麥卡遜 (MCK) 2026 Q1 法說會逐字稿

Please stand by. Welcome to McKesson 's first quarter fiscal 2026 earnings conference call. Please be advised that today's conference is being recorded.

請稍候。歡迎參加 McKesson 2026 財年第一季財報電話會議。請注意，今天的會議正在錄音。

At this time, I would like to turn the call over to Jenny 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珍妮·多明格斯 (Jenny Dominguez)。請繼續。

Thank you, operator. Good afternoon and welcome everyone to McKesson's first quarter fiscal 2026 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 to a question-and-answer session. Today's discussion will include forward-looking statements such as forecasts about McKesson's operations and future results.

謝謝您，接線生。下午好，歡迎大家參加 McKesson 2026 財年第一季財報電話會議。今天與我一起出席的還有我們的執行長 Brian Tyler 和財務長 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。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。

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 additional information concerning risk factors that could cause our actual results to materially differ from those in our forward-looking statements.

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存在重大差異的風險因素的更多信息。

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

我們將在網路廣播中討論的 GAAP 和非 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。說完這些，讓我把麥克風交給 Brian。

Thank you, Jenny. Good afternoon, everyone. I appreciate everyone joining our call today. Earlier today we reported strong fiscal first quarter results exemplifying the value of our differentiated solutions and our ability to continuously drive progress against our strategic priorities.

謝謝你，珍妮。大家下午好。我感謝今天參加我們電話會議的各位。今天早些時候，我們報告了強勁的第一財季業績，體現了我們差異化解決方案的價值以及我們持續推動策略重點進展的能力。

We delivered record consolidated revenues of $97.8 billion, an increase of 23% over the prior year. Adjusted operating profit increased 9% to $1.4 billion. Three of our segments delivered double-digit growth and adjusted operating profit, reflecting continued momentum across the enterprise. We are executing against our growth commitments we outlined to our shareholders as demonstrated by these first quarter results.

我們的綜合收入達到創紀錄的 978 億美元，比前一年成長 23%。調整後的營業利潤成長 9%，達到 14 億美元。我們的三個部門實現了兩位數的成長和調整後的營業利潤，反映出整個企業的持續發展動能。正如第一季的業績所顯示的，我們正在履行向股東所做的成長承諾。

The performance in the first quarter and our outlook for the remainder of the year gave us confidence to raise the full year guidance to $37.10 to $37.90 from a previous range of $3690 to $37.70. Our financial strength reflects our commitment to deliver services with the highest standard of quality, to foster innovation, and to collaborate with our customers and partners to ultimately drive forward our mission as a diversified healthcare services company.

第一季的業績以及我們對今年剩餘時間的展望，讓我們有信心將全年業績指引從先前的3,690美元至37.70美元上調至37.10美元至37.90美元。我們雄厚的財務實力體現了我們致力於提供最高品質標準的服務、促進創新，並與客戶和合作夥伴攜手合作，最終推進我們作為多元化醫療服務公司的使命。

I want to focus my remarks today on our strategy and our company priorities. I want to provide you with insights into how we're driving performance in the near term, and positioning McKesson for continued long-term growth. I'll then hand it over to Britt for a more detailed discussion on the first quarter financial results.

今天我想重點談談我們的策略和公司優先事項。我想向您提供有關我們如何在短期內推動業績，以及為麥克森的長期持續成長做好準備的見解。然後，我將把它交給布里特，讓他更詳細地討論第一季的財務結果。

I want to start, as I always do, with our focus on people and culture. Everything we achieve is made possible by the dedication and the commitment of our 45,000 employees. The initiatives they work on, the problems they solve are complicated, including onboarding large strategic customers, and or integrating new businesses.

一如既往，我想先談談我們對人和文化的關注。我們所取得的一切成就都歸功於我們 45,000 名員工的奉獻和承諾。他們所進行的計劃和解決的問題都很複雜，包括引進大型策略客戶和整合新業務。

Success in these endeavors relies upon strong collaboration and a cohesive teamwork across our organization. I'm continually proud to see how our teams consistently come together to achieve our goals and deliver results. We're committed to taking care of our employees, empowering their growth, and supporting their well-being.

這些努力的成功取決於我們整個組織的強有力的協作和有凝聚力的團隊合作。我不斷地自豪地看到我們的團隊如何齊心協力實現我們的目標並取得成果。我們致力於照顧我們的員工，促進他們的成長，並支持他們的福祉。

In July, we witnessed the devastating floods that struck central Texas, resulting in widespread destruction and tragic loss of life. Our hearts go out to the families and the communities impacted. In difficult moments like these, we stand ready to support each other through initiatives like McKesson Foundation taking care of our own.

7月，我們目睹了毀滅性的洪水襲擊德州中部，造成大面積破壞和慘重的生命損失。我們對受影響的家庭和社區深表同情。在這樣的困難時刻，我們隨時準備透過麥克森基金會等倡議互相支持，照顧自己。

In the past fiscal year, we delivered over 700 grants to employees going through various types of hardships. Together as a team, we're stronger and more resilient to navigate challenges that come our way. Our people, along with our partners, community, and our planet are the four pillars we focus on.

在過去的財政年度，我們向遭遇各種困難的員工提供了 700 多筆補助。作為一個團隊，我們會更加強大，更有韌性，並且能夠應對我們面臨的挑戰。我們的員工、我們的合作夥伴、社區和我們的地球是我們關注的四大支柱。

Recently we published our impact report for fiscal year '25 that highlights the breadth of our impact and reaffirms our commitment to driving meaningful change across the healthcare landscape. I am quite proud of the progress we've made, and we're committed to leveraging our company's strengths and areas of expertise to build a healthier world for everyone. You can find our report on our corporate website.

最近，我們發布了 25 財年的影響報告，強調了我們的影響範圍，並重申了我們致力於推動整個醫療保健領域有意義的變革的承諾。我對我們所取得的進步感到非常自豪，我們致力於利用公司的優勢和專業領域為每個人建立一個更健康的世界。您可以在我們的公司網站上找到我們的報告。

Now, let me move on to our two strategic growth pillars, Oncology and Biopharma services. McKesson is uniquely positioned to bring innovative solutions and services to partners and patients in these areas. We began our journey in oncology over 18 years ago with the acquisition of oncology therapeutic networks, focusing on specialty distribution in the community-based settings.

現在，讓我來談談我們的兩大策略成長支柱：腫瘤學和生物製藥服務。麥克森擁有獨特的優勢，能夠為這些領域的合作夥伴和患者提供創新的解決方案和服務。18 年前，我們開始了在腫瘤學領域的探索，收購了腫瘤治療網絡，專注於社區環境中的專業分銷。

Over the years, W=we have significantly evolved our portfolio and extended our capabilities to other differentiated and value added services that span across the patient's journey, including practice management, clinical trial services, and data and insights.

多年來，我們顯著改進了我們的產品組合，並將我們的能力擴展到涵蓋患者整個旅程的其他差異化和增值服務，包括實踐管理、臨床試驗服務以及數據和見解。

In June, we were pleased to complete the acquisition of a controlling interest in core Ventures, which is a business and administrative services organization established by Florida Cancer Specialists and Research Institute. With the close of the acquisition, we welcome Florida cancer specialists and its providers to the US Oncology Network.

6 月份，我們很高興完成了對 core Ventures 控股權的收購，core Ventures 是由佛羅裡達州癌症專家和研究所建立的商業和行政服務機構。隨著收購的完成，我們歡迎佛羅裡達州的癌症專家及其提供者加入美國腫瘤網絡。

This marks an important step forward in our efforts to expand access to exceptional cancer care in local communities, growing the footprint of the US Oncology Network to approximately 3,300 providers across 700 sites and 30 states.

這標誌著我們在擴大當地社區獲得優質癌症治療機會的努力中邁出了重要一步，將美國腫瘤網絡的覆蓋範圍擴大到 700 個站點和 30 個州的約 3,300 個提供者。

The growth of the US Oncology Network combined with our strategic investments has created a flywheel effect across the oncology platform. It broadens our footprint, including distribution volume and demand for our GPO services. It enhances patient care access within the community.

美國腫瘤網絡的成長加上我們的策略性投資在整個腫瘤平台上產生了飛輪效應。它擴大了我們的業務範圍，包括分銷量和對我們的 GPO 服務的需求。它增強了社區內患者獲得照護的機會。

With providers practicing on the same electronic health record system, it enables us to generate valuable data and insights. For Florida cancer specialists and core ventures, integration efforts are well underway, and we're excited about the opportunities ahead to accelerate growth across our oncology platform.

由於提供者在同一個電子健康記錄系統上實踐，我們能夠產生有價值的數據和見解。對於佛羅裡達州的癌症專家和核心企業來說，整合工作正在順利進行，我們對未來加速整個腫瘤學平台成長的機會感到興奮。

Leveraging our leadership and community practice and specialty solutions, we have expanded our value proposition beyond oncology and into other therapeutic areas. In April, we completed the acquisition of a controlling interest in PRISM vision, enabling us to develop a leading retina and ophthalmology platform and further enhance our practice management solutions.

利用我們的領導力、社區實踐和專業解決方案，我們將我們的價值主張從腫瘤學擴展到其他治療領域。今年4月，我們完成了對PRISM vision控股權的收購，這使我們能夠開發領先的視網膜和眼科平台，並進一步增強我們的實踐管理解決方案。

Let me move now to Biopharma services and our platform there. In the first quarter, prescription technology solutions delivered double digit growth in revenue and adjusted operating profit. We continue to lead in transforming medication access and affordability. We have built a robust scaled network that digitally and securely connects providers, pharmacists, and insurers so they can work together to remove barriers and improve efficiency.

現在讓我談談生物製藥服務和我們的平台。第一季度，處方技術解決方案的收入和調整後營業利潤實現了兩位數成長。我們繼續在改變藥物獲取和可負擔性方面發揮領導作用。我們已經建立了一個強大的規模網絡，以數位化和安全的方式連接供應商、藥劑師和保險公司，以便他們能夠共同努力消除障礙並提高效率。

We connected, we're connected to over 50,000 pharmacies and approximately 985,000 providers. The extensive connectivity and reach of our networks are differentiating and enable us to provide commercialization solutions at scale while bringing unique value to each of our stakeholders.

我們與超過 50,000 家藥局和大約 985,000 家供應商建立了聯繫。我們網路的廣泛連接和覆蓋範圍使我們能夠大規模地提供商業化解決方案，同時為每個利害關係人帶來獨特的價值。

In the past quarter, we continued to experience volume growth and prior authorization requests. Our prescription technology solutions team brings over 15 years of experience transforming the prior authorization process, making it more efficient, more transparent, and more patient focused to help ensure people get the care they need faster.

在過去的一個季度，我們繼續經歷交易量成長和事先授權請求。我們的處方技術解決方案團隊擁有超過 15 年的經驗，致力於改善事先授權流程，使其更有效率、透明、更加以患者為中心，幫助確保人們更快獲得所需的照護。

Through our innovative solutions, we're committed to improving health outcomes and making a meaningful difference for our customers and their patients. Let's move on to our pharmaceutical distribution business in North America. These are our core foundational distribution assets in the US and Canada.

透過我們的創新解決方案，我們致力於改善健康結果並為我們的客戶及其患者帶來有意義的改變。讓我們繼續討論北美的藥品分銷業務。這些是我們在美國和加拿大的核心基礎分銷資產。

In the first quarter, we saw growth in underlying businesses supported by solid utilization trends, accelerated growth in categories of specialty pharmaceuticals, and continued focus on operational excellence. Our pharmaceutical business services, a wide range of customers. One of the channels that we have supported and partnered with for years are community pharmacies.

在第一季度，我們看到基礎業務的成長，這得益於穩健的利用率趨勢、特種藥品類別的加速成長以及對卓越營運的持續關注。我們的醫藥業務服務的客戶範圍廣泛。社區藥局是我們多年來一直支持和合作的管道之一。

This past July, we hosted our annual Ide Share conference, a nationwide event that brought together community pharmacies to drive deeper connections and engagement. Despite the complexities present in the industry, their presence in the communities they serve is more important than ever.

今年 7 月，我們舉辦了年度 Ide Share 會議，這是一項全國性活動，旨在將社區藥局聚集在一起，促進更深的聯繫和參與。儘管該行業存在著許多複雜性，但他們在所服務社區中的存在比以往任何時候都更加重要。

We are committed to helping them navigate this dynamic environment as a partner, providing best in class services, empowering them through innovation, advocacy, and tailored solutions for their unique business needs. We're pleased to see that our Health Mart franchise, a nationwide network of independent pharmacies, ranked highest among brick and mortar chain drugstore pharmacies in a JD Power 2025 US pharmacy study.

我們致力於以合作夥伴的身份幫助他們應對這個充滿活力的環境，提供一流的服務，透過創新、宣傳和針對其獨特業務需求的客製化解決方案為他們提供支援。我們很高興地看到，我們的 Health Mart 特許經營店（一個全國性的獨立藥局網路）在 JD Power 2025 美國藥局研究中在實體連鎖藥局中排名最高。

To support the success of our customers and the growth of our pharmaceutical business, we continue to invest in our large and scale distribution network, modernizing our facilities and positioning our operations for long-term success.

為了支持客戶的成功和製藥業務的成長，我們繼續投資於大規模分銷網絡，實現設施現代化，並為長期成功做好營運定位。

Operating a distribution center at our scale is complex, and we're implementing automated technologies and processes in numerous areas across our facilities, including automated storage and retrieval systems and automated picking systems for order fulfillment. These technologies are leveraged across the network to enable improvements in productivity, quality, and safety for our teams.

營運我們規模的配送中心非常複雜，我們正在設施的許多領域實施自動化技術和流程，包括自動儲存和檢索系統以及用於訂單履行的自動揀選系統。這些技術在整個網路中得到利用，以提高我們團隊的生產力、品質和安全性。

They also enable new processes like the upcoming DSCSA requirements to be effectively managed. We've also expanded our cold chain capabilities to support the growing demand for specialty therapies, which often require special handling such as temperature control, ensuring product integrity from the manufacturer to the patient.

它們還能有效管理即將到來的 DSCSA 要求等新流程。我們還擴展了冷鏈能力，以支持日益增長的特殊療法需求，這些療法通常需要溫度控制等特殊處理，確保從製造商到患者的產品完整性。

Our efforts have resulted in nearly double-digit growth in cold chain lines year over year. These investments not only strengthen our supply chain resiliency, they also positioned McKesson as a trusted partner to support future growth.

透過我們的努力，冷鏈線路業務實現了逐年近兩位數的成長。這些投資不僅增強了我們的供應鏈彈性，也使麥克森成為支持未來成長的值得信賴的合作夥伴。

In McKesson, Canada, we expanded our dedicated automation group that leads the way towards better health through the automation of medication delivery, resulting in faster and safer treatments. We're working closely with pharmacists and healthcare professionals to better understand their needs and bring forward solutions that leverage technology automation.

在加拿大麥克森，我們擴大了專門的自動化團隊，透過藥物傳遞的自動化引領人們走向更健康的狀態，從而實現更快、更安全的治療。我們正在與藥劑師和醫療保健專業人員密切合作，以更好地了解他們的需求並提出利用技術自動化的解決方案。

Now, I want to provide a brief update as to our portfolio actions. Last quarter we announced our intent to separate the medical surgical segment into an independent company. This is a strategic decision that aligns with our enterprise focus on capital allocation and portfolio management, and it will enhance the operational focus for both companies.

現在，我想簡要介紹一下我們的投資組合行動。上個季度，我們宣布了將醫療外科部門分離為獨立公司的意圖。這是一項策略決策，與我們企業對資本配置和投資組合管理的關註一致，並將增強兩家公司的營運重點。

We firmly believe this action will unlock significant value for the medical business in McKesson. We have a strong track record of executing on large complex transactions like the spinoff of change healthcare and the divestiture of our European business. We're confident in our ability to execute on this strategic initiative and maximize shareholder value.

我們堅信這項措施將為麥克森的醫療業務釋放巨大的價值。我們在執行大型複雜交易方面有著良好的記錄，例如變革醫療保健的分拆和歐洲業務的剝離。我們有信心執行這項策略措施並實現股東價值最大化。

We look forward to providing an update on our progress at our upcoming Investor Day event in September. I also want to comment on our Norway business. This week we entered into a definitive agreement to sell our retail and distribution businesses in Norway. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals.

我們期待在九月即將舉行的投資者日活動中提供我們進展的最新情況。我還想評論一下我們的挪威業務。本週我們達成了最終協議，出售我們在挪威的零售和分銷業務。該交易需滿足慣例成交條件，包括獲得所需的監管部門批准。

Norway is the only remaining operating country in Europe. The planned exit of the Norway business will mark the final phase in our strategy of fully divesting our European businesses. As I reflect on the progress across our company priorities, I'm proud of the impact we've achieved as a diversified healthcare services company.

挪威是歐洲唯一仍在運作的國家。退出挪威業務的計畫將標誌著我們全面剝離歐洲業務策略的最後階段。當我回顧公司各項重點工作的進展時，我為我們作為一家多元化醫療服務公司所取得的成就感到自豪。

We continue to manage the business with discipline and focus while navigating a dynamic market and policy environment. We remain engaged with policymakers and key stakeholders to evaluate the potential impacts on our business and customers. We're committed to promoting awareness, fostering collaboration, and advocating for changes consistent with our values and our company's mission.

在應對動態的市場和政策環境的同時，我們將繼續嚴謹而專注地管理業務。我們繼續與政策制定者和主要利益相關者合作，評估對我們的業務和客戶的潛在影響。我們致力於提高認識、促進合作並倡導符合我們的價值觀和公司使命的變革。

Mckesson delivered strong first quarter results underpinned by continuing momentum across the segments. I want to again thank McKesson employees for their dedication and contribution to advancing our strategies. We as a team are confident in our ability to carry forward the momentum with strength and focus, deliver meaningful results for our shareholders and accelerate our mission to advance health care for all.

麥克森第一季業績表現強勁，得益於各部門持續成長的動能。我要再次感謝麥克森員工為推動我們的策略所做的奉獻和貢獻。作為一個團隊，我們有信心憑藉實力和專注力繼續保持這一勢頭，為股東帶來有意義的成果，並加快我們推進全民健保的使命。

Finally, we're excited to host our Investor Day on September 23, during which we'll provide an update on the company's strategic priorities, growth strategies, and business outlook. And with that, I'm going to hand it over to Britt for some more financial details.

最後，我們很高興在 9 月 23 日舉辦投資者日，屆時我們將提供有關公司策略重點、成長策略和業務前景的最新資訊。說完這些，我將把它交給布里特，以了解更多財務細節。

Thank you, Brian, and good afternoon. Before I turn to our adjusted results, I want to provide two updates. As Brian mentioned in his opening remarks, we are pleased to have entered into a definitive agreement to sell the retail and distribution businesses in Norway. This transaction will complete the exit of our European operations and is subject to customary closing conditions and regulatory approvals.

謝謝你，布萊恩，下午好。在介紹我們的調整結果之前，我想提供兩個更新資訊。正如布萊恩在開場白中提到的那樣，我們很高興達成最終協議，出售挪威的零售和分銷業務。此交易將完成我們歐洲業務的退出，並需滿足慣例成交條件和監管部門的批准。

We will classify the assets and liabilities related to Norway as held for sale, beginning with our fiscal 2026 second quarter. The health for sale treatment includes the impact of discontinued depreciation and amortization, and our guidance assumes an approximate $0.20 adjusted earnings per diluted share impact. And this is included in our updated for your guidance, which I will speak to you in a few minutes.

從 2026 財年第二季開始，我們將把與挪威相關的資產和負債歸類為持有待售。健康出售處理包括停止折舊和攤銷的影響，我們的指導假設每股攤薄收益調整後約為 0.20 美元。這包含在我們為您提供指導的更新中，我將在幾分鐘後與您討論。

We've assumed that this transaction does not close during fiscal 2026. Next, in our first quarter, we recorded a GAAP only pre-tax provision for bad debts of $189 million or $140 million after tax, within the US pharmaceutical segment. This charge represents the remaining trade accounts receivable balances due from Rite Aid prior to its second bankruptcy filing.

我們假設該交易不會在 2026 財年完成。接下來，在第一季度，我們在美國製藥部門記錄了 1.89 億美元的 GAAP 稅前壞帳準備金或 1.4 億美元的稅後壞帳準備金。此費用代表了 Rite Aid 在第二次申請破產之前所欠的剩餘貿易應收帳款餘額。

Remainder of my comments today will refer to our adjusted results, and I'll start by discussing our first quarter of fiscal 2026 results, and then I'll discuss our fiscal 2026 outlook. Our first quarter results were strong, led by double digit operating profit growth in three of the four segments.

我今天剩下的評論將涉及我們的調整後結果，我將首先討論我們的 2026 財年第一季的業績，然後我將討論我們的 2026 財年展望。我們第一季的業績表現強勁，四個部門中有三個部門的營業利潤均實現了兩位數成長。

This robust performance exhibited across the enterprise, reflects continued momentum in the operations, execution against our strategies, and disciplined capital deployment, which is underpinned by the strength of our balance sheet.

整個企業表現出的強勁表現反映了營運的持續發展動能、策略的執行以及嚴格的資本配置，而這一切都得益於我們強勁的資產負債表。

Consolidated revenues in the quarter increased 23% to $97.8 billion, led by growth in the US pharmaceutical segment due to increased prescription volumes from retail national account customers, the addition of a strategic account customer at the beginning of the second quarter in fiscal 2025, growth of GLP-1 medications, and growth in the distribution of oncology and specialty products.

本季綜合收入成長 23% 至 978 億美元，主要得益於美國製藥部門的成長，原因是零售全國帳戶客戶的處方量增加、2025 財年第二季度初增加戰略帳戶客戶、GLP-1 藥物的增長以及腫瘤學和專科產品分銷的增長。

We've also now cycled through the impact of the strategic account onboarding. Gross profit was $3.3 billion an increase of 7%, results 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, which is partially offset by lower contributions in our international segment as a result of the divestiture of our Canada-based Rexall and Well.ca businesses at the end of the third quarter of fiscal 2025.

我們現在也已經循環了策略帳戶入職的影響。毛利為 33 億美元，成長 7%，這得益於美國醫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，這得益於我們的可及性和可負擔性解決方案，但由於我們在 2025 財年第三季度末剝離了位於加拿大的 Rexall 和 Well.ca 業務，導致國際部門的貢獻減少，這部分抵消了這一貢獻。

Operating expenses decreased 1% to $1.9 billion, driven by divestitures in our Canadian business and cost optimization initiatives in the medical surgical solution segment, which were partially offset by increased operating expenses in the US pharmaceutical segment to support growth, including first quarter of fiscal 2026 acquisitions.

營運費用下降 1% 至 19 億美元，這主要得益於我們加拿大業務的資產剝離和醫療外科解決方案部門的成本優化舉措，但美國製藥部門為支持增長而增加的運營費用（包括 2026 財年第一季的收購）部分抵消了這一影響。

Testing continues to deliver efficiency and operating leverage, to discipline focus, and the implementation of process innovations and advanced technology, including artificial intelligence. I'd also like to highlight how our automation investments are enhancing outcomes for customers, partners, and employees while driving measurable improvement and operating leverage.

測試繼續提供效率和營運槓桿，以學科重點以及流程創新和先進技術（包括人工智慧）的實施。我還想強調我們的自動化投資如何在推動可衡量的改進和營運槓桿的同時，提高客戶、合作夥伴和員工的成果。

Across our pharmaceutical distribution network, we're strategically allocating capital to scale automation, from outbound picking to inbound receiving and replenishment. We have observed distribution centers which have achieved up to 90% automation, serving as a tangible proof point of throughput scalability and operational consistency. These advancements are driving measurable operating leverage.

在我們的醫藥分銷網絡中，我們正在策略性地分配資本以擴大自動化規模，從出站揀選到入站接收和補貨。我們觀察到配送中心已實現高達 90% 的自動化，這是吞吐量可擴展性和營運一致性的有力證明。這些進步正在推動可衡量的營運槓桿。

We also recently opened our largest specialty distribution center in Olive Branch, Mississippi, which is equipped with mobile autonomous robots or cobots that assist associates in the order fulfillment process. These technologies improve productivity, efficiency, and order accuracy while elevating the employee experience by reducing physical strain and minimizing injury risk.

我們最近也在密西西比州奧利佛布蘭奇開設了我們最大的專業配送中心，該中心配備了移動自主機器人或協作機器人，可協助員工完成訂單履行流程。這些技術提高了生產力、效率和訂單準確性，同時透過減少身體壓力和降低受傷風險來提升員工體驗。

These investments are advancing our capabilities and delivering meaningful value to stakeholders, and these are just two of several examples across the enterprise that help to contribute more than 450 basis points of year over year improvement in our consolidated operating expense to gross profit ratio.

這些投資正在提升我們的能力並為利害關係人帶來有意義的價值，這只是整個企業的幾個例子中的兩個，它們幫助我們的綜合營運費用與毛利率同比增長了 450 多個基點。

Our operating profit was $1.4 billion in the quarter, which was an increase of 9%. Year over year results benefited from growth across our operating segments, including strong oncology and multi-specialty volumes for from organic growth and recent acquisitions, increased demand for access solutions in our prescription technology solution segment, and benefits from the cost optimization initiatives in the medical surgical solution cycle.

本季我們的營業利潤為 14 億美元，成長 9%。年比業績得益於我們各個營運部門的成長，包括有機成長和近期收購帶來的強勁腫瘤學和多專業業務量、處方技術解決方案部門對訪問解決方案的需求增加，以及醫療外科解決方案週期中成本優化舉措帶來的好處。

As a reminder, first quarter fiscal 2025 operating profit included $110 million of gains related to McKesson Ventures equity investments, compared to gains of $1 million in the first quarter of fiscal 2026. With the impact of gains related to McKesson Ventures equity investments, operating profit increased 19%. Interest expense was $44 million, a decrease over the prior year resulting from effective cash in portfolio management, including our derivative portfolio.

提醒一下，2025 財年第一季的營業利潤包括與 McKesson Ventures 股權投資相關的 1.1 億美元收益，而 2026 財年第一季的收益為 100 萬美元。受McKesson Ventures股權投資相關收益的影響，營業利潤成長了19%。利息支出為 4,400 萬美元，較上年有所減少，這是由於包括衍生性商品投資組合在內的投資組合管理中的有效現金所致。

The effective tax rate in the first quarter was 21.4%, compared to 13% in the prior year. In the first quarter of fiscal 2026, we recognized the discrete tax benefit of $23 million, compared to a discrete tax benefit of $125 million in the first quarter of fiscal 2025. First quarter diluted weighted average shares outstanding was $125.5 million, a decrease of 4%.

第一季有效稅率為21.4%，去年同期為13%。在 2026 財年第一季度，我們確認了 2,300 萬美元的單獨稅收收益，而 2025 財年第一季的單獨稅收收益為 1.25 億美元。第一季稀釋加權平均流通股數為 1.255 億美元，下降 4%。

The first quarter earnings per diluted share increased 5% to $8.26. Year over year growth was driven by strong operational performance across the business, partially offset by a higher tax rate and pre-tax gains of $110 million associated with McKesson Ventures equity investments in the first quarter of fiscal 2025.

第一季每股攤薄收益成長5%，達8.26美元。年比成長主要得益於公司整體業務強勁的營運業績，但部分抵消了稅率提高以及2025財年第一季McKesson Ventures股權投資帶來的1.1億美元稅前收益的影響。

Excluding the gains from tests and Ventures investments, earnings per diluted share increased 14%. The first quarter segment results, which can be found on slides 7 through 12 and starting with US pharmaceuticals. Revenues were $90 billion, an increase of 25%, driven by increased prescription volumes from retail national account customers and growth in the distribution of oncology and specialty products, including contributions from acquisitions.

不計測試和創投的收益，每股攤薄收益成長了 14%。第一季分部業績可在投影片 7 至 12 上找到，從美國製藥業開始。營收達到 900 億美元，成長 25%，這得益於零售全國帳戶客戶的處方量增加以及腫瘤學和專科產品分銷的增長，包括收購的貢獻。

Growth in the corridor included the onboarding of a new strategic customer as discussed previously. Revenues from GLP-1 medications were $12.1 billion in the quarter, an increase of approximately $3.3 billion or 38% when compared to the prior year. On a sequential basis, GLP-1 revenue increased 11%.

如前所述，走廊的成長包括引進新的策略客戶。本季 GLP-1 藥物的營收為 121 億美元，較上年同期增加約 33 億美元，增幅為 38%。以環比計算，GLP-1 收入成長了 11%。

Segment operating profit increased 17% to $950 million driven by growth and core distribution, including higher volumes from retail national account customers and growth in the distribution of oncology and specialty products. Operating profit growth in the quarter also included contributions from the acquisitions of PRISM Vision and Core Ventures.

該部門營業利潤成長 17%，達到 9.5 億美元，這得益於成長和核心分銷，包括來自零售全國帳戶客戶的交易量增加以及腫瘤學和特種產品分銷的增長。本季營業利潤的成長還包括收購 PRISM Vision 和 Core Ventures 的貢獻。

These acquisitions advance our strategy and oncology and multi-specialty solutions. Although integration work remains, we're seeing early gains benefiting our differentiated platforms. In the prescription technology solution segment, revenues increased 16% to $1.4 billion driven by increased prescription volumes in the third-party logistics business.

這些收購推進了我們的策略以及腫瘤學和多專業解決方案。儘管整合工作仍需持續，但我們已經看到早期收益有利於我們的差異化平台。在處方技術解決方案領域，由於第三方物流業務處方量的增加，收入增加了 16%，達到 14 億美元。

Operating profit increased 21% to $269 million, driven by higher demand for access solutions, including prior authorization services for GLP-1 medications. Turning to medical surgical solutions, in the first quarter, revenues were $2.7 billion, an increase of 2%, driven by higher volumes of specialty pharmaceuticals. Operating profit increased 22% to $244 million, driven by operational efficiencies from cost optimization initiatives.

營業利潤成長 21%，達到 2.69 億美元，這得益於對存取解決方案（包括 GLP-1 藥物的事先授權服務）的需求增加。談到醫療外科解決方案，第一季度，營收為 27 億美元，成長 2%，這得益於特種藥品銷售的增加。得益於成本優化措施帶來的營運效率提升，營業利潤成長 22%，達到 2.44 億美元。

Next, let me address our international results. Revenues were $3.7 billion, an increase of 1%, resulting from higher pharmaceutical distribution volumes in the Canadian business, partially offset by the divestiture of our Canada-based Rexall and Well.ca businesses completed at the end of the fiscal 2025 third quarter.

接下來，讓我來談談我們的國際成果。營收為 37 億美元，成長 1%，這得益於加拿大業務的醫藥分銷量增加，但部分被我們在 2025 財年第三季末完成的加拿大 Rexall 和 Well.ca 業務的剝離所抵消。

Excluding the impact of divested businesses, revenues increased 5%. Operating profit was $99 million, a decrease of 3%, driven by the divestiture of the Canada-based Rexall and Well.ca businesses, partially offset by higher pharmaceutical distribution volumes in the Canadian business. Excluding the impact of divested businesses, operating profit was flat.

不計剝離業務的影響，收入成長了5%。營業利潤為 9,900 萬美元，下降 3%，原因是加拿大 Rexall 和 Well.ca 業務的剝離，但被加拿大業務的藥品分銷量增加部分抵消。不計剝離業務的影響，營業利潤持平。

In wrapping up our segment review with corporate. Corporate expenses were $138 million in the quarter. As a reminder, during the first quarter of fiscal 2025, we had pre-tax gains of $110 million or $0.62 per share related to equity investments within the McKesson Ventures portfolio. Excluding McKesson Ventures’ gains in fiscal 2025 and 2026, corporate expenses were 4% lower than the prior year.

在結束我們與公司的分部審查時。本季公司支出為 1.38 億美元。提醒一下，在 2025 財年第一季度，我們與 McKesson Ventures 投資組合內的股權投資相關的稅前收益為 1.1 億美元或每股 0.62 美元。不包括 McKesson Ventures 在 2025 財年和 2026 財年的收益，企業支出比前一年下降了 4%。

The decrease was driven by lower opioid related expense and technology costs. Let me turn to cash and capital deployment in the first quarter, which can be found on slide 13. We ended the quarter with $2.4 billion in cash and cash equivalents. For the first quarter, we had negative free cash flow of $1.1 billion which included $189 million in capital expenditures.

下降的原因是阿片類藥物相關費用和技術成本的降低。讓我來談談第一季的現金和資本配置，可以在幻燈片 13 上找到。本季末，我們的現金和現金等價物為 24 億美元。第一季度，我們的自由現金流為負 11 億美元，其中包括 1.89 億美元的資本支出。

We used $3.4 billion of cash for the acquisitions of PRISM Vision and Core Ventures. During the quarter, we completed a $2 billion bond issuance with tens of 5, 7, and 10 years, the proceeds of which were used to finance the core ventures acquisition. Additionally, we returned $671 million of cash to shareholders, which included $581 million of share repurchases and $90 million in dividend payments.

我們用 34 億美元現金收購了 PRISM Vision 和 Core Ventures。本季度，我們完成了 20 億美元的 5 年期、7 年期和 10 年期債券發行，所得款項用於核心企業收購。此外，我們也向股東返還了 6.71 億美元現金，其中包括 5.81 億美元的股票回購和 9,000 萬美元的股利支付。

Moving now to our fiscal 2026 outlook. Our first quarter results represent strong execution against our strategies and growth across our operating segments. The strong start momentum across the enterprise, combined with our ongoing focus to deliver shareholder value to the management of our portfolio and alignment to our enterprise strategy gives us confidence in our outlook for fiscal 2026.

現在來看看我們的 2026 財年展望。我們第一季的業績反映了我們策略的強勁執行和各營運部門的成長。整個企業強勁的起步勢頭，加上我們持續致力於為投資組合管理提供股東價值以及與企業策略保持一致，使我們對 2026 財年的前景充滿信心。

Dollar first quarter results combined with our announcement of a definitive agreement to sell a Norway-based business underpins today's increase to our fiscal 2026 earnings per diluted share outlook to a new range of $37.10 to $37.90. For fiscal 2026, we anticipate revenue growth of 11% to 15% and operating profit growth of 9% to 13% when compared to the prior year.

第一季美元業績，加上我們宣布達成最終協議，出售位於挪威的一家業務，支撐了我們今天上調2026財年每股攤薄收益預期，至37.10美元至37.90美元的新區間。我們預計2026財年營收將年增11%至15%，營業利潤將年增9%至13%。

Let me start with the review, a review of our segments. In the US pharmaceutical segment, we anticipate revenues to increase 12% to 16%. As a result of strong first quarter performance, we now anticipate operating profits to increase at the high end of the previously provided range of 12% to 16% growth. In the core distribution business, we anticipate continued growth of GLP-1 medications.

讓我先回顧一下我們的各個部分。在美國製藥領域，我們預計營收將成長 12% 至 16%。由於第一季業績表現強勁，我們目前預計營業利潤將達到先前設定的 12% 至 16% 的成長區間的高端。在核心分銷業務中，我們預計 GLP-1 藥物將持續成長。

However, we anticipate this growth may vary from quarter to quarter. During the first quarter, we successfully completed two strategic acquisitions, PRISM Vision and Core Ventures. These actions are consistent with our disciplined capital deployment strategy, allocating capital against our differentiated growth platforms such as oncology and multi-specialty.

然而，我們預計這一增長可能會因季度而異。第一季度，我們成功完成兩項策略收購，PRISM Vision 和 Core Ventures。這些行動符合我們嚴謹的資本配置策略，即針對腫瘤學和多專業等差異化成長平台配置資本。

These acquisitions will deliver growth in a value-creating manner and position us for durable growth in fiscal 2026, supporting our long-range targets. The reminder on April 1, we completed the acquisition of a controlling interest in PRISM Vision Holdings, the premier provider of general ophthalmology and retina management services.

這些收購將以創造價值的方式實現成長，並為我們在 2026 財年實現持久成長做好準備，支持我們的長期目標。4 月 1 日提醒，我們完成了 PRISM Vision Holdings 控股權的收購，該公司是眼科和視網膜管理服務的主要提供者。

On June 2, we completed the acquisition of a controlling interest in community oncology revitalization enterprise Ventures, or Core Ventures, an internal business and administrative services organization established by Florida Cancer Specialists and Research Institute.

6 月 2 日，我們完成了社區腫瘤振興企業 Ventures（又稱 Core Ventures）控股權的收購，Core Ventures 是由佛羅裡達癌症專家和研究所建立的內部業務和行政服務組織。

As I discussed previously, we're pleased with the first quarter performance for these acquisitions. We continue to 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.

正如我之前所討論的，我們對這些收購的第一季表現感到滿意。我們繼續預期 PRISM 和 Core Ventures 的收購將為美國製藥業 2026 財年的營業利潤成長貢獻約 6% 至 7%。

In the prescription technology solution segment, we anticipate revenues to increase by 8% to 12% and operating profits to increase by 9% to 13%. The higher revenue outlook is due to increased third party logistics volumes and greater demand for our supported products and programs.

在處方技術解決方案領域，我們預計收入將成長 8% 至 12%，營業利潤將成長 9% 至 13%。收入前景的提高是由於第三方物流量的增加以及對我們支持的產品和計劃的需求增加。

We anticipate continued contribution prior authorization services, including those related to GLP-1 medications, to drive increased demand for access and affordability solutions contributing to the growth of the segment. The outlook affirms our confidence in achieving operating profit growth in fiscal 2026 in line with the long-term growth rate target.

我們預計，包括與 GLP-1 藥物相關的授權服務在內的持續貢獻將推動對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。這一前景堅定了我們對 2026 財年實現營業利潤成長並達到長期成長率目標的信心。

As I've previously discussed, the revenue and operating profit trajectory in this segment is not linear and can vary from quarter to quarter driven by several factors which include utilization trends, the timing and trajectory of new product drug launches, the evolution of a products program support requirements as it matures, which could result in the shift to other services or program termination, product delays and supply shortages, pay requirements, including utilization management and formulary strategies.

正如我之前所討論的，該部門的收入和營業利潤軌跡並不是線性的，並且可能因多種因素而每個季度都有所不同，這些因素包括利用趨勢、新產品藥品發布的時間和軌跡、產品計劃支持要求隨著其成熟而發生的演變（這可能導致轉向其他服務或計劃終止）、產品延遲和供應短缺、支付要求（包括利用管理和處方）。

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. We have scale and breadth of capabilities and connections across multiple channels including biopharma providers, retail pharmacies, and payers.

我們在第四財季為客戶提供的年度驗證計劃以及支援和擴展我們的產品組合的投資規模和時間。我們擁有跨多個管道的規模和廣泛的能力和聯繫，包括生物製藥供應商、零售藥局和付款人。

Our leading scale of digitally connected solutions is addressing market and patient challenges and access, affordability, and adherence and delivering growth and value for all stakeholders. In the medical surgical solution segment, we anticipate revenues and operating profit to increase 2% to 6%. We're pleased with the solid start to the year and the continued focus and delivery of cost optimization opportunities, resulting in operating efficiencies and better alignment with our customers.

我們領先規模的數位互聯解決方案正在解決市場和患者的挑戰以及可及性、可負擔性和依從性，並為所有利害關係人帶來成長和價值。在醫療外科解決方案領域，我們預計收入和營業利潤將成長 2% 至 6%。我們對今年的良好開局以及持續關注和提供成本優化機會感到高興，從而提高了營運效率並與客戶更好地協調一致。

In the international segment, we anticipate revenues to be approximately a 2% decline to 2% growth, and operating profit to increase 3% to 7%. 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 of fiscal 2025.

在國際領域，我們預計收入將下降約 2% 至成長 2%，營業利潤將成長 3% 至 7%。分部展望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 I mentioned earlier, on August 4, 2025, McKesson entered into a definitive agreement to sell its retail and distribution businesses in Norway. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals.

正如我之前提到的，2025 年 8 月 4 日，麥克森簽署了最終協議，出售其在挪威的零售和分銷業務。該交易需滿足慣例成交條件，包括獲得所需的監管部門批准。

Our fiscal 2026 outlook contemplates contributions related to operations in Norway for the full fiscal year and includes held for sale accounting treatment, adding approximately $0.20 of operating profit to the segment.

我們對 2026 財年的展望考慮了整個財年與挪威業務相關的貢獻，並包括持有待售會計處理，為該部門增加約 0.20 美元的營業利潤。

In the corporate segment, we anticipate expenses to be in the range of $570 to $630 million. When excluding the impact of McKesson Ventures gains in fiscal 2025 and 2026, corporate expenses are roughly flat compared to the prior year, a reflection of efficiency gains and cost discipline across the enterprise.

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。當排除 2025 財年和 2026 財年 McKesson Ventures 收益的影響時，企業支出與前一年相比基本持平，這反映了整個企業的效率提高和成本控制。

Turning out items below the line. We anticipate interest expense to be in the range of $260 to $290 million and income attributable to non-controlling interest be in the range of $215 to $235 million. The updated interest expense outlook includes the $2 billion of debt issuance associated with the acquisition of core Ventures completed in the first quarter of fiscal 2026.

生產低於標準線的物品。我們預計利息支出將在 2.6 億美元至 2.9 億美元之間，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。更新後的利息支出前景包括 2026 財年第一季完成的收購核心創投相關的 20 億美元債務發行。

We anticipate the full year effective tax rate will be in the range of 17% to 19%, with the first half of the fiscal year to be in the range of 17% to 20%, and the second half to be approximately 16% to 19%. Wrapping up our outlook with cash flow and capital deployment, we anticipate free cash flow of approximately $4.4 to $4.8 billion.

我們預計全年有效稅率將在 17% 至 19% 之間，其中財年上半年將在 17% 至 20% 之間，下半年將在 16% 至 19% 左右。結合現金流和資本配置的展望，我們預期自由現金流約為 44 億美元至 48 億美元。

Our working capital metrics and 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. We're also pleased to announce that in July, our board of directors approved a 15% increase to our quarterly dividends. These actions demonstrate the confidence that the Board of Directors and management have the strength of the company and execution of our strategic priorities.

我們的營運資本指標和自由現金流每季都會有所不同，並受到時間的影響，包括標誌著一個季度結束的那一週的日期。我們也很高興地宣布，7 月份，我們的董事會批准將季度股息提高 15%。這些行動顯示董事會和管理階層對公司實力和策略重點的執行充滿信心。

Our outlook reflects plans to repurchase approximately $2.5 billion of shares in fiscal 2026. As a result of the share repurchase activity, we estimate weighted average diluted shares outstanding to be in the range of approximately $124 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 1.24 億美元至 1.25 億美元。

In summary, we delivered outstanding performance in the first quarter of fiscal 2026, a continuation of the strong momentum across the enterprise. The strength and stability and the underlying fundamentals across our businesses, including the acquisitions of PRISM Vision and Core Ventures, give us confidence in our increased outlook.

總而言之，我們在2026財年第一季取得了出色的業績，延續了整個企業的強勁勢頭。我們業務的實力、穩定性和基本面，包括對 PRISM Vision 和 Core Ventures 的收購，讓我們對前景的改善充滿信心。

Our sustained financial performance, bolstered by the strength of our financial position and consistent operating execution, are leading the compelling value creation for our customers, partners, and shareholders. With that, we should move to the Q&A session.

我們持續的財務業績，得益於我們強大的財務狀況和一致的營運執行，正在為我們的客戶、合作夥伴和股東創造引人注目的價值。好了，我們應該進入問答環節了。

(Operator Instructions)

（操作員指示）

Eric Percher, Nephron Research LLC

Eric Percher，Nephron Research LLC

Thank you. Impressive patience on Norway, but that's not where my question's going to be. I want to ask on RXTS. I understand the discussion of upside this quarter and factors that may be temporary in nature and how difficult it is to predict.

謝謝。挪威展現了令人印象深刻的耐心，但這不是我的問題所在。我想在 RXTS 上詢問。我理解有關本季上行趨勢的討論以及可能只是暫時性的因素以及預測的難度。

Is this now a segment where we should look at the full year guidance and expect that it's really going to be difficult to find an upside to that number to see upward revisions until we get into the back half of the year, and what is it, what elements of the business do you believe this year could drive you to the upper end of the range ultimately?

現在我們是否應該關注全年指引，並預計在進入下半年之前很難找到該數字的上升空間來看到上調，您認為今年的哪些業務要素最終可以推動您達到該範圍的上限？

Sorry about that. Thank you, Eric, for that question. I think we're really pleased with the consistency of operating performance in this segment. We, as I mentioned, there are a number of factors that underpin this performance, utilization being one, the success of our programs being another, and I think we've seen consistency in that over the last several years.

很抱歉。謝謝埃里克提出這個問題。我認為我們對該部門的經營業績的一致性感到非常滿意。正如我所提到的，有許多因素支撐著這種表現，其中之一就是利用率，另一個是我們計劃的成功，我認為我們在過去幾年中已經看到了一致性。

As we indicated, our continued investment in this business and continued investment in adjacencies to support access adherence and affordability solutions is going to help us continue to sustain, we believe sustain this growth over the long term growth period.

正如我們所指出的，我們對這項業務的持續投資以及對鄰接領域的持續投資，以支持訪問依從性和可負擔性解決方案，將幫助我們繼續維持，我們相信在長期增長期內維持這種增長。

But again, I would just point back to the factors that I talked about. They will help us drive the performance in this business. It'll be utilization, it'll be the maturity of drugs within our programs. It'll be launch of new products and our products and services are well positioned as new products and new programs launch.

但我還是想再回顧一下我所談到的那些因素。他們將幫助我們推動這項業務的業績。這將是利用率，這將是我們計劃中藥物的成熟度。這將是新產品的推出，隨著新產品和新項目的推出，我們的產品和服務將處於有利地位。

Lisa Gill, JPMorgan Chase & Co

麗莎吉爾，摩根大通公司

Thanks very much and congratulations on another good quarter. Can we talk about Core Pharma for a minute? If I just look at the strong results, can you maybe talk about the cadence, Britt, I appreciated you calling out Rite Aide and what was excluded, but are you seeing any impact from the store closings or anything else from a negative perspective on Rite Aide?

非常感謝，並祝賀您又一個好季度。我們可以聊一分鐘關於 Core Pharma 的事情嗎？如果我只看強勁的結果，你能談談節奏嗎，布里特，我很感激你提到了 Rite Aide 以及被排除在外的內容，但是你是否看到商店關閉或其他任何對 Rite Aide 產生負面影響？

And then lastly, if you can just maybe walk us through how to think about maybe some of the cadence. I know that, with the acquisitions and the operating profit growth that you talked about, is there anything we should think about as we go through the quarters?

最後，如果您可以向我們介紹如何思考一些節奏的話。我知道，透過您談論的收購和營業利潤成長，我們在經歷幾季時應該考慮什麼嗎？

Yeah. Thanks for the for the question, Lisa. Maybe I'll talk about a couple things, but I'll start with Rite Aide. As we've talked about in prior calls and prior settings, the impact of Rite Aide second bankruptcy on our operations and our operating profit growth is immaterial, and it's, we don't believe that it's going to have an impact on our operations in fiscal 2026.

是的。謝謝你的提問，麗莎。也許我會談論一些事情，但我將從 Rite Aide 開始。正如我們在先前的電話會議和先前的設定中所討論的那樣，Rite Aide 第二次破產對我們的營運和營業利潤成長的影響並不大，而且我們認為它不會對我們 2026 財年的營運產生影響。

As we think about the business, the US farm business, we are really pleased with the underpinnings, the utilization, the certainly the onboarding of new customers that we've now cycled through. That's been an important factor for us. The continued growth in specialty and oncology, as well as adding providers to both of those platforms.

當我們考慮這項業務，美國農場業務時，我們對基礎、利用率以及我們現在已經經歷的新客戶的加入感到非常滿意。這對我們來說是一個重要因素。專業和腫瘤學領域的持續成長，以及這兩個平台的提供者的增加。

And certainly the acquisitions that we that we talked about, and again I just remind you that we anticipate that these acquisitions will add about 6% to 7% to the operating profit growth rate this year. So we've got what I would say there's a lot of really good momentum and factors going into this good stable utilization.

當然還有我們談到的收購，我再次提醒大家，我們預計這些收購將使今年的營業利潤成長率增加約 6% 至 7%。所以我想說，有很多非常好的動能和因素促成了這種良好的穩定利用。

There's a continued performance of specialty and oncology. There's a continued addition of providers to the network, the acquisitions, all of these things are continuing to help build that momentum within this business.

專業和腫瘤學方面的表現持續良好。網路供應商不斷增加，收購不斷進行，所有這些都在繼續幫助該行業建立發展勢頭。

Charles Ree, TD Cowen.

查爾斯·裡 (Charles Ree)，考恩 (Cowen) TD。

For taking the question. Maybe if I can ask a question on RSTS, obviously a strong performance in the quarter. You raise the revenue guide, the, but if I look right, I think the outlook for the rest of the year in terms of offering income growth, remained the same.

回答這個問題。也許我可以問一個關於 RSTS 的問題，顯然本季表現強勁。你提高了收入指南，但如果我觀察正確的話，我認為今年剩餘時間的收入成長前景將保持不變。

Anything that we should think about, as we think go through the rest of the quarters here, maybe, any change in your expectations, related GLP-1s, and, if you could just remind us, have any of these recent, prior authorization initiatives undertaken by insurers, had any impact on the segment? Thanks.

我們認為在接下來的幾個季度中，我們應該考慮什麼，也許，您的預期、相關的 GLP-1 有任何變化，如果您可以提醒我們，保險公司最近採取的任何事先授權舉措是否對該細分市場產生了任何影響？謝謝。

Thanks for your question, Charles. I'll start and then I'll let Brian answer that last question. Again, we're really pleased with the performance in the quarters. Both Brian and I talked about operating profit was driven by the success of our prior authorization programs, particularly around GLP-1, but non-GLP-1 programs also performed.

謝謝你的提問，查爾斯。我先開始，然後讓布萊恩回答最後一個問題。再次，我們對本季的表現感到非常滿意。布萊恩和我都談到，營業利潤是由我們先前的授權計劃的成功推動的，特別是圍繞 GLP-1 的計劃，但非 GLP-1 計劃也表現良好。

Well, in terms of the revenue, in the quarter we saw increased revenue from 3PL, and this is really around the success of products and programs that we service and so 3PL revenue, which we've talked about before, can be quite lumpy from quarter to quarter, but it was strong in the first quarter.

嗯，就收入而言，本季度我們看到來自 3PL 的收入有所增加，這實際上與我們服務的產品和計劃的成功有關，因此，我們之前談到的 3PL 收入在各個季度之間可能會有很大波動，但第一季度的收入表現強勁。

So I think we're pretty pleased with the progression of the business and the momentum of the business, underpinned again by the strength of our access and affordability solutions, including prior authorizations for GLP-1s. Yeah.

因此，我認為我們對業務的進展和業務發展勢頭感到非常滿意，這再次得益於我們強大的可訪問性和可負擔性解決方案，包括對 GLP-1 的先前授權。是的。

I was just, we're very pleased with how the business is performing. We're more or less right where we thought we would be at this point in the year. I think the last question that you asked Charles was just related to have we seen any behavior changes around Prior off policies and I would say for the most part, no. I think things have been a little bit steady.

我只是對業務表現非常滿意。我們或多或少處於我們預計今年此時的狀態。我認為您問查爾斯的最後一個問題只是關於我們是否看到任何圍繞 Prior off 政策的行為變化，我想說，在大多數情況下，沒有。我認為情況已經稍微穩定了。

There was one payer that made a decision to prefer one product over another in their portfolio, but from our perspective, part of the benefit of having both programs is that prior off may shift from one program sponsor to another, but our overall prior off volumes remains good.

有一位付款人決定在其產品組合中優先選擇一種產品，但從我們的角度來看，同時擁有這兩個計劃的好處之一是，先前的交易量可能會從一個計劃贊助商轉移到另一個，但我們的整體先前交易量仍然良好。

Allen Lutz, Bank of America Merrill Lynch

盧茨（Allen Lutz），美銀美林

Good afternoon. Thanks for taking the questions. There's been several potential changes to the pharmaceutical market. Brand price increases in July may be coming in a little bit higher than expectations. Then you have potential changes just to manufacturers, distributors, pharmacies around, tariffs and concerns around tariffs and then generic pricing around cost plus models.

午安.感謝您回答這些問題。醫藥市場已經發生了一些潛在的變化。7月份品牌價格上漲幅度可能略高於預期。然後，您可能會發現製造商、分銷商、周圍的藥局、關稅和圍繞關稅的關注點以及圍繞成本加成模式的通用定價都發生了變化。

Is anything going on around those items that are different from your expectations or is there anything that comments specifically about those things as we move into the back half of the year? Thanks.

這些項目周圍發生了什麼與您的預期不同的事情，或者隨著我們進入下半年，對這些事情有什麼具體的評論嗎？謝謝。

Thanks for your question, Allen. I'll start and then Brian can add on. In terms of brand pricing, we're not seeing anything outside of what we've seen over the last several years in terms of the cadence and brand pricing is right in line with our expectations. So, we're not seeing anything different from that and in terms of generics, we're seeing good performance from our sourcing programs.

謝謝你的提問，艾倫。我先開始，然後 Brian 可以補充。就品牌定價而言，我們沒有看到任何超越過去幾年所見節奏的定價，而且品牌定價完全符合我們的預期。因此，我們沒有看到任何不同，就彷製藥而言，我們的採購計劃表現良好。

We feel that we're well positioned in the marketplace there. We're not seeing anything unusual in the generic pricing environment as well. So again, these are good underpinnings that are supporting the success and the and the growth within the business. We're not seeing anything unusual at this point.

我們覺得我們在那裡的市場處於有利地位。我們也沒有看到通用定價環境中有任何異常情況。所以，這些都是支持業務成功和成長的良好基礎。目前我們還沒有發現任何異常情況。

And as to your question on the tariffs as relates to the pharmaceutical industry, I mean, it's been obviously a little bit volatile, and I would say we're still in a bit of an uncertain time where this all settles down, but what we know about tariffs is represented in the guidance that we have provided to you.

至於您關於製藥業關稅的問題，我的意思是，這個行業顯然有點不穩定，我想說我們仍然處於一個不確定的時期，一切都會平靜下來，但我們對關稅的了解體現在我們向您提供的指導中。

And I would remind everybody that, I think COVID highlighted this quite well, that despite all the challenges the external world had, the pharmaceutical supply chain in totality tends to have enough inventory to get you through these periods. So I would think that tariffs would take a little while to play into the economics.

我想提醒大家，我認為 COVID 很好地凸顯了這一點，儘管外部世界面臨種種挑戰，但整個醫藥供應鏈往往有足夠的庫存來幫助你度過這些時期。所以我認為關稅需要一段時間才能對經濟產生影響。

Question please?

請問一下？

Daniel Grosslight, Citi Research

花旗研究部 Daniel Grosslight

Hi guys. Thanks for taking the question and congrats on another strong order here. I was hoping you could touch on biosimilar adoption and the acceleration and benefits that you're getting from that the bottom line, particularly in the in the Part B channel and specifically within retina with PRISM closing.

嗨，大家好。感謝您提出這個問題，並祝賀您再次獲得強勁訂單。我希望您能談談生物相似藥的採用以及您從中獲得的加速和好處，特別是在 B 部分渠道，特別是在 PRISM 關閉的視網膜領域。

And on the Part D channel, we've obviously seen a rapid adoption of Solara Biosimilar. So I'm curious how that is impacting your bottom line at all and how the insourcing by PBMs by Caremark specifically impacts you guys. Thanks.

在 Part D 頻道，我們明顯看到 Solara Biosimilar 的快速普及。所以我很好奇這對你們的底線有何影響，以及 Caremark 的 PBM 內部採購對你們有何具體影響。謝謝。

Thanks for the question. Obviously, the big two recent biosimilar launches were really in Part D, which was Humira and Solara, and those, while slowing down, revenue, don't really have much of an impact in terms of materiality on the bottom line. Obviously, the channel that these products, these biosimilars launch into matters for us, and Part B, particularly Part B oncology is our most effective channel.

謝謝你的提問。顯然，最近推出的兩種大型生物相似藥實際上屬於 D 部分，即 Humira 和 Solara，雖然它們會減緩收入成長，但對底線實質影響並不大。顯然，這些產品、這些生物相似藥的投放管道對我們來說很重要，而 B 部分，特別是 B 部分腫瘤學是我們最有效的管道。

Obviously, we're excited about the ILEAD and the bio biosimilar launches that are happening in the retina space, but I would remind everyone, this is a quite recently closed deal. So, the good news in that story is to play out ahead of us.

顯然，我們對 ILEAD 和視網膜領域生物相似藥的推出感到興奮，但我要提醒大家，這是一筆最近才完成的交易。所以，這個故事的好消息即將在我們面前上演。

The only thing that I might add there is on biosimilars, we have talked about this for many quarters now that there's this is a great long-term opportunity for distributors, for providers, also for patients. We are seeing this as a steady contributor to our earnings.

我唯一想補充的是，關於生物相似藥，我們已經討論了好幾個季度了，這對於分銷商、供應商以及患者來說都是一個很好的長期機會。我們認為這對我們的獲利有穩定的貢獻。

It's another building block within the segment. And so we're not seeing anything in terms of material gains or increases in any quarter, but we are seeing this as a steady contributor to the growth of the segment.

這是該領域中的另一個基石。因此，我們在任何季度都沒有看到任何物質收益或成長，但我們認為這對該部門的成長做出了穩定的貢獻。

Next question please.

請問下一個問題。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

Hey, good afternoon guys, and congrats for the quarter. Maybe Britt, as I think about OpEx down year over year, obviously some moving pieces there with the Norway sale and incoming acquisitions, but is there any way you can talk about the trajectory there or to quantify how some of the tech and automation initiatives could impact OpEx in the coming years? Thanks.

嘿，大家下午好，恭喜本季取得佳績。也許布里特，我認為營運支出逐年下降，顯然挪威的出售和即將到來的收購有一些變動，但您能否談談那裡的發展軌跡，或者量化一些技術和自動化舉措將如何影響未來幾年的營運支出？謝謝。

Yeah, Brian. Thanks for that question. We've actually been talking about our leverage ratios for some time now. If you wind the clock back even five years ago, we started on this journey around our strategy, starting with costs first and getting a lot of discipline and focus on that. Over time, we, what we've been able to do is to put more efficiencies, automation within distribution centers within other parts of our business.

是的，布萊恩。謝謝你的提問。事實上，我們已經討論槓桿率有一段時間了。如果將時鐘撥回到五年前，我們就開始圍繞我們的策略踏上這段旅程，首先從成本入手，並在此基礎上製定了很多紀律和重點。隨著時間的推移，我們能夠做的就是提高我們業務其他部分的配送中心的效率和自動化程度。

And I think what we're seeing now is just a really good set of disciplines, automations and leverage that's happening organically across the company now. We both Brian and I talked about a couple of examples where we're seeing that within our distribution network, but there are just several examples across the company where we are implementing technology, we're implementing improved processes to drive just better cost.

我認為我們現在看到的是一套非常好的紀律、自動化和槓桿，它們正在整個公司有機地發生。布萊恩和我都談到了我們在分銷網絡中看到的幾個例子，但在整個公司範圍內，我們正在實施技術，我們正在實施改進的流程以降低成本，這只是幾個例子。

And so if you look at the operating expense leverage over a long period of time, it has been improving, and I think this is just another quarter where that's an example of it.

因此，如果你觀察長期的營運費用槓桿率，它一直在改善，我認為這只是另一個季度的一個例子。

Next question please.

請問下一個問題。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Hi guys, good afternoon. Thanks for the question. I know it's early days in terms of FCS and PRISM, but can you talk about whether you've had sort of the time to dig in and think about like the broader, like longer term strategy like obviously they consolidate within their own allergies if you will, but are there broader platform things that you can sort of cross that can run across both of those or across other allergies that you're in and kind of have a broader.

大家好，下午好。謝謝你的提問。我知道 FCS 和 PRISM 還處於早期階段，但您能否談談您是否有時間深入研究並思考更廣泛的長期策略，例如，顯然他們會在自己的過敏症範圍內進行整合，但是否有更廣泛的平台可以跨越這兩者或您所處的其他過敏症，並具有更廣泛的範圍。

Is that sort of, if you could just talk a little bit more about that broader long-term strategy there on the MSO side, that would be great.

是這樣的，如果您可以再多談 MSO 方面的更廣泛的長期策略，那就太好了。

Thanks. Sure, I mean, look, we have a very mature, very differentiated MSO offering in US oncology, and we've been at that strategy for nearly two decades. We have just, recently expanded into the retina ophthalmology with the acquisition of PRISM, which we very much view as a platform.

謝謝。當然，我的意思是，你看，我們在美國腫瘤學領域擁有非常成熟、非常差異化的 MSO 產品，而且我們已經實施這項策略近二十年了。我們最近剛收購了 PRISM，將業務擴展到視網膜眼科領域，我們非常重視 PRISM 作為一個平台。

And our vision at this point in time that we would continue to not exactly run the same playbook as US Oncology, but to continually over time expand the value add, expand the services, continue to solve problems and make these practices more productive and effective in the retina space.

我們目前的願景是，我們不會完全按照與美國腫瘤學相同的劇本行事，而是隨著時間的推移不斷擴大附加價值，擴展服務，繼續解決問題，並使這些實踐在視網膜領域更加富有成效和有效。

They run on different IT platforms today, and we think that that is strategically the right decision because the complexity and needs of the practices are different and so you want a fit for purpose solution to each of those.

它們如今在不同的 IT 平台上運行，我們認為從戰略上來說這是正確的決定，因為實踐的複雜性和需求是不同的，因此您需要針對每種情況提供合適的解決方案。

Now, as tools and technologies and particularly AI and such begins to roll out, we would certainly hope we would find some complimentary, transfer of knowledge, assets, insights across those two platforms, but it's not key to the strategy today. It would be upside to the thesis for getting into that space.

現在，隨著工具和技術（尤其是人工智慧）開始推出，我們當然希望能夠在這兩個平台之間找到一些互補的知識、資產和見解的轉移，但這並不是當今策略的關鍵。進入該領域對於論文來說將是一個好處。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Great. Thanks. So, I wanted to circle back on MSN and I know you've talked about this before, but just any changes how you're thinking about that, the impact across kind of US oncology as well as other businesses, and just your competitor talked about kind of an active effort in DC and recognizing sort of the overall impact of what could happen on that front, but any change in terms of how you're thinking about how that could play out?

偉大的。謝謝。所以，我想回到 MSN，我知道您之前談過這個問題，但是您對此的看法有什麼變化嗎？對美國腫瘤學以及其他業務的影響，您的競爭對手談到了在華盛頓特區的積極努力，並認識到在這方面可能發生的整體影響，但是您對這將如何發展的看法有什麼變化嗎？

I don't think there's any change, and we have talked in previous calls about the community setting being the lowest cost, highest quality, most accessible, and then anything that would incentivize care to move out from there, would probably be overwhelmed by the additional health care costs that occur when that care takes place in a higher cost setting.

我認為沒有任何變化，我們在之前的電話會議中談過，社區環境的成本最低、質量最高、最容易獲得，任何激勵醫療服務從那裡轉移出去的措施，都可能被在更高成本的環境中提供醫療服務時產生的額外醫療費用所淹沒。

Look, it's still very early in terms of MFN. I mean, letters just came out on July 31, and I think there are lots of Facts that will still be necessary for us to see to really begin to think in any real way and what the impacts may be, and we do expect that, this will play out over a somewhat long time horizon. It's not like in the 60 days this is implemented and in 60 days we'll know how manufacturers are thinking about this.

你看，就最惠國待遇而言，現在還為時過早。我的意思是，這些信件是在 7 月 31 日剛剛發出的，我認為還有很多事實需要我們去了解，才能真正開始思考其可能產生的影響，我們確實預計，這將在相當長的一段時間內發揮作用。這並不是說 60 天內就能實施，60 天內我們就會知道製造商對此有何看法。

We are currently and have been actively engaged with legislature, the administration, manufacturers, customers, and consistently advocating and educating around the fact that we need to keep the community setting vibrant and healthy, and this is where the care should best take place for the totality of US healthcare costs and for the totality of quality of care and accessibility for Americans and we think that message resonates.

我們目前正在並一直積極與立法機構、政府、製造商、客戶合作，並不斷倡導和教育大家，我們需要保持社區環境的活力和健康，這是美國醫療保健費用和美國人整體醫療質量和可及性的最佳體現，我們認為這一信息引起了共鳴。

Question please.

請問一下。

Stephen Baxter, Wells Fargo Securities LLC.

巴克斯特 (Stephen Baxter)，富國證券有限責任公司。

Hi/ Thanks for the question. It looks like there could be some upward pressure on the uninsured rate going into 2026 coming from the individual market and the Medicaid and market. I was wondering if you could speak to how impactful you think those changes may or may not be on demand and maybe how the company is budgeted for them in the back half of the year, particularly for the US pharma segment. Thank you.

你好/謝謝你的提問。看起來，到 2026 年，個人市場和醫療補助市場可能會對無保險率造成一些上行壓力。我想知道您是否可以談談您認為這些變化對需求的影響有多大，以及公司在下半年如何為這些變化製定預算，特別是針對美國製藥領域。謝謝。

I think you're referring to the big, beautiful bill and the $1 trillion cuts to Medicaid over the coming decade. By my, back of the envelope math, healthcare will cost the US roughly $80 billion or $80 trillion over the next decade, in totality, adjusting for inflation growth, what have you and so $1 trillion is a little more than 1%.

我認為您指的是這項龐大而美麗的法案以及未來十年對醫療補助的 1 兆美元削減。根據我的粗略計算，未來 10 年，美國的醫療保健總成本將達到約 800 億美元或 80 兆美元（根據通膨增長進行調整），因此 1 兆美元略高於 1%。

So I don't think, our expectation is that it's not going to be dramatic. It's not going to be material. It's spread over a long period of time. It's delayed and it's start and I think if you try to look back historically to when coverage rates were akin to what people are forecasting, they might be, you still find people getting care.

所以我不認為我們的預期不會有太大的改變。這不會是物質的。它流傳了很長一段時間。它被推遲了，它開始了，我認為如果你回顧歷史，當覆蓋率與人們預測的相似時，你仍然會發現人們得到照顧。

I mean, people who need care still consume care, maybe uncompensated care, maybe care in different settings, but they tend to still get that care.

我的意思是，需要護理的人仍然會消費護理，可能是無償護理，可能是在不同環境中的護理，但他們往往仍然會得到護理。

Next question please.

請問下一個問題。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Hey, good afternoon guys, Brett, I'm wondering if we can pull kind of the guide apart a little bit more because you've got the 20%, the 20% guidance increase, which seems like a lot of that is tied to the Norway sale and you're at the high end of the AOI range for US pharmaceutical.

嘿，大家下午好，布雷特，我想知道我們是否可以將指南稍微分開一點，因為你有 20%，20% 的指導增長，其中很大一部分似乎與挪威的銷售有關，而且你處於美國製藥 AOI 範圍的高端。

Should the implication be that I guess either PTS or medical might come in at the low end of the guidance ranges that you guys are thinking about, given that I would have thought the rates would have been a little bit higher, and I recognize that there's a little bit of an interest off that.

這是否意味著我猜測 PTS 或醫療可能會處於你們正在考慮的指導範圍的低端，因為我認為利率會稍微高一點，而且我認識到對此有一點興趣。

So, I guess I just kind of, I'd be interested to hear you talk about like how you're thinking about the other two segments and if there's anything else we should consider or if there's any other one-time items to be expected and bound for the year. Thanks.

所以，我想我只是有點感興趣，想聽聽您談談您對其他兩個部分的看法，以及我們是否還應該考慮其他任何事情，或者是否還有其他預期和預定的一次性項目。謝謝。

Thanks for your question, George. Let me try to answer that for you. If you recall, we raised guidance in the middle of the quarter, and that was a reflection of the strength of the operating performance that we saw up to that time that we were confident in for the rest of the fiscal year. The $0.20 raise that we're doing now is specifically to the sale of Norway and the impact of the held for sale accounting.

謝謝你的提問，喬治。讓我嘗試為您解答這個問題。如果您還記得的話，我們在本季度中期提高了業績預期，這反映了我們當時看到的強勁經營業績，我們對本財年剩餘時間的業績充滿信心。我們現在進行的 0.20 美元的加價專門針對挪威的出售以及持有待售會計的影響。

We have not made changes to any changes to the segment guidance for the medical or for the Rx technology solution segment. So we still feel very good about the guidance that we gave you there. The performance in the first quarter was solid, and we feel good about that guidance and haven't changed it.

我們沒有對醫療或 Rx 技術解決方案部門的部門指導做出任何更改。因此，我們仍然對我們在那裡給予您的指導感到非常滿意。第一季的表現穩健，我們對指引感到滿意，因此沒有改變它。

In terms of the US pharmaceutical guidance, certainly part of our thinking when we raised the guidance was the operational performance that we were seeing in that segment, and that continued to the end of the first quarter.

就美國製藥業指引而言，我們上調指引時的部分考量當然是我們在該領域看到的營運業績，而且這種業績一直持續到第一季末。

So again, we're one quarter in. We feel really good about the performance across the company. We feel really good about the performance in our US pharmaceutical segment, and that's why we indicated the higher end of the range for that particular segment.

再次重申，我們已經進行了四分之一。我們對整個公司的表現感到非常滿意。我們對美國製藥部門的表現感到非常滿意，這就是我們為該特定部門指出較高範圍的原因。

We have time for one more question.

我們還有時間再回答一個問題。

Michael Cherny, Leerink Partners

Leerink Partners 的 Michael Cherny

Afternoon, and thanks for squeezing me in. Specialty has been obviously the biggest growth driver for you in the space. As you think about your specialty growth opportunity, how much of it do you think is you growing in line with above the market?

下午好，感謝您抽空接待我。專業顯然已經成為您在這個領域最大的成長動力。當您考慮您的專業成長機會時，您認為您的成長有多少是與市場同步成長的？

How much is your customers growing? Are you taking share? Any anything more you can do to bifurcate the specialty growth so we can understand how durable it is would be greatly appreciated. Thanks.

您的客戶成長了多少？你有分一杯羹嗎？如果您能採取更多措施來區分專業成長，以便我們了解其持久性，我們將不勝感激。謝謝。

First, I'd say we're seeing good specialty growth across all of our segments. I mean, hospital segment, retail segment, segment, and certainly in our oncology segment. And our, I think, as demonstrated by this quarter, quite frankly, we think we're getting the good organic growth that exists in that market complemented by expanding practices through recruiting additional physicians by adding smaller practices to existing practices and in the case of SCS acquiring, a quite large practice.

首先，我想說，我們在所有領域都看到了良好的專業成長。我的意思是，醫院部門、零售部門、部門，當然還有我們的腫瘤學部門。而且我認為，正如本季度所表明的那樣，坦率地說，我們認為我們正在獲得該市場中存在的良好有機增長，並通過招募更多醫生、在現有診所中增加小型診所以及在 SCS 收購一家相當大的診所來擴大診所規模。

And that's been the formula and the strategy over the last years and I think the performance in this quarter shows the power of that strategy.

這就是過去幾年的公式和策略，我認為本季的表現證明了策略的力量。

Okay, well, I want to thank everyone again for joining the call. Thank you for the thoughtful questions. Thank you to our operator for facilitating the call. But McKesson is off to a strong start in fiscal '26. The fundamentals of our business remain strong. Our strategy is delivering results. We continue to fulfill our commitments to our shareholders by driving sustained momentum.

好的，我想再次感謝大家參加電話會議。感謝您提出這些深思熟慮的問題。感謝我們的接線生協助我們接聽電話。但麥克森在 26 財年開局強勁。我們的業務基礎依然強勁。我們的戰略正在取得成果。我們將繼續以持續的發展動能履行對股東的承諾。

We fundamentally believe we're positioning the business for continued long-term growth. I just want to end by saying how proud I am to work alongside our 45,000 employees to advance our mission. I look forward to sharing more about our progress at our investor day in September. Thanks again, everybody. I hope you have a terrific evening.

我們從根本上相信，我們正在為業務的長期持續成長做好準備。最後，我只想說，我很自豪能夠與我們的 45,000 名員工一起努力推進我們的使命。我期待在九月份的投資者日分享更多我們的進展。再次感謝大家。我希望你度過一個愉快的夜晚。

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

感謝您參加今天的電話會議。現在您可以斷開連接並享受美好的一天。