Cencora Inc (COR) 2025 Q4 法說會逐字稿

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

大家好，感謝各位參加 Cencora 2025 財年第四季及全年業績電話會議。我叫露西，今天我將負責協調您的通話。（操作說明）

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

現在，我很高興將發言權交給主持人，投資者關係高級副總裁貝內特·墨菲，請他開始發言。請繼續。

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

謝謝。早安，下午好，感謝各位參加本次電話會議，我們將討論 Cencora 2025 財年第四季和全年業績。我是 Bennett Murphy，資深副總裁，負責投資人關係和企業生產力。今天與我一同出席的有總裁兼執行長鮑伯·莫奇，以及執行副總裁兼財務長吉姆·克利裡。

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

在今天的電話會議上，我們將討論非GAAP財務指標。這些指標與美國通用會計準則（GAAP）的調節表已在今天的新聞稿中提供，該新聞稿可在我們的網站 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簡報。

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.

在本次電話會議中，我們將討論有關我們業務和財務預期的前瞻性聲明，這些預期將以調整後的非GAAP準則為基礎，包括但不限於每股收益、營業收入和所得稅。

Forward-looking statements are based on management's current expectations and are subject to uncertainty and change. For a discussion of key risks and assumptions, we refer you to today's press release and our SEC filings, including our most recent 10-Q. Cencora assumes no obligation to update any forward-looking statements, and this call cannot be rebroadcast without the express permission of the company.

前瞻性陳述是基於管理階層目前的預期，但存在不確定性和變化。有關關鍵風險和假設的討論，請參閱我們今天的新聞稿和我們向美國證券交易委員會提交的文件，包括我們最新的 10-Q 文件。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，不得轉播本次電話會議。

(Event Instructions)

（活動須知）

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

接下來，我將把電話交給鮑伯。

Thank you, Bennett. Hi, everyone, and thank you for joining Cencora's fiscal 2025 fourth-quarter earnings call. I will begin today by expressing my gratitude to our team members who power our results, advance our strategy, and lead with purpose.

謝謝你，貝內特。大家好，感謝各位參加 Cencora 2025 財年第四季財報電話會議。今天首先，我要感謝我們團隊的每一位成員，是他們推動了我們的業績，推進了我們的策略，並以目標為導向引領我們前進。

In fiscal 2025, Cencora achieved strong financial performance with adjusted operating income and adjusted diluted EPS growth of 16%, driven by our strategic positioning in Specialty, thoughtful investments to enhance our solutions in fast-growing areas of the market and continued strong pharmaceutical utilization trends.

2025 財年，Cencora 取得了強勁的財務業績，調整後營業收入和調整後攤薄每股收益增長了 16%，這得益於我們在專業領域的戰略定位、為增強我們在快速增長的市場領域的解決方案而進行的深思熟慮的投資，以及持續強勁的藥品利用趨勢。

The results our team members deliver demonstrate the unique value we provide to our leading customers, both pharma manufacturers and providers, as an end-to-end health care services company.

我們團隊成員所取得的成果證明了我們作為一家端到端醫療保健服務公司，為我們領先的客戶（包括製藥製造商和醫療服務提供者）提供的獨特價值。

As a reflection of our confidence in continued market growth, the strength and positioning of our business, our successful investments in key growth areas like specialty, and conviction in our continued execution, we are pleased to be raising our long-term guidance for adjusted operating income growth to 6% to 9% and our adjusted EPS growth to 9% to 13%.

鑑於我們對市場持續成長的信心、我們業務的實力和市場地位、我們在特種產品等關鍵增長領域的成功投資以及我們對持續執行的信念，我們很高興地將調整後營業收入增長的長期預期提高至 6% 至 9%，調整後每股收益增長的長期預期提高至 9% 至 13%。

During the year, we made considerable progress in strengthening our role as a leading health care services provider through our disciplined focus. Our strategy going forward centers on three growth priorities: leading with market leaders, enhancing patient access to pharmaceuticals, and strengthening our position in specialty, as well as four strategic drivers enabling our execution.

今年，我們透過嚴謹的作風和專注的態度，在鞏固自身作為領先的醫療保健服務提供者的地位方面取得了長足的進步。我們未來的策略以三個成長重點為中心：引領市場、增強患者取得藥品的機會、加強我們在專業領域的地位，以及四個策略驅動因素，從而實現我們的目標。

First, prioritizing growth-oriented investments. We are committed to advancing our leadership in the health care industry, which requires us to invest significantly both organically and inorganically in the areas that will strengthen our strategic positioning and drive long-term value.

首先，優先考慮以成長為導向的投資。我們致力於提升我們在醫療保健行業的領導地位，這需要我們在能夠加強我們的戰略地位和推動長期價值的領域進行大量的內部和外部投資。

Second, improving the customer experience by leveraging advanced data analytics and technologies. We are enhancing how we utilize technology and analytics to expand our services and solutions while also generating actionable insights to inform our industry partners.

其次，透過利用先進的數據分析和技術來改善客戶體驗。我們正在加強對技術和分析的運用，以擴展我們的服務和解決方案，同時產生可操作的見解，為我們的行業合作夥伴提供資訊。

Third, driving a best-in-class talent experience. Our people are our most important asset. At Cencora, we're committed to empowering our talent with the skills and experiences they need to build meaningful careers as our industry and work continue to evolve.

第三，打造一流的人才體驗。員工是我們最重要的資產。在 Cencora，我們致力於為人才提供所需的技能和經驗，幫助他們在行業和工作不斷發展的過程中建立有意義的職業生涯。

And fourth, identifying ongoing process and capability improvements. We are focused on enhancing our productivity, becoming even more integrated and efficient in serving the dynamic pharmaceutical supply chain.

第四，確定持續改善流程和能力的方法。我們致力於提高生產力，在服務動態的醫藥供應鏈方面變得更加一體化和高效。

Today, I want to highlight the intersection of strengthening our position in specialty and how we are strategically prioritizing growth-oriented investments. I will begin with how Cencora is prioritizing growth-oriented investments to fuel our long-term growth.

今天，我想重點談談我們如何加強在專業領域的地位，以及我們如何從策略上優先考慮以成長為導向的投資。我將首先介紹 Cencora 如何優先考慮以成長為導向的投資，以推動我們的長期成長。

Cencora is making investments that align with our pharmaceutical-centric strategy and elevate our offering. And we regularly evaluate our portfolio to ensure we are focusing on areas that advance our long-term vision. As announced this morning, we undertook a thorough review of our portfolio as part of our approach to prioritize growth-oriented investments. This review led us to sharpen our focus for the businesses included in both our US and International Healthcare Solutions segments.

Cencora正在進行符合我們以製藥為中心的策略的投資，並提升我們的產品和服務。我們會定期評估我們的投資組合，以確保我們專注於能夠推進我們長期願景的領域。正如今天早上宣布的那樣，我們對投資組合進行了全面審查，這是我們優先考慮成長型投資策略的一部分。這次審查促使我們更加專注於美國和國際醫療保健解決方案部門所包含的業務。

We identified specific areas of the business that do not align as closely with our strategy going forward. Specifically, our Animal Health business, MWI, our legacy US hub services, our equity investment in Profarma in Brazil, and certain components of PharmaLex. As a result, we are evaluating strategic alternatives for these businesses and are grouping them as other in our financial reporting to provide additional transparency for our investors.

我們發現公司某些特定領域與我們未來的發展策略不太契合。具體而言，包括我們的動物保健業務 MWI、我們傳統的美國樞紐服務、我們在巴西 Profarma 的股權投資以及 PharmaLex 的某些組成部分。因此，我們正在評估這些業務的策略選擇，並在財務報告中將它們歸類為“其他”，以便為投資者提供更高的透明度。

By evaluating alternatives for these businesses, we will identify the right long-term partners to help the businesses within other capitalize on the strength of their offerings while we focus on executing against Cencora's strategy in our remaining businesses. We believe this prioritization will allow us to effectively deploy resources against our growth priorities. For example, strengthening our position in specialty.

透過評估這些業務的替代方案，我們將找到合適的長期合作夥伴，幫助其他業務充分利用其產品優勢，同時我們專注於在剩餘業務中執行 Cencora 的策略。我們相信，這種優先排序將使我們能夠有效地部署資源，以實現我們的成長目標。例如，加強我們在專業領域的地位。

The acquisition of Retina Consultants of America, RCA, is a recent investment that reflects our commitment to strengthening our leadership in specialty. Since the acquisition closed earlier this year, RCA has continued to demonstrate the unique value the platform provides for physicians, while our joint teams have been identifying areas where we can augment the RCA value proposition.

收購美國視網膜顧問公司 (RCA) 是我們最近的一項投資，體現了我們致力於加強在專業領域領導地位的決心。自今年稍早完成收購以來，RCA 一直在尋找該平台為醫生提供的獨特價值，同時我們的聯合團隊一直在尋找可以增強 RCA 價值主張的領域。

The MSO relationship is key for providers. With RCA now a part of Cencora, and our pathway to full ownership of OneOncology, we are excited about our ability to drive growth while contributing positively to patient outcomes by increasing time physicians can spend with patients, enhancing access to innovative treatments through renowned research capabilities, and informing best practices in community-based care. We are also prioritizing internal investments.

MSO（多系統運營商）關係對醫療服務提供者至關重要。隨著 RCA 成為 Cencora 的一部分，以及我們逐步實現對 OneOncology 的完全擁有，我們很高興能夠推動增長，同時通過增加醫生與患者相處的時間、利用著名的研究能力增強獲得創新療法的機會以及為社區護理的最佳實踐提供信息，為改善患者的治療效果做出積極貢獻。我們也在優先考慮內部投資。

In order to continue to lead with market leaders, Cencora is expanding and enhancing our supply chain infrastructure to support our customers' continued growth and innovation. This morning, we were proud to announce significant investments totaling $1 billion through 2030 to amplify our distribution network, including opening a second National Distribution Center and expanding our existing specialty distribution capacity.

為了繼續保持市場領先地位，Cencora 正在擴展和加強我們的供應鏈基礎設施，以支持客戶的持續成長和創新。今天上午，我們很榮幸地宣布，到 2030 年，我們將投入總計 10 億美元用於加強我們的分銷網絡，包括開設第二個國家分銷中心並擴大我們現有的專業分銷能力。

These investments will allow us to better support our customers with additional cold chain storage as the specialty market grows. This commitment builds on our track record of successful investments to expand our infrastructure and will enhance the resiliency and efficiency of our supply chain to ensure we are well-positioned to handle the rising demand and complexity of pharmaceutical treatments. We are confident we have the right culture and strategy to ensure we continuously strengthen our business to support growth.

隨著特種市場的成長，這些投資將使我們能夠透過增加冷鏈儲存來更好地支持我們的客戶。這項承諾建立在我們以往成功投資擴大基礎設施的良好記錄之上，並將增強我們供應鏈的韌性和效率，以確保我們能夠更好地應對不斷增長的藥品需求和日益複雜的治療需求。我們有信心，我們擁有正確的企業文化和策略，能夠確保我們不斷加強業務，從而支持成長。

I will now turn the call to Jim to discuss our fourth quarter and fiscal 2025 results, fiscal 2026 guidance, and Cencora's updated long-term guidance. Jim?

現在我將把電話轉給吉姆，讓他討論我們第四季度和 2025 財年的業績、2026 財年的業績指引以及 Cencora 更新後的長期業績指引。吉姆？

Thanks, Bob. Good morning and good afternoon, everyone. Before I turn to a review of our fourth quarter and full year fiscal 2025 results, as a reminder, my remarks today will focus on our adjusted non-GAAP financial results unless otherwise stated. For a detailed discussion of our GAAP results, please refer to our earnings press release and presentation.

謝謝你，鮑伯。各位早安/下午好。在回顧我們 2025 財年第四季和全年業績之前，提醒大家，除非另有說明，我今天的演講將重點放在我們調整後的非 GAAP 財務業績。有關我們 GAAP 業績的詳細討論，請參閱我們的獲利新聞稿和簡報。

Fiscal 2025 was a pivotal year for Cencora, as we took decisive steps to advance our strategy guided by our strategic priorities and growth drivers and delivered impressive results due to our team members who remain committed to our customers and patients.

2025 財年是 Cencora 的關鍵一年，我們採取了果斷措施，推進了以戰略重點和增長動力為指導的戰略，並取得了令人矚目的成果，這要歸功於我們團隊成員對客戶和患者的持續奉獻。

To reflect our strong execution, intentional positioning in, and prioritization of growth-oriented areas and positive core fundamentals, we are pleased to be raising our long-term guidance for adjusted diluted EPS and operating income, which I will discuss in more detail following a review of our results.

為了體現我們在成長導向領域和積極的核心基本面方面所取得的強勁執行力、有意識的定位和優先發展，我們很高興提高對調整後攤薄每股收益和營業收入的長期預期，我將在回顧我們的業績後對此進行更詳細的討論。

Turning now to our fourth quarter results. We completed the quarter with adjusted diluted EPS of $3.84, an increase of 15%, driven by strong performance in our US Healthcare Solutions segment. Consolidated revenue was $83.7 billion, up 6%, driven by growth in both reportable segments, primarily due to continued volume growth.

現在來看我們第四季的業績。本季調整後攤薄每股收益為 3.84 美元，成長 15%，主要得益於我們美國醫療保健解決方案部門的強勁表現。合併收入為 837 億美元，成長 6%，主要得益於兩個可報告部門的成長，而這又主要歸功於銷售量的持續成長。

In the quarter, GLP-1s were a less meaningful contributor to revenue growth than in recent quarters and represented a 40 basis points contribution to our consolidated revenue growth.

本季度，GLP-1 對營收成長的貢獻不如最近幾季那麼顯著，僅占我們合併營收成長的 40 個基點。

Moving to gross profit, consolidated gross profit was $2.9 billion, up 18%, largely driven by gross profit growth in the US Healthcare Solutions segment. Consolidated gross profit margin was 3.47%, an increase of 37 basis points, primarily due to the gross profit contribution from our acquisition of Retina Consultants of America. Consolidated operating expenses were $1.9 billion, up 18%, primarily due to the RCA acquisition and in support of our overall revenue growth.

從毛利來看，合併毛利為 29 億美元，成長 18%，主要得益於美國醫療保健解決方案部門的毛利成長。綜合毛利率為 3.47%，成長了 37 個基點，主要原因是收購美國視網膜顧問公司帶來的毛利貢獻。綜合營運支出為 19 億美元，成長 18%，主要原因是收購 RCA 以及為了支持我們的整體營收成長。

Turning now to operating income. Consolidated operating income was $1.0 billion, up 20% compared to the prior year quarter. The increase in operating income was driven by continued strong growth in our US Healthcare Solutions segment, which I will discuss in more detail when reviewing segment level results.

接下來來看營業收入。綜合營業收入為10億美元，較上年同期成長20%。營業收入的成長主要得益於美國醫療保健解決方案部門的持續強勁成長，我將在回顧部門層面的表現時對此進行更詳細的討論。

Moving now to our net interest expense. Net interest expense was $78 million, an increase of $57 million, primarily due to the $3.3 billion in debt raised to finance a portion of the RCA acquisition. In the September quarter, we repaid $500 million of our existing term loan. As a result, we have now already repaid $700 million of the $1.5 billion three-year term loan, which was issued in January as part of the RCA financing. \

接下來來看淨利息支出。淨利息支出為 7,800 萬美元，增加了 5,700 萬美元，主要是由於籌集了 33 億美元的債務來為收購 RCA 的一部分提供資金。在九月份的季度中，我們償還了 5 億美元的現有定期貸款。因此，我們目前已經償還了 1 月作為 RCA 融資的一部分發放的 15 億美元三年期貸款中的 7 億美元。\

Moving to effective tax rate. Our effective tax rate in the fourth quarter was 20.6% compared to 20.3% in the prior year quarter. Finally, our diluted share count was 195.3 million shares, a 1% decrease compared to the prior year fourth quarter, primarily driven by opportunistic share repurchases completed earlier this fiscal year. This completes the review of our consolidated results.

轉為實際稅率。我們第四季的實際稅率為 20.6%，而去年同期為 20.3%。最後，我們的稀釋後股份數量為 1.953 億股，比上年同期第四季減少了 1%，這主要是由於本財年早些時候完成的機會性股票回購所致。至此，我們的綜合業績審查工作完成。

Now I'll review our segment results for the fourth quarter. US Healthcare Solutions segment revenue was $75.8 billion, up approximately 6% versus the prior year quarter, as we continued to benefit from strong utilization trends.

現在我將回顧我們第四季的分部業績。美國醫療保健解決方案部門的營收為 758 億美元，比上年同期成長約 6%，這得益於我們繼續受益於強勁的利用率趨勢。

Sales of GLP-1 products increased $876 million, or 10% year-over-year, representing a 50 basis points contribution to segment revenue growth. As a reminder, we indicated on our third quarter earnings call the moderation in US Healthcare Solutions segment revenue growth was expected and then was reflected in Street consensus.

GLP-1 產品的銷售額年增 8.76 億美元，增幅達 10%，為該業務部門的營收成長貢獻了 50 個基點。需要提醒的是，我們在第三季財報電話會議上指出，美國醫療保健解決方案部門營收成長放緩是意料之中的，也反映在了華爾街的普遍預期中。

Turning now to operating income. US Healthcare Solutions segment operating income increased by 25% to $872 million due to growth across our distribution businesses and the contribution from RCA. During the quarter, we continued to see good volumes in specialty across health systems and physician practices, as our partnerships with leaders in both channels drove solid growth, more than offsetting the previously disclosed loss of an oncology customer that occurred at the end of June due to its acquisition by a peer.

接下來來看營業收入。由於分銷業務的成長以及 RCA 的貢獻，美國醫療保健解決方案部門的營業收入成長了 25%，達到 8.72 億美元。本季度，我們繼續看到醫療系統和醫生診所的專科業務量良好，因為我們與這兩個管道的領導者的合作推動了穩健增長，這完全彌補了先前披露的因被同行收購而在 6 月底失去的一家腫瘤科客戶。

Turning now to International Healthcare Solutions segment. In the quarter, International Healthcare Solutions segment revenue was $7.9 billion, an increase of 8% on an as-reported basis and an increase of 6% on a constant currency basis, primarily driven by revenue growth in our European distribution business.

接下來我們來看國際醫療保健解決方案部分。本季度，國際醫療保健解決方案部門的收入為 79 億美元，按報告基準計算增長 8%，以固定匯率計算增長 6%，主要得益於我們歐洲分銷業務的收入增長。

International Healthcare Solutions segment operating income was $151 million, a 2% decrease on an as-reported basis and a 6% decrease on a constant currency basis, primarily driven by continued pressure in our global consulting services businesses, partially offset by growth in all other business units in the segment.

國際醫療保健解決方案部門的營業收入為 1.51 億美元，按報告基準下降 2%，以固定匯率基準下降 6%，主要原因是全球諮詢服務業務持續承壓，部分被該部門所有其他業務部門的成長所抵銷。

In our European distribution business, we saw continued strong demand for our 3PL services, which includes logistics for specialty products, and signed a number of new contracts. Additionally, during the quarter, we were encouraged to see a rebound in our global specialty logistics business, where shipment volumes returned to growth.

在歐洲分銷業務方面，我們看到對第三方物流服務（包括特殊產品物流）的需求持續強勁，並簽署了多項新合約。此外，本季我們很高興看到全球特種物流業務出現反彈，貨運量恢復成長。

Before turning to our full year fiscal 2025 results, I would like to take a moment to discuss our GAAP operating income results in the fourth quarter which includes a $724 million goodwill impairment related to PharmaLex, as noted in our press release.

在介紹我們 2025 財年全年業績之前，我想花一點時間討論一下我們第四季度的 GAAP 營業收入業績，其中包括與 PharmaLex 相關的 7.24 億美元商譽減值，正如我們在新聞稿中提到的那樣。

PharmaLex has continued to experience persistent demand challenges, which resulted in the business falling below our original expectations and declining year over year. We have taken steps to better position PharmaLex for long-term success.

PharmaLex持續面臨需求挑戰，導致業務低於我們最初的預期，並且逐年下降。我們已採取措施，使 PharmaLex 能夠更好地取得長期成功。

As part of the strategic review Bob mentioned in his remarks, we have made the decision to simplify PharmaLex's business and will now only be focused on three main areas where we are better positioned: pharmacovigilance, market access, and regulatory affairs. We are evaluating strategic alternatives for PharmaLex's other service verticals.

正如鮑伯在演講中提到的策略審查的一部分，我們決定簡化 PharmaLex 的業務，現在將只專注於我們更有優勢的三個主要領域：藥物警戒、市場准入和監管事務。我們正在評估 PharmaLex 其他服務領域的策略選擇。

That concludes the discussion of our fiscal fourth quarter financials.

以上就是我們第四財季財務狀況的討論。

Now, I will turn to a discussion of our full year fiscal 2025 results compared to the prior year, beginning with revenue. Our consolidated revenue was $321.3 billion, up 9%, driven by US Healthcare Solutions segment growth of 10% and International Healthcare Solutions segment growth of 6%.

現在，我將討論我們 2025 財年全年業績與前一年相比的情況，首先從收入說起。我們的合併收入為 3,213 億美元，成長 9%，主要得益於美國醫療保健解決方案部門成長 10% 和國際醫療保健解決方案部門成長 6%。

Consolidated operating income was $4.2 billion, an increase of 16%, driven by growth in the US Healthcare Solutions segment, where we continue to benefit from volume growth, particularly growth in specialty and three quarters of contribution from the RCA acquisition. Concluding the discussion of our full year fiscal 2025 results, during the year, we generated $3 billion of adjusted free cash flow and ended the year with a cash balance of $4.4 billion.

綜合營業收入為 42 億美元，成長 16%，主要得益於美國醫療保健解決方案部門的成長，我們繼續受益於銷售成長，特別是專業領域的成長，以及 RCA 收購帶來的三分之二的貢獻。最後總結我們 2025 財年全年業績，在這一年中，我們產生了 30 億美元的調整後自由現金流，年末現金餘額為 44 億美元。

During the year, in addition to investing in our business through capital expenditures and furthering our strategy through M&A, we continued to prioritize returning capital to our shareholders through dividends and share repurchases that totaled close to $900 million.

年內，除了透過資本支出投資業務和透過併購推進策略外，我們還繼續優先考慮透過股利和股票回購向股東返還資本，總額接近 9 億美元。

This morning, we were pleased to announce our 21 consecutive annual dividend increase, with our Board of Directors approving a 9% increase to our quarterly dividend, once again aligning our dividend growth rate to the low end of our long-term guidance for adjusted diluted EPS growth. This completes the review of our full fiscal year results.

今天上午，我們很高興地宣布連續第 21 年提高年度股息，董事會批准將季度股息提高 9%，再次使我們的股息成長率與我們長期調整後稀釋每股收益成長指引的下限保持一致。至此，我們對整個財政年度業績的審查工作已全部完成。

Before I turn to a discussion of our fiscal 2026 guidance and updates to our long-term guidance, I will take a moment to discuss our updated financial reporting structure that Bob mentioned in his remarks. Beginning in the first quarter of fiscal 2026, in addition to our two reportable segments, US Healthcare Solutions and International Healthcare Solutions, we will begin reporting certain businesses that we are exploring strategic alternatives for under "other."

在討論我們 2026 財年的業績指引和長期業績指引的更新之前，我將花一點時間來討論鮑勃在演講中提到的我們更新後的財務報告結構。從 2026 財年第一季度開始，除了我們兩個可報告的分部——美國醫療保健解決方案和國際醫療保健解決方案之外，我們還將開始在「其他」項下報告我們正在探索戰略替代方案的某些業務。

Through this increased transparency, we hope to provide our investors with additional visibility into the strength of our go-forward business performance and trajectory as we prioritize growth-oriented businesses aligned with our strategy.

透過提高透明度，我們希望讓投資者更清楚地了解我們未來的業務表現和發展軌跡，因為我們將優先發展符合我們策略的成長型業務。

As Bob mentioned, "other" includes MWI Animal Health, our equity stake in Profarma, legacy US Consulting hub services, and components of PharmaLex. We are committed to finding the right strategic fit for each of these businesses to drive mutual success and value for all our stakeholders. For recast comparable segment results for fiscal 2024 and fiscal 2025, I would refer you to our investor website and Form 8-K we furnished this morning.

正如鮑勃所提到的，「其他」包括 MWI Animal Health、我們在 Profarma 的股權、傳統的美國諮詢中心服務以及 PharmaLex 的組成部分。我們致力於為每家企業找到合適的策略契合點，從而為所有利害關係人帶來共同成功和價值。有關 2024 財年和 2025 財年重述可比分部業績，請參閱我們的投資者網站和我們今天早上提供的 8-K 表格。

Turning now to discuss our fiscal 2026 guidance expectations. As a reminder, we do not provide forward-looking guidance on a GAAP basis, so the following metrics are provided on an adjusted non-GAAP basis. We have also provided a detailed overview of guidance on slides 1 and 12 of our earnings presentation, including constant currency guidance for our International Healthcare Solutions segment.

接下來我們將討論我們對 2026 財年的業績預期。再次提醒，我們不提供基於 GAAP 準則的前瞻性指引，因此以下指標均以調整後的非 GAAP 準則提供。我們在收益簡報的第 1 頁和第 12 頁中也提供了詳細的指導概述，包括我們國際醫療保健解決方案部門的固定匯率指導。

Starting with EPS, we expect adjusted diluted EPS to be in the range of $17.45 to $17.75, representing growth of 9% to 11%. Now I will provide some details on the items contributing to this EPS growth.

從每股盈餘 (EPS) 來看，我們預計調整後的稀釋每股盈餘將在 17.45 美元至 17.75 美元之間，成長 9% 至 11%。現在我將詳細介紹促成每股盈餘成長的各項因素。

Beginning with revenue, we expect consolidated revenue growth to be in the range of 5% to 7%, reflecting US Healthcare Solutions revenue growth in the range of 5% to 7%, International Healthcare Solutions revenue growth in the range of 6% to 8%, and other revenue growth in the range of 0% to 4%.

首先來看收入，我們預計合併收入成長將在 5% 到 7% 之間，其中美國醫療保健解決方案收入成長將在 5% 到 7% 之間，國際醫療保健解決方案收入成長將在 6% 到 8% 之間，其他收入成長將在 0% 到 4% 之間。

Turning to operating income. We expect consolidated operating income growth to be in the range of 8% to 10%, reflecting US Healthcare Solutions operating income growth in the range of 9% to 11%, International Healthcare Solutions operating income growth in the range of 5% to 8%, and other operating income decline in the range of 1% to 4%.

接下來來看營業收入。我們預計合併營業收入成長將在 8% 至 10% 之間，其中美國醫療保健解決方案營業收入成長將在 9% 至 11% 之間，國際醫療保健解決方案營業收入成長將在 5% 至 8% 之間，其他營業收入下降將在 1% 至 4% 之間。

Before turning to our additional guidance assumptions, given our updated reporting structure, I wanted to provide some additional context on the makeup of "other" to assist in your modeling. First, MWI Animal Health represents nearly 70% of "other's" revenue based on fiscal 2025 results. In the fourth quarter, the business continued its strong performance and ended fiscal 2025 with full-year revenue growth of 6%.

在介紹我們更新的報告結構之前，我想就「其他」的構成提供一些額外的背景信息，以幫助您進行建模。首先，根據 2025 財年的業績，MWI Animal Health 佔「其他」收入的近 70%。第四季度，本公司持續保持強勁的業績表現，2025 財年全年營收成長 6%。

Second, Profarma, a stand-alone pharmaceutical distribution business in Brazil, represents about 1/4 of revenue in "other" based on fiscal 2025 results. As a reminder, given the nature of the equity stake we hold in Profarma, we consolidate its financials and eliminate a portion of net income not attributable to Cencora through our non-controlling interest line.

其次，Profarma 是巴西一家獨立的藥品分銷企業，根據 2025 財年的業績，其收入約佔「其他」收入的 1/4。再次提醒，鑑於我們在 Profarma 持有的股權性質，我們合併其財務報表，並透過我們的非控制權益項目消除一部分不屬於 Cencora 的淨收入。

Now moving to interest expense, we expect our interest expense to be in the range of $315 million to $335 million. As a reminder, we issued a majority of the debt related to the RCA acquisition in December 2024, with the acquisition closing in January 2025. As a result, our interest expense will be higher in fiscal 2026 due to the incremental quarter of higher interest expense.

現在來看利息支出，我們預期利息支出將在 3.15 億美元至 3.35 億美元之間。提醒一下，我們在 2024 年 12 月發行了與收購 RCA 相關的大部分債務，收購將於 2025 年 1 月完成。因此，由於利息支出增加，我們在 2026 財年的利息支出將會更高。

Turning to income taxes, we expect our effective tax rate to be in the range of 20% to 21% for fiscal 2026. Moving now to share count, we expect that our full-year average share count will be approximately 194 million shares for fiscal 2026. This contemplates approximately $1 billion in share repurchase over the course of the fiscal year.

關於所得稅，我們預計 2026 財年的實際稅率將在 20% 至 21% 之間。現在來看看股份數量，我們預計 2026 財年的全年平均股份數量約為 1.94 億股。這預計在本財年內將回購約 10 億美元的股票。

Regarding our capital expenditure expectations, in fiscal 2026, we expect capital expenditures to be approximately $900 million. While the CapEx dollar spend is elevated relative to recent years, as a percentage of gross profit, it aligns with historical periods when we have made significant investments in our infrastructure.

關於我們的資本支出預期，在 2026 財年，我們預期資本支出約為 9 億美元。雖然資本支出金額相對於近年有所增加，但佔毛利的百分比，這與我們過去對基礎設施進行重大投資的歷史時期相符。

In addition to the US supply chain infrastructure investments Bob mentioned, we will be making IT investments to support our digital transformation. As it relates to free cash flow, we expect adjusted free cash flow to be approximately $3 billion for fiscal 2026.

除了鮑伯提到的美國供應鏈基礎設施投資外，我們還將進行 IT 投資以支援我們的數位轉型。就自由現金流而言，我們預計 2026 財年調整後的自由現金流約為 30 億美元。

Before I conclude my remarks and provide an update on our long-term guidance, while we do not provide guidance on a quarterly basis, there are a few things to keep in mind on our quarterly operating income cadence as you review your models.

在我結束發言並更新我們的長期業績指引之前，雖然我們不按季度提供業績指引，但在您審查模型時，有幾點需要注意，這與我們的季度營業收入節奏有關。

First, as we have discussed, at the end of June, we lost an oncology customer following its acquisition by a peer. This impact was fully reflected in our results in the fourth quarter of fiscal 2025. However, we will have a headwind related to this loss for the first three quarters of fiscal 2026. As you update your quarterly models to reflect the fiscal 2026 guidance, we would expect growth to pick up in the fourth quarter of our fiscal year as we begin to lap this customer loss.

首先，正如我們之前討論過的，6 月底，我們失去了一位腫瘤科客戶，因為該公司被同行收購了。這一影響已完全反映在我們 2025 財年第四季的業績中。然而，在 2026 財年的前三個季度，我們將面臨與此虧損相關的不利因素。隨著您更新季度模型以反映 2026 財年的指導方針，我們預計，隨著我們開始彌補客戶流失，本財年第四季的成長將會加快。

Second, we completed the RCA acquisition at the beginning of the second quarter of fiscal 2025 and will begin to lap the inclusion of RCA in our results. The loss of the oncology customer and incremental quarter of contribution from RCA represent a net headwind of 1% for our US Healthcare Solutions segment in fiscal 2026.

其次，我們在 2025 財年第二季初完成了對 RCA 的收購，並將開始將 RCA 的業績納入我們的財務報表。腫瘤科客戶的流失以及 RCA 季度貢獻的減少，對我們 2026 財年的美國醫療保健解決方案部門造成了 1% 的淨不利影響。

To conclude, Cencora has clearly delivered strong performance over the years as our pharmaceutical-centric strategy and positioning in specialty have allowed us to capitalize on positive industry trends driven by our team members' focus and execution.

總而言之，多年來，Cencora 取得了顯著的業績，這得益於我們以製藥為中心的策略和在專業領域的定位，使我們能夠利用積極的行業趨勢，而這些趨勢又是由我們團隊成員的專注和執行力所推動的。

In recognition of this performance track record and underlying industry fundamentals, including continued innovation and demographic trends, we are pleased to be raising our long-term adjusted operating income growth guidance to a range of 6% to 9% from our prior range of 5% to 8%. This is driven by our increased expectations for our US Healthcare Solutions segment, where we are now calling for adjusted operating income growth of 6% to 9%, up from our previous range of 5% to 8%, powered by our strong positioning in specialty and our efforts to augment our solutions offerings to our customers.

鑑於此業績記錄和產業基本面，包括持續創新和人口趨勢，我們很高興將長期調整後營業收入成長預期從先前的 5% 至 8% 上調至 6% 至 9%。這是由於我們對美國醫療保健解決方案部門的預期提高所致，我們現在預計該部門的調整後營業收入增長將達到 6% 至 9%，高於之前的 5% 至 8%，這得益於我們在專業領域的強大地位以及我們努力增強為客戶提供的解決方案。

With our long-term EPS contribution from M&A and share repurchase unchanged at 3% to 4%, we feel we are strongly positioned to grow EPS over the long term in the range of 9% to 13%.

由於我們透過併購和股票回購對每股盈餘的長期貢獻保持在 3% 至 4% 不變，我們認為我們有能力在長期內將每股盈餘提高到 9% 至 13%。

Before we open the line for questions, I will turn the call back to Bob for his closing remarks. Bob?

在開放提問環節之前，我將把電話轉回給鮑勃，請他作總結發言。鮑伯？

Thank you, Jim. Fiscal '25 was a pivotal year for Cencora as we strengthened our leadership in specialty through the acquisition of RCA and took key steps to sharpen our focus and execution in alignment with our strategy. It is our obligation as a healthcare company to continue to champion innovation and efficiency. We are focused on driving continued strong growth for our enterprise by leveraging our robust infrastructure, differentiated capabilities, and continued investment in specialty, including our MSO platform.

謝謝你，吉姆。2025 財年是 Cencora 的關鍵一年，我們透過收購 RCA 加強了在特種化學品領域的領導地位，並採取了關鍵措施來加強我們的重點和執行力，以符合我們的策略。作為一家醫療保健公司，我們有義務繼續倡導創新和效率。我們致力於透過利用我們強大的基礎設施、差異化的能力以及對專業領域的持續投資（包括我們的 MSO 平台），推動企業持續強勁成長。

Cencora's growth priorities are clear as we are leading with market leaders, enhancing patient access to pharmaceuticals, and relentlessly strengthening our position in specialty. Once again, I want to thank the Cencora team members. It is due to their disciplined execution and commitment to our purpose that Jim and I are able to report strong results and guidance.

Cencora 的發展重點很明確，我們正引領市場，提高病患取得藥品的機會，並持續加強我們在專科領域的地位。我再次感謝 Cencora 團隊成員。正是由於他們嚴謹的執行力和對我們目標的堅定承諾，吉姆和我才能報告取得的良好成果和指導。

As we look ahead, we are positioning ourselves for long-term growth and value creation. Informed by our strategic drivers and growth priorities, and guided by our purpose, we are united in our responsibility to create healthier futures.

展望未來，我們將為長期成長和價值創造做好準備。在策略驅動因素和成長重點的指導下，並在我們的宗旨的指引下，我們團結一致，肩負著創造更健康未來的責任。

With that, we will turn the call over to the operator for Q&A. Operator?

接下來，我們將把電話轉交給接線生進行問答環節。操作員？

(Operator Instructions) Lisa Gill, JPMorgan.

（操作說明）Lisa Gill，摩根大通。

When I think about the business, Bob, and I look at how well you have done the last few years, and we appreciate you updating the long-term guidance. Can you maybe just spend a minute strategically how you view the business? You are now taking some of these businesses, putting them into "other." I would assume looking at potentially selling them as you talked about or partnering with others.

當我思考公司業務時，鮑伯和我都會關注你們過去幾年的出色表現，我們感謝你們更新了長期業績指引。您能否花一分鐘時間，從策略角度談談您是如何看待這家企業的？您現在將其中一些企業歸類為「其他」類別。我猜想他們可能會像你剛才說的那樣考慮出售這些產品，或與其他公司合作。

So how do I think about, one, your strategic priorities going forward? You talk a lot about specialty. You are clearly a leader there. Two, like the MSO business, should we expect that you will do incremental acquisitions there? So just if you could spend a couple of minutes from a strategic standpoint as we think about '26 and beyond.

那麼，關於您未來的策略重點，我該如何看待呢？你經常談到專業領域。你顯然是那裡的領導者。第二，像MSO業務一樣，我們是否可以期待你們在該領域進行增量收購？所以，如果您能抽出幾分鐘時間，從策略角度為我們思考 2026 年及以後的發展提供一些建議，那就太好了。

Yes. I think what you see in our actions and what we are discussing today is our attempt to be very focused in our strategic execution. So when you think about what is in the US Solutions segment and International Solutions segment, we feel we are better positioned now to make sure that we are dedicating resources, allocating capital, both human and financial capital, to make sure that we are investing in the areas that best align with our strategy going forward.

是的。我認為，從我們的行動和我們今天討論的內容中，我們展現了我們在策略執行方面力求高度專注的努力。因此，當我們思考美國解決方案部門和國際解決方案部門的情況時，我們感覺我們現在處於更有利的地位，可以確保我們投入資源、分配人力資本和財力資本，以確保我們投資於最符合我們未來策略的領域。

It does not mean that the businesses that we have identified through our strategic review are bad businesses or troubled in some way. We are just being disciplined and focused in making sure that we can focus on where we have been really clear about where we are going to continue to differentiate ourselves.

這並不意味著我們透過策略評估確定的企業是糟糕的企業或存在某些問題。我們只是在保持自律和專注，確保我們能夠專注於我們已經非常清楚的領域，即我們將繼續在哪些方面保持差異化優勢。

And Lisa, you mentioned the MSOs, and I think that is a really good example of as we have the successful acquisition of RCA, which is going really well, and the pathway to full ownership of OneOncology, we want to make sure that we are able to continue to invest in those businesses and that we have our management team focused. We have our financial focus there. And the result of that really is allowing the MSO value proposition to be most evident. And that value proposition is really making care easier for patients and making care easier for physicians.

麗莎，你提到了MSO（多系統運營商），我認為這是一個很好的例子。隨著我們成功收購RCA（目前進展順利），以及我們逐步實現對OneOncology的完全所有權，我們希望確保能夠繼續投資這些業務，並確保我們的管理團隊專注於此。我們的資金重點在那裡。而這樣做的結果，正是讓MSO的價值主張得以最充分體現。而這項價值主張的真正意義在於，它既能讓病人更容易獲得醫療服務，也能讓醫師更容易獲得醫療服務。

And you know, that is what we want to do, as you know, over a long period of time. We have focused resources in multiple areas actually to support providers, to support small businesses within health care. And what you are seeing here today is just us being disciplined and focused and making sure that as we go forward, we have our capital deployment very broadly well defined, but also specifically on our growth areas, and you know, specialty is certainly top of mind, and then the MSO platforms within specialty are something that we will continue to invest in.

你知道，這正是我們想要做的，而且是長期來看的。我們已將資源集中投入多個領域，以支援醫療服務提供者和醫療保健領域的小型企業。今天大家看到的，正是我們嚴謹自律、目標明確，確保未來資本部署範圍廣泛、目標明確，並且重點放在成長領域。當然，專業領域是我們最關注的，而專業領域的MSO平台也是我們將持續投資的領域。

Lisa, one thing that I will add there is as we look at our performance in the fourth quarter and our performance in fiscal year '25, one of the things that we benefited from was the strength of the results in RCA and the organic growth there and the inorganic growth there also. And then we are seeing the same things from our investment in OneOncology, which really reinforces the strategy that you were asking about and Bob was talking about.

麗莎，我還要補充一點，當我們回顧第四季度和 2025 財年的業績時，我們受益匪淺的一點是 RCA 的強勁業績，以及其有機增長和無機增長。然後，我們從對 OneOncology 的投資中也看到了同樣的情況，這確實強化了你剛才問到的以及 Bob 剛才談到的策略。

And so on top of the strong organic growth, OneOncology has continued to grow inorganically, and this has positively contributed to our distribution and GPO business, and our sales to OneOncology are a really good example when we talk about the strength of our sales to physician practices.

因此，除了強勁的內生成長之外，OneOncology 還持續實現內生成長，這對我們的分銷和 GPO 業務產生了積極影響，而我們向 OneOncology 的銷售就是一個很好的例子，說明了我們向醫生診所銷售的實力。

And so we have been very excited about RCA and what it adds to the business and also excited about OneOncology and the pathway to full ownership and what we can do with full ownership across our MSO platform alongside RCA, which is what Bob, you know, was talking about and you were about with respect to our strategy.

因此，我們對 RCA 及其為公司帶來的貢獻感到非常興奮，同時也對 OneOncology 及其完全所有權之路以及我們能夠透過完全擁有 RCA 來在我們的 MSO 平台上做些什麼感到非常興奮，這正是 Bob 和你一直在談論的，也是我們策略的一部分。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Maybe to double click on what you were just talking about, Jim, in response to Lisa's question. You know, as you have owned RCA for, you know, almost a year and, you know, OneOncology, what are the next steps in the evolution of the MSO platform? What, I guess, maybe in your allusion to what you were just talking about in terms of things you cannot do while it is not consolidated, that would be sort of helpful to hear and just kind of increment learnings as we are lapping the first year of contribution.

吉姆，也許是為了回應麗莎的問題，而雙擊你剛才提到的內容。您知道，您擁有 RCA 已經將近一年了，而且您也擁有 OneOncology，那麼 MSO 平台發展的下一步是什麼？我想，也許你剛才提到的那些事情，在它尚未鞏固之前是不能做的，聽起來會很有幫助，也能讓我們在貢獻的第一年裡不斷累積經驗。

Hey, Elizabeth. It is Bob. I will take the first pass at that. You know, when you think about at some point when we can bring things together, there are very real capabilities and strengths within each of the MSO platforms that we are going to be able to leverage across all of Cencora's MSO platform. And if you think about clinical trial expertise, you know, that is something that can be shared across both retina and oncology.

嗨，伊麗莎白。是鮑伯。我來做第一個嘗試。你知道，當我們設想將來某個時候能夠將各個方面整合起來時，每個 MSO 平台都擁有非常真實的能力和優勢，我們將能夠在 Cencora 的所有 MSO 平台上加以利用。如果你考慮臨床試驗的專業知識，你會發現，這是視網膜和腫瘤學領域可以分享的。

There is a very real opportunity for that we are excited about. And then there are, you know, some back-office activities like revenue cycle management that, you know, we will also be able to leverage across the MSO that will, again, make the ability for these physicians to provide care, not have to worry about the back-office activities as much and also, you know, provide the highest level of care through the clinical trial access is something that we are really excited about. So the next phase is, you know, really looking at the things that we will be able to do together across the platforms. And that's where we will be focused next.

我們對此感到非常興奮，因為這確實是一個絕佳的機會。此外，還有一些後台活動，例如收入週期管理，我們也能夠在MSO中加以利用，這將再次使這些醫生能夠提供醫療服務，不必過多擔心後台活動，並且透過臨床試驗機會提供最高水準的醫療服務，我們對此感到非常興奮。所以下一階段，你知道，就是真正研究我們可以在各個平台上共同完成的事情。接下來，我們將重點放在這一點上。

And, you know, one thing that I will add there, Elizabeth, is that, you know, when Bob was talking about this strength of RCA with clinical trial sites, from a financial standpoint, that is one of the things at RCA that has really exceeded our expectations during the first year from a financial standpoint, but also in the way it has helped attract fellows out of training to RCA, which is one of the key things that has been benefiting the inorganic growth there is the opportunity for fellows out of training to practice and also be involved in the clinical trials.

伊麗莎白，我還要補充一點，鮑勃剛才談到RCA在臨床試驗中心方面的優勢時，從財務角度來看，這確實是RCA在第一年財務方面真正超出我們預期的因素之一，而且它還幫助RCA吸引了剛完成培訓的醫生加入，這對於RCA的非內生增長至關重要，因為剛完成培訓的醫生有機會進行實踐，並參與臨床試驗。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Maybe, if we can just hone in on the US AOI performance in the quarter. Usually, we are not used to distributors putting up mid-20% plus EBIT growth on a two-quarter basis. Obviously, RCA, as we all know, is in there. You lost FCS this quarter.

或許，如果我們能集中精力分析一下美國本季的 AOI 表現就好了。通常情況下，我們並不習慣分銷商在兩個季度內實現 20% 以上的 EBIT 成長。顯然，我們都知道，RCA也在其中。這季你們輸給了FCS。

As you think about the durability of growth there against the backdrop of your new LRP, what is driving that level of magnitude of growth, and how durable do you feel like the drivers behind that are appropriately embedded in the updated long-range plan?

在您考慮新的長期規劃背景下，該地區成長的可持續性時，是什麼因素推動了這種規模的成長？您認為推動成長的因素在更新後的長期規劃中得到了適當的體現，其永續性如何？

Yes. And of course, you know, we had exceptional results in the US segment during the fourth quarter. We had adjusted operating income growth of 25%, and I will provide some additional detail for you. If we look at it ex-RCA, it was growth of 13%, and that was in spite of a COVID headwind during the quarter of $15 million and in spite of the headwind from the loss of the oncology customer that was acquired by a peer.

是的。當然，您也知道，我們在第四季美國市場取得了非常優異的業績。我們調整後的營業收入成長了 25%，我將向您提供更多細節。如果剔除 RCA 的影響，成長率達到了 13%，這還是在經歷了 1500 萬美元的季度 COVID 疫情衝擊以及被同行收購的腫瘤客戶流失帶來的不利影響之後取得的。

And so, you know, in '25, we saw exceptionally strong growth in the US Healthcare Solutions segment with broad-based performance across the portfolio. And as we look towards fiscal year '26, we still see strong performance across the business, but in our guidance, we do not have the same level of outperformance that we have seen recently.

因此，你知道，在 2025 年，我們看到美國醫療保健解決方案部門實現了異常強勁的成長，整個產品組合都表現出色。展望 2026 財年，我們仍看到公司各業務表現強勁，但在我們的業績預期中，我們並沒有像最近那樣取得同樣的優異表現。

One thing that I will add, looking at our guidance for fiscal year '26, when excluding the additional quarter of RCA, our guidance still contemplates growth within our new long-term guidance range of 6% to 9%, even when considering the oncology customer loss.

我還要補充一點，看看我們對 2026 財年的業績指引，即使排除 RCA 的額外季度，我們的指引仍然預計增長將達到我們新的長期指引範圍 6% 至 9%，即使考慮到腫瘤客戶的流失。

And so you asked about our long-term guidance also and our increased US Healthcare Solutions segment long-term guidance and the increase in our consolidated long-term guidance for adjusted operating income and EPS, it reflects the confidence and the strength of our business and our team's ability to continue executing at a high level. Of course, we do have a lot of confidence in our long-term guidance ranges.

所以，您也問到了我們的長期業績指引，以及我們上調的美國醫療保健解決方案部門的長期業績指引，還有我們上調的調整後營業收入和每股收益的合併長期業績指引，這反映了我們對自身業務的信心和實力，以及我們團隊繼續保持高水平執行能力的決心。當然，我們對長期指引範圍非常有信心。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Thanks for taking the question. Jim, maybe I can just follow-up on what you responded to Mike's question is, obviously, you said 30% growth ex-RCA, but you included the impact of COVID as well as Florida Cancer. I mean, you normalize for those, the core growth is actually still quite strong, probably north of 20%-something by our estimation. I guess maybe when you think about your planning then, it is fair to think that your long-range, you know, your LRP here, that has been obviously increased is, you know, reflecting the potential for, you know, kind of events to occur, you know, now and then into the future, right? You know, a peer acquires somebody or, you know, some of those events happen, but fair to think that they are, like, the, you know, ex that the core strength is still quite, you know, above what the LRP at the moment is.

感謝您回答這個問題。吉姆，或許我可以就你對麥克問題的回答做個後續說明，顯然，你說的是剔除 RCA 後增長 30%，但你也考慮了 COVID 和佛羅裡達癌症的影響。我的意思是，即使剔除這些因素，核心成長實際上仍然相當強勁，據我們估計可能超過 20%。我想，當你考慮你的計劃時，可以合理地認為，你的長期計劃（LRP）顯然已經增加，這反映了未來可能發生的各種事件，對吧？你知道，同儕收購某人，或者你知道，這類事情會發生，但公平地認為，就像，你知道，前任，核心實力仍然相當，你知道，高於目前的 LRP。

Is that a fair understanding of how to interpret the results right now? And then, you know, when we think about the, and just if I could add on the capital deployment of 3% to 4% in your long-term range, does that already contemplate sort of the, you know, that the next step in the OneOncology transaction? Is that already kind of embedded into that?

這樣理解目前的結果是否合理？然後，你知道，當我們考慮這個問題時，如果我能補充一下，在你的長期範圍內投入 3% 到 4% 的資金，這是否已經考慮到了 OneOncology 交易的下一步？那是不是已經某種程度上融入其中了？

Yes. And so let me address the questions that you asked, and I will start with FY26. And then I will move on to the long-term guidance for both adjusted operating income and EPS. In FY26 in the US, our guide for adjusted operating income growth is 9% to 11%, but when we take a look at the net headwind that is caused by the extra quarter of RCA, which is a tailwind and offset by the loss of the oncology customer due to the acquisition for kind of the three-quarter impact that has on FY26. That is a net headwind of 1%.

是的。那麼，讓我來回答你們提出的問題，我先從2026財年開始。接下來，我將展望調整後營業收入和每股盈餘的長期預期。2026 財年，我們對美國調整後營業收入成長的預期為 9% 至 11%，但考慮到 RCA 額外一個季度帶來的淨不利影響，以及收購導致腫瘤客戶流失帶來的利好因素，2026 財年大約三個季度的影響將被抵消。這意味著淨不利因素為 1%。

So if we look at it, excluding that net headwind, our guidance in the US for fiscal year '26 is 10% to 12%. And as we look at our long-term guidance, as I said, we have a lot of confidence in our long-term guidance, and we think we are really well-positioned to continue to drive value for our stakeholders through our core and pharmaceutical distribution and the other services. We are pleased to increase that long-term guidance. But I think probably one way to address your question is there is the law of large numbers, and we are just, you know, continuing to grow at such a rate that law of large numbers has an impact at some point in time.

因此，如果我們排除此淨不利因素，我們對 2026 財年美國市場的預期是 10% 至 12%。正如我所說，展望我們的長期業績指引，我們對我們的長期業績指引充滿信心，我們認為我們完全有能力透過我們的核心業務、藥品分銷和其他服務，繼續為我們的利害關係人創造價值。我們很高興上調長期業績指引。但我認為回答你的問題的一種方式可能是，存在大數定律，而我們正以如此快的速度持續增長，以至於大數定律在某個時候會產生影響。

But having said that, you know, we do have a great deal of confidence and have the strength of our businesses and our ability to execute. And I will also say, you asked about capital deployment. There is no change in our capital deployment priorities in our long-term guidance, and a lot of our capital deployment is unspoken for because, you know, it is highly likely that, as we have talked about before, that we will acquire the risk of OneOncology, and that is, you know, included in our long-term guidance.

但話雖如此，你知道，我們確實很有信心，我們擁有強大的業務實力和執行能力。另外，您問了資金部署的問題。我們的長期指導方針中的資本部署優先事項沒有變化，而且我們的許多資本部署都沒有明說，因為，你知道，正如我們之前討論過的，我們很可能會承擔 OneOncology 的風險，而這已經包含在我們的長期指導方針中。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Can you talk a little bit about the overlap with your core business across some of those other businesses that are now in the other segment? For instance, like MWI, I guess, sounds like it is not really integrated with much of the infrastructure today, but you know, where you see the overlap, it is human generics or otherwise across Animal Health, can you reconcile with that and how easy it is to separate some of these?

您能否談談您的核心業務與其他一些目前處於其他領域的業務之間的重疊情況？例如，像 MWI 這樣的行業，聽起來似乎與當今的基礎設施並沒有真正融合，但是你知道，在動物保健領域，無論是人類仿製藥還是其他方面，你都能理解這一點，以及區分其中一些產品有多容易嗎？

And when you took a step back and you looked at your commitment to like World Courier or European wholesale business, how do you think about that? Any sort of key findings when you were looking at the synergy opportunities across those businesses?

當你冷靜下來，審視你對世界快遞公司或歐洲批發業務的承諾時，你是怎麼想的？在研究這些企業之間的綜效機會時，您有什麼關鍵發現嗎？

Sure. I will take the first part of that. And so you asked about MWI and overlap with the rest of the enterprise, and you asked with regard to some of the other businesses and other also. And one thing I will say about MWI, and this applies to the additional businesses and other, is MWI is a great business but one thing I will say is that it does not provide a competitive advantage to the balance of the enterprise. And by placing it in "other" and starting to explore strategic alternatives, I think we can better position the business for long-term success in its market.

當然。我將負責第一部分。所以你問到了 MWI 與企業其他部門的重疊情況，你也問了其他一些業務以及其他方面的情況。關於 MWI，我想說一點，這一點也適用於其他業務，那就是 MWI 是一家很棒的企業，但我想說的是，它並沒有為企業的其他部分提供競爭優勢。將其歸類為“其他”，並開始探索策略替代方案，我認為我們可以更好地為企業在市場中取得長期成功做好準備。

And, you know, the same thing applies to some of the other businesses that we have placed in "other," such as Profarma. And these are very good businesses, but businesses that by starting to explore strategic alternatives, can better position them for long-term success.

你知道，同樣的道理也適用於我們歸類為「其他」的其他一些企業，例如Profarma。這些都是非常優秀的企業，但透過探索策略選擇，這些企業可以更好地為長期成功做好準備。

Yes. And, Erin, I will take the second part of your question in terms of, you know, things that are in the business going forward. And specifically, you mentioned World Courier, but I will just hit on a couple of the businesses that are not in "other." So if you think about Alliance health care with a very good foundation in distribution and, importantly, a significant footprint in 3PL, which is where the specialty growth is in Europe. So that is, you know, how we are continuing to stay dedicated to differentiation and specialty. World Courier is a very strong business over a long period of time with a differentiated footprint and differentiated solutions like cell and gene therapy that we are excited about.

是的。艾琳，關於你問題的第二部分，我會從業務發展的角度來回答。您特別提到了 World Courier，但我只想簡單介紹一下不在「其他」類別中的幾家企業。因此，如果您考慮 Alliance 醫療保健，您會發現它在分銷方面擁有非常良好的基礎，更重要的是，在第三方物流 (3PL) 領域擁有相當大的影響力，而這正是歐洲專科成長的領域。所以，這就是我們如何繼續致力於差異化和專業化的原因。World Courier 是一家實力雄厚的企業，長期以來發展穩健，擁有差異化的業務佈局和差異化的解決方案，例如細胞和基因療法，我們對此感到非常興奮。

And NMR is a business in Canada that has a strong reputation with the pharmaceutical manufacturer community, providing both Hub and Spoke services within Canada. So just a couple of solutions and a couple of examples of things that we are keeping, you know, within the core business. And I will just mention at the end of that, Erin, as you would expect, you know, the strategic processes, you know, it is an outside-in process.

NMR 是一家在加拿大擁有良好聲譽的企業，在製藥製造商群體中享有盛譽，在加拿大境內提供中心輻射式服務。所以，這裡只舉幾個解決方案和例子，說明我們是如何將某些東西保留在核心業務中的。最後我還要提一下，艾琳，正如你所料，策略流程是一個由外而內的過程。

It is we are looking at markets first. We are looking at services. We are looking at where Cencora really has the ability to differentiate and win. So all of that goes into these assessments. But at the end of the day, if you think back to us, you know, following specialty growth in the markets where we can play, I think you will see, I would say human health specialty growth. You will see some rationale in the decisions that we are making.

我們首先關注的是市場。我們正在考察服務。我們正在研究 Cencora 真正具備差異化優勢並取得成功的領域。所以所有這些因素都會納入評估之中。但歸根結底，如果你回想一下我們，你知道，在我們可以涉足的市場中，隨著專業領域的成長，我認為你會看到，我會說是人類健康專業領域的成長。你會發現我們所做的決定是有一定道理的。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Really strong quarter in US health care. I think you talked about 10% to 12% AOI growth in that US health care segment in fiscal '26. Should we think about the relative growth rate between specialty and generics? I would assume that the specialty growth rate is probably accretive to that 10% to 12%. And then the generic a little dilutive. Is there any way to frame the relative growth rate of the generics business? Is that growing mid-single? Is that growing closer to where the entire business is growing? Any way to frame how the generics business is performing or expected to perform in fiscal '26 and maybe comparatively to 2025?

美國醫療保健產業本季表現強勁。我想你之前提到過，2026 財年美國醫療保健領域的 AOI 成長率為 10% 至 12%。我們是否應該考慮專科藥和仿製藥之間的相對成長率？我估計專業領域的成長率可能會使這 10% 到 12% 的成長率增加。然後，通用稀釋劑的作用就微乎其微了。有什麼方法可以衡量仿製藥產業的相對成長率？這是單身人士中期的成長階段嗎？這是否越來越接近整個業務的成長方向？有沒有辦法描述一下仿製藥業務在 2026 財年的表現或預期表現，以及與 2025 年的比較？

Sure. And we do not specifically break out those numbers, but let me talk generally about it. As we talked about for some time, you know, we are benefiting from utilization trends, and we are particularly benefiting from the strength of our sales to specialty physician practices and health systems.

當然。我們沒有具體列出這些數字，但讓我概括地談談這個問題。正如我們之前討論過的，我們正受益於利用率趨勢，尤其受益於我們向專科醫生診所和醫療系統強勁的銷售業績。

So as we look over the longer term, whether we look in the past or going forward, specialty, of course, has been very much accretive to our operating income growth. And over time, we expect that to continue to be the case given the innovation in the specialty markets and given our continued investments in our MSO strategy.

因此，從長遠來看，無論是回顧過去還是展望未來，專業化當然對我們的營業收入成長起到了很大的促進作用。隨著時間的推移，鑑於專業市場的創新以及我們對MSO策略的持續投資，我們預計這種情況還會持續下去。

Now I will also say that one of the strengths about Cencora is the breadth of our portfolio and the breadth of our offerings. And as we talked about for several years now, we have really rebalanced our contracts so we make a fair return on brand, generic, and specialty.

現在我還要說，Cencora 的優點之一在於我們產品組合的廣度和我們產品的廣度。正如我們多年來一直在討論的那樣，我們已經真正重新平衡了合同，以便從品牌藥、仿製藥和專科藥中獲得公平的回報。

And one other thing I will add with the specialty market is we talked for some time now about the moderation -- excuse me, one thing I will add about the generic market is we talk for some time about the moderation of generic deflation, and those trends that we talk about continue to be the case. And so while specialty is really accretive to our growth, really all parts of the business are good for us, brand, specialty, and generic.

關於專科市場，我還要補充一點，我們已經討論了一段時間的——抱歉，關於仿製藥市場，我還要補充一點，我們已經討論了一段時間的仿製藥價格下跌的緩和，而我們談論的這些趨勢仍在繼續。因此，雖然專科業務確實能促進我們的成長，但實際上，品牌藥、專科藥和仿製藥等所有業務部分對我們來說都是有益的。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

Thank you. I would like to pivot to the international business. And if I am reading the recast correct, it looks like the businesses that you are pulling out of the segment maybe have a little bit better growth than the negative 10% in fiscal year 2025. So your perspective on what is enabling the pivot to 5% to 8% growth in '26 and enables the long-term guide at that level?

謝謝。我想轉型進入國際業務領域。如果我理解重述的內容沒錯，看起來你們從該業務板塊中剝離出來的那些業務，在 2025 財年的增長可能會比 -10% 略好一些。那麼，您認為是什麼因素促成了2026年5%至8%的成長，並使得長期成長預期能夠維持在這一水準？

Yes. And so, let me first talk about, you know, the guidance and, of course, our long-term guide that we have for international is 5% to 8%, and the long and the, and that is our guidance also for the upcoming fiscal year. And then the guidance for the upcoming fiscal year for "other" is a decline of minus 1% to minus 4%. And just a quick comment as I talk about that minus 1% to minus 4% in "other" for our guide this year. We are expecting profit growth in MWI and Profarma, so it is the balance of the businesses and other that we expect to decline.

是的。那麼，首先讓我談談指導意見，當然，我們對國際市場的長期指導意見是 5% 到 8%，這也是我們對即將到來的財政年度的指導意見。然後，對即將到來的財政年度「其他」的預期是下降 1% 至 4%。當我談到今年指南中「其他」項目的-1%至-4%時，我想簡單提一下。我們預計 MWI 和 Profarma 的利潤將成長，因此我們預計其他業務的利潤將會下降。

So let me kind of go on to the key part of your question, which is our confidence in the long-term guide for International of 5% to 8%. If we look at the most recent quarter, the decline in international was due to PharmaLex. And as I said in my prepared remarks, all of the other businesses in International grew profits in the fourth quarter.

那麼，讓我繼續回答您問題的關鍵部分，即我們對國際業務長期指導目標 5% 至 8% 的信心。如果我們看一下最近一個季度，國際業務的下滑是由於 PharmaLex 造成的。正如我在準備好的發言稿中所說，國際業務的其他所有業務在第四季度都實現了利潤成長。

And we really saw a rebound in our global specialty logistics business, World Courier, which had been the underperformer along with PharmaLex this past few quarters that rebounded in the fourth quarter. And had revenue growth and profit growth during the fourth quarter.

我們的全球特種物流業務 World Courier 確實出現了反彈，該業務與 PharmaLex 在過去幾個季度表現不佳，但在第四季度實現了反彈。第四季營收和利潤均實現成長。

And so if we look at our long-term guidance or our fiscal year '26 guidance for the International segment, it contemplates and assumes the international segment returns to growth in '26. And then we have, you know, confidence because we are starting to see benefit from the market demand rebounding for our global specialty logistics business.

因此，如果我們看一下我們的長期指導或 2026 財年國際業務指導，就會發現它設想並假設國際業務在 2026 年恢復成長。而且，我們也有信心，因為我們開始看到市場需求回升，這對我們的全球特種物流業務帶來了好處。

And we also have some easier comparisons in a more tailored portfolio, moving some of the PharmaLex assets into "other." Then we have some, you know, core businesses there, which have been performing well, such as Alliance, and then parts of that business which are performing particularly well, and that is 3PL. And we expect the 3PL to be growing at a really nice rate over the long term because that is how a lot of the specialty products are distributed internationally. And so thank you for the question.

而且，在更具針對性的投資組合中，我們也更容易進行一些比較，將 PharmaLex 的一些資產轉移到「其他」類別。然後我們有一些核心業務，你知道，這些業務表現良好，例如 Alliance，而該業務的某些部分錶現尤其出色，那就是 3PL。我們預計，從長遠來看，第三方物流 (3PL) 將以非常可觀的速度成長，因為許多特種產品都是透過這種方式在國際上分銷的。謝謝你的提問。

And those are some of the things that give us, you know, confidence in that 5% to 8% long-term guide.

正是這些因素讓我們對 5% 到 8% 的長期指導目標充滿信心。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券。

So I guess within the "other" segment, with most of those businesses under strategic review, most of us are going to assume likely to be divested. So I guess I am curious should we think about the potential accretion or dilution related to any asset sales which we assume that you would most likely use sale proceeds to maybe do buybacks to just avoid or mitigate dilution.

所以我想，在「其他」部分，由於大多數企業都在進行策略審查，我們大多數人都會認為它們可能會被剝離。所以我想知道，我們是否應該考慮任何資產出售可能帶來的增值或稀釋，我們假設您很可能會使用出售所得款項進行股票回購，以避免或減輕稀釋。

Also, are all these businesses in the "other" segment profitable right now? Or any of them unprofitable where a sale could be immediately accretive? Just curious to get your thoughts around all this.

另外，其他類別中的這些企業目前都獲利嗎？或是其中有任何一家公司目前不獲利，但出售後卻能立即帶來收益？只是好奇想聽聽你對此的看法。

Yes. That is a great question. And as we said, we are currently beginning to explore strategic alternatives for the business and "other," though no path has been determined at this time. And, you know, that being said, if we look at some of the businesses and "other," sale of a business could be dilutive in the short term. But over the long term, we believe our portfolio being more focused on higher growth businesses would allow us to have a more strategic prioritization of investment to drive better long-term returns and long-term accretion.

是的。這是一個很好的問題。正如我們所說，我們目前正在開始探索業務和其他方面的策略選擇，儘管目前還沒有確定任何路徑。也就是說，如果我們看一下某些企業和「其他」情況，出售企業在短期內可能會稀釋股權。但從長遠來看，我們相信，將投資組合更集中於高成長企業，將使我們能夠更具策略性地優先考慮投資，從而推動更好的長期回報和長期增值。

And you asked about the profitability of the businesses. And "other," and I mentioned that before, we are expecting in fiscal year '26, we are expecting profit growth at MWI and Profarma, and then the balance of the businesses or what is causing the decline in fiscal year '26. But some of the businesses there have been performing quite well.

你問到了這些企業的獲利能力。還有“其他”，我之前提到過，我們預計在 2026 財年，MWI 和 Profarma 的利潤將增長，然後是其他業務的平衡，或者說是什麼導致了 2026 財年的下滑。但那裡的一些企業業績相當不錯。

For instance, MWI had 6% revenue growth this past year and had good operating income growth. And then to address part of the question you asked, while some of the businesses and "other" are not showing profit, we are not expecting profit growth this year. All of the businesses in "other" are profitable.

例如，MWI去年的收入成長了6%，營業收入也實現了良好的成長。至於你提出的部分問題，雖然有些企業和「其他」企業沒有獲利，但我們預計今年不會有利潤成長。「其他」類別中的所有企業都獲利。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

And Jim, I want to zoom out for a second because if you look at the US business for a decade or more, it's basically been a business that has seen margin erosion as lower margin brand drugs have outpaced higher margin generic drugs.

吉姆，我想把視角拉遠一點，因為如果你觀察美國市場十多年來的發展，你會發現，隨著低利潤品牌藥的成長超過高利潤仿製藥的成長，美國市場的利潤率一直在下降。

Now with the business mix into the MSO segments and the expansion into specialty, we seem to be at the inflection point where now the higher margin faster growth specialty segment is outpacing, what I would call regular way brand and regular way generic.

現在，隨著業務組合擴展到 MSO 細分市場和專業領域，我們似乎正處於一個轉折點，高利潤、快速成長的專業領域正在超越我所說的普通品牌和普通仿製藥。

My question is, has the business inflected to a point the margin expansion, as indicated by the guidance this year, operating earnings growing faster than revenue growth is sustainable on an ongoing basis? And should investors be looking at that segment going forward? Continuing to expect operating earnings growth to outpace revenue growth?

我的問題是，根據今年的業績指引，業務是否已經發展到利潤率擴張（即營業利潤成長速度超過收入成長速度）所能持續的地步？那麼，投資人未來是否應該關注這一領域？繼續預期營業利潤成長將超過營收成長？

Yes. Excellent questions that you asked there, and I will add, you know, just a couple of key things. I think your, you know, your focus on margins is key because, of course, that is a really important part of the business. But I will also add that, you know, one of the key metrics that we focus in on is return on invested capital. And even some of our lower margin businesses in the core distribution business, given our expertise in managing working capital, can be lower margin but still can be really good return on invested capital businesses.

是的。你提出的問題都很好，我再補充幾點關鍵內容。我認為你對利潤率的關注是關鍵，因為這當然是業務中非常重要的一部分。但我還要補充一點，我們關注的關鍵指標之一是投資報酬率。即使是我們核心分銷業務中一些利潤率較低的業務，憑藉我們在管理營運資本方面的專業知識，即使利潤率較低，仍然可以帶來非常好的投資資本回報率。

Now to get more to the specific question you are asking, you know, of course, there are so many moving parts that can impact our gross margin and operating margin every year. And we really stay on top of those. One thing that we benefit from in specialty is all of the wraparound services that we offer, and this is in Part B, such as GPO, and that is kind of one of the key things in specialty that has been accretive to our margins. And then, of course, the MSO strategy is the natural evolution of our highly successful specialty business that offers more services, of course, that is accretive to our margins also.

現在，為了更具體地回答您提出的問題，您也知道，當然，每年有很多因素會影響我們的毛利率和營業利潤率。我們一直密切關注著這些事情。我們在專業領域受益的一點是，我們提供的所有配套服務，例如 B 部分中的 GPO，是專業領域提高我們利潤率的關鍵因素之一。當然，MSO 策略是我們非常成功的專業業務的自然發展，該業務提供更多服務，這當然也增加了我們的利潤。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Jim, I know how conservatively you always guide and how thoughtful you are around the outlook for the business. And so raising the guidance and raising the LRP is, obviously, meaningful. I guess we are all trying to figure out underlying what has changed.

吉姆，我知道你一貫的管理風格非常保守，你對公司的未來發展前景也考慮得非常周全。因此，提高指導方針和提高長期規劃目標顯然是有意義的。我想我們都在試圖弄清楚究竟是什麼改變了這一切。

And I just want to ask you, is your macro assumptions of your end markets different, or is this being driven by your own mix and the fact that you have more now, you are more levered to that? I am just wondering if anything has actually changed in the marketplace, or if your positioning and your assets have changed, and that is what has driven, you know, the sort of upside that we have seen in the macro and your ability to raise your guidance.

我想問一下，您對終端市場的宏觀假設是否有所不同，還是因為您自身的產品組合以及您現在擁有更多產品，所以您更容易受到這些因素的影響？我只是想知道市場是否真的發生了什麼變化，或者你的市場定位和資產是否發生了變化，而這是否推動了我們在宏觀經濟中看到的上漲行情，以及你提高業績指引的能力。

Yes. I would not say it is a change in the macro. You know, we have been experiencing strong utilization trends for some time, and we have been, you know, benefiting from our strength in specialty for some time and, you know, the growth in the specialty market.

是的。我不會說這是宏觀層面的變化。你知道，我們已經經歷了一段時間的強勁利用率趨勢，而且我們也一直在受益於我們在特種藥品領域的優勢以及特種藥品市場的成長。

So I would not say that it is a change in macro, but it is, you know, based on our historical results, which have been great, and our expectations for future results. And I think Bob has things he would like to add.

所以我不會說這是宏觀層面的變化，但你知道，這是基於我們過去取得的優異成績以及我們對未來成績的預期。我認為鮑伯還有一些補充意見。

Yes. I will add a bit because I think it is important to take a step back and think about how, you know, we have been building capabilities and evolving the footprint of Cencora over a long period of time. So the fact that, you know, the specialty market has become what it is not a surprise to us, and I do not think it is a surprise to anybody.

是的。我還要補充一點，因為我認為退後一步思考一下，我們是如何長期建立能力並發展 Cencora 的商業版圖的，這一點很重要。所以，你知道，專業市場發展成現在這樣，對我們來說並不意外，我想對任何人來說都不意外。

And we have been, you know, very carefully working and investing to make sure that we were well-positioned for this moment, which will, you know, which will continue as you, we believe, will continue as you can tell from our tone, our results, and from our guidance.

我們一直在非常謹慎地工作和投資，以確保我們為這一刻做好了充分的準備，而且我們相信，正如您從我們的語氣、我們的成果和我們的指導中看到的那樣，這一刻將會繼續下去。

And I will just reiterate something that Jim said earlier is that, you know, going back to, you know, 2016, 2015, when, you know, the generic market really changed significantly. We very actively, you know, worked to balance our portfolio so that we were not in subsidized, you know, pricing models. So as mix changes over time, we are getting a fair return for the work that we do. Our customers are getting a fair price for what they receive from us, and that we both have predictability as we go forward.

我只想重申一下吉姆之前說過的話，那就是，你知道，回到 2015 年、2016 年，當時仿製藥市場發生了巨大的變化。我們非常積極地努力平衡我們的投資組合，以避免採用補貼定價模式。隨著產品組合隨時間推移而變化，我們所做的工作也得到了合理的回報。我們的客戶從我們這裡獲得的產品或服務價格合理，而且我們雙方在未來的發展中都能保持可預測性。

And that is an important part of the story as well. But if you put those two things together, I think you see, you know, the consistent performance from Cencora based on the fact that the market has been performing well on its own. The utilization trends, specialty market growth that we have discussed.

這也是故事的重要組成部分。但如果你把這兩件事放在一起考慮，我想你就會明白，Cencora 業績持續走強，是因為市場本身表現良好。我們已經討論過的利用趨勢和專業市場成長。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

I want to focus back on capital deployment priorities in the near term. You obviously have a step up in CapEx. You are increasing your dividend and hence your repurchases next year. And then you have the OneOncology call option exercise coming up. How are all these factors informing your near-term M&A strategy?

近期我想重新把重點放在資本部署的優先事項上。顯然，你們的資本支出有所增加。您將提高股息，因此明年的回購規模也會隨之增加。接下來還有 OneOncology 的買權行使。所有這些因素將如何影響您近期的併購策略？

Outside of oncology, do you think we will see a slowdown in some of the larger M&A given these competing priorities? And then just on oncology, can you remind us when you expect to exercise that call option?

除了腫瘤領域之外，考慮到這些相互競爭的優先事項，您認為我們會看到一些大型併購活動放緩嗎？另外，關於腫瘤學方面，您能否提醒我們您預計何時行使該看漲選擇權？

Sure. So, you know, first, let me say, most importantly, that our capital deployment strategy, it is focused on four key areas. Internal investments in the business, and you know, as we have indicated and Bob indicated earlier, and the company has said is that, you know, we are making significant investments in infrastructure, in the businesses and then also technology investments.

當然。所以，首先，我要說的是，最重要的是，我們的資本部署策略主要集中在四個關鍵領域。公司內部投資，正如我們和鮑伯之前所指出的，公司也表示，我們正在對基礎設施、業務和技術進行大量投資。

And then, of course, we are focused on strategic M&A, and RCA and OneOncology are examples of that. We will always look at opportunistic share repurchases. And I think over the last few years or so, we have done a very good job in repurchasing shares as WBA was selling shares. And then we will maintain a reasonable growing dividend, and of course, we announced today that we increased our dividend growth rate to 9% growth, which we feel very good about given, you know, our previous growth rates.

當然，我們也專注於策略併購，RCA 和 OneOncology 就是這方面的例子。我們會始終關注有機會回購股票的情況。我認為在過去的幾年裡，我們在西布朗維奇出售股票的同時回購股票方面做得非常好。然後，我們將保持合理的股息成長，當然，我們今天宣布將股息成長率提高到 9%，考慮到我們先前的成長率，我們對此感到非常滿意。

And then with regard to OneOncology, of course, we have been very pleased with the business. We experienced very good growth in sales to OneOncology this year, which is one of the things that is driving our increase in sales of specialty products.

至於 OneOncology，我們當然對他們的業務非常滿意。今年我們對 OneOncology 的銷售額實現了非常良好的成長，這也是推動我們特種產品銷售成長的因素之一。

And then, of course, OneOncology is a business that is owned 35% by ourselves and then 65% by a private equity firm in the practices and the physicians at OneOncology. And we have a put-call structure in place, so we ultimately will, you know, expect to own all of OneOncology.

當然，OneOncology 是一家由我們自己持有 35% 股份，其餘 65% 股份由一家私募股權公司持有的企業，該公司擁有 OneOncology 的診所和醫生股份。我們已經制定了認沽期權/認購期權結構，所以最終，你知道，我們希望能夠擁有 OneOncology 的全部股份。

And now I will turn it over to Bob.

現在我把麥克風交給鮑伯。

Thanks, Jim. Just to close, everyone, thank you very much for joining the call today and your interest in Cencora. Our strategic positioning in specialty, our thoughtful approach to refocusing our portfolio, prioritization of growth-oriented investments are enabling us to capitalize on positive industry trends.

謝謝你，吉姆。最後，感謝各位今天參加電話會議，也感謝大家對 Cencora 的關注。我們在專業領域的策略定位、對投資組合進行深思熟慮的重新調整、以及對成長型投資的優先考慮，使我們能夠充分利用積極的行業趨勢。

Cencora will build on our track record of strong performance and continue to create value for all of our stakeholders through our focused execution, and strategic progress in the year to come.

Cencora 將繼續保持強勁的業績記錄，並透過專注的執行和策略性的進步，在未來一年繼續為所有利害關係人創造價值。

We are confident that with the strength of Cencora's positioning, demonstrated track record of execution, and continued market growth, we will deliver on our updated long-term guidance. Thank you, everyone.

我們相信，憑藉 Cencora 強大的市場地位、已證明的執行力以及持續的市場成長，我們將實現我們更新的長期業績指引。謝謝大家。

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

今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。