麥卡遜 (MCK) 2023 Q4 法說會逐字稿

Welcome to McKesson's Fourth Quarter Fiscal 2023 Earnings Conference Call. Please be advised that today's conference is being recorded. At this time, I would like to turn the call over to Nicole Kramer, Manager of Investor Relations. Please go ahead.

歡迎來到 McKesson 2023 財年第四季度收益電話會議。請注意，今天的會議正在錄製中。在這個時候，我想把電話轉給投資者關係經理 Nicole Kramer。請繼續。

Thank you, operator. Good afternoon, and welcome, everyone, to McKesson's Fourth Quarter Fiscal 2023 Earnings Call. Today, I'm joined by Brian Tyler, our Chief Executive Officer; and Britt Vitalone, our Chief Financial Officer. Brian will lead off followed by Britt, and then we will move to a question-and-answer session.

謝謝你，運營商。下午好，歡迎大家參加 McKesson 的 2023 財年第四季度收益電話會議。今天，我們的首席執行官 Brian Tyler 加入了我的行列；和我們的首席財務官 Britt Vitalone。 Brian 將首先發言，然後是 Britt，然後我們將進入問答環節。

Today's discussion will include forward-looking statements such as forecast about McKesson's operations and future results. Please refer to the cautionary statements in today's earnings release and presentation slides available on our website at investor.mckesson.com and to the Risk Factors section of our periodic SEC filings for additional information concerning risk factors that could cause our actual results to materially differ from those in our forward-looking statements.

今天的討論將包括前瞻性陳述，例如對 McKesson 的運營和未來結果的預測。請參閱我們網站 investor.mckesson.com 上今天的收益發布和演示幻燈片中的警示性聲明，以及我們定期向美國證券交易委員會提交的文件中的風險因素部分，了解有關可能導致我們的實際結果與實際結果存在重大差異的風險因素的更多信息。那些在我們的前瞻性陳述中。

Information about non-GAAP financial measures that we will discuss during this webcast, including a reconciliation of those measures to GAAP results can be found in today's earnings release and presentation slides. The presentation slides also include a summary of our results for the quarter and guidance assumptions.

我們將在本次網絡廣播中討論的有關非 GAAP 財務措施的信息，包括這些措施與 GAAP 結果的對賬，可在今天的收益發布和演示幻燈片中找到。演示幻燈片還包括我們本季度業績的摘要和指導假設。

With that, let me turn it over to Brian.

有了這個，讓我把它交給布賴恩。

Thank you, Nicole, and good afternoon, everyone. I appreciate you joining us for our call today. Earlier today, we announced fourth quarter results, closing out a very successful fiscal 2023. We delivered full year revenues of $277 billion and adjusted earnings per diluted share of $25.94.

謝謝你，妮可，大家下午好。感謝您今天加入我們的電話會議。今天早些時候，我們公佈了第四季度業績，結束了非常成功的 2023 財年。我們實現了 2770 億美元的全年收入和 25.94 美元的調整後每股攤薄收益。

When excluding certain items, adjusted earnings per diluted share grew 15% from the prior year, driven by momentum across all business segments. In fiscal 2023, Team McKesson made significant progress, executing our company priorities and advancing our position as a diversified health care services company. We grew our biopharma and oncology platforms through a balance of strategic partnerships, acquisitions and internal investments. We delivered growth in the core distribution businesses and we divested the majority of the operations in Europe, furthering our goal to streamline and optimize the portfolio.

排除某些項目後，在所有業務部門的發展勢頭推動下，調整後的每股攤薄收益比上年增長 15%。在 2023 財年，McKesson 團隊取得了重大進展，執行了我們公司的優先事項，並提升了我們作為一家多元化醫療保健服務公司的地位。我們通過平衡戰略合作夥伴關係、收購和內部投資來發展我們的生物製藥和腫瘤學平台。我們實現了核心分銷業務的增長，並剝離了歐洲的大部分業務，進一步實現了精簡和優化產品組合的目標。

As we close out fiscal 2023 and look ahead, we're confident in our ability to carry the business momentum forward, and we're excited to update and increase our long-term adjusted segment operating profit growth targets. This is a testament to our strategic focus, consistent execution and confidence in the outlook of the business. Building off our differentiated assets and capabilities, we're well positioned to deliver strong sustainable growth in the years ahead. Britt will later walk you through more of the financial details, including fiscal 2024 outlook and the updated long-term growth segment targets.

在我們結束 2023 財年並展望未來之際，我們對推動業務發展勢頭的能力充滿信心，我們很高興更新和提高長期調整後的部門營業利潤增長目標。這證明了我們的戰略重點、始終如一的執行力以及對業務前景的信心。憑藉我們差異化的資產和能力，我們有能力在未來幾年實現強勁的可持續增長。布里特稍後將帶您了解更多財務細節，包括 2024 財年展望和更新的長期增長部門目標。

I wanted to start my remarks today, though, with the foundation of all of our strategies, which is our focus on people and culture. Our talent is critical to everything that we do at McKesson. We strive to be the best place to work in health care, and we're building a culture that not only unites the team, but empowers them to innovate and succeed. One of the important commitments we have to our employees is to create a workspace where everyone can be comfortable to work at their very best.

不過，今天我想以我們所有戰略的基礎開始我的發言，這就是我們對人和文化的關注。我們的才能對我們在 McKesson 所做的一切都至關重要。我們努力成為醫療保健領域的最佳工作場所，我們正在建立一種文化，這種文化不僅可以團結團隊，還可以賦予他們創新和成功的能力。我們對員工的重要承諾之一是創建一個工作空間，讓每個人都能舒適地以最佳狀態工作。

In the past quarter, at McKesson, we celebrated Black History Month in February and Women's History Month in March with many great, great employee-led events. I had the opportunity to participate in many of these, and I'm energized by the dedication and passion our employees have demonstrated towards promoting awareness and listening and supporting each other as Team McKesson. We have a strong employee value proposition, and our progress in creating the best place to work is being recognized externally.

在上個季度，在 McKesson，我們慶祝了 2 月的黑人歷史月和 3 月的女性歷史月，舉辦了許多由員工主導的非常棒的活動。我有機會參加其中的許多活動，我們的員工在 McKesson 團隊中為提高意識、傾聽和相互支持所表現出的奉獻精神和熱情讓我深受鼓舞。我們擁有強大的員工價值主張，我們在打造最佳工作場所方面取得的進步得到了外部認可。

Recently, we were pleased to be named by Forbes as one of America's Best Large Employers, earning the third highest ranking in health care. We were also named by Newsweek as one of America's Greatest Places for Work for Women among many, many more recognitions. I'm very proud of the accomplishments, togetherness and the alignment of our team.

最近，我們很高興被福布斯評為美國最佳大型雇主之一，在醫療保健領域排名第三。我們還被《新聞周刊》評為美國最適合女性工作的場所之一，獲得了更多的認可。我為我們團隊的成就、團結和團結感到非常自豪。

Our second company priority is to drive sustainable core growth. In U.S. Pharmaceutical, the core Pharmaceutical Distribution business continues to support the growth momentum of the segment. In fiscal 2023, the segment revenue increased 13% and adjusted operating profit, excluding COVID-19-related contributions, increased 8%, representing the highest profit growth rate since we formed this segment.

我們的第二個公司優先事項是推動可持續的核心增長。在美國製藥，核心藥品分銷業務繼續支持該部門的增長勢頭。在 2023 財年，該部門收入增長 13%，調整後營業利潤（不包括與 COVID-19 相關的貢獻）增長 8%，這是我們成立該部門以來的最高利潤增長率。

We renewed our long-standing relationship with CVS and delivered strong value propositions to support customers across all channels, partnering with them to help solve their most immediate business needs. Our ability to consistently deliver high-quality services is supported by our deep expertise in pharmaceutical distribution and scaled network of assets. We continue to invest in the infrastructure to improve efficiency and modernize the network in support of our growth and in pursuit of efficiencies.

我們續簽了與 CVS 的長期合作關係，並提出了強有力的價值主張來支持所有渠道的客戶，與他們合作幫助解決他們最緊迫的業務需求。我們始終如一地提供高質量服務的能力得到了我們在藥品分銷和規模化資產網絡方面的深厚專業知識的支持。我們繼續投資於基礎設施以提高效率和現代化網絡，以支持我們的增長和追求效率。

In October 2022, we opened a new state-of-the-art pharmaceutical distribution center in Ohio. This is one of our most technologically advanced facilities. It leverages automation to increase efficiency, increase productivity and enhance the employee experience. Leveraging our scale distribution network and logistics expertise, we have supported the U.S. government and its initiative of distributing COVID-19 vaccine and the kitting and storage of ancillary kits. Both government contracts are scheduled to expire in July of 2023.

2022 年 10 月，我們在俄亥俄州開設了一個新的最先進的藥品配送中心。這是我們技術最先進的設施之一。它利用自動化來提高效率、生產力和改善員工體驗。利用我們的規模分銷網絡和物流專業知識，我們支持美國政府及其分發 COVID-19 疫苗以及配套和儲存輔助工具包的舉措。這兩份政府合同都定於 2023 年 7 月到期。

Looking back at the past 2 years, Team McKesson has demonstrated incredible agility, dedication and commitment in standing up the operation and in distributing millions of life-saving vaccines across the country. We've gained invaluable experience, deepened our relationship with government partners and proven our value, capabilities and expertise.

回顧過去 2 年，McKesson 團隊在開展行動和在全國分發數百萬支拯救生命的疫苗方面表現出了令人難以置信的敏捷性、奉獻精神和承諾。我們獲得了寶貴的經驗，加深了我們與政府合作夥伴的關係，並證明了我們的價值、能力和專業知識。

The next priority I want to talk about is our priority to expand the oncology and biopharma platforms. Through years of focused investment and execution, we have built differentiated assets and capabilities in oncology and in biopharma services, and we've strengthened our market positions in these high-growth and high-margin areas.

我想談的下一個優先事項是我們擴展腫瘤學和生物製藥平台的優先事項。通過多年的專注投資和執行，我們在腫瘤學和生物製藥服務領域建立了差異化的資產和能力，並鞏固了我們在這些高增長和高利潤領域的市場地位。

I'll start with the oncology platform. One of the pillars of our oncology platform is the distribution capability. We are the leading distributor in the community oncology market with a scaled reach to providers in the community setting. Biologics, our specialty pharmacy, supports more than 3,500 specialty practices with cancer and other rare disease medications. Through our GPO services, Onmark and Unity, we served thousands of oncology physicians and delivered significant savings on oncology drug purchases for practices, both within the U.S. oncology network and other community-based practices.

我將從腫瘤學平台開始。我們腫瘤學平台的支柱之一是分銷能力。我們是社區腫瘤學市場的領先分銷商，在社區環境中廣泛接觸供應商。 Biologics 是我們的專業藥房，支持 3,500 多種癌症和其他罕見病藥物的專業實踐。通過我們的 GPO 服務 Onmark 和 Unity，我們為數以千計的腫瘤醫生提供服務，並在美國腫瘤網絡和其他基於社區的實踐中為實踐購買腫瘤藥物節省了大量資金。

Fiscal 2023 has been a year of significant growth for our practice management business. The U.S. Oncology Network welcomed 3 new practices, Epic Care, Nexus Health and most recently, the Regional Cancer Care Associates as effective as of April 1, 2023. With these additions, the number of providers grew by more than 450 to a total exceeding over 2,300. This represents the fastest growth period since we acquired the U.S. Oncology Network in 2010. These new practices expand the reach of the network into new geographies and enhance its commitment to providing high-quality care close to home. In addition to the expansion in footprint, we continue to empower the growth of individual oncology practices to ensure that they are the forefront of cancer care. Physicians in the network stand out as thought leaders in the industry with participation in leading publications and leadership roles within the industry.

2023 財年是我們實踐管理業務顯著增長的一年。美國腫瘤學網絡歡迎 3 種新做法，即 Epic Care、Nexus Health 和最近的區域癌症護理協會，自 2023 年 4 月 1 日起生效。有了這些增加，提供者的數量增加了 450 多家，總數超過了2,300。這是自我們 2010 年收購美國腫瘤網絡以來增長最快的時期。這些新做法將網絡的覆蓋範圍擴大到新的地區，並加強了其在就近提供高質量護理方面的承諾。除了擴大足跡外，我們還繼續推動個體腫瘤學實踐的發展，以確保它們處於癌症治療的最前沿。該網絡中的醫生作為行業思想領袖脫穎而出，參與了行業內的領先出版物和領導角色。

The network also plays a leading role in the transformation to value-based care, including its participation in the oncology care model. In October 2022, U.S. Oncology Research formed a joint venture with HCA's Sarah Cannon Research Institute, creating a fully integrated oncology research organization. We expect this transaction to accelerate our oncology strategy, expand clinical research and increase access to clinical trials for community oncology providers and, more importantly, for patients.

該網絡還在向基於價值的護理轉型中發揮主導作用，包括參與腫瘤護理模式。 2022 年 10 月，U.S. Oncology Research 與 HCA 的 Sarah Cannon 研究所成立了一家合資企業，創建了一個完全整合的腫瘤學研究機構。我們預計此次交易將加速我們的腫瘤學戰略，擴大臨床研究並增加社區腫瘤學提供者，更重要的是，患者獲得臨床試驗的機會。

We're pleased with the performance across the oncology platform, and we believe our differentiated set of assets allows us to be a key partner of choice across both providers and biopharma companies. In addition to the momentum in the oncology platform, we're also making significant progress in growing our assets and capabilities in the biopharma platform. We continue to enhance the way patients get their medications by improving access, affordability and adherence to prescription medications.

我們對整個腫瘤學平台的表現感到滿意，我們相信我們差異化的資產組合使我們能夠成為供應商和生物製藥公司的重要合作夥伴。除了腫瘤平台的發展勢頭外，我們還在生物製藥平台的資產和能力增長方面取得了重大進展。我們通過改善處方藥的可及性、可負擔性和依從性，繼續改善患者獲得藥物的方式。

In this past year, we managed programs that helped patients save more than $8 billion on branded and specialty medications and prevented approximately 9.9 million prescriptions from being abandoned due to affordability challenges. This helped patients get access to medicine more than 78 million times. In November of 2022, we completed the acquisition of Rx Savings Solutions, a prescription price transparency and benefit insight company. The acquisition expands our affordability and adherence capabilities and sets the foundation for the expansion of outcomes management and evidence-based biopharma and payer services.

在過去的一年裡，我們管理的項目幫助患者在品牌和專業藥物上節省了超過 80 億美元，並防止了大約 990 萬份處方因負擔能力挑戰而被放棄。這幫助患者獲得藥物超過 7800 萬次。 2022 年 11 月，我們完成了對處方藥價格透明度和效益洞察公司 Rx Savings Solutions 的收購。此次收購擴大了我們的負擔能力和依從性能力，並為擴大成果管理和循證生物製藥和支付服務奠定了基礎。

For the Prescription Technology Solutions segment, our fiscal fourth quarter is usually the busiest quarter of the year driven by customer annual verification activities. Our employees had a particularly busy season this past quarter, assisting the highest volume of patients in the history of the segment. We continue to see strong market demand for the products and services we provide, which supports the growth outlook of this segment.

對於處方技術解決方案部門，我們的第四財季通常是一年中最繁忙的季度，受客戶年度驗證活動的推動。我們的員工在上個季度度過了一個特別忙碌的季節，幫助了該部門歷史上數量最多的患者。我們繼續看到市場對我們提供的產品和服務的強勁需求，這支持了該部門的增長前景。

While we're committed to grow the biopharma platform, we're also continually looking for opportunities to optimize the portfolio of products and services we offer. We have a disciplined review process to ensure that our resources are aligned with the areas of most strategic priorities. In this past quarter, we made the decision to reprioritize investments of products within the Prescription Technology Solutions segment, that we believe have reached the end of their life cycle and are no longer essential to the growth strategy.

在我們致力於發展生物製藥平台的同時，我們也在不斷尋找機會來優化我們提供的產品和服務組合。我們有嚴格的審查流程，以確保我們的資源與最具戰略重點的領域保持一致。在過去的這個季度，我們決定重新確定處方技術解決方案部分產品的投資優先級，我們認為這些產品的生命週期已經結束，不再對增長戰略至關重要。

These actions will allow us to improve operational efficiency and more importantly, to better focus investments in other strategic areas and to maximize our resources for growth opportunities. These types of decisions are always difficult, and it has a direct impact on some of our employees. I am deeply grateful for the contributions of all our Prescription Technology Solutions employees have made that have led to the significant growth in this segment for the past several years. As part of this initiative, we're also streamlining the real estate assets, supporting more flexibility for our employees. We remain confident about our differentiated capabilities, the market opportunity and our ability to achieve the long-term growth targets of this segment.

這些行動將使我們能夠提高運營效率，更重要的是，能夠更好地將投資集中在其他戰略領域，並最大限度地利用我們的資源來獲得增長機會。這些類型的決定總是很困難，並且對我們的一些員工有直接影響。我非常感謝我們所有處方技術解決方案員工所做的貢獻，這些貢獻導致了過去幾年這一領域的顯著增長。作為該計劃的一部分，我們還精簡了房地產資產，為我們的員工提供更大的靈活性。我們對我們的差異化能力、市場機會以及我們實現該細分市場長期增長目標的能力充滿信心。

Another important portfolio action we are executing is the divestiture of our European businesses. We have now successfully divested businesses in 11 of the 12 countries with Norway being the only country for which we are still exploring alternatives.

我們正在執行的另一項重要投資組合行動是剝離我們的歐洲業務。我們現在已經成功剝離了 12 個國家中 11 個的業務，挪威是我們仍在探索替代方案的唯一國家。

As we make significant progress in expanding the strategic growth areas, we are doing so in a way that allows us to deliver for all our stakeholders. We're committed to drive sustainability and to execute on initiatives that are aligned to our business strategy, support our growth and contribute to measurable and enduring positive impacts and health outcomes for our stakeholders and communities. We look forward to publishing our impact report in June to share our progress on these important initiatives.

隨著我們在擴大戰略增長領域方面取得重大進展，我們這樣做的方式使我們能夠為所有利益相關者提供服務。我們致力於推動可持續發展，並執行符合我們業務戰略的舉措，支持我們的發展，並為我們的利益相關者和社區帶來可衡量和持久的積極影響和健康成果。我們期待在 6 月發布我們的影響報告，以分享我們在這些重要舉措方面取得的進展。

Earlier this year, our near-term science-based greenhouse gas emissions reduction targets were approved by the Science Based Target initiative. Focused on energy, transportation and real estate, our teams are taking meaningful actions to achieve these targets and improve the business. Recently, we were included in Sustainalytics 2023 industry top-rated ESG companies list, recognizing our comprehensive commitment and achievements in environmental, social and governance-related issues.

今年早些時候，我們基於科學的近期溫室氣體減排目標獲得了基於科學的目標倡議的批准。我們的團隊專注於能源、交通和房地產，正在採取有意義的行動來實現這些目標並改善業務。最近，我們被列入 Sustainalytics 2023 行業頂級 ESG 公司名單，這是對我們在環境、社會和治理相關問題上的全面承諾和成就的認可。

So let me pull everything together. McKesson reported a strong fourth quarter and full year results. Looking back to fiscal 2023, we made significant progress in advancing our company priorities. We executed on our strategy with focus and dedication. We invested in our businesses and our people for future growth. And as a diversified health care services company, we enacted positive changes to our customers, partners and their patients. I'm incredibly proud of what we have achieved as a team, and I'm confident in our ability to continue the momentum and deliver sustainable growth as reflected in our updated long-term segment growth targets.

所以讓我把所有的東西放在一起。 McKesson 報告了強勁的第四季度和全年業績。回顧 2023 財年，我們在推進公司優先事項方面取得了重大進展。我們以專注和奉獻的精神執行我們的戰略。我們投資於我們的業務和我們的員工以實現未來的增長。作為一家多元化的醫療保健服務公司，我們為我們的客戶、合作夥伴及其患者帶來了積極的變化。我為我們作為一個團隊所取得的成就感到無比自豪，並且我相信我們有能力繼續保持勢頭並實現可持續增長，這反映在我們更新的長期細分增長目標中。

With that, Britt, I'll hand it over to you for additional comments.

有了這個，布里特，我會把它交給你徵求更多意見。

Well, thank you, Brian. Today, I'll discuss our fourth quarter and full year fiscal 2023 results, and then I'll provide an overview of our fiscal 2024 outlook, including our updated long-term adjusted segment operating profit growth targets. My comments today will refer to our fiscal 2023 adjusted results unless I state otherwise.

好吧，謝謝你，布賴恩。今天，我將討論我們 2023 財年第四季度和全年的業績，然後我將概述我們 2024 財年的前景，包括我們更新的長期調整後的部門營業利潤增長目標。除非我另有說明，否則我今天的評論將參考我們 2023 財年的調整後結果。

We delivered strong fourth quarter results. Earnings per diluted share was $7.19, an increase of 23% compared to the prior year. These results were right in line with the guidance we provided on our third quarter earnings call. Our results demonstrate the breadth of McKesson's strength as a leading diversified health care services company with strong performance and growth in each of our core operating businesses.

我們交付了強勁的第四季度業績。每股攤薄收益為 7.19 美元，比上年增長 23%。這些結果與我們在第三季度財報電話會議上提供的指導一致。我們的業績證明了 McKesson 作為一家領先的多元化醫療保健服務公司的實力廣度，在我們的每項核心運營業務中都有強勁的業績和增長。

For the full year, earnings per diluted share increased 9% year-over-year to $25.94 driven by a lower share count in growth in the U.S. Pharmaceutical segment, partially offset by lower contributions in the International segment as a result of the completed divestitures of McKesson's European businesses.

全年，攤薄後每股收益同比增長 9% 至 25.94 美元，這主要是由於美國製藥部門的增長份額減少，部分被國際部門的貢獻減少所抵消，原因是完成了對McKesson 的歐洲業務。

Full year earnings per diluted share also included $2.36 related to the following certain items, which can also be found on Slide 23 in the appendix to our earnings presentation. $0.78 related to the U.S. government centralized COVID-19 vaccine distribution program, $1.12 related to COVID-19 tests and the kitting storage and distribution of ancillary supplies for the U.S. government. $0.65 related to the early termination of the tax receivable agreement, or TRA, with Change Healthcare. And $0.19 related to net losses associated with McKesson ventures equity investments.

全年每股攤薄收益還包括與以下某些項目相關的 2.36 美元，這些項目也可以在我們的收益報告附錄的幻燈片 23 中找到。 0.78 美元與美國政府集中的 COVID-19 疫苗分發計劃相關，1.12 美元與 COVID-19 測試以及美國政府輔助用品的配套儲存和分發相關。 0.65 美元與 Change Healthcare 的應收稅款協議 (TRA) 的提前終止有關。 0.19 美元與 McKesson 風險投資股權投資相關的淨虧損有關。

Excluding these certain items, earnings per diluted share increased 15% year-over-year, above our previously communicated long-term growth rate target. Our strong full year results are broad-based and reflect our ongoing commitment to deliver sustainable growth and long-term shareholder value.

排除這些特定項目，每股攤薄收益同比增長 15%，高於我們之前傳達的長期增長率目標。我們強勁的全年業績基礎廣泛，反映了我們對實現可持續增長和長期股東價值的持續承諾。

Before I turn to our consolidated results, I want to highlight one item that impacted our fourth quarter GAAP-only results. We remain focused on strategically managing the company to deliver differentiated customer value as well as long-term financial growth and profitability. In support of delivering sustainable value, innovation and growth, during the fourth quarter of fiscal 2023, we announced a broad set of initiatives to simplify our infrastructure, drive operational efficiencies and increase cost optimization. These initiatives include headcount reductions and the exit or downsizing of certain facilities.

在我轉向我們的綜合業績之前，我想強調一個影響我們第四季度 GAAP 業績的項目。我們仍然專注於戰略性地管理公司，以提供差異化的客戶價值以及長期的財務增長和盈利能力。為了支持實現可持續價值、創新和增長，我們在 2023 財年第四季度宣布了一系列廣泛的舉措，以簡化我們的基礎設施、提高運營效率並加強成本優化。這些舉措包括裁員和退出或縮減某些設施。

During the fourth quarter, we recorded charges of $60 million related to these initiatives, which include severance and other employee-related costs within our Prescription Technology Solutions segment, asset impairments and accelerated depreciation, including certain asset impairments primarily within our U.S. Pharmaceutical segment and real estate charges within corporate. We anticipate total charges of approximately $125 million within our Prescription Technology Solutions in U.S. Pharmaceutical segment as well as corporate to be substantially completed by the end of fiscal 2024.

在第四季度，我們記錄了與這些舉措相關的 6000 萬美元費用，其中包括我們處方技術解決方案部門的遣散費和其他與員工相關的成本、資產減值和加速折舊，包括主要在我們的美國製藥部門和實際中的某些資產減值公司內部的遺產稅。我們預計我們在美國製藥部門和公司的處方技術解決方案的總費用約為 1.25 億美元，到 2024 財年年底將基本完成。

Moving now to our consolidated results. Our consolidated revenues increased 4% to $68.9 billion in the fourth quarter and for the full year, increased 5% to $276.7 billion. Fourth quarter and full year results were driven by growth in the U.S. Pharmaceutical segment, including increased specialty product volumes from retail national account customers, partially offset by lower revenues in the International segment as a result of the completed divestitures of McKesson's European businesses. Excluding the impact of the European business operations, including these completed divestitures, revenues increased 13% in the fourth quarter and 12% in the full year when compared to fiscal 2022.

現在轉到我們的綜合結果。我們的綜合收入在第四季度增長 4% 至 689 億美元，全年增長 5% 至 2767 億美元。第四季度和全年業績是由美國製藥部門的增長推動的，包括來自零售國民賬戶客戶的特殊產品數量增加，部分被 McKesson 歐洲業務完成剝離導致的國際部門收入下降所抵消。排除歐洲業務運營的影響，包括這些已完成的資產剝離，與 2022 財年相比，第四季度收入增長 13%，全年增長 12%。

Gross profit was $3.1 billion for the quarter, a decrease of 8%. For the full year, gross profit was $12.2 billion, a decrease of 7%. Excluding the impact of our European business operations and completed divestitures, gross profit increased 9% in the fourth quarter and 8% in the full year, primarily as a result of growth in the U.S. Pharmaceutical and Prescription Technology Solutions segments.

本季度毛利潤為 31 億美元，下降 8%。全年毛利潤為 122 億美元，下降 7%。排除我們的歐洲業務運營和完成資產剝離的影響，第四季度毛利潤增長 9%，全年增長 8%，這主要是由於美國製藥和處方技術解決方案部門的增長。

Operating expenses decreased 14% in the quarter and 13% for the full year, largely driven by completed European divestitures in our international segment and lower opioid litigation costs. Excluding the impact of our European business operations and the completed divestitures, operating expenses increased 8% in both the fourth quarter and the full year. Fourth quarter operating profit increased 4% to $1.3 billion, driven by growth in the U.S. Pharmaceutical segment, including solid contributions from our generics program and Prescription Technology Solutions growth more than offsetting the impact from completed divestitures in the International segment.

營業費用在本季度下降了 14%，全年下降了 13%，這主要是由於我們國際部門完成的歐洲資產剝離以及較低的阿片類藥物訴訟成本。排除我們的歐洲業務運營和已完成資產剝離的影響，第四季度和全年的運營費用均增長了 8%。第四季度營業利潤增長 4% 至 13 億美元，這得益於美國製藥部門的增長，包括我們的仿製藥計劃和處方技術解決方案增長的穩健貢獻，足以抵消國際部門完成資產剝離的影響。

Full year operating profit increased 3% to $5 billion, primarily led by growth in our North American businesses, partially offset by these completed divestitures in our international segment, and lower contributions from COVID-19-related items year-over-year. When excluding the impact related to the distribution of COVID-19-related products, a pretax benefit of $126 million related to the early termination of the TRA with Change Healthcare in the third quarter and net gains or losses associated with McKesson Ventures equity investments, operating profit increased 9% in the fourth quarter and 8% for the full year when compared to fiscal 2022.

全年營業利潤增長 3% 至 50 億美元，這主要是由於我們北美業務的增長，部分被我們國際部門完成的資產剝離以及 COVID-19 相關項目的同比貢獻減少所抵消。在排除與 COVID-19 相關產品的分銷相關的影響時，與第三季度與 Change Healthcare 的 TRA 提前終止相關的稅前收益為 1.26 億美元，以及與 McKesson Ventures 股權投資相關的淨損益，運營與 2022 財年相比，第四季度利潤增長 9%，全年增長 8%。

Moving below the line, interest expense was $7 million in the quarter and $239 million for the full year. The increase was primarily due to impacts from higher interest rates. Effective tax rate was 12.9% for the quarter and 18.8% for the full year, in line with our original guidance. As a reminder, our effective tax rate can vary quarter-to-quarter driven by our mix of income and the timing of discrete tax items.

低於這條線，本季度的利息支出為 700 萬美元，全年為 2.39 億美元。增加主要是由於較高利率的影響。本季度有效稅率為 12.9%，全年有效稅率為 18.8%，符合我們最初的指引。提醒一下，我們的實際稅率可能會因收入組合和離散稅項的時間安排而有所不同。

Wrapping up our consolidated results, fourth quarter diluted weighted average shares outstanding was 138 million, a decrease of 8% year-over-year.

總結我們的綜合業績，第四季度攤薄加權平均流通股數為 1.38 億股，同比下降 8%。

Turning to our fourth quarter and full year segment results, which can be found on Slides 7 through 12 and starting with U.S. Pharmaceutical. Our U.S. Pharmaceutical business is a scale-efficient business and comprises a breadth and depth of services and capabilities, including our growing oncology platform, and we're pleased with the momentum in this segment.

轉向我們的第四季度和全年分部結果，可以在幻燈片 7 到 12 上找到，從美國製藥開始。我們的美國製藥業務是一項規模高效的業務，包括廣度和深度的服務和能力，包括我們不斷增長的腫瘤學平台，我們對這一領域的發展勢頭感到滿意。

Fourth quarter revenues were $61.7 billion, an increase of 15% year-over-year driven by growth across all customer segments, including increased volume of specialty products, higher volumes from retail national account customers and market growth, which is partially offset by branded to generic conversions. Fourth quarter operating profit increased 10% to $861 million and for the full year, increased 6% to $3.1 billion driven by growth in the distribution of specialty products to providers and health systems and increased contributions from our generics program.

第四季度收入為 617 億美元，同比增長 15%，這得益於所有客戶群的增長，包括特色產品數量的增加、零售國民賬戶客戶數量的增加以及市場增長，這部分被品牌到通用轉換。第四季度營業利潤增長 10% 至 8.61 億美元，全年營業利潤增長 6% 至 31 億美元，這得益於向供應商和衛生系統分銷專業產品的增長以及我們仿製藥計劃的貢獻增加。

We remain pleased with the performance of our generics program, led by stable market fundamentals and the strength of our sourcing operations. We continue to provide solid value to our customers and partners, delivering low cost and stable supply.

在穩定的市場基本面和我們採購業務的實力的帶動下，我們對仿製藥項目的表現仍然感到滿意。我們繼續為我們的客戶和合作夥伴提供可靠的價值，提供低成本和穩定的供應。

Our contract with the U.S. government for COVID-19 vaccine distribution provided an operating profit benefit of approximately $21 million or $0.11 per share in the fourth quarter compared to $12 million or $0.06 per share in the fourth quarter of the prior year. For the full year, this contract provided a benefit of $149 million or $0.78 per share compared to $186 million or $0.89 per share in fiscal 2022. When excluding the impact of COVID-19 vaccine distribution, U.S. Pharmaceutical segment delivered operating profit growth of 9% in the fourth quarter and 8% for the full year compared to fiscal 2022 results, which were ahead of the segment's long-term growth target.

我們與美國政府簽訂的 COVID-19 疫苗分銷合同在第四季度提供了約 2100 萬美元或每股 0.11 美元的營業利潤收益，而去年第四季度為 1200 萬美元或每股 0.06 美元。全年，該合同提供的收益為 1.49 億美元或每股 0.78 美元，而 2022 財年為 1.86 億美元或每股 0.89 美元。排除 COVID-19 疫苗分銷的影響後，美國製藥部門的營業利潤增長了 9%與 2022 財年業績相比，第四季度增長 8%，全年增長 8%，高於該部門的長期增長目標。

In the Prescription Technology Solutions segment, fourth quarter revenues were $1.2 billion, an increase of 16% year-over-year driven by growth in prescription volumes in our third-party logistics business and access and adherent solutions transaction volumes. Fourth quarter operating profit increased 35% to $218 million and full year operating profit increased 15% to $679 million driven by growth in access and affordability solutions. Fourth quarter results were also positively impacted by annual customer verification support activities as well as increased volume growth, partially due to the commercial success of the brands we serve.

在處方技術解決方案領域，第四季度收入為 12 億美元，同比增長 16%，這主要得益於第三方物流業務處方量的增長以及接入和依附解決方案交易量的增長。第四季度營業利潤增長 35% 至 2.18 億美元，全年營業利潤增長 15% 至 6.79 億美元，這主要得益於接入和負擔能力解決方案的增長。第四季度業績也受到年度客戶驗證支持活動以及銷量增長的積極影響，部分原因是我們所服務品牌的商業成功。

Through our comprehensive suite of solutions and services, McKesson helped patients access their medicine over 24 million times in the fourth quarter, the highest number of patients assisted in the segment's history. The segment produced strong fourth quarter results and full year performance was in line with our original guidance.

通過我們全面的解決方案和服務套件，McKesson 在第四季度幫助患者獲得藥物超過 2400 萬次，這是該部門歷史上獲得幫助的患者數量最多的一次。該部門第四季度業績強勁，全年業績符合我們最初的指引。

Moving now to Medical-Surgical Solutions. In the fourth quarter, revenues were $2.7 billion, a decrease of 6% year-over-year and operating profit was $248 million, a decrease of 17%. For the full year, operating profit declined 4% to $1.2 billion. Fourth quarter and full year results were impacted by lower sales of COVID-19 tests and lower contribution from kitting storage and distribution of ancillary supplies for the U.S. government's COVID-19 program, partially offset by growth in the primary care business, including favorable sourcing activities and illness season testing compared to the prior year.

現在轉向醫療外科解決方案。第四季度營收為27億美元，同比下降6%，營業利潤為2.48億美元，同比下降17%。全年營業利潤下降 4% 至 12 億美元。第四季度和全年業績受到 COVID-19 測試銷售額下降以及美國政府 COVID-19 計劃的配套儲存和輔助用品分銷貢獻下降的影響，部分被初級保健業務的增長所抵消，包括有利的採購活動和上一年相比的疾病季節測試。

Contribution for COVID-19 tests in our contract with the U.S. government for the kitting storage and distribution of ancillary supplies provided a total benefit of $31 million or $0.16 per share in the fourth quarter compared to $85 million or $0.42 per share in the fourth quarter of fiscal 2022. For the full year, COVID-19 related items provided a benefit of $216 million or $1.12 per share compared to $371 million or $1.78 per share in fiscal 2022. Excluding the impact of COVID-19-related items, the segment delivered operating profit growth of 2% in the fourth quarter and 13% for the full year compared to fiscal 2022 results, which was at the upper end of the original guidance range that we provided.

我們與美國政府就輔助用品的配套儲存和分發簽訂的合同中對 COVID-19 測試的貢獻在第四季度提供了 3100 萬美元或每股 0.16 美元的總收益，而去年第四季度為 8500 萬美元或每股 0.42 美元2022 財年全年，COVID-19 相關項目帶來的收益為 2.16 億美元或每股 1.12 美元，而 2022 財年為 3.71 億美元或每股 1.78 美元。排除 COVID-19 相關項目的影響，該部門交付了運營與 2022 財年業績相比，第四季度利潤增長 2%，全年利潤增長 13%，處於我們提供的原始指導範圍的上限。

Next, let me address our international results. Revenues in the fourth quarter were $3.4 billion, a decrease of 61% year-over-year, and operating profit was $80 million, a decrease of 46%. On an FX-adjusted basis, fourth quarter revenues were $3.6 billion, a decrease of 58% and operating profit was $88 million, a decrease of 40%. For the full year operating profit, on an FX adjusted basis, decreased by 22%. Fourth quarter and full year results reflect the year-over-year effects in the completed divestitures within our European businesses.

接下來，讓我談談我們的國際成果。第四季度營收為34億美元，同比下降61%，營業利潤為8000萬美元，同比下降46%。經匯率調整後，第四季度收入為 36 億美元，下降 58%，營業利潤為 8800 萬美元，下降 40%。經匯率調整後的全年營業利潤下降了 22%。第四季度和全年業績反映了我們歐洲業務中已完成資產剝離的同比影響。

In wrapping up our segment review, corporate expenses were $149 million in the quarter, a decrease of 19% year-over-year. For the full year, corporate expenses were $457 million, a decrease of 21%, which included a pretax benefit of $126 million related to the early termination of the tax receivable agreement, or TRA, with Change Healthcare in the third quarter.

在總結我們的部門審查時，本季度公司支出為 1.49 億美元，同比下降 19%。全年，公司支出為 4.57 億美元，下降 21%，其中包括與第三季度與 Change Healthcare 提前終止應收稅款協議 (TRA) 相關的 1.26 億美元稅前收益。

Corporate expenses in the fourth quarter and full year were positively impacted by lower opioid-related expenses compared to the prior year. During the quarter, we had net losses of $12 million or $0.06 per share related to equity investments within the McKesson Ventures portfolio compared to net losses of approximately $6 million or $0.03 per share in the fourth quarter of fiscal 2022. For the full year, McKesson had net losses related to equity investments within our McKesson Ventures portfolio of approximately $36 million or $0.19 per share. This compares to net gains of approximately $98 million or $0.47 per share for the full year fiscal 2022.

與上一年相比，阿片類藥物相關費用減少對第四季度和全年的公司費用產生了積極影響。在本季度，我們與 McKesson Ventures 投資組合中的股權投資相關的淨虧損為 1200 萬美元或每股 0.06 美元，而 2022 財年第四季度的淨虧損約為 600 萬美元或每股 0.03 美元。全年，McKesson與我們 McKesson Ventures 投資組合中的股權投資相關的淨虧損約為 3600 萬美元或每股 0.19 美元。相比之下，2022 財年全年的淨收益約為 9800 萬美元或每股 0.47 美元。

As a reminder, McKesson Ventures portfolio holds equity investments in several growth-stage digital health and services companies, and we're pleased with the insights and the results we have obtained through this portfolio. The impacts on consolidated financials can be influenced by the performance of each individual investment quarter-to-quarter. And as a result, McKesson's investments may result in gains or losses, the timing and magnitude of which can vary for each investment. Excluding the benefit from the early termination of the TRA and net gains and losses within the McKesson Ventures portfolio, corporate expenses decreased 23% and 19% in the fourth quarter and full year, respectively.

提醒一下，McKesson Ventures 投資組合持有數家處於成長階段的數字健康和服務公司的股權投資，我們對通過該投資組合獲得的見解和結果感到滿意。對綜合財務的影響可能會受到每個單獨投資的季度業績的影響。因此，McKesson 的投資可能會產生收益或損失，其時間和幅度因每項投資而異。剔除 TRA 提前終止帶來的收益以及 McKesson Ventures 投資組合的淨損益，公司支出在第四季度和全年分別下降了 23% 和 19%。

Turning now to our cash position and capital deployment, which can be found on Slide 13. For the fiscal year, we generated record cash flow, reflecting the broad-based strength of our businesses, the focus on working capital efficiency and disciplined capital investment. For the full year, we generated $4.6 billion in free cash flow, including $558 million of capital expenditures, which included investments to support our strategic pillars of oncology and biopharma services as well as investments in our distribution centers. We used our strong balance sheet to return $3.6 billion to shareholders through share repurchases, including $138 million in the fourth quarter.

現在轉向我們的現金狀況和資本配置，可以在幻燈片 13 中找到。在本財年，我們產生了創紀錄的現金流，反映了我們業務的廣泛實力、對營運資本效率的關注和有紀律的資本投資。全年，我們產生了 46 億美元的自由現金流，其中包括 5.58 億美元的資本支出，其中包括支持我們腫瘤學和生物製藥服務戰略支柱的投資以及對我們配送中心的投資。我們利用強勁的資產負債表通過股票回購向股東返還了 36 億美元，其中包括第四季度的 1.38 億美元。

During the quarter, we entered a new share repurchase program, which allows up to $1 billion of new repurchases. I'll speak about our share repurchase guidance for fiscal 2024 in a few minutes. Additionally, we paid dividends of $292 million for the full year, and we remain committed to growing the dividend in line with earnings growth.

在本季度，我們進入了一項新的股票回購計劃，允許高達 10 億美元的新回購。我將在幾分鐘內談論我們對 2024 財年的股票回購指導。此外，我們全年支付了 2.92 億美元的股息，並且我們仍然致力於根據收益增長來增加股息。

When combining share repurchases with dividends paid, we returned approximately 85% of free cash flow to shareholders in fiscal 2023. We continue to utilize capital deployment as a method to drive value for our shareholders. Since the beginning of fiscal 2019, we returned $12.9 billion of cash to shareholders through share repurchases and dividends. Of this amount, approximately $11.5 billion has been returned through share repurchases, reducing our total shares outstanding by approximately 33%.

在將股票回購與支付的股息相結合時，我們在 2023 財年向股東返還了大約 85% 的自由現金流。我們繼續利用資本配置作為為股東創造價值的一種方法。自 2019 財年開始以來，我們通過股票回購和派息向股東返還了 129 億美元現金。其中，約 115 億美元已通過股票回購返還，使我們的已發行股票總數減少約 33%。

Our strong operating performance, combined with our return of capital to shareholders, reinforces our commitment to driving shareholder value.

我們強勁的經營業績，加上我們對股東的資本回報，加強了我們對推動股東價值的承諾。

Now let me spend a few minutes discussing our outlook for fiscal 2024. As a reminder, we do not provide forward-looking guidance on a GAAP basis, so the following metrics are provided on an adjusted non-GAAP basis. Rather than outlining each assumption, I'll instead walk you through the key items, beginning with additional details of fiscal '24 consolidated guidance. A full list of our assumptions can be found on Slides 14 through 19 and in our supplemental slide presentation.

現在讓我花幾分鐘討論一下我們對 2024 財年的展望。提醒一下，我們不提供基於 GAAP 的前瞻性指導，因此以下指標是在調整後的非 GAAP 基礎上提供的。我不會概述每個假設，而是會引導您完成關鍵項目，從 24 財年綜合指南的更多細節開始。我們的假設的完整列表可以在幻燈片 14 到 19 和我們的補充幻燈片演示中找到。

Fiscal '23 was a strong year where we exceeded our full year operating profit, earnings per share and cash flow guidance that we laid out at the beginning of May last year. These results have increased our confidence and our outlook. Strategies that we've discussed today are delivering, and we expect that they will continue to deliver strong levels of operating profit, earnings per share growth and robust cash flow generation.

23 財年是強勁的一年，我們超過了去年 5 月初制定的全年營業利潤、每股收益和現金流量指導。這些結果增強了我們的信心和前景。我們今天討論的戰略正在實施，我們預計它們將繼續帶來強勁的營業利潤、每股收益增長和強勁的現金流產生。

We anticipate earnings per diluted share of $26.10 to $26.90 for fiscal '24, which contemplates operating profit growth across each of our core operating businesses when excluding COVID-19-related items supplemented by disciplined capital deployment. We anticipate earnings per diluted share to increase 11% to 14% in fiscal '24 when excluding $1.90 related to COVID-19 related items, $0.19 of net losses associated with McKesson Ventures equity investments and $0.65 benefit related to the early termination of the TRA with Change Healthcare in fiscal 2023.

我們預計 24 財年的每股攤薄收益為 26.10 美元至 26.90 美元，這考慮到我們每項核心運營業務的營業利潤增長，其中不包括 COVID-19 相關項目，並輔之以嚴格的資本部署。如果不包括與 COVID-19 相關項目相關的 1.90 美元、與 McKesson Ventures 股權投資相關的 0.19 美元淨虧損以及與 TRA 提前終止相關的 0.65 美元收益，我們預計 24 財年每股攤薄收益將增長 11% 至 14%在 2023 財年改變醫療保健。

Let me start by discussing our approach to COVID-19-related items in our fiscal '24 outlook. Since the onset of the pandemic, McKesson has played a central role in providing support for the U.S. government for distribution of COVID-19 vaccines and the kitting storage and distribution of ancillary supplies as well as providing the distribution of COVID-19 tests to our customers. Looking ahead to fiscal 2024 and the scheduled completion of our COVID-19 contracts with the U.S. government in July of 2023, we anticipate that the impact from COVID-19-related items, including COVID-19 tests, will be immaterial to fiscal '24 results. As such, we will no longer provide earnings per diluted share guidance metrics specific to these items going forward.

讓我首先討論我們在 24 財年展望中處理 COVID-19 相關項目的方法。自大流行開始以來，McKesson 在為美國政府分發 COVID-19 疫苗和輔助用品的配套儲存和分發以及向我們的客戶分發 COVID-19 測試方面發揮了核心作用.展望 2024 財年以及我們與美國政府在 2023 年 7 月完成的 COVID-19 合同，我們預計 COVID-19 相關項目（包括 COVID-19 測試）的影響對 24 財年而言並不重要結果。因此，我們將不再提供特定於這些項目的稀釋後每股收益指導指標。

Let me discuss the outlook for our segments. We continue to be pleased with the growth we're seeing in the U.S. Pharmaceutical segment. The value proposition of our core distribution platform resonates across retail, health systems and provider settings, and we anticipate growth across several customer channels. We also anticipate further growth in our oncology platform, U.S. Oncology Network, the largest oncology practice management organization in the U.S. has continued to expand its footprint into local communities to increase the availability of advanced care and better patient outcomes. We continue to grow the provider footprint with over 2,300 providers in the network.

讓我討論一下我們細分市場的前景。我們繼續對我們在美國製藥部門看到的增長感到高興。我們核心分銷平台的價值主張在零售、醫療系統和供應商環境中產生共鳴，我們預計多個客戶渠道都會出現增長。我們還預計我們的腫瘤學平台將進一步增長，美國最大的腫瘤學實踐管理組織美國腫瘤學網絡繼續將其足跡擴展到當地社區，以增加高級護理的可用性和更好的患者結果。我們繼續擴大供應商足跡，網絡中有超過 2,300 家供應商。

We formed a joint venture with Sarah Cannon Research Institute in fiscal 2023. This partnership enhances our proposition to biopharma companies and further advances our differentiated offerings across the entire pharmaceutical life cycle. Additionally, in fiscal '24, we anticipate branded pharmaceutical price increases to be in line with increases experienced in fiscal 2022. We do not anticipate the higher price increases that we saw in fiscal '23 to repeat in fiscal '24.

我們在 2023 財年與 Sarah Cannon Research Institute 成立了一家合資企業。這種夥伴關係增強了我們對生物製藥公司的主張，並進一步推進了我們在整個製藥生命週期中的差異化產品。此外，在 24 財年，我們預計品牌藥品價格的漲幅將與 2022 財年的漲幅一致。我們預計我們在 23 財年看到的更高價格漲幅不會在 24 財年重複。

Within our generics business, the fundamentals remain competitive, yet stable with our strong sourcing program continuing to provide value for our customers. Wrapping up the U.S. pharmaceutical segment, for fiscal '24, we anticipate revenue to increase 9% to 11% and operating profit to be approximately flat to 3% growth year-over-year. When excluding the impact of COVID-19 vaccine distribution from fiscal 2023, we anticipate operating profit to increase 5% to 8%.

在我們的仿製藥業務中，基本面保持競爭力，但由於我們強大的採購計劃繼續為我們的客戶提供價值而穩定。總結美國製藥部門，對於 24 財年，我們預計收入將同比增長 9% 至 11%，營業利潤將大致持平至 3%。排除 2023 財年 COVID-19 疫苗分銷的影響後，我們預計營業利潤將增長 5% 至 8%。

In the Prescription Technology Solutions segment, we anticipate revenue growth of 7% to 13% and operating profit growth of 11% to 15%, reflecting continued organic growth and higher transaction volumes across our access and affordability solutions and services. Within the Prescription Technology Solutions segment, our 3PL services typically represent slightly more than half of full year revenues, while services represented less than 10% of full year operating profit on average over the previous 3 fiscal years.

在處方技術解決方案領域，我們預計收入增長 7% 至 13%，營業利潤增長 11% 至 15%，反映出我們的可及性和可負擔性解決方案和服務的持續有機增長和更高的交易量。在處方技術解決方案領域，我們的 3PL 服務通常佔全年收入的一半多一點，而服務在前 3 個財政年度平均佔全年營業利潤的 10% 以下。

We have stated previously, the mix of revenue in this segment can vary quarter-to-quarter. However, over the balance of a full year, we anticipate (inaudible) product mix in fiscal '24 to be consistent with prior years. In fiscal '23, we also acquired Rx Savings Solutions, which helps employers and health plans reduce prescription drug costs by utilizing its advanced analytics capabilities. We're pleased with this acquisition's progress and will continue its integration during fiscal '24 as we begin to realize the value from the synergies. This segment continues to perform well with higher revenue and margin opportunities that leverage our scale and technology capabilities. The strong growth profile over the last few years reflects our ongoing strategic investments to grow and expand our suite of products and solutions to provide next-generation patient access affordability and adherence solutions that are automated and integrated with provider workflows.

我們之前已經說過，該細分市場的收入組合可能會因季度而異。然而，在一整年的餘下時間裡，我們預計 24 財年的（聽不清）產品組合將與往年保持一致。在 23 財年，我們還收購了 Rx Savings Solutions，它通過利用其先進的分析功能幫助雇主和健康計劃降低處方藥成本。我們對此次收購的進展感到滿意，並將在 24 財年繼續整合，因為我們開始意識到協同效應的價值。該細分市場繼續表現良好，利用我們的規模和技術能力帶來更高的收入和利潤機會。過去幾年的強勁增長反映了我們持續的戰略投資，以發展和擴展我們的產品和解決方案套件，以提供下一代患者可負擔性和依從性解決方案，這些解決方案是自動化的並與供應商工作流程集成。

In the Medical-Surgical Solutions segment, we anticipate reported revenues to be approximately a 1% decline to 3% growth and operating profit to decrease 5% to 11%. Medical-Surgical business remains well positioned to leverage the breadth and depth of its services throughout the alternate site market, including growth in the primary care business and lab solutions. Our contract with the U.S. government for the kitting storage and distribution of ancillary supplies ends in July of 2023, and we expect the remaining impact of this contract to be immaterial to fiscal '24 results.

在醫療外科解決方案領域，我們預計報告的收入將下降約 1% 至 3% 的增長，營業利潤將下降 5% 至 11%。醫療外科業務仍然處於有利地位，可以在整個替代站點市場中利用其服務的廣度和深度，包括初級保健業務和實驗室解決方案的增長。我們與美國政府就輔助用品的配套儲存和配送簽訂的合同將於 2023 年 7 月到期，我們預計該合同的剩餘影響對 24 財年的業績並不重要。

And while we anticipate a modest contribution from COVID-19 tests, we anticipate volumes to continue to decline and be at a lower level compared to fiscal '23 and immaterial to fiscal '24 results. Excluding the impact of these COVID-19-related items from fiscal '23 results, we anticipate operating profit to increase 11% to 15% year-over-year.

雖然我們預計 COVID-19 測試的貢獻不大，但我們預計數量將繼續下降，並且與 23 財年相比處於較低水平，並且對 24 財年的結果並不重要。從 23 財年業績中排除這些 COVID-19 相關項目的影響，我們預計營業利潤將同比增長 11% 至 15%。

Finally, in the International segment, we anticipate revenues to decline by 30% to 34% and operating profit to decline by 23% to 29%. This year-over-year decrease includes a loss of operating profit contribution from businesses and transactions we've closed to date and that we expect to close during fiscal '24. We continue to explore strategic alternatives to exit our remaining operations in Norway, and as I mentioned on our third quarter earnings call, we intend to deploy capital through share repurchases to offset any dilution resulting from the European divestitures.

最後，在國際業務方面，我們預計收入將下降 30% 至 34%，營業利潤將下降 23% 至 29%。這一同比下降包括我們迄今為止已經關閉的業務和交易的營業利潤貢獻損失，我們預計將在 24 財年關閉這些業務和交易。我們繼續探索戰略替代方案以退出我們在挪威的剩餘業務，正如我在第三季度財報電話會議上提到的那樣，我們打算通過股票回購來部署資本，以抵消歐洲資產剝離造成的任何稀釋。

Now turning to cash flow and capital deployment. Our North American businesses continue to generate strong free cash flow, and our capital allocation priorities remain unchanged. We continue to be focused on profitable growth and efficient deployment of capital. Our 24% return on invested capital illustrates our focus on shareholder value creation. Our strong balance sheet provides us the flexibility to pursue multiple capital allocation priorities concurrently. We will continue to prioritize growth through organic opportunities, however, increasingly, through acquisitions that are on strategy and appropriate multiples.

現在轉向現金流和資本配置。我們的北美業務繼續產生強勁的自由現金流，我們的資本配置重點保持不變。我們繼續專注於盈利增長和資本的有效配置。我們 24% 的投資資本回報率說明了我們對股東價值創造的關注。我們強大的資產負債表使我們能夠靈活地同時追求多個資本配置優先事項。我們將繼續通過有機機會優先考慮增長，但是，越來越多地通過戰略收購和適當的倍數。

For fiscal '24, we anticipate free cash flow of approximately $3.7 billion to $4.1 billion, net of property acquisitions and capitalized software expenses. We also remain committed to returning capital to our shareholders. Our outlook incorporates plans to repurchase approximately $3.5 billion of shares in fiscal '24. As a result of the share repurchase activity, we estimate weighted average diluted shares outstanding for fiscal '24 to be in the range of approximately 133 million to 134 million.

對於 24 財年，我們預計自由現金流約為 37 億美元至 41 億美元，扣除資產收購和資本化軟件費用。我們還致力於將資本返還給我們的股東。我們的展望包含了在 24 財年回購約 35 億美元股票的計劃。由於股票回購活動，我們估計 24 財年的加權平均攤薄已發行股票在大約 1.33 億至 1.34 億股之間。

Combining all these elements leads to adjusted earnings per share of $26.10 to $26.90. Excluding the impact of COVID-19-related items and the contribution from our remaining European operations in Norway, we anticipate earnings per diluted share growth of approximately 14% to 18% in fiscal '24, which is above the long-term target rate we previously provided. The strong outlook further demonstrates our shareholder value creation framework. We continue to be focused on profitable growth and efficient deployment of capital.

將所有這些因素結合起來，調整後的每股收益為 26.10 美元至 26.90 美元。排除 COVID-19 相關項目的影響和我們在挪威的剩餘歐洲業務的貢獻，我們預計 24 財年每股攤薄收益增長約 14% 至 18%，高於我們的長期目標增長率以前提供的。強勁的前景進一步證明了我們的股東價值創造框架。我們繼續專注於盈利增長和資本的有效配置。

Turning now to our long-term adjusted segment operating profit growth targets, which can be found on Slide 19. As COVID-19-related contracts with U.S. government are scheduled to end in July of 2023, and the contribution from Europe continues to run off as guided, we remain committed to executing against our strategic initiatives and building on our differentiated assets and capabilities. As a result, we're pleased to be raising our long-term growth targets, demonstration of the execution of our strategies, our leading market position and strong financial position. For U.S. Pharmaceutical, we anticipate 5% to 7% long-term growth, which is up from 4%. The Prescription Technology Solutions, 11% to 12% long-term growth, up from 11%, and the Medical-Surgical Solutions, 10% to 12% long-term growth, up from 10%.

現在轉向我們調整後的長期部門營業利潤增長目標，可以在幻燈片 19 上找到。由於與美國政府簽訂的與 COVID-19 相關的合同計劃於 2023 年 7 月結束，而歐洲的貢獻繼續減少按照指導，我們仍然致力於執行我們的戰略舉措，並建立我們差異化的資產和能力。因此，我們很高興能夠提高我們的長期增長目標，展示我們戰略的執行、我們領先的市場地位和強大的財務狀況。對於美國製藥業，我們預計長期增長率為 5% 至 7%，高於 4%。處方技術解決方案的長期增長率為 11% 至 12%，高於 11%，醫療外科解決方案的長期增長率為 10% 至 12%，高於 10%。

With our strong underlying momentum and our aligned focus on the many growth opportunities moving forward, I remain confident we'll continue to deliver long-term sustainable growth and provide superior value for our customers, team members and shareholders alike.

憑藉我們強大的潛在動力和我們對未來許多增長機會的一致關注，我仍然相信我們將繼續實現長期可持續增長，並為我們的客戶、團隊成員和股東等提供卓越的價值。

In conclusion, we are well positioned in the market with a unique strength and scale that only McKesson can provide. We will continue to invest in our strategies as we expand the reach of our oncology ecosystem and biopharma services platform. As fiscal 2023 demonstrated, our strategies are working, producing value for all stakeholders. We have tremendous momentum across the business, a strong financial outlook and our financial framework and execution position us to deliver sustainable profit growth, cash flows and shareholder value creation.

總之，我們在市場上處於有利地位，擁有隻有 McKesson 才能提供的獨特實力和規模。隨著我們擴大腫瘤生態系統和生物製藥服務平台的範圍，我們將繼續投資於我們的戰略。正如 2023 財年所證明的那樣，我們的戰略正在發揮作用，為所有利益相關者創造價值。我們的業務發展勢頭強勁，財務前景強勁，我們的財務框架和執行力使我們能夠實現可持續的利潤增長、現金流和股東價值創造。

We have great confidence in our teams and our products and services and in our strategy. With that, let me now turn it back over to the operator for your questions.

我們對我們的團隊、我們的產品和服務以及我們的戰略充滿信心。有了這個，讓我現在把它轉回給接線員來回答你的問題。

(Operator Instructions) And our first question will come from Eric Percher with Nephron Research.

（操作員說明）我們的第一個問題將來自 Nephron Research 的 Eric Percher。

I'd like to dig into the increase in long-term op profit growth targets and specifically pharma. That's a massive absolute number at the high end of the new range and for '24, that range comes with needing to lap brand benefits. So I'd love to hear what gets you to the high end of the range factors within the year? And what drives the long-term guidance and macro trend versus strategy versus investment?

我想深入了解長期營業利潤增長目標的增加，特別是製藥業。在新範圍的高端，這是一個巨大的絕對數字，對於 24 年，該範圍伴隨著品牌利益的需要。所以我很想听聽是什麼讓你在一年內達到範圍因素的高端？是什麼推動了長期指導和宏觀趨勢與戰略與投資的對比？

Thanks for the question, Eric. I think what -- as we look at the business, we've already previously indicated that we thought we could grow the business faster than the originally indicated long-term guidance. I think there are a number of factors that are a part of that. First of all, we've seen strong utilization. I think that, as a baseline, we've seen that actually increase throughout the year, and we expect that utilization will remain solid going forward.

謝謝你的問題，埃里克。我認為 - 當我們審視業務時，我們之前已經表示我們認為我們可以比最初指示的長期指導更快地發展業務。我認為有很多因素是其中的一部分。首先，我們看到了強大的利用率。我認為，作為基準，我們已經看到全年實際增長，我們預計未來利用率將保持穩定。

We've built a lot of momentum across our health systems business, our retail pharmacy network and the value that we're providing there. And we've been growing our oncology platform. You heard Brian and I both referenced the number of providers that we've added. Certainly, if you think about the value that we provide, not only as a distributor, but GPO services and now the added capabilities with Ontada and Sarah Cannon Research and the opportunities going forward as it relates to biosimilars, all of these things really point to the opportunities for us to grow faster in the future than the original long-term target rate. And the business continues to generate good cash and efficiency through a scaled operation.

我們在我們的衛生系統業務、我們的零售藥店網絡和我們在那裡提供的價值方面建立了很大的勢頭。我們一直在發展我們的腫瘤學平台。你聽說過 Brian 和我都提到了我們添加的提供商的數量。當然，如果您考慮我們提供的價值，不僅是作為分銷商，還有 GPO 服務，以及現在 Ontada 和 Sarah Cannon Research 的附加功能以及與生物仿製藥相關的未來機遇，所有這些都真正指向我們未來有機會比原來的長期目標增長率更快地增長。通過規模化運營，該業務繼續產生良好的現金和效率。

So I think all of those things and the momentum that we've shown now over a number of years, leading us to have some confidence in a higher growth target.

因此，我認為所有這些事情以及我們多年來展示的勢頭，使我們對更高的增長目標充滿信心。

And next will be Michael Cherny with Bank of America.

接下來是來自美國銀行的 Michael Cherny。

Congratulations on a really strong guide. Maybe to take Eric's question, but tied a bit onto the Medical-Surgical side. It seems like the multitude of factors you've been backing out COVID has continued to help you strong market positioning, sites of care, volumes, you name it. As you think about the build, because you did take up that guidance as well, what do you think the steady state looks like in terms of where we have been pre-COVID versus going forward among all those different metrics, among share gain, among sites of care, among private label that allows you to build to that higher and consistent double-digit growth rate within what already is a pretty sizable segment from (inaudible) perspective?

祝賀您獲得了一個非常強大的指南。也許是為了回答埃里克的問題，但有點牽涉到醫療外科方面。看起來你一直在支持 COVID 的眾多因素繼續幫助你強大的市場定位、護理地點、數量，你能想到的。當您考慮構建時，因為您也確實接受了該指導，您認為在所有這些不同的指標、份額收益、以及護理場所，在自有品牌中，允許您在從（聽不清）的角度來看已經相當可觀的細分市場中建立更高且一致的兩位數增長率？

Thanks, Michael. I'll take that one and give Britt a minute of relief. So our medical business is incredibly diverse. I mean across, it really shows up in all of the alternate sites or everywhere that's not a hospital setting to be truthful. And even amongst hospitals, we tend to serve all of their communities, not all, but we do serve their community-based locations. And then it's also diverse from a sense of multiple product lines, not just commodity medical products, it's equipment, it's lab, it's pharmaceuticals, it's specialty pharmaceuticals.

謝謝，邁克爾。我會拿走那個，讓 Britt 鬆一口氣。因此，我們的醫療業務非常多樣化。我的意思是，說實話，它確實出現在所有備用站點或任何不是醫院環境的地方。即使在醫院中，我們也傾向於為他們所有的社區提供服務，而不是全部，但我們確實為他們以社區為基礎的地點提供服務。然後它也從多種產品線的意義上變得多樣化，不僅僅是商品醫療產品，它是設備，它是實驗室，它是藥品，它是專業藥品。

When we look at utilization broadly across the industry, we've been pleased to see it come back. We've seen prescriptions come back, oncology visits come back. Medical has probably recovered a bit over the course of the last year, but we are encouraged by recent commentary and staff on the recovery and ambulatory surgery centers, for example. So I think there's a digitalization that we think continues to underlie this business. There's the diversity of the products and the new segments that we can penetrate. There's opportunities for us. We continue to believe in our private brand portfolio. So I'd say it's the confluence of all those things that give us the confidence.

當我們審視整個行業的廣泛利用率時，我們很高興看到它又回來了。我們看到處方又回來了，腫瘤科就診又回來了。在過去的一年裡，醫療可能有所恢復，但我們對最近關於恢復和門診手術中心的評論和工作人員感到鼓舞。所以我認為我們認為數字化繼續成為這項業務的基礎。我們可以滲透產品的多樣性和新的細分市場。我們有機會。我們繼續相信我們的自有品牌組合。所以我想說是所有這些因素的匯合給了我們信心。

And next will be Lisa Gill with JPMorgan.

接下來是摩根大通的 Lisa Gill。

Just, Britt, I first wanted to follow up on the $0.40 range as we think of the guidance and just to understand some of the puts and takes and the upper end and the lower end. And more importantly, as we think about, for example, the changes in insulin pricing and how drug distributors make money. So one, can you maybe just walk us through how we should think about insulin? And then secondly, in the answer to an earlier question, you talked about lapping the brand benefit. But I'm also curious as to how you and Brian are thinking about new products that are coming to the market. I think of things like GLP-1s and other really expensive drugs that will have a big top line?

只是，布里特，我首先想在我們考慮指導時跟進 0.40 美元的範圍，只是為了了解一些看跌期權和看跌期權以及上限和下限。更重要的是，正如我們所考慮的，例如，胰島素定價的變化以及藥品分銷商如何賺錢。那麼，您能否向我們介紹一下我們應該如何考慮胰島素？其次，在回答之前的問題時，您談到了品牌利益。但我也很好奇您和 Brian 如何看待即將上市的新產品。我想到像 GLP-1 和其他非常昂貴的藥物會有很大的收入嗎？

Thanks for the question, Lisa. So a lot there. Let me just see if I can tick through it, and if I miss something, please remind me. As we think about the products that we serve across our biopharma partners, our first job there is to think about what is it that our customers need. And then work with our biopharma partners to determine the services that they need us to provide on behalf of those products. And when we do that, we work to establish a fair value for those services that we provide, regardless of what the product is. That's what we do on a constant basis, working with our manufacturers.

謝謝你的問題，麗莎。那裡有很多。讓我看看我是否可以通過它，如果我錯過了什麼，請提醒我。當我們考慮我們為生物製藥合作夥伴提供的產品時，我們的首要工作是考慮我們的客戶需要什麼。然後與我們的生物製藥合作夥伴合作，確定他們需要我們代表這些產品提供的服務。當我們這樣做時，我們努力為我們提供的那些服務建立公允價值，無論產品是什麼。這就是我們與製造商合作一貫的做法。

So I think we've talked about this now for a number of years that we've continue to evolve our manufacturing relationships and our pricing to be reflective of the fair value of the services that we provide. And as we go forward, that's going to be -- continue to be our focus so that we maintain the economics that we have for the services that we provide.

所以我認為我們已經討論了很多年，我們一直在不斷發展我們的製造關係和我們的定價，以反映我們提供的服務的公允價值。隨著我們的前進，這將是——繼續成為我們的重點，以便我們維持我們所提供服務的經濟效益。

In terms of GLP-1s. Again, it's part of the broad set of products that we distribute on behalf of manufacturers to our customers. One of the other things I would remind you of is, over the last several years, we've been on a journey to ensure that all products, regardless of the category, individually are reflective of the economics that we receive in terms of how we price those back with our customers.

在 GLP-1 方面。同樣，它是我們代表製造商向我們的客戶分發的廣泛產品集的一部分。我要提醒您的另一件事是，在過去的幾年中，我們一直在努力確保所有產品，無論類別如何，都單獨反映我們在與我們的客戶一起定價。

So we're on that -- we continue to be on that focus, and I think we're well positioned to do that as we go forward. I don't know, Brian, if you would -- there's anything you would add to that?

所以我們就此 - 我們繼續關注這一重點，我認為我們在前進的過程中做好了準備。我不知道，布賴恩，如果你願意——你有什麼要補充的嗎？

No. I think that's well done. I mean obviously, it's hard to go anywhere these days without talking about GLP-1s. And I would just characterize it generally, I think their growth will be positive for us and have a big impact on, hopefully, patients and the health of the country.

不，我認為做得很好。我的意思是，很明顯，這些天去任何地方都很難不談論 GLP-1。我只是一般性地描述它，我認為它們的增長將對我們產生積極影響，並有望對患者和國家的健康產生重大影響。

And next will be Brian Tanquilut with Jefferies.

接下來是 Jefferies 的 Brian Tanquilut。

Congrats also on the guide. I guess Britt, as I think about the guidance, obviously, raising your operating income target, you don't have an EPS growth target here in like the last time when you did the Investor Day. So just curious if the bridge to EPS has changed from the operating income targets that you've laid out? Or maybe how should we be thinking about EPS growth?

也祝賀指南。我想布里特，當我考慮指導時，顯然，提高你的營業收入目標，你沒有像上次投資者日那樣的每股收益增長目標。所以只是好奇通往 EPS 的橋樑是否已經從您制定的營業收入目標改變了？或者我們應該如何考慮 EPS 增長？

Yes, Brian, thanks for that question. I think what we've done here is we've updated the segments. There really is no change to the range that we provided for adjusted EPS. So one of the comments that I made, as we think about capital deployment, we're going to continue to focus on growing the business, whether that be organically and the investments that we make in it or more as we go forward more on M&A. You saw us do a couple of really key M&A transactions last year that were right on strategy. And as you know, it generally takes a few years to get the full synergies from that M&A. We expect that we'll continue to do M&A on strategy at the right multiples and that even with the increase in the operating segment guidance that overall that the overall EPS guidance would still be within the range.

是的，布賴恩，謝謝你提出這個問題。我認為我們在這裡所做的是更新了細分市場。我們為調整後的每股收益提供的範圍確實沒有變化。因此，我發表的評論之一是，當我們考慮資本部署時，我們將繼續專注於發展業務，無論是有機的還是我們在其中進行的投資，或者隨著我們在併購方面的進一步推進.你看到我們去年做了幾筆非常重要的併購交易，這些交易在戰略上是正確的。如您所知，通常需要幾年時間才能從併購中獲得全面的協同效應。我們預計我們將繼續以正確的倍數進行戰略併購，即使運營部門的指導有所增加，總體而言，整體 EPS 指導仍將在該範圍內。

There's opportunities obviously for us, if we're able to generate some more capital deployment, and we're able to get some acquisitions here that we can realize the synergies in an earlier manner for us to be at the upper end of the range that we provided you, but really no change to the overall range in this update.

如果我們能夠產生更多的資本部署，並且我們能夠在這裡進行一些收購，我們就可以更早地實現協同效應，從而使我們處於範圍的高端，這對我們來說顯然是有機會的我們為您提供了，但這次更新的總體範圍確實沒有變化。

And next will be Charles Rhyee with TD Cowen.

接下來是 Charles Rhyee 和 TD Cowen。

Congrats as well. I wanted to focus a little bit on -- within the -- going back to the earlier question about the increase in the long-term guide for the U.S. Pharma segment. Can you talk a little bit more about Ontada and sort of the progress you've made there, the increase in guide -- in the long-term guide, would you expect to come from Ontada? And maybe talk a little bit more about what's been going on there?

也祝賀你。我想稍微關註一下——在——回到之前關於美國製藥部門長期指南增加的問題。你能多談談 Ontada 以及你在那裡取得的進展，指南的增加——在長期指南中，你會期望來自 Ontada 嗎？也許再談談那裡發生了什麼？

And then -- and I guess, is this JV with HCA, the Sarah Cannon Research Institute, is that part of the Ontada sort of partnership or is that separate? Just trying to understand a little bit more where we've gotten to at this point because I know a couple of years ago, when you announced it at the Investor Day, you kind of suggested it was kind of immaterial in the near term, but just trying to see how far we've gone so far.

然後——我想，這個與 HCA 的合資企業，Sarah Cannon 研究所，是 Ontada 合作夥伴關係的一部分還是獨立的？只是想更多地了解我們目前所處的位置，因為我知道幾年前，當你在投資者日宣布它時，你有點暗示它在短期內有點無關緊要，但只是想看看到目前為止我們走了多遠。

Yes, let me jump in on this one, Britt. So we call it an oncology ecosystem because we really think there is this value of all of the pieces together, and I'm really pleased with the progress that we're making overall. You've seen the growth that both Britt and I talked about in the U.S. Oncology Network now scaled to over 2,300 providers. We've made tremendous progress, had a record year of adding providers to the network last year, and that's a piece.

是的，讓我來談談這個，布里特。所以我們稱之為腫瘤學生態系統，因為我們真的認為所有部分都具有這種價值，我對我們取得的整體進展感到非常滿意。您已經看到 Britt 和我在美國腫瘤學網絡中談到的增長，現在已擴展到 2,300 多家提供者。我們取得了巨大的進步，去年在網絡中增加了提供商，這是創紀錄的一年，這就是一部分。

And that -- as that grows, that obviously feeds more data, gives us more provider insight. That allows Ontada to continue to work with our partners to create products and services that help them develop, commercialize and get their products to market and understand how to most effectively go to market to have the utilization and patient impact that they want. We think that Ontada is in year 3 or 4 of its development, building off some assets that we had long had, but we continue to invest in new product development. And we continue to see that business improve year-over-year.

而且——隨著它的增長，這顯然會提供更多的數據，為我們提供更多的供應商洞察力。這使 Ontada 能夠繼續與我們的合作夥伴合作，創造產品和服務，幫助他們開發、商業化並將他們的產品推向市場，並了解如何最有效地進入市場以獲得他們想要的利用和患者影響。我們認為 Ontada 正處於其開發的第 3 年或第 4 年，建立了我們長期以來擁有的一些資產，但我們繼續投資於新產品開發。我們繼續看到該業務逐年改善。

We think the partnership with the joint venture we did for the Sarah Cannon Research Institute, who brings additional insights, moves us up stage into clinical trials in a very prominent way in the community setting. So again, we think that trial early insight business, that helps feed Ontada. That helps our providers navigate the clinical care that they have to provide every day. The insights we get from that clinical care can feed back through some of our data assets to provide information back to the biopharma.

我們認為與我們為 Sarah Cannon 研究所建立的合資企業的合作夥伴關係帶來了更多的見解，使我們在社區環境中以非常突出的方式進入臨床試驗階段。因此，我們再次認為，試用早期洞察力業務有助於養活 Ontada。這有助於我們的提供者駕馭他們每天必須提供的臨床護理。我們從臨床護理中獲得的見解可以通過我們的一些數據資產進行反饋，從而將信息反饋給生物製藥公司。

So each of the pieces is sort of additive to the overall solution. And I'd just say that while we're probably, I would characterize that it's still an investment phase in Ontada because we still believe there's opportunity and a big long-term market out there and lots of space for us to be innovating in with the unique assets we have, overall, I think it was a -- very pleased with where our oncology business has developed.

因此，每個部分都是對整體解決方案的補充。我只想說，雖然我們可能會這樣，但我認為它仍然是 Ontada 的投資階段，因為我們仍然相信那裡有機會和一個巨大的長期市場，而且我們有很大的創新空間總的來說，我認為我們擁有的獨特資產——對我們的腫瘤業務發展的地方非常滿意。

And next will be (inaudible).

接下來是（聽不清）。

If I back out the impact of the divestitures from the international business, it looks like you're growing Canada around 8% to 10% or so, depending on what the Norway contribution is (inaudible) this year. Curious what's driving the strength of the Canadian business in '24 and if your international guidance contemplates a full year contribution from Norway?

如果我排除國際業務資產剝離的影響，看起來你正在使加拿大增長 8% 到 10% 左右，這取決於挪威今年的貢獻（聽不清）。好奇是什麼推動了 24 世紀加拿大企業的實力，以及您的國際指導是否考慮了挪威的全年貢獻？

Well, we don't really break out Norway and Canada and talk about them separately. But what I will say about our Canadian business is we have, again, a very diversified set of assets in Canada. We have a leading distribution position. We have a leading retail banner position. We've got a leading chain pharmacy position there. We've got biopharma and specialty assets. Now those work very differently than the ones that work in the U.S., but really in many ways, getting at kind of the same overall need just in a very different health care system.

好吧，我們並沒有真正把挪威和加拿大分開來單獨討論。但關於我們的加拿大業務，我要說的是，我們在加拿大擁有非常多元化的資產。我們擁有領先的分銷地位。我們擁有領先的零售旗幟地位。我們在那裡擁有領先的連鎖藥房地位。我們擁有生物製藥和專業資產。現在這些工作與在美國工作的工作非常不同，但實際上在很多方面，只是在一個非常不同的醫療保健系統中獲得相同的總體需求。

And so on the basis of our scale and our breadth, we are a really important player in the health of Canada. And I think we've been able to leverage that scale. We're able to find efficiencies across the business to continue to support growth that we're very pleased with.

因此，根據我們的規模和廣度，我們是加拿大健康領域非常重要的參與者。我認為我們已經能夠利用這種規模。我們能夠在整個業務中找到效率，以繼續支持我們非常滿意的增長。

Maybe I'll just answer the one mechanical question as it relates to Norway. We do have Norway included in our full year FY '24. Just to repeat, though, we continue to strategically look for an opportunity to exit the European operations completely, which would be Norway, but you should anticipate that there's a full year of Norway in our numbers.

也許我只回答與挪威有關的一個機械問題。我們確實將挪威包括在我們的 24 財年全年中。不過，只是重複一遍，我們繼續在戰略上尋找機會完全退出歐洲業務，這將是挪威，但你應該預料到我們的數字中有一整年的挪威。

And next will be George Hill with Deutsche Bank.

接下來是德意志銀行的 George Hill。

Brian, I want to come back to one more on oncology. You guys announced a couple of smaller transactions in the prepared commentary and your friends in Philadelphia recently announced a deal. I guess I would ask, as you guys look out from kind of the practice management and partnership perspective, how much greenfield opportunity do you guys see left?

布賴恩，我想再談一次關於腫瘤學的話題。你們在準備好的評論中宣布了幾筆較小的交易，你們在費城的朋友最近宣布了一項交易。我想我會問，當你們從實踐管理和合作夥伴關係的角度看問題時，你們認為還剩下多少綠地機會？

And I know that you have the Ontada business that's budding, but would just kind of look how you think about the runway to continue to either work more tightly with practices or help them grow their business, which serves as an opportunity to grow McKesson's business as well. Just trying to figure out what (inaudible)?

而且我知道你的 Ontada 業務正在萌芽，但只是想看看你如何看待跑道繼續與實踐更緊密地合作或幫助他們發展業務，這是發展 McKesson 業務的機會出色地。只是想弄清楚什麼（聽不清）？

Thanks, George. Thanks for the question. So we've been at this for a long time. I think we acquired U.S. Oncology in 2010, so it's been a long time. We've got a lot of experience. And if you think about the breadth of our solutions in the community oncology space, I mean, we start with -- you can start your relationship with McKesson with just basic distribution. Then you can add on distribution and our GPO services. And then we have a la carte services to support you in the running of your practice. And that gives us great relationships, great insight into the practices that are out there in the community and helps us really identify who we consider to be the leaders, businesses that are run with similar clinical and operational philosophies to the U.S. oncology network.

謝謝，喬治。謝謝你的問題。所以我們已經討論了很長時間。我認為我們在 2010 年收購了 U.S. Oncology，所以已經很長時間了。我們有很多經驗。如果你考慮我們在社區腫瘤學領域的解決方案的廣度，我的意思是，我們從——你可以通過基本分銷開始與 McKesson 的關係。然後您可以添加分銷和我們的 GPO 服務。然後，我們提供點菜服務來支持您開展業務。這讓我們建立了良好的關係，深入了解社區中的實踐，並幫助我們真正確定我們認為誰是領導者，以及與美國腫瘤學網絡具有相似臨床和運營理念的企業。

So it's not uncommon to see a start with just a very transactional relationship, but then over time, grow that into inclusion in the U.S. oncology network. We have a very disciplined model for the types of practices that we think fit the USAN model. And I think over the last couple of years, you've seen us pretty successfully attract them into the U.S. oncology network.

因此，從非常交易的關係開始並不少見，但隨著時間的推移，將其發展成為美國腫瘤學網絡的一部分。對於我們認為適合 USAN 模型的實踐類型，我們有一個非常嚴格的模型。我認為在過去的幾年裡，你已經看到我們非常成功地將他們吸引到美國腫瘤學網絡中。

And next will be Kevin Caliendo with UBS.

接下來是瑞銀的 Kevin Caliendo。

It's about the long-range plan. If I'm looking at the Pharma segment, it looks like margins should be flat or maybe up. You have operating income kind of growing in line but yet for fiscal '24, if we back out the COVID benefit, it's below. And meaning this margin shrinkage is expected. So I'm just wondering if that's insulin or something else.

這是關於長期計劃的。如果我在看製藥部門，看起來利潤率應該持平或可能上升。你的營業收入有點增長，但對於 24 財年，如果我們取消 COVID 收益，它就會低於。這意味著這種利潤率縮水是意料之中的。所以我只是想知道那是胰島素還是其他什麼。

And then with the long-range plan, is the rating of the long-range plan like from fiscal '24 forward? Or is it inclusive of what just happened in '23 as well?

然後對於長期計劃，長期計劃的評級是否與 24 財年之前一樣？或者它是否也包括 23 年剛剛發生的事情？

So thanks for the question. Let me maybe answer these in reverse order. What we've done here is provide you our FY '24 outlook. And at the same time, looking back at our performance over the previous 5 years, updating our guidance going forward from fiscal '24 forward as a long-term rate.

所以謝謝你的問題。讓我以相反的順序回答這些問題。我們在這裡所做的是為您提供我們的 FY '24 展望。同時，回顧我們過去 5 年的表現，更新我們從 24 財年開始的指導作為長期利率。

As we look at the margins year-over-year, I think there's a few things that will impact us. Clearly, the mix of both products and services that we provide with a heavier and faster-growing specialty product portfolio as well as the mix of customers and continue to see growth -- faster growth in our largest customers.

當我們逐年查看利潤率時，我認為有幾件事會影響我們。顯然，我們提供的產品和服務組合以及更重、增長更快的專業產品組合以及客戶組合繼續增長——我們最大客戶的增長更快。

And then the last thing I would say is we are very proud of the oncology business that we're putting together, including our Ontada business and Sarah Cannon Research, and we're continuing to invest in those capabilities and services to support a lot of what Brian just talked about in terms of how we really think about the growth opportunities that we have going forward. So I think those would be the couple of things that I would point out that could lead to margin variation from one year to another.

然後我要說的最後一件事是，我們為我們整合的腫瘤學業務感到非常自豪，包括我們的 Ontada 業務和 Sarah Cannon Research，我們將繼續投資於這些能力和服務以支持很多Brian 剛才談到了我們如何真正思考我們未來的增長機會。所以我認為這些將是我要指出的可能導致利潤率從一年到另一年的變化的幾件事。

And next will be Steven Valiquette with Barclays.

接下來是巴克萊銀行的 Steven Valiquette。

Just on the 340B topic, I think some questions on that as far as exposure for McKesson kind of heading into these results. I guess I'm just curious for fiscal '24 guidance was baked into the outlook for any sort of 340B impact and how that compares to fiscal '23, if that's even material one way or the other? I just wanted to get some color on that.

就 340B 主題而言，我認為就 McKesson 的曝光度而言，有些問題涉及到這些結果。我想我只是好奇 24 財年的指導意見是否已納入任何形式的 340B 影響的前景，以及與 23 財年相比如何，如果這在某種程度上是重要的？我只是想得到一些顏色。

Yes. Mechanically, clearly, we feel like we're well positioned to manage through any impacts that come from 340B. Any impacts that will come from that are assumed within our guidance. There's nothing additional to call out.

是的。顯然，從機械上講，我們覺得我們已經做好了應對來自 340B 的任何影響的準備。由此產生的任何影響都在我們的指導範圍內進行了假設。沒有什麼額外的要求。

And next will be Erin Wright with Morgan Stanley.

接下來是摩根士丹利的 Erin Wright。

Can you comment a little bit on the dynamics of what's driving the strength across the generics program? And is there anything to call out there or changes in fundamentals across the generics business? And have you seen some of the disruption amongst some of the certain larger generic manufacturers flow through to your business?

您能否評論一下推動仿製藥計劃實力的動力？仿製藥業務的基本面是否有任何變化？您是否看到某些較大的仿製藥製造商的一些中斷影響到您的業務？

Thanks for the question. So as I talked about a little bit in my remarks, maybe I'll expand on that. We have a very scaled generics operation. We start with a very scaled and efficient sourcing program that we've been running now for a number of years, and we have some great partners. And we have great partnerships with generic manufacturers, very diverse and very broad set of partners. That helps us manage through any supply shocks that may happen, and those are -- those happen every year. We're able to manage through that.

謝謝你的問題。因此，當我在發言中談到一點點時，也許我會對此進行擴展。我們有一個非常大規模的泛型操作。我們從一個非常大規模和高效的採購計劃開始，我們已經運行了很多年，並且我們有一些很棒的合作夥伴。我們與仿製藥製造商建立了良好的合作夥伴關係，合作夥伴非常多樣化和廣泛。這有助於我們應對可能發生的任何供應衝擊，而這些衝擊每年都會發生。我們能夠解決這個問題。

For as long as I've been in this business, you will see -- from time to time, you will see a generic shortage or a generic impact to supply. We've been able to manage through that very well given the strength and the breadth of partnerships that we have. I also talked about the fact that the marketplace has very stable fundamentals. So when you think about our -- the focus that we have on a scaled and efficient sourcing program, stable set of market fundamentals, which, again, are very competitive environment, but a stable environment and our disciplined focus that we have on the sell side with our customers, and we've been able to manage very effectively through this.

只要我一直從事這項業務，你就會不時看到——你會看到普遍的短缺或對供應的普遍影響。鑑於我們擁有的合作夥伴關係的實力和廣度，我們已經能夠很好地度過難關。我還談到了市場基本面非常穩定的事實。因此，當您考慮我們的 - 我們專注於規模化和高效的採購計劃，穩定的市場基本面，這又是一個非常有競爭力的環境，但穩定的環境和我們對銷售的嚴格關注站在我們的客戶一邊，我們已經能夠通過這一點非常有效地進行管理。

Our focus is to provide low-cost, high availability of supply to our customers. That is really the bedrock of the success that we have with our generics program. I think we've been able to do that quite well for a number of years.

我們的重點是為我們的客戶提供低成本、高可用性的供應。這確實是我們仿製藥計劃取得成功的基石。我認為多年來我們已經能夠很好地做到這一點。

And next will be Elizabeth Anderson with Evercore ISI.

接下來是 Evercore ISI 的 Elizabeth Anderson。

Two questions for me. One is on the -- obviously, you had some changes on the cost cutting on the OpEx line during the fourth quarter. How do you see sort of any potential pacing of that impacting the fourth quarter? And secondly, can you talk a little bit maybe more specifically about sort of what you have embedded in the 2024 guidance for biosimilars versus the longer-term plan?

我有兩個問題。一個是 - 顯然，您在第四季度對 OpEx 生產線的成本削減進行了一些更改。您如何看待影響第四季度的任何潛在節奏？其次，您能否更具體地談談您在 2024 年生物仿製藥指南與長期計劃中嵌入的內容？

Thanks for the question. So as I talked about, we enacted a set of initiatives, and we recorded a charge for restructuring that was primarily in our U.S. pharmaceutical and Prescription Technology business. We expect that those initiatives and activities will be complete by the end of fiscal 2024. So I think that would answer your question on that.

謝謝你的問題。因此，正如我所說，我們制定了一系列舉措，我們記錄了主要在美國製藥和處方技術業務中的重組費用。我們預計這些舉措和活動將在 2024 財年末完成。所以我認為這可以回答你的問題。

And from a biosimilars perspective, we continue to believe that there's great opportunity here as we continue to add providers to the network that provides more opportunity for us. And we think we're very well positioned and we've certainly embedded the opportunity within the guidance that we provided you today.

從生物仿製藥的角度來看，我們繼續相信這裡有很大的機會，因為我們繼續將供應商添加到網絡中，為我們提供更多機會。我們認為我們的定位非常好，我們當然已經將機會嵌入到我們今天為您提供的指導中。

Yes. What we know is, obviously, 40 approvals, 27 launched. A big event this year will be HUMIRA, which is going to be a Part D product, not Part B. We have many more services to offer and assets to leverage and use in the Part B arena. So we will track kind of payer response and pricing strategies and patient adoption over the course of this year. But what we know is baked into the guidance we've provided.

是的。顯然，我們所知道的是 40 項批准，27 項啟動。今年的一件大事將是 HUMIRA，它將成為 D 部分的產品，而不是 B 部分。我們有更多的服務可以提供，還有更多的資產可以在 B 部分的舞台上利用和使用。因此，我們將在今年跟踪付款人的反應和定價策略以及患者的採用情況。但我們所知道的已融入我們提供的指南中。

Operator, we have time for one more final question.

接線員，我們還有時間再問最後一個問題。

That question will come from A.J. Rice with Credit Suisse.

這個問題將來自 A.J.瑞士信貸的大米。

In the prepared remarks, and maybe this is what you were just touching on a little bit, but you mentioned reprioritizing some investments in the Prescription Technology solutions business. I wonder if there was any way to flesh out a little bit more about what specifically you're doing there.

在準備好的發言中，也許這就是你剛剛提到的一點，但你提到重新優先考慮對處方技術解決方案業務的一些投資。我想知道是否有任何方法可以進一步充實您在那裡的具體工作。

And when I look at your '24 guidance, it actually looks like you're assuming the Prescription Technology Solutions grows faster, 11% to 15% versus your updated 11% to 12% long-term target. And I wonder what was driving that?

當我查看您的 24 年指南時，實際上您似乎在假設處方技術解決方案增長更快，為 11% 至 15%，而您更新後的長期目標為 11% 至 12%。我想知道是什麼驅動了它？

Well, I mean, if you think about this business, I mean, first off, we've had really strong growth the last several years. We actually combined and formed this business a couple of years ago, just a couple of years ago by bringing various businesses and assets across the company together. And as those things continue to come together, we continue to look at our resources, our product offerings. We have conversations with manufacturers about their life cycle and service needs across that life cycle. And we just felt like, as we evaluated investments we had been making and where we thought investment opportunities were for the future, it just made sense for efficiency and focus purposes to make sure we align those to where our best possibilities are.

好吧，我的意思是，如果你考慮這項業務，我的意思是，首先，我們在過去幾年中取得了非常強勁的增長。我們實際上在幾年前合併並成立了這項業務，就在幾年前，我們將公司的各種業務和資產整合在一起。隨著這些事情不斷融合，我們將繼續關注我們的資源和產品。我們與製造商就他們的生命週期和整個生命週期的服務需求進行了對話。我們只是覺得，當我們評估我們一直在進行的投資以及我們認為未來的投資機會時，為了提高效率和專注的目的，確保我們將這些投資與我們最好的可能性保持一致是有意義的。

When you make those realignments, the skill set is not always the same, what you're moving from to what you're moving to. And so unfortunately, that did impact some of our teammates, but this is our job. This is one of our strategy, to simplify the portfolio and be focused on efficiency and positioning the business for long-term growth. So we feel very good about the performance this past fiscal year and feel good about the targets we have set for fiscal '24.

當你進行這些調整時，技能組合併不總是相同的，你從什麼轉移到你要轉移到什麼。不幸的是，這確實影響了我們的一些隊友，但這是我們的工作。這是我們的戰略之一，即簡化產品組合併專注於效率和定位業務以實現長期增長。因此，我們對上一財年的表現感到非常滿意，並對我們為 24 財年設定的目標感到滿意。

And I guess I would just remind you, again, these are long-term target rates that we expect that we'll be able to achieve. And as this business is broad and diverse, and we have it as a strategic focus point, we're going to continue to invest in this business from year-to-year, that may vary. But over the long term, we feel comfortable with the updated guidance that we've given you, but it's a business that we're going to continue to make investments in to grow it and to support our customers.

我想我會再次提醒你，這些是我們預計能夠實現的長期目標利率。由於這項業務範圍廣泛且多樣化，我們將其作為戰略重點，我們將繼續每年對該業務進行投資，這可能會有所不同。但從長遠來看，我們對我們為您提供的更新指南感到滿意，但我們將繼續投資以發展它並支持我們的客戶。

Well, thank you, everyone, for joining us this afternoon or evening, depending on where you are. I appreciate all the thoughtful questions, your support and interest in McKesson. Thank you, Rachel, for facilitating this call. I want to conclude by just stating McKesson had a strong fourth quarter and full year results. I am really pleased with the continued momentum in the business. Britt and I remain confident in our ability to deliver sustainable long-term growth.

嗯，謝謝大家今天下午或晚上加入我們，這取決於你在哪裡。我感謝所有深思熟慮的問題，感謝您對 McKesson 的支持和興趣。雷切爾，謝謝你促成這次電話會議。最後，我只想說 McKesson 的第四季度和全年業績強勁。我對業務的持續發展勢頭感到非常滿意。 Britt 和我對我們實現可持續長期增長的能力充滿信心。

I want to end though, with a note of acknowledgment for the McKesson employees. It's really thanks to their dedication and their commitment to our customers, our partners and to each other that enable us to truly improve care in every setting, one product, one partner, and one patient at a time. Thank you, Team McKesson. Everyone else, thanks again for joining. Have a terrific evening.

不過，我想以對 McKesson 員工的感謝信結束。真的要感謝他們的奉獻精神和他們對我們的客戶、我們的合作夥伴以及彼此的承諾，使我們能夠真正改善每一種環境、一種產品、一個合作夥伴和一名患者的護理。謝謝您，麥克森團隊。其他人，再次感謝您的加入。祝你度過一個美好的夜晚。

Thank you for joining today's conference call. You may now disconnect, and have a great day.

感謝您參加今天的電話會議。你現在可以斷開連接，祝你有美好的一天。