卡地納健康 (CAH) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Cardinal Health, Inc fourth quarter fiscal year 2026 earnings release. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Cardinal Health, Inc 2026 會計年度第四季財報發布。(接線員指示)

I will now hand the conference over to David Frost, Vice President of Investor Relations. Please go ahead.

我現在把會議交給投資人關係副總裁 David Frost。請開始。

Good morning. Welcome to Cardinal Health's Fourth Quarter Fiscal 2026 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 會計年度第四季財報電話會議，感謝各位加入。今天與我一同出席的有 Cardinal Health 執行長 Jason Hollar，以及財務長 Aaron Alt。各位可在我們網站 ir.cardinalhealth.com 的投資人關係專區找到今早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，我先提醒各位，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有重大差異。關於這些風險與不確定性的說明，請參閱我們向 SEC 提交的文件，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.

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。

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

在今天電話會議的問答環節，我們敬請每位與會者將問題限制為一題，以便讓更多人有機會提問。接下來，我把電話交給 Jason。

Good morning, and thank you for joining us. We delivered a strong fourth quarter, concluding a fiscal '26 defined by consistent execution and broad-based performance across the enterprise. Our strategy remains clear and our relentless focus on execution is producing sustained operational momentum, positioning us for further value creation in fiscal '27 and beyond.

早安，感謝各位加入。我們第四季表現強勁，為 2026 會計年度畫下句點；本年度以持續一致的執行力與全公司廣泛的績效表現為特徵。我們的策略依然清晰，對執行的堅定聚焦正帶來持續的營運動能，使我們在 2027 會計年度及更長遠的未來具備進一步創造價值的有利位置。

Performance this quarter was once again led by Pharmaceutical and Specialty Solutions, where a resilient demand environment and continued strength across our specialty business, both upstream and downstream, drove strong results and extended the momentum we have built throughout fiscal '26. The Global Medical Products and Distribution segment demonstrated continued progress against our improvement plan initiatives, and we benefited from a nonrecurring tailwind in the quarter. In Cardinal Health brand, we again saw above-market growth when normalizing for the impact of the tariff refund.

本季的表現再次由藥品與專科解決方案部門領軍；在具韌性的需求環境下，加上我們專科業務（上游與下游）持續強勁，帶動亮眼成果，並延續我們在 2026 會計年度累積的動能。全球醫療產品與配送（GMPD）部門在改善計畫各項措施上持續展現進展，我們也在本季受惠於一次性的順風因素。在 Cardinal Health 品牌方面，若將關稅退稅的影響正常化調整後，我們再次看到高於市場的成長。

We are pleased with the performance of our other growth businesses, who again collectively delivered double-digit profit growth this quarter. This performance highlights the value of these specialized assets and their meaningful impact on enterprise results. We continue to experience a favorable demand environment and supportive secular health care trends across these businesses. Coupled with our strategic long-term investments, we see significant opportunities ahead.

我們對其他成長型業務的表現也感到滿意，這些業務本季合計再次實現雙位數的獲利成長。此表現凸顯這些專業化資產的價值，以及其對整體企業成果的顯著貢獻。我們在這些業務中持續感受到有利的需求環境，以及醫療保健長期結構性趨勢的支持。結合我們具策略性的長期投資，我們看見前方存在顯著機會。

We entered fiscal '27 with momentum and a solid foundation for growth. Backed by the strength of our diversified portfolio, the resilience of our business model and the dedication of our team, we are well positioned to continue delivering long-term value for our shareholders, customers and the patients that they serve.

我們以動能進入 2027 會計年度，並具備穩固的成長基礎。憑藉多元化投資組合的優勢、商業模式的韌性，以及團隊的投入，我們已做好準備，持續為股東、客戶及其所服務的病患創造長期價值。

I'll now turn the call over to Aaron to detail our financial results.

接下來我把電話交給 Aaron，請他說明我們的財務結果。

Thank you, Jason, and good morning. Strong demand, strong execution, strong profit, strong adjusted free cash flow, strong liquidity, targeted and increased investments in the business, incremental return of capital to shareholders. We did what we said we would do, and as a result, delivered a successful financial fourth quarter to close out a successful fiscal '26, even before including the positive impact of the anticipated tariff recovery. The anchor to the story for both the quarter and the fiscal year was broad-based and strong volume demand across the enterprise.

謝謝你，Jason，早安。強勁需求、強勁執行、強勁獲利、強勁調整後自由現金流、強勁流動性、對業務進行有針對性且增加的投資、對股東額外回饋資本。我們做到了我們所承諾要做的事，因此在尚未納入預期關稅回收的正面影響之前，就已交出成功的第四季財務表現，為成功的 2026 會計年度收官。無論就本季或全年度而言，故事的核心都是全公司範圍內廣泛且強勁的量能需求。

At the enterprise level, we grew operating earnings 30% in the quarter and 30% on the year. We grew EPS by 40% in the quarter and 37% on the year. In addition to the outstanding P&L performance, the company generated $5 billion in adjusted free cash flow for the year. We accomplished all of this while providing service levels at or near record levels to our customers, navigating regulatory changes and navigating an evolving macroeconomic landscape. This success demonstrates the resiliency of our business model and our focus on execution.

在企業層級，我們本季營業利益成長 30%，全年亦成長 30%。我們本季 EPS 成長 40%，全年成長 37%。除了卓越的損益表表現之外，公司全年也創造了 50 億美元的調整後自由現金流。我們在達成上述成果的同時，仍為客戶提供接近或達到歷史紀錄的服務水準，並因應法規變動與不斷演變的總體經濟環境。這項成功展現了我們商業模式的韌性，以及我們對執行的專注。

Let's look at our fourth quarter consolidated financial performance. Total company revenue for the quarter was $63.7 billion, an increase of 6%, driven by strong demand in our Pharmaceutical and Specialty Solutions segment with contributions from our three growth businesses that make up other. Gross profit for the quarter grew 16% to $2.6 billion, driven by broad-based contributions from all 5 of our operating segments. Gross profit growth outpaced consolidated SG&A, which grew 9.5% for the quarter. While remaining disciplined on cost, we continue to make potential investments in automation, technology and capability to drive long-term value.

接著來看我們第四季合併財務表現。本季公司總營收為 637 億美元，年增 6%，主要由藥品與專科解決方案部門的強勁需求帶動，並有由「其他」所構成的三項成長型業務貢獻。本季毛利成長 16% 至 26 億美元，來自我們 5 個營運部門的廣泛貢獻。毛利成長速度超過合併 SG&A（銷售、一般及管理費用），後者本季成長 9.5%。在維持成本紀律的同時，我們持續進行具潛力的投資於自動化、科技與能力建置，以推動長期價值。

The inclusion of our acquisitions also contributed to year-over-year SG&A growth. Overall, our efforts resulted in enterprise operating income of $935 million, up 30% versus last year.

併購案的納入也促成了 SG&A 的年對年成長。整體而言，我們的努力使企業營業利益達 9.35 億美元，較去年成長 30%。

I will address segment drivers when I discuss segment performance. But upfront, I do want to call out in the quarter, we recorded a onetime $100 million net operating earnings benefit from IEEPA tariff refunds in our GMPD segment. This reflects increased clarity and confidence in receiving approximately $200 million in IEEPA tariff refunds, offset primarily by payables to customers for the increased prices they paid related to the IEEPA tariffs. We view the refund as nonrecurring and would note, on an ongoing basis, we continue to incur costs from the tariffs that replaced IEEPA.

我在談到各部門表現時會說明部門層面的驅動因素。但先在此指出，本季我們在 GMPD 部門認列了一次性 1 億美元的 IEEPA 關稅退稅所帶來的淨營業利益。這反映我們對於可收到約 2 億美元 IEEPA 關稅退稅的明確性與信心提升；該金額主要被應付給客戶的款項所抵銷，因為客戶先前就 IEEPA 關稅所支付的價格上調需要返還。我們將此退稅視為非經常性項目，並指出在持續性基礎上，我們仍會承擔取代 IEEPA 的關稅所帶來的成本。

Below the line, interest and other expense was $53 million. The year-over-year increase was primarily driven by the impact of acquisition-related financing. We achieved a full year tax rate of 19% based on a fourth quarter rate of 22.5%. These operational and financial metrics culminated in fourth quarter diluted earnings per share of $2.91, a 40% increase over prior year, $0.31 of the EPS is due to recording the IEEPA tariff refund or approximately 15 percentage points of the total 40 percentage point growth.

在營業利益以下，利息及其他費用為 5,300 萬美元。年對年增加主要由併購相關融資的影響所致。我們全年稅率為 19%，係基於第四季稅率 22.5%。上述營運與財務指標最終使第四季稀釋後每股盈餘達 2.91 美元，較去年成長 40%；其中 EPS 的 0.31 美元來自認列 IEEPA 關稅退稅，約占整體 40 個百分點成長中的 15 個百分點。

Now I'll turn to cash, our capital allocation and strategic updates for fiscal '26. As I referenced, we generated $5 billion of adjusted free cash flow and ended the year with $4.9 billion of cash on hand. We did so while also maintaining our disciplined capital allocation framework to drive shareholder value. We continue to invest significant capital back into the business to enable profitable growth, deploying $264 million in CapEx in the fourth quarter and $649 million in CapEx for the year. These investments include automation, supply chain technology, customer solutions and platform capabilities to enable future earnings growth.

接下來我將談現金狀況、資本配置，以及 2026 會計年度的策略更新。如我先前提到，我們創造了 50 億美元的調整後自由現金流，並以 49 億美元的期末現金餘額結束本年度。同時，我們也維持嚴謹的資本配置框架，以推動股東價值。我們持續將可觀資本再投資於業務以支持獲利性成長，第四季資本支出（CapEx）為 2.64 億美元，全年資本支出為 6.49 億美元。這些投資包括自動化、供應鏈科技、客戶解決方案與平台能力建置，以支持未來盈餘成長。

We did not need to repay indebtedness as we are already within our targeted leverage ratio.

由於我們已處於目標槓桿比率範圍內，因此無需償還債務。

We did not fund a meaningful M&A in the quarter, but we did complete an incremental $350 million share repurchase program, which, when added to prior quarters, repurchase efforts totaled $1.35 billion of share repurchase during the year at an average price of $187 per share. For the full year, we repurchased $600 million more than our previous baseline commitment.

本季我們未進行具規模的併購（M&A）資金投入，但完成了額外3.5億美元的庫藏股回購計畫；加計前幾季後，本年度累計回購金額達13.5億美元，平均回購價格為每股187美元。就全年而言，我們回購金額較先前的基準承諾多出6億美元。

With respect to liquidity, we are today confirming a new $4 billion revolver program, replacing three historic facilities. While we have a strong cash position, the updated facility provides us with strong liquidity on a simplified and more efficient basis than prior programs, which have been sunset.

就流動性而言，我們今日確認一項新的40億美元循環信貸（revolver）計畫，以取代三項歷史性融資安排。儘管我們現金部位強勁，更新後的融資安排在先前計畫已到期終止（sunset）的情況下，仍以更簡化且更有效率的方式為我們提供充足流動性。

I will now transition to our segment level results, beginning with Pharma. Fourth quarter revenue for the segment grew 6% to $58.8 billion. We observed robust brand sales originating from our existing customer base and recognized roughly offsetting tailwinds from GLP-1 growth and headwinds from IRA WAC changes, each worth approximately 500 basis points. We also saw the profit positive impact of brand to generic conversion in our revenue results.

接下來我將轉到各事業部門的業績，先從製藥（Pharma）開始。該部門第四季營收成長6%，至588億美元。我們觀察到來自既有客戶基礎的強勁品牌銷售，同時GLP-1成長帶來的順風與IRA WAC變動帶來的逆風大致互相抵銷，兩者各約影響500個基點。我們也在營收結果中看到品牌轉學名藥（brand to generic）帶來的獲利正向影響。

Pharma segment profit was $645 million, growing 21%, driven by growth in our brand and specialty portfolios. We also saw positive performance across our generics program, observing continued strong demand aided by brand to generic conversions and consistent market dynamics. The core distribution business remains highly durable, and we have continued to demonstrate our ability to be compensated for value we provide during times of regulatory change.

製藥部門利潤為6.45億美元，成長21%，主要由我們的品牌與專科產品組合成長所帶動。我們的學名藥計畫亦呈現正向表現，受惠於品牌轉學名藥以及一致的市場動態，需求持續強勁。核心配送業務仍具高度韌性，我們也持續展現於法規變動期間，能就我們所提供的價值獲得合理報酬的能力。

In our GMPD segment, fourth quarter revenue was $3.1 billion. This represented a 2% decline and is impacted by the revenue reduction from expected payables to customers associated with our anticipated tariff refund and lower distribution volumes. This was partially offset by growth in Cardinal Health brand, which on a reported basis declined 2% in the United States. Excluding this tariff impact, we saw the sixth consecutive quarter of at least mid-single-digit Cardinal Health brand growth in the US.

在我們的GMPD部門，第四季營收為31億美元。這代表下滑2%，主要受預期關稅退款所致的對客戶應付款項（payables）相關營收減少，以及較低的配送量影響。部分影響被Cardinal Health自有品牌的成長所抵銷；該品牌在美國按報告口徑下滑2%。若排除關稅影響，我們在美國已連續第六季看到Cardinal Health自有品牌至少達中個位數成長。

Fourth quarter GMPD segment profit increased $80 million in comparison to the prior year, growing to $150 million. GMPD segment profit was $50 million, normalized for the $100 million impact of the IEEPA tariff refund within the GMPD segment. While this industry and our business remain a work in progress, the significant increase in profitability reflects solid underlying operational performance and the impact of recording the onetime net IEEPA tariff refund benefit. The team remains focused on executing our improvement plan, driving cost efficiencies and managing supply chain resilience to serve our customers effectively. The multiyear progress and earnings expansion this plan has driven has created significant value for our shareholders, and we remain committed to prioritizing value creation.

第四季GMPD部門利潤較去年增加8,000萬美元，成長至1.5億美元。GMPD部門利潤在扣除GMPD部門內IEEPA關稅退款1億美元影響後，為5,000萬美元。儘管該產業與我們的業務仍在持續改善中，獲利能力的大幅提升反映了穩健的基礎營運表現，以及認列一次性IEEPA關稅退款淨利益的影響。團隊仍專注於執行改善計畫，推動成本效率並管理供應鏈韌性，以有效服務客戶。此計畫在多年推進下帶動的進展與獲利擴張，已為股東創造顯著價值，我們也將持續致力於以價值創造為優先。

Next, our other growth businesses also had a successful quarter. This group delivered $1.7 billion in revenue or 7% growth and $183 million in segment profit for a 14% growth. While we experienced good demand in the at-Home Solutions business, we lapped the ADS acquisition in the quarter, while at the same time purposely curating our customer base and category management opportunities through the ROI lens. We also continued our investments in infrastructure and technology to achieve increased economies of scale. The integration of Advanced Diabetes Supply is progressing well and is ahead of schedule on the integration synergies.

接著，我們其他成長型業務本季也表現成功。該組合營收達17億美元、成長7%，部門利潤為1.83億美元、成長14%。儘管居家解決方案（at-Home Solutions）業務需求良好，本季我們已度過ADS收購案的比較基期（lapped），同時也以投資報酬率（ROI）視角，有意識地精選客戶基礎與品類管理機會。我們亦持續投資基礎設施與科技，以取得更高的規模經濟。Advanced Diabetes Supply的整合進展順利，整合綜效的達成進度超前。

Nuclear and Precision Health Solutions continues to execute consistent with its strong position in radiopharmaceutical manufacturing and distribution, and will continue to benefit from the rapid expansion of Theranostics. This business posted another quarter of impressive revenue growth as we scale our manufacturing and pharmacy network.

核醫與精準健康解決方案（Nuclear and Precision Health Solutions）持續依其在放射性藥物製造與配送的強勢地位穩健執行，並將持續受惠於診療一體化（Theranostics）的快速擴張。隨著我們擴大製造與藥局網絡規模，該業務本季再度繳出亮眼的營收成長。

Finally, within OptiFreight Logistics, customers increasingly appreciate the strong economic value provided by our broad assortment of logistics solutions. The fundamental performance of these 3 distinct businesses continues to validate our decision to prioritize their investment profiles.

最後，在OptiFreight Logistics方面，客戶日益認同我們廣泛物流解決方案組合所提供的強勁經濟價值。這三項不同業務的基本面表現，持續驗證我們優先投入其投資配置的決策。

Turning briefly to full year commentary for fiscal year 2026. The enterprise delivered remarkable financial results. We generated double-digit profit growth across all 5 of our operating segments even when adjusting out the positive impact of IEEPA tariffs refunds in GMPD. For the full year, enterprise revenue grew 14% to $254 billion driven by branded specialty sales. Full year gross margin grew 20% to $9.8 billion and benefited directly from our segment performance and accretive acquisitions.

接著簡要談談2026會計年度的全年評論。公司整體交出卓越的財務成果。即使剔除GMPD中IEEPA關稅退款的正向影響，我們在五個營運部門的利潤仍皆達雙位數成長。全年公司營收成長14%至2,540億美元，主要由品牌專科銷售帶動。全年毛利成長20%至98億美元，直接受惠於各部門表現與具增益的併購。

SG&A grew more modestly, and we generated total operating earnings of $3.6 billion or growth of 30%.

SG&A增幅較為溫和，我們的總營業利益為36億美元，成長30%。

With our fiscal '26 foundation established, let's look forward and discuss our guidance. First, from a baseline perspective, for ease of comparability between fiscal '26 and our guidance for future years, we will be excluding the $0.31 of onetime positive EPS impact from the IEEPA tariff refund recognition in our just past Q4. So the baseline adjusted non-GAAP EPS number is $10.95.

在建立2026會計年度的基礎後，讓我們展望未來並討論指引。首先，從基準角度出發，為了便於比較2026會計年度與未來年度指引，我們將排除剛結束的第四季中，因認列IEEPA關稅退款而帶來的一次性每股盈餘（EPS）正向影響0.31美元。因此，基準調整後的非GAAP EPS為10.95美元。

Before I talk about fiscal '27, let's address the long-term guidance. We are reconfirming our long-term EPS growth rate guidance of 12% to 14% per year. This represents our confidence in continued shareholder value creation based on the growth trajectory of our business and the strength of our balance sheet. However, for fiscal year '27, we are guiding EPS growth of 13% to 15% against the baseline and expect fiscal '27 EPS to be between $12.40 and $12.60. This growth will be driven by continued progress against our businesses and up and down our income statement.

在我談2027會計年度之前，先說明長期指引。我們再次確認長期EPS年成長率指引為12%至14%。這反映我們對於在業務成長軌跡與資產負債表實力支撐下，持續為股東創造價值的信心。然而，就2027會計年度而言，我們以該基準為比較，指引EPS成長13%至15%，並預期2027會計年度EPS介於12.40至12.60美元之間。此成長將由我們各項業務的持續進展，以及損益表上下游的改善所驅動。

Here are some details.

以下是一些細節。

We expect Pharma segment revenue to show 3% to 5% growth in the coming year. This more normalized growth rate incorporates a couple of key assumptions. First, in our core pharma distribution, strong demand, but not the outsized demand we experienced periodically through fiscal year '26.

我們預期製藥部門營收在來年將成長3%至5%。這個較為常態化的成長率包含幾項關鍵假設。第一，在我們的核心製藥配送業務中，需求仍強勁，但不會出現我們在2026會計年度期間偶爾經歷的異常強勁需求。

Second, a headwind from the annualization of 2026 IRA price changes and the implementation of 2027 IRA price changes. We anticipate the 2027 (inaudible) impact to revenue growth to be generally consistent with what we observed in H2 of fiscal '26 and to have no adverse profit impact.

第二，來自2026年IRA價格變動的全年化影響，以及2027年IRA價格變動的實施所帶來的逆風。我們預期2027年（聽不清）對營收成長的影響，大致與我們在2026會計年度下半年觀察到的情況一致，且不會對利潤造成不利影響。

Third, the stability that comes with our successful customer renewal efforts in the past year, including a long-term extension with Kroger. For planning purposes, we are assuming a consistent book of business.

第三，過去一年我們成功完成客戶續約所帶來的穩定性，包括與Kroger的長期延約。就規劃而言，我們假設業務組合維持一致。

Fourth, in specialty, inclusive of all organic and already announced inorganic efforts, double-digit revenue growth, including contributions from new customers in our biopharma solutions business. On the profit line, we expect the Pharma segment to deliver 8% to 11% growth. Drivers include continued generic and brand volume strength and higher margin growth in specialty, both upstream and downstream.

第四，在專科領域，包含所有有機成長與已公告的非有機措施在內，營收將呈雙位數成長，其中包括我們生物製藥解決方案（biopharma solutions）業務新增客戶的貢獻。在利潤方面，我們預期製藥部門利潤成長8%至11%。驅動因素包括學名藥與品牌產品的量能持續強勁，以及專科領域（上游與下游）較高毛利的成長。

We do expect some generics benefit in fiscal '27 from new item launches, largely driven by fiscal '26 carryover items as well as continued consistent market dynamics in our Red Oak enabled generics program. We anticipate growth in our MSO platforms, and we will benefit from the previously announced distribution wins that began to ramp in Q4 of fiscal '26.

我們確實預期在會計年度'27，隨著新產品上市將帶來部分學名藥效益，主要由會計年度'26延續項目所帶動，並且在我們由 Red Oak 賦能的學名藥計畫中，市場動態也將持續保持一致。我們預期我們的 MSO 平台將成長，且我們將受惠於先前已宣布、並於會計年度'26第4季開始加速放量的配送業務勝出。

As a reminder, we will lap the Solaris acquisition in Q2 of fiscal '27, and would note that our already announced M&A is expected to contribute 2 to 3 percentage points to profit growth in the year.

提醒一下，我們將在會計年度'27第2季進入 Solaris 收購案的比較基期，並指出我們已宣布的併購（M&A）預期將在該年度為利潤成長貢獻2到3個百分點。

In terms of Pharma segment profit cadence, we expect Q1 profit growth to be near the high end of our full year guidance range due in part to the benefit from Solaris before we lap it in Q2. For the Global Medical Products and Distribution segment, we project 2% to 4% growth in revenue. This growth is driven by low single-digit utilization and above-market growth in Cardinal Health brand revenue. We are reconfirming our previous GMPD segment profit guide of growing approximately $50 million off the ex IEEPA tariffs refund fiscal '26 results with expected segment profit of $200 million to $220 million. This guidance reflects the ongoing execution of our GMPD improvement plan focused on growing Cardinal Health brand, operational simplification and cost optimization.

就製藥（Pharma）事業部利潤的季度節奏而言，我們預期第1季利潤成長將接近全年指引區間的高端，部分原因是 Solaris 在第2季進入比較基期之前所帶來的效益。就全球醫療產品與配送（Global Medical Products and Distribution, GMPD）事業部而言，我們預估營收成長2%至4%。此成長主要由低個位數的使用量成長，以及 Cardinal Health 自有品牌營收高於市場的成長所驅動。我們重申先前對 GMPD 事業部利潤的指引：在扣除 IEEPA 關稅退稅影響後，相較會計年度'26結果約增加5,000萬美元，預期事業部利潤為2億至2.2億美元。此指引反映我們持續推動 GMPD 改善計畫的執行，重點在於擴大 Cardinal Health 自有品牌、營運簡化與成本最佳化。

We are monitoring the dynamic tariff environment and geopolitical landscape. And normalizing for the IEEPA tariff refund, in fiscal '27, we expect a modest tailwind from tariffs.

我們正在監測變動中的關稅環境與地緣政治局勢。在將 IEEPA 關稅退稅因素正常化後，我們預期在會計年度'27，關稅將帶來溫和的順風。

For the moment, our guidance assumes that our expected tariff tailwind will offset headwinds from rising fuel and commodity costs. However, we continue to monitor both tariffs as well as the length and severity of the conflicts in Iran. Should the conflicts in Iran be protracted, we would expect that to move us to the lower end of our profit guide for GMPD.

目前，我們的指引假設預期的關稅順風將抵銷燃料與大宗商品成本上升的逆風。然而，我們仍持續監測關稅，以及伊朗衝突的持續時間與嚴重程度。若伊朗衝突延宕，我們預期這將使我們落在 GMPD 利潤指引的較低端。

Segment profit for GMPD will be weighted in the second half, particularly Q4, driven by margin initiatives and seasonality. For purposes of modeling, we expect the first quarter of fiscal 2027 to be roughly half of the Q1 fiscal 2026 result, driven by the impacts of both foreign currency and the impact of distributor purchase timing. We do expect year-over-year growth in each of the subsequent quarters on an ex IEEPA tariff refund basis.

GMPD 的事業部利潤將偏重於下半年，特別是第4季，主要由毛利改善措施與季節性所驅動。就建模而言，我們預期會計年度2027第1季約為會計年度2026第1季結果的一半，主要受外匯影響以及經銷商採購時點影響所致。在扣除 IEEPA 關稅退稅影響的基礎上，我們確實預期其後各季皆將呈現年對年成長。

In our other growth businesses, we anticipate 11% to 13% growth in revenue and expect that growth to accelerate over the course of the year. We expect segment profit to deliver 15% to 18% growth in the year. These metrics are driven by the powerful secular trends our businesses are aligned to capture leading to strong demand. We also expect benefit from continued operational execution of our fiscal '26 investments while at the same time continuing to invest during the year in support of ROI-driven future growth opportunities.

在我們其他成長型業務方面，我們預期營收成長11%至13%，並預期該成長將在全年過程中加速。我們預期事業部利潤全年將成長15%至18%。這些指標主要由我們業務所對應的強勁長期結構性趨勢所驅動，進而帶來強勁需求。我們也預期將受惠於持續落實會計年度'26投資的營運執行，同時在全年持續投資，以支持以投資報酬率（ROI）為導向的未來成長機會。

As a matter of clarity, our guidance includes the partial year impact of the announced tuck-in acquisitions of the Diabetes Health segment of AdaptHealth and the recently completed tuck-in acquisition of Strive Medical, which are expected to add 2 percentage points of profit growth through the year to other.

為釐清起見，我們的指引包含已宣布的補強型收購（tuck-in acquisitions）之部分年度影響，包括 AdaptHealth 的糖尿病健康（Diabetes Health）事業部，以及近期完成的 Strive Medical 補強型收購；預期這些交易將在全年為「其他」帶來2個百分點的利潤成長貢獻。

Moving below the operating line, we forecast interest and other expense to be $240 million to $290 million, benefiting from our year-end high cash balances prior to deployment. We project our effective tax rate to be 19% to 20% for the year. All this together leads to the full year enterprise-wide EPS guidance of growth of 13% to 15% off of the baseline.

在營業利益以下項目方面，我們預估利息及其他費用為2.4億至2.9億美元，受惠於資金部署前、年末較高的現金餘額。我們預估全年有效稅率為19%至20%。綜合以上因素，形成全公司全年 EPS 指引：在基準之上成長13%至15%。

With respect to cash flow, we expect to generate between $3.5 billion and $4 billion in adjusted free cash flow in fiscal '27, driven by the growth of our businesses, maintaining a disciplined approach to working capital management and the impact of discrete business initiatives focused on cash flow generation.

就現金流而言，我們預期在會計年度'27產生35億至40億美元的調整後自由現金流，主要由業務成長、維持嚴謹的營運資金管理方式，以及聚焦於現金流創造的特定業務措施所驅動。

From a disciplined capital allocation model perspective, our plans and priorities remain unchanged. First, we expect capital expenditures of $700 million with infrastructure, technology and other investments across the portfolio in support of future growth. Second, we do not need to take significant actions to protect our balance sheet in the year given our leverage ratio. Third, returning capital to shareholders, as always, remains a priority. In fiscal year '27, we expect at least $1 billion in share repurchases, which would be the third consecutive year of additional share repurchases above our original stated baseline commitment.

從嚴謹的資本配置模型角度來看，我們的計畫與優先事項維持不變。第一，我們預期資本支出為7億美元，用於整體投資組合中的基礎建設、科技與其他投資，以支持未來成長。第二，鑑於我們的槓桿比率，我們在本年度不需要採取重大行動來保護資產負債表。第三，一如既往，回饋股東仍是優先事項。在會計年度'27，我們預期至少回購10億美元股票，這將是連續第三年在原先所述的基準承諾之上，額外進行股票回購。

Consequently, we expect our diluted weighted average shares outstanding to be approximately 233 million.

因此，我們預期稀釋後加權平均流通在外股數約為2.33億股。

Finally, we are not assuming material M&A, but have reserved modest capital flexibility to support tuck-in acquisitions. Given our cash balances, leverage levels and available financing, we also have financial flexibility to consider strategic M&A or incremental return of capital to shareholders, which we will assess as the fiscal year plays out.

最後，我們未假設有重大併購（M&A），但已保留適度的資本彈性以支持補強型收購。考量我們的現金餘額、槓桿水準與可用融資，我們也具備財務彈性，可視情況評估策略性併購或額外回饋股東資本；我們將隨會計年度進展加以評估。

In summary, fiscal '26 was an excellent year for Cardinal Health. We executed our strategy, successfully integrated strategic assets and fortified our balance sheet. We are well positioned for growth and long-term value creation in fiscal '27 and beyond. We remain disciplined in our capital allocation, precise in our execution and relentlessly focused on serving our customers. We look forward to updating you on our progress throughout the year.

總結而言，會計年度'26對 Cardinal Health 而言是非常出色的一年。我們執行了策略、成功整合策略性資產，並強化了資產負債表。我們已為會計年度'27及更長期的成長與長期價值創造做好充分準備。我們在資本配置上保持紀律、在執行上精準，並持續專注於服務客戶。我們期待在全年持續向各位更新我們的進展。

Jason, back to you.

Jason，交回給你。

Thank you, Aaron. When we started this journey as a management team, Cardinal had just delivered $5.07 in EPS and $2.3 billion in adjusted free cash flow in fiscal '22. Our company's performance was not meeting its potential as we battled business and organizational complexity that was impacting both our strategy and our operations. 4 years later, we are in a very different place. We have simplified our strategy, our structure and how we operate.

謝謝你，Aaron。當我們以管理團隊身分開始這段旅程時，Cardinal 在會計年度'22剛交出每股盈餘（EPS）5.07美元，以及23億美元的調整後自由現金流。當時我們公司表現未能發揮其潛力，因為我們正與業務與組織的複雜性對抗，而這些複雜性同時影響了我們的策略與營運。4年後，我們已處於截然不同的位置。我們已簡化了我們的策略、組織架構以及營運方式。

We have invested heavily in our infrastructure to drive economies of scale, new customer service capabilities and efficiency through automation and technology. Indeed, in each of the last 4 years, we have invested more than we ever have before. We executed 6 strategic acquisitions, and we've gotten to know our supplier partners and our customers better than ever before, which have presented us with opportunities to win with the winners.

我們在基礎建設上投入大量資金，以透過自動化與科技推動規模經濟、打造新的客戶服務能力並提升效率。事實上，在過去4年中的每一年，我們的投資都高於以往任何時期。我們完成了6項策略性收購，並且比以往任何時候都更了解我們的供應商夥伴與客戶，這也為我們帶來與贏家同行、贏得市場的機會。

And while doing all of that in fiscal '26, our non-GAAP EPS has more than doubled to $11.26, and our adjusted free cash flow has increased to $5 billion, which has allowed us to return $7 billion of capital to shareholders over the 4-year period. By any metric, whether set at either of our 2 Investor Days or our guidance updates along the way, we have done what we said we would and more. And now as we enter a new fiscal year, even in the face of a continuously evolving industry environment, we are committed to continuing our efforts to create shareholder value.

而在會計年度'26完成上述所有工作的同時，我們的非 GAAP EPS 已倍增以上至11.26美元，我們的調整後自由現金流也提升至50億美元，使我們得以在這4年期間向股東回饋70億美元資本。以任何衡量標準來看，無論是我們兩次投資人日所設定的目標，或是過程中的指引更新，我們都做到了我們所承諾的，甚至更多。而現在，當我們進入新的會計年度，即便面對持續演變的產業環境，我們仍致力於持續努力創造股東價值。

Aaron just walked you through our financial guidance for fiscal '27, which is above our reconfirmed long-term growth rates. Even after all our success, significant opportunity remains, starting with our biggest but significant business, Pharma. Robust demand and favorable utilization trends are a good launching point and a source of momentum for the future. We continue to emphasize blocking and tackling to improve the core with our operational metrics at or above all-time high levels of performance.

Aaron 剛才已向各位說明我們對 2027 財年的財務指引，該指引高於我們重新確認的長期成長率。即使在我們取得諸多成功之後，仍有龐大的機會存在，首先是在我們最大且至關重要的業務——製藥（Pharma）。強勁的需求與有利的使用率趨勢，是良好的起跑點，也為未來提供動能。我們持續強調把基本功做紮實、把該做的事做好，並使我們的營運指標維持在或高於歷史最佳表現水準。

Our continued deployment of automation, technology and advanced analytics across our distribution network builds on past progress driving meaningful gains in efficiency and service performance. And we are also adding scale and new capabilities. Our Consumer Health Logistics Center completed its first full year of operations, elevating over-the-counter product service levels to record highs and improving customer access to consumer health and diagnostic testing products when and where they are needed most.

我們在配送網路中持續導入自動化、科技與先進分析，延續過往進展，推動效率與服務表現的實質提升。同時，我們也在擴大規模並新增能力。我們的消費者健康物流中心完成了第一個完整營運年度，使非處方產品的服務水準提升至歷史新高，並在最需要的時間與地點，改善客戶取得消費者健康與診斷檢測產品的可近性。

We remain relentlessly focused on our commercial efforts. We have retained key customers across all classes of trade and have benefited from the new more strategic customers we have added over the last 18 months, creating stability as we enter fiscal '27. We also hosted our 34th Annual Retail Business Conference last month, recognizing our industry-leading position with retail independent pharmacy partners.

我們仍然全力聚焦於商業推進工作。我們在各類交易通路中保留了關鍵客戶，並受惠於過去 18 個月新增、更加具策略性的客戶，讓我們在邁入 2027 財年時更具穩定性。上個月我們也舉辦第 34 屆年度零售業務大會，彰顯我們在零售獨立藥局合作夥伴中的產業領先地位。

Expanding our Specialty business remains a fundamental priority. Upstream, BioPharma Solutions continues to gain traction as demand for specialized commercialization capabilities expands. Recent example of this comes from our 3PL business, which secured two additional gene therapy commercialization agreements, positioning us to support innovative therapies expected to enter the market in fiscal '28.

擴大我們的專科（Specialty）業務仍是基本優先事項。在上游端，隨著對專業商業化能力的需求擴大，BioPharma Solutions 持續獲得更多動能。近期例子來自我們的第三方物流（3PL）業務，我們新增取得兩項基因療法商業化協議，使我們得以支援預計於 2028 財年上市的創新療法。

With these wins, we now exclusively service nearly one by two the cell and gene market in approximately 3/4 of the total market. To further support these cutting-edge treatments, we opened our Innovative Care Pharmacy earlier this quarter, a differentiated specialty pharmacy specifically designed to meet the rigorous standards of high-cost and complex cell and gene therapies. The pharmacy offers channel optionality, clinical support and financial solutions for providers seeking to procure complex therapies.

憑藉這些勝利，我們目前以獨家方式服務細胞與基因市場中近二分之一的客戶，涵蓋約四分之三的整體市場。為進一步支援這些尖端治療，我們在本季稍早開設了 Innovative Care Pharmacy，這是一家差異化的專科藥局，專為符合高成本且複雜的細胞與基因療法之嚴格標準而設計。該藥局為希望採購複雜療法的醫療提供者提供通路選擇性、臨床支援與財務解決方案。

Located in La Vergne, Tennessee, the pharmacy leverages our existing 3PL and specialty distribution infrastructure to meet an end-to-end complex therapy market need, providing an innovative solution to improve the provider experience and expand patient access. We also continue to see significant opportunity in our multi-specialty MSO strategy both by expanding the MSOs and by expanding the services provided by the MSOs.

該藥局位於田納西州拉弗涅（La Vergne），運用我們既有的 3PL 與專科配送基礎設施，以端到端方式滿足複雜療法市場需求，提供創新解決方案以改善醫療提供者體驗並擴大病患可近性。我們也持續在多專科 MSO 策略上看到顯著機會，無論是擴大 MSO 規模，或擴大 MSO 所提供的服務範圍。

Turning to GMPD. We continue to execute against our improvement plan initiatives and are seeing the impact of our simplification efforts in our results this quarter. We saw steady growth in Cardinal Health brand products in the fourth quarter, continuing the trend witnessed throughout the fiscal year. Our unwavering commitment to our customers, our ability to deliver value at scale and operational efficiency and the breadth of our capabilities continue to yield tangible results, most recently with the long-term renewal of our largest customer. Operationally, we continue to deploy automation in our distribution network, which drives improvements in efficiency, employee safety, and order accuracy.

接著談 GMPD。我們持續推進改善計畫的各項倡議，並在本季業績中看到簡化措施帶來的影響。第四季 Cardinal Health 自有品牌產品維持穩健成長，延續整個財年的趨勢。我們對客戶的堅定承諾、以規模交付價值與營運效率的能力，以及廣泛的能力組合，持續帶來具體成果，最近的例子是我們最大客戶的長期續約。在營運面，我們持續在配送網路導入自動化，以提升效率、員工安全與訂單準確度。

In at-Home Solutions, we saw a strong operating performance and the impact of our strategic investments in fiscal '25 and '26. We continue to lean in on our smart growth strategy and expect to benefit from the efficiencies arising from our ongoing distribution capacity and automation expansion. Our core operations demonstrate exceptional reliability. Total fill rate reached nearly 99% and we recorded our best quarter in history for on-time departures. These metrics were a result of continued inventory control, driven by the increased capacity throughout our at-Home Solutions network enabled by our investments in technology and automation.

在居家解決方案（at-Home Solutions）方面，我們看到強勁的營運表現，以及 2025 與 2026 財年策略性投資所帶來的成效。我們持續加碼智慧成長策略，並預期將受惠於持續擴充配送產能與自動化所帶來的效率提升。我們的核心營運展現卓越的可靠性。整體補貨達成率（fill rate）接近 99%，且我們創下史上最佳的準時出車季度表現。這些指標來自持續的庫存控管，並由我們在科技與自動化上的投資所帶動、遍及居家解決方案網路的產能提升所支撐。

We see opportunity to continue this momentum in fiscal '27, both organically and inorganically as with the recently completed acquisition of Strive Medical and the announced acquisition of the Diabetes Health business of AdaptHealth. These additions build on the synergies created by our recent investments in home care, and enhance the framework established by our ADS acquisition, where we are seeing greater than anticipated synergies.

我們認為在 2027 財年可望延續這股動能，無論是有機或無機成長，例如近期完成收購 Strive Medical，以及已宣布收購 AdaptHealth 的 Diabetes Health 業務。這些新增項目建立在我們近期居家照護投資所創造的綜效之上，並強化了我們透過收購 ADS 所建立的架構；在該案中，我們看到的綜效高於原先預期。

Our actions to date are focused on building the foundations of an at-Home operation that we can profitably scale in support of our customers, whether that be patients in the home or other at-home distributors. We're also seeing continued strong progress in our pursuit of enterprise synergies across offerings and models. A good example being our continued care pathway program with which our at-Home Solutions business simplifies diabetes supply management for both pharmacies and patients.

迄今為止，我們的行動聚焦於打造可獲利擴張的居家營運基礎，以支援我們的客戶，無論是居家病患或其他居家配送商。我們也持續在跨產品與商業模式的企業綜效追求上取得強勁進展。一個很好的例子是我們持續照護路徑（continued care pathway）計畫，透過該計畫，我們的居家解決方案業務為藥局與病患簡化糖尿病用品管理。

Within Nuclear and Precision Health Solutions, our strong performance reflects our leading position, powered by our differentiated offerings and specialized expertise. This is evidenced by our above-market growth in our core business and rapid expansion in our Theranostics and PET portfolios, with PET growing over 20% and Theranostics growing nearly 30% in the quarter and over 30% in fiscal '26. We are uniquely positioned to capitalize on the continued growth in these fast-growing categories, especially in the areas of urology, oncology and neurology.

在核醫與精準健康解決方案（Nuclear and Precision Health Solutions）方面，我們的強勁表現反映出我們的領先地位，並由差異化產品與專業能力所驅動。這可從我們核心業務高於市場的成長，以及在 Theranostics 與 PET 產品組合的快速擴張看出；本季 PET 成長超過 20%，Theranostics 成長接近 30%，而在 2026 財年 Theranostics 成長超過 30%。我們具備獨特優勢，可把握這些快速成長類別的持續成長，特別是在泌尿科、腫瘤科與神經科領域。

Further, we have integrated Sonexus, our specialty access and patient support business directly into our Nuclear businesses web ordering platform to create a seamless end-to-end digital workflow for high-cost radiopharmaceuticals. This internal collaboration between the Nuclear and Sonexus teams unites insurance benefits verification, enrollment and order placement into a single digital system.

此外，我們已將 Sonexus（我們的專科可近性與病患支援業務）直接整合至核醫業務的網路下單平台，為高成本放射性藥物打造無縫的端到端數位工作流程。核醫與 Sonexus 團隊之間的內部協作，將保險給付資格驗證、註冊與下單整合至單一數位系統。

In OptiFreight Logistics, the business continues to demonstrate a leading value proposition for health care providers. We expect continuation of strong core volume growth as well as benefits from the expansion of our offerings, including our tech forward products, Shipment Navigator and Tracking Beacon announced last quarter. We have seen strong interest in and adoption of these products that are designed to support our customers with their outbound pharmacy shipments. This business will continue to create value for our customers as the solutions drive insights, cost savings and efficiencies. So in summary, on the businesses, significant progress matched with continued opportunities.

在 OptiFreight Logistics 方面，該業務持續向醫療照護提供者展現領先的價值主張。我們預期核心運量將持續強勁成長，同時也將受惠於產品組合擴展，包括上季宣布的科技導向產品 Shipment Navigator 與 Tracking Beacon。我們已看到市場對這些產品的高度興趣與採用；這些產品旨在支援客戶的藥局對外出貨。隨著解決方案帶來洞察、成本節省與效率提升，該業務將持續為客戶創造價值。總結而言，各項業務在取得顯著進展的同時，仍存在持續的機會。

One final comment on return of capital to shareholders. I will note that we are announcing today that the Cardinal Health Board of Directors has authorized a $5 billion increase to our share repurchase authority. This takes our total share repurchase authorization to $6.4 billion. This is a purposeful indication of our continued commitment to returning capital to shareholders. Earlier, Aaron highlighted an increase in our fiscal '27 baseline share repurchase to $1 billion.

最後補充一點關於回饋股東資本。我想指出，我們今天宣布 Cardinal Health 董事會已核准將股票回購授權額度增加 50 億美元。這使我們的股票回購總授權額度提升至 64 億美元。這清楚表明我們持續致力於將資本回饋給股東。先前 Aaron 也提到，我們已將 2027 財年的基準股票回購金額提高至 10 億美元。

As we think about fiscal '27 and beyond, our new authorization effectively recharges the battery, signaling our confidence in our durable cash generation and commitment to our disciplined capital allocation framework.

展望 2027 財年及以後，這項新的授權等同於有效「重新充電」，彰顯我們對穩健現金創造能力的信心，以及對嚴謹資本配置框架的承諾。

The company has excellent assets led by a talented team and the financial flexibility necessary to enable great choices on how best it creates shareholder value. We spent today telling you what we have done and what we're going to do. And now we're just going to go do it. With that, we will take your questions.

公司擁有優質資產，由才華洋溢的團隊領導，並具備必要的財務彈性，使我們能在如何最佳創造股東價值方面做出良好選擇。我們今天花時間告訴各位我們已經做了什麼，以及我們將要做什麼。現在，我們就要去把它做成。接下來，我們將回答各位的提問。

(Operator Instructions)

(接線員指示)

Erin Wright from Morgan Stanley.

摩根士丹利的 Erin Wright。

Great. It was a solid Pharma and Specialty Solutions AOI growth in the quarter. In the context of your guidance for 2027, the 8% to 11%, I guess, can you talk about what happened in the quarter, over the course of the quarter, what you expect to continue from here across that segment? What's baked into that guidance in terms of the momentum there?

很好。本季製藥與專科解決方案的 AOI 成長相當穩健。在你們對 2027 年 8% 到 11% 的指引背景下，我想請你們談談本季發生了什麼、在本季過程中有哪些變化，以及你們預期從現在起在該分部哪些因素會延續？在動能方面，這份指引中已納入了哪些假設？

Good morning, Erin, thank you for the question. As you called out in the fourth quarter and indeed, for the year behind us, we had strong momentum within our Pharma business, driven by strong demand really across our key product categories and indeed, with our largest customers. We saw a strong specialty growth, of course, at higher margins. And we had positive performance in our generics program above our long-term targeted levels with consistent market dynamics. When you match that with strong operational excellence by our teams, it leads to a good result.

早安，Erin，謝謝你的提問。如你所指出的，在第四季以及整個剛結束的年度，我們的製藥業務動能強勁，主要是由我們關鍵產品類別的強勁需求所帶動，尤其來自我們最大的客戶。我們也看到專科業務強勁成長，當然其毛利率更高。此外，在市場動態一致的情況下，我們的學名藥計畫表現也優於我們長期目標水準。再加上團隊在營運卓越方面的出色表現，最終帶來了良好的成果。

From a guidance perspective, we expect all of those to continue into our fiscal year '27. Now you heard us call out the broader context from a guidance for the year. I do want to point out that, ofcourse, we are not assuming outsized demand, which, as you know, we did experience a couple of times over the course of fiscal year '26. We are assuming strong demand with that momentum carrying forward. It is also the case that we did some M&A during the fiscal year '26 period. We have not assumed material M&A in fiscal year '27, but we will have 2 to 3 percentage points of positive benefit from the M&A that's already been concluded during the year.

就指引而言，我們預期這些因素都會延續到 2027 財年。你也聽到我們在年度指引中提到更廣泛的背景。我想指出的是，當然，我們並未假設會出現異常強勁的需求；如你所知，我們在 2026 財年期間確實曾有幾次遇到這種情況。我們假設需求維持強勁，且這股動能將持續。另外，我們在 2026 財年期間也進行了一些併購（M&A）。我們並未在 2027 財年假設有重大併購，但已在 2026 年完成的併購，將帶來約 2 到 3 個百分點的正面效益。

Elizabeth Anderson, Evercore ISI.

Evercore ISI 的 Elizabeth Anderson。

Hi, guys. Thanks so much for the question. Maybe just to pivot on Erin's question a little bit. As we think about specialty, you obviously added a bunch of assets and have been integrating them very successfully over the past couple of years. How do you think about how growth in specialty transitions over -- in the course of fiscal '27? Is there more sort of focus on services as sort of that initial wave of integration comes through? Any additional details there would be very helpful. Thank you.

嗨，各位。非常感謝讓我提問。我想在 Erin 的問題上稍微延伸一下。談到專科領域，你們顯然新增了不少資產，並在過去幾年非常成功地完成整合。你們如何看待專科業務的成長在 2027 財年期間的轉變？當初那一波整合逐步到位後，是否會更聚焦在服務上？若能提供更多細節將非常有幫助。謝謝。

Sure. Thanks, Elizabeth. Overall, we had a very solid specialty growth in fiscal '26, about -- actually, over 25% growth overall, and that was certainly strong specialty distribution, but also some contributions from the M&A that Aaron highlighted. So we have a really strong momentum there as well as the broader segment. What we guided towards for fiscal '27, consistent with Aaron's comments is more of the same, but not to the same extent.

當然。謝謝你，Elizabeth。整體而言，我們在 2026 財年的專科業務成長非常穩健，約——其實整體成長超過 25%；這當然來自強勁的專科配送（distribution），也有 Aaron 剛才提到的併購所帶來的一些貢獻。因此，我們在該領域以及整個分部都具備非常強的動能。我們對 2027 財年的指引，與 Aaron 的評論一致，基本上是延續同樣的趨勢，但幅度不會到相同程度。

The M&A portion will still have some bolt-on tailwind benefits, some carryover from the deals done in '26 as well. And we still see fantastic growth in our Biopharma Solutions business. We, at our Investor Day a year ago, we guided to getting that business to $1 billion by '28. We're well on track with 20-plus percent growth expected and realized.

併購部分仍會帶來一些加掛式（bolt-on）的順風效益，也會有 2026 年完成交易的部分延續效應。同時，我們仍看到生物製藥解決方案（Biopharma Solutions）業務的極佳成長。在一年前的投資人日，我們指引該業務在 2028 年達到 10 億美元。我們進展非常順利，預期並已實現 20% 以上的成長。

So we're seeing not only in distribution but the MSOs and the biopharma solutions and the services that go with that broad-based growth. The strategy all connects together to the point of your question, and we continue to find opportunities to work within the different parts of our business in ways that can create not only growth for Cardinal Health, but creating even better service and products for our customers and ultimately for patients.

因此，我們不僅在配送端，也在 MSO、生物製藥解決方案以及相關服務上看到廣泛的成長。我們的策略彼此相互連結，正如你問題所指；我們也持續在業務不同部分中尋找合作機會，不僅能為 Cardinal Health 帶來成長，也能為客戶提供更好的服務與產品，最終讓病患受益。

Lisa Gill, JPMorgan.

摩根大通的 Lisa Gill。

Thanks very much. Can we just talk about the regulatory environment? And really two things I just want to better understand here. The first would be potential regulatory changes. You talked about the IRA headwind. But is there anything else that you're watching from a regulatory perspective?

非常感謝。我們能談談監管環境嗎？我主要想更清楚了解兩件事。第一是潛在的監管變動。你們提到 IRA 帶來的逆風。但從監管角度來看，還有沒有其他你們正在關注的事項？

And then secondly, the potential changes when we think about 340B and the impact to your hospital customers on that drug distribution side. Can you talk about what the potential change means there from a volume perspective? And any incremental opportunity that you maybe see in working with some of those larger hospital systems as they try to navigate the regulatory changes in 340B?

第二，當我們談到 340B 的潛在變動，以及其對你們醫院客戶在藥品配送端的影響。你們能談談這些潛在變動在量（volume）方面可能意味著什麼嗎？以及當一些大型醫院體系試圖因應 340B 的監管變動時，你們是否看到與其合作的任何額外增量機會？

Yeah, Thanks, Lisa, for the question. And while that was one question, I guess we could probably spend the rest of the time just talking about that. There's a few different programs you referenced, but I actually think there's probably one overarching answer to all these questions, which is we obviously are tightly plugged in, not only with the customers that you're referencing, manufacturers, retail customers as well, but also with administration.

是的，Lisa，謝謝你的提問。雖然這算是一個問題，但我想我們大概可以把剩下的時間都用來談這個。你提到幾個不同的計畫，但我認為這些問題可能有一個共同的總體答案：我們顯然與你所提到的客戶（以及製造商、零售客戶）保持非常緊密的連結，同時也與政府行政部門保持溝通。

So we do spend a lot of time with all of the stakeholders that are involved in this, and we are certainly tracking and influencing it the best we can as we go forward.

因此，我們花很多時間與所有相關利害關係人互動；在往前推進的過程中，我們也確實在盡最大努力追蹤並施加影響。

As I think about what everyone is trying to accomplish, it really does come down to access and affordability to that continuously innovative health care. And that ultimately is good for us. You mentioned volume, depending on what happens, if affordability continues to be the priority and there are actions to make health care more affordable, then that drives volume, and that really is the lifeblood of our business. It's the key driver of what we need to be able to invest into the business. So we absolutely support the administration's efforts to that improved access and affordability.

當我思考大家想達成什麼目標時，核心其實在於讓持續創新的醫療照護更可近（access）且更可負擔（affordability）。而這最終對我們是有利的。你提到量（volume），取決於後續發展；如果可負擔性仍是優先事項，且有措施讓醫療更可負擔，那就會推動量的成長，而這正是我們業務的命脈。這也是我們能夠投資於業務所需的關鍵驅動因素。因此，我們完全支持政府在提升可近性與可負擔性方面的努力。

How do they go about it, to the nature of your question, there's a lot of different mechanisms, whether that be IRA, 340B, all these elements. And in each case, we work with our customers and the manufacturers very closely to understand the intent of the program, the practical realities of the logistics behind it. And each case, we feel very, very good about our role to safely, securely and efficiently deliver these life necessary products to patients. So we don't see our role changing and we don't believe our compensation should change as a result of our role remaining the same.

至於他們如何推動、回到你問題的本質，有很多不同機制，無論是 IRA、340B 或其他各項要素。在每一種情況下，我們都會與客戶及製造商非常密切合作，理解計畫的意圖以及其背後物流運作的實務現實。而在每一種情況下，我們都對自身角色感到非常有信心：以安全、可靠且高效率的方式，將這些維繫生命所必需的產品交付給病患。因此，我們不認為我們的角色會改變，也不認為在我們角色不變的情況下，我們的報酬應該因此改變。

How that ends up getting transacted most likely will evolve. But in each case, we are looking at the consequences of any changes, and we adapt accordingly either upstream or downstream with those impacts.

最終交易如何進行，很可能會隨時間演變。但在每一種情況下，我們都會評估任何變動的後果，並依其影響在上游或下游做出相應調整。

You, I think, rightly point out the customer impact is likely to be greater than our impact, and 340B is certainly important to our health system customers. And the more pressure they're under, that may impact the types of procedures, the types of patients that they can serve. That certainly can actually go against access in the health care space. So that's something that we are certainly tracking very closely. We have much less ability to influence that directly, but we'll support them in our time in D.C.

我認為你說得很對，客戶所受的影響可能會大於我們所受的影響；而 340B 對我們的醫療體系客戶確實非常重要。他們承受的壓力越大，可能就會影響他們能提供的手術類型、以及能服務的病患類型。這其實可能反而不利於醫療照護領域的可近性。因此，這是我們正在非常密切追蹤的事項。我們直接影響的能力要小得多，但我們會在華府（D.C.）的工作中支持他們。

and our time working with others. But overall, we feel very confident in our role to continue to provide the value that we have always done.

以及我們與他人合作的時間。但整體而言，我們對於持續在自身角色中提供一如既往的價值，感到非常有信心。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Thank you. The commentary on opportunities and returns on internal investment was quite clear. And I'd like to ask you to compare the investment priorities for fiscal year '27 relative to where you were when we entered '26. Maybe what's continued, continued elevated or even incremental in '27? And then I heard a comment on building capacity within specialty and pharma. Is that focused on Kroger and existing customers?

謝謝。你們對於內部投資機會與回報的評論相當清楚。我想請你們比較一下 2027 會計年度的投資優先順序，相較於我們進入 2026 年時你們所處的位置。也許哪些項目在 2027 年仍會延續、維持高檔，甚至有增量？另外我也聽到你們提到在專科與製藥領域擴充產能。這是聚焦在 Kroger 與既有客戶嗎？

Or do you have a desire to build capacity for potential wins?

還是你們希望為潛在的得標/新增客戶而擴充產能？

So the first part of your question as it relates to our investment priorities. The framework Aaron highlighted in his commentary certainly is exactly the same. I think your question is trying to translate that to something maybe a little bit more outcome related. So when I think about where we have invested both organically as well as inorganically, where we've leaned in the most, it is in areas, certainly specialty within our other growth businesses, the M&A side, of course, being in at-Home. These are all areas that not only are they faster growing parts of the market, they are more specialized parts of the market.

先回答你問題的第一部分，也就是與我們投資優先順序相關的部分。Aaron 在評論中所強調的框架，確實完全相同。我想你的問題是希望把它轉換成可能更偏向結果面的說法。因此，當我回顧我們不論是有機或無機的投資、以及我們最著力的領域時，主要是在一些領域：當然包括我們其他成長型業務中的專科；而在併購（M&A）方面，當然是在居家（at-Home）。這些領域不僅是市場中成長更快的部分，也屬於更專業化的市場區塊。

Therefore, margins usually follow with them. And they're also still fragmented parts of the market where there's a lot of opportunity to not only scale and build a better, more profitable business but frankly, to create even better services for ultimately the physicians or the patients that they're into that process.

因此，通常也會伴隨較好的毛利率/利潤率。而且這些市場區塊仍然相當分散，存在大量機會，不僅能擴大規模、打造更好且更具獲利性的業務，坦白說，也能為最終參與流程的醫師或病患提供更好的服務。

So I think we're in the very early innings of that scaling of these capabilities. So let's just kind of look at a couple of the big ones. Within MSOs, we certainly invested heavily in autoimmune, namely within GI, oncology and urology. But especially within urology and GI, we're fairly large in that space, but we still represent a very small percentage of the market. So we're large, but still very fragmented.

所以我認為，我們在擴大這些能力的規模方面，仍處於非常早期的階段。我們就看幾個大的領域。在 MSO（醫師診所管理服務組織）方面，我們在自體免疫領域投入很多，主要是在腸胃科（GI）、腫瘤科與泌尿科。但特別是在泌尿科與腸胃科，我們在該領域規模相當大，但我們仍只占市場非常小的比例。所以我們雖大，但市場仍非常分散。

So there's a lot of opportunity to not only, again, scale and build the business, but importantly, we're creating a much better service and capabilities on top of a very strong foundation that was already built by those that started those businesses.

因此仍有大量機會，不僅再次擴大規模、發展業務，更重要的是，我們是在既有的強大基礎之上，打造更好的服務與能力；而這個基礎原本就是由創辦這些業務的人所建立。

Within at-Home, I would say the same thing. This is a fast-growing part of the business, part of the market still. And yet, it's quite fragmented, and that's where we saw the opportunities with Strive and the Diabetes division within Adapt. So there's still a lot of opportunities to scale up there. The organic investments are a little bit more spread out.

在居家（at-Home）方面，我會說也是同樣的情況。這仍是業務與市場中成長很快的一部分。然而它相當分散，這也是我們在 Strive 以及 Adapt 旗下糖尿病事業部看到機會的原因。因此那裡仍有很多擴大規模的機會。至於有機投資，則分布得更廣一些。

You don't see the CapEx by business. But when we invest. We are investing broadly across each of those businesses. So I would -- I do think it's more of the same because we are still in the early part of the journey of what's possible there.

你們看不到按業務別拆分的資本支出（CapEx）。但當我們投資時，我們是在上述各個業務中廣泛投資。所以我會說——我確實認為大致上還是同樣的方向，因為我們仍處於這段旅程的早期階段，還有很多可能性。

As it relates to building capacity, I would not read too much into that other than we are always looking to make sure we're not late. When you look at specialty, that 25% growth, the double-digit growth this year, it's usually areas like refrigeration and freezing capabilities that tend to be more of the bottleneck. Ambient is a lot easier to work through. So we're always looking at the bottleneck of that. We're also looking at, of course, automation so that we're not only creating capacity, but we're creating lower levels of cost per order.

至於擴充產能，我不會過度解讀，除了我們一向都在確保自己不會太晚。以專科來看，今年 25% 的成長、以及雙位數成長，通常瓶頸會出現在冷藏與冷凍能力等方面。常溫（Ambient）相對更容易處理。所以我們一直在檢視這些瓶頸。我們也在看自動化，讓我們不只是增加產能，也能降低每筆訂單的成本水準。

So it's not like we're a build it and they will come strategy. This is very much tied to the long-term plans, the growth that we have embedded in the plan to make sure that our customers receive the service that they expect. And as we mentioned in our commentary, our service levels are levels that we've never had as an enterprise. And that's because we've invested appropriately to make sure we don't get behind that curve.

所以這不是那種「先蓋好就會有人來」的策略。這非常緊密地連結到長期計畫，以及我們在計畫中內嵌的成長假設，確保客戶能獲得他們所期待的服務。而且如同我們在評論中提到的，我們的服務水準是公司整體（enterprise）過去從未達到的水準。這是因為我們已適當投資，確保不會落後於那條曲線。

One thing I would add to that, just to emphasize is that the investments we're making are consistent with a plan, which has been in place for some time. And so we are executing on a multiyear investment plan, all in service of growth, an efficient growth that is also taking advantage of the increasing economies of scale that we are seeing. And so we are sticking to our knitting and getting it done.

我想再補充一點以強調：我們正在進行的投資，是與一個已實施一段時間的計畫一致的。因此我們是在執行一個多年期的投資計畫，全部都是為了成長服務——一種有效率的成長，同時也能利用我們所看到的規模經濟持續提升。所以我們就是專注本業，把事情做完。

Allen Lutz, BofA.

Allen Lutz，BofA（美國銀行）。

Good morning and thanks for taking the questions. I'll stick with Pharma and one for Aaron. How much of the revenue softness in the Pharma segment was due to the brand to generic conversion you talked about? And then how much, if any, of the EBIT acceleration in the quarter was due to generics? And how should we think about that for the rest of fiscal '27?

早安，謝謝讓我提問。我會聚焦在製藥（Pharma），並問 Aaron 一題。製藥部門營收走弱，有多少是因為你提到的品牌藥轉學名藥（brand to generic conversion）？另外，本季 EBIT 加速成長有多少（如果有的話）是來自學名藥？那我們應該如何看待 2027 會計年度剩餘期間的影響？

You are right to call out that generics was a positive part of our delivery certainly for the quarter and for the year as well. Naturally, we prefer the profitability that comes with a generic conversion. And as we called out in our prepared remarks, we did see some further benefit in the quarter from that. And as I called out in my guide, we expect to see some benefit from that in the Pharma profit delivery in '27 as well, all dropping to the bottom line.

你指出學名藥確實是我們本季、以及全年交付表現中的正面因素，這點沒錯。自然地，我們更偏好品牌轉學名所帶來的獲利能力。正如我們在事先準備的發言中提到的，本季我們確實從中獲得了進一步的效益。而且如同我在指引（guide）中提到的，我們也預期在 2027 年製藥獲利交付上仍會看到一些助益，並且會直接反映到最終盈餘（bottom line）。

And so while the revenue line has been variable all year, as we've guided consistently through the year, taking into account the impact of IRA WAC changes, growing but moderating GLP volumes, et cetera, and things like the LOE shift, right? We're quite pleased with the strong pharma results for the year and with the increase to the guide for next year.

因此，雖然營收端今年一直有波動，但正如我們全年一貫給出的指引所述，我們已將 IRA 對 WAC（批發取得成本）變動的影響、GLP 銷量成長但趨於溫和等因素，以及像是 LOE（專利到期）轉換等因素納入考量，對吧？我們對今年強勁的製藥業績，以及對明年指引的上調，都感到相當滿意。

The only thing I would add is we did call out the GLP WAC changes at around 500 basis points each, kind of offsetting. So you're trying to figure out the other pieces Well, I think it's probably obvious, I'll say it anyways. It's enough to call out but not so much that we're going to break out that number, so you can certainly think about well below the 500 basis points.

我唯一想補充的是，我們確實提到 GLP 的 WAC 變動大約各為 500 個基點，彼此大致抵銷。所以你若想推算其他部分——我想這可能很明顯，但我還是說一下。它重要到值得點出，但又沒有大到我們會把那個數字單獨拆出來，因此你可以把它視為遠低於 500 個基點。

George Hill, DB.

George Hill，DB（德意志銀行）。

Hey, good morning, guys, and thanks for taking the question. I want to clarify one comment. I thought I heard you guys say you renewed and extended your largest customer, which I would assume would be your friends in Rhode Island. I was wondering if you could put any more color around that. And as it relates to that large customer and to come back to Lisa's question. They've talked about a slowdown as it relates to 340B and a headwind as it relates to 340B.

嗨，早安，各位，謝謝讓我提問。我想釐清一個評論。我以為我聽到你們說，你們已續約並延長了你們最大的客戶；我猜那應該是你們在羅德島的朋友。想請你們能否提供更多背景說明。另外，關於那位大客戶，也回到 Lisa 的問題。他們談到與 340B 相關的放緩，以及與 340B 相關的逆風。

And my question there is just how do you guys think about like the disaggregation of services that are threatened under a lot of the reform initiatives that could kind of -- it's either recontract with customers or kind of create opportunities for new vendors to come into the space to provide things like technology services. And we just would love if you could comment on these two topics.

我的問題是，你們如何看待在許多改革倡議之下、可能受到威脅的服務拆分（disaggregation）？這些改革可能會導致與客戶重新簽約，或為新供應商進入該領域提供機會，來提供例如技術服務等。也希望你們能就這兩個主題發表評論。

Okay. So first of all, I'd be really clear. We were on the GMPD section when I highlighted the renewal of our largest customer. So George, you might have been multitasking. You heard those words and just jumped on it.

好的。首先，我想說得非常清楚。我在談到 GMPD 部門時，曾強調我們最大客戶的續約。所以 George，你可能在一心多用。你聽到那些話就立刻接著問了。

So yes, that was GMPD. So as it relates to CVS, I'm not sure what all you were getting at there, but let me just kind of touch on that point since we're on this topic. Certainly, we have a long-standing relationship with CVS. We have a lot of strategic collaboration with them throughout the enterprise. You certainly know about the distribution arrangement, but we have a lot more strategically aligned with them that go outside of the time line of that distribution agreement, whether that's Red Oak, the Averon joint venture and biosimilars procurement or the over-the-counter relationship and partnership that we have with IQ purchasing.

所以是的，那是 GMPD。至於 CVS，我不確定你剛剛具體想問的是什麼，但既然我們在這個話題上，我先簡單回應一下。我們與 CVS 長期以來一直維持合作關係。我們在整個企業層面與他們有許多策略性協作。你當然知道配送安排，但我們與他們在策略上還有更多合作，且不受該配送協議期限所限制，例如 Red Oak、Averon 合資與生物相似藥採購，或我們與 IQ purchasing 在非處方藥方面的合作與夥伴關係。

So we have a broad base of relationship with them and your comment and the asking about different impacts that our customers may see with some of these different programs.

因此，我們與他們的合作關係基礎很廣，而你提到並詢問的是，我們的客戶在這些不同計畫下可能會受到哪些不同影響。

And I think the key is that they are -- and I'm not talking on CVS, I'm just talking more broadly. Now they are impacted. Our customers are impacted in many different ways as the pharmacy, as the dispenser, as the retailer. Our role -- our margin at 1% overall aggregate margins for the enterprise highlights that we play a very different role and we support them in ways to create value wherever we can.

我認為關鍵在於——我不是在談 CVS，而是更廣泛地說。他們確實會受到影響。我們的客戶以藥局、配藥端、零售商等不同角色，會以多種方式受到影響。我們的角色——以整體企業約 1% 的綜合毛利率可見——凸顯我們扮演的是非常不同的角色；我們會盡可能在各個面向支持他們創造價值。

But with that said, ultimately, they're taking on more of the risk and have more of the return as a result of the value that they bring. So we have a typical distribution margin for that part of our business for other parts of our business, whether it's the other businesses or our service businesses within Biopharma Solutions, it's a very different model and a very different margin profile where we take that on.

但話說回來，最終他們承擔更多風險，也因其所帶來的價值而獲得更多回報。就我們業務中的該部分而言，我們有典型的配送毛利；而在其他業務部分，無論是其他業務線，或是 Biopharma Solutions 內的服務型業務，則是非常不同的模式與毛利結構，由我們來承擔。

You're asking about disaggregation, I'm not sure exactly which part of the business or your question was there. I keep going back to the role in which we play. We do more than just putting together different parts of the industry. We are physically moving product, taking on ownership, risk tens of billions of dollars of capital that's deployed in areas like inventory and receivables to make sure that these products have near flawless levels of service and quality.

你問到拆分（disaggregation），我不確定你指的是業務的哪一部分或問題的具體點。我一直回到我們所扮演的角色。我們做的不只是把產業的不同環節串在一起。我們實際在移動產品、承擔所有權與風險，並投入數百億美元資本在庫存與應收帳款等領域，以確保這些產品能以近乎零瑕疵的服務水準與品質交付。

So I feel very good about our role. Of course, the model around it will always change and we'll -- and when you look at the different models, they're always -- almost always utilizing services of the distributors because of that value that we create for them. So the model will change. It will evolve. It will require us to make changes to ours, but that's our role to stay in front of that to make sure that we're always creating incremental value so that we're the obvious partner as health care, not a stressing partner.

因此，我對我們的角色非常有信心。當然，圍繞它的商業模式總會改變；而當你看各種不同模式時，幾乎總是會使用經銷商的服務，因為我們為他們創造了那樣的價值。所以模式會改變。會演進。也會要求我們調整自身模式；但我們的工作就是走在前面，確保我們持續創造增量價值，讓我們成為顯而易見的合作夥伴——在醫療保健體系中是助力的夥伴，而不是造成壓力的夥伴。

Stephen Baxter, Wells Fargo.

Stephen Baxter，富國銀行。

I wanted to ask about the other segment. So for the fiscal 2027 guidance, you have EBIT growing faster than revenues. Is that driven more by mix or synergy realization? What drives the acceleration that you're talking about for the top line through the balance of the year? And then I did notice in the press release that nuclear wasn't called out as a year-over-year driver of product growth than it was in the prior three quarters.

我想問另一個部門。就 2027 財年的指引而言，你們的 EBIT 成長快於營收。這主要是由產品組合（mix）或協同效益實現所驅動？你們提到今年剩餘期間營收端加速，主要驅動因素是什麼？另外我也注意到新聞稿中，核醫（nuclear）不像前 3 個季度那樣被點名為產品成長的年增驅動因素。

Any elaboration there would be appreciated.

若能進一步說明，將不勝感激。

Sure. Well, let me emphasize what Jason signaled earlier, which is we are excited about the opportunity that the other businesses present for us as we go forward. From a guide perspective, we called out 11% to 13% revenue growth and 15% to 18% profit growth. And the profit growth is really coming from across all of the businesses. And in prior quarters, you would have heard me call out the fact that we're making investments against all of those businesses as well, whether it's technology, capacity, capability.

當然。我先強調 Jason 先前提到的一點：我們對「其他業務」在未來為我們帶來的機會感到振奮。就指引而言，我們提出營收成長 11% 到 13%，以及獲利成長 15% 到 18%。而獲利成長其實來自所有業務的共同貢獻。在前幾季，你也會聽到我提到，我們同時也在對所有這些業務進行投資，無論是技術、產能或能力建置。

They each have discrete business plans that we are investing in for the long-term value creation of those businesses and for Cardinal Health overall.

它們各自都有明確的業務計畫；我們正在投入資源，以創造這些業務的長期價值，也為 Cardinal Health 整體創造價值。

As we think about the year ahead, I want to emphasize that for all 3 businesses, we are assuming strong demand, right, really fueled by the secular tailwinds and the strong competitive positions that each of those businesses has, and they are able to fund the investments we're making at the same time against each of those businesses as we push ahead. And so we do expect the revenue to accelerate over the course of the year as a result of both the trends and as we move past some of the investments that are already underway as we push ahead.

展望未來一年，我想強調的是，對於這 3 項業務，我們都假設需求強勁——主要由長期結構性順風（secular tailwinds）以及各業務強勢的競爭地位所驅動；同時，它們也能在推進之際，為我們對各業務所做的投資提供資金支持。因此，我們確實預期營收會在今年進程中逐步加速，這既來自趨勢，也來自我們在推進過程中逐步走過一些已在進行中的投資階段。

It's also the case that we've done M&A. Of course, in the important at-Home part of the portfolio. And the combination of the Strive and Adapt's diabetes businesses are going to contribute 2% of the profit growth to the other business over the course of the year. We've already closed the smaller Strive deal. The adapt part of the business, we'll hopefully close on the second half of our year.

另外，我們也進行了併購（M&A）。當然是在投資組合中重要的居家（at-Home）領域。Strive 與 Adapt 的糖尿病業務組合，將在今年為其他業務的獲利成長貢獻 2%。我們已完成規模較小的 Strive 交易。Adapt 的那部分業務，希望能在我們財年的下半年完成交割。

But we're really excited about how they can add to the scale we're building. And particularly, as we look at the smart growth strategy and driving strong ROI on customer and category management, we're excited about that.

但我們對它們如何為我們正在建立的規模增添動能感到非常興奮。尤其是，當我們聚焦於智慧成長策略，並在客戶與品類管理上推動強勁的投資報酬率（ROI）時，我們對此感到期待。

Nuclear has continued to be a strong part of the portfolio, and we are expecting double-digit growth from Theranostics, strong growth from the PET part of the business, and we continue to focus on expanding our reach and our capacity. And I wouldn't read too much into the order of prioritization of the drivers, given the investment plans that I referenced earlier.

核醫業務一直是投資組合中的強勁部分；我們預期 Theranostics 將有雙位數成長，PET 業務也將強勁成長，同時我們持續專注於擴大觸及範圍與產能。鑑於我先前提到的投資計畫，我不會對驅動因素排序的先後做過度解讀。

And of course, I would be remiss if I didn't mention the OptiFreight business, which just continues to drive strong core volume growth is a key part of our strategic plan.

當然，如果我不提 OptiFreight 業務就說不過去了；它持續帶動強勁的核心量（core volume）成長，是我們策略計畫中的關鍵一環。

Jason, anything you want to add?

Jason，你有什麼要補充的嗎？

You covered most of that. The only thing I would add is as you think about the 3 different businesses, they have very different margin profiles. There is a fairly large distribution aspect to the at-home business. So as you would expect, that one has a larger -- or a smaller overall margin rate. OptiFreight being a services business has an overall higher rate, and Nuclear kind of somewhere closer to the average.

你已經涵蓋大部分了。我唯一想補充的是，當你看這 3 項不同業務時，它們的毛利結構差異很大。居家（at-home）業務有相當大的配送成分。所以如你所預期，它的整體毛利率會較高——或是說較低。OptiFreight 作為服務型業務，整體毛利率較高；而核醫大概介於其間，更接近平均水準。

Point is just the relative growth of the 3 businesses also impacts the difference between revenue growth and operating earnings growth. But I think you're right to call out the M&A is certainly a component of the synergies. Associated with that is on the at-Home side is certainly a contributor to why we see some deviation from time to time between revenue and earnings.

重點在於，三項業務的相對成長也會影響營收成長與營業利益成長之間的差異。但我認為你指出併購（M&A）確實是協同效益的一個組成部分是對的。與此相關的是，在 at-Home 端也確實是我們不時看到營收與獲利之間出現某些偏離的原因之一。

Kevin Caliendo, UBS.

Kevin Caliendo，UBS。

Thanks for taking my question, guys. This one's a little cheeky. But can you quantify the difference between what is outsized demand and what is strong demand? Like how should we think about that mathematically? And just as a sort of a follow-up, the 19% to 20% tax rate for fiscal '27, is that something we should just consider to be the baseline going forward now? Like is this the new Cardinal tax rate?

謝謝讓我提問，各位。這題有點調皮。但你們能否量化「超預期需求」與「強勁需求」之間的差異？例如，我們應該如何用數學方式來理解？另外作為一個追問，2027 財年的 19% 到 20% 稅率，我們是否應該把它視為未來的基準？也就是說，這是否就是新的 Cardinal 稅率？

Or would it revert back to the 21-plus percent going forward?

還是未來會回到 21% 以上？

Well, let me address the questions in reverse order. With respect to the tax rate, I spent last quarter commenting that we expected the 19% anticipated rate for to be durable into '27. And indeed, we confirm that today with the guidance that we're expecting a lower tax rate than has historically been our case. We've not provided updated long-term guidance beyond the fact that we have confirmed the 12% to 14% non-GAAP EPS growth each year. And so as we're only a couple of weeks into our fiscal '27, I'm going to defer comments on longer-term tax rates beyond that to a later call.

好，我先倒過來回答問題。就稅率而言，我在上一季花了些時間說明，我們預期 19% 的預估稅率可望延續到 2027 年。而今天我們也透過指引確認這一點：我們預期稅率將低於過往歷史水準。除了我們已確認每年非 GAAP EPS 成長 12% 到 14% 之外，我們尚未提供更新的長期指引。因此，鑑於我們才剛進入 2027 財年幾週，關於更長期的稅率，我先保留，之後的電話會再談。

With respect to your first question, I always appreciate some cheekiness on our earnings call. And I guess I would observe that, as we've talked about before, we're not going to provide you with a mathematical formula on strong versus outsized. We all know it when we see it. We continue to believe we will have the strong demand carrying forward and we'll be the first ones to report that back if we see something outsized relative to what we've experienced in the past.

至於你的第一個問題，我一向很欣賞在我們財報電話會議上帶點調皮。但我想我會這樣觀察：如同我們之前談過的，我們不會提供你一個用來區分「強勁」與「超預期」的數學公式。我們看到時就會知道。我們仍然相信未來需求會維持強勁；如果我們看到相較於過去經驗有「超預期」的情況，我們也會第一時間回報。

And I'm perhaps a little less cheeky, and I'll try to give you at least one data point. One thing we referenced, of course, is specialty being a key driver of our growth this last year at 25% growth. And we're talking about double-digit growth, which I know 25% is double digit, but nonetheless. A slowing of that to levels that we think is more appropriate for the longer term. We've talked about our generics volume being long-term planning, 2% to 3% growth.

我可能就少一點調皮，試著至少給你一個數據點。我們當然提到，專科（specialty）是我們去年成長的關鍵驅動因素，成長 25%。而我們談的是雙位數成長——我知道 25% 也是雙位數，但不管怎樣。我們預期它會放緩到我們認為更適合長期的水準。我們也談到，學名藥（generics）銷量在長期規劃中是 2% 到 3% 的成長。

And we've seen a nice step up above that. While we're still not in the 2% to 3% range for '27, we're somewhere between where we've been more recently in the 2% to 3%. So we're getting closer to that level.

而我們看到它有不錯的提升，超過了那個水準。雖然在 2027 年我們仍未回到 2% 到 3% 的區間，但我們介於近期的水準與 2% 到 3% 之間。所以我們正逐步接近那個水準。

Those are a couple of the key drivers that end up driving some of the more profitable volume growth in the enterprise. And when we look at the right planning assumptions, those are two key areas that we look to. The one thing I should -- I'll go back to the very beginning on specialty, while we haven't called out the number explicitly, one thing we did highlight at the last Investor Day was that we expected a continuation of the mid-teens type of growth rate that we've seen at that time. So the fact is that, that stepped up from mid-teens to the 25%, but mid-teens was a rate that we have seen for the last several years prior to that and is something that's certainly a lot closer to that type of planning assumption than what we've seen this last year.

這些是幾個最終會推動企業內較高獲利之銷量成長的關鍵驅動因素。當我們檢視合適的規劃假設時，這兩個領域是我們重點關注的。另外我想回到最一開始談專科：雖然我們沒有明確點出數字，但我們在上一次投資人日確實強調，我們預期會延續當時所見的「中十位數」（mid-teens）成長率。因此，事實上它從中十位數提升到 25%，但中十位數是我們在此之前過去幾年一直看到的成長率，也顯然更接近那種規劃假設，而不是我們去年看到的水準。

Charles Rhyee from TD Cowen.

TD Cowen 的 Charles Rhyee。

Hi, This is Lucas on for Charles. I wanted to ask about your comments on GMPD and some of the moving parts in your fiscal '27 guide. I understand that lower tariffs are supposed to offset higher input costs. Can you maybe provide a little more information on what sort of pressures you're seeing on the input cost side? And then just kind of stepping back a little bit and thinking about how this business has improved in profitability over the last several years since you implemented your GMPD recovery plan.

嗨，我是 Lucas，代 Charles 提問。我想問你們對 GMPD 的評論，以及你們 2027 財年指引中的一些變動因素。我理解較低的關稅應該會抵銷較高的投入成本。你能否提供更多資訊，說明你們在投入成本端看到哪些類型的壓力？另外，稍微拉遠一點來看，自從你們實施 GMPD 復甦計畫以來，這項業務在過去幾年獲利能力有所改善。

Can you kind of update us on where GMPD fits within your overall strategy?

你能否更新一下 GMPD 在你們整體策略中的定位？

Sure. As it relates to the commodity costs that we're always tracking very closely and that where we see some pressure today, think just oil and petroleum types of products, so diesel fuel being something that impacts our distribution, logistics, costs, and the oil-based come up, these things like polyethylene, polypropylene, polyvinyl, these types of products, but it goes broader than that as well, some resins. These are things that we look at as input costs where sometimes those are raw materials we buy for our products. Sometimes we buy the finished product. But in any event, we're seeing some pressure there, not to the level that we saw several years ago coming out of COVID, but something that we are watching very closely.

當然。就我們一向密切追蹤、且目前看到一些壓力的商品成本而言，主要是油品與石油相關產品；例如柴油燃料會影響我們的配送、物流成本；以及以石油為基礎的上游原料，例如聚乙烯（polyethylene）、聚丙烯（polypropylene）、聚氯乙烯（polyvinyl）等這類產品，但範圍也不只如此，還包括一些樹脂。這些都是我們視為投入成本的項目，有時是我們為產品採購的原物料。有時我們是採購成品。但無論如何，我們確實看到一些壓力；雖然不到幾年前 COVID 之後那種程度，但我們正非常密切地關注。

Of course, we spent the last several years creating a more flexible commercial environment that we have more optionality there. For example, the diesel fuel, we are better protected as it relates to surcharges for some of those distribution types of customers. But nonetheless, there is some flow through.

當然，我們過去幾年打造了更具彈性的商業環境，因此在這方面有更多選擇空間。例如柴油燃料方面，針對某些配送類客戶的附加費（surcharge）機制，我們的防護更到位。但即便如此，仍會有一些成本傳導。

One thing that Aaron highlighted and we tried to dimensionalize it for you because we've recognized in the past is there's a much greater impact to our business, not only because the cost per item was going up, but we, frankly, did not manage it as well as we could have as well. And so what Aaron highlighted is that if these types of costs and rates stay elevated for the duration of our fiscal year, it's likely we'd be closer to that bottom end of our guidance range for GMPD.

Aaron 強調了一點，我們也試著為你們量化，因為我們過去也承認，對我們業務的影響更大，不僅是因為單件成本上升，坦白說，我們當時的管理也沒有做到最好。因此 Aaron 強調的是：如果這類成本與費率在我們整個財年期間都維持在高檔，我們的 GMPD 表現很可能會更接近指引區間的下緣。

So that highlights that it's impactful, but much more manageable than what we've seen before. So we feel good about our ability to mitigate the vast majority of what comes at us. At the same time, we know there's a lot of pressure on our customers, and we're always looking for opportunities and ways to mitigate this entirely so that they're not having to deal with it as well. But we'll have some work to do there, and we'll watch it very, very closely. But we feel pretty good about the setup right now.

這說明它確實有影響，但比起我們以前看到的情況要可控得多。因此，我們對於能夠緩解絕大多數外部衝擊的能力感到有信心。同時，我們也知道客戶承受很大壓力，我們一直在尋找機會與方法，盡可能完全消化這些影響，讓他們也不必承擔。不過我們還需要做一些工作，並會非常、非常密切地觀察。但就目前的配置而言，我們感覺相當不錯。

On the tariff side, we have a planning assumption that is fairly consistent with what we have in place today. We're watching that one as well. When you lap and carry over the impacts in the prior year, we do have some year-over-year tailwind for that, that we think is largely offsetting the commodity risk that I referenced before. So it's all factored into our guidance. But if they stay elevated for the full year, then we'll be at the lower end of that, all things being equal.

在關稅方面，我們的規劃假設與目前實施的狀況相當一致。我們也在觀察這一項。當你把前一年的影響做年對年比較（lap）並延續（carry over）之後，我們確實有一些年對年的順風（tailwind），我們認為這在很大程度上抵銷了我先前提到的商品成本風險。因此這些都已納入我們的指引。但如果它們全年都維持在高檔，那麼在其他條件不變下，我們就會落在該區間的下緣。

As it relates to GMPD and more of the strategic question behind it, you're not going to hear anything different from me today. We are very pleased with the progress that we've made with this business, not only with our financial results, as you highlighted, Lucas, but also just the service and support and the quality of reliability and everything that our customers are receiving has never been better with this business. And so we will continue to find opportunities to further improve both the business financial results but also how our customers are treated. And the GMPD improvement plan remains in place. We see a lot of opportunity to grow Cardinal Health brand volume.

就GMPD 以及其背後更偏策略性的問題而言，今天你不會從我這裡聽到任何不同的說法。我們對這項業務所取得的進展感到非常滿意，不僅是你所提到的財務成果，Lucas，同時在服務與支援、可靠性品質，以及客戶所獲得的一切體驗方面，這項業務的表現也從未如此出色。因此，我們將持續尋找機會，進一步改善業務的財務成果，同時也提升我們對待客戶的方式。而GMPD 改善計畫仍在推進中。我們看到有很大的機會提升 Cardinal Health 自有品牌的銷量。

We see a lot of opportunity for further simplification actions. That's where we're focused. And we always look for all of our businesses as to how they fit into the portfolio, how -- where we invest, is it organically, is it inorganically. And all these things are always considered and we'll stay focused along the way on driving the operations.

我們也看到有很大的機會進一步推動簡化措施。這就是我們目前的重點。同時，我們也一向會檢視所有業務如何融入整體投資組合、我們投資的方向為何——是有機成長，還是透過併購等非有機方式。這些因素都會持續納入考量，而我們也會一路保持專注，推動營運執行。

Eric Coldwell from Baird.

Baird 的 Eric Coldwell。

Thanks very much. Just maybe two, if you don't mind. First off, sorry if I missed this, but did you mention what the WAC price changes are that are embedded in your fiscal '27 PSS revenue growth? I know it's been running sort of in that 5% ZIP code. As a headwind this year? Is it the same model for next year or more?

非常感謝。如果你不介意，我想問兩個問題。首先，抱歉如果我漏聽了，但你們是否有提到，納入你們 2027 財年 PSS 營收成長預期中的 WAC 價格變動幅度是多少？我知道它一直大概在 5% 左右的區間。今年作為逆風？明年也是同樣的模型，還是會更高？

My real question is around GMPD again. If I'm not mistaken, you've been doing about $1 billion to $1.1 billion of revenue in brands per quarter. And you just cited, I believe, $100 million of repayments to customers that I believe would have been the revenue headwind driving the 2% negative growth as reported. But if I take that $100 million over baseline quarterly revenue, it would imply about a 9 to 10-point headwind. So by default, would core growth in brands be running more in the ZIP code of 7% or 8%?

我真正的問題還是關於 GMPD。如果我沒記錯，你們自有品牌每季的營收大約是 10 億到 11 億美元。而你剛才提到，我相信是 1 億美元的對客戶回款，我理解那會是造成報告口徑下 -2% 成長的營收逆風。但如果我用這 1 億美元除以每季的基準營收，意味著大約 9 到 10 個百分點的逆風。所以照此推算，自有品牌的核心成長是否其實大概在 7% 或 8% 的區間？

And if so, that seems above your -- what you've -- you've certainly been doing better than you used to do and showing momentum there, but it maybe seems even a little bit better, if I'm not mistaken? And if so, could you get into that with us?

如果是這樣，那看起來高於你們——你們確實比過去做得更好、也展現出動能，但如果我沒弄錯，這可能甚至還更好一些？如果是的話，能否跟我們多談談？

So maybe on the first part of your question, I would just point out that we're assuming the same percent impact in '27 from the IRA impact. But of course, we'll have both the lapping of last year's IRA WAC changes and, of course, now the January of WAC, it changes as well. All that is built into our updated revenue guide here for the year as well.

就你問題的第一部分而言，我想指出的是，我們假設 2027 年 IRA 影響帶來的百分比衝擊與目前相同。但當然，我們會同時面臨去年 IRA 導致的 WAC 變動的比較基期效應，以及當然還有 1 月份的 WAC 變動。這些都已納入我們今年更新後的營收指引之中。

Yeah, and to your point, Eric, perhaps to understand this, but they're not all defined at this point in time as to whether it's rebates or WAC reductions. So we are using the planning assumptions that Aaron highlighted for the time being. And it's obviously consistent with what we saw in '26, which is why we picked that planning assumption.

是的，Eric，呼應你的觀點，或許要理解的是，目前尚未完全界定這些究竟是以回扣（rebates）形式，還是以 WAC 下調的形式呈現。因此，我們暫時採用 Aaron 剛才提到的規劃假設。而這顯然也與我們在 2026 年看到的情況一致，所以我們才採用那個規劃假設。

Your math is not entirely wrong, not all that flows through to revenue, a big chunk does. But when you normalize for all that we saw on the Cardinal Health brand side, we saw growth at or a little bit above that mid-single-digit rate normalized for all that. So there's some other smaller adjustments that come through there, but it's pretty consistent. Last 6 quarters have been right around that mid-single-digit rate and this quarter was fairly consistent with that.

你的計算並非完全不對，但並不是全部都會反映到營收上，其中很大一部分會。不過，當你把我們在 Cardinal Health 自有品牌端看到的所有因素做正常化調整後，我們看到的成長大約在中個位數百分比，或略高於中個位數百分比的水準。因此，還有一些較小的調整項會在其中反映，但整體相當一致。過去 6 個季度大致都在中個位數百分比左右，而本季度也與此相當一致。

At this time, this is all the time we have for questions. I will now turn the call over to Jason Hollar for closing remarks.

目前我們的提問時間到此為止。接下來我將把電話會議交回 Jason Hollar 作結語。

Yeah. Just we're pleased with another strong year, and we're already well into '27 and focused on driving our business, our results to achieve those numbers as well and look forward to staying tight with you and providing further updates. With that, have a great day.

好的。我們對又一個強勁年度的表現感到滿意，而且我們已經進入 2027 財年一段時間了，並專注於推動業務與成果，以同樣達成那些數字，也期待與各位保持密切溝通並提供進一步更新。那麼，祝各位有美好的一天。

This concludes today's call. Thank you all for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。