Cencora Inc (COR) 2022 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the AmerisourceBergen Q4 FY 2022 Earnings Call. My name is Glenn, and I will be coordinating your call today. (Operator Instructions) I will now hand you over to your host, Bennett Murphy, to begin. Please go ahead.

女士們、先生們，歡迎參加 AmerisourceBergen 2022 財年第四季財報電話會議。我叫格倫，今天我將協調您的電話。 （操作員指示）我現在將把您交給主持人貝內特·墨菲（Bennett Murphy）開始。請繼續。

Thank you. Good morning, good afternoon, and thank you all for joining us for this conference call to discuss AmerisourceBergen's Fiscal 2022 Fourth Quarter and Full Year Results. I am Bennett Murphy, Senior Vice President, Investor Relations. Joining me today are Steve Collis, Chairman, President and CEO; and Jim Cleary, Executive Vice President and CFO.

謝謝。早上好，下午好，感謝大家參加我們的電話會議，討論 AmerisourceBergen 的 2022 財年第四季和全年業績。我是貝內特‧墨菲，投資人關係資深副總裁。今天與我一起出席的有董事長、總裁兼執行長 Steve Collis；以及執行副總裁兼財務長 Jim Cleary。

On today's call, we will be discussing non-GAAP financial measures. Reconciliations of these measures to GAAP are provided in today's press release, which is available on our website at investor.amerisourcebergen.com. We have posted a slide presentation to accompany today's press release on our investor website.

在今天的電話會議上，我們將討論非公認會計準則財務指標。今天的新聞稿中提供了這些措施與 GAAP 的對賬，該新聞稿可在我們的網站 Investor.amerisourcebergen.com 上取得。我們在投資者網站上發布了幻燈片演示文稿，以配合今天的新聞稿。

During this conference call, we will make forward-looking statements about our business and financial expectations on an adjusted non-GAAP basis, including, but not limited to, EPS, operating income and income taxes. Forward-looking statements are based on management's current expectations and are subject to uncertainty and change. For a discussion of key risks and assumptions, we refer you to today's press release and our SEC filings, including our most recent 10-K. AmerisourceBergen assumes no obligation to update any forward-looking statements, and this call cannot be broadcasted without the express permission of the company. You have an opportunity to ask questions after today's remarks by management. (Operator Instructions) With that, I'll turn the over to Steve.

在本次電話會議期間，我們將在調整後的非公認會計準則基礎上就我們的業務和財務預期做出前瞻性陳述，包括但不限於每股收益、營業收入和所得稅。前瞻性陳述是基於管理階層目前的預期，並可能受到不確定性和變化的影響。有關關鍵風險和假設的討論，我們建議您參閱今天的新聞稿和我們向 SEC 提交的文件，包括我們最新的 10-K。 AmerisourceBergen 不承擔更新任何前瞻性聲明的義務，未經本公司明確許可不得廣播本次電話會議。在今天管理層的演講之後，您有機會提問。 （操作員指示）接下來，我將把工作交給史蒂夫。

Thank you, Bennett. Good morning and good afternoon to everyone on the call. Today, my remarks will focus on the successes about 2022 fiscal year and the ways in which our leading distribution and pharmaceutical solution capabilities are core to advancing global pharmaceutical innovation and access, ultimately driving significant value creation for all our stakeholders.

謝謝你，貝內特。各位來電的人早安，下午好。今天，我的演講將重點放在 2022 財年所取得的成功，以及我們領先的分銷和藥品解決方案能力如何成為推動全球藥品創新和獲取的核心，最終為我們所有利益相關者創造重大價值。

AmerisourceBergen delivered another strong fiscal year, driven by the resilience and strength of our business as our team continue to execute to advance our strategic priorities and build on our foundation for future growth. First, we leveraged the strength of our leading pharmaceutical distribution businesses. During fiscal 2022, we were proud to continue to support the continued global response to the COVID-19 pandemic as the exclusive distributor of emergency use authorization treatments in the U.S. and by supporting the distribution of vaccines and test kits internationally.

在我們業務的彈性和實力的推動下，AmerisourceBergen 迎來了強勁的財年，我們的團隊繼續執行以推進我們的策略重點，並為未來的成長奠定基礎。首先，我們利用領先的藥品分銷業務的優勢。在 2022 財年，我們作為美國緊急使用授權治療的獨家經銷商，並支持在國際範圍內分銷疫苗和檢測試劑盒，我們很自豪能夠繼續支持全球持續應對新冠肺炎 (COVID-19) 大流行。

Guided by our purpose, and empowered by our commercial strengths and execution, we played an important role in supporting public health. This also presented an opportunity to enhance relationships with key stakeholders worldwide, including governments, public health agencies, and providers and pharmacies. Importantly, we also continue to support our community provider customers from pharmacies to physicians to veterinarians all of whom are integral to ensuring patient access and care in our communities around the world.

在我們的宗旨的指導下，並在我們的商業優勢和執行力的支持下，我們在支持公共衛生方面發揮了重要作用。這也提供了加強與世界各地主要利害關係人（包括政府、公共衛生機構、醫療服務提供者和藥房）關係的機會。重要的是，我們也繼續支持我們的社區提供者客戶，從藥房到醫生再到獸醫，他們都是確保世界各地社區的患者獲得和護理的不可或缺的一部分。

Second, we solidified our global capabilities to further enhance our customer experience. In the nearly 18 months since our acquisition of Alliance Healthcare, we have continued to integrate the business and facilitate collaboration across teams. As we look forward to the next phase of our integration, we are focused on streamlining our solutions under one commercial leader. Group President, Bob Mauch, will now also oversee Alliance Healthcare and assumed the role of Chief Operating Officer. By uniting and simplifying our commercial operations, we will engage with our partners as a truly integrated healthcare solutions leader, fortifying our position at the core of the global pharmaceutical supply chain.

其次，我們鞏固全球能力，進一步提升客戶體驗。自從收購 Alliance Healthcare 以來的近 18 個月裡，我們不斷整合業務並促進團隊之間的協作。當我們期待下一階段的整合時，我們專注於在一位商業領導者的領導下簡化我們的解決方案。集團總裁 Bob Mauch 現在也將負責管理 Alliance Healthcare 並擔任營運長。透過聯合和簡化我們的商業運營，我們將作為真正的全面醫療保健解決方案領導者與我們的合作夥伴合作，鞏固我們在全球藥品供應鏈核心的地位。

Third, we advanced our legacy of responsible corporate stewardship with our ESG commitments, engagement and reporting, including further aligning our ESG work with recognized international standards, frameworks and initiatives. One important area where we continue to evolve our programs and policies is in diversity, equity and inclusion. And as a sign of progress, I'm pleased to say that our most recent gender pay data in the United States indicates that for every dollar male employees are paid, female employees in AmerisourceBergen are paid [$0.998], an increase from our previous ratio of [$0.994].

第三，我們透過 ESG 承諾、參與和報告推進了負責任的企業管理傳統，包括進一步使我們的 ESG 工作與公認的國際標準、框架和舉措保持一致。我們繼續發展我們的計劃和政策的一個重要領域是多元化、公平和包容性。作為進步的標誌，我很高興地說，我們在美國最新的性別薪酬數據表明，在AmerisourceBergen，男性員工每獲得1 美元的薪酬，女性員工的薪酬就為[0.998 美元]，比我們之前的比率有所增加[0.994 美元]。

Furthermore, to extend our work in DEI, we are making important investments to support health equity in our communities. These efforts include our disparities in cancer care task force, which is focused on addressing disparities and analyzing social determinants of health for oncology patients at the community level. In August, we held our first ever disparities in Cancer Care Summit, where we brought together researchers, community physicians, patient advocates, payers and healthcare leaders to collaborate and share information. By uniting thought leaders and industry leaders, we hope to stimulate, innovative partnerships that will address the disparities in cancer care today.

此外，為了擴展我們在 DEI 的工作，我們正在進行重要投資，以支持社區的健康公平。這些努力包括我們在癌症護理工作組中的差異，該工作組的重點是解決社區層面腫瘤患者健康的差異和分析社會決定因素。八月，我們在癌症護理高峰會上舉辦了首次差異性高峰會，我們將研究人員、社區醫生、病患權益倡導者、付款人和醫療保健領導者聚集在一起進行協作和分享資訊。透過聯合思想領袖和產業領袖，我們希望激發創新的合作夥伴關係，以解決當今癌症治療的差異。

We are also focused on supporting our people. Based on feedback, we have solicited from our team members, we have evolved our workforce policies to address post-pandemic labor trends, reinforce the strength of our culture, investing in our talent and aligned their development with our goal for the business. We recognize that our people are our most important asset and that's the strength of our performance, thanks to the tremendous efforts of our team members around the globe.

我們也致力於支持我們的員工。根據回饋，我們向團隊成員徵求意見，制定了勞動力政策，以應對疫情後的勞動力趨勢，增強我們的文化力量，投資於我們的人才，並使他們的發展與我們的業務目標保持一致。我們認識到，我們的員工是我們最重要的資產，這也是我們業績的優勢，這要歸功於我們全球團隊成員的巨大努力。

With purpose-driven dedication, commitment and expertise, our teams are executing against our strategic pillars to maintain a leading share of pharmaceutical distribution and best-in-class efficiency while growing our higher-margin and higher-growth businesses.

憑藉著以目標為導向的奉獻精神、承諾和專業知識，我們的團隊正在根據我們的策略支柱執行任務，以保持藥品分銷的領先份額和一流的效率，同時發展我們的更高利潤和更高增長的業務。

Looking to the year ahead and beyond, we have strong momentum, and the importance of pharmaceutical care and the opportunities provided by continued pharmaceutical innovation bolster our strategy and fortify our ability to create additional stakeholder value. To advance our foundational pharmaceutical distribution business, we lead with market leaders around the world. It's no coincidence that customers are our first strategic pillar because they are at the center of everything we do. Our key anchor customers range from upstream emerging biotechs and large pharma manufacturers to downstream providers across the spectrum of care delivery, including physicians, community and specialty pharmacies, health systems, veterinarians and government agencies. We form long-term strategic partnerships to solve for the current and future needs of our customers. And with our expanded footprint and capabilities, we are now able to partner with them on a truly global scale.

展望未來一年及未來，我們擁有強勁的發展勢頭，藥物服務的重要性以及持續的藥物創新提供的機會將支持我們的策略並增強我們為利益相關者創造額外價值的能力。為了推進我們的基礎藥品分銷業務，我們與世界各地的市場領導者合作。客戶是我們的首要策略支柱並非巧合，因為他們是我們所做一切的中心。我們的主要客戶從上游新興生物技術公司和大型製藥製造商到整個護理服務領域的下游提供者，包括醫生、社區和專業藥房、衛生系統、獸醫和政府機構。我們建立長期策略合作夥伴關係，以滿足客戶當前和未來的需求。隨著我們的足跡和能力不斷擴大，我們現在能夠在真正的全球範圍內與他們合作。

This includes supporting them with a technologically advanced standard setting infrastructure. For a distributor, maintaining infrastructure is table stakes, and we are proud that our historical investments have enabled us to be a leader in adopting new technologies and innovations to fulfill our purpose of being united in our responsibility to create healthier futures.

這包括為他們提供技術先進的標準制定基礎設施的支援。對經銷商來說，維護基礎設施是賭注，我們感到自豪的是，我們的歷史投資使我們能夠成為採用新技術和創新的領導者，以實現我們團結一致、共同創造更健康未來的目標。

In particular, our footprint efficiency and capabilities in data and analytics have enabled us to support the COVID-19 pandemic response globally. Today, we are proud to be supporting the response to monkeypox, and we stand readily to facilitate patient access to life-changing and life-sustaining medication to advance public health around the world.

特別是，我們的足跡效率以及數據和分析能力使我們能夠支援全球範圍內的 COVID-19 大流行應對工作。今天，我們很自豪能夠支持猴痘的應對工作，並且我們隨時準備好幫助患者獲得改變生命和維持生命的藥物，以促進世界各地的公共衛生。

To ensure future readiness, AmerisourceBergen is enhancing our capabilities to grow our higher-margin, higher-growth businesses to support the rapidly evolving and global nature of pharmaceutical innovation, at the center of which is specialty medical care. Our team members, customers, suppliers and investors have known and appreciated AmerisourceBergen as the leader in specialty. Our specialty business is nearly 30 years old, and the tremendous investments we've made in our specialty capabilities have helped build us into the leader we are today and have laid a strong foundation for us to lead in the specialty of the future.

為了確保未來做好準備，AmerisourceBergen 正在增強我們發展高利潤、高成長業務的能力，以支持快速發展的全球性製藥創新，其核心是專業醫療保健。我們的團隊成員、客戶、供應商和投資者都知道並讚賞美源伯根作為專業領域的領導者。我們的專業業務已有近 30 年的歷史，我們在專業能力方面所做的巨大投資幫助我們成為今天的領導者，並為我們在未來的專業領域處於領先地位奠定了堅實的基礎。

Cell and gene therapies, for example, is one area with a combination of scientific breakthroughs, regulatory support and industry developments by accelerating product pipelines and patient access. To support this cutting-edge innovation in patient care, we deploy our broad and expanding platform of capabilities in distribution, commercialization and specialty logistics. This includes assets such as World Courier, Alloga and Innomar, which we are able to leverage to provide pharma manufacturers with the expertise needed to solve their most complex problems now and plan for the solutions of tomorrow.

例如，細胞和基因療法是一個透過加速產品管道和患者獲取而集科學突破、監管支持和產業發展於一體的領域。為了支援患者護理領域的這一前沿創新，我們在分銷、商業化和專業物流方面部署了廣泛且不斷擴展的能力平台。這包括 World Courier、Alloga 和 Innomar 等資產，我們能夠利用這些資產為製藥製造商提供解決當前最複雜問題和規劃未來解決方案所需的專業知識。

Specialty medicines play a key role in future pharmaceutical innovation. And with our continued innovation and investments, we further strengthened our leadership and capture this growth opportunity. AmerisourceBergen is also well positioned to benefit from high and increasing demand for outsourced manufacture consulting and logistics services as we solidify our role as partner of choice for global pharmaceutical manufacturers.

專科藥物在未來的醫藥創新中發揮關鍵作用。透過持續的創新和投資，我們進一步加強了我們的領導地位並抓住了這個成長機會。隨著我們鞏固作為全球製藥製造商首選合作夥伴的角色，AmerisourceBergen 也處於有利地位，可以從對外包製造諮詢和物流服務的高且不斷增長的需求中受益。

Through our various investments and partnerships, we offer a differentiated portfolio of commercialization solutions to support pharmaceutical innovation. Our recently announced acquisition of PharmaLex, for example, enhances our portfolio of solutions across our footprint and represents our ability to support clients at every stage of the commercialization journey from providing market access strategies and early-stage clinical development consulting services to leveraging our pharmaceutical distribution reach and specialty distribution leadership to bring innovative products to market.

透過我們的各種投資和合作夥伴關係，我們提供差異化的商業化解決方案組合來支持製藥創新。例如，我們最近宣布收購PharmaLex，增強了我們整個業務範圍內的解決方案組合，並代表了我們在商業化旅程的每個階段為客戶提供支援的能力，從提供市場准入策略和早期臨床開發諮詢服務到利用我們的藥品分銷覆蓋範圍和專業分銷領導力，將創新產品推向市場。

We are differentiating and getting closer to our pharma partners by expanding our solution set, advancing our core capabilities and leveraging our existing commercial strength, ultimately contributing to positive pharmaceutical outcomes.

我們透過擴展我們的解決方案集、提升我們的核心能力並利用我們現有的商業優勢，使我們的製藥合作夥伴脫穎而出並與我們的製藥合作夥伴更加接近，最終為積極的製藥成果做出貢獻。

We further drive our differentiation by investing in innovation to both advance our foundation and enhance our capabilities. Our investment strategy prioritizes continually improving and building on our strengths, supporting customer needs and ensuring our continued leadership in core capabilities such as supply chain excellence, clinical practice efficiency and patient access and adherence. We are also next-minded and focused on areas where we see trends leading to future growth such as clinical trial service, digital commerce and home health.

我們透過投資創新來進一步推動我們的差異化，以鞏固我們的基礎並增強我們的能力。我們的投資策略優先考慮不斷改進和發揮我們的優勢，支持客戶需求並確保我們在供應鏈卓越、臨床實踐效率以及患者獲取和依從性等核心能力方面持續領先。我們還具有前瞻性，專注於我們認為會帶來未來成長趨勢的領域，例如臨床試驗服務、數位商務和家庭健康。

In clinical trial services, for example, we continue to play a leading role with direct-to-patient capabilities, helping our customers manage complexities as they increasingly adopt decentralized and hybrid models. Through this capability, we leverage our capabilities and reach to support pharmaceutical innovation and facilitate patient access. And to create the next generation of solutions to power our success long into the future, we continuously innovate through a combination of internal investments, capability building, strategic partnerships and venture capital.

例如，在臨床試驗服務中，我們繼續憑藉直接面向患者的能力發揮主導作用，幫助我們的客戶在越來越多地採用分散和混合模式時管理複雜性。透過這種能力，我們利用我們的能力和影響力來支持製藥創新並促進患者獲取藥物。為了創造下一代解決方案，為我們在未來的長期成功提供動力，我們透過內部投資、能力建構、策略合作夥伴關係和創投的結合不斷創新。

We remain committed to creating differentiated value for our stakeholders. Our long-term sustainable growth is supported by investments in our people and culture and our commitment to ESG. Our people drive our business forward, and we are committed to investing in and supporting them with a culture that unites, cultivate and empower them. Underpinned by our purpose and guiding principles, we are advancing our talent and culture to support our strategy and innovation to create an energized, diverse and inclusive workplace that helps our talent be action-biased, credibly resourceful and next-minded.

我們仍然致力於為利害關係人創造差異化價值。我們的長期可持續成長得益於對員工和文化的投資以及對 ESG 的承諾。我們的員工推動我們的業務向前發展，我們致力於透過一種團結、培養和賦權他們的文化來投資和支持他們。在我們的宗旨和指導原則的基礎上，我們正​​在推進我們的人才和文化，以支持我們的策略和創新，創造一個充滿活力、多元化和包容性的工作場所，幫助我們的人才行動導向、足智多謀、具有前瞻性。

Our business is supported by the right people, including at the top of the organization. We recently had the pleasure of welcoming to our Board of Directors, Dr. Lorence Kim, whose business acumen and knowledge of healthcare and pharmaceutical innovation, will serve AmerisourceBergen well in his new capacity as an independent Director.

我們的業務得到了合適人員的支持，包括組織高層。我們最近很高興地歡迎 Lorence Kim 博士加入我們的董事會，他的商業頭腦以及醫療保健和製藥創新方面的知識將在擔任獨立董事的新職位上為 AmerisourceBergen 提供良好的服務。

We are focused on adding key skill sets and diverse perspectives to help support our business and strategy as we continue our process of Board succession planning. Just as we invest in our people, we also invest in our communities, which have grown in scale and geography. With this in mind, we continue to evolve our environmental, social and governance initiatives to create healthier futures around the world, which includes adapting to a change in climate, promoting health equity and embracing a culture of transparency, ethics and integrity. We take very seriously our leading role in healthcare, and we are committed to being a sustainable and responsible business.

在繼續進行董事會繼任計畫的過程中，我們致力於增加關鍵技能和多樣化的視角，以幫助支持我們的業務和策略。正如我們投資於我們的人民一樣，我們也投資於我們的社區，這些社區的規模和地理位置都在擴大。考慮到這一點，我們繼續發展我們的環境、社會和治理舉措，以在世界各地創造更健康的未來，其中包括適應氣候變遷、促進健康公平以及擁抱透明、道德和誠信的文化。我們非常重視我們在醫療保健領域的領先地位，並致力於成為一家可持續發展且負責任的企業。

We are pleased with the progress we are making towards our long-term vision of expanding our leadership in pharmaceutical distribution and growing our higher-margin, higher-growth businesses. We have the right strategy in place to do so. By advancing our foundation, enhancing our capabilities and investing in innovation to further drive our differentiation, we are solidifying our position at the core of global pharmaceutical innovation and access.

我們對擴大我們在藥品分銷領域的領導地位和發展更高利潤、更高成長業務的長期願景所取得的進展感到高興。我們已經制定了正確的策略來做到這一點。透過推進我們的基礎、增強我們的能力並投資創新以進一步推動我們的差異化，我們正在鞏固我們在全球製藥創新和獲取的核心地位。

Our leadership and growth are further supported by our strong financial foundation and value-enhancing capital allocation strategy, which Jim will discuss shortly. Just as importantly, we live our purposes of being united in our responsibility to create healthier futures with a focus on creating a better future for all of our stakeholders.

我們強大的財務基礎和增值資本配置策略進一步支持了我們的領導地位和成長，吉姆很快就會討論這一點。同樣重要的是，我們的目標是團結一致，共同承擔責任，創造更健康的未來，重點是為所有利害關係人創造更美好的未來。

Now I will turn the call over to Jim for a more in-depth review of our fourth quarter and fiscal year 2022 results and to discuss our expectations for fiscal 2023. Jim?

現在我將把電話轉給吉姆，讓他對我們第四季度和 2022 財年的業績進行更深入的審查，並討論我們對 2023 財年的預期。

Thanks, Steve. Good morning and good afternoon, everyone. Reflecting on fiscal 2022, I am proud of the strong execution and performance by our teams as we advanced our company commercially and strategically, playing our central role in connecting pharma manufacturers with providers and patients as a leading healthcare solutions provider.

謝謝，史蒂夫。大家早安，下午好。回顧2022 財年，我對我們團隊的強大執行力和表現感到自豪，因為我們在商業和戰略上推動了公司的發展，作為領先的醫療保健解決方案提供商，在連接製藥製造商與提供商和患者方面發揮著核心作用。

Throughout the year, our teams navigated exceptionally well through a complex environment to ensure the delivery of crucial medications and services around the globe.

全年，我們的團隊在複雜的環境中表現出色，確保在全球範圍內提供關鍵藥物和服務。

Before I turn to our results, as a reminder, my remarks today will focus on our adjusted non-GAAP financial results unless otherwise stated. Growth rates and comparisons are made against the prior year September quarter and fiscal year. For a detailed discussion of our GAAP results, please refer to our earnings press release.

在我談到我們的業績之前，提醒一下，除非另有說明，我今天的演講將重點放在我們調整後的非公認會計準則財務表現。成長率和比較是與去年九月季度和財年進行的。有關我們的 GAAP 業績的詳細討論，請參閱我們的收益新聞稿。

Beginning with our fourth quarter results. We finished the quarter with adjusted diluted EPS of $2.60, an increase of 8.8%, which was driven by strong performance in our U.S. Healthcare Solutions segment. Our consolidated revenue was $61.2 billion, up approximately 4%, driven by growth in our U.S. healthcare solutions segment, offsetting weaker sales in the International healthcare solutions segment as a result of foreign currency translation pressure due to the historically strong dollar.

從我們第四季的業績開始。本季末，我們的調整後攤薄每股收益為 2.60 美元，成長 8.8%，這得益於我們美國醫療保健解決方案部門的強勁業績。我們的綜合收入為612 億美元，成長約4%，這得益於美國醫療保健解決方案部門的成長，抵銷了國際醫療保健解決方案部門因美元歷來強勢而帶來的外幣換算壓力而導致的銷售疲軟。

Consolidated gross profit was $2.1 billion, up 5% due to growth in the U.S. healthcare solutions segment. Consolidated gross profit margin expanded by 4 basis points in the quarter to 3.44% driven by growth in the U.S. healthcare solutions segment. Consolidated operating income was $741 million, up 7% compared to the prior year quarter. This growth was driven by a strong performance in the U.S. healthcare solutions segment, more than offsetting the decline in the International healthcare solutions segment, which I will discuss in more detail when I review segment level performance.

由於美國醫療保健解決方案領域的成長，綜合毛利達到 21 億美元，成長 5%。在美國醫療保健解決方案領域成長的推動下，本季綜合毛利率擴大了 4 個基點，達到 3.44%。綜合營業收入為 7.41 億美元，比去年同期成長 7%。這一增長是由美國醫療保健解決方案細分市場的強勁業績推動的，遠遠抵消了國際醫療保健解決方案細分市場的下滑，我將在回顧細分市場層面的業績時更詳細地討論這一點。

Moving now to our net interest expense and effective tax rate for the fourth quarter. Net interest expense was $52 million, down 5.6% as a result of higher interest income. Our effective income tax rate was 19.8% compared to 20.3% in the prior year quarter. Our diluted share count was 210 million shares, a 0.4% decrease compared to the fourth quarter of fiscal 2021, driven by opportunistic share repurchases in the second half of our fiscal year. This completes the review of our consolidated results. Now I'll turn to our segment results for the fourth quarter.

現在轉向第四季的淨利息支出和有效稅率。由於利息收入增加，淨利息支出為 5,200 萬美元，下降 5.6%。我們的有效所得稅率為 19.8%，去年同期為 20.3%。受本財年下半年機會性股票回購的推動，我們的稀釋後股票數量為 2.1 億股，較 2021 財年第四季減少 0.4%。這樣就完成了對我們綜合結果的檢視。現在我將談談第四季的部門業績。

U.S. healthcare solutions segment revenue was $54.8 billion up 5% for the quarter as we continue to see broad-based solid performance and utilization trends across our portfolio. Revenue growth was impacted by lower sales of commercial COVID-19 treatments that have traditional commercial revenue associated with them, unlike the government-owned products that contributed more meaningfully to operating income in both the quarter and full fiscal year 2022.

美國醫療保健解決方案部門本季營收為 548 億美元，成長 5%，我們繼續看到我們的產品組合具有廣泛的穩健業績和利用率趨勢。收入成長受到與傳統商業收入相關的商業 COVID-19 治療藥物銷售下降的影響，這與政府擁有的產品不同，政府擁有的產品對 2022 年季度和整個財年的營業收入貢獻更大。

U.S. Healthcare Solutions segment operating income increased by 14% to $578 million. In the quarter, our specialty physician services business delivered strong growth across specialty classes. We also continue to benefit from strong biosimilar utilization in both specialty physician practices and health systems. Operating income margin increased by 9 basis points to 1.06% due to the distribution of COVID-19 treatments and growth in specialty physician services.

美國醫療保健解決方案部門營業收入成長 14%，達到 5.78 億美元。本季度，我們的專科醫師服務業務在各個專科類別中實現了強勁成長。我們也持續受益於專業醫師實踐和衛生系統中生物相似藥的強勁應用。由於 COVID-19 治療的分佈和專科醫生服務的成長，營業利潤率增加了 9 個基點，達到 1.06%。

Also, again, as a reminder, in the fourth quarter of fiscal 2021, we had elevated operating expenses as we made investments in our talent and growth initiatives. This impacts the year-over-year comparison for the segment in the quarter as we benefited from lapping those prior year expenses.

另外，再次提醒大家，在 2021 財年第四季度，我們在人才和成長計畫方面進行了投資，因此增加了營運費用。這影響了本季度該部門的同比比較，因為我們受益於消化上一年的費用。

I will now turn to our international healthcare solutions segment. In the quarter, international healthcare solutions revenue was $6.4 billion down 3% on a reported basis. International healthcare solutions operating income was $163 million down 13% on an as-reported basis driven by the impact of foreign currency translation and the divestiture of Profarma Specialty, which occurred in June 2022 and contributed $6 million in operating income during the fourth quarter of fiscal 2021.

我現在將談談我們的國際醫療保健解決方案部分。據報告，本季國際醫療保健解決方案收入為 64 億美元，下降 3%。國際醫療保健解決方案的營業收入為1.63 億美元，較報告的基礎下降13%，原因是外幣換算和Profarma Specialty 剝離的影響，該剝離發生於2022 年6 月，在本財年第四季度貢獻了600 萬美元的營業收入2021 年。

When looking at the segment on a constant currency basis, we believe the underlying business fundamentals are solid. In the quarter, we continued to have strong performances at World Courier, and Alliance Healthcare continued to execute well as we navigate inflation in the local economies.

當以固定貨幣為基礎審視該細分市場時，我們認為基本業務基礎是穩固的。本季度，我們的 World Courier 繼續表現強勁，Alliance Healthcare 在我們應對當地經濟通膨的過程中繼續表現良好。

While the strong dollar continues to be a headwind on an as-reported basis, our teams throughout the segment have delivered good operational performance with solid trends across the businesses. As we look to 2023, we are excited to continue our progress on integrating Alliance Healthcare and to expand our global pharmaceutical solutions platform with the previously announced pending acquisition of PharmaLex.

儘管根據報告，強勢美元仍然是不利因素，但我們整個部門的團隊都提供了良好的營運績效，各業務趨勢也穩健。展望 2023 年，我們很高興能夠繼續在整合 Alliance Healthcare 方面取得進展，並透過先前宣布的待收購 PharmaLex 來擴展我們的全球製藥解決方案平台。

That concludes our fiscal fourth quarter discussion. Now I will turn to a discussion of our full year fiscal 2022 results. Our consolidated revenue was $239 billion up 12% driven by growth in both segments and benefiting from the full year contribution of Alliance Healthcare. Excluding Alliance Healthcare, our consolidated revenue was up 5%. As we have indicated throughout the year, we had lower revenue recognized from COVID-19 treatment in the United States due to much of the volume associated with COVID treatments this year being associated with government-owned emergency use authorization treatments.

我們第四財季的討論到此結束。現在我將討論 2022 財年全年業績。我們的綜合收入為 2,390 億美元，成長 12%，這得益於兩個細分市場的成長以及 Alliance Healthcare 的全年貢獻。不包括 Alliance Healthcare，我們的綜合收入成長了 5%。正如我們全年所指出的，我們在美國從 COVID-19 治療中確認的收入較低，因為今年與 COVID 治療相關的大部分量與政府擁有的緊急使用授權治療有關。

In the prior year fiscal 2021, we had approximately $3.7 billion of sales related to COVID-19 treatments versus $1.7 billion in fiscal 2022. Consolidated operating income grew 20% to $3.2 billion driven by the full year contribution of Alliance Healthcare and solid performance across our portfolio, including sales to specialty physician practices.

在上一年的2021 財年，我們與COVID-19 治療相關的銷售額約為37 億美元，而2022 財年為17 億美元。下，綜合營業收入成長了20%，達到32 億美元。

From a segment perspective, U.S. Healthcare Solutions had operating income growth of 9%, while international healthcare solutions operating income grew 81% year-over-year to $706 million. In fiscal 2022, we had $0.72 of contribution related to COVID treatment, test kits and vaccine distribution with $0.62 in the U.S. Healthcare Solutions segment and $0.10 in the international healthcare solutions segment.

從細分市場來看，美國醫療保健解決方案的營業收入成長了9%，而國際醫療保健解決方案的營業收入較去年同期成長81%，達到7.06億美元。在 2022 財年，我們與新冠病毒治療、檢測試劑盒和疫苗分發相關的捐款為 0.72 美元，其中美國醫療保健解決方案部門為 0.62 美元，國際醫療保健解決方案部門為 0.10 美元。

Turning now to interest expense. In fiscal 2022, net interest expense was $211 million, an increase of 21% as a result of debt related to the Alliance Healthcare acquisition. In fiscal 2022, we repaid $1.1 billion of debt and expect to repay the remaining $675 million in short-term Alliance Healthcare-related debt by March 2023, delivering on our commitment to the rating agencies to repay 2/3 of the debt related to the Alliance Healthcare acquisition.

現在轉向利息支出。 2022 財年，淨利息支出為 2.11 億美元，由於 Alliance Healthcare 收購相關的債務增加了 21%。 2022 財年，我們償還了 11 億美元的債務，並預計到 2023 年 3 月償還剩餘 6.75 億美元的短期 Alliance Healthcare 相關債務，兌現了我們對評級機構償還 2/3 與 Alliance Healthcare 相關債務的承諾。聯盟醫療保健收購。

While we project that our total corporate debt will be lower in 2023, we expect our interest expense to increase somewhat in fiscal 2023 due to local country-level subsidiary borrowings at higher interest rates.

雖然我們預期 2023 年公司債務總額將較低，但由於地方國家級子公司借款利率較高，我們預期 2023 財年的利息支出將會增加。

Regarding taxes, our adjusted effective tax rate for fiscal 2022 was 20.6% compared to 21.3% in fiscal 2021, as we began to realize tax synergies related to the Alliance Healthcare acquisition.

在稅務方面，隨著我們開始實現與收購 Alliance Healthcare 相關的稅收綜效，我們 2022 財年調整後的有效稅率為 20.6%，而 2021 財年為 21.3%。

Turning now to EPS. Our full year adjusted diluted EPS grew 19% to $11.03, driven by the incremental 8-month contribution from Alliance Healthcare and solid growth across our businesses. Adjusted free cash flow for the year was $3 billion, and we ended the year with a cash balance of $3.4 billion. As a result of our better-than-expected cash flow generation and our strong balance sheet, we opportunistically returned capital to shareholders through the repurchase of $500 million in shares in the back half of the fiscal year during a time of equity market fluctuations. After these repurchases, we have approximately $900 million remaining on our current share repurchase authorization.

現在轉向每股收益。在 Alliance Healthcare 連續 8 個月的增量貢獻以及我們各業務的穩健增長的推動下，我們全年調整後攤薄每股收益增長 19% 至 11.03 美元。當年調整後的自由現金流為 30 億美元，年終現金餘額為 34 億美元。由於我們優於預期的現金流量產生和強勁的資產負債表，我們在本財年後半段股市波動期間透過回購 5 億美元的股票，機會主義地將資本返還給股東。在這些回購之後，我們目前的股票回購授權剩餘約 9 億美元。

That completes the review of our fiscal 2022 results. I will now discuss our fiscal 2023 guidance expectations. As a reminder, we do not provide forward-looking guidance on a GAAP basis. So the following metrics are provided on an adjusted non-GAAP basis. I will also provide certain guidance metrics on a constant currency basis. We have also provided a detailed overview of guidance metrics on Slides 9 and 10 of our earnings presentation.

我們對 2022 財年業績的審核就此完成。我現在將討論我們 2023 財年的指導預期。提醒一下，我們不提供基於公認會計原則的前瞻性指引。因此，以下指標是在調整後的非公認會計準則基礎上提供的。我還將在固定貨幣基礎上提供某些指導指標。我們也在收益簡報的幻燈片 9 和 10 中提供了指導指標的詳細概述。

Starting with revenue. We expect consolidated revenue to grow in the 5% to 7% range on a reported basis and in the 6% to 8% range on a constant currency basis. On a segment level, we expect U.S. healthcare solutions revenue to grow in the 6% to 8% range and international health care solutions, on a reported basis, we expect revenue to decline in the 1% to 5% range. On a constant currency basis, we expect the international segment's revenue to grow in the 8% to 12% range.

從收入開始。我們預計，以報告數據計算，合併收入將成長 5% 至 7%，以固定匯率計算，合併收入將成長 6% 至 8%。在細分市場層面，我們預計美國醫療保健解決方案收入將成長 6% 至 8%，而國際醫療保健解決方案，根據報告，我們預計收入將下降 1% 至 5%。以固定匯率計算，我們預期國際業務收入將成長 8% 至 12%。

Moving to operating income. We expect consolidated operating income to grow in the 0% to 3% range or 3% to 6% on a constant currency basis. Excluding COVID contributions, we expect consolidated operating income growth to be in the 3% to 5% range or 6% to 8% on a constant currency basis. On a segment level, we expect U.S. healthcare solutions' operating income growth to be in the 2% to 4% range.

轉向營業收入。我們預計綜合營業收入將成長 0% 至 3%，或以固定匯率計算成長 3% 至 6%。排除新冠疫情的貢獻，我們預計綜合營業收入成長將在 3% 至 5% 範圍內，或以固定匯率計算在 6% 至 8% 範圍內。在細分市場層面，我們預期美國醫療保健解決方案的營業收入成長將在 2% 至 4% 範圍內。

As we've called out throughout the year, in fiscal 2022, we had a significant tailwind related to the work we did to distribute COVID-19 treatments across the U.S. In the fourth quarter, the COVID treatment contribution came in slightly stronger than expected, bringing our total COVID treatment contribution for the segment to $0.62 for the year.

正如我們全年所呼籲的那樣，在 2022 財年，我們在全美範圍內分發 COVID-19 治療藥物方面取得了重大進展。部門的新冠治療貢獻總額達到0.62 美元。

In our fiscal 2023 guidance, we have embedded approximately $0.30 of contribution in the U.S. segment related to COVID treatment distribution. Excluding the contributions from COVID-related operating income, we expect U.S. segment operating income growth to be in the 5% to 7% range in fiscal 2023, generally in line with the long-term guidance we introduced at our Investor Day in June.

在我們的 2023 財政年度指導中，我們在與新冠病毒治療分配相關的美國業務中嵌入了約 0.30 美元的捐款。排除與新冠肺炎相關的營業收入的貢獻，我們預計 2023 財年美國部門的營業收入增長將在 5% 至 7% 的範圍內，總體上與我們在 6 月份投資者日推出的長期指導一致。

Turning now to our International healthcare solutions segment fiscal 2023 operating income guidance. We expect international healthcare solutions segment operating income to decline in the 3% to 7% range on an as-reported basis or 5% to 9% growth on a constant currency basis. In fiscal 2022, the international segment had a $0.10 contribution related to COVID vaccine and test kit distribution. In fiscal 2023, we expect a few cents of contribution from COVID-related business in the segment.

現在轉向我們的國際醫療保健解決方案部門 2023 財年營業收入指引。我們預計國際醫療保健解決方案部門的營業收入按報告資料計算將下降 3% 至 7%，以固定匯率計算將成長 5% 至 9%。 2022 財年，國際部門捐款 0.10 美元，分發新冠疫苗和檢測試劑盒。到 2023 財年，我們預計該領域與新冠病毒相關的業務將帶來幾美分的貢獻。

On an ex-COVID as-reported basis, we expect the international healthcare solutions segment operating income decline to be in the 1% to 5% range or operating income growth of 7% to 11% on a constant currency basis.

根據報告的前新冠疫情基礎上，我們預計國際醫療保健解決方案部門的營業收入將下降 1% 至 5%，或以固定匯率計算營業收入將成長 7% 至 11%。

As you turn to your models, there are a few items impacting the international segment from fiscal 2022 to fiscal 2023. First, we completed the sale of Profarma Specialty in June which represented 2% of segment operating income in fiscal 2022. Second, the historically strong dollar created pressure in the segment during fiscal 2022, largely in the second half of the fiscal year. While FX pressure impacts the translation of income for our business, there are some elements of our business that mitigate FX risks, including that we operate and source in the local countries where we generate sales. While we expect an FX headwind in 2023 over 2022 using rates as of late October, the impact is fully reflected in our 2023 guidance and would largely be front-half weighted as the dollar did not significantly strengthen until the back half of fiscal 2022.

當您轉向模型時，有一些項目會影響 2022 財年至 2023 財年的國際業務。美元在2022 財年（主要是本財年下半年）給該領域帶來了壓力。雖然外匯壓力影響我們業務的收入換算，但我們業務的某些要素可以減輕外匯風險，包括我們在產生銷售的當地國家運作和採購。雖然我們使用截至10 月下旬的利率預計2023 年將比2022 年面臨外匯逆風，但這種影響已充分反映在我們的2023 年指引中，並且很大程度上將在前半段加權，因為美元直到2022財年後半段才顯著走強。

Third, as we said in the September announcement of our intent to acquire PharmaLex we anticipate closing the acquisition by March and expect the business to contribute approximately $0.15 in the last 7 months of our fiscal year. Our teams are making good progress and are on track to close the acquisition on schedule. The acquisition is accretive and adds to our higher-margin, higher-growth pharma manufacturer services platform for long-term value creation.

第三，正如我們在 9 月宣布有意收購 PharmaLex 時所說，我們預計在 3 月之前完成收購，並預計該業務將在我們財年的最後 7 個月中貢獻約 0.15 美元。我們的團隊正在取得良好進展，並有望按期完成收購。此次收購具有增值作用，增強了我們利潤率更高、成長更快的製藥製造商服務平台，可實現長期價值創造。

Despite FX and inflationary pressures, our International Healthcare Solutions segment has delivered solid operational performance in the businesses and the segment, our core component of our strategic vision. With our distribution, scale and portfolio of manufactured services, we're uniquely positioned to support pharmaceutical innovation and access across our footprint.

儘管面臨匯率和通膨壓力，我們的國際醫療保健解決方案部門在業務和部門（我們戰略願景的核心組成部分）中實現了穩健的營運績效。憑藉我們的製造服務的分銷、規模和組合，我們處於獨特的地位，可以支持我們足跡中的製藥創新和取得。

Moving on to tax rate and share count. We expect our tax rate to be approximately 20% to 21% for fiscal 2023. We expect that our share count will be approximately 207 million to 209 million shares as we will continue to opportunistically repurchase shares in fiscal 2023. Given these expectations, we are guiding for adjusted diluted EPS to be in the range of $11.30 to $11.60 on an as-reported basis, reflecting year-over-year growth of 2% to 5% or 4% to 7% on a constant currency basis. Excluding both the COVID-19 contribution of $0.72 in fiscal '22 and the expectation for approximately $0.30 to $0.35 of contribution in fiscal 2023, EPS growth would be in the 7% to 9% range or 9% to 11% on a constant currency basis.

繼續討論稅率和股份數量。我們預計 2023 財年的稅率約為 20% 至 21%。報告，調整後的稀釋每股盈餘預計在11.30 美元至11.60 美元之間，反映出以固定匯率計算年增2% 至5% 或4% 至7%。不包括 22 財年 0.72 美元的 COVID-19 貢獻和 2023 財年約 0.30 至 0.35 美元的貢獻預期，每股收益成長將在 7% 至 9% 範圍內，或按固定匯率計算為 9% 至 11% 。

There are still many variables that make it difficult to predict the timing and realization of COVID treatment contribution. While this is our current estimate of COVID treatment contribution, we will continue to review trends over the coming months and make adjustments to our expectations as necessary.

仍有許多變數，導致難以預測新冠治療貢獻的時間和實現。雖然這是我們目前對新冠治療貢獻的估計，但我們將繼續審查未來幾個月的趨勢，並根據需要調整我們的預期。

Turning now to capital expenditures and cash flow expectations. CapEx is expected to be approximately $500 million as we continue to invest to advance our business and support future growth opportunities. For adjusted free cash flow, we expect adjusted free cash flow to be approximately $2 billion. Since the opioid settlement agreement has been agreed to and annual payments are now predictable, the cash payments associated with the settlement are now included in our adjusted free cash flow guidance, which is the driver of lower adjusted free cash flow guidance in fiscal 2023 relative to fiscal 2022.

現在轉向資本支出和現金流預期。隨著我們繼續投資以推進我們的業務並支持未來的成長機會，資本支出預計約為 5 億美元。對於調整後的自由現金流，我們預計調整後的自由現金流約為 20 億美元。由於阿片類藥物和解協議已達成且年度付款現已可預測，因此與和解相關的現金支付現已包含在我們調整後的自由現金流指引中，這是 2023 財年調整後自由現金流指引相對於2022 財年。

As a reminder, in fiscal 2022, we made 2 payments related to the settlement both at 2021 and the 2022 payments that totaled approximately $775 million.

提醒一下，在 2022 財年，我們支付了 2 筆與和解相關的款項，分別是 2021 年和 2022 年的款項，總額約為 7.75 億美元。

Before I make my closing remarks, while we do not provide guidance on a quarterly basis, I would like to provide some color on our quarterly cadence as you turn to your models. First, the dollar did not substantially strengthen until the second half of our fiscal year 2022. As a result, in fiscal 2023, we expect to see a more significant FX related headwind in the first half. Second, in fiscal 2022, inflationary pressures in the business were largely in the last 7 to 8 months of the year, resulting in a tougher comparison for the first quarter of fiscal 2023 as we continue to carry those higher costs sequentially.

在我發表結束語之前，雖然我們不提供季度指導，但當您轉向模型時，我想對我們的季度節奏提供一些說明。首先，直到 2022 財年下半年，美元才大幅走強。其次，在 2022 財年，企業的通膨壓力主要集中在當年的最後 7 至 8 個月，導致與 2023 財年第一季的比較更加困難，因為我們繼續承擔這些較高的成本。

While we feel very good about our growth rates in our full year fiscal 2023 guidance, these 2 factors create a tougher comparison in the first half of our fiscal year, particularly in the first quarter.

雖然我們對 2023 財年全年指引中的成長率感到非常滿意，但這兩個因素在我們財年上半年（尤其是第一季）中造成了更艱難的比較。

To conclude, fiscal 2022 was a successful year for AmerisourceBergen, as our purpose-driven team members delivered exceptional execution and performance. We entered fiscal 2023 with strong momentum, and our increasingly united teams are creating differentiated value for our customers, partners and the patients they serve. We are well positioned to continue to drive value for our stakeholders by continuing to leverage our commercial strengths to create efficiency, investing in innovation to enhance our capabilities and deploying capital thoughtfully and strategically.

總而言之，2022 財年對 AmerisourceBergen 來說是成功的一年，因為我們目標驅動的團隊成員提供了卓越的執行力和績效。我們以強勁的勢頭進入 2023 財年，我們日益團結的團隊正在為我們的客戶、合作夥伴及其服務的患者創造差異化的價值。我們有能力繼續利用我們的商業優勢創造效率，投資創新以增強我們的能力，並深思熟慮和策略性地部署資本，從而繼續為利害關係人創造價值。

With that, I'll now turn the call over to the operator to open the line for questions. Operator?

這樣，我現在將把電話轉給接線員以打開提問線路。操作員？

(Operator Instructions) We have our first question, comes from Lisa Gill from JPM.

（操作員說明）我們有第一個問題，來自摩根大通的 Lisa Gill。

Great. And thanks for all the comments and color today. Steve, I want to start with a bigger strategy question, and that's really around specialty. One, we hear about a number of different JVs and relationships in the marketplace. I'm just curious as to how you're Board feeling in the current market, one, from a competitive landscape perspective. And then two, biosimilars is an area that we've really been focused on. You did highlight that in your commentary as an opportunity. So maybe if you could talk about those 2 things. And then secondly, if I could ask, Jim, can you just talk about upper and lower end of the COVID range? What's in there?

偉大的。感謝今天所有的評論和顏色。史蒂夫，我想從一個更大的策略問題開始，這實際上是圍繞著專業的。第一，我們聽說市場上有許多不同的合資企業和關係。我只是好奇董事會對目前市場的感受如何，從競爭格局的角度來看。第二，生物相似藥是我們真正關注的領域。您確實在評論中強調了這一點，認為這是一個機會。所以也許你可以談談這兩件事。其次，吉姆，我可以問一下，你能談談新冠病毒範圍的上限和下限嗎？裡面有什麼？

Okay. Lisa, good to hear from you, and thank you for the question. Yes, I could not be more proud to speak about our specialty distribution and services business. We started the business, as you know, almost 30 years ago. And it's interesting because ION oncology supply, of course, were the formative businesses and we've added a lot of capabilities, of course, on the distribution side with companies like Besse and then most importantly, Lash and Xcenda got us into the services area. And we now with the ICS and World Courier and PharmaLex, we continue to build out our portfolio in ways that are very thoughtful to both our up and downstream customers.

好的。麗莎，很高興收到你的來信，謝謝你的提問。是的，我非常自豪地談論我們的專業分銷和服務業務。如您所知，我們大約 30 年前開始創業。這很有趣，因為 ION 腫瘤學供應當然是形成性業務，我們在分銷方面與 Besse 這樣的公司添加了很多功能，最重要的是，Lash 和 Xcenda 讓我們進入了服務領域。現在，我們透過 ICS、World Courier 和 PharmaLex，繼續以對我們的上游和下游客戶都非常周到的方式建立我們的產品組合。

But on the legacy specialty business, let me just say, we've always adapted the business for the needs of both large and small customers. If you look at the market shares we have considering that a good portion of the market in community oncology in the U.S. which is where our biggest business is, is not available to us. The market shares we have are pretty impressive, and we've maintained them those relationships for a long time. And we do that with exceptional service, pricing and strong relationships on the ground. Then you look at the development of services like ION and the clinical pathways and the information and data that manufacturers require, and that help our practices better perform in this current environment and the ongoing needs to enhance that and then refine that and increase it, including areas that AmerisourceBergen hasn't until recently been active in like ESG, like clinical trial -- diversity in clinical trials, like more and more longitudinal information, and we really have a tremendous presence.

但在傳統的專業業務上，我只想說，我們總是根據大客戶和小客戶的需求來調整業務。如果你看一下市場份額，我們會發現美國社區腫瘤學市場的很大一部分是我們最大的業務所在，但我們無法獲得。我們擁有的市場佔有率相當可觀，而且我們長期以來一直與他們保持著這些關係。我們透過卓越的服務、定價和牢固的實地關係來做到這一點。然後，您將看到ION 等服務的開發以及製造商所需的臨床路徑以及資訊和數據，這些資訊和數據有助於我們的實踐在當前環境中更好地執行，以及增強、完善和增加的持續需求，包括AmerisourceBergen 直到最近才積極參與的領域，例如 ESG、臨床試驗——臨床試驗的多樣性，例如越來越多的縱向訊息，我們確實擁有巨大的影響力。

One of the drivers right now in oncology business is the aggregators, and AmerisourceBergen is proud to be partnering with the 3 largest aggregators. So we work, of course, with the small customers, but we are able to be the lead distributor for those 3 aggregator companies, which are highly active, and we anticipate that they will continue to grow as the market evolves.

目前腫瘤學業務的驅動力之一是聚合商，AmerisourceBergen 很自豪能夠與三大聚合商合作。因此，我們當然與小型客戶合作，但我們能夠成為這 3 家高度活躍的聚合公司的主要分銷商，我們預計它們將隨著市場的發展而繼續成長。

We've also developed a good practice for institutional accounts that want to get more in this market. But I could talk about this a lot. I feel I also need to talk about our investment in services, which really helps expand on the presence that we have in the market. It helps compound our theme of international growth and differentiation. It helps enhance our outcomes and the outcomes for our pharma companies.

我們也為希望在這個市場獲得更多收益的機構帳戶制定了良好的做法。但我可以談論很多。我覺得我還需要談談我們對服務的投資，這確實有助於擴大我們在市場上的影響力。它有助於強化我們的國際成長和差異化主題。它有助於提高我們的成果以及我們製藥公司的成果。

And you asked about biosimilars. We are going to be working hard on both Europe and the U.S. to help our customers access them to access them profitably, to access them on behalf of their patients. I think we've already demonstrated tremendous success. And our sweet spot is, again, like it was with the generics 2 to 4 players, we do best, and once it gets too much beyond that, it's -- the reimbursement declines a lot for our customers. And we really are evaluating the shifts and what makes clinical and economic sense for our customers. But it's been a tremendous -- it creates a lot of headroom for our suppliers and for actual drug spending, which we believe is the most efficient form of healthcare. And I could talk a lot about this, but I know you have a question for Jim, and thank you for asking me to talk about our business.

您詢問了生物相似藥。我們將在歐洲和美國努力幫助我們的客戶獲得這些藥物並從中獲利，並代表他們的患者獲得這些藥物。我認為我們已經取得了巨大的成功。我們的最佳點是，就像普通的 2 到 4 名玩家一樣，我們做得最好，一旦超出這個範圍，我們的客戶的報銷就會大幅下降。我們確實正在評估這些轉變以及對我們的客戶來說具有臨床和經濟意義的因素。但這是巨大的——它為我們的供應商和實際藥品支出創造了很大的空間，我們認為這是最有效的醫療保健形式。我可以談論很多關於這個問題，但我知道你有一個問題要問吉姆，感謝你邀請我談論我們的業務。

Last thing I'd say before I hand over to Jim, just this week, we celebrated the opening of a new hub for our specialty services on the West Coast, and it looks terrific. I can't wait to get there in the next year or so. But it just shows you the growth of the actual distribution of specialty products including biosimilars and looking at emerging areas like cell and gene therapies is so important for our manufactures and our provider customers that we've now opened a third largest regional center. So Jim?

在將工作交給吉姆之前，我要說的最後一件事是，就在本週，我們慶祝了西海岸專業服務新中心的開業，它看起來棒極了。我迫不及待地想在明年左右到達那裡。但這只是向您展示了包括生物相似藥在內的特種產品實際分銷的增長，以及細胞和基因療法等新興領域的發展對於我們的製造商和供應商客戶來說非常重要，以至於我們現在開設了第三大區域中心。那麼吉姆？

Sure. Lisa, you had asked about COVID therapies and our contribution from COVID therapies. In fiscal year '23, as we indicated, we're expecting $0.30 to $0.35 with approximately $0.30 being in the U.S. and a few cents international. And that's down, of course, from the contribution in fiscal year '22, which was $0.72. And we said we were a little bit ahead of expectations in the fourth quarter. We had a contribution from COVID therapies of $0.17. And so this is something that is hard to predict, and so we'll be very transparent, and we will indicate what our COVID therapy contribution in each quarter, as people will see in their earnings presentation that we posted this morning, this is why we provided guidance both including and excluding COVID therapies.

當然。麗莎，您曾詢問過有關新冠病毒療法以及我們對新冠病毒療法的貢獻。正如我們所指出的，在 23 財年，我們預計 0.30 至 0.35 美元，其中約 0.30 美元來自美國，幾美分來自國際。當然，這比 22 財年的捐款額（0.72 美元）有所下降。我們說第四季的業績略高於預期。我們從新冠病毒治療中獲得了 0.17 美元的捐款。因此，這是很難預測的事情，因此我們將非常透明，我們將表明每個季度我們對新冠治療的貢獻，正如人們將在我們今天早上發布的收益報告中看到的那樣，這就是為什麼我們提供了包括和排除新冠病毒治療在內的指南。

And I will note that in the month of October, it was a little bit lighter than we expected. But we are providing the guidance for the year of this $0.30 to $0.35, and we will be transparent and update on it every quarter. And I'll just finish by saying, of course, we're very proud of the role that we served as the distributor of a number of these COVID therapies, Lisa.

我要指出的是，十月份的情況比我們預期的要淡一些。但我們提供的年度指導為 0.30 至 0.35 美元，我們將保持透明並每季更新一次。最後我要說的是，當然，我們對我們作為許多新冠療法的分銷商所扮演的角色感到非常自豪，麗莎。

We have our next question comes from Michael Cherny from Bank of America.

我們的下一個問題來自美國銀行的麥可·切爾尼。

Maybe if we could drill down a little bit more on the U.S. health care business and especially the segment EBIT, as you think about the puts and takes heading into next year, script growth, pricing, other areas of the business thinking like MWI, how do you think about the variability within that guidance, call it, the 5% to 7% ex-COVID range? And what are the areas, if we can, that you think are most point in the right direction versus areas that potentially have some level of overhang or slower growth versus what you would typically expect to see?

也許如果我們可以更深入地了解美國醫療保健業務，尤其是息稅前利潤細分市場，當你考慮明年的看跌期權和收益、腳本增長、定價、其他業務領域（如 MWI）時，如何您是否考慮過該指引（即新冠疫情爆發前5% 至7% 的範圍）內的變異性？如果可以的話，您認為哪些領域最能朝著正確的方向發展，而哪些領域可能存在一定程度的懸而未決或成長較慢，而您通常期望看到什麼？

Yes, I'll start the comment there. And as you commented on, our guidance for adjusted operating income growth in the U.S. segment ex-COVID is 5% to 7%, and of course, that's driven by continued strong operational performance really across multiple businesses. We continue to really execute very well and have -- and a particularly strong growth in our specialty business. And of course, we would continue to expect to see strong growth there. As I commented before, one of the other moving pieces in the business is COVID therapies. But of course, if we kind of focus on the ex-COVID.

是的，我將從那裡開始評論。正如您所評論的那樣，我們對美國業務（新冠疫情除外）調整後營業收入增長的指導為 5% 至 7%，當然，這是由多個業務持續強勁的營運業績推動的。我們繼續保持良好的執行力，並且在我們的專業業務方面取得了特別強勁的成長。當然，我們繼續預計那裡會出現強勁增長。正如我之前評論的那樣，該行業另一個令人感動的部分是新冠病毒療法。但當然，如果我們關注前新冠疫情的話。

I just think, Michael, we're seeing strong utilization trends, and so we haven't seen any surprises there as we would expect utilization trends are strong. And then just really good performance across just multiple businesses that drove the growth rates in '22 that we would expect to see to continue in '23.

我只是認為，邁克爾，我們看到了強勁的利用率趨勢，因此我們沒有看到任何意外，因為我們預計利用率趨勢將會很強勁。然後，多個業務的良好業績推動了 22 年的成長率，我們預計這種成長率將在 23 年繼續下去。

We have our next question comes from George Hill from Deutsche Bank.

我們的下一個問題來自德意志銀行的喬治·希爾。

Yes. I'll try to sneak 2 in. Jim, just to make sure I heard you correctly, on PharmaLex, as we think about '23, you guys are calling for AOI up, call it, 7% ex the noise. So with the inclusion of PharmaLex, is the core actually up kind of 11x to 15x PharmaLex? Or should we be thinking up 11x to 15x inclusive of PharmaLex, it's a back-end weighted number? I just -- I kind of didn't hear the math clearly on that.

是的。我會嘗試偷偷溜進去。那麼，隨著 PharmaLex 的加入，核心實際上是 PharmaLex 的 11 倍到 15 倍嗎？或者我們應該考慮 11 倍到 15 倍（包括 PharmaLex），這是一個後端加權數字？我只是──我有點沒聽清楚這方面的數學原理。

Yes. And so what I would draw people to take a look at is Page 10 of the earnings presentation that we posted to our website earlier today, which shows the growth rates of our International Health Care Solutions segment. And it really kind of report that we show it on an as-reported basis, a constant currency basis, as reported, excluding COVID constant currency, excluding COVID, then we also show what the impact of the acquisition is.

是的。因此，我想吸引人們看一下我們今天早些時候在網站上發布的收益報告的第 10 頁，其中顯示了我們國際醫療保健解決方案部門的增長率。這確實是一份報告，我們按照報告的基礎，固定貨幣的基礎上顯示它，不包括新冠病毒固定貨幣，不包括新冠病毒，然後我們還顯示了收購的影響是什麼。

And for PharmaLex, we're expecting a March 1 close. We are expecting it to contribute $0.15 to fiscal year '23. And what I'd say is if you look at international healthcare solutions segment, our growth rate, constant currency, excluding COVID, is 7% to 11%. And if we were to back out the impact of the acquisition, that would take about 4 percentage points off the -- both the bottom end and the top end of that range, which I think answers your question.

對於 PharmaLex，我們預計將於 3 月 1 日截止。我們預計它將為 23 財年貢獻 0.15 美元。我想說的是，如果你看看國際醫療保健解決方案領域，我們的成長率（以固定匯率計算，不包括新冠疫情）為 7% 至 11%。如果我們取消收購的影響，那麼該範圍的下限和上限都會降低約 4 個百分點，我認為這回答了你的問題。

We have our next question comes from Charles Rhyee from Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Charles Rhyee。

Yes. And maybe just to look at the guidance again here. You're obviously guiding to very strong growth if we look at excluding COVID on a constant currency basis. Back at your Investor Day, you talked about sort of a long-term guide of about 5%; adjusted operating income growth, 5% to 7%. It looks like here, though, you're kind of guiding better than what you were kind of indicating on a long-term basis. Anything coming up in this year that you would kind of call out to say maybe is sort of a near-term benefit that you might not see going on sort of indefinitely? Or is there an opportunity to -- where sort of the long-term adjusted operating income growth could be better than what you were kind of indicating back to -- at the Analyst Day?

是的。也許只是再次查看此處的指南。如果我們考慮在固定匯率的基礎上排除新冠疫情，那麼顯然您會實現非常強勁的成長。回到投資者日，您談到了大約 5% 的長期指導；調整後營業收入成長5%至7%。不過，看起來你在這裡的指導比你在長期基礎上所表明的要好。今年發生的任何事情，你可能會說，這可能是一種短期利益，但你可能不會看到它無限期地持續下去？或者是否有機會—長期調整後的營業收入成長可能會比您在分析師日所暗示的更好？

Yes. I would say that this is in line with the guidance that we provided with at Investor Day, where we talked about 5% operating income growth and 8% EPS growth in fiscal year '23. And then we talked about 5% to 8% operating income growth over the long term and then an additional 3% to 4% from capital deployment.

是的。我想說，這符合我們在投資者日提供的指導，我們在會上談到了 23 財年營業收入成長 5% 和每股盈餘成長 8%。然後我們討論了長期營運收入成長 5% 到 8%，然後資​​本部署額外成長 3% 到 4%。

And I think, feel like these results and guidance that we're talking about today are very much in line with what we indicated back on Investor Day, and it's really kind of driven by our leading presence in distribution, both in the U.S. and internationally and then our ability to supplement that with higher margin, higher growth businesses that are able to contribute to our operating income growth and then deliver the capital deployment, both through acquisitions like the PharmaLex acquisition in fiscal year '23 and share repurchases, as we've demonstrated over the last 6 months with about $500 million of share repurchases.

我認為，我們今天討論的這些結果和指導與我們在投資者日所表示的非常一致，這實際上是由我們在美國和國際分銷領域的領先地位推動的然後，我們有能力通過更高利潤、更高成長的業務來補充這一點，這些業務能夠為我們的營業收入成長做出貢獻，然後透過收購（例如23 財年PharmaLex 收購）和股票回購等收購來實現資本部署。我們回購了約5 億美元的股票。

Yes, just one comment, Jim, too. I would say we end the fiscal year with a lot of momentum, and it highlights the resiliency and just core demand for our services. We really -- we should never -- appreciate this tremendous industry we're in.

是的，只有一個評論，吉姆，也是。我想說，我們以強勁的勢頭結束了本財年，凸顯了我們服務的彈性和核心需求。我們真的——我們永遠不應該——欣賞我們所處的這個巨大的行業。

We have our next question comes from Eric Percher from Nephron Research.

我們的下一個問題來自 Nephron Research 的 Eric Percher。

Question on free cash flow trajectory. In the last 5 years, we're not seeing our profit growth and free cash flow. I know there's some obvious factors around investment and the opioid settlement. But I'd welcome your view on underlying growth in fiscal year '23 and the opportunity to see free cash flow expansion post settlement?

關於自由現金流軌跡的問題。在過去的五年裡，我們沒有看到利潤成長和自由現金流。我知道投資和阿片類藥物結算有一些明顯的因素。但我歡迎您對 23 財年潛在成長的看法以及結算後看到自由現金流擴張的機會？

Yes. And so first of all, I'd say we were really pleased with our free cash flow in fiscal year '22. Our adjusted free cash flow of $3 billion in fiscal year '22. And as I look forward, Eric, I'd just kind of see the free cash flow metrics kind of being about the same as they have been. And of course, they've been very favorable, and we've had great performance on free cash flow. But I don't really kind of see anything that would kind of change those metrics.

是的。首先，我想說我們對 22 財年的自由現金流非常滿意。 22 財年調整後的自由現金流為 30 億美元。艾瑞克，正如我所期待的那樣，我只是看到自由現金流指標與以前大致相同。當然，他們非常有利，我們在自由現金流方面也取得了出色的表現。但我真的沒有看到任何會改變這些指標的事情。

Of course, as I commented in the prepared remarks in fiscal year '23, now that the settlement is known, we will be subtracting the settlement out of free cash flow, not adding it back. But in terms of the metrics, I view kind of our working capital is one of the very positive things about our business and kind of seeing those free cash metrics being kind of consistent.

當然，正如我在 23 財年準備好的發言中所評論的那樣，既然和解協議已經確定，我們將從自由現金流中減去該和解協議，而不是將其加回來。但就指標而言，我認為我們的營運資本是我們業務的非常積極的事情之一，並且看到這些自由現金指標是一致的。

We have our next question comes from Eric Coldwell from Baird.

我們的下一個問題來自貝爾德 (Baird) 的 Eric Coldwell。

That last Q&A kind of covered my FX follow-up -- or sorry, free cash follow-up. But I did have a separate question on MWI. I'm just curious. What are you thinking about the performance of that business currently in the outlook? My thought process is the companion side is perhaps on the back half of the COVID pet boom. And then at least historically in periods of weaker economies and global challenges, maybe production animal support goes down a bit, less animal consumption, et cetera. So just hoping we could get an update on MWI and your outlook for next year.

最後的問答涵蓋了我的外匯後續行動——或者抱歉，免費現金後續行動。但我確實有一個關於 MWI 的單獨問題。我只是好奇。您對該業務目前的業績前景有何看法？我的思考過程是，伴侶方可能處於新冠寵物熱潮的後半段。然後至少從歷史上看，在經濟疲軟和全球挑戰時期，生產性動物支持可能會略有下降，動物消費減少等等。因此，希望我們能夠了解 MWI 的最新情況以及您對明年的展望。

Yes. And so it has been a lower growth year for MWI and the animal health market in '22. I think for the year at MWI, it's about 3% growth and a little bit higher than that in companion animal and a little bit lower than that but still growth in the production animal market. And of course, it's comping over some very strong years in the animal health market, where there are a lot of pet adoptions during COVID, and that really drove the market for a period of time.

是的。因此，22 年對於 MWI 和動物保健市場來說是成長較低的一年。我認為今年 MWI 的成長率約為 3%，比伴侶動物的成長率略高，但比生產動物市場的成長率略低一些，但仍在成長。當然，在動物保健市場的一些非常強勁的年份裡，它的表現也很強勁，在新冠疫情期間，有很多寵物被收養，這確實在一段時間內推動了市場的發展。

And then I think what's been happening this year is there have been some staffing issues. Of course, as the labor market has been tight, there's been staffing issues in veterinary clinics. So it's a little bit harder to get an appointment. And so that's impacted the market, but it's a very strong market and a very strong business for the long term. And in both good economies and bad economies, that market has performed well. And I think we would continue to see that over the long term.

然後我認為今年發生的事情是出現了一些人員配置問題。當然，由於勞動市場緊張，獸醫診所也存在人員配置問題。所以預約有點困難。這對市場產生了影響，但從長遠來看，這是一個非常強勁的市場和非常強勁的業務。無論是在好的經濟體還是差的經濟體中，該市場都表現良好。我認為從長遠來看我們會繼續看到這一點。

We have our next question comes from Kevin Caliendo from UBS.

我們的下一個問題來自瑞銀集團的 Kevin Caliendo。

I had 2 international questions tied into one. Is -- do you expect there to be any future recurrence of the Turkish FX remeasurement expense on inventory? And also, were there any excess fuel energy costs in the U.K.? Was that an incremental headwind to you -- a material headwind to you? Because it's certainly something that's popped up on our radar screens, it's being potentially a problem.

我有兩個國際問題連成一個。您預計未來土耳其外匯重新計量庫存費用是否會再次出現？另外，英國的燃料能源成本是否過高？這對你來說是一個漸進的阻力——對你來說是一個實質的阻力嗎？因為它肯定會出現在我們的雷達螢幕上，所以它可能是一個問題。

Yes. And so with regard to Turkey, there is a mechanism in that market so that -- each year, there is a price increase, which really protects us for many devaluation in the currency. And so we would expect that annual price increase to be recurring in future years, like it has been in past years. And so in fiscal year '22, the price increase really offset the currency devaluation, and our guidance assumes that the same thing happens in '23, although the level of price increase may be lower.

是的。因此，就土耳其而言，該市場有一種機制，每年價格都會上漲，這確實可以保護我們免受貨幣多次貶值的影響。因此，我們預計未來幾年價格每年都會上漲，就像過去幾年一樣。因此，在 22 財年，價格上漲確實抵消了貨幣貶值，我們的指導假設 23 財年也會發生同樣的情況，儘管價格上漲的水平可能較低。

And then with regard to fuel and the U.K., yes, I mean, we have had inflationary pressures, particularly in the second half of fiscal year '22 in the U.K., and we would expect those to continue in fiscal year '23, and it's fully reflected in our results and our guidance. And I would say that our team at Alliance is just very good at controlling costs. But we absolutely do have a headwind from inflation that's reflected in our guidance.

然後關於燃料和英國，是的，我的意思是，我們面臨通膨壓力，特別是在英國 22 財年下半年，我們預計這些壓力將在 23 財年繼續存在，並且充分反映在我們的結果和指導中。我想說的是，我們 Alliance 的團隊非常擅長控製成本。但我們確實面臨通膨帶來的阻力，這一點已反映在我們的指導中。

We have our next question comes from Stephen Valiquette from Barclays.

我們的下一個問題來自巴克萊銀行的史蒂芬·瓦利奎特。

Great. So with the U.S. healthcare solutions segment operating growth, 5% to 7% ex-COVID, can you just remind us at a high level whether or not there's any notable call-out just on negative impact from customer contract renewal pricing being absorbed within that 5% to 7% growth assumption? If there is, obviously, it's positive, you still get there. But just curious if that was a factor not just -- either measured in basis points, et cetera, just within that.

偉大的。因此，隨著美國醫療保健解決方案部門的營運成長（除新冠疫情外）成長了5% 至7%，您能否在高層提醒我們，是否有任何顯著的跡象表明客戶合約續約定價的負面影響被吸收其中5%至7%的成長假設？如果有，顯然是積極的，你仍然可以到達那裡。但只是好奇這是否不僅僅是一個因素——或者以基點來衡量，等等，只是在這個範圍內。

Yes. Yes. No, we have no call-outs there. And of course, we're very proud of our ability to be able to renew with customers, and very pleased with our success there. And what we're seeing really in the U.S. is just continued broad-based growth and performance across a number of businesses.

是的。是的。不，我們那裡沒有呼叫。當然，我們對能夠與客戶續約的能力感到非常自豪，並對我們在這方面取得的成功感到非常高興。我們在美國真正看到的是許多企業持續廣泛的成長和表現。

We have our next question comes from A.J. Rice from Credit Suisse.

我們的下一個問題來自 A.J.瑞士信貸的米。

Just want to ask about capital deployment, and 3 aspects to it really. By March '23, you're saying you'll be done with the need to pay down the debt that you committed to the rating agencies for the Alliance deal. Does that impact your priorities and where you think your capital deployment will go? You've also got the strong dollar, which I know is impacting on the translation side, but you've got 2 businesses doing very well, World Courier and Alliance. Any thought about using the strong dollar for other acquisitions internationally?

只是想問資本部署，以及三個面向的問題。到23年3月，您說您將不再需要償還因聯盟交易而向評級機構承擔的債務。這是否會影響您的優先事項以及您認為資本部署的去向？此外，美元走強，我知道這對翻譯方面產生了影響，但有 2 家企業表現出色，即 World Courier 和 Alliance。是否考慮利用強勢美元進行其他國際收購？

And then, I guess, finally, just the Walgreens stake, does that affect your capital priorities in anyway? Do you need to hold reserve in case you have an opportunity to buy your shares back through -- in anything they do?

然後，我想，最後，只是沃爾格林的股份，這是否會影響您的資本優先事項？您是否需要持有儲備金，以防萬一您有機會透過他們所做的任何事情回購您的股票？

Yes. So thank you very much for that question. Of course, our capital deployment priorities remain consistent and continuing to invest in the business, strategic M&A, opportunistic share repurchases and maintaining a reasonable growing dividend. And with regard to parts of the question that you asked, we obviously will continue to look at strategic acquisition opportunities. We feel really good about the PharmaLex acquisition and the opportunity that, that creates for us in the global biopharma market.

是的。非常感謝你提出這個問題。當然，我們的資本配置重點仍然是一致的，繼續投資於業務、策略併購、機會性股票回購和維持合理成長的股利。關於您提出的部分問題，我們顯然將繼續尋找策略性收購機會。我們對 PharmaLex 的收購以及它為我們在全球生物製藥市場創造的機會感到非常滿意。

And then with regard to the Walgreens question you asked, if Walgreens does decide to sell additional shares, of course, we'll view that as an opportunity to collaborate with them and be a repurchaser of some of the shares. And I think through our actions over the last 6 months, we've demonstrated our interest in opportunistically repurchasing shares. And this is all enabled by our very strong free cash flow. We really exceeded our guidance on adjusted free cash flow for fiscal year '23 and we're fully -- are fully meeting our commitments, of course, as you mentioned, to pay down the Alliance debt.

然後，關於您問的沃爾格林問題，如果沃爾格林確實決定出售額外的股票，我們當然會將其視為與他們合作並回購部分股票的機會。我認為，透過過去 6 個月的行動，我們已經表現出了機會性回購股票的興趣。這一切都得益於我們非常強勁的自由現金流。我們確實超越了 23 財年調整後自由現金流的指導，我們正在完全履行我們的承諾，當然，正如您所提到的，償還聯盟債務。

We have no more further questions. I will now hand the call over back to Steve for closing remarks.

我們沒有更多問題了。我現在將把電話轉回給史蒂夫，讓他發表結束語。

Thank you, everybody, for your participation today. I hope that Jim and Bennett and myself were very clear that we are tremendously proud of AmerisourceBergen's performance in fiscal year 2022. We enter fiscal year 2023 with tremendous confidence, which is only enhanced by the flexibility, our strong balance sheet affords us. AmerisourceBergen is making the right strategic, human and operational investments to continue to grow our franchise in ways that will enhance value for all of our stakeholders. Thank you for your time today.

謝謝大家今天的參與。我希望吉姆、貝內特和我自己都非常清楚，我們對AmerisourceBergen 在2022 財年的表現感到非常自豪。性只會增強這種信心。 AmerisourceBergen 正在進行正確的策略、人力和營運投資，以繼續發展我們的特許經營權，從而為我們所有利害關係人提高價值。感謝您今天抽出時間。

Thank you, everyone, for joining the call today. Have a lovely day. You may now disconnect your lines.

謝謝大家今天加入電話會議。祝你有美好的一天。現在您可以斷開線路。