Cencora Inc (COR) 2025 Q1 法說會逐字稿

Hello, and welcome, everyone, to the Cencora Q1 fiscal year 2025 earnings call. My name is Becky, and I'll be your operator today. (Operator Instructions)

大家好，歡迎參加 Cencora 2025 財年第一季財報電話會議。我叫貝基，今天我將擔任您的接線生。（操作員指令）

I will now hand over to your host, Head of Investor Relations, Bennett Murphy, to begin. Please go ahead.

現在我將把主持人、投資者關係主管 Bennett Murphy 交給他開始。請繼續。

Thank you. Good morning, good afternoon, and thank you all for joining us for this conference call to discuss Cencora's fiscal 2025 first quarter results. I am Bennett Murphy, Senior Vice President, Head of Investor Relations and Treasury. Joining me today are Bob Mauch, President and CEO; and Jim Cleary, Executive Vice President and CFO.

謝謝。早安，下午好，感謝大家參加本次電話會議討論 Cencora 2025 財年第一季業績。我是 Bennett Murphy，資深副總裁、投資者關係和財務主管。今天與我一起出席的還有總裁兼執行長 Bob Mauch；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.cencora.com. We have 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指標與 GAAP 的對帳表，您可以在我們的網站 investor.cencora.com 上查閱。我們也在投資者網站上發布了與今天的新聞稿配套的幻燈片演示。

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 to today's press release and our SEC filings, including our most recent 10-K.

在本次電話會議中，我們將根據調整後的非公認會計準則對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，並受不確定性和變化的影響。有關關鍵風險和假設的討論，我們參考了今天的新聞稿和我們的 SEC 文件，包括我們最近的 10-K 文件。

Cencora assumes no obligation to update any forward-looking statements, and this call cannot be rebroadcast without the expressed permission of the company. (Event Instructions)

Cencora 不承擔更新任何前瞻性聲明的義務，未經本公司明確許可，不得重播本次電話會議。(活動須知)

With that, I'll turn the call over to Bob.

說完這些，我會把電話轉給鮑伯。

Thank you, Bennett. Hi, everyone, and thank you for joining Cencora's fiscal 2025 first quarter earnings call. Before we begin, I want to thank the 40-plus thousand global Cencora team members. It's because of their purpose-driven approach expertise and dedication to meeting the needs of customers and patients worldwide that Jim and I have the pleasure of reporting strong Q1 results and updated guidance today.

謝謝你，班尼特。大家好，感謝您參加 Cencora 2025 財年第一季財報電話會議。在我們開始之前，我要感謝全球 4 萬多名 Cencora 團隊成員。正是由於他們以目標為導向的方法、專業知識和致力於滿足全球客戶和患者的需求，吉姆和我今天才高興地報告強勁的第一季業績和最新的指引。

Cencora delivered a strong start to our fiscal year. with revenue growth of 13% and adjusted EPS growth of 14%. We are also excited to share that due to the strength in execution in our US business, we are raising guidance for the fiscal year. We benefit from our position as a leading health care solutions provider with a pharmaceutical-centric strategy and a purpose-driven culture, which enables us to capitalize on positive industry trends and innovation.

Cencora 為我們的財政年度取得了良好的開端。營收成長 13%，調整後每股收益成長 14%。我們也很高興地分享，由於我們美國業務的執行力強勁，我們正在提高本財年的業績預期。我們受益於作為領先醫療保健解決方案提供者的地位，擁有以醫藥為中心的策略和目標驅動的文化，這使我們能夠利用積極的行業趨勢和創新。

Today, I will emphasize three areas of progress in executing our strategy and driving performance in the quarter. First, advancing our leadership in specialty where we took important steps forward. Second, driving efficiency and productivity through advanced technology and expert teams across the enterprise. And third, executing with a customer-centric mindset as we continue to collaborate and innovate with our customers throughout the supply chain.

今天，我將強調我們在執行策略和推動本季業績方面取得的三個進展。一是提升專業領域領導力，並邁出了重要步伐。第二，透過先進的技術和全企業的專家團隊來提高效率和生產力。第三，我們將繼續在整個供應鏈中與客戶合作和創新，並秉持以客戶為中心的理念。

I'll begin with advancing our leadership in specialty. Our leadership supporting specialty providers is a key differentiator and growth driver for Cencora and we've evolved our service offerings over time. Over decades, we've deepened our relationships with our specialty provider customers with the expansion of specialty GPOs and other capabilities. The logical next step is through managed service organizations. This is in line with our long-term commitment to support community providers and extension of that work.

我首先要提升我們在專業領域的領導地位。我們對專業供應商的領導支持是 Cencora 的關鍵差異化因素和成長動力，並且我們隨著時間的推移不斷改進我們的服務產品。幾十年來，我們透過擴展專業 GPO 和其他能力，加深了與專業供應商客戶的關係。合乎邏輯的下一步是透過託管服務組織。這符合我們長期支持社區服務和擴展這項工作的承諾。

After expanding significant time understanding the MSO business through our investment in OneOncology, we announced the acquisition of RCA, Retina Consultants of America, and we are incredibly happy to have completed that acquisition on January 2.

透過投資 OneOncology，我們花了大量時間了解 MSO 業務後，宣布收購 RCA（美國視網膜顧問公司），我們非常高興於 1 月 2 日完成此次收購。

RCA is a leading retina MSO and differentiated by its leadership team, clinical excellence, premier physician partner practices and positioning at the forefront of retina innovation through its clinical research capabilities. This acquisition, like our investment in OneOncology fits squarely into our strategy and growth by expanding our leadership in specialty in a high-growth pharmaceutical-centric segment building on our services for our customers and positioning us well in a medical specialty that has seen significant innovation.

RCA 是領先的視網膜 MSO，其領導團隊、臨床卓越性、一流的醫生合作夥伴實踐以及透過臨床研究能力在視網膜創新領域的領先地位使其與眾不同。這次收購就像我們對 OneOncology 的投資一樣，完全符合我們的策略和成長，它擴大了我們在高成長的以製藥為中心的領域的專業領導地位，在我們為客戶提供服務的基礎上，使我們在經歷重大創新的醫療專業領域佔據了有利地位。

While it's early days, we're excited about what we believe our combined organizations will accomplish together. Next is driving efficiency and productivity through advanced technology and expert teams. We are focused on continuously enhancing our capabilities and increasing efficiency through advanced technology and collaboration across our global teams.

儘管還處於早期階段，但我們對合併後的組織將共同取得的成就感到興奮。其次是透過先進的技術和專家團隊來提高效率和生產力。我們專注於透過先進的技術和全球團隊的協作不斷增強我們的能力並提高效率。

Across the organization, we are working to streamline operations optimize business processes and unlock enterprise-wide value. In the quarter, we worked throughout our business to upgrade systems to safeguard the resiliency of our infrastructure and ensure we maintain best-in-class standards. This allows us to streamline our operations for enhanced customer satisfaction. All of this aligned with our digital transformation strategy, focuses on enhancing customer experience and accelerating decision-making as we leverage global talent and capabilities to enhance efficiency, scalability and innovation. All while meeting the needs of our partners, both now and in the future.

在整個組織中，我們正在努力簡化運營，優化業務流程並釋放整個企業的價值。在本季度，我們致力於在整個業務範圍內升級系統，以確保我們基礎設施的彈性並確保我們保持一流的標準。這使我們能夠簡化運營，從而提高客戶滿意度。所有這些都符合我們的數位轉型策略，專注於增強客戶體驗和加快決策，同時利用全球人才和能力來提高效率、可擴展性和創新。同時滿足我們合作夥伴現在和未來的需求。

And finally, executing with a customer-centric mindset and innovating with our customers. At Cencora, we lead with market leaders. Our portfolio of customers is second to none, driving innovation through drug development, elevating patient care and access through their patient-first approaches. Cencora team members with world-class expertise are working in cross-functional teams collaborating with customers to meet their evolving needs. In the quarter, we were able to display solutions created as a result of working closely with our customers at our inaugural product showcase.

最後，以客戶為中心的理念執行並與客戶一起創新。在 Cencora，我們與市場領導者一起引領。我們的客戶組合是首屈一指的，透過藥物開發推動創新，透過以患者為中心的方法提高患者護理水平和治療可及性。擁有世界一流專業知識的 Cencora 團隊成員正在跨職能團隊中與客戶合作以滿足他們不斷變化的需求。在本季度，我們在首次產品展示會上展示了與客戶密切合作而創造的解決方案。

Our product showcase enabled us to demonstrate advanced solutions in areas like inventory planning and management, specialty GPO, and as well as cell therapy and gene therapy solutions. Another example is our enterprise leadership team just returned from the United Kingdom, visiting elements of our international operations spending time on the ground with our leaders and engaging with several top biopharma customers.

我們的產品展示使我們能夠展示庫存計劃和管理、專業 GPO 以及細胞治療和基因治療解決方案等領域的先進解決方案。另一個例子是，我們的企業領導團隊剛從英國回來，訪問了我們國際業務的各個部分，與我們的領導在當地度過了一段時光，並與幾家頂級生物製藥客戶進行了接觸。

Our global footprint and expertise set us apart and gives us the unique ability to combine local expertise with global infrastructure, best meeting the needs of biopharma companies. We are focusing on building on our strengths and value proposition to pharma with our services like market access, regulatory, pharmacovigilance and our unparalleled 3PL and specialty logistics networks.

我們的全球影響力和專業知識使我們脫穎而出，並賦予我們獨特的能力，將本地專業知識與全球基礎設施相結合，最好地滿足生物製藥公司的需求。我們致力於利用市場准入、監管、藥物警戒以及我們無與倫比的第三方物流和專業物流網絡等服務，為製藥業打造我們的優勢和價值主張。

This differentiated approach is strategically important to our biopharma customer relationships over the long term and it's how we capitalize on growth of specialty products in the European market, which has a different structure than in the US but is similar and that our foundation in pharmaceutical distribution and portfolio of services enables us to support pharmaceutical innovation while growing our higher growth, higher-margin services.

這種差異化的方法對於我們長期的生物製藥客戶關係具有戰略重要性，也是我們如何利用歐洲市場特色產品的增長，歐洲市場的結構與美國不同，但相似，我們在藥品分銷和服務組合方面的基礎使我們能夠支持藥品創新，同時發展我們更高增長、更高利潤的服務。

In closing, and before I hand it over to Jim, Cencora performance is powered by an amazing global workforce who are advancing our leadership in specialty, driving efficiency and productivity through advanced technology and expert teams and executing with a customer-centric mindset as we continue to collaborate and innovate with our customers.

最後，在我將發言權交給 Jim 之前，Cencora 的業績得益於一支出色的全球員工隊伍，他們正在提升我們在專業領域的領導地位，透過先進的技術和專家團隊提高效率和生產力，並以客戶為中心的思維方式執行任務，繼續與客戶合作和創新。

Looking ahead, we will maintain focus, executing against our strategy and amplifying the areas that are fundamental to our success, driving increased value for all our stakeholders. Thank you once again to all Cencora team members.

展望未來，我們將繼續集中精力，嚴格執行我們的策略，擴大對我們成功至關重要的領域，為所有利害關係人創造更高的價值。再次感謝所有 Cencora 團隊成員。

And with that, I'll turn the call over to Jim for an in-depth review of our first quarter results and our updated fiscal 2025 guidance.

說完這些，我將把電話轉給吉姆，讓他深入審查我們的第一季業績和更新的 2025 財年指引。

Thanks, Bob. Good morning, and good afternoon, everyone. As a reminder, before I turn to my prepared remarks, Unless otherwise stated, my remarks today will focus on our adjusted non-GAAP financial results. For a detailed discussion of our GAAP results, please refer to our earnings press release and presentation. Cencora delivered strong results in the first quarter of fiscal 2025 as our US Healthcare Solutions segment outperformed expectations due to strong prescription utilization trends and we capitalized on the growth of our industry, the continued momentum of our business and the expertise of our teams.

謝謝，鮑伯。大家早安，下午好。提醒一下，在我發表準備好的發言之前，除非另有說明，我今天的發言將重點放在我們的調整後非公認會計準則財務結果。有關我們的 GAAP 結果的詳細討論，請參閱我們的收益新聞稿和簡報。Cencora 在 2025 財年第一季取得了強勁的業績，因為我們的美國醫療保健解決方案部門由於強勁的處方使用趨勢而表現超出預期，並且我們利用了行業的增長、業務的持續發展勢頭以及團隊的專業知識。

As Bob mentioned, adjusted diluted EPS increased 14% and to $3.73 in the first quarter. And for the second time in fiscal 2025, we are raising our adjusted diluted EPS guidance for the full year. I'll now turn to a review of our consolidated first quarter results, starting with revenue. Our consolidated revenue was $81.5 billion, up 13% and primarily due to strong revenue growth in the US Healthcare Solutions segment as we continue to benefit from overall market and volume growth, including increased sales of GLP-1 products. Excluding sales of GLP-1s, our consolidated revenue growth would have been 9%.

正如鮑伯所提到的，第一季調整後稀釋每股盈餘成長 14%，達到 3.73 美元。在 2025 財年，我們將第二次調高全年調整後稀釋每股盈餘預期。現在我將回顧我們第一季的綜合業績，首先是收入。我們的綜合收入為 815 億美元，成長 13%，主要由於美國醫療保健解決方案部門的收入強勁增長，因為我們繼續受益於整體市場和銷售成長，包括 GLP-1 產品銷售額的成長。不包括 GLP-1 的銷售，我們的綜合收入成長率將達到 9%。

Turning now to gross profit. Consolidated gross profit was $2.5 billion, up 6% and with growth in both the US and International Healthcare Solutions segments. Consolidated gross profit margin was 3.11%, a decrease of 20 basis points driven by the continued increase in sales of low-margin GLP-1 products combined with lower sales of commercial COVID-19 vaccines and a lack of sales of exclusive COVID-19 therapies all of which negatively impacted our gross profit margin versus the prior year quarter.

現在來談談毛利。綜合毛利為 25 億美元，成長 6%，美國和國際醫療保健解決方案部門均成長。綜合毛利率為 3.11%，下降了 20 個基點，原因是低利潤率的 GLP-1 產品銷售額持續增長，加上商業 COVID-19 疫苗銷售額下降，以及缺乏獨家 COVID-19 療法的銷售，所有這些都對我們的毛利率產生了負面影響與去年同期相比。

Moving now to operating expenses. In the quarter, consolidated operating expenses were $1.6 billion, up approximately 6% due to higher distribution, selling and administrative expenses to support revenue growth. Consolidated operating income was $949 million, an increase of 7% compared to the prior year quarter primarily due to 10% growth in the US Healthcare Solutions segment, which I will discuss in more detail in the segment level results.

現在談談營運費用。本季度，綜合營業費用為 16 億美元，成長約 6%，原因是分銷、銷售和管理費用增加以支持收入成長。綜合營業收入為 9.49 億美元，比去年同期增長 7%，主要由於美國醫療保健解決方案部門增長 10%，我將在部門層面的結果中更詳細地討論這一點。

Moving now to our net interest expense and effective tax rate for the first quarter. Net interest expense was $28 million, down 31% due to higher interest income resulting from higher average investment cash balances and interest rates partially offset by an increase in interest expense.

現在來看看第一季的淨利息支出和有效稅率。淨利息支出為 2,800 萬美元，下降 31%，原因是平均投資現金餘額和利率上升導致利息收入增加，但利息支出的增加部分抵消了這一影響。

Turning now to income taxes. Our effective income tax rate was 20% compared to 21% in the prior year quarter. Finally, our diluted share count was 195.2 million shares, a 3% decline compared to the prior year first quarter driven by approximately $1.5 billion of opportunistic share repurchases during the period of February through October of 2024.

現在來談談所得稅。我們的實際所得稅率為 20%，而去年同期為 21%。最後，我們的稀釋股數為 1.952 億股，與去年同期相比下降了 3%，這主要是由於 2024 年 2 月至 10 月期間機會性股票回購了約 15 億美元。

As a reminder, as it relates to capital allocation, in the near term, we will prioritize deleveraging given the recent RCA acquisition. Regarding our cash balance and adjusted free cash flow, we used $2.7 billion of cash in our operations during the quarter, resulting in negative adjusted free cash flow of $2.8 billion due to the timing of flows at the end of the calendar year. We continue to expect full year adjusted free cash flow to be in the range of $2 billion to $3 billion. This completes the review of our consolidated results.

提醒一下，由於它與資本配置有關，短期內，考慮到最近的 RCA 收購，我們將優先考慮去槓桿。關於我們的現金餘額和調整後的自由現金流，我們在本季的營運中使用了 27 億美元的現金，由於現金流發生在日曆年末，導致調整後的自由現金流為負 28 億美元。我們繼續預計全年調整後的自由現金流將在 20 億美元至 30 億美元之間。這就完成了我們合併結果的審查。

Now I'll turn to our segment results for the first quarter. US Healthcare Solutions segment revenue was $74 billion, up 14% as we continued to see broad-based strong utilization trends including continued volume growth in GLP-1s and growth in sales to specialty position practices and health systems. In the quarter, sales of GLP-1 products were up $3.2 billion representing a 53% increase year-over-year. Excluding sales of GLP-1 products, US segment revenue growth would have been 10% for the quarter.

現在我來介紹一下我們第一季的分部業績。美國醫療保健解決方案部門收入為 740 億美元，成長 14%，因為我們繼續看到廣泛強勁的利用趨勢，包括 GLP-1 的持續銷售成長以及專業職位實踐和醫療系統的銷售額成長。本季度，GLP-1產品的銷售額成長32億美元，年增53%。不包括 GLP-1 產品的銷售，美國分部本季的營收成長率將達到 10%。

US Healthcare Solutions segment operating income increased 10% to $767 million, driven by growth at our Human Health distribution businesses, including specialty products and across commercial segments, including Animal Health, more than offsetting the significant headwind from lower sales of COVID-19 vaccines and lack of sales of exclusive COVID-19 therapies in the current year quarter.

美國醫療保健解決方案部門營業收入增長 10%，至 7.67 億美元，這得益於我們人類健康分銷業務（包括特色產品）以及包括動物健康在內的商業部門的增長，足以抵消本季度 COVID-19 疫苗銷量下降和獨家 COVID-19 療法銷售不足帶來的巨大阻力。

To provide a little more detail on the headwinds in the first quarter of fiscal 2025, the contribution from COVID-19 vaccines was about half that of the prior year quarter and we expect a similar sized operating income headwind in the second quarter of fiscal 2025, meaning no significant expected contribution from COVID vaccines in our second quarter of fiscal 2025.

為了更詳細地介紹 2025 財年第一季的不利因素，COVID-19 疫苗的貢獻約為去年同期的一半，我們預計 2025 財年第二季度的營業收入將出現類似規模的不利因素，這意味著在 2025 財年第二季度，COVID 疫苗預計不會帶來重大貢獻。

And as it relates to exclusive therapies, as a reminder, the first quarter of fiscal 2024 was the final quarter of contribution from exclusive COVID-19 therapies which contributed $0.06 to our first quarter of fiscal 2024. I will now turn to our International Healthcare Solutions segment. In the quarter, International Healthcare Solutions revenue was $7.5 billion, up approximately 6% on an as-reported basis and up almost 9% on a constant currency basis due to increased sales at our European distribution business. International Healthcare Solutions operating income was $182 million, down 3% on an as-reported basis and up 3% on a constant currency basis.

關於獨家療法，需要提醒的是，2024 財年第一季是獨家 COVID-19 療法貢獻的最後一個季度，為我們 2024 財年第一季度貢獻了 0.06 美元。現在我將談談我們的國際醫療保健解決方案部門。本季度，國際醫療保健解決方案收入為 75 億美元，按報告基礎計算增長約 6%，按固定匯率計算增長近 9%，這得益於我們歐洲分銷業務的銷售額增長。國際醫療解決方案營業收入為 1.82 億美元，以報告基礎下降 3%，以固定匯率計算成長 3%。

In the quarter, lower operating income at our global specialty logistics business was partially offset by better results at our European distribution business. Our global specialty logistics business had a strong quarter in the prior year period, and this quarter was more challenging as clinical trial activity remains subdued. The business remains focused on its pipeline and targeted in its regional prioritization of new volume growth we expect to see business performance improve later in fiscal 2025 as demand for our premium service capabilities increases from its current levels.

本季度，我們全球專業物流業務的營業收入下降被歐洲分銷業務的較好業績部分抵銷。我們的全球專業物流業務在去年同期表現強勁，但由於臨床試驗活動仍然低迷，本季的挑戰更大。該業務仍專注於其管道，並以區域優先考慮新銷售成長為目標，我們預計，隨著對我們優質服務能力的需求從當前水準上升，業務績效將在 2025 財年後期改善。

That completes the review of our segment level results I will now discuss our updated fiscal 2025 guidance expectations. As a reminder, we do not provide forward-looking guidance for certain metrics on a GAAP basis. So the following information is provided on an adjusted non-GAAP basis, except with respect to revenue, I will also provide certain guidance metrics on a constant currency basis. I will start with adjusted diluted EPS guidance and then provide detail on the income statement items contributing to the increase.

這完成了對我們分部層級績效的審查，現在我將討論我們更新的 2025 財年指導預期。提醒一下，我們不根據 GAAP 提供某些指標的前瞻性指引。因此，以下資訊是根據調整後的非 GAAP 基礎提供的，除了收入之外，我還將根據固定匯率提供某些指導指標。我將從調整後的稀釋每股盈餘指引開始，然後詳細說明導致成長的損益表項目。

On January 2, we announced the closing of the RCA acquisition and raised our adjusted diluted EPS guidance to the range of $15.15 to $15.45 to reflect the nine month contribution from RCA. In addition, to continued momentum in the US Healthcare Solutions segment. Today, we are pleased to again raise our full year diluted EPS guidance to a range of $15.25 to $15.55, a $0.10 increase to both the top and bottom end of our adjusted diluted EPS guidance range to better reflect the strength and momentum exhibited by the US Healthcare Solutions segment.

1 月 2 日，我們宣布完成對 RCA 的收購，並將調整後稀釋每股收益預期上調至 15.15 美元至 15.45 美元之間，以反映 RCA 九個月的貢獻。此外，美國醫療保健解決方案領域持續保持強勁發展勢頭。今天，我們很高興再次將全年攤薄每股收益預期上調至 15.25 美元至 15.55 美元之間，比調整後的攤薄每股收益預期範圍的上限和下限均增加 0.10 美元，以更好地反映美國醫療保健解決方案部門所展現的實力和勢頭。

Now moving to revenue. We expect consolidated revenue growth to be in the range of 8% to 10%, up from the previous expectations of 7% to 9% and the updated guidance range primarily reflects an increase in our US Healthcare Solutions segment revenue growth, where we now expect growth of 9% to 11% and up from our previous expectations of 7% to 9% growth due primarily to continued strong organic revenue growth and to a lesser extent, RCA, which was already a distribution customer.

現在轉向收入。我們預計綜合收入成長率將在 8% 至 10% 之間，高於先前預期的 7% 至 9%，更新後的指引範圍主要反映了我們美國醫療解決方案部門收入增長的增加，我們目前預計該部門收入增長率為 9% 至 11%，高於之前預期的 7% 至 9%，這主要歸功於持續性的有機收入增長，以及在較小的客戶程度上已是 RCA 的有機收入增長。

In the International Healthcare Solutions segment, we now expect revenue growth in the range of 4% to 5%, down from the previous range of 7% to 9% to reflect updated foreign currency translation rates. On a constant currency basis, International Healthcare Solutions segment revenue guidance remains unchanged at 7% to 9% growth.

在國際醫療保健解決方案部門，我們目前預計收入成長率將在 4% 至 5% 之間，低於先前的 7% 至 9% 的範圍，以反映最新的外幣換算率。以固定匯率計算，國際醫療保健解決方案部門收入預期維持不變，仍為 7% 至 9% 的成長。

Moving to operating income. We expect consolidated operating income growth to be in the range of 11.5% to 13.5%, up from our previous guidance of 5% to 6.5% and in the US Healthcare Solutions segment, we now expect operating income growth to be in the range of 14.5% to 16.5%, up from our prior range of 5% to 6.5%. And once again, segment-level guidance reflects expected contributions from our acquisition of RCA and continued strong broad-based growth in the segment, more than offsetting previously discussed COVID-related headwinds.

轉向營業收入。我們預計綜合營業收入成長率將在 11.5% 至 13.5% 之間，高於我們先前預期的 5% 至 6.5%；在美國醫療解決方案部門，我們目前預計營業收入成長率將在 14.5% 至 16.5% 之間，高於我們先前預期的 5% 至 6.5%。再次，分部層級的指引反映了我們收購 RCA 的預期貢獻以及該分部持續強勁的全面成長，足以抵消先前討論過的與 COVID 相關的不利因素。

Turning now to the International Healthcare Solutions segment. On an as-reported basis, we now expect operating income growth to be flat year-over-year due to the strengthening of the US dollar against other currencies, and lowering the top end of our expectations for the segment. On a constant currency basis, we now expect segment operating income growth to be approximately 5%, narrowed from the previous range of 5% to 6.5% and as a result of the slower start for the International segment in the first half of fiscal year 2025.

現在轉向國際醫療保健解決方案領域。根據報告，由於美元兌其他貨幣走強，我們現在預計營業收入成長將與去年同期持平，並下調了對該部門的最高預期。以固定匯率計算，我們目前預計分部營業收入成長率約為 5%，較之前的 5% 至 6.5% 的範圍有所收窄，這是由於 2025 財年上半年國際分部起步較慢所致。

Moving to interest expense. We now expect interest expense to be in the range of $290 million to $310 million, up from our previous range of $150 million to $170 million due to the financing of our acquisition of RCA offset in part by lower net interest expense associated with foreign subsidiaries. From a quarterly cadence perspective, we would expect interest expense to step up meaningfully in the second quarter, similar to the prior year quarter given typical seasonality and cash use as well.

轉向利息支出。我們現在預計利息支出將在 2.9 億美元至 3.1 億美元之間，高於我們之前的 1.5 億美元至 1.7 億美元，這部分是由於我們收購 RCA 的融資，但與外國子公司相關的淨利息支出較低所抵消。從季度節奏的角度來看，考慮到典型的季節性和現金使用情況，我們預計第二季的利息支出將大幅增加，與去年同期類似。

Finally, we expect that our full year average share count will be under 196 million shares in fiscal 2025, given where our share count sits today. That concludes our updated full year guidance assumptions. As it relates to quarterly cadence, I would point out that we expect the second quarter to be the lowest growth quarter in fiscal 2025 with adjusted diluted EPS growth in the mid-single digits.

最後，考慮到我們目前的股票數量，我們預計 2025 財年的全年平均股票數量將低於 1.96 億股。這就是我們更新後的全年指導假設。就季度節奏而言，我想指出的是，我們預計第二季將是 2025 財年成長最低的季度，調整後攤薄每股收益成長率將達到中等個位數。

This is driven by a few factors. First, as I mentioned earlier, the second quarter is expected to have the highest net interest expense for the fiscal year due to typical seasonality of cash use in addition to the financing costs associated with the RCA acquisition. Second, in the US Healthcare Solutions segment, we have the COVID-19 vaccine headwind and in the second quarter, which I referenced earlier and as it relates to RCA, accretion is expected to ramp over the course of the fiscal year.

這是由幾個因素造成的。首先，正如我之前提到的，由於現金使用的典型季節性以及與 RCA 收購相關的融資成本，預計第二季的淨利息支出將是本財年最高的。其次，在美國醫療解決方案領域，我們面臨 COVID-19 疫苗的阻力，在第二季度，正如我之前提到的，由於它與 RCA 相關，預計成長將在整個財年加速。

And finally, the slower start for the International segment in the first half of the fiscal year and the income translation impact from the strength of the US dollar.

最後，本財年上半年國際業務起步較慢，美元走強對營收轉換產生了影響。

In closing, Cencora has achieved another strong quarter demonstrating the efforts of our purpose-driven team members as we continue to execute on our purpose of creating healthier futures. Their dedication and drive to the advancement of our enterprise has a proven track record of success which we see continuing in fiscal 2025 and creating value for all our customers, partners and stakeholders in the quarters to come.

最後，Cencora 又取得了一個強勁的季度業績，證明了我們目標明確的團隊成員的努力，我們將繼續努力實現創造更健康未來的目標。他們對我們企業發展的奉獻和推動有著良好的業績記錄，我們認為這種良好勢頭將在 2025 財年繼續保持，並在未來幾個季度為我們所有的客戶、合作夥伴和利益相關者創造價值。

Now I will 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，以便開通問答熱線。操作員？

(Operator Instructions) Michael Cherny from Leerink Partners.

(操作員說明) Leerink Partners 的 Michael Cherny。

Good morning, and congrats on another great quarter and guidance. Maybe just, Bob, this is your second quarter as CEO, I'll start on the strategic question, I'll say some of the other modeling ones down the road. But as you think now about your specialty business as a whole, it clearly is a driver of some of the outperformance.

早上好，恭喜您又一個出色的季度和指導。也許只是，鮑勃，這是你擔任執行長的第二個季度，我將從戰略問題開始，我將討論其他一些建模問題。但當你現在思考你的整個專業業務時，它顯然是部分優異表現的驅動因素。

As you think about the mix of market growth versus your assets, especially off the back of the OneOncology investment and now RCA, where do you think the company is best positioned to outgrow the market on specialty, how much within the guidance do you think is market-oriented growth? And where do you think going forward, the different dynamics of your specialty growth versus your peers could lie in terms of continuing to drive this potential sources of upside?

當您考慮市場成長與資產的組合時，尤其是在 OneOncology 投資和現在的 RCA 的支持下，您認為公司在哪些方面最有能力超越專業市場，您認為在指導範圍內以市場為導向的增長佔多大比例？您認為，展望未來，與同行相比，您的專業成長有何不同，可以繼續推動這潛在的上升空間？

Hi, Michael. Thank you very much for the question. And also hello to everyone on the call. Thank you for joining today. It's a terrific question, and I'll just -- I'll start with the strategy where we are and begin with a pharmaceutical-centered strategy, so we're going to stay focused on the pharmaceutical sector. And as you know, and as we all know, the innovation is significant there.

你好，麥可。非常感謝您的提問。也向電話裡的每個人問好。感謝您今天的加入。這是一個非常好的問題，我將首先介紹我們當前的策略，並以製藥為中心的策略開始，因此我們將繼續專注於製藥業。正如您和我們所知，那裡的創新意義重大。

Secondly, as we continue to build on our portfolio of services to be sure that we're well positioned both inside the United States and outside the United States to make sure that we are able to support manufacturers and providers as that specialty product growth continues over the long term. And lastly, it really begins with having the best customer portfolio in the business.

其次，我們將繼續拓展我們的服務組合，確保我們在美國國內和國外都佔據有利地位，以確保我們能夠為製造商和供應商提供支持，因為特色產品的成長將長期持續。最後，一切都始於擁有業務中最好的客戶組合。

And we think that's really where we're differentiated. We spend a lot of time talking about our customer portfolio, not just in specialty but broadly and believe that's a big driver of growth. If you're with the market-leading providers with the market-leading manufacturers, then that's going to position us well for growth.

我們認為這正是我們的不同。我們花費大量時間討論我們的客戶組合，不僅僅是專業領域，而是廣泛領域，我們相信這是成長的一大動力。如果您與市場領先的供應商和市場領先的製造商合作，那麼這將為我們帶來良好的成長。

And kind of pulling back more specifically in the expansion of services, we've spent decades building a suite of services that support community providers from GPO to analytics and many other services that we provide. And we're confident that the MSO services are the right logical next step for our strategy. It's important to providers. And it's also very much in line with where we've positioned ourselves over a long period of time. I'd just reinforce the fact that we have not only just in the specialty space, but across our portfolio, invested in services that support community providers. And this is another example of that in the part of the market where we expect to continue to lead.

更具體地說，在服務擴展方面，我們花了幾十年的時間建立了一套支援社區提供者的服務，從 GPO 到分析以及我們提供的許多其他服務。我們相信，MSO 服務是我們策略的正確且合理的下一步。這對於提供者來說很重要。這也與我們長期以來的定位非常一致。我只想強調一個事實，我們不僅在專業領域，而且在我們的整個投資組合中，都投資了支持社區提供者的服務。這是我們預計將繼續引領的市場領域的另一個例子。

So again, Michael, thank you very much for the question.

所以，邁克爾，再次非常感謝你提出這個問題。

Lisa Gill from JPMorgan.

摩根大通的 Lisa Gill。

Thanks very much and good morning. Thanks for taking my question. I want to ask numbers question. When I look at the strong revenue, especially with the US segment of roughly 14% in the quarter, the updated guidance is for 9% to 11%. I understand previously 7% to 9%. But can you -- how many the elements going forward are we seeing deceleration in some areas? Is it around GLP-1s, any of the store closings Walgreens or just the natural Cencora conservatism. So if you can just help us understand the cadence of that and what you're seeing as far as potential deceleration in revenue in the quarters going forward.

非常感謝，早安。感謝您回答我的問題。我想問數字問題。當我看到強勁的收入時，尤其是本季美國部分的營收約佔 14%，而更新後的預期是 9% 至 11%。我之前理解的是7%到9%。但您能否－未來我們在某些​​領域看到多少因素在減速？是圍繞 GLP-1 嗎，還是 Walgreens 的任何一家商店關閉，或者只是自然的 Cencora 保守主義。因此，如果您能幫助我們了解這一趨勢，以及您認為未來幾季收入可能出現減速的情況。

Lisa, thanks a lot for the question. That's an excellent question. And of course, we had terrific revenue growth in the first quarter, and you're asking about the US 14% revenue growth, 10% revenue growth ex GLP-1s. And as you noted, in the US, we increased our revenue growth guidance by 2 percentage points at the bottom end and the top end of the range. And our guidance is 9% to 11% revenue growth for the fiscal year. But as you noted, that's lower than the revenue growth during the first quarter. And of course, we increased our adjusted operating income guidance in the US by a lot more than we increased our revenue growth guidance.

Lisa，非常感謝你提出這個問題。這是一個非常好的問題。當然，我們在第一季實現了驚人的營收成長，您問的是美國營收成長 14%，不包括 GLP-1 的營收成長 10%。正如您所說，在美國，我們將營收成長預期的底端和高端都上調了 2 個百分點。我們預計本財年營收成長率為 9% 至 11%。但正如您所說，這低於第一季的收入成長。當然，我們對美國的調整後營業收入預期的上調幅度遠高於我們對營收成長預期的上調幅度。

And I would say there are a few callouts for those sorts of things. One is our assumption in our guidance on GLP-1s is that growth is higher in the first quarter than in the balance of the fiscal year. And we'll see if that assumption is correct.

我想說的是，針對這類事情，有幾點要注意。一是我們在 GLP-1 指引中的假設是，第一季的成長率高於財年餘下的成長率。我們將看看這個假設是否正確。

Of course, you know, we had fantastic growth on GLP ones in the first quarter was 53% growth. And we assume that that growth in Q1, it's higher than it is in the balance of the year. I think the key call out here is that that particular assumption has a big impact on revenue growth, but it has a minimal impact on OI. We've always indicated that GLP-1s are profitable for us, but minimally profitable for us. So really, the revenue growth assumption there doesn't have much impact on OI growth.

當然，您知道，我們第一季的 GLP 業務實現了驚人的成長，增幅達到了 53%。我們假設第一季的成長率高於全年的成長率。我認為這裡的關鍵點是，該特定假設對收入成長有很大影響，但對 OI 的影響卻很小。我們一直表示 GLP-1 對我們來說是有利可圖的，但利潤極低。因此實際上，那裡的收入成長假設對 OI 成長沒有太大影響。

And then second thing is our assumption is that we see [Humira] conversion [biosimilar]. And again, that's a revenue driver, but it has a minor impact on operating income. As we've always said, the main channel there is the lower-margin mail order channel. So again, this has a meaningful impact to revenue growth rates, but a minor impact to operating income growth rates.

第二件事是我們的假設是我們看到 [Humira] 轉化[生物相似藥]。再一次，這是收入驅動因素，但對營業收入的影響很小。正如我們一直所說，那裡的主要管道是利潤較低的郵購管道。因此，這對收入成長率有重大影響，但對營業收入成長率的影響較小。

And then probably the third thing I would call out is the acquisition of RCA, which we feel great about, and it has a meaningful pickup for us in operating income but it's not a large revenue pickup from RCA. Again, it's a meaningful pickup in operating income but not a large pickup on the revenue side and compared to the balance of Cencora RCA is a higher margin but lower revenue business and they've already been a distribution customer.

然後我想說的第三件事就是對 RCA 的收購，我們對此感到非常高興，這對我們的營業收入來說意義重大，但對 RCA 來說並不是很大的收入成長。再次，這是營業收入的有意義增長，但收入方面的增長並不大，與 Cencora 的餘額相比，RCA 的利潤率更高，但收入更低，而且他們已經是分銷客戶。

And then one kind of detailed thing I'd call out there is we don't double count the product revenue. We eliminate the sale of products from our specialty business to RCA so that we don't count the double count revenue with regard to RCA. And so overall, I'd say we feel really good about our guidance, but revenue guidance is -- the increase is not nearly the size it is for operating income, but they're due to the things that I called out, which really don't impact our strong operating income growth.

我要指出的一個細節是，我們不會重複計算產品收入。我們消除了向 RCA 銷售專業業務產品的收入，這樣我們就不會計算與 RCA 相關的重複收入。因此，整體而言，我對我們的預期感到非常滿意，但收入預期的成長遠不及營業收入的成長，但這是由於我所說的那些因素，這些因素實際上並沒有影響我們強勁的營業收入成長。

Elizabeth Anderson from Evercore ISI.

來自 Evercore ISI 的伊麗莎白·安德森 (Elizabeth Anderson)。

Hi guys. Thanks so much for the question and congrats on a really nice quarter. I had a question on sort of the World Courier business and the pharma services and sort of how you're thinking about that over the course of FY25. Could you just maybe go into a little bit more detail about sort of what happened to to World Courier in the quarter and sort of how to think about that versus the rest of the year?

嗨，大家好。非常感謝您提出這個問題，並祝賀您度過了一個非常愉快的季度。我有一個關於世界速遞業務和製藥服務的問題，以及您對 2025 財年這些業務的看法。您能否更詳細地介紹一下 World Courier 本季的情況，以及與今年其他時間相比有何看法？

And then broadly, sort of where do you think we are in the pharma services demand cycle? It seems like we haven't gotten too many additional pharma cuts in the last month or two. Are we sort of getting through the cycle? I'd just be curious to hear sort of your thoughts on where we are on that.

那麼從廣義上講，您認為我們處於製藥服務需求週期的哪個階段？看起來我們在過去一兩個月內沒有得到太多額外的製藥削減。我們是不是正在經歷這個循環？我只是好奇想聽聽您對我們目前情況的看法。

Great. I will start out with the answer. And of course, when you're asking about World Courier in our prepared remarks, that's our global specialty logistics business and it had a more challenging quarter. And to get to your question, it was a result of clinical trial activity remaining somewhat subdued. And I will call out that this is very good business that's had strong performance for the last 10 years, I'm going to say, but in the near term, it's been challenging due to the pullback in the market.

偉大的。我先來回答一下這個問題。當然，當您在我們準備好的評論中詢問 World Courier 時，這是我們的全球專業物流業務，該業務經歷了一個更具挑戰性的季度。回到你的問題，這是由於臨床試驗活動仍然有些低迷。我要說的是，這是一家非常好的公司，過去 10 年表現強勁，但短期內由於市場回調，公司面臨挑戰。

And we do expect in this business to see performance improve later in fiscal year '25 its demand for our premium service picks up. And we were with the management team of this business last week, and they're very focused on the pipeline, and they're very focused on the regions where we want to accelerate growth. And I would say, as you kind of asked the question more generally about manufacture commercialization services. And I would just say that the market is somewhat subdued, as I commented on our global specialty logistics business of Elizabeth. And I see Bob wants to add some things.

我們確實預期這項業務的業績將在 25 財年後期改善，對我們的優質服務的需求也將回升。上週我們與該業務的管理團隊進行了會面，他們非常專注於產品線，並非常關注我們想要加速成長的地區。我想說，正如您所問的關於製造商業化服務的更普遍的問題一樣。我只想說，市場有些低迷，正如我對伊麗莎白全球專業物流業務的評論一樣。我發現鮑伯想補充一些內容。

Yes. Thanks, Jim. Elizabeth, thank you very much for the question. I think just to take a step back strategically and Jim certainly handle the part of your question related to the overall pharma services market. But I do want to just reinforce how important our global footprint is to the future growth of Cencora. It really is a differentiated component of our business. We hear loud and clear from customers how important not only the specialty logistics services from World Courier are, but also our consulting services that you mentioned as well as 3PL services.

是的。謝謝，吉姆。伊麗莎白，非常感謝您的提問。我認為，只要從策略上退一步，吉姆肯定會處理與整體製藥服務市場相關的部分問題。但我確實想強調我們的全球足跡對於 Cencora 未來發展的重要性。這確實是我們業務的一個差異化組成部分。我們從客戶那裡清楚地聽到，不僅 World Courier 的專業物流服務非常重要，而且您提到的諮詢服務以及 3PL 服務也非常重要。

And when we think about the future of specialty growth, these are services that are required and valued by the pharmaceutical manufacturers. And as you think about specialty launches in Europe, in particular, the suite of services that we have built are very well positioned to support manufacturers in that process. We hear continually that our approach to having a very local approach or a very local expertise in the markets we serve as well as a global infrastructure to support that is valued and is an important contribution to efficiency as we think about that market. So we're bullish on the strategy over the long term. We believe the market will continue to improve and we're very well positioned to participate in that improvement.

當我們思考專業業務的未來發展時，這些是製藥商所需要和重視的服務。當您想到在歐洲推出專業產品時，我們建造的一系列服務非常適合在過程中為製造商提供支援。我們不斷聽到這樣的評價：我們在所服務市場中採用非常本地化的方法或非常本地化的專業知識，以及支持這一方法的全球基礎設施，當我們考慮該市場時，這種方法非常有價值，並且對效率做出了重要貢獻。因此，我們對該策略的長期發展持樂觀態度。我們相信市場將繼續改善，我們完全有能力參與這項改善。

Steven Valiquette from Mizuho Securities.

瑞穗證券的 Steven Valiquette。

Thanks. Good morning. So just a quick question in relation to Walgreens. I think no one was really surprised by this last month, but when they kind of more officially disclosed that in their earnings call that they're in active discussions with you guys in relation to the current contract. I'm just curious, I know you're probably limited on what you can say on this topic, but just open ended is there any update or additional comments that you have on this topic from your side, given their disclosures last month. And also just to confirm, your guidance presumably reflects any potential changes in that contract, at least as it pertains to your fiscal '25. I just want to confirm that one way or the other as well.

謝謝。早安.我只是就 Walgreens 的一個簡單問題而已。我認為上個月沒有人對此感到驚訝，但當他們在財報電話會議上更正式地披露時，他們正在與你們就當前合約進行積極討論。我只是很好奇，我知道您在這個主題上能說的內容可能有限，但請問，考慮到他們上個月的披露內容，您對這個主題還有什麼更新或其他評論嗎？另外需要確認的是，您的指導大概反映了該合約的任何潛在變化，至少與您的財政年度 25 年有關。我只是想以這種或那種方式來確認這一點。

Yes. Thanks, Steven. I'll start and then hand it over to Jim for the guidance portion. I hope you're hearing loud and clear through our prepared remarks, and other answers that, partnering closely with our customers to unlock value to innovate as a core part of what we do, and you should certainly expect that we're doing that with Walgreens on a continuous basis.

是的。謝謝，史蒂文。我先開始，然後將其交給吉姆進行指導部分。我希望你們能夠透過我們準備好的發言和其他答案清楚地聽到這一點，與我們的客戶密切合作，釋放價值，進行創新，這是我們工作的核心部分，你們當然應該期待我們會與沃爾格林持續這樣做。

So we're very engaged with them. We're looking for opportunities to create value. win-win value as we go forward. We're obviously a very important -- they're a very important customer, a strategic customer over a long term, not just in the US, but in the UK as well as our sourcing relationship with WBAD.

因此我們與他們保持著密切的聯繫。我們正在尋找創造價值的機會。共同前進，創造雙贏價值。顯然，他們是非常重要的客戶，也是長期的策略客戶，不僅在美國，而且在英國，以及我們與 WBAD 的採購關係。

So a very high priority for us. But again, as we would with all of our most important, our teams are engaged, we're bringing the best experts that we can world-class experts in terms of trying to innovate together and create new value.

所以這對我們來說是一個非常重要的事項。但是，正如我們對待所有最重要的人一樣，我們的團隊參與其中，我們引進最好的專家，我們可以與世界一流的專家一起努力創新，創造新的價值。

And then just to quickly answer the last part of your question. Yes, our guidance that we announced today includes our assumptions on all aspects of our business. Walgreens and every other aspect of our business, Steven.

然後快速回答你問題的最後一部分。是的，我們今天宣布的指引包括了我們對業務各個方面的假設。沃爾格林和我們業務的其他各個方面，史蒂文。

Eric Percher from Nephron Research.

Nephron Research 的 Eric Percher。

Thank you. Bob, you mentioned that you studied the MSO business with OneOncology in real time. And I'd be interested in your perspectives on the challenges we've seen in practice management 20 years ago and physician enablement more recently and what's key to motivating and growing practices.

謝謝。鮑勃，您提到您與 OneOncology 實時研究了 MSO 業務。我感興趣的是您對 20 年前我們在實踐管理中遇到的挑戰以及最近醫生支持方面的看法，以及激勵和發展實踐的關鍵是什麼。

And then, Jim, on the financial mechanics of RCA, I want to make sure we understand how much of a retention element is paid out, and we're seeing the accretion in US health care, but I assume that's flowing through minority interest.

然後，吉姆，關於 RCA 的財務機制，我想確保我們了解支付了多少保留部分，我們看到美國醫療保健的成長，但我認為這是透過少數股權流動的。

Yes. Thanks for the question, Eric. Yes, we're spending a lot of time learning. You remember in our investment in OneOncology, we did that with TPG, we're very happy with that decision and helps us continue to learn.

是的。謝謝你的提問，艾瑞克。是的，我們花了很多時間學習。您記得，我們​​在投資 OneOncology 時，也與 TPG 合作過，我們對這個決定非常滿意，這有助於我們繼續學習。

But there are a few things that I would take away that are, I think, connected to your question. One is that the physician leadership of these MSOs is very important. And that's not in the absence of other managers and other leaders, but keeping the entire physician-based engaged and motivated -- we're confident that strong physician leadership is important.

但我想指出幾點，這些內容與你的問題有關。一是這些 MSO 的醫師領導力非常重要。這並不是在沒有其他管理人員和其他領導者的情況下，而是保持整個醫生團隊的參與和積極性——我們相信強有力的醫生領導力非常重要。

Second is the real beauty of the MSO model is it is -- its intent, it's value creation. So it's -- it could be through new services like clinical trial support, which RCA is particularly good at, it can be through analytics and other solutions that help the physicians practice better or more efficiently for their patients and really trying to drive the best possible outcomes.

其次，MSO 模型的真正魅力在於它的目的，它的價值創造。因此，它可以透過臨床試驗支援等新服務來實現，這是 RCA 特別擅長的，它可以透過分析和其他解決方案幫助醫生更好或更有效地為患者提供治療，並真正努力實現最好的結果。

And I think third is a long-term pathway for physicians who are coming into the model. So there certainly are these practices that can have long tenured physicians in them. And they're also -- it's very important that we're able to attract either smaller practices or new physicians into the MSO and both OneOncology and RCA are particularly good at that, attracting the smaller practices as well as physicians right out of fellowship.

我認為第三條是為進入該模式的醫生提供的長期途徑。因此，這些診所確實可以擁有任職時間較長的醫師。而且他們也——我們能夠吸引規模較小的診所或新醫生加入 MSO 非常重要，而 OneOncology 和 RCA 在這方面尤其擅長，能夠吸引規模較小的診所以及剛從研究金中出來的醫生。

Yes. And then I'll answer the last part of your question, Eric. As you know, we acquired RCA on January 2 at the beginning of our Q2 and our updated guidance reflects RCA. And of course, it's a big reason for our increase in our operating income growth rate in the US. And you'll see that all presented and the details of that when we begin reporting quarters with them in our results starting in Q2.

是的。然後我將回答你問題的最後一部分，埃里克。如您所知，我們在第二季初於 1 月 2 日收購了 RCA，我們更新後的指引反映了 RCA 的情況。當然，這也是我們美國營業收入成長率上升的重要原因。當我們從第二季開始報告季度業績時，您將看到所有這些內容和詳細資訊。

Daniel Grosslight from Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Hi. Thanks for taking the question, and congrats on a strong quarter here. I'll stick with the MSO topic. I'm sure you saw this, but one of your competitors made an acquisition in the ophthalmology focused MSO space. I was wondering if you could talk a little bit about the competitive environment within the MSO space specifically, ophthalmology and retina, both from competition from MSO assets as you seek to acquire those. And for the physicians, affiliated physicians as you try to attract more of those to your MSOs.

你好。感謝您回答這個問題，並祝賀您本季業績表現強勁。我將堅持 MSO 主題。我確信您看到了這一點，但您的一個競爭對手在專注於眼科的 MSO 領域進行了收購。我想知道您是否可以談談 MSO 領域的競爭環境，特別是眼科和視網膜領域，當您尋求收購 MSO 資產時，都會面臨來自 MSO 資產的競爭。對於醫生和附屬醫生，您可以嘗試吸引更多的人加入您的 MSO。

Thanks, Daniel. Yes, I can only speak to where we're focused, and we are very confident in that in Retina Consultants of America. We have the leading retina MSO and not just leading in terms of size, but leading in terms of their management team leading in terms of the clinical excellence, the the prominence of the practices that are within that. And as I mentioned in the previous question, also a robust clinical research network.

謝謝，丹尼爾。是的，我只能談談我們關注的重點，我們對美國視網膜顧問公司非常有信心。我們擁有領先的視網膜 MSO，不僅在規模方面領先，而且在管理團隊方面也處於領先地位，在臨床卓越性、其中實踐的突出性方面也處於領先地位。正如我在上一個問題中提到的，這也是一個強大的臨床研究網絡。

So those are the reasons that we're confident that in that case, we'll be able to continue to attract physicians and and practices to that platform. And the very same things are true with OneOncology. We believe we have the leading platform. It's the right model. They're successfully growing. And again, it's because of the model that they've built and the services that they're providing that they continue to add practices.

因此，我們有信心，在這種情況下，我們將能夠繼續吸引醫生和診所使用這個平台。同樣的情況也發生在OneOncology身上。我們相信我們擁有領先的平台。這是正確的模型。它們正在成功成長。再一次，正是由於他們所建立的模式和所提供的服務，他們才不斷增加實踐。

So Look, we've talked a lot about why this is the right strategy for Cencora. So it's not surprising to us that we would see others in our space, executing in a similar manner. But again, we're really happy and confident in the partners that we've chosen and we'll continue to execute upon that.

所以看，我們已經討論了很多關於為什麼這是 Cencora 的正確策略。因此，當我們發現我們的領域中的其他人以類似的方式執行時，我們並不感到驚訝。但同樣，我們對所選的合作夥伴感到非常高興和有信心，我們將繼續執行這一目標。

Stephen Baxter from Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Hi, thanks for the question. I was hoping you might be willing to give us an update on what the guidance revision for the US business would have been on an organic basis? Just trying to compare that on an apples-to-apples basis. And similarly, when we think about the accretion from RCA that you're going to get in this fiscal year, it sounds like it's not quite as simple as just taking the $0.35 and scaling it based on the nine months. But maybe just give us a better sense of kind of the ramping in the second quarter and when we're going to get closer to that full rate.

你好，謝謝你的提問。我希望您願意向我們介紹美國業務的有機指導修訂情況？只是嘗試在同類基礎上進行比較。同樣，當我們考慮您將在本財年從 RCA 獲得的增值時，這聽起來並不像僅僅拿出 0.35 美元並根據九個月的情況進行調整那麼簡單。但也許只是讓我們更了解第二季的成長情況以及何時我們才能接近全速成長。

Yes. And so great questions. The first one was on guidance. And let me just say, we don't specifically break it out the was. But with regard to our US segment, it obviously had a a very strong first quarter, and we see quite good momentum in the US segment. And of course, it's not just due to RCA. It's due to utilization trends. It's due to very broad-based performance in specialty, but in other businesses also overcoming the COVID headwind that we talked about.

是的。這些問題真是太棒了。第一個是關於指導。我只想說，我們並沒有具體地闡明這一點。但就我們的美國分部而言，第一季的表現顯然非常強勁，我們看到美國分部的發展勢頭相當良好。當然，這不僅僅歸功於 RCA。這是由於利用趨勢所致。這是由於專業領域表現非常廣泛，但其他業務也克服了我們談到的 COVID 逆風。

And I guess specifically, what I'll say is that we talked twice about updating our guidance and improving our guidance because of strength in the US segment. So it's quite safe to say that it's above the performance that we're seeing there ex RCA is above the 5% to 6.5% range above that range that we initially did in our guidance.

我想具體說的是，我們已經兩次談論過更新和改進我們的指引，因為美國市場表現強勁。因此可以肯定地說，它高於我們看到的表現，例如 RCA 高於我們最初指導範圍內的 5% 到 6.5% 的範圍。

And the second question you had was regarding RCA accretion. And as we've stated, we expect $0.35 of accretion in during the first 12 months of ownership and nine months of that is, of course, in fiscal year '25. And I referred to the fact that we do expect it to ramp up over the course of fiscal year '25. And really, the reason for that ramp-up over the course of the year is just growth in the business and then also execution of business and strategic initiatives at RCA.

您的第二個問題是關於 RCA 吸積的。正如我們所說，我們預計在擁有所有權的前 12 個月內將增加 0.35 美元，其中的 9 個月當然在 25 財年。我提到，我們確實預期這一數字將在 25 財年上升。事實上，今年以來成長的原因只是業務的成長以及 RCA 業務和策略計畫的執行。

Charles Rhyee from TD Cowen.

TD Cowen 的 Charles Rhyee。

Yeah, thanks for taking the question. I wanted to ask about going back to sort of the specialty business and related to if I'm not mistaken, right, I think you guys are the largest distributor for Regeneron on EYLEA. And Amgen just launched, I think they announced last quarter, the launch of their version [PAT Blu] into the market. And I think there's another one supposed to be coming maybe this summer.

是的，感謝您回答這個問題。我想問一下回到專業業務的問題，如果我沒記錯的話，我認為你們是 Regeneron 在 EYLEA 上最大的經銷商。安進剛剛推出，我記得他們在上個季度宣布將其版本 [PAT Blu] 推向市場。我認為另一個可能將於今年夏天推出。

Just curious, those scripts are kind of hard to track through sources like (inaudible) just wanted to understand how that launch is going for you? And what kind of opportunity do you see biosimilar EYLEA being? And how does your ownership of RCA perhaps allow you to -- does that allow you to drive better adoption of biosimilars? And I guess that's a more general question across all your M&A practices.

只是好奇，這些腳本很難透過類似（聽不清楚）的來源進行追踪，只是想了解這次發布對你來說進展如何？您認為生物相似藥 EYLEA 有什麼樣的機會？您對 RCA 的所有權是否可以讓您推動生物相似藥的更好地應用？我想這是一個涵蓋你們所有併購實踐的更普遍的問題。

Charles, thanks for the question. So I'll start with -- we've had a long history of partnering with retina physicians over decades. And so we do understand the space very well. Two, we have studied the the pipelines pretty extensively or very extensively in terms of new innovation as well as biosimilars, and we're confident that, that will be a healthy process. So we'll have continuous new innovation. We'll also that come to the market, and that's a healthy market. That will be good for patients. It will be good for the MSO and good for Cencora.

查爾斯，謝謝你的提問。首先，我們與視網膜醫師的合作已有數十年的歷史。所以我們確實非常了解這個領域。二，我們對新創新以及生物相似藥的研發管線進行了相當廣泛或非常廣泛的研究，我們相信這將是一個健康的過程。因此我們將不斷進行創新。我們也會進入這個市場，這是一個健康的市場。這對病人有好處。這對 MSO 和 Cencora 都有好處。

And I think lastly, what we've seen over both in oncology and coming in retina is that biosimilar adoption is good. It's in the Part B space, it's our experience has been it's faster than you see in the Part D space. And we expect that will continue. But I think the most important part of this is just a healthy market, continuous innovation as well as appropriate biosimilars coming to the market. And then physicians will obviously make the best clinical decision for the patients that they're carried for.

最後我認為，我們在腫瘤學和視網膜領域看到的是生物相似藥的採用是好的。它屬於 B 部分空間，根據我們的經驗，它比 D 部分空間中看到的速度更快。我們預計這種情況將會持續下去。但我認為其中最重要的部分是健康的市場、持續的創新以及合適的生物相似藥進入市場。然後醫生顯然會為他們所治療的病人做出最好的臨床決策。

Allen Lutz from Bank of America.

美國銀行的艾倫‧盧茨 (Allen Lutz)。

Good morning, and thanks for taking the question. As we kind of look back to 2024, utilization was really strong in US health care. I think we've seen that broad across the different distributors. And some of that, I think, was due to just sort of this post-COVID reacceleration of scripts as patients are going back to the physician. There were a few things you called out, GLP-1s than HUMIRA. If we back those things out, how should we think about new script growth more broadly in 2025 versus 2024.

早上好，感謝您回答這個問題。回顧 2024 年，美國醫療保健的使用率確實很高。我想我們在不同的經銷商中已經看到了這種廣泛現象。我認為，部分原因是由於新冠疫情過後，患者又回到了醫生那裡，導致處方量重新增加。您提到了一些事情，GLP-1 比 HUMIRA 更好。如果我們將這些因素排除在外，我們應該如何更廣泛地看待 2025 年與 2024 年的新劇本成長。

Is -- what's embedded in the current guidance a normalization of utilization. Is there anything that you're seeing from the benefit design changes that were put forth on January 1. Just curious if there's anything embedded within the guide outside of the things you called out that is a little bit different in 2025 versus 2024?

目前指導中包含了利用率的規範化。您對 1 月 1 日提出的福利設計變更有何看法？只是好奇，除了您提到的內容之外，指南中是否還有什麼內容是 2025 年和 2024 年略有不同？

Yes. That's a great question. And as we commented throughout fiscal year '24, we saw strong utilization trends. And as we called out during this first quarter, we also saw strong utilization trends. And I would just have to say kind of as you look at the balance of fiscal year '25, this is why we have a range kind of probably the kind of the key driver in our range and our range is, of course, 2 full percentage points for both consolidated and the US top line growth and probably, by far, the biggest driver of that range is various assumptions on utilization trends for the balance of the year.

是的。這是一個很好的問題。正如我們在整個 24 財年所評論的那樣，我們看到了強勁的利用率趨勢。正如我們在第一季指出的那樣，我們也看到了強勁的利用率趨勢。我只想說，當您查看 25 財年的餘額時，這就是為什麼我們有一個範圍，可能是我們範圍內的關鍵驅動因素，我們的範圍當然是合併和美國營收增長的整整 2 個百分點，並且到目前為止，該範圍的最大驅動因素可能是對今年餘額的利用率趨勢的各種假設。

But I just want to say overall, that kind of we view our -- both our company performance and leading with market leaders and the strength of our market is quite good and quite resilient, which is one thing that gives us a high degree of confidence in our guidance for fiscal year '25. Thank you for the question.

但我只想說，總的來說，我們認為我們的公司業績以及與市場領導者的領先地位以及我們市場的實力都相當不錯且頗具彈性，這是讓我們對 25 財年的指引充滿信心的一件事。感謝您的提問。

George Hill from Deutsche Bank.

德意志銀行的喬治·希爾。

Good morning, guys, and thanks for taking the question. I'm going to come back to the MSO businesses for a second. And Jim, you talked about the clinical trial component. But what I was going to ask is could you rank order the value drivers that allow, whether it's Cencora or RCA or OneOncology to add value to its physician partners in these practices. Like we know GPL was a piece, clinical trials, is a piece to recycle the piece. Just like if you could kind of lang out the three or four main drivers of value creation, I think that would be very helpful for investors.

大家早安，謝謝你們回答這個問題。我將暫時回到 MSO 業務。吉姆，您談到了臨床試驗部分。但我想問的是，您能否對價值驅動因素進行排序，無論是 Cencora、RCA 還是 OneOncology，都可以在這些實踐中為其醫生合作夥伴增加價值。就像我們知道 GPL 是一個部分，臨床試驗是一個部分，用於回收。就像如果你能列出價值創造的三到四個主要驅動力，我認為這對投資者非常有幫助。

George, it's Bob. I'll take this. I don't think we can rank them necessarily. And within the different physician practices within the different specialties, I think there's a different mix of things that are valuable to those physicians and those are going to be the value drivers. And probably the second point of that is it's continually changing, right? So it's a very dynamic marketplace, the needs of physicians are always changing.

喬治，我是鮑伯。我要這個。我認為我們沒有必要對它們進行排名。我認為，在不同專業的不同醫生執業過程中，存在著對醫生來說有價值的不同事物，而這些事物將成為價值驅動因素。可能第二點就是它在不斷變化，對嗎？這是一個非常活躍的市場，醫生的需求總是在改變。

And that's one of the great things about having the robust suite of MSO services is you have the infrastructure then to make sure that we're doing our best to keep up with and stay a step ahead of what they need and kind of that same approach that we've been emphasizing, which is working really closely with our customers to to bring solutions and innovation to the market. Again, we do that across all of our business, but the MSO platform gives us an opportunity, obviously, even a step closer to the provider to do that on a continuous basis, which will be our intent.

擁有強大的 MSO 服務套件的一大優點是，您擁有基礎設施，以確保我們竭盡全力跟上並領先一步，並採用我們一直強調的相同方法，即與我們的客戶密切合作，為市場帶來解決方案和創新。再次強調，我們在所有業務中都這樣做，但 MSO 平台顯然為我們提供了一個機會，讓我們更接近供應商，持續地這樣做，這也是我們的目的。

Erin Wright from Morgan Stanley.

摩根士丹利的艾琳賴特。

Great. Thanks. I think you mentioned specialty strength was broad-based, but any key therapeutic categories to call out there? And if I can ask a two parter here I'm switching species, but I'm just curious what you're seeing in animal health. There seems to be just a lot of promotion in the space and competition at both the manufacturer and the distributor level to some extent.

偉大的。謝謝。我認為您提到專業優勢具有廣泛的基礎，但是有什麼關鍵的治療類別需要指出嗎？如果我可以在這裡問兩個問題，我會轉換物種，但我只是好奇你在動物健康方面看到了什麼。在某種程度上，該領域的促銷活動似乎非常多，製造商和經銷商層面的競爭也相當激烈。

And just bigger picture, it's been roughly 10 years in the MWI deal close? And how would you characterize how you see MWI sitting in the enterprise now, your commitment to the business does it detract at all from some of the broader efforts and long-term vision across like specialty or your MSO strategy? And just curious on your bigger picture thoughts there.

從更大角度來看，MWI 交易已經結束大約 10 年了？您如何描述 MWI 目前在企業中的地位，您對業務的承諾是否會削弱一些更廣泛的努力和長期願景，例如專業領域或您的 MSO 策略？我只是好奇您對此的宏觀想法。

Yes. Thank you for those questions. First of all, your question was on specialty. And our specialty business is always kind of the biggest driver has always been the oncology part of the business. And obviously, a very strong part of that for Cencora is in Part B in our sales to specialty physician practices and health systems. So that's really kind of been the kind of the key driver of the business. And then the kind of second piece has been in the ophthalmology space. And in particular, the retinal space.

是的。感謝您提出這些問題。首先，您的問題是關於專業的。我們的專業業務始終是最大的驅動力，腫瘤學部分始終是業務的一部分。顯然，Cencora 非常強勁的業務來自 B 部分，即我們向專科醫生診所和醫療系統進行的銷售。所以這實際上是業務的關鍵驅動力。第二部分是關於眼科領域的。特別是視網膜空間。

And so that's exactly why you've seen our significant capital deployment into NSOs, first in oncology and then the retina market, which as Bob commented on, is really kind of a natural evolution and next step of our highly successful specialty business. And then thank you for your question on Animal Health. Our Animal Health business had a very good quarter. You'll see in our Q that will be published later today. The Animal Health business had 7% top line growth.

這就是為什麼您會看到我們向 NSO 投入大量資本，首先是腫瘤學，然後是視網膜市場，正如鮑勃所說，這實際上是我們非常成功的專業業務的自然演變和下一步。感謝您關於動物健康的問題。我們的動物保健業務本季表現非常好。您將在今天稍後發布的 Q 中看到。動物保健業務的營收成長了 7%。

And the growth was -- and while we don't break it out, the growth was actually good in the quarter in both the companion animal market, which is about two-third of our business in the production animal market, which is about one-third of our business, both had both had very nice growth quarters. And not only was it good top line growth, but good bottom line growth in the business also. A part of that is probably the market, but I think we're probably continuing to incrementally gain some market share there. And also, I'd just say we feel very good about the animal health business. and feel that the management team there is doing a particularly good job. So thank you for the questions, Aaron.

而且，雖然我們沒有單獨列出數據，但本季度，伴侶動物市場（約占我們業務的三分之二）和生產動物市場（約占我們業務的三分之一）的成長實際上都表現良好，兩個市場都實現了非常好的成長。而且不僅營業收入成長良好，利潤成長也良好。其中一部分可能是市場，但我認為我們可能會繼續逐步獲得一些市場份額。而且我想說，我們對動物保健業務感覺非常好。並認為那裡的管理團隊做得特別好。謝謝你的提問，Aaron。

Kevin Caliendo from UBS.

瑞銀的 Kevin Caliendo。

Thank you. Thanks for taking my question. Does your fiscal '25 guidance embed any incremental customer loss beyond FCS. I know you detailed that back in November. That was the first part. And just specifically on the (inaudible) or the COVID headwind, was it better or worse than expectations in fiscal 1Q?

謝謝。感謝您回答我的問題。您的 25 財年指引是否涵蓋了 FCS 以外的任何增加客戶損失？我知道你在 11 月就詳細說明過這一點。這是第一部分。具體來說，就（聽不清楚）或 COVID 逆風而言，第一財季的表現是比預期好還是差？

Can you say -- we missed the last part of your question. Can you repeat that?

你能說一下嗎——我們錯過了你問題的最後一部分。你能重複一遍嗎？

I'm sorry. Yes, sure. No, just on the COVID headwind, was it better or worse than expectations? In fiscal 1Q versus what you originally thought when you originally guided?

對不起。是的，當然。不，僅就新冠疫情逆風而言，情況比預期好還是差？與您最初預測時相比，第一財季的情況如何？

Yes. So the first was, I think, our guidance does it impact -- does it expect any customer losses other than the one that you mentioned. And I would say, generally, the answer is yes, it assumes some customer losses and gains. But really, there's none other than the one you called out that's a meaningful amount of profit or loss that would be worth calling out. And so we don't call it out.

是的。所以首先我想問的是，我們的指導是否會產生影響——除了您提到的客戶損失之外，是否還會有其他客戶損失。我想說，一般來說，答案是肯定的，它假設一些客戶會有所損失和收益。但實際上，除了您所說的那個之外，沒有其他值得指出的有意義的利潤或損失。所以我們就不會大聲喊出來。

And then the second question had to do with COVID. And with regard to exclusive COVID therapies, which is I think what you're asking about is it was a $0.06 headwind during the first quarter, but the first quarter of fiscal year '24 was the last quarter that we had exclusive COVID therapy contribution. So it's not a headwind for the balance of the year.

第二個問題與 COVID 有關。關於獨家 COVID 療法，我想您要問的是，第一季的逆風是 0.06 美元，但 24 財年第一季是我們獲得獨家 COVID 療法貢獻的最後一個季度。因此這對今年的平衡而言並不是一個阻力。

And with regard to COVID vaccines, we really called this out in our prepared remarks that in the first quarter of fiscal 2025, the contribution from COVID-19 vaccines was about half that of the prior year quarter. And we expect a similar sized operating income headwind in the second quarter of fiscal 2025, meaning no significant expected contribution from COVID vaccines in our second quarter of fiscal 2025. And so the strong guidance raise and increase that we did this quarter is in spite of that COVID vaccine headwind. Thank you for the questions.

關於 COVID 疫苗，我們在準備好的評論中確實提到了這一點，即在 2025 財年第一季度，COVID-19 疫苗的貢獻約為去年同期的一半。我們預計 2025 財年第二季的營業收入也將面臨類似規模的逆風，這意味著預計 2025 財年第二季 COVID 疫苗不會帶來重大貢獻。因此，儘管面臨 COVID 疫苗阻力，我們本季仍大幅上調了預期。感謝您的提問。

Eric Coldwell from Baird.

來自貝爾德的 Eric Coldwell。

Thanks very much. I didn't think World Courier could get this much attention on the call, but I do have some world courier questions. First, I wouldn't disagree that there are some market challenges subdued clinical trial activity that all makes sense for the softness you cited. You also do cell and gene therapy and other specialty shipments unrelated to clinical trials.

非常感謝。我沒有想到 World Courier 能在電話會議中得到如此多的關注，但我確實有一些關於 World Courier 的問題。首先，我不會否認存在一些市場挑戰抑制了臨床試驗活動，這對您提到的疲軟是有道理的。您還可以進行細胞和基因治療以及其他與臨床試驗無關的特殊運輸。

So I'm wondering how those are faring Part B, what is the basis for saying clinical trial activity will pick up later this year and Part C on World Courier any additional commentary on competition in the market? We've seen some noise from UPS Healthcare and others. I just want to make sure that the weakness in World Courier is more temporary and end market related as opposed to something going on in the competitive front?

所以我想知道 B 部分的情況如何，說臨床試驗活動將在今年稍後回升的依據是什麼，以及 World Courier 的 C 部分對市場競爭有何額外評論？我們已經聽到了來自 UPS Healthcare 和其他公司的一些聲音。我只是想確保 World Courier 的弱點只是暫時的並且與終端市場有關，而不是競爭方面發生的事情？

Yes, let me start out here. First of all, we feel very good about the opportunities in the cell and gene therapy market. And it's a result of our World Courier strength, Eric, and then the strength in our other commercialization services businesses. So as we look at the long term, and we feel great about that market opportunity, and we feel very good about how well positioned we are to be the leader in the market. But I would say that it's not of a size yet, but it has a material contribution to the bottom line.

是的，讓我從這裡開始。首先，我們對細胞和基因治療市場的機會非常看好。艾瑞克，這是我們全球速遞實力的結果，也是我們其他商業化服務業務實力的結果。因此，從長遠來看，我們對這個市場機會感到非常樂觀，我們對自己成為市場領導者的有利條件感到非常滿意。但我想說的是，它現在還沒有達到規模，但對底線有著實質的貢獻。

Second, you ask, why do we think that there's opportunity to see improvement in global specialty logistics later in the fiscal year. And meeting with the teams and looking at market data and looking at the pipeline, our teams are really heavily focused on the pipeline, which we feel has the opportunity to pay off later in the fiscal year, given both the market and given the work that our teams are doing.

其次，您會問，為什麼我們認為在本財年後期全球專業物流有機會得到改善。在與團隊會面、查看市場數據和管道時，我們的團隊非常重視管道，我們認為，考慮到市場和我們團隊正在做的工作，通路有機會在財年後期獲得回報。

And then the third part of the question was on competition. And yes, that market it certainly is a competitive market. We have a premium service and have been a market leader for many years and are very focused on the market, but we will acknowledge that it certainly is a competitive market where we have been and plan to continue to be a market leader.

問題的第三部分是關於競爭。是的，這個市場確實是一個競爭激烈的市場。我們提供優質的服務，多年來一直是市場領導者，並且非常專注於市場，但我們承認，這無疑是一個競爭激烈的市場，我們已經併計劃繼續保持市場領導者地位。

Yes. And Eric, I would only add -- and again, this is thematic today, but being a premium provider indicates that we're continually innovating within that space. So the things that we've talked about in terms of temperature monitoring and tracking of of products throughout the supply chain, a very specialized supply chain for these products. It's something that we'll continue to do that's just an example. But while there is competition, we intend to continue to innovate to make sure that we're we're ahead of the pack.

是的。艾瑞克，我只想補充一點——這是今天的主題，但作為優質供應商，表明我們在該領域不斷創新。因此，我們討論的是整個供應鏈中產品的溫度監控和跟踪，這些產品的供應鏈非常專業。我們將繼續這樣做，這只是一個例子。但是，儘管存在競爭，我們仍打算繼續創新，以確保我們處於領先地位。

Thank you. We currently have no further questions. So I'll hand back to Bob for closing remarks.

謝謝。目前我們沒有其他問題。因此我將把發言交還給鮑勃，請他作最後發言。

Great. Thank you, Becky. Again, I want to thank everyone for joining today. I also want to thank again our Cencora team members. This performance is due to your purpose-driven approach, your expertise and your dedication to meeting the needs of our customers and patients worldwide. And I know you will continue to advance our leadership in specialty, drive efficiency and productivity and execute with a customer-centric mindset. Thanks, everyone.

偉大的。謝謝你，貝基。再次感謝大家今天的參加。我還要再次感謝我們的 Cencora 團隊成員。這項成就歸功於您目標明確的工作方式、您的專業知識以及您為滿足全球客戶和患者的需求所做的奉獻。我知道您將繼續提升我們在專業領域的領導地位，提高效率和生產力，並以客戶為中心的思維方式執行任務。謝謝大家。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。