卡地納健康 (CAH) 2026 Q3 法說會逐字稿

Hello, and welcome to the third quarter fiscal year 2026 Cardinal Health Incorporated earnings conference call. My name is George, and I'll be coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions)

您好，歡迎參加 Cardinal Health Incorporated 2026 會計年度第三季財報電話會議。我是 George，將擔任今天活動的協調人。請注意，本次會議將被錄音。(接線員指示)

I'd like to hand the call over to your host, Mr.

我想把電話交給我們的主持人，先生。

Good morning, and welcome to Cardinal Health's third 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.

各位早安，歡迎參加 Cardinal Health 2026 會計年度第三季財報電話會議，感謝各位撥冗參與。今天與我一同出席的有 Cardinal Health 執行長 Jason Hollar，以及財務長 Aaron Alt。您可於我們網站 ir.cardinalhealth.com 的投資人關係專區找到今早發布的財報新聞稿與投資人簡報。

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前瞻性陳述，提醒各位，這些陳述所涉及事項存在風險與不確定性，可能導致我們的實際結果與所預測或暗示者出現重大差異。關於這些風險與不確定性的說明，請參閱我們的 SEC 申報文件，以及簡報開頭的前瞻性陳述投影片。

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. (Operator Instructions)

請注意，除非特別指出為 GAAP，否則我們今天討論的評論將以非 GAAP 基礎呈現。所有相關期間的 GAAP 與非 GAAP 調節表，可在我們新聞稿所附的補充明細表中找到。(接線員指示)

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

接下來，我把電話交給 Jason。

Thanks, Matt, and good morning, everyone. We are pleased to report another strong quarter for Cardinal Health, building on the momentum we displayed over the past few years. This quarter's performance highlights the durability and resilience of our business and the team's disciplined execution.

謝謝你，Matt，各位早安。我們很高興向各位報告，Cardinal Health 本季再度交出強勁表現，延續過去幾年所展現的動能。本季的表現凸顯我們業務的持久性與韌性，以及團隊嚴謹執行的紀律。

The results reinforce our conviction in the company's growth trajectory and ability to deliver long-term value creation. Our underlying operating strength continues to be led by our largest and most significant business, Pharmaceutical and Specialty Solutions, and is amplified by contributions from our higher-margin growth businesses. Within Pharma, we delivered strong growth, highlighting the strength of our core. We continue to see benefits from our strategic focus on expanding our capabilities across Specialty, both downstream with providers and upstream with manufacturers.

這些結果進一步強化我們對公司成長軌跡與創造長期價值能力的信心。我們的核心營運動能仍由最大且最關鍵的業務——藥品與專科解決方案（Pharmaceutical and Specialty Solutions）所帶動，並在高毛利成長型業務的貢獻下進一步放大。在 Pharma 方面，我們實現強勁成長，凸顯核心業務的實力。我們持續受惠於策略性聚焦於擴展專科領域能力，包含下游與醫療服務提供者合作，以及上游與製造商合作。

We are progressing the expansion of our MSO platforms, in particular with the Specialty Alliance's multi-specialty offerings, delivering differentiated value to a growing network of physicians and enhancing patient care and access. The integration of Solaris into the Specialty Alliance remains on track, and we are taking actions to realize synergistic benefits across our portfolio. In GMPD, we continue to execute against our improvement plan. Our focus on simplification and cost optimization initiatives is producing tangible results, and we continue to see notable strength in our portfolio of Cardinal Health brand products.

我們正推進 MSO 平台的擴張，特別是 Specialty Alliance 的多專科服務方案，為日益擴大的醫師網絡提供差異化價值，並提升病患照護與可近性。Solaris 併入 Specialty Alliance 的整合仍按計畫進行，我們也正採取行動以在整體投資組合中實現協同效益。在 GMPD 方面，我們持續依改善計畫推進執行。我們聚焦於簡化與成本最佳化的措施已產生具體成果，同時我們也持續看到 Cardinal Health 自有品牌產品組合展現顯著強勢。

Our deliberate actions to simplify operations, enhance supply chain resiliency and drive commercial excellence remain strategic priorities as the business navigates the dynamic tariff environment. Our Other growth businesses, at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics continue to deliver robust results. Their sustained performance is a direct outcome of our continued strategic long-term investments in these areas, which are aligned with a favorable demand environment and positive secular trends in faster-growing areas of health care.

在業務因應多變的關稅環境之際，我們有計畫地推動簡化營運、提升供應鏈韌性並強化商業卓越，仍是策略優先事項。我們的其他成長型業務——居家解決方案（at-Home Solutions）、核醫與精準健康解決方案（Nuclear and Precision Health Solutions）以及 OptiFreight 物流——持續交出強勁成果。其持續表現，直接源自我們在這些領域長期且策略性的投資，並與有利的需求環境及醫療保健中成長更快領域的正向長期趨勢相一致。

The collective strength and sustained momentum across the enterprise, including our financial position, gives us the confidence to again raise our full year outlook for fiscal '26 and highlight our expectations for continued momentum in fiscal '27.

全企業層面的整體實力與持續動能（包含我們的財務狀況）使我們有信心再次上調 2026 會計年度全年展望，並說明我們對 2027 會計年度動能延續的預期。

And with that, I'll turn it over to Aaron to review our financials and outlook.

接下來，我把時間交給 Aaron，請他說明我們的財務表現與展望。

Thank you, Jason, and good morning. Our team delivered strong financial results in the third quarter, reflecting positive and broad-based demand, operational execution and loyalty to our disciplined capital allocation framework.

謝謝你，Jason，各位早安。我們團隊在第三季交出強勁的財務成果，反映出正向且廣泛的需求、營運執行力，以及對我們嚴謹資本配置框架的堅持。

Our strong operational performance was supplemented by positive discrete tax planning benefits below the operating line and continued share repurchase activity. Given our confidence in the remainder of the fiscal year, we are pleased to be raising our full year fiscal 2026 non-GAAP EPS and adjusted free cash flow guidance.

我們強勁的營運表現，並受到營業利益以下的稅務規劃一次性正面效益，以及持續的庫藏股回購活動所補強。基於我們對本會計年度剩餘期間的信心，我們很高興上調 2026 會計年度全年非 GAAP 每股盈餘（EPS）與調整後自由現金流指引。

Let's begin with a review of our consolidated third quarter results. Total company revenue increased 11% to $61 billion. This growth was driven by strong demand in our Pharmaceutical and Specialty Solutions segment and in Other. Gross profit grew 18% to $2.5 billion due to benefits from our acquisitions and segment performance.

首先回顧我們合併第三季業績。公司總營收成長 11%，達 610 億美元。此成長主要由藥品與專科解決方案事業部以及其他事業的強勁需求所帶動。毛利成長 18%，達 25 億美元，主要受惠於併購效益與各事業部表現。

While we maintained our focus on cost management, we also invested in the business with SG&A, inclusive of the impact of our M&A, increasing 17% on a headline basis. When you adjust for the impact of the M&A, our SG&A growth was 7%, reflecting increased volumes and purposeful investments in teams and technology across our business. The combination of these results led to an 18% increase in enterprise operating earnings to $956 million.

在維持成本管理重點的同時，我們也透過銷售、一般及行政費用（SG&A）對業務進行投資；若包含併購影響，SG&A 以表面口徑計成長 17%。若調整併購影響，SG&A 成長為 7%，反映出出貨量增加，以及我們在各業務的團隊與科技方面進行有目的的投資。上述結果綜合帶動企業營業利益成長 18%，達 9.56 億美元。

Moving below the line, we recorded net interest and other expense of $117 million for the quarter driven primarily by the increased financing costs associated with prior acquisitions. Our non-GAAP effective tax rate for the third quarter was 10.2% due to the benefit of discrete tax planning items in the quarter. Included in our Q3 ETR was a multiyear benefit that contributed approximately $0.35 to the quarter. Average diluted shares outstanding were 236 million shares.

在營業利益以下，本季我們認列淨利息及其他費用 1.17 億美元，主要由先前併購所帶來的融資成本上升所致。第三季非 GAAP 有效稅率為 10.2%，係因本季一次性稅務規劃項目的利益所致。我們第三季有效稅率（ETR）中包含一項跨多年度的利益，約為本季貢獻每股 0.35 美元。稀釋後加權平均流通股數為 2.36 億股。

This reflects the positive impact of the completion of our second quarter ASR program in January as well as the launch of an additional $250 million share repurchase program in the quarter, which was completed in April. This brings our fiscal year '26 total share repurchases to $1 billion, exceeding our fiscal year baseline target by $250 million year-to-date. The net result of these factors was third quarter non-GAAP EPS of $3.17, representing 35% growth.

這反映出我們於 1 月完成第二季加速庫藏股回購（ASR）計畫的正面影響，以及本季啟動並於 4 月完成的額外 2.5 億美元股票回購計畫。因此，我們 2026 會計年度累計股票回購總額達 10 億美元，年初基準目標年初至今超出 2.5 億美元。綜合上述因素，第三季非 GAAP 每股盈餘為 3.17 美元，年增 35%。

Diving deeper into the businesses, the Pharma segment delivered a strong quarter. Segment revenue grew 11% to $56.1 billion. This was primarily driven by existing customer growth across the portfolio. We continue to see strong overall pharmaceutical demand across product categories, including specialty, generics and consumer health. Within brand, volume growth also remains quite healthy though we did observe some fluctuations in mix that impacted the overall revenue line between GLP-1s, IRA changes and generics.

進一步看各項業務，Pharma 事業部本季表現強勁。事業部營收成長 11%，達 561 億美元。這主要由整體產品組合中既有客戶的成長所帶動。我們持續看到各產品類別的整體藥品需求強勁，包括專科用藥、學名藥與消費者健康產品。在品牌藥方面，量的成長仍相當健康，但我們確實觀察到產品組合的部分波動，影響了 GLP-1、IRA 變動與學名藥之間的整體營收表現。

Of note, during Q3, GLP-1s added 6 percentage points to our revenue growth. GLP-1 revenue growth remained robust at over 30%, but moderated from the prior quarter. The growth from GLP-1s was generally offset in the quarter by a 6 percentage point impact to revenue from Inflation Reduction Act WAC pricing adjustments.

值得注意的是，在第三季，GLP-1 為我們的營收成長貢獻了 6 個百分點。GLP-1 營收成長仍維持強勁、超過 30%，但較前一季有所放緩。本季 GLP-1 帶來的成長，大致被《降低通膨法案》（Inflation Reduction Act）對 WAC 定價調整所造成的 6 個百分點營收影響所抵銷。

Segment profit growth outpaced revenue growth significantly, increasing 18% to $784 million. This strong result was primarily driven by contributions from brand and specialty products. As previously shared, we maintained our economics on distribution contracts notwithstanding the impact of WAC changes. We also saw positive performance of our generics program, and we're pleased to again see consistent market dynamics.

事業部獲利成長顯著超越營收成長，成長 18% 至 7.84 億美元。此一強勁結果主要由品牌藥與專科產品的貢獻所帶動。如先前所分享，儘管 WAC 變動帶來影響，我們仍維持配送合約的經濟條件不變。我們也看到學名藥計畫的正向表現，並很高興再次看到市場動態維持一致。

I want to highlight how our teams adeptly managed through the increased operational complexity resulting from heightened winter storm activity during the third quarter, a testament to the agility of our workforce and fundamental durability of our business model.

我想強調，我們的團隊在第三季因冬季風暴活動加劇而導致的營運複雜度上升之下，仍能靈活且熟練地應對，這證明了我們員工隊伍的敏捷性以及我們商業模式的根本韌性。

As a matter of financial transparency, I will note that on a GAAP basis, earnings were impacted by $184 million pretax goodwill impairment charge related to our Navista business. The noncash impairment charge was primarily due to changes in the risk profile of the business plans, resulting in an increase in the discount rate. These changes reflect business model updates and base operational performance. The impairment does not affect our non-GAAP results. Our strong positive outlook for our Specialty business is unchanged.

基於財務透明原則，我要指出，按 GAAP 基礎計算，獲利受到與我們 Navista 業務相關的 1.84 億美元稅前商譽減損費用影響。這項非現金減損費用主要源於業務計畫風險概況的變化，導致折現率上升。這些變化反映了商業模式的更新以及基礎營運表現。該減損不影響我們的非 GAAP 結果。我們對 Specialty 業務的強勁正向展望維持不變。

We are pleased with the above-market growth we are seeing in Specialty, including over 20% revenue growth in the third quarter, and we continue to expect our Specialty revenue to exceed $50 billion in fiscal 2026. In our GMPD segment, revenue was $3.1 billion. This was generally flat to prior year, reflecting lower distribution volumes, offset by Cardinal Health brand growth. We were again pleased with Cardinal Health brand performance, which grew over 5% in the U.S., including timing shifts into Q2 that we called out last quarter.

我們對 Specialty 所呈現的優於市場的成長感到滿意，包括第三季營收成長超過 20%，且我們仍預期在 2026 財年 Specialty 營收將超過 500 億美元。在我們的 GMPD 部門，營收為 31 億美元。與去年同期大致持平，反映配送量下降，但被 Cardinal Health 品牌成長所抵銷。我們再次對 Cardinal Health 品牌表現感到滿意，其在美國成長超過 5%，其中包含我們上季提到的部分時點移轉至第二季的影響。

GMPD segment profit saw a decrease to $25 million due to the adverse net impact of tariffs. That said, our segment results reflect solid underlying operational performance, and the team remains focused on executing our improvement plan driving cost efficiencies and managing the supply chain resilience to serve our customers effectively.

由於關稅的不利淨影響，GMPD 部門利潤下降至 2,500 萬美元。儘管如此，我們的部門結果反映出穩健的基礎營運表現，團隊仍專注於執行改善計畫，以推動成本效率並管理供應鏈韌性，從而有效服務客戶。

As you are aware, our tariff exposure is concentrated in the GMPD segment. In February of 2026, the Supreme Court ruled tariffs imposed under the International Emergency Economic Powers Act unlawful, and work is underway to establish a refund process. Uncertainty remains in the timing, scope and administration of refunds, and we have not recognized any financial impact in the quarter, nor reflected potential impacts in our updated guidance.

如各位所知，我們的關稅曝險主要集中在 GMPD 部門。2026 年 2 月，最高法院裁定依《國際緊急經濟權力法》（IEEPA）課徵的關稅屬違法，目前正著手建立退款流程。退款的時點、範圍與執行方式仍存在不確定性，我們在本季未認列任何財務影響，也未在更新後的指引中反映潛在影響。

To date, we have paid approximately $200 million in IEEPA tariffs and previously noted sharing of these impacts with our customers. As a result, if circumstances change and become more certain, we would anticipate the potential future net benefit to Cardinal to be about half of that $200 million, primarily driven by the repayment of IEEPA pricing that we've taken to our customers.

截至目前，我們已支付約 2 億美元的 IEEPA 關稅，並先前提及會與客戶分攤這些影響。因此，若情勢改變且更為明確，我們預期 Cardinal 未來可能取得的淨受益約為該 2 億美元的一半，主要來自我們先前向客戶收取的 IEEPA 定價之返還。

Turning to our Other growth businesses. at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics, we saw strong results. These businesses represent a key element of our long-term growth expectations.

接著談我們的其他成長型業務：居家解決方案（at-Home Solutions）、核醫與精準健康解決方案（Nuclear and Precision Health Solutions）以及 OptiFreight Logistics，我們看到了強勁的成果。這些業務是我們長期成長預期中的關鍵要素。

Segment revenue grew 31% to $1.7 billion and segment profit grew 34% to $179 million. This performance was driven by robust demand across all three businesses and the acquisition of ADS. The integration of ADS into our at-Home Solutions business is progressing well, and this combination has created a powerful platform for patients with chronic conditions that supports and can be supported by other parts of our business. Our Nuclear and Precision Health Solutions business is executing like clockwork. NPHS, again saw over 30% revenue growth from theranostics, a key area of innovation and investments.

部門營收成長 31% 至 17 億美元，部門利潤成長 34% 至 1.79 億美元。此表現由三項業務的強勁需求以及收購 ADS 所帶動。將 ADS 整合至我們的居家解決方案業務進展順利，這項結合為慢性病患者打造了強大的平台，能夠支援並且也可由我們業務的其他部分提供支援。我們的核醫與精準健康解決方案業務執行如同時鐘般精準。NPHS 再次在放射性治療診斷一體化（theranostics）方面實現超過 30% 的營收成長，這是創新與投資的關鍵領域。

And OptiFreight Logistics continues to deliver its unique value proposition, helping health care providers manage logistics with greater efficiency and cost effectiveness, growing revenue nearly 20% in the quarter. Now turning to the balance sheet. Our capital deployment priorities remain consistent, investing organically in the business for long-term profit growth, maintaining our investment-grade credit rating, returning capital to shareholders and opportunistically pursuing value creation through strategic M&A.

而 OptiFreight Logistics 持續提供其獨特的價值主張，協助醫療服務提供者以更高效率與更具成本效益的方式管理物流，本季營收成長近 20%。現在轉向資產負債表。我們的資本配置優先順序維持一致：在業務中進行有機投資以推動長期利潤成長、維持投資級信用評等、回饋資本給股東，並在適當時機透過策略性併購（M&A）追求價值創造。

We ended the quarter with a cash position of nearly $4 billion after generating $1.7 billion of adjusted free cash flow in the quarter and taking several actions that align with our disciplined framework. We continue to invest heavily into the business with CapEx of $385 million so far this year across all of our businesses.

本季結束時，我們的現金部位接近 40 億美元，原因是本季產生 17 億美元的調整後自由現金流，並採取了數項符合我們嚴謹框架的行動。我們持續大力投資於業務，今年迄今在所有業務合計的資本支出（CapEx）為 3.85 億美元。

We prepaid $100 million on our outstanding term loan, further reducing our Moody's adjusted leverage ratio to 3x. This places us comfortably within our target leverage range of 2.75 times to 3.25 times and demonstrates our commitment to our Baa2 rating at Moody's. As I noted, we also returned capital to shareholders through an additional $250 million accelerated share repurchase. So let's talk about the rest of fiscal '26. Our strong performance through the third quarter and our confidence in the fundamentals of our business leads us to raise our non-GAAP EPS outlook for the full year to a range of $10.70 to $10.80.

我們提前償還 1 億美元的未償還定期貸款，進一步將穆迪調整後槓桿比率降至 3 倍。這使我們穩健地落在目標槓桿區間 2.75 倍至 3.25 倍之內，並展現我們對穆迪 Baa2 評等的承諾。如我所述，我們也透過額外 2.5 億美元的加速股票回購向股東返還資本。接下來談談 2026 財年剩餘期間。我們在第三季前的強勁表現，以及對業務基本面的信心，使我們將全年非 GAAP 每股盈餘（EPS）展望上調至 10.70 至 10.80 美元區間。

That is a $0.50 increase at the midpoint, made up of approximately $0.13 from operational strength at Pharma and in our Other growth businesses and the remainder below the line. This new range represents annual EPS growth of 30% to 31%. In Pharma, we expect our fiscal 2026 revenue to come in at the lower end of our 15% to 17% range, reflecting the continued strong overall volume growth and the mix dynamics within brands that I referenced earlier. For segment profit, we are pleased to raise and narrow our profit growth outlook to 22% to 23%, an increase from our prior range of 20% to 22%.

以中位數計算，這上調了 0.50 美元，其中約 0.13 美元來自 Pharma 與其他成長型業務的營運強勁，其餘則來自線下項目。此新區間代表年度 EPS 成長 30% 至 31%。在 Pharma 方面，我們預期 2026 財年營收將落在 15% 至 17% 區間的低端，反映整體量能持續強勁成長，以及我先前提到的品牌組合動態。就部門利潤而言，我們很高興將利潤成長展望上調並收斂至 22% 至 23%，高於先前的 20% 至 22% 區間。

This change reflects our performance through the third quarter and is indicative of our confidence in the segment's continued operational execution with anticipated high teens profit growth in the fourth quarter at the midpoint.

此變動反映我們截至第三季的表現，並顯示我們對該部門持續營運執行的信心；以中位數計算，我們預期第四季利潤成長將達到高十位數（high teens）。

As you model the remainder of the year, please keep in mind that we have now fully lapped our large Pharma wins from fiscal '25 and the GIA acquisition. Consequently, Solaris will be the primary inorganic driver to account for in your year-over-year comparisons. Additionally, I will note we are onboarding distribution volumes for GI Alliance and Solaris during Q4, which are reflected in our guidance.

在您建立今年剩餘期間的模型時，請記得我們已完全跨越（lapped）2025 財年大型 Pharma 贏單以及 GIA 收購所帶來的比較基期。因此，在年對年比較中，Solaris 將是主要需要納入考量的外生成長（inorganic）驅動因素。此外，我也要指出，我們正在第四季為 GI Alliance 與 Solaris 導入配送量，且已反映在我們的指引中。

For the GMPD segment, we are reiterating our revenue outlook of 1% to 3% growth and holding our profit guidance to $150 million. We remain pleased with the progress against the GMPD improvement plan and are encouraged by both the consistency of our Cardinal Health brand growth and tangible impact of our simplification strategy.

就 GMPD 部門而言，我們重申營收展望為成長 1% 至 3%，並維持利潤指引為 1.5 億美元。我們對 GMPD 改善計畫的進展仍感到滿意，並受到 Cardinal Health 品牌成長的一致性以及簡化策略所帶來的具體成效所鼓舞。

With our Other growth businesses, revenue guidance is unchanged, projecting the full year between 26% to 28% growth. However, we are increasing our profit growth guidance to a range of 36% to 38%, up from 33% to 35%. This positive revision is driven by strong performance across all three growth businesses to date. As you model the remainder of the year, please continue to remember that we have lapped the acquisition of ADS in April, which will result in more normalized Q4 growth. Focusing below the line, we are updating our outlook for interest and other to approximately $340 million, up from our previous estimate of $325 million.

至於其他成長型業務，營收指引維持不變，預估全年成長 26% 至 28%。然而，我們將利潤成長指引上調至 36% 至 38%，高於先前的 33% 至 35%。這項正向修訂是由三項成長型業務迄今的強勁表現所驅動。在您建立今年剩餘期間的模型時，請持續記得我們已跨越 4 月收購 ADS 的比較基期，這將使第四季成長更趨於常態化。聚焦線下項目，我們將利息及其他項目的展望更新為約 3.40 億美元，高於先前估計的 3.25 億美元。

This is due to some Q3 adjustments within the other income and expense line, the majority of which was offset in tax and net neutral to the enterprise. Additionally, as a result of the discrete planning benefits in Q3, we are lowering our expected non-GAAP effective tax rate for the full year to approximately 19%, down from our prior range of 21% to 23%.

這主要是由於第三季在其他收入與費用項目中的一些調整所致，其中大部分已在稅務上被抵銷，對企業整體而言淨影響為零。此外，由於第三季一次性規劃帶來的稅務利益，我們將全年預期的非 GAAP 有效稅率下調至約 19%，低於先前 21% 至 23% 的區間。

Reflecting the impact of our share repurchase activity, we are updating our outlook for weighted average shares outstanding to approximately 237 million shares from our previous guidance of 237 million to 238 million shares. Finally, we are raising and narrowing our full year adjusted free cash flow guidance to a range of $3.3 billion to $3.7 billion from our previous guidance of $3 billion to $3.5 billion, which reinforces the robust and resilient cash-generating capabilities of our business model.

反映我們股票回購活動的影響，我們將加權平均流通在外股數的展望更新為約 2.37 億股，先前指引為 2.37 億至 2.38 億股。最後，我們將全年調整後自由現金流指引上調並收斂至 33 億至 37 億美元，較先前 30 億至 35 億美元的指引提高，進一步印證我們商業模式強勁且具韌性的現金創造能力。

In summary, our third quarter results demonstrate the broad-based strength of our business and the progress we are making against our strategic objectives. Before I close, I'd like to share some initial thoughts on fiscal 2027. The headline is that we remain confident in our long-term targets, and we'll continue to assess the various puts and takes for next year as we progress further through our annual planning process.

總結而言，我們第三季的結果展現了業務的全面性強勁表現，以及我們在策略目標上取得的進展。在結束之前，我想分享一些對 2027 會計年度的初步看法。重點是，我們對長期目標仍具信心，並將在年度規劃流程持續推進的同時，繼續評估明年各項利多與利空因素的拉鋸。

We look forward to sharing detail of our fiscal 2027 outlook during our fourth quarter earnings call, but before then, a few items of perspective. While the health care landscape and regulatory environment remain dynamic, we have consistently demonstrated an ability to navigate change, reinforcing the durability and deep resilience of our model and our enduring value proposition.

我們期待在第四季財報電話會議中分享 2027 會計年度展望的細節，但在此之前，先提供幾點觀察。儘管醫療照護產業格局與監管環境仍在變動，我們一向展現出因應變化的能力，進一步強化我們模式的耐久性與深層韌性，以及我們長期不變的價值主張。

In our Pharmaceutical and Specialty Solutions segment, we anticipate positive demand and demographic trends to persist, supported by strong ongoing operating performance. There are several positive items informing our views.

在我們的製藥與專科解決方案（Pharmaceutical and Specialty Solutions）部門，我們預期正向的需求與人口結構趨勢將持續，並由強勁且持續的營運表現所支撐。有數項正面因素支撐我們的觀點。

The scale and efficiency of our pharmaceutical distribution operations and our growing position in Specialty, including specialty distribution, our MSO strategy and biopharma solutions. We will see benefits from the annualization of the Solaris acquisition in the beginning of the fiscal year and anticipate benefits of continued synergy realization. The three businesses in Other are exceptionally well positioned to benefit from secular trends and to win in high-growth innovation areas like theranostics. We plan to continue to strategically invest and position ourselves to capitalize on those trends.

包括我們製藥配送業務的規模與效率，以及我們在專科領域日益提升的地位，涵蓋專科配送、我們的 MSO 策略與生物製藥解決方案。我們將在會計年度初期受益於 Solaris 收購案的全年化效益，並預期持續實現協同效益所帶來的好處。Other 旗下三項業務在受益於長期結構性趨勢，以及在如 theranostics（診療一體化）等高成長創新領域取得勝利方面，具備極佳的有利位置。我們計畫持續進行策略性投資並做好布局，以把握這些趨勢。

In our GMPD segment, the successful execution of our multiyear improvement plan is on track and gives us confidence in our continued potential to unlock value in this business. We continue to monitor the dynamic tariff environment and broader macroeconomic factors, including fuel and commodity exposure with improved ability to navigate change as a result of our multiyear focus on simplification and efficiency.

在我們的 GMPD 部門，多年期改善計畫的成功執行正按軌道推進，讓我們對持續釋放此業務價值的潛力更具信心。我們持續關注變動的關稅環境與更廣泛的總體經濟因素，包括燃料與大宗商品曝險；在我們多年來聚焦簡化與效率提升之下，因應變化的能力已獲改善。

All of this is supported by the fact that we are completing our third year of long-term, sustained investment in our businesses to ensure that the foundations of future growth are built before we need them. Below the line, we'll have the comparison to the discrete tax benefits this year while continuing to pursue opportunities to drive durable improvements in our tax position.

這一切也受到以下事實的支撐：我們正完成對各項業務進行長期且持續投資的第三年，以確保在需要之前就先建立未來成長的基礎。在稅後項目方面，我們將面臨與今年一次性稅務利益的比較基期，同時仍將持續尋求機會，以推動我們稅務結構的長期改善。

We expect another year of robust cash flow generation and will be sticking to our knitting with respect to our disciplined capital framework, which creates opportunity for accretion through our baseline share repurchases. In closing, we are confident in our ability to achieve our updated higher guidance for fiscal 2026. Our priorities are unchanged, and we are executing against them. Our team is committed to our vision and will remain focused on its achievement while investing for long-term growth and value creation.

我們預期將再迎來一年強勁的現金流創造，並將在嚴謹的資本配置框架下持續專注本業，透過基準性的股票回購創造增值（accretion）機會。最後，我們對達成更新後、較高的 2026 會計年度指引充滿信心。我們的優先事項不變，並正依此執行。我們的團隊致力於我們的願景，將持續聚焦於實現該願景，同時投資於長期成長與價值創造。

With that, I'll now turn the call back over to Jason.

接下來，我把電話交回給 Jason。

Thanks, Aaron. Our Pharma segment once again led our performance, providing proof points of our strategy to strengthen the core and expand in Specialty. Our continued focus on the core with investments in infrastructure, technology and our people are delivering measurable improvements across the network.

謝謝，Aaron。我們的 Pharma 部門再次引領整體表現，提供了我們「強化核心並在專科領域擴張」策略的具體佐證。我們持續聚焦核心，並在基礎設施、科技與人才上的投資，正為整個網路帶來可衡量的改善。

As an example, we continue to invest in our existing distribution centers through automation and productivity initiatives, which both improves our cost and expands our capacity. We are achieving record high service levels, which is a testament to our employees and the investments we've made focusing on the core. We continue to see consistent dynamics in generics with our Red Oak partnership and continue to have best-in-class performance in the strength of our generics program. Specialty continues to be an increasingly important driver of our strategy and results.

例如，我們持續透過自動化與生產力提升計畫投資既有配送中心，既改善成本，也擴大產能。我們達成創新高的服務水準，這證明了員工的努力以及我們聚焦核心所做的投資。在學名藥方面，透過我們與 Red Oak 的合作夥伴關係，我們持續看到一致的市場動態，且在學名藥計畫的實力上維持同級最佳表現。專科業務持續成為我們策略與成果中愈來愈重要的驅動因素。

Upstream, our biopharma solutions business is advancing its momentum, providing critical services to our pharmaceutical partners, evidenced by three new pharmaceutical therapies that our Sonexus patient support business onboarded this quarter with another 10 scheduled to be completed over the next two quarters. This growing pipeline underscores the trust and value we provide to manufacturers, bringing life-changing therapies to market.

在上游方面，我們的生物製藥解決方案業務持續推進動能，為製藥合作夥伴提供關鍵服務；本季我們的 Sonexus 病患支持業務新增導入三項新的藥物療法，並另有 10 項預計在未來兩季完成。這個持續成長的案源管線凸顯製造商對我們的信任與我們所提供的價值，協助具改變人生的療法上市。

We continue to see opportunity from our multi-specialty MSO strategy within the Specialty Alliance, which is proving to be a key differentiator in the marketplace, generating value for community-based physicians and their patients. Since last quarter, we closed three tuck-in acquisitions within the Specialty Alliance, adding physicians to our network and further extending our geographic reach into our 33rd state.

我們持續看到在 Specialty Alliance 內推動多專科 MSO 策略所帶來的機會；該策略正被證明是市場上的關鍵差異化因素，為社區型醫師及其病患創造價值。自上季以來，我們在 Specialty Alliance 內完成三項補強型（tuck-in）收購，將更多醫師納入我們的網路，並將地理覆蓋範圍進一步延伸至第 33 個州。

Our model continues to unlock value through the synergies we create across our businesses. For instance, Specialty Networks and the Specialty Alliance are now partnering to support a pharmaceutical company on a multiyear study focused on understanding real-world outcomes for patients receiving care at community gastroenterology clinics across the country. Specialty Networks will perform the analysis, showcasing how we connect our vast network of partners, physicians and patients to create long-term differentiated value.

我們的模式持續透過跨業務所創造的協同效益來釋放價值。例如，Specialty Networks 與 Specialty Alliance 現正合作，支持一家製藥公司進行一項多年期研究，聚焦於了解在全國各地社區腸胃科診所接受照護之病患的真實世界結果。Specialty Networks 將負責進行分析，展現我們如何連結龐大的合作夥伴、醫師與病患網路，以創造長期且具差異化的價值。

Turning to GMPD, we continue to demonstrate disciplined execution and make progress on our ongoing improvement plan. The team remained focused on growing Cardinal Health brand and relentlessly simplifying operations, and we made tangible progress on both fronts during the quarter.

談到 GMPD，我們持續展現有紀律的執行力，並在持續性的改善計畫上取得進展。團隊仍專注於推動 Cardinal Health 自有品牌成長，並不斷簡化營運；本季我們在兩方面都取得了具體進展。

With the execution of our five-point plan, Cardinal Health brand has now grown at least mid-single digits for five consecutive quarters, outpacing the broader market. Our Other growth businesses, which remain an increasingly critical component of our long-term strategy, were again, a significant driver of our performance this quarter. In at-Home Solutions, we continue to see a strong demand environment, fueled by the ongoing shift of care into the home. To support the growing demand, we are investing to expand the capacity of our network, the breadth of our offering and in new technology to drive efficiencies and customer experience.

隨著我們五點計畫的執行，Cardinal Health 自有品牌已連續五個季度至少達到中個位數成長，表現優於整體市場。我們的 Other 成長型業務（其在長期策略中愈發關鍵）本季再次成為推動表現的重要動能。在 at-Home Solutions 方面，我們持續看到強勁的需求環境，主要受惠於照護持續向居家場景轉移。為支援成長中的需求，我們正投資以擴大網路產能、拓展產品與服務範疇，並導入新技術以提升效率與客戶體驗。

We are pleased with the integration progress of ADS, which now marks one year as part of Cardinal Health. We have successfully migrated ADS volume into our distribution centers as well as onboarded nearly 1,000 new employees and nearly 500,000 new patients. This marks a significant operational achievement that positions us for enhanced efficiency and long-term growth.

我們對 ADS 的整合進度感到滿意，該業務加入 Cardinal Health 現已滿一年。我們已成功將 ADS 的業務量移轉至我們的配送中心，並完成近 1,000 名新員工與近 50 萬名新病患的導入。這是一項重大的營運成就，使我們具備更高效率與長期成長的有利位置。

We are well positioned to capture ongoing growth as evidenced by the key synergies between pharma and home health, where we are seeing strong growth of our ContinuCare Pathway program, which we announced early this year, with the team now serving 165,000 patients and growing up nearly 20% since January.

我們具備良好條件以掌握持續成長，這可由製藥與居家健康之間的關鍵協同效益看出；我們的 ContinuCare Pathway 計畫（我們於今年稍早宣布）正呈現強勁成長，目前團隊已服務 16.5 萬名病患，自 1 月以來成長近 20%。

This progress is supported by our ongoing investments in technology and our core distribution footprint. To that end, we have signed a lease and are progressing with our new Sacramento distribution center, which will help us serve even more customers on the West Coast. Nuclear and Precision Health Solutions continue to demonstrate its leading position, thanks to our differentiated offerings and specialized expertise.

這項進展得益於我們持續在科技以及核心配送版圖上的投資。為此，我們已簽署租約，並正推進我們位於薩克拉門托（Sacramento）的新配送中心，這將協助我們在美國西岸服務更多客戶。核醫與精準健康解決方案（Nuclear and Precision Health Solutions）憑藉我們具差異化的產品與專業化的專長，持續展現其領先地位。

This quarter, we announced a significant expansion of our Actinium-225 production capabilities at our Center for Theranostics Advancement, which will substantially increase our capacity to support the rapidly growing demand for novel targeted cancer therapies and strengthen our ability to meet customer needs today and into the future.

本季，我們宣布在「治療診斷（Theranostics）推進中心」（Center for Theranostics Advancement）大幅擴增錒-225（Actinium-225）的生產能力，這將顯著提升我們支援快速成長之新型標靶癌症療法需求的產能，並強化我們在當下及未來滿足客戶需求的能力。

To date, Nuclear's Actinium-225 has supported more than 15 clinical trials worldwide, reflecting broad engagement with pharmaceutical innovators, a clear indicator of our ability to execute and scale in this complex and highly differentiated field. We continue to unlock opportunities for greater connectivity between our Nuclear business and our Specialty businesses, exemplified by a recent supply agreement with the Specialty Alliance, which makes them our Nuclear business' largest user of Illuccix for prostate cancer imaging.

截至目前，核醫事業的錒-225已支援全球超過15項臨床試驗，反映出與藥廠創新者的廣泛合作，亦清楚顯示我們在此複雜且高度差異化領域的執行與規模化能力。我們持續開拓核醫事業與專科事業之間更高連結性的機會；近期與 Specialty Alliance 簽訂的供應協議即為例證，該協議使其成為我們核醫事業中用於前列腺癌影像之 Illuccix 的最大使用者。

Our OptiFreight Logistics business also continues to perform well and expand its offerings, consistently demonstrating its leading value proposition for health care providers. Launched last quarter, the pharmacy solution from OptiFreight Logistics, inclusive of tech-forward products, shipment navigator and tracking beacon, provides meaningful shipping process efficiencies and improved tracking visibility via an all-in-one platform to drive confidence, security and clarity for outbound pharmacy shipments.

我們的 OptiFreight Logistics 物流事業也持續表現強勁並擴展其產品服務，並一貫展現其對醫療照護提供者的領先價值主張。OptiFreight Logistics 於上季推出的藥局解決方案，包含以科技為導向的產品、出貨導引（shipment navigator）與追蹤信標（tracking beacon），透過一體化平台帶來顯著的運輸流程效率與更佳的追蹤可視性，進而提升藥局對外出貨的信心、安全性與透明度。

In closing, our results this quarter again demonstrates the clear progress we're making across the business. The relentless focus and dedication of our colleagues around the world underscores the vital role we play in ensuring critical products reach the right place at the right time for our customers, evidenced by the increased complexity our teams manage through to achieve record high service levels for the quarter. Our resilient business model and our foundational role as the backbone of the health care system give us great confidence in our ability to capitalize on opportunities ahead and to deliver sustained long-term value.

最後，我們本季的業績再次展現我們在各項業務上所取得的明確進展。全球同仁不懈的專注與投入，凸顯我們在確保關鍵產品於正確時間送達正確地點、以服務客戶方面所扮演的關鍵角色；這也反映在我們團隊為達成本季創新高的服務水準而管理的複雜度持續提升。我們具韌性的商業模式，以及作為醫療照護體系骨幹的基礎性角色，使我們對把握未來機會並創造可持續的長期價值充滿信心。

With that, we will take your questions.

接下來，我們開始回答各位的提問。

(Operator Instructions) Michael Cherny, Leerink Partners.

（接線員指示）Leerink Partners 的 Michael Cherny。

Just one quick housekeeping and then one broader question. First, on the housekeeping side. Is there any way to quantify the accelerated SG&A investment that you mentioned in the quarter relative to positioning for future growth?

我先問一個簡短的例行問題，接著再問一個較宏觀的問題。首先是例行問題。對於你們提到本季加速的 SG&A（銷售、一般及行政費用）投資，相較於為未來成長布局的角度，有沒有辦法量化其幅度？

And then broadly speaking, great to hear all the progress on Specialty. As you look at the portfolio now, where do you think -- if there are any kind of holes or shortfalls that you continue to see the opportunity to build out either organically or inorganically from here?

接著從更宏觀的角度來看，很高興聽到專科（Specialty）業務的各項進展。當你們現在回頭看整體投資組合時，你們認為是否仍存在任何缺口或不足之處，讓你們看到機會可從此處開始，透過內生成長或外延併購來補強？

Great. Thanks for the question. Happy to address them. We did call out in the prepared remarks that while SG&A was up 17% across the enterprise overall, if you exclude the impact of the M&A, it was up 7%. And I can assure you we are being quite purposeful and disciplined in thinking through our SG&A structure to ensure that where we are investing, particularly in technology and team, as I called out, it's focused on setting us up for success going forward.

好的。謝謝你的提問。很樂意回應。我們在事先準備的講稿中確實提到，雖然整體企業層面的 SG&A 年增17%，但若排除併購（M&A）的影響，則年增為7%。我可以向你保證，我們在思考 SG&A 架構時相當有目的性且自律，確保我們的投資方向——特別是我提到的科技與團隊——是聚焦於為未來的成功奠定基礎。

With respect to the Specialty portfolio, I guess I'll start and just observe that we are really pleased with the continued strength we're seeing in our specialty business. Indeed, across the pharmaceutical demand overall. But as we think about the Specialty portfolio, that was a key contributor to the excellent results that Pharma had. GIA, Solaris, ION, all of the businesses that we've acquired have certainly partnered well with the existing Specialty capabilities, Specialty Networks, et cetera, and are performing as we expected when we brought them into the portfolio.

就專科投資組合而言，我想先說，我們對專科業務持續展現的強勁動能感到非常滿意。事實上，整體藥品需求也是如此。但當我們思考專科投資組合時，它是 Pharma 取得優異成果的關鍵貢獻者。GIA、Solaris、ION，以及我們所收購的所有業務，確實都與既有的專科能力（如 Specialty Networks 等）形成良好協同，且其表現符合我們將其納入投資組合時的預期。

As far as where to next, if your question is really about the inorganic opportunities, what I would observe is, while we will continue to be focused on Specialty, we have prioritized autoimmune and urology, and we'll remain focused there. But we are going to be quite disciplined as well, the right assets at the right timing at the right price, we will continue to lean in to support our growing Specialty platforms.

至於下一步，如果你的問題主要是關於外延併購機會，我的觀察是：我們會持續聚焦專科領域，並已將自體免疫與泌尿科列為優先方向，且會持續專注於此。但我們也會非常自律——在正確的時間、以正確的價格取得正確的資產——我們將持續加大投入，以支持我們成長中的專科平台。

Jason, anything you'd add?

Jason，你有要補充的嗎？

Yes. I'd just add that we're very pleased, Aaron, just used the word platform, and I think that's an important distinction of the investments we've made to date. We're clearly much more focused on the bolt-ons. We believe we have the capability, the business and perhaps most importantly, the teams in place to execute this strategy.

有。我只想補充，我們非常滿意；Aaron 剛剛用了「平台」這個詞，我認為這是我們迄今投資的一個重要區別。我們顯然更聚焦於補強型併購（bolt-ons）。我們相信我們具備能力、具備業務基礎，更重要的是，具備能夠執行此策略的團隊。

And we see that there's a lot of opportunity, not just within each of these platforms, but how these platforms work together. You even heard in this call already, some of the examples of the areas that we're working not just between the MSOs but the MSOs and the rest of the Specialty business, between the MSOs and what we're doing with Nuclear or our at-Home Solutions business.

我們也看到很多機會，不僅在各個平台內部，也在於這些平台如何彼此協作。你在本次電話會議中也已聽到一些例子，說明我們正在推動的不只是 MSO 之間的合作，還包括 MSO 與其餘專科業務之間的合作、MSO 與我們核醫業務之間的合作，或與我們居家解決方案（at-Home Solutions）業務的合作。

We have a lot of interconnectivity there, and it's all a component to our broader strategy to drive overall Specialty growth, which we reinforce again today is growing at over 20%. Still expect to exceed $50 billion of revenue this year. The only other thing to add outside of Specialty, clearly our highest priority, we've been very clear on that point, the other acquisition that we've done in the last year that we just anniversaried here April 1, of course, is the at-Home Solutions business.

我們在這方面有很高的互聯互通性，而這也是我們更廣泛策略的一部分，用以推動整體專科成長；我們今天再次強調，專科業務的成長率超過20%。我們仍預期今年營收將超過500億美元。另外，除了專科——顯然是我們的最高優先事項，我們在這點上一直非常清楚——過去一年我們做的另一項收購，並且在4月1日剛好滿一週年，當然就是居家解決方案（at-Home Solutions）業務。

So the Other businesses are the other areas of potential opportunity for us. Secular growth trends that are part of the market that's growing very quickly. We are very well positioned in each of those three spaces. And if the right opportunity presents itself, I would use similar words as to Aaron just said, we will be very disciplined as to how we approach those opportunities. But we think the market is growing and we're well positioned.

因此，「其他」（Other）業務也是我們潛在機會的另一個領域。這些市場存在推動快速成長的長期結構性趨勢。我們在這三個領域都具備非常有利的定位。若出現合適的機會，我會用與 Aaron 剛才相似的說法：我們會以非常自律的方式來評估與推進這些機會。但我們認為市場正在成長，而我們也具備良好定位。

Elizabeth Anderson, Evercore ISI.

Evercore ISI 的 Elizabeth Anderson。

I wanted to dive into Other. Obviously, that continues to grow very nicely, and you just raised the guidance for the fourth quarter. Are you seeing any sort of changes in trend there that give you the confidence to do that? Or how should we think about that as we sort of think about the back half of the year and then into 2027?

我想深入談談「其他」（Other）。顯然該業務持續成長得很不錯，而你們也剛上調了第四季的指引。你們是否看到任何趨勢上的變化，使你們有信心這麼做？或者，當我們思考今年下半年以及展望到2027年時，應該如何看待這件事？

Thanks for the question. We saw a strong performance across all three of the growth businesses affectionately known as Other. Revenue was up 31%. Profit was up 34%. But if you really unpack that, Jason referenced the strong secular trends, the positioning -- the competitive positioning we have, that's contributing to good results within the business and indeed lots of positive perspective on where those businesses are going to take us as we carry forward.

謝謝你的提問。我們在三項成長型業務（我們親切地稱之為「其他」）上都看到強勁表現。營收年增31%。獲利年增34%。但若進一步拆解，Jason 提到的強勁長期結構性趨勢，以及我們的市場定位——競爭定位——正在促成業務內部的良好成果，也確實讓我們對這些業務未來將帶領我們走向何處抱持非常正面的看法。

Strong demand has also been a key part of why those businesses have succeeded the way they have. I would highlight a couple of things. The core business within at-Home is doing well, and it has been reinforced by the ADS acquisition. The integration that Jason referenced earlier, it's going very well.

強勁需求也是這些業務能夠取得如今成功的重要原因之一。我想強調幾點。at-Home 的核心業務表現良好，且在 ADS 收購的加持下更為鞏固。Jason 先前提到的整合工作進展非常順利。

We had highlighted in an earlier earnings call that we had a plan with opportunities to overperform, and we continue to see the goodness coming from the at-Home business supported by the ADSG acquisition. And we pivoted from the integration of the supply chain, the distribution to now being focused on the systems, the back office and ensuring that we're providing the best-in-class customer experience that we aspire to for the patients being served by our at-Home business.

我們在先前的財報電話會議中提到，我們有一套計畫並具備超預期表現的機會，而我們持續看到 at-Home 業務在 ADSG 收購支持下所帶來的正面效益。我們也已將重心從供應鏈與配送整合，轉向聚焦於系統與後勤（back office），並確保為 at-Home 業務所服務的病患提供我們所追求的同級最佳客戶體驗。

Within Nuclear, boy, that theranostics growth just keeps coming. The investments that we're making in supporting the 70 different therapeutics that are coming our way, really have created a pipeline of success for the business, some of which we're now starting to see, particularly within urology and oncology. So we're excited about that.

在 Nuclear 方面，哇，放射性診療（theranostics）的成長持續湧現。我們為支援即將導入的 70 種不同治療方案所進行的投資，確實為該業務打造了成功的產品／專案管線，其中部分我們現在已開始看到成果，特別是在泌尿科與腫瘤科領域。因此我們對此感到振奮。

And then OptiFreight continues to perform, providing the excellent services to its customers with another good quarter as well. And so we were pleased to deliver a good quarter, and this business will, of course, contribute to our raise to our guidance and achieving our long-term targets.

此外，OptiFreight 持續表現出色，為客戶提供優質服務，本季同樣繳出不錯的成績。因此我們很高興交出一個良好的季度表現，而這項業務當然也將支持我們上調財測指引並達成長期目標。

Erin Wright, Morgan Stanley.

Erin Wright，摩根士丹利。

Great. So some of the commentary on 2027 and the moving pieces was helpful. When we dig into that core Pharma and Specialty Distribution segment and the AOI growth assumptions that we should be considering, it remains strong, but how do we think about the sustained momentum into 2027? What would make you deviate from the long-term growth algo in that segment? And how do we kind of reconcile with underlying utilization trends that you're seeing or you're expecting into 2027? And then also those continuing Specialty drivers?

很好。關於 2027 年以及各項變動因素的評論很有幫助。當我們深入探討核心 Pharma 與 Specialty Distribution（專科分銷）部門，以及我們應納入考量的 AOI 成長假設時，整體仍然強勁，但我們該如何看待動能能否持續到 2027 年？在該部門中，什麼情況會讓你們偏離長期成長演算法（growth algo）？以及我們該如何與你們目前看到或預期到 2027 年的基礎使用量（utilization）趨勢相互對照？另外還有那些持續的 Specialty 驅動因素？

A couple of thoughts there. First, we remain confident that our business is quite resilient and has demonstrated durability notwithstanding a fair amount of change in the industry. And I think it's important to keep that in mind that as we talk about fiscal '27 as well. And that's part of why we're able to express the confidence in the long-term targets that we have really across the enterprise, but particularly within the Pharma business. We have a strong core to our business, right?

這裡有幾點想法。首先，我們仍然有信心，我們的業務相當具韌性，且即便產業出現相當程度的變化，也已展現其持久性。我認為在談到 2027 財年時，也要把這點放在心上。這也是我們能夠對全公司、尤其是 Pharma 業務的長期目標表達信心的原因之一。我們的業務有很強的核心基礎，對吧？

We have seen consistent positive demand, right? We saw it again this quarter, and the business is supported by positive demographic trends that aren't going away as we get one more quarter into our business. And so we think those are all things that are going to support the trajectory of that business. We will also continue to benefit from the Specialty expansion that Jason and I have just commented upon, right? And one thing we're particularly excited about as well is how the pieces are all now starting to fit together.

我們看到需求持續呈現正向，對吧？本季我們再次看到，而該業務也受到正向人口結構趨勢的支持；這些趨勢不會因為我們又多走過一個季度就消失。因此我們認為，這些因素都將支撐該業務的發展軌跡。我們也將持續受惠於 Jason 和我剛才提到的 Specialty 擴張，對吧？另外，我們也特別感到興奮的一點是，各個拼圖現在開始逐步契合。

Specialty Alliance working with Nuclear, Biopharma really working with the broader portfolio. And so there's a lot of goodness there within the Pharma business that we think is supportive of the long-term target. And of course, we'll provide more perspective as we get through our planning cycle at the Q4 earnings call.

Specialty Alliance 與 Nuclear 協同運作，Biopharma 也真正與更廣泛的產品組合相互配合。因此在 Pharma 業務中有很多正面動能，我們認為這些都支持長期目標。當然，隨著我們在第四季財報電話會議完成規劃週期，我們也會提供更多觀點。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

I wanted to stick with Pharma and Specialty. And I'd like to get a little bit more on Navista and ION and the impairment. And I know you called out changes to the risk profile relative to a business plan. Can you give us a feel for whether that was near term versus long-term changes? And does it alter at all the oncology MSO strategy or economics of the platform?

我想繼續聚焦在 Pharma 與 Specialty。我想更深入了解 Navista 和 ION 以及減損（impairment）。我知道你們提到相較於商業計畫，風險輪廓有所變化。你們能否說明這是偏向短期變化還是長期變化？以及這是否會在任何程度上改變腫瘤 MSO 策略或平台的經濟性？

Sure. Thanks, Eric, and I'll go ahead and start and then turn it over to Aaron to walk through a few of the mechanics. First of all, I'll just reinforce what Aaron already said, the broader strategy, we're very pleased with the execution, not just this quarter but this year but also the last several years.

當然。謝謝你，Eric。我先開始回答，接著交給 Aaron 說明一些機制細節。首先，我想再次強調 Aaron 已經說過的：就更廣泛的策略而言，我們對執行成果非常滿意，不僅是本季、今年，也包括過去幾年。

Exceeding this $50 billion this year, continuing to see over 20% growth in Specialty highlights our strategy is working within the collective assets that we have put in place. And I'll remind you that, that 20% growth is pretty consistent to what we said over the last two quarters, so each quarter this year, which was an acceleration from the mid-teens growth that we saw in the prior several years.

今年突破 500 億美元，且 Specialty 持續看到超過 20% 的成長，凸顯我們在既有整體資產配置下的策略正在奏效。我也提醒各位，這 20% 的成長與我們過去兩季所說的相當一致，也就是今年每一季都是如此；相較之下，前幾年我們看到的是十幾％中段（mid-teens）的成長。

So we've seen our specialty growth be strong and then it's accelerated this year into very strong competitive positioning. And then within oncology, it was even stronger this quarter, continuing on those trends as well, over 30% growth in oncology. So as a reminder, Specialty has a lot of components to it. Within Specialty, MSO is just one component within -- within the MSOs, oncology is just one component. And then we have, of course, Navista within that.

因此我們看到 Specialty 成長一直很強，而今年更是加速，形成非常強的競爭定位。而在腫瘤領域，本季更強，延續同樣趨勢，腫瘤成長超過 30%。提醒一下，Specialty 包含很多組成部分。在 Specialty 裡，MSO 只是其中一個組成部分——而在 MSO 裡，腫瘤也只是其中一個組成部分。當然，Navista 也在其中。

So Navista is a component of that, and it was a combination of an acquisition, but also organic business. And we had a couple of different strategies in place. We had the equity strategy working with physicians to create this long-term cooperation, collaboration agreement with an equity component.

所以 Navista 是其中一個組成部分，它結合了收購而來的業務以及有機成長的業務。我們也有幾套不同策略。其中一套是股權策略，與醫師合作，透過包含股權成分的方式，建立長期的合作與協作協議。

Then we had the nonequity where it was more transactional, more contractual. And what we've seen is that while physicians like to have choices and like to have different alternatives, ultimately, we're seeing the market voting for the equity arrangement, and that's where the market has moved, and why we're prioritizing our strategy to that component.

另外還有非股權模式，較偏交易型、較偏合約式。我們看到的是，雖然醫師喜歡有選擇、喜歡不同替代方案，但最終市場正在用行動支持股權安排；市場已朝這個方向移動，這也是我們將策略優先順序放在該部分的原因。

It does not change the broader strategy of either on the MSO strategy or the broader Specialty strategy. And I think the underlying data certainly supports that. It's all coming together in a very accretive way. But with this pivot and strategy, it did have some knock-on effects that Aaron can walk through.

這並不會改變更廣泛的策略，無論是 MSO 策略或更廣泛的 Specialty 策略都不會。我認為底層數據也確實支持這點。一切正以非常具增益（accretive）的方式整合到位。但隨著這次策略轉向，確實帶來一些連帶影響，Aaron 可以進一步說明。

I won't belabor the point just to observe that it is one piece of Specialty and one piece of oncology, and we're keeping score, right, on ourselves. As we've always committed, we would tell you what we're going to do, do it and report back. And in this case, we have increased the discount rate applied to a small part of the oncology business. And -- but we remain pleased with the contribution that the specialty M&A is adding to our portfolio overall, the 8 percentage points or so within fiscal '26, consistent with the prior guidance that we've given.

我不再贅述，只想指出它只是 Specialty 的一個部分、也是腫瘤的一個部分，而我們也在為自己記分，對吧。正如我們一貫承諾，我們會告訴各位我們要做什麼、把它做成，並回報進展。在這個案例中，我們提高了套用在腫瘤業務一小部分上的折現率。而且——但我們仍對 Specialty 併購為整體投資組合所帶來的貢獻感到滿意；在 2026 財年約 8 個百分點，與我們先前提供的指引一致。

Allen Lutz, Bank of America.

Allen Lutz，美國銀行。

Aaron, big free cash flow raise with a quarter to go. You mentioned or called out that revenue was maybe a little bit lower than your expectations. I think you called out IRA and maybe a little bit from GLP-1. We know that IRA is maybe more a headwind on the revenue side, but you were able to raise the free cash flow guidance. Can you talk about what gave you the confidence for what you're seeing?

Aaron，在本季還剩一季的情況下，自由現金流大幅上調。你提到或指出營收可能比你的預期略低一些。我想你提到了 IRA，可能還有一點來自 GLP-1。我們知道 IRA 在營收端可能更像是逆風，但你們仍能上調自由現金流指引。你能談談是什麼讓你對目前看到的情況有信心嗎？

Was it better than expected? Was there a mix shift with a movement, I guess, more towards those IRA drugs that was actually a positive contributor to free cash flow? Was it more generics? Just trying to understand what mix shift, if at all, impacted the free cash flow guide that was maybe a little bit better than you expected?

是比預期更好嗎？是否有產品組合轉移，例如我猜是更多轉向那些 IRA 藥品，反而對自由現金流有正面貢獻？還是更多來自學名藥？只是想了解一下，若有的話，哪些組合變化影響了自由現金流指引，使其可能比你原先預期略好？

Allen, thanks for the question. What I would observe is that it's amazing how what gets measured gets done. And I can't point to just one factor across the enterprise as being the single source of success for our ability to generate the adjusted free cash flow we did or indeed drive the increase to the guidance.

Allen，謝謝你的提問。我會觀察到的是，很驚人的是：被衡量的事情就會被完成。而我無法指出在整個企業中只有單一因素，作為我們能夠產生目前這樣的調整後自由現金流、或推動指引上調的唯一成功來源。

It was driven really across all of our businesses with the management teams focused on the intersection between our customer service levels and our inventory positions, ensuring that we're collecting that, which is due to us from an AR perspective and focusing on the appropriate levels of AP with our suppliers. And so there were a series of initiatives that have been underway now for several quarters that are really generating the success that we are able to call out.

這其實是由我們所有業務共同推動的；管理團隊聚焦在客戶服務水準與庫存部位的交會點，確保從應收帳款（AR）角度把應收款項收回，同時也把與供應商之間的應付帳款（AP）維持在適當水準。因此，有一系列已經推動了好幾季的措施，確實正在帶來我們現在能夠指出的成果。

I do want to seize on your question to maybe answer a question I haven't gotten yet or maybe put an emphasis on a point in the broader Pharma results, which is you called out the revenue. And I think this is probably a good point for me to observe that. The revenue growth within the Pharma business was 11%, which I understand some were maybe expecting a little bit more than that.

我也想抓住你這個問題，順便回答一個我還沒被問到的問題，或是強調一下更廣泛的 Pharma（製藥）業績中的一個重點，也就是你提到的營收。我想這可能是個好時機讓我補充觀察：Pharma 業務的營收成長是 11%，我理解有些人可能原本預期會略高一些。

It's important to understand that we're in a quarter -- we're in the first quarter of a couple of things going on. Firstly, of course, we have the IRA WAC changes, which was a -- that was a negative relative to the overall growth rate and similarly -- sorry, revenue, thank you. And similarly, GLP-1s is also in a period of change. And so while GLP-1s are growing extensively, still over 30%, they're growing less than they were before.

重要的是要理解，我們正處在一個季度——也就是有幾件事情同時發生的第一季。首先，當然有 IRA 的 WAC（批發採購成本）變動，這——相對於整體成長率而言是負面因素；同樣地——抱歉，是對營收而言，謝謝。同樣地，GLP-1 也正處於變動期。因此，雖然 GLP-1 仍在大幅成長、仍超過 30%，但其成長速度已不如先前。

And so we saw 6 percentage points uplift from growth within GLP-1s offset by a similar level of downdraft from IRA WAC. And then when you toss in some other brand dynamics like the LOE to generics, which is a positive for profit, right? That's really what's going on within the revenue line, even though the profit line, the demand line was very strong, the profit line is very strong. And so I just want to take this opportunity to reference what was going on there.

因此，我們看到 GLP-1 的成長帶來 6 個百分點的拉抬，但被 IRA WAC 帶來的類似幅度下拉所抵銷。再加上一些其他品牌藥動態，例如專利到期（LOE）轉向學名藥——這對獲利是正面的，對吧？這就是營收線上發生的事情；即便獲利線、需求線都非常強勁，獲利線也非常強。所以我想藉此機會說明當時的情況。

Glen Santangelo, Barclays.

Glen Santangelo，巴克萊。

Jason, I just want to follow up on some of those comments you were just making because I think there is obviously a lot of focus on these IRA impact on the pricing and the revenue line. And I guess what the concern that some may have is, as these prices come down, it seems like on the fee-for-service side, you're clearly maybe being made whole, but maybe some are concerned about the buy margin on the 2% discount.

Jason，我想就你剛才的一些評論追問一下，因為顯然大家非常關注 IRA 對定價與營收線的影響。我想有些人的擔憂是，隨著這些價格下調，在按服務收費（fee-for-service）這一端，你們顯然可能能被補足（made whole），但也有人擔心 2% 折扣下的買賣毛利（buy margin）。

And then ultimately downstream when you look at practice profits, if the price of these drugs are coming down, if these practices inherently become less profitable, can you get squeezed in any way at the distributor level from these IRA price reductions beyond just the fee-for-service agreements? And I think that's what we're all trying to sort of figure out is the different components of the profitability there and if there's any vulnerability?

而且最終往下游看診所利潤時，如果這些藥品價格下降、這些診所本質上變得較不賺錢，是否會在經銷商層級，因這些 IRA 降價而在某種程度上擠壓到你們——不只是按服務收費協議的部分？我想我們都在試著釐清的是獲利的不同構成，以及是否存在任何脆弱點？

Yeah. Thanks for the follow-on question on that. Let's break it into the two components because I think you're right to talk about this in two different pieces. Aaron's comments were very much focused on the distribution side. That's by far the biggest component of our business, and it's relevant to start there.

是的。謝謝你就這點的追問。我們把它拆成兩個部分來談，因為我認為你說得對，這需要分成兩塊來看。Aaron 的評論主要聚焦在配送（distribution）端。那是我們業務中占比最大的部分，因此從那裡開始談是有意義的。

We remain incredibly confident in our underlying business model. When you think about the fees that we receive today for the services we provide, that should not change. The services are certainly not changing, and we remain the lowest paid component of the supply chain than anyone in the supply chain. So we feel very good about continuing to receive the fees that we currently receive for that work.

我們對我們的底層商業模式仍然非常有信心。當你想到我們今天因所提供的服務而收取的費用，那不應該改變。服務當然沒有改變，而且我們仍是供應鏈中報酬最低的環節，低於供應鏈中的任何人。因此，我們對於能持續收取目前因這些工作而取得的費用感到非常放心。

And as a reminder, we announced the completion of the renegotiation of these contracts at the very beginning of the quarter at an analyst conference there. So this was all done prior to the quarter. It executed exactly consistent with that announcement because those agreements were already in place, very similar to what happened with the insulin repricing the year before that.

另外提醒一下，我們在本季一開始就在一場分析師會議上宣布已完成這些合約的重新談判。所以這些都在本季之前就完成了。由於那些協議已經到位，執行結果完全符合當時的公告，這與前一年胰島素重新定價時的情況非常類似。

So there's a lot of precedents, and frankly, it just makes sense, and it is consistent with we have the right to renegotiate the vast majority of our contracts for situations like this. So I continue to feel very, very confident with that.

所以有很多先例，而且坦白說，這也很合理；並且與我們在這類情況下有權重新談判絕大多數合約是一致的。因此我仍然非常、非常有信心。

Now when you talk about other components of our business, MSOs in particular, as a reminder, the drug spend for our $4 billion, $4.5 billion of revenue in MSOs is pretty diversified. We have only about 1/3 of that being drug spend. And within that, we have a very diverse payer mix. So we feel very confident that the implications to our MSOs are going to be very manageable, if any at all, because ultimately, what we're all looking for is exactly what is the administration's intent for providers as it relates to these go-forward initiatives.

現在談到我們業務的其他組成部分，特別是 MSO（醫療服務組織），提醒一下，在 MSO 約 40 億到 45 億美元的營收中，藥品支出其實相當分散。其中只有大約 1/3 是藥品支出。而在這之中，我們也有非常多元的付款方（payer）組合。因此我們非常有信心，IRA 對我們 MSO 的影響將會非常可控，甚至可能根本沒有；因為最終我們都在關注的是，政府對於醫療提供者在這些未來推動措施上的意圖究竟是什麼。

We don't think the intent is to harm community providers that provide excellent service to their patients, excellent care at the lowest cost already today. So it all makes sense for them not to be harmed, but we recognize actions need to be taken. But even if they don't, we believe this is very manageable for Cardinal Health.

我們不認為其意圖是要傷害社區型醫療提供者——他們為病患提供優質服務、優質照護，而且在今天就已經是最低成本。所以從邏輯上來說，他們不應該受到傷害，但我們也承認需要採取一些行動。但即便沒有，我們也相信這對 Cardinal Health 來說是非常可控的。

George Hill, Deutsche Bank.

George Hill，德意志銀行。

I'm going to dovetail right off of what Glen just asked. I guess, Jason or Aaron, how would you guys characterize your fee-for-service pricing power as it relates to distribution agreements, especially in the face of some falling drug prices? And then I would ask as a follow-up, like how have you guys analyzed that in the face of BFSF risk as that's supposed to roll out and kind of get recalculated in the back half of this year?

我想延續 Glen 剛才問的問題。我想問 Jason 或 Aaron，你們會如何描述你們在配送協議中、與按服務收費相關的定價能力（pricing power），特別是在藥價下滑的情況下？接著我想追問，你們如何在 BFSF 風險的情境下分析這件事——因為 BFSF 預計會在今年下半年推出並且某種程度上重新計算？

Yeah. As it relates to Bona Fide Service Fees, I think it's just too early to talk about the -- exactly what the implication is going to be for the whole industry. I mean, this is far from just a distributor type of process change, if at all. And again, it goes all back to we feel very comfortable with the value we're providing. So just like in the initial shift to fee-for-service in the first place, which maintain those economics, we would expect there to be a similar type of transition if there is a transition that's required.

是的。就 Bona Fide Service Fees（BFSF，真實服務費）而言，我認為現在談整個產業將受到的——確切影響還太早。我的意思是，這遠不只是經銷商端的流程變更（如果真的會變更的話）。而且再一次，這都回到我們對自己所提供價值的高度信心。因此，就像當初轉向按服務收費的初始轉型一樣——那維持了相同的經濟性——如果確實需要轉型，我們也預期會有類似型態的過渡。

In terms of just the pricing power, it's quite simple. We have 1% margins. And I think we've been -- I've been very clear that branded products are at the low end of that 1%, right? I mean this is a blended margin of 1%. These products are at the low end. We have the right to renegotiate these rates.

就定價能力而言，其實很簡單。我們的利潤率是 1%。而且我想我一直——我一直很清楚地表示，品牌產品是在這 1% 的低端，對吧？我的意思是，這是一個 1% 的綜合利潤率。這些產品處於較低端。我們有權重新協商這些費率。

We get paid a certain dollar fee today for the service we provide. It's clearly the best value for all those in the supply chain or they wouldn't be using the distributors in the first place. So there's nothing that changes in terms of value we're providing tomorrow. So we fully expect, we fully demand to be paid the same amount going into the future.

我們目前因所提供的服務而收取一定的固定美元費用。這顯然是供應鏈上所有參與者的最佳價值，否則他們一開始就不會使用經銷商。因此，就我們明天所提供的價值而言，沒有任何改變。所以我們完全預期、也完全要求，未來仍應以相同金額獲得報酬。

Stephen Baxter, Wells Fargo.

Stephen Baxter，富國銀行。

I appreciate the early comments on next year at this stage. I'm trying to boil down some of the business commentary and the below-the-line commentary. I guess I'm trying to understand whether you're suggesting that the benefits from lapping deals and ramping synergies you think could potentially offset the below-the-line items that we're going to be comping against as we move into next year and therefore, leave the kind of typical EPS long-term growth rate intact? Or do you think people need to be modeling maybe something more conservative at this stage? I just want to make sure I understood that right.

感謝你們在這個階段就明年所做的前瞻性評論。我正試著把一些業務層面的評論與損益表線下（below-the-line）的評論做個歸納。我想了解的是：你們是否在暗示，因合約到期比較基期（lapping deals）以及協同效益逐步放量（ramping synergies）所帶來的好處，你們認為可能足以抵消我們進入明年時將要比較的那些線下項目，因此讓典型的 EPS 長期成長率維持不變？還是你們認為，在這個階段大家建模時需要採用更保守一些的假設？我只是想確認我理解得沒錯。

It's a great question. Our job is to manage the entire income statement year-over-year. And what I want you to take my comments as being is providing initial perspective that we believe there are good reasons to believe in our long-term targets overall, the 12% to 14% non-GAAP EPS growth.

這是個很好的問題。我們的工作是逐年管理整份損益表。而我希望你們把我的評論理解為：我們提供的是初步觀點——我們相信有充分理由支持我們整體的長期目標，也就是 12% 到 14% 的非 GAAP EPS 成長。

We've talked about some of the operating reasons, the demand, the demographics, industry positioning, et cetera, all in supportive of the overall position. And as we do in every year and every quarter, we will continue to go looking for ways to optimize our below-the-line items, whether it's finding further durable ways to ensure we have the appropriate tax rate or also looking at our share repurchase plans. And so we have a lot of planning yet to do in our cycle, but we are confident in our long-term targets.

我們談過一些營運面的原因，例如需求、人口結構、產業定位等等，這些都支持整體的立場。而且如同我們每一年、每一季所做的，我們會持續尋找方法來優化線下項目，無論是尋找更具持續性的方式以確保適當的稅率，或是檢視我們的庫藏股回購計畫。因此在我們的規劃週期中仍有許多工作要做，但我們對長期目標有信心。

Kevin Caliendo, UBS.

Kevin Caliendo，瑞銀。

I want to talk a little bit about GMPD and understanding exactly what you meant by lower volumes. Is that just a macro thing? Is that a market share thing? Is there anything you can talk about that's happening? And have the volumes improved in April if it was a macro thing?

我想談一下 GMPD，並了解你們所說的「較低的量」究竟指的是什麼。那只是總體環境的因素嗎？是市占率的因素嗎？有沒有什麼你們可以談談正在發生的情況？如果是總體因素的話，4 月的量有改善嗎？

And then secondly, you talked about the potential clawback on the tariffs. How do you account for that? You mentioned it's potentially upwards of $100 million versus maybe the $200 million impact. How does that get accounted for? Does that drop through the P&L? Is it something that you're reserving for on the balance sheet now? I just want to sort of understand from an economic perspective, from a modeling perspective, from an accounting perspective, how that all works?

第二，你們談到關稅可能會被追溯返還（clawback）。你們如何處理這件事？你提到相較於可能 2 億美元的影響，潛在可能高達 1 億美元左右。這會如何入帳？會反映在損益表（P&L）嗎？還是你們現在在資產負債表上已經為此提列準備？我想從經濟面、建模面、會計面了解整體運作方式。

Sure. Yes, this is Jason. I'll go ahead and start, and I'm sure Aaron will clean up then after that. In terms of volumes, I think the underlying industry volumes for the Med-Surg side of our business seem to fairly resilient and consistent, likely in the low single-digit type of range.

好的。是的，我是 Jason。我先開始回答，之後 Aaron 應該會再補充整理。就出貨量而言，我認為我們業務中 Med-Surg 端的產業基本量看起來相當有韌性且一致，可能大致落在低個位數成長的區間。

And the one area that I know I've seen public data on as well is we saw a little bit of softness in lab respiratory. It's not a huge component of our GMPD business, but it is one that had a little bit earlier flu season, certainly weaker in the third quarter, not one that's materially driving our numbers, but it is one that does have a little bit of an impact on the top line as well.

而我也看到一些公開數據顯示，有一個領域稍微偏弱，就是實驗室呼吸道（lab respiratory）。這不是我們 GMPD 業務中很大的組成，但確實因為流感季來得較早，第三季明顯較弱；它並非實質驅動我們數字的主要因素，但對營收端也確實有些影響。

We had called out in the past a large government customer, the VA that we did lose earlier in the year. And so that is a fairly low Cardinal-branded product customer. We also had a large customer that went through a significant merger. We had part of the business, a competitor had the other part. And so we did not carry over that piece of the business.

我們過去曾提到一個大型政府客戶——退伍軍人事務部（VA），我們在年初較早時失去了該客戶。而那是一個 Cardinal 自有品牌產品占比較低的客戶。我們也有一個大型客戶經歷了重大合併。我們原本服務其中一部分業務，競爭對手服務另一部分。因此那一部分業務並沒有延續到我們這邊。

Also a relatively low Cardinal-branded mix customer, which is why you're seeing over 5% Cardinal brand growth in the quarter even though the top line was a little bit weaker. So we feel pretty good about the underlying industry strength, the underlying positioning we have, and we're seeing continued strength on the most valuable parts of our business, which is that Cardinal-branded product.

那同樣也是一個 Cardinal 自有品牌占比較低的客戶，這也是為什麼即使本季營收端稍微偏弱，你仍看到 Cardinal 自有品牌在本季成長超過 5%。因此我們對產業基本面強度、我們的基本定位感到相當不錯，而且我們在業務中最有價值的部分——也就是 Cardinal 自有品牌產品——持續展現強勁動能。

We're at the best service levels we've ever been at. We're in a really good position, certainly some supply chain complexities, but underlying, a really good, strong position to continue to support our customers and grow that part of our business. As it relates to the tariffs, I think the message is trying to be simple and clear that we have the potential for a $200 million refund based upon the tariffs that we paid up to the IEEPA announcement. And that is -- none of that has been put into our P&L at this point in time.

我們目前的服務水準是史上最佳。我們處於非常有利的位置；當然供應鏈仍有一些複雜性，但整體而言，我們具備非常良好且強勁的基礎，能持續支援客戶並成長這部分業務。至於關稅，我想訊息要簡單清楚：基於我們在 IEEPA 公告之前所支付的關稅，我們可能有 2 億美元的退款機會。而截至目前，這些都尚未反映在我們的損益表（P&L）中。

What Aaron commented that we want to be really clear with is that we have directly received price increases from our customers over the last year as a result of these tariffs. And so about half of that $200 million, we ultimately -- if we receive it, we would expect to share in that about half range with our customers, implying that someday, we may have a $100 million earnings gain as a result of that change. But it is still too uncertain for us to put through any of that into the P&L. And so we have not recognized any of that.

Aaron 想要我們非常清楚的一點是：過去一年因這些關稅，我們已直接從客戶那裡收到價格上調。因此在那 2 億美元中，大約一半——如果我們最終收到退款——我們預期會在大約一半的範圍內與客戶分享，這意味著未來某個時點，我們可能因此帶來約 1 億美元的獲利增益。但目前不確定性仍然太高，我們無法把任何部分認列進損益表。因此我們尚未認列任何相關影響。

Yes, I'm just going to emphasize that last point. We haven't recognized impact in Q3. We've also now provided an update to our guidance reflective of that. The amount of any recovery, the means by which the recovery occurs, the timing of the recovery, those are all uncertain at this point. And so I'm not going to get ahead of ourselves and provide you with a specific accounting treatment until we have more clarity on how this plays out.

是的，我只是要強調最後那一點。我們在第三季（Q3）尚未認列任何影響。我們也已在指引中提供了反映此事的更新。任何可回收金額、回收發生的方式、以及回收的時間點，目前都仍不確定。因此在我們對事情如何發展有更清楚的了解之前，我不會超前提供具體的會計處理方式。

Yes. And while we're on the topic of tariffs, it wasn't exactly the question that was asked here, but we had a couple of questions so far in the '27 puts and takes. Just one thing to kind of double back on to what Aaron had referenced earlier. As it relates to -- unrelated to the tariff refund, but the ongoing tariffs that are still in place and certainly may change further with the 232 study that's ongoing.

是的。既然談到關稅，這不完全是這裡被問到的問題，但到目前為止我們也收到幾個關於 2027 年各項增減因素（puts and takes）的提問。我想回頭補充一點，呼應 Aaron 先前提到的內容。就——與關稅退款無關——但仍在實施中的持續性關稅而言，而且隨著正在進行的 232 調查，未來當然也可能進一步變動。

We would anticipate that from a year-over-year perspective, there is some opportunity as it relates to tariffs for the GMPD business, but we also all know that fuel prices are higher at this moment in time. And that also flows through to some of the commodity prices within our products.

我們預期，從年對年角度來看，關於GMPD業務的關稅方面存在一些機會，但我們也都知道目前燃料價格較高。而這也會傳導到我們產品中的部分商品價格。

These are fairly modest in their nature. They're nowhere near the impact that we saw several years ago with the hyperinflation that was in place. So we have a tailwind associated with tariffs that we think at this moment will be likely from an operational standpoint. We also expect that it's likely that there's going to be this ongoing commodity impacts.

這些影響本質上相當溫和。它們遠不及我們幾年前在高通膨環境下所看到的影響。因此，我們認為目前從營運角度來看，關稅帶來的順風很可能會出現。我們也預期商品價格的影響可能會持續存在。

Both are in, I'll say, a reasonable similar ballpark. We'll get a lot more specific with this when we provide our '27 guidance. But you have a put and take there. That is, to some degree, offsetting, it will be dependent upon where things stand in three months, and we'll provide those at that time.

兩者我會說大致落在相近、合理的區間。等我們提供2027年指引時，會更具體說明。但這裡面有取有捨。也就是在某種程度上彼此抵銷，並將取決於三個月後情勢的發展，我們會在那時提供相關資訊。

But overall, we think that, that's not only manageable for the GMPD business, but it's even more manageable for the overall enterprise. We have some impacts for fuel, but it's certainly the GMPD business is where we are most closely focused at this point.

但整體而言，我們認為這不僅對GMPD業務是可控的，對整個企業而言更是更容易管理。燃料方面確實有一些影響，但目前我們最密切關注的仍然是GMPD業務。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

This is Ethan on for Charles. I just want to go back to the IRA topic real quickly. So given that you said you expect to be at the lower end of your rev guide for Pharma, is it a fair extrapolation to say that the IRA impact so far this year has maybe been a bit larger than your expectations?

我是Ethan，代Charles提問。我想很快回到IRA這個主題。所以，鑑於你們說預期Pharma營收會落在指引區間的低端，是否可以合理推論今年迄今IRA的影響可能比你們原先預期稍大一些？

No. I think what I observed is there are a series of things going on within the revenue line or the revenue guide that we had provided, and we're trying to be transparent that as we are modeling, as you are modeling, the revenue impact to be thinking about, on the one hand, the strong demand we're seeing certainly as a positive. But also understanding the impact of GLP-1 growth given that they are relatively empty calorie dollars for us, they impact revenue, don't provide a lot of profit for us.

不是。我想我所觀察到的是，在我們先前提供的營收項目或營收指引中，同時發生了一系列事情；我們希望保持透明：在我們建模、以及你們建模時，思考營收影響，一方面要把我們看到的強勁需求視為正面因素。但同時也要理解GLP-1成長的影響，因為對我們而言那相對是「空熱量」的營收美元：會影響營收，但不會為我們帶來太多利潤。

Similarly, when a branded product converts to generic, and we are seeing some notable LOE examples this year, that is a downdraft on revenue, but a positive for us from a profit perspective as well. And so we're just trying to provide some of the puts and takes that are going on within that revenue line.

同樣地，當一個品牌藥轉為學名藥，而我們今年確實看到一些顯著的專利到期（LOE）案例時，這會對營收形成下拉，但從利潤角度來看對我們反而是正面的。因此，我們只是想說明在那條營收線中正在發生的一些取捨因素。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，Mizuho Securities。

Hopefully, I didn't miss this, but I think in some of the segment discussions with the talk about the soft distribution volumes, et cetera, it seems like some of the investors believe that that's been tied to weather impact. That was obviously pretty prevalent in some of the public hospital patient volumes.

希望我沒有漏聽，但我覺得在一些分部討論中提到配送量偏軟等等，似乎有些投資人認為這與天氣影響有關。這在一些公立醫院的病患量上顯然相當普遍。

But it seems like you're not really calling out weather as a volume headwind in either GMPD or Pharma, unless I missed it. So even though this whole weather discussion is obviously irrelevant going forward, just wanted to get your thoughts on that dynamic just within the just reported quarter really for any of the segments.

但看起來你們並沒有特別把天氣列為GMPD或Pharma的量能逆風，除非我漏掉了。所以即便這整個天氣的討論在往後顯然不具相關性，我只是想聽聽你們對於這個動態的看法，主要是針對剛公布的這一季、就各分部而言。

Yes. Thanks for the question. And I don't think you missed much. We didn't dwell on that point, Steven. It's -- it was -- so let me focus and prioritize on what's important as our team did a fantastic job of maintaining record high service level across the enterprise in an environment that was fairly complicated.

是的。謝謝你的問題。我想你沒有漏掉太多。Steven，我們沒有在這點上多做著墨。事情是這樣——讓我聚焦並優先談重要的部分：在相當複雜的環境下，我們團隊在整個企業範圍內維持了創紀錄的高服務水準，做得非常出色。

We have some global supply chain challenges, of course, but in the quarter, you're right to point out weather. I would characterize it as a slight financial impact across enterprise. It kind of popped up a little bit here or there, very little within our traditional distribution types of businesses, some excess costs associated with just getting the right people in the right spot and transportation reroutes and things like that, but it was very slight and not -- certainly not large enough to call out.

當然，我們確實面臨一些全球供應鏈挑戰，但就本季而言，你提到天氣是對的。我會把它描述為對整個企業的財務影響略為輕微。它在這裡或那裡稍微冒出來；在我們傳統配送型業務中影響很小，主要是一些額外成本，例如把對的人安排到對的位置、運輸改道等等，但都非常輕微——當然也不足以特別點名說明。

The one area that was relative to the size of business, the MSOs had a little bit more of an impact just because of the nature of -- it's much more difficult to make up for lost volume on an MSO. When you think about like pharmaceutical or medical products, the next week, the next day, you can just send a second truck and you can kind of catch up nearly real time. With lost physician visits and procedures, it's harder to reschedule those. And so that's likely we lost a little bit of volume there, too, but I would consider that also slight in the big picture for the Pharma segment, a little bit more for the specific MSO.

有一個領域相對於其業務規模而言影響稍大一些：MSO受到的影響多一點，主要因為其性質——MSO要彌補流失的量能要困難得多。當你想到像藥品或醫療產品，隔週或隔天你就可以再派第二台卡車，幾乎可以即時追上。但若是流失了醫師看診與手術量，就比較難重新排程。因此那裡我們可能也流失了一點量，但就Pharma分部的大局來看我仍認為是輕微；對特定MSO而言則稍微多一些。

Daniel Grosslight, Citi.

Daniel Grosslight，Citi。

You mentioned that the ION distribution contract began transitioning in 2Q and the GIA and Solaris distribution contract will begin this month. I'm curious how the ramp of distribution volumes have tracked versus your initial expectations? And then on the Solaris contract, I don't believe that was previously included in guidance. Can you confirm that and comment on how much of the Pharma profitability guidance lift was driven by the Solaris distribution onboarding?

你提到ION的配送合約在第二季開始轉換，而GIA與Solaris的配送合約將在本月開始。我想了解配送量的爬坡進度相較於你們最初預期的追蹤情況如何？另外，關於Solaris合約，我記得先前指引中並未納入。你能否確認這點，並評論Pharma獲利指引上修中，有多少是由Solaris配送導入所帶動？

Daniel, eagle eye, as always, and that you caught that. We are indeed confirming today the Solaris distribution volume is now in the process of ramping up with our Pharma business. And so we're pleased with that development as we were when we achieved the GIA distribution contract and the ION distribution contract as well.

Daniel，你一如既往眼光犀利，確實注意到了。我們今天確實確認：Solaris的配送量目前正在我們Pharma業務中爬坡導入。因此我們對這項進展感到高興，就如同我們先前拿下GIA配送合約與ION配送合約時一樣。

I want to emphasize, when we talked about the acquisition originally, but we do not include the impact of the distribution contracts in our financial models, that is a separate part of our business. And so it is good news for us to have the volumes coming in.

我想強調：當初我們談到這項收購時，我們並未在財務模型中納入配送合約的影響，因為那是我們業務中獨立的一部分。因此，現在有量進來對我們而言是好消息。

Now it is late in the year. It's our fourth quarter. And so the impact to our fiscal '26 will not be material. Otherwise, we would have called it out. But as you think about the puts and takes for next year within our Specialty business, certainly now having Solaris ramping up is a positive for our future year.

不過現在已經接近年底。這是我們的第四季。因此對我們2026財年的影響不會是重大的。否則我們就會特別提出。但當你思考明年在Specialty業務中的取捨因素時，Solaris現在開始爬坡，對我們未來年度當然是正面因素。

Brian Tanquilut, Jefferies.

Brian Tanquilut，Jefferies。

You've got Jack Slevin on for Brian. Maybe just one, a lot of questions have already been asked. Maybe one to just sort of clean up. I haven't heard too much discussion on it. There's been some reference to some of the energy cost and shipping trends you had that created headwinds for this business in 2022.

我是Jack Slevin，代Brian提問。可能就一題，很多問題已經被問過了。也許問一個算是收尾釐清的。我沒有聽到太多相關討論。有人提到你們在2022年面臨的一些能源成本與運輸趨勢，當時對這項業務造成逆風。

Can you maybe just speak to if any of that applies right now, given some of the volatility we're seeing in energy prices or input cost of things like polypropylene? Can you maybe speak to what's different now versus what happened in 2022? Or if there's anything we should be worried about as it relates to some of those trends across the business?

鑑於我們看到能源價格或像聚丙烯這類投入成本的波動，你能否談談目前是否也適用於當時的情況？你能否說明現在與2022年發生的情況有何不同？或者就整體業務而言，針對這些趨勢是否有任何我們需要擔心的地方？

Sure. Yes. And I did touch on it, but I can expand further to try to answer the question of what's different now. Well, first of all, the shock we're talking about now is different. It's very much focused on not just energy, but it's on oil. And that does take time to kind of filter through to some of the products from the polyethylene, polypropylene types of products.

當然。是的。我確實有提到，但我可以再進一步展開，嘗試回答現在有何不同這個問題。嗯，首先，我們現在談的衝擊是不同的。它的焦點不僅在能源，更是在原油。而這確實需要一些時間，才會逐步傳導到部分產品上，例如聚乙烯、聚丙烯這類產品。

But what we're seeing is more of an oil shock right now. It does translate to fuel, and that's the comments I made earlier. The excess inflation that we saw several years ago was way beyond just fuel. It was a lot -- the container cost, you may recall, international freight was by far the biggest piece.

但我們目前看到的更像是一個原油衝擊。它確實會反映到燃料上，這也是我先前提到的評論。幾年前我們看到的超額通膨遠不只是燃料。還有很多——你可能記得，貨櫃成本、國際運費是迄今為止最大的一塊。

We had very high labor inflation that carried on with that as well. And so while we did call out fuel four years ago, it was number four on the list of items. Since then, we've also structured our agreements to be more flexible for us both with the carriers as well as our customers.

我們也有非常高的勞動力通膨，並且持續了一段時間。因此，雖然四年前我們確實點名燃料，但它在項目清單中排第四。此後，我們也把協議架構調整得更具彈性，無論是對承運商或對客戶而言，對我們都更有利。

It's not completely protecting us, but it gets back to the, I think the word I used earlier, that I think is a good one of using here. It's certainly much more manageable than it had been structurally, but also based upon the type of issues that we have.

這並非完全保護我們，但回到我先前用過的一個詞——我認為用在這裡也很貼切。無論從結構面來看，或從我們所面臨的問題類型來看，它確實比過去更可控、也更容易管理。

And as it relates to the product cost, really exam gloves is the one item that I continue to see and hear a lot of industry chatter about. That is one product category that we're already seeing cost increase quite a bit. Just as a reminder, PPE is a relatively small category for us, but exam gloves in particular, is relatively small. It's less than 5% of our Cardinal-branded product. So again, manageable even when we see significant dollars like that.

至於產品成本，我持續看到、也聽到業界討論最多的其實是檢查手套。這是我們已經看到成本上升相當多的一個產品類別。提醒一下，PPE 對我們而言是相對較小的品類，而檢查手套尤其更小。它占我們 Cardinal 自有品牌產品不到 5%。所以再說一次，即使看到這樣顯著的金額變動，仍然是可管理的。

It's important for those customers that are buying a lot of exam gloves, which are many, but it will be a relatively small pull-through today based upon those prices, and we will certainly continue to evaluate that. Also as a reminder, if there are further impacts -- the fuel tends to impact the distribution activity. So that's a current period type of cost, and you kind of see it a little bit quicker.

對於那些購買大量檢查手套的客戶來說——這樣的客戶很多——這很重要；但以目前的價格來看，今天的連帶影響（pull-through）相對會比較小，我們也一定會持續評估。另外也提醒一下，如果還有進一步的影響——燃料通常會影響配送活動。因此那是當期型的成本，你會比較快看到一些反映。

The product cost will take at least a couple of quarters before they'll start to flow through the P&L. So we've not seen a lot of product costs yet other than exam gloves. And when we do, we're going to have two to three quarters to be able to understand and see if we can mitigate, and then, of course, delay the impact on the cost side so that we can see what happens with industry pricing at that point in time.

產品成本至少要一到兩個季度後才會開始反映到損益表（P&L）中。所以除了檢查手套之外，我們目前還沒有看到太多產品成本上升。而當我們真的看到時，我們將有兩到三個季度的時間去理解情況、看看能否緩解，然後當然也會在成本端延後影響，以便屆時觀察產業定價會如何發展。

I guess, I would just close on that point that we're better positioned than we ever have been before in this business, and we are not backing away from our longer-term guidance with respect to the GMPD business either.

我想最後就這點作結：在這項業務上，我們的定位比以往任何時候都更好；同時，對於 GMPD 業務的長期指引，我們也不會退縮。

Eric Coldwell, Baird.

Eric Coldwell，Baird。

And I think most of mine were covered here. But I just want to circle back on two quick ones, if I may. First, on Navista and ION and the changes you're making. I just want to kind of tie the bow on this. The topic of the impairment and the changes you're making, just want to make sure that, that is 100% Cardinal-specific, how you're going to market, how you're interacting with the MSOs. And this is not any kind of a broader comment to the overall oncology or MSO marketplace. Is that a fair interpretation?

我想我大部分的問題在這裡都已經被涵蓋了。但如果可以的話，我想再回到兩個很快的問題。第一個是關於 Navista 和 ION，以及你們正在做的變更。我只是想把這件事講清楚。關於減損以及你們正在做的調整，我想確認這是 100% 只針對 Cardinal 本身——你們如何推向市場、如何與 MSO 互動。這並不是對整體腫瘤科或 MSO 市場的更廣泛評論。這樣理解公平嗎？

Absolutely. And as I highlighted in my comments -- in Aaron's comments as well, over 20% Specialty growth so far this year in the quarter as well, more than 30% growth in oncology. We're very pleased with our Specialty strategy, very pleased with our oncology strategy. This is entirely a focus of prioritization on the equity model of our MSOs.

完全正確。正如我在評論中強調的——Aaron 的評論也是如此——今年迄今 Specialty 在本季度也成長超過 20%，腫瘤科更是成長超過 30%。我們對 Specialty 策略非常滿意，對腫瘤科策略也非常滿意。這完全是針對我們 MSO 股權模式的優先順序聚焦。

And Eric, did you have one other?

Eric，你還有另一個問題嗎？

Discrete item. Could you just tell us what that multiyear capture was, what the actual nature of that tax item is?

一個單獨項目。你能否告訴我們那個跨年度的認列（capture）是什麼，也就是那個稅務項目的實際性質是什麼？

Yes, Eric, we aren't in the practice of disclosing our individual tax positions we take other than to observe that it was a multiyear opportunity that we did take in the quarter, which was about $0.35.

是的，Eric，我們一向不會披露我們所採取的個別稅務立場；我只能說，那是一個跨年度的機會，我們在本季度確實採取了，金額約為 0.35 美元。

We don't have any further questions. Now, I'd like to turn the call back over to Mr. Jason Hollar for any additional or closing remarks.

我們沒有進一步的問題。現在，我想把電話交回給 Jason Hollar 先生，請他做任何補充或結語。

Yes, I'll be brief. Very pleased with another strong quarter. Of course, we're looking to finish the year strong. But more importantly, as always, we're focused on the long term, doing the right things today to make sure we're successful tomorrow. So thanks for joining us today, and have a great day.

好的，我會簡短。我們對又一個強勁的季度感到非常滿意。當然，我們希望以強勁表現完成本年度。但更重要的是，一如既往，我們專注於長期，今天做對的事情，確保明天能成功。感謝各位今天加入我們，祝各位有美好的一天。

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

非常感謝您，先生。各位女士、先生，今天的電話會議到此結束。感謝各位出席。您現在可以掛線。祝您有美好的一天，再見。