麥卡遜 (MCK) 2025 Q2 法說會逐字稿

Ladies and gentlemen, welcome to McKesson's second-quarter fiscal 2025 earnings conference call. Please be advised that today's conference is being recorded.

女士們、先生們，歡迎參加 McKesson 2025 財年第二季財報電話會議。請注意，今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Rachel Rodriguez, Vice President of Investor Relations. Please go ahead, ma'am.

這次，我想將會議交給投資者關係副總裁 Rachel Rodriguez。請繼續，女士。

Thank you, operator. Good afternoon, and welcome, everyone to McKesson's second-quarter fiscal 2025 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 的 2025 財年第二季財報電話會議。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 discussions 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.

今天的討論將包括前瞻性陳述，例如有關麥克森營運和未來業績的預測。請參閱我們網站 Investor.mckesson.com 上提供的今天收益報告和簡報幻燈片中的警示性聲明。

And to the risk factors section of our most recent annual report and other SEC filings for additional information concerning risk factors that could cause our actual results to differ from those in our forward-looking statements. 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. Presentation slides also include a summary of our results for the quarter and updated guidance.

請參閱我們最新年度報告和其他 SEC 文件的風險因素部分，以了解有關可能導致我們的實際結果與前瞻性聲明中的結果不同的風險因素的更多資​​訊。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業績的摘要和更新的指導。

With that, let me turn it over to Brian.

就這樣，讓我把它交給布萊恩。

Thank you, Rachel, and good afternoon to everybody. Thank you. I appreciate you joining our call.

謝謝你，雷切爾，祝大家下午好。謝謝。感謝您加入我們的通話。

Today, McKesson reported solid performance in our second quarter, generating record quarterly revenue of $93.7 billion. Adjusted operating profit increased 7% to $1.3 billion and adjusted earnings per diluted share increased 13% to $7.07.

今天，McKesson 公佈了第二季的穩健業績，季度收入達到創紀錄的 937 億美元。調整後營業利潤成長 7%，達到 13 億美元，調整後稀釋每股盈餘成長 13%，達到 7.07 美元。

We generated strong cash flows in the quarter, allowing us to return more capital to shareholders and to make strategic investments to support the future growth of the business. We're pleased with the continued progress in our differentiated oncology and biopharma services platforms and in the strength of the pharmaceutical distribution business. Our company priorities remain the cornerstone of our enterprise strategy and a foundation for the positive impacts we're driving as a diversified health care services company.

我們在本季度產生了強勁的現金流，使我們能夠向股東返還更多資本，並進行策略性投資以支持業務的未來成長。我們對差異化腫瘤和生物製藥服務平台以及藥品分銷業務實力的持續進步感到高興。我們公司的優先事項仍然是我們企業策略的基石，也是我們作為多元化醫療保健服務公司推動正面影響的基礎。

The second-quarter results and our improved outlook for the full year led us to increase our fiscal 2025 guidance for adjusted earnings per diluted share from the previous range of $31.75 to $32.55 to an updated range of $32.40 to $33.

第二季業績和我們改善的全年前景促使我們將 2025 財年調整後每股攤薄收益指引從之前的 31.75 美元至 32.55 美元範圍提高到更新後的 32.40 美元至 33 美元範圍。

Before we jump into a discussion of the business, I thought it appropriate to just acknowledge the news, it's probably top of mind for everyone. The 2024 presidential and congressional elections. Like many of you, we've been watching closely, including and evaluating the views and potential implications for healthcare policy.

在我們開始討論業務之前，我認為承認這一消息是適當的，這可能是每個人的首要考慮因素。2024 年總統和國會選舉。和你們許多人一樣，我們一直在密切關注，包括並評估這些觀點以及對醫療保健政策的潛在影響。

And I would just say at this point that consistent with our long-standing bipartisan pragmatic approach to this. We look forward to engaging and working with the new administration and the new Congress on these important health policy issues. We feel we have a unique responsibility to leverage our resources and tools to educate and advocate for the policies that are most in line with our purpose of advancing health outcomes for all.

我現在只想說，這符合我們長期以來兩黨對此的務實態度。我們期待與新政府和新國會就這些重要的衛生政策議題進行接觸和合作。我們認為我們有獨特的責任，利用我們的資源和工具來教育和倡導最符合我們促進所有人健康成果的目標的政策。

Public policy is an element of the ever-evolving landscape in which we operate. Healthcare has been and will continue to be a dynamic market. I thought it appropriate to share a few observations about the key market trends that have been impacting our business.

公共政策是我們所處的不斷變化的環境的一個組成部分。醫療保健一直並將繼續是一個充滿活力的市場。我認為有必要分享一些關於影響我們業務的主要市場趨勢的觀察。

First, we've seen consistent and stable pharmaceutical utilization trends, which support the growth of our distribution business. Through ClarusONE, our generic sourcing operation, we drive value to customers through competitive pricing and stable supply. And on the brand side, we're continuously engaged with suppliers to ensure that we deliver the highest quality of services and are fairly compensated for those services that we provide.

首先，我們看到持續穩定的藥品利用趨勢，這支持了我們分銷業務的成長。透過我們的通用採購業務 ClarusONE，我們透過有競爭力的價格和穩定的供應為客戶創造價值。在品牌方面，我們不斷與供應商合作，以確保我們提供最高品質的服務，並為我們提供的服務獲得公平的補償。

Continued biopharmaceutical innovation, be it GLP-1 medications, cell and gene, or cancer therapies, or other scientific breakthroughs bring really exciting opportunities for our solutions in oncology and biopharma services.

持續的生物製藥創新，無論是 GLP-1 藥物、細胞和基因，還是癌症療法，或其他科學突破，都為我們的腫瘤學和生物製藥服務解決方案帶來了真正令人興奮的機會。

Within the oncology platform, patient visits have grown steadily across the US Oncology Network. Patient enrollment through Sarah Cannon Research Institute is increasing consistently as well. Expanding availability and access to groundbreaking clinical trials. This growth enables us to empower more community-based providers and importantly, to drive better patient outcomes.

在腫瘤學平台內，美國腫瘤學網路的患者就診量穩定成長。莎拉坎農研究所的病患註冊人數也持續增加。擴大突破性臨床試驗的可用性和可訪問範圍。這種成長使我們能夠為更多社區為基礎的提供者提供支持，更重要的是，能夠推動更好的患者治療結果。

Within the biopharma services platform, we continue to see strong market demand for our commercialization services. Our growth is supported by the launch of new brand and specialty drugs, and we're strategically expanding our services to high-growth therapeutic areas. The growth of GLP-1 medications and related prior authorization services is just one example of the scale of our capabilities and how we can support biopharma in the commercialization process.

在生物製藥服務平台內，我們持續看到市場對我們的商業化服務的強勁需求。我們的成長得益於新品牌和特種藥物的推出，並且我們正在策略性地將我們的服務擴展到高成長的治療領域。GLP-1 藥物和相關事先授權服務的成長只是我們能力規模以及我們如何在商業化過程中支持生物製藥的一個例子。

Within the medical segment, we have built a strong presence across the alternate sites of care. The fundamentals of the market remains solid, we believe care will continue to shift to the alternate site spectrum. However, in the past two quarters, we have seen instances of weakness in the primary care markets as demand for certain categories of products have normalized in the post-COVID environment.

在醫療領域，我們在替代照護場所建立了強大的影響力。市場基本面仍然穩固，我們相信護理將繼續轉向替代站點範圍。然而，在過去兩個季度，我們看到初級保健市場出現疲軟的情況，因為在後疫情環境下對某些類別產品的需求已經正常化。

In response to those recent trends, we've taken effective actions to drive operational efficiencies and to enhance our distribution capabilities and support of our customers. As we look across the business, we have built scaled assets that drive value for our customers, address the challenges in our health care system, and help shape the future of care.

為了因應這些最新趨勢，我們採取了有效的行動來提高營運效率並增強我們的分銷能力和對客戶的支援。縱觀整個業務，我們已經建立了規模化資產，可以為客戶創造價值，解決醫療保健系統中的挑戰，並幫助塑造醫療保健的未來。

Regardless of the external environment, we're confident that our portfolio of services and solutions are highly differentiated in the market and provide unique value propositions to our customers and that they will continue to support long-term sustainable growth for the company.

無論外部環境如何，我們相信我們的服務和解決方案組合在市場上具有高度差異化，並為我們的客戶提供獨特的價值主張，他們將繼續支持公司的長期永續成長。

Let's shift gears a bit now. I thought I'd provide an update on our company priorities and strategy. And then I'll turn it over to Britt to provide more details on the financial aspects of the quarter.

現在讓我們換個方向。我想我應該提供有關我們公司優先事項和策略的最新資訊。然後我會將其轉交給布里特，以提供有關本季度財務方面的更多詳細資訊。

So as always, let me start with the focus on people and culture. Our talent is at the center of everything we do and we care deeply about the development and the wellness of our team members. In October, employees across McKesson celebrated our annual wellness day, which we call, Your Day, Your Way, this is a company-sponsored day off.

像往常一樣，讓我首先關注人和文化。我們的人才是我們所做一切的中心，我們非常關心團隊成員的發展和健康。十月，麥克森的員工慶祝了我們一年一度的健康日，我們稱之為“你的日子，你的方式”，這是公司贊助的休息日。

It's our way to show appreciation for the hard work and dedication of our employees, giving them an opportunity to unplug, recharge, and take care of their physical and mental well-being. An important element of our culture is also to create an inclusive workplace where everyone can do their very best work and feel comfortable being themselves.

這是我們對員工的辛勤工作和奉獻精神表示讚賞的方式，讓他們有機會擺脫束縛、充電並照顧自己的身心健康。我們文化的一個重要元素還在於創造一個包容性的工作場所，讓每個人都可以盡自己最大的努力並輕鬆地做自己。

Recently, we were named one of the Best Places to Work for Disability Inclusion for the ninth consecutive year, earning a top rank score of 100. It's very satisfying to see our efforts to uphold an inclusive culture being recognized.

最近，我們連續第九年被評為「殘疾人包容性最佳工作場所」之一，得分最高為 100 分。看到我們維護包容性文化的努力得到認可，我們感到非常滿意。

Let's move on to our next priority, driving sustainable growth in our core distribution businesses. Within the US pharmaceutical segment, we successfully onboarded a new strategic partner in the quarter, which contributed to the strong growth year over year. The segment's results also reflect the breadth of our distribution capabilities and our commitment to drive operational excellence.

讓我們繼續下一個優先事項，推動我們核心分銷業務的可持續成長。在美國製藥領域，我們在本季度成功引入了新的戰略合作夥伴，這為同比強勁成長做出了貢獻。該部門的表現也反映了我們分銷能力的廣度以及我們對推動卓越營運的承諾。

In October, we launched a dedicated business focused on supporting the commercialization of cell and gene therapies called InspiroGene by McKesson. We've been building this business around cell and gene therapy within the US pharmaceutical segment over the last few years. And the solution includes things like third-party logistics, specialty pharmacy services, tailored access, and support services.

10 月，我們推出了一項名為 InspiroGene by McKesson 的專門業務，專注於支持細胞和基因療法的商業化。過去幾年，我們一直在美國製藥領域圍繞細胞和基因療法開展這項業務。該解決方案包括第三方物流、專業藥房服務、客製化存取和支援服務等。

This launch though marks a significant step in our efforts to address the complex challenges of bringing cell and gene therapies to market. InspiroGene will help leverage our unique capabilities across the oncology platform too, ranging from clinical trial research to care delivery in the community setting. We are committed to improving patients' access to these life-changing cell and gene therapies.

不過，此次發布標誌著我們努力解決將細胞和基因療法推向市場的複雜挑戰的重要一步。InspiroGene 也將有助於利用我們在整個腫瘤學平台上的獨特能力，從臨床試驗研究到社區環境中的護理服務。我們致力於改善患者獲得這些改變生命的細胞和基因療法的機會。

Moving on to our two strategic pillars of oncology and biopharma services. Within the oncology platform, we continue to grow the US Oncology Network. In September, we were excited to announce that we signed an agreement to acquire a controlling interest in community Oncology Revitalization Enterprise Ventures or Core Ventures. It's an internal business and an administrative service organization that was established by Florida Cancer Specialists & Research Institute, which itself is a leading physician-owned community oncology practice. The transaction is subject to customary closing conditions including required regulatory clearance.

繼續我們的兩個策略支柱：腫瘤學和生物製藥服務。在腫瘤學平台內，我們繼續發展美國腫瘤學網絡。9 月，我們很高興地宣布，我們簽署了一項協議，收購社區 Oncology Revitalization Enterprise Ventures 或 Core Ventures 的控股權。它是一個內部企業和行政服務組織，由佛羅裡達癌症專家與研究所建立，該研究所本身是一家領先的醫生擁有的社區腫瘤診所。此交易須滿足慣例成交條件，包括所需的監管許可。

Following the close of the transaction, McKesson will own 70% of Core Ventures and Florida Cancer Specialists will join the US Oncology Network, bringing over 530 community providers across the state of Florida. It will have access to our drug purchasing services, our clinical trial services, as well as our iKnowMed electronic health records and all the other services available through our network.

交易完成後，McKesson 將擁有 Core Ventures 70% 的股份，佛羅裡達癌症專家將加入美國腫瘤學網絡，為佛羅裡達州帶來 530 多家社區提供者。它將可以存取我們的藥品採購服務、臨床試驗服務以及 iKnowMed 電子健康記錄以及透過我們的網路提供的所有其他服務。

In the past quarter, we also welcomed the Illinois CancerCare and Tennessee Cancer Specialists groups, adding 118 providers to the US Oncology Network. The growth of US Oncology Network brings exciting opportunities for us to accelerate our oncology strategy, expanding and strengthening our services across the platform. On the close of Core Ventures, we anticipate the US Oncology Network will grow to approximately 3,300 providers across 740 sites of care in 31 states.

在上個季度，我們還迎來了伊利諾伊州癌症護理小組和田納西州癌症專家小組，為美國腫瘤學網絡增加了 118 名提供者。美國腫瘤學網絡的發展為我們帶來了令人興奮的機會，可以加快我們的腫瘤學策略，擴大和加強我們在整個平台上的服務。在 Core Ventures 結束後，我們預計美國腫瘤網絡將成長到約 3,300 家供應商，遍布 31 個州的 740 個護理地點。

Now let's move to the biopharma services platform. We have a portfolio of technology-driven solutions focused on improving access and affordability of prescription drugs. These are complex challenges faced by many patients and could directly impact their health care outcomes. I know most of you are familiar with our prior authorization service, which is an example of solutions targeted at improving patient access to medication.

現在讓我們轉向生物製藥服務平台。我們擁有一系列由技術驅動的解決方案，專注於改善處方藥的取得和負擔能力。這些是許多患者面臨的複雜挑戰，可能直接影響他們的醫療保健結果。我知道你們大多數人都熟悉我們的事先授權服務，這是旨在改善患者獲得藥物的解決方案的一個例子。

Our solutions allow providers to initiate electronic prior authorizations at the point of prescribing, which helps patients access their medications on average 13 days sooner than they otherwise would have. We also provide integrated tech-driven hub services that are designed to improve access to complex specialty therapeutics.

我們的解決方案允許提供者在開處方時啟動電子預先授權，這有助於患者平均比其他方式提前 13 天獲得藥物。我們也提供綜合技術驅動的中心服務，旨在改善複雜專業療法的取得。

As an example, once the patient's approved for the medication, our technology services can seamlessly enroll them in a hub program that would provide them with a range of supporting services, including fulfilling insurance requirements, coordinating financial assistance, and others. Our solutions integrate a streamlined electronic platform with human intervention ensuring patients' needs are supported in a timely and efficient manner.

例如，一旦患者獲得藥物治療批准，我們的技術服務就可以無縫地將他們納入中心計劃，該計劃將為他們提供一系列支援服務，包括滿足保險要求、協調財務援助等。我們的解決方案將簡化的電子平台與人工幹預相結合，確保及時有效地支援患者的需求。

Within the affordability portfolio, our automatic coupon programs help apply co-pay savings at the point of dispensing. We also provide an electronic prescription service that eliminates paper prescriptions and faxes, which increases the efficiency, safety, and quality of the prescription medication process.

在可負擔性產品組合中，我們的自動優惠券計劃有助於在配藥時節省共付額。我們也提供電子處方服務，消除紙本處方和傳真，從而提高處方用藥流程的效率、安全性和品質。

These solutions provide price transparency and empower providers to make the best prescription decisions, helping biopharma address cost barriers proactively and most importantly, bringing more affordable options to patients. During the second quarter alone, our affordability programs enabled patient savings of over $2 billion in out-of-pocket costs.

這些解決方案提供價格透明度，使提供者能夠做出最佳處方決策，幫助生物製藥公司主動解決成本障礙，最重要的是，為患者帶來更實惠的選擇。僅在第二季度，我們的負擔能力計劃就為患者節省了超過 20 億美元的自付費用。

Moving on to our next priority of modernizing and accelerating the enterprise. We deeply believe that driving sustainable growth requires continuous improvement in how we operate the business and in how we interact with customers. In the past quarter, we launched a series of company-wide strategic initiatives to help us strengthen the business platform improve operational efficiency and better serve our customers.

繼續我們的下一個優先事項：企業現代化和加速發展。我們堅信，推動永續成長需要不斷改進我們的業務運作方式以及與客戶互動的方式。在過去的季度中，我們推出了一系列全公司範圍的策略性舉措，以幫助我們加強業務平台、提高營運效率並更好地服務客戶。

Some examples include modernizing our cloud services, leveraging AI and automation to enhance the customer experience. The continued focus on investments in technology application led us to a collaboration between Ontada and Microsoft. Together we'll utilize Azure AI to help efficiently process more than 150 million unstructured oncology documents significantly improving the ability of Ontada to extract valuable clinical information.

一些例子包括現代化我們的雲端服務、利用人工智慧和自動化來增強客戶體驗。對科技應用投資的持續關注促使我們與安大略省和微軟之間進行了合作。我們將共同利用 Azure AI 幫助高效處理超過 1.5 億份非結構化腫瘤學文檔，從而顯著提高 Ontada 提取有價值的臨床資訊的能力。

I think this project is a good illustration of the value of the actions we're taking which will not only generate short-term savings, but we believe further differentiate our capabilities and accelerate the growth outlook of the business.

我認為這個項目很好地說明了我們正在採取的行動的價值，這些行動不僅會產生短期節省，而且我們相信會進一步區分我們的能力並加速業務的成長前景。

During the second quarter, we also announced an agreement to sell our Rexall and Well.ca business in Canada. This transaction will enable us to focus and prioritize investments to further expand and grow on our two strategic pillars. Meanwhile, we remain fully committed to and confident in the strength of our Canadian distribution and biopharma businesses.

在第二季度，我們也宣布了一項出售加拿大 Rexall 和 Well.ca 業務的協議。這項交易將使我們能夠集中並優先考慮投資，以進一步擴大和發展我們的兩大戰略支柱。同時，我們仍然完全致力於加拿大分銷和生物製藥業務的實力並對其充滿信心。

Let me wrap things up before handing it over to Britt.

在把事情交給布里特之前，讓我先把事情總結一下。

McKesson reported a solid fiscal second quarter, underpinned by focused and disciplined execution across the enterprise. I'm extremely proud of what team McKesson has achieved in advancing these important company priorities.

麥克森報告稱，第二財季業績穩健，這得益於整個企業專注且嚴格的執行力。我對 McKesson 團隊在推動這些重要的公司優先事項方面所取得的成就感到非常自豪。

We delivered strong growth in the pharmaceutical distribution business, made impactful investments in our strategic growth pillars, and took effective actions to modernize and accelerate the enterprise. We're confident that these actions will strengthen our business and continue to support our sustainable long-term growth.

我們實現了藥品分銷業務的強勁成長，對策略成長支柱進行了有效投資，並採取有效行動實現企業現代化和加速發展。我們相信，這些行動將加強我們的業務，並繼續支持我們可持續的長期成長。

And with that, I'm going to hand it to you, Britt, for additional insights into the Q2 financials.

接下來，布里特，我將把它交給你，以獲取有關第二季度財務狀況的更多見解。

Thank you, Brian, and good afternoon. As Brian mentioned, we delivered solid second-quarter results led by strong performance in our US pharmaceutical segment. Execution of our enterprise strategy delivered solid operating performance and robust cash flow results. Adjusted operating profit grew 7% to $1.3 billion and adjusted earnings per diluted share of $7.07 increased 13% compared to the prior year. These results exceeded our expectations and were above the long-term growth targets.

謝謝你，布萊恩，下午好。正如布萊恩所提到的，在美國製藥業務的強勁表現的帶動下，我們第二季取得了穩健的業績。我們企業策略的執行帶來了穩健的經營業績和強勁的現金流結果。調整後營業利潤成長 7%，達到 13 億美元，調整後稀釋每股收益為 7.07 美元，與上年相比成長 13%。這些結果超出了我們的預期，也高於長期成長目標。

Before I review our adjusted results, let me provide three updates. First, I'll share an update on our Canadian divestiture activities. In September, we announced an agreement to sell our Canada-based Rexall and Well.ca businesses for an adjusted purchase price of approximately $148 million. We remeasured the net assets to fair value less the cost to sell. This resulted in a GAAP-only charge of $643 million in the second quarter.

在回顧調整後的結果之前，讓我先提供三個更新。首先，我將分享我們加拿大資產剝離活動的最新情況。9 月，我們宣布達成協議，出售位於加拿大的 Rexall 和 Well.ca 業務，調整後的收購價格約為 1.48 億美元。我們將淨資產重新計量為公允價值減去出售成本。這導致第二季僅以 GAAP 計算的費用為 6.43 億美元。

In September, due to held-for-sale accounting treatment, we discontinued recording depreciation and amortization on the assets involved in the transaction. This had a $0.04 accretive impact in the second quarter. For full-year fiscal 2025, we anticipate held-for-sale accounting to drive approximately $0.15 of adjusted earnings accretion.

9月份，由於持有待售的會計處理，我們不再記錄交易涉及的資產的折舊和攤提。這對第二季產生了 0.04 美元的增值影響。對於 2025 財年全年，我們預計持有待售會計將推動調整後收益成長約 0.15 美元。

McKesson Canada will continue to own and operate Rexall and Well.ca until the transaction closes, which is subject to customary closing conditions, including required regulatory clearances. After the transaction close, we will remain a wholesale distribution supplier to each business.

McKesson Canada 將繼續擁有和經營 Rexall 和 Well.ca，直至交易完成，交易須滿足慣例成交條件，包括所需的監管許可。交易完成後，我們將仍是各企業的批發分銷供應商。

This transaction enables McKesson to further focus and prioritize investments to grow our oncology and biopharma services platform. We have differentiated and leading distribution in biopharma platforms in Canada, delivering solutions to ensure the delivery of better health outcomes.

這項交易使 McKesson 能夠進一步集中並優先考慮投資，以發展我們的腫瘤學和生物製藥服務平台。我們在加拿大的生物製藥平台上擁有差異化和領先的分銷，提供解決方案以確保實現更好的健康結果。

Next, during the second quarter, we began a series of company-wide initiatives focused on accelerating and modernizing the enterprise, delivering operational digital and customer-centric efficiencies, which will underpin our long-term growth. These efforts include the previously announced initiatives within the medical-surgical segment.

接下來，在第二季度，我們開始了一系列全公司範圍內的舉措，重點是加速企業現代化和現代化，提供營運數位化和以客戶為中心的效率，這將支撐我們的長期成長。這些努力包括先前宣布的醫療外科領域的舉措。

We recorded charges of $227 million in the second quarter of fiscal 2025, including $147 million related to the medical-surgical cost optimization program that we previously announced. We anticipate the costs related to the medical-surgical segment initiative to be substantially completed by the end of the first half of fiscal 2026, and we anticipate these costs will have a payback period of less than two years.

我們在 2025 財年第二季記錄的費用為 2.27 億美元，其中包括與我們先前宣布的醫療手術成本優化計畫相關的 1.47 億美元。我們預計與醫療外科部門計劃相關的成本將在 2026 財年上半年末基本完成，並且我們預計這些成本的投資回收期將少於兩年。

Additionally, our acceleration and modernization program will be focused on enterprise technology opportunities and will be comprised of initiatives which will unlock innovation, modernize our technology operating model and infrastructure, and increase customer centricity.

此外，我們的加速和現代化計劃將重點關注企業技術機會，並將包括釋放創新、實現技術運營模式和基礎設施現代化以及提高以客戶為中心的舉措。

These initiatives align with our continued evolution as a diversified healthcare services company, meeting customer and market needs, and driving further leadership in the areas of oncology and biopharma services. These initiatives will generate meaningful benefits and savings over the long term.

這些措施與我們作為多元化醫療服務公司的持續發展一致，滿足客戶和市場需求，並進一步推動在腫瘤學和生物製藥服務領域的領導地位。從長遠來看，這些措施將產生有意義的效益和節省。

We anticipate the costs related to the accelerated -- acceleration program will be substantially complete in fiscal 2028. And will generate approximately $250 million in benefits over the next five years, with an annual run rate benefit of approximately $100 million by the end of fiscal 2030.

我們預計與加速計畫相關的成本將在 2028 財政年度基本完成。未來五年將產生約 2.5 億美元的效益，到 2030 財年末，年運行率效益將達到約 1 億美元。

Finally, as a result of Rite Aid's emergence from bankruptcy in August of 2024, we reassessed our initial estimates made in conjunction with the previously reserved balances, which included cash received as part of the bankruptcy emergence resulting in a reversal of $203 million reported in our US pharmaceutical segment during the second quarter of fiscal 2025.

最後，由於Rite Aid 於2024 年8 月擺脫破產，我們重新評估了結合之前保留的餘額做出的初步估計，其中包括作為破產出現的一部分收到的現金，導致我們的報告中報告的2.03 億美元逆轉。

The remainder of my comments will refer to our adjusted results and let me start with our second-quarter results. Consolidated revenues were $93.7 billion, an increase of 21%, led by strong growth in the US pharmaceutical segment, resulting from the onboarding of a new strategic partner and increased prescription volumes, including higher volumes from retail national account customers, specialty products, and GLP-1 medication. Adjusting for the addition of a new strategic partner, consolidated revenues increased 8% versus the prior year.

我其餘的評論將涉及我們的調整後業績，讓我從第二季的業績開始。合併收入為 937 億美元，成長 21%，這得益於新戰略合作夥伴的加入和處方量的增加（包括來自零售國民帳戶客戶、特種產品和 GLP 的銷量增加），美國製藥領域的強勁增長- 1 藥物。考慮到新戰略合作夥伴的增加，綜合收入比上年增長了 8%。

Gross profit was $3.2 billion, an increase of 7%, primarily a result of specialty distribution growth within the US pharmaceutical segment, including our provider solutions business, and higher distribution volumes resulting from a new strategic partner. Operating expenses increased 7% to $2 billion, driven by higher expenses to support growth in the US pharmaceutical segment.

毛利為 32 億美元，成長 7%，主要是由於美國製藥領域的專業分銷成長，包括我們的供應商解決方案業務，以及新策略夥伴帶來的更高分銷量。由於支持美國製藥業成長的支出增加，營運支出成長了 7%，達到 20 億美元。

We're pleased with the progress and discipline we're making in managing our cost structure as reflected in our operating expense to gross margin ratio, while also continuing to invest in the business to bring innovation to our products and to our partners.

我們對我們在管理成本結構方面取得的進展和紀律感到滿意，這反映在我們的營運費用與毛利率的比率上，同時我們也繼續投資於業務，為我們的產品和合作夥伴帶來創新。

Operating profit was $1.3 billion, an increase of 7%. Year-over-year results benefited from continued growth in the US pharmaceutical segment and our Canadian distribution business, partially offset by lower volumes in the medical-surgical solutions segment.

營業利潤為 13 億美元，成長 7%。年比業績得益於美國製藥部門和加拿大分銷業務的持續成長，但部分被醫療手術解決方案部門銷售下降所抵消。

Interest expense was $72 million, an increase over the prior year, resulting from higher average balances of our loan portfolio throughout the quarter. The effective tax rate for the quarter was 21%, which was in line with our guidance, driven by the recognition of net discrete tax benefits of $44 million in the quarter.

利息支出為 7,200 萬美元，比上年有所增加，這是由於整個季度我們的貸款組合平均餘額較高。本季的有效稅率為 21%，這符合我們的指導，這是由於本季確認了 4,400 萬美元的淨離散稅收優惠。

Second-quarter diluted weighted average shares outstanding was $129.3 million, a decrease of 4%. And second-quarter earnings per diluted share increased 13% to $7.07, which was ahead of our previously expected guidance range. Year-over-year growth was driven by strength in US pharmaceutical segment and a lower share count.

第二季攤薄加權平均已發行股票為 1.293 億美元，下降 4%。第二季攤薄後每股收益成長 13% 至 7.07 美元，高於我們先前預期的指導範圍。同比增長是由美國製藥行業的強勁和較少的股票數量推動的。

Turning to second-quarter segment results, which can be found on slides 8 through 11 and starting with US pharmaceutical. Revenues were $85.7 billion, an increase of 23%. Revenue growth reflects increased prescription volumes, including higher volumes from retail national account customers, specialty products and GLP-1 medication, offset by the anticipated decline of biosimilar volumes with the retail national account customer.

轉向第二季的部門業績，可以在幻燈片 8 至 11 中找到，從美國製藥業開始。營收為 857 億美元，成長 23%。收入成長反映了處方量的增加，包括零售國民帳戶客戶、特種產品和 GLP-1 藥物的銷售增加，但被零售國民帳戶客戶生物相似藥銷售的預期下降所抵消。

During the quarter, we successfully onboarded a new strategic partner. Excluding this, revenue growth was approximately 8% in the segment. Revenues from GLP-1 medications were $10.4 billion in the quarter, an increase of approximately $3.3 billion or 47% when compared to the prior year. We anticipate continued GLP-1 medication growth year over year, however, with variability from quarter to quarter.

本季度，我們成功引進了新的策略合作夥伴。排除這一點，該部門的收入成長約為 8%。本季 GLP-1 藥物收入為 104 億美元，較上年增加約 33 億美元，成長 47%。然而，我們預計 GLP-1 藥物將逐年持續成長，但每季都有變化。

For the quarter, operating profit increased 11% to $902 million driven by growth in the distribution of specialty products to health systems and specialty providers, bolstered by the continued growth of our oncology platform.

本季營業利潤成長 11%，達到 9.02 億美元，這得益於向衛生系統和專科提供者的專科產品分銷成長，以及我們的腫瘤學平台的持續成長。

Moving to prescription technology solutions. Revenues were $1.3 billion, an increase of 11%, driven by increased prescription volumes in our third-party logistics and technology services businesses. Segment operating profit increased 4% to $218 million, reflecting increased demand for our technology solutions, including growth in our affordability product suite and higher volumes in our pharmacy automation solutions. Operating profit was also impacted by higher investments to support future growth across the business.

轉向處方技術解決方案。由於第三方物流和技術服務業務的處方量增加，收入達到 13 億美元，成長 11%。部門營業利潤成長 4%，達到 2.18 億美元，反映出對我們技術解決方案的需求增加，包括我們可負擔性產品套件的成長和藥房自動化解決方案銷售的增加。營業利潤也受到支持整個業務未來成長的更高投資的影響。

Turning to medical-surgical solutions. Revenues increased 4% in the quarter to $2.9 billion, driven in part by higher levels of specialty pharmaceuticals and other illness season-related volumes in the primary care channel. As a reminder, each illness season is unique. The timing and severity level of each illness season can drive variability from quarter to quarter across several products within this segment, including seasonal vaccines, illness season testing, foot traffic, and primary care sites, and over the counter product sales.

轉向醫療外科解決方案。本季營收成長 4%，達到 29 億美元，部分原因是初級保健通路中特種藥品和其他疾病季節相關銷售量的增加。提醒一下，每個疾病季節都是獨特的。每個疾病季節的時間和嚴重程度可能會導致該細分市場內多種產品的季度變化，包括季節性疫苗、疾病季節測試、人流、初級保健站點以及非處方產品銷售。

Second-quarter operating profit decreased 4% to $243 million due to lower volume levels in the primary care channel as compared to the prior year, including the impact from customer and product mix. These results were in line with our expectations.

第二季營業利潤下降 4%，至 2.43 億美元，原因是初級保健通路的銷售水準較上年下降，包括顧客和產品組合的影響。這些結果符合我們的預期。

Next, let me address our international results. Revenues were $3.7 billion, an increase of 7%, and operating profit was $100 million, an increase of 12%, driven in part by higher pharmaceutical distribution volumes in the Canadian business compared to the prior year. Second-quarter operating profit included $0.04 of earnings accretion, resulting from the held-for-sale accounting related to the announced sale of our Canada-based Rexall and Well.ca businesses.

接下來，讓我談談我們的國際結果。營收為 37 億美元，成長 7%，營業利潤為 1 億美元，成長 12%，部分原因是與前一年相比，加拿大業務的藥品分銷量增加。第二季營業利潤包括 0.04 美元的收益成長，這是由於與我們宣佈出售加拿大 Rexall 和 Well.ca 業務相關的持有待售會計所致。

Wrapping up our segment review with corporate. Corporate expenses were $172 million, which included pretax losses of $15 million or $0.09 per share related to equity investments within the McKesson Ventures portfolio compared to pretax losses of $10 million or $0.06 per share in the second quarter of fiscal 2024. As we've previously discussed, McKesson Ventures' impact on consolidated financials can be influenced by the performance of each individual investment quarter to quarter which may result in gains and losses, the timing and magnitude for which can vary for each investment.

結束我們與公司的部門審查。公司費用為1.72 億美元，其中包括與McKesson Ventures 投資組合內的股權投資相關的1500 萬美元或每股0.09 美元的稅前虧損，而2024 財年第二季度稅前虧損為1000 萬美元或每股0.06 美元。正如我們之前所討論的，McKesson Ventures 對合併財務的影響可能會受到每個投資季度業績的影響，這可能會導致收益和損失，而每項投資的收益和損失的時間和幅度可能會有所不同。

Let me turn to cash and capital deployment, which can be found on slide 13. We ended the quarter with $2.5 billion in cash and cash equivalents. During the quarter, we had free cash flow of $1.9 billion, which included $218 million of capital expenditures for technology, data and analytics to support our growth priorities as well as investments in new and existing distribution centers. This strong cash flow performance is a reflection of our operating execution and disciplined working capital management.

讓我談談現金和資本部署，這可以在幻燈片 13 中找到。本季結束時，我們擁有 25 億美元的現金和現金等價物。本季度，我們的自由現金流為 19 億美元，其中包括 2.18 億美元的技術、數據和分析資本支出，以支持我們的成長重點以及對新的和現有配送中心的投資。這種強勁的現金流表現反映了我們的營運執行力和嚴格的營運資本管理。

In the second quarter, we returned $1.6 billion of cash to shareholders, which included $1.5 billion of share repurchases, and $80 million in dividend payments. As a reminder, our cash position, working capital metrics and the resulting cash flows can each be impacted by timing, which includes the day of the week that the quarter ends on and, therefore, can vary from quarter to quarter.

第二季度，我們向股東返還了 16 億美元現金，其中包括 15 億美元的股票回購和 8,000 萬美元的股利支付。提醒一下，我們的現金狀況、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，因此每個季度可能會有所不同。

Now let me discuss our fiscal 2025 outlook. As a result of our second-quarter performance and our confidence in the outlook over the balance of the year, we are raising and narrowing our guidance range for fiscal 2025 adjusted earnings per diluted share to $32.40 to $33. We remain confident in our differentiated oncology and biopharma services assets and platforms and our strategy to advance McKesson as a diversified a healthcare services company as we accelerate and modernize the enterprise.

現在讓我討論一下我們的 2025 財年展望。鑑於我們第二季的業績以及今年餘下前景的信心，我們將 2025 財年調整後每股攤薄收益的指引範圍上調並縮小至 32.40 美元至 33 美元。我們對我們差異化的腫瘤學和生物製藥服務資產和平台以及我們在加速企業現代化過程中將 McKesson 發展成為一家多元化醫療服務公司的策略充滿信心。

In the US pharmaceutical segment, our core distribution business continues to demonstrate its strong value proposition to our customers. We anticipate revenues will increase 16% to 19% and operating profit to increase 9% to 11%. This updated segment outlook incorporates the strong second-quarter performance as well as further growth in specialty distribution including our differentiated plasma and biologics businesses, and growth from retail national account customers.

在美國製藥領域，我們的核心經銷業務繼續向客戶展示其強大的價值主張。我們預計營收將成長 16% 至 19%，營業利潤將成長 9% 至 11%。更新後的細分市場展望納入了第二季度的強勁業績以及專業分銷的進一步增長，包括我們差異化的血漿和生物製劑業務，以及零售國民帳戶客戶的增長。

In July, we successfully onboarded a new strategic partner. This partnership is a testament to our leading distribution and sourcing capabilities and our strong customer value proposition. We anticipate the strategic partnership will contribute approximately $31 billion of incremental revenue in full-year fiscal 2025, and this is incorporated in the full year outlook.

七月，我們成功引進了新的策略夥伴。這種合作夥伴關係證明了我們領先的分銷和採購能力以及強大的客戶價值主張。我們預計這項戰略合作關係將在 2025 財年全年貢獻約 310 億美元的增量收入，並將其納入全年展望。

Let me take a moment to discuss the agreement we announced and signed in September, to acquire a controlling interest in Community Oncology Revitalization Enterprise Ventures or Core Ventures, an internal business administrative services organization established by Florida Cancer Specialists & Research Institute.

讓我花點時間討論一下我們在9 月宣布並簽署的協議，該協議旨在收購Community Oncology Revitalization Enterprise Ventures 或Core Ventures 的控股權，這是由佛羅裡達癌症專家與研究所建立的內部業務管理服務組織。

McKesson will purchase a controlling interest, representing 70% ownership for approximately $2.49 billion in cash. We anticipate financing the transaction with a mixture of cash and debt. Transaction is subject to customary closing conditions, including required regulatory clearances. This transaction marks an important step as we continue to grow our oncology platform with the goal of improving and expanding patient access to quality cancer care close to home while reducing the overall cost of care for the patient.

McKesson 將以約 24.9 億美元現金購買控股權，即 70% 的所有權。我們預計透過現金和債務的混合方式為交易融資。交易須符合慣例成交條件，包括所需的監管許可。這項交易標誌著我們繼續發展腫瘤學平台的重要一步，我們的目標是改善和擴大患者在家附近獲得優質癌症護理的機會，同時降低患者的整體護理成本。

Following completion of the transaction, Core Ventures will be part of McKesson's oncology platform and financial results will be reported within McKesson's US pharmaceutical segment. We estimate this transaction to be $0.40 to $0.60 accretive in the first 12 months following the regulatory approval and close of the transaction. We also estimate by the end of the third year following completion of this transaction, to achieve accretion of approximately $1.40 to $1.60.

交易完成後，Core Ventures 將成為 McKesson 腫瘤學平台的一部分，財務表現將在 McKesson 的美國製藥部門內報告。我們預計，在獲得監管部門批准並完成交易後的前 12 個月內，本交易將帶來 0.40 至 0.60 美元的增值。我們也估計，到本次交易完成後的第三年年底，將達到約 1.40 至 1.60 美元的增值。

We have not included any financial results from this transaction in our updated fiscal 2025 outlook. This transaction will accelerate McKesson's oncology strategy by providing opportunities to enhance and expand existing offerings across our oncology platform. It will allow us to enhance quality cancer care, expand patient access, and accelerate clinical development.

我們尚未將此交易的任何財務表現納入更新的 2025 財年展望中。此交易將提供增強和擴展腫瘤學平台現有產品的機會，從而加速 McKesson 的腫瘤學策略。它將使我們能夠提高癌症護理品質、擴大患者就診範圍並加速臨床開發。

In the prescription technology solutions segment, we anticipate revenues to increase 8% to 12%, a modest decline from the prior guidance and we anticipate the operating profit will increase 11% to 15%. The updated revenue outlook for the segment reflects continuation of product launch delays and slower manufacturer program ramp in our third-party logistics business. For the segment, we remain confident in our ability to achieve operating profit growth at or above the long-term growth rate targets on an annual basis.

在處方技術解決方案領域，我們預計收入將成長 8% 至 12%，較先前的指導略有下降，我們預計營業利潤將成長 11% 至 15%。該部門更新的收入前景反映了我們的第三方物流業務中產品發布持續延遲和製造商計劃進度放緩的情況。對於該部門，我們仍有信心實現每年營業利潤成長等於或高於長期成長率目標。

As we've previously communicated, we anticipate the revenue and operating profit growth will not be linear and will vary from quarter to quarter, driven by several factors, which include: the timing and trajectory of new product drug launches; utilization trends; the evolution of a product program support requirements as it matures, which could result in the shift to other services or program termination; product delays and supply shortages; payer requirements, including utilization management and formulary requirements; the annual verification programs that we provide to our customers that occur in our fiscal fourth quarter; and the size and timing of investments to support and expand our product portfolio.

正如我們之前所傳達的，我們預期收入和營業利潤的成長不會是線性的，並且會因幾個因素的驅動而逐季度變化，其中包括：新產品藥物上市的時間和軌跡；使用趨勢；產品計劃支援需求隨著其成熟而演變，這可能導致轉向其他服務或計劃終止；產品延誤和供應短缺；付款人要求，包括使用管理和規定要求；我們在第四財季向客戶提供的年度驗證計畫；以及支持和擴展我們產品組合的投資規模和時機。

Moving to medical-surgical solutions. We anticipate revenues to increase 1% to 5%, and operating profit to be at the low end of the initial guidance range of 6% to 8%. As market conditions have normalized following the COVID-19 period, we have noted instances of lower volumes in the primary care channel. This has led to lower sales and operating profit contributions throughout the first half of the fiscal year.

轉向醫療外科解決方案。我們預計營收將成長 1% 至 5%，營業利潤將處於最初指導範圍 6% 至 8% 的下限。隨著 COVID-19 時期後市場狀況恢復正常，我們注意到初級保健管道的交易量出現下降的情況。這導致整個財年上半年的銷售額和營業利潤貢獻下降。

As Brian mentioned, in response to the market conditions, we've previously announced a series of business rationalization initiatives within the segment, to drive operational efficiencies and increase cost optimization efforts.

正如布萊恩所提到的，為了應對市場狀況，我們先前宣布了該領域的一系列業務合理化舉措，以提高營運效率並加大成本優化。

In addition to delivering improved operating performance, these actions will result in efficiencies across the segment and greater alignment with our customers and partners. We anticipate these initiatives will deliver approximately $100 million in cost savings in fiscal 2025, beginning with the third fiscal quarter, we'll have a payback period of less than two years.

除了提高營運績效外，這些行動還將提高整個部門的效率，並與我們的客戶和合作夥伴更加協調。我們預計這些措施將在 2025 財年節省約 1 億美元的成本，從第三財季開始，我們的投資回收期將少於兩年。

Our updated full-year outlook reflects first-half results, trends that we're observing in the markets that we serve and the impact from the business rationalization initiatives that I previously announced.

我們更新的全年展望反映了上半年的業績、我們在所服務的市場中觀察到的趨勢以及我之前宣布的業務合理化舉措的影響。

The medical-surgical business is well positioned with an unmatched breadth of products and depth of services across alternate sites of care led by an unparalleled customer focus. We remain confident in our ability to continue delivering long-term growth as we support our customers' evolving needs with a diversified portfolio of products and solutions.

醫療外科業務處於有利地位，在無與倫比的客戶關注主導下，在不同的護理地點提供無與倫比的產品廣度和服務深度。我們對繼續實現長期成長的能力充滿信心，因為我們透過多元化的產品和解決方案組合來支持客戶不斷變化的需求。

Finally, in the international segment, we anticipate revenues to increase 5% to 9% and operating profit increased 16% to 20%. We're pleased with second-quarter performance in our Canadian distribution business. We anticipate continued growth throughout the rest of fiscal 2025.

最後，在國際市場，我們預期營收將成長 5% 至 9%，營業利潤將成長 16% 至 20%。我們對加拿大分銷業務第二季的業績感到滿意。我們預計 2025 財年剩餘時間將持續成長。

As I mentioned at the beginning of my remarks, we recently announced an agreement to sell our Canada-based Rexall and Well.ca businesses. This transaction is subject to customary regulatory approval. We anticipate this transaction will close in our fiscal fourth quarter. And based on this anticipated timing, our updated outlook assumes approximately $0.15 of earnings accretion related to the held-for-sale accounting.

正如我在演講開頭提到的，我們最近宣布了一項出售加拿大 Rexall 和 Well.ca 業務的協議。本次交易尚需獲得常規監管部門的批准。我們預計這筆交易將在第四財季完成。根據這一預期時間，我們更新後的展望假設與持有待售會計相關的收益增加約為 0.15 美元。

We also remain committed to exit and fully divest our European businesses. As a reminder, Norway remains the only operating country in Europe that we have not entered into an agreement to sell. Contributions related to operations in Norway are included in the fiscal 2025 outlook for the segment. We do intend to exit Norway as part of the completion of our European exit.

我們也仍然致力於退出並全面剝離我們的歐洲業務。提醒一下，挪威仍然是我們在歐洲唯一尚未達成銷售協議的營運國。與挪威業務相關的貢獻包含在該​​部門的 2025 財年展望中。我們確實打算退出挪威，作為完成歐洲退出的一部分。

In the corporate segment, we anticipate expenses to be in the range of $510 million to $560 million, which incorporates the impacts of $15 million of pretax losses related to equity investments within the McKesson Ventures portfolio in the second quarter.

在企業部門，我們預計費用將在 5.1 億美元至 5.6 億美元之間，其中包括第二季與 McKesson Ventures 投資組合內的股權投資相關的 1,500 萬美元稅前損失的影響。

Now moving below the line. We anticipate interest expense to be approximately $240 million to $260 million, reflecting the impact from increased average balances of the company's loan portfolio and higher interest rates throughout the second quarter.

現在移動到線以下。我們預計利息支出約為 2.4 億至 2.6 億美元，反映了公司貸款組合平均餘額增加和整個第二季利率上升的影響。

We anticipate income attributable to non-controlling interest to be in the range of $180 million to $190 million, reflecting the success of ClarusONE's generic sourcing operations. And we anticipate the full-year effective tax rate will be in the range of approximately 17% to 19%. We also anticipate that the tax rate in the third quarter will be higher than the fourth quarter due to the timing of discrete tax items.

我們預計非控制權益的收入將在 1.8 億至 1.9 億美元之間，這反映了 ClarusONE 通用採購業務的成功。我們預計全年有效稅率約為17%至19%。我們也預計，由於離散稅項的時間安排，第三季的稅率將高於第四季。

Turning to cash flow and capital deployment. We anticipate free cash flow of approximately $4.8 billion to $5.2 billion. Our working capital metrics and resulting free cash flow will vary from quarter to quarter and were impacted by timing including the day of the week that marks the close of a quarter.

轉向現金流和資本配置。我們預計自由現金流約為 48 億至 52 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季度而異，並受到時間的影響，包括標誌著季度結束的星期幾。

Our guidance assumes an increase to full-year share repurchases. Based on our strong free cash flow and cash position, we've updated our guidance to repurchase approximately $3.2 billion of shares in fiscal 2025 from our previous guidance of $2.8 billion. As a result of this share repurchase activity, we estimate weighted average diluted shares outstanding to be in the range of approximately 127 million to 129 million.

我們的指導假設增加全年股票回購。基於我們強勁的自由現金流和現金狀況，我們更新了我們的指導方針，從先前 28 億美元的指導方針，在 2025 財年回購約 32 億美元的股票。由於此股票回購活動，我們估計加權平均稀釋後流通股數約為 1.27 億至 1.29 億股。

Wrapping up fiscal 2025 guidance. We anticipate revenue growth of 15% to 17% and operating profit growth of 13% to 15% compared to the prior year. For fiscal 2025, we anticipate earnings per diluted share of $32.40 to $33, which represents growth of 18% to 20% as compared to fiscal 2024.

總結 2025 財政年度指導。與前一年相比，我們預期營收成長 15% 至 17%，營業利潤成長 13% 至 15%。對於 2025 財年，我們預計稀釋後每股收益為 32.40 美元至 33 美元，與 2024 財年相比增長 18% 至 20%。

In closing, our second-quarter results demonstrate outstanding execution against our strategic growth pillars. In addition to our strong operating performance, our acceleration and modernization initiatives are creating a more efficient organization delivering meaningful differentiation.

最後，我們第二季的業績證明了我們的策略成長支柱的出色執行力。除了我們強勁的營運業績之外，我們的加速和現代化舉措正在創建一個更有效率的組織，提供有意義的差異化。

Our fiscal 2025 outlook combines continued operating momentum across the business in the second half of the year with a disciplined capital deployment approach. We remain focused on strategically investing in long-term opportunities that will increase returns and create shareholder value.

我們對 2025 財年的展望將下半年整個業務的持續營運動能與嚴格的資本部署方法結合。我們仍然專注於策略性投資長期機會，以增加回報並創造股東價值。

And with that, let's move to our Q&A session.

接下來，讓我們進入問答環節。

(Operator Instructions) Lisa Gill, JPMorgan.

（操作員指示）Lisa Gill，摩根大通。

Thanks for all the detail, Britt. I just really want to go back to the key drivers of what's happening on the US pharmaceutical side of the business. We saw some changes in Part D, especially around catastrophic, out-of-pocket cost for the senior population. You heard some of that from some managed care.

謝謝你提供的所有細節，布里特。我真的很想回到美國製藥業正在發生的事情的關鍵驅動因素。我們看到 D 部分發生了一些變化，特別是在老年人口的災難性自付費用方面。您從一些管理式醫療中聽到了一些這樣的內容。

So I'm just curious if you can maybe just talk to us about what specifically you're seeing that's driving that higher growth rate? And obviously, Part D doesn't impact Canada, but you see strong volumes there as well. So maybe if you can just give us a bigger picture as to what we're seeing as the key drivers of what's really driving that the utilization trends right now.

所以我很好奇您是否可以與我們談談您所看到的具體是什麼推動了更高的成長率？顯然，D 部分不會影響加拿大，但您也可以看到那裡的交易量強勁。因此，也許您能給我們一個更大的畫面，讓我們了解真正推動當前利用率趨勢的關鍵驅動因素是什麼。

Well, thank you for that question, Lisa. We've seen utilization trends over the last several quarters have been consistent and growing year over year. So we've not seen a significant change in the utilization rates or trends in this quarter that we've seen in the last few.

好吧，謝謝你提出這個問題，麗莎。我們看到過去幾季的利用率趨勢保持一致，並且逐年成長。因此，我們沒有看到本季的利用率或趨勢發生過去幾季的重大變化。

In our US pharmaceutical segment, first of all, we've added a new strategic partner. We're really pleased with that. We think that that really is a reflection of all the services and capabilities that we have across the segment. We've continued to grow our specialty capabilities and certainly our sales of products to specialty providers, that's continued to grow nicely and that was part of my remarks in terms of the second quarter.

在我們的美國製藥領域，首先，我們增加了一個新的策略夥伴。我們對此感到非常滿意。我們認為這確實反映了我們在該領域擁有的所有服務和能力。我們繼續增強我們的專業能力，當然還有我們向專業供應商的產品銷售，這種增長繼續良好，這是我在第二季度的講話的一部分。

And we've continued to grow our oncology platform. You heard Brian talk about the addition of 118 providers year to date. That's a reflection of the value that we have across the oncology platform, and that's also adding to really to the flywheel effect to the growth that we're seeing in the segment.

我們繼續發展我們的腫瘤學平台。您聽到 Brian 談到今年迄今為止新增了 118 家提供者。這反映了我們在整個腫瘤學平台上所擁有的價值，而且這也真正增加了我們在該領域看到的成長的飛輪效應。

Kevin Caliendo, UBS.

凱文‧卡里恩多，瑞銀集團。

Great. A lot of volatility in RxTS and the medical segment. Has it gotten harder to model this? And obviously, there's been some variability. And I guess specifically on RxTS, you took down the guidance for the revenues, but not really for income. We understand there was cost-cutting done on the medical side. Was there anything that's impacting RxTS or like why was there no real impact to the EBIT line in that business?

偉大的。RxTS 和醫療領域波動很大。建模變得更困難了嗎？顯然，存在一些變化。我想特別是在 RxTS 方面，您取消了收入指導，但實際上並沒有取消收入指導。我們了解到醫療方面已經削減了成本。是否有任何因素影響 RxTS，或者為什麼對該業務的息稅前利潤沒有產生真正的影響？

Yeah. Thanks for that question. So let me just start by reminding you that there are a lot of factors that drive quarter-to-quarter variability in this business. And I talked about some of those in my prepared remarks, whether that be the utilization trends, timing trajectory of new product launches, product delays and supply shortages, and I'll come back to that here in a second.

是的。謝謝你提出這個問題。因此，首先我要提醒您，有很多因素會導致該業務的季度變化。我在準備好的發言中談到了其中的一些內容，無論是使用趨勢、新產品發布的時間軌跡、產品延遲還是供應短缺，我稍後會回到這裡。

We talked about payer requirements, including some of the utilization management requirements that they have that impacts our prior authorization programs as an example. So there's a lot of things that happen within this business that will create some of that quarter-to-quarter variability. We like to look at this business on an annual basis. And I think when you look at it on an annual basis, we've had good consistent growth over the last several years.

我們討論了付款人的要求，包括他們的一些使用管理要求，這些要求會影響我們的事先授權計畫。因此，該業務中發生的許多事情都會產生一些季度與季度之間的變化。我們喜歡每年關注這項業務。我認為，當你逐年查看時，我們在過去幾年中實現了良好的持續成長。

In terms of the revenue, we have talked over the last couple of quarters about some impacts of program or product delays within our 3PL business. Not -- those are more delays that are either regulatory in nature or customer specific. And so that is the driver for the modest change we made to our revenue outlook. And as we've talked previously, well, 3PL is about 50% of the revenue within the segment. It drives less than 5% of the AOP for the segment.

就收入而言，我們在過去幾個季度討論了 3PL 業務中計劃或產品延遲的一些影響。不是——這些更多的延誤要么是監管性質的，要么是客戶特定的。因此，這就是我們對收入前景進行適度調整的驅動力。正如我們之前討論過的，3PL 約佔該細分市場收入的 50%。它只佔該細分市場不到 5% 的 AOP。

So with the change in revenue, again, being modest, it didn't have a very material impact on our AOP guidance for the full year.

因此，收入的變化再次是溫和的，它對我們全年的 AOP 指導並沒有產生很大的實質影響。

Daniel Grosslight, Citi.

丹尼爾‧格羅斯萊特，花旗銀行。

Congrats on another strong quarter here. I'd like to focus a little bit on the Med-Surg segment. Guidance does still imply a pretty significant step up in adjusted operating profit. So I was hoping you could maybe walk us through or bridge us from 2Q to 3Q to 4Q, and how you expect to achieve that profitability? And if there's any change in how you're thinking about the long-term prospects of this business.

祝賀又一個強勁的季度。我想稍微關註一下醫學外科領域。指導確實仍然意味著調整後的營業利潤將有相當大的提高。所以我希望您能引導我們完成第二季到第三季再到第四季的過渡，或是為我們架起橋樑，您預計如何實現這種獲利能力？您對這項業務的長期前景的看法是否有任何變化。

Yes, I'll start with maybe the mechanical piece, and I'll let Brian talk about the longer-term view on the business.

是的，我可能會從機械部分開始，然後我會讓布萊恩談談對業務的長期看法。

What we've seen in this business is slower volumes in primary care in the first half of the year. In our second quarter, the business actually performed a little bit better than we had anticipated. So I'd say there is modest improvement, and we saw some stronger foot traffic towards the end of the quarter than we had anticipated kind of mid-quarter.

我們在這個行業看到的是，今年上半年初級保健業務量放緩。在我們的第二季度，業務表現實際上比我們預期的要好一些。所以我想說，情況有所改善，我們看到季度末的人流量比我們預期的季度中期要強。

As you think about the bridge for the first half through the second half, you could model about 20% growth first half over second half in terms of the year over year. And if you think about the initiatives that I talked about and the savings that we anticipate in the second half of the year, it's about $100 million in the second half of the year.

當您考慮上半年到下半年的橋樑時，您可以模型預測上半年較下半年年增約 20%。如果你考慮一下我談到的舉措以及我們預計在今年下半年節省的資金，下半年大約會節省 1 億美元。

What we're not really anticipating or the business is not required to grow significantly outside of that. So if you take the $100 million that I talked about, I think what you'll see is that our anticipation for the business outside of those initiatives is pretty flat year over year in the second half.

我們並沒有真正預期到，或者業務不需要在此之外顯著成長。因此，如果你拿我談到的 1 億美元來說，我想你會看到，我們對下半年這些計劃之外的業務的預期與去年同期相比相當持平。

And I would just say, longer term, as you think about the macro trends in health care, you think about the cost pressures, think about alternate site markets being low-cost settings of care or lower cost settings of care and being more accessible to people that need them. I think we've got a terrific footprint against those sort of secular long-term trends. And we've got leading breadth of product. We've got growing private brands. We've got a lab, a leading lab program, pharmaceutical, specialty pharmaceuticals.

我只想說，從長遠來看，當你考慮醫療保健的宏觀趨勢時，你會考慮成本壓力，考慮替代站點市場是低成本的護理環境或較低成本的護理環境，並且更容易獲得需要他們的人。我認為我們在這些長期趨勢上已經取得了巨大的進步。我們擁有領先的產品範圍。我們的自有品牌不斷成長。我們有一個實驗室、一個領先的實驗室計畫、製藥、特殊藥品。

So we think we're really well positioned against long-term trends. We're not adjusting long-term targets in intra-quarter. They are long-term targets for a reason. I think if you look back five years across all our segments, you see we've performed well over a long term against those targets, not necessarily quarter to quarter, but over a long-term horizon, we've been able to meet those commitments.

因此，我們認為我們在應對長期趨勢方面確實處於有利地位。我們不會在季度內調整長期目標。它們是長期目標是有原因的。我認為，如果你回顧五年來我們所有部門的情況，你會發現我們在長期內對這些目標表現良好，不一定是每個季度，但從長遠來看，我們已經能夠實現這些目標承諾。

Charles Rhyee, TD Cowen.

查爾斯‧萊伊 (Charles Rhyee)，TD 考恩 (TD Cowen)。

I wanted to talk about US Oncology a little bit and obviously, with the acquisition of Florida Cancer. I think in the past, you kind of noted that US Oncology sees over something like 15% of all cancer patients in the community setting. Can you give us an estimate of maybe what that market share might look like following the addition of FCS.

我想稍微談談美國腫瘤學，很明顯，是因為收購了佛羅裡達癌症公司。我想在過去，您注意到美國腫瘤科在社區環境中接診了大約 15% 的癌症患者。您能給我們估計一下添加 FCS 後市場份額的情況嗎？

And then maybe if you could talk a little bit about sort of what the decision-making that you go through when deciding either to acquire something like Florida Cancer or just going into an agreement with maybe a group practice in other states? And then maybe lastly, your thoughts on looking into other specialties besides oncology.

然後，也許您可以談談您在決定購買佛羅裡達癌症之類的東西或只是與其他州的團體診所達成協議時所經歷的決策？也許最後，您對研究腫瘤學以外的其他專業的想法。

I'll start that one. I mean, first off, we've been on this journey in community-based oncology for over 15 years. So it was the original USON acquisition. So we've been after this in this business for a very long time.

我將開始那一個。我的意思是，首先，我們在社區腫瘤學領域的探索已經超過 15 年了。這就是最初的 USON 收購。所以我們在這個行業已經追求這個目標很久了。

And as we think about growing and expanding the market or our network, we think about first and fundamentally, how do we bring accessible low-cost, high-quality care to these communities and then how do we leverage best practices across the various network sites to continue to accelerate and enhance that quality care.

當我們考慮發展和擴大市場或我們的網絡時，我們首先從根本上思考，我們如何為這些社區提供可獲得的低成本、高品質的護理，然後我們如何利用各個網絡站點的最佳實踐繼續加速和提高優質照護。

When we think about growing, we grow in a couple of ways. We'll assess a certain geography and in catchment area, that payer dynamics, other market dynamics, demographics, obviously. And then we want to get an anchor site that we can then build off of. And so we'll, in some instances, recruit oncologists into our practice. In other instances, we may get a small practice and essentially merge or join it in. And sometimes we enter long-term managed service agreements with these enterprises.

當我們考慮成長時，我們會以多種方式成長。顯然，我們將評估特定地理位置和服務區域的付款人動態、其他市場動態、人口統計資料。然後我們想要取得一個可以用來建造的錨網站。因此，在某些情況下，我們會招募腫瘤學家參與我們的實踐。在其他情況下，我們可能會進行一些小型實踐，然後本質上將其合併或加入。有時我們會與這些企業簽訂長期託管服務協議。

So we have multiple ways that we can accomplish that growth. And really, we have to make that evaluation on a market-by-market, case-by-case basis. But we want to be as flexible and open to be as attractive to continue to attract doctors to our network as we can be.

因此，我們有多種方法可以實現這種成長。事實上，我們必須根據每個市場、具體情況進行評估。但我們希望保持靈活性和開放性，以盡可能吸引醫生加入我們的網路。

Brian Tanquilut, Jefferies.

布萊恩·坦奎魯特，傑弗里斯。

Congrats. Say, Britt, as I think about biosimilars as a whole, obviously, that was an impact to this year with the guidance change last quarter. So as we look down two to three years, are there any notable biosimilars that we should be thinking about? Or maybe how are you thinking about the dynamics with upcoming biosimilar releases?

恭喜。布里特，我認為生物相似藥作為一個整體，顯然，上個季度的指導變化對今年產生了影響。那麼，當我們展望未來兩到三年時，是否有值得我們考慮的值得注意的生物相似藥？或者您如何看待即將發布的生物相似藥的動態？

Yeah. Thanks for the question. I think there's really two components to the question that you asked in terms of the revenue impact to the segment, we certainly saw the biosimilar introduction into the retail segment, and we are continuing to service the innovator product, but the biosimilar that it was switched to is not part of our distribution.

是的。謝謝你的提問。我認為您提出的問題對於該領域的收入影響實際上有兩個組成部分，我們當然看到了生物仿製藥進入零售領域，並且我們將繼續為創新產品提供服務，但生物仿製藥已被轉換to 不是我們發行版的一部分。

As we think about biosimilars, just generally speaking, we think that, first of all, they provide more clinical choice. And second of all, we believe that they offer better value to patients.

當我們考慮生物相似藥時，一般來說，我們認為，首先，它們提供了更多的臨床選擇。其次，我們相信它們為患者提供了更好的價值。

And for a wholesale distributor like McKesson, where we can provide capabilities and services for our customers using the platforms that we have in place, they'll generally offer better margins for us in areas like oncology or other specialty provider areas where we have more assets to bring to the table, we'll be able to provide more services and provide more value.

對於像麥克森這樣的批發分銷商，我們可以使用我們現有的平台為客戶提供能力和服務，他們通常會在腫瘤學或其他我們擁有更多資產的專業供應商領域為我們提供更好的利潤帶到桌面上，我們將能夠提供更多服務並提供更多價值。

Generally speaking, that'll be better margins than the branded or the specialty drug. So we think there's still a good opportunity, particularly in Part B, in the Part B section. And as biosimilars continue to develop and are introduced, that will be an opportunity for McKesson to utilize its capabilities and value proposition to drive biosimilar introduction.

一般來說，這比品牌藥或特種藥的利潤更高。所以我們認為仍然有一個很好的機會，特別是在 B 部分，在 B 部分。隨著生物相似藥的不斷開發和推出，這將是 McKesson 利用其能力和價值主張推動生物相似藥推出的機會。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Maybe just one clarification question and one sort of conceptual question. As we think about the long-term guide, thank you for talking about the EPS growth, can you just confirm that there's the operating income growth component and contribution to that is also unchanged? Or if there are any differences how you would think about that?

也許只是一個澄清問題和一個概念性問題。當我們考慮長期指引時，感謝您談論每股盈餘成長，您能否確認營業收入成長部分及其貢獻也沒有變化？或者如果有任何差異你會如何看待？

And then secondly, maybe if you could talk about Florida Cancer [center]. Obviously, you acquired the MSO portion of the business. Are there sort of capabilities out of that, that you can -- as you've sort of started to look at that asset a little bit more like that you think you can sort of expand across other parts of USO? And if you could talk about those, those would be helpful.

其次，也許你可以談談佛羅裡達州癌症[中心]。顯然，您收購了 MSO 業務部分。是否有某種能力，你可以——因為你已經開始更多地看待這項資產，你認為你可以擴展到 USO 的其他部分？如果你能談論這些，那將會很有幫助。

Let me start, and I'll handle the mechanical piece of this. We have not made any adjustments to our long-term target rates. In terms of the consolidated adjusted operating profit target is still 6% to 8%.

讓我開始吧，我將處理其中的機械部分。我們尚未對長期目標利率進行任何調整。綜合調整後營業利益目標仍為6%至8%。

So at that, yes. And I'll just remind everybody, we're still working through closing conditions, including customary regulatory processes. So let me not talk just maybe specifically about them, but generally how we would think about this. And this is true any time we add a practice into the network. I mean we have specific criteria for what is an attractive new oncologists, new practice or a new addition to the US Oncology Network.

所以，是的。我只想提醒大家，我們仍在努力解決成交條件，包括慣例監理程序。因此，讓我不要只是具體談論它們，而是一般性地談論我們如何看待這個問題。每當我們將實踐添加到網路中時都是如此。我的意思是，對於什麼是有吸引力的新腫瘤學家、新實踐或美國腫瘤學網絡的新成員，我們有具體的標準。

And our hope in all of those cases is that we can share best practice, we can learn from each other, we can expand, find new program services that they may have established in their communities that we can then leverage across the rest of the network.

在所有這些情況下，我們希望我們能夠分享最佳實踐，我們可以互相學習，我們可以擴展，找到他們可能在其社區中建立的新計劃服務，然後我們可以在網路的其餘部分中利用這些服務。

So we always want to come into this with the idea that we're a learning organization, and we're open to finding ways that both we can improve the practice that is joining USON, but they can help improve the other USON practices as well. And so that's very much a part of every thesis that we pursue.

因此，我們始終希望帶著這樣的想法進入這一領域：我們是一個學習型組織，我們樂於尋找方法，既可以改進加入 USON 的實踐，也可以幫助改進其他 USON 實踐。因此，這在我們所追求的每一篇論文中都是非常重要的一部分。

Eric Percher, Nephron Research.

艾瑞克‧佩徹（Eric Percher），腎臟單位研究中心。

A question on inventory and cash flow and there was some questioning of whether there was inventory build of GLP-1s in the prior quarter and then less of them in the current. It sounds like the overall growth and what we're seeing in the top line was very significant. Can you just speak to what level of visibility pharma has based on your distribution agreements and whether you have any ability to build in the quarter or whether there are fluctuations there?

關於庫存和現金流的問題，有人質疑上一季是否有 GLP-1 的庫存增加，而目前的庫存是否減少。聽起來整體成長和我們在營收中看到的非常顯著。您能否根據您的分銷協議談談製藥公司的知名度，以及您是否有能力在本季度進行建設，或者那裡是否存在波動？

Yeah. Look, we manage our working capital based on customer demand, based on market needs. And our role is to be as efficient as possible, but make sure the product is there. And so the demand for GLP-1s has varied from quarter to quarter for a variety of reasons. And customer demand has continued to be strong.

是的。看，我們根據客戶需求、市場需求來管理我們的營運資金。我們的角色是盡可能高效，但要確保產品到位。因此，由於多種原因，對 GLP-1 的需求每季都有所不同。客戶需求持續強勁。

So we've just continued to try to meet the demand as it comes in and have the appropriate level of supply and have the product at the right place at the right time. It's probably the best way that I can answer this and utilizing the efficient working capital systems and programs that we have in place.

因此，我們只是繼續努力滿足需求，並提供適當的供應水平，並在正確的時間將產品送到正確的地點。這可能是我能回答這個問題並利用我們現有的高效營運資金系統和計劃的最佳方式。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Congrats on the quarter. I was hoping we could dig a little deeper in the new InspiroGene business. How can you use leverage in this platform to maybe forward on your clinical trial solutions. And how are you thinking about this platform as a late the investments made by Florida Cancer Specialists, given you're integrating them into the broader platform?

恭喜本季。我希望我們能夠更深入地挖掘新的 InspiroGene 業務。您如何利用該平台的影響力來推進您的臨床試驗解決方案。考慮到您正在將佛羅裡達州癌症專家的投資整合到更廣泛的平台中，您如何看待這個平台？

I missed the first part of your question. You said about -- what business are you asking about?

我錯過了你問題的第一部分。你說——你問的是什麼事？

InspiroGene. [Though] the cell and gene therapy.

Inspiro基因。 [儘管]細胞和基因療法。

InspiroGene. I'm sorry, I missed that --

Inspiro基因。抱歉，我錯過了--

No worries. I'm traveling. So it's noisy in the background.

不用擔心。我正在旅行。所以背景很吵。

Yeah. Okay. I've got it now. I just missed that first part. So we're really excited about InspiroGene. We've been working on this kind of quietly internally for a couple of years, bringing together the capabilities we have across the organization, some long-established like 3PL, others some of the patient support and hub-like services that we offer.

是的。好的。我現在已經拿到了。我剛剛錯過了第一部分。所以我們對 InspiroGene 感到非常興奮。幾年來，我們一直在內部悄悄地進行此類工作，匯集了整個組織的能力，其中一些是長期建立的，如 3PL，另一些是我們提供的患者支持和中心式服務。

As you think about these cell and gene therapies, they're going to be very expensive, very complex supply chain and logistics, and very complicated patient support, and information services are going to have to go around it. So we thought we reached a point in the program. We're bringing these together into a single entity to focus on these highly specialized drugs with these highly specialized manufacturers is an important thing to do.

當你想到這些細胞和基因療法時，它們將非常昂貴，非常複雜的供應鏈和物流，以及非常複雜的患者支持，並且資訊服務將不得不繞過它。所以我們認為我們已經達到了計劃的某個點。我們將這些整合為一個實體，與這些高度專業化的製造商一起專注於這些高度專業化的藥物，這是一件重要的事情。

Now we do believe over time, we will continue to find capabilities across the company as these markets mature and as the needs become more known to find ways to support the cell and gene therapies even earlier in their life cycle. And clearly, A large portion of the pipeline in cell and gene is oncology related. So we think our assets in oncology, whether that's USON, iKnowMed, SCRI, or other will become relevant.

現在我們確實相信，隨著時間的推移，隨著這些市場的成熟，以及隨著人們越來越了解在細胞和基因療法生命週期的早期找到支持細胞和基因療法的方法的需求，我們將繼續在整個公司尋找能力。顯然，細胞和基因領域的很大一部分管道與腫瘤學相關。因此，我們認為我們在腫瘤學方面的資產，無論是 USON、iKnowMed、SCRI 或其他資產都將變得重要。

Stephen Baxter, Wells Fargo.

史蒂芬‧巴克斯特，富國銀行。

I was hoping that you could remind us the product mix for medical business, what percentage is sourced versus what percentage is McKesson brand? And then how much of the brand product you manufacture yourself versus contract manufacturer?

希望您能提醒我們醫療業務的產品組合，採購比例是多少，麥克森品牌比例是多少？那麼，與合約製造商相比，您自己生產的品牌產品有多少？

And I guess just big picture, like how should we think about the key areas of product differentiation and customer preference to keep this becoming -- to keep the business becoming less focused on price than we might otherwise expect over time.

我想這只是大局，例如我們應該如何考慮產品差異化和客戶偏好的關鍵領域，以保持這種趨勢——讓業務不再那麼關注價格，而不是我們隨著時間的推移所預期的那樣。

So first off, we do not own any manufacturing capability. So we will contract for the product essentially source the product under our own label. And we have been spending time over the past years with some intentionality of continuing to expand our private label but also evolving our programs that can support our national brands.

首先，我們不擁有任何製造能力。因此，我們將簽訂產品合同，本質上是在我們自己的標籤下採購產品。在過去的幾年裡，我們一直致力於繼續擴大我們的自有品牌，同時也不斷發展我們的計劃來支持我們的國家品牌。

I mean, we want our customers to have choice. We want them -- if they have a preference for the national brand product that should be available, but we want to have a strong value proposition around our private brand for those that are more focused on the value, the quality, and the relative price point that that offering can bring. So I don't believe we disclose how big our private brand for various competitive reasons are. But it's growing, it's been continuously growing, and we continue to invest in the growth and expansion of that.

我的意思是，我們希望我們的客戶有選擇。我們想要他們——如果他們對應該提供的民族品牌產品有偏好，但我們希望圍繞我們的自有品牌為那些更注重價值、質量和相對價格的人提供強有力的價值主張該產品可以帶來的點。因此，我不認為我們出於各種競爭原因而披露我們的自有品牌有多大。但它正在成長，一直在持續成長，我們將繼續投資於其成長和擴張。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Brian or Britt, I actually have a question about Sarah Cannon. And I'm wondering if you guys can talk about what percent of practices or oncologists are now leveraging the Sarah Cannon relationship versus, call it, a year ago or six months ago.

布萊恩或布里特，我實際上有一個關於莎拉坎農的問題。我想知道你們是否可以談談現在利用莎拉·坎農關係的診所或腫瘤學家與一年前或六個月前的比例是多少。

And I don't know if you're willing to provide any like -- what is the right way to think about how accretive that relationship is to the practice by increasing the number of oncologists and patients that can participate in clinical trials?

我不知道你是否願意提供任何類似的資訊——透過增加可以參與臨床試驗的腫瘤學家和患者的數量來思考這種關係對實踐的促進作用是什麼？

The number of USON clinicians that are participating in clinical trials is growing, and that is the result of a very intentional effort on our part post the announcement of the joint venture to think about how we created the right structures, the right models to take up that participation. That was a big thesis of the joint venture was a tighter alignment with USON and SCRI could increase uptake.

參與臨床試驗的 USON 臨床醫生數量正在不斷增加，這是我們在宣布成立合資企業後刻意努力思考如何創建正確的結構、正確的模型的結果那種參與。該合資企業的一個重要主題是與 USON 和 SCRI 更緊密的合作可以增加採用率。

And that has the dual benefit being good for us, but it's actually good for patient care in the communities. I mean as we expand our number of practices, there's more convenient care more convenient appropriate cutting-edge care that can be provided more locally to more people to make sure that they're getting patient outcomes. So that's a number, and we continue to expect to expand and grow over the coming years.

這對我們有雙重好處，但實際上也有利於社區的病患照護。我的意思是，隨著我們擴大診所數量，就會有更方便的護理、更方便、更合適的尖端護理，可以在本地為更多的人提供，以確保他們獲得患者的治療結果。這就是一個數字，我們繼續期望在未來幾年內擴大和成長。

Yeah. And just maybe to put an estimate around that. We've seen approximately an increase in the number of accruals of about 20% since we started a joint venture. So to Brian's point, we're really pleased with that.

是的。也許只是對此進行估計。自從我們成立合資企業以來，我們的應計金額增加了約 20%。所以就布萊恩的觀點而言，我們對此感到非常滿意。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Brett, one for you. On ClarusONE, you mentioned some strength in the quarter. That business growing organically. Obviously, you're adding a large client there. Trying to think through how to think about the contracts for generics, you have some new volume flowing through, how should we think about the timing benefits of you buying better and how to think about the benefit on the P&L versus working capital?

布雷特，給你一個。在 ClarusONE 上，您提到了本季的一些優勢。該業務有機增長。顯然，您正在那裡添加一個大客戶。試著思考如何考慮仿製藥合同，您有一些新的交易量流過，我們應該如何考慮您更好地購買的時機收益以及如何考慮損益表與營運資金的收益？

Yeah. Thanks for the question. So clearly, adding a new strategic partner is going to bring some additional volume to the joint venture. But we really do a lot of different things in terms of partnering with our 200-plus partners on ClarusONE. There's certainly an aspect of looking at cost, and that's part of what we do for our customers to provide the best cost possible.

是的。謝謝你的提問。顯然，增加一個新的策略合作夥伴將為合資企業帶來一些額外的銷售。但在與 ClarusONE 上的 200 多個合作夥伴合作方面，我們確實做了很多不同的事情。當然有一個方面需要考慮成本，這是我們為客戶提供盡可能最佳成本所做的工作的一部分。

But we're also working with our member partners in terms of making sure that we have the right supply. And so we'll do things to work with our partners to do long-term awards and other types of arrangements that are getting a little more stability in terms of products.

但我們也在與我們的成員合作夥伴合作，確保我們擁有正確的供應。因此，我們將與我們的合作夥伴合作，進行長期獎勵和其他類型的安排，從而在產品方面獲得更多的穩定性。

So I think there's a number of different things. It's certainly evolved over time. It's providing really good benefits in terms of best cost to our customers. But increasingly looking at supply and service levels has become just as important. It's important for us to make sure that when patients shows up at pharmacy counter that the product is there.

所以我認為有很多不同的事情。它肯定是隨著時間的推移而演變的。它為我們的客戶提供了真正的最佳成本效益。但越來越多地關注供應和服務水準也變得同樣重要。對我們來說，重要的是要確保當患者出現在藥局櫃檯時該產品就在那裡。

And so we're really focused on working with our partners to make sure that we have adequate and right supply as well.

因此，我們非常注重與合作夥伴合作，以確保我們也有充足且正確的供應。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

A question on Med-Surg quickly. Just similar to last quarter, you did note that, that normalization and utilization across that primary care segment, but excluding the $100 million in savings in the second half, it's still subdued growth in the second half, I guess, can you speak to a little bit more about the nature of this lower utilization? Is it just respiratory? Would there be some seasonal components to think about there?

快速詢問有關 Med-Surg 的問題。與上個季度類似，您確實注意到，初級保健領域的正常化和利用率，但不包括下半年節省的 1 億美元，我想下半年的增長仍然疲弱，您能談談嗎？種較低利用率的本質嗎？只是呼吸嗎？是否需要考慮一些季節性因素？

And then just how we think about the quarterly progression. And can you just remind us to those cost savings initiatives where you are with that in terms of the nature of those and how that flows through as well in terms of what's completed and what's to come?

然後我們如何看待季度進展。您能否提醒我們注意那些您所支持的成本節約舉措，包括這些舉措的性質以及這些舉措如何實施以及已完成的工作和即將開展的工作？

Yeah. A lot to unpack there, let me maybe just start on in terms of the initiatives, those initiatives start in the third quarter. So they're really just underway now. We have confidence that we can generate about $100 million of savings in the back half of the year. In terms of the cadence, I would say, probably more towards the back half of the year in the fourth quarter more than the third quarter since we're just getting underway with this.

是的。有很多東西需要解開，讓我也許從這些舉措開始，這些舉措從第三季開始。所以他們現在才剛開始。我們有信心在今年下半年節省約 1 億美元的成本。就節奏而言，我想說，第四季的下半年可能比第三季更頻繁，因為我們才剛開始這樣做。

We are looking at illness season, it's similar to what we've seen in prior years. Each illness season is pretty unique. Last year, was a little bit of a softer illness season than the prior year. So we'll see how the severity of the illness season plays out, but we're not anticipating anything significantly more than we've seen over the last few years.

我們正在關注疾病季節，這與我們前幾年所看到的相似。每個疾病季節都非常獨特。去年的疾病季節比前一年稍微溫和一點。因此，我們將看看疾病季節的嚴重程度如何，但我們預計不會出現比過去幾年更嚴重的情況。

So we believe that the business is in a really good spot. As Brian has talked about, we have a wide range of services and capabilities across all the alternate sites of care. We were encouraged by the back half of the second quarter being a little bit stronger than we had anticipated. But as we go to the back half of the year, we're anticipating the trends will look very much like they did in the first half of the year.

因此，我們相信該業務處於非常好的位置。正如布萊恩所說，我們在所有替代護理地點擁有廣泛的服務和能力。第二季後半段的表現比我們預期的要強一些，這讓我們感到鼓舞。但當我們進入今年下半年時，我們預計趨勢將與上半年非常相似。

Michael Cherny, Leerink Partners.

邁克爾·切爾尼，Leerink Partners。

Maybe if I can just go back to RxTS and the ramp dynamics. Fully understand that this can have quarterly fluctuations. But as you think about the ramp into the end of the year as part of the reiterated guidance on the adjusted operating profit side. Where do you feel like you have the most control versus some of the market dynamics, customer dynamics that are out of your control as you think through the level of visibility you have and the build there.

也許我可以回到 RxTS 和斜坡動態。充分理解這可能會出現季度波動。但當你考慮到年底的成長是調整後營業利潤方面重申的指導的一部分。當你思考你擁有的可見度水平和那裡的構建時，你覺得你在哪裡擁有最大的控制權，而不是一些你無法控制的市場動態、客戶動態。

Obviously, a business has grown fairly robustly. The prior authorization work leading the way. But curious as you sit here today, how you risk weight some of the metrics that goes into the build for the guidance.

顯然，企業的成長相當強勁。事前授權工作一馬當先。但當您今天坐在這裡時，您很好奇您如何風險權衡建立指南中的一些指標。

So I'd say a couple of things. I mean one is some of our visibility into the programs that we've got under contract and growth trajectories that we see from those evaluation of our sales pipeline. I would remind you that in our second half of the year, we'll go through our blizzard season. So that's a typical seasonal pickup for that business.

所以我想說幾件事。我的意思是，其中之一是我們對根據合約制定的計劃和成長軌蹟的一些了解，這是我們從對銷售管道的評估中看到的。我想提醒您，今年下半年，我們將經歷暴風雪季節。因此，這是該業務典型的季節性回升。

And we expect this year to be largely in line with last year. So that's going to help drive some of that back-end growth. Britt spoke to some of the volatility in the revenue with 3PL, which really isn't going to have a material impact on the AOP. But I would say, just given the progression we've seen in the business at this point in the year and what we see in our reviews of the business, we've got confidence in the second half.

我們預計今年的情況將與去年基本一致。因此，這將有助於推動部分後端成長。Britt 談到了 3PL 收入的一些波動，這實際上不會對 AOP 產生重大影響。但我想說，鑑於今年此時我們在業務中看到的進展以及我們在業務回顧中看到的情況，我們對下半年充滿信心。

Okay. Well, with that, let me thank everybody for joining the call. I appreciate the always great questions. Lisa, thank you for facilitating the call.

好的。好吧，讓我感謝大家加入這次電話會議。我很欣賞那些總是很好的問題。麗莎，感謝您為這通通話提供便利。

McKesson reported good results in our fiscal second quarter. The improved fiscal 2025 guidance reflects our confidence in the strength of the underlying business, reflects our commitment to our company priorities and strategy.

麥克森報告了我們第二財季的良好表現。改進後的 2025 財年指引反映了我們對基礎業務實力的信心，反映了我們對公司優先事項和策略的承諾。

I would be remiss if I didn't thank the 50,000-plus employees across the company for their consistent execution for their dedication to our customers, their passion, their conviction and the urgency with which they move. Together, we're improving healthcare in every setting, one product, one partner, one patient at a time.

如果我不感謝公司 5 萬多名員工的一貫執行力、對客戶的奉獻、熱情、信念和緊迫感，那就是我的失職。我們共同努力改善各種環境下的醫療保健，一次針對一種產品、一位合作夥伴、一位患者。

Thanks, again, everybody. I know there was a lot of distracting news flow today. We appreciate you joining us. Have a terrific evening.

再次謝謝大家。我知道今天有很多分散注意力的新聞。我們感謝您加入我們。祝您有個愉快的夜晚。

And ladies and gentlemen, thank you for joining today's conference call. You may now disconnect, and have a great day.

女士們、先生們，感謝你們參加今天的電話會議。現在您可以斷開連接，祝您有美好的一天。