麥卡遜 (MCK) 2024 Q3 法說會逐字稿

Welcome to McKesson's Third Quarter Fiscal 2024 Earnings Conference Call. Please be advised that today's conference is being recorded. At this time, I would like to turn the conference over to Rachel Rodriguez, VP of Investor Relations. Please go ahead.

歡迎參加 McKesson 2024 財年第三季財報電話會議。請注意，今天的會議正在錄製中。這次，我想將會議交給投資者關係副總裁 Rachel Rodriguez。請繼續。

Thank you, operator. Good afternoon, and welcome, everyone, to McKesson's Third Quarter Fiscal 2024 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，接線生。下午好，歡迎大家參加 McKesson 2024 年第三季財報電話會議。今天，我們的執行長布萊恩泰勒 (Brian Tyler) 也加入了我的行列。以及我們的財務長 Britt Vitalone。布萊恩將帶頭，布里特緊隨其後，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 at our website at investor.mckesson.com and the Risk Factors section of our most recent annual and period 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，例如對麥克森營運和未來績效的預測。請參閱我們網站Investor.mckesson.com 上提供的今天收益發布和演示幻燈片中的警示性聲明以及我們最近向SEC 提交的年度和定期文件中的風險因素部分，以了解有關可能導致我們的實際結果與風險因素相關的更多資訊。與我們的前瞻性陳述中的內容有重大差異。

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 includes summary of our results for the quarter and updated guidance. With that, let me turn it over to Brian.

我們將在本次網路廣播中討論的有關非公認會計原則財務指標的信息，包括這些指標與公認會計原則結果的調節，可以在今天的收益發布和演示幻燈片中找到。簡報幻燈片還包括我們本季的業績摘要和更新的指導。就這樣，讓我把它交給布萊恩。

Thank you, Rachel, and good afternoon to everybody. Thanks for joining our call. McKesson reported a really solid fiscal third quarter, highlighting the continued momentum across the business. We delivered total revenues of $80.9 billion and adjusted earnings per diluted share of $7.74, both of which grew by double digits when compared to the prior year.

謝謝你，雷切爾，祝大家下午好。感謝您加入我們的通話。麥克森報告的第三財季業績非常強勁，凸顯了整個業務的持續成長動能。我們的總營收為 809 億美元，調整後每股攤薄收益為 7.74 美元，與前一年相比均實現兩位數成長。

As a result of the recent performance and our latest outlook, we are raising and narrowing our guidance range for fiscal 2024 adjusted earnings per diluted share from $26.80 to $27.40 to an updated range of $27.25 to $27.65. This solid financial performance is driven by the focused execution against our company priorities. As a diversified health care services company, we are uniquely positioned to improve health care in every setting. This includes the areas of Oncology and biopharma services.

鑑於最近的表現和我們的最新展望，我們將 2024 財年調整後每股攤薄收益的指引範圍從 26.80 美元至 27.40 美元上調並縮小至 27.25 美元至 27.65 美元的更新範圍。這種穩健的財務表現得益於我們公司優先事項的集中執行。作為一家多元化的醫療保健服務公司，我們在改善各種環境下的醫療保健方面具有獨特的優勢。這包括腫瘤學和生物製藥服務領域。

We continue to make significant progress in advancing our strategy and priorities, and I'm pleased to share some of the updates with you today. Let me start where I always like to start, and that's with our focus on people and culture. I start here because it is foundational to everything we do at McKesson.

我們在推動我們的策略和優先事項方面繼續取得重大進展，我很高興今天與您分享一些最新進展。讓我從我一直喜歡的地方開始，那就是我們對人和文化的關注。我從這裡開始是因為它是我們在 McKesson 所做的一切的基礎。

In January, our Board of Directors welcomed Kevin Ozan as a new Independent Director. As the former Chief Financial Officer of McDonald's Corporation, Mr. Ozan has over 2 decades of experience in both strategy and finance and will contribute a valuable perspective to our boardroom. We look forward to his leadership as we work together to deliver on our growth initiatives.

一月份，我們的董事會歡迎 Kevin Ozan 擔任新的獨立董事。作為麥當勞公司前首席財務官，Ozan 先生在策略和財務方面擁有 20 多年的經驗，將為我們的董事會提供寶貴的觀點。我們期待在他的領導下，我們共同努力實現我們的成長計劃。

Driving the growth of our company requires a talented and diverse leadership team and equally important, a diverse workforce for each individual that is empowered to bring their own opinion, their own ideas and perspectives. Our commitment to best talent and inclusion is reflected in every aspect of our operations. It's how we build a support network for our employees and how we each live these values through everyday interactions. And I'm pleased to see our efforts being recognized.

推動我們公司的發展需要一支才華橫溢、多元化的領導團隊，同樣重要的是，一支多元化的員工隊伍，讓每個人都有權利提出自己的意見、想法和觀點。我們對最佳人才和包容性的承諾體現在我們營運的各個方面。這是我們為員工建立支持網絡的方式，也是我們每個人如何透過日常互動實踐這些價值觀的方式。我很高興看到我們的努力得到認可。

For the 11th consecutive year, McKesson was named as a Military Friendly Employer. We were also recognized by Newsweek as one of America's Greatest Workplaces for Diversity and a Equality 100 Award winner by the Human Rights Campaign. I'm proud of what we've achieved as a team, and I'm truly grateful to the McKesson employees, who are upholding our culture, values and delivering for all of our stakeholders, our patients, our customers, our partners, our shareholders and importantly, each other.

McKesson 連續 11 年被評為軍事友善雇主。我們也被《新聞週刊》評為美國最偉大的多元化工作場所之一，並被人權運動評為「平等 100 獎」得主。我為我們作為一個團隊所取得的成就感到自豪，我衷心感謝McKesson 員工，他們堅持我們的文化、價值觀，並為我們所有的利益相關者、我們的患者、我們的客戶、我們的合作夥伴、我們的員工提供服務。股東，更重要的是彼此之間。

Moving on to our next priority of driving sustainable core growth. In the fiscal third quarter, we saw good performance in our distribution businesses. In U.S. Pharmaceutical, adjusted operating profit grew 6%, reflecting broad-based momentum within the segment. We continue to enhance our [scaled] distribution network, improving efficiency through investments in automation and technology.

繼續我們的下一個優先事項：推動永續的核心成長。第三財季，我們的經銷業務表現良好。在美國製藥公司，調整後營業利潤成長了 6%，反映了該領域的廣泛勢頭。我們持續增強我們的[規模化]分銷網絡，透過自動化和技術投資提高效率。

Over the past year, we opened 2 new distribution centers in the U.S. that are equipped with innovative technology and employee-friendly design. These enhancements will enable our facilities to pick, pack and ship medications to customers faster while simultaneously helping to optimize employee productivity levels by reducing redundant tasks.

去年，我們在美國開設了 2 個新的配送中心，這些中心配備了創新技術和員工友善設計。這些增強功能將使我們的設施能夠更快地挑選、包裝和運送藥物給客戶，同時透過減少冗餘任務來幫助優化員工的生產力水平。

The investments in our foundational distribution assets continue to support the growth of our business and the success of our customers. During the third quarter, we saw solid volume increases across customer channels, which includes distribution to retail national accounts customers.

對我們基礎分銷資產的投資持續支持我們的業務成長和客戶的成功。在第三季度，我們看到各個客戶通路的銷售量穩定成長，其中包括向零售國民帳戶客戶的分銷。

At the consolidated level, prescription volume growth remains stable. Certain product categories, including specialty pharmaceuticals and GLP-1 medications, continue to grow at a faster pace and contribute as a tailwind to our revenue growth.

綜合來看，處方量成長維持穩定。某些產品類別，包括特種藥品和 GLP-1 藥物，繼續以更快的速度成長，並為我們的收入成長做出了貢獻。

As a reminder, we anticipate the growth from GLP-1 medications to slow in our fiscal fourth quarter, reflecting the inflection in volumes for these medications in the fourth quarter of fiscal 2023.

提醒一下，我們預計 GLP-1 藥物的成長將在第四財季放緩，反映出這些藥物在 2023 財年第四季的銷售變化。

In the Medical-Surgical segment, primary care visits showed modest improvement on a sequential basis after we observed general market moderations last quarter. The improvement was partially driven by overall increase in primary care visits. However, when compared to the prior year, patient visit volumes in the Medical segment remain a headwind to this quarter's performance.

在醫療外科領域，在我們觀察到上季市場整體放緩後，初級保健就診量較上季略有改善。這項改善的部分原因是初級保健就診人數的整體增加​​。然而，與前一年相比，醫療領域的患者就診量仍然是本季業績的阻力。

In the International segment, our Canadian business continues to perform well. It has a valuable portfolio of assets, including pharmaceutical distribution, retail pharmacies, digital offerings. We're committed to strengthen and grow the business there. And as a part of that commitment, we're executing on a multiyear initiative that will modernize the distribution centers across Canada and deliver significant value to our employees and customers.

在國際領域，我們的加拿大業務持續表現良好。它擁有寶貴的資產組合，包括藥品分銷、零售藥房、數位產品。我們致力於加強和發展那裡的業務。作為這項承諾的一部分，我們正在執行一項多年計劃，該計劃將使加拿大各地的配送中心現代化，並為我們的員工和客戶提供巨大的價值。

Let me now continue on to talk about our oncology and biopharma platforms. We continue to build on the foundation of our distribution capabilities, but we have strategically assembled a differentiated set of assets in oncology and biopharma services. Within the oncology business, the U.S. Oncology Network expanded its footprint by entering the state of Tennessee.

現在讓我繼續談談我們的腫瘤學和生物製藥平台。我們繼續以分銷能力為基礎，但我們在腫瘤學和生物製藥服務領域策略性地整合了一套差異化資產。在腫瘤業務領域，美國腫瘤網絡透過進入田納西州擴大了其足跡。

Over the past quarter, we welcomed 2 new practices, Nashville Oncology Associates and SCRI Oncology Partners, to the network. Through the combination of onboarding new practices and organic growth, the U.S. Oncology Network has grown its provider base to over 2,500, spreading across nearly 600 sites in 30 states. The expansion of the network strengthened our unique market position in community-based oncology practices and demonstrates our strong value proposition to providers.

在過去的季度中，我們迎來了 2 個新診所，即 Nashville Oncology Associates 和 SCRI Oncology Partners 加入網路。透過新實踐和有機成長的結合，美國腫瘤網絡已將其提供者基礎擴大到 2,500 多家，遍布 30 個州的近 600 個站點。網路的擴張加強了我們在基於社區的腫瘤學實踐中的獨特市場地位，並向提供者展示了我們強大的價值主張。

Through the U.S. Oncology Network, we provide a range of comprehensive solutions to ease the administrative and operational burden and to help enable the success of these community practices.

透過美國腫瘤學網絡，我們提供一系列全面的解決方案，以減輕管理和營運負擔，並幫助實現這些社區實踐的成功。

In the past quarter, we started integrating new artificial intelligence capabilities into the network, assisting providers with revenue cycle management and evaluating clinical solutions. With the help of AI and machine learning technologies, practices will be able to navigate complex insurance coverage and reimbursement processes more efficiently, allowing providers to spend more time focused on their patients.

在過去的季度中，我們開始將新的人工智慧功能整合到網路中，協助提供者進行收入週期管理並評估臨床解決方案。在人工智慧和機器學習技術的幫助下，實踐將能夠更有效地處理複雜的保險承保和報銷流程，從而使提供者能夠將更多時間專注於患者。

Within the biopharma services business, we continue to see strong market demand for our differentiated solutions that help improve access, affordability and adherence to medications. In the third quarter -- or this fiscal third quarter, the Prescription Technology Solutions segment delivered strong performance, primarily driven by the growth in Access Solutions, including prior authorization solutions for branded pharmaceuticals such as GLP-1 medications.

在生物製藥服務業務中，我們繼續看到市場對我們的差異化解決方案的強勁需求，這些解決方案有助於提高藥物的可及性、可負擔性和依從性。在第三季（即本財年第三季），處方技術解決方案部門表現強勁，這主要是由 Access Solutions 的成長所推動的，其中包括 GLP-1 藥物等品牌藥品的事先授權解決方案。

Today, we provide prior authorization services for the vast majority of the GLP-1 medications in the market. Our integrated technology streamlines the prior authorization process and helps overcome medication access challenges that patients are facing. The main customers we serve are biopharma companies. And through our scaled network connection, we can electronically process requests both at the pharmacy counter and the providers' offices.

如今，我們為市場上絕大多數 GLP-1 藥物提供事先授權服務。我們的整合技術簡化了事先授權流程，並幫助克服患者面臨的藥物取得挑戰。我們服務的主要客戶是生物製藥公司。透過我們規模化的網路連接，我們可以在藥房櫃檯和提供者辦公室以電子方式處理請求。

The prior authorization solution is an example of the power of our capabilities and as part of a broader portfolio of patient support services we provide. We believe our solutions are highly differentiated and provide value to all stakeholders through a patient's journey.

事先授權解決方案是我們能力強大的一個例子，也是我們提供的更廣泛的病患支援服務組合的一部分。我們相信我們的解決方案具有高度差異化，並透過患者的旅程為所有利害關係人提供價值。

We're connected to over 50,000 pharmacies and approximately 900,000 providers. The scale of our network provides a strong foundation that enables us to reach key stakeholders effectively and seamlessly. The integrated solutions we offer can often be accessed through a single digital entry point.

我們與超過 50,000 家藥局和大約 900,000 家醫療服務提供者建立了聯繫。我們的網路規模提供了堅實的基礎，使我們能夠有效、無縫地接觸關鍵利害關係人。我們提供的整合解決方案通常可以透過單一數位入口點存取。

For our biopharma customers, the integration helps streamline workflows and increase transparency into how programs work together. In the past quarter, our team has been working diligently to prepare for what we call the blizzard season.

對於我們的生物製藥客戶來說，整合有助於簡化工作流程並提高程序如何協同工作的透明度。在過去的一個季度，我們的團隊一直在努力工作，為我們所說的暴風雪季節做準備。

For the Prescription Technology Solutions segment, our fiscal fourth quarter is usually the busiest time of the year due to customer annual verification activities. The annual reset of insurance policies typically drives a large influx of seasonal volumes for many of our programs.

對於處方技術解決方案部門，由於客戶年度驗證活動，我們的第四財季通常是一年中最繁忙的時期。每年保單的重置通常會導致我們許多項目的季節性流量大量湧入。

Each year, our teams come together to tackle the challenge of these significant volume increases. I'm pleased to report that we're on track to deliver another successful blizzard season that is in line with our expectations.

每年，我們的團隊都會齊心協力應對銷售量大幅成長的挑戰。我很高興地向大家報告，我們有望再創一個成功的暴雪賽季，這符合我們的預期。

Our products and solutions in both oncology and biopharma Services provide significant value to our customers, as reflected in the continued growth of these businesses. We're excited about the market opportunities in both areas, and we're confident in the scale and depth of our assets and expertise. We will continue to invest and innovate to support the evolving needs of our customers and their patients.

我們在腫瘤學和生物製藥服務領域的產品和解決方案為我們的客戶提供了巨大的價值，這反映在這些業務的持續成長中。我們對這兩個領域的市場機會感到興奮，並且對我們資產和專業知識的規模和深度充滿信心。我們將繼續投資和創新，以滿足客戶及其患者不斷變化的需求。

So let me pull it all together. McKesson reported another solid quarter in fiscal 2024, that allowed us to raise and narrow our full-year guidance for adjusted earnings per diluted share. We're committed to our shareholders to delivering long-term sustainable growth, and this quarter's results reflect the continued progress in delivering on our commitment.

所以讓我把它們放在一起。 McKesson 報告指出 2024 財年又一個穩健的季度，這使我們能夠提高並縮小調整後每股攤薄收益的全年指引。我們致力於向股東提供長期可持續成長，本季度的業績反映了我們在履行承諾方面不斷取得的進展。

Health care is an ever-evolving market. But thanks to the hard work and dedication of our employees, we never stopped finding new ways to drive positive impacts on our customers and their patients. I want to thank the over 50,000 McKesson employees, who are working so tirelessly to advance our mission. And with that, I'll hand it over to Britt for some additional insight and comments.

醫療保健是一個不斷發展的市場。但由於我們員工的辛勤工作和奉獻精神，我們從未停止尋找新方法來為我們的客戶及其患者帶來積極影響。我要感謝超過 50,000 名 McKesson 員工，他們孜孜不倦地努力推進我們的使命。至此，我將把它交給 Britt 以獲取一些額外的見解和評論。

Thank you, Brian, and good afternoon. We're pleased with our fiscal third quarter 2024 results, which reflect another quarter of solid momentum, with growth across our North American businesses. Our results exceeded expectations, demonstrating our ability to consistently execute against company priorities and create long-term sustainable value for our shareholders.

謝謝你，布萊恩，下午好。我們對 2024 年第三財季業績感到滿意，這反映出我們北美業務的成長又一個季度的強勁勢頭。我們的業績超出了預期，表明我們有能力持續執行公司優先事項並為股東創造長期永續價值。

Before I turn to our consolidated results, I want to highlight one item that impacted our third quarter GAAP-only results. We recorded an additional pretax GAAP provision for bad debt of $515 million or $381 million after tax, within the U.S. Pharmaceutical segment. This provision is for uncollected trade accounts receivable from sales to Rite Aid in October of 2023, prior to its bankruptcy petition filing.

在討論我們的綜合業績之前，我想強調一項影響我們第三季僅按公認會計準則計算的業績的項目。我們在美國製藥部門額外記錄了 5.15 億美元的稅前 GAAP 壞帳撥備，或 3.81 億美元的稅後壞帳撥備。該條款適用於 2023 年 10 月（在 Rite Aid 提交破產申請之前）銷售給 Rite Aid 時未收回的貿易應收帳款。

We continue to provide distribution services to Rite Aid through an interim distribution agreement, providing the same efficiency and operational excellence as we have for over 20 years. We're closely monitoring developments. Rite Aid's bankruptcy will not have a material impact on our fiscal 2024 adjusted earnings per diluted share results. The remainder of my comments will refer to our fiscal 2024 adjusted results.

我們繼續透過臨時分銷協議向 Rite Aid 提供分銷服務，提供與 20 多年來相同的效率和卓越營運。我們正在密切關注事態發展。 Rite Aid 的破產不會對我們 2024 財年調整後每股攤薄收益產生重大影響。我其餘的評論將涉及我們 2024 財年調整後的表現。

Let me start with a review of the fiscal third quarter. McKesson delivered solid growth in the third quarter, led by sustained strong performance in the U.S. Pharmaceutical and Prescription Technology Solutions segments. This year-over-year growth underscores operating execution across our diversified and differentiated portfolio, including investments in oncology and biopharma services.

讓我先回顧第三財季。在美國製藥和處方技術解決方案領域持續強勁的業績帶動下，麥克森第三季度實現了穩健成長。這一同比增長突顯了我們多元化和差異化投資組合的營運執行力，包括對腫瘤學和生物製藥服務的投資。

As a result of the third quarter operating performance and our confidence in the business, we're increasing and narrowing our full-year outlook for fiscal 2024 adjusted earnings per diluted share to a new range of $27.25 to $27.65.

鑑於第三季的經營業績和我們對業務的信心，我們將 2024 財年調整後每股攤薄收益的全年預期上調並縮小至 27.25 美元至 27.65 美元的新範圍。

Let me move to our consolidated results. Revenues increased 15% to $80.9 billion, led by continued strong utilization trends, growth in the U.S. Pharmaceutical segment, including higher volumes from specialty products, retail national account customers and GLP-1 medications, partially offset by lower revenues in the International segment, resulting from fiscal 2023 divestitures within McKesson's European business.

讓我談談我們的綜合結果。營收成長15%，達到809 億美元，主要得益於持續強勁的利用趨勢、美國製藥部門的成長，包括特種產品、零售國民帳戶客戶和GLP-1 藥物的銷量增加，但部分被國際部門收入的下降所抵消， 2023 財年 McKesson 歐洲業務的剝離。

Excluding the impact of our European business operations, including completed divestitures, revenues increased 16%. Gross profit was $3.1 billion for the quarter, an increase of 3%. When excluding the impact of our European business operations, including completed divestitures, and the impact from the U.S. government COVID-19 programs in fiscal 2023, gross profit increased 10%.

排除我們歐洲業務運營（包括完成的資產剝離）的影響，收入增長了 16%。該季度毛利為 31 億美元，成長 3%。當排除我們歐洲業務運營的影響（包括已完成的資產剝離）以及美國政府 2023 財年 COVID-19 計劃的影響時，毛利潤增長了 10%。

Operating expenses increased 4% in the quarter due to higher costs to support growth in the U.S. Pharmaceutical and Prescription Technology Solutions segments. When excluding the impact of our European business operations, including the completed divestitures, operating expenses increased 6% year-over-year.

由於支持美國製藥和處方技術解決方案部門成長的成本增加，本季營運費用增加了 4%。當排除我們歐洲業務運營（包括已完成的資產剝離）的影響時，營運費用年增 6%。

Third quarter operating profit decreased 9% to $1.3 billion. Fiscal 2023 results included a pretax benefit of $126 million related to the early termination of the tax receivable agreement, or TRA, with Change Healthcare.

第三季營業利潤下降 9%，至 13 億美元。 2023 財政年度業績包括與 Change Healthcare 提前終止應收稅協議 (TRA) 相關的 1.26 億美元稅前福利。

Year-over-year results were also impacted by anticipated lower contributions from U.S. government COVID-19 programs, which were mitigated by contributions from commercial COVID-19 distribution and a nonrecurring $30 million charge in our U.S. Pharmaceutical segment. These items were partially offset by growth in the U.S. Pharmaceutical and Prescription Technology Solutions segment.

同比業績也受到美國政府 COVID-19 計畫的預期貢獻減少的影響，商業 COVID-19 分銷的貢獻和我們美國製藥部門 3000 萬美元的非經常性費用緩解了這一影響。這些項目被美國製藥和處方技術解決方案部門的成長部分抵消。

When adjusting for these items, including $126 million or $0.65 benefit from the early termination of the TRA in fiscal 2023 and gains and losses associated with McKesson Ventures equity investments in fiscal 2023 and 2024, operating profit increased 7% in the quarter.

在這些項目進行調整後，包括2023 財年提前終止TRA 帶來的1.26 億美元或0.65 美元收益，以及2023 財年和2024 財年與McKesson Ventures 股權投資相關的損益，本季營業利潤增長了7% 。

Moving below the line, interest expense was $58 million, a decrease of 16% year-over-year, driven by effective management of our loan portfolio. The effective tax rate for the quarter was 10.6%, resulting from the recognition of discrete tax benefit in the quarter. 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.

線下利息支出為 5,800 萬美元，年減 16%，這得益於我們對貸款組合的有效管理。由於本季離散稅收優惠的確認，本季的實際稅率為 10.6%。提醒一下，我們的有效稅率可能會因我們的收入組合和離散稅項的時間安排而隨季度而變化。

Third quarter diluted weighted average shares outstanding was 133.3 million, a decrease of 5% year-over-year. Consolidated third quarter earnings per diluted share was $7.74, which represents an increase of 12% over the prior year.

第三季稀釋加權平均流通股數為1.333億股，較去年同期下降5%。第三季合併稀釋每股盈餘為 7.74 美元，較上年成長 12%。

This increase includes the impacts of approximately $0.63 related to the U.S. government COVID-19 program and the $0.65 benefit from the termination of the TRA in fiscal 2023 and increased commercial COVID-19 vaccine distribution and a nonrecurring charge in our U.S. Pharmaceutical segment in fiscal 2024.

這一增長包括與美國政府COVID-19 計劃相關的約0.63 美元的影響，以及2023 財年終止TRA 帶來的0.65 美元收益，以及2024 財年美國製藥部門增加的商業COVID-19 疫苗分發和一次性費用。

Turning to our third quarter segment results, which can be found on Slide 7 through 11, and starting with U.S. Pharmaceutical. During the quarter, we experienced volume increases across all product categories and customer channels. Specialty pharmaceuticals and GLP-1 medications continue to grow at a faster pace compared to the prior year.

轉向我們第三季的部門業績，可以在幻燈片 7 至 11 中找到，首先是美國製藥公司。在本季度，我們所有產品類別和客戶通路的銷售量都出現了成長。與前一年相比，特種藥品和 GLP-1 藥物繼續以更快的速度成長。

Third quarter revenues were $73 billion, an increase of 18% year-over-year, driven by increased prescription volumes, including higher volumes from specialty products, retail national account customers and GLP-1 medications.

第三季營收為 730 億美元，年增 18%，這得益於處方量的增加，包括來自特種產品、零售國民帳戶客戶和 GLP-1 藥物的數量增加。

In the quarter, GLP-1 revenues were $7.5 billion, an increase of approximately $2.8 billion or 60%, compared to fiscal 2023.

本季度，GLP-1 營收為 75 億美元，與 2023 財年相比增加了約 28 億美元，即 60%。

During the quarter, we also noted increased contributions from commercial COVID-19 vaccine distribution. In our fiscal third quarter, commercial COVID-19 vaccine distribution peaked in October, then declined significantly in November and December. We do not anticipate material contributions from commercial COVID-19 vaccine distribution in our fiscal fourth quarter.

在本季度，我們也注意到商業 COVID-19 疫苗分發的貢獻增加。在我們的第三財季，商業 COVID-19 疫苗的分發在 10 月達到頂峰，然後在 11 月和 12 月大幅下降。我們預計第四財季的商業 COVID-19 疫苗分發不會產生實質貢獻。

For the third quarter, operating profit increased 6% to $828 million, driven by growth in the distribution of specialty products to providers and health systems. Adjusting for the impact of the U.S. government COVID-19 vaccine distribution in fiscal 2023 and commercial COVID-19 distribution in fiscal 2024 and the $30 million nonrecurring charge in the U.S. Pharmaceutical segment, delivered operating profit growth of 8% year-over-year.

第三季度，營業利潤成長 6%，達到 8.28 億美元，這得益於向供應商和醫療系統分銷特種產品的成長。調整了 2023 財年美國政府 COVID-19 疫苗分發和 2024 財年商業性 COVID-19 分發的影響以及美國製藥部門 3000 萬美元的非經常性費用的影響，營業利潤同比增長 8%。

In our Prescription Technology Solutions segment, the growth of GLP-1 medications and new brand launches led to increased demand for our access solutions, such as prior authorization services. For the third quarter, revenues increased 7% year-over-year to $1.2 billion, and operating profit increased 25% to $193 million.

在我們的處方技術解決方案領域，GLP-1 藥物的成長和新品牌的推出導致對我們的存取解決方案（例如事先授權服務）的需求增加。第三季營收年增 7% 至 12 億美元，營業利潤成長 25% 至 1.93 億美元。

Third quarter results reflect increased prescription transaction volumes, which drove higher demand for our access solutions, principally prior authorization services and growth in our third-party logistics business. In addition to the strength of prior authorization services, year-over-year growth was also supported by increased sales to new customers and programs across our access and affordability solutions.

第三季業績反映了處方交易量的增加，這推動了對我們的存取解決方案的更高需求，主要是預先授權服務和我們第三方物流業務的成長。除了預先授權服務的優勢之外，我們的准入和可負擔性解決方案中新客戶和計劃的銷售額增加也支持了同比增長。

Turning to Medical-Surgical Solutions. Revenues were $3 billion in the quarter, an increase of 2%, primarily driven by growth in the primary care and extended care businesses, partially offset by anticipated lower contributions in the kitting, storage and distribution of ancillary supplies for the U.S. government's COVID-19 vaccine program, compared to the prior year.

轉向醫療外科解決方案。本季營收為 30 億美元，成長 2%，主要受到初級護理和延伸護理業務成長的推動，但部分被美國政府 COVID-19 輔助用品的裝備、儲存和分配的預期下降所抵消與前一年相比，疫苗計劃。

In the third quarter, primary care patient visits moderately increased on a sequential basis. Demand for commercialized COVID-19 vaccine distribution across the alternate sites of care that we serve, was also modestly higher compared to prior expectations. The overall illness season dynamics, including vaccinations and testing, continue to be an operating profit headwind in the quarter when compared to the prior year.

第三季度，初級保健患者就診量較上季略有增加。與先前的預期相比，我們服務的替代照護地點對商業化 COVID-19 疫苗分發的需求也略有增加。與前一年相比，包括疫苗接種和檢測在內的整體疾病季節動態仍然是本季營業利潤的不利因素。

As a reminder, each illness season is unique, depending on the onset and severity of various respiratory illnesses during that particular year.

提醒一下，每個疾病季節都是獨特的，這取決於該特定年份各種呼吸道疾病的發作和嚴重程度。

Operating profit was $282 million, a decrease of 16%, driven by anticipated lower contributions from the kitting, storage and distribution of ancillary supplies for the U.S. government's COVID-19 vaccine program and a softer illness season as compared to fiscal 2023.

營業利潤為 2.82 億美元，下降 16%，原因是與 2023 財年相比，美國政府的 COVID-19 疫苗計劃的輔助用品的裝備、儲存和分配的貢獻預計較低，而且疾病季節較淡。

When excluding the impact of COVID-19-related items from the third quarter of fiscal 2023, the segment delivered operating profit growth of 7%, driven by growth in the primary care and extended care businesses.

當排除 2023 財年第三季 COVID-19 相關項目的影響時，在初級護理和延伸護理業務增長的推動下，該部門的營業利潤增長了 7%。

Next, let me address our International results. Revenues in the third quarter were $3.6 billion, a decrease of 18% year-over-year, driven by divestitures with McKesson's European business, partially offset by higher pharmaceutical distribution volumes in Canada. Operating profit was $105 million, a decrease of 27%, driven by divestitures within the McKesson's European business.

接下來，讓我談談我們的國際結果。第三季營收為 36 億美元，年減 18%，這是由於剝離 McKesson 的歐洲業務所致，部分被加拿大藥品分銷量的增加所抵消。由於 McKesson 歐洲業務的剝離，營業利潤為 1.05 億美元，下降 27%。

Wrapping up our segment review, Corporate expenses were $147 million in the quarter, which included losses of $8 million or $0.05 per share, related to equity investments within the McKesson Ventures portfolio. McKesson Ventures impact on consolidated financials can be influenced by the performance of each individual investment quarter-to-quarter.

結束我們的部門審查後，本季的公司費用為 1.47 億美元，其中包括與 McKesson Ventures 投資組合內的股權投資相關的損失 800 萬美元或每股 0.05 美元。 McKesson Ventures 對合併財務的影響可能會受到每項投資季度業績的影響。

As a result, McKesson's investments has been resulted in gains and losses, the timing and magnitude of which can vary for each investment. We remain pleased with the insights and the results that we're obtaining through this portfolio.

因此，麥克森的投資產生了收益和損失，每項投資的收益和損失的時間和幅度可能有所不同。我們對透過該產品組合獲得的見解和結果仍然感到滿意。

Excluding the benefit from the early termination of the tax receivable agreement in fiscal 2023 and gains and losses within our McKesson Ventures portfolio in fiscal 2023 and 2024, Corporate expenses in the third quarter decreased 5% year-over-year.

剔除2023財年提前終止應收稅款協議帶來的收益以及2023財年及2024財年McKesson Ventures投資組合內的損益，第三季的企業費用較去年同期下降5%。

Turning now to cash flows and capital deployment, which can be found on Slide 12. We ended the quarter with $2 billion in cash and cash equivalents. We delivered free cash flow of $100 million in the third quarter and $2.9 billion for the trailing 12 months. Third quarter free cash flow was impacted by the Rite Aid bankruptcy in October and its associated $725 million provision for bad debts.

現在轉向現金流和資本部署，這可以在幻燈片 12 中找到。本季結束時，我們擁有 20 億美元的現金和現金等價物。我們第三季的自由現金流為 1 億美元，過去 12 個月的自由現金流為 29 億美元。第三季自由現金流受到 10 月 Rite Aid 破產及其相關的 7.25 億美元壞帳撥備的影響。

As a reminder, our cash position, working capital metrics and resulting cash flows can each be impacted by timing, which includes the day of the week that a quarter ends on and therefore, can vary from quarter-to-quarter. During the first 9 months of the fiscal year, we made capital expenditure investments of $418 million, which included new and existing distribution centers, as well as investments in technology, data and analytics to support our growth priorities.

提醒一下，我們的現金部位、營運資金指標和由此產生的現金流都可能受到時間的影響，其中包括季度結束的星期幾，因此每季可能會有所不同。在本財年的前 9 個月，我們進行了 4.18 億美元的資本支出投資，其中包括新的和現有的配送中心，以及對技術、數據和分析的投資，以支持我們的成長重點。

Year-to-date, we returned $2.6 billion of cash to shareholders, which included $2.3 billion of share repurchases and $232 million in dividend payments.

今年迄今為止，我們向股東返還了 26 億美元現金，其中包括 23 億美元的股票回購和 2.32 億美元的股息支付。

Now let me turn to our updated fiscal 2024 outlook. As a reminder, we do not provide forward-looking guidance on a GAAP basis. The following metrics are provided on an adjusted non-GAAP basis. A full list of our assumptions can be found on Slides 13 through 17 in our supplemental slide presentation. Let me start with the fiscal 2024 outlook for our segments.

現在讓我來談談我們最新的 2024 財年展望。提醒一下，我們不提供基於公認會計原則的前瞻性指引。以下指標是根據調整後的非公認會計原則提供的。我們的假設的完整清單可以在補充幻燈片簡報的幻燈片 13 至 17 中找到。讓我先談談我們部門的 2024 財年展望。

For the full year, we now anticipate U.S. Pharmaceutical revenues to increase 16% to 18% and operating profit to increase 6% to 8% year-over-year. Excluding the impact of COVID-19 vaccine distribution for the U.S. government in fiscal 2023, we anticipate operating profit to increase 11% to 14%. And the impact of elevated commercial COVID-19 distribution in the third quarter net of $30 million nonrecurring charge, also in the third quarter of fiscal 2024, accounts for approximately 2% of segment growth.

我們現在預計美國製藥公司全年營收將年增 16% 至 18%，營業利潤將年增 6% 至 8%。排除 2023 財年美國政府分配 COVID-19 疫苗的影響，我們預計營業利潤將增加 11% 至 14%。第三季商業 COVID-19 分銷增加（扣除 3,000 萬美元的非經常性費用）（也是在 2024 財年第三季），約佔該細分市場成長的 2%。

The updated segment revenue outlook incorporates the strong third quarter performance and continued growth in specialty distribution, supported by stable utilization trends. Revenue growth assumes that GLP-1 medication volumes will continue to be robust, although the rate of growth will moderate in our fiscal fourth quarter. These medications are lower margins and represent a headwind to year-over-year operating profit growth.

更新後的部門收入前景納入了強勁的第三季業績以及專業分銷的持續成長，並得到穩定的利用率趨勢的支持。營收成長假設 GLP-1 藥品銷售將繼續強勁，儘管第四財季成長率將放緩。這些藥物的利潤率較低，對年比營業利潤成長構成阻力。

Our full-year operating profit growth also reflects our leading Generics program, which continues to deliver on the dual mandate of lower cost and product availability. And we continue to be pleased with the strength of our scaled and broad oncology platform. This quarter, as Brian mentioned, we expanded into Tennessee with the addition of 2 practices. With these additions and organic growth, U.S. oncology has now over 2,500 providers.

我們的全年營業利潤成長也反映了我們領先的仿製藥計劃，該計劃繼續履行降低成本和產品可用性的雙重使命。我們仍然對我們規模化、廣泛的腫瘤學平台的實力感到滿意。正如 Brian 所提到的，本季我們擴展到田納西州，增加了 2 個診所。隨著這些新增和有機增長，美國腫瘤科現已擁有超過 2,500 家提供者。

In the Prescription Technology Solutions segment, we anticipate revenue growth of 9% to 13%, and we've increased our operating profit growth outlook to 24% to 28%, reflecting strong third quarter performance, continued organic growth and higher transaction volumes across the access and affordability solutions.

在處方技術解決方案領域，我們預期營收成長9% 至13%，並將營業利潤成長預期上調至24% 至28%，反映出強勁的第三季業績、持續的有機成長以及整個產業更高的交易量取得和負擔能力解決方案。

The quarter-to-quarter variability in this segment is driven by prescription and transaction volumes, the timing, pace and trajectory of new product drug launches, the timing and size of investments to support and expand our product portfolio and the annual verification programs that we provide for our customers, that occur in our fiscal fourth quarter.

該細分市場的季度變化是由處方和交易量、新產品上市的時間、節奏和軌跡、支持和擴大我們的產品組合的投資的時間和規模以及我們的年度驗證計劃所驅動的。為我們的客戶提供服務，這發生在我們第四財季。

Our Medical-Surgical Solutions segment continues to be a leader across all the alternate sites of care. We anticipate revenues to be approximately flat to 4% growth and operating profit to decrease 11% to 15%. When excluding the impact of COVID-19-related items from fiscal 2023 results, we anticipate operating profit to increase 6% to 8% year-over-year. Our updated outlook incorporates the third quarter results that I discussed earlier, which reflect a modest improvement in sequential primary care traffic.

我們的醫療外科解決方案部門繼續在所有替代護理場所中處於領先地位。我們預計營收成長將持平至 4%，營業利潤將下降 11% 至 15%。當從 2023 財年業績中排除 COVID-19 相關項目的影響時，我們預計營業利潤將年增 6% 至 8%。我們更新的展望納入了我之前討論的第三季結果，該結果反映了初級保健流量的連續改善。

Finally, in the International segment, we anticipate revenues to decline by 29% to 33% and operating profit to decline by 21% to 26%, reflecting divestitures within McKesson's European business that closed during fiscal 2023. In the Corporate segment, we anticipate expenses to be in the range of $615 million to $655 million, which includes losses associated with McKesson Ventures equity investments recorded in the first 9 months of the year and elevated technology spend to support the growth of our business.

最後，在國際部門，我們預計收入將下降 29% 至 33%，營業利潤將下降 21% 至 26%，反映了 McKesson 在 2023 財年關閉的歐洲業務的剝離。在企業部門，我們預計費用將下降預計將達到6.15 億至6.55 億美元，其中包括今年前9 個月記錄的McKesson Ventures 股權投資相關損失以及支持業務成長的技術支出增加。

Moving below the line, we anticipate interest expense to be approximately $220 million to $230 million and income attributable to noncontrolling interest to be in the range of $155 million to $165 million. We anticipate no change to the full year effective tax rate of approximately 18% to 19%. The timing of discrete tax item is difficult to predict, and therefore, we do not provide quarterly effective tax rate guidance.

在此線以下，我們預期利息支出約為 2.2 億至 2.3 億美元，非控制權益應佔營收將在 1.55 億至 1.65 億美元之間。我們預計全年有效稅率約 18% 至 19% 不變。離散稅項的時間難以預測，因此，我們不提供季度有效稅率指引。

Turning to cash flow and capital deployment. We now anticipate free cash flow of approximately $3.2 billion to $3.6 billion. Our working capital metrics and resulting free cash flow will vary from quarter-to-quarter, impacted by timing, including the day of the week that marks the close of the quarter. Our outlook also incorporates the impact of the October Rite Aid bankruptcy.

轉向現金流和資本配置。我們現在預計自由現金流約為 32 億至 36 億美元。我們的營運資本指標和由此產生的自由現金流將因時間而異，包括標誌著季度結束的星期幾。我們的展望也考慮了 10 月 Rite Aid 破產的影響。

Our guidance reflects plans to repurchase approximately $3 billion to $3.5 billion of shares. As a result of the share repurchase activity, we estimate weighted average diluted shares outstanding to be in the range of approximately 134 million.

我們的指導反映了回購約 30 億至 35 億美元股票的計畫。由於股票回購活動，我們估計加權平均稀釋後流通股數約為 1.34 億股。

Wrapping up fiscal 2024 guidance. As a result of solid performance in the third quarter of fiscal 2024, combined with our momentum and confidence moving forward, we are increasing and narrowing our earnings per diluted share outlook for fiscal 2024 to a new range of $27.25 to $27.65. We anticipate operating profit will be a 2% decline to 1% growth compared to the prior year. Excluding certain items, we anticipate operating profit to increase by approximately 8% to 11% year-over-year, above the long-term target range.

總結 2024 財政年度指導。由於 2024 財年第三季的穩健業績，加上我們前進的動力和信心，我們將 2024 財年的稀釋每股收益預期上調並縮小至 27.25 美元至 27.65 美元的新範圍。我們預計營業利潤將比上年下降 2% 至成長 1%。排除某些項目，我們預期營業利潤將年增約8%至11%，高於長期目標範圍。

As a reminder, certain items include the following: $1.90 related to fiscal 2023 U.S. government COVID-19 program and COVID-19 tests in our U.S. Pharmaceutical and Medical Surgical segments, a $0.65 benefit related to the early termination of the tax receivable agreement with Change Healthcare in fiscal 2023 and gains and losses associated with McKesson Ventures equity investments in fiscal 2023 and 2024.

提醒一下，某些項目包括以下內容：與2023 財年美國政府COVID-19 計劃以及我們美國製藥和醫療外科部門的COVID-19 測試相關的1.90 美元，與提前終止與Change 的應收稅協議相關的0.65 美元福利2023 財年的醫療保健以及 2023 財年和 2024 財年與 McKesson Ventures 股權投資相關的損益。

The increase to our outlook for adjusted earnings per diluted share indicates growth of 16% to 18%, when excluding these certain items. Before I close, I'd like to share some initial thoughts on fiscal 2025. The momentum we've seen across our business over the past several years is expected to continue in fiscal 2025.

排除這些特定項目後，我們對調整後每股稀釋收益的預期上調表明增長 16% 至 18%。在結束之前，我想分享一些關於 2025 財年的初步想法。過去幾年我們在整個業務中看到的勢頭預計將在 2025 財年繼續下去。

We anticipate U.S. Pharmaceutical and Medical-Surgical Solutions segments will be more closely aligned to the long-term growth targets that we've previously provided for these segments, demonstrating our leading market positions and stable financial performance.

我們預計美國製藥和醫療外科解決方案領域將更加符合我們先前為這些領域提供的長期成長目標，從而展示我們領先的市場地位和穩定的財務表現。

We anticipate that the strength we're seeing across our solution set in Prescription Technology Solutions will lead to growth at the top end or slightly above the long-term target. In U.S. Pharmaceutical, we remain confident in our long-term target of 5% to 7% growth, supported by sustainable momentum in the core distribution business and across our oncology platform, the U.S. Oncology Network, Ontada and the joint venture with Sarah Cannon Research Institute.

我們預計，我們在處方技術解決方案中看到的解決方案集的優勢將導致高端成長或略高於長期目標。在U.S. Pharmaceutical ，我們對5% 至7% 成長的長期目標仍然充滿信心，這得益於核心分銷業務以及我們的腫瘤學平台、美國腫瘤學網絡、Ontada 以及與Sarah Cannon Research 的合資企業的可持續發展勢頭研究所。

As the leader in the alternate site market, we believe that the Medical-Surgical Solutions segment is well positioned as care continues to move across the alternate site settings. Our experience and our relationships in every channel and setting of the alternate site markets enable us to capture the growth opportunity in the years ahead.

作為替代站點市場的領導者，我們相信隨著護理繼續跨替代站點設置轉移，醫療外科解決方案部門處於有利地位。我們在替代站點市場的每個管道和環境中的經驗和關係使我們能夠抓住未來幾年的成長機會。

We anticipate that the Prescription Technology Solutions segment may perform modestly above the long-term growth target of 11% to 12%, driven by organic growth, as we expand our higher-margin biopharma services platform.

我們預計，隨著我們擴大利潤率較高的生物製藥服務平台，在有機成長的推動下，處方技術解決方案部門的表現可能會略高於 11% 至 12% 的長期成長目標。

For the International segment, we anticipate continued growth in our Canadian operations. And throughout fiscal 2023, we completed divestitures of the business operations in 11 of the 12 countries that we operated in Europe. As a reminder, Norway remains the only country that we have not entered into an agreement to sell. And we intend to exit Norway as part of the completion of our European exit.

對於國際部門，我們預計加拿大業務將持續成長。在整個 2023 財年，我們在歐洲營運的 12 個國家中完成了 11 個國家的業務剝離。提醒一下，挪威仍然是我們尚未簽訂出售協議的唯一國家。我們打算退出挪威，作為完成歐洲退出的一部分。

Finally, we will continue to materially invest in the business on multiple fronts. We will sustain the pace and cadence of investment in product development and enhancements across our oncology and biopharma services platforms. These investments will further our differentiated capabilities and market-leading positions.

最後，我們將繼續在多個方面對業務進行實質投資。我們將保持在腫瘤學和生物製藥服務平台的產品開發和增強方面的投資步伐和節奏。這些投資將進一步增強我們的差異化能力和市場領先地位。

We will also continue to invest in adding capacity and capabilities to our North American distribution footprint. These investments include increased capacity, automation and regulatory excellence capabilities. And we will continue to invest in data and analytics, including the acceleration of several investments in artificial intelligence. We see AI as unlocking the potential to deliver customer and foundational enhancements.

我們也將持續投資增加北美分銷業務的產能和能力。這些投資包括提高產能、自動化和卓越監管能力。我們將繼續投資於數據和分析，包括加速對人工智慧的多項投資。我們認為人工智慧可以釋放交付客戶和基礎增強的潛力。

Although in the early stages, we're using AI to improve patient intake and workflow, improve productivity throughout the system, including automatic clinical note generation, and several supply chain use cases, including supply chain disruption predictions, forecast accuracy algorithms and fraud detection.

儘管處於早期階段，我們正在使用人工智慧來改善患者接收和工作流程，提高整個系統的生產力，包括自動產生臨床記錄，以及幾個供應鏈用例，包括供應鏈中斷預測、預測準確性演算法和詐欺檢測。

Although we're in the early stages of our AI development and implementation, we're committed to increased investment to further extend our leadership positions and deliver value to our partners and stakeholders.

儘管我們正處於人工智慧開發和實施的早期階段，但我們致力於增加投資，以進一步擴大我們的領導地位，並為我們的合作夥伴和利害關係人創造價值。

To sum up, we see strength and stability in the underlying fundamentals of the business. We're pleased with our strong fiscal 2024 performance, and we remain optimistic about the outlook. McKesson is well positioned to continue to deliver strong results as we successfully executed against our strategic and financial framework to drive long-term sustainable growth for all stakeholders. And with that, let's move to our Q&A session.

總而言之，我們看到了業務基本面的實力和穩定性。我們對 2024 財年的強勁業績感到滿意，並對前景保持樂觀。麥克森處於有利地位，能夠繼續取得強勁成果，因為我們成功地執行了我們的策略和財務框架，以推動所有利害關係人的長期可持續成長。接下來，讓我們進入問答環節。

(Operator Instructions) And our first question will come from Charles Rhyee with TD Cowen.

（操作員說明）我們的第一個問題將來自 Charles Rhyee 和 TD Cowen。

Obviously, strong performance in RxTS, as implied in the guidance. Maybe you can kind of give us a feel for the mix between reauthorizations versus new prior auths in that mix.

顯然，正如指南中所暗示的，RxTS 的性能強勁。也許您可以讓我們了解重新授權與新的先前授權之間的組合。

And as we think about through the course of the year as kind of new category, like this is sort of a category that's kind of grown significantly over the last year or so, particularly and if we think about the launch of [Zedan] as well from Lilly, can you give us a sense of what the life cycle typically is for prior auths? Over time as products mature, what does that activity look like? And maybe give us a sense for what you kind of expect right now, particularly in this -- the GLP-1 category?

當我們在這一年中將其視為一種新類別時，就像這是一個在過去一年左右大幅增長的類別，特別是如果我們也考慮 [Zedan] 的推出來自Lilly，您能否讓我們了解先前授權的生命週期通常是怎麼樣的？隨著時間的推移，隨著產品的成熟，活動會是什麼樣子？也許讓我們了解一下您現在的期望，特別是在 GLP-1 類別中？

Thanks, Charles. I'll start. And Britt, as always, feel free to add on.

謝謝，查爾斯。我開始吧。布里特一如既往地歡迎補充。

First off, we're very pleased with the solutions that we have in this segment. We think the growth over last several quarters demonstrates the value that they bring to providers.

首先，我們對這一領域的解決方案感到非常滿意。我們認為過去幾季的成長證明了它們為提供者帶來的價值。

Just as a reminder, this segment, new brand launches of particularly high-cost drugs are for this segment. They typically require prior authorization. We have automated solutions there. So as those volumes grow, that's generally good for this business. The GLP-1s were a strong contributor in the current quarter.

提醒一下，這個細分市場，新品牌推出的特別高成本的藥物就是針對這個細分市場的。他們通常需要事先授權。我們在那裡有自動化解決方案。因此，隨著銷量的成長，這通常對該業務有利。 GLP-1 是本季的重要貢獻者。

How the programs evolve will largely be dependent on payer decisions, in terms of how frequently they require an authorization or a reauthorization. But certainly, it's been a good tailwind for us.

這些計劃如何發展將在很大程度上取決於付款人的決定，即它們需要授權或重新授權的頻率。但當然，這對我們來說是一個很好的推動力。

And as for the blizzard season, I'm pleased to say it played out in accordance to how we expected it to. It's a lot of work. The team really put their head down, had a good plan and is pushing through that work, and we're very confident we'll end this blizzard season more or less in line with our expectations at the outset of the year.

至於暴雪季節，我很高興地說它的發展符合我們的預期。這是很多工作。團隊確實埋頭苦幹，制定了良好的計劃，並正在推動這項工作，我們非常有信心，我們將或多或少地按照我們年初的預期結束這個暴風雪季節。

And next will be Eric Percher with Nephron Research.

接下來是 Nephron Research 的 Eric Percher。

Thank you. I appreciate the '25 initial commentary, and I wanted to focus in on specialty. I thought coming out of the pandemic, we saw elevated growth, and you're calling out higher growth this year. And I'd like to understand how much of that is organic growth versus gaining of share and beyond oncology, an increase of share in multi-specialty?

謝謝。我很欣賞 25 年最初的評論，我想專注於專業。我認為，在疫情結束後，我們看到了成長的加快，而您也呼籲今年實現更高的成長。我想了解其中有多少是有機成長與份額的增加以及腫瘤學以外的多專業份額的增加？

And then finally, I'd ask for those practices you're acquiring now, I think you've known them for quite some time, what is it that's driving them to join today?

最後，我想問您現在正在獲得的那些做法，我想您已經了解它們很長一段時間了，是什麼促使他們今天加入？

Let me start. I guess I'll start where you ended with the practices. First thing I think I would say is we are very pleased with the solid growth in our same store. We can obviously grow our U.S. Oncology Network in multiple ways, we can add -- we could add oncologists or providers to an existing practice that we have. We could greenfield a new practice. We did onboard new practices. And really, we've been benefiting over the last few years from all 3 of those. We have been very pleased with our ability to attract new members to the U.S. Oncology Network. We've added, I don't know, 500 or 600 providers over the last couple of years. We've entered into -- we added 6 new practices and 8 new geographies over the calendar year of 2023.

讓我開始吧。我想我會從你結束的地方開始練習。我想我要說的第一件事是，我們對同一家商店的穩健成長感到非常滿意。顯然，我們可以透過多種方式發展我們的美國腫瘤學網絡，我們可以補充說，我們可以將腫瘤科醫生或提供者添加到我們現有的實踐中。我們可以開闢一種新的做法。我們進行了新的實踐。事實上，過去幾年我們一直從這三個方面受益。我們對美國腫瘤學網絡吸引新成員的能力感到非常滿意。我不知道，過去幾年我們增加了 500 或 600 家供應商。我們已經確定，到 2023 年，我們將增加 6 項新業務和 8 個新地區。

Why are we able to do that? We think it's not just great practice management, we've been at this for 15 years, so we've got a leading EMR, we've got leading technologies. Britt talked about investments we're making to extend that lead.

為什麼我們能夠做到這一點？我們認為這不僅僅是出色的實踐管理，我們在這方面已經有 15 年了，所以我們擁有領先的 EMR，我們擁有領先的技術。布里特談到了我們為擴大領先地位而進行的投資。

But I think, we also have this broad ecosystem that includes Ontada, which helps us provide insights to our providers. It includes SCRI, which brings in clinical research and trial capabilities. And so we think it's that really broad value proposition, Eric, which allows us to compel the growth we're seeing in the U.S. Oncology Network today.

但我認為，我們也擁有包括 Ontada 在內的廣泛生態系統，這有助於我們向提供者提供見解。它包括 SCRI，它帶來了臨床研究和試驗能力。因此，我們認為，艾瑞克，正是這個真正廣泛的價值主張，使我們能夠推動美國腫瘤學網絡今天看到的成長。

And Eric, maybe I'll just add on, when we think about specialty product growth, we're certainly seeing specialty product growth across not only our largest customers, but across, as I mentioned, health systems. And certainly, as we continue to grow the U.S. Oncology Network and oncology in general, we're certainly seeing more growth in that area as well.

艾瑞克，也許我會補充一點，當我們考慮特種產品的成長時，我們當然會看到特種產品的成長不僅在我們最大的客戶中，而且正如我所提到的，在衛生系統中。當然，隨著我們繼續發展美國腫瘤學網絡和整個腫瘤學，我們肯定也會看到該領域的更多成長。

So we're seeing growth in specialty products. We're seeing growth across the specialty providers that we service. And as I mentioned, we're also seeing significant growth from GLP-1 medication. So we're really [winning] across the entirety of our scaled business. And of course, as our customers continue to win, that's reflected in the volume increases also.

因此，我們看到特種產品的成長。我們看到我們所服務的專業提供者的成長。正如我所提到的，我們也看到 GLP-1 藥物的顯著增長。因此，我們確實在整個規模化業務中[獲勝]。當然，隨著我們的客戶不斷獲勝，這也反映在銷售量的增加上。

Next will be Lisa Gill with JPMorgan.

接下來是摩根大通的麗莎吉爾。

I just want to go to your International business, and you talked about how strong Canada is, but there's been some speculation in the marketplace around Rexall. Can you talk about the strategy in Canada and specific to owning a drug retail?

我只想談談您的國際業務，您談到加拿大有多強大，但市場上圍繞 Rexall 存在一些猜測。您能談談加拿大的策略以及擁有藥品零售店的具體策略嗎？

Well, I won't comment, obviously, on rumors. Let me say this about Canada. We have a very scaled, broad and impactful health care services business there. It's obviously anchored in our distribution assets, but it includes specialty distribution capabilities. It includes retail pharmacies. It includes one of the best online brands in [Well.ca]. It includes infusion clinics, and it includes a growing biopharma manufacturer services business.

好吧，顯然我不會對謠言發表評論。我來說說加拿大吧。我們在那裡擁有規模非常大、廣泛且有影響力的醫療保健服務業務。它顯然植根於我們的分銷資產，但它包括專業分銷能力。其中包括零售藥局。它包括 [Well.ca] 中最好的線上品牌之一。它包括輸液診所，還包括不斷成長的生物製藥製造商服務業務。

So we're very, very broad in our capabilities and really one of the leading players in the Canadian health care landscape in general. We've been very pleased with the performance of the business. Britt talked about some of the investments we continue to make into that business to keep our growth trajectory going. And I'd say, we just -- we're very pleased with the performance and very committed to the current strategy.

因此，我們的能力非常非常廣泛，實際上是加拿大醫療保健領域的領先參與者之一。我們對業務的表現非常滿意。布里特談到了我們繼續對該業務進行的一些投資，以保持我們的成長軌跡。我想說，我們對錶現非常滿意，並且非常致力於當前的策略。

The only thing I would add is similar to our U.S. business, in Canada, we have very strong strategic sourcing capabilities as well, which our customers benefit from. And it's helping our customers win and helping us drive increased distribution volume. So very similar to the U.S., we utilized our strong scaled strategic sourcing capabilities to help our customers win.

我唯一要補充的是，與我們的美國業務類似，在加拿大，我們也擁有非常強大的策略採購能力，我們的客戶從中受益。它幫助我們的客戶贏得勝利，並幫助我們增加分銷量。與美國非常相似，我們利用強大的規模化策略採購能力來幫助我們的客戶獲勝。

And next will be Allen Lutz with Bank of America.

接下來是美國銀行的艾倫·盧茨 (Allen Lutz)。

Britt, you mentioned core operating expense growth was about 6%, excluding divestitures. As we think about the current growth across your different businesses, is that 6% growth rate the right way to think about operating expense growth from here? And then is there any reason why that would take higher or lower versus that 6%?

Britt，您提到核心營運費用成長約為 6%，不包括資產剝離。當我們考慮您不同業務目前的成長時，6% 的成長率是考慮營運費用成長的正確方法嗎？那麼，與 6% 相比，是否有任何理由需要更高或更低呢？

Thanks for the question, Allen. I think when you look at our operating expenses, what we tried to do and what we've been able to do over a long period of time is gain leverage on our gross profit. And so what we strive to do and we've demonstrated is that our operating expenses typically will grow at a slower pace than gross profit. Now we've been investing back in the business.

謝謝你的提問，艾倫。我認為，當你看看我們的營運費用時，我們試圖做的事情以及我們在很長一段時間內能夠做的事情就是提高我們的毛利。因此，我們努力做並且已經證明的是，我們的營運費用的成長速度通常會慢於毛利的成長速度。現在我們一直在重新投資這項業務。

And so as we've been investing not only in distribution capabilities, data and analytics and now an accelerated investment in artificial intelligence, quarterly variability in that operating expense number, you can expect to see that. But generally speaking, you will see us generate operating leverage on our gross margin.

因此，我們不僅投資於分銷能力、數據和分析，現在還加速投資於人工智慧、營運費用數字的季度變化，您可以期待看到這一點。但一般來說，您會看到我們在毛利率上產生營運槓桿。

And next will be Brian Tanquilut with Jefferies.

接下來是傑弗里斯 (Jefferies) 的布萊恩坦奎魯特 (Brian Tanquilut)。

Maybe, Britt, just curious, what you're seeing on the Generic pricing front and what opportunities we should be thinking about, as we think about a combination of drug shortages and just broader inflation trends in Generic?

也許，布里特，只是好奇，當我們考慮藥品短缺和更廣泛的通貨膨脹趨勢相結合時，您在仿製藥定價方面看到了什麼以及我們應該考慮哪些機會？

Yes. Thanks for the question, Brian. In Generics, we continue to have a very scaled sourcing operation in ClarusONE. ClarusONE continues to partner very closely with our broad set of customers, is generating good sourcing and benefits. I talked about the dual mandate that we focus on, which is driving low cost positions for our customers.

是的。謝謝你的提問，布萊恩。在仿製藥方面，我們繼續在 ClarusONE 中開展規模化的採購業務。 ClarusONE 繼續與我們廣泛的客戶密切合作，正在產生良好的採購和效益。我談到了我們關注的雙重使命，即為我們的客戶帶來低成本地位。

At the same time, it's driving the highest availability of supply. We've been able to do that over a long period of time. Our Generics business continues to grow. And we're quite pleased with the sourcing spread that we're able to generate from our sourcing -- buy-side capabilities. And we think that our customers are benefiting as well, and we see that in high compliance rate.

同時，它也推動了供應的最高可用性。我們長期以來一直能夠做到這一點。我們的仿製藥業務持續成長。我們對我們能夠從採購方能力產生的採購範圍感到非常滿意。我們認為我們的客戶也將從中受益，並且我們在高合規率中看到了這一點。

So it's been a competitive but stable marketplace in the Generic space. But the capabilities that we have on sourcing, the ability for us to drive lower cost and high availability of product and generate spread for our customers in a disciplined way, that has proven to be a good formula for us over a long period of time.

因此，它在通用領域是一個競爭激烈但穩定的市場。但我們在採購方面的能力，我們能夠降低成本和提高產品可用性，並以嚴格的方式為我們的客戶創造傳播的能力，這在很長一段時間內被證明對我們來說是一個很好的公式。

And next will be Kevin Caliendo with UBS.

接下來是瑞銀集團的 Kevin Caliendo。

I appreciate the color on the Rite Aid impact. I'm guessing my question is, I know we don't know exactly what's going to happen with the rest of Rite Aid, we should hopefully know soon. But what are the assumptions built in for fiscal '25 around the potential impact from whatever happens with Rite Aid from here? Like is it built in, in your comments and how meaningful can it be?

我很欣賞顏色對 Rite Aid 的影響。我猜我的問題是，我知道我們並不確切知道 Rite Aid 的其餘部分會發生什麼，但希望我們很快就能知道。但是，圍繞 Rite Aid 發生的任何事情的潛在影響，對 25 財年的假設是什麼？就像它內建在您的評論中一樣嗎？它有多大意義？

I appreciate the question. I obviously can't -- am not in a position to comment a lot on Rite Aid. What I can tell you is what we've talked about for fiscal 2024. And Rite Aid is not going to have a material impact on our financial results. So I would leave it at that.

我很欣賞這個問題。我顯然不能——我無法對 Rite Aid 發表太多評論。我可以告訴你的是我們已經討論過的 2024 財年的情況。Rite Aid 不會對我們的財務表現產生重大影響。所以我就這樣吧。

In terms of 2025, we'll learn more over the next few months. We'll give you more information as we give you further information on all of our fiscal 2025 assumptions. But Rite Aid is not material to our financial results in fiscal 2024.

就 2025 年而言，我們將在接下來的幾個月中了解更多。我們將在向您提供有關 2025 財年所有假設的更多資訊時向您提供更多資訊。但 Rite Aid 對我們 2024 財年的財務表現並不重要。

And next will be Eric Coldwell with Baird.

接下來是 Eric Coldwell 和 Baird。

This one, I think, is fairly obvious and fairly simple, but I just want to make sure. The free cash flow reduction versus prior guide, is that specifically and only due to the Rite Aid impact? And if so, I guess the question is why you didn't take that last quarter, perhaps when -- I guess, maybe that's not a fair question given the timing, but I just want to make sure that's the only topic there.

我認為，這一點相當明顯且相當簡單，但我只是想確定一下。與先前的指導相比，自由現金流量減少，是否專門且僅由於 Rite Aid 的影響？如果是這樣，我想問題是為什麼你沒有在上個季度採取這一點，也許是在——我想，鑑於時間安排，這可能不是一個公平的問題，但我只是想確保這是唯一的話題。

And then on the repo activity as well, slightly lower outlook here, $3 billion to $3.5 billion versus prior 3.5. Is that also the Rite Aid impact or perhaps due to valuation in the market or some other topic? Those are my only two.

然後是回購活動，這裡的前景略有下降，為 30 億至 35 億美元，而之前的為 3.5。這是否也是 Rite Aid 的影響，或者可能是由於市場估值或其他一些主題造成的？這是我僅有的兩個。

Yes, I appreciate the question, Eric. And you'll note that in our free cash flow guide for the rest of the year, the reduction versus the prior guidance that we gave you is not the full impact of the Rite Aid provision for bad debt. So it is a key driver to that. So to answer your question very simply, yes, Rite Aid and the bankruptcy is a driver on free cash flow reduction.

是的，我很欣賞這個問題，艾瑞克。您會注意到，在我們今年剩餘時間的自由現金流指南中，與我們之前向您提供的指南相比，減少的金額並不是 Rite Aid 壞帳撥備的全部影響。因此，這是一個關鍵驅動因素。因此，簡單地回答你的問題，是的，Rite Aid 和破產是自由現金流減少的驅動因素。

In terms of share repo, I'd say that there's two things that are driving that. Clearly, we are taking a look at our free cash flow guide. But going back to our principles of how we deploy capital, one of the things that we've talked about is, a, we will buy back shares when cash -- there's excess cash on hand that we can't deploy in a growth format. And secondly, we're going to be looking at the intrinsic value of the stock.

就股票回購而言，我想說有兩件事推動了這個趨勢。顯然，我們正在查看我們的自由現金流指南。但回到我們如何部署資本的原則，我們討論過的一件事是，a，我們將在現金到位時回購股票——手頭上有多餘的現金，我們無法以成長形式部署。其次，我們將關注股票的內在價值。

We want to be in the market, and we want to return capital to our shareholders through share repurchases, but those two factors are going to be important to us. And so we're going to continue to be disciplined. And so a portion of that is reflected in the lower share buyback.

我們希望進入市場，我們希望透過股票回購向股東返還資本，但這兩個因素對我們來說很重要。因此，我們將繼續遵守紀律。因此，其中一部分反映在較低的股票回購上。

And next will be Stephanie Davis with Barclays.

接下來是巴克萊銀行的史蒂芬妮戴維斯。

I was -- I know you've given a lot of great color on this, but I was hoping we could date a little bit more into the strong U.S. Pharmaceutical growth and how to think about the lighter flow through the margin, is there anything beyond GLP-1s kind of doing that?

我是——我知道你對此做了很多精彩的闡述，但我希望我們能夠更多地了解美國製藥業的強勁增長，以及如何考慮利潤率的較輕流量，有什麼嗎？超越GLP-1那樣做嗎？

And you made a comment on commercial COVID net of $30 million nonrecurring accounting for some of the growth that we saw. Could you clarify kind of any impact that would have on the margin flow-through?

您對商業新冠疫情淨額 3000 萬美元的非經常性會計做出了評論，這是我們看到的一些增長的原因。您能否澄清一下這會對保證金流通產生任何影響？

Yes. So let me comment on a couple of things. We're really pleased with our U.S. Pharmaceutical results. They delivered another strong quarter. Included in that, obviously, we are lapping the effects of the government program, the COVID last year. This year, we do have commercial COVID vaccines, that peaked in October, and then it really fell off. We did have a onetime nonrecurring charge in the quarter.

是的。讓我評論幾件事。我們對美國製藥公司的業績非常滿意。他們又交付了強勁的季度業績。顯然，我們正在研究政府計畫（去年的新冠疫情）的影響。今年，我們確實有了商業新冠疫苗，在十月達到頂峰，然後就真正下降了。我們在本季確實有一次性的非經常性費用。

When you net the commercial COVID vaccine contribution in that chart, it roughly offsets the government program contribution from last year. So the performance within this segment is just strong continued utilization that we're seeing in the marketplace, continued strong growth of specialty across all of our customer channels and the continued growth in our Oncology business, as well as -- as I mentioned, I provided a number on the revenue impact from GLP-1s, which again come at a lower margin rate and have been a headwind to year-over-year.

當你在該圖表中扣除商業新冠疫苗的貢獻時，它大致抵消了去年政府計劃的貢獻。因此，該細分市場的表現就是我們在市場上看到的強勁的持續利用率、我們所有客戶管道的專業知識的持續強勁增長以及我們的腫瘤業務的持續增長，以及——正如我所提到的，我提供了有關 GLP-1 對收入影響的數據，GLP-1 的利潤率再次較低，並且與去年同期相比是不利因素。

So just sort of sum up, it's just continued strong utilization in the marketplace in general, continued good growth of our customers and channels and continued growth within our oncology business.

總而言之，這只是整個市場的持續強勁利用，我們的客戶和通路的持續良好成長以及我們的腫瘤業務的持續成長。

And next will be Erin Wright with Morgan Stanley.

接下來是摩根士丹利的艾琳·賴特 (Erin Wright)。

So if I think about 2025, why is 5% to 7% still the right growth target for U.S. Pharma, just given the specialty contributions and growth there and favorable Generics environment? And just do you think kind of the long-term growth has inflected higher at this point for longer? Or what are some of those offsets that we should be thinking about in 2025?

因此，如果我考慮到 2025 年，考慮到美國製藥公司的專業貢獻和成長以及有利的仿製藥環境，為什麼 5% 至 7% 仍然是美國製藥公司的正確成長目標？您認為長期成長在這一點上的轉折點是否會持續更長的時間？或者說我們在 2025 年應該考慮哪些抵銷措施？

Appreciate the question. Let me just start by stating that at the beginning of the year, when we gave guidance. The long-term growth rate for the segment was 4% to 6%. Given the performance that we've seen this year, we increased that target, that long-term target rate, to 5% to 7%.

感謝這個問題。首先我要指出的是，在年初我們提供了指導。該細分市場的長期成長率為4%至6%。鑑於我們今年看到的表現，我們將這一目標（即長期目標率）提高到 5% 至 7%。

What I'm trying to provide you now is an early view into some of the qualitative factors that we're looking at and some of the momentum that we see going forward. And indicating that long-term range that we increased this year, we still see that as being the right number today.

我現在試圖向您提供的是對我們正在研究的一些定性因素以及我們看到的未來​​發展勢頭的初步看法。並表明我們今年增加的長期範圍，我們今天仍然認為這是正確的數字。

Now we'll continue to do some analysis, some work, and we come forward with our full-year assumptions, we'll give you more insight into that. But just as a reminder, we have already increased the long-term target range this year from 4% to 6% to 5% to 7% on. And we're certainly pleased with the momentum that we're seeing in the segment.

現在我們將繼續做一些分析、一些工作，並提出全年假設，我們將為您提供更多的見解。但提醒一下，我們已經將今年的長期目標範圍從 4% 至 6% 提高到 5% 至 7%。我們當然對我們在該領域看到的勢頭感到滿意。

And next will be Daniel Grosslight with Citi.

接下來是花旗銀行的 Daniel Grosslight。

One of your competitors mentioned that there may be an ability to renegotiate GLP-1 contracts as they come due, to potentially extract a bit more margin for the drug supply chain. I was wondering if you could comment on your views of contract negotiations as those contracts renew and if there may be an ability to boost the margin profile of GLP-1s, going forward?

你們的一位競爭對手提到，可能有能力在 GLP-1 合約到期時重新談判，從而有可能為藥品供應鏈獲取更多利潤。我想知道您是否可以評論一下您對續約合約談判的看法，以及未來是否有能力提高 GLP-1 的利潤狀況？

Well, I would say this, I think we've talked many times on these calls that first most important thing for us to do is make sure we get fair value for the services that we provide. And then obviously, we want to provide as many services as we can in support of those products. And that philosophy is no different for the GLP-1 class than it is, frankly, for all of the products that we distribute.

好吧，我想說的是，我想我們已經在這些電話中談過很多次了，我們要做的第一件最重要的事情就是確保我們提供的服務獲得公平的價值。顯然，我們希望提供盡可能多的服務來支援這些產品。坦白說，這個理念對於 GLP-1 類別來說與我們分銷的所有產品沒有什麼不同。

So, we are always in close contact and communication with our biopharma partners to talk about the value that we deliver, to talk about maybe the ancillary services that we could offer in support of those programs and to find ways that we can both support the growth of our respective businesses. And that's exactly the lens we'll bring to this product class, and it's really no different than the way we run the business day to day.

因此，我們始終與我們的生物製藥合作夥伴保持密切聯繫和溝通，討論我們提供的價值，討論我們可以提供支持這些項目的輔助服務，並找到我們都能支持增長的方法我們各自的業務。這正是我們將引入該產品類別的視角，它與我們日常經營業務的方式實際上沒有什麼不同。

And next will be Elizabeth Anderson with Evercore ISI.

接下來是伊麗莎白·安德森 (Elizabeth Anderson) 和 Evercore ISI。

You guys talked about continuing to invest in some of the longer-term drivers of the pharma growth in terms of oncology, biopharma services, et cetera. I was hoping you could unpack that a little bit more and sort of talk a bit more about where you sort of see the most attractive opportunities versus the assets that you already have?

你們談到了繼續投資於腫瘤學、生物製藥服務等領域的一些製藥成長的長期驅動因素。我希望你能更多地解開這一點，並更多地談論一下與你已經擁有的資產相比，你在哪裡看到了最具吸引力的機會？

Sure, I'll start, and Britt can tack on. First thing I would say is, I'm really pleased -- over the last several years, we have been very discipline in making sure that we made organic investment or reinvestment back into the business. And we view that as part of good portfolio management. I mean, our goal is to continue to extend the growth that we see in our markets and to innovate -- innovating new solutions as part of that.

當然，我會開始，布里特可以繼續。首先我要說的是，我真的很高興——在過去的幾年裡，我們一直非常嚴格地確保我們對業務進行有機投資或再投資。我們認為這是良好投資組合管理的一部分。我的意思是，我們的目標是繼續擴大我們在市場中看到的成長並進行創新——其中包括創新的新解決方案。

So [across now], we allocate that investment capital, certainly, some goes into the core, where we think we can get efficiency, better services, extend our base value proposition. But a lot will go into, we call, our growth pillars, and that would be oncology.

因此，[現在]，我們分配了投資資本，當然，一些投資資本進入了核心，我們認為我們可以在那裡獲得效率、更好的服務，擴展我們的基本價值主張。但我們稱之為成長支柱的領域將有很多內容，那就是腫瘤學。

So in one instance, we've talked a lot about greenfielding our Ontada business or our data and analytics business. Obviously, we've gone inorganic with SCRI and extended into clinical trials and research, talked about a quarter or 2 ago about some innovations that we've made in RxTS segment and enhancing some of our solutions and frankly, building and innovating and bringing new solutions.

因此，在一個例子中，我們談論了很多關於綠地我們的安大略省業務或我們的數據和分析業務的問題。顯然，我們已經透過SCRI 無機化並擴展到臨床試驗和研究，大約一兩個季度前談到了我們在RxTS 領域所做的一些創新，並增強了我們的一些解決方案，坦率地說，我們正在構建和創新並帶來新的解決方案。

So it's much like our inorganic investment. We are tied to our strategy and committed to business cases that we think will deliver more returns. I think the one area that we probably highlighted more this quarter than we have in the past is investments in technology, AI, machine learning.

所以這很像我們的無機投資。我們與我們的策略緊密相連，並致力於我們認為能夠帶來更多回報的業務案例。我認為本季我們比過去更強調的一個領域是對科技、人工智慧和機器學習的投資。

Obviously, that -- the developments and advancements in that field has come on fast. And when you think about a business that operates at our kind of scale, we're very excited about the opportunities we see there.

顯然，該領域的發展和進步進展很快。當你想到以我們這樣的規模運作的企業時，我們對在那裡看到的機會感到非常興奮。

And when you think about like the U.S. oncology, Britt highlighted several places where we think we can use this kind of technology to make a better patient experience, make our provider experience better and to continue to drive efficiencies through that business. So, we will continue to be committed to investing back in the business, where we see good financial returns tied to our strategy.

當你想到美國腫瘤學時，布里特強調了我們認為可以使用這種技術來提供更好的患者體驗、讓我們的提供者體驗更好並繼續透過該業務提高效率的幾個地方。因此，我們將繼續致力於對業務進行投資，我們看到與我們的策略相關的良好財務回報。

And next will be George Hill with Deutsche Bank.

接下來是德意志銀行的喬治·希爾。

Britt, first one is just kind of a point of clarification. When you say GLP-1 as an EBIT headwind, you mean to margins not to dollars?

布里特，第一個只是澄清一點。當您說 GLP-1 是息稅前利潤的逆風時，您指的是利潤率而不是美元？

And then for Brian, I have a follow-up question on oncology. I guess, could you just kind of talk about the greenfield opportunity that remains in the USO business? And do you think more about the opportunity to add providers, kind of add regions or add services into the installed base as kind of the way to continue to grow that business?

對於布萊恩，我有一個關於腫瘤學的後續問題。我想，您能談談 USO 業務中仍然存在的綠地機會嗎？您是否更多地考慮添加提供者、添加區域或將服務添加到安裝基礎中的機會，作為繼續發展業務的方式？

I'll start with your second question, and then Britt can come on. So I talked about three ways to drive the U.S. oncology business. One is to acquire a practice in a geography we're not in, obviously, to add providers to an existing geography.

我將從你的第二個問題開始，然後布里特可以繼續。所以我談到了推動美國腫瘤學業務的三種方法。顯然，一種是在我們不在的地區獲得實踐，將提供者添加到現有地區。

And in instances where our criteria are met, meaning we think we can attract the right level of scale, we can find oncologists that want to practice consistent with the way we practice oncology in our network; we are not afraid to greenfield.

在滿足我們的標準的情況下，這意味著我們認為我們可以吸引適當的規模，我們可以找到想要與我們網路中的腫瘤學實踐方式保持一致的腫瘤學家；我們不害怕綠地。

Obviously, adding to an existing is faster, acquiring an established practice that we feel fits our criteria is probably second, and greenfield would be third. But we have all those avenues open to us. And so we look at the criteria, the population, the growth, the payer mix, these all kind of go into our formula as we identify which of those three avenues is the most viable.

顯然，增加現有的做法更快，獲得我們認為符合我們標準的既定做法可能是第二位，而綠地將是第三位。但我們擁有所有這些途徑。因此，當我們確定這三種途徑中哪一種最可行時，我們會考慮標準、人口、成長、付款人組合，這些都會進入我們的公式。

And the answer to your first question is we've talked about GLP-1s previously and today, we are talking about margin rate. They usually come at a lower margin rate than other products that we distribute. And as I mentioned, they have been an operating profit headwind year-over-year.

你的第一個問題的答案是我們之前討論過 GLP-1，今天我們討論的是保證金率。它們的利潤率通常低於我們分銷的其他產品。正如我所提到的，它們一直是營業利潤同比的逆風。

And make time for one more question, please.

請騰出時間再問一個問題。

Certainly. That question will come from Stephen Baxter with Wells Fargo.

當然。這個問題將由富國銀行的史蒂芬·巴克斯特提出。

This is Carol on for Steve. Just a follow-up on the Prescription Technology segment of GLP-1. Now that we're starting to come up against some harder comps. Just how should we think about growth for this business tied to [renewed] versus new prescriptions? And what are some of the other categories we should be focused on as growth drivers outside of GLP-1?

這是卡蘿為史蒂夫代言的。只是 GLP-1 處方技術部分的後續行動。現在我們開始面對一些更難的比賽。我們應該如何看待與[續訂]與新處方相關的業務成長？除了 GLP-1 之外，我們還應該關注哪些其他類別作為成長驅動力？

Well, I think as we think about GLP-1s, obviously, 4 quarters ago, it was a big growth quarter, we're going to start to lap that. I think my characterization is there will continue to be growth. That growth may or may not be linear, depending on product launches, uptakes how commercial, government, other payers adopt policies to manage these products.

嗯，我認為當我們考慮 GLP-1 時，顯然，四個季度前，這是一個巨大的成長季度，我們將開始關注這一點。我認為我的特徵是將會繼續成長。這種成長可能是線性的，也可能不是線性的，這取決於產品的發布，以及商業、政府和其他付款人如何採取政策來管理這些產品。

So I think it's going to be growth, it's going to be slowed compared to what it has been historically, and it's probably going to be a little bit lumpier than we would typically expect just because of the size of the class.

所以我認為這將會是成長，與歷史上的成長相比將會放緩，而且由於班級規模的原因，它可能會比我們通常預期的更加不穩定。

And I would just remind you that while the growth has been robust and we do expect the rate of growth to moderate as we go to future quarters beginning in the fourth quarter, we did increase the guide for the operating profit for the segment. So the momentum in that segment is really good. Prior authorizations in general, GLP-1 specifically, but also seeing good growth across other access and affordability solutions within this segment.

我想提醒大家，雖然成長一直強勁，而且我們確實預計從第四季度開始進入未來幾個季度，成長率將會放緩，但我們確實提高了該部門營業利潤的指導值。所以該領域的勢頭非常好。一般而言，先前的授權，特別是 GLP-1，而且在該細分市場內的其他可近性和可負擔性解決方案中也看到了良好的成長。

Well, thank you again, everyone, for joining our call. I appreciate, as always, the great questions. I want to thank you, Cynthia, for facilitating the call. And maybe just a concluding comment.

好吧，再次感謝大家加入我們的電話會議。我一如既往地感謝提出的好問題。辛西婭，我要感謝你為這通通話提供便利。也許只是一個結論性評論。

McKesson continues to make really meaningful progress in advancing our strategy and our mission. I couldn't be more pleased with the consistent and solid performance we're delivering, and we remain confident in our ability to continue to deliver sustainable long-term growth.

麥克森在推動我們的策略和使命方面繼續取得真正有意義的進展。我對我們所提供的持續穩定的業績感到非常滿意，並且我們對繼續實現可持續長期增長的能力充滿信心。

I want to make sure I acknowledge the contribution of the McKesson employees across really all our teams, all of our business. It is one team executing this enterprise strategy. And I'm proud of what we've been able to achieve as a team, and I look forward to sharing more updates and more of our progress with you next quarter. Thanks again, everybody. I hope everyone has a terrific evening.

我想確保我承認 McKesson 員工在我們所有團隊、所有業務中所做的貢獻。這是一個執行這項企業策略的團隊。我為我們作為一個團隊所取得的成就感到自豪，我期待下個季度與您分享更多更新和更多進展。再次謝謝大家。我希望每個人都有一個美好的夜晚。

Thank you for joining today's conference call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線。