麥卡遜 (MCK) 2025 Q3 法說會逐字稿

Welcome to McKesson's third-quarter fiscal 2025 earnings conference call. Please be advised that today's conference is being recorded.

歡迎參加 McKesson 2025 財年第三季財報電話會議。請注意，今天的會議正在錄音。

At this time, I'd like to turn the call over to Rachel Rodriguez, VP of Investor Relations. Please go ahead.

現在，我想將電話轉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 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.

謝謝您，接線生。下午好，歡迎大家參加 McKesson 2025 財年第三季財報電話會議。今天，我們與執行長 Brian Tyler 一起出席；以及我們的財務長 Britt Vitalone。布萊恩將率先發言，然後是布里特，最後我們將進入問答環節。

Today's discussion will include forward-looking statements, such as forecast about McKesson's operations and future results. Please refer to the cautionary statements in today's earnings release and presentation slides available on our website at investor.mckesson.com, and to the Risk Factors section of our 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.

今天的討論將包括前瞻性陳述，例如有關 McKesson 的營運和未來結果的預測。請參閱今天的收益報告和簡報幻燈片中的警示聲明（可在我們的網站 investor.mckesson.com 上查閱），以及我們最新的年度報告和其他 SEC 文件中的「風險因素」部分，以獲取有關可能導致我們的實際結果與前瞻性陳述不同的風險因素的更多資​​訊。

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

有關我們將在本次網路廣播中討論的非 GAAP 財務指標的信息，包括這些指標與 GAAP 結果的對賬，可以在今天的收益報告和演示幻燈片中找到。簡報投影片還包括本季業績摘要和最新指引。

With that, let me turn it over to Brian.

現在，讓我把話題交給 Brian。

Thank you, Rachel, and good afternoon, everybody. Thanks for joining the call. Earlier today, McKesson reported strong third quarter results, delivering another quarter of double-digit growth in operating profits. Our team executed against our company priorities with focus and unwavering dedication. Thanks to their commitment, we are expanding our differentiated capabilities, driving operational efficiencies and creating real value for our partners and shareholders.

謝謝你，Rachel，大家下午好。感謝您加入通話。今天早些時候，麥克森公佈了強勁的第三季業績，其營業利潤再次實現兩位數成長。我們的團隊全神貫注、堅定不移地致力於執行公司的優先事項。感謝他們的承諾，我們正在擴大我們的差異化能力，提高營運效率並為我們的合作夥伴和股東創造真正的價值。

Yesterday, we were excited to announce the signing to acquire a controlling interest in PRISM Vision, which is a provider of general ophthalmology and retina management services. This marks an important step as we continue to enhance our specialty services platform and capabilities. I'll share additional details about the transaction a little later in my comments.

昨天，我們很高興地宣布簽署協議收購 PRISM Vision 的控股權，PRISM Vision 是一家提供普通眼科和視網膜管理服務的供應商。這標誌著我們持續增強專業服務平台和能力的重要一步。稍後我將在評論中分享有關該交易的更多細節。

So let's move on to the third quarter results. During the quarter, revenue grew 18% to $95.3 billion, and adjusted operating profit grew 16%, to $1.5 billion. Adjusted operating profit grew across all segments, led by strong double-digit growth in US Pharmaceutical and Prescription Technology Solutions segment.

讓我們繼續討論第三季的業績。本季度，營收成長 18%，至 953 億美元，調整後營業利潤成長 16%，至 15 億美元。所有部門的調整後營業利潤均實現成長，其中美國製藥和處方技術解決方案部門實現強勁的兩位數成長。

In the Medical Surgical growth was lower than anticipated primarily driven by the late start of a softer illness season. The strength of the enterprise and the scale of our assets gave us the confidence to increase and narrow our full year guidance for adjusted earnings per diluted share from $32.40 to $33, to a new range of $32.55 to $32.95, which represents 19% to 20% year-over-year adjusted EPS growth.

外科醫療的成長低於預期，主要原因是疾病淡季開始較晚。企業的實力和資產的規模使我們有信心將全年調整後每股攤薄收益預期從 32.40 美元到 33 美元提高並縮小至 32.55 美元到 32.95 美元的新範圍，這代表著調整後每股收益同比增長 19% 到 20%。

Today, I'm excited to share with you the great progress we've made in the past quarter, which is key to the financial results we delivered today and more importantly, to the long-run growth of the business. Then I'll turn it over to Britt for more details in the financial review.

今天，我很高興與大家分享我們在過去一個季度取得的巨大進展，這對我們今天的財務業績至關重要，更重要的是，對業務的長期成長至關重要。然後，我會將財務審查的更多細節交給 Britt。

I want to start with our focus on talent and culture, which is foundational to our company's strategy and everything we do here at McKesson. We value the breadth of backgrounds, experiences, and skills of our team members, and that includes our Board of Directors. Earlier this week, our Board of Directors elected two new members to our Board, Lynne Doughti and Dr. Julie Gerberding.

首先我想說我們對人才和文化的關注，這是我們公司策略的基礎，也是我們在麥克森所做的一切的基礎。我們重視團隊成員（包括董事會成員）的背景、經驗和技能。本週早些時候，我們的董事會選舉了兩名新成員，Lynne Doughti 和 Julie Gerberding 博士。

Ms. Doughti brings accounting and finance expertise from the Board from her experience as the former Chair and Chief Executive Officer of KPMG. Dr. Gerberding, brings extensive executive experience in the health care industry and public policy arena. She was formerly the Chief Executive Officer, or is currently the Chief Executive Officer at the Foundation for National Institutes of Health, and formerly the Executive Vice President and Chief Patent Officer at Merck and a former Director of the CDC.

Doughti 女士曾擔任畢馬威 (KPMG) 董事長兼首席執行官，為董事會帶來了豐富的會計和財務專業知識。Gerberding 博士在醫療保健產業和公共政策領域擁有豐富的管理經驗。她曾任美國國立衛生研究院基金會執行長（現為執行長），曾任默克公司執行副總裁兼首席專利官，曾任美國疾病管制與預防中心主任。

Ms. Doughtie will serve on our Audit Committee and Finance Committee. And Dr. Gerberding will serve on our Compliance Committee and the Compensation and Talent Committee. These additions are yet another example of our best talent philosophy at work. We look forward to their leadership, as we work together to continue to drive the growth of the company.

Doughtie 女士將在我們的審計委員會和財務委員會任職。Gerberding 博士將擔任我們的合規委員會和薪酬與人才委員會成員。這些新增人員是我們最佳人才理念在工作上的另一個例證。我們期待他們的領導，共同努力繼續推動公司的發展。

Let's move on to our second priority. That's strengthening the distribution capabilities and performance in North America. Within the US Pharmaceutical segment, utilization trends remain stable, leading to solid volume growth in the underlying business. The strong performance in the quarter is underpinned by our scale distribution capabilities across multiple therapeutic areas and our ability to provide exceptional services to our customers.

讓我們繼續討論第二個優先事項。這增強了北美的分銷能力和績效。在美國製藥領域，利用率趨勢維持穩定，進而帶動基礎業務量穩定成長。本季的強勁表現得益於我們在多個治療領域的規模分銷能力以及我們為客戶提供卓越服務的能力。

One of the channels we serve is community pharmacies, which play a critical role in bringing accessible care to patients. Recently, we launched a strategic initiative to help protect critical pharmacy services and to elevate the pharmacy profession. We will provide funding support to eligible community pharmacy associations across all 50 states to help meet their advocacy goals and strengthen their voice in the community and the role of the community pharmacy industry.

我們服務的管道之一是社區藥房，它們在為患者提供可獲得的醫療服務方面發揮關鍵作用。最近，我們啟動了一項策略性舉措，以幫助保護關鍵的藥房服務並提升藥房行業水平。我們將向全美 50 個州符合資格的社區藥局協會提供資金支持，幫助他們實現倡議目標，加強他們在社區中的聲音和社區藥局產業的角色。

Within the Medical Surgical segment, we strategically position this business to be focused on the alternate site markets. One of the market dynamics that impacts this segment is the annual illness, flu, or respiratory season. Each illness season is unique, including its onset, its severity, and how long it lasts.

在外科醫療領域，我們策略性地將該業務定位為專注於替代站點市場。影響這一領域的市場動態之一是每年的疾病、流感或呼吸道疾病季節。每個疾病季節都是獨一無二的，包括其發病時間、嚴重程度以及持續時間。

During the quarter, we observed lower-than-anticipated volumes related to the illness season, which impacted the third quarter results. Market data shows that the number of flu-like illness cases was lower than the average of the last five non-COVID years and below the prior season.

在本季度，我們觀察到與疾病季節相關的交易量低於預期，這影響了第三季度的業績。市場數據顯示，類流感疾病病例數低於過去五年非疫情年份的平均水平，也低於上一季。

The softer illness season impacted demand of seasonal vaccines, illness testing, and foot traffic in primary care sites. This development, coupled with the general market weakness in the primary care channel, we've called out for the two previous quarters posed a challenging market backdrop for the segment.

疾病淡季影響了季節性疫苗、疾病檢測的需求以及初級保健場所的人流。這種發展，再加上我們前兩個季度所指出的初級保健管道的普遍市場疲軟，為該領域帶來了充滿挑戰的市場環境。

Despite the impact of the market trends, we remain confident in our strategy in the alternate site market and the strength of the underlying business. We continue to take immediate and effective actions to better align our service model and capabilities with our customer needs and the market demand.

儘管受到市場趨勢的影響，我們仍然對我們在替代站點市場的策略和基礎業務的實力充滿信心。我們將繼續採取迅速有效的行動，使我們的服務模式和能力更能適應客戶需求和市場需求。

In the past quarter, we made important progress in the business rationalization initiatives that were previously announced. Thanks to the focus from our team, we're on track to complete the rationalization plan by the first half of fiscal 2026 and deliver meaningful savings as expected.

過去一個季度，我們在先前宣布的業務合理化措施方面取得了重要進展。在我們團隊的專注下，我們預計在 2026 財年上半年完成合理化計劃，並按預期實現有意義的節約。

Moving on to our two strategic growth pillars, oncology and biopharma services platforms. Over the years, we've continually invested and expanded our oncology assets in alignment with our state of strategy. The oncology market continues to be the largest growing therapeutic category. And is one reason we continue to invest in this area. We've built a portfolio of assets that include distribution of oncology drugs and value added services that improve the cancer care journey.

繼續討論我們的兩大策略成長支柱：腫瘤學和生物製藥服務平台。多年來，我們根據我們的策略目標，不斷投資和擴大我們的腫瘤學資產。腫瘤市場繼續成為成長最大的治療類別。這是我們繼續在該領域投資的原因之一。我們建立了資產組合，包括腫瘤藥物分銷和改善癌症治療歷程的加值服務。

Through the US Oncology Network, we empower the delivery of advanced and integrated cancer care in the community setting, which is often closer to home and more cost effective for the patient. We're pleased to see the continued expansion growing to over 2,750 providers across 640 sites of care in 31 different states. We provide resources and support to these community oncology practices to empower their growth and ultimately improve the patient experience and the outcomes of cancer care. We also provide clinical trial services to community-based practices through the Sarah Cannon Research Institute Joint Venture, which we often refer to as SCRI.

透過美國腫瘤網絡，我們能夠在社區環境中提供先進的綜合癌症治療，這通常更接近患者居住地並且對患者更具成本效益。我們非常高興地看到公司業務持續擴張，目前已擁有遍布 31 個州 640 個醫療站點的 2,750 多家醫療服務提供者。我們為這些社區腫瘤學實踐提供資源和支持，以促進其發展，並最終改善患者體驗和癌症治療結果。我們也透過莎拉坎農研究所聯合企業（我們通常稱之為 SCRI）為社區實踐提供臨床試驗服務。

Last year, the patient accruals to clinical trials increased 25% within SCRI. It participated in the development of 33 of the 47 therapies approved by the FDA. We're excited to bring more innovative and life-changing therapies to community-based practices and their patients.

去年，SCRI 內參加臨床試驗的患者數量增加了 25%。它參與了 FDA 批准的 47 種療法中的 33 種的研發。我們很高興為社區實踐及其患者帶來更多創新和改變生活的治療方法。

As we continue to advance our strategy on oncology and other specialties, we've also been evaluating opportunities in other therapeutic areas. Last year, we acquired certain assets from US Retina and launched a new GPO program called Onmark Vision. We also have RetinaOS, a clinical workflow and inventory management technology that streamlines inventory revenue and payments management.

隨著我們繼續推進腫瘤學和其他專業的策略，我們也在評估其他治療領域的機會。去年，我們從 US Retina 收購了部分資產，並啟動了一項名為 Onmark Vision 的新 GPO 計畫。我們還有 RetinaOS，這是一種臨床工作流程和庫存管理技術，可簡化庫存收入和支付管理。

All of these assets are building blocks for the acquisition that we announced yesterday. We're excited to sign an agreement to acquire a controlling interest in PRISM Vision. Its affiliated practices include 180 providers, 91 office locations, and 7 ambulatory surgery centers.

所有這些資產都是我們昨天宣布的收購的基礎。我們很高興簽署協議以收購 PRISM Vision 的控股權。其附屬機構包括 180 家醫療服務提供者、91 個辦公地點和 7 個門診手術中心。

Similar to our strategy on oncology, we see an exciting opportunity in retina and ophthalmology given its attractive drug pipeline, the speed of innovation and practitioners needs for additional supporting services. We have a great track record of building and growing the oncology platform over the past several years. We're taking a similar approach to the expansion in retina. We are strategic and thoughtful in building these platforms and creating a portfolio of assets that complement each other and reinforce each other. The transaction is subject to customary closing conditions, including necessary regulatory clearances.

與我們的腫瘤學策略類似，我們看到視網膜和眼科領域存在令人興奮的機遇，因為該領域擁有誘人的藥物管道、創新速度以及從業者對額外支援服務的需求。過去幾年我們在建造和發展腫瘤學平台方面有著出色的成績。我們對視網膜的擴展採取了類似的方法。我們在建構這些平台和創建相互補充、相互加強的資產組合時具有策略性和深思熟慮。此交易需滿足慣例成交條件，包括必要的監管批准。

We look forward to advancing retina and ophthalmology patient care through a meaningful platform of distribution and other value-added services. We offer a portfolio of solutions that connect biopharma companies, providers, pharmacies, and payers to improve the access, affordability, and adherence of medications.

我們期待透過有意義的分銷平台和其他加值服務來促進視網膜和眼科患者護理。我們提供一系列解決方案，連接生物製藥公司、供應商、藥房和付款人，以提高藥物的可及性、可負擔性和依從性。

In the third quarter, the prescription technology solution segment delivered strong performance in line with our expectations. Growth accelerated in the quarter, reflecting strong demand across our product solutions. One of our value-add solutions is prior authorization, which automate the process and give patients access to their prescriptions faster.

第三季度，處方技術解決方案部門表現強勁，符合我們的預期。本季成長加速，反映出我們產品解決方案的強勁需求。我們的增值解決方案之一是事先授權，它可以自動化流程並讓患者更快獲得處方。

But in addition to prior authorizations, we're seeing continued growth from many other solutions. In the fiscal third quarter, we added access and affordability support for pharma brands that span across 30 indications and more than 12 therapeutic areas. We're pleased to support a diversified portfolio of brands with their unique needs, and ultimately, make these medications more accessible and affordable to providers and patients.

但除了先前的授權之外，我們還看到許多其他解決方案的持續成長。在第三財季，我們增加了涵蓋 30 個適應症和 12 多個治療領域的製藥品牌的可近性和可負擔性支持。我們很高興能夠支持滿足其獨特需求的多元化品牌組合，並最終讓供應商和患者更容易獲得且負擔得起這些藥物。

Biopharma services is a strategic growth pillar for us, and we continue to invest strategically to support its growth. In the past few quarters, we've updated the user interface of our key customer systems, enhanced the core technical infrastructures, and improved the overall user experience. These updates help us support customers and a more efficient manager, as we ramp up the annual verification programs in our fiscal fourth quarter.

生物製藥服務是我們的策略性成長支柱，我們將繼續進行策略性投資以支持其成長。在過去的幾個季度中，我們更新了主要客戶系統的使用者介面，增強了核心技術基礎設施，並改善了整體使用者體驗。隨著我們在第四財季加強年度驗證計劃，這些更新有助於我們支持客戶和更有效率的經理。

Looking across our business segments, we've built a large and diversified portfolio of assets. It is part of our continuous practice to assess this portfolio for strategic alignment. In December, we completed the divestiture of the Rexall and Well.ca businesses. This allows us to focus and prioritize investments in other strategic areas.

縱觀我們的業務部門，我們已經建立了龐大且多元化的資產組合。評估該投資組合的策略一致性是我們持續實踐的一部分。12月，我們完成了Rexall和Well.ca業務的剝離。這使我們能夠集中並優先投資其他戰略領域。

As Canada's largest pharmaceutical distributor, we continue to invest and modernize our distribution introducing automation and technology to improve efficiency. We're also growing a set of biopharma solutions that include third-party logistics, patient care services, and data insights.

作為加拿大最大的醫藥分銷商，我們不斷投資和現代化我們的分銷，引入自動化和技術來提高效率。我們也正在開發一系列生物製藥解決方案，包括第三方物流、病患照護服務和數據洞察。

So let me try to sum up the quarter. McKesson delivered strong quarterly results in fiscal 2025. Three of our four business segments grew adjusted operating profit at double digit rates in the quarter. That represents over 80% of our business growing AOP in double digits and highlights the strong momentum across the enterprise. The fundamentals of our business remain strong and we're taking strategic actions to enhance our differentiated portfolio to drive operational efficiencies and to modernize the enterprise.

讓我試著總結一下本季的情況。麥克森 (McKesson) 在 2025 財年取得了強勁的季度業績。我們四個業務部門中有三個部門的調整後營業利潤在本季實現了兩位數的成長。這意味著我們 80% 以上的業務 AOP 都實現了兩位數的成長，凸顯了整個企業的強勁發展勢頭。我們的業務基礎仍然強勁，我們正在採取策略行動來增強我們的差異化產品組合，以提高營運效率並實現企業現代化。

We're confident in our market positions and pleased with the momentum we're building across the business. Looking ahead, we're focused on delivering a strong finish to fiscal 2025 and driving sustainable long-term growth in the years ahead.

我們對自己的市場地位充滿信心，並對我們整個業務所呈現的發展勢頭感到滿意。展望未來，我們致力於在 2025 財年取得強勁成績，並在未來幾年推動可持續的長期成長。

With that, I'll hand it over to Britt for some additional insights and comments.

說完這些，我將把它交給 Britt，讓他提供一些額外的見解和評論。

Thank you, Brian. Good afternoon. My comments today will refer to our adjusted results. We'll start with consolidated results, followed by a review at the segment level, and conclude with an update on our full year fiscal '25 outlook.

謝謝你，布萊恩。午安.我今天的評論將參考我們調整後的結果。我們將從合併結果開始，然後進行分部層級的審查，最後更新我們對 25 財年全年的展望。

We reported another strong quarter with notable momentum. across the enterprise will please report record quarterly revenue and operating profit, including year-over-year operating profit growth in each segment. These results demonstrate the remarkable breadth of McKesson's products and services and reflect the focus and execution against our company priorities.

我們報告了又一個強勁的季度，且勢頭顯著。整個企業將報告創紀錄的季度收入和營業利潤，包括每個部門的年比營業利潤成長。這些結果證明了 McKesson 產品和服務的廣泛性，並反映了我們公司重點的關注和執行。

Consolidated revenues increased 18% to $95.3 billion, led by growth in the US Pharmaceutical segment due to increased prescription volumes from retail national account customers in growth in the distribution of specialty products, including higher volumes in oncology and specialty provider settings.

綜合收入成長 18%，達到 953 億美元，其中美國製藥部門的成長最為顯著，原因是來自零售全國帳戶客戶的處方量增加以及專科產品分銷的增長，包括腫瘤學和專科提供者環境中的處方量增加。

Gross profit was $3.3 billion, an increase of 7%, primarily a result of specialty distribution and provider growth within the US Pharmaceutical segment and growth in the Prescription Technology Solution segment, driven by our access and affordability solutions.

毛利為 33 億美元，成長 7%，主要由於美國製藥部門的專業分銷和供應商成長以及處方技術解決方案部門的成長，這得益於我們的可近性和可負擔性解決方案。

Operating expenses increased 2% to $1.9 billion. driven by higher expenses to support growth in the US Pharmaceutical segment. We're pleased with the focus in driving a lower operating cost structure, implementing efficiencies through automation and data capabilities, and delivering insights to improve our operations, products, and service offerings. This is reflected in the operating expense to gross profit ratio, which improved over 250 basis points compared to the prior year.

營運費用增加2%至19億美元。受支持美國製藥業成長的更高費用的推動。我們很高興能夠專注於降低營運成本結構，透過自動化和數據功能提高效率，並提供見解以改善我們的營運、產品和服務。這反映在營業費用與毛利之比上，與前一年相比提高了 250 多個基點。

Operating profit was $1.5 billion, an increase of 16%. Year-over-year results benefited from growth across all segments. Interest expense was $62 million, an increase over the prior year, resulting from higher average balances of our loan portfolio during the quarter.

營業利潤為15億美元，成長16%。同比業績受益於所有部門的成長。利息支出為 6,200 萬美元，較前一年增加，原因是本季我們的貸款組合平均餘額較高。

The effective tax rate was 23.9% compared to 10.6% in the prior year. This rate was in line with the guidance provided at recent investor industry conferences.

有效稅率為 23.9%，而上年度為 10.6%。這一比率與最近投資者行業會議提供的指導一致。

Third quarter diluted weighted average share's outstanding was 126.6 million, a decrease of 5%. In third quarter earnings per diluted share increased 4% to $8.03. Year over year growth was driven by strong operational performance in a lower share account, partially offset by a higher tax rate, resulting from discrete items in the quarter.

第三季攤薄加權平均流通股數為1.266億股，下降5%。第三季每股攤薄收益成長 4% 至 8.03 美元。年成長主要得益於較低股份帳戶下的強勁營運業績，但因本季度單獨項目導致的較高稅率，部分抵消了這一增長。

Turning to third quarter segment results, which can be found on slides 8 through 12, and starting with our US Pharmaceutical segment. Revenues were $87.1 billion, an increase of 19%. Revenue growth was led by higher volumes from retail national account customers, growth from specialty product distribution, including higher volumes from oncology and specialty provider settings, and partially offset by the anticipated decline of certain brand volumes due to formulary changes by a retail national account customer beginning in our fiscal 2025 first quarter.

談到第三季分部業績，可以在第 8 至 12 張投影片上找到，從我們的美國製藥分部開始。營收為871億美元，成長19%。收入成長主要得益於零售全國帳戶客戶銷售的增加、專科產品分銷的成長（包括來自腫瘤學和專科提供者環境的銷售增加），但部分抵消了由於從 2025 財年第一季度開始零售全國帳戶客戶處方集變化導致某些品牌銷售預計下降的影響。

Revenues from GLP-1 medications were $10.9 billion in the quarter, an increase of approximately $3.4 billion, or 45% 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 GLP-1 藥物的營收為 109 億美元，較上年增加約 34 億美元，增幅為 45%。我們預計 GLP-1 藥物銷售將逐年成長，但各季度之間會有所差異。

Operating profit increased by $1.5 billion. 14% to $944 million, driven by growth in the distribution of specialty products to health systems and specialty providers, the onboarding of a new strategic customer, and growth in our differentiated oncology platform, partially offset by expected lower distribution volumes of COVID-19 vaccines as compared to the prior year.

營業利潤增加了15億美元。 14% 至 9.44 億美元，主要得益於向醫療系統和專業供應商分銷的專業產品增長、新戰略客戶的加入以及我們差異化的腫瘤學平台的增長，但與上年相比，預計 COVID-19 疫苗分銷量有所下降，從而部分抵消了這一增長。

In the Prescription Technology Solution segment, organic and new program growth across our access and affordability solutions led to strong growth compared to the prior year. Revenues increased 14% to $1.4 billion, and operating profit increased 22% to $235 million.

在處方技術解決方案領域，我們的可及性和可負擔性解決方案的有機成長和新項目成長與去年相比實現了強勁成長。營收成長 14% 至 14 億美元，營業利潤成長 22% 至 2.35 億美元。

Third quarter results reflect increased prescription transaction volumes, which drove higher demand for our access solutions, including prior authorization services for GLP-1 medications, and growth in our third-party logistics business. Year-over-year growth was also supported by increased sales to new customers and programs across our access and affordability solutions.

第三季的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需求增加，包括對 GLP-1 藥物的事先授權服務，以及我們的第三方物流業務的成長。我們面向新客戶和覆蓋所有可訪問性和可負擔性解決方案的項目的銷售成長也推動了同比增長。

Turning to Medical-Surgical Solutions. As Brian mentioned earlier in his remarks, we observed lower than anticipated volumes due to less demand for illness season products. As we've previously discussed, each illness season is unique, and the timing and severity level of each illness season can drive variability from quarter to quarter.

轉向醫療外科解決方案。正如布萊恩在之前的評論中提到的那樣，我們觀察到由於疾病季節產品需求減少導致銷售低於預期。正如我們之前所討論的，每個疾病季節都是獨一無二的，每個疾病季節的時間和嚴重程度會導致每個季度的變化。

Through the fiscal third quarter, this illness season had lower severity levels compared to prior years and lower than our expectations, impacting foot traffic in the primary care settings that we serve. As measured by IQVIA data, illness severity was approximately 62% of the average of the previous five non-COVID illness seasons.

在整個第三財季，本疾病季節的嚴重程度與前幾年相比有所降低，也低於我們的預期，影響了我們服務的初級保健機構的人流。根據 IQVIA 數據測量，疾病嚴重程度約為前五個非 COVID 疾病季節平均值的 62%。

In the third quarter, revenues decreased 3% to $2.9 billion. The decline in revenues can be attributable to the lower levels of seasonal vaccines, illness testing, and related medical surgical supplies in the primary care channel.

第三季度，營收下降 3% 至 29 億美元。收入下降可歸因於初級保健管道中季節性疫苗、疾病檢測和相關醫療外科用品的水平較低。

Operating profit increased 4% to $294 million, driven by operational efficiencies from the cost optimization initiative that we announced in Q1. In growth in the extended care business, these are partially offset by lower contributions in primary care channel as compared to the prior year. As we previously guided, we anticipate the cost optimization initiatives will deliver $100 million of cost savings in the second half of fiscal 2025, with a higher proportion coming in the fourth quarter.

營業利潤成長 4% 至 2.94 億美元，這得益於我們在第一季宣布的成本優化措施帶來的營運效率提升。在延伸護理業務的成長中，這些成長被與前一年相比初級護理管道的貢獻降低部分抵消。正如我們先前的預測，我們預計成本優化措施將在 2025 財年下半年帶來 1 億美元的成本節省，其中第四季將節省更高的比例。

We're pleased with the execution to date and we remain confident in achieving these savings.

我們對迄今為止的執行情況感到滿意，我們仍然有信心實現這些節約。

Next, let me address our International results. Revenues were $3.9 billion, an increase of 6%. And operating profit was $124 million, an increase of 18%, driven by higher pharmaceutical distribution volumes in the Canadian business.

接下來，讓我談談我們的國際業績。營收為 39 億美元，成長 6%。營業利潤為 1.24 億美元，成長 18%，這得益於加拿大業務的藥品分銷量增加。

Operating profit included $19 million or $0.11 of earnings accretion, resulting from the help to sale accounting related to the sale of our Canada-based Rexall and Well.ca businesses, which was completed on December 30, 2024.

營業利潤包括 1900 萬美元或 0.11 美元的收益增量，這源於與出售我們位於加拿大的 Rexall 和 Well.ca 業務相關的銷售會計幫助，該出售於 2024 年 12 月 30 日完成。

Wrapping up our segment review with Corporate. Corporate expenses were $134 million, which included a pre-tax gain of $6 million, or $0.04 per share, related to equity investments within McKesson Ventures portfolio, compared to pre-tax losses of $8 million, or $0.05 per share, in the third quarter of fiscal 2024.

與公司一起結束我們的分部審查。公司支出為 1.34 億美元，其中包括與 McKesson Ventures 投資組合內的股權投資相關的 600 萬美元（合每股 0.04 美元）的稅前收益，而 2024 財年第三季的稅前虧損為 800 萬美元（合每股 0.05 美元）。

Let me turn to cash and capital deployment, which can be found on slide 13. We ended the quarter with $1.1 billion in cash and cash equivalents.

讓我來談談現金和資本部署，可以在幻燈片 13 上找到。本季結束時，我們的現金和現金等價物為 11 億美元。

During the quarter, we had negative free cash flow of $2.6 billion. Timing, including the day of the week that the quarter ended on, led to approximately $2 billion of cash shifting from our fiscal third quarter to our fiscal fourth quarter. This does not impact our full year free cash flow guidance. Additionally, free cash flow included $196 million of capital expenditures, primarily related to investments in new and existing distribution centers, as well as investments in technology, data, and analytics to support our growth priorities.

本季度，我們的自由現金流為負 26 億美元。時間因素，包括季度結束的星期幾，導致約 20 億美元的現金從我們的財政第三季轉移到財政第四季。這不會影響我們全年的自由現金流指引。此外，自由現金流包括 1.96 億美元的資本支出，主要用於對新的和現有配送中心的投資，以及對技術、數據和分析的投資，以支持我們的成長重點。

In the third quarter, we returned $919 million of cash to shareholders, which included $827 million of share repurchases at an average price of $537 per share. And we made $92 million in dividend payments.

第三季度，我們向股東返還了 9.19 億美元現金，其中包括以平均每股 537 美元的價格回購 8.27 億美元的股票。我們支付了 9,200 萬美元的股息。

Now let me discuss our updated fiscal 2025 outlook. As a result of our third quarter performance and the confidence that we have in the outlook for the remainder of the year, we're raising and narrowing our guidance range for fiscal 2025 adjusted earnings per alluded share to $32.55 to $32.95. Our strategy continues to yield exceptional results led by the growing and differentiated oncology and biopharma services platforms supported by a foundation centered on a strong core of distribution assets.

現在讓我討論一下我們最新的 2025 財年展望。由於我們第三季的業績以及今年剩餘時間前景的信心，我們將 2025 財年調整後每股收益的預期範圍上調並縮小至 32.55 美元至 32.95 美元。我們的策略持續取得卓越的成果，由不斷成長且差異化的腫瘤學和生物製藥服務平台引領，並以強大的分銷資產核心為基礎提供支援。

In the US Pharmaceutical segment, our core pharmaceutical distribution operations continue to demonstrate a diversified and strong value proposition to customers. We anticipate revenues to increase 18% to 20% and operating profit to increase 11% to 13%. This updated segment outlook incorporates strong third quarter performance, as well as continued momentum in the core distribution business, including stable utilization trends, performance of our sourcing program, and continued growth in specialty pharmaceuticals.

在美國製藥領域，我們的核心醫藥分銷業務繼續向客戶展示多樣化和強大的價值主張。我們預計營收將成長 18% 至 20%，營業利潤將成長 11% 至 13%。更新後的分部展望涵蓋了強勁的第三季度業績以及核心分銷業務的持續發展勢頭，包括穩定的利用率趨勢、採購計劃的業績以及特種藥品的持續增長。

We continue to be pleased with the strategic partner we announced and onboarded in July. 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 $32 billion of incremental revenue in full year fiscal 2025, and it's incorporated in the full year outlook.

我們對 7 月宣布並加入的策略夥伴感到非常高興。此次合作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。我們預計該戰略合作夥伴關係將在 2025 財年全年貢獻約 320 億美元的增量收入，並已納入全年展望。

Our oncology platform is delivering across a range of capabilities, including distribution, practice management, data and analytics, and clinical research. More than 2750 providers in the US oncology network continue to experience solid growth with same site visits increasing 6% in the quarter.

我們的腫瘤學平台提供一系列功能，包括分發、實踐管理、數據和分析以及臨床研究。美國腫瘤學網路中的 2750 多家醫療服務提供者持續保持穩健成長，本季同一站點的訪問量增加了 6%。

And yesterday, we announced the signing of a definitive agreement to acquire controlling interest in PRISM Vision Holdings, a premier provider of general ophthalmology and retinal management services. This transaction advances McKesson specialty position in our commitment to improve and expand patient access to quality community care. We intend to develop a leading platform for retinal care, delivering differentiated solutions in value across providers, biopharma partners, and patients.

昨天，我們宣布簽署最終協議，收購 PRISM Vision Holdings 的控股權，該公司是一家領先的眼科和視網膜管理服務提供商。此交易提升了 McKesson 在改善和擴大患者獲得優質社區護理機會方面所發揮的專業地位。我們旨在開發一個領先的視網膜護理平台，為供應商、生物製藥合作夥伴和患者提供差異化的解決方案。

McKesson's long track record of leading practice management and clinical research outcomes with our differentiated oncology platform will allow us to expand our suite of solutions and continue to pursue our purpose of advancing health outcomes for all.

麥克森憑藉其差異化的腫瘤學平台在領先實踐管理和臨床研究成果方面擁有長期的記錄，這將使我們能夠擴展我們的解決方案套件，並繼續追求提高所有人健康水平的目標。

McKesson will purchase an 80% ownership interest for approximately $850 million. We anticipate financing the transaction with a mixture of cash and debt. Following completion of the transaction, PRISM Vision will be part of McKesson's broad set of specialty solutions. The financial results will be consolidated within McKesson's US Pharmaceutical segment.

McKesson 將以約 8.5 億美元的價格收購 80% 的所有權。我們預計將以現金和債務相結合的方式為該交易融資。交易完成後，PRISM Vision 將成為 McKesson 廣泛的專業解決方案的一部分。財務表現將合併至 McKesson 的美國製藥部門。

Upon closing, PRISM is anticipated to be approximately $0.20 to $0.30 accretive to McKesson's adjusted earnings per diluted share in the first 12 months post-closing and $0.65 to $0.75 accretive by the end of the third year following the close of the transaction. The transaction is subject to customary closing conditions, including necessary regulatory clearances and we have not included any financial results from this transaction in our updated fiscal 2025 outlook.

交易完成後，PRISM 預計將在交易結束後的前 12 個月內為 McKesson 的調整後每股攤薄收益增加約 0.20 美元至 0.30 美元，並在交易結束後的第三年末為 McKesson 的調整後每股攤薄收益增加 0.65 美元至 0.75 美元。該交易需滿足慣例成交條件，包括必要的監管批准，並且我們尚未在更新的 2025 財年展望中包含該交易的任何財務結果。

In the Prescription Technology Solution segment, we anticipate revenues increase 9% to 12% and operating profit to increase 12% to 15%. The updated outlook incorporates the strong third quarter performance and affirms our confidence in achieving operating profit growth at or above the long term growth rate targets in fiscal 2025.

在處方技術解決方案領域，我們預計收入將成長 9% 至 12%，營業利潤將成長 12% 至 15%。更新後的展望考慮到了第三季度的強勁表現，並堅定了我們對在 2025 財年實現達到或超過長期增長率目標的營業利潤增長的信心。

As we've previously communicated, we anticipate revenue and operating profit growth will not be linear and will vary from quarter to quarter, driven by several factors, including the timing and trajectory of new product drug launches; utilization trends; the evolution of a product's 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 strategies; the annual verification programs that we provide for our customers that occur in our fiscal fourth quarter; and the size and timing of investments to support and expand our product portfolio.

正如我們先前所傳達的，我們預期收入和營業利潤成長不會是線性的，並且會因多種因素而有所不同，包括新產品藥品發布的時間和軌跡；利用趨勢；隨著產品的成熟，其程序支援需求會發生變化，這可能導致轉向其他服務或程序終止、產品延遲和供應短缺；付款人要求，包括利用管理和處方策略；我們在財政第四季為客戶提供的年度驗證計畫；以及支持和擴大我們的產品組合的投資規模和時間。

Moving to Medical-Surgical Solutions. During the third quarter, we observed lower-than-anticipated illness season volumes, including vaccines and testing. And lower volumes in the primary care channel, which negatively impacted third quarter results more than originally anticipated. As a result of third quarter performance in our revised outlook for the remainder of the fiscal year, we now anticipate revenues and operating profit to be roughly flat to the prior year, a result of the weaker than anticipated illness season.

轉向醫療外科解決方案。在第三季度，我們觀察到疾病季節的數量低於預期，包括疫苗和檢測。初級保健通路銷售下降，對第三季業績產生了比最初預期更大的負面影響。由於第三季的表現影響了我們對本財年剩餘時間的預期，我們目前預計收入和營業利潤將與上年大致持平，這是由於疾病季節的強度低於預期。

Despite these macro challenges, we have made progress toward our previously announced cost optimization initiatives, which have already begun to drive anticipated operational efficiencies in this segment. We continue to anticipate these initiatives will deliver approximately $100 million in cost savings in fiscal 2025 as previously outlined, and will be more heavily weighted towards the fourth quarter.

儘管面臨這些宏觀挑戰，我們在先前宣布的成本優化措施方面已經取得了進展，這些措施已開始推動該領域預期的營運效率。我們繼續預計這些舉措將在 2025 財年帶來約 1 億美元的成本節省，如前所述，並將更多地集中在第四季度。

In the International segment, we anticipate revenues to increase 3% to 7%, and operating profit increased 10% to 14%. As I mentioned at the beginning of my remarks, we completed the sale of our Canada-based Rexall and Well.ca businesses at the end of the third quarter. This transaction closed earlier than we had previously anticipated, negatively impacting operating profit guidance and is the main driver behind the change in guidance for the segment. We also remain committed to exit and fully divest our European business.

在國際部門，我們預計營收將成長 3% 至 7%，營業利潤將成長 10% 至 14%。正如我在演講開頭提到的，我們在第三季末完成了加拿大 Rexall 和 Well.ca 業務的出售。這筆交易比我們之前預期的要早完成，對營業利潤指引產生了負面影響，也是該部門指引變化的主要原因。我們也將繼續致力於退出並徹底剝離我們的歐洲業務。

As a reminder, Norway remains the only operating country in Europe that we've not entered into an agreement to sell, and contributions related to operations in Norway are included in the fiscal 2025 outlook for the segment. We intend to exit Norway as part of the completion of our European exit.

提醒一下，挪威仍然是我們在歐洲唯一尚未簽訂出售協議的營運國家，與挪威營運相關的貢獻已包含在該部門 2025 財年展望中。我們打算退出挪威，作為退出歐洲的一部分。

Finally, in the Corporate segment, we anticipate expenses to be in the range of $480 million to $520 million, which incorporates the impact of $6 million of pretax gains related to equity investments within the McKesson Ventures portfolio in the third quarter. As a reminder, 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 of which can vary for each investment.

最後，在企業部門，我們預計支出將在 4.8 億美元至 5.2 億美元之間，其中包括第三季 McKesson Ventures 投資組合中的股權投資相關的 600 萬美元稅前收益的影響。提醒一下，McKesson Ventures 對合併財務的影響可能受到每項投資的季度表現的影響，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有所不同。

Moving below the line, we anticipate interest expense to be approximately $255 million to $265 million, reflecting higher-than-anticipated interest expense in the third quarter and anticipated additional borrowing activities driven by the timing of working capital in the fourth quarter.

低於這一水平時，我們預計利息支出約為 2.55 億美元至 2.65 億美元，這反映了第三季度高於預期的利息支出以及第四季度營運資金時間安排推動的預期額外借貸活動。

We anticipate income attributable to noncontrolling interest to be in the range of $185 million to $195 million, owing to the success of ClarusONE's generic sourcing operations. We anticipate the full year effective tax rate will be in the range of approximately 17% to 19%.

由於 ClarusONE 仿製藥採購業務的成功，我們預計非控制權益收入將在 1.85 億美元至 1.95 億美元之間。我們預計全年有效稅率將在約 17% 至 19% 之間。

And turning to cash flow and capital deployment, we remain focused on shareholder value creation and our disciplined capital deployment approach remains unchanged. It starts with stable and growing free cash flow. For fiscal 2025, we anticipate free cashflow of approximately $4.8 billion to $5.2 billion.

談到現金流和資本配置，我們仍然專注於創造股東價值，我們嚴謹的資本配置方法保持不變。它始於穩定且成長的自由現金流。對於 2025 財年，我們預計自由現金流約為 48 億美元至 52 億美元。

Next, we'll continue to deploy capital to grow the business on strategy. The acquisition of PRISM Vision is a good example of this.

接下來，我們將繼續投入資本，推動業務策略性成長。收購 PRISM Vision 就是一個很好的例子。

Secondly, we'll return capital to our shareholders through a growing dividend in value creating share repurchases. Our guidance includes plans to repurchase approximately $3.2 billion of shares in fiscal 2025. As a result of the share repurchase activity, we estimate weighted average diluted shares outstanding to be approximately 128 million.

其次，我們將透過創造價值的股票回購增加股利來向股東返還資本。我們的指導包括在 2025 財年回購約 32 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流通股數約為1.28億股。

And finally, we'll maintain a strong balance sheet with stable credit ratings.

最後，我們將維持強勁的資產負債表和穩定的信用評級。

Wrapping up fiscal 2025 guidance, we anticipate revenue growth of 16% to 18% and operating profit growth of 13% to 15% compared to the prior year. For fiscal 2025, we anticipate earnings per diluted share of $32.55 to $32.95, which represents approximately 19% to 20% growth as compared to fiscal 2024.

總結 2025 財年指引，我們預期營收將比上一年成長 16% 至 18%，營業利潤將比前一年成長 13% 至 15%。對於 2025 財年，我們預計每股攤薄收益為 32.55 美元至 32.95 美元，與 2024 財年相比增長約 19% 至 20%。

Before I close, I'd like to share some initial thoughts on fiscal 2026. We anticipate our operating momentum to persist. As Brian mentioned earlier, approximately 80% of the operating profit of the company is growing at double digit growth rates in fiscal 2025. As a result, we maintain confidence in the long term adjusted EPS target of 12% to 14% growth.

最後，我想分享一些關於 2026 財政年度的初步想法。我們預計我們的經營勢頭將持續下去。正如Brian先前所提到的，到2025財年，公司大約80%的營業利潤將以兩位數的成長率成長。因此，我們對長期調整後每股收益成長 12% 至 14% 的目標保持信心。

In US Pharmaceutical, there are several positive items that we anticipate will continue to support growth in fiscal 2026. These include the scale and efficiency of our pharmaceutical distribution operations, our leading position in specialty, including the breadth of our oncology platform, the US Oncology Network, GPO services, Ontada and Sarah Cannon Research Institute; the growth of other specialties in areas like retina and ophthalmology, which include the recently announced acquisition of PRISM Vision; and our leading generics offerings, including the strength of ClarusONE.

在美國製藥業，我們預計有幾個積極的因素將繼續支持 2026 財年的成長。這些包括我們的藥品分銷業務的規模和效率、我們在專業領域的領先地位，包括我們的腫瘤學平台的廣度、美國腫瘤學網絡、 GPO 服務、Ontada 和莎拉坎農研究所；視網膜和眼科等領域其他專業領域的發展，包括最近宣布的收購 PRISM Vision；以及我們領先的仿製藥產品，包括強效的 ClarusONE。

We anticipate that the strength we're seeing across the Prescription Technology Solutions segment will continue to benefit from our leading products and capabilities, supported by several factors, which would include stable utilization trends, differentiated access and affordability programs, unmatched connectivity as our solutions are in the workflow of over 950,000 providers and more than 50,000 pharmacies, and innovative products and services supported by ongoing investments.

我們預計，處方技術解決方案領域的優勢將繼續受益於我們領先的產品和能力，並得到多種因素的支持，其中包括穩定的使用趨勢、差異化的訪問和可負擔性計劃、無與倫比的連接性（因為我們的解決方案已融入超過 950,000 家供應商和超過 50,000 家藥店的創新流程的創新

Our Medical-Surgical Solutions segment is well positioned as care continues to move across the alternate site settings. We're confident that the cost optimization actions we've taken will better align our business to the markets and customers that we serve. We'll continue to evaluate the environment as the illness season progresses, as primary care markets continue to stabilize, and the overall impacts from our early cost optimization efforts materialize.

隨著護理不斷在替代站點設置中轉移，我們的醫療外科解決方案部門處於有利地位。我們相信，我們採取的成本優化措施將使我們的業務更能適應我們所服務的市場和客戶。隨著疾病季節的進展、初級保健市場持續穩定以及我們早期成本優化工作的整體影響逐漸顯現，我們將繼續評估環境。

Finally, we'll continue to invest in adding capabilities to our North American distribution footprint.

最後，我們將繼續投資，增強我們在北美的分銷能力。

These investments include increased capacity, automation and regulatory excellence capabilities. We are modernizing the enterprise and we're investing in data and analytics, including the acceleration of several investments in cloud, networking and infrastructure. We're also accelerating the use of AI to unlock the potential to deliver customer and foundational enhancements. We're using AI to improve the customer experience and improved productivity, including supply chain disruption, predictions, forecast accuracy algorithms and fraud detection.

這些投資包括提高產能、自動化和監管卓越能力。我們正在進行企業現代化，並在數據和分析方面進行投資，包括加速對雲端、網路和基礎設施的多項投資。我們也正在加速使用人工智慧來釋放提供客戶和基礎增強功能的潛力。我們正在使用人工智慧來改善客戶體驗和提高生產力，包括供應鏈中斷、預測、預測準確性演算法和詐欺檢測。

In closing, our third quarter results represent another strong performance with operating profit growth across all segments, demonstrating remarkable execution against our strategic growth pillars. Through the durability of our business models, the scale and differentiation across our solutions and services in the investments we're making to modernize and accelerate the enterprise, we're committed to delivering value creation.

最後，我們第三季的業績再次表現強勁，所有部門的營業利潤均實現成長，反映了我們在策略成長支柱方面的出色執行力。透過我們業務模式的持久性、我們解決方案和服務的規模和差異化以及我們為實現企業現代化和加速發展而進行的投資，我們致力於創造價值。

We're confident in McKesson's bright future. We have leading positions across distribution and biopharma services, driven by our execution and innovative solutions.

我們對 McKesson 的美好未來充滿信心。我們在分銷和生物製藥服務領域處於領先地位，這得益於我們的執行力和創新解決方案。

Before turning to Q&A, I'd like to take a moment to thank Rachel Rodriguez. Rachel's is taking a new role on our corporate FP&A team. I'd like to thank Rachel for her positive impact leading Investor Relations for the past 3.5 years, and the partnership with both Brian and me.

在進入問答環節之前，我想花點時間感謝 Rachel Rodriguez。Rachel 正在我們公司的 FP&A 團隊中擔任新職務。我要感謝 Rachel 在過去 3.5 年對投資者關係的領導產生的正面影響，以及與 Brian 和我的合作。

And I'd like to welcome Jenny Dominguez, who will now be leading the Investor Relations team. Jenny has a long track record in several leadership positions across our finance teams at McKesson.

我歡迎珍妮·多明格斯 (Jenny Dominguez)，她現在將領導投資者關係團隊。Jenny 在 McKesson 的財務團隊中擔任過多個領導職務，擁有豐富的經驗。

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

接下來，讓我們進入問答環節。

(Operator Instructions) And we'll take our first question.

（操作員指示）我們將回答第一個問題。

Eric Percher from Nephron Research. I appreciate the detail in '25 and early view of '26. Brian and Britt, can I ask you -- it sounds like you expect the utilization levels you've seen driving pharma and specialty continue and the growth rate elevation.

Nephron Research 的 Eric Percher。我很欣賞 25 年的細節和 26 年的早期觀點。布萊恩和布里特，我可以問你們嗎——聽起來你們預計推動製藥和專業領域的利用率水準將繼續保持，成長率也將上升。

How much of that do you attribute to the macro trends versus what is unique about your specialty business? And any areas where we should have concern about the ability to carry on into next year? And then the final piece I'd ask is, is there any area where IRA is impacting your business today?

您認為其中有多少是宏觀趨勢造成的，又有多少是您專業事業的獨特之處？我們應該對哪些領域能否延續到明年感到擔憂？我最後想問的問題是，IRA 目前對您的業務有何影響？

I'll start, Eric, thanks for the question. I mean, I think we've seen pretty stable and consistent overall prescription volume in the pharma segment. The last several quarters, obviously, specialty and oncology in particular, has been strong. We've been benefiting from the growth in GLP-1s.

我先開始了，艾瑞克，謝謝你的提問。我的意思是，我認為我們看到製藥領域的整體處方量相當穩定且一致。顯然，過去幾個季度，專業領域和腫瘤學領域表現尤其強勁。我們一直受益於 GLP-1 的成長。

But I think as we scan the environment today, other than some quarter-to-quarter volatility in GLP-1s, which could be hard to predict, we think the environment will continue to be sort of pretty steady and as has been. Obviously, FY25 is playing out very consistent with our expectations.

但我認為，當我們審視今天的環境時，除了 GLP-1 的一些季度間波動（可能難以預測）之外，我們認為環境將繼續保持相當穩定的狀態，就像以前一樣。顯然，FY25 的表現與我們的預期非常一致。

The growth in the US oncology network has been solid and is clearly a driver and our set of differentiated assets there is helping us. We've had 6% same-store patient growth. And then obviously, we augment that over the course of the last several years with practice -- new practice members joining the US Oncology Network. So I think that has been a position of strength and will continue to be for us.

美國腫瘤學網絡的成長一直很穩健，這顯然是一個驅動因素，而我們在那裡的一系列差異化資產也正在為我們提供幫助。我們的同店患者成長率為 6%。顯然，在過去幾年中，我們透過實踐增強了這一點——新的實踐成員加入了美國腫瘤網絡。所以我認為這對我們來說一直是一個強勢地位並且將繼續如此。

Kevin Caliendo, UBS.

瑞銀的凱文‧卡利恩多 (Kevin Caliendo)。

I guess I just wanted -- I'm a little confused on the commentary that you had for fiscal '26. Are you actually sort of blessing that we should take the guidance from '25? And given the variables that you described for the segments, be comfortable with -- that you're comfortable with an earnings growth rate of 12% to 14%? And if so, is that inclusive of the deal that you've announced already, that haven't closed yet?

我想我只是想——我對你對 26 財年的評論有點困惑。您實際上是否贊同我們應該接受 25 年的指導？並且考慮到您所描述的各個細分市場的變量，您是否可以接受 12% 至 14% 的盈利增長率？如果是的話，這是否包括您已經宣布但尚未完成的交易？

Kevin, thanks for the question. Let me clarify that. What we wanted to try to do would give you some of the qualitative factors that we see supporting the business this year that we would expect qualitatively will be a part of the algorithm next year.

凱文，謝謝你的提問。讓我澄清一下。我們希望嘗試為您提供一些我們認為可以支持今年業務的定性因素，我們預計這些定性因素將成為明年演算法的一部分。

We are giving you the long-term EPS growth rate. We're firming that at 12% to 14%. We feel comfortable with that. Obviously, as we get to our fourth quarter earnings, we'll give you a more detailed breakdown by each segment.

我們為您提供長期每股盈餘成長率。我們將其確定為 12% 至 14%。我們對此感到很滿意。顯然，當我們獲得第四季度收益時，我們將為您提供每個部門的更詳細分類。

I think qualitatively, a lot of the factors that we see driving the business should be in place next year. We think that will support the long-term adjusted EPS growth rate of 12% to 14%. In terms of the acquisitions, I'll just remind you that they're subject to customary regulatory closing conditions and review.

我認為從品質上來說，我們看到的許多推動業務發展的因素明年應該就會到位。我們認為這將支持長期調整後每股收益成長率達到 12% 至 14%。關於收購，我只想提醒你，它們必須符合慣例的監管成交條件和審查。

We did give you the first 12 months accretion when those deals do close. But obviously, they haven't closed. They're still going through the customary regulatory review process, but we feel comfortable in at least providing you the accretion for the first 12 months and then after that.

當這些交易完成時，我們確實會給予您前 12 個月的增值。但顯然他們還沒關門。他們仍在經歷慣常的監管審查程序，但我們至少能夠在前 12 個月及之後為您提供累積。

Thank you.

謝謝。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Good afternoon, thanks for taking the questions. One for Britt. 2% operating expense growth in the quarter that's really strong. As we look at the different segments, there does seem to be some variability by segment. I think you're investing in RxTS and there's some cost cuts in MedSurg.

下午好，感謝您回答問題。一個給布里特。本季營業費用成長 2%，這確實很強勁。當我們觀察不同的部分時，發現各個部分之間似乎確實存在一些差異。我認為您正在投資 RxTS，並且 MedSurg 的成本有所削減。

Can you talk about the big drivers and some of the variability within segments to get to that 2% OpEx growth? And how to think about, what's embedded in 4Q. And maybe exiting 4Q, how you're thinking about operating expense growth? Thanks.

您能否談談實現 2% 營運支出成長的主要驅動因素和各部門內的一些變化因素？以及如何思考，4Q 包含什麼。也許在第四季結束後，您如何看待營運費用的成長？謝謝。

Yeah. Thanks for that question, Allen. I think we've talked about this back in November when we had our sell-side update. One of the things that we've really focused on for the last several years is driving operating leverage into the business. And we've seen our ability for us to do that over the last several years, getting operating efficiency in our North American distribution businesses, and clearly focusing on investments to drive better data and analytics, better sourcing, better capabilities from our operations.

是的。謝謝你的提問，艾倫。我想我們去年 11 月賣方更新時就討論過這個問題。過去幾年我們真正關注的事情之一就是推動經營槓桿進入企業。我們在過去幾年中已經看到了我們做到這一點的能力，提高了北美分銷業務的營運效率，並明確專注於投資以推動更好的數據和分析、更好的採購和更好的營運能力。

So we are getting more efficient. We are driving more leverage and more throughput through the organization, but at the same time, investing back in key areas; key areas like RxTS, where we're putting investments to play to support additional products and services and capabilities. And you should expect us to continue to do that.

因此我們的效率越來越高。我們正在透過組織推動更多的槓桿和更多的產出，但同時，我們也在關鍵領域進行投資；我們在 RxTS 等關鍵領域進行投資，以支援更多的產品、服務和功能。你應該期待我們繼續這樣做。

So generally speaking, driving great operating leverage through getting efficiencies, automation, data and analytics capabilities, but we will continue to invest against our growth strategy to RxTS being one of those.

因此一般來說，透過獲得效率、自動化、數據和分析能力來實現巨大的營運槓桿，但我們將繼續根據我們的成長策略進行投資，RxTS 就是其中之一。

Elizabeth Anderson, Evercore ISI. Again, Ms. Anderson, your line is open, perhaps you're on mute.

伊麗莎白·安德森（Elizabeth Anderson），Evercore ISI。再說一次，安德森女士，您的線路是開放的，也許您處於靜音狀態。

Brian Tanquilut, Jefferies.

傑富瑞 (Jefferies) 的 Brian Tanquilut。

Hey, good afternoon, guys. Just a quick two-parter. Brian, as I think about the medical side of the business, how are we -- I guess the seasonality factor that has impacted that. But how are you thinking about market share in that segment or that industry? And then maybe, Britt, really quickly on PRISM. Who is a distributor for PRISM currently? Is that incremental business coming in for you guys? Thanks.

嘿，大家下午好。這只是一段簡短的雙人表演。布萊恩，當我考慮業務的醫療方面時，我們的情況如何——我猜是季節性因素影響了這一點。但是您如何看待該領域或該行業的市場份額？然後也許，布里特，很快就能了解 PRISM。目前誰是 PRISM 的經銷商？這對你們來說是一項增量業務嗎？謝謝。

No. I mean, in terms of the medical business, just to remind everybody that years ago, we shifted the strategy of this business to be focused on the alternate-site locations. Physician office, specialty clinics, long-term care, urgent care clinics, retail care clinics.

不。我的意思是，就醫療業務而言，只是想提醒大家，幾年前，我們就改變了這項業務的策略，將重點放在替代站點位置上。醫生辦公室、專科診所、長期照護、緊急護理診所、零售護理診所。

And so that's -- when you talk about market share, it's really hard to get definitive market share in the alternate site markets. But it's clear we have a leading positions in those marketplaces. We're probably a lot less focused on market share than just growing customer base, expanding share of wallet.

所以，當你談論市場份額時，在替代網站市場中獲得明確的市場份額確實很難。但很明顯我們在這些市場處於領先地位。我們可能不太關注市場份額，而更關注擴大客戶群和擴大錢包份額。

A part of the strategy in this business over the years has been to evolve from just commodity medical products to more sophisticated medical products, the lab, pharmaceuticals, kind of all things that these alternative site locations need to support the practice of medicine that they're providing there. So we're quite confident in our capabilities, the breadth of those capabilities, including our private label programs. So we think that, that's what supported our great share position in those markets.

多年來，該業務策略的一部分是從單純的商品醫療產品發展到更複雜的醫療產品、實驗室、藥品以及這些替代場地所需的一切東西，以支持他們在那裡提供的醫療實踐。因此，我們對我們的能力以及能力的廣度非常有信心，包括我們的自有品牌計劃。所以我們認為，這就是我們在這些市場保持強大份額的原因。

And to quickly answer your question on PRISM, we are not the distributor today. We would pick that business up, and it's included in the accretion numbers that we provided you.

快速回答您關於 PRISM 的問題，我們今天不是經銷商。我們會接手這項業務，並將其包含在我們向您提供的增值數字中。

Charles Rhyee, TD Cowen.

查爾斯·瑞（Charles Rhyee），TD Cowen。

This is Lucas on for Charles. I wanted to ask about the MedSurg segment and kind of the outlook for '26. The midpoint of your implied guide for implies an exit rate -- growth rate of about 13% to 14%. I guess, one, how much of this strong growth rate incorporates an uptick in the respiratory illness uptick in flu cases to start the year? And then for fiscal '26, just thinking about the growth rate and the moving pieces there.

盧卡斯代替查爾斯上場。我想問一下 MedSurg 部門以及 26 年的前景。您的隱含指南的中點意味著退出率 - 成長率約為 13％ 至 14％。我想，第一，今年年初，這種強勁的成長率有多少是考慮到呼吸系統疾病和流感病例的上升而產生的？然後對於 26 財年，只考慮成長率和其中的變動因素。

Are we obviously expecting $100 million worth of costs lapping and cost optimization benefit in '26? But also too, when you guys initiated your guidance last May, you kind of highlighted investments made in the MedSurg segment driven around 2 percentage points worth of growth. So maybe confirm that still an ongoing process and that we can potentially lap that in '26? Thanks.

我們是否顯然期望在 26 年實現價值 1 億美元的成本重疊和成本優化效益？但同時，當你們在去年 5 月發布指導意見時，你們也強調了在 MedSurg 領域的投資推動了約 2 個百分點的成長。因此也許可以確認這仍然是一個正在進行的過程，並且我們有可能在'26 年完成它？謝謝。

Yeah. Thanks for your question. I'll make a couple of comments here. We have not provided specific guidance for any of our segments at this point for FY26. We have seen a softer flu season and less demand for illness season in general and for those illness season products.

是的。感謝您的提問。我在此發表幾點評論。目前，我們尚未為任何部門提供 26 財年的具體指導。我們已經看到流感季節有所緩解，總體而言，對疾病季節以及疾病季節產品的需求均有所下降。

We're not making any prediction on the remainder certainly on next year's illness season. We are pleased with our efforts thus far in the cost optimization initiatives, and we do anticipate that we'll get those $100 million of savings this year. And clearly, we're continuing to work on the business and get it aligned correctly with our customer base and the markets that we serve.

我們不會對剩下的情況尤其是明年的疾病季節做出任何預測。我們對迄今為止在成本優化措施方面所做的努力感到滿意，我們預計今年將節省 1 億美元。顯然，我們將繼續致力於業務並使其與我們的客戶群和我們服務的市場正確保持一致。

And that's something that we'll just continue to focus on. We have seen softer volumes in the primary care channels and settings that we serve, and we'll continue to evaluate that, as I mentioned in my comments, we're going to evaluate the markets and the -- how the illness season plays out for the rest of this year and continue to evaluate our cost optimization efforts as they materialize through the end of the year.

我們將繼續關注這一點。我們發現，我們所服務的初級保健管道和環境中的業務量有所下降，我們將繼續評估這一點，正如我在評論中提到的那樣，我們將評估市場以及今年剩餘時間的疾病季節如何發展，並繼續評估我們的成本優化工作，因為它們將在年底前實現。

So what I could tell you is that clearly, we are seeing a soft illness season. That's impacting other components of our volumes in the primary care channel settings, but we're pleased with the efforts on the cost optimization initiatives this year.

因此我可以明確地告訴大家，我們正處於一個疾病淡季。這影響了我們在初級保健管道設定中的其他業務部分，但我們對今年在成本優化舉措方面的努力感到滿意。

Lisa Gill, JPMorgan.

摩根大通的麗莎吉爾 (Lisa Gill)。

Thanks so much. Britt, I wanted to follow up on a comment that you made around brand changes. And I'm assuming that talking about formulary changes that pertains to PBMs. And you have two large mail order (inaudible) of business with both Optum and Caremark.

非常感謝。布里特，我想跟進你關於品牌變化的評論。我認為所討論的是與 PBM 相關的處方變化。您與 Optum 和 Caremark 都有兩筆大型郵購（聽不清楚）業務。

I just sort of want to understand, as we see those changes, I'm assuming it's around things like Humira, as we move into 20 -- your fiscal '26 or calendar '25, we're going to have Stelara, where we'll have a biosimilar. So really my question is two things.

我只是想了解，當我們看到這些變化時，我假設它圍繞著 Humira 之類的東西，當我們進入 20 年——你的 26 財年或 25 日曆年，我們將擁有 Stelara，我們將擁有生物仿製藥。所以我的問題其實有兩個。

One, is it that you're calling out that's a revenue impact, but you're still going to distribute the product and so you've got potential better margin on that biosimilar? Or is it more that we're seeing some of these players actually self distribute something on the biosimilar side. And therefore, that could be a headwind as we move into more biosimilars?

首先，您是否指出這會影響收入，但您仍將分銷該產品，因此您在該生物相似藥上可能獲得更好的利潤？或者我們看到其中一些參與者實際上在生物相似藥方面自行分銷一些東西。因此，當我們轉向更多生物相似藥時，這可能會成為一種阻力？

I just want to understand that in general and how we should think about that going into next year. As you look at the formulary changes for all the big PBMs and the changes that they're making.

我只是想從總體上了解這一點，以及我們應該如何考慮明年的問題。當您查看所有大型 PBM 的處方變化以及他們所做的更改時。

Yeah. Thanks for the question, Lisa. This is a very similar comment that I made in prior quarters this year. This is one particular product that did go biosimilar. And there was a formulary change made by a large retail national customer of ours.

是的。謝謝你的提問，麗莎。這與我今年前幾季所發表的評論非常相似。這是一種已實現生物相似藥的特定產品。我們的一家大型全國零售客戶對處方進行了更改。

It's a revenue issue for us, and all I'm doing is calling that out as a revenue impact in this particular quarter.

對我們來說這是一個收入問題，我所做的就是將其作為本季的收入影響。

Not making any comments on other products that may go off brand and go biosimilar. We'll see how those play out as time goes on. But this is the same the same issue that we called out in the first quarter. It's a revenue issue on one product with one particular customer.

不對可能脫離品牌或生物相似藥的其他產品發表任何評論。我們將看到隨著時間的推移這些情況將如何發展。但這與我們在第一季指出的問題是一樣的。這是針對某一特定客戶的某一產品的收入問題。

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

I appreciate all the color on the factors of the business that you feel reasonably confident are going to persist into fiscal 2026. Just as we think about the earnings baseline, are there things that you think we should be thinking as a potential maybe adjustments to the baseline and maybe potential headwinds as you move into fiscal 2026? Or anything you might describe as more of a swing factor approach to keep in mind?

我很欣賞您對業務因素的所有看法，您有信心這些因素將持續到 2026 財年。當我們考慮獲利基準時，您是否認為我們應該考慮一些事情，例如在進入 2026 財年時對基準進行的潛在調整以及可能遇到的阻力？或者您可能會描述任何更需要牢記的搖擺因素方法？

Yeah. I appreciate that question. Look, I think there's a few things that are somewhat analogous to this year. Clearly, we've onboarded a large strategic customer in our US Pharmaceutical business that was onboarded in our -- beginning of our second quarter.

是的。我很感謝這個問題。看，我認為有些事情與今年有些類似。顯然，我們在美國製藥業務中已經吸收了一位大型策略客戶，該客戶是在第二季初加入的。

And I think other than that, we really are very pleased with strong utilization, as Brian mentioned, in our pharmaceutical distribution as well as in our specialty businesses. We continue to make good progress in our specialty areas, such as oncology.

而且我認為除此之外，正如 Brian 所提到的那樣，我們對藥品分銷以及專業業務中的強大利用率感到非常滿意。我們在腫瘤學等專業領域持續取得良好進展。

As Brian has talked about here, we've added 185 providers this year, which is really a high watermark for us over the last several years. We're seeing really good same site visits going through those provider bases. So I think -- as you think about the year, clearly, there are a couple of items such as adding a large strategic partner. But generally speaking, the businesses are performing in line with or slightly above our long-range targets, and we're really pleased with that performance.

正如 Brian 在這裡談到的，我們今年增加了 185 家供應商，這對我們過去幾年來說確實是一個高水準。我們發現這些提供者基地的同一站點訪問量確實很好。所以我認為——當你回顧這一年時，顯然有幾件事要做，例如增加一個大型策略夥伴。但總體而言，業務表現符合或略高於我們的長期目標，我們對這種表現感到非常滿意。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

A follow-up on PRISM. Just how do you think about the opportunity across general ophthalmology versus the retina business? I understand it has kind of both -- I think there's more of a pharmaceutical angle from a retina perspective, but how do you think about that and the potential synergies, the opportunities around biosimilars like EYLEA?

對 PRISM 的後續行動。您如何看待一般眼科與視網膜業務之間的機會？我理解它具有兩種含義——我認為從視網膜的角度來看，它更多的是一個藥物角度，但您如何看待它以及潛在的協同效應和 EYLEA 等生物仿製藥帶來的機會？

And you mentioned some of the initiatives in the space like Onmark from a vision perspective. And are there other investments that you need to make or build out kind of in and around this space? And is this an area that from a disclosure standpoint, and I think one of your peers will be doing this is, is breaking this out, whether it's PRISM or US oncology or think you got greater disclosure around some of those MSO businesses?

您從視覺角度提到了該領域的一些舉措，例如 Onmark。您是否需要在這個領域及其周邊進行其他投資或建設？從披露的角度來看，這是否是一個領域？ 我認為您的一位同行將會做這件事，無論是 PRISM 還是美國腫瘤學，或者您認為您對一些 MSO 業務進行了更深入的披露嗎？

I'll start, and then Britt, you can complement my comments. I think the one thing that attracted us to PRISM was their approach to coordinated care and treating the full spectrum of eye care, retina, general ophthalmology and ambulatory surgery centers. So they're a provider for general ophthalmology and retina centers.

我先開始，然後布里特，你可以補充我的評論。我認為 PRISM 吸引我們的一點是他們的協調護理方法以及對眼部護理、視網膜、普通眼科和門診手術中心等全方位的治療。所以他們是綜合眼科和視網膜中心的服務提供者。

And as you think about our strategy and the evolution of our strategy here. We started by acquiring some assets in GPO and some software called RetinaOS, which I described in my opening comments. And so we began to build pieces of the platform. And as we reflect on the success we've had in oncology over the last 1.5 decades, and the measured way we grew that and started with drug distribution into GPO services and then just continue to augment clinical trial services, data, and analytics services.

正如您所思考的我們的策略以及我們的策略的演變。我們首先收購了 GPO 的一些資產和一些名為 RetinaOS 的軟體，我在開場白中對此進行了描述。因此我們開始建立平台的各個部分。回顧過去 15 年我們在腫瘤學領域的成功，以及我們穩步發展的方式，從藥品分銷開始，進入 GPO 服務，然後繼續增強臨床試驗服務、數據和分析服務。

We've been waiting and studying and looking for an adjacent market that had, we saw a strong pipeline of drug growth. We saw less practices where we could bring these value-add services to help the physicians practice medicine better. And so we think this is a terrific opportunity.

我們一直在等待、研究並尋找一個相鄰的市場，我們看到了強勁的藥物成長管道。我們發現，能夠提供這些加值服務來幫助醫生更好地行醫的做法越來越少。因此我們認為這是一個絕佳的機會。

And one thing we're excited about is we feel like, based on our experience with oncology, we really know what to look for the group that practices medicine, in this case, in ophthalmology and retinology to a very specific philosophy that wants to move together, the practices on a common practice management system. So we've all got integrated data.

令我們興奮的一件事是，基於我們在腫瘤學方面的經驗，我們覺得我們確實知道應該為從事醫學實踐的團體（在這個例子中是眼科學和視網膜學）尋找什麼，即尋找一種希望共同前進的非常具體的理念，即在共同的實踐管理系統上進行實踐。因此我們都獲得了綜合數據。

And so we very much look at this augmented with the distribution we already do, the GPO services we already do, the other services we already provide and the tools we have as building out now this analogous platform, not exactly the same as US oncology. It's tailored for retinology and ophthalmology, but it's very much sort of an analogous strategy.

因此，我們非常重視這一點，並將其與我們已經開展的分銷、我們已經開展的 GPO 服務、我們已經提供的其他服務以及我們現在構建的類似平台（與美國腫瘤學並不完全相同）結合起來。它是針對視網膜學和眼科學而量身定制的，但它是一種非常類似的策略。

Maybe I'll address your question on disclosure. You always look to enhance our disclosure where appropriate. We've begun to give you some sense of the oncology platform and the pieces in that platform. You might recall at our sell-side update. We talked about all the building pieces from distribution through practice management and GPO, our data and analytics business all the way through to Sarah Cannon and some of the clinical trial capabilities that we have.

也許我會回答你關於披露的問題。您總是尋求在適當的情況下加強我們的披露。我們已經開始向您介紹腫瘤學平台以及該平台的各個部分。您可能還記得我們的賣方更新。我們討論了從分銷到實踐管理和 GPO 的所有構建部分、我們的數據和分析業務一直到 Sarah Cannon 以及我們擁有的一些臨床試驗能力。

And we outlined for you the revenue for fiscal '25 from that platform is about $35 billion. Now we've announced a few transactions here, but we haven't closed those. And so as we get to a point where hopefully we can close these transactions. We'll evaluate whether it's necessary for us to do some further disclosure. But at this point in time, I think we feel comfortable that we're providing a good level of data to support some of the commentary in some of our strategies around the oncology platform.

我們為您概述了該平台 25 財年的收入約為 350 億美元。現在我們在這裡宣布了一些交易，但尚未完成。因此，我們希望能夠完成這些交易。我們將評估是否有必要做進一步披露。但在目前這個時間點，我認為我們感到很放心，因為我們正在提供良好的數據來支持我們圍繞腫瘤學平台的一些策略中的一些評論。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Two very quick ones for Britt. Britt, number one is the recognition of the cost savings in the Medical segment for the back half of this fiscal year seems to be nonlinear. I'm wondering if we can annualize the Q4 part versus the Q3 part looking forward? And then the other part is Britt. I just want to give you a chance to talk about whether or not there's any headwinds for fiscal '26 because some first blush, everything sounds great.

對布里特來說，這是兩個非常快的答案。布里特，首先，對本財年下半年醫療部門成本節約的認可似乎不是線性的。我想知道我們是否可以將第四季部分與第三季部分年度化？另一部分是布里特。我只是想給你一個機會來談談 26 財年是否有任何阻力，因為乍一看，一切聽起來都很棒。

Yes. Thanks, George. Look, we haven't given any guidance, obviously, on what those cost optimization initiatives will yield in '26. Clearly, we've given you a piece it for FY25. And these are -- we would expect these to be more than temporary cost savings.

是的。謝謝，喬治。看，我們顯然沒有給出任何指導，說明這些成本優化措施在26年將產生什麼效果。顯然，我們已經為您提供了 FY25 的一部分。而且，我們預計這些不僅僅是暫時的成本節約。

So I'll just leave it at that. In terms of headwinds, look, I think we we've talked about certainly public policy as a wildcard for us. It's not something that we control. But certainly, we watch it. We think that we're well informed in helping educate policymakers.

所以我就這樣了。就逆風而言，我認為我們已經討論過公共政策對我們來說肯定是一個不確定因素。這不是我們能控制的。但我們肯定會看。我們認為，我們擁有豐富的知識，能夠幫助教育政策制定者。

And as we talked about with our Medical segment. We have seen slower volumes this year, not only in illness season, but in the primary care channel in general for the last three quarters. And so one of the reasons why we went down the path with our cost optimization initiatives to better align our business and to better align it to the markets and the customers that we serve.

正如我們在醫療領域所討論的。今年，我們看到交易量有所放緩，不僅是在疾病季節，而且在過去三個季度，整個初級保健管道的交易量總體上都有所下降。因此，我們採取成本優化措施的原因之一是為了更好地協調我們的業務，使其更好地與我們所服務的市場和客戶保持一致。

And I would call that out as probably the one area that potentially could continue to be a headwind. But we need to -- as I mentioned, we need to see how the rest of the fourth quarter materializes, how the illness season finishes out and certainly our efforts against our cost optimization initiatives.

我認為這很可能是一個可能繼續成為阻力的領域。但正如我所提到的，我們需要看看第四季度剩餘時間的表現如何，疾病季節如何結束，當然還有我們針對成本優化措施的努力。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

This is Dan Clark on. Two on MedSurg. One for the fiscal fourth quarter, what are your expectations for the flu and respiratory season and any associated volumes there?

這是 Dan Clark。兩個關於 MedSurg 的。對於第四財季，您對流感和呼吸道感染季節以及相關病例數有何預測？

And then secondarily, like you just talked about in response to George's question, you've seen slower volumes in the primary care channel for the past three quarters. When you talk about potential stabilization in fiscal '26, like what do you see as the main drivers to cause that? Is it just lapping easier comps? Or is there anything else we're worth calling out?

其次，就像您剛才在回答喬治的問題時提到的那樣，過去三個季度，您發現初級保健管道的業務量有所放緩。當您談到 26 財年的潛在穩定時，您認為造成這種穩定的主要驅動因素是什麼？這僅僅是比較容易的比賽嗎？或者還有什麼值得我們指出的嗎？

So as we came into this fiscal year, we planned the illness season to be a, quote-unquote, average dullness season, as we look back over the years. Obviously, in Q3, got out to a very slow start.

因此，當我們進入這個財政年度時，我們計劃將疾病季節設計為，正如我們回顧過去的歲月那樣，一個所謂的平均的沉悶季節。顯然，在 Q3 中，開局非常緩慢。

I think Britt and I have been around this business long enough to know that forecasting the illness season is probably -- is a hazardous activity. I mean when they start, how fast they accelerate, how long they endure and then how fast they fall away, it looks very, very different year to year. So to speculate on how that will play out in Q4, I think it's just difficult at this moment in time. We're just not far enough through that cycle.

我想布里特和我從事這個行業已經很長時間了，我們知道預測疾病季節可能是一項危險的活動。我的意思是，它們何時開始，加速的速度有多快，持續多久，然後消散的速度有多快，每年看起來都非常非常不同。因此，要推測這種情況在第四季會如何發展，我認為目前還很困難。我們還沒有完全完成這個週期。

As to the Medical-Surgical business looking forward, I think we think we have terrific assets position in good markets. If you step away from the last few quarters and just think about aging demographics, think about the most convenient sites of care for patients, think about the cost of delivering that care.

展望未來的醫療外科業務，我認為我們在良好的市場中擁有極佳的資產地位。如果您拋開過去幾個季度的情況，只考慮人口老化，考慮對患者來說最方便的護理地點，考慮提供這種護理的成本。

Alternate sites play right into all three of those themes. And population is only aging. It's only going to need to consume more health over time. So I think we continue to believe we're in the right segments.

替代網站正好符合這三個主題。而且人口還在老化。隨著時間的推移，它只需要消耗更多的健康。因此我認為我們仍然相信我們處於正確的領域。

We've got the right capabilities. We've got the right team. We've got confidence in the actions that we've taken over the last quarters to position the business against the trends that we see.

我們擁有適當的能力。我們擁有合適的團隊。我們對過去幾季採取的行動充滿信心，這些行動使業務根據我們看到的趨勢定位。

And we time for one more question please.

我們還剩一個問題。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Hi, thanks for taking the question. I wanted to go back to the PRISM acquisition. I think it makes a whole lot of sense here. But I was really curious on timing. The acquisition comes shortly on the heels of one of your competitors closing on their retina MSO. So I was wondering if there's been any change in the oncology or retinology markets that makes now a more opportune time to invest in this space?

你好，謝謝你回答這個問題。我想回顧一下 PRISM 收購事件。我認為這是非常有意義的。但我真的很好奇時間。此次收購是在您的一個競爭對手關閉其視網膜 MSO 之後不久進行的。所以我想知道腫瘤學或視網膜學市場是否發生了任何變化，使得現在成為投資該領域的更合適時機？

In another way, has the opportunity in oncology being kind of tapped and now you're hunting in other areas? And then secondly, I was curious if you could maybe go into a little bit more detail on what services or what expertise from your oncology platform you can bring to the retina space? Thaks.

從另一個角度來看，腫瘤學領域是否已經存在這樣的機會？其次，我想知道您是否可以更詳細地介紹您的腫瘤學平台可以為視網膜領域帶來哪些服務或專業知識？謝謝。

So certainly want to emphasize that oncology remains one of the central growth pillars for the business. But we think we've got decades of experience, terrific assets, a track record over the last four or five years of growing, very consistency with the scale and the capabilities like [Saracen] and [Antara]. We think our value proposition of those providers just continues to strengthen. And so oncology very much remains a central growth platform for us, not for this year but into the future as well.

因此，我們當然要強調，腫瘤學仍然是我們業務的核心成長支柱之一。但我們認為，我們擁有數十年的經驗、極好的資產、過去四到五年的成長記錄，以及與[Saracen]等規模和能力的一致性。[安塔拉]。我們認為我們對這些供應商的價值主張將會繼續加強。因此，腫瘤學仍然是我們的核心成長平台，不僅是今年，而且是未來。

In terms of the timing, I can understand the coincident nature of it. The fact of the matter is when you do M&A, it takes a willing buyer and a willing seller. And it takes a financial model that works for us. And we maintain very -- a lot of financial discipline through the M&A process.

從時間上來說，我可以理解它的巧合。事實是，當你進行併購時，需要一個願意的買家和一個願意的賣家。這需要一個適合我們的財務模型。我們在整個併購過程中保持了嚴格的財務紀律。

And so as we look at various targets, sometimes we can act on them. sometimes the conditions don't match. We can't agree on valuation. We don't like all of the assets. So what we want to do is be thoughtful discipline, stick to our strategy, stick to our financial discipline, and when we could find a transaction that aligns to our strategy and make sense, leverages our strength in specialty distribution, leverages the retina GPO we have, leverages the business performance services that we have to support that. This was just became a perfect fit at the right time, and we could agree on valuation.

因此，當我們審視各種目標時，有時我們可以採取行動。有時條件不匹配。我們無法就估值達成一致。我們不喜歡所有的資產。因此，我們想要做的是深思熟慮的紀律，堅持我們的策略，堅持我們的財務紀律，當我們能夠找到符合我們策略並有意義的交易時，利用我們在專業分銷方面的優勢，利用我們擁有的視網膜 GPO，利用我們必須支持的業務績效服務。這在正確的時間成為了完美的契合，我們可以就估值達成一致。

Okay. Well, thank you, everybody. Really appreciate the great questions, and you're taking the time to join our call. I want to thank Justin, our operator, for facilitating the call.

好的。好吧，謝謝大家。非常感謝您提出這些精彩的問題，並抽出時間加入我們的電話會議。我要感謝我們的接線生賈斯汀 (Justin) 協助完成這通電話。

McKesson delivered strong results in our fiscal third quarter. We're really confident in our strategy and our execution continues to position us for sustainable growth over the long term.

麥克森在第三財季取得了強勁的業績。我們對我們的策略非常有信心，我們的執行將繼續為我們實現長期可持續成長奠定基礎。

I'd be remiss not to thank all of our teammates and our employees for their focus, on their passion advancing our mission together. I'm proud to be part of your leadership team and excited for what the future holds for all of us. Thanks again, everybody. I hope you have a terrific evening.

若不感謝我們所有的隊友和員工，那我就是失職了，因為他們全神貫注、充滿熱情，共同推進我們的使命。我很自豪能夠成為你們領導團隊的一員，並對我們所有人的未來充滿期待。再次感謝大家。祝您有個愉快的夜晚。

Thank you for joining today's McKesson FY25 third-quarter conference call. You may now disconnect, and have a great day.

感謝您參加今天的 McKesson FY25 第三季電話會議。現在您可以斷開連接並享受美好的一天。