Cencora Inc (COR) 2025 Q3 法說會逐字稿

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

大家好，感謝您參加 Cencora 2025 財年第三季業績電話會議。我叫露西，今天我將負責協調您的通話。（操作員指示）

It is now my pleasure to hand over to your host, Bennett Murphy, Senior Vice President of Investor Relations and Treasury to begin. Please go ahead.

現在我很高興將主持人、投資者關係和財務高級副總裁 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 third 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 財年第三季業績。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 和執行副總裁兼財務長 Jim Cleary。

On today's call, we'll 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美國通用會計準則 (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新聞稿配套的幻燈片演示。

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 our 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-Q.

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。前瞻性陳述是基於我們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 rebroadcast without the express permission of the company. You 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 will 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，不得重新播放此電話會議。在今天管理層發言後，您有機會提問。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 third quarter earnings call. To start, I'd like to thank the over 51,000 Cencora team members for the industry-leading expertise and purpose-driven approach they bring to work each day. Their talent and commitment fuel our growth as we continue to strengthen our position as an end-to-end health care solutions provider.

謝謝你，班尼特。大家好，感謝您參加 Cencora 2025 財年第三季財報電話會議。首先，我要感謝 51,000 多名 Cencora 團隊成員，感謝他們每天在工作中展現出的行業領先專業知識和目標驅動的方法。他們的才華和承諾推動我們的成長，我們將繼續加強作為端到端醫療保健解決方案提供者的地位。

Through the strength of our strategy, services and unwavering standards Cencora's business model is driven by pharmaceutical distribution and complemented by higher margin, high-growth value-added services and solutions for our biopharma and provider customers.

憑藉我們強大的策略、服務和堅定不移的標準，Cencora 的業務模式由醫藥分銷驅動，並為我們的生物製藥和供應商客戶提供更高利潤、高成長的增值服務和解決方案。

In our third quarter, Cencora delivered strong performance with adjusted operating income growth of 21% and adjusted diluted EPS growth of 20%. In recognition of our outperformance during the quarter year-to-date both in the US segment and on a consolidated basis, we are pleased to once again raise our fiscal 2025 guidance.

在第三季度，Cencora 表現強勁，調整後營業收入成長 21%，調整後稀釋每股盈餘成長 20%。為了表彰我們本季迄今在美國市場和合併基礎上的出色表現，我們很高興再次提高 2025 財年的業績指引。

Today, I will highlight three growth priorities: First, enhancing patient care and adherence. Through decades of investment in physical and digital infrastructure, our core pharmaceutical distribution services ensure access to life-saving medications.

今天，我將強調三個成長重點：第一，加強病患照護和依從性。透過數十年對實體和數位基礎設施的投資，我們的核心醫藥分銷服務確保了人們能夠獲得救命的藥物。

Second, strengthening our specialty leadership. As we focus on future growth, we are differentiating the services and solutions we offer to pharmaceutical manufacturers to support specialty product innovation.

二是加強專業領導。當我們著眼於未來成長時，我們正在為製藥商提供差異化的服務和解決方案，以支持專業產品創新。

And third, leading with market leaders by prioritizing active learning and active leading, we identify opportunities to create value in collaboration with our leading customer portfolio.

第三，透過優先考慮主動學習和主動領導，與市場領導者一起引領，我們發現與領先客戶組合合作創造價值的機會。

I'll begin with how Cencora enhanced the patient access to pharmaceuticals through our critical role as a leader in pharmaceutical distribution. Our global reach, coupled with our local expertise, ensures patients have access to the medications they need, when and where they need them in an efficient, reliable and secure manner.

我首先會介紹 Cencora 如何透過我們在藥品分銷領域作為領導者的關鍵作用來增強患者獲得藥品的管道。我們的全球影響力加上在地專業知識確保患者能夠以高效、可靠和安全的方式隨時隨地獲得所需的藥物。

We've invested in our distribution capabilities for decades, enhancing our efficiency, security and ability to handle increasingly complex medications, allowing us to meet the needs of innovation and the increased use of pharmaceuticals.

幾十年來，我們一直投資於我們的分銷能力，提高我們的效率、安全性和處理日益複雜的藥物的能力，使我們能夠滿足創新和藥品使用量增加的需求。

We are responsible for delivering millions of pharmaceutical orders overnight or the same day to hundreds of thousands of health care providers we serve, ensuring pharmacists, physicians veterinarians and other health care providers have access to the medications they require to treat patients.

我們負責在隔夜或當天向我們服務的數十萬醫療保健提供者提供數百萬份藥品訂單，確保藥劑師、醫生、獸醫和其他醫療保健提供者能夠獲得治療患者所需的藥物。

Specifically, we believe our investments over the past decade have made Cencora a market leader in ensuring that the supply chain is supported and equipped to comply with the enhanced tracking and visibility requirements of the Drug Supply Chain Security Act, DSCSA, which goes into effect later this year in the United States.

具體而言，我們相信，過去十年的投資使 Cencora 成為市場領導者，確保供應鏈得到支持和配備，以符合今年稍後在美國生效的《藥品供應鏈安全法案》（DSCSA）的加強追蹤和可視性要求。

The significant investments made over the past several years in support of the DSCSA is yet another clear proof point of the vital role Cencora and our industry play to ensure patients efficient, safe and reliable access to medication.

過去幾年為支持 DSCSA 所做的大量投資再次清楚地證明了 Cencora 和我們的行業在確保患者高效、安全、可靠地獲得藥物方面發揮的重要作用。

Next, Cencora is strengthening our leadership in specialty by enhancing capabilities through RCA. RCA's physician-centric approach in retina is enhancing clinical trial access, supporting specialty product innovation and improved outcomes for patients.

接下來，Cencora 將透過 RCA 增強能力，加強我們在專業領域的領導地位。RCA 在視網膜領域以醫生為中心的方法正在增強臨床試驗的可近性、支持專業產品創新並改善患者的治療效果。

Recently, physician and business leaders across the RCA organization came together at our offices outside Philadelphia for their business and medical leadership board. The time our team spent together demonstrated collective value as we focused on practice management, value creation and the future of patient care.

最近，RCA 組織的醫生和商界領袖齊聚我們位於費城郊區的辦公室，參加他們的商業和醫療領導委員會會議。我們團隊在一起的時間體現了集體價值，因為我們專注於實踐管理、價值創造和患者護理的未來。

In addition, retina specialists across RCA had a significant presence at the annual American Society of Retina Specialists Meeting, which was oriented around highlighting the rapid innovation in retina treatments. RCA physicians drove discussions in clinical research with a demonstrated clinical excellence, strong clinical trial patient enrollments and novel therapeutic approaches, including the delivery of an investigational gene therapy. We are proud to support these groundbreaking clinicians.

此外，RCA 的視網膜專家在美國視網膜專家協會年度會議上也表現出色，該會議旨在強調視網膜治療的快速創新。RCA 的醫師憑藉其卓越的臨床表現、強大的臨床試驗患者招募和新穎的治療方法（包括提供研究性基因療法）推動了臨床研究的討論。我們很自豪能夠支持這些開創性的臨床醫生。

Additionally, Cencora's long-standing leadership in specialty distribution, including deep relationships in the retina market, equips us with specific expertise to support manufacturers product launches. As a result, we look forward to serving as a specialty distributor for several recently approved retina therapies that are beginning to enter both the US and international markets.

此外，Cencora 在專業分銷領域的長期領導地位，包括在視網膜市場的深厚關係，使我們具備了支援製造商產品發布的專業知識。因此，我們期待成為幾個最近批准的視網膜療法的專業經銷商，這些療法開始進入美國和國際市場。

Through these partnerships, we are facilitating streamlined market entry, secure storage and distribution. Innovation is driving specialty pharmaceutical market growth and Cencora is deepening our leadership in specialty are remaining at the forefront through our portfolio of services and solutions, end-to-end from manufacturers to specialty providers.

透過這些合作關係，我們正在促進簡化的市場進入、安全的儲存和分銷。創新正在推動專業製藥市場的成長，Cencora 正在深化我們在專業領域的領導地位，並透過從製造商到專業供應商的端到端服務和解決方案組合保持領先地位。

And finally, our focus on active learning and active leading is bolstering relationships with our industry-leading portfolio of customers, furthering our leadership with market leaders. Our teams are prioritizing focused engagement with our partners to deeply understand their business challenges and growth opportunity.

最後，我們專注於主動學習和主動領導，加強與行業領先客戶群的關係，進一步鞏固我們在市場領導者中的領導地位。我們的團隊優先考慮與合作夥伴的重點接觸，以深入了解他們的業務挑戰和成長機會。

The intentional time we spend with our customers is helping inform how we invest and expand our business to best create value. Throughout the quarter, we drove meaningful interactions with our customers and partners across the supply chain. As an example, we hosted our annual Good Neighbor Pharmacy ThoughtSpot conference, giving our independent pharmacy customers the opportunity to learn about the latest trends shaping the industry and connect with peers.

我們特意花在客戶身上的時間有助於我們了解如何投資和擴展業務以最大程度地創造價值。整個季度，我們與整個供應鏈的客戶和合作夥伴進行了有意義的互動。例如，我們舉辦了一年一度的好鄰居藥局 ThoughtSpot 會議，讓我們的獨立藥局客戶有機會了解影響產業的最新趨勢並與同行建立聯繫。

Our enterprise leadership team recently had the opportunity to visit a good neighbor pharmacy member that is a great representation of a pharmacy that has positioned itself as a differentiated care provider. Community pharmacies are vital, accessible health care destinations, providing care tailored to the community they serve.

我們的企業領導團隊最近有機會拜訪了一個好鄰居藥房成員，該藥房是一家將自己定位為差異化醫療服務提供者的藥房的典型代表。社區藥局是至關重要的、方便的醫療保健目的地，提供針對其服務社區的客製化醫療服務。

I'm continually inspired by the creativity and tenacity, these community pharmacists exhibit, and I'm proud of Cencora's partnership with these market leaders.

這些社區藥劑師所展現的創造力和毅力不斷激勵著我，我為 Cencora 與這些市場領導者的合作感到自豪。

In closing, and before I hand it over to Jim, as I near the end of my first year as CEO, I'll remind you we are focused on four drivers that will strengthen our execution. Digital transformation, talent and culture, productivity and prioritizing growth-oriented investments. We're focused on Cencora's digital transformation using data and advanced analytics to accelerate operational excellence and enhance both the customer and team member experience.

最後，在我把時間交給吉姆之前，在我擔任執行長的第一年即將結束之際，我想提醒大家，我們專注於四個能夠加強我們執行力的驅動因素。數位轉型、人才和文化、生產力以及優先考慮增長型投資。我們專注於 Cencora 的數位轉型，利用數據和進階分析來加速卓越營運並增強客戶和團隊成員的體驗。

We're committed to developing our team members, ensuring Cencora is a place where best-in-class talent come to grow their careers and furthering our purpose-driven culture. We've elevated our concentration on productivity, equipping us to identify ongoing capability and process improvements.

我們致力於培養我們的團隊成員，確保 Cencora 成為一流人才發展職業生涯的地方，並進一步推進我們以目標為導向的文化。我們提高了對生產力的關注度，使我們能夠確定持續的能力和流程改善。

And finally, our commitment to leading now and in the future, means we prioritize investments in strategic growth-oriented areas. As evidenced by our continued investment in technology and capabilities for our customers, our acquisition of RCA and our investment with a pathway to full ownership in on oncology. This also means that we continually evaluate the areas which are less strategically aligned where we should deemphasize investment.

最後，我們致力於引領現在和未來，這意味著我們優先投資於策略成長導向的領域。我們持續為客戶投資技術和能力、收購 RCA 以及投資腫瘤學領域以實現完全所有權，這些都證明了這一點。這也意味著我們會不斷評估那些策略上不太協調的領域，我們應該減少對這些領域的投資。

To close, I want to again thank the Cencora team members. It's due to their expertise, efficient execution of our strategy and dedication to our purpose that Jim and I are able to once again report such strong results.

最後，我要再次感謝 Cencora 團隊成員。正是由於他們的專業知識、對我們策略的有效執行以及對我們目標的奉獻，吉姆和我才能夠再次報告如此強勁的業績。

With that, I will turn the call over to Jim for an in-depth review of our third 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三季業績和更新後的 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.

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。

Cencora delivered strong financial performance in our fiscal third quarter and we're pleased to be raising our full year fiscal 2025 guidance as we move into the fourth quarter. Our pharmaceutical-centric strategy and positioning in key markets has allowed us to capitalize on favorable industry trends and our growth-oriented investments to advance our leadership in specialty are driving significant value as evidenced by our adjusted diluted EPS growth of 20%.

Cencora 在第三財季實現了強勁的財務業績，隨著進入第四季度，我們很高興上調了 2025 財年全年業績預期。我們以製藥為中心的策略和在關鍵市場的定位使我們能夠利用有利的行業趨勢，而我們以成長為導向的投資提升了我們在專業領域的領導地位，從而帶來了巨大的價值，這從我們調整後的稀釋每股收益增長 20% 可以看出。

Before reviewing our updated guidance I'll first turn to a review of our consolidated and segment-level third quarter results, beginning with revenue. Our consolidated revenue was $80.7 billion, up 9% and driven by revenue growth in both reporting segments.

在審查我們更新後的指引之前，我將先回顧我們合併和分部的第三季業績，首先是收入。我們的綜合收入為 807 億美元，成長 9%，這得益於兩個報告部門的收入成長。

In the US Healthcare Solutions segment, which makes up the significant majority of our revenue and operating income we continue to benefit from strong utilization trends and volume growth, including continued growth in GLP-1 products. Excluding sales of GLP-1s, our consolidated revenue growth would have been 8%.

美國醫療保健解決方案部門占我們收入和營業收入的絕大部分，我們繼續受益於強勁的利用率趨勢和銷售成長，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%。

Turning now to gross profit. Consolidated gross profit was $2.9 billion, up 21%, primarily due to the US Healthcare Solutions segment. Consolidated gross profit margin was 3.55%, an increase of 36 basis points, primarily driven by the gross profit contribution from our acquisition of Retina Consultants of America.

現在談談毛利。綜合毛利為 29 億美元，成長 21%，主要歸功於美國醫療保健解決方案部門。合併毛利率為3.55%，增加36個基點，主要得益於收購美國視網膜顧問公司帶來的毛利貢獻。

Moving now to operating expenses. In the quarter, consolidated operating expenses were $1.8 billion, up 21%, driven primarily by the RCA acquisition and to support our revenue growth. Consolidated operating income was $1.1 billion, an increase of 21% compared to the prior year quarter due to continued strong performance in our US Healthcare Solutions segment, which I will discuss in more detail in the segment level results.

現在轉到營運費用。本季度，綜合營運費用為 18 億美元，成長 21%，主要受 RCA 收購的推動，並支持我們的營收成長。綜合營業收入為 11 億美元，較去年同期成長 21%，這得益於我們美國醫療保健解決方案部門持續強勁的表現，我將在部門層面的業績中對此進行更詳細的討論。

Moving now to our net interest expense and effective tax rate for the third quarter. Net interest expense was $82 million, an increase of $50 million versus the prior year quarter, primarily due to the $3.3 billion in debt raised to finance a portion of the RCA acquisition.

現在來看看第三季的淨利息支出和有效稅率。淨利息支出為 8,200 萬美元，比去年同期增加 5,000 萬美元，主要由於為部分 RCA 收購籌集了 33 億美元的債務。

Turning now to income taxes. Our effective income tax rate was 20.7% compared to 21.0% in the prior year quarter. Finally, our diluted share count was 195.2 million shares, a 2% decrease compared to the prior year quarter driven by approximately $1 billion in opportunistic share repurchases over the past year.

現在來談談所得稅。我們的有效所得稅率為 20.7%，去年同期為 21.0%。最後，我們的稀釋股數為 1.952 億股，與去年同期相比下降了 2%，這是由於過去一年中機會性股票回購約 10 億美元所致。

Regarding our cash balance and adjusted free cash flow, we ended June with $2.2 billion of cash and year-to-date adjusted free cash flow of approximately $100 million. Our full year adjusted free cash flow guidance of $2 billion to $3 billion remains unchanged.

關於我們的現金餘額和調整後的自由現金流，截至 6 月底，我們的現金餘額為 22 億美元，年初至今的調整後自由現金流約為 1 億美元。我們全年調整後的自由現金流預期為 20 億至 30 億美元，維持不變。

This completes the review of our consolidated results. Now I'll turn to our segment results for the third quarter. US Healthcare Solutions segment revenue was $72.9 billion, up 9% as the strong pharmaceutical utilization trends continued, including growth in GLP-1. Across the segment, we saw broad-based revenue growth in all customer classes. As it relates to GLP-1 products in the quarter, GLP-1 sales increased $1.4 billion or 19% year-over-year.

至此，我們的合併業績審查完畢。現在我將介紹我們第三季的分部業績。美國醫療保健解決方案部門營收為 729 億美元，成長 9%，這得益於強勁的藥品利用趨勢持續，包括 GLP-1 的成長。在整個細分市場中，我們看到所有客戶類別的收入都實現了廣泛成長。就本季的 GLP-1 產品而言，GLP-1 銷售額年增 14 億美元，增幅達 19%。

Turning now to operating income. US Healthcare Solutions segment operating income increased an outstanding 29% to $902 million, driven by growth across our distribution businesses and the contribution from our CA. In the quarter, Specialty remained a key growth driver in both health systems and specialty physician practices where we benefited from strong volumes and saw good biosimilar conversion trends.

現在談談營業收入。美國醫療保健解決方案部門的營業收入大幅增加 29%，達到 9.02 億美元，這得益於我們分銷業務的成長以及 CA 的貢獻。在本季度，專業領域仍然是醫療系統和專科醫生執業的主要成長動力，我們受益於強勁的業務量並看到了良好的生物相似藥轉換趨勢。

I'll now turn to our International Healthcare Solutions segment. In the quarter, International Healthcare Solutions revenue was $7.8 billion, up approximately 11% on an as-reported basis and up 9% on a constant currency basis, primarily driven by revenue growth in our European distribution business.

現在我將轉向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 78 億美元，按報告基礎計算增長約 11%，以固定匯率計算增長 9%，主要得益於我們歐洲分銷業務的收入增長。

International Healthcare Solutions operating income was $156 million, down 13% on an as-reported basis and down 16% on a constant currency basis. The decline was driven by continued softness for our higher-margin global specialty logistics as well as a decline in our consulting business. While our global specialty logistics business did have a decline year-over-year, it grew sequentially from the March quarter as our teams have taken steps to optimize the business and drive value for our customers.

國際醫療保健解決方案營業收入為 1.56 億美元，按報告基礎下降 13%，以固定匯率計算下降 16%。造成這一下降的原因是利潤率較高的全球專業物流業務持續疲軟，以及諮詢業務的下滑。雖然我們的全球專業物流業務年比有所下滑，但由於我們的團隊已採取措施優化業務並為客戶創造價值，因此與 3 月份季度相比，業務環比有所增長。

We expect to see the same type of sequential improvement in operating income from the June quarter to the September quarter for this business. In the third quarter, we also saw solid performance in our three PL business as our differentiated footprint is resonating with manufacturers.

我們預計該業務六月季度至九月季度的營業收入將出現同樣的連續成長。第三季度，我們的三大 PL 業務也表現穩健，因為我們的差異化足跡引起了製造商的共鳴。

That completes the review of our third quarter results. I'll 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.

這就是我們第三季業績的回顧。我現在將討論我們更新的 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，以下資訊均按照調整後的非 GAAP 基礎提供，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。

I will start with adjusted diluted EPS guidance and then provide detail on the income statement items contributing to the increase. We are raising and narrowing our fiscal 2025 EPS guidance and now expect EPS to be in the range of $15.85 to $16, up from the previous range of $15.70 to $15.95 and representing growth of 15% to 16%. The updated guidance reflects the continued strong performance of our US Healthcare Solutions segment and reflects a lower expected contribution from our International Healthcare Solutions segment.

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。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 15.85 美元至 16 美元之間，高於先前的 15.70 美元至 15.95 美元，成長率為 15% 至 16%。更新後的指引反映了我們美國醫療保健解決方案部門持續強勁的表現，並反映了我們國際醫療保健解決方案部門的預期貢獻下降。

Moving to revenue. we are narrowing our consolidated revenue guidance to be growth of approximately 9%. At the segment level, we are updating both our US and International Healthcare Solutions segment revenue growth outlook.

談到收入，我們將合併收入預期縮小至成長約 9%。在細分層面，我們正在更新美國和國際醫療保健解決方案細分市場的收入成長前景。

In the US, we now expect segment revenue growth to be in the range of 9% to 10%, narrowed from our previous range of 9% to 11%. And given the trends we have seen and foreshadowed last quarter, we will likely finish in the lower part of that revenue range for the US.

在美國，我們現在預計分部收入成長率將在 9% 至 10% 之間，低於先前的 9% 至 11% 的預測。鑑於我們上個季度看到和預測的趨勢，我們在美國的收入範圍很可能會處於較低水平。

For the International segment, we now expect our segment revenue growth to be in the range of 6% to 7% on an as-reported basis, up from our previous range of 3% to 4% to reflect the weakening of the US dollar relative to several key currencies and sales mix for our European distribution business.

對於國際部門，我們目前預計部門收入成長率將在 6% 至 7% 之間（按報告計算），高於之前的 3% 至 4% 的範圍，以反映美元相對於幾種主要貨幣的疲軟以及我們歐洲分銷業務的銷售組合。

On a constant currency basis, we now expect International Healthcare Solutions segment revenue growth to be in the range of 7% to 8%, up from the previous range of 6% to 8%.

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 7% 至 8% 之間，高於先前的 6% 至 8% 的範圍。

Moving to operating income. We are raising and narrowing our expected consolidated operating income growth guidance to be in the range of 15% to 16%, up from our previous range of 13.5% to 15.5% growth.

轉向營業收入。我們將預期綜合營業收入成長指引從先前的 13.5% 至 15.5% 上調並縮小至 15% 至 16% 之間。

In the US Healthcare Solutions segment, we now expect operating income growth to be in the range of 20% to 21%, up from our prior range of 17.5% to 19.5%. The updated guidance reflects our strong performance and execution and expectation for continued strong pharmaceutical utilization trends in our fourth quarter despite the previously disclosed loss of an oncology customer due to its acquisition.

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 20% 至 21% 之間，高於先前的 17.5% 至 19.5% 的範圍。更新後的指引反映了我們強勁的業績和執行力，以及對第四季度繼續保持強勁的藥品利用趨勢的預期，儘管之前披露由於收購而失去了一位腫瘤學客戶。

Turning now to the International Healthcare Solutions segment. On an as-reported basis, we now expect operating income to be down approximately 6% compared to our prior expectations for operating income to be down 4% to down 1%. The updated guidance range reflects the pressure we have seen in our higher-margin global specialty logistics and consulting businesses. On a constant currency basis, we now expect segment operating income to be down approximately 5%.

現在轉向國際醫療保健解決方案領域。依照報告計算，我們現在預計營業收入將下降約 6%，而我們先前預期的營業收入將下降 4% 至 1%。更新後的指導範圍反映了我們在利潤率較高的全球專業物流和諮詢業務中看到的壓力。以固定匯率計算，我們目前預計分部營業收入將下降約 5%。

As we move into the fourth quarter, we have an easier comparison and with continued sequential improvement from our global specialty logistics business, we expect to see the International Healthcare Solutions segment operating income returned to growth exiting the fiscal year.

隨著我們進入第四季度，我們可以更輕鬆地進行比較，隨著我們的全球專業物流業務的持續連續改善，我們預計國際醫療保健解決方案部門的營業收入將在本財年結束時恢復成長。

That concludes our full year guidance update. As we near the end of our fiscal year, I remain inspired by our team members' dedication to being a differentiated and solution-oriented partner for our customers. which continues to result in strong financial results.

這就是我們全年指導更新的結果。隨著財政年度即將結束，我仍然受到團隊成員致力於成為客戶差異化和以解決方案為導向的合作夥伴的鼓舞，這繼續帶來強勁的財務表現。

Cencora continues to drive impressive performance powered by our US Healthcare Solutions segment as we are positioned to capitalize on positive industry trends and our investments in high-growth specialty are generating value, grounded in our pharmaceutical-centric strategy Cencora is delivering sustainable growth, investing in our strengths and is well positioned to continue driving long-term value for all our stakeholders.

在美國醫療保健解決方案部門的推動下，Cencora 繼續取得令人矚目的業績，因為我們能夠利用積極的行業趨勢，並且我們在高成長專業領域的投資正在創造價值，這一切都建立在我們以製藥為中心的戰略之上。 Cencora 正在實現永續成長，投資於我們的優勢，並有能力繼續為所有利害關係人創造長期價值。

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) Lisa Gill, JPMorgan.

（操作員指示） 摩根大通的麗莎吉爾 (Lisa Gill)。

Congrats on a very strong quarter. First, can we just start with the US health care segment, where we saw a strong gross profit, strong operating profit, but a slight trend in the revenue, Jim, that you talked about from a guidance perspective. Can you talk about what some of the key drivers are there on each side?

恭喜本季業績表現強勁。首先，我們可以從美國醫療保健領域開始嗎？我們看到了強勁的毛利和強勁的營業利潤，但收入趨勢略有不同，吉姆，正如您從指導角度談到的那樣。您能談談雙方各自的一些關鍵驅動因素嗎？

And then secondly, I just want a clarification on the international business. I'm assuming that some of the things that you talked about from an environmental perspective are around the SMID or midsized biotech pharma environment, and you talked about that getting better as we exit the year. Can you maybe just talk a little bit about what you're seeing there as well?

其次，我只想澄清一下國際業務。我假設您從環境角度談論的一些事情與 SMID 或中型生物技術製藥環境有關，並且您談到隨著今年的結束，這種情況會變得更好。您能否簡單談談您在那裡看到的情況？

Sure. Lisa, thanks so much for the questions. Very much appreciate it. First question had to do with our particularly strong performance in the US business, but revenue growth moderating a bit there. But I'll say, first of all, we were really pleased to be able to increase our adjusted operating income guidance in the US business to a range of about 20% to 21% because of the excellent performance there.

當然。麗莎，非常感謝你的提問。非常感謝。第一個問題與我們在美國業務特別強勁的表現有關，但那裡的收入成長略有放緩。但我要說的是，首先，由於美國業務的出色表現，我們非常高興能夠將美國業務的調整後營業收入預期提高至約 20% 至 21% 的範圍。

Now if we look at revenue versus operating income, we did see revenue growth moderating a bit in the US segment, and I'll really call out a few things. One is biosimilars, both Part D and Part B, which, of course, impact top line growth, particularly Part D.

現在，如果我們看一下收入與營業收入，我們確實看到美國部分的收入成長放緩，我真的要指出幾點。一類是生物相似藥，包括 D 部分和 B 部分，當然會影響營收成長，尤其是 D 部分。

Another thing is moderated GLP-1 growth. GLP-1s are still growing, but the growth we saw is 19% in the most recent quarter. So while the growth is still strong, it's decelerating versus prior year. And then a third thing on the top line is a grocery customer that we no longer have.

另一件事是 GLP-1 生長受到緩和。GLP-1 仍在成長，但我們在最近一個季度看到的成長率為 19%。因此，儘管成長依然強勁，但與上年相比有所放緩。然後，最重要的是第三件事，那就是我們不再擁有的雜貨店客戶。

There was a very kind of high revenue customer but a very low-margin customers. So those are some of the things that were impacting revenue growth guidance in the US segment. If we look at operating income results in the most recent quarter and our guidance, it really shows just excellent performance and excellent growth.

有一種客戶收入很高，但利潤卻很低。這些都是影響美國分部營收成長預期的一些因素。如果我們看一下最近一個季度的營業收入結果和我們的指導，它確實顯示出出色的業績和出色的成長。

And I'll just kind of call out things that we've been talking about for quite some time. Broad-based strong performance in the US segment. Specialty sales to physician practices and health systems. So some of our higher-margin businesses are performing quite well. And then also Part B biosimilar growth that's moderating sales growth a bit. It's kind of very positive from an operating income standpoint.

我只是想提一下我們已經討論了一段時間的事情。美國市場表現普遍強勁。針對醫生診所和醫療系統的專業銷售。因此，我們的部分利潤率較高的業務表現相當良好。此外，B 部分生物相似藥的成長也稍微減緩了銷售成長。從營業收入的角度來看，這是非常正面的。

And so those are some of the things that are just causing our operating income growth in the US, which is excellent to be faster than our top line growth. And then you were asking about international and just some of the things that we've been seeing there.

這些都是導致我們在美國營業收入成長的一些因素，我們的營業收入成長速度高於我們的營收成長速度，這非常好。然後你問到有關國際的情況以及我們在那裡看到的一些事情。

And as other players in the market have been calling out the clinical trial activity this year has been subdued which has been pressuring some of our businesses in the International segment, particularly our global specialty logistics business in the earlier stage pharma consulting projects that impacts our consulting business.

正如市場上其他參與者所呼籲的，今年的臨床試驗活動一直低迷，這給我們在國際領域的一些業務帶來了壓力，特別是我們早期製藥諮詢計畫中的全球專業物流業務，這影響了我們的諮詢業務。

And so the rebound has been slower than expected in the segment and been impacting our global specialty logistics business and our consulting business. And one thing I did say in my prepared remarks is that the global specialty logistics business, while it's declining year-over-year, it did grow sequentially in the June quarter versus the March quarter. And we also expect sequential growth in the September quarter versus the June quarter.

因此，該領域的反彈速度低於預期，並影響了我們的全球專業物流業務和諮詢業務。我在準備好的發言中確實提到過，全球專業物流業務雖然同比下降，但與 3 月份季度相比，6 月份季度確實實現了環比增長。我們也預期 9 月季度與 6 月季度相比將持續成長。

And so as we look ahead in the segment, we are encouraged by better clinical trial start statistics that we've been seeing the last couple of months that other people have been calling out also, and we see that as a positive leading indicator for potential future demand.

因此，當我們展望該領域的未來時，我們看到過去幾個月臨床試驗啟動統計數據有所改善，這令我們感到鼓舞，其他人也一直在呼籲，我們認為這是未來潛在需求的積極領先指標。

And so we do expect, of course, to see business performance improve. And as we move into the fourth quarter, we do have an easier comparison. And with the continued sequential improvement from our global specialty logistics business, we expect to see the International Healthcare Solutions segment operating income to return to growth in the fourth quarter.

因此，我們當然確實期望看到業務績效的改善。隨著我們進入第四季度，我們確實可以更輕鬆地進行比較。隨著我們全球專業物流業務的持續連續改善，我們預計國際醫療保健解決方案部門的營業收入將在第四季度恢復成長。

So thank you very much for those questions, Lisa.

非常感謝你提出這些問題，麗莎。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Congrats on a nice quarter. You obviously referenced RCA and sort of how it's been going since you closed on the purchase there. Can you talk about some of how that's tracking versus your expectations and what some of the early customer feedback is?

恭喜本季取得良好業績。您顯然提到了 RCA，以及自從您完成收購以來它的進展。您能否談談與您的預期相比情況如何以及一些早期客戶的回饋？

And then on a related note, obviously, there's been lots of political commentary around MFN, and that seems to be a changing landscape. Can you talk about sort of the exposure of businesses like RCA and sort of the general the medical specialty to that and how we should think about the potential impact there?

然後，在相關說明中，顯然，圍繞最惠國待遇有很多政治評論，而且這種情況似乎正在改變。您能否談談 RCA 等企業以及一般醫學專業對此的影響，以及我們應該如何看待其潛在影響？

Elizabeth, thanks very much for the question. I'll start with the question around RCA, and we couldn't be more pleased with where we are so far with the acquisition. I mentioned in the prepared remarks, we had the -- both the clinical and the management leaders from RCA at our offices in the last few weeks. And aside from the work that we got done, which was meaningful in terms of how we work together, how integration will progress, how we'll identify new opportunities for growth and value creation.

伊麗莎白，非常感謝你的提問。我首先要問的是有關 RCA 的問題，我們對此次收購目前的進展感到非常滿意。我在準備好的演講中提到，過去幾週，RCA 的臨床和管理領導都來到了我們的辦公室。除了我們已完成的工作之外，這些工作對於我們如何合作、如何推進整合、如何發現新的成長和價值創造機會都具有重要意義。

But I think importantly, it's just the cultural fit is really strong, and there's an appreciation from the physicians and the practice leaders about the value that Cencora can bring to them in terms of their continued growth. And what that means is more care for patients, which is absolutely terrific.

但我認為重要的是，文化契合度非常強，醫生和實踐領導者都對 Cencora 在持續發展方面能為他們帶來的價值表示讚賞。這意味著我們將為患者提供更多的照顧，這絕對是件好事。

When you think about customer reaction, it's nothing remarkable there, right? So I mean the market is adapting to an era where us and our peers are investing in MSOs. As I've said previously, it's important to note that the MSO investments or ownership are analogous to the work that we've done over decades to support community providers, whether they be a community pharmacist or veterinarians or physicians with the wraparound services that we have and the MSOs are just the next evolution of that.

當您考慮客戶的反應時，這沒什麼特別的，對嗎？所以我的意思是市場正在適應我們和我們的同儕投資 MSO 的時代。正如我之前所說，值得注意的是，MSO 投資或所有權類似於我們幾十年來為社區提供者提供支援的工作，無論他們是社區藥劑師、獸醫還是醫生，他們都提供我們提供的全方位服務，而 MSO 只是這項工作的下一個發展階段。

So the market understands that and the customer market understands that. So I'd say all as well, there I'll take MFN quickly and just overall policy, Elizabeth, obviously, there's a lot of news, a lot of things happening right now from IRA implementation to the letter sent to the CEOs. And I would say we continue to believe it's just too early to call where all of this goes. I think it's clear at this point what we all know, which is these things take a long time.

因此市場了解這一點，客戶市場也了解這一點。所以我想說的是，我會很快談及最惠國待遇和總體政策，伊麗莎白，顯然，現在有很多新聞，很多事情正在發生，從 IRA 實施到發給首席執行官的信。我想說，我們仍然相信現在判斷這一切的走向還為時過早。我想現在我們都知道了，這些事情需要很長時間。

And we're doing what you would expect that we are -- we're staying very engaged in as things are happening. We're spending time in Washington, D.C., we're able to really communicate the need to make sure that access to community providers is maintained.

我們正在做你們期望我們做的事情——我們密切關注事情的進展。我們在華盛頓特區度過了一段時間，我們能夠真正傳達確保維持社區服務管道的必要性。

So when you get beyond the headlines of drug prices, in many cases, that flows to reimbursement to physicians, in particular, in the Part B space. So we're spending time making sure that legislators and regulators understand that most cost-effective side of care is maintained. And somehow that is not an unintended consequence of focus on drug prices. So too early to call. We're very focused there. And thank you very much for the questions.

因此，當你關注藥品價格以外的資訊時，在許多情況下，這些費用都流向了醫生的報銷，特別是在 B 部分領域。因此，我們花時間確保立法者和監管者了解如何維持最具成本效益的照護。而這並不是關注藥品價格的意外後果。現在下結論還為時過早。我們非常關注這一點。非常感謝您的提問。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

I know typically we get to the end of the year, you're working on your forward year planning. As you sit here today, given the moving pieces we've had into the end of the year between RCA annualizing between the international sequential uptick. How should we think about the moving pieces into next year framed against your long-term 5% to 8% segment growth, 8% to 12% earnings growth. It seems like -- the Street is sitting around 10% EPS growth for next year. I know you still have some contribution to RCA, but how should we think about what could provide a source of upside versus downside, especially given areas of strength like the recent specialty trends?

我知道通常到了年底，你就在製定未來一年的計劃。今天，當您坐在這裡時，考慮到我們在年底 RCA 年度化和國際連續上漲之間所經歷的變化。結合你們長期 5% 至 8% 的細分市場成長和 8% 至 12% 的獲利成長目標，我們該如何看待明年的走勢？看起來——華爾街預計明年每股收益將成長 10% 左右。我知道您對 RCA 仍然有一些貢獻，但我們應該如何考慮什麼可以帶來好處或壞處，特別是考慮到最近的專業趨勢等優勢領域？

Michael, thank you very much for that question. And of course, as you know, we'll provide comprehensive fiscal 2026 guidance at the end of our fiscal year after we've completed our year-end planning process. And of course, we're really actively involved with our teams in that planning process now.

邁克爾，非常感謝你提出這個問題。當然，如您所知，在完成年終規劃流程後，我們將在財政年度結束時提供全面的 2026 財政年度指導。當然，我們現在正積極地與我們的團隊一起參與這個規劃過程。

And I will say that Cencora, we consistently delivered strong financial performance driven by our leading market positions and the continued execution by our team members. And I'd also say that our pharmaceutical-centric foundation and competitive positioning enables us to capitalize on these market trends and to continue to deliver strong results.

我想說的是，Cencora 在領先的市場地位和團隊成員持續執行的推動下，持續保持強勁的財務表現。我還想說，我們以製藥為中心的基礎和競爭定位使我們能夠利用這些市場趨勢並繼續取得強勁的業績。

I'll say that we have confidence, and we feel confident about our long-term guidance that contemplates organic operating income growth of 5% to 8% and EPS growth of 8% to 12%, including capital deployment. We will benefit from RCA as we lap the close of the acquisition that occurred in our fiscal second quarter. So we had three quarter of RCA in fiscal year '25. We'll have four quarters of RCA in fiscal year '26 as we also look at moving pieces, we'll have three quarters of impact due to the loss of the previously disclosed oncology customer due to M&A activity that was acquired by a peer. And so we have one quarter impact from that in fiscal year '25 for the September quarter and we'll have four quarters impact from that in fiscal year '26.

我想說的是，我們有信心，我們對我們的長期指導充滿信心，即預計有機營業收入增長 5% 至 8%，每股收益增長 8% 至 12%，包括資本部署。隨著我們在第二財季完成收購，RCA 將為我們帶來收益。因此，我們在 25 財年擁有 RCA 的四分之三的份額。在 26 財年，我們將有四個季度的 RCA，同時我們也會關注變動的部分，由於同業的併購活動導致先前披露的腫瘤學客戶流失，我們將有三個季度受到影響。因此，對於 2025 財年 9 月季度而言，我們將受到一個季度的影響，而對於 2026 財年而言，我們將受到四個季度的影響。

Now other key items that will move us within the range include changes in utilization trends. And of course, we've seen very strong utilization trends. And those include things like growth in specialty products sales to physician practices and health systems other things that will impact our guidance, of course, include timing of capital deployment for instance, timing of share repurchases.

現在，其他能讓我們進入該範圍的關鍵因素包括利用趨勢的變化。當然，我們看到了非常強勁的利用趨勢。這些因素包括針對醫生診所和醫療系統的專業產品銷售額的成長，其他一些因素也會影響我們的指導，當然，也包括資本部署的時機，例如股票回購的時機。

And as you said, another thing that will impact guidance is we'll assume better international growth, given the soft fiscal year '25. So those are some of the moving pieces. But as I said before, we have confidence in our long-term guidance of 5% to 8% organic operating income growth and EPS growth of 8% to 12%. Thank you for the question.

正如您所說，另一件會影響指引的事情是，鑑於 25 財年表現疲軟，我們預計國際成長將更加強勁。這些就是一些活動的部分。但正如我之前所說，我們對長期指導目標充滿信心，即有機營業收入成長 5% 至 8%，每股收益成長 8% 至 12%。謝謝你的提問。

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Just a numbers question here. I was hoping that you could better help us understand the acceleration in US health care earnings growth. I believe it was 23% last quarter and more like 29% this quarter. I'm guessing part of it is that the year-over-year contribution from RCI is greater in the third quarter, but it doesn't feel like the acceleration goes beyond just that.

這裡只是一個數字問題。我希望您能更好地幫助我們了解美國醫療保健收入成長的加速。我認為上個季度是 23%，本季是 29% 左右。我猜測部分原因是 RCI 在第三季的同比貢獻更大，但感覺加速並不僅僅如此。

I was hoping to see if there's any other adjustments or kind of drivers and the acceleration you can maybe speak to?

我希望看看是否有其他調整或類型的驅動程式和加速度，您可以談談嗎？

Yes, thanks. I appreciate the question. And I will say, just it was a really strong quarter. And of course, RCA had an impact on the growth rate and that we didn't have it at this time last year. But I will say that if we look at kind of beating expectations and those sorts of things, it was really more driven by just the strength of the core business and strength of what we saw in specialty market.

是的，謝謝。我很感謝你提出這個問題。我想說的是，這是一個非常強勁的季度。當然，RCA 對成長率產生了影響，而去年這個時候我們並沒有看到這種影響。但我要說的是，如果我們看一下超出預期的情況和諸如此類的事情，那麼這實際上更多的是由核心業務的實力和我們在專業市場中看到的實力所驅動的。

And as we talked about many times, utilization trends and sales of specialty products to physician practices and health systems. So our core business just performed very strong in the US segment, really good expectation -- excuse me, really good execution by our team members and just very strong broad-based performance.

正如我們多次談到的，專業產品對醫生執業和醫療系統的利用趨勢和銷售情況。因此，我們的核心業務在美國市場表現非常強勁，預期非常好——對不起，我們的團隊成員執行得非常好，而且整體表現非常強勁。

One probably other thing, if we look at kind of relative comps is less of a COVID headwind compared to other points in time. But overall, the 29% adjusted operating income growth in the US segment during the quarter just reflects outstanding execution by our team.

可能還有另一件事，如果我們看一下相對情況，與其他時間點相比，COVID 的逆風較小。但總體而言，本季美國分部調整後的營業收入成長 29% 恰恰反映了我們團隊出色的執行力。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Bob, I appreciate your commentary. That was a little early for you to go deep on MSN, but I'm wondering if the tariff topic is a little bit different, and you've had three months to process the full spectrum of potential policies. Any thoughts on potential impact across brand versus generic? Any change to your approach to inventory or sourcing? And do you think we may be heading into a naturally more inflationary environment?

鮑勃，我很欣賞你的評論。現在深入探討 MSN 還為時過早，但我想知道關稅話題是否有些不同，並且您有三個月的時間來處理所有潛在政策。對於品牌與通用品牌的潛在影響有何看法？您的庫存或採購方法有任何改變嗎？您是否認為我們可能正在走向一個自然通膨加劇的環境？

I'll start, Eric. Thanks a lot for the question. And of course, we continue to monitor the evolutions around tariffs in the pharmaceutical market. And as you can imagine, we have teams in place analyzing the impacts of the tariffs on our business and on the supply chain. Importantly, as it relates to our business, we've not called out any material impacts as a result of tariffs.

我先開始，埃里克。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。正如您所想像的，我們已經成立了一個團隊來分析關稅對我們的業務和供應鏈的影響。重要的是，由於它與我們的業務有關，我們並未指出關稅會造成任何重大影響。

And as you know, where pharmaceutical-centric and manufacturers are the importer of record for pharmaceuticals. And so the main focus is ensuring patients have access to life-saving medications and we're supporting our upstream and downstream partners as they navigate any uncertainty. And we'll continue to advocate on behalf of our customers to ensure they receive adequate reimbursement for the services that they provide.

如您所知，以藥品為中心，製造商是藥品的記錄進口商。因此，我們的主要重點是確保患者能夠獲得救命的藥物，並且我們正在支持我們的上游和下游合作夥伴應對任何不確定性。我們將繼續代表客戶進行維權，確保他們能夠獲得所提供的服務足夠的補償。

And of course, we're evaluating things and kind of many announcements that come out as to whether or not they impact branded pharmaceuticals versus generic pharmaceuticals. But from a financial standpoint, we haven't called out any material impacts on our business as a result of tariffs.

當然，我們正在評估各種情況以及發布的許多公告，以確定它們是否會影響品牌藥品和仿製藥。但從財務角度來看，我們並沒有指出關稅會對我們的業務造成任何重大影響。

And with that, I'll turn it over to Bob.

說完這些，我就把麥克風交給鮑伯。

Yes. Thanks, Jim. Eric. Thanks for the question. I think the headline is we're not changing our sourcing practices based on this. We have confidence in the supply chain, and we'll continue to work through that. I do think the watch out is there is a difference between the supply chains for brands and generics.

是的。謝謝，吉姆。埃里克。謝謝你的提問。我認為標題是我們不會基於此改變我們的採購實務。我們對供應鏈充滿信心，我們將繼續努力。我確實認為需要注意的是品牌和仿製藥的供應鏈之間存在差異。

And I think what we are being -- what we're carefully monitoring is the risk of shortages and then, therefore, a disruption to patient access. So that's, again, an unintended consequence that would not be positive. So we're thinking about that. We're analyzing it.

我認為我們正在密切監控的是藥物短缺的風險，以及因此導致的患者就醫中斷的風險。所以，這又是一個意想不到的、不正面的後果。所以我們正在考慮這個問題。我們正在分析它。

As Jim said, we're also educating in Washington about that. Again, it's one of the roles that we play in Washington to make sure that ideas that are put forward are thought all the way through where we are one of the very few player. Health care players that really have end-to-end visibility of the supply chain. So we can play an education rule. And as you think about that, it's the patient access impact of shortages that we're doing everything that we can to mitigate.

正如吉姆所說，我們也在華盛頓進行這方面的教育。再說一次，這是我們在華盛頓扮演的角色之一，確保提出的想法都經過深思熟慮，而我們是極少數的參與者之一。醫療保健參與者確實擁有端到端的供應鏈可視性。所以我們可以發揮教育規則的作用。正如您所想，我們正在盡一切努力減輕短缺對患者就診的影響。

Charles Rhyee, TB Cowen.

查爾斯·瑞伊、TB·考恩。

Yes. I wanted to just go back to international and just trying to get a sense when you're looking, obviously, understanding that the comps get a little easier and it sounds like sequentially some of the business like Special Logistics was improving.

是的。我只是想回到國際市場，只是想了解一下，當你看的時候，顯然，了解到比較變得更容易一些，聽起來像特殊物流等一些業務正在逐漸改善。

What is the lead time generally for projects that come in for you? Is that like a year ahead of time, like how far ahead are projects booked for the various business there, particularly maybe in consulting as well? Or is it kind of a short cycle type of business? Or is it tends to be longer? I'm just trying to get a sense on what kind of visibility forward you have in terms of demand.

您承接的專案的交付週期一般是多久？這是否意味著提前了一年，例如那裡的各個業務項目提前多久預訂，特別是諮詢業務？或者它是一種短週期類型的業務？還是它會變得更長？我只是想了解一下您對需求有什麼樣的預見性。

Yes. Thanks, Charles. We have, as you would expect, visibility in terms of bookings and then our ability to pull through and then the sales cycle is in your question as well. And I would just say it's variable. I mean the size of the project, the market, the type of work that it is.

是的。謝謝，查爾斯。正如您所期望的，我們在預訂方面具有可見性，並且我們有能力完成，然後銷售週期也在您的問題中。我只想說它是可變的。我指的是專案的規模、市場、工作類型。

So there's not a simple answer to that, certainly, but you can be assured that we have. We do have good visibility in terms of where we're tracking in terms of future growth. Our teams are very focused on execution on the sales side, and we're also making sure that we're optimizing the services that we have. So as the market begins to turn more positively that we're going to be even better positioned to take advantage of that.

當然，這個問題沒有一個簡單的答案，但你可以放心，我們已經找到了。就未來成長的追蹤而言，我們確實有很好的可視性。我們的團隊非常注重銷售方面的執行，我們也確保優化我們現有的服務。因此，隨著市場開始變得更加積極，我們將能夠更好地利用這一優勢。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

I wanted to expand a little bit on the headwinds and tailwinds for '26. Jim, I appreciate the details that you gave us, but the reality is your growth in the US segment, especially has been so much above your LRP, and you're talking about incremental things around RCA one quarter and three quarter loss of FCS. And I understand that.

我想稍微詳細談談 26 年的逆風和順風。吉姆，我很感謝您提供給我們的詳細信息，但事實是您在美國市場的增長，尤其是遠遠高於您的 LRP，而您談論的是 RCA 一個季度和 FCS 三個季度損失的增量。我明白這一點。

But I guess is there anything fundamental that you can see that would bring your growth rate down closer to your LRP, where it's been exceeding it now for almost two years. Fantastic performance. I'm just wondering, is there anything in biosimilars? Is there -- is GLP-1 slow down something that could bring you back to within that range as you sort of described within the range earlier.

但我想，您是否能看到一些基本因素，可以讓您的成長率更接近您的 LRP，而現在您的 LRP 已經超過它近兩年了。精彩的表演。我只是想知道，生物相似藥有什麼作用嗎？有沒有－GLP-1 會減緩某些東西，讓你回到你之前描述的範圍內。

Yes. Thank you very much for the question, and thank you for your commentary on our results that we've been having also, that's very much appreciated. Let me just kind of answer one very specific thing that you said and then I'll get into a broader answer, kind of slowdown in growth in GLP-1s really wouldn't have a major impact on our guidance because as we've said for a long time, GLP-1s add a lot to top line growth, and they are profitable for us, but they're minimally profitable for us.

是的。非常感謝您的提問，也感謝您對我們的結果的評論，我們非常感激。讓我先回答您提到的一個非常具體的問題，然後我會給出一個更廣泛的答案，GLP-1 為營收成長做出了很大的貢獻，它們為我們帶來了利潤，但對我們來說利潤卻微乎其微。

And as we said during the second quarter earnings call, we'll say the same thing here that as we look at things like the remainder of the year and next year, we certainly expect to see good growth, but we aren't assuming the same level of outperformance that we've had in the recent past. And so we do have a lot of confidence in our long-term guidance.

正如我們在第二季財報電話會議上所說的那樣，我們在這裡會說同樣的話，當我們展望今年剩餘時間和明年的情況時，我們當然預計會看到良好的增長，但我們並不認為會出現與近期相同的優異表現。因此，我們對我們的長期指導確實充滿信心。

We have confidence in the momentum that we have and what that is kind of translating in terms of achieving the long-term guidance. But we probably wouldn't assume the same level of rapid growth that we've had in the recent past, especially as we begin to comp against periods of exceptional growth that we've had.

我們對我們所擁有的動力以及它在實現長期指導方面的意義充滿信心。但我們可能不會假設我們能實現與近期相同的快速成長水平，特別是當我們開始與我們所經歷的異常成長時期進行比較時。

But having said that, I'll say we are very confident in our long-term guidance ranges and we'll continue to evaluate them annually. Thank you for the question.

但話雖如此，我想說我們對我們的長期指導範圍非常有信心，我們將繼續每年對其進行評估。謝謝你的提問。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Yes. Bob and Jim, I'm wondering if you could comment a little bit on the competitive environment in specialty distribution, especially in the Part B space, One of your large customers last week talked about trying to rapidly expand their business in this space. So maybe talk about how you think about market segmentation and where you guys kind of want to be strong and where you might have less of a competitive advantage.

是的。鮑勃和吉姆，我想知道你們是否可以對專業分銷領域的競爭環境，特別是 B 部分領域做一些評論，你們的一位大客戶上週談到試圖在這個領域迅速擴展業務。那麼也許可以談談你如何看待市場區隔，以及你們希望在哪些方面保持優勢，以及在哪些方面你可能缺乏競爭優勢。

Yes. Thanks, George. We are focused in our areas of strength, which align very well with our strategy. So I wouldn't call out anything necessarily changing about the market. We are a leader in the market, in particular, in retina and oncology, and we're very focused on making sure that we execute well there for the near term and the long term.

是的。謝謝，喬治。我們專注於我們的優勢領域，這與我們的策略非常一致。因此，我不會預測市場一定會發生任何變化。我們是市場領導者，特別是在視網膜和腫瘤學領域，我們非常注重確保我們在短期和長期內在該領域表現良好。

And also we're continuing to evaluate what future opportunities that there are. But as we sit here now, I wouldn't call out anything changing. We're happy with our positioning. We're very happy with the investments that we've made, both in RCA and in one oncology as well as in our internal capabilities. By the way, I don't want to leave that out, right?

我們也將繼續評估未來存在哪些機會。但我們現在坐在這裡，我不會宣布任何改變。我們對自己的定位很滿意。我們對在 RCA、腫瘤學以及內部能力方面所做的投資感到非常滿意。順便說一句，我不想忽略這一點，對吧？

When you talk about kind of the future of specialty distribution and how things are evolving, I do want to probably remake the point that I made in a slightly different context in my prepared remarks, but we're continually investing in our capabilities across our network, both digital capabilities as well as physical infrastructure. So we feel good about being able to continue to grow, meet the needs of our customers, both manufacturer customers as well as provider customers.

當您談論專業分銷的未來以及事物如何發展時，我確實想在稍微不同的背景下重申我在準備好的發言中提出的觀點，但我們正在不斷投資於我們整個網絡的能力，包括數位能力以及實體基礎設施。因此，我們很高興能夠繼續發展，滿足客戶（包括製造商客戶和供應商客戶）的需求。

Thanks for the question, George.

謝謝你的提問，喬治。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Bob, another thing from your prepared remarks. You mentioned that you're continually evaluating, I guess, areas that are less strategically aligned and where you should deemphasize investments. I guess, maybe I'm reading too much into the comment. But how are you thinking about commitments to the international business, the different components of that business, they'll throw in animal health as well and your commitment to that business. But how are these all fitting now with the core? Is there the clear synergy that you originally thought and where there may be kind of, I guess, less so as these businesses have evolved.

鮑勃，你準備好的發言中還有另一件事。您提到，我猜您正在不斷評估那些策略上不太一致且應該減少投資的領域。我想，也許我對這則評論的解讀有些過度了。但是，您如何看待對國際業務的承諾，該業務的不同組成部分，他們也會投入動物保健以及您對該業務的承諾。但現在這些與核心如何契合呢？是否存在您最初認為的明顯的協同效應？隨著這些業務的發展，這種協同效應可能會逐漸減弱。

Yes. Thanks very much for the question, Erin. Yes, what I'm really saying here is there's not reading between the lines. What I'm trying to clearly say is that we're applying rigorous discipline to our entire portfolio of services and making sure that they are the right strategic fit.

是的。非常感謝你的提問，艾琳。是的，我在這裡真正想說的是，沒有讀懂字裡行間的意思。我想明確表示的是，我們對整個服務組合實行嚴格的紀律，確保它們符合正確的策略。

And then as we go through that, that will help us identify how to best deploy our resources, whether that's CapEx or OpEx or talent that we make sure that we are investing in a differentiated way in the areas that are going to grow for us and are aligned with our strategy and that we're deprioritizing investment in areas that we see as less aligned.

然後，當我們經歷這個過程時，這將幫助我們確定如何最好地配置我們的資源，無論是資本支出還是營運支出或人才，我們確保我們以差異化的方式投資於那些對我們有利、符合我們策略的領域，並且降低對那些我們認為不太一致的領域的投資優先級。

Thanks for the question, Erin.

謝謝你的提問，艾琳。

Stephen Valiquette, Mizuho Securities.

瑞穗證券的 Stephen Valiquette。

So just based on our channel checks, it seems that brand drug manufacturers put in a bigger wave of AWP list price increases at mid-'25, really relative to any other midyear period in almost a decade, it seems. So I'm just wondering if you were seeing this as well, even though I know you've commented that brand inflation has a less beneficial impact to your P&L today versus history, but just curious if you're releasing the activity.

因此，僅根據我們的通路檢查，似乎品牌藥廠在 2025 年中期推出了更大幅度的 AWP 標價上漲，這相對於近十年來的任何其他年中時期而言確實如此。所以我只是想知道您是否也看到了這一點，儘管我知道您已經評論說品牌通膨對您今天的損益的影響與歷史相比較小，但我只是好奇您是否發布了該活動。

Yes. Thank you very much for the question. What I'll say is that what we saw in terms of branded price appreciation, was about in line with our expectations, may have been a little bit ahead of our expectations, certainly not something big enough for us to call out.

是的。非常感謝您的提問。我想說的是，我們看到的品牌價格上漲大致符合我們的預期，可能略高於我們的預期，但肯定不會讓我們大聲疾呼。

But I'd just say it was generally in line with our expectations or a little bit ahead. And as we talked about in the past, it has less of an impact on our overall P&L that it did at 1 point in time. And as we've rebalanced contracts and making sure that we make a fair profit across the board on brand, specialty and generic products. Thanks. I appreciate the question.

但我只想說，它總體上符合我們的預期，或略微超出我們的預期。正如我們過去所討論的，它對我們的整體損益的影響比某一時間點的影響要小。我們重新平衡了合同，確保在品牌、特色和通用產品上全面獲得公平的利潤。謝謝。我很感謝你提出這個問題。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Congrats on the strong quarter. Really just a couple of policy questions for you guys. The proposed hospital outpatient prospective rule seeks to end the pricing advantage that hospital owned off-campus outpatient facilities have in drug administration.

恭喜本季業績強勁。這真的只是想問你們幾個政策問題。擬議的醫院門診前瞻性規則旨在終止醫院擁有的校外門診設施在藥品管理方面的定價優勢。

I'm curious how that may impact the competitive environment and growth for your MSO assets? And separately, I'm also curious if there are any tax benefits you're realizing from the [OBB VA] and if that's having any meaningful benefit to your free cash flow in the near term?

我很好奇這會對您的 MSO 資產的競爭環境和成長產生什麼影響？另外，我還好奇您是否從 [OBB VA] 中獲得了任何稅收優惠，以及這是否會在短期內對您的自由現金流產生任何有意義的好處？

Yes. I'll start with the second part of that question. The new tax bill moving forward will have some incremental benefits for us. So as we look at our effective tax rate moving forward as a global company, there's always a lot of things that impact our consolidated effective tax rate. But the new tax bill is incrementally beneficial for us as it is for many companies. Thank you for that question.

是的。我將從該問題的第二部分開始。新稅法的實施將為我們帶來一些增量利益。因此，當我們作為一家全球性公司展望我們的有效稅率時，總是會有很多因素影響我們的綜合有效稅率。但新稅法對我們和許多公司來說都是逐步有利的。謝謝你的提問。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

It's Jack on for Brian. Just wanted to double click on the comment around GLP-1s and appreciate the commentary that a slowdown there shouldn't be particularly impactful when you think about consolidated earnings or US health care earnings.

傑克代替布萊恩上場。只是想雙擊有關 GLP-1 的評論，並欣賞這樣的評論：當你考慮合併收益或美國醫療保健收益時，那裡的經濟放緩不應該產生特別的影響。

But maybe more broadly, as you cast forward just thinking about what are the moving pieces that need to happen as we see more competition in that category for earnings to expand there for margins to expand there. Is it something that's just not really possible? Or do you think over time, as we get more and more competition and in that -- that's something that you can achieve.

但也許從更廣泛的角度來看，當你展望未來時，只需思考一下，當我們看到該類別中的競爭加劇時，需要發生哪些變化，才能擴大收益，並擴大利潤率。這不是一件真正可能的事嗎？或者您認為隨著時間的推移，隨著我們面臨越來越多的競爭，這是您可以實現的目標。

Yes. Thank you very much for the question. And as we've consistently said for quite some time, GLP-1s have really been a driver of top line growth and they are profitable for us, but they are minimally profitable for us. At some point in time, as there are more competitors on the market, maybe it will move to a more normalized fee for service, and they will become more profitable for us at some point in time.

是的。非常感謝您的提問。正如我們長期以來一直說的那樣，GLP-1 確實是收入成長的驅動力，並且為我們帶來了利潤，但利潤卻微乎其微。在某個時間點，隨著市場上競爭對手的增多，也許服務費會變得更加規範，在某個時間點，它們會為我們帶來更多利潤。

But it's certainly not -- it's we're doing, for instance, our fiscal year '26 planning. It's not something that we're anticipating in our fiscal year '26 plan. We're expecting them to remain profitable, but the minimally profitable for us and kind of that type of time horizon. Thank you very much for the question.

但這肯定不是——例如，我們正在進行 26 財年的規劃。這並不是我們在 26 財年計畫中預期的事情。我們預計他們將繼續獲利，但對我們來說，獲利能力有限，而且時間跨度也類似。非常感謝您的提問。

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

目前我們沒有其他問題。因此我將把發言交還給鮑勃，請他做最後發言。

Thanks, everyone, for your time and interest in Cencora. We're continuing to deliver strong results, powered by our strength in specialty, our leading customer portfolio and our ability to enhance patient care. I want to again thank our incredible team members at Cencora who every day are executing at a very high level, bringing their passion and expertise to our customers, both upstream to manufacturers and downstream to providers and delivering our purpose every day. Thank you, everyone.

感謝大家對 Cencora 的時間和興趣。憑藉我們在專業領域的優勢、領先的客戶組合以及增強患者護理的能力，我們將繼續取得強勁的業績。我要再次感謝 Cencora 出色的團隊成員，他們每天都在以非常高的水平執行任務，將他們的熱情和專業知識帶給我們的客戶，包括上游的製造商和下游的供應商，每天都在實現我們的目標。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。