Cencora, Inc. (COR) 2026 Q4 法說會逐字稿

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

各位好。感謝各位加入我們，歡迎參加 Cencora Inc. 2026 會計年度第四季財報電話會議。（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 fourth quarter and full year results. I am Bennett Murphy, Senior Vice President, Investor Relations and Enterprise Productivity. Joining me today are Bob Mauch, President and CEO; and 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，一同討論 Cencora 2026 會計年度第四季及全年業績。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，以及執行副總裁兼財務長 Eva Boratto。

On today's call, we'll be discussing non-GAAP financial measures. Reconciliations of these measures to GAAP are provided in today's press release, which is available on our website at investor.incor.com. We've also posted a slide presentation to accompany today's press release on our investor website. Alongside these materials, we are providing recast financials in our new segments for fiscal 2025 and fiscal 2026 in Form 8-K that will also be available on our Investor Relations 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 之間的調節表已載於今日新聞稿，新聞稿可於我們網站 investor.incor.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。除上述資料外，我們亦在 Form 8-K 中提供依新分部重編列的 2025 與 2026 會計年度財務資訊，並將同樣於我們的投資人關係網站提供。

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，我們將就以調整後非 GAAP 基礎計算的業務與財務預期發表前瞻性陳述，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之討論，請參閱今日新聞稿及我們向 SEC 提交的文件，包括最新的 10-Q。

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

Cencora 不承擔更新任何前瞻性陳述之義務，且未經公司許可，本次電話會議不得轉播。在管理階層發言結束後，各位將有機會提問。為了讓我們能在一小時內盡可能回答更多問題，請每位與會者將問題限制為一題。

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 fourth quarter and full year earnings call. I want to begin by thanking our team members. Throughout the fiscal year, their commitment to our purpose and dedication to our customers fueled our performance as we delivered adjusted operating income growth of 14% and adjusted diluted EPS of $17.97, up 12%.

謝謝你，Bennett。各位好，感謝各位參加 Cencora 2026 會計年度第四季及全年財報電話會議。我想先感謝我們的團隊成員。在整個會計年度中，他們對我們使命的承諾以及對客戶的投入，推動了我們的表現；我們交出調整後營業利益成長 14%，以及調整後稀釋每股盈餘 17.97 美元、年增 12% 的成績。

Our fiscal 2026 performance demonstrates the strength of our business and the progress we've made with leadership in specialty and a portfolio increasingly aligned to the areas where we can create the greatest long-term value.

我們 2026 會計年度的表現展現了公司業務的韌性，以及我們在專科領域領先地位上的進展；同時，我們的投資組合也日益聚焦於能創造最大長期價值的領域。

We enter fiscal 2027 with momentum and greater operational and strategic focus. The outlook reflects our confidence and is aligned with our long-term targets when excluding the businesses and other. This morning, I will focus on two areas: the strategic progress delivered in fiscal 2026 and how our updated operating model will strengthen execution, customer focus and visibility for investors.

我們以動能與更高的營運與策略聚焦進入 2027 會計年度。在排除「其他業務及其他」後，本次展望反映了我們的信心，並與我們的長期目標一致。今天上午，我將聚焦兩個面向：2026 會計年度所達成的策略進展，以及我們更新後的營運模式將如何強化執行力、客戶聚焦與投資人可視性。

I'll begin with the strategic progress delivered in fiscal 2026. Two years ago, we introduced a refined strategy to lead with market leaders strengthen our position in specialty and enhanced patient access to pharmaceuticals.

我先從 2026 會計年度所達成的策略進展談起。兩年前，我們提出更精煉的策略：以市場領導者為核心、強化我們在專科領域的地位，並提升病患取得藥品的可近性。

In fiscal 2026, we advanced each priority, delivered another year of record results and expanded capabilities that support patient access to innovation in the specialty pharmaceutical market where growth has been twice that of the broader market over the past five years. Our MSO platform is one important example. In February, we completed our acquisition of One Oncology, expanding our position in one of health care's fastest-growing areas.

在 2026 會計年度，我們推進各項優先事項，再度創下創紀錄的成果，並擴充能力以支持病患取得專科藥品市場的創新；在過去五年中，該市場的成長速度是整體市場的兩倍。我們的 MSO 平台就是一個重要例子。今年 2 月，我們完成對 One Oncology 的收購，擴大我們在醫療保健成長最快領域之一的布局。

Together, One Oncology and Retina Consultants of America, deepen our relationships with community-based specialists and strengthen our ability to support pharmaceutical-centric care closer to where patients live. During the fiscal year, we continued to build the MSO platform, including the announced acquisition of EyeSouth's retina business in March and most recently, our agreement to acquire a majority interest in American Oncology network.

One Oncology 與 Retina Consultants of America 攜手，深化我們與社區型專科醫師的合作關係，並強化我們支持以藥品為核心、在更貼近病患居住地提供照護的能力。在本會計年度期間，我們持續建構 MSO 平台，包括 3 月宣布收購 EyeSouth 的視網膜業務，以及最近與 American Oncology Network 達成協議，將收購其控股權益。

These additions will expand the capabilities and reach of the platform built to help independent specialty practices thrive, improve patient access to high-quality care and create opportunities to support pharmaceutical companies across the product life cycle. In fact, at RCA, we participate in the vast majority of retina clinical trials, completing over 40,000 research-related visits annually and One Oncology has supported more than 130 pharmaceutical partners with their clinical trials to date.

這些新增項目將擴大該平台的能力與覆蓋範圍；平台旨在協助獨立專科診所蓬勃發展、提升病患取得高品質照護的可近性，並在產品生命週期各階段為製藥公司創造支持機會。事實上，在 RCA，我們參與了絕大多數的視網膜臨床試驗，每年完成超過 40,000 次與研究相關的就診；而 One Oncology 迄今已協助超過 130 家製藥合作夥伴進行臨床試驗。

As we've invested in the businesses aligned with our pharmaceutical-centric strategy, we've also taken decisive action on businesses that do not align concentrating our capital and leadership attention where Cencora is most differentiated.

在我們加碼投資與以藥品為核心策略一致的業務之際，我們也對不符合策略的業務採取果斷行動，將資本與領導團隊的注意力集中在 Cencora 最具差異化的領域。

Over the course of the year, we entered into agreements or completed divestitures for all the businesses within other. While these actions can cause near-term financial headwinds, they allow us to direct our resources towards the areas where we can create the greatest value for customers and shareholders over the long term.

在一年期間，我們已就「其他」中的所有業務簽訂協議或完成處分。雖然這些行動可能在短期內造成財務逆風，但它們使我們能將資源導向可在長期為客戶與股東創造最大價值的領域。

The same discipline guiding our portfolio informs how we operate. This morning, we introduced an updated operating model aligned with our strategy and the customers we serve. Our pharmaceutical-centric strategy is focused on strengthening our leadership in specialty and delivering greater value across pharmaceutical services.

引導我們投資組合的同一套紀律，也形塑我們的營運方式。今天上午，我們推出與策略及所服務客戶一致的更新版營運模式。我們以藥品為核心的策略，聚焦於強化我們在專科領域的領導地位，並在各項製藥服務中創造更大價值。

As the needs of manufacturers and providers evolve, we're adapting our organization to better support them while preserving the benefits of Cencora's scale, infrastructure and expertise. I believe this operating model will make Cencora more effective in three ways: Enhancing our strategic and operational execution, further elevating the voice of our customers and providing increased visibility for our shareholders.

隨著製造商與醫療提供者的需求演進，我們正在調整組織，以在保留 Cencora 規模、基礎設施與專業優勢的同時，更好地支援他們。我相信這套營運模式將在三方面讓 Cencora 更有效：提升策略與營運執行力、進一步強化客戶聲音，以及為股東提供更高的可視性。

Informed by our updated operating model, we've created two new reporting segments. Specialty Pharmaceutical and Provider Services brings together our specialty capabilities in an integrated growth platform, supporting innovation from pharmaceutical manufacturers to physician providers. Pharmaceutical Distribution and Services organized around our broad portfolio of customers and the services we provide, while leveraging our scale to deliver sustained growth and strong cash flow generation, powering investments across the enterprise.

基於更新後的營運模式，我們建立了兩個新的報導分部。「專科藥品與醫療提供者服務」將我們的專科能力整合為一個一體化的成長平台，支援創新從製藥廠到醫師端的醫療提供者。「藥品配送與服務」則圍繞我們廣泛的客戶組合與所提供的服務進行組織，同時運用規模優勢以實現持續成長與強勁的現金流創造，為全企業的投資提供動能。

Now I'll share a bit more about each segment, starting with Specialty Pharmaceutical and Provider Services. We are connecting capabilities across clinical trial logistics, commercialization, specialty distribution, GPO and practice management to support innovative therapies from development to delivery to patients.

接下來我將更進一步說明各分部，先從「專科藥品與醫療提供者服務」開始。我們串聯臨床試驗物流、商業化、專科配送、GPO 與診所管理等能力，支援創新療法從研發到交付病患的全流程。

That role is becoming more important with specialty biologics now accounting for more than half of all pharmaceutical spending in the United States, up 80% in five years. With over 100 new products expected to launch through 2030, Oncology illustrates the growing need for specialized clinical logistics, distribution and provider support as the pipeline expands and therapies become more complex.

隨著專科生物製劑目前已占美國全部藥品支出的逾半，且五年內增加 80%，這個角色正變得更為重要。預期至 2030 年將有超過 100 項新產品上市；隨著研發管線擴大、療法更趨複雜，腫瘤科正凸顯對專業臨床物流、配送與醫療提供者支援日益增加的需求。

These are capabilities Cencora has built at scale through focused investments with Specialty Logistics operations across more than 50 countries and multinational 3PL solutions in the United States and Europe. We can support pharmaceutical partners as they bring complex therapies to patients across markets. Our role does not end when a therapy reaches its destination.

這些正是 Cencora 透過聚焦投資所建立的規模化能力：我們的專科物流業務遍及 50 多個國家，並在美國與歐洲提供跨國 3PL 解決方案。我們能協助製藥合作夥伴將複雜療法帶給各市場的病患。當療法抵達目的地時，我們的角色並不就此結束。

As more specialty care is delivered in community settings, providers are managing increasing clinical and administrative demands. Through our MSOs, we help independent specialty physicians manage clinical and administrative complexity, expand access to research and remain focused on patient care. Our agreement to acquire a majority interest in AON extends the platform through a physician-led network and a long-standing Cencora partner.

隨著更多專科照護在社區場域提供，醫療提供者正面臨日益增加的臨床與行政需求。透過我們的 MSO，我們協助獨立專科醫師管理臨床與行政的複雜性、擴大研究可近性，並持續專注於病患照護。我們收購 AON 控股權益的協議，將透過由醫師主導的網路以及長期的 Cencora 合作夥伴，進一步延伸該平台。

Bringing these businesses together deepens our relationships with manufacturers and providers while giving investors a clearer view of the growth potential of our specialty platform. Within pharmaceutical distribution and services, our scale provides us with deep understanding of trends across the health care ecosystem, which we use to drive differentiated value to customers.

將這些業務整合在一起，能加深我們與製造商及醫療服務提供者的合作關係，同時讓投資人更清楚看見我們專科平台的成長潛力。在藥品配送與服務領域，我們的規模使我們能深入掌握整個醫療照護生態系的趨勢，並據此為客戶創造差異化價值。

We deliver over 100 million packages annually, shipping nearly 5 million units each day, giving our leaders firsthand insight into the needs of manufacturers, providers, pharmacies and patients. Combining our scale, our sourcing expertise and customer-centric partnerships with pharmacies and health systems, large and small, we strengthen their operations, support their growth and ensure continued patient access.

我們每年配送超過1億個包裹、每日出貨近500萬件，讓我們的領導團隊能第一手洞察製造商、醫療服務提供者、藥局與病患的需求。結合我們的規模、採購專業能力，以及與各類型藥局與醫療體系（無論大型或小型）以客戶為中心的合作夥伴關係，我們強化其營運、支持其成長，並確保病患能持續取得藥品。

Two recent customer events illustrate how the prospective shape our priorities. At our Health Systems National Summit, health systems leaders discussed how connecting pharmacy, supply chain, technology and care delivery leads to better decisions for patients and their organizations. These are all areas where our accelerate pharmacy solutions help our health systems customers.

近期兩場客戶活動說明了這一前景如何形塑我們的優先事項。在我們的「醫療體系全國高峰會」上，醫療體系領導者討論了如何透過串聯藥局、供應鏈、科技與照護交付，為病患及其組織做出更好的決策。這些皆是我們的加速藥局解決方案能協助醫療體系客戶的領域。

At ThoughtSpot, our annual trade show for good neighbor independent pharmacies, we came together with more than 3,000 attendees introducing novel solutions, including AI-powered tools designed to help pharmacies run more efficiently, free up time for patient care and create new growth opportunities.

在 ThoughtSpot（我們為「好鄰居」獨立藥局舉辦的年度商展）上，我們與超過3,000名與會者齊聚一堂，推出多項創新解決方案，包括以 AI 驅動的工具，旨在協助藥局更有效率地營運、釋放更多時間投入病患照護，並創造新的成長機會。

At both our Health Systems National Summit and ThoughtSpot, I heard customers emphasize that specialty is becoming a larger and more complex part of patient care, reinforcing the importance of specialty growth and solutions across both reporting segments. The scale of this opportunity is increasingly visible in our results.

在「醫療體系全國高峰會」與 ThoughtSpot 兩場活動中，我聽到客戶強調：專科正成為病患照護中更大且更複雜的一部分，這也再次凸顯在兩個報導部門中推動專科成長與解決方案的重要性。這項機會的規模正愈來愈清楚地反映在我們的業績之中。

We expect specialty distribution revenue to reach approximately $100 billion in fiscal 2027. Combined with our broader manufacturer and provider capabilities, this make specialty a central driver of Cencora's long-term growth. In summary, we exit fiscal 2026 with record results and a stronger platform for growth, supported by our scale specialty capabilities and an operating model aligned to how we create value.

我們預期專科配送營收將在2027會計年度達到約1,000億美元。結合我們更廣泛的製造商與醫療服務提供者能力，專科將成為推動 Cencora 長期成長的核心動能。總結而言，我們將以創紀錄的成果結束2026會計年度，並擁有更強健的成長平台；此平台由我們的規模化專科能力所支撐，且營運模式亦與我們創造價值的方式相一致。

With that, I'll turn the call over to Eva to discuss our fourth quarter and fiscal 2026 results as well as our fiscal 2027 guidance. Eva?

接下來，我把電話交給 Eva，請她說明我們第四季與2026會計年度的業績，以及2027會計年度的財測指引。Eva？

Thanks, Bob. Good morning, everyone. As Bob highlighted, and we shared in our press release this morning, we have introduced a new organizational and financial reporting structure designed to strengthen our execution and provide additional performance visibility to our shareholders.

謝謝你，Bob。各位早安。如 Bob 所強調的，以及我們今天早上在新聞稿中所分享的，我們已導入新的組織與財務報導架構，旨在強化執行力，並為股東提供更多績效能見度。

Through our new segments, we will highlight the significant opportunity we have to utilize our end-to-end specialty capabilities to deliver value up and downstream, while driving sustainable growth powered by our scale and efficient pharmaceutical distribution foundation. In addition to reiterating Cencora's long-term growth algorithm, of 7% to 10% operating income growth and 10% to 14% EPS growth, we are introducing targets for our new segments.

透過新的部門架構，我們將凸顯我們運用端到端專科能力、在上下游創造價值的重大機會，同時以我們的規模與高效率的藥品配送基礎為動力，推動可持續的成長。除重申 Cencora 的長期成長演算法（營業利益成長7%至10%、每股盈餘（EPS）成長10%至14%）外，我們也為新部門提出目標。

For the Pharmaceutical Distribution and Services segment, we expect long-term operating income to grow in the mid-single digits. And for the Specialty Pharmaceutical and Provider Services segment, we expect long-term operating income growth in the mid-teens.

就「藥品配送與服務」部門而言，我們預期長期營業利益將以中個位數百分比成長。而就「專科藥品與醫療服務提供者服務」部門而言，我們預期長期營業利益成長將達十位數百分比中段（mid-teens）。

Now I'll provide an overview of our fiscal 2026 fourth quarter and full year results and our fiscal 2027 financial guidance. Unless otherwise stated, my remarks will focus on adjusted non-GAAP financial results. For further discussion of our GAAP results, please refer to our earnings press release and presentation.

接下來我將概述我們2026會計年度第四季與全年業績，以及2027會計年度的財務指引。除非另有說明，我的發言將聚焦於調整後的非 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。

Beginning with fourth quarter, consolidated revenue was $88.4 billion, up 6%, driven by growth in both reportable segments and in other, which I'll describe in more detail when discussing segment level results. Consolidated adjusted gross profit was $3.6 billion, up 23%, primarily due to growth in the US Healthcare Solutions segment.

先從第四季開始，合併營收為884億美元，年增6%，主要由兩個可報導部門以及「其他」的成長所帶動；我在說明部門層級結果時會更詳細說明。合併調整後毛利為36億美元，年增23%，主要來自美國醫療保健解決方案（US Healthcare Solutions）部門的成長。

Consolidated adjusted gross margin expanded by 57 basis points to 4.04%, largely due to our acquisition of One Oncology in February. Consolidated adjusted operating expenses were $2.3 billion, an increase of 23%, again, largely driven by the impact of the February 2026 acquisition of One Oncology.

合併調整後毛利率擴張57個基點至4.04%，主要由於我們在2月收購 One Oncology。合併調整後營業費用為23億美元，年增23%，同樣主要受2026年2月收購 One Oncology 的影響所致。

Excluding both One Oncology and RCA, operating expense growth was less than 3% as we lapped an easier expense comparison. Consolidated adjusted operating income was $1.2 billion, an increase of 22% compared to the prior year quarter, with another quarter of double-digit growth across both reportable segments and other.

若排除 One Oncology 與 RCA，營業費用成長率低於3%，因為我們面臨較容易的費用比較基期。合併調整後營業利益為12億美元，較去年同期成長22%；兩個可報導部門與「其他」皆再度呈現雙位數成長。

Moving now to below the line items. Net interest expense was $136 million, an increase of $58 million compared to the prior year quarter, primarily due to debt raised to finance the One Oncology acquisition. Our effective tax rate was 20.2% compared to 20.6% in the prior year quarter.

接著說明損益表下方項目。淨利息費用為1.36億美元，較去年同期增加5,800萬美元，主要因為為籌措 One Oncology 收購案而舉債。我們的有效稅率為20.2%，去年同期為20.6%。

Finally, diluted share count was 191.7 million shares, a 1.8% decrease compared to the prior year quarter, largely due to the $1 billion of opportunistic share repurchases we completed in the June quarter. Taken together, this resulted in adjusted diluted earnings per share of $4.66, an increase of 21%. Turning to our segment results for the fourth quarter. US Healthcare Solutions revenue was $78.3 billion, an increase of 5%.

最後，稀釋後股數為1.917億股，較去年同期下降1.8%，主要因為我們在6月季度完成了10億美元的機會型庫藏股回購。綜合以上因素，調整後稀釋每股盈餘為4.66美元，年增21%。接著看第四季的部門表現。美國醫療保健解決方案營收為783億美元，年增5%。

Strength in specialty sales to health systems and physician practices and continued growth in GLP-1, which increased by $2.8 billion year over year, drove the growth. The growth was partially offset by manufacturer list price reductions that represented a $2.8 billion headwind to revenue growth as well as lower sales to our large mail order customer, consistent with the past two quarters.

醫療體系與醫師診所的專科銷售表現強勁，以及 GLP-1 持續成長（年增28億美元），帶動了營收成長。部分成長被製造商調降牌價所抵銷；該因素對營收成長造成28億美元的不利影響，此外，對我們大型郵購客戶的銷售下降亦帶來影響，與過去兩個季度一致。

US Healthcare Solutions segment operating income was $998 million, up 22%, representing our strongest growth quarter of the fiscal year. This was driven by continued momentum in specialty across both health systems and physician practices, the contribution from One Oncology and focused execution across our other pharmaceutical distribution businesses.

美國醫療保健解決方案部門營業利益為9.98億美元，年增22%，為本會計年度成長最強勁的一季。此表現主要由醫療體系與醫師診所兩端的專科動能延續、One Oncology 的貢獻，以及我們其他藥品配送業務的聚焦執行所帶動。

The quarter also benefited from an easier expense comparison. Turning now to our International Healthcare Solutions segment. Revenue was $7.8 billion, up 5%, driven by growth in all business units. International Healthcare Solutions operating income was $152 million, up 16% on an as-reported basis and up 19% on a constant currency basis. In the quarter, our Canadian business delivered excellent performance, driven by high program win rates.

本季也受惠於較容易的費用比較基期。接著看我們的國際醫療保健解決方案部門。營收為78億美元，年增5%，由所有事業單位的成長所帶動。國際醫療保健解決方案營業利益為1.52億美元，按報導基礎年增16%，按固定匯率基礎年增19%。本季，我們加拿大業務表現優異，主要受高方案得標率所驅動。

Our Global Specialty Logistics and 3PL business continued to drive strong performance with double-digit operating income growth. As Bob mentioned, we have been investing in these businesses to capitalize on the increasing complexity in the innovation pipeline and have been winning in these areas.

我們的全球專科物流與第三方物流（3PL）業務持續帶動強勁表現，營業利益維持雙位數成長。如 Bob 所提到，我們一直在投資這些業務，以掌握創新產品管線日益提升的複雜度，且我們在這些領域持續取得勝利。

Moving to Other, which reflects the businesses for which we are pursuing strategic alternatives. Revenue in Other was $2.3 billion, up 10% and largely due to growth at Pro Pharma and MWI Animal Health. Operating income was $101 million, up 36% due to operating income growth at MWI Animal Health, also including the benefit from being accounted for as held for sale.

接著看「其他」，其反映我們正在尋求策略替代方案的業務。「其他」營收為23億美元，年增10%，主要來自 Pro Pharma 與 MWI Animal Health 的成長。營業利益為1.01億美元，年增36%，主要因 MWI Animal Health 的營業利益成長，並包含因被列為待售而採用相關會計處理所帶來的效益。

This completes the review of our fourth quarter results. Now I'll turn to a discussion of our full year fiscal 2026 results. Our consolidated revenue was $337 billion, up 5%, driven by US Healthcare Solutions segment growth of 5% and International Healthcare Solutions segment growth of 8%. Consolidated operating income was $4.8 billion, an increase of 14%, driven by growth in both reportable segments.

以上完成第四季業績回顧。接下來我將說明2026會計年度全年業績。合併營收為3,370億美元，年增5%，主要由美國醫療保健解決方案部門年增5%及國際醫療保健解決方案部門年增8%所帶動。合併營業利益為48億美元，年增14%，主要由兩個可報導部門的成長所驅動。

In the US Healthcare Solutions segment, we benefited from strength in specialty volumes and our strategic investments in MSOs. In the fiscal year, MSOs represented approximately 10% of enterprise operating income. When excluding the impact of our two large MSO acquisitions and the loss of an oncology customer, our core US segment growth was about 13%, nicely ahead of our long-term growth algorithm.

在美國醫療保健解決方案（US Healthcare Solutions）部門，我們受惠於專科業務量的強勁表現，以及我們在醫師服務組織（MSO）上的策略性投資。在本財政年度，MSO 約占企業營業利益的 10%。若排除我們兩項大型 MSO 收購以及一位腫瘤客戶流失的影響，我們美國核心部門的成長約為 13%，明顯優於我們的長期成長算法。

In the International Healthcare Solutions segment, we were pleased with the business' return to growth this fiscal year, driven by operational improvements at our global specialty logistics business and increased demand.

在國際醫療保健解決方案（International Healthcare Solutions）部門，我們對本財政年度業務重回成長感到欣慰，成長動能來自我們全球專科物流業務的營運改善以及需求增加。

Finally, as it relates to free cash flow and our balance sheet, during the fiscal year, we generated $3.8 billion of adjusted free cash flow, stronger than our guidance due to a combination of year end stronger volume/mix and timing.

最後，關於自由現金流與資產負債表，本財政年度我們產生了 38 億美元的調整後自由現金流，因年末更強勁的量/組合以及時點因素的共同作用，表現優於我們的指引。

We ended the year with a cash balance of $4.9 billion. Our strong free cash flow generation gives us significant flexibility to pursue our balanced capital deployment strategy while maintaining our strong investment-grade credit ratings.

我們在年底的現金餘額為 49 億美元。我們強勁的自由現金流產生能力，使我們在維持強健的投資等級信用評等的同時，能以高度彈性推動我們均衡的資本配置策略。

During the fiscal year, we were pleased to return $1.5 billion to shareholders through a combination of opportunistic share repurchases and our dividend. And this morning, we announced a 10% increase to our quarterly dividend, our 22nd consecutive increase.

本財政年度，我們很高興透過機會性庫藏股回購與股利的組合，向股東回饋 15 億美元。而在今天早上，我們宣布將季度股利提高 10%，這是我們連續第 22 次調升。

Turning now to our fiscal 2027 expectations, there are a few items I'll highlight before we get into the details of our guidance. First, our guidance excludes the acquisitions of EyeSouth's retina business and American Oncology Network, which we will incorporate upon the close of each transaction.

接著談我們對 2027 財年的展望，在進入指引細節之前，我先強調幾點。第一，我們的指引不包含 EyeSouth 的視網膜業務以及 American Oncology Network 的收購案；我們將在各交易完成交割後納入。

Second, our guidance contemplates a mid-fiscal year close of the MWI merger with Covetrus. The operating income headwind is expected to be partially offset by two below-the-line income items associated with the transaction, which would be approximately $40 million in the second half of fiscal 2027.

第二，我們的指引假設 MWI 與 Covetrus 的合併將於財年中完成交割。預期營業利益的逆風將部分由與該交易相關的兩項稅前線下（below-the-line）收益所抵銷，約為 2027 財年下半年 4,000 萬美元。

This contribution is expected to bring our other income loss line to approximately $90 million compared to the approximate $26 million in fiscal 2026. Third, as we announced this morning, we reached an agreement to sell our equity stake in Pro Pharma with the close expected to occur in our fiscal first quarter.

預期此項貢獻將使我們的其他收益/損失（other income loss）項目約為 9,000 萬美元，相較於 2026 財年約 2,600 萬美元。第三，如我們今天早上所宣布，我們已達成協議出售在 Pro Pharma 的股權，預計將於我們財年第一季完成交割。

Given the nature of our ownership we consolidate the full Pro Forma income statement and eliminate our noncontrolling interest in the company, making it a much less meaningful contributor at the EPS level, which is fully reflected in our revenue, operating income and EPS guidance.

鑑於我們的持股性質，我們會合併 Pro Pharma 的完整擬制（Pro Forma）損益表，並沖銷我們在該公司的非控制權益，使其在每股盈餘（EPS）層面的貢獻變得相對不那麼重要；這些影響已完整反映在我們的營收、營業利益與 EPS 指引中。

With that as context, we expect adjusted diluted EPS to be in the range of $19.40 to $19.75, reflecting headline growth of 8% to 10%. Excluding the assumed $0.35 impact of the mid-fiscal year merger of MWI and Covetrus, adjusted EPS growth would be 10% to 12%.

在此背景下，我們預期調整後稀釋 EPS 將介於 19.40 至 19.75 美元，對應表面（headline）成長 8% 至 10%。若排除假設財年中 MWI 與 Covetrus 合併帶來的 0.35 美元影響，調整後 EPS 成長將為 10% 至 12%。

We expect consolidated revenue growth to be in the range of 3% to 5%. Operating income growth is expected to be in the range of 4% to 6%. The businesses in Other are expected to have an approximate 5 percentage point negative impact on our growth, largely due to the assumed mid-fiscal year closing of the merger of MWI and Covetrus.

我們預期合併營收成長介於 3% 至 5%。營業利益成長預期介於 4% 至 6%。Other 類別中的業務預期將對我們的成長造成約 5 個百分點的負面影響，主要是因為假設 MWI 與 Covetrus 的合併於財年中完成交割。

Excluding the businesses in Other, our guidance would reflect adjusted operating growth of 8.5% to 11% ahead of our long-term targets. We expect interest expense to be in the range of $490 million to $510 million, reflecting debt we raised in connection with the One Oncology transaction.

若排除 Other 類別中的業務，我們的指引將反映調整後營業成長 8.5% 至 11%，高於我們的長期目標。我們預期利息費用介於 4.9 億至 5.1 億美元，反映我們為 One Oncology 交易所籌措的債務。

We expect to pay $1 billion on the remaining One Oncology term loan at the end of fiscal year 2027. We expect our effective tax rate to be approximately 20% for fiscal 2027. We expect full year diluted average shares outstanding to be approximately 190 million shares.

我們預期在 2027 財年年底償還剩餘 One Oncology 定期貸款中的 10 億美元。我們預期 2027 財年的有效稅率約為 20%。我們預期全年稀釋後加權平均流通股數約為 1.90 億股。

This reflects the annualization of opportunistic share repurchases we completed in the third quarter of fiscal 2026 and an expectation of an additional $1.25 billion in repurchases in fiscal 2027. We expect capital expenditures to be approximately $1 billion in fiscal 2027, which reflects continued investments in our supply chain, digital and MSO infrastructure.

這反映了我們在 2026 財年第三季完成之機會性庫藏股回購的全年化影響，以及我們預期在 2027 財年額外回購 12.5 億美元。我們預期 2027 財年的資本支出約為 10 億美元，反映我們持續投資於供應鏈、數位化以及 MSO 基礎設施。

We expect adjusted free cash flow to be approximately $3.5 billion. That completes the review of our consolidated fiscal 2027 expectation. I'll now turn to segment level expectations.

我們預期調整後自由現金流約為 35 億美元。以上完成我們對 2027 財年合併層級展望的回顧。接下來我將轉到各部門層級的展望。

In the Pharmaceutical Distribution and Services segment, we expect revenue growth to be in the range of 4% to 6%. We expect Pharmaceutical Distribution and Services segment operating income growth to be 2% to 4%, which includes the wraparound impact of a certain customer's volume shift as previously disclosed. The segment operating income growth expectation also includes an approximate $20 million headwind related to our European distribution business, resulting from the strengthening of the US dollar.

在藥品配送與服務（Pharmaceutical Distribution and Services）部門，我們預期營收成長介於 4% 至 6%。我們預期該部門營業利益成長為 2% 至 4%，其中包含先前已揭露之特定客戶業務量轉移所帶來的延伸（wraparound）影響。該部門營業利益成長預期亦包含與我們歐洲配送業務相關、約 2,000 萬美元的逆風，源自美元走強。

Moving now to the Specialty Pharmaceutical and Provider Services segment, we expect revenue growth to be in the range of 9% to 14% and segment operating income growth to be in the range of 18% to 21%, ahead of our segment level long-term operating income growth expectations of mid-teens, reflecting the wraparound contribution from the One Oncology acquisition that we closed in February 2026.

接著談專科藥品與醫療提供者服務（Specialty Pharmaceutical and Provider Services）部門，我們預期營收成長介於 9% 至 14%，部門營業利益成長介於 18% 至 21%，高於我們在部門層級對營業利益長期成長的「十幾％中段」預期，反映我們於 2026 年 2 月完成交割的 One Oncology 收購案所帶來的延伸（wraparound）貢獻。

Moving now to Other. We expect revenue in Other to be approximately $3.5 billion and operating income in Other to be approximately $200 million. We are pleased with the significant progress we have made to simplify our portfolio, allowing us to better capitalize on growth opportunities aligned with our pharmaceutical-centric strategy.

接著談 Other。我們預期 Other 的營收約為 35 億美元，Other 的營業利益約為 2 億美元。我們對於在簡化投資組合方面取得的重大進展感到欣慰，這使我們能更好地把握與我們以藥品為核心策略一致的成長機會。

Before turning to my closing remarks, as you think about quarterly cadence, we expect adjusted diluted EPS in our first quarter to be approximately $4.55. In closing, fiscal 2026 marked a year of significant progress on our strategy as we delivered strong financial performance.

在進入結語之前，關於季度節奏的思考，我們預期第一季的調整後稀釋 EPS 約為 4.55 美元。結語部分，2026 財年是我們策略取得重大進展的一年，我們交出強勁的財務表現。

As we look to fiscal 2027 and beyond, we are well positioned to deliver on our long-term targets and drive sustainable shareholder value creation, supported by our differentiated footprint in the high-growth specialty market scaled and efficient foundation in pharmaceutical distribution and strong free cash flows.

展望 2027 財年及更長期，我們具備良好條件達成長期目標並推動可持續的股東價值創造；其支撐因素包括我們在高成長專科市場的差異化布局、在藥品配送領域具規模且高效率的基礎，以及強勁的自由現金流。

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

在進入問答之前，我把電話交回給 Bob 做一些結語。Bob？

Thank you, Eva. Our fiscal 2027 guidance reflects our confidence in the strength of the business in our team, our strategy and our ability to deliver sustainable growth and long-term value for customers and shareholders.

謝謝你，Eva。我們的 2027 財年指引反映了我們對業務實力、團隊、策略，以及我們為客戶與股東帶來可持續成長與長期價值之能力的信心。

With that, we'll open the call for questions. Operator?

接下來，我們開放提問。接線員？

(Operator Instructions) Elizabeth Anderson, Evercore ISI.

(接線員指示) Elizabeth Anderson，Evercore ISI。

Thanks for all the details about the operating performance. I guess my question is maybe a little bit more philosophical in nature. Can you talk a little bit more about like why the resegmenting at this point makes sense? You obviously had many specialty assets on the medical side for a while, but why is this the right opportunity to do that? And what does that provide for the business that the old setup did not?

謝謝你提供所有關於營運表現的細節。我想我的問題可能比較偏哲學層面。你能否多談一點，為什麼在這個時間點重新劃分事業部（resegmenting）是合理的？你們在醫療端顯然已經擁有許多專科資產一段時間了，但為什麼現在是做這件事的正確時機？而這能為業務帶來哪些舊架構所沒有提供的東西？

Elizabeth, thank you very much for that important question. It starts with the market. As you mentioned, we've been in the specialty market for a long time. We have significant capabilities that we've been building over decades, frankly. But when you look at the growth in the market, the 80% growth that's happened in biologics over the last five years.

Elizabeth，非常感謝你提出這個重要的問題。這要從市場談起。如你所提到的，我們在專科市場已經深耕很長一段時間。坦白說，我們在數十年來持續建立了相當可觀的能力。但當你觀察市場的成長，過去五年生物製劑的成長達到 80%。

In fact, there's going to be 100 new oncology products between now and 2030. That says to us that we need to be even more focused on that area. And so the first place to start there is our operating model and the way that we approach our business, the way that we approach our customers, both upstream to manufacturers and downstream to providers.

事實上，從現在到 2030 年之間，將會有 100 款新的腫瘤學產品問世。這告訴我們，我們需要在該領域更加聚焦。因此，首先要著手的地方是我們的營運模式，以及我們如何經營業務、如何接觸客戶——上游面向製造商、下游面向醫療服務提供者。

And while we did that very well, our specialty services assets were in different parts of the company and under different leaders. And so what we've done with the operating model change is taken all of those assets and put them under one leader.

雖然我們做得非常好，但我們的專科服務資產分散在公司不同部門、由不同主管負責。因此，我們透過營運模式的調整，把所有這些資產整合到同一位領導者之下。

By doing that, that allows us to discuss a new external segmentation, but it's driven by optimizing our performance. The three things that I called out in prepared remarks that are advantages that I see is, one, which I just mentioned, is our enhanced ability to execute both strategically and operationally. It brings us closer to the customers for all of the reasons that I just described.

這麼做讓我們能夠討論新的對外客群分層，但其核心是以最佳化我們的績效為驅動。我在事先準備的發言中點出的三項優勢是：第一，如我剛提到的，我們在策略與營運執行上的能力將更強。基於我剛描述的所有原因，這也讓我們更貼近客戶。

And last but not least, it provides increased visibility to shareholders, which we also think is important. So the Specialty Pharmaceutical and Provider Services business puts everything under one leader, as I said, all the way from manufacturer to physician, and they deal with one team at Cencora, which will make things easier and faster for the customers.

最後但同樣重要的是，它能為股東提供更高的透明度，我們也認為這很重要。因此，專科製藥與醫療服務提供者服務（Specialty Pharmaceutical and Provider Services）業務如我所說，將從製造商到醫師的所有環節都置於同一位領導者之下，客戶在 Cencora 只需對接同一個團隊，這將使流程更簡單、更快速。

It will also allow us to innovate even more quickly, which will be important as we go into the future and as products get more and more complex. Importantly, our Pharmaceutical Distribution and Services segment, that's the foundation of all of this.

這也將使我們能更快地創新；隨著我們邁向未來、產品愈來愈複雜，這點將非常重要。同樣重要的是，我們的「藥品配送與服務」（Pharmaceutical Distribution and Services）部門是所有這一切的基礎。

It's servicing health systems, pharmacies, alternate sites, wholesale in Europe with significant scale, demonstrated efficiency over decades and cash flow that allows us to invest across the enterprise. So while we are separating the two, it's an important takeaway for everyone that both are critically important to the growth platform of Cencora. So I think that's the rationale, Elizabeth.

它服務醫療體系、藥局、替代照護場域，以及在歐洲具相當規模的批發業務；數十年來展現的效率與現金流，讓我們能在整個企業範圍內投資。因此，雖然我們將兩者分開呈現，但對所有人而言的重要重點是：兩者對 Cencora 的成長平台都至關重要。所以我想，這就是背後的理由，Elizabeth。

I appreciate the question, and we're excited to be able to talk about it today.

感謝你的提問，我們也很高興今天能談到這件事。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通（JPMorgan）。

Bob, I want to follow up on Specialty, just from a couple of different perspectives. One, I absolutely appreciate the visibility that you're giving us and shareholders around the Specialty business. And clearly, this is an important growth engine as we move forward. I want to understand really a couple of things.

Bob，我想從幾個不同角度追問一下專科（Specialty）。第一，我非常感謝你們就專科業務向我們與股東提供的透明度。很明顯，這是我們往前走的重要成長引擎。我想真正理解幾件事。

One, when we think about Specialty going into next year, Eva laid out the numbers, can you talk about what the organic growth rate is? I know there's a number of transactions that impact the number?

第一，當我們思考專科業務進入明年時，Eva 已經說明了數字；你能談談有機成長率是多少嗎？我知道有一些交易會影響這個數字。

And then secondly, you talk about health systems, you talked about the MSO, community practices, et cetera. How do you think about changes in reimbursement and the impact that, that has in '27 or even on a go-forward basis, we obviously had a big election last night.

第二，你談到醫療體系，也提到 MSO、社區診所等。你如何看待給付（reimbursement）變動，以及這對 2027 年或甚至更長期的影響？我們昨晚顯然剛經歷了一場重大選舉。

And any incremental thoughts on how you see the future around reimbursement and any impact it would have on you as you continue to serve these -- from a Specialty perspective, serving these practices.

另外，對於你如何看待未來給付環境，以及在你持續以專科角度服務這些診所時，可能對你們造成的任何影響，有沒有更多增量想法？

Thanks, Lisa, for the question. Yes, maybe I'll start with the end.

謝謝你，Lisa，謝謝你的問題。是的，也許我先從最後一點開始談。

And as you mentioned, we did have an election last night, it's most important to note that through multiple cycles, the administrations and leadership in congress and leadership in the regulatory agencies, we have a long history of advocacy and making sure that Cencora is present and educating everyone about the services that we provide, the value -- the very high-quality, low-cost services that we provide at Cencora.

如你所提到的，我們昨晚確實有選舉；最重要的是要指出，歷經多個週期、不同政府、國會領導層以及監管機構領導層更迭，我們長期以來一直積極倡議，並確保 Cencora 持續參與其中，向各方說明我們所提供的服務與價值——也就是 Cencora 所提供的高品質、低成本服務。

But also importantly, we have visibility end-to-end to the pharmaceutical supply chain. So we're someone who can advise on what the outcomes might be, the consequences might be of any policy changes.

同時也很重要的是，我們對藥品供應鏈具備端到端的可視性。因此，我們能就任何政策變動可能帶來的結果與後果提供建議。

So the way things look today, there'll be lots of opportunity for conversations as we get the new Congress and Senate in place, and we'll be right there to help them with that. I think a second piece, Lisa, is just the overall scale of our of our Specialty business.

以目前情況來看，隨著新的眾議院與參議院就位，將會有很多對話機會，而我們也會在第一線協助他們。我想第二點，Lisa，是關於我們專科業務的整體規模。

And we broke out the Specialty Pharmaceutical and Provider Services. But it's also important to note that there's significant Specialty Distribution products that go into the Pharmaceutical Distribution and Services segment. So the number that we had in our prepared remarks that more than $100 billion is the combination of the two.

我們已將「專科製藥與醫療服務提供者服務」拆分揭露。但同樣重要的是，仍有相當多的專科配送產品納入「藥品配送與服務」部門。因此，我們在事先準備的發言中提到的「超過 1,000 億美元」這個數字，是兩者合計。

So very importantly, whether an oncology product, for example, is going into a community specialist setting or it's going into a clinic within a health system, Cencora very well positioned to support that patient wherever they may present and support that clinician and caring for that patient. So I'll pause there and hand it over to Eva to answer the other part of your question.

因此非常重要的是，無論以腫瘤產品為例，是進入社區專科醫師的場域，或是進入醫療體系內的診所，Cencora 都具備非常好的定位，能在病患出現於任何場景時提供支持，並協助臨床醫師照護該病患。我先說到這裡，接著把問題的另一部分交給 Eva 回答。

Sure. Lisa, the Specialty and Pharmaceutical Distribution and Provider Services segment, as you saw in our materials expected operating income growth of 18% to 21%. And that's above our long-term growth algorithm.

好的。Lisa，如你在我們的資料中所見，「專科與藥品配送及醫療服務提供者服務」部門預期營業利益成長為 18% 到 21%。這高於我們的長期成長演算法（growth algorithm）。

And I would remind you, we have the wraparound of One Oncology for the first four months of the fiscal year. So outside of that impact, our underlying growth would have been in line with our algorithm of mid-teens growth that we outlined today.

我也提醒你，我們在本財年前四個月納入了 One Oncology 的併入效應。因此，若排除該影響，我們的基礎成長將會與我們今天所提出的「中十位數」成長演算法一致。

Glen Santangelo, Barclays.

Glen Santangelo，巴克萊（Barclays）。

I also want to follow up on specialty. Bob, when I think about that mid-teens long-term growth rate in specialty, in your prepared remarks, you just suggested there's 100 new oncology products coming between now and 2030. So is it really volumes that are the primary driver of that mid-teens growth? I just want to separate organic from inorganic.

我也想追問專科。Bob，當我想到專科長期「中十位數」的成長率時，你在事先準備的發言中提到，從現在到 2030 年將有 100 款新的腫瘤產品推出。所以，推動這個「中十位數」成長的主要動力真的是量（volumes）嗎？我只是想把有機與無機成長拆開來看。

And then just related to that, you generated a 3.7% margin in Specialty this year. How do you maybe help us think about the puts and takes on that margin given all the upcoming biosimilar conversions?

另外相關地，你們今年在專科業務的利潤率是 3.7%。在接下來一連串生物相似藥（biosimilar）轉換的背景下，你能否幫我們理解這個利潤率的利多與利空因素？

Sure, Glenn. It's Eva. I'll start in the Specialty Pharmaceutical and Provider Services. First, if you take a step back, this segment consists of end-to-end specialty businesses. from our Specialty Distribution, to Practice Management Platform, to global clinical trials, multinational 3PL businesses.

好的，Glenn。我是 Eva。我先從「專科製藥與醫療服務提供者服務」談起。首先，退一步看，這個部門包含端到端的專科業務——從我們的專科配送，到診所管理平台（Practice Management Platform），到全球臨床試驗、多國 3PL 業務。

So that's what's encompassed in that segment. And as you think about our long-term growth algorithm of mid-teens, one, it reflects the fast paced growth in the market, and as Bob outlined; two, continued growth at our MSOs through both organic physician acquisition as well as tuck-in M&A on these platforms.

所以這些都涵蓋在該部門之內。當你思考我們長期「中十位數」的成長演算法時：第一，它反映市場的快速成長，如 Bob 所概述；第二，透過我們的 MSO 持續成長，包含醫師的有機併入（organic physician acquisition），以及在這些平台上的補強型併購（tuck-in M&A）。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Maybe I could ask the other side in the pharmaceutical distribution services, in the assumptions you give for long-term segment growth, can you talk about how you're thinking about the cycle of small molecule generics coming over the next several years. How much do you incorporate that?

也許我可以問另一邊、也就是藥品配送服務（pharmaceutical distribution services）。在你們對長期部門成長所給的假設中，能否談談你們如何看待未來幾年小分子學名藥（small molecule generics）週期的變化？你們把這部分納入考量的程度有多大？

And obviously, small molecule generics were a huge driver of growth back in the 2000s and the 2010. When we look at this next cycle coming up, it looks significantly bigger in terms of dollar volumes. Maybe you could help us understand, have there been changes in that part of the market that should either make us be more excited.

顯然，小分子學名藥在 2000 年代與 2010 年代曾是成長的重要驅動因素。當我們看下一個即將到來的週期時，就美元量而言似乎大得多。也許你可以幫我們理解：這個市場部分是否出現了變化，應該讓我們更興奮一些。

Maybe we should be a little bit more cautious on it. Just trying to get a better sense on the dynamics in this part given what looks to be a big cycle, particularly as we get to the back half of next calendar year? Any comments there on helping us size that would be helpful.

也許我們在這件事上應該更謹慎一些。鑑於看起來是一個大的週期，特別是當我們進入下一個曆年下半年時，只是想更好地理解這一部分的動態？在幫助我們評估規模方面，有任何評論都會很有幫助。

Thanks for the question, Charles. I'll start, and head at Eva if she wants to add anything as I finish up. So I think just take a step back, whether it's a small molecule generic or whether it's a biosimilar, we keep a very close eye on all of those. Those launches of both types would be contemplated in our guidance. But I think the takeaway is just a reminder that, that's positive for Cencora.

謝謝你的問題，Charles。我先開始，等我講完如果 Eva 想補充我再交給她。我想先退一步看，不論是小分子學名藥還是生物相似藥，我們都會非常密切地關注。這兩種類型的上市都已納入我們的指引考量。但我認為重點只是提醒一下：這對 Cencora 是正面的。

So whether it's a small molecule generic or biosimilar, that's positive. They are different in different segments. The Part B biosimilar is the sweet spot for us. That's where the services that we provide allow us to earn a higher margin. Within Part D, it's much less impactful.

所以不論是小分子學名藥或生物相似藥，都是正面的。它們在不同業務分部的影響不同。B 部分（Part B）的生物相似藥是我們的甜蜜點。因為我們提供的服務讓我們能賺取較高的利潤率。在 D 部分（Part D）內，影響就小得多。

That would be a revenue impact and not really a profit gain. And oral generics, small molecule oral generics are positive. They absolutely are. So to the extent that we have more or less launches, that has an impact. But you'll know, Charles, not -- you mentioned the historical driver of generic launches, they're not bad.

那會是營收面的影響，而不太會帶來利潤增加。而口服學名藥、小分子口服學名藥是正面的。確實如此。因此我們有更多或更少的上市，會帶來影響。但你也知道，Charles，你提到學名藥上市在歷史上是驅動因素——它們並不差。

So we're not calling either a significant increase or a decrease in launches as a driver of our performance. So I think the takeaway is that the assumptions are contemplated in our guidance, and we keep a very close eye on it.

所以我們並沒有把上市數量顯著增加或減少，作為我們表現的驅動因素來預測。我想重點是：這些假設已納入我們的指引，我們也會非常密切地關注。

Allen Lutz, Bank of America.

美國銀行（Bank of America）的 Allen Lutz。

Bob, you spoke a lot about upstream services in your prepared remarks. RCA and one oncology are active in clinical trials. You also own the World Courier business. could you take a moment to expand on the synergies between those two businesses?

Bob，你在準備好的發言中談了很多上游服務。RCA 和 One Oncology 都活躍於臨床試驗。你們也擁有 World Courier 業務。你能否花點時間擴展說明這兩項業務之間的協同效應？

And then more broadly, as we think about the resegmentation, how should we think about capital deployment and the strategy? Is there any evolution here as you've done that resegmenting?

更廣泛地說，當我們思考重新分部（resegmentation）時，我們應該如何看待資本配置與策略？在你們完成這次重新分部之後，這裡是否有任何演進？

Yes. Thanks for the question, Allen. I'll speak to strategic synergy. Part of the purpose of bringing those businesses together was to be more effective, to be more efficient, and I'm sure some of that will come. But that's not the -- financial synergy was not necessarily the thesis for putting them together.

是的。謝謝你的問題，Allen。我先談策略上的協同。把這些業務整合在一起的部分目的，是為了更有效、更高效率，我相信其中一些會逐步實現。但把它們放在一起的核心論點不一定是財務協同。

It's really a growth thesis. And what we have, as you said, so if you take the pharmaceutical company facing view, we have the very specialized global logistics to support them in clinical trials.

這其實是一個成長論點。如你所說，若從面向製藥公司的視角來看，我們擁有高度專業的全球物流能力，可支援其臨床試驗。

We have commercialization, consulting services that can help them think about how they're going to bring their product to market in multiple countries. As they're getting ready to launch, we have 3PL services that are going to be important as they launch in Europe, and then we have our specialty distribution and full-line distribution in the United States.

我們有商業化與顧問服務，能協助他們思考如何在多個國家把產品推向市場。當他們準備上市時，我們有第三方物流（3PL）服務，這在他們於歐洲上市時會很重要；接著在美國，我們有專科配送以及全線配送（full-line distribution）。

And then as that continues to go downstream, as I follow that through, then you have -- as I transition from specialty distribution, you have the GPO, you have the MSO, all of that supporting the physician, and the purpose of all of that is to make sure that the physician has optimal opportunity to care for patients -- to make the right clinical decisions and to care for patients.

然後當流程持續往下游延伸、我把它一路串起來看時，你會看到——當我從專科配送往下轉換時，還有 GPO、MSO，所有這些都在支援醫師；其目的就是確保醫師有最佳條件照護病患——做出正確的臨床決策並照護病患。

So there's a strong thesis there of value from the manufacturer all the way to the provider and to the patient. And the purpose of putting these businesses together inside the Specialty Pharmaceutical and Provider Services segment is for us to continue to build that platform and innovate over the long term.

因此，從製造商一路到醫療提供者再到病患，這裡有一個很強的價值主張。而把這些業務整合到「專科製藥與醫療提供者服務」分部之內的目的，是讓我們能長期持續打造這個平台並進行創新。

And Bob, I'll take the capital allocation part of the question. I would say there is no change in our capital deployment strategy. We remain focused in four key areas: Internal investments in the business, strategic M&A, opportunistic share repurchases and maintaining a reasonable and growing dividend. And I think you've seen us deliver on that. This morning, we announced we're increasing our dividend 10% for fiscal year 2027 and $1.25 billion in share repurchases.

Bob，資本配置的部分我來回答。我會說，我們的資本投放策略沒有改變。我們仍聚焦四個關鍵領域：對業務的內部投資、策略性併購（M&A）、機會性庫藏股回購，以及維持合理且成長的股利。我想你也看到我們在這些方面的交付成果。今天早上，我們宣布在 2027 會計年度將股利提高 10%，並進行 12.5 億美元的股票回購。

And I think the portfolio optimization that's been done with some of the divestitures will enable us to execute on these priorities.

而且我認為，透過一些資產出售所完成的投資組合優化，將使我們能夠執行這些優先事項。

Eric Percher, Nephron Research.

Nephron Research 的 Eric Percher。

Want to dig a little bit deeper into the pharma distribution and services, new segmentation and thank you for that segmentation. So in '27, 4% to 6% growth, we would assume that there's a headwind from IRA and GLP-1.

我想更深入探討一下藥品配送與服務的新分部劃分，也謝謝你們提供這樣的分部資訊。所以在 2027 年，4% 到 6% 的成長，我們會假設 IRA 和 GLP-1 會帶來逆風。

And then seeing the op profit growth at 2% to 4% and I think we've been taught by you that the reductions to top line don't necessarily translate at the op profit line, but can you just help us on factors impacting top line versus the op profit headwinds we're seeing for '27 specifically?

然後看到營業利益成長為 2% 到 4%；我想你們一直教導我們，營收端的下降不一定會等比例反映到營業利益端，但你能否協助我們理解：在 2027 年，影響營收（top line）與影響營業利益的逆風因素分別是什麼？

Yes. Sure, Eric. As you -- I'm going to start at the profit line. As you look at the 2% to 4% growth being below the long-term algorithm that we provided today, I would highlight two things. One, we have the wraparound impact of a customer volume shift that we talked about earlier in the year as well as about a point impact from FX now that our international distribution is part of that segment.

好的。當然可以，Eric。我先從利潤端開始。當你看到 2% 到 4% 的成長低於我們今天提供的長期演算法（long-term algorithm）時，我會強調兩點。第一，我們有客戶量轉移（customer volume shift）的延續影響（wraparound impact），這點我們今年稍早也談過；另外，現在因為國際配送納入該分部，也有約 1 個百分點的匯率（FX）影響。

Outside of those impacts, we expect to perform within our long-term targets. On your revenue question, I'm going to go to the consolidated revenue at growth of 3% to 5%. What I would say, the differentiator, as you look at '27, fiscal guidance versus the 5% we delivered in fiscal '26 is really the headwind from the Pro Forma divestiture that we announced today as well as the assumed midyear merger of Covetrus.

撇除這些影響之外，我們預期表現會落在我們的長期目標範圍內。至於你問的營收，我會看合併營收 3% 到 5% 的成長。我會說，當你比較 2027 會計年度指引與我們在 2026 會計年度交付的 5% 成長時，主要差異在於：我們今天宣布的備考（Pro Forma）資產出售所帶來的逆風，以及假設 Covetrus 在年中完成合併。

And those two combined drive about 150 basis point headwind to growth. I'd say the WACC decreases and it's pretty comparable is our estimate. You get a little bit more from the wraparound impact but pretty comparable to what we experienced in '26.

這兩項合計大約帶來 150 個基點的成長逆風。我會說 WACC 的下降幅度，我們的估計是相當接近。你會從延續影響中多看到一點，但整體而言與我們在 2026 年的經驗相當類似。

Erin Wright, Morgan Stanley.

Morgan Stanley 的 Erin Wright。

Great. So a competitor of yours recently announced a transaction in the infusion space with Option Care. I guess is that an area that is interested to you? Did you look at that asset?

很好。所以你們的一位競爭對手最近宣布在輸注（infusion）領域與 Option Care 的一筆交易。我想問，這是你們感興趣的領域嗎？你們有評估過那項資產嗎？

How do you think about, I guess, other areas outside of oncology and retina, I mean you're really weighing in on oncology, obviously, but are you still entertaining those other ideas? Or how do you think about that in terms of the context of what you were just talking about from a capital deployment standpoint?

另外，你們如何看待腫瘤與視網膜之外的其他領域？我的意思是，你們顯然非常著重在腫瘤領域，但你們是否仍在考慮其他想法？或者，從你剛才談到的資本配置角度，你們如何在這個脈絡下思考？

Erin, thanks very much for the for the question. I'll start with where it's clear that we are focused because I do want to emphasize that. We've made it very clear that we're going to be focused on expanding our specialty capabilities. We've made it clear that we're going to focus our portfolio in areas that we can create long-term customer and shareholder value. And you're seeing us do that.

Erin，非常感謝你的提問。我先從我們明確聚焦的方向開始，因為我確實想強調這一點。我們已非常清楚地表明，我們將專注於擴大我們的專科能力。我們也已清楚表明，我們會把投資組合聚焦在能夠創造長期客戶與股東價值的領域。而你也看到我們正在這麼做。

That is our investments in the builds of the MSOs that we're doing, and we're going to continue to do that. It's important to note something that we've said a few times, which is our pharmaceutical-centric strategy keeps us focused in the MSO space right now on oncology and retina.

那是我們正在進行的、對 MSO 建置的投資，我們也將持續這麼做。需要特別指出的是，我們已經說過幾次：我們以製藥為核心的策略，使我們目前在 MSO 領域的重點聚焦於腫瘤與視網膜。

And we don't see other therapeutic areas as areas that would be pharmaceutical-centric and therefore, would have us interested in expanding into a different MSO outside of those two. Getting to your question, which is infusion specific, we support infusion customers across our portfolio. We have that in our health systems business, we support infusion customers.

我們不認為其他治療領域屬於以製藥為核心的領域，因此也不會讓我們有興趣在這兩者之外擴展到不同的 MSO。回到你的問題，也就是輸注（infusion）相關的部分，我們在整個產品組合中都支援輸注客戶。在我們的醫療體系業務中，我們也支援輸注客戶。

We expect to continue to support them as customers, but that doesn't mean that we need to own that capability. We're a strong provider to them, and we'll continue to do that.

我們預期會持續把他們當作客戶來支援，但這不代表我們必須擁有那項能力。我們是他們的重要供應商，並且會持續如此。

George Hill, Deutsche Bank.

George Hill，德意志銀行。

I'm going to delve a little bit more into the new specialty segment a little bit. I'm wondering if there's a chance that you guys would tell us maybe the dollar percentage contribution from like the MSO segment versus wholesaling versus GPO.

我想再更深入談一下新的專科（specialty）部門。我想知道你們是否可能告訴我們，例如 MSO 部門相對於批發（wholesaling）以及 GPO 的美元占比貢獻。

Would you talk at all about are there any more significant margin differences by therapeutic category? And should we think of like what is a target margin profile for this segment, given that operating earnings growth is expected to outpace revenue growth in the long-term algo.

你們是否能談談不同治療類別之間是否存在更顯著的毛利差異？另外，鑑於長期演算法中預期營業利益成長將快於營收成長，我們應該如何看待這個部門的目標利潤率輪廓（margin profile）？

George. It's Eva. So on your first question around breaking out the MSO contribution, for 2026, we indicated the MSOs were about 10% of our consolidated operating income. So that should give you a framework to think about that. On the margin side, right, our specialty is our higher margin, higher growth business.

George。我是 Eva。針對你第一個問題、關於拆分 MSO 的貢獻，我們指出在 2026 年，MSO 約占我們合併營業利益的 10%。這應該能提供你一個思考框架。至於利潤率方面，沒錯，我們的專科業務是利潤率較高、成長較快的業務。

I would point out that it's not just the Specialty Distribution. We have the World Courier, the 3PL, the MSOs and the consulting businesses in there. So they're carrying a higher margin profile. And I'd remind you that we consolidate RCA. So think about that as additive to margin.

我想強調，這不僅僅是專科配送（Specialty Distribution）。其中還包括 World Courier、3PL、MSO 以及顧問業務。因此它們呈現較高的利潤率輪廓。另外也提醒你，我們合併了 RCA，所以可以把它視為對利潤率的加成。

Eric Coldwell, Baird.

Eric Coldwell，Baird。

I was hoping for a little more framing on the CapEx. I understand the drivers of the heightened CapEx, the $1 billion target. I'm hoping to put that in context of a figure that is effectively a double or more than a double over the last couple of years.

我希望能對資本支出（CapEx）有更多的框架說明。我理解資本支出提高、以 10 億美元為目標的驅動因素。我希望把它放在一個背景下理解：這個數字相較過去幾年等於翻倍或超過翻倍。

And the 3% to 4% growth in the long-term growth targets, should we read that as started $1 billion and then grow that 3% to 4% per year thereafter. I assume that's a forward-looking basis. So I just want to make sure that there's not a bit of a onetime spike, if you will, in fiscal '27.

而長期成長目標中的 3% 到 4% 成長，我們是否應該解讀為以 10 億美元起步，之後每年再成長 3% 到 4%？我假設那是以前瞻基礎來看的。所以我只是想確認一下，在 2027 財年不會出現一次性的尖峰（spike），如果可以這麼說的話。

Yes. Eric, this is Eva. Regarding our CapEx, as you said, we expect to spend approximately $1 billion. And you're right, the dollar spend is elevated to recent years. As a percentage of gross profit, it aligns with historical periods when we've made significant investments in our infrastructure.

是的。Eric，我是 Eva。關於我們的資本支出，如你所說，我們預期支出約 10 億美元。你說得對，這個金額相較近年偏高。但若以毛利的百分比來看，它與我們過去在基礎設施進行重大投資時期的水準一致。

So I would just remind you, we're making investments in our US supply chain infrastructure. We're continuing to make investments in IT to support our digital transformation as well as SAP as well as some investments in our MSO. And the 3% to 4% that you're referring to, I believe, is capital deployment. It was not intended to be CapEx growing at 3% to 4%.

所以我想提醒你，我們正在投資於美國供應鏈基礎設施。我們也持續投資 IT，以支援我們的數位轉型以及 SAP，並且也對我們的 MSO 進行一些投資。你提到的 3% 到 4%，我相信指的是資本配置（capital deployment）。那並不是要表達資本支出將以 3% 到 4% 成長。

Kevin Caliendo, UBS.

Kevin Caliendo，瑞銀（UBS）。

Just a couple of things, I just want to understand the inputs into 2027. One oncology profitability that -- the run rate that you had for fiscal 4Q. Is that the run rate going forward? Or did you assume there would be improving One Oncology profitability in fiscal '27 versus the run rate we saw exiting? And then is there anything that you contemplated around Cigna's new wholesale distribution business that they announced.

有幾點我想了解 2027 年的假設輸入。第一是 One Oncology 的獲利能力——你們在第 4 季（財年 4Q）的運行水準（run rate）。那會是未來的運行水準嗎？還是你們假設在 2027 財年 One Oncology 的獲利能力會比我們在期末看到的運行水準有所改善？另外，對於 Cigna 宣布的新批發配送業務，你們是否有納入任何考量？

We don't really know exactly what it's going to be, but the perception was it could potentially impact you? I'm wondering if there was anything when you thought about guidance that was an input relative to that business.

我們其實不太清楚它究竟會是什麼樣子，但市場觀感是它可能會對你們造成影響？我想知道在思考財測指引時，是否有任何與該業務相關的因素被納入。

And then the last input is the Option Care relationship that you currently have. We don't know when that contract expires, but is there anything built into fiscal '27 for potentially losing the distribution part of the Option Care business, if that's even an issue.

最後一個因素是你們目前與 Option Care 的合作關係。我們不知道該合約何時到期，但在 2027 財年是否有納入任何可能失去 Option Care 業務中配送部分的情境（如果那確實是個問題的話）。

Yes. Thanks for the question. I'm going to go in reverse order, Kevin. On Option Care, you're right, they are a Cencora customer and have been for some time. As it relates to the financial impact, I would think about it, it would move us within our guidance range of our Pharmaceutical Distribution and Services segment.

是的，謝謝你的問題。Kevin，我會倒過來回答。關於 Option Care，你說得對，他們是 Cencora 的客戶，而且已經合作一段時間。就財務影響而言，我會這樣看：它會使我們在「製藥配送與服務」部門的指引區間內移動。

Your point on MSOs, One Oncology more specifically, what I would say is, first, I want to iterate that One Oncology and RCA both continuing to perform well. They performed well in the quarter. We expect there'll be significant contributors to our specialty growth. They have been in the past, and we look forward to those continuing to grow nicely.

你提到 MSO，尤其是 One Oncology，我想說的是：首先，我要重申 One Oncology 與 RCA 都持續表現良好。它們在本季表現不錯。我們預期它們將成為我們專科成長的重要貢獻者。過去一直如此，我們也期待它們能持續穩健成長。

And Kevin, I would just add, I think your question was how we have thought about our customer relationships in terms of guidance. You mentioned one specific one, but I'll just say that all of our customer relationships are contemplated in our fiscal '27 guidance, and we wouldn't comment any further than that.

Kevin，我再補充一下，我想你的問題是我們在指引中如何看待客戶關係。你提到一個特定客戶，但我想說的是：我們所有的客戶關係都已納入 2027 財年的指引考量之中，除此之外我們不再進一步評論。

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

問答環節到此結束。我現在把電話交回給 Bob Mauch 作結語。

Thank you, operator. our fiscal 2026 performance demonstrates the strength of our business. We move into fiscal 2027 with significant momentum and Cencora is focused on execution and advancing our strategy to continue creating long-term value for our customers and shareholders. Thanks, everyone, for your time today.

謝謝，接線員。我們 2026 財年的表現展現了我們業務的實力。我們帶著強勁動能進入 2027 財年，Cencora 將專注於執行並推進我們的策略，持續為客戶與股東創造長期價值。謝謝各位今天撥冗參與。

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。