Cencora, Inc. (COR) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Cencora Inc Q3 fiscal year 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Cencora Inc 2026 會計年度第三季（Q3）財報電話會議。（接線員指示）

I will now hand the conference over to Bennett Murphy. Bennett, please go ahead.

現在我將把會議交給 Bennett Murphy。Bennett，請開始。

Good morning, good afternoon, and thank you all for joining us for this conference call to discuss Cencora's fiscal 2026 third quarter results. I am Bennett Murphy, Senior Vice President, Investor Relations and Enterprise Productivity. Joining me today are Bob Mauch, President and CEO; and Eva Boratto, Executive Vice President and CFO.

各位早安、午安，感謝各位參加本次電話會議，討論 Cencora 2026 會計年度第三季業績。我是 Bennett Murphy，投資人關係與企業生產力資深副總裁。今天與我一同出席的有總裁暨執行長 Bob Mauch，以及執行副總裁暨財務長 Eva Boratto。

On today's call, we will be discussing non-GAAP financial measures. Reconciliations of these measures to GAAP are provided within 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.

在今天的電話會議中，我們將討論非 GAAP 財務衡量指標。這些指標與 GAAP 的調節表已包含於今日新聞稿中，新聞稿可於我們網站 investor.cencora.com 取得。我們也已在投資人網站上發布投影片簡報，以配合今日新聞稿。

During this conference call, we will discuss forward-looking statements about our business and financial expectations on an adjusted non-GAAP basis, including but not limited to EPS, operating income and income taxes. Forward-looking statements are based on 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.

在本次電話會議中，我們將就本公司業務與財務預期（以調整後的非 GAAP 基礎）發表前瞻性陳述，包括但不限於每股盈餘（EPS）、營業利益與所得稅。前瞻性陳述係基於管理階層目前的預期，並可能因不確定性而變動。關於主要風險與假設的討論，請參閱今日新聞稿及我們向 SEC 提交的文件，包括最近一期 10-Q。

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

Cencora 不承擔更新任何前瞻性陳述之義務，且未經公司許可，本通話不得轉播。（活動指示）

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

接下來我把電話交給 Bob。

Thank you, Bennett. Hi, everyone, and thank you for joining Cencora's fiscal 2026 third quarter earnings call. To start, I'd like to thank our Cencora team members for their continued commitment to providing valuable solutions for our customers. In our third quarter, we delivered strong results driven by execution across Cencora and investments to advance our specialty positioning and our pharmaceutical-centric strategy.

謝謝你，Bennett。各位好，感謝各位參加 Cencora 2026 會計年度第三季財報電話會議。首先，我要感謝 Cencora 團隊成員持續致力於為客戶提供有價值的解決方案。在第三季，我們交出強勁成果，主要來自 Cencora 全面落實執行，以及我們為強化專科定位與以製藥為核心的策略所做的投資。

Our business performance drove double-digit adjusted operating income growth and supported by $1 billion of opportunistic share repurchases, we achieved 12% EPS growth in the quarter. We're pleased to be raising our fiscal 2026 EPS guidance, reflecting our confidence in our continued execution and the strength of our portfolio as we close out the fiscal year.

我們的業務表現帶動調整後營業利益達到雙位數成長；再加上 10 億美元的機會性庫藏股回購支持，我們本季 EPS 成長 12%。我們很高興上調 2026 會計年度 EPS 指引，反映我們對持續執行力的信心，以及在本會計年度收官之際我們投資組合的強勁實力。

I'm very happy Eva Borrato has joined us as Chief Financial Officer. She will provide details on our performance and continued confidence in our short and long-term expectations. During my remarks today, I'll highlight how our strategy enables us to deliver on our growth priorities.

我非常高興 Eva Borrato 加入我們擔任財務長。她將說明我們的業績表現，以及我們對短期與長期預期持續保持信心的原因。在我今天的發言中，我將重點說明我們的策略如何使我們能夠實現成長優先事項。

First, our differentiated specialty pharmaceutical platform uniquely positions us to support innovation and patient care across our footprint. Second, through our digital transformation, we are modernizing how we operate and serve our partners. And finally, our focus on talent and culture is equipping our teams with the skills, resources, and leadership needed to continue advancing our pharmaceutical-centric strategy and delivering our purpose.

第一，我們差異化的專科藥品平台，使我們得以在整個營運版圖中支持創新與病患照護。第二，透過數位轉型，我們正在現代化我們的營運方式以及服務合作夥伴的方式。最後，我們對人才與文化的重視，正為團隊配備持續推進以製藥為核心策略並實現使命所需的技能、資源與領導力。

I'll start with specialty, where our platform supports growth across the healthcare ecosystem. Our specialty platform builds on our strong foundation in pharmaceutical distribution and deep relationships with providers and manufacturers. Over time, we have expanded our capabilities into a broad set of services designed to address the needs of specialty care.

我先從專科領域談起，我們的平台支持醫療照護生態系的全面成長。我們的專科平台建立在強大的藥品配送基礎，以及與醫療服務提供者與製造商的深厚關係之上。隨著時間推進，我們已將能力擴展至廣泛的服務組合，旨在滿足專科照護的需求。

Over nearly three decades, Cencora has worked alongside community providers to advance our distribution, GPO, and practice solutions, helping physicians operate effectively and care for patients close to home. As specialty care has become more complex, these providers are seeking partners who can help them navigate access, reimbursement, and administrative demands while preserving their ability to deliver care in community-based settings.

近三十年來，Cencora 與社區型醫療服務提供者並肩合作，推進我們的配送、GPO 與診所解決方案，協助醫師有效營運，並在住家附近照護病患。隨著專科照護日益複雜，這些提供者正在尋找能協助其因應可近性、給付/報銷與行政需求的合作夥伴，同時保有在社區型場域提供照護的能力。

Our management services organizations are well-positioned to help oncology and retina practices manage the growing complexity of specialty care and broaden access to clinical trials and research while allowing physicians to remain focused on patient care. Importantly, our role across the specialty landscape gives us a clear view of what it takes for new therapies to reach patients.

我們的管理服務組織（MSO）具備良好定位，可協助腫瘤科與視網膜診所管理日益增加的專科照護複雜度，並擴大臨床試驗與研究的可近性，同時讓醫師能持續專注於病患照護。重要的是，我們在專科領域的角色使我們能清楚掌握新療法要觸及病患所需的條件。

That unique perspective informs the work we do with manufacturers who increasingly need partners with the infrastructure, expertise, and connectivity to enable successful launches and protect product integrity. Across Cencora, our specialty logistics, 3PL, and commercialization services help bring innovation to market and drive reliable access to therapies.

這種獨特視角也指引我們與製造商合作的方式；製造商日益需要具備基礎設施、專業能力與連結性之合作夥伴，以促成成功上市並保護產品完整性。在 Cencora 全體業務中，我們的專科物流、第三方物流（3PL）與商業化服務，協助將創新推向市場並推動療法的可靠可近性。

Before moving to the next topic, I want to reiterate our confidence in the value Cencora provides and our ability to help all stakeholders navigate the impact of market dynamics as we've demonstrated. As the market continues to digest and annualize list price changes, the value proposition of the services we provide remains clear. We're well positioned through our distribution footprint, sourcing scale, and end-to-end channel relationships. Importantly, Part B biosimilars will continue to be an opportunity for Cencora to drive value for all stakeholders while taking cost out of the healthcare system and improving patient access.

在進入下一個主題之前，我想再次強調我們對 Cencora 所提供價值的信心，以及我們如同過往所展現的，能協助所有利害關係人因應市場動態影響的能力。隨著市場持續消化並將藥價目錄（list price）變動年化，我們所提供服務的價值主張依然清晰。憑藉我們的配送版圖、採購規模，以及端到端的通路關係，我們具備良好定位。同樣重要的是，B 部分（Part B）生物相似藥將持續是 Cencora 為所有利害關係人創造價值的機會，同時降低醫療體系成本並改善病患可近性。

Moving to our digital transformation, where we're combining business process improvement and technology advances to improve how we operate and work with partners across the healthcare system. A tangible example of this is our work in demand forecasting. Our teams are using AI to better anticipate product needs across our network and identify key factors driving changes in demand.

接著談到我們的數位轉型：我們正結合業務流程改善與技術進步，以提升我們的營運方式，以及與醫療體系各方合作夥伴的協作方式。其中一個具體例子是我們在需求預測方面的工作。我們的團隊正在運用 AI 更準確預判整個網路的產品需求，並辨識驅動需求變化的關鍵因素。

In a business like ours, these tools help improve planning, enhance product availability, and maintain reliable service for providers, pharmacies, and health systems. Across our organization, we're applying the same discipline approach to simplify routine activities and give our team members better insights. That allows team members to spend less time on manual processes and more time using their expertise to work with partners and solve problems.

對於像我們這樣的業務而言，這些工具有助於改善規劃、提升產品可得性，並為醫療服務提供者、藥局與醫療體系維持可靠服務。在整個組織中，我們也以同樣嚴謹的方法，簡化例行作業並為團隊成員提供更佳洞察。這讓團隊成員能減少花在手動流程上的時間，將更多時間投入運用專業與合作夥伴協作、解決問題。

Next, through our focus on talent and culture, we're equipping our teams to continue advancing our pharmaceutical-centric strategy and delivering on our purpose. Across Cencora, our teams bring the expertise and commitment needed to serve providers, manufacturers, and patients in an evolving healthcare environment. We're focused on ensuring our talent has clear career paths while strengthening our ability to execute for customers and partners. That focus extends to key roles across the organization.

接下來，透過我們對人才與文化的重視，我們正讓團隊具備持續推進以製藥為核心策略並實現使命所需的能力。在 Cencora，各團隊帶來在不斷演變的醫療環境中服務醫療服務提供者、製造商與病患所需的專業與承諾。我們致力於確保人才擁有清晰的職涯發展路徑，同時強化我們為客戶與合作夥伴落實執行的能力。這項重點也延伸至組織內各項關鍵職務。

This quarter, in addition to Eva, we welcome Sam Hammock as Chief Human Resources Officer. Since joining the company, both Eva and Sam have brought valuable expertise and proven to be excellent enterprise leadership team members. I also want to recognize the significant contributions of Jim Cleary and Silvana Battaglia, who recently retired as CFO and CHRO. Both will continue as advisors through the end of the calendar year.

本季，除了 Eva 之外，我們也歡迎 Sam Hammock 擔任人力資源長（CHRO）。自加入公司以來，Eva 與 Sam 皆帶來寶貴專業，並證明自己是優秀的企業領導團隊成員。我也要肯定 Jim Cleary 與 Silvana Battaglia 的重大貢獻，他們近期分別自財務長與人力資源長職務退休。兩位將持續擔任顧問至本曆年年底。

With that, I'll turn the call over to Eva for a discussion of our financial results and updated fiscal 2026 guidance. We're glad to have her here with us today for her first earnings call as CFO. Eva?

接下來我把電話交給 Eva，請她說明我們的財務結果以及更新後的 2026 會計年度指引。我們很高興她今天與我們同在，這也是她以財務長身分參與的第一場財報電話會議。Eva？

Thanks, Bob, and good morning, everyone. It's a pleasure to join the call today and I look forward to engaging with the investor community in the coming weeks and months. Since joining Cencora in June, I've spent time with leaders across the enterprise and deepened my understanding of the strength of our businesses, the durability of our pharmaceutical-centric strategy, and the financial discipline that underpins our long-term growth algorithm.

謝謝你，Bob，各位早安。很高興今天能加入電話會議，我也期待在接下來幾週與幾個月與投資人社群互動交流。自 6 月加入 Cencora 以來，我已與全公司各部門領導交流，並加深我對我們業務實力、以製藥為核心策略之持久性，以及支撐我們長期成長演算法之財務紀律的理解。

Today, I'll provide an overview of our consolidated fiscal 2026 third quarter results and segment-level results before turning to our updated guidance. Unless otherwise stated, my remarks will focus on our adjusted non-GAAP financial results. For further discussions of our GAAP results, please refer to our earnings press release and presentation.

今天，我將先概述我們 2026 會計年度第三季的合併業績與各事業部門層級的業績，接著說明我們更新後的財測指引。除非另有說明，我的發言將聚焦於我們經調整的非 GAAP 財務結果。如需進一步了解我們的 GAAP 結果，請參閱我們的財報新聞稿與簡報。

Our third quarter performance reflects the strength of our pharmaceutical-centric strategy, the breadth of our specialty platform, and our disciplined capital deployment. Adjusted operating income grew 17%, driven by strong execution in our US Healthcare Solutions segment, including the performance of our OneOncology acquisition and continued growth in our International segment, while share repurchases also contributed to the 12% adjusted earnings per share growth.

我們第三季的表現反映出以製藥為核心的策略實力、專科平台的廣度，以及我們嚴謹的資本配置。經調整營業利益成長 17%，主要由美國醫療保健解決方案（US Healthcare Solutions）事業部門的強勁執行所帶動，其中包含 OneOncology 併購案的表現與國際事業部門的持續成長；同時，股票回購亦促成經調整每股盈餘成長 12%。

Based on our year-to-date performance and confidence in continued execution, we are raising our adjusted EPS guidance for fiscal 2026 to a range of $17.75 to $17.95. Turning now to consolidated revenue was $84.8 billion, up 5%, driven by growth in both reportable segments and in other, which I will describe in more detail when discussing segment level results.

基於年初至今的表現以及對持續執行力的信心，我們將 2026 會計年度經調整 EPS 指引上調至每股 17.75 至 17.95 美元的區間。接著看合併營收為 848 億美元，成長 5%，主要由兩個可報導事業部門以及其他（Other）的成長所帶動；我將在討論部門層級結果時更詳細說明。

Moving to gross profit, consolidated adjusted gross profit was $3.5 billion, up 23%, primarily due to growth in the US Healthcare Solutions segment. In the quarter, consolidated gross profit margin expanded by 61 basis points to 4.16% largely due to our acquisition of OneOncology in February. Consolidated adjusted operating expenses were $2.3 billion, an increase of 27%, which again reflects the impact of the February 2026 acquisition of OneOncology. Excluding both MSOs, operating expenses grew 5% on a constant currency basis.

接著看毛利，合併經調整毛利為 35 億美元，成長 23%，主要來自美國醫療保健解決方案事業部門的成長。本季合併毛利率擴張 61 個基點至 4.16%，主要由於我們於 2 月完成 OneOncology 併購。合併經調整營業費用為 23 億美元，增加 27%，同樣反映 2026 年 2 月併購 OneOncology 的影響。若排除兩個 MSO，營業費用以固定匯率計算成長 5%。

Turning now to operating income, consolidated adjusted operating income was $1.2 billion, an increase of 17% compared to the prior year, driven by double-digit growth across both reportable segments and other. Moving now to our net interest expense and effective tax rate for the third quarter. Net interest expense was $141 million, an increase of $59 million compared to the prior year quarter, primarily due to the debt raised in February to finance the OneOncology acquisition.

接著看營業利益，合併經調整營業利益為 12 億美元，較去年同期增加 17%，主要由兩個可報導事業部門及其他（Other）皆呈現雙位數成長所帶動。接著說明第三季的淨利息費用與有效稅率。淨利息費用為 1.41 億美元，較去年同期增加 5,900 萬美元，主要因 2 月為籌資 OneOncology 併購而舉債所致。

We have made significant progress on our debt repayment commitments and have fully paid off our RCA financing-related term loan balance of $800 million, $400 million repaid in the June quarter and an additional $400 million repaid in July. Our effective income tax rate was 19.9% compared to 20.7% in the prior year quarter. Finally, diluted share count was 193.9 million shares, a 0.7% decrease compared to the prior year quarter as a result of $1 billion of share repurchases in the quarter at an average price of $268 per share.

我們在履行債務償還承諾方面已取得重大進展，並已全數清償與 RCA 融資相關的 8 億美元定期貸款餘額，其中 6 月季度償還 4 億美元，7 月再償還 4 億美元。我們的有效所得稅率為 19.9%，去年同期為 20.7%。最後，稀釋後股數為 1.939 億股，較去年同期減少 0.7%，係因本季以每股平均 268 美元回購 10 億美元股票所致。

Regarding our cash balances and adjusted free cash flow, we ended June with $2.8 billion of cash and had strong free cash flow generation, which results in year-to-date adjusted free cash flow of $1.1 billion. Our full-year adjusted free cash flow guidance of approximately $3 billion remains unchanged.

關於現金餘額與經調整自由現金流，我們於 6 月底持有 28 億美元現金，且自由現金流創造強勁，使年初至今經調整自由現金流達 11 億美元。我們全年經調整自由現金流指引約 30 億美元，維持不變。

Now I'll turn to our segment results for the third quarter and key drivers of our performance, starting with the US Healthcare Solutions segment. Our US Healthcare Solutions revenue was $74.9 billion, an increase of 5%. In the quarter, our revenue growth was supported by strength in specialty across both health systems and physician practices.

接著我將說明第三季各事業部門的業績與關鍵驅動因素，先從美國醫療保健解決方案事業部門開始。美國醫療保健解決方案營收為 749 億美元，成長 5%。本季營收成長受惠於專科領域在醫療體系與醫師診所兩端的強勁表現。

We also saw continued growth in sales of GLP-1s, which increased by $2.3 billion year-over-year. The growth was offset by three items: first, manufacturer list price reductions that represented a $2.4 billion headwind to revenue growth; second, the 2025 loss of an oncology customer; and lastly, lower sales to our large mail order customer as expected and consistent with second quarter.

我們也看到 GLP-1 類產品銷售持續成長，年增 23 億美元。該成長被三項因素抵銷：第一，製造商調降牌價，對營收成長造成 24 億美元的不利影響；第二，2025 年流失一位腫瘤客戶；最後，如預期且與第二季一致，對我們大型郵購客戶的銷售較低。

Moving now to operating income, US Healthcare Solutions segment operating income increased 16% to $966 million. In the quarter, we saw strong growth in specialty across our MSOs, health systems, and community provider businesses. We were particularly pleased with the performance of our MSO platform with both OneOncology and RCA performing ahead of our expectations.

接著看營業利益，美國醫療保健解決方案事業部門營業利益成長 16% 至 9.66 億美元。本季我們在 MSO、醫療體系以及社區供應商業務的專科領域皆見到強勁成長。我們對 MSO 平台的表現尤其滿意，OneOncology 與 RCA 的表現均優於我們的預期。

Our core business continued to demonstrate its strength and value, delivering double-digit organic operating income growth when excluding the OneOncology contribution and the loss of the oncology customer last July.

我們的核心業務持續展現其實力與價值；若排除 OneOncology 的貢獻以及去年 7 月流失腫瘤客戶的影響，仍實現雙位數的有機營業利益成長。

I'll now turn to our International Healthcare Solutions segment. International healthcare solutions revenue was $7.7 billion, up 6% on both an as-reported and constant-currency basis, driven by growth in our European distribution and specialty logistics businesses, World Courier and European 3PL.

接著我將說明國際醫療保健解決方案事業部門。國際醫療保健解決方案營收為 77 億美元，以申報口徑與固定匯率口徑計算皆成長 6%，主要由歐洲配送與專科物流業務（World Courier 與 European 3PL）的成長所帶動。

In the quarter, International Healthcare Solutions operating income was $166 million, up 21% on an as-reported basis and up 23% on a constant currency basis. In the quarter, our European distribution business continued to benefit from the shift in timing of manufacturer price adjustments in a developing market country, again in the third quarter. And there was strength across our global specialty logistics and European 3PL businesses that deliver double-digit operating income growth.

本季國際醫療保健解決方案營業利益為 1.66 億美元，以申報口徑成長 21%，以固定匯率口徑成長 23%。本季我們的歐洲配送業務持續受惠於某新興市場國家製造商調價時點的移轉，且同樣發生在第三季。此外，我們的全球專科物流與歐洲 3PL 業務亦表現強勁，帶動營業利益雙位數成長。

Moving to Other, which reflects the businesses for which we are pursuing strategic alternatives. Revenue in Other was $2.3 billion, up 7%, largely due to growth at Profarma and MWI Animal Health. Operating income was $109 million, up 25% due to operating income growth at MWI Animal Health, which also benefited from being accounted for as held for sale.

接著看其他（Other），反映我們正在尋求策略替代方案的業務。其他（Other）營收為 23 億美元，成長 7%，主要由 Profarma 與 MWI Animal Health 的成長所帶動。營業利益為 1.09 億美元，成長 25%，主要因 MWI Animal Health 的營業利益成長；此外，其亦受惠於以待售處分（held for sale）方式進行會計處理。

That completes the review of our segment level results. I'll now discuss our updated fiscal 2026 guidance. Driven by our strong performance and opportunistic share repurchases, we are pleased to raise our full-year adjusted EPS guidance range to $17.75 to $17.95, up from $17.70 to $17.90. There is no change to our full-year guidance for consolidated or US Healthcare Solutions revenue. As you continue to refine your models for our full-year US revenue, we would expect revenue to be in the lower half of our 4% to 6% growth range given current expectations.

以上完成各事業部門層級結果的回顧。接著我將說明我們更新後的 2026 會計年度指引。受惠於強勁表現與機會型股票回購，我們很高興將全年經調整 EPS 指引區間上調至每股 17.75 至 17.95 美元，先前為 17.70 至 17.90 美元。全年合併營收與美國醫療保健解決方案營收指引維持不變。在各位持續精進全年美國營收模型之際，依目前預期，我們預估營收將落在 4% 至 6% 成長區間的下半部。

In the International Healthcare Solutions segment, we now expect revenue growth to be approximately 8% at the low end of our previous range as a result of the stronger dollar in the second half of the year. On a constant currency basis, we expect International Healthcare Solutions segment revenue growth to be approximately 7%. In Other, we anticipate revenue growth of approximately 6%.

在國際醫療保健解決方案事業部門方面，由於下半年美元走強，我們目前預期營收成長約為先前區間低端的 8%。以固定匯率計算，我們預期國際醫療保健解決方案事業部門營收成長約為 7%。在其他（Other）方面，我們預期營收成長約為 6%。

Moving to operating income, we are raising the bottom end of our guidance for consolidated operating income growth and now expect growth to be in the range of 13% to 14%. At a segment level, we now expect US Healthcare Solutions segment operating income growth to be in the range of 14.5% to 15.5%. This contemplates continued strong growth in the US Healthcare solutions segment as we have now fully lapped the loss of the oncology customer, continue to benefit from the OneOncology acquisition, and have an easier expense comparison in the fourth quarter.

接著看營業利益，我們上調合併營業利益成長指引的下限，並預期成長將落在 13% 至 14% 的區間。在事業部門層級，我們目前預期美國醫療保健解決方案事業部門營業利益成長將落在 14.5% 至 15.5% 的區間。此反映我們預期美國醫療保健解決方案事業部門將持續強勁成長：我們已完全度過流失腫瘤客戶的比較基期、持續受惠於 OneOncology 併購，且第四季費用比較基期更為有利。

In the International Healthcare Solutions segment, we now expect both as reported and constant currency operating income growth to be approximately 9%. In Other, we now expect operating income growth to be approximately 10%, reflecting MWI's strong execution and performance.

在國際醫療保健解決方案（International Healthcare Solutions）部門，我們目前預期，無論按報告口徑或按固定匯率口徑，營業利益成長約為9%。在其他（Other）項下，我們目前預期營業利益成長約為10%，反映MWI強勁的執行力與表現。

Moving now to our below the line items, we now expect net interest expense to be approximately $490 million, up from our previous expectations of approximately $485 million, primarily reflecting lower interest income following the $1 billion in share repurchases we completed in the quarter. As a result of these repurchases, we are also updating our expectations for full year diluted shares outstanding to be approximately 194 million shares.

接著談到損益表下方項目（below the line items），我們目前預期淨利息費用約為4.90億美元，高於先前預期的約4.85億美元，主要反映我們在本季完成10億美元股票回購後，利息收入下降。由於這些回購，我們也更新對全年稀釋後流通在外股數的預期，約為1.94億股。

Looking ahead to fiscal 2027, we are currently in the midst of our fiscal 2027 planning process and will provide full fiscal year 2027 guidance on our November earnings call. That said, I wanted to offer some perspectives as you think about your models.

展望2027財年，我們目前正處於2027財年規劃流程中，並將在11月的財報電話會議上提供2027財年全年指引。不過，我想在各位建立模型時提供一些觀點。

First, as we announced in February, we have reached an agreement to merge MWI Animal Health with Covetrus. We are continuing to work through the regulatory process and have no update on timing. However, for modeling purposes, if the transaction were to close at the midpoint of our fiscal year, we would have a $150 million operating income headwind within Other. Given the structure of the transaction that includes upfront cash, preferred equity, and common equity, it would partially offset the earnings headwind netting to an EPS headwind of approximately $0.35.

第一，如我們在2月宣布的，我們已達成協議，將MWI Animal Health與Covetrus合併。我們仍在推進監管程序，目前對時程沒有更新。然而，就建模而言，若交易在我們財年的中點完成交割，Other項下將出現1.50億美元的營業利益逆風（headwind）。鑑於交易結構包含預付現金、優先股權與普通股權，將可部分抵銷獲利逆風，使其淨額對每股盈餘（EPS）的逆風約為0.35美元。

Second, we do not have an update on the expected timing of the EyeSouth retina carve-out acquisition. As a result, we would not suggest incorporating that into the models at this time. Cencora is well-positioned across our core US and international healthcare solutions segments, giving us confidence in our long-term guidance.

第二，我們對EyeSouth視網膜 carve-out 收購案的預期時程沒有更新。因此，我們目前不建議將其納入模型。Cencora在我們核心的美國與國際醫療保健解決方案部門均具備良好布局，讓我們對長期指引充滿信心。

Although I've only been the CFO for a month, I've been impressed by the strength of our talent, the clarity of our strategy, and the dedication to our purpose. As I look to fiscal 2027 and beyond, I'm excited to further Cencora's strong track record of execution and disciplined capital stewardship to drive durable shareholder value creation.

雖然我擔任CFO才一個月，但我對我們人才的實力、策略的清晰度，以及對使命的投入印象深刻。展望2027財年及之後，我很期待進一步延續Cencora強勁的執行紀錄與嚴謹的資本管理，推動可持續的股東價值創造。

Now I'll turn the call back to Bob for some closing remarks before we move to Q&A. Bob?

接下來在進入問答之前，我把電話交回給Bob做一些結語。Bob？

Thank you, Eva. To close, we were pleased with our strong third quarter performance, which supports our increased fiscal 2026 guidance as a testament to the power of our pharmaceutical-centric strategy. I look forward to closely working with Eva as we continue building upon our track record of execution, growth, and disciplined capital deployment to deliver on our long-term guidance.

謝謝你，Eva。作結，我們對第三季強勁的表現感到滿意，這也支持我們上調2026財年指引，並證明我們以藥品為核心的策略所具備的力量。我期待與Eva密切合作，持續在我們既有的執行、成長與嚴謹資本配置紀錄上再接再厲，以實現我們的長期指引。

Powered by our purpose, we continue to execute against our growth priorities and performance drivers, positioning Cencora to deliver sustainable long-term value creation. As we look ahead, we remain confident in our ability to deliver continued growth in our US and International Healthcare Solutions segments consistent with our long-term guidance, and we look forward to sharing our 2027 outlook on the November call.

在使命驅動下，我們持續落實成長優先事項與績效驅動因素，使Cencora具備交付可持續長期價值創造的定位。展望未來，我們仍有信心在美國與國際醫療保健解決方案部門持續實現與長期指引一致的成長，並期待在11月的電話會議上分享我們對2027年的展望。

We'll now open the call for questions.

我們現在開始開放提問。

(Operator Instructions)

（接線員指示）

Lisa Gill, JPMorgan.

JPMorgan的Lisa Gill。

Thanks very much, and thanks for taking the question. Good to hear your voice, Eva. Just really want to understand two things a little bit better. One, would this be the re-acceleration that we saw in the US pharma business last quarter growing roughly 6%, this quarter growing double-digits? Can you maybe just give us a little more color around what you're seeing?

非常感謝，也謝謝讓我提問。很高興聽到你的聲音，Eva。我主要想更清楚了解兩件事。第一，這是否就是我們上季在美國藥品業務看到的再加速（re-acceleration）——上季約成長6%，本季成長達雙位數？你能否多分享一些你們觀察到的情況？

And then secondly, Bob, you did reiterate on fiscal '27, you're comfortable with the long-term view. Just curious if you're comfortable with where the Street currently is, which is about 14% growth for next year. Are you saying that that's within the range or is there anything else that we need to think about beyond the two things that Eva talked about?

第二，Bob，你確實重申了對27財年的看法，你對長期觀點感到放心。我想了解你是否也對目前市場（Street）的預期感到放心，也就是明年約14%的成長。你是說這在區間內，還是除了Eva提到的兩件事之外，還有其他我們需要納入考量的因素？

Thanks for the question, Lisa, and appreciate your kind words, and I'm super excited to have joined Cencora. And I'll start with your Q3 question. We're really pleased with the performance and the execution in the quarter. On the outperformance, it was largely in the US segment with strength in our MSOs and underlying business trends in the core, with strength in specialty in both health systems as well as physician providers.

謝謝你的問題，Lisa，也謝謝你的好意，我非常興奮能加入Cencora。我先回答你關於第三季（Q3）的问题。我們對本季的表現與執行非常滿意。就超預期表現而言，主要來自美國部門：我們的MSO表現強勁，核心業務的基本趨勢也良好；專科（specialty）方面，無論在醫療體系（health systems）或醫師提供者（physician providers）端都展現強勢。

OneOncology did outperform our expectations, demonstrating the strength of their platform and its ability to attract physicians to the MSO, which we've benefited from overall distribution and GPOs for some time. Excluding the loss, as you said, of Florida cancer and the contribution from OneOncology, full acceleration from the 7% last quarter. I'll turn it over to Bob on 2027.

OneOncology的表現優於我們預期，展現其平台的實力以及吸引醫師加入MSO的能力；而我們也長期受益於整體配送（distribution）與GPO。如你所說，若排除佛羅里達癌症（Florida cancer）的流失以及OneOncology的貢獻，則相較上季7%的成長，確實呈現全面加速。我把2027年的問題交給Bob。

Hi, Lisa. Thank you for the question. And we're really excited that Eva is here with us to help us continue to execute at a very high level. On your question about 2027. So Eva gave some modeling guidance that will help everyone kind of estimate where we should be for the year. I'm not going to take it any farther than that, but I will reiterate kind of what I was meaning to say in the remarks is that we are confident in our long-term guidance and feel like our execution, the market strength and the strength of our portfolio will continue to have us within that range.

嗨，Lisa。謝謝你的提問。我們也很高興Eva加入，協助我們持續以非常高的水準執行。關於你對2027年的問題。Eva提供了一些建模指引，能幫助大家大致估算我們全年可能落點。我不會再延伸更多，但我會重申我在致詞中想表達的：我們對長期指引有信心，並認為我們的執行力、市場強度以及投資組合的實力，將使我們持續落在該區間內。

Glenn Santangelo, Barclays.

Barclays的Glenn Santangelo。

Hey, Bob, I also wanted to follow-up on the strength that you saw in the US healthcare operating profit this quarter. And to that end, I wanted to focus a bit more on the specialty business. Back in the March quarter, the company called out some weather-related disruptions. But this quarter, in the prepared remarks, you're specifically calling out RCA and OneOncology is doing better than expected, kind of implying that you've seen some re-acceleration this quarter.

嘿，Bob，我也想追問你們本季在美國醫療保健營業利益（operating profit）所看到的強勁表現。就此我想更聚焦在專科業務。回到3月那一季，公司提到一些與天氣相關的干擾。但在本季的事先準備講稿中，你們特別點名RCA與OneOncology表現優於預期，某種程度暗示本季出現再加速。

And I want to separate specialty into Part B versus Part D as I think there's a very important distinction here, and I suspect you're going to tell me that Part B is the much more meaningful driver. And so maybe could you give us a little bit of additional color here in terms of what you saw in the quarter? I think that would be helpful.

我想把專科拆分為Part B與Part D，因為我認為這裡有非常重要的差異，而且我猜你會告訴我Part B才是更關鍵的驅動因素。所以你能否就本季所見提供更多細節？我想這會很有幫助。

Glenn, thanks for the question and it is important on a lot of levels, and I appreciate the opportunity to explain. So we absolutely did call out the acceleration of the businesses in RCA and OneOnc, and the market absolutely performed well and we have these amazing platforms in RCA and OneOncology that certainly we're meeting the needs of patients through that market acceleration and we believe we'll continue to do so. And Eva can spend a little bit more time on kind of expectations and kind of where we were relative to those.

Glenn，謝謝你的問題；這在很多層面都很重要，我也很感謝有機會說明。我們確實提到RCA與OneOnc業務的加速；市場表現確實良好，而我們在RCA與OneOncology擁有很出色的平台，隨著市場加速，這些平台確實在滿足病患需求，我們也相信未來會持續如此。Eva也可以再多花一些時間談談相關預期，以及我們相對於這些預期的表現。

But I do want to spend a minute on the biosimilar part of your question and the kind of Part B versus Part D, because I do think it's important for everyone to understand how we think about it. I'll start with Part B and well, maybe I'll start with biosimilar for cost. They're good for patient access. And so anywhere in our business, it's an incremental positive from profit standpoint.

不過，我確實想花一點時間談談你問題中關於生物相似藥的部分，以及B部分與D部分之間的差異，因為我認為讓大家理解我們如何看待這件事很重要。我先從B部分開始，嗯，也許我先從生物相似藥的成本面談起。它們有助於病患取得治療。因此在我們的任何業務中，從獲利角度來看，這都是一個增量的正面因素。

And Part D, it's less so because we provide less services, less wraparound services in the Part D space when a product goes from an innovator brand to a biosimilar. And as we saw last quarter with our large mail order customer, that may be insourced. And so then we have the revenue decrease, but not a meaningful profit increase.

而在D部分就沒那麼明顯，因為當產品從原研品牌轉為生物相似藥時，我們在D部分領域提供的服務較少、周邊配套服務也較少。而且正如我們上季在大型郵購客戶身上看到的，那部分可能會被客戶收回自營（insourced）。因此我們的營收會下降，但獲利並不會有顯著增加。

So when we think about the Part D space, biocylinders are good, incrementally positive. For Part B, it's much more important, as you alluded to, and that is because the Part B buy and bill infusion space, which is where our MSOs, where our distribution and GPOs have such a long history of supporting physicians.

所以當我們看D部分領域時，生物相似藥是好的，帶來增量的正面影響。至於B部分，正如你提到的，它重要得多，原因在於B部分的「買入並開立帳單」（buy and bill）輸注治療市場，這正是我們的MSO、我們的配送與GPO長期以來支持醫師的領域。

And within that history, and I talked about distribution GPO and the MSO, and when we talk about wraparound services, those are all the things that we do to support those products coming to market from a physician perspective, I mean, from a manufacturer perspective, and then support the physicians in understanding how they may choose to use those products. So that's therefore there's a larger profit opportunity because we play a bigger role in how they're assessed and utilized.

在這段歷史中，我談到配送、GPO與MSO；當我們談到周邊配套服務時，那就是我們為了從醫師端——我是說從製造商端——支持這些產品上市所做的一切，並進一步協助醫師理解他們可能如何選擇使用這些產品。因此，獲利機會更大，因為我們在它們如何被評估與使用上扮演更重要的角色。

So we should think, again, kind of all the way back, biosimilars are good for Cencora, Part D much less so, but still good, even though we'll have a revenue pressure from time to time with those switches, but Part B will always be good and we feel very confident about the durability of that over the long-term.

所以我們應該這樣看：回到最根本，生物相似藥對Cencora是有利的；D部分的利多小得多，但仍然是利多，即使這些轉換有時會帶來營收壓力；但B部分永遠是利多，而且我們對其長期的持久性非常有信心。

Eva, why don't you go ahead?

Eva，你接著說吧？

Just to add on the utilization trends, right, we did see a sequential rebound in the utilization trends from the March quarter, strong sales in specialty products, as I said previously, to health systems and physician providers. Oncology clearly is the larger, but retina also contributed to that sequential improvement.

補充一下使用量趨勢：沒錯，我們確實看到相較於3月季度，使用量趨勢出現連續性的回升；如我先前所說，專科產品對醫療體系與醫師提供者的銷售強勁。腫瘤科顯然是較大的部分，但視網膜領域也對這次的連續改善有所貢獻。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Hi, guys. Thank you so much for the question and welcome, Eva. Nice to hear you on the call. Could you talk about the operational improvements you're seeing in the OneOncology business and sort of where do you think you are in the integration efforts and sort of how do we think about this to help us understand the sustainability of that above-average growth rate going forward?

嗨，各位。非常感謝讓我提問，也歡迎你加入，Eva。很高興在電話會議上聽到你的聲音。你們能否談談在OneOncology業務中看到的營運改善，以及你們認為整合工作目前進展到哪個階段？另外，我們應該如何看待這些因素，以幫助我們理解未來這種高於平均的成長率是否具可持續性？

Hi, Elizabeth. It's Bob. I'll start that, and then I'll hand it over to Eva. So as we've explained, there really are three phases to the value creation thesis that we have for the MSOs. One is the integration of those MSOs into Cencora. So we have significant progress on our CA, good progress on OneOncology, and that's working very well. So the value that Cencora can provide to those businesses we're providing, and as we've talked about, you're seeing the results of their performance.

嗨，Elizabeth。我是Bob。我先回答，然後再交給Eva。如同我們先前說明的，我們對MSO的價值創造論點其實分為三個階段。第一個是把這些MSO整合進Cencora。我們在CA方面已取得顯著進展，在OneOncology方面也有良好進展，而且運作得非常順利。因此，Cencora能為這些業務提供的價值，我們正在提供；正如我們所談到的，你也看到了它們績效的成果。

The second phase is where we will share capabilities across the platform and the example that we've used throughout is the clinical trial space and I would say we're still early days there and kind of that Phase 2 of sharing capabilities on track. We feel good about where we are, but still early days there.

第二個階段是我們會在平台之間共享能力；我們一直舉的例子是臨床試驗領域。我會說我們在這方面仍屬早期階段，而這個「第二階段」的能力共享正按計畫推進。我們對目前的進度感到良好，但仍然是早期階段。

And then the third phase is where we will be developing new services. So the excellent capabilities that we have at Cencora and from a corporate standpoint and then also within the MSOs of RCA and OneOncology where we'll build new solutions for both physicians and for pharmaceutical manufacturers. So you can think about analytics type solutions and insights that we'll be providing.

第三個階段是我們將開發新的服務。也就是我們在Cencora從公司層面所具備的卓越能力，以及在RCA與OneOncology這些MSO內部的能力，我們將為醫師與製藥製造商打造新的解決方案。你可以把它想成我們將提供分析型解決方案與洞察。

But that's in the future and then in Phase III and all of that is underpinned by the continuous addition of physicians to both platforms and those additions come in the form of tuck-ins that will happen within either and both of the platforms and it also happens with individual physicians joining the platform, whether they're recently out of fellowship or moving from another side of care to the community setting.

但那是在未來、也就是第三階段；而這一切的基礎，是持續把醫師加入兩個平台。這些新增主要來自於「補強式併購」（tuck-ins），可能發生在任一或兩個平台內；也包括個別醫師加入平台，不論他們是剛完成專科訓練（fellowship），或是從其他照護場域轉到社區端。

So all of that is working well. I would say we're on track. You see the results of that. But still early days in terms of the value creation that we believe that we can create. And I'll hand it over to Eva.

所以整體運作都很順利。我會說我們進度符合預期。你也看到了這些成果。但就我們相信能創造的價值而言，仍然是早期階段。我把時間交給Eva。

Great. Thanks, Bob, and good morning to you as well, Elizabeth. As Bob said and I said earlier, both OneOncology and RCA continue to perform well and we're very pleased with these platforms. I'll go a little deeper on OneOncology. As you think about it on a 12-month basis, we continue to expect OneOncology to be neutral from an adjusted earnings per share net of financing.

很好。謝謝你，Bob，也早安，Elizabeth。如Bob所說、我先前也提到，OneOncology與RCA都持續表現良好，我們對這些平台非常滿意。我會更深入談OneOncology。以12個月的基礎來看，我們仍預期OneOncology在扣除融資後，對調整後每股盈餘（adjusted EPS）的影響為中性。

I would also note, as we continue to evaluate OneOncology's accounting for its UUG subsidiary as it relates to non-controlling interest, in the third quarter, we determined that there should not be a non-controlling loss add-back to net income. There was no impact to operating income from this change. It's a complex area. So, looking beyond this pretty modest accounting item, overall, OneOncology operating income is modestly better than our initial expectations.

我也要指出，隨著我們持續評估OneOncology就其UUG子公司在非控制性權益（non-controlling interest）方面的會計處理，我們在第三季判定，不應將非控制性損失加回至淨利。這項變更對營業利益沒有影響。這是一個複雜的領域。因此，撇開這個相當小的會計項目不談，整體而言，OneOncology的營業利益比我們最初的預期略好一些。

Allen Lutz, Bank of America.

Allen Lutz，美國銀行。

Good morning and thanks for taking the questions. I want to follow-up on the strength in the US Healthcare Solutions business. I think if we look at the sequential improvement in growth, you talked about, well, obviously weather was an impact in 2Q. I think if you X that out, the rebound was maybe a little bit stronger than we expected. Is there anything else to call out as you think about the pockets of strength from your fiscal 2Q? Were that calendar 1Q quarter going in the calendar 2Q.

早安，謝謝讓我提問。我想追問美國醫療解決方案（US Healthcare Solutions）業務的強勁表現。我想如果我們看你提到的連續性成長改善，顯然第二季天氣因素有影響。如果把那個因素排除，這次反彈可能比我們預期的更強一些。當你回顧你們會計年度第二季（fiscal 2Q）——也就是日曆年度第一季、進入日曆年度第二季之前——是否還有其他值得點出的強勢區塊？

Was there any one-time dynamic around the IRA that impacted 1Q that is now normalized? Trying to understand if there's anything there that was maybe one time in that calendar 1Q that may be abating now and then just going on in 340B, have any impact on your business?

是否有任何與IRA相關的一次性動態影響了第一季，而現在已經正常化？我想了解日曆年度第一季是否有什麼可能屬於一次性的因素，而現在正在消退；另外在340B方面，是否對你們的業務有任何影響？

Yeah, thanks for the question. For fiscal quarter Q2 to Q3, really the driver of the acceleration was the underlying strength in the utilization as we called out relative to the prior quarter. I would also note, as you look forward to Q4, our Q4 implied guidance also implies strong double-digit growth across our reportable segments. And as you think about that in the US, will have fully lapped the OneOncology customer loss and will have an easier expense comp.

好的，謝謝你的問題。從會計年度第二季到第三季，成長加速的主要驅動因素，確實是我們所提到的使用量相較前一季的基本面走強。我也要補充，展望第四季，我們對第四季的隱含指引也意味著在各可報告部門（reportable segments）都將維持強勁的兩位數成長。而就美國業務而言，屆時我們將完全跨過（fully lapped）OneOncology客戶流失的影響，且費用比較基期也會更容易。

But when excluding OneOncology, we expect to see the strongest organic growth of the year at the midpoint of our guidance. So just underlying continued momentum of the business, strength in international as well. And I'll turn it over to Bob for the 340B.

但若排除 OneOncology，我們預期在指引中位數下，將看到今年最強勁的有機成長。也就是說，業務基本面持續的動能，以及國際市場同樣的強勁表現。接下來我把時間交給 Bob 談 340B。

Thanks for the questions. And I just want to reiterate what Eva was saying with the ramp is happening just as we planned. So as we talked about the second quarter being our lowest growth quarter, which it was, and we talked about the ramp that we had in the second half of the year and got a lot of terrific questions about how we were going to do that. But as you heard, we had a lot of confidence. It was mechanical, not aspirational and we continue to see the opportunities there.

謝謝提問。我也想重申 Eva 剛才提到的，爬坡進展正如我們規劃。因此如同我們談到的，第二季是我們成長最低的一季（確實如此），而我們也談到下半年會有一段爬坡，並收到很多很棒的問題，詢問我們要如何做到。但如各位所聽到的，我們非常有信心。這是機械式的推進，而非願景式的期待，我們也持續看到其中的機會。

On 340B, Allen, as there's recently been guidance on the 340B program test that will be out there. We're still assessing it. We, as we stay very close to all things policy spend a lot of time in Washington. So we will participate in continuing to monitor, talking to regulators and legislators about potential unintended consequences. And our focus on all these discussions is always patient access and having the most efficient access to care. Thank you for the question.

關於 340B，Allen，近期針對 340B 計畫測試已有相關指引將會公布。我們仍在評估中。我們一向密切關注所有政策相關事項，也在華盛頓投入大量時間。因此我們會持續參與監測，並與監管機關與立法者溝通可能的非預期後果。而我們在所有這些討論中的重點，始終是病患可近性，以及以最有效率的方式取得照護。謝謝你的提問。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Yeah, thanks for taking questions and Eva, great to hear you again. Bob, when you talked about OneOncology earlier, you talked a little bit about opportunities, particularly in research and clinical trials. I think that's maybe -- maybe can you talk a little bit about how much of that is already being done by OneOncology. Maybe how much of revenues or maybe some qualitative estimate of how important that is today and how mature is that as an opportunity for OneOncology because is this maybe are we still like in early innings and how big of an opportunity do you think that could really be?

是的，謝謝讓我提問，Eva，也很高興再次聽到你。Bob，你先前談到 OneOncology 時，提到一些機會，特別是在研究與臨床試驗方面。我想也許——也許你能談談 OneOncology 目前已經在做多少這方面的工作。也許以營收占比，或用一些定性的方式估計，這件事在今天有多重要，以及對 OneOncology 來說這個機會成熟度如何；因為這是否仍像是在早期階段？你認為這可能會是多大的機會？

Hey, Charles, thank you for the question. I'll connect OneOncology and RCA together and kind of the answer of what inning we're in, it varies depending on which part of the MSO platform that you are. So one, as we expand the clinical trial business within the MSOs, it's an absolute driver of profitability and growth.

嗨，Charles，謝謝你的提問。我會把 OneOncology 和 RCA 連在一起回答，至於我們處於哪一局，會因你所指的 MSO 平台的不同部分而有所差異。首先，當我們在 MSO 內擴展臨床試驗業務時，這絕對是獲利能力與成長的驅動因素。

RCA is mature in the space, so they built a significant, well-respected platform that pharmaceutical manufacturers depend on when getting clinical trials done in the retina space. There is meaningful clinical trial activity within OneOncology, but there is significant opportunity for growth. So I would say to use your innings analogy, I think we're kind of in the later innings of the build-out of RCA.

RCA 在這個領域已相當成熟，因此他們建立了一個規模可觀、備受尊敬的平台，製藥廠在視網膜領域執行臨床試驗時會依賴它。OneOncology 內部確實已有相當程度的臨床試驗活動，但仍有顯著的成長空間。所以若用你「第幾局」的比喻，我認為 RCA 的建置大概已進入後段局數。

Now remember, the growth continues because products are always coming for clinical trials. So that doesn't mean that the growth slows, but the maturity of the build-out is in the latter innings. In OneOncology, it's in the earlier innings, which is why we have so much optimism about the opportunity. Obviously, the amount of iInnovation in the oncology space and the need for clinical trial support will only continue to grow and will be a great source of that.

但請記得，成長仍會持續，因為臨床試驗的產品總是源源不絕。因此這不代表成長會放緩，而是建置成熟度已在後段局數。至於 OneOncology，則仍在前段局數，這也是我們對這個機會如此樂觀的原因。顯然，腫瘤領域的創新量，以及對臨床試驗支援的需求，只會持續增加，而這將會是很重要的來源。

And just to add, and this is true for RCA and N1 Oncology, the community oncology, community specialty physician side of care, we talk about as being the most cost-effective side of care in almost all cases, but it's also the most accessible side of care. So having meaningful clinical trial access within the community physician space means that more patients will have access to those trials, which is really important for their healthcare and also for the accrual of the trials, which is one of the biggest challenges that the manufacturers have. Thank you for the question.

再補充一點，這對 RCA 與 N1 Oncology 都適用：社區腫瘤、社區專科醫師端的照護，我們常說在幾乎所有情況下都是最具成本效益的一端，但同時也是最容易取得的一端。因此，在社區醫師端提供有意義的臨床試驗可近性，代表更多病患能參與這些試驗，這對他們的醫療照護非常重要；同時也有助於試驗收案（accrual），而收案正是製藥廠面臨的最大挑戰之一。謝謝你的提問。

George Hill, Deutsche Bank.

George Hill，德意志銀行。

Good morning, guys. Thanks for taking the question. And Eva, again, welcome back to the Healthcare Services space. I guess I have kind of two quick ones I'd like to bounce through is, number one, on the world courier and the 3PL business. It seems like there's been a step-up in competitiveness in that market over the last 12 months. Would just appreciate if you could comment on anything you've seen there.

各位早安。謝謝讓我提問。Eva，也再次歡迎你回到醫療服務領域。我有兩個簡短問題想快速帶過：第一個是關於 World Courier 與 3PL 業務。看起來過去 12 個月這個市場的競爭強度有所提升。想請你評論一下你們觀察到的情況。

And then as it relates to kind of the Q4 guidance, and as it relates to specialty and oncology with the pricing dynamics, there also seems to be a little bit of a dollar-based slowdown in the market given drug pricing and a little bit of a utilization slowdown. Just would be interesting in any if kind of a slowdown in the oncology market is weighing on kind of the Q4 results and the Q4 guidance in the US business.

第二個是關於第四季指引，以及專科與腫瘤領域的定價動態：由於藥價因素，市場似乎出現一些以美元計的放緩，使用量也有些放緩。想了解一下，腫瘤市場的放緩是否正在拖累美國業務第四季的結果與第四季指引？

Hey, George, I'll take the first-party question, then I'll hand over to Eva for the second. So we are really well positioned in the specialty logistics and 3PL space. So remembering, and you know well, George, our World Courier business is the highest and specialized logistics services for pharmaceutical manufacturers, primarily with clinical trials and we have differentiated capabilities that have been there over a long period of time.

嗨，George，我先回答第一個問題，接著把第二個交給 Eva。我們在專科物流與 3PL 領域的定位非常好。請記得——你也很清楚，George——我們的 World Courier 業務為製藥廠提供最高端、最專業的物流服務，主要用於臨床試驗，而且我們長期以來就具備差異化能力。

Within our 3PL business, the European part of the 3PL business came with the Alliance Healthcare acquisition. We have a US-based part of that business called ICS who also have very specialized capabilities for specialty product movement. So I start with our capabilities and that leads to differentiation because, George, there certainly are other players who are building healthcare 3PL logistics capabilities, very credible players.

在我們的 3PL 業務中，歐洲的 3PL 部分是隨 Alliance Healthcare 併購而來。我們在美國也有一部分業務稱為 ICS，同樣具備非常專業的專科產品運輸能力。所以我先從我們的能力談起，而這些能力帶來差異化；因為，George，確實也有其他業者正在建立醫療 3PL 物流能力，而且都是非常可信的競爭者。

We play at a higher end of those services and also find that the pharmaceutical manufacturers often prefer someone who is health pharmaceutical focused and we talk about our pharmaceutical centric strategy that also is true for our 3PL and specialty logistics. So when we're talking to pharmaceutical manufacturer, we're talking about capabilities, but also our expertise in the pharma channel, which allows us to compete very well, even though there are well-known credible competitors in the space we continue to grow. And I'll hand it over to Eva.

我們提供的是更高階的服務，同時也發現製藥廠往往偏好專注於醫療與製藥的合作夥伴；我們所說的以製藥為中心的策略，同樣適用於我們的 3PL 與專科物流。因此當我們與製藥廠溝通時，談的不只是能力，還包括我們對製藥通路的專業理解，這讓我們即使面對這個領域知名且可信的競爭者，仍能有很強的競爭力並持續成長。接下來交給 Eva。

So good morning, George, and nice to hear your voice again. Listen, we've seen good utilization trends in specialty, including oncology, as part of the market that we saw consistent growth throughout Q3, and it's continued to be a long-term growth driver. As you see by our implied 4Q guidance, right, there's a sequential improvement. The US performing the strongest organic growth in the segment at the midpoint of our guidance. So we're pleased with the underlying performance and the trends we're seeing.

George，早安，也很高興再次聽到你的聲音。聽著，我們在專科（包含腫瘤）看到良好的使用量趨勢；就我們在第三季所見，市場整體維持一致的成長，而且它也持續是長期成長的驅動因素。從我們隱含的第四季指引來看，對吧，呈現逐季改善。在我們指引中位數下，美國在該分部的有機成長表現最強。因此我們對基本面表現以及所看到的趨勢感到滿意。

Kevin Caliendo, UBS.

Kevin Caliendo，瑞銀。

Thanks for taking my question. And Eva, good to hear from you again. My question is around some of the proposed changes in the ASP rules that came out recently and just how you're thinking about it or how we should think about it as a potential risk going forward or not a risk at all. Have you sort of explored how this might change ASPs and how to think about that for your MSO business or your GPO and if there's any way to sort of quantify it at this point?

謝謝讓我提問。Eva，也很高興再次聽到你。我的問題是關於近期提出的一些 ASP 規則擬議變更，以及你們如何看待它，或我們應如何將其視為未來的潛在風險，或根本不是風險。你們是否已經評估這可能如何改變 ASP，以及對你們的 MSO 業務或 GPO 應如何思考；目前是否有任何方式可以量化其影響？

Hi, Kevin. Thank you for that important question. So yeah, we spend a lot of time evaluating and studying all of the policy ideas that are out there and how that may or may not impact ASP risk. And where we land in all cases is that the policies that are under consideration or being tested are not intended to impact physician reimbursement.

嗨，Kevin。謝謝你提出這個重要的問題。所以是的，我們花了很多時間評估並研究目前所有的政策構想，以及這些構想可能或不可能如何影響ASP風險。而我們在所有情況下的結論是，目前正在考量或測試中的政策，並非意在影響醫師報酬。

I've talked about today, we talk about often the community physician being the most accessible and the lowest cost side of care and any policy that would negatively impact those physicians would impact their ability to care for patients and therefore decrease access for patients to those important physicians. So that's what we -- when we're in Washington, those are the types of things that we talk about. And it's all about patient access and cost effectiveness within the healthcare system, which is where these community specialists really differentiate.

我今天也提到、我們也經常談到，社區醫師是最容易取得、且照護成本最低的一端；任何會對這些醫師造成負面影響的政策，都會影響他們照護病人的能力，進而降低病人對這些重要醫師的可近性。所以這就是我們——當我們在華盛頓時——會談論的重點。一切都圍繞在病人可近性與醫療體系內的成本效益，而這正是這些社區專科醫師真正能夠差異化的地方。

So how that plays through is you see things like in the globe demonstration project that any discounts that are paid from the manufacturer to the government actually are not going to flow through reimbursement for impact ASP. They're going to be adjudicated in a direct payment from the manufacturer to the government. So that is recognition that the policymakers understand the risk to impacting community physician reimbursement. I think it also demonstrates the fact that they do not want to do that and they're therefore testing an alternate mechanism.

所以在實務上，你會看到像是「Globe示範專案」這類案例：製造商支付給政府的任何折扣，實際上不會透過報銷機制流入、也不會影響ASP。它們將以製造商直接付款給政府的方式進行核付。這反映出政策制定者理解影響社區醫師報酬所帶來的風險。我認為這也顯示他們不希望那樣做，因此正在測試替代機制。

So Kevin, it's an important question. It's something that we spend a lot of time on, but we do feel confident that as this plays out and as we get to 2028 in particular with IRA and Part B that the reimbursement to physicians will not be negatively impacted. Thanks for the question.

所以Kevin，這是個重要的問題。我們確實投入很多時間在這上面，但我們有信心，隨著這些措施推進，尤其是到2028年、在IRA與Part B的情境下，醫師的報銷不會受到負面影響。謝謝你的提問。

Erin Wright, Morgan Stanley.

Erin Wright，Morgan Stanley。

Great. Thanks. I have a quick two-parter. So just in the context of what you were just talking about with the ASP changes in pricing dynamics from a regulatory perspective, do you anticipate that in that context you can still invest more and lean more into the MSO businesses? I know there's not much left to do in oncology world on MSO side, but otherologies in the context of everything from a regulatory perspective, is the biosimilar opportunity there, for instance, disproportionately greater in some of those certain areas?

很好。謝謝。我有個簡短的兩段式問題。就你剛才談到的、從監管角度看ASP變動對定價動態的影響而言，你是否預期在那樣的背景下，你們仍能加大投資、並更聚焦於MSO業務？我知道在腫瘤領域的MSO端已經沒有太多可做，但在其他專科領域、從監管角度的整體背景下，例如生物相似藥的機會，是否在某些領域會不成比例地更大？

Just quickly, Eva, looking forward to working with you again. Since you've come on board, I guess, any surprises, how do you think about how any changes in terms of the philosophy around guidance or capital deployment? We're already going through some rightsizing across the Cencora business with some divestitures, but how do you think about the commitment to the various parts of the business, the mix of the business today at this juncture?

再快速問一下，Eva，很期待再次與你合作。自從你加入之後，我想問有沒有任何讓你意外之處？你如何看待在指引理念或資本配置方面可能的任何變化？我們已經在Cencora業務中透過一些剝離進行規模調整，但在這個時間點，你如何看待對公司各個業務板塊的承諾，以及目前業務組合的配置？

Hi Erin, thanks for the question. I'll take the ASP and MSO question and then I'll obviously hand it to Eva for your question to her. So yeah, we feel confident in the long-term outlook for the community physician space, and that includes reimbursement over the long-term. So we do intend to continue to invest in the MSO space. I'll note that our intention is to really focus on tuck-in acquisitions for RCA in the retina space, M1 oncology and the oncology space.

嗨Erin，謝謝你的問題。我先回答ASP與MSO的問題，然後我會把你問Eva的問題交給她。所以是的，我們對社區醫師領域的長期前景很有信心，其中也包括長期的報銷。因此我們確實打算持續投資MSO領域。我也要補充，我們的意圖是，主要聚焦於在視網膜領域對RCA進行補強型併購（tuck-in acquisitions），以及在腫瘤領域對M1 Oncology進行補強型併購。

As it pertains to other ologies, we're very happy to service all specialty products in whatever side of care that they're intended to go and our portfolio of services and customers allows us to do that. But in terms of MSO investment, we intend to stay pharmaceutical-centric. So right now, oncology and retina are the only two specialties that we view as pharmaceutical-centric per our assessment. And so you wouldn't see us getting into other disease states in terms of MSOs.

至於其他專科領域，我們很樂意在產品預期進入的任何照護場域中，為所有專科產品提供服務；而我們的服務與客戶組合也讓我們能做到這點。但就MSO投資而言，我們打算維持以藥品為核心（pharmaceutical-centric）。因此目前依我們的評估，腫瘤與視網膜是我們認為以藥品為核心的兩個專科。所以你不會看到我們在MSO方面進入其他疾病領域。

And then I would say you never say never, right? Because there could be in the future an area where it would make sense. It would be more pharmaceutical-centric. It would be specialty physician administered. And that is a place that we certainly would look to lead when that happens. But we don't see anything in the near term. So our focus is on accretive tuck-in acquisitions within the retina and oncology space. Thanks for the question. I'll hand it over to Eva.

另外我會說，永遠不要說永遠，對吧？因為未來可能會出現某個領域是合理的。它會更以藥品為核心。它會是由專科醫師施用（physician administered）的專科治療。若那樣的情況發生，這確實是我們會希望領先投入的地方。但短期內我們看不到這樣的機會。所以我們的重點仍是，在視網膜與腫瘤領域進行具增益性的補強型併購。謝謝你的提問。我把時間交給Eva。

Great. Good morning, Erin. Thanks for the question. On the guidance question, I'll start with my philosophies on guidance. I set guidance based on a discipline, internal process reflective of the businesses, our expectations of the business. And I'm supported by an amazing team here, long tenured, with deep expertise in this business. I will look to continue Cencora's long track record of delivering or exceeding expectations.

很好。早安，Erin。謝謝你的問題。關於財測指引（guidance）這題，我先談我對指引的理念。我會依據一套嚴謹、反映各項業務與我們對業務預期的內部流程來設定指引。而我也有一個非常出色的團隊支持我，團隊資歷深、對這門生意有深厚專業。我會延續Cencora長期以來達成或超越市場預期的紀錄。

Now moving to capital deployment priorities. Overall, Cencora has had a great capital allocation strategy that's honestly allowed it to continue to invest in key growth initiatives while returning capital to shareholders. So our capital deployment strategy remains focused on internal investments in the business, strategic M&A, opportunistic share repurchase, as we just did in the third fiscal quarter, and maintaining a reasonable and growing dividend. So overall, I want to build on the framework to enhance our flexibility to invest in the business and drive shareholder value.

接著談資本配置優先順序。整體而言，Cencora一直有很好的資本配置策略，坦白說，這讓公司能持續投資於關鍵成長計畫，同時回饋股東。因此我們的資本部署策略仍聚焦於：對業務的內部投資、策略性併購（M&A）、機會型庫藏股回購（就像我們在第三財季所做的），以及維持合理且逐步成長的股利。總體來說，我希望在既有框架上再加強，以提升我們投資業務的彈性並創造股東價值。

And Erin, I'll just add, I mentioned in my prepared remarks how excited I am to work closely with Eva and you just heard one of the reasons why. So our philosophies in terms of how this will go forward or are very aligned to how we've done things in the past and our performance and financial discipline has allowed us to have excellent performance and continue to implement and expand our strategy. So I'm looking forward to continuing to work with Eva to do that. Thanks for the question.

Erin，我再補充一下，我在事先準備的發言中提到我有多期待能與Eva密切合作，而你剛剛也聽到其中一個原因。所以我們對於未來如何推進的理念，與我們過去的做法高度一致；而我們的績效與財務紀律也讓我們能有優異表現，並持續落實與擴展我們的策略。因此我很期待能繼續與Eva合作來做到這些。謝謝你的提問。

Eric Coldwell, Baird.

Eric Coldwell，Baird。

Thanks very much. Most of the more important stuff was covered, but two quick ones if I might. First, just if I missed it, the held for sale accounting benefit in the other segment, if you could quantify that for us would be great. And then on GLP-1 sales, I know you said they were up $2.3 billion year-over-year. That looks like low to mid 20% growth, maybe up low double-digits quarter-over-quarter. I'm curious how that stacked up versus your expectations. And then if you have any thoughts on the GLP-1 Bridge program with Medicare. Thanks very much.

非常感謝。大部分比較重要的內容都已經涵蓋了，但如果可以的話我有兩個簡短問題。第一個，如果我漏聽了，其他事業部（other segment）中「持有待售」（held for sale）的會計處理帶來的利益，能否幫我們量化一下？第二個關於GLP-1銷售，我知道你說年增了23億美元。看起來大約是低到中20%的成長，季增可能是低雙位數。我想了解這與你們的預期相比如何。另外你們對於與Medicare相關的GLP-1 Bridge計畫是否有任何看法。非常感謝。

Yeah. Good morning, Eric. On your held for sale, the benefit of the accounting impact, the majority of the growth in the other segment was driven by the held for sale accounting, underlying MWI delivered about 10% growth and drove the change to our outlook for the year. In terms of the GLP-1s up 25%, that was generally in line with our expectations.

是的。早安，Eric。關於你提到的持有待售、也就是會計影響所帶來的利益，其他事業部的大部分成長是由持有待售的會計處理所驅動；MWI的基本面約帶來10%的成長，並推動了我們對全年展望的調整。至於GLP-1成長25%，整體而言大致符合我們的預期。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗。

Thanks for taking the question. I want to switch over to the international side a little bit, particularly the European distribution for the past few quarters now. I was hoping you could give us a little bit more color on which geographies or therapeutic categories are driving this growth. Is it fraud-based or concentrated in any specific market or area?

感謝讓我提問。我想稍微轉到國際業務這一側，特別是過去幾個季度的歐洲分銷。我希望您能多提供一些細節，說明是哪些地理區域或治療領域在推動這項成長。這是由詐欺所驅動，還是集中在任何特定市場或區域？

And perhaps more importantly, as we think about fiscal '27, are there any, apart from it being a more difficult comp period, are there any things we should be aware of heading into fiscal '27 on European distribution?

也許更重要的是，當我們思考 2027 財年時，除了因為比較基期更具挑戰之外，針對歐洲分銷，在進入 2027 財年前是否還有任何我們需要留意的事項？

So just -- you cut out there a little bit in the beginning. So I'm going to repeat the question for the benefit of everyone on the call, which it sounded to me as though you're asking. So the past couple of quarters, after the first quarter, we've had higher-than-expected performance out of the international segment. What are some of the drivers within that segment? And obviously, we called out the European distribution, but Eva, if you could kind of speak to some of those year-over-year drivers in the international segment?

所以——你一開始那段有點斷訊。因此我會為了讓所有與會者都能理解而重述問題，聽起來你是在問：過去幾個季度，在第一季之後，我們的國際部門表現高於預期。該部門內有哪些驅動因素？而且我們特別提到了歐洲分銷，但 Eva，如果你能談談國際部門一些年對年成長的驅動因素？

Sure, thanks for repeating the question. And Daniel, thanks for the question. In our European business, it continued to benefit from the timing of manufacturer price increases in developing market country consistent with previous quarters. Now, we wouldn't expect that impact in Q4 given some of the timing changes.

好的，謝謝你重述問題。Daniel，也謝謝你的提問。在我們的歐洲業務中，持續受惠於開發中市場國家製造商調價的時點因素，這與前幾個季度一致。不過，考量到時點變動，我們不預期這項影響會在第四季出現。

In our specialty logistics business, I think Bob hit on this a little earlier, both World Courier and the European 3PL businesses delivered double-digit operating income growth. In 3PL, we had strong renewals. We've been focused on growing our price pipelines that have supported new business wins. And in World Courier, the business saw good momentum following a challenging market in fiscal '25, and the business continues to position itself for continued growth as the market has stabilized.

在我們的專業物流業務方面，我想 Bob 先前已稍微提到，World Courier 與歐洲 3PL 業務的營業利益都實現了雙位數成長。在 3PL 方面，我們有強勁的續約表現。我們一直專注於擴大我們的定價管線，這也支持了新業務的贏單。而在 World Courier 方面，該業務在 2025 財年市場艱困之後出現良好動能，且隨著市場趨於穩定，該業務也持續為未來成長做好布局。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Thank you, Bob, and welcome, Eva. Question relative to the 340B comment earlier. One of your peers in the drug channel commented today that it is a headwind to a business that is more focused on the TPAs and contract pharmacy. Could you remind us your business, the focus on covered entities and on pharma, what you are doing in 340B and what your value prop is to various participants?

謝謝你，Bob，也歡迎 Eva。問題是關於先前提到的 340B。你們在藥品通路的某位同業今天評論說，對於更聚焦於 TPA 與合約藥局的業務而言，這是一項逆風。能否請你提醒我們：你們的業務在 340B 上對受涵蓋實體（covered entities）與藥廠的聚焦為何、你們在 340B 做些什麼，以及你們對各參與方的價值主張是什麼？

Eric, thank you for the question, and I would just answer that with just we have such a broad portfolio of customers who are all providing amazing care for patients and their stakeholders. And so, if something were to go through and be implemented, there would be different impacts to different parts of the business, which we haven't really spoken to, but I wouldn't assume that that's all negative.

Eric，謝謝你的提問。我會這樣回答：我們擁有非常廣泛的客戶組合，他們都在為病患及其利害關係人提供卓越的照護。因此，如果某些事項真的推進並被落實，對業務不同部分會有不同影響；我們其實沒有深入談到，但我不會假設那全都是負面的。

I think there would be puts and takes potentially and we're still obviously assessing what could be and until there's something implemented, we wouldn't necessarily size it.

我認為可能會有一些利弊權衡，而我們顯然仍在評估可能的情境；在尚未有任何措施落地之前，我們也不一定會去量化其影響。

Michael Cherny, Leerink.

Michael Cherny，Leerink。

Good morning. Thanks for taking the question and Eva, welcome back as well. Maybe just one quick question on the current market landscape. Obviously, you talked about some of the dynamics with your large mail customer, your other large customers gone through an ownership transition. As you think about your current customer construct, is it in a place that you want it to be? And are there any significant renewals, moves, anything outside the norm relative to the market that you're currently exploring or within your purview?

早安。謝謝讓我提問，也歡迎 Eva 回歸。我想就目前市場格局快速問一題。顯然你們談到與大型郵寄客戶相關的一些動態，另外你們其他大型客戶也經歷了所有權轉換。當你們思考目前的客戶組合時，它是否已在你們希望的位置？以及就你們目前正在探索或掌握的範圍內，是否有任何重大的續約、變動，或相對於市場常態而言的特殊事項？

Hey, Michael. Thanks for the question. Yes, we are very happy with our customer portfolio. And as I just said, it's very broad. We have a significant presence in really all sites of care. And our goal, as I said before, is to support patient access, and we're supporting pharmacies and physicians and other providers kind of wherever the patient needs care, Cencora will be making sure that that customer has the product at the right time and at the right price. So we're happy with that. Our relationships with our large customers and our small customers are good and nothing to call out in terms of renewals. Thanks for the question.

嗨，Michael。謝謝你的提問。是的，我們對客戶組合非常滿意。而且如我剛才所說，它非常多元。我們在幾乎所有照護場域都有顯著布局。我們的目標，如我先前所說，是支持病患可近性；我們也在病患需要照護的任何地方支持藥局、醫師及其他提供者，Cencora 會確保該客戶能在正確的時間、以正確的價格取得產品。因此我們對此很滿意。我們與大型客戶及小型客戶的關係都很好，續約方面沒有特別需要提出的事項。謝謝你的提問。

This concludes our Q&A session. I will now turn the call back to Bob Mauch for closing remarks.

問答環節到此結束。接下來我將把電話交回 Bob Mauch 作結語。

Thank you. Thanks, everyone, for joining. We're proud of the strong results that we've posted today and our opportunistic repurchase of $1 billion in the quarter. Cencora is delivering on our long-term track record of execution. We're well positioned by a robust specialty business and broad-based scale and solutions. We have confidence in our talent, our value proposition, end-to-end in healthcare solutions, and our ability to continue driving long-term value for all stakeholders. Thanks, everyone, very much.

謝謝。感謝各位參與。我們對今天公布的強勁成果，以及本季把握時機回購 10 億美元股票感到自豪。Cencora 正在延續我們長期以來的執行紀錄。憑藉強健的專科業務，以及廣泛的規模與解決方案，我們已做好良好布局。我們對我們的人才、我們的價值主張、端到端的醫療保健解決方案，以及持續為所有利害關係人創造長期價值的能力充滿信心。非常感謝各位。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。