Cencora Inc (COR) 2023 Q2 法說會逐字稿

Good morning, and good afternoon, everyone, and welcome to the AmerisourceBergen's Q2 Fiscal Year 2023 Earnings Call. My name is Emily, and I'll be coordinating your call today. (Operator Instructions)

大家早安，下午好，歡迎參加 AmerisourceBergen 的 2023 財年第二季財報電話會議。我叫艾米麗，今天我將協調您的電話。 （操作員說明）

I will now turn the call over to our host, Bennett Murphy. Please go ahead.

現在我將把電話轉給我們的主持人貝內特·墨菲。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 2023 Second Quarter Results. I am Bennett Murphy, Senior Vice President, Head of Investor Relations and Treasury. Joining me today are Steve Collis, Chairman, President and CEO; and Jim Cleary, Executive Vice President and CFO.

謝謝。早安，下午好，感謝大家參加我們的電話會議，討論 AmerisourceBergen 2023 財年第二季業績。我是貝內特‧墨菲 (Bennett Murphy)，資深副總裁兼投資者關係與財務主管。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've also 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。我們還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 Form 10-K.

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 表格。

AmerisourceBergen assumes no obligation to update any forward-looking statements, and this call cannot be rebroadcast without the expressed permission of the company. You'll have an opportunity to ask questions after today's remarks by management. (Operator Instructions)

AmerisourceBergen 不承擔更新任何前瞻性陳述的義務，未經本公司明確許可，不得轉播本次電話會議。在管理層今天發表講話後，您將有機會提問。 （操作員說明）

With that, I will turn the call over to Steve.

這樣，我會將電話轉給史蒂夫。

Thank you, Bennett. Good morning and good afternoon to everyone on the call. Today, we will discuss AmerisourceBergen's Fiscal 2023 Second Quarter Results, and how our execution against our strategic imperatives and thoughtful capital deployment position us to continue delivering long-term sustainable growth.

謝謝你，貝內特。各位來電的人早安，下午好。今天，我們將討論 AmerisourceBergen 的 2023 財年第二季業績，以及我們如何根據策略要求執行和深思熟慮的資本部署使我們能夠繼續實現長期可持續成長。

In the second quarter, we delivered strong financial performance with revenue growth of nearly 10% and adjusted EPS growth of 9%. Our performance reflects our team members' focus on execution and ability to deliver differentiated solutions to our customers and partners. Additionally, we continue to leverage our infrastructure and scale to increase efficiency and align our capabilities to our customers' needs.

第二季度，我們實現了強勁的財務業績，營收成長近 10%，調整後每股收益成長 9%。我們的績效反映了我們的團隊成員對執行力的關注以及為客戶和合作夥伴提供差異化解決方案的能力。此外，我們繼續利用我們的基礎設施和規模來提高效率並使我們的能力滿足客戶的需求。

This continued emphasis, along with the fundamental strength of our business and balance sheet, power our ability to continue investing internally and externally to drive our future growth.

這種持續的重視，加上我們業務和資產負債表的基本實力，增強了我們繼續進行內部和外部投資以推動我們未來成長的能力。

As part of our work to bolster productivity and efficiency, we are leveraging our robust infrastructure to align our capabilities to commercial needs and optimize our organizational structure. Across the company, our leaders and team members continue emphasizing collaboration to capitalize on our collective power as we adapt to an ever-changing landscape with a focus on preparing for future opportunities and growth, while delivering on our goals of today.

作為提高生產力和效率工作的一部分，我們正在利用強大的基礎設施來調整我們的能力以滿足商業需求並優化我們的組織結構。在整個公司範圍內，我們的領導者和團隊成員繼續強調協作，以利用我們的集體力量，適應不斷變化的環境，並專注於為未來的機會和成長做好準備，同時實現我們今天的目標。

Continuously pursuing efficiency is vital in our business. And in parallel, AmerisourceBergen is executing and delivering strong performance. The fundamentals of our business remain strong, as we continue to capitalize on opportunities provided by our pharmaceutical-centric strategy and capabilities. Our results continue to demonstrate the value of our pharmaceutical-centric strategy key strategic partnerships, leadership in specialty and comprehensive global commercialization services.

不斷追求效率對於我們的業務至關重要。同時，AmerisourceBergen 正在執行並提供強勁的業績。我們的業務基本面仍然強勁，因為我們繼續利用以製藥為中心的策略和能力提供的機會。我們的成果繼續證明了我們以製藥為中心的策略關鍵策略合作夥伴關係、專業領域的領導地位和全面的全球商業化服務的價值。

Our leadership in specialty distribution is a key differentiator for AmerisourceBergen, both with pharma manufacturers and with our downstream provider customers. Through our scale, commercial expertise and deep understanding of the challenges providers face, we are able to offer a comprehensive range of services, including our GPOs, data analytics and technology solutions that help them manage effectively and devote more time to serving their patients.

我們在專業分銷領域的領先地位是 AmerisourceBergen 與製藥製造商和下游供應商客戶的關鍵差異。憑藉我們的規模、商業專業知識以及對提供者面臨的挑戰的深入了解，我們能夠提供全面的服務，包括我們的GPO、數據分析和技術解決方案，幫助他們有效管理並投入更多時間為患者服務。

In addition, leveraging our position at the center of health care, we facilitate communication, education and knowledge sharing between providers, pharma manufacturers and key thought leaders through our extensive network.

此外，利用我們在醫療保健中心的地位，我們透過廣泛的網絡促進供應商、製藥製造商和關鍵思想領袖之間的溝通、教育和知識共享。

One example of this was our recent ION Exchange meeting, which brought together hundreds of our ION GPO members to participate in panel discussions addressing the complexities community oncologists face and provided them with valuable opportunities to connect with fellow physicians and other industry partners. Community oncologists are important partners for our business, and community care is crucial for efficiency and quality in health care as we continue to invest in and enhance our business. We are committed to accelerating our growth and leadership in specialty by advancing oncology-focused practice solutions and services and continuing to lead with market leaders.

這方面的一個例子是我們最近的ION Exchange 會議，聚集了數百名ION GPO 成員參加小組討論，解決社區腫瘤學家面臨的複雜性，並為他們提供了與其他醫生和其他行業合作夥伴聯繫的寶貴機會。社區腫瘤學家是我們業務的重要合作夥伴，隨著我們不斷投資和增強我們的業務，社區護理對於醫療保健的效率和品質至關重要。我們致力於透過推動以腫瘤學為中心的實踐解決方案和服務並繼續與市場領導者保持領先地位來加速我們在專業領域的發展和領導地位。

Most recently, we announced our agreement to invest in OneOncology, a network of leading community oncologists with 900 affiliated providers across 14 states. This investment will deepen and enhance our strong ties to community providers. And OneOncology's practice management services are complementary to AmerisourceBergen's existing capabilities in inventory management, practice analytics and clinical trial support.

最近，我們宣布同意投資 OneOncology，這是一個由領先的社區腫瘤學家組成的網絡，在 14 個州擁有 900 家附屬提供者。這項投資將加深和加強我們與社區提供者的牢固聯繫。 OneOncology 的實務管理服務是 AmerisourceBergen 在庫存管理、實務分析和臨床試驗支援方面現有能力的補充。

We know OneOncology and its members well, with many of the physicians serving as advisers to ION and with AmerisourceBergen having served many of these practices for over 2 decades. Our future plans for collaboration with OneOncology include opportunities for sharing key insights to enhance the value we are able to provide all our community oncology partners as we look to a future with data, analytics and value-based contracting will play an even greater role in community oncology.

我們非常了解 OneOncology 及其成員，其中許多醫生擔任 ION 的顧問，而 AmerisourceBergen 在其中許多實踐中服務了 20 多年。我們未來與OneOncology 的合作計劃包括分享關鍵見解的機會，以提高我們能夠為所有社區腫瘤學合作夥伴提供的價值，因為我們展望未來，數據、分析和基於價值的合約將在社區中發揮更大的作用腫瘤學。

The trusted relationships and legacy we have both within communities support our ultimate goal to create better patient experiences and outcomes across specialty classes and sites of care. Our commitment to our relationship goes beyond providing high-quality dependable services every day. It also means that we are flexible and agile, helping our partners navigate complexity to provide reliable access to pharmaceuticals. We invest and innovate to provide our partners with new technologies and resources, broadening the scope and scale of our portfolio of capabilities.

我們在社區內擁有的值得信賴的關係和遺產支持我們的最終目標，即跨專業類別和護理場所創造更好的患者體驗和結果。我們對我們關係的承諾不僅僅是每天提供高品質的可靠服務。這也意味著我們靈活敏捷，幫助我們的合作夥伴應對複雜性，提供可靠的藥品取得途徑。我們投資和創新，為我們的合作夥伴提供新技術和資源，擴大我們的能力組合的範圍和規模。

For example, World Courier recently enhanced its white-glove customer experience by adding real-time location monitoring on all multiuse packaging shipments, setting a new standard for tracking in the pharmaceutical logistics industry. The ability to track and monitor the precise location of shipments in transit globally allows us to deliver superior service to our customers, proactively anticipate potential risks and ensure the secure and timely distribution of products.

例如，World Courier 最近透過對所有多用途包裝貨件添加即時位置監控來增強其白手套客戶體驗，為醫藥物流行業的追蹤制定了新標準。追蹤和監控全球運輸途中貨物的精確位置的能力使我們能夠為客戶提供優質的服務，主動預測潛在風險並確保安全及時地分發產品。

This capability further expands AmerisourceBergen's leadership in specialty logistics and positions us to be the partner of choice for innovative products in development and coming to market, such as cell and gene therapies that often require the ability to monitor temperature and location in real time.

這項能力進一步擴大了 AmerisourceBergen 在專業物流領域的領導地位，並使我們成為開發和上市創新產品的首選合作夥伴，例如通常需要即時監控溫度和位置的細胞和基因療法。

Cell and gene therapies are an exciting new frontier for health care and pharmaceutical innovation, and AmerisourceBergen is focused on evolving our solutions to help orchestrate services across the treatment development and patient journey.

細胞和基因療法是醫療保健和製藥創新的一個令人興奮的新領域，AmerisourceBergen 致力於發展我們的解決方案，以幫助協調整個治療開發和患者旅程中的服務。

In April, we announced the launch of our Cell and Gene Therapy Integration Hub, a new platform-agnostic system offering cell and gene therapy developers support at every stage of the product life cycle, from clinical trial to specialty logistics services, market access strategies and patient support services. While certainly in its early days, we understand how important it is for AmerisourceBergen to play a vital role in helping to advance innovation and access to these products. As we continue to invest in our business and differentiate our value proposition, we are applying our intellectual confidence to capture new opportunities for emerging trends and future innovation.

今年4 月，我們宣布推出細胞和基因治療整合中心，這是一個與平台無關的新系統，為細胞和基因治療開發人員提供產品生命週期各個階段的支持，從臨床試驗到專業物流服務、市場準入策略和病患支援服務。雖然處於早期階段，但我們了解 AmerisourceBergen 在幫助推動創新和獲取這些產品方面發揮至關重要的作用是多麼重要。隨著我們繼續投資於我們的業務並差異化我們的價值主張，我們正在運用我們的智力信心來捕捉新興趨勢和未來創新的新機會。

For our upstream partners, we support a common goal of accelerating treatment time to market and maximizing product success. For partners, big and small, we offer a unique comprehensive suite of services that supports customer needs, including deep expertise in specialty pharmaceuticals, an efficient and innovative approach to support products throughout the commercialization journey, and a global footprint paired with local expertise, including the U.S. and European 3PL and global specialty logistics.

對於我們的上游合作夥伴，我們支持加快治療上市時間和最大限度提高產品成功的共同目標。對於大大小小的合作夥伴，我們提供獨特的綜合服務套件來支援客戶需求，包括特種藥品的深厚專業知識、在整個商業化過程中支援產品的高效創新方法，以及與當地專業知識相結合的全球足跡，包括美國和歐洲 3PL 以及全球專業物流。

Over the last year, we have detailed how we are well positioned to capture growth opportunities in the pharma services market, particularly with small and midsized biopharma manufacturers, who are more likely to outsource key parts of the clinical development and commercialization process.

去年，我們詳細介紹了我們如何做好準備以抓住製藥服務市場的成長機會，特別是中小型生物製藥製造商，他們更有可能外包臨床開發和商業化過程的關鍵部分。

According to a recent IQVIA report, these emerging biopharma companies are rapidly gaining share, having originated a little over 2/3 of new drugs in 2022, while representing 2/3 of the innovation pipeline. Importantly, these companies are increasingly launching products independently upon approval. In fact, nearly 70% of drugs originated by emerging biopharmaceutical manufacturers were launched independently in 2022.

根據 IQVIA 最近的一份報告，這些新興生物製藥公司正在迅速擴大市場份額，到 2022 年將開發出略多於 2/3 的新藥，同時佔創新管道的 2/3。重要的是，這些公司越來越多地在獲得批准後獨立推出產品。事實上，到2022年，近70%的新興生物製藥廠商原創藥物都是獨立上市的。

Our recently closed acquisition of PharmaLex enhances our portfolio of solutions to support pharma, both large and small, as they move through the development process. We are uniquely positioned to provide key solutions, including pharmacovigilance, regulatory affairs consulting and clinical trial logistics, to help accelerate time to market and support ongoing access across geographies.

我們最近完成了對 PharmaLex 的收購，增強了我們的解決方案組合，為大型和小型製藥公司在開發過程中提供支援。我們具有獨特的優勢，可以提供關鍵解決方案，包括藥物警戒、監管事務諮詢和臨床試驗物流，以幫助加快上市時間並支持跨地區的持續准入。

As these players increasingly manage the entire product life cycle, our global footprint and comprehensive suite of pre- and post-commercialization services positions us to be their partner of choice. We continue to invest, partner and build to ensure that we have the right capabilities in place to expand the reach of innovative therapies and transform patient access and support, all while positioning our business for future growth.

隨著這些參與者越來越多地管理整個產品生命週期，我們的全球足跡和全面的商業化前和商業化後服務使我們成為他們的首選合作夥伴。我們繼續投資、合作和建設，以確保我們擁有適當的能力來擴大創新療法的範圍並改變患者的獲取和支持，同時為我們的業務未來成長做好準備。

As a purpose-driven organization, our future will be defined by impact on our people, environment and communities, in which we live and work around the world. In February, the earthquakes that impacted Turkey had a devastating humanitarian impact. Following the earthquakes, we committed funds to assist in local on-the-ground support and product donations. And the AmerisourceBergen Foundation provided a package of relief funds to our strategic nonprofit partners, who have extensive experience in supporting disaster response efforts.

作為一個以目標為導向的組織，我們的未來將取決於對我們在世界各地生活和工作的人民、環境和社區的影響。二月份，土耳其發生的地震造成了毀滅性的人道影響。地震發生後，我們承諾提供資金協助當地的實地支持和產品捐贈。 AmerisourceBergen 基金會向我們的策略非營利合作夥伴提供了一攬子救援資金，這些合作夥伴在支持救災工作方面擁有豐富的經驗。

Our Associate Assistance Fund supported impacted team members based in Turkey by providing resources for shelter immediately following the earthquake, assistance to those who are hospitalized and longer-term financial assistance for housing and other crucial needs. Team members continue to support their colleagues in Turkey by taking advantage of our foundations 2-to-1 donation matching program, and I am proud of the work our teams have done to help one another in times of need.

我們的同事援助基金透過在地震發生後立即提供庇護所資源、為住院人員提供援助以及為住房和其他關鍵需求提供長期財政援助，為土耳其受影響的團隊成員提供支援。團隊成員繼續利用我們的基金會 2 對 1 捐贈匹配計劃來支持他們在土耳其的同事，我為我們的團隊在需要時互相幫助所做的工作感到自豪。

Our work to support access and equity is key to delivering on our purpose of creating healthier futures, and we are helping to build a community where everyone can thrive. We are collaborating and engaging with team members, partners, customers and patients in our communities, working together with a shared goal of creating fair and comparable access. This means working to improve health access and equity in the communities in which our team members live and work.

我們支持機會和公平的工作是實現創造更健康未來的目標的關鍵，我們正在幫助建立一個每個人都能蓬勃發展的社區。我們正在與社區中的團隊成員、合作夥伴、客戶和患者進行協作和互動，共同努力實現創造公平和可比較的准入機會的共同目標。這意味著努力改善我們團隊成員生活和工作所在社區的醫療服務和公平性。

One such initiative is our pharmacy recruit solution, which is creating a program for community pharmacists to contact potential qualified patients and refer them to clinical trial sites for enrollment. We hope that this initiative will help reduce representation gaps that can exist in clinical trial research by leveraging the reach and trusted relationships of community pharmacies. These efforts are deeply aligned with our purpose, and we will continue to work to address the systemic barriers that exist within the health care ecosystem, reduce the disparities that disproportionately impact vulnerable communities and empower more equitable health outcomes for patients.

其中一項舉措是我們的藥房招募解決方案，該解決方案正在為社區藥劑師創建一個計劃，以聯繫潛在的合格患者並將他們轉介到臨床試驗地點進行註冊。我們希望這項措施能夠利用社區藥局的影響力和信任關係，幫助減少臨床試驗研究中可能存在的代表性差距。這些努力與我們的目標密切相關，我們將繼續努力解決醫療保健生態系統中存在的系統性障礙，減少對弱勢社區造成不成比例影響的差異，並為患者提供更公平的健康結果。

Driven by our purpose, powered by our team members and fueled by the strength and resilience of our business, we continue to deliver value for all our stakeholders. Leveraging our foundation and distribution and our portfolio of complementary pharmaceutical-centric solutions, we create differentiated value for our customers and partners as a key connector at the center of the health care system.

在我們的目標的推動下，在我們的團隊成員的推動下，在我們業務的實力和彈性的推動下，我們繼續為所有利害關係人創造價值。憑藉我們的基礎和分銷以及以製藥為中心的互補解決方案組合，我們作為醫療保健系統中心的關鍵連接器，為我們的客戶和合作夥伴創造差異化價值。

As we look forward to the remainder of the fiscal year, I continue to be inspired by the thoughtfulness and tenacity of our team members around the world who live our purpose each day.

當我們展望本財年剩餘時間時，我繼續受到我們世界各地團隊成員的深思熟慮和堅韌精神的啟發，他們每天都在實現我們的目標。

Now I will turn the call over to Jim for a more in-depth review of our second quarter results and our updated guidance. Jim?

現在我將把電話轉給吉姆，以更深入地審查我們第二季度的業績和更新的指導。吉姆？

Thanks, Steve. Good morning and good afternoon, everyone. In our second quarter, AmerisourceBergen delivered strong financial performance as our businesses continued executing and delivering a differentiated value proposition to our customers and partners. Operationally, we are focused on increasing efficiency throughout the organization, while continuing to prioritize growth and ensuring that we are innovating to support the needs of our customers across our business. Additionally, we continue to be focused on making thoughtful and strategic investments to power our long-term growth, supported by our strong balance sheet and free cash flow generation.

謝謝，史蒂夫。大家早安，下午好。在第二季度，隨著我們的業務繼續執行並向客戶和合作夥伴提供差異化的價值主張，AmerisourceBergen 實現了強勁的財務業績。在營運方面，我們專注於提高整個組織的效率，同時繼續優先考慮成長並確保我們不斷創新，以支援整個業務客戶的需求。此外，在強大的資產負債表和自由現金流的支持下，我們繼續專注於進行深思熟慮的策略投資，以推動我們的長期成長。

Before I turn to our second quarter results, as a reminder, my remarks today will focus on our adjusted non-GAAP financial results, unless otherwise stated. For a detailed discussion of our GAAP results, please refer to our earnings press release.

在我談到第二季業績之前，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。有關我們的 GAAP 業績的詳細討論，請參閱我們的收益新聞稿。

Turning now to our second quarter results. AmerisourceBergen finished the quarter with adjusted diluted EPS of $3.50, an increase of nearly 9% over the prior year quarter. This solid growth was driven by strong performance in our U.S. Healthcare Solutions segment, which more than offset the gross profit headwind from lapping the peak of COVID-19 therapy contributions in the prior year; good operating performance in our International Healthcare Solutions segment, which helped to offset some of the foreign exchange rate pressure; and a lower share count due to our opportunistic share repurchases during the past year.

現在轉向我們的第二季業績。 AmerisourceBergen 本季調整後稀釋後每股收益為 3.50 美元，比去年同期成長近 9%。這種穩健的成長是由我們的美國醫療保健解決方案部門的強勁業績推動的，這遠遠抵消了上一年 COVID-19 治療貢獻高峰帶來的毛利逆風；國際醫療保健解決方案部門的良好經營績效有助於抵銷部分匯率壓力；由於我們在過去一年中機會主義的股票回購，股票數量減少了。

Our consolidated revenue was $63.5 billion, up 10%, driven by growth in our U.S. Healthcare Solutions segment and offset by a slight decline in our International Healthcare Solutions segment, which was negatively impacted by foreign exchange rates and the divestiture of Profarma Specialty in June 2022. On a constant currency basis, consolidated revenue grew 11%. Consolidated gross profit was $2.4 billion, up 6% due to growth in both segments. Consolidated gross profit margin was 3.71%, a decline of 13 basis points, due primarily to lower COVID treatment contributions and mix in the quarter. Consolidated operating expenses were $1.4 billion, up 9%, due to higher distribution, selling and administrative expenses. As expected, our year-over-year operating expense growth rate slowed sequentially from the first quarter.

我們的綜合收入為635 億美元，成長10%，這主要得益於美國醫療保健解決方案部門的成長，並被國際醫療保健解決方案部門的小幅下滑所抵消，國際醫療保健解決方案部門受到匯率和2022 年6 月剝離Profarma Specialty 的負面影響以固定匯率計算，綜合收入成長 11%。由於兩個部門的成長，綜合毛利為 24 億美元，成長 6%。綜合毛利率為 3.71%，下降 13 個基點，主要是因為本季新冠治療貢獻和組合下降。由於分銷、銷售和管理費用增加，綜合營運費用為 14 億美元，成長 9%。如預期，我們的營業費用較去年同期成長速度較第一季較快。

As we have called out previously, in the second half, we will lap the inflationary pressures that began in the prior year March quarter. We will see operating expense growth slow significantly, particularly in the fourth quarter, due in part to incremental expense management actions taken, which put us on track to have a more normal growth rate in the mid-single-digit percent range for the full year. We continue to focus on leveraging our existing capabilities and scale to create efficiencies, while also investing in our talent and growth initiatives to drive long-term sustainable growth and value creation for all our stakeholders.

正如我們之前所指出的，下半年我們將克服去年三月季度開始的通膨壓力。我們將看到營運費用成長顯著放緩，特別是在第四季度，部分原因是採取了增量費用管理行動，這使我們有望在全年實現更正常的中個位數百分比成長率。我們繼續專注於利用我們現有的能力和規模來提高效率，同時投資於我們的人才和成長計劃，以推動長期永續成長並為所有利害關係人創造價值。

Consolidated operating income was $932 million, an increase of approximately 2% compared to the prior year quarter or up 4% on a constant currency basis. Our operating income growth was driven by solid performance in the U.S. Healthcare Solutions segment, which offset currency-related pressures in the International Healthcare Solutions segment. I will discuss more detailed segment-level business drivers when reviewing segment-level results.

合併營業收入為 9.32 億美元，比去年同期成長約 2%，以固定匯率計算成長 4%。我們的營業收入成長是由美國醫療保健解決方案部門的穩健業績推動的，這抵消了國際醫療保健解決方案部門與貨幣相關的壓力。在審查部門級結果時，我將討論更詳細的部門級業務驅動因素。

Moving now to our net interest expense. For the second quarter, net interest expense was $64 million, an increase of 21%, which was anticipated, and we indicated would occur on our February earnings call. For the remainder of the year, we would expect quarterly net interest expense to be similar to this quarter.

現在轉向我們的淨利息支出。第二季淨利息支出為 6,400 萬美元，成長 21%，符合預期，我們在 2 月的財報電話會議上表示將出現這種情況。在今年剩餘時間內，我們預計季度淨利息支出將與本季相似。

Turning now to income taxes. Our effective income tax rate was 19% compared to 21% in the prior year quarter. We expect our effective income tax rate to be towards the lower end of our range of 20% to 21% for the fiscal year with higher tax rates in the next 2 quarters.

現在轉向所得稅。我們的有效所得稅率為 19%，而去年同期為 21%。我們預計本財年的有效所得稅率將接近 20% 至 21% 範圍的下限，而未來 2 季的稅率將提高。

Turning to diluted share count. Our diluted share count was 204.3 million shares, a 3.6% decrease compared to the second quarter of fiscal 2022, driven by share repurchases we completed over the last 12 months.

轉向稀釋後的股份數量。由於我們在過去 12 個月完成的股票回購，我們的稀釋後股票數量為 2.043 億股，與 2022 財年第二季相比減少了 3.6%。

Regarding our cash balance and free cash flow. We ended the quarter with approximately $1.5 billion of cash. In the quarter, we repaid the remaining $675 million of short-term debt related to the Alliance Healthcare acquisition, fulfilling our commitment to the ratings agencies to pay down 2/3 of the acquisition debt within 2 years of closing the acquisition. For the first 6 months of the fiscal year, adjusted free cash flow was $1.1 billion, and we remain on track to achieve our adjusted free cash flow guidance of approximately $2 billion for the fiscal year.

關於我們的現金餘額和自由現金流。本季結束時，我們擁有約 15 億美元的現金。本季度，我們償還了與 Alliance Healthcare 收購相關的剩餘 6.75 億美元短期債務，履行了我們對評級機構在收購完成後 2 年內償還 2/3 收購債務的承諾。本財年的前 6 個月，調整後的自由現金流為 11 億美元，我們仍有望實現本財年約 20 億美元的調整後自由現金流指引。

This completes the review of our consolidated results. Now I'll turn to our segment results for the second quarter.

這樣就完成了對我們綜合結果的檢視。現在我將談談第二季的部門業績。

U.S. Healthcare Solutions segment revenue was $56.7 billion, up approximately 11% for the quarter, with broad-based growth across our customer base, including sales to our largest customers and sales of specialty products to physician practices and health systems. This growth was moderated by a decline in sales of COVID-19 treatments versus the prior year quarter.

美國醫療保健解決方案部門收入為 567 億美元，本季增長約 11%，我們的客戶群實現了廣泛的增長，包括向我們最大客戶的銷售以及向醫生診所和衛生系統的特種產品銷售。這一增長因 COVID-19 治療藥物銷售額較上年同期下降而放緩。

U.S. Healthcare Solutions segment operating income increased by 3.6% to $756 million, driven by growth in specialty and across our distribution businesses as utilization trends continued to be strong. Additionally, in the quarter, we had good results in our Animal Health business, which is in line with the normalization that we foreshadowed on our February earnings call.

由於利用率趨勢持續強勁，受到專業和整個分銷業務成長的推動，美國醫療保健解決方案部門的營業收入成長了 3.6%，達到 7.56 億美元。此外，本季我們的動物保健業務取得了良好的業績，這符合我們在 2 月的財報電話會議上預示的正常化。

As a reminder, the U.S. Healthcare Solutions segment is lapping the March 2022 peak quarter for COVID-19 treatment contributions. Taking a step back, if you look at the segment year-to-date, for the 6 months ended in March, U.S. segment operating income was up 5.6% for the first half of 2023 versus the first half of 2022, if you exclude COVID-19 treatment contributions from both periods.

提醒一下，美國醫療保健解決方案部門正在經歷 2022 年 3 月的 COVID-19 治療捐款高峰季度。退一步來說，如果你看看今年迄今的分部，在截至3 月份的6 個月中，如果排除新冠疫情，美國分部的營業收入在2023 年上半年比2022 年上半年增長了5.6 % -19 兩個時期的治療貢獻。

I will now turn to our International Healthcare Solutions segment. In the quarter, International Healthcare Solutions revenue was $6.8 billion, down 0.2% on a reported basis or up 12% on a constant currency basis. The as-reported decline reflects the divestiture of Profarma Specialty and unfavorable foreign exchange rates compared to the prior year quarter.

我現在將談談我們的國際醫療保健解決方案部分。本季度，國際醫療保健解決方案營收為 68 億美元，按報告計算下降 0.2%，以固定匯率計算成長 12%。所報告的下降反映了 Profarma Specialty 的剝離以及與去年同期相比不利的外匯匯率。

International Healthcare Solutions' operating income was $176 million, down approximately 6% on a reported basis, driven by a decline at Alliance Healthcare due to the effect of foreign currency exchange rates as well as the June 2022 divestiture of Profarma Specialty, which represented 3% of segment level operating income in the prior year quarter. The decline was offset in part by strong growth at World Courier and the contribution from PharmaLex in the quarter. In the quarter, World Courier continued to perform well as the business saw good trends and demand for international shipments. On a constant currency basis, the International Healthcare Solutions segment delivered 7% operating income growth.

International Healthcare Solutions 的營業收入為 1.76 億美元，按報告計算下降約 6%，原因是 Alliance Healthcare 因外匯匯率影響而下降，以及 2022 年 6 月剝離了佔 3% 的 Profarma Specialty上一年季度的部門級營業收入。 World Courier 的強勁成長和 PharmaLex 本季的貢獻部分抵消了這一下降。本季度，World Courier 繼續表現良好，因為該業務看到了良好的趨勢和國際貨運的需求。以固定匯率計算，國際醫療保健解決方案部門的營業收入成長了 7%。

That completes the review of our segment level results. I will now discuss our updated 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. Full details of our fiscal 2023 guidance can be found on Pages 8 and 9 of our earnings presentation on our Investor Relations website.

我們對部門級結果的審核就完成了。我現在將討論我們更新的 2023 財年指導預期。提醒一下，我們不提供基於 GAAP 的前瞻性指導，因此以下指標是在調整後的非 GAAP 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。有關 2023 財年指導的完整詳細信息，請參閱我們投資者關係網站上收益演示的第 8 和第 9 頁。

Starting with revenue. We are raising our consolidated revenue guidance to a range of 6% to 8% growth to reflect the strong revenue growth we saw in the first half of the year in the U.S. Healthcare Solutions segment and favorable currency movements in the International Healthcare Solutions segment relative to our prior guidance.

從收入開始。我們將綜合收入指引上調至6% 至8% 的成長範圍，以反映我們今年上半年在美國醫療保健解決方案領域看到的強勁收入成長，以及國際醫療保健解決方案領域相對於國際醫療保健解決方案領域有利的貨幣走勢。

We now expect revenue growth in the U.S. Healthcare Solutions segment to be approximately 7% to 8% or towards the higher end of our previous range of 6% to 8% growth. In the International Healthcare Solutions segment, we are raising our as-reported revenue guidance to a range of a 3% decline to flat, up from our previous expectation, about 1% to 5% decline.

我們現在預計美國醫療保健解決方案領域的收入成長約為 7% 至 8%，或接近我們之前 6% 至 8% 成長區間的上限。在國際醫療保健解決方案領域，我們將報告的收入指引上調至下降 3% 至持平的範圍，高於我們先前預期的下降約 1% 至 5%。

Moving to operating income. We are raising our consolidated operating income guidance to a range of 2% to 4% growth from the previous range of 0% to 3% growth to reflect the strong core performance in the U.S. Healthcare Solutions segment. In the second quarter, COVID-19 treatments contributed $0.11 to our consolidated EPS, with about $0.09 in the U.S. and $0.02 in the International segment. COVID treatment contributions in the quarter were slightly higher than our expectations, bringing our total contribution to $0.23 for the first half of the year, and we now expect the contribution from COVID-19 treatment distribution for the full fiscal year to be around $0.30 compared to our previous expectation of $0.25 to $0.30. We expect the small remaining contribution to be in the U.S. segment.

轉向營業收入。我們將綜合營業收入指引從先前 0% 至 3% 的成長範圍提高到 2% 至 4%，以反映美國醫療保健解決方案領域的強勁核心績效。第二季度，COVID-19 治療為我們的合併每股收益貢獻了 0.11 美元，其中美國市場約為 0.09 美元，國際市場約為 0.02 美元。本季的 COVID 治療貢獻略高於我們的預期，使我們上半年的總貢獻達到 0.23 美元，我們現在預計整個財年 COVID-19 治療分配的貢獻約為 0.30 美元。 0.30 美元。我們預計剩餘的一小部分貢獻將來自美國市場。

On an as-reported basis, we are raising our U.S. segment operating income growth to be in the range of 3% to 5%, up from our prior range of 1% to 4%, to reflect the continued strength and execution of our core business. Given our expectations for the core U.S. business, we are increasing our guidance for U.S. Healthcare Solutions segment operating income growth, excluding COVID, to be in the range of 6% to 8%, an increase from our previous expectation for growth of 5% to 7%. This metric reflects the core performance of our U.S. segment, which represents roughly 80% of our consolidated operating income and helps provide visibility beyond the diminishing transitory contributions from distributing COVID treatments.

根據報告，我們將美國部門的營業收入成長從先前的 1% 至 4% 提高至 3% 至 5%，以反映我們核心業務的持續實力和執行力商業。鑑於我們對美國核心業務的預期，我們將美國醫療保健解決方案部門營業收入成長（不包括新冠疫情）的預期提高到 6% 至 8%，高於我們先前預期的 5% 至 5%。 。該指標反映了我們美國部門的核心業績，該部門約占我們合併營業收入的 80%，並有助於提供可見性，超越因分發新冠治療而導致的暫時貢獻不斷減少的情況。

Finally, we now expect weighted average diluted share count to be approximately 205 million shares, down from our prior expectation of approximately 206 million shares, due to lower-than-anticipated dilution to date. As a result of these updates, we are raising our full year diluted EPS guidance to a range of $11.70 to $11.90, up from our prior range of $11.50 to $11.75, representing growth of 6% to 8% on an as-reported basis or a 11% to 13%, excluding COVID-19 treatment contributions.

最後，由於迄今為止的稀釋程度低於預期，我們現在預計加權平均稀釋後股份數量約為 2.05 億股，低於我們先前約 2.06 億股的預期。由於這些更新，我們將全年攤薄每股收益指引從先前的 11.50 美元至 11.75 美元上調至 11.70 美元至 11.90 美元，相當於按報告或預測計算增長 6% 至 8%。包括COVID-19 治療費用。

Before I turn to my closing remarks, I would like to provide a brief update on how AmerisourceBergen is working to help advance ESG initiatives across our industry. Recently, we partnered with the International Federation of Pharmaceutical Wholesalers and IQVIA to develop an industry ESG framework. In this framework, we leveraged our experience, reach and relationships to help support pharmaceutical wholesalers aligning on and advancing key ESG initiatives. Through this framework, IFPW members share best practices on key topics, including environmental stewardship, human capital management and health equity. We look forward to continuing to collaborate with the IFPW to move this important initiative forward.

在開始我的結論之前，我想先簡單介紹一下 AmerisourceBergen 如何努力幫助推進整個產業的 ESG 舉措。最近，我們與國際藥品批發商聯合會和 IQVIA 合作開發了行業 ESG 框架。在此框架中，我們利用我們的經驗、影響力和關係來幫助支持藥品批發商調整和推進關鍵的 ESG 措施。透過這個框架，IFPW 成員分享關鍵主題的最佳實踐，包括環境管理、人力資本管理和健康公平。我們期待繼續與 IFPW 合作，推動這項重要舉措向前發展。

In closing, AmerisourceBergen has a strong track record of execution and performance. We have delivered strong performance in the first half of our fiscal year, and our updated fiscal 2023 guidance reflects the continued strength and resilience of our business. We are well positioned to continue deploying capital internally and externally to advance our business while being good stewards of shareholder capital.

最後，AmerisourceBergen 在執行和績效方面擁有良好的記錄。我們在上半財年取得了強勁的業績，更新後的 2023 財年指引反映了我們業務的持續實力和彈性。我們處於有利地位，可以繼續在內部和外部部署資本以推進我們的業務，同時成為股東資本的良好管理者。

I want to thank our purpose-driven team members and leaders for their strong execution and commitment to efficiency, growth, collaboration and innovation to help create differentiated value for all our stakeholders.

我要感謝我們目標驅動的團隊成員和領導者的強大執行力以及對效率、成長、協作和創新的承諾，以幫助我們所有利害關係人創造差異化的價值。

Now I'll turn the call over to the operator to open the line for questions. Operator?

現在我將把電話轉給接線員以打開提問線路。操作員？

(Operator Instructions) Our first question today comes from Lisa Gill with JPMorgan.

（操作員指示）我們今天的第一個問題來自摩根大通的麗莎·吉爾（Lisa Gill）。

First, Steve, I want to say congratulations on this OneOncology deal. I think it's a great deal for AmerisourceBergen, but I want to focus my question on an area that we've been writing about. And that's really about the changes in the diabetes and insulin market. Can you remind us how the change or the price cut on insulin will impact you as a drug distributor? And then how do I think about new drug classes like GLP-1s that are substantially more expensive? Are they creating an opportunity? And are you seeing that come through your numbers that we saw that were so strong in the U.S. distribution component?

首先，史蒂夫，我想對 OneOncology 的交易表示祝賀。我認為這對 AmerisourceBergen 來說是一件大事，但我想將我的問題集中在我們一直在寫的一個領域。這實際上與糖尿病和胰島素市場的變化有關。您能否提醒我們，胰島素的變化或降價將對您作為藥品經銷商產生怎樣的影響？那麼我該如何看待像 GLP-1 這樣價格貴得多的新藥類別呢？他們正在創造機會嗎？您是否從我們看到的美國分銷部分如此強勁的數據中看到了這一點？

Yes. Lisa, and thanks for the question. So let me start off with the insulin pricing. So AmerisourceBergen and our industry will be in the forefront of discussions with manufacturers and stakeholders. The current fee-for-service model obviously is based off the list price or the WAC price, and it provides the transparency for the industry, including manufacturers and distributors. So as these products change the pricing, and we understand that there've probably been no products that are more high profile, that are more important to patient care in terms of the chronic nature of the diabetes condition. And with the high list price and the heavily rebated products, we anticipated that there could be changes.

是的。麗莎，謝謝你的提問。讓我從胰島素定價開始。因此，AmerisourceBergen 和我們的行業將站在與製造商和利益相關者討論的最前線。目前的按服務收費模式顯然是基於標價或WAC價格，它為包括製造商和分銷商在內的行業提供了透明度。因此，隨著這些產品的定價發生變化，我們了解到，就糖尿病的慢性性質而言，可能沒有比這更引人注目、對患者護理更重要的產品了。由於標價較高且產品折扣力度較大，我們預期情況可能會有所變動。

For us, we will try preserve our economics. We do have an ability to negotiate on a fee-for-service basis with the manufacturers. And I think everyone in the industry recognizes that the requirements and the expectations for distributors are becoming even more profound, if you look at the drug security and pedigree changes that are coming into place, the high inventory demands, a much more difficult environment in terms of interest rates. I think our role has never been clearer.

對我們來說，我們將盡力保護我們的經濟。我們確實有能力與製造商按服務收費進行談判。我認為業內的每個人都認識到，如果你看看正在發生的藥品安全和譜系變化、高庫存需求以及更加困難的環境，那麼對分銷商的要求和期望變得更加深刻。我認為我們的角色從未如此清晰。

I was at NACDS last week, got to meet with all sorts of customers. And we should never take for granted the basic financing, inventory and shipping functions that we do. Those are incredibly important to the health of our customers and our patients.

上週我在 NACDS，會見了各種各樣的客戶。我們永遠不應該認為我們所擁有的基本融資、庫存和運輸功能是理所當然的。這些對於我們的客戶和患者的健康非常重要。

The second part of your question was on the new class of products, sometimes called the GLP-1 drugs, as I noticed the category we're talking about. I think it's just really important for us to follow the prescription dollar. We have done that, whether it's cell and gene therapies or on specialty oncology drugs or ophthalmology drugs. And this category is the class or trade is mainly retail. We're well represented in that class, through both mail-order customers and even more specifically through large customers, like Walgreens.

你問題的第二部分是關於新類別的產品，有時稱為 GLP-1 藥物，因為我注意到我們正在談論的類別。我認為遵循處方藥對我們來說非常重要。我們已經做到了這一點，無論是細胞和基因療法，還是特種腫瘤藥物或眼科藥物。而這個品類就是以零售為主的產業或產業。我們透過郵購客戶，甚至更具體地透過沃爾格林等大客戶，在這一類別中擁有很好的代表。

So we will keep our market share, which is very impressive, somewhere in north of 30% region on these products. And it's just another example of how innovation in health care and new products are going to help drive AmerisourceBergen's growth and fundamentals. So thanks for the question.

因此，我們將保持我們的市場份額，這是非常令人印象深刻的，在這些產品的 30% 地區以北的某個地方。這只是醫療保健和新產品創新如何幫助推動 AmerisourceBergen 的成長和基本面的另一個例子。謝謝你的提問。

Our next question comes from Elizabeth Anderson with Evercore.

我們的下一個問題來自 Evercore 的 Elizabeth Anderson。

I guess my question would be just in terms of as we think about the back half of the year, is that the reason that you guys are currently forecasting that you wouldn't see the typical step-up in utilization and sort of revenue growth that you tend to see as you move into the third and the fourth quarter? The reason I ask is, given your sort of year-to-date performance, it seems like you guys might be tracking ahead of that. So I just wanted to make sure I understood that.

我想我的問題只是就我們對今年下半年的看法而言，你們目前預測不會看到利用率和收入成長的典型提升。什麼？我問的原因是，考慮到你們今年迄今為止的表現，你們似乎可能會領先。所以我只是想確保我理解這一點。

And then secondly, can you just talk about sort of any of your early learnings from the PharmaLex acquisition now that had sort of closed, and you guys have had it under -- owned it for a few months now?

其次，您能否談談您從 PharmaLex 收購中獲得的一些早期經驗，該收購現在已經完成，您已經擁有它幾個月了？

Yes. Great. I will start off, and I'll talk about the back half of the year, and then I'm sure Steve will want to talk about our positive experience we've had thus far with the PharmaLex acquisition. We -- in our guidance, we're implying strong performance in the back half of the year. And as we talked about during the call, during the prepared remarks, we increased our adjusted operating income guidance in the U.S. ex COVID from a 5% to 7% growth to 6% to 8% growth for the year. And really, what's driving the back half is the same sort of things that drove this recent quarter where we performed very well.

是的。偉大的。我將首先談談今年下半年的情況，然後我相信史蒂夫會想談談我們迄今為止在收購 PharmaLex 方面所獲得的積極經驗。在我們的指導中，我們暗示今年下半年將表現強勁。正如我們在電話會議中談到的那樣，在準備好的演講中，我們將今年美國調整後的營業收入指引從 5% 至 7% 的增長提高到 6% 至 8% 的增長。事實上，推動後半段的因素與推動我們最近一個季度表現出色的因素是一樣的。

We're seeing strong U.S. core growth, particularly ex COVID. We're seeing utilization trends that continue to be strong. We're seeing broad-based growth across our customer base, including sales to our largest customers and sales of specialty products to physician practices and health systems. We also saw good results in our Animal Health business this most recent quarter. And so it's those sorts of things that are driving the continued good performance in the second half. We're also -- as we said during the prepared remarks, we're expecting for OpEx growth to slow during the second half, and we're also expecting some better FX in the second half, where it was a headwind in the first half. We're expecting it to be a slight tailwind in the second half.

我們看到美國核心業務強勁成長，尤其是在新冠疫情爆發後。我們看到利用率趨勢持續強勁。我們看到我們的客戶群出現了廣泛的增長，包括向我們最大的客戶的銷售以及向醫生診所和衛生系統的特種產品的銷售。最近一個季度，我們的動物保健業務也取得了良好的業績。因此，正是這些因素推動了下半年的持續良好表現。正如我們在準備好的發言中所說，我們預計下半年營運支出成長將放緩，並且我們也預計下半年的外匯狀況會有所改善，而上半年的情況是不利的一半。我們預計下半年會出現輕微的順風。

So those are some of the things that are driving the good performance and the increase in guidance. And with that, I'll turn it over to Steve to talk about PharmaLex.

這些是推動良好業績和指導增加的一些因素。接下來，我將把它交給 Steve 來談談 PharmaLex。

Yes. Thank you for the question on PharmaLex. We're very proud of this acquisition. I think it really highlights AmerisourceBergen, a commitment to being in the markets we serve, a global commercialization solutions provider. And we really -- I think the leadership under Bob Mauch, that is really focus on the integration of this acquisition, are doing an outstanding job. Most recently, there were a continuation of the planning meetings with both the U.K. and German teams to incredible markets, important markets for that team. I think just getting to know AmerisourceBergen, getting to know our different offerings, getting to understand what World Courier does and Xcenda does, for example, has been key learnings for their team. And we are impressed with the quality of the teams and their positioning within the channels and are very interested in helping them grow and develop the business.

是的。感謝您就 PharmaLex 提出問題。我們對這次收購感到非常自豪。我認為這確實凸顯了 AmerisourceBergen 作為全球商業化解決方案提供者對我們所服務的市場的承諾。我認為鮑勃·莫奇（Bob Mauch）領導下的領導層確實專注於此次收購的整合，他們做得非常出色。最近，與英國和德國團隊繼續就令人難以置信的市場（該團隊的重要市場）舉行計劃會議。我認為，了解 AmerisourceBergen、了解我們的不同產品、了解 World Courier 和 Xcenda 的業務，就是他們團隊學到的關鍵知識。我們對團隊的素質及其在通路中的定位印象深刻，並且非常有興趣幫助他們發展和發展業務。

Initially, I think organically and in future, perhaps if you're looking at expansions of both lines of service as well as geographic lines. Just to remind the audience that services that PharmaLex provide fall under 4 main segments: development, consulting, regulatory affairs, pharmacovigilance, quality management and compliance. These are areas that we think will be critically important to the future of the small and medium companies, of course, the larger companies as well. But as we highlighted in the scripts, we are focused on providing additional services to that category of customers. And that's traditionally where PharmaLex has been highly successful, and we expect to only invest and grow behind that team.

最初，我認為未來是有機的，也許如果你正在考慮服務線和地理線的擴展。只是提醒觀眾，PharmaLex 提供的服務分為 4 個主要部分：開發、諮詢、監管事務、藥物警戒、品質管理和合規性。我們認為這些領域對於中小型公司的未來至關重要，當然對於大公司也是如此。但正如我們在腳本中所強調的那樣，我們專注於為該類別的客戶提供額外的服務。傳統上，這就是 PharmaLex 取得巨大成功的地方，我們希望只在該團隊的支持下進行投資和發展。

And we're just so far, so good. I'm proud of the way that our team has really embraced this acquisition. And I think it's also part of the reason why Cencora is going to be a very good strategic name change for the company as we look to the quarters ahead.

我們到目前為止還不錯。我為我們的團隊真正接受這次收購的方式感到自豪。我認為，這也是我們展望未來幾季時，Cencora 將成為公司非常好的策略名稱變更的部分原因。

Our next question comes from Eric Percher with Nephron Research.

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

I wanted to follow up on the question that [ran to] insulin and GLP-1s. And my question is a little bit on the give and take. First, on the insulin or any other products that we see lower prices in front of the [AMT cap sunset], I know you've got experience with manufacturers in having renegotiate over the last 3 or 4 years and earning a fair fee. So I'd love to hear any analogues that you could provide on the ability to ensure that you continue to receive similar economics. And then on the GLP-1s, our understanding is that a lot of the pharmacies are -- tend to be low or no margin products. Do you need to give a little there and to help the independents, in particular, as they see increases in volumes of GLP-1?

我想跟進有關胰島素和 GLP-1 的問題。我的問題有點關於給予和接受。首先，對於胰島素或任何其他我們在 [AMT 上限日落] 之前看到價格較低的產品，我知道您在過去 3 或 4 年中擁有與製造商重新談判並賺取公平費用的經驗。因此，我很想聽聽您可以提供任何類似的信息，以確保您能夠繼續獲得類似的經濟效益。關於 GLP-1，我們的理解是，許多藥局往往是低利潤或無利潤的產品。您是否需要為此提供一點幫助並幫助獨立人士，特別是當他們看到 GLP-1 數量增加時？

Yes. Thanks for the question, Eric. As we -- we don't really get into individual product economics. I think one of the things that I think has worked for our industry over time is that we really do provide a portfolio of customers. There's no customer that I'm proud of that we're providing one or two single products to. We like to provide all the products, and I think that's also the value proposition we offer to manufacturers is the knowledge that we have of all classes of trade and truly unique to the U.S. market, as you know and probably to me, one of the strongest fundamental drivers are of the U.S. market.

是的。謝謝你的提問，艾瑞克。我們並沒有真正深入研究單一產品的經濟學。我認為，隨著時間的推移，我認為對我們行業發揮作用的一件事是，我們確實提供了一系列客戶。我沒有為我們向客戶提供一兩種單一產品而感到自豪。我們喜歡提供所有產品，我認為這也是我們向製造商提供的價值主張，那就是我們擁有所有類別的貿易知識，並且是美國市場真正獨特的知識，正如您所知，可能對我來說，我們是美國市場的唯一參與者之一。

Having said that, our current fee-for-service, as I said, provides transparency. We have got certain rights in the event that there's a change in economics to negotiate with those manufacturers. And I think these are some of the manufacturers that we work with literally for decades. We're in the first fee-for-service generation of contracts. And I think they understand that our economics need to be strong and solid, and we need to offer good returns to our investors.

話雖如此，正如我所說，我們目前的服務收費提供了透明度。如果經濟狀況發生變化，我們擁有與這些製造商談判的某些權利。我認為這些是我們合作了數十年的一些製造商。我們正處於第一代按服務收費的合約中。我認為他們明白我們的經濟需要強勁而穩固，我們需要為投資者提供良好的回報。

And so these are respectful discussions with changes in business conditions. We expect -- we're not new to reimbursement changes affecting market prices. And again, we think that overall, this is a benefit to patients and at the end of the day, if it's benefiting our constituencies, that will benefit AmerisourceBergen. So I don't have a tremendous amount of concern on any of these things.

因此，這些都是對商業條件變化的尊重討論。我們預期－我們對影響市場價格的報銷變化並不陌生。再說一次，我們認為，總體而言，這對病人有利，歸根結底，如果它有利於我們的選區，也將使美源伯根受益。所以我對這些事情都沒有太多的擔憂。

Jim, anything you'd add?

吉姆，你還有什麼要補充的嗎？

Steve, I would just emphasize the point that you were making earlier that the value we provide in the supply chain and the services we provide are just highly justifiable.

史蒂夫，我只想強調您之前提出的觀點，即我們在供應鏈中提供的價值和我們提供的服務是非常合理的。

Thank you. Thanks, Eric.

謝謝。謝謝，埃里克。

Our next question comes from Erin Wright with Morgan Stanley.

我們的下一個問題來自摩根士丹利的艾琳賴特。

So on the international side of the business, can you speak a little bit more about what you're seeing in terms of underlying demand trends, underlying utilization across that wholesaling business? And then on World Courier, can you give us an update on fundamental demand to across that customer base? Have you seen any volatility there? And where are we at now in terms of integration across Alliance and its ability to work with the higher growth areas, such as World Courier?

那麼，在業務的國際方面，您能否更多地談談您在批發業務的基本需求趨勢和基本利用率方面所看到的情況？然後，在 World Courier 上，您能否向我們介紹該客戶群基本需求的最新情況？您看到那裡有波動嗎？就聯盟的整合及其與世界快遞等高成長領域合作的能力而言，我們現在處於什麼階段？

I can start off, and maybe Jim can add in some trends. I just would say that in Europe, it's been very resilient. There's nothing that I would report as surprising. Of course, Turkey is a big market for Alliance, and that's got a little bit more economic dependencies based on the economy and inflation. But our core European markets are very stable. I'm actually looking forward. I'm going next week to visit a bunch of the countries for the first time and very much looking forward to that trip and learning more. But demand remains solid. As you know, the winter was better than expected in terms of the energy shortfalls and deficits that were anticipated. And our markets have been performing very well.

我可以開始，也許吉姆可以添加一些趨勢。我只想說，在歐洲，它的韌性非常強。我認為沒有什麼令人驚訝的。當然，土耳其是聯盟的一個大市場，基於經濟和通貨膨脹，土耳其對經濟的依賴程度更高。但我們的核心歐洲市場非常穩定。我其實很期待。下週我將首次訪問許多國家，非常期待這次旅行並了解更多。但需求依然強勁。如您所知，就能源短缺和預期赤字而言，冬季比預期要好。我們的市場表現一直都非常好。

We continue to engage with regulators. For example, in France, we're looking at how do we help with a switch to doing more specialty in pharmacies in the community setting. Those are the sort of initiatives that really get us excited. How to do more at the retail setting and how do we even service some of the hospital settings through changes in manufacturer contracting, et cetera, looking at our logo business, those are key initiatives for us.

我們將繼續與監管機構合作。例如，在法國，我們正在研究如何幫助社區環境中的藥局轉向提供更多專業服務。這些舉措確實讓我們興奮不已。如何在零售環境中做更多事情，以及我們如何透過改變製造商合約等來為一些醫院環境提供服務，看看我們的標誌業務，這些是我們的關鍵舉措。

World Courier is just a tremendously high-performing asset. We continue to, I think, lift the bar on innovation. Literally, I'd say, and I try to be fairly modest then, but I am incredibly proud of the work that our companies do, and World Courier is just foremost amongst that. Every time I get on the phone with them, I'm so impressed with the dedication, the professionalism, the innovation mindset. And this was truly the best of an acquisition that we have completed.

World Courier 是一項業績非常出色的資產。我認為，我們將繼續提高創新標準。從字面上看，我會說，當時我盡量保持謙虛，但我對我們公司所做的工作感到非常自豪，而世界快遞就是其中最重要的。每次我與他們通電話時，他們的奉獻精神、專業精神和創新思維都給我留下了深刻的印象。這確實是我們完成的最好的收購。

This -- we took a very good private company that was well resourced in a way that had a great footprint. And we've just made it, I think, so much better, professionalized management, really invested in the systems. And this is a sort of thesis that drove also, I'd say, our Alliance investments. So we're tremendously proud of the World Courier. And of course, it's been part of AmerisourceBergen for 11 years now.

我們選擇了一家非常優秀的私人公司，該公司資源豐富，影響力巨大。我認為，我們剛剛取得了更好的專業化管理，並真正對系統進行了投資。我想說，這是一種推動我們聯盟投資的論點。因此，我們對 World Courier 感到非常自豪。當然，它已經成為 AmerisourceBergen 的一部分已有 11 年了。

Jim, anything you'd add on pricing trends?

吉姆，您對定價趨勢有什麼補充嗎？

Sure. I'll just say that we had very good operational performance internationally during the quarter. Revenue was down 0.2% on an as-reported basis, but up 11.9% on a constant currency basis. And operating income was down 5.9% on an as-reported basis, but up 7.3% on a constant currency basis. And please keep in mind that in this quarter last year, we had Profarma Specialty in the numbers also, which has since been divested, which contributed 3% of the segment operating income last year.

當然。我只想說，本季我們在國際上的營運表現非常好。以報告計算，營收下降 0.2%，但以固定匯率計算，營收成長 11.9%。以報告計算，營業收入下降 5.9%，但以固定匯率計算成長 7.3%。請記住，去年這個季度，我們還擁有 Profarma Specialty，該公司後來被剝離，貢獻了去年該部門營業收入的 3%。

As Steve said, one of the key drivers this quarter was performance at World Courier. And we are seeing, as Steve was saying, like good, workings and synergies between World Courier and Alloga at Alliance, and now PharmaLex is getting involved with that, and so there's good opportunities there. And we're also, from an administrative standpoint, seeing good shared services, opportunities between the business. And of course, as we've called out before, some very good tax synergies between the businesses as we become a more global company. So thank you for the question.

正如史蒂夫所說，本季的關鍵驅動因素之一是 World Courier 的表現。正如史蒂夫所說，我們看到 World Courier 和 Alliance 的 Alloga 之間的良好合作和協同效應，現在 PharmaLex 也參與其中，因此那裡有很好的機會。從管理的角度來看，我們也看到了企業之間良好的共享服務和機會。當然，正如我們之前所說，隨著我們成為一家更全球化的公司，業務之間會產生一些非常好的稅收協同效應。謝謝你的提問。

Our next question comes from Charles Rhyee with TD Cowen.

我們的下一個問題來自 Charles Rhyee 和 TD Cowen。

Yes. I just wanted to follow up on PharmaLex real quick. You talked about the opportunities to work with small and medium biotech companies. There's been obviously a lot of discussions regarding sort of the biotech funding [window]. Any comments on what you're seeing in the market right now? And what kind of feedback you're receiving from your clients as it relates to this? And then just a follow-up on OneOncology. You mentioned before the potential for value-based contracting. Can you go into that a little bit more? Is that something where you're looking to take risks in certain situations? And how would that look at that?

是的。我只是想快速跟進 PharmaLex。您談到了與中小型生物技術公司合作的機會。顯然，關於生物技術融資[窗口]的討論很多。您對目前市場上看到的情況有什麼評論嗎？您從客戶收到了哪些與此相關的回饋？然後是 OneOncology 的後續行動。您之前提到過基於價值的合約的潛力。能再詳細討論一下嗎？您是否希望在某些情況下冒險？那你會怎麼看呢？

Yes. Yes, let me quickly do the OneOncology question first because it's -- I appreciate getting that opportunity. Look, we are not -- first of all, they will be an independent business entity. Our point is that we have a lot of experience, particularly through our IR network of managing analytics and helping aggregate data on behalf of members.

是的。是的，讓我先快速回答 OneOncology 問題，因為我很高興獲得這個機會。看，我們不是——首先，他們將是一個獨立的商業實體。我們的觀點是，我們擁有豐富的經驗，特別是透過我們的 IR 網路來管理分析並幫助代表會員匯總數據。

OneOncology really will take it a step further. And we're saying that the future, the professional and clinical requirements to be in the community and to be serving cancer patients is only going to be increased. The bar is going to be lifted. So investing in this new model, we think, can benefit, of course, OneOncology and the 2 partners, that's TPG, AmerisourceBergen, but also the physicians who run the business, many of whom we've known for over 2 decades. These are very successful professional and business people. And we want to help use that expertise to deepen our relationships with community oncologists.

OneOncology 確實會更進一步。我們說，未來，進入社區並為癌症患者提供服務的專業和臨床要求只會增加。酒吧將會被取消。因此，我們認為，投資這種新模式當然可以使 OneOncology 和 2 個合作夥伴（TPG、AmerisourceBergen）受益，也可以使經營該業務的醫生受益，其中許多人我們已經認識了 20 多年。他們都是非常成功的專業人士和商人。我們希望利用這些專業知識來加深我們與社區腫瘤學家的關係。

So if you think about AmerisourceBergen right now, we have the distribution business. We have the ION business. And potentially, this is a third way for us to be involved and participate in the market. So I would say that.

因此，如果您現在考慮 AmerisourceBergen，我們有分銷業務。我們有ION業務。這可能是我們參與市場的第三種方式。所以我會這麼說。

On the biotech and the funding, our business gets really impacted by long-term trends. I am convinced, and I think everyone in the life sciences business should be that there are incredible investment thesis that makes sense for a venture capital and all other forms of capital to invest behind. We're only getting smarter. I think areas like ChatGPT are going to enhance, artificial intelligence really going to enhance the drug discovery process. It's going to enhance the ability to share information. I think there are trends of cooperation between a lot of the countries that AmerisourceBergen serves that could help also facilitate launching of drugs. And I just think it's a tremendous time to be in this industry.

在生物技術和融資方面，我們的業務確實受到長期趨勢的影響。我相信，而且我認為生命科學產業的每個人都應該相信，存在著令人難以置信的投資理論，對於創投和所有其他形式的資本投資都是有意義的。我們只會變得更聰明。我認為像 ChatGPT 這樣的領域將會增強，人工智慧確實會增強藥物發現過程。它將增強共享資訊的能力。我認為 AmerisourceBergen 服務的許多國家之間存在合作趨勢，這也有助於促進藥物的上市。我只是認為現在是進入這個行業的絕佳時機。

And we've talked a lot on this call about the GLP-1 class of drugs. I mean, could be incredibly promising. Of course, we all know some good stories here about people who've been prediabetic and have been literally -- the clinical pathway has been altered by this. So tremendously excited to be a part of this. And I think AmerisourceBergen is really of the scale, sophistication and knowledge base that we can help truly make a difference in patients' lives, which is part of our purpose.

我們在這次電話會議上談論了很多有關 GLP-1 類藥物的內容。我的意思是，可能會非常有前途。當然，我們都知道一些關於糖尿病前期患者的好故事，並且實際上 - 臨床途徑已因此改變。能夠參與其中感到非常興奮。我認為 AmerisourceBergen 確實具有規模、複雜性和知識基礎，我們可以幫助真正改變患者的生活，這是我們目的的一部分。

Jim, anything you'd add?

吉姆，你還有什麼要補充的嗎？

I think that covers it, Steve. Thanks.

我想這已經涵蓋了，史蒂夫。謝謝。

Yes. And just one thing. If we look at AmerisourceBergen, a lot of the work we do, even at companies like PharmaLex, it really doesn't start in Phase I and II. It's -- fortunately, we're more in the Phase III side. So I think that's just another point that Bennett wanted me to make. Got to give the investor guy some credit here.

是的。只有一件事。如果我們看看 AmerisourceBergen，我們所做的很多工作，即使是像 PharmaLex 這樣的公司，也確實不是從第一階段和第二階段開始的。幸運的是，我們更多地處於第三階段。所以我認為這只是貝內特希望我表達的另一點。在這裡必須給投資者一些信任。

Our next question comes from Michael Cherny with Bank of America.

我們的下一個問題來自美國銀行的麥可·切爾尼。

Jim or Steve, in the press release, you noted how some of the strength in the quarter is from your 2 largest customers. I guess maybe juxtapose that, can you give us an update on what you're seeing on the smaller customer side? Where your independents are focused with you? And if at this point in time, given macro worries, if there are any other services that you've either started to provide or other opportunities where you can help and support them as they work to sustain and manage their businesses.

吉姆或史蒂夫，在新聞稿中，您指出本季的一些優勢來自於您的兩個最大客戶。我想也許可以將其並置，您能為我們介紹一下您在小客戶方面看到的最新情況嗎？您的獨立人士關注的焦點在哪裡？如果此時此刻，考慮到宏觀擔憂，您是否已經開始提供任何其他服務或其他機會，可以在他們努力維持和管理其業務時幫助和支持他們。

Go ahead, Jim.

繼續吧，吉姆。

Yes. I would say kind of a key thing about the quarter and is just how broad based the results were particularly in the U.S. business. And we called out sales to largest customers, and we provide details on that in the Q. And we did see our 2 largest customers have quite good growth in sales. We also called out, as we frequently do, increase in sales of specialty products to both physician practices and health systems. But just -- those are just 2 of the things that we called out. I think probably the kind of the key thing on this quarter in the U.S. is just how broad-based it was, and that would include strong performance in independent -- excuse me, independent pharmacies also. And then as I said earlier, a very good quarter in the Animal Health business.

是的。我想說的是，本季的一個關鍵問題是，結果的基礎有多廣泛，尤其是在美國業務中。我們向最大的客戶進行了銷售，並在問題中提供了詳細資訊。正如我們經常所做的那樣，我們也呼籲增加向醫生診所和衛生系統銷售特殊產品。但這只是我們呼籲的其中兩件事。我認為美國本季的關鍵問題可能在於它的基礎有多廣泛，這將包括獨立藥局的強勁表現——對不起，獨立藥局也是如此。正如我之前所說，動物保健業務的季度表現非常好。

And I think Steve has a couple of things he wants to follow up on.

我認為史蒂夫有幾件事他想跟進。

Yes. I mean, it's -- the community pharmacists, it's quite incredible how well they hold up. And I think in a way, that sure in the initial days of COVID, I think there was a trend towards people and (inaudible) having more market share. But this marketplace really supports all sorts of pharmacy solutions. Definitely, I think the role of the vaccinations in the pharmacies has been a good example of our pharmacists practicing at the top of their scale. And we continue to see our pharmacy customers gain inroads and preserve their market share. And that, in fact, I think most of our payer customers, when we look at our Elevate Network, recognize that they have an important role to play. We try to get, as we pointed out in the script, community pharmacists to play even a role in looking for clinical trial participants, patients that could participate, particularly in disaffected communities, communities that don't often participate in trials.

是的。我的意思是，社區藥劑師的表現令人難以置信。我認為，在某種程度上，在新冠疫情爆發的最初幾天，我認為存在著一種趨勢，即人們和（聽不清楚）擁有更多的市場份額。但這個市場確實支持各種藥房解決方案。當然，我認為疫苗接種在藥房中的作用是我們藥劑師在其規模頂級執業的一個很好的例子。我們繼續看到我們的藥房客戶取得進展並保持其市場份額。事實上，我認為我們的大多數付款客戶在查看我們的 Elevate Network 時都認識到他們可以發揮重要作用。正如我們在劇本中指出的那樣，我們試圖讓社區藥劑師在尋找臨床試驗參與者、可以參與的患者方面發揮作用，特別是在不滿的社區、不經常參加試驗的社區。

So it's just an exciting time to do this kind of work. It's an exciting time for our customers. We have our trade show coming up over the summer. And I know that engaging with those folks always just makes us excited about how they're looking at their patients, their communities and what they can do to serve. Also, I would say, our Oncology business, which is comprised largely of independent oncology practices, continues to thrive, and I think it will only be strengthened by the continued commitment that we show to the sector. And I think that's the message to our customers on why we're investing in OneOncology as one of the lead investors. Thank you.

因此，現在是開展此類工作的令人興奮的時刻。對於我們的客戶來說，這是一個令人興奮的時刻。我們的貿易展將在夏天舉行。我知道，與這些人的接觸總是讓我們對他們如何看待他們的病人、他們的社區以及他們可以做些什麼服務感到興奮。此外，我想說，我們的腫瘤業務主要由獨立的腫瘤學實踐組成，將繼續蓬勃發展，而且我認為，只有透過我們對該行業的持續承諾，這項業務才會得到加強。我認為這就是向我們的客戶傳達的訊息，說明我們作為主要投資者之一投資 OneOncology 的原因。謝謝。

Our next question comes from Steven Valiquette with Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

So I also have just a couple of questions here on OneOncology. I guess, first, just to confirm a couple of things on the structure. I guess it's not clear. Will the new JV with TPG consolidate the total practice revenues generated from the 900 affiliated providers? Or is the revenue in the JV more derived from some sort of adviser fees or just some cut of the practice rate? Just want to get a sense for how much of a true ownership there is of the affiliated providers.

我還有幾個關於 OneOncology 的問題。我想，首先，只是為了確認結構上的一些事情。我想這還不清楚。與 TPG 成立的新合資企業是否會合併 900 家附屬提供者所產生的總營業收入？或者合資企業的收入更多來自某種顧問費還是只是部分執業費率的削減？只是想了解附屬提供者的真正所有權有多少。

And then question two, just thinking about the synergy potential, it wasn't clear. Is ABC currently the primary drug distributor to the majority of the roughly 900 affiliated practices? Or do your competitors have a large -- or a material share of that distribution that under your ownership, you could theoretically shift to yourselves? Just want to get a sense for that, too.

然後問題二，只考慮協同潛力，還不清楚。 ABC 目前是大約 900 家附屬診所中大多數的主要藥品分銷商嗎？或者你的競爭對手是否在你擁有的分配中擁有很大的或實質性的份額，理論上你可以將其轉移給你自己？我也想了解一下。

Yes. OneOncology is technically an MSO, so they get management fees and then they offer some benefits of centralization. They have focused on leading practices across -- they're in several geographies. And oncology supply has been the lead distributor for almost -- for all the practices. It's possible that some of the practices may not be fully integrated and using one of our competitors. But as you know, if you exclude OneOncology, AmerisourceBergen's share of community oncology is pretty high. So really would anticipate that as they bring new practices in that we would benefit from that. But no, we are the primary distributor to OneOncology.

是的。 OneOncology 從技術上講是一家 MSO，因此他們獲得管理費，然後提供一些集中化的好處。他們專注於跨多個地區的領先實踐。腫瘤學供應幾乎是所有實踐的主要經銷商。有些做法可能沒有完全整合並使用我們的競爭對手之一。但如您所知，如果排除 OneOncology，AmerisourceBergen 在社區腫瘤學領域的份額相當高。因此，我們確實預計，當他們帶來新的實踐時，我們將從中受益。但不，我們是 OneOncology 的主要經銷商。

Jim, add something?

吉姆，添加一些東西嗎？

Yes, Steve, I'll just follow up. And the deal is structured as a joint venture, and we do not own the practices, nor consolidate the revenue, as Steve was saying. And of course, it's a JV between AmerisourceBergen, TPG and OneOncology's affiliated practices and physicians. And upon closing the deal, we'd expect to have an initial ownership stake of approximately 35% in the joint venture with TPG, and the OneOncology practices and physicians owning the remaining 65%. And we currently intend to account for the investment after closing under the equity method of accounting, and our share of the joint venture's income or loss would be recorded in other income and included in our adjusted operating results.

是的，史蒂夫，我會跟進。正如史蒂夫所說，這筆交易是一家合資企業，我們不擁有這些業務，也不合併收入。當然，它是 AmerisourceBergen、TPG 和 OneOncology 附屬診所和醫生之間的合資企業。交易完成後，我們預計將在與 TPG 的合資企業中擁有約 35% 的初始股權，而 OneOncology 診所和醫生則擁有剩餘的 65% 股權。我們目前打算在交割後依照權益會計法對投資進行會計處理，我們在合資企業的收入或損失中所佔的份額將記錄在其他收入中，併計入我們調整後的經營業績中。

Thank you.

謝謝。

Our next question comes from Daniel Grosslight with Citi.

我們的下一個問題來自花旗銀行的 Daniel Grosslight。

I'm sure we'll get more details in the queue on this. But apart from the expected normalization what drove Animal Health strength this quarter? And how is companion versus production trending?

我確信我們會在隊列中獲得更多有關此問題的詳細資訊。但除了預期的正常化之外，是什麼推動了本季動物保健業務的強勁發展？伴侶與製作的趨勢如何？

Yes, it was a good quarter for the Animal Health business. And we signaled 3 months ago during our earnings call, but that's what we expected as a normalization of the business. And there was 6% revenue growth, and it was a good revenue growth in both companion animal and production animal during the quarter. We feel there probably are still some staffing pressures at that clinics weighing on visits, but we felt good about the 6% growth, and it was comparable growth rates in both companion animal and production animal. And I think importantly, we saw solid trends exiting March.

是的，對於動物保健業務來說，這是一個不錯的季度。我們在三個月前的財報電話會議上就曾表示過這項訊號，但這正是我們對業務正常化的預期。收入成長了 6%，無論是伴侶動物還是生產動物，本季的收入成長都不錯。我們認為診所可能仍存在一些人手壓力，導致就診量增加，但我們對 6% 的成長率感到滿意，而且伴侶動物和生產動物的成長率相當。我認為重要的是，我們在三月看到了堅實的趨勢。

Thank you. I will now take the final question, please.

謝謝。現在請我回答最後一個問題。

Our next question comes from George Hill with Deutsche Bank.

我們的下一個問題來自德意志銀行的喬治·希爾。

Just a quick one on 340B. There's been a lot of manufacturer pullback in the 340B space. I'm wondering if you guys have seen that impact, either yourselves directly through your relationships with health system providers or even though you called out the strength in your largest customers, kind of any impact on your largest customers? And Jim, I thought maybe you might just remind us kind of what percentage of the core drug business is exposed to kind of doctors and health system providers as opposed to pharmacies and other, what we would consider regular way retail locations?

簡單介紹一下 340B。許多製造商都在 340B 領域撤退。我想知道你們是否直接透過與衛生系統提供者的關係看到了這種影響，或者即使你們強調了最大客戶的力量，對最大客戶有什麼影響嗎？吉姆，我想也許你可能只是提醒我們，核心藥品業務中有多少比例接觸到醫生和衛生系統提供商，而不是藥房和其他我們認為常規零售地點？

We don't really comment on it. I mean, obviously, the general trend is that 340B is growing. AmerisourceBergen is growing in our health systems business. It's an important customer segment for us. I think a couple of years ago, we were lagging a bit in market share. We've really been able to enhance the team in the health system segment of growing with market leaders. We have, I think, good relationships with the hospital GPOs and with other key providers and continue to participate where it makes sense in RFPs.

我們對此並不真正發表評論。我的意思是，顯然，總體趨勢是 340B 正在成長。 AmerisourceBergen 的醫療系統業務不斷發展。這對我們來說是一個重要的客戶群。我認為幾年前，我們的市佔率有點落後。我們確實能夠增強醫療系統領域的團隊，並與市場領導者一起成長。我認為，我們與醫院 GPO 和其他主要提供者有著良好的關係，並將繼續參與 RFP 中有意義的部分。

Probably this is a sector where there's more RFPs because of the contractual relationships. And a lot of the hospitals are in the $500 million to -- $400 million to $700 million, $800 million range in annual volume, which wouldn't be big enough for us to comment on an individual basis, but there's pretty -- every few months, we participate in a large hospital, where it makes sense for us to participate.

由於合約關係，這個行業可能會有更多的 RFP。許多醫院的年營業額在 5 億美元到 4 億美元到 7 億美元、8 億美元之間，這個數字不足以讓我們對個人進行評論，但也有相當多的醫院。一家大醫院，對我們來說參與是有意義的。

I would say on 340B, we follow the market. Obviously, some of this historically had hurt some of our Part B cap business as it went into health systems. I think we've been very effective at servicing both classes of trade and being objective providers. I think often this channel -- the thoughts of channel conflict can largely be dismissed and objectively by being a fair provider and really being transparent about what your different strategies are. And so we don't really overfocus on this and just follow that prescription dollar, and I think that's been the best strategy for us, George.

我想說，對於340B，我們遵循市場。顯然，其中一些問題在歷史上損害了我們的 B 部分上限業務，因為它進入了衛生系統。我認為我們在為兩類貿易提供服務並成為客觀的供應商方面非常有效。我認為通常這個管道——管道衝突的想法可以在很大程度上被駁回，並且客觀地透過成為一個公平的提供者並且真正透明地了解你的不同策略是什麼。因此，我們並沒有真正過度關注這一點，只是遵循處方藥，我認為這對我們來說是最好的策略，喬治。

So I see we're a little bit past 9:30. So I just want to say how proud Jim and Bennett and I were to report this quarter. It's a tremendously strong second quarter for AB. I think really enhances the theme of us making the right sort of capital deployments. Our acquisitions that we've made recently continued to track very well, and I think it adds hopefully to our reputation of solid execution and building on our strengths. We are excited to have OneOncology join our family of companies in a way through the investment that we've made.

我發現我們已經過了 9 點 30 分了。所以我只想說吉姆、貝內特和我對本季的報告感到多麼自豪。對於 AB 來說，這是一個非常強勁的第二季。我認為確實增強了我們進行正確的資本部署的主題。我們最近的收購繼續進展順利，我認為這有望提高我們紮實執行和增強實力的聲譽。我們很高興 OneOncology 透過我們的投資加入我們的公司大家庭。

And just in summary, I would say that AmerisourceBergen as a purpose-driven company and future as Cencora is very well positioned for long-term growth, and we'll offer our shareholders a differentiated return. Thank you very much.

總而言之，我想說，AmerisourceBergen 作為一家以目標為導向的公司，未來將作為 Cencora，處於長期成長的有利位置，我們將為股東提供差異化的回報。非常感謝。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開線路了。