，我們是否應該預期品牌藥價格下降——抱歉，不是上漲，是下降——會對收入產生影響，無論是收入線還是營業收入線，尤其是在我們考慮 2026 年日曆年的時候。另外，能否談談你們為了在損益表中維持營業利潤而使用的抵銷方法？

Thanks.

謝謝。

Sure. Yeah, as -- well, I mean, when you talk about prices, I don't think your question was around the contingent inflation, but that piece of it has been pretty consistent with what we've anticipated as it relates to IRA, MFN, all those types of discussions, there's really no new news as it relates to this.

當然。是的，嗯，我的意思是，說到價格，我認為你的問題不是關於或有通膨的，但就 IRA、MFN 以及所有這類討論而言，這部分內容與我們之前的預期基本一致，在這方面真的沒有什麼新消息。

You've heard from us quite consistently that we anticipate that whatever changes do occur to the top line will be adjusted within our cost structure and with the DSA fees with the manufacturers to preserve that margin. We communicated at the recent industry conference that we indeed were successful with that for all the '26 items.

我們已經多次向您表示，我們預計，無論營收發生任何變化，我們都會在我們的成本結構內進行調整，並向製造商支付DSA費用，以保持利潤率。我們在最近的行業會議上宣布，我們確實成功地完成了所有 26 項工作。

And there's nothing at this moment that we see with the '27 and '28 items that would make us believe it would be any different than that. You are right, George, that revenue is a different story. So as the WACC levels come down, that will adjust through revenue as well as our cost of goods sold so that our margins remain stable.

就目前來看，27 年和 28 年的產品沒有任何跡象表明情況會有所不同。喬治，你說得對，收入狀況又是另一回事了。因此，隨著加權平均資本成本 (WACC) 水準的下降，收入和銷售成本也會隨之調整，使我們的利潤率保持穩定。

But that's all been factored in for '26. We didn't see anything that came through as it relates to WACC level adjustments that was significantly different than our original guidance. And so we've not adjusted our revenue meaningfully for any changes there. We would anticipate that, like what we've seen in '26 in the future, we'd anticipate something similar that some manufacturers will choose to adjust WACC and some will choose to utilize more of a rebate structure.

但這些都已納入2026年的考量。我們沒有看到任何與 WACC 水平調整相關的消息與我們最初的指導意見有顯著不同。因此，我們並未因這些變化而對收入進行實質調整。我們預計，就像我們在 2026 年看到的那樣，未來可能會出現類似的情況，一些製造商會選擇調整 WACC，而一些製造商會選擇更多地採用返利結構。

And it's our expectation in our -- as we think about longer term, that while that should not impact our margin in any meaningful way, it could impact revenue a little bit differently than what's anticipated, but we don't see that being, again, very, very impactful across those years at this point in time. But still need to get a little bit more information before we can solidify any of that.

從長遠來看，我們預計這不會對我們的利潤率產生任何實質的影響，但可能會對收入產生與預期略有不同的影響，不過我們認為，就目前而言，這在未來幾年內不會產生非常非常大的影響。但在最終確定任何事情之前，我們還需要了解更多。

[Stephen Baxter, Wells Fargo]

[史蒂芬‧巴克斯特，富國銀行]

Hey, this is James on Steve. Thanks for taking the question. As far as GLP-1s, we're seeing a lot of change in the market between pricing changes, channel changes, the introduction of orals. Is there any way you're any difference in how you're modeling revenue or earnings for GLP-1s this year? And maybe how you're thinking about it in the long term.

嘿，這裡是詹姆斯，我是史蒂夫。感謝您回答這個問題。就 GLP-1 類藥物而言，我們看到市場正在發生許多變化，包括價格變化、通路變化以及口服藥物的推出。今年你們在對 GLP-1 患者的收入或獲利進行建模時，有什麼不同之處嗎？或許你還需要考慮它的長遠發展。

No. The oral contribution that we see so far is slow. We anticipate it growing quickly, but it's not something I would expect to be material for this fiscal year. and the underlying economics behind it, we've talked before that the cost to serve, we anticipate being a little bit better on the oral versus the injectables. But it's just too early to determine what the volume contributions will be for the different pieces.

不。目前我們看到的口頭貢獻進展緩慢。我們預計它會快速成長，但就本財年而言，我預計它不會產生實質影響。至於背後的經濟因素，我們之前也討論過，就服務成本而言，我們預期口服藥物比注射藥物略好一些。但現在判斷不同部分的銷售貢獻還為時過早。

Irrespective of all that, I've been fairly consistent on this point. What you've seen is a massive increase in volume growth over the last couple of years. And you just haven't heard us call it out as a meaningful driver. And I do not anticipate that you're going to hear us call it out as a meaningful driver going forward, irrespective of how strong the oral growth is or the mix between the two.

儘管如此，我在這一點上一直相當堅持己見。你們看到的是，過去幾年銷量出現了大幅成長。只是我們還沒有把它列為重要的驅動因素而已。而且，無論口腔市場成長多麼強勁，或者兩者之間的結合情況如何，我預計你們都不會聽到我們將其視為未來發展的重要驅動因素。

While there are some differences, it's just relatively unlikely that, that's going to be a big driver for underlying profitability. Revenue certainly has been much more of a contributor. We saw similar contributions this quarter than what we've seen in the last several quarters in terms of the growth pieces, yes, 6% of sales in Q2, and we expect a 6% of the growth rates being for GLPs.

雖然存在一些差異，但這不太可能成為推動公司獲利能力的重要因素。收入無疑發揮了更大的作用。本季我們看到的成長部分與過去幾季類似，是的，第二季銷售額的 6%，我們預計 GLP 的成長率將達到 6%。

And while we would expect that to start to slow down a little bit for the injectables, just by the nature of the size of the market, that's where the orals will come in and start to offset that slower growth rate. But make no mistake, we expect both to be growing fairly significantly still for at least the near term.

雖然我們預期注射劑的成長速度會因為市場規模的緣故而開始放緩，但口服劑將會填補這一空白，並開始抵消注射劑成長速度的放緩。但毋庸置疑，我們預計至少在短期內，這兩項指標仍將維持相當顯著的成長。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Hey, good morning guys. I want to change up a little bit and ask a GMPD question. Specifically, CMS put out a proposal around domestic PPE recently. I know it's just a proposal, there's comments and the like. But if it were to go through, would this be a positive or a negative for you guys?

嘿，各位早安。我想換個話題，問一個關於大曼徹斯特警察局（GMPD）的問題。具體來說，CMS最近發布了一項關於國內個人防護裝備的提案。我知道這只是一個提議，肯定會有評論之類的。但如果真的實現了，這對你們來說是好事還是壞事呢？

Like how would it impact what you're doing or the profits potentially on PPE, what do you think happens to pricing? I'm just trying to understand if this is something as investors, we should be following and care about if it will impact you or the industry in any way?

例如，這會對你的業務或個人防護裝備的潛在利潤產生什麼影響？你認為價格會發生什麼變化？我只是想了解，作為投資者，我們是否應該關注此事，以及它是否會對您或整個行業產生任何影響？

So you're going to have to make the -- go way back and give a little bit of a history lesson on PPE in general. I can't recall how long ago it was, but it was probably several years ago. I remember when we were dealing with the COVID impacts, making statements like, well, normally, you would never expect us to talk about PPE because the revenue and margin is relatively low and fairly consistent.

所以你得——追溯到很久以前，給大家上一堂關於個人防護裝備的歷史課。我不記得具體是多久以前的事了，但大概是好幾年前的事了。我記得當時我們在應對新冠疫情的影響時，曾說過這樣的話：嗯，通常情況下，你永遠不會想到我們會談論個人防護裝備，因為其收入和利潤相對較低，而且相當穩定。

Obviously, with COVID, the volatility on both the volume, the price and the cost created a bit of a perfect storm of volatility. So I guess I'd start off by saying that because not a huge category for our business. It's an important one, certainly for customers, but it's not a key part of the growth that we just described certainly. And given its importance to our customers, that means it is important to us.

顯然，受新冠疫情影響，交易量、價格和成本的波動造成了某種程度的完美波動風暴。所以我想我會先說明這一點，因為這並非我們業務的一個主要類別。這當然對顧客來說很重要，但它肯定不是我們剛剛描述的成長的關鍵部分。鑑於它對我們的客戶很重要，這意味著它對我們也很重要。

And if they see value in buying PPE domestically or if they're incentivized to do so in some way or whether we're incentivized to do some way, absolutely, we can support that. We have a very flexible talented procurement team in our GMPD business, and we source very diverse sources today throughout the world. that, of course, was expanded as a result of COVID.

如果他們認為在國內購買個人防護裝備有價值，或者如果他們有某種激勵措施這樣做，或者我們有任何激勵措施這樣做，那麼我們絕對可以支持。我們在GMPD業務部門擁有一支非常靈活且才華洋溢的採購團隊，如今我們的採購管道遍布全球，而且非常多元化。當然，新冠疫情進一步擴大了我們的採購範圍。

We would love to source even more in the United States. Quite frankly, today, the cost is not typically something our customers choose to buy, but we are very, very open, willing and flexible to support that, but there's not a lot of choice today in that type of marketplace, especially at the price points that are compared to the market. But that's where the incentives are going to be important within this equation. And if doing so, we are very able, very flexible in order to support that type of action.

我們非常希望能夠從美國採購更多產品。坦白說，如今，客戶通常不會主動選擇購買這種價格的產品，但我們非常願意、非常靈活地提供支持，但如今這類市場上的選擇並不多，尤其是在與市場價格相比時。但正是在這裡，激勵機制才顯得至關重要。如果需要這樣做，我們完全有能力、非常靈活地支持這類行動。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通。

Hi, thanks very much and good morning. I was wondering if you could just spend a few minutes discussing your relationship with hospital and health systems on the specialty side. And do you see incremental opportunities there when we think about your specialty business?

您好，非常感謝，早安。我想請您花幾分鐘時間談談您與醫院和醫療系統在專科領域的合作關係。考慮到您的專業業務，您是否看到其中存在成長機會？

Well, so we're quite present today and have a great relationship and reasonable share within that particular part of the market. So we are very much capable of supporting the broad needs of specialty irrespective of what channel, what customer. So we've seen growth consistent across the different channels over the last several years.

嗯，所以目前我們在該細分市場中佔有相當大的份額，並且擁有良好的客戶關係。因此，無論透過何種管道、面向何種客戶，我們都完全有能力滿足各種專業領域的需求。因此，在過去幾年裡，我們看到各個管道都實現了持續成長。

As a reminder, up until recently, we have talked about the 14% overall specialty revenue, and we've increased that recently in our 3-year CAGR to about 16%. So we've seen a little bit of an acceleration. And that is part of the market that we have been winning at least our fair share within. And I really have to go back to 3.5 years ago when I put Debbie Weitzman into the leadership role of that business.

提醒一下，直到最近，我們一直在談論 14% 的整體專業收入，而最近，我們在 3 年複合年增長率中已將其提高到約 16%。所以我們看到成長速度略有加快。而這正是我們至少已經贏得相當份額的那部分市場。我真的要追溯到 3.5 年前，當時我讓 Debbie Weitzman 擔任這家公司的領導職務。

One of the first things that she did in terms of the pharma business, as she brought together the specialty and the non-specialty side and had created a one face, one voice to the customer that allows us to make sure that we're taking care of all of those customers needs.

在她接手製藥業務後，她做的第一件事就是將專科藥和非專科藥整合起來，為客戶創造了一個統一的形象和聲音，確保我們能夠滿足所有客戶的需求。

And because while specialty is really interesting and important to us, it's only one component of what they need to have their support with. And so we've changed our go-to-market type of strategy and has really resonated quite well with our customers. And that's the type of innovation and very high-touch type of support that we'll continue to drive to ensure that their needs are met.

而且，雖然專業技能對我們來說非常有趣和重要，但這只是他們需要獲得支持的一個面向。因此，我們改變了市場進入策略，而這種策略確實引起了客戶的良好迴響。我們將繼續推進這種創新和高度人性化的支持，以確保滿足他們的需求。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

Hi guys, thanks for taking the question and congrats on a strong quarter here. I wanted to go back to the biopharma solutions and specifically, the new business wins that you've highlighted for Sonexus, including a significant competitive takeaway. What specific capabilities are resonating most with manufacturers? And then as we look forward for the next year or so, are there any significant investments that you anticipate making to keep you guys competitive in your hub business?

大家好，謝謝你們回答這個問題，也恭喜你們本季業績優異。我想回到生物製藥解決方案，特別是您重點介紹的 Sonexus 的新業務勝利，包括一項重要的競爭優勢。哪些具體功能最能引起製造商的共鳴？展望未來一年左右，為了維持你們在樞紐業務的競爭力，你們預計會進行哪些重大投資？

Thanks.

謝謝。

Yeah. I love the question. Thank you. So I'd put it into two key buckets. First of all, I guess, aren't the team. Not only is it great group of people. They understand the customer and they really listen to what the customer is wanting and needing and demanding. And that's where it starts because then from there, you then implement the solutions to take care of those customers. And the solutions is the digitization that we did with our tool, our platform.

是的。我喜歡這個問題。謝謝。所以我把它歸類在兩個主要類別。首先，我想，他們不是團隊。這不僅是一群很棒的人。他們了解顧客，並且真正傾聽顧客的需求和願望。一切都從這裡開始，因為從那裡開始，你才能實施解決方案來照顧這些客戶。而解決方案就是我們利用我們的工具和平台實現的數位化。

And while it's always technology, we really leaned into it in a way that simplified their work with us. We allow them to -- once when they bring one of their products under our platform, it allows it to be replicated quite seamlessly to other products that they have. So once we get that foot in the norm, we can prove that we have a better tool, better process then we see a lot of follow-on opportunities that go from there.

雖然始終離不開技術，但我們確實充分利用了技術，簡化了他們與我們的工作。我們允許他們這樣做——一旦他們將自己的產品之一納入我們的平台，就可以非常無縫地將其複製到他們擁有的其他產品中。一旦我們邁入正軌，證明我們擁有更好的工具、更好的流程，我們就會看到許多後續的機會由此而來。

This is not a recent investment that we made. This team has been all over this for years. And your last part of your question is I think in terms of future investments, we're always going to have additional investments. What we're trying to instill is a culture and a process that is not ever starving any of our businesses and then requiring some big catch-up.

這不是我們最近的投資。這個團隊多年來一直致力於此。至於你問題的最後一部分，我認為就未來投資而言，我們總是會進行額外的投資。我們正在努力建立一種文化和流程，這種文化和流程不會讓我們的任何業務陷入困境，然後又需要大規模的追趕。

It may mean that we have elevated levels of spend for longer periods of time, but we like having less volatility on spend and more of a consistent investment so that we're getting in front of those opportunities and not having to be more defensive and catching up. And so we have made widespread investments across each of our investments. There's nothing that we're calling out today that will be significant. But just keep in mind, we are spending more today on whether it's capital or these types of projects than we have in the past.

這可能意味著我們會在較長時間內保持較高的支出水平，但我們更喜歡支出波動性較小、投資更穩定的局面，這樣我們就能搶佔先機，而不是被動防守、疲於奔命。因此，我們在每項投資中都進行了廣泛的投資。今天我們提出的任何事情都不會有什麼重大意義。但請記住，如今我們在資本支出或這類項目上的花費都比過去要多。

And so we're already at, to some degree, elevated levels. I don't anticipate that dropping, but also expecting that to spike in any significant way. The SG&A comments that Aaron made and he was answering a specific question around GMPD. But I think those types of -- that type of answer goes for each of our businesses. What we are looking to do is take away the excess and the waste in the system that always exists in any business and re-invest that in much more productive areas.

所以，在某種程度上，我們已經處於較高的水平。我預計不會下降，但也不認為會大幅上漲。Aaron 對 SG&A 發表的評論，以及他當時回答的關於 GMPD 的一個具體問題。但我認為，這類答案適用於我們每個企業。我們希望消除任何企業中總是存在的過剩和浪費，並將這些資源重新投資到更俱生產力的領域。

So we're always looking for productivity, efficiency, using technology, AI and just elbow grease to go after and to take cost out. But then we're always also looking for -- well, where can we invest that with a great return, not only to drive financials, but to solve more of our customers and patients problems.

所以我們一直在追求生產力、效率，利用科技、人工智慧以及辛勤的努力來降低成本。但我們也一直在尋找——我們可以在哪裡投資以獲得豐厚的回報，不僅是為了推動財務成長，也是為了解決更多客戶和患者的問題。

And that's what's really going well with the organization right now is that we're able to look ahead farther than we ever have in the past. And that's what we're spending on. It's not today's problems, but we're spending on tomorrow's opportunities.

而這正是目前組織運作得非常順利的地方，我們能夠比以往任何時候都看得更遠。這就是我們花錢的地方。這不是為了解決眼前的問題，而是為了掌握未來的機會。

Just as a reminder, we have committed to getting the biopharma services part of the portfolio to $1 billion revenue by 2028. Jason has been highlighting the successes at Sonexus with doubling the therapy supported, et cetera. That's all been a key part of that internal and external competition for our capital that I referenced before. So we're quite excited about us Sonexus being half of the growth to get to that $1 billion target.

再次提醒大家，我們已承諾在 2028 年將生物製藥服務業務的收入提高到 10 億美元。Jason 一直在強調 Sonexus 的成功，例如支持治療的數量翻了一番等等。這正是我之前提到的，我們內部和外部爭取資金的關鍵組成部分。因此，我們非常高興 Sonexus 能為實現 10 億美元的目標貢獻一半的成長。

Glen Santangelo, Barclays.

Glen Santangelo，巴克萊銀行。

Yeah, thanks for taking my question. Hey Jason, I just wanted to come back to the Pharma and Specialty segment. I think in your prepared remarks, you seem to suggest that one of the big drivers was the Red Oak Generics program may be performing a little bit better than you thought.

好的，謝謝你回答我的問題。嘿，傑森，我只是想回到醫藥和專科領域。我認為，從你事先準備好的發言稿中，你似乎暗示，其中一個主要驅動因素是 Red Oak Generics 專案的表現可能比你預想的要好一些。

And I think you sort of highlighted maybe better generic volumes than maybe you were expecting. I'm kind of curious if you could just give us a little bit more detail there and what's maybe driving that? Is it greater generic introductions? Or is it greater penetration within your existing customers? And any sort of comments you have around generic pricing would be helpful.

我認為你可能比預期的更突出地突出了一般性的內容。我很好奇您能否再詳細解釋一下，以及可能是什麼原因導致這種情況？這是更廣泛的通用介紹嗎？或者，它的目標是在現有客戶群中實現更高的滲透率？如果您對通用定價有任何意見，我們將不勝感激。

Thanks.

謝謝。

Yeah. I think Aaron had made the comments around strength in terms of the generics program. I believe it was more from the perspective as a year-over-year driver, which it certainly is. And when you look at Red Oak, the utilization has been strong. That part is clear.

是的。我認為 Aaron 曾就彷製藥項目的優勢發表過評論。我認為這更多是從同比數據來看的，而實際情況也的確如此。而紅橡木的利用率一直很高。那部分很清楚。

In terms of the spread, the margin per units, we didn't call out anything in particular. It remains very consistent market dynamics. It also remains a year that does have good launches not -- the launches aren't any greater than what we had thought in terms of new items this year. But the underlying utilization across the industry remains quite good. I'd focus more on the volume than any other type of price cost or new item type of perspective.

至於價差和單位利潤率，我們沒有特別指出什麼。市場動態依然非常穩定。今年也依然沒有太多好產品發表——就今年的新產品數量而言，並沒有超出我們的預期。但整個產業的潛在利用率仍然相當不錯。我會更關注銷量，而不是其他任何類型的價格成本或新產品類型。

Yeah. We manage the business to average margin per unit, right? That's why we call consistent market dynamics. The business did see great service levels that is certainly supportive of the volume trends. And of course, we were onboarding new customers. And so that is helpful from a generic volume perspective as well.

是的。我們管理業務的目標是實現單位平均利潤率，對嗎？這就是我們所說的持續性市場動態。該業務的服務水準確實很高，這無疑對銷售成長趨勢起到了支撐作用。當然，我們當時也在招募新客戶。因此，從總體數量的角度來看，這也是有幫助的。

Charles Rhyee, TD Cowen

查爾斯·賴伊，TD·考恩

Yeah, thanks for taking the question. Maybe just sticking with sort of the pharma segment and sort of thinking about the guide for the second half. If we look at the first half performance, I think AOI growth was up 20%.

好的，謝謝你回答這個問題。或許可以繼續關注醫藥領域，並思考下半年的業績指南。如果看一下上半年的業績，我認為AOI成長了20%。

And if you look at the guide for the second half, it's roughly about 16%. Should we think about this delta being sort of entirely just lapping new customers and M&A and understanding we have contribution from Solaris. And of course, we're raising our second half expectations. Just trying to understand sort of what the moving parts is, and I'm really trying to get a sense for like how you're thinking about underlying sort of core growth in the Pharma segment.

如果你看下半場的指導方針，大約是 16%。我們是否應該認為這種差異完全是由於新增客戶和併購造成的，我們也意識到 Solaris 也做出了貢獻。當然，我們也提高了對下半年的期待。我只是想了解其中的運作機制，也想了解您是如何看待製藥業的核心成長。

Thanks.

謝謝。

A couple of thoughts. I want to point out that our second half guide is well above our long-term growth target within that business. It is the case that our guidance philosophy all year long has been to call out the fact that we will be lapping that $10 billion of new customer in the back half as well as lapping the M&A.

幾點想法。我想指出，我們下半年的業績指引遠高於該業務的長期成長目標。事實是，我們全年的指導理念都是強調，我們將在下半年超越100億美元的新客戶，並在併購方面超越對手。

And so we want to make sure people are modeling that appropriately as we carry forward. I did call out that we are, based on the success and the strength we saw in Q1 and Q2 from an internal forecast and guidance perspective, we have factored in some stronger demand within for the back half for us than what we had originally been anticipating.

因此，我們希望確保人們在推進這項工作的過程中能夠適當地樹立榜樣。我指出，根據我們在第一季和第二季從內部預測和指導角度看到的成功和強勁勢頭，我們已經考慮到下半年市場需求將比我們最初預期的更為強勁。

But we've not gone so far as to assume that the outsized demand we've seen so far will be there, that I consistently call that out as an opportunity for everyone if it continues at that higher rate. We have not assumed Solaris, the distribution coming in. That would be end of fiscal year, if that happens as well. And those are the drivers we've provided.

但我們還沒有斷定目前為止我們看到的巨大需求會一直存在，我一直認為，如果這種高需求繼續下去，對每個人來說都是一個機會。我們沒有假定採用 Solaris 發行版。如果情況屬實，那將標誌著本財年的結束。這些就是我們提供的司機。

Steven Valiquette, Mizuho.

Steven Valiquette，瑞穗銀行。

Great, thanks. Good morning. So I just have a question also on the GMPD segment. If we go back to the Analyst Day last year, you guys talked about as part of the 5-point plan new product development and commercialization.

太好了，謝謝。早安.所以，關於GMPD部分，我也有一個問題。回顧去年的分析師日，你們在五點計畫中談到了新產品開發和商業化。

So I'm just kind of wondering as we fast forward another 6 months or so, when still a lot of moving parts on tariffs and everything else, just the progression of like the new products and with the better than average growth right now, how much of that is driven from either growth of -- from the existing portfolio versus new products. And also what's your appetite for just our runway to still increase that number of Cardinal private label SKUs within the overall GMPD portfolio?

所以我想知道，再過六個月左右，關稅和其他方面仍然有很多變數，新產品的發展以及目前高於平均水平的增長，有多少增長是由現有產品組合的增長驅動的，又有多少是由新產品驅動的。另外，您對我們目前的規模有多大興趣，以便在整個 GMPD 產品組合中繼續增加 Cardinal 自有品牌 SKU 的數量？

Thanks.

謝謝。

Yeah. I'm happy you asked the question because after Aaron and I answered the prior question, it hit me that I missed that point of our 5-point plan. New product development investment is certainly a component of our prioritization and of the success we've had. Now to be clear, what we mean by that and where we're prioritized, is within the product categories that we participate in today, like the new compression device with -- that I referenced in my commentary or our new pump in our nutrition business.

是的。很高興你問了這個問題，因為在我和 Aaron 回答了上一個問題之後，我突然意識到我漏掉了我們 5 點計畫中的這一點。新產品研發投入無疑是我們優先事項的一部分，也是我們成功的重要因素。為了明確起見，我們所說的以及我們優先考慮的領域，是指我們目前參與的產品類別，例如我在評論中提到的新型壓縮裝置，或我們營養業務中的新型泵。

These are all categories that we already have a significant presence, but allows us to grow broader -- providing broader products to those existing customers, existing markets. We have not prioritized new products into new product categories, a similar reason for what I described before with our other businesses, where we have a fantastic opportunity to still grow Cardinal brand mix within the product categories that we're already participating in today.

這些都是我們已經擁有相當規模的領域，但可以讓我們進一步拓展業務範圍，為現有客戶和現有市場提供更廣泛的產品。我們沒有優先考慮新產品進入新產品類別，原因與我之前描述的其他業務類似，我們仍然有機會在我們目前已經參與的產品類別中發展 Cardinal 品牌組合。

We can get at it faster, more efficient, more effective, solving more patients problems and create more value for our customers by prioritizing on those product categories. So it is a key component of our growth, but it's a little bit of a broader, better products within those same exact categories. So we'll continue to invest into that, and that will remain our priorities for at least the near term with this business.

透過優先發展這些產品類別，我們可以更快、更有效率、更有效地解決問題，解決更多患者的問題，並為我們的客戶創造更多價值。所以它是我們成長的關鍵組成部分，但它是在這些完全相同的類別中更廣泛、更好的產品。因此，我們將繼續增加對該領域的投資，至少在短期內，這仍將是該業務的優先事項。

Brian Tanquilut, Jefferies

Brian Tanquilut，傑富瑞集團

Hey, good morning and congrats on the quarter again. Maybe, Aaron, as I think about the growth in the embedded or tech businesses within the core like Sonexus, anything you can share with us in terms of the growth rates for those tech operations? I know last quarter, I think you pointed to Sonexus more than 30%. So just curious how we should be thinking about that? And how do you think about it going forward?

嘿，早安，再次恭喜你本季取得佳績。Aaron，我想了解像 Sonexus 這樣核心業務中嵌入式或技術業務的成長情況，您能否和我們分享這些技術業務的成長率？我知道上個季度，我認為你提到了 Sonexus 超過 30%。所以，我很好奇我們該如何看待這個問題？那麼，你對未來的發展有何看法？

Thanks.

謝謝。

Yeah. We've called out both the aspirational goal of the $1 billion by fiscal '28 and biopharma services growing within the year, up 30%, half of it from Sonexus. We don't separately break the parts of the portfolio out, but I do want to emphasize that when Jason talks about how our key strategic investments are in specialty, we view this as an important part of the specialty business.

是的。我們已經強調了在 2028 財年實現 10 億美元的宏偉目標，以及生物製藥服務在年內增長 30%，其中一半來自 Sonexus。我們沒有將投資組合的各個部分分開列出，但我確實想強調，當 Jason 談到我們的關鍵策略投資集中在專業領域時，我們認為這是專業業務的重要組成部分。

And so we continue to invest, whether it's in Sonexus the hub business, cell and gene, 3PL, the other parts of the portfolio, we are investing for the long term there to help support the broader growth objective for the specialty part of our business.

因此，我們將繼續投資，無論是 Sonexus 中心業務、細胞和基因業務、第三方物流業務，還是投資組合的其他部分，我們都在進行長期投資，以幫助支持我們專業業務的更廣泛增長目標。

Thank you. We do not appear to have any further questions. And I would like to turn the call back over to Jason Hollar for any additional or closing remarks. Over to you, sir.

謝謝。我們似乎沒有其他問題了。我謹將電話轉回給傑森·霍拉，請他作補充或總結發言。接下來就交給您了，先生。

Yeah. Thanks for joining us today. Obviously, we're very pleased with our performance this quarter as well as the progress in advancing our strategy. As always, please reach out if you have any further questions.

是的。感謝您今天收看我們的節目。顯然，我們對本季的業績以及在推進策略方面的進展都非常滿意。如有任何疑問，請隨時與我們聯繫。

With that, have a great day.

祝您今天過得愉快。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。