Cencora Inc (COR) 2026 Q1 法說會逐字稿

Hello everyone and thank you for joining the Cencora fiscal 2026 first quarter 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 2026 財年第一季業績電話會議。我叫露西，今天將由我負責協調您的通話。（操作說明）

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

現在，我很高興將主持權交給我們的主持人，投資者關係和企業生產力高級副總裁 Bennett Murphy，並請他開始演講。請繼續。

Good morning. Good afternoon. Thank you all for joining us for this conference call to discuss Cencora's fiscal 2026 first quarter results. I am Bennett Murphy, Senior Vice President, Investment Relations and Enterprise Productivity. Joining me today are Bob Mauch, President and CEO; and Jim Cleary, Executive Vice President and CFO.

早安.午安.感謝各位參加本次電話會議，共同討論 Cencora 2026 財年第一季業績。我是 Bennett Murphy，投資關係和企業生產力資深副總裁。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've also posted a slide presentation to accompany today's press release on our investor website.

在今天的電話會議上，我們將討論非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'll discuss forward-looking statements about our business and financial expectations on adjusted non-GAAP basis, including, without 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（按調整後的非GAAP準則），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, please refer to today's press release and our SEC filings, including our most recent 10-K. Cencora assumes no obligation to update any forward-looking statements, and this call cannot be rebroadcast without the 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-K 表格。Cencora 不承擔更新任何前瞻性聲明的義務，未經本公司許可，不得轉播本次電話會議。

(Event Instructions)

（活動須知）

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

這樣，我就把電話交給鮑伯了。

Thank you, Bennett. Hi, everyone. Thank you for joining Cencora's fiscal 2026 first quarter earnings call. I'll begin by thanking our team members who drive our strong performance while advancing our purpose. This morning, we were pleased to announce that we've completed our acquisition of the majority of the remaining equity interest in OneOncology, and I welcome CEO, Dr. Jeff Patton and the entire OneOncology team to Cencora. Your commitment to and expertise in support in community oncology practices is a cornerstone of the Cencora strategy.

謝謝你，貝內特。大家好。感謝您參加 Cencora 2026 財年第一季財報電話會議。首先，我要感謝我們的團隊成員，是他們推動了我們取得優異的業績，並推進了我們的目標。今天早上，我們很高興地宣布，我們已經完成了對 OneOncology 剩餘大部分股權的收購，我歡迎執行長 Jeff Patton 博士和整個 OneOncology 團隊加入 Cencora。您對社區腫瘤診療實務的支持和專業知識是 Cencora 策略的基石。

In the first quarter of fiscal 2026 we delivered adjusted operating income growth of 12% and adjusted diluted EPS growth of 9%, driven by our market-leading capabilities. To reflect our performance and the contribution from our recently completed acquisition of OneOncology, we are raising our fiscal 2026 guidance to reflect year-over-year adjusted operating income growth of 11.5% to 13.5%.

在 2026 財年第一季度，我們實現了調整後營業收入成長 12% 和調整後攤薄每股收益成長 9%，這得益於我們市場領先的能力。為了反映我們的業績以及我們最近完成的對 OneOncology 的收購所做出的貢獻，我們將 2026 財年的業績預期上調，以反映同比調整後的營業收入增長 11.5% 至 13.5%。

Our results were driven by continued strength in our US Healthcare Solutions business as we executed our pharmaceutical-centric strategy and work to advance commercial solutions. Our dedication to understanding customer needs and delivering tailored services creates long-standing strategic relationships fueling our growth.

我們的業績得益於美國醫療保健解決方案業務的持續強勁成長，我們執行了以製藥為中心的策略，並致力於推進商業解決方案。我們致力於了解客戶需求並提供量身訂製的服務，從而建立長期的策略合作關係，推動我們的發展。

We are furthering the customer experience and our operational excellence leveraging technology and advanced analytics. Our solutions differentiate us in the market and allow us to capitalize on strong specialty pharmaceutical utilization trends.

我們正在利用技術和高級分析來提升客戶體驗和營運效率。我們的解決方案使我們在市場上脫穎而出，並使我們能夠充分利用強勁的特殊藥品使用趨勢。

We have three growth priorities core to our strategy. First, strengthening our leadership in specialty. Second, leading with market leaders and lastly, enhancing patient access to pharmaceuticals. On today's call, I'll focus on how our MSO expansion is advancing each growth priority. I'll begin with how our MSO footprint strengthens our leadership in specialty.

我們的策略核心有三大成長重點。首先，加強我們在專業領域的領導地位。其次，引領市場；最後，提高病患取得藥品的途徑。在今天的電話會議上，我將重點介紹我們的 MSO 擴張如何推進每個成長重點。首先，我將談談我們的MSO佈局如何加強我們在專業領域的領先地位。

Our investments in pharmaceutical-centric MSOs represent a natural extension of our long-standing leadership in specialty pharmaceuticals, complementing our existing specialty distribution and GPO services. Our MSOs provide practices with critical back-office and administrative support, while strengthening our relationship with pharmaceutical companies.

我們對以製藥為中心的MSO的投資，是我們長期在專業藥品領域保持領先地位的自然延伸，是對我們現有專業分銷和GPO服務的補充。我們的MSO為診所提供關鍵的後台和行政支持，同時加強我們與製藥公司的關係。

We expect to drive significant value for physicians across OneOncology and Retina Consultants of America by creating an MSO platform that leverages the capabilities of these market leaders. We'll unlock new opportunities to enhance our solutions for both providers and biopharma by leveraging our platform strength and scale in areas like clinical research, revenue cycle management and data-driven clinical insights to support physicians and advanced care.

我們期望透過創建一個 MSO 平台，充分利用 OneOncology 和 Retina Consultants of America 這兩家市場領導者的能力，為這兩家公司的醫生創造巨大的價值。我們將利用我們在臨床研究、收入週期管理和數據驅動的臨床見解等領域的平台實力和規模，為醫療服務提供者和生物製藥公司提供新的解決方案，從而為醫生和高級護理提供支援。

Focusing on our growth priority of leading with market leaders, our MSOs demonstrate the value of our commitment to support health care leaders at the forefront of innovation. While much focus today will be appropriately on completing the acquisition of OneOncology, in January, we celebrated the one-year anniversary of RCA joining Cencora.

秉持著與市場領導者攜手共進的成長優先理念，我們的MSO（多服務業者）展現了我們致力於支持處於創新前沿的醫療保健領導者的價值。雖然今天的重點將放在完成對 OneOncology 的收購上，但今年 1 月，我們慶祝了 RCA 加入 Cencora 一週年。

Over the past year, we've been very pleased with the addition of RCA, both in terms of their performance and leadership in driving pharmaceutical innovation. RCA has clearly differentiated itself, through its clinical trial and research capabilities, contributing to more than one-third of all retina clinical trial research conducted in the United States, and we see significant potential extending this offering across our MSO platform.

過去一年，我們對 RCA 的加入感到非常滿意，無論是在業績方面，還是在推動醫藥創新方面的領導地位方面。RCA憑藉其臨床試驗和研究能力，已明顯脫穎而出，參與了美國超過三分之一的視網膜臨床試驗研究，我們看到了將此服務擴展到我們MSO平台的巨大潛力。

In addition to expanding research capabilities, RCA physicians continue to enhance the patient care journey by adopting advanced technologies in their practices that have a meaningful impact on patient experience. Since completing the acquisition, we've supported the deployment of hundreds of advanced imaging devices across RCA practices that enable more precise, non-invasive assessment of patients' clinical conditions.

除了拓展研究能力外，RCA 醫師還透過在實務上採用先進技術來持續改善病患照護體驗，對病患體驗產生有意義的影響。自完成收購以來，我們已支持在 RCA 的各個診所部署數百台先進的影像設備，以便能夠對患者的臨床狀況進行更精確、非侵入性的評估。

And finally, our MSO expansion is supporting our growth priority of enhancing patient access to pharmaceuticals. As specialty pharmaceutical innovation continues to accelerate, physicians are navigating more advanced treatment options while facing increased operational complexity. Our MSOs help address these challenges by providing a robust portfolio of services that support physicians in delivering the most modern, high-quality care.

最後，我們的MSO擴張正在支持我們提高患者獲得藥物機會的成長重點。隨著專科藥物創新不斷加速，醫生們在應對日益複雜的操作的同時，也正在探索更先進的治療方案。我們的醫療服務組織 (MSO) 透過提供強大的服務組合來幫助應對這些挑戰，從而支持醫生提供最現代化、高品質的醫療服務。

Both RCA and OneOncology physicians are active contributors at leading retina and oncology conferences presenting research across a wide range of disease states. Recently, OneOncology partner practices presented dozens of abstracts covering emerging treatments, including cellular therapies, subcutaneous bispecific antibodies and CAR T.

RCA 和 OneOncology 的醫生都是領先的視網膜和腫瘤學會議的積極參與者，他們在各種疾病狀態下發表研究成果。最近，OneOncology 的合作診所發表了數十篇摘要，涵蓋了新興療法，包括細胞療法、皮下雙特異性抗體和 CAR T 療法。

These activities highlight the important role OneOncology physicians play in advancing cancer care and expanding access to complex treatments for patients in local communities.

這些活動凸顯了 OneOncology 醫生在推動癌症治療和擴大當地社區患者獲得複雜治療的機會方面發揮的重要作用。

Another recent example of our MSO physicians' leadership advancing clinical practice is RCA's research Chair Dr. Charles Wykoff and team performing the world's first procedure of a new FDA-approved cell-based gene therapy for MacTel Type 2, a degenerative retina disease that previously had limited treatment options.

最近，我們MSO醫師在推進臨床實踐方面發揮領導作用的另一個例子是RCA的研究主席Charles Wykoff博士及其團隊，他們進行了世界上第一個針對MacTel 2型（一種退化性視網膜疾病，以前治療選擇有限）的新型FDA批准的基於細胞的基因療法手術。

We've also seen the real-world impact of this leadership in the retina biosimilar market. RCA physicians were highly involved in supporting research for a key bio-similar product and due to their clinical familiarity and confidence, we're leaders in its early adoption, helping to drive patient access to this high-quality, lower-cost treatment.

我們也看到了這種領導地位在視網膜生物相似藥市場的實際影響。RCA 的醫生積極參與支持一項關鍵生物相似藥的研究，憑藉他們的臨床經驗和信心，我們引領了該藥的早期應用，幫助推動患者獲得這種高品質、低成本的治療。

Across both platforms, OneOncology and RCA physicians are leading in the adoption of advanced and individualized treatment approaches, expanding access to its clinical trials, and ensuring patients have access to the most cutting-edge treatments in an accessible setting.

在兩個平台上，OneOncology 和 RCA 的醫生都在引進進和個人化治療方法的採用，擴大臨床試驗的參與範圍，並確保患者能夠在便捷的環境中獲得最前沿的治療。

In closing, Cencora delivered a strong start to our fiscal 2026 and continues to execute at a high level. We're advancing our strategy and strengthening our position as the leading healthcare company. Guided by our purpose, growth priorities and strategic drivers, we are well positioned to drive sustainable value creation for our stakeholders over the long term.

綜上所述，Cencora 在 2026 財年取得了強勁的開局，並繼續保持高水準的執行力。我們正在推進策略，鞏固我們作為領先醫療保健公司的地位。在我們的宗旨、成長重點和策略驅動因素的指導下，我們有能力在長期內為我們的利害關係人創造可持續的價值。

Before handing it over to Jim for a detailed review of our quarterly results and updated guidance, I want to once again thank the Cencora team. Their expertise, commitment and dedication to our purpose, power our strong performance.

在將季度業績和最新指引詳細審查工作交給 Jim 之前，我想再次感謝 Cencora 團隊。他們的專業知識、敬業精神和對我們目標的奉獻精神，是我們取得優異成績的動力。

With that, I'll now hand the call over to Jim for an in-depth review of our performance and updated expectations for the year. Jim?

接下來，我將把電話交給吉姆，讓他對我們的業績進行深入回顧，並更新我們對今年的預期。吉姆？

Thanks, Bob. Good morning and good afternoon, everyone. Before turning to a review of our fiscal 2026 first quarter financial results and updated guidance expectations, I want to take a moment to echo Bob in expressing my excitement on our announcement that we have completed our acquisition of OneOncology.

謝謝你，鮑伯。各位早安/下午好。在回顧我們 2026 財年第一季的財務業績和更新後的預期之前，我想藉此機會與 Bob 一起表達我對我們完成對 OneOncology 的收購的興奮之情。

OneOncology and its partner practices are leaders in community oncology, having built a differentiated MSO platform that has delivered exceptional growth since its founding and has been a key contributor to Cencora's leadership in specialty.

OneOncology 及其合作機構是社區腫瘤領域的領導者，他們建立了一個差異化的 MSO 平台，自成立以來實現了卓越的成長，並為 Cencora 在專科領域的領導地位做出了重要貢獻。

As innovation and bio-similars continue to advance, our partnerships with pharmaceutical-centric MSOs will allow us to better support physicians, patients and manufacturers, enhancing our specialty offering. We are confident our investments in MSOs will unlock new value creation opportunities and support our long-term growth as evidenced by our recently increased long-term guidance.

隨著創新和生物相似藥的不斷進步，我們與以製藥為中心的MSO的合作將使我們能夠更好地支持醫生、患者和製造商，從而增強我們的專業服務。我們相信，對 MSO 的投資將釋放新的價值創造機會，並支持我們的長期成長，正如我們最近提高的長期業績預期所證明的那樣。

Moving now to our consolidated first quarter results. And as a reminder, unless otherwise stated, my remarks today will focus on our adjusted non-GAAP financial results. For further discussion of our GAAP results, please refer to our earnings press release and presentation.

接下來來看我們第一季的綜合業績。再次提醒各位，除非另有說明，我今天的演講將主要圍繞著我們調整後的非GAAP財務表現。有關我們 GAAP 業績的更多討論，請參閱我們的獲利新聞稿和簡報。

Starting with adjusted diluted earnings per share. We completed the quarter with adjusted diluted EPS of $4.08 an increase of 9%, driven by performance in our US Healthcare Solutions segment. Consolidated revenue was $85.9 billion, up 5.5% due to solid growth in both reportable segments and in other, the drivers of which I will detail when I speak to our segment-level results. In the quarter, we continued to see strong sales growth in the US for GLP-1 products which increased by $1 billion or 11% over the prior year quarter.

首先從調整後的稀釋每股盈餘開始。本季調整後攤薄每股收益為 4.08 美元，成長 9%，主要得益於美國醫療保健解決方案部門的優異表現。綜合收入為 859 億美元，成長 5.5%，這得益於可報告部門和其他部門的穩健成長，我將在談到我們的部門業績時詳細說明其驅動因素。本季度，GLP-1 產品在美國的銷售額持續保持強勁成長，比去年同期成長了 10 億美元，增幅達 11%。

Turning to gross profit. Consolidated gross profit was $3.0 billion, up 18% primarily due to growth in the US Healthcare Solutions segment. Consolidated gross profit margin was 3.48%, an increase of 37 basis points driven by the January 2025 acquisition of Retina Consultants of America.

接下來討論毛利。綜合毛利為 30 億美元，成長 18%，主要得益於美國醫療保健解決方案部門的成長。綜合毛利率為 3.48%，成長了 37 個基點，主要得益於 2025 年 1 月收購了 Retina Consultants of America。

Moving to operating expenses. In the quarter, consolidated operating expenses were $1.9 billion, up approximately 22% driven primarily by the RCA acquisition and to support our revenue growth. Consolidated operating income was $1.1 billion, an increase of 12% compared to the prior year quarter due to strong execution by our teams and continued growth in our US Healthcare Solutions segment.

接下來是營運費用。本季度，合併營運支出為 19 億美元，成長約 22%，主要原因是收購 RCA 以及為了支持我們的營收成長。綜合營業收入為 11 億美元，比上年同期成長 12%，這得益於我們團隊的出色執行以及美國醫療保健解決方案部門的持續成長。

Moving now to our net interest expense and effective tax rate for the first quarter. Net interest expense was $72 million, an increase of $44 million versus the prior year quarter, primarily due to debt raised to finance a portion of the RCA acquisition. Our effective income tax rate was 19% and compared to 20% in the prior year quarter. And as we look at the balance of fiscal year 2026, we now expect our full year effective tax rate to be approximately 20%.

接下來來看第一季的淨利息支出和實際稅率。淨利息支出為 7,200 萬美元，比去年同期增加了 4,400 萬美元，主要是由於收購 RCA 的一部分而舉債。我們的實際所得稅率為 19%，而去年同期為 20%。展望 2026 財年剩餘時間，我們預計全年實際稅率約為 20%。

Finally, diluted share count was 195.3 million shares, a 0.1% increase compared to the prior year first quarter. As a reminder, due to the OneOncology acquisition, we have paused share repurchases as we prioritize debt pay-down and anticipate our full year diluted share count to be approximately 195.5 million shares.

最後，稀釋後股份數量為 1.953 億股，較上年同期成長 0.1%。再次提醒大家，由於收購了 OneOncology，我們已暫停股票回購，優先償還債務，預計全年稀釋後股份總數約為 1.955 億股。

Regarding our cash balance and adjusted free cash flow, we ended December with $1.8 billion of cash and had negative adjusted free cash flow in the quarter of $2.4 billion as a result of seasonal working capital needs. This compares to negative adjusted free cash flow of $2.8 billion in the first quarter of fiscal 2025. We continue to expect full year adjusted free cash flow to be approximately $3 billion as the working capital dynamics unwind in the balance of our fiscal year 2026 as they did in fiscal year 2025. This completes the review of our consolidated results.

關於我們的現金餘額和調整後的自由現金流，截至 12 月底，我們擁有 18 億美元的現金，由於季節性營運資金需求，本季調整後的自由現金流為負 24 億美元。相較之下，2025 財年第一季的調整後自由現金流為負 28 億美元。我們仍然預計，隨著營運資本動態在 2026 財年剩餘時間內像 2025 財年一樣逐步恢復，全年調整後的自由現金流約為 30 億美元。至此，我們的綜合業績審查工作完成。

Now I'll turn to our segment results for the first quarter. Beginning with the US Healthcare Solutions segment. US Healthcare Solutions revenue was $76.2 billion, up 5% as we continue to see good volumes and revenue growth across our customer segments, including growth in GLP-1s and in specialty sales to health systems and physicians.

現在我將介紹我們第一季的分部業績。首先從美國醫療保健解決方案板塊開始。美國醫療保健解決方案收入為 762 億美元，成長 5%，因為我們繼續看到各個客戶群體的銷售和收入成長良好，包括 GLP-1 類藥物和醫療系統和醫生的特種產品銷售的成長。

As a reminder, this quarter, we faced a more challenging revenue comparison due to a large grocery customer we off-boarded in the second quarter of fiscal 2025 and the fourth quarter fiscal 2025 loss of an oncology customer as a result of it being acquired.

提醒一下，本季度我們面臨著更具挑戰性的收入比較，原因是我們在 2025 財年第二季度失去了一家大型食品雜貨客戶，以及在 2025 財年第四季度由於被收購而失去了一家腫瘤科客戶。

US Healthcare Solutions segment operating income increased 21% to $831 million primarily driven by the RCA acquisition and continued specialty growth in health systems and physician practices, more than offsetting the headwind from the oncology customer loss. Our teams continue executing at a high level across the segment, contributing to our strong performance.

美國醫療保健解決方案部門的營業收入成長了 21%，達到 8.31 億美元，這主要得益於 RCA 的收購以及醫療系統和醫生診所的持續專業成長，足以抵消腫瘤客戶流失帶來的不利影響。我們的團隊在各個業務領域繼續保持高水準的執行力，為我們取得強勁的業績做出了貢獻。

In the quarter, we saw particularly good volumes and trends in our Health Systems business where we continue to see benefits from our focus on strategic partnerships, leveraging our expertise in specialty. At RCA, we saw better-than-expected volume, excellent trends in research and new physicians joining the platform.

本季度，我們的醫療系統業務量和發展趨勢都特別好，我們繼續受益於我們對策略夥伴關係的重視，以及我們在專業領域的專業知識。在 RCA，我們看到了超出預期的交易量、優異的研究趨勢以及新醫生加入該平台。

Turning now to our International Healthcare Solutions segment. In the quarter, International Healthcare Solutions revenue was $7.6 billion, up approximately 10% on an as-reported basis and 6% on a constant currency basis, driven primarily by our European distribution business, but also reflecting revenue growth at each of the businesses within the segment.

現在我們來看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收入為 76 億美元，按報告基準計算增長約 10%，按固定匯率計算增長約 6%，主要得益於我們歐洲分銷業務的增長，但也反映了該部門內各業務的收入增長。

International Healthcare Solutions operating income was $142 million, down 14% on an as-reported basis and down 17% on a constant currency basis. The decline was driven by lower operating income in our European distribution business, largely due to the timing of manufacturer price adjustments in a developing market country, partially offset by operating income growth in our Global Specialty Logistics business.

國際醫療保健解決方案的營業收入為 1.42 億美元，按報告基準下降 14%，以固定匯率基準下降 17%。此次下滑主要受歐洲分銷業務營業收入下降的影響，這主要是由於發展中國家製造商的價格調整時機所致，但全球特種物流業務的營業收入增長部分抵消了這一影響。

In the quarter, we continued to see encouraging trends for our Global Specialty Logistics Services with volumes growing again this quarter. Our teams have been prioritizing operational excellence and targeted business development, which are positioning us for success as the market begins to rebound.

本季度，我們的全球特種物流服務持續呈現令人鼓舞的趨勢，業務量在本季再次成長。我們的團隊一直優先考慮卓越營運和有針對性的業務發展，這使我們在市場開始復甦時能夠取得成功。

Moving to Other. Revenue in Other was $2.1 billion, up 6%, primarily due to growth at MWI Animal Health and Profarma, and offset in part by revenue decline in our legacy US Hub Consulting Services. Operating income was $91 million, down 6% primarily due to a decline in operating income in our US Hub Consulting Services business resulting from the fiscal 2025 loss of manufacturer program, partially offset by operating income growth at MWI Animal Health where the teams continue to execute well across companion and production animal markets. That completes a review of our segment level results.

移至“其他”。其他業務收入為 21 億美元，成長 6%，主要得益於 MWI Animal Health 和 Profarma 的成長，但部分被我們傳統的美國中心諮詢服務的收入下降所抵消。營業收入為 9,100 萬美元，下降 6%，主要原因是由於 2025 財年製造商計劃的損失，導緻美國樞紐諮詢服務業務的營業收入下降，但 MWI 動物保健業務的營業收入增長部分抵消了這一影響，該業務團隊在伴侶動物和生產動物市場繼續表現出色。至此，我們對各業務板塊的業績分析就完成了。

I will now discuss our updated fiscal 2026 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.

接下來我將討論我們更新後的 2026 財年業績預期。提醒各位，我們不提供按 GAAP 準則計算的某些指標的前瞻性指引，因此，除收入外，以下資訊均按調整後的非 GAAP 準則提供。

Beginning with adjusted diluted earnings per share, when we announced the acquisition of OneOncology, we indicated that we had expected to be towards the lower half of our EPS range due to pausing of share repurchases.

從調整後的稀釋每股收益開始，當我們宣布收購 OneOncology 時，我們曾表示，由於暫停股票回購，我們預計每股收益將處於預期範圍的下半部分。

Today, we are pleased to now be reaffirming our full guidance range of $17.45 to $17.75 to reflect our strong execution, the continued performance of our US Healthcare Solutions segment and the expected contribution from OneOncology.

今天，我們很高興地重申我們先前給出的每股收益指引範圍為 17.45 美元至 17.75 美元，以反映我們強勁的執行力、美國醫療保健解決方案部門的持續表現以及 OneOncology 的預期貢獻。

Moving now to revenue. We expect consolidated revenue growth to be in the range of 7% to 9%, up from the previous expectations of 5% to 7%, reflecting increased growth across both reportable segments and in Other.

接下來談談營收。我們預計合併收入成長將在 7% 至 9% 之間，高於先前預期的 5% 至 7%，這反映出兩個可報告分部和其他分部的成長均有所增加。

In the US Healthcare Solutions segment, our guidance reflects 7% to 9% revenue growth which includes the OneOncology MSO revenue and continued solid utilization trends across the segment. In the International Healthcare Solutions segment, we now expect revenue growth to be in the range of 7% to 9% on an as-reported basis to reflect the weakening of the US dollar against many currencies. On a constant currency basis, our International Healthcare Solutions segment revenue growth remains unchanged at 6% to 8% growth.

在美國醫療保健解決方案領域，我們的預期反映了7%至9%的收入成長，其中包括OneOncology MSO的收入以及該領域持續穩健的利用率趨勢。在國際醫療保健解決方案領域，我們現在預計按報告數據計算的收入成長將在 7% 至 9% 之間，以反映美元對許多貨幣的貶值。以固定匯率計算，我們的國際醫療保健解決方案部門的收入成長保持不變，為 6% 至 8%。

For Other, we now expect revenue growth to be in the range of 1% to 5%, reflecting updated expectations for Profarma and positive volume trends we have seen at MWI which represents a significant majority of revenue in Other.

對於其他業務，我們現在預計營收成長將在 1% 到 5% 之間，這反映了我們對 Profarma 的最新預期以及我們在 MWI 看到的正面銷售趨勢，MWI 佔其他業務收入的很大一部分。

Moving to operating income. We expect consolidated operating income growth to be in the range of 11.5% to 13.5%, up from the previous guidance of 8% to 10%. This is primarily driven by our increased growth expectations for the US Healthcare Solutions segment, where we now expect operating income growth to be in the range of 14% to 16% due to our acquisition of OneOncology and the continued strong execution and performance of the segment. As a reminder, we expect OneOncology to be neutral net of financing cost to adjusted diluted EPS in its first 12 months.

接下來討論營業收入。我們預計合併營業收入成長率將介於 11.5% 至 13.5% 之間，高於先前 8% 至 10% 的預期。這主要是由於我們對美國醫療保健解決方案部門的成長預期提高，我們現在預計該部門的營業收入成長將達到 14% 至 16%，這得益於我們收購了 OneOncology 以及該部門持續強勁的執行力和業績。再次提醒，我們預計 OneOncology 在扣除融資成本後，其前 12 個月的調整後稀釋每股收益將保持中性。

There is no change in our full year operating income expectations for the International Healthcare Solutions segment, as the largest driver of the year-over-year weakness for the first quarter was timing related within the European distribution business, which we expect to pick up in the balance of fiscal 2026.

我們對國際醫療保健解決方案部門的全年營業收入預期沒有變化，因為第一季同比疲軟的最大原因是歐洲分銷業務的時間安排問題，我們預計該業務將在 2026 財年剩餘時間內有所改善。

As it relates to our operating income expectations for Other, we now expect to see operating income flat to the prior year revised reportable segment results. This is due to the full impairment of depreciable assets of the US consulting business as of December 31, 2025, thereby eliminating the need for future depreciation expense. While this consulting business is small in the context of the Cencora enterprise, we are pleased that we are making progress on focusing our portfolio.

至於我們對其他業務的營業收入預期，我們現在預計營業收入將與上年修訂後的報告分部業績持平。這是由於截至 2025 年 12 月 31 日，美國諮詢業務的可折舊資產全部減值，從而消除了未來折舊費用的必要性。雖然就 Cencora 企業而言，這項諮詢業務規模很小，但我們很高興在專注於我們的業務組合方面取得了進展。

Before moving to our updated interest expense expectations, I wanted to spend a moment providing details on non-operating income contributions we expect from the OneOncology acquisition. Due to the nature of non-wholly owned investments held by OneOncology, we expect to have the following two additional benefits to Cencora's net income.

在介紹我們更新後的利息支出預期之前，我想花一點時間詳細說明我們預計從 OneOncology 收購中獲得的非經營性收入貢獻。由於 OneOncology 持有的非全資投資的性質，我們預計 Cencora 的淨收入將獲得以下兩個額外收益。

First, we expect to record approximately $30 million of income on our Other income and loss line for the full year fiscal 2026 primarily relating to a joint venture in which OneOncology's UUG subsidiary holds a non-controlling stake. Second, we expect to have a non-controlling loss add-back to net income also related to UUG that will largely offset the non-controlling income we eliminate from Profarma, resulting in our non-controlling interest line being relatively small in fiscal 2026.

首先，我們預計在 2026 財年全年其他收入和損失項下確認約 3,000 萬美元的收入，主要與 OneOncology 的 UUG 子公司持有非控股股份的合資企業有關。其次，我們預計與 UUG 相關的非控制虧損將計入淨利潤，這將在很大程度上抵消我們從 Profarma 中剔除的非控股收益，從而使我們在 2026 財年的非控股權益額相對較小。

While these items are helpful call-outs as you incorporate OneOncology into your models for Cencora, we do not anticipate them being regular points of discussion. The OneOncology platform is well-positioned, high-performing and will be a meaningful contributor to Cencora's operating income, both in 2026 and in our long-term plans.

雖然這些項目在您將 OneOncology 納入 Cencora 模型時是有幫助的提示，但我們預計它們不會成為常規的討論點。OneOncology 平台定位良好，性能卓越，無論是在 2026 年還是在我們的長期計劃中，都將為 Cencora 的營業收入做出重要貢獻。

Moving now to interest expense. We expect interest expense to be in the range of $480 million to $500 million, up from our previous range of $315 million to $335 million primarily due to additional borrowings required to fund our acquisition of OneOncology.

接下來討論利息支出。我們預計利息支出將在 4.8 億美元至 5 億美元之間，高於我們先前預計的 3.15 億美元至 3.35 億美元，這主要是由於需要額外借款來為我們收購 OneOncology 提供資金。

As a reminder, our second quarter is typically our highest interest expense quarter due to the seasonal working capital needs, and with the OneOncology financing, we would expect second quarter net interest expense to be about double our first quarter interest expense. That concludes our updated full year guidance assumptions.

提醒各位，由於季節性營運資金需求，我們的第二季度通常是利息支出最高的季度，加上 OneOncology 的融資，我們預計第二季度淨利息支出將約為第一季利息支出的兩倍。以上就是我們更新後的全年業績預期假設。

In closing, Cencora delivered a strong start to fiscal 2026 as our purpose-driven team members executed to support our partners and patients. Our strategy centered on our growth priorities and strategic drivers is powering our performance, informing our capital deployment and will allow us to drive long-term value creation for all our stakeholders.

最後，Cencora 在 2026 財年伊始便取得了強勁的開局，我們目標明確的團隊成員積極執行各項任務，為我們的合作夥伴和患者提供支援。我們的策略以成長重點和策略驅動因素為中心，推動我們的業績，指導我們的資本部署，並將使我們能夠為所有利害關係人創造長期價值。

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

現在我將把電話轉交給接線員，以便接聽提問。操作員？

(Operator Instructions)

（操作說明）

Glenn Santangelo, Barclays.

Glenn Santangelo，巴克萊銀行。

Bob and Jim, I just want to talk about operating income growth for a second for the balance of the year. I think with so many moving parts like around RC, now the Retina deal and Florida Cancer and now adding OneOncology. I think what the market's kind of confused though a little bit about is the deceleration, Jim, that we saw in that in the US segment from the September to the December quarter. And so I'm kind of curious if you can give us a little bit more color there.

鮑伯和吉姆，我想簡單談談今年剩餘時間的營業收入成長。我認為，由於有太多變動因素，例如圍繞 RC 的事務、現在的視網膜交易、佛羅裡達癌症中心，以及現在新增的 OneOncology，情況就變得複雜了。吉姆，我認為市場有點困惑的是，我們看到美國市場從 9 月到 12 月季度出現了成長放緩的現象。所以我很想知道您能否再詳細解釋一下。

And within your full year guidance, should we just assume continued deceleration throughout the year due to the more difficult comps? And I don't know if there's any other headwinds or tailwinds to that operating income line that you think are worth calling out as we think about the balance of the year.

在您的全年業績指引中，我們是否應該假設由於比較基數較高，全年成長率將持續放緩？我不知道在考慮今年剩餘時間時，是否有其他不利因素或有利因素會影響營業收入，您認為值得一提。

Sure. Glenn, thanks a lot for asking that question. And I'll start out with the December quarter. And during the December quarter, as you know in the US, we had adjusted operating income growth of 21% and I'll start out talking about our long-term guidance. As you know, our long-term guidance for adjusted operating income growth in the US is 7% to 10%. And we've increased that twice in the last few months.

當然。格倫，非常感謝你提出這個問題。我先從十二月季度開始。如你所知，在 12 月季度，我們在美國實現了 21% 的調整後營業收入成長，接下來我將先談談我們的長期業績指引。如您所知，我們對美國市場調整後營業收入成長的長期預期為 7% 至 10%。在過去的幾個月裡，我們已經兩次提高了這個數字。

And the reason I bring that up, if you look at the first quarter and look at that 21% operating income growth in the US. If you back out RCA, and RCA had a very good quarter. But if you back out RCA, our performance in the US was still towards the higher end of our long-term guidance range. And that's even with the headwind from the oncology customer that we lost.

我之所以提起這件事，是因為如果你看第一季度，你會發現美國市場的營業收入成長了 21%。如果把RCA排除在外，而RCA上季的表現非常好。但如果剔除 RCA，我們在美國的表現仍處於我們長期預期範圍的較高水準。即使考慮到我們失去了腫瘤科客戶帶來的不利影響，情況依然如此。

And so if you back out that headwind, we were meaningfully above our long-term guidance range in the first quarter in the US. And really, those positive results are due to things like utilization trends we've talked about for some time, really strong performance in specialty in the quarter. We had particularly good performance with health systems, but also with physician practices and really good sales to both OneOncology and RCA and then just broad performance across the US segment.

因此，如果排除此不利因素，我們在美國第一季的業績顯著高於我們的長期預期範圍。事實上，這些正面的結果歸功於我們已經討論過一段時間的利用率趨勢，以及本季專科領域的強勁表現。我們在醫療系統方面表現特別出色，在醫生診所方面也表現出色，對 OneOncology 和 RCA 的銷售業績也非常好，而且在美國市場整體表現良好。

And so as a result of that and as a result of the contribution, of course, from OneOncology, we're increasing our guidance for the full year, in the US from 9% to 11% adjusted operating income but to 14% to 16%. And so if we look at the balance of the year guide that you asked about, and if we exclude RCA and exclude OneOncology, we're still solidly within that long-term guidance range of 7% to 10% and that's in spite of the headwind that we have from the loss of the oncology customer that was acquired by a competitor.

因此，由於上述原因，當然也由於 OneOncology 的貢獻，我們將全年美國調整後營業收入的預期從 9% 至 11% 提高到 14% 至 16%。因此，如果我們看一下您詢問的本年度剩餘時間的業績指引，如果我們排除 RCA 和 OneOncology，我們仍然穩穩地保持在 7% 到 10% 的長期指引範圍內，儘管我們因失去被競爭對手收購的腫瘤客戶而面臨不利影響。

And again, that very good performance is driven by the same factors, including utilization trends, strength in specialty sales and broad-based performance. And so, if you look at our performance now, I think we are performing really well. It may not be the same level of outperformance that we've had in some of the recent past.

再次強調，如此優異的業績是由同樣的因素驅動的，包括利用率趨勢、專業銷售實力和整體業績。所以，如果你看看我們現在的表現，我認為我們表現得非常好。雖然可能不會像最近一段時間那樣取得超額收益，但依然可圈可點。

Of course, the comps that we're hitting are very strong comps. But I will say that we feel very good about our long-term guidance and very good about even when you ex-out things like RCA and OneOncology, we're performing solidly within that long-term guidance range that we've increased a couple of times in the last few months.

當然，我們所針對的競爭對手都是實力非常強勁的競爭對手。但我必須說，我們對長期業績指引感到非常滿意，即使剔除 RCA 和 OneOncology 等公司，我們的業績也依然穩健地保持在長期業績指引範圍內，而我們在過去幾個月裡已經多次提高了該指引。

So thanks a lot for the question, Glenn.

格倫，非常感謝你的提問。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Appreciate all the details. I was wondering if you could go into a little bit more detail on some of the MSO platform, AOI accelerators, such as you've owned RCA for about a year. You obviously have just rolled up OneOncology in terms of closing that. Where are the like shorter-term opportunities in terms of helping to drive AOI growth? And what sort of like a longer-term driver as we think out that platform going forward?

感謝您提供的所有細節。我想請您詳細介紹 MSO 平台、AOI 加速器等，例如您擁有 RCA 大約一年了。顯然，你們已經把 OneOncology 收購併關閉了。在推動AOI成長方面，還有哪些類似的短期機會？那麼，在規劃該平台未來發展方向時，又有哪些更長期的驅動因素呢？

Elizabeth, thank you for the question. I'll take a step back and just kind of re-explain a bit kind of why the MSOs fits so well within the Cencora strategy, and I'll get right to your specific question. But the MSO strategy is a natural extension of the relationship that we have with specialty providers as well as specialty biopharma. It's in addition to the strong businesses that we have in specialty distribution and GPO.

伊麗莎白，謝謝你的提問。我先退一步，重新解釋為什麼 MSO 非常適合 Cencora 的策略，然後再直接回答你的特定問題。但 MSO 策略是我們與專科醫療機構以及專科生物製藥公司之間關係的自然延伸。除了我們在專業分銷和集團採購組織 (GPO) 領域擁有的強大業務之外，我們還擁有其他業務。

So the acquisition of RCA was a good important first step. And as we saw the performance of that business, it became clear to us that we should if we could accelerate the acquisition of OneOncology, which we're extremely happy that we were able to accomplish.

因此，收購RCA是一個很好且重要的第一步。當我們看到該業務的業績後，我們清楚地認識到，如果我們能夠加快對 OneOncology 的收購，我們就應該這樣做，我們非常高興我們能夠做到這一點。

So what that gives us now, which gets to your question, is now we have two platform MSOs, who are market leaders with significant capabilities within each MSO. And then the answer to your question is, as we look across those MSOs, we have opportunities to leverage those capabilities, which we've talked about and we restated in the prepared remarks today.

所以，這就引出了你的問題，我們現在有了兩個平台型MSO，它們都是市場領導者，每個MSO都擁有強大的實力。那麼，對於你的問題，答案是，當我們審視這些MSO時，我們有機會利用這些能力，我們已經討論過這些能力，並且在今天的準備好的發言稿中也重申了這一點。

But the clinical trial excellence that exists within RCA is something that we believe we can quickly leverage across the entire platform. Revenue cycle management is a very strong capability within the MSOs that can become even stronger. That's a value driver.

但我們相信，RCA 在臨床試驗方面的卓越能力可以迅速在整個平台上充分利用。收入週期管理是MSO（多系統營運商）的一項非常強大的能力，而且還可以變得更強。這是價值驅動因素。

And then things around future products and future technologies that these excellent physicians have leadership in, that's where you get to a little bit of the medium and the longer-term, we're confident that there will be new capabilities and new services that will be built over time, that most importantly will be there to support the physicians.

然後，關於未來產品和未來技術方面的事情，這些優秀的醫生都發揮著領導作用，這涉及到一些中長期發展，我們相信隨著時間的推移，將會建立起新的能力和新的服務，最重要的是，這些能力和服務將為醫生提供支持。

And to restate again the purpose of the MSOs is to support the physicians and the physician practice. That allows them more time to focus on their patients, on clinical excellence and driving. So as we build those capabilities, we have a scale in the footprint now to deploy them in a significant way.

再次重申，MSO 的宗旨是支持醫生和醫生執業。這樣一來，他們就有了更多的時間專注於病人、臨床卓越性和駕駛。因此，隨著我們不斷提升這些能力，我們現在已經擁有了足夠的規模，可以大規模地部署這些能力。

So we have short-term opportunities, which we talked about, but we're also excited about medium and long-term opportunities that we'll talk more about once they become more apparent.

所以我們有短期機遇，我們已經討論過了，但我們也對中長期機會感到興奮，一旦這些機會更加明顯，我們會進一步討論。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通。

Bob, I have one question for you and then just a follow-up for Jim. Bob, on your side, I appreciate everything you're talking about from an MSO perspective and the physician relationship. But one of the comments that today has been said is the benefits of strategic partnerships with health systems. Can you talk a little bit more about the opportunities that you see there? What's in the numbers today and what the future opportunity is?

鮑勃，我有一個問題想問你，然後還有一個後續問題想問吉姆。鮑勃，就你而言，我很欣賞你從MSO（醫療服務組織）的角度以及與醫生的關係所談論的一切。但今天有人提到，與醫療體系建立策略夥伴關係的好處。能否再詳細談談您認為那裡有哪些機會？如今的數據意味著什麼？未來的機會又是什麼？

And then, Jim, can you just help us understand the cadence of earnings? I just want to make sure I know you don't give quarterly guidance, but anything to call out as we think about the next several quarters?

吉姆，你能幫我們了解一下收益的節奏嗎？我只是想確認一下，貴公司不提供季度業績指引，但對於未來幾季的業績展望，您有什麼需要特別指出的嗎？

Lisa, yes, thank you for the question. We certainly are focused on the MSOs today. But your question is spot on with our strategy and the way that we think about our specialty business because certainly, the physician community, physician side of care is critically important for patients and for Cencora. But we also see significant growth in our relationship with health systems who are also focused on that specialty growth. And we've been focused there over a number of years.

麗莎，是的，謝謝你的提問。我們今天當然將重點放在MSO（多系統運營商）。但您的問題完全切中要害，它反映了我們的策略以及我們對專科業務的思考方式，因為醫生群體，醫生在醫療護理方面對患者和 Cencora 來說都至關重要。但我們也看到，我們與同樣專注於該專科領域發展的醫療系統之間的關係有了顯著增長。多年來，我們一直專注於此。

We feel really comfortable with the customer portfolio that we have, and we expect to continue to see growth there. And as I mentioned in my prepared remarks, we spend a lot of time understanding those customers, these health systems customers, understanding their strategy how they want to grow. And then we bring the capabilities of Cencora to help them do that. And that's worked out well to this point. We expect it will continue.

我們對現有的客戶組合感到非常滿意，並期望繼續看到成長。正如我在準備好的演講稿中提到的，我們花了很多時間去了解這些客戶，這些醫療系統客戶，了解他們的策略以及他們希望如何發展。然後我們利用 Cencora 的各項能力來幫助他們實現這一目標。到目前為止，這種方法效果很好。我們預計這種情況還會持續。

But your question really is indicative of the way that we think about the specialty pharmaceutical growth and that we want to be a leader in the sites of care where all of our customers are, and we're doing that. So certainly, in the physician space, the health systems, but then others as well. We want to make sure that we're the right partner for those providers. Thanks for the question.

但您的問題確實反映了我們對專業藥品成長的看法，我們希望成為所有客戶所在醫療機構的領導者，而我們正在朝著這個方向努力。所以，當然，在醫生領域、醫療系統中，以及其他領域也是如此。我們希望確保自己成為這些供應商的合適合作夥伴。謝謝你的提問。

Lisa, thanks a lot for the follow-up question. I'll just call out two things. The first is, of course, the oncology customer that was acquired by a competitor, that will be a headwind like it was the last two quarters, that will be a headwind in the second and third fiscal quarter, and then we'll no longer have that headwind in the fourth quarter, which will enhance our operating income growth rate in the fourth quarter.

麗莎，非常感謝你的後續提問。我只想指出兩點。首先，當然是被競爭對手收購的腫瘤科客戶，這將像過去兩個季度一樣成為我們的不利因素，在第二和第三財季也會帶來不利影響，但到了第四季度，我們將不再面臨這種不利因素，這將提高我們第四季度的營業收入增長率。

And then the only other thing I'll call out, which I said in my prepared remarks. I mean we kind of gave a lot of detail here to help with the modeling is due to the debt that we're taking on to fund the OneOncology acquisition, we're indicating that our interest expense in the second quarter will be approximately 2x our interest expense in the first quarter. Thanks a lot for that follow-up question.

最後，我還要提一點，這一點我在準備好的發言稿中已經說過了。我的意思是，我們在這裡提供了很多細節來幫助建模，這是因為我們為了收購 OneOncology 而承擔了債務，我們表示，第二季度的利息支出將約為第一季利息支出的 2 倍。非常感謝你的後續提問。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Maybe if you can talk about the market construct a little bit. Obviously, the first range of IRA price negotiations hit the market, start of this year. Can you just give us a sense as you prepared for calendar '26, any changes or discussions relative to the supplier side in terms of how you go to market? And any changes in terms of the contracting relative to any of the list pricings that were absorbed?

或許您可以稍微談談市場結構。顯然，第一輪IRA價格談判於今年初進入市場。您能否簡要介紹一下，在準備 2026 年曆時，在供應商方面，您在市場推廣方面是否有任何變化或討論？與已吸收的任何標價相比，合約條款方面有任何變化嗎？

Yes. Let me make a couple of comments there. Thank you for that question. We have a very strong strategic global sourcing team, and we were well prepared. And when there were the reductions in list price -- as we've said before, we have terms in our contracts, which indicate that we'll get into discussions with manufacturers, and we were very successful in those discussions with manufacturers because of the value we provide in the supply chain.

是的。我想就此發表幾點看法。謝謝你的提問。我們擁有一支非常強大的全球策略採購團隊，而且我們做好了充分的準備。當標價降低時——正如我們之前所說，我們的合約中有條款表明我們將與製造商進行討論，而且由於我們在供應鏈中提供的價值，我們在與製造商的討論中非常成功。

So we were dealt very successful in maintaining our economics and our gross profit dollars. And so we were -- I'm pleased with the way that, that turned out. And we had talked about for some time, the insulin example and how we have protected our gross profit dollars. And this was just another example at the end of this year of us because of the value we provide in the supply chain able to come out of those discussions with maintaining good economics and gross profit dollars.

因此，我們在維持經濟效益和毛利方面取得了非常成功。所以，我對結果很滿意。我們之前討論過一段時間，以胰島素為例，以及我們如何保護我們的毛利。而這再次證明，由於我們在供應鏈中提供的價值，我們能夠透過這些討論保持良好的經濟效益和毛利。

And then the only other thing I'll comment on is just in general what we saw at the end of the year in terms of brands and any price increases and those sorts of things was very much in line with our expectations. Thank you very much for the question.

最後，我唯一要評論的就是，總的來說，我們在年底看到的品牌和價格上漲等情況都與我們的預期非常吻合。非常感謝您的提問。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

So I'll stick to international. It does seem to be more of a timing dynamic. Can you describe that a little bit more? Is there a specific geography that this was attributable to in terms of in the quarter? And and I guess, give a little bit more detail on what that headwind was or quantify it for us? And then what gives you confidence in that ramp? What are you seeing in like Korea for instance, in other areas as well?

所以我還是會選擇國際項目。這似乎更多的是一種時機把握的問題。能再詳細描述一下嗎？本季是否存在某個特定的地理區域可以解釋這一現象？那麼，能否更詳細說明一下那股逆風是什麼，或是給我們量化一下？那麼，是什麼讓你對那條坡道充滿信心呢？例如，你在韓國以及其他地區看到了什麼？

Yes. Thank you. I appreciate the question, Erin. And so I think the key thing is that in the International segment, we're maintaining our operating income guidance. You have adjusted operating income growth of 5% to 8% for the fiscal year. And what we saw during the first quarter in the International segment was a challenging quarter due to a timing difference for manufacturer price adjustments in a developing market country.

是的。謝謝。謝謝你的提問，艾琳。所以我認為關鍵在於，在國際業務方面，我們維持了營業收入預期。您已將本財年的營業收入成長率調整為 5% 至 8%。國際業務第一季面臨的挑戰在於，由於發展中國家製造商價格調整存在時差，導致該季度業績下滑。

And that price adjustment on last year happened at the beginning of the fiscal first quarter, and this year, it happened at the very end of the fiscal first quarter. And so that will really just be a timing difference that we'll see year-over-year. And as a result of that, there's no change in our guidance for the fiscal year, and we expect it to pick up in the balance of the fiscal year.

去年的價格調整發生在第一財季初，而今年的價格調整則發生在第一財季末。因此，這實際上只是每年都會出現的時差問題。因此，我們對本財年的業績預期沒有變化，並預計本財年剩餘時間內業績將有所回升。

But then I think in the International segment, the thing we were really pleased to see during the quarter is operating income growth in our Global Specialty Logistics business. And what we've seen the last two quarters is really volume growth in that business. And so we're executing well as a team there. And we're really pleased by the positive signals that we've seen of volume growth there.

但我認為，在國際業務方面，本季我們真正感到高興的是全球特種物流業務的營業收入成長。過去兩個季度我們看到的是該業務的銷售成長。所以，我們團隊在那方面執行得很好。我們對銷量成長的正面訊號感到非常高興。

And of course, that translated in the most recent quarter to operating income growth. So those are the things that enable us to maintain our guidance of 5% to 8% in International for the fiscal year.

當然，這在最近一個季度轉化為營業收入的成長。因此，正是這些因素使我們能夠將本財年國際業務的成長預期維持在 5% 至 8% 之間。

Stephen Baxter, Wells Fargo.

史蒂芬‧巴克斯特，富國銀行。

Also going to spend a minute on the provided US EBIT guidance. It looks like that came up about $160 million or $170 million. I was hoping you could perhaps break that into perhaps contribution from OneOncology, whether we should think about any kind of transitory costs or kind of ramping going on with that business to kind of consider? And then in terms of organic guidance revision, is there any organic guidance revision in the segment, a lot to point to there?

另外，我還想花一分鐘時間談談所提供的美國 EBIT 指引。看起來金額大約是1.6億美元或1.7億美元。我希望您能把這部分內容細化一下，例如OneOncology的貢獻，以及我們是否應該考慮該業務的任何過渡性成本或成長速度等因素？那麼，就有機成長預期調整而言，該領域是否有任何有機成長預期調整？這方面有很多值得關注的地方嗎？

And of course, in the US, we increased our guidance from 9% to 11%, as you know, to 14% to 16%, and that was driven by the OneOncology acquisition and also by continued performance in our US Healthcare Solutions segment for all the reasons that we've been talking about.

當然，在美國，如您所知，我們將成長預期從 9% 至 11% 上調至 14% 至 16%，這主要得益於對 OneOncology 的收購，以及我們美國醫療保健解決方案部門的持續良好表現，這主要得益於我們一直在討論的那樣。

And as I said before, if you back out RCA and you back out OneOncology, in the first quarter, we're towards the higher end of our long-term guidance range of 7% to 10%. And in the last three quarters, if you back out RCA and OneOncology, again, we're within that long-term guidance range. And both those things are in spite of the loss of the oncology customer that was acquired.

正如我之前所說，如果剔除 RCA 和 OneOncology，那麼在第一季度，我們的業績將接近我們長期指導範圍 7% 到 10% 的上限。如果剔除 RCA 和 OneOncology 的業績，那麼在過去的三個季度中，我們的業績仍然在長期指導範圍內。儘管失去了收購的腫瘤科客戶，但這兩件事仍然成功了。

Now one other thing that I want to raise, and this is why -- and we've gone into a little bit of detail in my prepared remarks is, there are some OneOncology benefits that happened below the operating income line, and part of those benefits are in the Other income line, and part of those benefits are in the non-controlling interest line.

現在我還要提出另一件事，原因如下——我在準備的發言稿中已經詳細闡述過——OneOncology 的一些收益發生在營業收入線以下，其中一部分收益計入了其他收入線，另一部分收益計入了少數股東權益線。

And these were covered, but just to quickly go through them. We expect approximately $30 million of income in our Other income and loss line for the full year fiscal 2026, and that's primarily related to earnings from a joint venture in which UUG holds a non-controlling stake.

這些內容都已涵蓋，但還是快速回顧一下。我們預計 2026 財年全年其他收入和虧損項下的收入約為 3,000 萬美元，這主要與 UUG 持有非控股股份的合資企業的收益有關。

And then second, we expect to have a non-controlling loss add-back to net income also related to UUG. And just to size it, this add-backs will largely offset the non-controlling income we eliminate from Profarma and that results in our non-controlling interest line being relatively small in fiscal 2026. And that's a lot of detail there, but we just really wanted to make the point that there's the operating income benefit from OneOncology and then there's also income below the operating income line.

其次，我們預期淨利潤中還會有與 UUG 相關的非控制虧損加回。為了便於理解，這些加回項將在很大程度上抵消我們從Profarma中剔除的非控制收入，這將導致我們在2026財年的非控制權益額相對較小。這裡有許多細節，但我們真正想強調的是，OneOncology 帶來了營業收入收益，此外還有營業收入線以下的收入。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

Jim, I might ask you for a little bit more detail on top of that detailed description. When you look at the US Health Care op profit increased 9% to 11% to 14% to 16%, it looks like this quarter's performance would add a point, recognizing there's a range here. But can you remind us maybe how the OneOnco acquisition contribution flows in at the segment level versus what you gave us that total company being neutral? And how much of that is attributed February 2 to the end of the fiscal year?

吉姆，除了剛才的詳細描述之外，我可能還需要你提供一些更詳細的資訊。從美國醫療保健產業的營業利潤成長9%至11%至14%至16%來看，本季的業績似乎會再增加一個百分點，當然，這裡存在著一個區間。但是，您能否提醒我們一下，OneOnco 的收購對公司整體業績的貢獻，與您之前所說的公司整體業績保持中性相比，具體體現在哪些方面？其中有多少是因為2月2日財政年度結束所造成的？

Yes. Thanks for asking that follow-up question. And so the increase in guidance from 9% to 11% to 14% to 16% in the US is largely driven by OneOncology, and it's also as a result of the continued strong performance in the US. And what you'll see is, in the other income line, for the first four months of the fiscal year, we have our 35% of the net after-tax earnings from OneOncology and that's after interest, after tax.

是的。感謝您提出這個後續問題。因此，美國市場預期成長率從 9% 到 11% 到 14% 到 16% 的成長，主要得益於 OneOncology 的推動，也是由於其在美國市場持續強勁的業績表現。您將在另一項收入中看到，在財政年度的前四個月，我們有來自 OneOncology 的稅後淨收益的 35%，這是扣除利息和稅款後的收益。

So it's a relatively small number. And then, of course, that moves up to operating income for the last eight months. And so it's really just kind of eight months there, that drives the increase from 9% to 11% to 14%, 16%.

所以這是一個相對較小的數字。當然，接下來這部分就等於最後八個月的營業收入。所以其實只是八個月的時間，就推動了成長率從 9% 到 11% 到 14%、16%。

And just one other thing that I'll add is that it does ramp. And so let's see the OneOncology contribution ramp as the year goes on, which is due to both organic growth and inorganic growth, some inorganic growth that we'll see there. But we do see a nice ramp over the course of the fiscal year that will, of course, continue to ramp in future years. Thanks a lot, Eric.

還有一點要補充的是，它的確會逐漸增強。因此，讓我們看看 OneOncology 的貢獻會在今年如何逐步提升，這既得益於內生成長也得益於外延成長，我們將會看到一些外延成長。但我們確實看到，在本財年內，成長勢頭良好，而且在未來幾年，這種成長動能當然還會持續下去。非常感謝，埃里克。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

One for Jim. You mentioned if you back out RCA and OneOncology, you're toward the high end of the long-term EBIT guidance in the quarter. And then over the last three quarters, you're within that range. How should we think about what's embedded in that core business for the rest of fiscal '26? Should we exclude RCA and OneOncology? Should we just assume it's basically within that?

給吉姆的。您提到，如果剔除 RCA 和 OneOncology，本季的 EBIT 將接近長期預期的高端水準。然後在過去三個季度裡，你的表現都在這個範圍內。我們該如何看待 2026 財年剩餘時間核心業務所包含的內容？我們是否應該排除RCA和OneOncology？我們是不是可以假設它基本上就在這個範圍內？

And then what gets you within US Health Care Solutions on the EBIT side? What gets you to the low end and the high end of that range?

那麼，是什麼讓您在美國醫療保健解決方案公司獲得 EBIT 收益呢？什麼因素會導致這個範圍的低端和高端出現？

Yes. And really, it's the things we've been talking about for quite some time. And so it's solid utilization brands. It's on strength in sales of specialty to both health systems and physician practices, and we've seen really strong performance there in health systems. Given our strength in specialty in oncology, that's really helped us with health systems. And then broad-based performance throughout our US business.

是的。事實上，這正是我們討論了很久的事情。因此，它是可靠的利用品牌。該公司在向醫療系統和醫生診所銷售專科藥品方面表現強勁，我們在醫療系統方面也看到了非常強勁的業績。鑑於我們在腫瘤學領域的專業優勢，這確實對我們與醫療系統的合作大有裨益。然後，我們在美國的業務也取得了廣泛的業績成長。

So it's really just kind of all those sorts of things, and it's a range because, of course, it's very strong performance, and it's just kind of what's that level of strong performance within the range.

所以它實際上包含了所有這些因素，而且它是一個範圍，因為它的性能非常強勁，而它只是在這個範圍內實現了何種程度的強勁性能。

And then, of course, our business has been good for so long that we have strong comps that we're comparing against. But also, we have a lot of confidence in our guidance because of our success and because of those underlying trends that we've been talking about for quite some time. Thanks a lot for the question.

當然，我們的業務一直很好，所以我們有很多強勁的同業競爭對手可以與之比較。但同時，由於我們取得的成功以及我們長期以來一直在討論的那些潛在趨勢，我們對自己的指導充滿信心。非常感謝你的提問。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Jim, maybe just to go back to the below the line items related to OneOncology. I guess, if I remember correctly, when you announced the deal, you guys did say that you wouldn't be consolidating 100% of that. And I assume that this is that portion that is not being consolidated and will continue to be below the line.

吉姆，或許應該回到與 OneOncology 相關的下方項目。我記得沒錯的話，你們宣布這筆交易的時候，確實說過不會 100% 合併這部分股份。我假設這部分數據不會合併，並將繼續低於最終結果。

You called it out this time. But is it right to think that this $30 million amount is an ongoing kind of NCI piece that we should be modeling? And then -- and I guess then -- how much of that -- so I guess, really, how much of total what OneOncology are you owning going into the future? Is this like a 10% piece that will remain kind of staying outside or is it less?

這次是你指出來了。但是，認為這 3000 萬美元是 NCI 那種持續投入的模式，值得我們效仿，這種想法是否正確？那麼——我想——你未來究竟會持有 OneOncology 總股份的多少？這部分大概佔10%，會一直放在外面嗎？還是更少？

And then if I could just add a follow-up on share repurchase. I understand you're pausing in the short term. But when I look at your total leverage, it's still pretty low. And it would seem like you would have ability to do both, both pay down debt and buy shares. I would love to understand maybe your thinking why you necessarily have to pause if there's any kind of covenants or anything like that?

然後，如果我能再補充一點關於股票回購的後續內容就更好了。我知道您只是暫時暫停。但從你的總槓桿率來看，它仍然很低。這樣看來，你似乎有能力同時做到這兩件事：既償還債務又買股票。我很想了解你的想法，如果存在某種契約或其他類似的東西，為什麼你一定要暫停呢？

Okay. Great. There was a lot there in that question. And what I'll say is that the two below-the-line items that I referred to, they are specifically related to OneOncology's UUG subsidiaries. And they will continue to be there over time, and we'll continue to have those benefits that below the line -- below the operating income line contributions as a result of that.

好的。偉大的。這個問題裡包含了很多資訊。我要說的是，我提到的兩項線下項目，都與 OneOncology 的 UUG 子公司有關。隨著時間的推移，它們將繼續存在，我們也將繼續享有這些好處，這些好處包括營業收入線以下的貢獻。

The second part of the question had to do with our ownership stake in OneOncology and we increased our ownership stake when we made the announcement today from 35% to 92%, and we're really pleased to say that the practices and management will own the remaining 8% and so I think that was the second part of the question.

問題的第二部分與我們在 OneOncology 的持股比例有關。今天我們宣布將持股比例從 35% 提高到 92%，我們很高興地宣布，剩餘的 8% 將由各診所和管理層持有。我想這就是問題的第二部分。

And then the third part of the question was share repo. And as we've said, we're pausing share repo and focusing on de-leveraging. But I will add that our long-term capital deployment priorities remain the same, which are, of course, investing in the business, strategic acquisitions that you've seen, share repurchases that you've seen over time, and then having a nice growing dividend, which we grew at 9% this year. So thanks a lot for the question.

然後問題的第三部分是共享存儲庫。正如我們所說，我們將暫停股票庫交易，並將重點放在降低槓桿率上。但我還要補充一點，我們的長期資本部署重點仍然不變，當然包括投資業務、你們已經看到的策略性收購、你們已經看到的股票回購，以及不斷增長的股息，我們今年的股息增長了 9%。非常感謝你的提問。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Jim, I'm going to ask another one on MSO accounting. So first, I guess my question is, could you unpack a little bit of the revenue guidance change in the US business, it's about $5.7 billion. And I'm interested if you can provide some color on the OneOncology contribution, the growth in the core and kind of how to think about any of the puts and takes and rack price reductions, whether or not that played a point at all? I recognize that you guys have all said it at the earnings line. I'm surprised there's kind of no impact on the revenue line at all and maybe growth of GLP-1?

吉姆，我還要問一個關於MSO會計的問題。首先，我想問的是，您能否稍微解釋一下美國業務的營收預期變化，大約是 57 億美元。我很想知道您能否詳細介紹 OneOncology 的貢獻、核心業務的成長，以及如何看待任何買賣交易和標價下調，這些因素是否產生了任何影響？我知道你們都在財報記者會上說過這話。令我驚訝的是，收入似乎完全沒有受到影響，而且 GLP-1 的成長可能也有所提升？

And then my quick follow-up would be I know that we were all looking at the OneOncology acquisition as a multiple of EBITDA. Is that EBITDA number the right proxy to use for AOI as we model on OneOncology? Like are there any significant puts and takes between the AOI line and the EBITDA line for OneOncology?

然後我的快速補充是，我知道我們都把 OneOncology 的收購看作是 EBITDA 的倍數。當我們對 OneOncology 進行建模時，EBITDA 資料是否是衡量 AOI 的合適指標？例如，OneOncology 的 AOI 線和 EBITDA 線之間是否有任何重大的漲跌？

Yes. So there was couple of things there in that question. The first was on revenue and revenue guidance. And OneOncology does not have a large impact on our revenue guidance and the growth there. And of course, the MSO business model is a lower revenue business model, but a really nice operating margin business model.

是的。所以這個問題裡包含了好幾個面向。第一個問題是關於營收和營收預期。而且 OneOncology 對我們的營收預期和成長也沒有太大影響。當然，MSO 商業模式的收入較低，但營運利潤率非常高。

And that's similar to what you've seen from RCA. It really impacts our operating income margin. And then the other thing I'll say there is, we don't count the revenue twice that we. Of course, we sell to MSO but only count the revenue once, of course, and I'm sure you're aware of that.

這和你從RCA公司看到的情況類似。這確實對我們的營業利潤率產生了影響。還有一點我要說的是，我們不會重複計算收入。當然，我們向MSO銷售產品，但只計算一次收入，當然，我相信您也知道這一點。

And then the other thing I'll say is that as we look at our revenue growth this year, of course, we have a grocery customer that we off-boarded and we also have the oncology customer that was acquired by a competitor. So that impacts our revenue growth this year. And then also, we fully anticipated the changes in list prices when we put together our revenue guidance for this year. And so we're pleased with the increase in guidance because it just shows the underlying strength of our business when we have the increase in revenue guidance.

另外，我想說的是，當我們審視今年的營收成長時，當然，我們失去了一家食品雜貨客戶，還有一家腫瘤科客戶被競爭對手收購了。因此，這將影響我們今年的營收成長。此外，我們在製定今年的收入預期時，也充分預料到了標價的​​變動。因此，我們對業績預期上調感到滿意，因為營收預期上調恰恰表明了我們業務的內在實力。

And then you asked a question about kind of any differences between EBITDA and operating income. Other than the components, there is no meaningful difference there that I would call out other than, of course, the depreciation and amortization. Thank you for the questions.

然後你問了一個關於 EBITDA 和營業收入之間是否有差異的問題。除了組成部分之外，除了折舊和攤銷之外，並沒有什麼實質的區別值得一提。謝謝大家的提問。

Stephen Valiquette, Mizuho.

Stephen Valiquette，瑞穗銀行。

So I guess within the international business, your revenue growth is pretty strong. Any color just on the drug pricing trends in Europe? Really on the back of all the MFN drug-related policies from the US might be impacting pricing in Europe or UK. Any impact for that one way or the other? Or is it just kind of business as usual in Europe aside from your one call out in the developing country?

所以我覺得在國際事業方面，你們的營收成長相當強勁。有沒有人了解歐洲藥品價格趨勢的情況？實際上，美國所有與藥品相關的最惠國待遇政策可能會影響歐洲或英國的藥品定價。這會對雙方產生什麼影響嗎？除了你提到的發展中國家之外，歐洲的一切是否都和往常一樣？

Steve, thanks for the question. I'm going to take this so we can give Jim a break and he can take a sip of water here. No, we haven't seen any real changes in the markets from MFN. So as Jim said earlier, and you just restated, we did have a timing issue in one market. Overall, the international business is performing within our expectations, and we expect to move our fiscal '26 commitments there. But no changes based on MFN.

史蒂夫，謝謝你的提問。我來接過這個，這樣可以讓吉姆休息一下，他可以喝口水。不，我們還沒有看到最惠國待遇為市場帶來任何實質的改變。正如吉姆之前所說，也正如你剛才重申的那樣，我們在一個市場確實遇到了時機問題。總體而言，國際業務表現符合我們的預期，我們預計將 2026 財年的承諾轉移到那裡。但不會根據最惠國待遇進行任何更改。

We're also seeing, Steve, which -- maybe a sub-bullet of your question kind of within -- we talked about the World Courier business improvement. But I do want to state how strong, our growth is in our global 3PL platform. So again, part of our specialty strategy and within that specialty strategy in Europe.

史蒂夫，我們也看到——也許這算是你問題的一個子要點——我們討論了世界快遞業務的改進。但我確實想強調一下，我們在全球第三方物流平台的成長勢頭非常強勁。所以，這再次體現了我們的專業策略，以及我們在歐洲的專業策略。

Those products are delivered through 3PL and not necessarily through wholesale, and we have a pan-European market-leading service there that also includes, obviously, the United States and all of North America, so -- which is performing very well. But full circle, no real changes in pricing that we're seeing in that market.

這些產品是透過第三方物流 (3PL) 交付的，不一定是透過批發。我們在歐洲擁有領先的泛歐服務，當然也包括美國和整個北美地區，因此——這項服務表現非常出色。但最終，我們並沒有看到該市場的價格有任何真正的變化。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

I want to change it up a little bit. There was a relatively credible story about a private equity firm potentially being interested in buying MWI. I don't want you to -- I know you're not going to comment on the story. But just broadly speaking, can you talk about how you think about asset divestitures in the context of long-term growth rate or impact to long-term growth rates impact near term to earnings, like does that -- would you contemplate dilution or anything like that, if strategically it made sense for you long term?

我想稍微改一下。有一條相對可信的消息稱，一家私募股權公司可能對收購 MWI 感興趣。我不想讓你——我知道你不會對此事發表評論。但總的來說，您能否談談您如何看待資產剝離，以及它對長期增長率的影響，或者它對短期收益的影響，例如，如果從戰略上看，這樣做對您長期有利，您會考慮稀釋股權或其他類似措施嗎？

And also, maybe just speak to what's happening in that marketplace right now, in MWI's positioning? You called it out. It had a good quarter. I'm just wondering strategically how it fits long term for you guys?

另外，或許還可以談談目前市場上的狀況，以及 MWI 的市場定位？你指出來了。它本季表現不錯。我只是想知道從策略角度來看，這對你們來說長期發展有何意義？

Yes. Thank you for the question. As you said, we're certainly not going to comment on any rumors. But I will reiterate what we've said very specifically last quarter and really have been working on over the past year or so. And that is our strategy is being refocused and one of our strategic drivers is to make sure that we're prioritizing growth-oriented investments.

是的。謝謝你的提問。正如你所說，我們當然不會對任何謠言發表評論。但我會重申我們上個季度非常具體地說，並且在過去一年左右的時間裡一直在努力做的事情。而我們的策略正在重新調整，其中一個策略驅動因素是確保我們優先進行以成長為導向的投資。

And so we went through a process of assessing all of our businesses to make sure that they are very well aligned with our strategy and our future strategy going forward and made the determination that we would put certain businesses in the other category. And at that time, we said we would be looking at strategic alternatives for those businesses in Other.

因此，我們對所有業務進行了評估，以確保它們與我們的策略以及未來的發展策略高度一致，並決定將某些業務歸入其他類別。當時，我們表示將為其他業務部門尋找策略替代方案。

The purpose of that is really to create that focus, management focus and strategic focus and then we believe growth rate benefit from doing that. But I'll hand it over to Jim and talk about some of the potential short-term impacts, if any, divestitures were to occur.

這樣做的目的在於明確管理重點和策略重點，我們相信這樣做能夠促進成長。但我會把麥克風交給吉姆，讓他談談如果進行資產剝離，可能會產生的一些短期影響（如果有的話）。

Yes. So let me comment on a couple of things that you said. First of all, MWI continues to perform very well within its market. In this most recent quarter, it had 7% revenue growth and outperformed well in both the companion and production animal markets. So we're pleased that it continues to perform well.

是的。我想就你剛才說的幾點發表一下看法。首先，MWI 在其市場中繼續表現出色。在最近一個季度，該公司營收成長了 7%，在伴侶動物和生產動物市場均表現出色。所以我們很高興它繼續保持良好的表現。

With regard to one aspect of your question is any potential dilution from a divestiture. From some divestitures, there could be potential dilution. But as Bob was saying, we think it's the right thing to do for both long-term.

關於您問題的一個方面，即資產剝離可能導致的股權稀釋。部分資產剝離可能會導致股權稀釋。但正如鮑伯所說，我們認為從長遠來看，這對雙方都是正確的做法。

And one of Bob's real strategic priorities is to prioritize growth-oriented investments, as he was saying, and that's why we're investing in businesses like MSOs that bring competitive advantage to the balance of the enterprise, and while there might be dilution in the short term, we think it could enhance growth and enhance returns over the long term. Thanks for the question.

正如鮑伯所說，他真正的策略重點之一是優先考慮以成長為導向的投資，這就是為什麼我們投資於像MSO這樣的企業，這些企業能夠為企業的平衡帶來競爭優勢，雖然短期內可能會出現股權稀釋，但我們認為從長遠來看，這可以促進成長並提高回報。謝謝你的提問。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

It sounds like RCA is performing better than initial expectations, which has been the case for the past couple of quarters here now. I think when you initially announced that you were thinking around $0.50 of accretion from RCA in the first full year, there was that kind of accounting change and so accounting for that.

聽起來RCA的業績比最初預期要好，這種情況在過去幾季一直持續。我認為，當你最初宣布你預計第一年RCA將帶來約0.50美元的增值時，出現了那種會計變更，因此需要對此進行會計處理。

Now that we've passed that one-year mark, I was wondering if you could provide an update on how much accretion you saw from RCA in the first year or maybe quantify that outperformance for us? And then maybe provide a little bit more detail on the sources of that outperformance?

現在我們已經過了一年，我想知道您能否提供一下RCA在第一年帶來的收益情況，或者能否為我們量化一下這種超額收益？然後或許可以更詳細地說明一下這種優異表現的來源？

Yes. We've continued to see very strong performance at RCA, and we've seen good performance organically, and we've seen good tuck-in acquisition opportunities. So we've been just really pleased by the performance of the team there, and we've exceeded the expectations that we had in the clinical trial part of the business that really performed well throughout the business. So we're very pleased with the acquisition and seeing the growth continue to ramp over the balance of the year.

是的。RCA 的業績持續強勁成長，我們看到了良好的內生成長，也看到了良好的收購機會。因此，我們對該團隊的表現非常滿意，我們在臨床試驗業務方面超出了預期，該業務在整個公司範圍內都表現出色。因此，我們對此次收購非常滿意，並期待在今年餘下的時間裡繼續保持成長勢頭。

And then just one follow-up I want to make on the OneOncology. Some of the below the operating income line items that I was referring to. I just want to make it clear that those are accounting nuance items related to one of the OneOncology subsidiaries related to the UUG subsidiaries. And this will be a part of the model going forward. It's not one-time. So we'll continue to have that benefit from OneOncology below the operating income line.

最後，我還要補充一點關於 OneOncology 的資訊。以下是我提到的部分營業收入項目。我只想澄清一下，這些是與 OneOncology 的一家子公司相關的會計細微差別項目，而 OneOncology 又是 UUG 的子公司之一。這將是未來模式的一部分。這不是一次性的。因此，我們將繼續從 OneOncology 獲得營運收入以下的收益。

But we don't anticipate that we're talking much about it this year or in the future years because we fully expect -- given the strength of the very strong performance we've seen in the business in the past and what we expect that there'll be very good operating income growth. And thank you for the RCA question also.

但我們預計今年或未來幾年不會過多談論此事，因為我們完全預期——鑑於我們過去在該業務中看到的非常強勁的業績，以及我們對營業收入增長的預期——將會有非常好的業績增長。也感謝您提出的RCA問題。

Thank you. That concludes today's Q&A session. So I'd like to hand back to Bob for closing remarks.

謝謝。今天的問答環節到此結束。那麼，我想把發言權交還給鮑勃，讓他做總結發言。

Thank you very much. In all seriousness, I do want to thank Jim for carrying the heavy load today and thank you all for your questions and interest today. I'm proud as Cencora continues to execute to drive value for all our stakeholders, investing internally in our infrastructure and externally to extend our solutions for customers.

非常感謝。說真的，我真心感謝吉姆今天承擔了這麼多工作，也感謝大家今天提出的問題和表現出的關注。我為 Cencora 能夠持續為所有利害關係人創造價值而感到自豪，我們既投資於內部基礎設施，也投資於外部，以擴展我們為客戶提供的解決方案。

We're well positioned to drive long-term growth and are pleased to have raised our long-term guidance this year, demonstrating our confidence and our ability to continue to execute and create shareholder value. Thank you all very much.

我們已做好充分準備，推動長期成長，並很高興今年提高了長期業績預期，這表明我們有信心繼續執行並創造股東價值。非常感謝大家。

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。