麥卡遜 (MCK) 2025 Q4 法說會逐字稿

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

歡迎參加 McKesson 2025 財年第四季財報電話會議。請注意，今天的會議正在錄音。

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

現在，我想將電話轉給投資者關係副總裁 Jeni Dominguez。請繼續。

Good afternoon, and welcome, everyone, to McKesson's fourth 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'll move into the question-and-answer session.

下午好，歡迎大家參加 McKesson 2025 財年第四季財報電話會議。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 and periodic SEC filings for more information concerning risk factors that could cause our actual results to materially differ from those in our forward-looking statements.

今天的討論將包括前瞻性陳述，例如有關麥克森的營運和未來結果的預測。請參閱我們網站 investor.mckesson.com 上提供的今天的收益報告和演示幻燈片中的警示性聲明，以及我們最近的年度和定期 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聲明中的結果大不相同的風險因素的更多信息。

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 guidance assumptions.

我們將在本次網路廣播中討論的非 GAAP 財務指標資訊（包括這些指標與 GAAP 結果的對帳）可在今天的收益報告和簡報幻燈片中找到。簡報投影片還包括我們本季業績摘要和指導假設。

With that, let me turn it over to Brian.

說完這些，讓我把麥克風交給 Brian。

Thank you, Jeni, and good afternoon, everyone. Thanks for joining our call. Today, we reported fiscal fourth quarter results marking a strong finish to fiscal 2025, thanks to the collective efforts of our 45,000 employees, Team McKesson delivered on a really tremendous year. We continued significant momentum in advancing our strategy as reflected in the fiscal fourth quarter and full year financial results.

謝謝你，Jeni，大家午安。感謝您加入我們的電話會議。今天，我們報告了第四財季的業績，這標誌著 2025 財年取得了強勁的成績，得益於我們 45,000 名員工的共同努力，McKesson 團隊度過了非常出色的一年。我們繼續大力推進我們的策略，這體現在第四季度和全年的財務表現。

Full year consolidated revenues grew 16% from the prior year, reaching a record level of $359 billion. Adjusted earnings per diluted share was $33.05, exceeding our expectations. We delivered year-over-year EPS growth of 20%, which is above long-term growth targets of 12% to 14% EPS growth. We also generated strong cash flow and returned $3.5 billion of cash to shareholders. Underpinning the strong financial performance is our successful execution of our company priorities.

全年綜合收入較上年增長 16%，達到創紀錄的 3,590 億美元。調整後每股攤薄收益為 33.05 美元，超出我們的預期。我們的每股盈餘年增 20%，高於每股盈餘成長 12% 至 14% 的長期成長目標。我們也產生了強勁的現金流，並向股東返還了 35 億美元現金。強勁財務業績的基礎是我們成功執行公司優先事項。

I want to take a few minutes and highlight some examples of the incredible work Team McKesson has achieved this year. First, we made strategic acquisitions that will accelerate our strategy in oncology and other specialties, including the completed acquisition of a controlling interest in PRISM Vision and the pending acquisition of a controlling interest in community oncology revitalization Enterprise Ventures or Core Ventures. These additions mark an important step as we continue our efforts to empower community-based providers and improve care experiences for patients. I'll share more about these acquisitions in just a moment.

我想花幾分鐘時間重點介紹麥克森團隊今年所取得的令人難以置信的成就。首先，我們進行了策略性收購，這將加速我們在腫瘤學和其他專業領域的策略，包括完成對 PRISM Vision 的控股權收購以及即將收購社區腫瘤學振興 Enterprise Ventures 或 Core Ventures 的控股權。這些新增功能標誌著我們繼續努力增強社區醫療服務提供者的能力並改善患者的護理體驗，並邁出了重要一步。我稍後將分享有關這些收購的更多資訊。

Secondly, we strengthened our core distribution capabilities through targeted investments in technology and infrastructure. Our team continues to deliver on operational excellence and quality customer service. Our differentiated customer value proposition is reflected in the successful onboarding of several new customers, including a new strategic partner during fiscal 2025.

其次，我們透過對技術和基礎設施的有針對性的投資來加強我們的核心分銷能力。我們的團隊將繼續提供卓越的營運和優質的客戶服務。我們差異化的顧客價值主張體現在成功吸收幾位新客戶，包括 2025 財年的新策略夥伴。

The last thing I'll mention is initiatives that we launched that will accelerate and modernize the enterprise. Throughout the company, our teams are identifying capturing opportunities, including the use of technology, automation and AI that will allow us to strengthen the business platform, improve operational efficiencies and enhance our financial profile, all while better serving our customers. This exceptional execution and growth are a testament to the hard work of our employees, and I'm grateful for their dedication, their passion and their unwavering focus to advance our mission.

最後我要提到的是我們推出的旨在加速和實現企業現代化的措施。在整個公司範圍內，我們的團隊正在尋找機會，包括使用技術、自動化和人工智慧，這將使我們能夠加強業務平台、提高營運效率和增強財務狀況，同時更好地服務我們的客戶。這種卓越的執行力和成長證明了我們員工的辛勤工作，我感謝他們的奉獻精神、熱情以及為推進我們的使命而堅定不移的專注。

2The continuous advancement and successful execution of our strategy, along with our strong performance in fiscal '25 has ensured the foundation for success as we look forward. Today, we initiated our fiscal 2026 guidance, reflecting our confidence to extend the momentum, further enhance our differentiated capabilities, execute on our strategy and ultimately advance health outcomes for all. I want to focus my comments today on the strategies that have been, and we believe will continue to be the center of our company's focus.

2我們策略的不斷推進和成功執行，以及我們在25財年的強勁表現，為我們未來的成功奠定了基礎。今天，我們啟動了 2026 財年指引，體現了我們擴大發展勢頭、進一步增強差異化能力、執行策略並最終促進全民健康成果的信心。今天我想集中談論那些我們一直以來並且相信將繼續成為公司關注中心的策略。

And then I'm going to turn it over to Britt for more of the financial details, including the fiscal 2026 outlook itself. As always, let me start with our focus on people and culture, which underpins all of our success. We operate in an ever-evolving health care landscape or change, quite frankly, happens fast. It's important to me that we empower our employees with the right tools and the resources to drive innovation and improve efficiency. We provide training and skill development designed for employees at all levels of the organization, individual contributors, frontline managers, people leaders.

然後，我將把更多財務細節交給布里特，包括 2026 財年展望本身。像往常一樣，首先我要說的是我們對人和文化的關注，這是我們所有成功的基礎。我們處在不斷發展的醫療保健領域，坦白說，變化發生得很快。對我來說，重要的是我們要為員工提供正確的工具和資源來推動創新和提高效率。我們為組織各個層級的員工、個人貢獻者、第一線經理和領導者提供培訓和技能發展。

We cover a range of skills from managing and leading teams to performance development to technology and AI developing our talent creates an environment where our teams can better serve our customers, our customers' patience and each other. We will continue this investment in our people as we invest to grow our future.

我們涵蓋了從管理和領導團隊到績效發展、技術和人工智慧等一系列技能，我們的人才培養創造了一個環境，​​使我們的團隊能夠更好地服務我們的客戶、客戶的耐心以及彼此。我們將繼續對我們的員工進行投資，因為我們投資於我們的未來。

Moving on to our two strategic growth pillars, oncology and biopharma services. We continue to enhance our differentiated capabilities in our oncology platform. In the past year, the US oncology network welcomed two new practices Illinois Cancer Center and Tennessee Cancer Specialists growing the total provider count to over 2,700 across 645 sites in 31 states. Through these community-based oncology sites, more than 1.4 million patients receive high-quality care close to home every year.

繼續討論我們的兩大策略性成長支柱，即腫瘤學和生物製藥服務。我們不斷增強腫瘤學平台的差異化能力。在過去的一年裡，美國腫瘤網絡迎來了兩家新的醫療機構——伊利諾伊癌症中心和田納西癌症專家，使醫療服務提供者總數增加到 31 個州 645 個站點的 2,700 多名。透過這些社區腫瘤科站點，每年有超過 140 萬名患者在家附近接受高品質的照護。

This past year, we announced an agreement to acquire a controlling interest in core Ventures business and administrative services organization established by Florida Cancer Specialist and Research Institute.

去年，我們宣布了一項協議，收購佛羅裡達癌症專家和研究所建立的核心創投業務和行政服務組織的控股權。

I'm pleased to share that we have cleared regulatory approval and expect to complete the acquisition on June 2, 2025, and subject to customary closing conditions. After completion, Florida Cancer Specialists, along with its 530 providers will become a member of the US Oncology Network.

我很高興地告訴大家，我們已獲得監管部門的批准，預計 2025 年 6 月 2 日完成收購，並需滿足慣例成交條件。計畫完成後，佛羅裡達州癌症專家中心及其 530 名醫療服務提供者將成為美國腫瘤網絡的成員。

One of the rising challenges of the cancer care experience is managing the sustainability of health care costs. In the past decade, we've invested in, and we've supported the community-based oncology providers. We believe the community-based setting is an important channel that provides high-quality and lower-cost options to patients, including those in underserved communities. We have been a proponent of policies and reforms that will improve access to treatment in local communities and increase financial sustainability for patients.

癌症治療過程中面臨的一個日益嚴峻的挑戰是管理醫療成本的可持續性。在過去的十年中，我們一直投資並支持社區腫瘤科服務提供者。我們相信，社區環境是向患者（包括服務不足社區的患者）提供高品質、低成本選擇的重要管道。我們一直支持旨在改善當地社區治療機會和提高患者經濟可持續性的政策和改革。

A good example of this is our participation in value-based care programs -- the practices within the US oncology network are leading the way in finding opportunities to reduce the treatment costs and enhance quality in oncology. 70% of the physicians in the US Oncology Network participate in the enhancing oncology model. At the network level, we support practices with the necessary resources and transformational strategies to excel in this initiative.

一個很好的例子就是我們參與基於價值的護理計劃——美國腫瘤網絡內的實踐在尋找降低治療成本和提高腫瘤治療質量的機會方面處於領先地位。美國腫瘤網絡中70%的醫師參與增強腫瘤學模式。在網路層面，我們為實踐提供必要的資源和轉型策略，以在這項計劃中脫穎而出。

In the recently reported first performance period, over 90% of the participating practices reduce cost versus benchmark, driving meaningful savings to patients and advancing the cancer care experience.

在最近報告的第一個績效期內，超過 90% 的參與實踐降低了基準成本，為患者帶來了有意義的節省，並提升了癌症治療體驗。

Beyond opportunities in oncology, we're also building capabilities in other specialties or we see the opportunity for us to create differentiated platforms as we have done in oncology over the past decades. In April, we closed the acquisition of a controlling interest in PRISM Vision, a provider of general ophthalmology and retina management services.

除了腫瘤學領域的機會之外，我們還在其他專業領域建立能力，或者我們看到了創建差異化平台的機會，就像過去幾十年在腫瘤學領域所做的那樣。今年 4 月，我們完成了 PRISM Vision 控股權的收購，PRISM Vision 是一家提供普通眼科和視網膜管理服務的供應商。

This is a quite logical expansion for us when we think about community-based care. We'll be able to build on the recent capabilities we've developed around the GPO and other value-added services in the ophthalmology and retina space. Our team is working diligently on integrating the business, and we look forward to this new growth opportunity for McKesson and supporting more practices to provide world-class eye care.

當我們考慮以社區為基礎的照護時，這對我們來說是一個非常合乎邏輯的擴展。我們將能夠利用我們最近圍繞 GPO 和眼科和視網膜領域的其他增值服務開發的能力。我們的團隊正在努力整合業務，我們期待麥克森獲得新的成長機會，並支持更多機構提供世界一流的眼科護理服務。

Moving on to our biopharma services platform. The Prescription Technology Solutions segment delivered a strong year with double-digit growth in adjusted operating profit. Business growth was supported by continued strong demand for our access and affordability solutions, new business wins and a growing network of digital connections to providers and pharmacies.

繼續我們的生物製藥服務平台。處方技術解決方案部門今年表現強勁，調整後的營業利潤實現了兩位數成長。業務成長得益於市場對我們的訪問和可負擔性解決方案的持續強勁需求、新業務的成功以及與供應商和藥店的數位連接網路的不斷增長。

In the past year alone, we helped patients save more than $10 billion on brand and specialty medications. We helped to prevent an estimated 12 million prescriptions from being abandoned due to affordability challenges, and we help patients access their medicine more than 100 million times.

光是在過去的一年裡，我們就幫助患者節省了超過 100 億美元的品牌和特殊藥物費用。我們幫助避免了約 1200 萬張處方因無法負擔而被丟棄，我們幫助患者獲得藥物超過 1 億次。

Fiscal fourth quarter is typically the busiest time of the year as we support patients with their annual verification. This year, we delivered a particularly strong season supporting a record number of 3 million patients in their journey to access the medicines they need. Our team achieved high levels of efficiency by leveraging technology to optimize processes and streamline the operation.

財政第四季通常是一年中最繁忙的時候，因為我們要為病患提供年度驗證支援。今年，我們取得了特別出色的成績，為創紀錄的 300 萬名患者提供了獲取所需藥物的支持。我們的團隊利用技術優化流程和簡化操作，實現了高效率。

As an example, in this past season, we were able to leverage our CoverMyMeds virtual assistant to automate more than 20% of chat within the patient support center while importantly, maintaining customer satisfaction scores equivalent to those of live agent interactions. As I reflect on our progress in enhancing our oncology and biopharma platforms, it's hard not to be proud of what Team McKesson has achieved. These two strategic growth pillars continue to represent attractive market opportunities, and we will continue to drive our mission forward with innovation, speed and focus.

例如，在過去的這個季度中，我們能夠利用我們的 CoverMyMeds 虛擬助理自動執行患者支援中心內超過 20% 的聊天，同時重要的是，保持與現場代理互動相當的客戶滿意度分數。當我回顧我們在加強腫瘤學和生物製藥平台方面取得的進展時，我很難不為麥克森團隊所取得的成就感到自豪。這兩大策略成長支柱繼續代表著誘人的市場機遇，我們將繼續以創新、速度和專注推動我們的使命向前發展。

Now let me move on to our next strategic priority centered around disciplined portfolio management. We have a portfolio of differentiated assets -- and as part of our continuous practice to evaluate the businesses for strategic alignment, which enables us, in turn, have more focus and investment in our growth pillars and allows us to efficiently deploy capital.

現在，讓我談談我們下一個以規範的投資組合管理為中心的策略重點。我們擁有差異化資產組合—作為我們持續實踐的一部分，我們會評估業務的策略一致性，這使我們能夠更加專注於成長支柱並進行投資，使我們能夠有效地配置資本。

In the past, this has led to several actions like the spin-off of Change Healthcare, the divestiture of our European businesses and most recently, the divestiture of the Canadian retail business. These actions have unlocked value for the business and created significant value for our shareholders.

過去，這導致了一些行動，例如剝離 Change Healthcare、剝離我們的歐洲業務以及最近剝離加拿大零售業務。這些舉措釋放了企業的價值，並為我們的股東創造了巨大的價值。

Today, we are announcing our intent to separate the Medical Surgical segment into an independent company. Over these past years, we have built a really great medical business focused on what we think are the most attractive markets in the alternate sites of care. We have a dedicated and experienced team that works closely with customers to provide the best quality of service. Since we started reporting this segment in fiscal '19, the business has delivered consistent and solid growth.

今天，我們宣布打算將醫療外科部門分開為獨立公司。在過去的幾年裡，我們建立了一個真正偉大的醫療業務，專注於我們認為最具吸引力的替代醫療場所市場。我們擁有一支敬業且經驗豐富的團隊，與客戶密切合作，提供最優質的服務。自從我們在 2019 財年開始報告該部門以來，該業務一直保持持續穩健的成長。

We continue to enhance our strategic focus, a separation transaction is an important step to focus capital deployment on opportunities that align with the long-term enterprise strategies and further invest in strategic growth areas like oncology and biopharma services.

我們持續加強策略重點，分離交易是將資本部署集中在符合長期企業策略的機會上並進一步投資於腫瘤學和生物製藥服務等策略成長領域的重要一步。

We believe this action will unlock significant value for the medical business and for McKesson. It will result in two well-capitalized at-scale world-class companies that are well positioned to pursue their respective strategies and growth priorities. We expect the Medical Surgical business will continue to deliver exceptional value to its customers and patients as a differentiated medical surgical supply and solutions company. We have started the process to explore the right transaction. We anticipate providing you with additional information, including time line and structure when appropriate. Britt will also share more details with you on the assumptions in the fiscal 2026 guidance.

我們相信這項措施將為醫療業務和麥克森帶來巨大的價值。合併後將形成兩家資本雄厚、規模龐大、世界一流的公司，它們將有能力推行各自的策略和成長重點。我們預計，作為一家差異化的醫療外科供應和解決方案公司，醫療外科業務將繼續為其客戶和患者提供卓越的價值。我們已經開始探索正確的交易流程。我們期待在適當的時候為您提供更多信息，包括時間表和結構。布里特也將與您分享有關 2026 財年指引中的假設的更多細節。

Moving on to our core distribution businesses. The US Pharmaceutical segment delivered strong performance with double-digit growth in revenue and adjusted operating profit. Our team demonstrated exceptional execution to support the significant growth of the business. We saw broad-based strength across the segment and stable market fundamentals, including solid pharmaceutical utilization trends.

繼續討論我們的核心分銷業務。美國製藥部門表現強勁，營收和調整後營業利潤均達到兩位數成長。我們的團隊展現了卓越的執行力，支持了業務的顯著成長。我們看到整個領域都表現出廣泛的實力和穩定的市場基本面，包括穩固的藥品利用趨勢。

Our scaled capabilities in specialty distribution and our deep channel expertise continue to position us well to support this fast-growing category of pharmaceuticals. The strength of our business is also a reflection of the strength of our customers. They are at the center of everything we do, and we're pleased to serve them as a pharmaceutical distributor and long-term strategic partner in enabling quality patient care. Our Canadian business, which makes up the majority of our international segment, also had a year of strong operational growth, led by the pharmaceutical distribution business.

我們在專業分銷方面的規模化能力和深厚的通路專業知識使我們能夠繼續為這個快速成長的藥品類別提供支援。我們業務的實力也反映了我們客戶的實力。他們是我們一切工作的中心，我們很高興作為藥品分銷商和長期戰略合作夥伴為他們提供優質的患者護理。我們的加拿大業務占我們國際業務的絕大部分，在醫藥分銷業務的帶動下，該業務在過去一年也實現了強勁的營運成長。

In the Medical Surgical segment, we finished the year in line with our expectations. We took effective actions to better align our service model and our capabilities with customer needs and the market demand. These actions delivered meaningful savings in fiscal 2025 and positions this business for sustainable growth in the years ahead.

在外科醫療領域，我們完成了今年的業績，符合我們的預期。我們採取有效措施，使我們的服務模式和能力更能適應客戶需求和市場需求。這些舉措在 2025 財年實現了顯著的節約，並為未來幾年的業務永續成長奠定了基礎。

As we look out and we look forward, we face a dynamic market environment with uncertainties and policies in the macroeconomic conditions. We continue to evaluate any potential impact to our company and make business planning decisions based on current policy and regulation. We are positioned with a strong sourcing program through a broad supplier base across the pharmaceutical and medical surgical businesses. The disciplined execution of our sourcing programs has delivered great value to our customers and allows us to remain focused on driving cost efficiencies and maintaining consistent product availability.

放眼未來，我們面臨的市場環境充滿活力，宏觀經濟條件和政策都存在不確定性。我們將繼續評估對我們公司的任何潛在影響，並根據當前的政策和法規制定業務規劃決策。我們透過製藥和醫療外科業務領域的廣泛供應商基礎，制定了強大的採購計劃。我們嚴格執行採購計劃，為客戶帶來了巨大的價值，並使我們能夠繼續專注於提高成本效率和保持一致的產品供應。

Let me sum things up before I hand it over to Britt. We delivered a strong fiscal year results with record revenue growth and meaningful strategic advancements. We have a large and diversified portfolio of assets. and driving 20% adjusted earnings per diluted share growth at the enterprise level takes tremendous focus, dedication and disciplined execution.

在將其交給布里特之前，讓我先總結一下。我們取得了強勁的財政年度業績，營收成長創歷史新高，策略也取得了重大進展。我們擁有龐大且多元化的資產組合。在企業層面推動 20% 的調整後每股盈餘成長需要極大的專注、奉獻和嚴格的執行。

Thanks to the commitment of each and every member of Team McKesson, we're making remarkable progress in advancing our strategy and improving health care in every setting.

感謝麥克森團隊每一位成員的承諾，我們在推動策略和改善各種環境下的醫療保健方面取得了顯著進展。

Looking out, we have strong conviction in our strategy and our ability to consistently execute and deliver long-term value. Team McKesson is excited and committed to fulfill our mission and continue that momentum in fiscal '26 and beyond.

展望未來，我們對我們的策略以及持續執行和創造長期價值的能力充滿信心。McKesson 團隊非常興奮並致力於完成我們的使命，並在 26 財年及以後繼續保持這一勢頭。

That, Britt, I'll hand it to you.

布里特，我會把它交給你的。

Thank you, Brian, and good afternoon. Fiscal 2025 represents another year of outstanding financial results. As Brian talked about in his opening comments, we're executing against all pillars of our enterprise strategy. This includes disciplined portfolio management. Today's announcement of our intent to separate our Medical Surgical Solutions segment into an independent company aligns with our commitment to maximizing shareholder value.

謝謝你，布萊恩，下午好。2025 財年將是另一個財務表現優異的一年。正如布萊恩在開場白中所說的那樣，我們正在執行企業策略的所有支柱。這包括嚴格的投資組合管理。今天，我們宣布有意將醫療外科解決方案部門分拆為獨立公司，這符合我們最大化股東價值的承諾。

We anticipate a separation will allow McKesson and the new company to better focus on their strategies and more effectively deploy capital. The creation of these two world-class well-capitalized companies that are well positioned to pursue their respective strategic growth opportunities is a positive development and will unlock significant value for both companies.

我們預計分離將使 McKesson 和新公司能夠更好地專注於他們的策略並更有效地配置資本。這兩家世界級的資本雄厚的公司能夠很好地追求各自的策略成長機會，這是一個積極的發展，並將為兩家公司釋放巨大的價值。

Turning now to our financial performance. My comments today will refer to our adjusted results. I'll start by discussing our fourth quarter and full year fiscal 2025 results and provide an overview of our fiscal 2026 outlook. McKesson delivered a strong fourth quarter. And as a result, we're exiting the year with significant momentum.

現在來談談我們的財務表現。我今天的評論將參考我們調整後的結果。我將首先討論我們的 2025 財年第四季和全年業績，並概述我們的 2026 財年展望。麥克森第四季表現強勁。因此，我們以強勁的勢頭結束了這一年。

We delivered earnings per diluted share of $10.12 in the fourth quarter and $33.05 for the full year which exceeded the guidance range that we provided on our third quarter earnings call.

我們第四季的每股攤薄收益為 10.12 美元，全年每股攤薄收益為 33.05 美元，超過了我們在第三季財報電話會議上提供的指導範圍。

Our fourth quarter results reflect continued strong execution as we work to advance our company priorities. Consolidated revenue in the quarter increased 19% to $90.8 billion, led by growth in the US Pharmaceutical segment due to increased prescription volumes from retail national account customers and growth in the distribution of specialty products, including higher volumes in oncology and other specialty provider settings.

我們的第四季業績反映出我們在努力推進公司優先事項的過程中繼續保持強勁的執行力。本季綜合收入成長 19%，達到 908 億美元，主要得益於美國製藥部門的成長，這歸因於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，包括腫瘤學和其他專科提供商環境中的銷量增加。

Gross profit was $3.4 billion, an increase of 2%, a result of specialty distribution and provider growth within the US Pharmaceutical segment, and growth in the Prescription Technology Solutions segment, driven by our access and affordability solutions, partially offset by lower contributions in our International segment, a result of the divestiture of our Canada-based Rexall and Well.ca businesses at the end of the third quarter of fiscal 2025.

毛利為 34 億美元，成長 2%，這得益於美國製藥部門內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，這得益於我們的可及性和可負擔性解決方案，但部分被我們國際部門貢獻的降低所抵消，這是由於我們在 2025 財年末剝離了位於加拿大的 Rexall 和第三個季度末。

Operating expenses decreased 10% to $1.9 billion, driven by divestitures in the Canadian business and cost optimization initiatives in the Medical Surgical Solutions segment. To support future growth and create greater alignment across the Medical segment and with its customers, we previously announced cost optimization actions in our Medical segment. These actions to streamline the infrastructure, increased focus and driven operational efficiency, resulting in approximately $100 million of cost savings in the second half of fiscal 2025 with a higher proportion realized in the fourth quarter. These savings were in line with guidance previously provided.

受加拿大業務的剝離和醫療外科解決方案部門的成本優化舉措的推動，營運費用下降 10% 至 19 億美元。為了支持未來的成長並在醫療部門及其客戶之間建立更大的一致性，我們先前宣布了醫療部門的成本優化措施。這些旨在精簡基礎設施、提高重點和提高營運效率的舉措，導致 2025 財年下半年節省了約 1 億美元的成本，其中第四季度實現了更高比例的節省。這些節省符合先前提供的指導。

Operating profit was $1.6 billion, an increase of 24%. Year-over-year results benefited from growth across all operating segments, including strong oncology and other specialty provider volumes, the onboarding of a new strategic customer in the second quarter and increased demand for access solutions in our Prescription Technology Solutions segment. Interest expense was $40 million, a decrease over the prior year, resulting from effective cash and portfolio management, including our derivative portfolio.

營業利潤為16億美元，成長24%。同比業績受益於所有營運部門的成長，包括強勁的腫瘤學和其他專業提供者數量、第二季新策略客戶的加入以及處方技術解決方案部門對存取解決方案的需求增加。利息支出為 4,000 萬美元，比去年有所減少，這得益於有效的現金和投資組合管理，包括我們的衍生性商品投資組合。

The effective tax rate in the fourth quarter was 13%, compared to 28% in the prior year, driven by the recognition of discrete tax benefits in the quarter. For the full year, the effective tax rate was within the guidance previously provided. Fourth quarter diluted weighted average shares outstanding was $125.9 million, a decrease of 4%. The fourth quarter earnings per diluted share increased 64% to $10.12. Year-over-year growth was driven by a lower effective tax rate and strong operational growth across the business.

第四季有效稅率為 13%，而去年同期為 28%，這得益於本季確認的單獨稅收優惠。全年有效稅率符合先前提供的指引。第四季稀釋加權平均流通股數為 1.259 億美元，下降 4%。第四季每股攤薄收益成長 64% 至 10.12 美元。同比成長的動力來自於較低的有效稅率和整個業務強勁的營運成長。

Turning to fourth quarter segment results, which can be found on slides 8 through 12 and starting with US Pharmaceutical. Revenues were $83.2 billion, an increase of 21%, driven by increased prescription volumes from retail national account customers and growth in the distribution of specialty products including higher volumes in oncology and other specialty provider settings. Revenues from GLP-1 medications were $10.9 billion in the quarter, an increase of approximately $3.5 billion or 46% when compared to the prior year. On a sequential basis, GLP-1 revenue was flat.

談到第四季分部業績，可以在第 8 至 12 張投影片上找到，從美國製藥開始。收入為 832 億美元，增長 21%，這得益於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，包括腫瘤學和其他專科提供者環境中的處方量增加。本季 GLP-1 藥物的營收為 109 億美元，較上年增加約 35 億美元，增幅為 46%。以環比計算，GLP-1 收入持平。

Segment operating profit increased 17% to $1.1 billion driven by higher volumes from retail national account customers. This growth was further supported by the successful onboarding of a new strategic customer in our fiscal second quarter. Additionally, the distribution of specialty products to oncology and other specialty providers and health systems contributed to growth.

受零售全國帳戶客戶交易量增加的推動，分部營業利潤成長 17%，達到 11 億美元。我們在第二財季成功引進了一位新的策略客戶，進一步支持了這一成長。此外，向腫瘤學和其他專業提供者和醫療系統分銷專業產品也促進了成長。

In the Prescription Technology Solutions segment, revenues increased 13% to $1.3 billion and operating profit increased 34% to $285 million. Fourth quarter results reflect increased prescription transaction volumes, which drove higher demand for our access solutions, including prior authorizations services for GLP-1 medications and our third-party logistics business.

處方技術解決方案部門的營收成長 13% 至 13 億美元，營業利潤成長 34% 至 2.85 億美元。第四季度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更高需求，包括 GLP-1 藥物的事先授權服務和我們的第三方物流業務。

Additionally, a strong annual verification season, as Brian mentioned, contributed to these positive results. Total initiated prior authorization volume increased by 15% in the quarter compared to prior year.

此外，正如 Brian 所提到的，強勁的年度驗證季節也促成了這些積極成果。本季已啟動的預授權總量與去年同期相比增加了 15%。

Turning to Medical Surgical Solutions. The overall fiscal 2025 illness season was below the average of the past five non-COVID season. In the fiscal fourth quarter, illness season severity levels were moderately above those experienced in the prior quarter. increased illness severity levels at the beginning of our fiscal fourth quarter peaked in early February.

轉向醫療外科解決方案。2025 財年的整體疾病季節低於過去五個非 COVID 季節的平均值。在第四財季，疾病季節的嚴重程度略高於上一季。第四財季初疾病嚴重程度的增加在 2 月初達到高峰。

In the fourth quarter, revenues were $2.9 billion, an increase of 1%, driven by higher volumes of specialty pharmaceuticals partially offset by lower primary care volumes, customer mix and product demand shifts across the primary care channel.

第四季度，營收為 29 億美元，成長 1%，這得益於特種藥品銷量增加，但被初級保健銷量下降、客戶結構和初級保健通路產品需求變化部分抵消。

Operating profit increased 15% to $285 million. reflecting the benefits and operational efficiencies from the cost optimization initiatives announced in the first quarter. We're pleased with the results of these cost actions, enhancing financial performance and positioning the business to better serve our stakeholders and achieve sustainable growth.

營業利潤成長 15% 至 2.85 億美元。反映了第一季宣布的成本優化措施帶來的好處和營運效率。我們對這些成本措施的成果感到滿意，這些措施提高了財務業績，並使企業能夠更好地服務我們的利害關係人並實現永續成長。

Next, let me address our international results. Revenues were $3.5 billion, a decrease of 2%, resulting from the divestiture of our Canada-based Rexall and Well.ca businesses completed at the end of the third quarter of fiscal 2025. Operating profit was $102 million, an increase of 9%, driven by higher pharmaceutical distribution volumes in the Canadian business.

接下來，讓我來談談我們的國際成果。營收為 35 億美元，下降 2%，原因是我們在 2025 財年第三季末完成了對加拿大 Rexall 和 Well.ca 業務的剝離。營業利潤為 1.02 億美元，成長 9%，這得益於加拿大業務的藥品分銷量增加。

Wrapping up our segment review with corporate. Corporate expenses were $165 million, a decrease of 15%. As a reminder, in the fourth quarter of fiscal 2024, we recorded a $0.09 per share reserve for environmental matters for increased remediation costs related to McKesson's former chemical business, which we disposed of several years ago. In the fourth quarter of fiscal 2025, we also had higher interest income resulting from higher cash balances on average during the quarter and lower opioid-related expenses.

與公司一起結束我們的分部審查。公司支出為 1.65 億美元，下降 15%。提醒一下，在 2024 財年第四季度，我們為環境事務記錄了每股 0.09 美元的儲備金，用於增加與我們幾年前處置的 McKesson 前化學業務相關的補救成本。在 2025 財年第四季度，由於本季平均現金餘額增加且阿片類藥物相關費用減少，我們的利息收入也增加了。

Let me turn to cash and capital deployment, which can be found on slide 13. We ended the quarter with $5.7 billion in cash and cash equivalents and total liquidity of approximately $10 billion. During the fiscal fourth quarter, we delivered robust free cash flow of $7.5 billion. These results were driven by strong fourth quarter operating results and a timing shift from our fiscal third quarter to our fiscal fourth quarter drove the cash flow performance.

讓我來談談現金和資本部署，可以在幻燈片 13 上找到。截至本季末，我們的現金和現金等價物為 57 億美元，總流動資金約為 100 億美元。在第四財季，我們實現了 75 億美元的強勁自由現金流。這些結果是由強勁的第四季度經營業績推動的，並且從我們的財政第三季度到財政第四季度的時間轉變推動了現金流表現。

Free cash flow included $278 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. In the fourth quarter, we returned $391 million of cash to shareholders, which included $300 million in share repurchases and $91 million in dividend payments.

自由現金流包括 2.78 億美元的資本支出，主要用於對新的和現有的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。第四季度，我們向股東返還了 3.91 億美元現金，其中包括 3 億美元的股票回購和 9,100 萬美元的股息支付。

Let me take a moment and summarize our outstanding full year fiscal 2025 results, which exceeded our initial guidance. Additional details, including segment results can be found in our press release. Fiscal 2025 revenues increased 16% to $359.1 billion, reflecting broad-based operational strength across the business including the onboarding of a new strategic customer in our US Pharmaceutical segment. Operating profit of $5.6 billion increased 15% above the prior year led by double-digit growth in the US Pharmaceutical and Prescription Technology Solutions segment and our Canadian business within international.

請容許我花點時間總結我們出色的 2025 財年全年業績，該業績超出了我們最初的預期。更多詳細資訊（包括分部業績）可參閱我們的新聞稿。2025 財年營收成長 16%，達到 3,591 億美元，反映了整個業務的廣泛營運實力，包括在美國製藥部門引進新的策略客戶。營業利潤為 56 億美元，比上年增長 15%，這得益於美國製藥和處方技術解決方案部門以及國際範圍內的加拿大業務的兩位數增長。

Operating profit also included $101 million in net gains related to McKesson Ventures equity investments compared to a loss of $24 million in fiscal 2024. Excluding the impact of net gains related to McKesson Ventures, operating profit increased 12% compared to the prior year, well above our long-range target.

營業利潤還包括與 McKesson Ventures 股權投資相關的 1.01 億美元淨收益，而 2024 財年的虧損為 2,400 萬美元。不計入與 McKesson Ventures 相關的淨收益的影響，營業利潤較上年增長 12%，遠高於我們的長期目標。

As a result of the strong operational growth across the business, combined with a lower share count, full year fiscal 2025 earnings per diluted share increased 20% to $33.5 and exceeding our expectations. We continued our focus on cash flow generation, working capital management and capital deployment throughout fiscal 2025. This execution resulted in generating $5.2 billion in free cash flow, which included $859 million of capital expenditures, primarily related to investments to accelerate growth and modernize the business. We returned $3.5 billion to shareholders, including $3.1 billion through share repurchases and $345 million in dividends.

由於整個業務的強勁營運成長，加上股票數量的減少，2025 財年全年每股攤薄收益成長 20% 至 33.5 美元，超出了我們的預期。在整個 2025 財年，我們將繼續關注現金流的產生、營運資本的管理和資本的部署。此次執行產生了 52 億美元的自由現金流，其中包括 8.59 億美元的資本支出，主要用於加速成長和業務現代化的投資。我們向股東返還了 35 億美元，包括透過股票回購返還的 31 億美元和透過股息返還的 3.45 億美元。

Since the beginning of fiscal 2020, we returned approximately $18 billion of cash to shareholders through share repurchases and dividends. Of this amount, over $16 billion has been returned through share repurchases, reducing our total shares outstanding by 34%.

自2020財年年初以來，我們透過股票回購和股利向股東返還了約180億美元現金。其中，超過 160 億美元已透過股票回購返還，使我們的流通股總數減少了 34%。

Moving now to our fiscal 2026 outlook. Our strong finish in the fourth quarter and performance throughout the course of fiscal 2025 gives us confidence in our ability to continue the momentum and deliver strong results in fiscal 2026.

現在來看看我們的 2026 財年展望。我們在第四季的強勁表現以及整個 2025 財年的出色表現讓我們有信心繼續保持這一勢頭，並在 2026 財年取得強勁業績。

The breadth of our capabilities and leading portfolio of assets across oncology and biopharma services, along with our strong pharmaceutical distribution businesses have led to value creation for our customers, partners and shareholders over the last several years. We enter fiscal 2026 with a strong balance sheet, financial position and significant liquidity, positioning us for continued growth.

過去幾年來，我們在腫瘤學和生物製藥服務領域的廣泛能力和領先的資產組合，以及我們強大的醫藥分銷業務，為我們的客戶、合作夥伴和股東創造了價值。我們以強勁的資產負債表、財務狀況和充足的流動性進入 2026 財年，為我們持續成長做好準備。

For fiscal 2026, we anticipate revenue growth of 11% to 15% and operating profit growth of 8% to 12% compared to the prior year. For fiscal 2026, we anticipate earnings per diluted share of $36.75 to $37.55. This outlook represents approximately 11% to 14% growth year-over-year which is 13% to 16% growth when excluding the net gains from McKesson Ventures in fiscal 2025, exceeding our long-range growth target of 12% to 14%. And today, we're reaffirming the long-term adjusted earnings growth target rate of 12% to 14%.

對於 2026 財年，我們預計營收將比上一年增長 11% 至 15%，營業利潤將比上一年增長 8% 至 12%。對於 2026 財年，我們預計每股攤薄收益為 36.75 美元至 37.55 美元。這一前景意味著同比增長約 11% 至 14%，如果不包括 2025 財年 McKesson Ventures 的淨收益，則增長 13% 至 16%，超過了我們 12% 至 14% 的長期增長目標。今天，我們重申長期調整後的獲利成長目標率為 12% 至 14%。

Let me start with a review of our segments. In the US Pharmaceutical segment, we anticipate revenue and operating profits to increase 12% to 16%. As a reminder, we onboarded a new strategic customer at the beginning of fiscal 2025 in our second quarter. We now project total annual revenue of approximately $46 billion from this customer.

首先讓我回顧一下我們的部分內容。在美國製藥領域，我們預計收入和營業利潤將成長 12% 至 16%。提醒一下，我們在 2025 財年第二季初迎來了一位新的策略客戶。我們現在預計該客戶的年總收入約為 460 億美元。

As mentioned earlier, we anticipate continued growth of the GLP-1 category of medications, however, with variability from quarter-to-quarter. In fiscal 2025, GLP-1 revenues were $41 billion, an increase of 41% over fiscal 2024. We anticipate continued momentum in our core pharmaceutical distribution business. powered by the growth of specialty products, including continued growth in the distribution of specialty products to community providers.

如前所述，我們預計 GLP-1 類藥物將持續成長，但各季度之間會有所不同。2025財年，GLP-1營收為410億美元，較2024財年成長41%。我們預計我們的核心醫藥分銷業務將繼續保持強勁勢頭。受特色產品成長的推動，包括向社區供應商分銷特色產品的持續成長。

In fiscal 2025, we saw net additions of approximately 160 providers to the US oncology network. Over the past three fiscal years, we've added approximately 725 providers to the US Oncology network. In fiscal 2026, we anticipate continued growth across our oncology and other specialty platforms building on the growth of the US Oncology Network, on [Tata and SCRI].

在 2025 財年，我們看到美國腫瘤網絡淨增加了約 160 家醫療服務提供者。在過去三個財政年度，我們為美國腫瘤網絡增加了約 725 家醫療服務提供者。在 2026 財年，我們預計我們的腫瘤學和其他專業平台將繼續成長，以美國腫瘤網路的成長為基礎，[塔塔和 SCRI]。

Our fiscal 2026 outlook also includes the contribution from 2 recently announced acquisitions. On April 2, we completed the acquisition of a controlling interest in PRISM Vision Holdings, a premier provider of general ophthalmology and tin management services. McKesson has an approximate 80% ownership interest we'll consolidate the results of operations within our US Pharmaceutical segment.

我們對 2026 財年的展望也包括最近宣布的兩項收購的貢獻。4 月 2 日，我們完成了 PRISM Vision Holdings 控股權的收購，該公司是一家領先的普通眼科和錫管理服務提供者。McKesson 擁有約 80% 的所有權，我們將合併美國製藥部門的營運表現。

We estimate PRISM will contribute $0.20 to $0.30 of adjusted earnings per share in fiscal 2026. The transaction to acquire a controlling interest in Core Ventures and internal business and administrative services organization established by Florida Cancer Specialist and Research Institute, remains subject to customary closing conditions.

我們估計 PRISM 將為 2026 財年的調整後每股收益貢獻 0.20 至 0.30 美元。此次收購 Core Ventures 控股權以及佛羅裡達癌症專家和研究中心設立的內部業務和行政服務機構的交易仍需滿足慣例成交條件。

The addition of Core Ventures will add approximately 530 providers to the US Oncology Network, bringing the total number of providers to approximately 3,300. As a reminder, McKesson approaches a controlling interest in Core Ventures for approximately $2.49 billion, which will represent approximately 70% ownership.

Core Ventures 的加入將為美國腫瘤網絡增加約 530 家供應商，使供應商總數達到約 3,300 家。提醒一下，McKesson 以約 24.9 億美元的價格收購了 Core Ventures 的控股權，這將佔其約 70% 的所有權。

We've made substantial progress and our outlook assumes that we will close this transaction in June of 2025. We estimate the acquisition of Core Ventures will contribute $0.40 to $0.60 of adjusted EPS in fiscal 2026. We expect to fund this transaction with permanent financing of approximately $2 billion and use cash to fund the remainder of the transaction.

我們已經取得了實質進展，預計我們將在 2025 年 6 月完成這筆交易。我們估計，收購 Core Ventures 將為 2026 財年的調整後每股收益貢獻 0.40 至 0.60 美元。我們預計將以約 20 億美元的永久融資為此交易提供資金，並使用現金為交易的剩餘部分提供資金。

McKesson remains committed to maintaining its current investment-grade rated status. We anticipate the acquisitions of PRISM and Core Ventures will contribute approximately 6% to 7% to the fiscal 2026 operating profit growth in the US Pharmaceutical segment.

麥克森仍然致力於維持目前的投資等級地位。我們預計 PRISM 和 Core Ventures 的收購將為美國製藥部門 2026 財年的營業利潤成長貢獻約 6% 至 7%。

As a result of the continued strength exhibited in fiscal 2025 and our confidence in this segment, we're raising the long-term adjusted operating profit growth target from 5% to 7% to a new range of 6% to 8%.

由於 2025 財年持續展現的強勁勢頭以及我們對該部門的信心，我們將長期調整後營業利潤增長目標從 5% 至 7% 提高至 6% 至 8% 的新範圍。

In the Prescription Technology Solutions segment, we anticipate revenues to increase by 4% to 8% and operating profit to increase by 9% to 13%. This strong growth reflects the differentiated portfolio of solutions is evidence of strong market demand for our access and affordability solutions. It includes organic growth across the segment as we expand relationships with biopharma manufacturers and bring new brands to our platform.

在處方技術解決方案部門，我們預計收入將成長 4% 至 8%，營業利潤將成長 9% 至 13%。這種強勁的成長反映了差異化的解決方案組合，證明了市場對我們的訪問和可負擔性解決方案的強勁需求。隨著我們擴大與生物製藥製造商的關係並將新品牌引入我們的平台，它包括整個領域的有機成長。

We anticipate that fiscal 2026 revenue growth rate to be slightly lower than the fiscal 2025 revenue growth rate, driven by a slower rate of growth for third-party logistics volumes.

我們預計，2026 財年的營收成長率將略低於 2025 財年的營收成長率，原因是第三方物流量成長率放緩。

As a reminder, 3PL revenues contribute approximately 50% of the segment volume. It can vary from quarter-to-quarter, driven by timing and the trajectory of new drug launches and the addition of new programs, which we serve. 3PL contributes less than approximately 5% to the segment operating profit. We anticipate continued contribution from prior authorization services with GLP-1 medications driving increased demand for our access and affordability solutions contributing to the growth of the segment.

提醒一下，3PL 收入約佔該細分市場收入的 50%。它可能每個季度都有所不同，受新藥上市時間和軌跡以及我們所服務的新項目的增加所驅動。3PL對該部門營業利潤的貢獻不到5%。我們預計，GLP-1 藥物的先前授權服務將繼續推動對我們的可近性和可負擔性解決方案的需求增加，從而促進該領域的成長。

We anticipate increased investment to support expanded access solutions which include enhanced prior authorization capabilities for pharmacy and medical benefits. We're pleased with the consistent strength and performance in the segment. We'll continue to invest in the segment to develop new and adjacent solutions, and we're reaffirming the long-term adjusted operating profit growth target for this segment of 11% to 12%.

我們預計將增加投資以支持擴大准入解決方案，其中包括增強藥房和醫療福利的事先授權能力。我們對該領域的持續實力和表現感到滿意。我們將繼續投資該部門以開發新的和相鄰的解決方案，並且我們重申該部門的長期調整後營業利潤成長目標為 11% 至 12%。

In the Medical-Surgical Solutions segment, we anticipate revenues and operating profit to increase 2% to 6% in fiscal 2026. We remain well positioned across all alternate sites of care with the market-leading breadth of services and solutions across medical surgical, pharmaceutical, lab and home health solutions.

在醫療外科解決方案部門，我們預計 2026 財年的營收和營業利潤將成長 2% 至 6%。我們在所有替代照護場所中都保持著良好的地位，擁有市場領先的醫療外科、製藥、實驗室和家庭保健解決方案等廣泛的服務和解決方案。

As we've previously discussed, in fiscal 2025, we observed generally softer volumes in the primary care market. which included the impact of overall lower severity levels for the fiscal 2025 illness season. As we previously discussed, each illness season is unique, and the timing and severity level of each illness season can drive variability from quarter-to-quarter and year-to-year.

正如我們之前所討論的，在 2025 財年，我們觀察到初級保健市場的交易量普遍較弱。其中包括 2025 財年疾病季節整體嚴重程度較低的影響。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季度與季度之間以及年度與年度之間的變化。

Additionally, we're pleased with the focus and discipline to accelerate the business and accelerate comprehensive cost optimization set of initiatives. These initiatives are driving operational efficiencies, delivering improved focus and performance and greater alignment across the business and with our customers.

此外，我們對加速業務和加速綜合成本優化措施的重點和紀律感到滿意。這些措施正在提高營運效率，提高重點和績效，並增強整個業務和與客戶的協調。

As Brian and I have already discussed today, we've announced our intention to separate the Medical segment into an independent company. This strategic decision is designed to enhance operational focus and further enhance strategic operations and opportunities of both companies. This decision is designed to unlock significant value for both companies. The new company would be a differentiated medical surgical supply company with a compelling leadership position, attractive margins and potential for growth acceleration across all alternate types of care.

正如布萊恩和我今天已經討論過的，我們已經宣布了將醫療部門分開為獨立公司的意圖。這項策略決策旨在增強營運重點，進一步增強兩家公司的策略營運和機會。這項決定旨在為兩家公司釋放巨大的價值。新公司將是一家差異化的醫療外科用品公司，擁有強大的領導地位、誘人的利潤率以及在所有替代類型的護理領域加速成長的潛力。

The separation is consistent with McKesson's disciplined portfolio management approach and will further focus capital deployment priorities for both companies. We're committed to exploring all opportunities to execute the separation in a manner that maximizes shareholder value. Our fiscal 2026 outlook assumes 100% ownership of the Medical segment. We'll provide more information as appropriate on the form and timing as the process progresses.

此次分離符合麥克森嚴謹的投資組合管理方法，並將進一步集中兩家公司的資本配置重點。我們致力於探索一切機會，以最大化股東價值的方式實施分離。我們對 2026 財年的展望假設醫療部門擁有 100% 的所有權。隨著進程的進展，我們將適時提供更多有關形式和時間的資訊。

In the International segment, we anticipate revenues to be approximately a 2% decline to 2% growth and operating profit to be flat to 5% decline. The segment outlook reflects continued growth in the Canadian distribution business, partially offset by the impact of the divestiture of our Canada-based Rexall and Well.ca businesses at the end of the third quarter in fiscal 2025.

在國際領域，我們預計營收將下降約 2% 至成長 2%，營業利潤將持平至下降 5%。該部門的前景反映了加拿大分銷業務的持續成長，但部分抵消了我們在 2025 財年第三季末剝離加拿大 Rexall 和 Well.ca 業務的影響。

As a reminder, fiscal 2025 includes $25 million resulting from the held-for-sale accounting related to the sale of our Canada-based Rexall and Well.ca businesses, which was completed on December 30, 2024.

提醒一下，2025 財年包括 2,500 萬美元，這筆款項來自我們位於加拿大的 Rexall 和 Well.ca 業務的出售，該出售於 2024 年 12 月 30 日完成。

Our fiscal 2026 outlook contemplates contributions related to operations in Norway through calendar 2025. As a reminder, Norway remains the only operating country remaining in Europe. We remain committed to exit and fully divest our European business and have entered into an active sale process for our Norwegian business. We will, however, be disciplined and focused on maximizing shareholder value throughout the sale process.

我們對 2026 財年的展望考慮了截至 2025 年在挪威營運的相關貢獻。提醒一下，挪威仍然是歐洲唯一仍在運作的國家。我們仍然致力於退出並完全剝離我們的歐洲業務，並已進入挪威業務的積極出售流程。然而，我們將在整個銷售過程中嚴格遵守紀律，致力於實現股東價值最大化。

In the Corporate segment, we anticipate expenses to be in the range of $570 million to $630 million. We continue to invest across the business to modernize and accelerate the enterprise to deliver growth. This includes significant investments in data and analytics, including several investments in cloud, networking and infrastructure. Additionally, we anticipate accelerating the use of automation, including AI, to unlock the potential to deliver customer and foundational enhancements.

在企業部門，我們預計支出將在 5.7 億美元至 6.3 億美元之間。我們將繼續對整個業務進行投資，以實現企業現代化並加速其成長。這包括對數據和分析的大量投資，其中包括對雲端、網路和基礎設施的多項投資。此外，我們期望加速使用包括人工智慧在內的自動化技術，以釋放提供客戶和基礎增強功能的潛力。

Now moving below the line. We anticipate interest expense to be approximately $255 million to $275 million. and income attributable to noncontrolling interest to be in the range of $215 million to $235 million. The increase in the interest expense guidance range as compared to fiscal 2025, and reflecting anticipated financing impact related to the acquisition of a controlling interest in core ventures.

現在移動到線下。我們預計利息支出約為 2.55 億美元至 2.75 億美元。歸屬於非控制權益的收入將在 2.15 億美元至 2.35 億美元之間。與 2025 財年相比，利息支出指導範圍增加，反映了與收購核心企業控股權相關的預期融資影響。

Income attributable to noncontrolling interest guidance incorporates the full year impact from our controlling interest in PRISM Vision Holdings and the estimated impact from the acquisition of a controlling interest in Core Ventures as discussed earlier.

歸屬於非控制權益的收入指引包含了我們對 PRISM Vision Holdings 的控股權益的全年影響以及收購 Core Ventures 的控股權益的預期影響（如前所述）。

We anticipate the full year effective tax rate will be in the range of 17% to 19%. And as a reminder, the timing and amount of discrete tax items are difficult to predict, therefore, we do not provide quarterly effective tax rate guidance.

我們預計全年有效稅率將在 17% 至 19% 之間。需要提醒的是，離散稅項的時間和金額難以預測，因此，我們不提供季度有效稅率指引。

Turning now to cash flow and capital deployment. We anticipate free cash flow of approximately $4.4 billion to $4.8 billion. Our working capital metrics and resulting free cash flow will vary from quarter-to-quarter and are impacted by timing, including the day of the week that marks the close of a quarter.

現在談談現金流和資本部署。我們預計自由現金流約為 44 億美元至 48 億美元。我們的營運資本指標和由此產生的自由現金流將每個季度都有所不同，並受到時間的影響，包括標誌著一個季度結束的那一周的哪一天。

Our outlook reflects plans to repurchase approximately $2.5 billion of shares in fiscal 2026 and as a result of the share repurchase activity, we estimate weighted average diluted shares outstanding to be in the range of approximately 124 million to 125 million.

我們的展望反映了在 2026 財年回購約 25 億美元股票的計劃，並且由於股票回購活動，我們估計加權平均稀釋流通股數將在約 1.24 億至 1.25 億股之間。

Our focus on portfolio management including disciplined capital deployment is reflected by the improvements in our return on invested capital. Over the past five years, return on invested capital has more than doubled to 26% at the end of fiscal 2025. This performance is a result of a clear and consistent enterprise strategy, operational execution against that strategy and disciplined management of our portfolio of businesses. We'll continue to focus capital deployment on the growth strategies in oncology and biopharma solutions to create enhanced value for our shareholders.

我們對投資組合管理的關注，包括嚴格的資本配置，體現在我們投資資本報酬率的提高。過去五年，投資資本報酬率成長了一倍多，到 2025 財年末達到 26%。這一業績源於清晰一致的企業策略、按照該策略進行的營運執行以及對業務組合的嚴格管理。我們將繼續把資本配置重點放在腫瘤學和生物製藥解決方案的成長策略上，為股東創造更大的價值。

In summary, we delivered outstanding performance in fiscal 2025. The strength and stability in the underlying fundamentals across our businesses, combined with robust cash flow generation and disciplined capital deployment have led to a strong outlook for fiscal 2026.

總而言之，我們在2025財年取得了出色的表現。我們各項業務基本面的強勁穩定，加上強勁的現金流量產生和嚴格的資本配置，為 2026 財年帶來了強勁的前景。

Our sustained financial performance over the past several years has been bolstered by the strength of our financial position and the consistent operating execution, leading to compelling value creation for our customers, partners and shareholders.

過去幾年，我們持續的財務表現得益於強勁的財務狀況和持續的營運執行，為我們的客戶、合作夥伴和股東創造了顯著的價值。

I also want to take a moment to thank McKesson and McKesson's team of outstanding associates for the outstanding results that we had in fiscal 2025. I'm confident in our ability to deliver another strong year in 2026 and with growth acceleration, margin expansion and value creation.

我也想花點時間感謝 McKesson 和 McKesson 的傑出員工團隊，感謝他們在 2025 財年為我們取得的出色表現。我相信我們有能力在 2026 年再創輝煌，實現成長加速、利潤率擴大和價值創造。

With that, we should move to the Q&A session.

好了，我們應該進入問答環節了。

Thank you. (Operator Instructions) Kevin Caliendo, UBS.

謝謝。（操作員指示）瑞銀 (UBS) 的 Kevin Caliendo。

There's so much to unpack here. I guess I'll be the bad guy and ask the -- MFN question since it impacted the stock so much today. Can you help us just sort of understand that risk meaning if there is some sort of Medicare Part B MFN impact to ASPs, which is kind of what the headlines have proposed.

這裡有太多東西要解開。我想我會成為壞人並提出最惠國待遇問題，因為它對今天的股票影響很大。您能否幫助我們理解這種風險的含義，即醫療保險 B 部分最惠國待遇是否會對 ASP 產生某種影響，就像頭條新聞所提出的那樣。

Can you just sort of help us understand because it's 95% of all the questions I've got today to understand how it would impact both the core distribution business and your specialty clinics business if at all, I mean, a lot of us just don't really understand how the economics or the math work. And I think it would provide a ton of clarity if you can help us understand it.

您能否幫助我們理解一下，因為今天我提出的所有問題中有 95% 都是想了解它會如何影響核心分銷業務和專科診所業務，如果有的話，我的意思是，我們很多人並不真正了解經濟學或數學是如何運作的。我認為如果您能幫助我們理解這一點，那將會非常清楚。

Thank you, Kevin. I'll go first. And my understanding, and admittedly, I haven't checked social media for a couple of hours, is that nothing has really been announced. It's all kind of rumored at this point. And if history is our guide, there will probably be plenty of legal challenges. And so I think we'll have time to deal with this as actual facts emerge and not speculate on it.

謝謝你，凱文。我先走了。據我了解，而且我承認，我已經有幾個小時沒有查看社交媒體了，實際上還沒有任何消息被宣布。目前，這一切都只是傳言而已。如果以歷史為鑑，我們可能會面臨大量的法律挑戰。因此我認為，隨著實際情況的出現，我們將有時間來處理這個問題，而不是對其進行猜測。

I will say about the specialty providers, our fundamental belief is and I think this is definitely true, community-based care is the most accessible it is high quality and it is a low-cost setting of care. So it is going to be a critical part of this country's ability to manage the overall accessibility, affordability and quality of care, particularly oncology care.

關於專業提供者，我想說的是，我們的基本信念是，而且我認為這絕對正確，以社區為基礎的護理是最容易獲得的，它質量高，而且成本低。因此，它將成為這個國家管理醫療服務（尤其是腫瘤治療）的整體可近性、可負擔性和品質的關鍵部分。

And so our advocacy and our belief is that community-based care needs to be and will be fairly compensated in totality for the services that they provide, whether that's through drug pricing structures or other service fees that are provided, it's absolutely essential that we have a vibrant community-based care setting. Otherwise, these patients if they can get care are going to be getting that care in a higher cost setting to the system overall.

因此，我們的倡議和信念是，社區護理需要並將因其提供​​的服務而得到公平的補償，無論是透過藥品定價結構還是提供的其他服務費用，擁有一個充滿活力的社區護理環境是絕對必要的。否則，這些患者如果能夠得到治療，那麼整個系統的成本將會更高。

In terms of the distribution side of the business, I mean I think we've always said and we have successfully illustrated over the years our ability to get paid fair value for the services that we provide. And that would be our expectation in this case as well.

就業務的分銷方面而言，我的意思是，我認為我們一直在說，並且多年來我們已經成功地證明了我們有能力為我們所提供的服務獲得公平的報酬。在這種情況下，這也是我們的期望。

Lisa Gill, JPMorgan.

摩根大通的麗莎吉爾。

Brian, just a comment to what you just said. I think if you look back at 2018, Trump proposed something kind of similar to shifting around potential payment on Part B and never came to fruition. So again, I think we're all watching this. I want to try to better understand this. Two things -- I'm sorry, go ahead.

布萊恩，我只是想對你剛才說的話做一點評論。我認為，如果回顧 2018 年，川普提出了類似轉移 B 部分潛在付款的提議，但從未實現。所以，我想我們都在關注這一點。我想嘗試更好地理解這一點。有兩件事——抱歉，請繼續。

I'm just going to say it was definitely a time warp moment.

我只想說那絕對是一個時間扭曲的時刻。

And if I feel like [dejafu], I have to keep writing these same research notes. But if we think about some of the other areas, I just want to make sure we also understand the tariff side on both sides of your business. So both one, on the branded as well as the generic side of the pharmaceutical. And then I know that ultimately, you won't have the medical supply business. But in fiscal '26, can you talk about what you potentially have in your guidance around any tariffs? And if you'll have any impact on that side?

如果我感覺[似曾相識]，我必須繼續寫這些相同的研究筆記。但如果我們考慮其他一些領域，我只是想確保我們也了解您業務雙方的關稅方面。因此，藥品既包括品牌藥品，也包括仿製藥。然後我知道最終你將不會擁有醫療用品業務。但是在 26 財年，您能否談談您在指導中可能對關稅做出哪些規定？您是否會對那方面產生影響？

Sure. We can -- Britt and I can tag team this one. Obviously, we're closely monitoring the tariff landscape, and I'm sure everyone saw even earlier today, the UK -- a new UK agreement was announced.

當然。我們可以——布里特和我可以組隊一起做這個。顯然，我們正在密切關注關稅形勢，我相信大家今天早些時候就看到了英國宣布了一項新的英國協議。

So it is pretty dynamic. I would point back to our primary model, let's start in the pharmaceutical business.

所以它非常有活力。我想回顧一下我們的主要模式，讓我們從製藥業務開始。

We source from the brands we have a reimbursement mechanism based on the price. We have a sell-forward mechanism based on the price. Manufacturers are going to make the pricing decisions that they think they need to do. We don't think, overall, it's going to be material and our assessment of the landscape has been considered in the guidance that we provided to you based on the policies that we're aware of, and we know today.

我們從品牌採購，我們有基於價格的報銷機制。我們有一個基於價格的預售機制。製造商將做出他們認為需要做的定價決策。我們認為，總體而言，這不會是實質性的，我們對情況的評估已經考慮到了我們根據目前所知的政策向您提供的指導中。

On the generic side, we're sourcers in the North Star program. And we don't have fixed capital deployed in any country. And if you think about our sourcing program and even coming out of the COVID experience, we have we have been over time working to diversify and create a reliable, predictable supply chain. And we think we are pretty well positioned. We are not over-rotated towards any one particular country. So I think we'll be okay there.

從一般方面來看，我們是北極星計畫的資源提供者。我們在任何國家都沒有部署固定資本。如果你考慮我們的採購計劃，甚至是走出新冠疫情的經歷，你會發現，我們一直在努力實現多元化，並創建可靠、可預測的供應鏈。我們認為我們處於非常有利的位置。我們不會過度偏向任何一個特定國家。所以我認為我們在那裡會沒事的。

And then on the Medical Surgical side, I would just say we have a similar sourcing strategy. I mean we try to be diversified, resilient, have redundancy in that. We don't have fixed plant anywhere. So we -- as tariffs settle themselves out and we can move sourcing around what would then be the most advantageous source. And then the last thing I would say is by nature of our customer base and the markets that we serve, we tend to have flexibility around pricing. Our goal is always to provide the low-cost best value that we can, but we have that as a lever.

在外科醫療方面，我想說我們有類似的採購策略。我的意思是，我們試圖實現多樣化、有彈性、有冗餘。我們在任何地方都沒有固定的工廠。因此，隨著關稅的穩定，我們可以將採購轉移到最有利的來源。最後我想說的是，根據我們的客戶群和我們服務的市場的性質，我們在定價方面往往具有彈性。我們的目標始終是盡可能以低成本提供最佳價值，但我們以此作為槓桿。

The only thing I would just add, just maybe put a highlight on what Brian said. We do not anticipate this is going to have a material impact on our fiscal '26 guidance. It's our understanding of the tariff situation today, obviously, it's evolving, but our understanding of it today, we have that incorporated into our guidance. And I would just also emphasize what Brian said that in the medical business, as an example, we source the largest spend of products in the US. So we've continued for a number of years now.

我唯一想補充的是，也許只是強調一下 Brian 所說的話。我們預計這不會對我們的 26 財年指引產生重大影響。這是我們對當今關稅情況的理解，顯然，它正在不斷發展，但我們對今天的理解已納入我們的指導中。我還要強調布萊恩所說的，以醫療產業為例，我們在美國採購的產品支出最大。所以我們已經持續了很多年了。

to continue to diversify and focus on responsible sourcing and in doing that, we have remediated a lot of the risk that we may have had several years ago.

繼續實現多元化並專注於負責任的採購，透過這樣做，我們已經補救了幾年前可能存在的許多風險。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

One for Brian. With the separation of MedSurg, clearly, you guys are doubling down in US pharma and Prescription Technology Solutions. It feels like there's more urgency today to accelerate capital deployment in biopharma services. Can you just talk about the urgency that McKesson has here to focus on MSOs and building out McKesson's platform?

一個給布萊恩。隨著 MedSurg 的分離，顯然你們正在加倍投入美國製藥和處方技術解決方案。如今，加速生物製藥服務領域的資本部署似乎變得更加迫切。您能否談談 McKesson 在此關注 MSO 和建立 McKesson 平台的迫切性？

Is that urgency that you're feeling bigger than it was maybe one or two years ago? And then how big is the opportunity to continue to invest in this space?

與一兩年前相比，您現在感受到的緊迫感是否更加強烈？那麼繼續投資這個領域的機會有多大？

Yes. Great question. I mean, the first thing I'll say is that capital deployment for us is always driven by alignment to our strategy and financial discipline in executing those transactions. And I would say personally, the urgency hasn't changed for me at all. We've had the same level of urgency, maybe earlier a few years if I roll the clock back, we had a difficult time finding valuations that we thought made financial sense and cleared our financial hurdles.

是的。好問題。我的意思是，我要說的第一件事是，我們的資本部署始終取決於執行這些交易時的策略和財務紀律。就我個人而言，緊迫感對我來說一點都沒有改變。我們有同樣程度的緊迫感，如果時光倒流，也許幾年前，我們很難找到我們認為具有財務意義並能清除財務障礙的估值。

We stay in those conversations. In this world, oftentimes, these conversations go for years before they become actionable.

我們繼續進行這些對話。在這個世界上，這些對話常常要持續數年才能變成現實。

So the urgency is always there to invest prudently against our strategy in a way that we're confident will accelerate and continue our growth and to create shareholder value. It's really a matter of when you can execute on the opportunities.

因此，我們始終迫切需要根據我們的策略進行審慎的投資，我們相信這將加速並持續我們的成長並創造股東價值。這實際上取決於你何時能夠抓住機會。

The only thing I would add is this is very consistent with the way that we've operated for several years. Again, to Brian's point, it's always started with strategy. So our -- where we're deploying capital today is very consistent with our strategy. If you go back several years, and we've continued to look at the portfolio and reallocate capital where it has the highest return where it has the highest opportunities and it leverages our differentiated assets.

我唯一想補充的是，這與我們幾年來的運作方式非常一致。再次重申布萊恩的觀點，一切總是從策略開始。因此，我們今天部署資本的地方與我們的策略非常一致。如果回顧過去幾年，我們一直在關注投資組合，並將資本重新分配到回報率最高、機會最多的地方，並利用我們的差異化資產。

We divested the Change Healthcare asset, we divested our European businesses and most recently, Rexall and Well.ca, all to get better alignment to our strategy and deploy our capital to differentiated assets with higher returns. This is very consistent with what we've done for several years.

我們剝離了 Change Healthcare 資產和歐洲業務，最近又剝離了 Rexall 和 Well.ca，所有這些都是為了更好地配合我們的策略，並將我們的資本配置到具有更高回報的差異化資產上。這與我們幾年來所做的非常一致。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Think picture question first. On the pharma growth rate, long-term guidance moving up here, I would expect that relative to two years ago, the macro environment has been a real tailwind. And I'm curious to hear if the step-up in guidance reflects that you believe the macro environment phase that strong? Or if it is more to do with the opportunities that you're seeing based on the expansion of the platform and what you were just speaking about on capital deployment.

先思考圖題。關於製藥業的成長率，長期指導的上升，我預計相對於兩年前，宏觀環境將是一個真正的順風。我很好奇，指導的加強是否反映出您相信宏觀環境階段如此強勁？或者這更多地與您根據平台擴展所看到的機會以及您剛才談到的資本部署有關。

And then, Britt, I would ask you, pharma guidance for this coming year, 12% to 16%. That's a pretty large range. Does it sounds like core is in that. Help us understand what drives you from the bottom to the top of that range?

然後，布里特，我想問你，今年製藥業的預期成長率是 12% 到 16%。範圍相當大。聽起來核心就在那裡嗎？請幫助我們了解是什麼促使您從最低點走到最高點？

So in terms of the macro environment, look, we feel really good about the value propositions we have for the customers we serve. We've -- we feel like we've onboarded some strategic customers over the last couple of years consecutively or we will as we help them be successful, their growth will help us be successful. We've seen solid utilization trends. We think we've got a differentiated growth platform in oncology, and all these things contribute to our view.

因此，就宏觀環境而言，我們對我們為服務的客戶提出的價值主張感到非常滿意。我們感覺我們在過去幾年中連續獲得了一些策略客戶，或者說當我們幫助他們取得成功時，他們的成長將幫助我們取得成功。我們已經看到了穩健的利用趨勢。我們認為我們在腫瘤學領域擁有差異化的成長平台，所有這些都有助於我們形成自己的觀點。

I mean the external environment today is probably there's more moving parts than typically we would see. But if you step back further, health care is a pretty resilient industry, the underlying core fundamentals continue to support growth, and we think the innovation will continue in the Pharmaceutical segment, and we'll be positioned to benefit from that.

我的意思是，今天的外部環境可能比我們通常看到的因素有更多變化的因素。但如果你進一步回顧一下，醫療保健是一個相當有彈性的行業，其核心基本面繼續支持成長，我們認為製藥領域的創新將繼續，我們將從中受益。

And Eric, before I answer your second question, this is the second time in the last few years. that we've raised the long-term guidance range for this segment. We started out at 4% to 6% and went to 5% to 7% and now 6% to 8%. And it's really a reflection of the things that Brian talked about, we're in a more stable environment for prescription utilization. And we've continued to build the platforms that we've been focused on in oncology and now other specialties.

艾瑞克，在我回答你的第二個問題之前，這是過去幾年中的第二次了。我們已提高該部門的長期指導範圍。我們一開始是 4% 到 6%，然後是 5% 到 7%，現在是 6% 到 8%。這確實反映了布萊恩談到的事情，我們處於一個更穩定的處方使用環境中。我們一直在繼續建立我們專注於腫瘤學以及其他專業的平台。

So I think it's a natural evolution of the way we've deployed capital in a very successful way to generate additional growth. If you think about the range for next year, as I mentioned in my comments, we've included two acquisitions into the growth of the segment for next year, which we anticipate will generate 6% to 7% of that growth, which means that the core, our assumption for next year is growing around 6% to 9%, which is very consistent with the new range that we've provided on the long-term growth rate.

因此，我認為這是我們以非常成功的方式部署資本以實現額外增長的自然演變。如果你考慮明年的範圍，正如我在評論中提到的那樣，我們已將兩次收購納入明年該部門的增長範圍，我們預計將產生 6% 至 7% 的增長，這意味著核心，我們對明年的假設是增長 6% 至 9% 左右，這與我們提供的長期增長率的新範圍非常一致。

Again, I think that's continuing to add customers and getting operational efficiency some of the investments that we've made to generate some operating leverage around automation, and we feel very comfortable that the business now is going to run at that 6% to 8% level.

再說一次，我認為這會繼續增加客戶並提高營運效率，我們所做的一些投資是為了在自動化方面產生一些營運槓桿，我們非常有信心現在的業務將以 6% 到 8% 的水平運作。

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Just a couple of questions on the face of the P&L for this quarter. I guess if we look at the, I guess, the SG&A decline pretty substantially year-over-year. I wonder if you could comment a little bit on the efficiencies there and what's driving that? And I guess also looking at the gross profit side of things, maybe a little bit slower growth this quarter than you've seen kind of throughout the balance of the year. Also hoping you could potentially expand a little bit on the trends that we're seeing on those lines.

關於本季的損益表，我只想問幾個問題。我想如果我們看一下，我想，銷售、一般及行政費用年比會大幅下降。我想知道您是否可以對那裡的效率以及推動其發展的因素進行一些評論？而且我想從毛利方面來看，本季的成長速度可能比全年的成長速度慢一些。也希望您能夠稍微擴展一下我們在這些方面看到的趨勢。

Yes. Thanks for the question, Stephen. On the expenses. One of the things that's really driving that is the divestiture that we have in our Canadian business. We divested the Rexall and Well.ca businesses. in our third fiscal quarter.

是的。謝謝你的提問，史蒂芬。關於費用。真正推動這一進程的因素之一是我們對加拿大業務的剝離。我們剝離了 Rexall 和 Well.ca 業務。在我們的第三財季。

So that's having an impact on the year-over-year comparison there. And from a gross profit perspective, I think that's more of a mix as well as the divestitures that we had in our International segment. Overall, we're really proud and pleased with the operating leverage that we're generating in the business, and that's showing up at the adjusted operating profit line.

所以這對同比產生了影響。從毛利的角度來看，我認為這更多的是混合的，以及我們在國際部門的資產剝離。整體而言，我們對業務中產生的營業槓桿感到非常自豪和高興，這體現在調整後的營業利潤線上。

Daniel Grosslight, Citi. .

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。。

I wanted to focus on your expectations around GLP-1 access programs in the near term. I think you mentioned for 2016, you still expect that to be a strong contributor to growth in our TS. It seems like there's a few puts and takes here, perhaps a little more owners [CA terms] from an employer plan perspective on the insured side of things, but also Lilly and Novo seem to be really expanding their cash pay GLP-1 programs, -- will direct to Novo Care, which obvious the need for PA. So just curious to get your thoughts on some of the puts and takes as we think about GLP-1s in your CoverMyMeds. .

我想專注於您對近期 GLP-1 訪問計劃的期望。我想您提到了 2016 年，您仍然預計這將成為我們 TS 成長的強大貢獻者。似乎這裡存在一些利弊，從雇主計劃的角度來看，在被保險方面，也許業主 [CA 條款] 會多一些，但禮來和諾和諾德似乎確實在擴大他們的現金支付 GLP-1 計劃——將直接用於 Novo Care，這顯然需要 PA。所以我很好奇，當我們考慮 CoverMyMeds 中的 GLP-1 時，您對一些利弊的看法。。

I'll start. So we -- as you know, we provide prior authorization and other access solutions, quite frankly. So it's not just all about prior authorizations. And our expectation is that as more and more patients become clinically appropriate for these to get started on these products, we will continue to benefit from that growth.

我先開始。因此，正如您所知，坦白說，我們提供事先授權和其他存取解決方案。所以這不僅涉及事先授權。我們的期望是，隨著越來越多的患者在臨床上適合開始使用這些產品，我們將繼續受益於這種成長。

Right now, the cash pay component, which we would not participate in is relatively small. We think that's a subset of the population that's eligible for it. And then the last thing I would say is, obviously, our -- the services we provide will vary depending on decisions that payers make in terms of how long they want to go between requiring prior authorizations, how frequently you have to have your prior authorization updated. And so as payers change their policies, some employers choosing for the first time to start to cover weight loss, those are all the dynamics that go into it. When we step back and blend it all together, it delivers the kind of growth that Brent talked about. .

目前，我們不會參與的現金支付部分相對較少。我們認為這是符合條件的人口子集。最後我想說的是，顯然，我們提供的服務將根據付款人的決定而有所不同，包括他們希望在需要事先授權之間間隔多長時間，以及需要多久更新一次事先授權。因此，隨著付款人改變他們的政策，一些雇主首次選擇開始承保減肥費用，這些都是其中涉及的動態。當我們退後一步並將所有因素融合在一起時，它就會帶來布倫特所說的那種成長。。

Yes. Just to add on to that, again, we finished the year with some very strong momentum, and we feel very confident that our programs continue to resonate. We support all the major GLP-1 products, and we feel little bit about the momentum going into FY26.

是的。再補充一點，我們以非常強勁的勢頭結束了這一年，我們非常有信心我們的計劃將繼續產生共鳴。我們支持所有主要的 GLP-1 產品，並且我們對進入 FY26 的勢頭有了一些感覺。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

Thanks very much. Good afternoon. So I'm curious on prescription tech. It's very clear from your AOI growth that the revenue growth slowdown forecast in fiscal '26 really is the 3PL that's obvious. You normally talk about 3PL being around 50% of revenue.

非常感謝。午安.所以我對處方技術很好奇。從您的 AOI 成長可以清楚看出，26 財年營收成長放緩預測確實是 3PL 造成的。您通常會說 3PL 約佔收入的 50%。

I'm just curious what kind of a revenue slowdown are you seeing in 3PL, i.e., could we get a better sense on the growth forecast for the higher-margin access affordability adherence businesses? That's it for me.

我只是好奇您在 3PL 中看到了什麼樣的收入放緩，即我們是否可以更好地了解利潤率更高的可訪問性、可負擔性、依從性業務的成長預測？對我來說就是這樣。

Thanks, Eric, for that question. We still see good growth in the 3PL business year-over-year. The rate of growth is what I was referring to. So we had a stronger rate of growth in our fiscal '25 for the 3PL business. So that rate of growth, we do anticipate will slow, although we expect it to be more consistent with what we've seen historically.

謝謝埃里克提出這個問題。我們仍然看到第三方物流業務較去年同期成長良好。我指的是成長率。因此，我們的 25 財年第三方物流業務實現了更強勁的成長率。因此，我們確實預期成長率將會放緩，儘管我們預計它將與歷史水平更加一致。

Overall, we are really feeling good about the access solutions and the growth rate that we're seeing there, particularly as we come out of a very strong fourth quarter in fiscal 2025. But it's really the rate of growth, the rate of growth is still a solid, but it's just a slower rate of growth than we had in FY25, which was a very strong year. And as we've talked about before, it's really the timing of programs, the launch of products, all of those things go in and drive some variability with our 3PL revenue.

總體而言，我們對存取解決方案及其所看到的成長率感到非常滿意，特別是在我們剛剛度過 2025 財年非常強勁的第四季度之後。但這確實是成長率，成長率仍然穩定，但與 25 財年相比成長率有所下降，25 財年是非常強勁的一年。正如我們之前所討論的，這實際上是計劃的時機、產品的推出，所有這些因素都會對我們的 3PL 收入產生一定的影響。

Elizabeth Anderson with Evercore ISI. .

伊麗莎白·安德森 (Elizabeth Anderson) 和 Evercore ISI 合作。。

Congrats on next quarter and outlook. I was wondering, you guys obviously have a big role in helping independent pharmacies in a variety of ways, including some of their PBM negotiations. Give us some of the changing reimbursement models we're hearing about from the national change, has that kind of conversation percolated down to sort of the independent pharmacy customer base? Or is it not yet and sort of what are they mostly focused on and asking you from the reimbursement perspective?

恭喜下個季度和前景。我想知道，你們顯然在以各種方式幫助獨立藥局方面發揮著重要作用，包括他們的一些 PBM 談判。請向我們介紹我們從國家變革中聽到的一些報銷模式的變化，這種對話是否已經滲透到獨立藥局的客戶群中？或者還沒有，他們主要關注什麼，並從報銷的角度詢問您什麼？

Yes. So as you know through our Health Mart program, we include service around reimbursement. We are certainly continue to evaluate and understand the specifics and the mechanics of how some of these alternative reimbursement models work. As of yet, I wouldn't say there's been a big behavioral shift, but it's something that we're certainly tracking on.

是的。正如您透過我們的 Health Mart 計劃所了解的，我們提供報銷服務。我們當然會繼續評估和了解這些替代報銷模式的具體運作方式和機制。到目前為止，我不會說已經發生了巨大的行為轉變，但這是我們肯定在追蹤的事情。

In terms of what our customers ask us for, they ask us to help them attract patients, marketing programs, et cetera, help make sure their pharmacy is operationally as efficient as can be help make sure they have consistency of supply and competitive costs, help them stay abreast of trends that are happening in the marketplace that they can manage their business as best they can, for example, by sharing best practices and growth strategies and drivers that we see throughout the portfolio of our 4,500-plus independent pharmacies.

就客戶的要求而言，他們要求我們幫助他們吸引患者、制定行銷計劃等，幫助確保他們的藥房運營盡可能高效，幫助確保他們擁有穩定的供應和有競爭力的成本，幫助他們隨時了解市場趨勢，以便他們能夠盡可能好地管理業務，例如，通過分享我們在 4,500 多家獨立藥房組合中看到的最佳實踐、增長戰略和驅動力。

We have time for one more question.

我們還有時間再回答一個問題。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

I guess, Britt, maybe just on the guidance, free cash flow guide down from last year. Can you help us bridge what are the pieces there? Is it just cash going out for Core Ventures and [porter] cancer?

我想，布里特，也許只是根據指導，自由現金流指導比去年有所下降。您能幫助我們彌補其中的差距嗎？Core Ventures 和 [porter] cancer 只是在流出現金嗎？

Yes, the cash flow guidance is still strong. Historically, it's above where we've trended over the last several years. So we feel really good about the cash flow generation. As I've talked about before, this is really a relation of timing, including the day that the quarter ends on or the year ends on, and we did have a few nonoperational cash flow items that came through at the end of our fiscal 2025, not really material, but that will also impact the year-over-year. But we think that $4.4 billion to $4.8 billion of free cash flow is still very strong.

是的，現金流指引仍然強勁。從歷史上看，它高於過去幾年的趨勢。因此，我們對現金流的產生感到非常滿意。正如我之前談到的，這實際上是一種時間關係，包括季度結束或年度結束的日子，我們在 2025 財年末確實出現了一些非經營性現金流項目，雖然不是很重要，但也會影響同比。但我們認為 44 億美元至 48 億美元的自由現金流仍然非常強勁。

Great. Thank you. And thank you, everyone, for joining our call and really appreciate your thoughtful questions. Thanks, Justin, for helping facilitate the call.

偉大的。謝謝。感謝大家參加我們的電話會議，並非常感謝你們提出的深思熟慮的問題。謝謝賈斯汀幫忙促成這通通話。

McKesson delivered a strong fourth quarter and fiscal 2025. We are committed to build on this momentum, drive sustainable growth and deliver attractive shareholder returns in the years ahead of us. I certainly don't want to end this call without expressing my deep gratitude to our team of over 45,000 McKesson employees. It's their dedication to excellence and their care for our customers and each other that allow us to deliver these kinds of results, and I look forward to delivering more with them in the quarters ahead.

麥克森 (McKesson) 第四季和 2025 財年業績表現強勁。我們致力於在未來幾年內繼續保持這一勢頭，推動永續成長並實現可觀的股東回報。在結束這通電話之前，我當然要向超過 45,000 名 McKesson 員工團隊表達深深的謝意。正是他們對卓越的奉獻以及對客戶和彼此的關心使我們能夠取得這樣的成果，我期待在未來幾個季度與他們一起取得更多成果。

Thanks, everybody. Hope you have a terrific evening.

謝謝大家。祝您有個愉快的夜晚。

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

謝謝。感謝您參加今天的電話會議。現在您可以斷開連接，並享受美好的一天。