Cencora Inc (COR) 2025 Q2 法說會逐字稿

Hello, everyone, and thank you for joining the Cencora fiscal 2025 second-quarter results conference call. My name is Lucy, and I will be coordinating your call today. (Operator Instructions)

大家好，感謝您參加 Cencora 2025 財年第二季業績電話會議。我叫露西，今天我要負責協調您的通話。（操作員指示）

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

現在我將把主持人、高級副總裁、投資者關係和財務主管 Bennett Murphy 交給他開始演講。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 2nd 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. On today's call, we'll be discussing non-GAAP financial measures.

謝謝。早安，下午好，感謝大家參加本次電話會議討論 Cencora 2025 財年第二季業績。我是貝內特‧墨菲 (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。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。

Reconciliations of these measures to GAAP are provided in today's press release, which is available on our website at investor.cencora.com. We've also posted a slide presentation to accompany today's press release on our investor website. During this conference call, we will discuss 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 a current (inaudible) 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-Q.

今天的新聞稿中提供了這些指標與 GAAP 的對帳情況，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。在本次電話會議中，我們將討論有關我們根據調整後的非公認會計準則做出的業務和財務預期的前瞻性陳述，包括但不限於每股收益、營業收入和所得稅。前瞻性陳述是基於目前（聽不清楚），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向美國證券交易委員會提交的文件，包括我們最近的 10-Q。

Cencora assumes no obligation to update any forward-looking statements, and this call cannot be broadcast [without the] express permission of the company. You'll have the opportunity to ask questions after today's remarks by management. We ask that you limit your questions to one per participant in order for us to get to as many participants as possible within the hour. With that, I'll turn the call over to Bob.

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，不得播出本次電話會議。在管理層今天發言之後，您將有機會提問。我們要求您將問題限制為每個參與者一個，以便我們在一小時內盡可能多地聯繫參與者。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 Second Quarter Earnings Call. To begin, I want to thank our global Cencora team members. It is due to their purpose-driven execution but I have the privilege of reporting our second quarter performance. In our second quarter, Cencora delivered strong results with revenue growth of 10% and adjusted diluted EPS growth of 16%.

謝謝你，班尼特。大家好，感謝您參加 Cencora 2025 財年第二季財報電話會議。首先，我要感謝我們全球的 Cencora 團隊成員。這是由於他們有目標的執行，但我有幸報告我們第二季的業績。在第二季度，Cencora 取得了強勁的業績，營收成長了 10%，調整後稀釋每股盈餘成長了 16%。

We are once again raising our guidance for the fiscal year to reflect our first half results and expectations for continued execution in the second half. Rooted in our pharmaceutical-centric strategy enabled by active learning and powered by the collective strength of our enterprise, Cencora is building on our position as a leading end-to-end health care solutions provider. We continue to expand our capabilities in key markets supporting pharmaceutical innovation and access.

我們再次上調了本財年的業績預期，以反映我們上半年的業績以及對下半年持續執行的預期。Cencora 植根於以製藥為中心的策略，透過主動學習和企業集體實力的推動，正在鞏固我們作為領先的端到端醫療保健解決方案提供者的地位。我們持續擴大在支持醫藥創新和取得的關鍵市場的能力。

Today, I will highlight three areas advancing our business to power growth. First, we are creating value by leveraging our expertise and insights to enhance patient care. Second, we are successfully deepening our customer partnerships by actively learning and anticipating their needs. And third, we are strengthening our global leadership in specialty medications by deepening our offering across geographies and customer channels. I'll begin with how we are creating value by leveraging our leading expertise and insights from our end-to-end solutions to support our customers, partners and patients.

今天，我將重點放在推動我們業務成長的三個領域。首先，我們利用我們的專業知識和見解來加強患者護理，從而創造價值。其次，我們透過積極了解並預測客戶需求，成功地深化了與客戶的合作關係。第三，我們透過深化跨地域和跨客戶管道的產品服務，加強我們在特種藥物領域的全球領導地位。首先，我將介紹我們如何利用我們領先的專業知識和端到端解決方案的見解來創造價值，以支持我們的客戶、合作夥伴和患者。

Cencora is uniquely and intentionally positioned to support pharmaceutical commercialization and access across the health care ecosystem from leading pharmaceutical and biopharma innovators to health care providers. The breadth and scale of our services give us access to extensive data that our teams transform into actionable insights, enabling increased efficiency and innovation.

Cencora 具有獨特且有意的定位，旨在支持藥品商業化以及從領先的製藥和生物製藥創新者到醫療保健提供者的整個醫療保健生態系統的獲取。我們服務的廣度和規模使我們能夠存取大量數據，我們的團隊將這些數據轉化為可操作的見解，從而提高效率和創新。

There are two examples I'd like to mention that demonstrate our progress to engage with industry stakeholders and strengthen our partnerships. First is how we're working to support the resiliency in the independent pharmacy space to ensure patient access to care.

我想提及兩個例子來顯示我們在與產業利害關係人接觸和加強夥伴關係方面所取得的進展。首先，我們如何努力支持獨立藥局領域的彈性，以確保患者能夠獲得照護。

Through our advanced analytics capabilities, and leading Good Neighbor Pharmacy network of independent pharmacies, we've been able to provide pharmacies with heightened visibility into their communities, allowing them to identify new business opportunities, address populations that may experience gaps in care and tailor their service offering to specific patient populations.

透過我們先進的分析能力和領先的獨立藥房好鄰居藥房網絡，我們能夠為藥房提供更高的社區可見性，使他們能夠發現新的商機，解決可能遇到護理差距的人群，並根據特定的患者群體定制服務。

Our work has also highlighted that an estimated 30 million people in the United States live in pharmacy deserts, threatening access to medication, vaccines, screenings and other services necessary for healthy communities. By leveraging these insights, we are better able to advocate on behalf of our customers to ensure community providers remain vital sites of care.

我們的工作也強調，美國約有 3,000 萬人生活在藥局荒漠中，威脅他們獲得藥物、疫苗、篩檢和其他健康社區所需的服務。透過利用這些見解，我們能夠更好地代表我們的客戶進行宣傳，以確保社區提供者仍然是重要的照護場所。

The second example is using dispensing insights from our relationships with providers to inform biopharma partners on key product trends. One recent initiative provided actionable insights into the treatment of bladder cancer where Cencora combined clinical and market research to show how community oncologists were implementing new treatment paradigms. We are expanding the areas in which we offer these data insights, providing valuable services to our partners as they navigate the ever-changing health care landscape.

第二個例子是利用我們與供應商的關係中獲得的見解，向生物製藥合作夥伴告知關鍵產品趨勢。最近的一項措施為膀胱癌的治療提供了可行的見解，其中 Cencora 結合臨床和市場研究來展示社區腫瘤學家如何實施新的治療模式。我們正在擴大提供這些數據洞察的領域，為我們的合作夥伴在不斷變化的醫療保健領域提供有價值的服務。

Next, we are deepening our strategic relationship with customers and partners by taking an active approach to learning from them. Through Cencora's industry-leading portfolio, we built a premier customer base, end-to-end throughout the pharmaceutical supply chain dedicated to driving positive pharmaceutical outcomes.

接下來，我們將積極向客戶和合作夥伴學習，深化他們的策略關係。透過 Cencora 業界領先的產品組合，我們在整個醫藥供應鏈中建立了端到端的優質客戶群，致力於推動積極的醫藥成果。

Executing on our strategic priority of leading with market leaders, we are committed to deeply understanding our customer strategies and in turn, anticipating their needs and enhancing our capabilities. Just this past week, teams from across Cencora were actively engaged at a number of industry events, ranging from community pharmacies and oncology practices to the largest chain drug stores as well as biopharma companies, allowing our team members to return to our offices equipped with insights to share with colleagues.

我們執行與市場領導者並駕齊驅的策略重點，致力於深入了解客戶策略，進而預測他們的需求並增強我們的能力。就在上週，來自 Cencora 各地的團隊積極參與了許多行業活動，從社區藥房和腫瘤科診所到最大的連鎖藥店以及生物製藥公司，使我們的團隊成員能夠帶著見解回到辦公室與同事分享。

I'm proud of our significant presence at these prominent industry events where the scope of Cencora's capabilities and expansive partnerships were on full display. At a leading conference focused on specialty pharma, our team members spent time actively learning from partners across the health care landscape, while also providing thought leadership through their participation on panels, addressing policy and health care access. We were also highly engaged in the largest gathering of chain pharmacies working to deepen our partnerships.

我為我們在這些著名的行業活動中的重要地位感到自豪，在這些活動中，Cencora 的能力和廣泛的合作夥伴關係得到了充分展示。在一次專注於專業製藥的領先會議上，我們的團隊成員花時間積極向整個醫療保健領域的合作夥伴學習，同時還透過參加小組討論、討論政策和醫療保健獲取問題提供思想領導力。我們也積極參與最大規模的連鎖藥局聚會，致力於深化合作關係。

In Washington, D.C., a group of our leaders joined community pharmacists from across the country for meetings with legislators to bring attention to the critical role pharmacists play in their local communities as trusted providers of care. The teams attended over 100 meetings with legislators.

在華盛頓特區，我們的一群領導人與來自全國各地的社區藥劑師一起與立法者會面，以引起人們對藥劑師作為值得信賴的醫療服務提供者在當地社區發揮的關鍵作用的關注。這些團隊參加了與立法者的 100 多次會議。

Additionally, we gathered with our community oncology partners where the focus was on the continuous evolution of care and need for empowered advocates to ensure the best patient outcomes in the community setting. By engaging in these forums, we develop a deader standing of our partners' needs and gain value perspective to allow us to better serve them and their patients. And finally, we are strengthening our global leadership in specialty medications by deepening our offering across customer channels.

此外，我們還與社區腫瘤學合作夥伴聚集在一起，重點關注護理的不斷發展以及對授權倡導者的需求，以確保社區環境中患者獲得最佳治療結果。透過參與這些論壇，我們可以更清楚地了解合作夥伴的需求並獲得價值觀，從而更好地為他們及其患者提供服務。最後，我們透過深化跨客戶管道的產品供應，加強了我們在特種藥物領域的全球領導地位。

Executing our strategic imperative of expanding leadership in specialty, our internationally scaled 3PL service is differentiated as we serve pharmaceutical manufacturers who are increasingly seeking partners that can support products across multiple geographies.

我們執行擴大專業領域領導地位的戰略要務，我們的國際規模的 3PL 服務因服務於日益尋求能夠支持跨多個地區產品的合作夥伴的製藥製造商而具有差異化。

We've integrated our US and European 3PL businesses, creating an internationally unified network. By doing this, we offer manufacturers deep local expertise along with multinational reach for their products, driving successful launches and positioning Cencora as the partner of choice. We are increasing our capabilities in key markets in Europe, enhancing our pharmaceutical logistics offering, which will power our leadership and specialty across the continent.

我們整合了美國和歐洲的第三方物流業務，創造了一個國際統一的網路。透過這種方式，我們為製造商提供深厚的在地專業知識以及其產品的跨國影響力，推動產品成功上市，並將 Cencora 定位為首選合作夥伴。我們正在增強我們在歐洲主要市場的能力，增強我們的醫藥物流服務，這將增強我們在整個歐洲大陸的領導地位和專業性。

We're also strengthening our leadership in specialty in the United States by deepening our offerings across provider channels. One example is our approach with health systems, paving the way for us to build upon our critical role in distribution and offering an ecosystem of services, health systems increasingly require as the use of specialty medications rise.

我們也透過深化跨供應商通路的產品服務來加強我們在美國專業領域的領導地位。其中一個例子就是我們與醫療系統合作的方法，為我們在分銷和提供服務生態系統方面發揮關鍵作用鋪平了道路，隨著特種藥物的使用增加，醫療系統越來越需要這些服務。

Our teams have developed solutions to address the needs of health systems, large and small. Our solutions design in partnership with leading health systems support comprehensive patient-centric care. By investing in end-to-end solutions across sites of care we strengthen our capabilities to support providers, manufacturers and patients.

我們的團隊已經開發出解決方案來滿足大大小小的醫療系統的需求。我們與領先的醫療系統合作設計的解決方案支援以患者為中心的全面護理。透過投資跨護理站點的端到端解決方案，我們增強了支援供應商、製造商和患者的能力。

In closing, and before I hand it over to Jim, the financial strength we are reporting today is powered by the size and organic growth of our US segment, resulting from many years of strategic investments, strong execution and leading partnerships. In our International segment, we are navigating a period of market softness for some of our businesses. However, we are confident we are well positioned and expect to capture opportunities as demand rebounds. I hope each of you take away from my prepared remarks today that while we are performing well, there is no complacency at Cencora.

最後，在我將其交給吉姆之前，我們今天報告的財務實力是由我們美國分部的規模和有機增長推動的，而這源於多年的戰略投資、強有力的執行和領先的合作夥伴關係。在我們的國際部門，我們的部分業務正在經歷市場疲軟時期。然而，我們有信心，我們已做好準備，並有望在需求反彈時抓住機會。我希望大家能從我今天準備好的演講中明白，雖然我們表現良好，但 Cencora 不會自滿。

While we execute driving performance in the short term, we are laser-focused on building end-to-end capabilities and partnerships that will enable continued growth over the long term, strategically deploying capital, investing in talent, digital capabilities and enterprise productivity.

雖然我們在短期內執行推動績效的目標，但我們專注於建立端到端的能力和合作夥伴關係，以實現長期持續成長，策略性地部署資本，投資於人才、數位能力和企業生產力。

I want to end with another thank you to the Cencora team members who guided by our purpose, drive a differentiated customer experience, actively learn and apply insights to drive innovation and deliver value for all of our stakeholders. We are united in our responsibility to create healthier futures.

最後，我要再次感謝 Cencora 團隊成員，他們以我們的目標為指導，推動差異化的客戶體驗，積極學習並運用見解來推動創新並為我們所有的利害關係人創造價值。我們團結一致，共同承擔創造更健康未來的責任。

With that, I will turn the call over to Jim for an in-depth review of our second quarter results and our updated fiscal 2025 guidance. Jim?

接下來，我將把電話交給吉姆，讓他深入審查我們的第二季業績和更新後的 2025 財年指引。吉姆？

Thanks, Bob. Good morning and good afternoon, everyone. As a reminder, before I turn to my prepared remarks, 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. In our second fiscal quarter, Cencora delivered strong financial performance as our teams capitalized on our pharmaceutical-centric strategy.

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，我今天的發言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 結果的詳細討論，請參閱我們的收益新聞稿和簡報。在我們的第二財季，由於我們的團隊充分利用了以製藥為中心的策略，Cencora 取得了強勁的財務表現。

We benefited from our positioning and continued investment in attractive growing areas of the market like specialty, driving adjusted diluted EPS growth of 16%. To reflect our strong U.S. Healthcare Solutions earnings performance to date and expectations for continued growth in the second half of the year, we are raising our full year guidance for adjusted operating income and adjusted diluted EPS. Before reviewing the revised guidance details, I'll first turn to a review of our consolidated second quarter results, starting with revenue.

我們受益於我們的定位和對專業等市場中具有吸引力的成長領域的持續投資，推動調整後稀釋每股收益成長 16%。為了反映我們迄今為止強勁的美國醫療保健解決方案獲利表現以及對下半年持續成長的預期，我們上調了全年調整後營業收入和調整後稀釋每股收益的預期。在審查修訂後的指導細節之前，我將首先回顧我們第二季度的綜合業績，從收入開始。

Our consolidated revenue was $75.5 billion, up 10%, primarily driven by revenue growth in the U.S. Healthcare Solutions segment as we continue to benefit from volume growth, including continued growth in GLP-1 products. Excluding sales of GLP-1s, our consolidated revenue growth would have been 8%. Turning now to gross profit. Consolidated gross profit was $2.9 billion, up 15% due to growth in the U.S. Healthcare Solutions segment.

我們的綜合收入為 755 億美元，成長 10%，主要得益於美國醫療保健解決方案部門的收入成長，因為我們持續受益於銷售成長，包括 GLP-1 產品的持續成長。不包括 GLP-1 的銷售額，我們的綜合收入成長率將達到 8%。現在談談毛利。綜合毛利為 29 億美元，由於美國醫療保健解決方案部門的成長而成長 15%。

Consolidated gross profit margin was 3.86%, an increase of 16 basis points primarily driven by the gross profit contribution from our acquisition of [Retina] Consultants of America. Moving now to operating expenses. In the quarter, consolidated operating expenses were $1.7 billion, up 15%, driven primarily by the [RCA] acquisition.

合併毛利率為 3.86%，成長 16 個基點，主要得益於收購美國 [Retina] Consultants 帶來的毛利貢獻。現在轉到營運費用。本季度，綜合營運費用為 17 億美元，成長 15%，主要受 [RCA] 收購的影響。

Excluding RCA, operating expense growth was modest as we continue to focus on identifying and implementing productivity initiatives while also investing in our business and operations to support our customers' growth. Consolidated operating income was $1.2 billion, an increase of 15% compared to the prior year quarter due to excellent performance in our U.S. Healthcare Solutions segment which I will discuss in more detail in the segment level results.

不包括 RCA，營運費用成長適度，因為我們繼續專注於確定和實施生產力計劃，同時投資於我們的業務和營運以支援客戶的成長。綜合營業收入為 12 億美元，較去年同期成長 15%，這得益於我們美國醫療保健解決方案部門的出色表現，我將在部門層面的結果中對此進行更詳細的討論。

Moving now to our net interest expense and effective tax rate for the second quarter. Net interest expense was $104 million an increase of $40 million versus the prior year quarter. This increase primarily reflects the interest expense associated with the $3.3 billion in recently issued senior notes and the term loan to finance a portion of the RCA acquisition on top of our intra-period short-term borrowings associated with typical seasonal factors minus the repayment of senior notes that matured in March, which we have not yet refinanced. Turning now to income taxes.

現在來看看第二季的淨利息支出和有效稅率。淨利息支出為 1.04 億美元，比去年同期增加 4,000 萬美元。這一增長主要反映了與最近發行的 33 億美元優先票據相關的利息支出，以及為 RCA 收購部分資金而發放的定期貸款，此外還有我們與典型季節性因素相關的期內短期借款，減去 3 月份到期的優先票據的償還款，我們尚未對這些票據進行再融資。現在來談談所得稅。

Our effective income tax rate was 20.8%. Given our year-to-date effective income tax rate, we would expect our full year tax rate to be slightly below 21%. Finally, our diluted share count was 195.1 million shares, a 3% decrease compared to the prior year quarter driven by approximately $1.0 billion in opportunistic share repurchases over the past year, including $50 million in February and concurrence with Walgreens Boots Alliance's sale of shares.

我們的有效所得稅率為20.8%。鑑於我們今年迄今的有效所得稅率，我們預計全年稅率將略低於 21%。最後，我們的稀釋股數為 1.951 億股，與去年同期相比下降了 3%，這是由於過去一年中機會性股票回購約 10 億美元，其中包括 2 月份的 5,000 萬美元以及與 Walgreens Boots Alliance 出售股票的一致行動。

As we look to the balance of the fiscal year, we do not anticipate further share repurchases as we focus on deleveraging following the RCA acquisition. Regarding our cash balance and adjusted free cash flow, we ended March with $2 billion of cash and year-to-date adjusted free cash flow slightly below $200 million as a result of strong adjusted free cash flow in our second quarter.

展望本財年的餘額，我們預計不會進一步回購股票，因為我們專注於 RCA 收購後的去槓桿化。關於我們的現金餘額和調整後的自由現金流，由於第二季調整後的自由現金流強勁，截至 3 月底，我們的現金餘額為 20 億美元，年初至今的調整後自由現金流略低於 2 億美元。

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. Now I'll turn to our segment results for the second quarter. In the U.S. Healthcare Solutions segment, revenue was $68.3 billion, up 11% as we continue to see strong utilization trends, including growth in GLP-1 and growth in sales of specialty products to specialty physician practices and health systems where we are particularly benefiting from our strategy of partnering with market leaders.

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。至此，我們的合併業績審查完畢。現在我將介紹我們第二季的分部業績。在美國醫療保健解決方案部門，收入為 683 億美元，增長 11%，因為我們繼續看到強勁的利用趨勢，包括 GLP-1 的增長以及針對專科醫生診所和醫療系統的專科產品銷售額的增長，我們尤其受益於與市場領導者合作的戰略。

In the quarter, sales of GLP-1 products increased $2.2 billion or 36% year over year. While this is clearly a significant year-over-year increase, I will note that this represents a 10% sequential decline in GLP-1 sales from the first quarter. Excluding sales of GLP-1 products, US segment revenue growth would have been 9% for the quarter. Separately, I will note that as previously contemplated, there is no significant increase in U.S.

本季度，GLP-1產品的銷售額年增22億美元，增幅達36%。雖然這顯然是顯著的同比增長，但我要指出的是，這代表著 GLP-1 銷售額與第一季相比連續下降了 10%。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 9%。另外，我要指出的是，如同先前所設想的，美國並沒有顯著的成長。

Healthcare Solutions revenue resulting from the acquisition of RCA as sales from our specialty physician services business to RCA are now being eliminated in consolidation. U.S. Healthcare Solutions segment operating income increased 23% to $1.0 billion, driven by growth across our Human and Animal Health distribution businesses and the contribution from RCA, offset by a smaller-than-expected COVID vaccine headwind.

醫療保健解決方案收入源於收購 RCA，因為我們的專業醫師服務業務向 RCA 的銷售現在在合併中被抵消。美國醫療保健解決方案部門的營業收入增長 23%，達到 10 億美元，這得益於人類和動物保健分銷業務的增長以及 RCA 的貢獻，但被小於預期的新冠疫苗逆風所抵消。

In the quarter, we saw particularly strong performance in specialty as utilization across health systems and specialty physician practices was robust and we benefited from the continued uptake of biosimilars in these customer channels. As it relates to COVID, in the quarter, we saw higher-than-expected sales of COVID-19 vaccines that resulted in our COVID-related headwind being approximately half the size we indicated on our first quarter earnings call.

本季度，我們在專科領域表現特別強勁，因為整個醫療系統和專科醫生實踐的利用率很高，而且我們受益於這些客戶管道對生物仿製藥的持續吸收。就 COVID 而言，在本季度，我們看到 COVID-19 疫苗的銷量高於預期，這導致我們與 COVID 相關的逆風大約是我們在第一季財報電話會議上指出的規模的一半。

I will now turn to our International Healthcare Solutions segment. In the quarter, International Healthcare Solutions revenue was $7.2 billion, up approximately 1% on an as-reported basis and up 6% on a constant currency basis due to our growth at our European distribution business. International Healthcare Solutions operating income was $159 million, down 17% on an as-reported basis and down 14% on a constant currency basis.

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 72 億美元，按報告基礎計算增長約 1%，按固定匯率計算增長 6%，這得益於我們歐洲分銷業務的增長。國際醫療保健解決方案營業收入為 1.59 億美元，按報告基礎下降 17%，以固定匯率計算下降 14%。

The decline was driven by continued softness for our global specialty logistics business as clinical trial activity remains subdued and we had a difficult comparison for our European distribution business due to manufacturers, price adjustments in a developing market country in the prior year which we called out on our second quarter earnings call last year. Excluding the impact of the manufacturers price adjustments, we saw solid operational performance within our European distribution business, particularly in 3PL.

下滑的原因在於我們的全球專業物流業務持續疲軟，因為臨床試驗活動依然低迷，而且由於製造商以及去年發展中市場國家的價格調整，我們的歐洲分銷業務難以與去年相比，我們在去年第二季度收益電話會議上就曾提到過這一點。排除製造商價格調整的影響，我們的歐洲分銷業務，尤其是第三方物流，營運表現穩健。

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 and share count. 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.

這樣就完成了我們對細分級別結果的審查。我現在將討論我們更新後的 2025 財年指導預期。提醒一下，我們不會根據 GAAP 為某些指標提供前瞻性指導，因此以下資訊是根據調整後的非 GAAP 提供的，但收入和股份數量除外。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，然後詳細說明導致每股盈餘成長的損益表項目。

We are raising and narrowing our fiscal 2025 EPS guidance and now expect EPS to be in the range of $15.70 to $15.95 up from our previous range of $15.30 to $15.60 and representing growth of 14% to 16%. The updated guidance reflects our strong second quarter operating income performance in the U.S. Healthcare Solutions segment and a lower expected contribution from the International Healthcare Solutions segment.

我們正在提高並縮小 2025 財年每股收益預期，目前預計每股收益將在 15.70 美元至 15.95 美元之間，高於先前的 15.30 美元至 15.60 美元，增長率為 14% 至 16%。更新後的指引反映了我們第二季度美國醫療保健解決方案部門強勁的營業收入表現以及國際醫療保健解決方案部門預期貢獻的降低。

Additionally, in connection with consolidating the operating results of RCA, we made the accounting determination that the approximately 15% of equity that is owned by RCA physicians and management represents a contingent liability to Cencora as opposed to a noncontrolling interest. Cencora will be consolidating the entirety of RCA with no noncontrolling interest elimination at the net income and EPS level.

此外，在合併 RCA 的經營業績時，我們做出了會計認定：RCA 醫師和管理階層所擁有的約 15% 的股權對 Cencora 來說是一項或有負債，而不是非控股權益。Cencora 將合併整個 RCA，而不會在淨收入和每股盈餘水準上消除非控制性權益。

Our prior guidance assumed a noncontrolling interest reduction in EPS. Therefore, this determination will result in a higher-than-expected EPS contribution from RCA for the fiscal year but has no impact on our operating income results or operating income guidance.

我們先前的指引假設每股收益中非控制權益減少。因此，這項決定將導致 RCA 本財年的每股收益貢獻高於預期，但不會影響我們的營業收入結果或營業收入指引。

We are pleased with the integration progress we are making with the RCA team and are excited about the opportunities we have to drive positive patient outcomes by leveraging our collective strengths. Now moving to revenue. Our consolidated revenue guidance is unchanged, and we expect growth to be in the range of 8% to 10%.

我們對與 RCA 團隊取得的整合進展感到滿意，並對我們透過利用集體優勢來推動積極的患者治療結果的機會感到興奮。現在轉向收入。我們的綜合收入指引保持不變，預計成長率將在 8% 至 10% 之間。

At the segment level, we are updating our International Healthcare Solutions segment revenue growth outlook and now expect as-reported revenue growth to be in the range of 3% to 4%, down from our previous range of 4% to 5%. On a constant currency basis, we now expect International Healthcare Solutions segment revenue growth to be in the range of 6% to 8%, down from the previous range of 7% to 9%.

在分部層面，我們正在更新國際醫療保健解決方案分部的收入成長前景，目前預計報告的收入成長率將在 3% 至 4% 之間，低於先前的 4% 至 5% 的範圍。以固定匯率計算，我們現在預計國際醫療保健解決方案部門的收入成長率將在 6% 至 8% 之間，低於先前的 7% 至 9% 的範圍。

While we are leaving our revenue guidance unchanged at both the consolidated and U.S. Healthcare Solutions segment level, we anticipate our growth will be at the bottom end of the respective ranges. In the second half of the year, we will see revenue growth impacted by a couple of factors, including beginning to lap tougher GLP-1 growth comparisons in the second half when the market saw product supply constraints subside in the prior year and declining sales of high-priced mail order products, which now have biosimilar competition and PBM formularies.

雖然我們維持合併和美國醫療保健解決方案部門的收入預期不變，但我們預計成長將處於各自範圍的底端。下半年，我們將看到收入成長受到多種因素的影響，包括下半年開始面臨更嚴峻的 GLP-1 成長比較，因為市場看到上一年的產品供應限制有所緩解，而高價郵購產品的銷售額則出現下降，因為這些產品現在面臨著生物仿製藥的競爭和 PBM 處方集。

These dynamics contribute to the lower revenue growth expected in the second half of the year but are positive for our profit margins. Moving to operating income. We expect consolidated operating income growth to be in the range of 13.5% to 15.5% up from our previous guidance of 11.5% to 13.5%. In the U.S. Healthcare Solutions segment, we now expect operating income growth to be in the range of 17.5% to 19.5%, up from our prior range of 14.5% to 16.5%.

這些動態導致預計下半年收入成長較低，但對我們的利潤率有利。轉向營業收入。我們預計綜合營業收入成長率將在 13.5% 至 15.5% 之間，高於先前預測的 11.5% 至 13.5%。在美國醫療保健解決方案部門，我們現在預計營業收入成長率將在 17.5% 至 19.5% 之間，高於先前的 14.5% 至 16.5% 的範圍。

The updated guidance reflects our strong business performance to date and continued good pharmaceutical utilization. Turning now to International Healthcare Solutions segment. On an as-reported basis, we now expect operating income to be down 4% to down 1% versus our prior expectations for operating income to be flat.

更新後的指南反映了我們迄今為止強勁的業務表現和持續良好的藥品利用率。現在轉向國際醫療保健解決方案領域。根據報告，我們現在預計營業收入將下降 4% 至 1%，而我們先前預期的營業收入將持平。

The updated guidance range reflects the continued demand softness in the clinical trial and outsourced pharma services markets impacting our full year expectations for our higher-margin businesses in this segment. offset in part by the positive impact of the weakening of the U.S. dollar against other currencies. On a constant currency basis, we now expect segment operating income to be down 3% to flat. Moving to share count. We now expect diluted weighted average shares outstanding to be in the range of 195 million to 195.5 million based on our current share count. That concludes our updated full year guidance assumptions.

更新後的指導範圍反映了臨床試驗和外包製藥服務市場持續的需求疲軟，影響了我們對該領域高利潤業務的全年預期。美元兌其他貨幣走弱的正面影響部分抵銷。以固定匯率計算，我們目前預期分部營業收入將下降 3% 至持平。轉向分享計數。根據我們目前的股票數量，我們目前預計稀釋加權平均流通股數將在 1.95 億至 1.955 億之間。這就是我們更新後的全年指導假設。

In closing, the Cencora team has delivered another strong quarter of financial performance as our team members worked collaboratively with our customers and partners to drive a differentiated experience through their expertise and solutions-oriented approach. Our team members and our strategic partnerships are foundational to our success. Our continued investment in the team's development, our focus on enhancing capabilities and emphasis on productivity will further enhance our ability to drive value for all our stakeholders.

最後，Cencora 團隊又取得了強勁的財務業績，因為我們的團隊成員與我們的客戶和合作夥伴合作，透過他們的專業知識和解決方案導向的方法來推動差異化的體驗。我們的團隊成員和策略夥伴關係是我們成功的基礎。我們對團隊發展的持續投資、對提升能力的關注以及對生產力的重視將進一步增強我們為所有利害關係人創造價值的能力。

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) Elizabeth Anderson, Evercore ISI.

（操作員指示）Elizabeth Anderson，Evercore ISI。

Maybe I just wanted to dig into the strength in the [AOI] of the U.S. health care business. Given that strength that we saw in the quarter, how do you kind of see that playing out for the rest of the year? And then if we talk about some of the drivers on a longer-term basis, how do we see the sort of continuation of those over the longer period?

也許我只是想深入了解美國醫療保健業務的[AOI]優勢。鑑於我們在本季看到的強勁表現，您如何看待其在今年剩餘時間內的表現？那麼，如果我們從長期角度討論一些驅動因素，我們如何看待這些因素在較長時期內的延續？

Elizabeth, thanks for the question. This is Bob. I'll take that one. And I think where you got in your question in terms of the drivers or how all -- how I'll answer because when you think about Cencora, I think there are 3 things to think about when you're looking at kind of long-term performance, and we do believe our strong performance will continue. One is how well we're positioned in the growing parts of the pharmaceutical market.

伊麗莎白，謝謝你的提問。這是鮑伯。我要那個。我認為您在問題中提到的驅動因素或所有因素如何 - 我會如何回答，因為當您考慮 Cencora 時，我認為在考慮長期表現時需要考慮三件事，我們確實相信我們的強勁表現將會持續下去。一是我們在醫藥市場不斷成長的領域中佔有多麼有利的地位。

So obviously, we talk a lot about how well we're positioned in the specialty market. That is where most of the innovation in the pharmaceutical industry is happening, and we're very well positioned there with the biopharma manufacturers and we certainly expect our positioning to continue and the innovation to continue.

顯然，我們談論了很多我們在專業市場中的定位。製藥業的大部分創新都發生在這個領域，我們與生物製藥製造商相比處於非常有利的地位，我們當然希望我們的地位能夠繼續保持，創新也能夠繼續下去。

The second piece is how well we're positioned with providers. We spend a lot of time again talking about our strength in the independent community specialty practices, which is excellent, and we expect that to continue. But we're also very well positioned across the continuum upsides of care from the largest pharmacies to the smallest community pharmacies to specialty pharmacy, highlighted health systems today in the prepared remarks.

第二點是我們與供應商的定位如何。我們再次花費大量時間談論我們在獨立社區專業實踐方面的優勢，這是非常好的，我們希望這種情況能夠繼續下去。但是，我們在從最大的藥房到最小的社區藥房到專業藥房的整個醫療護理體系中也處於非常有利的地位，今天的準備好的發言中強調了醫療系統。

So you look at the market growth in terms of product innovation and specialty. We're well positioned there. When you think about the provider base, we're very well positioned there. And the third and important piece is just the excellent purpose-driven team members that we have here at Cencora who are spending a lot of time thinking about not just how do we execute in the short term, but how are we going to continue to innovate build services and build partnerships for the long term and also referencing back to my prepared remarks, a specific point of the amount of time that Cencora leaders are spending out with industry stakeholders, whether that's in (inaudible) on D.C. for our provider customers once again.

因此，您可以從產品創新和專業化的角度來看待市場成長。我們在那裡處於有利地位。當您考慮供應商基礎時，我們處於非常有利的位置。第三個也是最重要的一點是我們 Cencora 擁有優秀的目標驅動型團隊成員，他們花了很多時間思考我們不僅如何在短期內執行，而且如何繼續創新構建服務和建立長期合作夥伴關係，並參考我準備好的發言，Cencora 領導者與行業利益相關者共度的特定時間點，無論是在華盛頓特區（聽不清楚）為我們的供應商提供服務。

And the intention there is to make sure that we're listening carefully. We're learning. We bring that back to the organization that allows us to be meeting the needs and exceeding the needs of those provider customers. So I think when you think about the market growth, how well we're positioned and then the -- honestly, the growth mindset that we have at Cencora and our commitment to actively learning and continue to innovate. So what gives us belief that the performance will continue over the long term.

這樣做的目的是確保我們認真傾聽。我們正在學習。我們將其帶回組織，這使我們能夠滿足並超越那些提供者客戶的需求。因此，我認為當你考慮市場成長時，我們的定位有多好，然後——老實說，我們在 Cencora 擁有成長心態，並且我們致力於積極學習和持續創新。那麼什麼讓我們相信這種表現將會長期持續下去呢？

Michael Cherny, Leerink Capital.

Leerink Capital 的 Michael Cherny。

Again, congrats on another strong beat and raise. Maybe Bob to parse through Elizabeth's question a little bit more, and particularly dive in more on specialty. Cencora has a long history of being a market leader on all things specialty oriented.

再次恭喜您再次取得強勁勝利並加註。也許鮑伯應該更深入地分析伊莉莎白的問題，特別是深入研究專業。Cencora 長期以來一直是所有專業領域的市場領導者。

As you think about the contributors of specialty to growth, how much can you unpack in terms of what you see as market growth versus share gains versus additional value-add services and add-ons be able to build out. You're very much -- we'd agree with the fact that you're in the right place on a go-forward basis relative to where the market is growing.

當您思考專業化對成長的貢獻時，您能從市場成長、份額成長以及能夠建立的額外增值服務和附加元件方面解讀出多少。您非常——我們同意這一事實，即相對於市場的成長方向，您處於正確的前進位置。

But curious, as the market continues to grow in various different pacing where you see the best opportunities for outperformance beyond that.

但奇怪的是，隨著市場以不同的速度持續成長，您會看到超越這一速度的最佳機會。

Yes. So thanks a lot for the question, Michael. I'll take a shot at it. And so we saw terrific results, really extraordinary results in the first half in our US business.

是的。非常感謝你的提問，麥可。我會嘗試一下。因此，我們在美國業務上半年取得了出色的業績，確實非凡的業績。

In fact, if we kind of look at our Q2 beat really all of the US. Q2 beat versus our internal expectations is due to organic growth from our core U.S. distribution business. And of course, we've talked about some time that that's driven by utilization trends. It's driven by broad-based performance and in particular, it's driven by sales of specialty products to physician practices and health systems.

事實上，如果我們看一下，我們的第二季業績確實超過了美國所有公司。第二季業績超出我們的內部預期，這得益於我們核心美國分銷業務的有機成長。當然，我們曾經討論過，這是由利用率趨勢所驅動的。它是由廣泛的業績驅動的，特別是由向醫生診所和醫療系統銷售專業產品所驅動的。

And so I would say that as we look at specialty, it's really been -- it's been broad-based performance and it's been very good results, both with regard to physician practices and health systems. And then, of course, our recent acquisition of RCA and our investment in 2023 [on] oncology.

因此我想說，當我們看專業時，它確實——它的表現基礎廣泛，而且取得了非常好的成果，無論是在醫生執業方面還是在醫療系統方面。當然，我們最近收購了 RCA，並在 2023 年對腫瘤學進行了投資。

We look at that as really the natural evolution of our specialty business because, of course, we're very strong in distribution, we're very strong in wraparound services like GPO. And so we view the [MSO] space is adding additional value-added services to the same customer base that we've had terrific success with for quite some time. And so thanks a lot for the question, and I think Bob has something he'd like to add.

我們認為這是我們專業業務的自然演變，因為我們在分銷方面非常強大，我們在 GPO 等全方位服務方面非常強大。因此，我們認為 [MSO] 領域正在為同一客戶群增加額外的增值服務，我們在相當長一段時間內已經取得了巨大的成功。非常感謝您提出這個問題，我想鮑伯還有一些想補充的內容。

Yes. Thanks, Jim. And Michael, I would just add our commitment to continuing to invest in the strengths that we have. You've seen over a period of time where investing in services. The MSO expansion is a good example of that.

是的。謝謝，吉姆。邁克爾，我只想補充一點，我們致力於繼續投資我們現有的優勢。您已經看到了一段時間以來對服務的投資。MSO 擴充就是一個很好的例子。

And we're going to continue to make those investments as we move forward to make sure that we're positioned well to support the biopharma manufacturers as well as a provider. So we think that intention to do that, the commitment that we have to do that will allow us to continue to perform well.

我們將繼續進行這些投資，以確保我們能夠為生物製藥製造商和供應商提供良好的支援。因此，我們認為，這樣做的意圖和承諾將使我們能夠繼續表現良好。

Lisa Gill, JPMorgan.

摩根大通的麗莎吉爾。

Congrats on the quarter. I wanted to focus on DC and the thoughts around tariffs. It's believed that the Trump administration will come out with something in the next week or so. Can you just remind us on each side of your business? My understanding would be on the branded side, kind of similar to what we saw on the flip side with insulin when prices go down, your economics kind of stay the same.

恭喜本季取得佳績。我想集中討論華盛頓特區和有關關稅的想法。據信，川普政府將在下週左右推出一些措施。您能否簡單回顧一下您業務的各個面向？我的理解是，從品牌角度來看，有點類似胰島素的另一面，當價格下降時，經濟狀況保持不變。

Is there any variability if we were to think that prices go up? And then there's been a lot of questions on the generic side. If we think back to when there was generic price inflation. And again, a tariff could add some kind of inflationary component to this. How do we think about each of those components and how it impacts your business and how you're thinking about it for your customer?

如果我們認為價格上漲，會有什麼變化嗎？然後，在一般方面出現了很多問題。如果我們回想一下通用價格上漲的時候。而且，關稅可能會增加某種通膨因素。我們如何看待每個組成部分以及它們如何影響您的業務以及您如何為您的客戶考慮它們？

Yes, sure. I'll take a stab at that, Lisa. Thanks a lot for the question. And of course, we continue to monitor the evolutions around tariffs in the pharmaceutical market. We have teams in place that are analyzing the impact of tariffs on our business and very importantly, on the supply chain.

是的，當然。我會嘗試一下，麗莎。非常感謝您的提問。當然，我們會繼續關注醫藥市場關稅的變化。我們已經成立了一個團隊來分析關稅對我們的業務以及非常重要的供應鏈的影響。

And to answer your question, what I'll say is as it relates to our business, we have not called out any material impact as a result of tariffs. As a reminder, we're pharmaceutical-centric and the manufacturers are the importer of record for pharmaceuticals.

回答您的問題，我想說的是，就我們的業務而言，我們尚未發現關稅造成的任何重大影響。提醒一下，我們以藥品為中心，製造商是藥品的記錄進口商。

Now to get to part of your question, our main focus is ensuring patients have access to life-saving medications and we're supporting our upstream and downstream partners as they navigate the uncertainty and additionally, we'll continue to advocate on behalf of our customers to ensure that they receive adequate reimbursement for the valuable healthcare services that they provide. But just to reiterate, as it relates to our business, we haven't called out any material impacts as a result of tariffs. Thank you for the question.

現在回答您問題的一部分，我們的主要重點是確保患者能夠獲得救命的藥物，我們正在支持我們的上游和下游合作夥伴應對不確定性，此外，我們將繼續代表我們的客戶進行倡導，以確保他們獲得他們提供的寶貴醫療服務的足夠報銷。但需要重申的是，就我們的業務而言，我們尚未指出關稅會造成任何重大影響。謝謝你的提問。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

I've kind of got a two parter. Number one, James, if you could kind of quickly walk through the RCA impact on gross margin expansion in the quarter, I think that would be helpful because there are some moving pieces there relating to the way the equity -- the non-owned equity stub is being treated and the eliminations from the sales into the practices.

我有兩個部分。第一，詹姆斯，如果你能快速介紹一下 RCA 對本季毛利率擴張的影響，我認為這會很有幫助，因為這裡有一些與股權——非自有股權存根的處理方式以及從銷售到實踐的消除方式有關的變動因素。

And then my second part would be just kind of the growth where you guys have set yourselves up in specialty is amazing. I was just hoping you might give us any quantitative color on how much of the US drug business is now like the Part B business versus the Part D business and maybe kind of the growth characteristics you're seeing in each of those kind of trying to think of the business in kind of the two big segments from a distribution perspective.

然後我的第二部分就是你們在專業領域的驚人成長。我只是希望您能給我們一些量化的信息，說明現在美國藥品業務中有多少像 B 部分業務和 D 部分業務，也許您能從分銷的角度將這兩個大細分市場的業務分別看作是哪一種增長特徵。

Okay. I'll take the first half of that, and that is on RCA. You asked initially about gross profit and yes, as we look at our consolidated results, RCA does add meaningfully to gross profit margin and operating margin. And one reason why is that it is a higher margin business than our core distribution business. And then, of course, the other reason why is that -- now that it is a subsidiary of Cencora, we eliminate the sales from our specialty physician services business to RCA so that we don't double count those sales.

好的。我將選取其中的前半部分，這是在 RCA 上。您最初詢問的是毛利，是的，當我們查看合併結果時，RCA 確實顯著提高了毛利率和營業利潤率。原因之一是，該業務的利潤率比我們的核心分銷業務更高。當然，另一個原因是——既然它現在是 Cencora 的子公司，我們就消除了從我們的專科醫生服務業務到 RCA 的銷售額，這樣我們就不會重複計算這些銷售額。

And so as a result of that, it adds meaningfully to our gross profit margin and our operating margin. And then I think the second part of the business kind of got to the accounting. And so let me just kind of address that for you also. Our prior guidance when we talked in February, incorporated 100% of the operating income for RCA and contemplated a reduction in EPS due to an expected non-controlling interest reduction.

因此，這將顯著提高我們的毛利率和營業利潤率。然後我認為業務的第二部分涉及會計。因此，讓我也為您解決這個問題。我們在二月份討論時的先前指導意見是，納入了 RCA 100% 的營業收入，並考慮到由於預期非控制權益減少導致每股收益減少。

But as I said in my prepared remarks, after closing and consolidating the RCA business, we made the accounting determination the approximately 15% of equity that's owned by RCA physicians and management represents a contingent liability to Cencora as opposed to a noncontrolling interest.

但正如我在準備好的發言中所說，在關閉和合併 RCA 業務後，我們做出了會計決定，RCA 醫生和管理層擁有的約 15% 的股權對 Cencora 來說是一項或有負債，而不是非控股權益。

The results of that is that there's a higher-than-expected EPS contribution for the fiscal year, but it has no impact on our operating income results or guidance. And so just to give you a little bit more detail there for EPS, they're -- approximately $0.14 of the increase in EPS guidance is a result of the RCA accounting determination. And then the rest is from our core US distribution business.

結果是本財年的每股盈餘貢獻高於預期，但對我們的營業收入結果或指引沒有影響。因此，為了向您提供有關 EPS 的更多詳細信息，EPS 指導值增加約 0.14 美元是 RCA 會計判定的結果。其餘部分則來自我們的核心美國分銷業務。

And so if you look at our increase in EPS guidance, the significant majority of the increase in EPS guidance comes from our core US distribution business, which more than offset the decrease in guidance for international. And just one final thing is that the $0.14 increase in EPS from the RCA accounting determination and may be higher than some of you are initially modeling.

因此，如果您看一下我們的每股盈餘指引的成長，就會發現每股盈餘指引的成長絕大部分來自我們的核心美國分銷業務，這足以抵銷國際指引的下降。最後一點是，根據 RCA 會計確定，每股收益增加了 0.14 美元，可能高於你們中的一些人最初建模的水平。

And the reason for that is that the 85% of operating income covers all of the interest expense. So the incremental 15% of operating income falls right to pretax income. So I think that [indiscernible] answers your question. And one other thing I will add is that as it relates to the guidance update, I know kind of everything from the standpoint of revenue, GP and OI for RCA is the same as previously guided.

原因在於 85% 的營業收入涵蓋了所有的利息支出。因此，新增的15%營業收入直接計入稅前收入。所以我認為[音訊不清晰]回答了你的問題。我還要補充一點，關於指導更新，我知道從收入、GP 和 OI 的角度來看，RCA 的一切都與之前的指導相同。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

Yes, congrats on the quarter. I actually want to ask about international real quickly here. Obviously, the guidance is taken down a little bit here. And -- just wanted to maybe dive a little bit into more about the -- your comments about softness in the specialty logistics business. You mentioned that trial activity is subdued.

是的，恭喜本季。我實際上想在這裡快速詢問一下有關國際的問題。顯然，這裡的指導略有降低。而且 — — 我只是想更深入地談談 — — 您對專業物流業務疲軟的評論。您提到審判活動較為低迷。

Can you talk a little bit more about what you're seeing here? Obviously, there's a lot going on in the pharma market, particularly with potential tariffs and a lot of things that the administration is undertaking here currently.

您能否再多談談您在這裡看到的情況？顯然，製藥市場正在發生很多事情，特別是潛在的關稅以及政府目前正在採取的許多措施。

Maybe you can give us a sense for what you're hearing from clients from pharma companies in terms of sort of what they're seeing currently and how they're approaching sort of sort of business development here and clinical trial starts in particular. And when you're saying it's subdued, does that mean you're just seeing a lot of delays. Maybe you could just kind of give us a little bit more details on that, that would be great.

也許您可以讓我們了解您從製藥公司的客戶那裡聽到的情況，例如他們目前看到的情況以及他們如何處理這裡的業務發展，特別是臨床試驗的開始。當您說它很平靜時，是否意味著您只是看到了很多延遲？也許您可以向我們提供更多有關此方面的詳細信息，那就太好了。

Yes. Thanks a lot for the question. So as we and other players in the market have been calling out clinical trial activity has been subdued which has been pressuring some of our businesses in the International Healthcare Solutions segment, particularly demand for global specialty logistics and earlier-stage pharma consulting projects. And the rebound has been slower than we would have expected, resulting in segment performance for our global specialty logistics business to be below the expectations we outlined in February. And we really haven't seen demand begin to ramp materially for our consulting business.

是的。非常感謝您的提問。正如我們和市場中的其他參與者所呼籲的那樣，臨床試驗活動一直受到抑制，這給我們在國際醫療保健解決方案領域的一些業務帶來了壓力，特別是對全球專業物流和早期製藥諮詢項目的需求。反彈速度比我們預期的要慢，導致我們全球專業物流業務的分部表現低於我們 2 月提出的預期。我們確實還沒有看到對我們的諮詢業務的需求開始大幅增加。

And so as a result of the performance to date, and to incorporate a wider range of recovery power demand in global specialty logistics. We reduced our International Healthcare Solutions segment operating income guidance. But I will say that our end-to-end service offering is resonating with manufacturers, and we feel confident in our ability to capitalize on a rebound in demand when it occurs, given our unique positioning in the market.

因此，根據迄今為止的表現，我們將把更廣泛的復原力需求納入全球專業物流中。我們降低了國際醫療保健解決方案部門的營業收入預期。但我要說的是，我們提供的端到端服務引起了製造商的共鳴，而且鑑於我們在市場上的獨特地位，我們有信心在需求反彈時利用它。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Appreciate the detail on RCA. And I'd like to ask a question kind of about the MSO operations more broadly. I know that each of them looks quite different and the share of income can be quite different. But can you help us with your view of the profit stream. And we've talked a lot about the opportunity.

感謝 RCA 的詳細資料。我想問一個有關 MSO 運營的更廣泛的問題。我知道他們每個人看起來都很不一樣，收入份額也可能有很大差異。但是您能否幫助我們了解您對利潤流的看法？我們已經多次談論這個機會。

When we think about how much of that opportunity is tied to drug versus medical or government versus commercial can you provide a general framework for that, both to think about the opportunity and the risk of some of what is occurring in the market.

當我們思考有多少機會與藥品、醫療、政府或商業相關時，您能否提供一個總體框架，既考慮市場中出現的某些情況所帶來的機會，也考慮其帶來的風險。

Eric, it's Bob. Thanks for the question. I would begin with we're excited and confident about the income streams within the MSO space. As you said, they're different and the services that an MSO on oncology would provide to an oncology practice are similar and different than RCA would provide to a retina specialist. But when you put that together, we believe it's a really good fit for our expansion of services in both of those spaces.

艾瑞克，我是鮑勃。謝謝你的提問。首先，我們對 MSO 領域的收入流感到興奮和自信。正如您所說，它們是不同的，腫瘤科 MSO 為腫瘤科實踐提供的服務與 RCA 為視網膜專家提供的服務既相似又不同。但當你把它們結合起來時，我們相信這非常適合我們在這兩個領域的服務擴展。

So as we discussed and as you know well, Eric, the strength that we have in both distribution and the GPO was there. And by adding the MSO services, we're able to build on our capabilities and supporting those physicians.

正如我們所討論的，而且正如你所知，埃里克，我們在分銷和 GPO 方面都擁有優勢。透過添加 MSO 服務，我們能夠增強我們的能力並為這些醫生提供支援。

One thing that -- to reinforce is something else that we're excited about in terms of a future growth proposition as the clinical trial services that are provided now at RCA and that we'll -- we believe we can expand into on oncology. And that's another example of how we'll be well positioned with both the biopharma partners as well as the providers.

需要強調的一點是，就未來的成長主張而言，我們對 RCA 目前提供的臨床試驗服務感到興奮，我們相信我們可以擴展到腫瘤學領域。這是我們與生物製藥合作夥伴以及供應商如何保持良好關係的另一個例子。

Steven Valiquette, Mizuho Securities.

瑞穗證券的 Steven Valiquette。

Congrats on these results. You had a question that was kind of similar to Charles, just on the international solutions and your comments about the clinical trial activity remaining subdued. The only kind of follow-up question there were just -- I can't recall at the top of my head just how fragmented versus how concentrated your customer base is in that business.

祝賀這些結果。您的問題與查爾斯的問題有點類似，只是關於國際解決方案以及您對臨床試驗活動仍然低迷的評論。唯一的後續問題是──我無法回想起你們的業務中客戶群的分散程度和集中程度。

So where there may be just some customers where activity clinical trials was subdued or was a definitely a widespread phenomenon across the majority of your book? And then is there any chance are you able to put a number just on the approximate percent decline in clinical trial activity you're seeing across your book?

那麼，可能只是一些客戶的活動臨床試驗受到了抑制，還是這絕對是您書中大部分內容中普遍存在的現象？那麼，您能否給出您在書中看到的臨床試驗活動下降的大致百分比數字？

I mean we're talking single-digit decline double digit. Just wanted to get just some rough sense for that.

我的意思是我們談論的是單位數下降還是兩位數下降。我只是想對此有個大概的了解。

Yes, I think -- thanks for the question. It's market, it's market-based. So what we're seeing are the very same things that you're seeing across the market from other players. So our customer base is broad, and as we're seeing, there has been a decline in clinical trial starts over the past few years that we all in the space are eagerly awaiting a bit of a rebound there. And within our specialty logistics business, it's part of our end-to-end service.

是的，我認為—感謝您的提問。這是市場，這是以市場為基礎的。因此，我們所看到的與您在市場上從其他參與者看到的完全相同。因此，我們的客戶群非常廣泛，正如我們所看到的，過去幾年臨床試驗的啟動數量有所下降，我們所有人都熱切地期待著該領域的反彈。在我們的專業物流業務中，它是我們端到端服務的一部分。

So when we are talking to biopharma companies about commercialization and them bringing services to market, we're talking to them about lots of different services from consulting to 3PL services to the specialty logistics services that we're talking about here. So we wouldn't call out anything different than what is being observed across the market. I think there was a peak in trial activity during the COVID pandemic that has been reduced.

因此，當我們與生物製藥公司談論商業化以及他們將服務推向市場時，我們會與他們討論許多不同的服務，從諮詢到第三方物流服務，再到我們在此討論的專業物流服務。因此，我們不會指出任何與市場觀察到的情況不同的現象。我認為，在新冠疫情期間，試驗活動曾達到一個高峰，但之後有所減少。

And so we're working through that. But as Jim said earlier, as I said in my prepared remarks, we're well positioned with our services, with our partners and customers and expect to be a partner of choice as that market rebounds.

所以我們正在努力解決這個問題。但正如吉姆之前所說，正如我在準備好的演講中所說，我們的服務、合作夥伴和客戶都處於有利地位，並期望在市場反彈時成為首選合作夥伴。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Congrats on the really strong results here. Bob, you called out really good growth in the specialty provider channel. Can you talk a little bit about growth in your different verticals there? Was there any standout as we think about growth in oncology versus retina? Are there any other specific areas to call out? And then as you think about the utilization rate from 2024 into the first quarter of 2025, was there any deceleration, any acceleration either at the top level or within any of the specific verticals you operate in?

恭喜您取得如此優異的成績。鮑勃，您提到專業供應商管道確實實現了良好的成長。您能談談那裡不同垂直領域的成長嗎？當我們考慮腫瘤學與視網膜的發展時，有什麼突出之處嗎？還有其他需要特別關注的領域嗎？然後，當您考慮從 2024 年到 2025 年第一季的使用率時，無論是在頂層還是在您運營的任何特定垂直領域，是否有任何減速或加速？

Yes. Thanks for the question, Allen. So we don't break out the specific commercial components of the business. But I will say, and Jim mentioned this earlier, the performance is broad-based. So we often talk about the community specialty space for a very good reason.

是的。謝謝你的提問，艾倫。因此，我們不會細分該業務的具體商業組成部分。但我要說的是，正如吉姆之前提到的，這種表現是廣泛的。因此，我們經常談論社區專業空間，這是有充分理由的。

But I made a specific point in prepared remarks to talk about the health system space and others because we're well positioned for specialty growth across all sites of care. So -- and we're seeing them all grow. So it's something that we're, again, happy to be well positioned there.

但我在準備好的發言中特別提到了醫療系統領域和其他領域，因為我們已經為所有醫療領域的專業發展做好了準備。所以——我們看到它們都在成長。因此，我們很高興能夠在那裡佔據有利地位。

We're working hard to make sure that we're adding value to our biopharma partners as well as the providers, but I wouldn't comment specifically on any differences in growth across those segments. And I would go back to the reason that we're often focused on specialty physicians and in oncology is the oncology space continues to be the area of largest growth and largest opportunity.

我們正在努力確保為我們的生物製藥合作夥伴和供應商增加價值，但我不會具體評論這些部門之間的成長差異。我想回到我們經常關注專科醫生和腫瘤學的原因是腫瘤學領域仍然是成長最大、機會最大的領域。

Bob, and just the only thing I'll add, and this goes, of course, back to our results in our press release and in my prepared remarks is -- I mean we did have just had very strong performance in the first half, and we're just so pleased to be able to increase our operating income guidance for the year by 3 percentage points at the bottom end of the range and the top end of the range in the U.S., 17.5% growth to 19.5% growth and really driven by the things you were asking about utilization and our broad-based strength in specialty.

鮑勃，我只想補充一點，當然，這要追溯到我們在新聞稿和我準備好的發言稿中的業績——我的意思是，我們上半年的表現確實非常強勁，我們很高興能夠將今年的營業收入預期在美國範圍的底端和頂端分別提高 3 個百分點，從 17.5% 的增長率提高到 19.5% 的實力，這在我們所推動的發展到我們實際上是受到廣泛的佔比

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Congrats on the quarter here. I had a similar question to [Don], but maybe I'll ask it in a bit of a different way. health system seems to be getting a lot more airtime this quarter than in previous quarters. So I'm just curious why that is? Are you seeing anything particularly strong in health systems this quarter on the provider side? And as we think about the investments that you need to make to support health systems, is there anything that you would call out as kind of a near-term investment in that channel?

恭喜本季取得的成績。我和 [Don] 有類似的問題，但也許我會以稍微不同的方式來問。本季度，衛生系統似乎比前幾季獲得了更多的播出時間。所以我只是好奇這是為什麼？您是否看到本季醫療系統在提供者方面有什麼特別強勁的表現？當我們考慮需要進行哪些投資來支援醫療系統時，您是否認為可以對該管道進行一些短期投資？

Yes. Thanks for the question. From my perspective, the reason that we're focusing a bit on health systems here is for the simple reason that we want the investor base to understand how well positioned we are for specialty growth across sites of care.

是的。謝謝你的提問。從我的角度來看，我們在這裡重點關注醫療系統的原因很簡單，我們希望投資者群體了解我們在各個醫療站點的專業成長方面處於多麼有利的位置。

And again, for a very good reason, we focus on the community practices and we're making investments there. But we're also working very closely with our health systems customers and other customers to make sure that we have a capabilities and a solution set that help them continue to capture the specialty growth that is happening within their site of care.

再次強調，出於一個很好的理由，我們專注於社區實踐並在那裡進行投資。但我們也與我們的醫療系統客戶和其他客戶密切合作，以確保我們擁有能力和解決方案，幫助他們繼續抓住其護理站點內正在發生的專業成長。

So no, it's not anything in particular. It's not anything that's changed, but it is something that we're trying to explain which is the broad-based positioning that we have for specialty growth. And again, that's what gives us confidence in the continuing growth that we will have.

所以不，這沒什麼特別的。這並沒有什麼改變，但我們正在試圖解釋我們對專業成長的廣泛定位。這也讓我們對公司未來持續成長充滿信心。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

I just had a quick first one, which is just trying to understand the math on the EPS guide increase. So $0.14 came from [HCA]. And can you just -- or RCA, excuse me, and can you remind us when you said that there was a better than sort of the loss of COVID was half. What was the expectation? Like what did that actually mean in terms of EPS?

我剛剛快速地做了第一個，只是想了解 EPS 指南增加的數學原理。所以 0.14 美元來自[HCA]。您能否——或者 RCA，對不起，您能否提醒我們，當您說有比 COVID 造成的損失一半更好的情況時。期望是什麼？就 EPS 而言，這實際上意味著什麼？

And I apologize I couldn't find it in my notes. And then the actual -- the real question is of the remaining sort of upside to guidance. I know you keep saying better specialty and the like, are you actually getting better economics anywhere through the portfolio than you had been before? Is it a reflection of your fixed costs and the fact that you've kept your operating expenses ex RCA flat? I'm just trying to understand or is it simply mix?

我很抱歉在我的筆記中找不到它。然後實際的——真正的問題是指導的剩餘上行空間。我知道您一直在說更好的專業化之類的，那麼您實際上是否透過投資組合獲得了比以前更好的經濟效益？這是否反映了您的固定成本以及您保持 RCA 以外營運費用不變的事實？我只是想了解一下還是這只是簡單的混合？

I'm just trying to understand where the upside is coming from. If it's specific to, hey, what we're actually generating better economics on similar drugs or if's it our cost base is lower and utilization is higher and we're able to run that through or our overall mix is better such that the margin is better.

我只是想了解好處從何而來。如果具體來說，嘿，我們實際上在類似藥物上創造了更好的經濟效益，或者我們的成本基礎較低，利用率較高，我們能夠實現這一點，或者我們的整體組合更好，從而利潤率更高。

Okay. Great. Thank you for the question. Let me try to address those things. And you're asking about what's impacting the increase in guidance. And of course, our increase in EPS guidance was $0.40 at the bottom end of the range and $0.35 at the top end of the range.

好的。偉大的。謝謝你的提問。讓我嘗試解決這些問題。您問的是影響指導增加的因素是什麼。當然，我們的 EPS 預期上調幅度為：最低為 0.40 美元，最高為 0.35 美元。

You asked about COVID and the COVID headwind in the most recent quarter was about half of what we had previously expected. And we had expected a headwind in the $30 million range, and it was a headwind more like in the $15 million range. And so about half of our expectation. And then you asked a number of questions with regard to things that are benefiting us.

您詢問了有關 COVID 的情況，最近一個季度的 COVID 逆風約為我們之前預期的一半。我們原本預計逆風會在 3000 萬美元左右，但實際逆風更像是在 1500 萬美元左右。這大約是我們預期的一半。然後您就對我們有利的事情提出了一些問題。

And I would say mix is one of the things that I see us benefiting from is we see just the specialty part of our business growing faster and that's really benefiting us from a mix standpoint. We see biosimilar growth, and that's benefiting us from a mix standpoint.

我想說的是，混合是我們受益的因素之一，我們看到我們業務的專業部分成長更快，從混合的角度來看，這確實使我們受益。我們看到了生物相似藥的成長，從混合的角度來看這對我們有利。

And so one of the things that you kind of see in our guidance is -- and there are a couple of different reasons for it, one of which we called out earlier on the call, but is that we see operating income growth that's exceeding revenue growth in some of those mix things and higher-margin businesses are benefiting us there. So we are, of course, very pleased with the increase in guidance that we've put out today. And so thank you very much for asking me about it.

因此，您在我們的指導中看到的一件事是 - 這有幾個不同的原因，其中一個我們之前在電話會議上提到過，但我們看到營業收入增長超過了一些混合業務的收入增長，而且利潤率更高的業務使我們受益。因此，我們當然對今天發布的指導增加感到非常高興。非常感謝您詢問我這個問題。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

I understand you don't have future share buybacks in the guide and the focus on -- is on deleveraging near term. But just as you think about the rationale behind and other potential MSO type deals, I guess, will the RCA deal help to explain your future focus from an M&A standpoint as we think about your learning so far there?

我知道你們的指南中沒有未來的股票回購，重點是近期的去槓桿。但是，正如您思考背後的理由和其他潛在的 MSO 類型交易一樣，我想，當我們思考您迄今為止的學習成果時，RCA 交易是否有助於從併購的角度解釋您未來的重點？

And then a second part of my question, maybe this is somewhat related to Kevin to, but like in terms of the economics, is there any sort of change from a GLP-1 perspective? I mean, you mentioned the dynamic into the second half, which should be just more of a revenue dynamic from my understanding. But any sort of potential in terms of improved economics are like presumably oral solids could be more favorable for you as well. But how are you thinking about that segment, too?

然後是我的問題的第二部分，也許這與凱文有點相關，但就經濟而言，從 GLP-1 的角度來看有什麼變化嗎？我的意思是，你提到了下半年的動態，據我理解，這應該只是一種收入動態。但就改善經濟而言，任何形式的潛力都可能像口服固體食物一樣對您更有利。但是您對這個部分有什麼看法呢？

Yes. And so let me start off with both of those things, MSOs and capital deployment and GLP-1s. We've been very pleased with our entrance into MSOs, both with regard to the investment in OneOncology and the acquisition of RCA.

是的。因此，讓我從這兩件事開始，即 MSO 和資本部署以及 GLP-1。我們對進入 MSO 感到非常高興，包括對 OneOncology 的投資和對 RCA 的收購。

And as you know, we own 35% of OneOncology, but there is a put/call structure with our partners there, which makes it likely that from a capital deployment standpoint, we would own all of that business at some point in time, which speaks to a good deal of our capital deployment over the next few years. And of course, we've been, as I said, very pleased with our experiences thus far.

如您所知，我們擁有 OneOncology 35% 的股份，但我們與合作夥伴之間存在看跌/看漲結構，從資本配置的角度來看，我們很可能在某個時間點擁有所有這些業務，這說明我們在未來幾年將進行大量的資本配置。當然，正如我所說，我們對迄今為止的經歷感到非常滿意。

And then on GLP-1s, there's really no change from an economic standpoint. It's clearly been a driver of our revenue. And as we've indicated in the past, it is profitable for us. They are profitable for us, but they are minimally profitable for us. And I think that addresses your questions, Erin.

而對 GLP-1 來說，從經濟角度來看確實沒有改變。顯然，它是我們收入的驅動力。正如我們過去所指出的，這對我們來說是有利可圖的。它們對我們來說是有利可圖的，但利潤卻微乎其微。我想這回答了你的問題，艾琳。

Thank you.

謝謝。

We currently have no further questions. So I will hand back to Bob Mauch, CEO, for closing remarks.

目前我們沒有其他問題。因此，我將把話題交還給執行長 Bob Mauch，請他做最後發言。

Thank you very much. Thanks all for joining the call today. We're very proud of the strong performance and guidance raise that we've been able to announce today. And you can count on us to continue focusing on building on our strengths learning and leading for market leaders, driving efficiency through productivity, investing in our talent, data capabilities, and all of that will further differentiate Cencora to biopharma partners and providers. Thank you very much all.

非常感謝。感謝大家今天參加電話會議。我們為今天能夠宣布的強勁業績和指導提升感到非常自豪。您可以信賴我們，我們將繼續專注於鞏固我們的優勢，向市場領導者學習和引領，透過生產力提高效率，投資於我們的人才和數據能力，所有這些都將進一步使 Cencora 與生物製藥合作夥伴和供應商區分開來。非常感謝大家。

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。