麥卡遜 (MCK) 2026 Q2 法說會逐字稿

Welcome to McKesson's second quarter fiscal 2026 earnings conference call. Please be advised that today's conference is being recorded. At this time, I would like to turn the conference over to Jeni Dominguez, VP of Investor Relations. Please go ahead.

歡迎參加麥克森公司2026財年第二季業績電話會議。請注意，今天的會議正在錄影。此時，我謹將會議交給投資人關係副總裁 Jeni Dominguez。請繼續。

Thank you, operator. Good afternoon, and welcome, everyone, to McKesson's second 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 on to a question-and-answer session.

謝謝接線生。下午好，歡迎各位參加麥克森公司 2026 財年第二季財報電話會議。今天，與我一同出席的有我們的執行長布萊恩·泰勒和財務長布里特·維塔隆。Brian 將首先發言，然後是 Britt，之後我們將進入問答環節。

Today's discussion will include forward-looking statements such as forecasts 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 additional information concerning risk factors that could cause our actual results to materially differ from those in our forward-looking statements.

今天的討論將包括麥克森公司營運和未來業績的預測等前瞻性陳述。請參閱我們網站 investor.mckesson.com 上今天發布的收益報告和演示文稿中的警示性聲明，以及我們最近提交給美國證券交易委員會的年度和定期文件中的“風險因素”部分，以了解有關可能導致我們的實際業績與前瞻性聲明中業績存在重大差異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. The presentation slides also include a summary of our results for the quarter and guidance assumptions.

我們將在本次網路直播中討論的非GAAP財務指標訊息，包括這些指標與GAAP結果的調節表，可以在今天的收益報告和簡報中找到。簡報還包括本季業績總結和業績預期假設。

With that, let me turn it over to Brian.

那麼，接下來就交給布萊恩吧。

Thank you, Jeni. Good afternoon, everyone. Thank you for joining our call today. Earlier today, we reported strong second quarter results, which reflect sustained momentum in our business and the strength of our diversified portfolio. Consolidated revenues in the quarter increased 10% year-over-year to $103 billion, and adjusted earnings per diluted share increased 39% to $9.86.

謝謝你，珍妮。大家下午好。感謝您今天參加我們的電話會議。今天早些時候，我們公佈了強勁的第二季業績，這反映了我們業務的持續成長動能和我們多元化投資組合的實力。本季綜合營收年增 10% 至 1,030 億美元，調整後每股攤薄收益成長 39% 至 9.86 美元。

These results demonstrate the impact of focused execution across the enterprise with notably three of our segments delivering double-digit adjusted operating profit growth as we continue to deliver against our strategic priorities. Given our first half performance and our confidence in the outlook for the year, we are raising our guidance on adjusted earnings per diluted share to $38.35 to $38.85. This builds on the $0.80 increase announced at our Investor Day in September.

這些結果證明了企業集中執行的成效，尤其值得一提的是，我們三個業務部門實現了兩位數的調整後營業利潤成長，我們繼續朝著策略重點邁進。鑑於我們上半年的業績表現以及對全年前景的信心，我們將調整後每股攤薄收益預期上調至38.35美元至38.85美元。此前，我們在9月的投資者日上宣布了每股盈餘上調0.80美元的預期。

At the event, we also affirmed our company priorities and highlighted the differentiated capabilities that underpin McKesson's long-term growth. I'll walk you through our continued progress we achieved in the second quarter. At that conference, we also introduced our new reporting structure that sharpens our strategic alignment and provides enhanced transparency into the growth areas of our business.

在本次活動中，我們也重申了公司的優先事項，並重點介紹了支撐麥克森長期發展的差異化能力。我將帶您了解我們在第二季的持續進展。在那次會議上，我們也推出了新的報告架構，加強了我們的策略協調，並提高了我們業務成長領域的透明度。

The newly formed oncology and multispecialty segment will focus on accelerating our strategy in the higher growth, higher-margin segments. And we established a North American Pharmaceutical segment, bringing together our pharmaceutical distribution capabilities in the US and Canada. This quarter marks our first set of results under this structure, and I'm pleased with how our teams have come together to deliver consistent financial performance. We are confident that the new reporting structure will optimize our portfolio management and drive sustainable long-term value creation for shareholders.

新成立的腫瘤和多專科部門將專注於加速我們在高成長、高利潤領域的策略。我們成立了北美製藥業務部門，整合了我們在美國和加拿大的藥品分銷能力。本季是我們在此架構下公佈的第一份業績報告，我對我們團隊齊心協力取得持續的財務表現感到滿意。我們相信，新的報告結構將優化我們的投資組合管理，並為股東創造可持續的長期價值。

Britt will share more about the quarterly results in his remarks. But let me start by talking a minute about our people and culture. Team McKesson is the driving force for the continued innovation and excellence. It's the foundation of everything that we accomplish.

布里特將在演講中分享更多關於季度業績的資訊。但請容許我先簡單談談我們的人民和文化。麥克森團隊是持續創新和追求卓越的驅動力。它是我們取得一切成就的基礎。

Our best talent strategy continues to raise the bar across McKesson and is evident in the way our teams and our Board approach service, integrity, teamwork and performance. That commitment is exemplified by our Chairman of the Board, Don Knauss, who was recently honored with the B. Kenneth West Lifetime Achievement Award from the National Association of Corporate Directors. This is a well-earned recognition of his leadership, and I am grateful for his many, many contributions to McKesson.

我們最優秀的人才策略不斷提高 McKesson 的標準，這體現在我們的團隊和董事會對待服務、誠信、團隊合作和績效的態度上。這種承諾的典範體現在我們的董事會主席唐·克瑙斯身上，他最近榮獲了美國公司董事協會頒發的 B·肯尼斯·韋斯特終身成就獎。這是對他領導能力的實至名歸的認可，我非常感謝他為麥克森公司做出的許多貢獻。

We believe that a strong culture is an integral part of our talent strategy, and it's reflected in how we support our communities and our people. In September, McKesson team members came together to participate in our annual Community Impact Days. We supported more than 60 organizations nationwide, giving back to our communities and reinforcing the values that drive our everyday work.

我們相信，強大的企業文化是我們人才策略不可或缺的一部分，這體現在我們如何支持我們的社區和員工。9 月，麥克森團隊成員齊聚一堂，參加了我們一年一度的社區影響力日。我們為全國 60 多個組織提供了支持，回饋了我們的社區，並強化了驅動我們日常工作的價值觀。

We support and care for our people through extensive resources and programs. And in October, employees across McKesson took part in our Annual Wellness Day. We refer to it as Your Day, Your Way. It's now in its fifth year, and it underscores our continuing commitment to our team's well-being.

我們透過豐富的資源和計畫來支持和關懷我們的人民。10 月份，麥克森公司的員工參加了我們的年度健康日。我們稱之為「你的每一天，你的方式」。這項計畫已經進入第五年，凸顯了我們對團隊成員福祉的持續承諾。

Let's move on to our two strategic growth pillars, oncology and multispecialty and our biopharma services. Our differentiated specialty platform remains a central pillar of our growth strategy and is now reported within the newly established oncology and multispecialty segment. Our differentiated capabilities have us well positioned to advance cancer care and expand into other therapeutic areas through scale, connectivity and innovation.

接下來，我們來談談我們的兩大戰略成長支柱：腫瘤學和多專科醫療以及我們的生物製藥服務。我們差異化的專科平台仍然是我們成長策略的核心支柱，現在已納入新成立的腫瘤和多專科領域進行報告。我們憑藉著差異化的能力，透過規模、互聯互通和創新，在推進癌症治療和拓展其他治療領域方面佔據了有利地位。

Foundational to our oncology and multispecialty business is our unparalleled distribution breadth. Specialty is a growing market with many unique medications and distribution requirements. We have market-leading capabilities and scale through our strong presence in the community provider setting, serving more than 14,000 providers across a wide range of specialties.

我們腫瘤和多專科業務的基礎是我們無與倫比的分銷範圍。專科藥品市場正在不斷成長，擁有許多獨特的藥品和分銷要求。我們在社區醫療服務領域擁有強大的實力和規模，為超過 14,000 名醫療服務提供者提供廣泛的專業服務，因此具備市場領先的能力和規模。

Complementary to the core distribution capabilities are our group purchasing organizations, specialty pharmacy offerings and infusion management services. Our diverse capabilities enable us to support a wide range of customers with varying needs in accessing specialty meds, including innovative therapies that are transforming care. This includes the launch and commercialization of cell and gene therapies.

除了核心分銷能力外，我們還提供集團採購組織、特藥藥房服務和輸液管理服務。我們多元化的能力使我們能夠為各種不同需求的客戶提供支持，幫助他們獲得專科藥物，包括正在改變醫療行業的創新療法。這包括細胞和基因療法的推出和商業化。

In August, we launched InspiroCare, a patient hub designed to simplify the complex journey of cell and gene therapies and provide personalized, compassionate support for patients. September, we opened a world-class cold chain facility dedicated to cell and gene therapy distribution. This 12,000-foot facility is equipped with ultra-frozen and cryogenic storage technology specifically designed for the unique requirements of these medications, ensuring proper storage and the highest standards of compliance and care.

8 月，我們推出了 InspiroCare，這是一個患者中心，旨在簡化細胞和基因療法的複雜過程，並為患者提供個人化、充滿關懷的支持。9 月，我們開設了一座世界級的冷鏈設施，專門用於細胞和基因療法的配送。這座佔地 12,000 平方英尺的設施配備了超低溫冷凍和低溫儲存技術，專門針對這些藥物的特殊要求而設計，確保妥善存放並達到最高的合規性和護理標準。

Our best-in-class oncology platform provides support to community providers through a comprehensive suite of services, including practice management, clinical trial access and industry-leading technology solutions that empower them to deliver world-class care. The US Oncology Network has been leading the cancer care transformation for more than 15 years and is now supporting over 3,300 providers across more than 700 sites across the country. In October, the US Oncology Network formed a collaboration with Blood Cancer United around a shared goal of strengthening cancer care and access to clinical trials close to home.

我們一流的腫瘤學平台透過一套全面的服務為社區醫療服務提供者提供支持，包括實踐管理、臨床試驗參與和領先業界的技術解決方案，使他們能夠提供世界一流的醫療服務。美國腫瘤網絡 (US Oncology Network) 已引領癌症治療轉型超過 15 年，目前為全國 700 多個地點的 3300 多名醫療服務提供者提供支援。10 月，美國腫瘤網絡與血癌聯合會合作，共同致力於加強癌症治療，並讓患者在家附近參與臨床試驗。

The collaboration will provide personalized clinical trial education as well as clinical trial matching through the Sarah Cannon Research Institute. It will also offer patient navigation services to facilitate participation in clinical trials for patients with all types of blood cancer. During the second quarter, progress continued with the integration of Florida Cancer Specialists and PRISM Vision, bringing both practice groups onto our distribution and GPO agreements to unlock the full value of our broader services and take advantage of the expanded relationships.

此次合作將透過 Sarah Cannon 研究所提供個人化的臨床試驗教育以及臨床試驗配對服務。它還將提供患者導航服務，以幫助各類血液癌症患者參與臨床試驗。第二季度，佛羅裡達州癌症專科醫生和 PRISM Vision 的整合工作繼續取得進展，將這兩個醫療集團納入我們的分銷和 GPO 協議，以充分發揮我們更廣泛服務的價值，並利用擴大的合作關係。

PRISM Vision recently expanded its footprint with the addition of Spokane Eye Clinic, located in Spokane, Washington extending its reach now beyond the Mid-Atlantic region. Spokane Eye Clinic has a growing team of 27 eye care specialists in 4 clinic locations. It marked an important milestone for PRISM in building a comprehensive national eye care platform and continuing to enhance patient experiences.

PRISM Vision 最近擴大了業務範圍，新增了位於華盛頓州斯波坎的斯波坎眼科診所，使其業務範圍擴展到了大西洋中部地區以外。斯波坎眼科診所擁有不斷成長的眼科護理專家團隊，在 4 個診所地點設有 27 位眼科護理專家。這標誌著 PRISM 在建立全面的國家眼科護理平台和持續提升患者體驗方面邁出了重要一步。

Let's move on to our biopharma services platform within our Prescription Technology Services segment. Our leading technology platform is designed to make medicine more accessible and more affordable for everyone. What differentiates McKesson is the breadth and depth of our capabilities to address the most pressing challenges of access and affordability.

接下來，我們來看看處方技術服務板塊下的生物製藥服務平台。我們領先的技術平台旨在讓每個人都能更方便、更經濟地獲得醫療服務。麥克森的獨特之處在於我們擁有廣泛而深入的能力，能夠應對獲取和負擔能力方面最緊迫的挑戰。

Our network spans approximately 1 million providers and more than 50,000 pharmacies processing approximately 23 billion transactions annually. This connectivity and scale is the foundation that enables us to streamline access to life-saving therapies, reduce friction across the health care continuum and deliver measurable impact for our customers and patients.

我們的網路覆蓋約 100 萬家醫療機構和 5 萬多家藥局，每年處理約 230 億筆交易。這種連結性和規模是我們能夠簡化獲得救命療法的途徑、減少整個醫療保健過程中的摩擦並為我們的客戶和患者帶來可衡量的影響的基礎。

Our platforms combine tech-driven patient support services, automated prior authorization, co-pay and voucher programs, all designed to help patients start, stay on and afford their therapies. We complement these offerings with best-in-class third-party logistics, advanced analytics and AI-enabled solutions that optimize efficiency and unlock value for our biopharma partners.

我們的平台結合了技術驅動的患者支援服務、自動化的預先授權、共同支付和代金券計劃，所有這些都是為了幫助患者開始、堅持並負擔得起他們的治療。我們透過一流的第三方物流、先進的分析和人工智慧解決方案來完善這些服務，從而優化效率並為我們的生物製藥合作夥伴釋放價值。

This integrated approach positions McKesson as a trusted leader, not only solving today's challenges, but continuing to invest in the future, expanding our solutions for specialty therapies, modernizing technology and leveraging innovation to advance health outcomes for all.

這種綜合方法使麥克森成為值得信賴的領導者，不僅解決了當今的挑戰，而且還繼續投資未來，擴展我們針對特殊療法的解決方案，實現技術現代化，並利用創新來改善所有人的健康結果。

Let me touch on our Pharmaceutical distribution business in North America. This is a foundational business that continues to deliver strong growth underpinned by operational discipline and a differentiated value proposition. The sustained momentum of the business driven by leading scale, strong operating leverage and robust cash flow generation enables us to continue to reinvest in the business to advance all of our enterprise priorities.

讓我來談談我們在北美的藥品分銷業務。這是一項基礎性業務，憑藉嚴謹的營運和差異化的價值主張，持續實現強勁成長。憑藉領先的規模、強大的營運槓桿和強勁的現金流，公司業務持續保持成長勢頭，使我們能夠繼續對業務進行再投資，以推進我們所有的企業優先事項。

We have made focused and significant investments in automation to support the growing complexity in the supply chain management. These investments improve operating efficiency, enhance customer experience and unlock productivity in our workforce. An example of the advanced automation technologies we have implemented is the order storage retrieval system, which has been introduced in facilities across North America. The most recent application being in our US national redistribution center serving as the core of our hub-and-spoke distribution model. This sophisticated system improves our service levels and accuracy streamlines processes and expands our storage capacity to better serve our customers.

我們已在自動化領域進行了大量重點投資，以應對日益複雜的供應鏈管理。這些投資可以提高營運效率，提升客戶體驗，並釋放員工的生產力。我們實施的先進自動化技術的一個例子是訂單儲存檢索系統，該系統已在北美各地的工廠中投入使用。最近的應用場景是在我們位於美國的全國再分配中心，該中心是我們樞紐輻射式分銷模式的核心。這套先進的系統提高了我們的服務水準和準確性，簡化了流程，並擴大了儲存容量，從而更好地服務我們的客戶。

As an example, what would have normally taken eight physical human touches to complete a pick, pack and ship process now only takes two human touches. We are committed to investing in technology and automation, which will continue to position us for long-term growth in the future.

例如，以前需要八個人力才能完成的揀貨、包裝和出貨流程，現在只需要兩個人力就能完成。我們致力於投資技術和自動化，這將使我們在未來繼續保持長期成長的勢頭。

In August, our US Pharmaceutical business achieved a major milestone in the implementation of the Drug Supply Chain Security Act. We are now actively exchanging serialized transaction data with supply chain participants in compliance with these new FDA requirements. Behind this achievement was the extraordinary collaboration across the enterprise from technology and operations to regulatory affairs and customer support. Throughout this very complex implementation, we maintained exceptional service level accuracy with almost no disruption to our customers. We're proud to lead in this initiative that will enhance the safety, transparency, and integrity of the pharmaceutical supply chain.

8 月，我們的美國製藥業務在實施《藥品供應鏈安全法案》方面取得了重大的里程碑進展。我們目前正積極與供應鏈參與者交換序列化交易數據，以符合FDA的這些新要求。這項成就的背後是企業各部門，從技術和營運到監管事務和客戶支持，進行的非凡合作。在整個非常複雜的實施過程中，我們保持了卓越的服務水準和準確性，幾乎沒有對客戶造成任何干擾。我們很自豪能夠引領這項舉措，這將提高藥品供應鏈的安全性、透明度和完整性。

Now let me provide a brief update on our portfolio actions. Our teams continue to actively execute on multiple work streams to separate the Medical-Surgical business, positioning it to become an independent, well-capitalized operating company.

現在讓我簡單報告一下我們的投資組合操作情況。我們的團隊繼續積極執行多項工作流程，以分離醫療外科業務，使其成為一家獨立、資金雄厚的營運公司。

As shared at Investor Day, we're targeting to exit the Medical-Surgical Solutions business through an initial public offering. Following a customary lockup period, we intend to exit our remaining interest through a spin-off or split-off transaction or possibly a combination of both. We anticipate that this separation could be completed by the second half of calendar 2027, subject, of course, to market conditions and customary regulatory approvals.

正如我們在投資者日上所分享的，我們計劃透過首次公開發行退出醫療外科解決方案業務。在一段慣例的鎖定期結束後，我們打算透過分拆或剝離交易，或兩者結合的方式退出我們剩餘的股份。我們預計，此次分拆最快可在 2027 年下半年完成，當然，這取決於市場狀況和慣例監管審批。

In summary, McKesson delivered another strong quarter of performance. Our strategy and execution are driving outstanding results, and this momentum continues to build across the enterprise. We operate in a dynamic market and policy backdrop, and we're highly engaged in that process across the organization. Importantly, we're executing from a position of strength and credibility.

總而言之，麥克森公司又迎來了一個業績強勁的季度。我們的策略和執行正在取得卓越的成果，而這種勢頭正在整個企業內持續增強。我們身處瞬息萬變的市場和政策環境，整個組織都積極參與這個過程。重要的是，我們是在實力和信譽的雙重保障下執行計劃的。

We remain committed to collaborating closely with policymakers and stakeholders to advocate for changes that align with the values of our company and are good for health care. We're confident that our differentiated capabilities will continue to deliver value to customers and patients and be an important part of addressing health care's most pressing challenges.

我們將繼續致力於與政策制定者和利害關係人密切合作，倡導符合我們公司價值觀且有利於醫療保健的變革。我們相信，我們差異化的能力將繼續為客戶和患者創造價值，並成為應對醫療保健領域最緊迫挑戰的重要組成部分。

Lastly, I want to thank my fellow McKesson team members for their dedication and their contribution to advancing our mission. Together, we are advancing health outcomes for all, and we are excited about the opportunities that lie ahead.

最後，我要感謝我的 McKesson 團隊成員，感謝他們的奉獻和為推進我們的使命所做的貢獻。我們共同努力，改善所有人的健康狀況，我們對未來的機會感到興奮。

And with that, I'll hand it over to Britt for some additional financial details.

接下來，我會把麥克風交給布里特，讓她補充一些財務細節。

Thank you, Brian, and good afternoon. I'm pleased to report another quarter of strong execution and financial performance exceeding our expectations, reflecting the strength of our diversified health care platform. My comments today will refer to our adjusted results.

謝謝你，布萊恩，下午好。我很高興地報告，本季我們依然保持了強勁的執行力，財務表現超出預期，這反映了我們多元化醫療保健平台的實力。我今天的評論將基於我們調整後的結果。

I'll begin with our second quarter fiscal 2026 performance, followed by an update on our fiscal 2026 outlook. As previewed at our Investor Day in September, we implemented a new reporting structure beginning in the second quarter to enhance transparency and sharpen visibility into our growth platforms.

我將先介紹我們 2026 財年第二季的業績，然後更新我們 2026 財年的展望。正如我們在 9 月的投資者日上所預告的那樣，我們從第二季開始實施了新的報告結構，以提高透明度，並增強對我們成長平台的可見性。

This framework highlights the differentiated capabilities within our oncology and multispecialty and biopharma services platforms, verticals where McKesson is best positioned to deliver sustainable long-term growth. This realignment reinforces our commitment to disciplined execution, strengthens our strategic focus and accelerates long-term value creation for all stakeholders.

該框架突顯了我們在腫瘤學、多專科和生物製藥服務平台中的差異化能力，在這些垂直領域，麥克森擁有最有利的地位，能夠實現可持續的長期成長。此次調整強化了我們對嚴謹執行的承諾，加強了我們的策略重點，並加速了為所有利害關係人創造長期價值。

Turning now to results for our second quarter. McKesson delivered another strong quarter, achieving record quarterly revenues of $103 billion, an increase of 10% compared to the prior year, driven by robust performance across our portfolio of businesses. Growth was led by the North American Pharmaceutical segment, reflecting increased prescription volumes from retail national account customers and by the Oncology and multispecialty segment, supported by expanded distribution of oncology and multispecialty products and contributions from recent acquisitions.

現在來看我們第二季的業績。麥克森公司又迎來了一個強勁的季度，季度營收達到創紀錄的 1,030 億美元，比上年同期成長 10%，這主要得益於公司旗下各業務的強勁表現。北美製藥業務板塊引領了成長，這反映了零售全國客戶處方量的增加；腫瘤和多專科業務板塊也推動了成長，這得益於腫瘤和多專科產品分銷範圍的擴大以及近期收購的貢獻。

Gross profit increased 9% to $3.5 billion, primarily due to strong specialty distribution and provider growth within the Oncology and Multispecialty segment. Operating expenses decreased 1% to $2 billion, reflecting divestitures in our Canadian business and disciplined cost optimization initiatives in the Medical-Surgical Solutions segment. These reductions were partially offset by continued investment in the Oncology and Multispecialty segment, including acquisitions completed in the first quarter of fiscal 2026.

毛利成長 9% 至 35 億美元，主要得益於腫瘤科和多專科領域的強勁專業分銷和供應商成長。營運費用下降 1% 至 20 億美元，反映了我們在加拿大業務的剝離以及醫療外科解決方案部門嚴格的成本優化措施。這些削減部分被對腫瘤和多專科領域的持續投資所抵消，包括在 2026 財年第一季完成的收購。

Our unrelenting focus on cost discipline and operational efficiency, powered by a technology-first mindset and AI-driven modernization continues to create value for all stakeholders. This progress is evident again in the second quarter.

我們始終堅持以技術為先導、人工智慧驅動的現代化為動力，不懈地專注於成本控制和營運效率，持續為所有利害關係人創造價值。這項進展在第二季再次顯現。

Operating expenses as a percentage of gross profit declined 570 basis points, delivering significant operating leverage as we accelerate and modernize our operations. Operating profit reached a quarterly record of $1.6 billion, an increase of 26% year-over-year, reflecting growth across all operating segments. This strong performance was driven by increased specialty distribution volumes in both the Oncology and Multispecialty and North America Pharmaceutical segments, increased demand for access solutions in our Prescription Technology Solutions segment and continued benefits from cost optimization initiatives in the Medical-Surgical Solutions segment.

營運費用佔毛利的百分比下降了 570 個基點，隨著我們加速和現代化運營，實現了顯著的營運槓桿效應。營業利潤達到季度創紀錄的 16 億美元，年增 26%，反映出所有營運部門的成長。這一強勁的業績得益於腫瘤科、多專科和北美製藥部門的專業分銷量增加，處方技術解決方案部門對准入解決方案的需求增加，以及醫療外科解決方案部門成本優化舉措的持續效益。

The acquisitions of PRISM and Core Ventures in the Oncology and Multispecialty segment contributed approximately 6% to year-over-year growth. Additionally, the sale of an equity investment and market decisions within the US oncology network contributed approximately 4%. Excluding these two items, organic growth was approximately 16% in the quarter, underscoring the strength and momentum of our core business. Interest expense declined 6% to $68 million, resulting from effective cash and portfolio management, including our derivative portfolio. The effective tax rate was 17.5% compared to 21% in the prior year.

在腫瘤和多專科領域收購 PRISM 和 Core Ventures，為年成長貢獻了約 6%。此外，美國腫瘤網絡內的股權投資出售和市場決策貢獻了約 4%。剔除這兩項因素後，本季有機成長率約為 16%，凸顯了我們核心業務的實力和發展勢頭。由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），利息支出下降了 6%，至 6,800 萬美元。實際稅率為17.5%，而前一年為21%。

In the second quarter of fiscal 2026, we recognized net discrete tax benefits of $96 million, primarily related to the release of a valuation allowance compared to net discrete tax benefits of $44 million in the second quarter of fiscal 2025. Second quarter diluted weighted average shares outstanding was 124.4 million, a decrease of 4%.

2026 財年第二季度，我們確認了 9,600 萬美元的淨離散稅收優惠，主要與估值準備金的釋放有關，而 2025 財年第二季的淨離散稅收優惠為 4,400 萬美元。第二季稀釋加權平均流通股數為 1.244 億股，下降 4%。

Second quarter earnings per diluted share increased 39% to $9.86, driven by several key factors. Robust core operational performance, contributions from the first quarter acquisitions of PRISM and Core Ventures in our Oncology and Multispecialty segment, approximately $0.30 or 4% from net gains related to the sale of an equity investment and market decisions within the US Oncology Network in our Oncology and Multispecialty segment and a lower effective tax rate.

受幾個關鍵因素的推動，第二季稀釋後每股收益成長 39% 至 9.86 美元。穩健的核心營運業績，第一季收購 PRISM 和 Core Ventures 對我們腫瘤和多專科業務的貢獻，出售股權投資和美國腫瘤網絡市場決策帶來的淨收益約 0.30 美元或 4%，以及較低的有效稅率。

Turning to second quarter segment results, which can be found in slides 8 through 12 and starting with North American Pharmaceutical. Revenues were $86.5 billion, an increase of 8%. This growth reflects a continuation of solid pharmaceutical utilization, including higher volumes from retail national account customers and specialty products.

接下來來看第二季分部業績，詳情請見第 8 至 12 頁投影片，首先是北美製藥業務。營收達 865 億美元，成長 8%。這一增長反映了藥品利用率的持續穩定成長，包括來自零售全國客戶和特殊產品的更高銷售量。

Our ongoing focus on operational excellence also delivered operating expense leverage during the quarter. Revenues from GLP-1 medications were $13.2 billion in the quarter, an increase of approximately $2.6 billion or 24% when compared to the prior year.

本季度，我們對卓越營運的持續關注也帶來了營運費用的槓桿效應。本季 GLP-1 藥物的收入為 132 億美元，與去年同期相比增加了約 26 億美元，增幅達 24%。

On a sequential basis, GLP-1 revenue increased 6%. Segment operating profit increased 13% to $851 million, driven by growth in the distribution of specialty products to health systems, the impact of new product launches and continued operating expense efficiencies.

與上一季相比，GLP-1 營收成長了 6%。部門營業利潤成長 13% 至 8.51 億美元，這主要得益於向醫療系統分銷特種產品的成長、新產品上市的影響以及持續的營運費用效率提升。

In the Oncology and Multispecialty segment, revenues increased 32% to $12 billion, driven by strong provider and specialty distribution growth, including contributions from acquisitions completed in the first quarter of fiscal 2026. The acquisitions of PRISM and Core Ventures contributed approximately 12% of the second quarter segment revenue growth.

在腫瘤和多專科領域，營收成長了 32%，達到 120 億美元，這主要得益於強勁的供應商和專科分銷成長，其中包括 2026 財年第一季完成的收購所帶來的貢獻。PRISM 和 Core Ventures 的收購為第二季該業務部門的營收成長貢獻了約 12%。

Operating profit increased 71% to $397 million, driven by increased provider and specialty distribution volumes and contributions from the acquisitions of PRISM and Core Ventures. These acquisitions contributed approximately half of the segment operating profit growth in the quarter.

營業利潤成長 71% 至 3.97 億美元，這主要得益於供應商和專業分銷量的成長以及對 PRISM 和 Core Ventures 的收購所帶來的貢獻。這些收購貢獻了該季度該業務部門營業利潤成長的約一半。

Second quarter operating profit results also included nonrecurring net gains of $51 million from the sale of an equity investment in market decisions within the US Oncology Network. Excluding the impact from the acquisitions of PRISM and Core Ventures and nonrecurring net gains, segment organic operating profit increased 13%, highlighting the strength and momentum of the core business.

第二季營業利潤結果還包括出售美國腫瘤網絡市場決策中的股權投資所獲得的 5,100 萬美元非經常性淨收益。剔除 PRISM 和 Core Ventures 收購的影響以及非經常性淨收益，該部門有機營業利潤增長 13%，凸顯了核心業務的實力和發展勢頭。

In the Prescription Technology Solutions segment, revenues increased 9% to $1.4 billion, driven by increased prescription volumes across our third-party logistics and technology services businesses. Operating profit rose 20% to $261 million, reflecting increased demand for access solutions, including prior authorization services for GLP-1 medications. Turning to Medical-Surgical Solutions.

在處方技術解決方案業務板塊，營收成長 9% 至 14 億美元，主要得益於第三方物流和技術服務業務的處方量增加。營業利潤成長 20% 至 2.61 億美元，反映出市場對准入解決方案（包括 GLP-1 藥物的預先授權服務）的需求增加。轉向醫療外科解決方案。

During the second quarter, we observed softer illness season product demand compared to the prior year, including vaccines and testing and lower volumes across ambulatory and extended care settings. Revenues were $2.9 billion, flat compared to the prior year.

第二季度，我們觀察到疾病流行季節的產品需求較前一年下降，包括疫苗和檢測產品，以及門診和長期照護機構的銷售下降。營收為29億美元，與前一年持平。

Higher volumes of Specialty Pharmaceuticals were offset by lower contributions from illness season products and testing across the ambulatory and extended care settings. Compared to the prior year, revenues from seasonal vaccines and testing volumes represented an approximate 4% headwind.

專科藥品銷量增加，但疾病季節產品和門診及長期護理機構檢測的貢獻減少，抵消了這一增長。與前一年相比，季節性疫苗和檢測量帶來的收入下降了約 4%。

Operating profit increased 2% to $249 million, driven by operational efficiencies from cost optimization initiatives. This was partially offset by the headwind from lower contributions related to illness seasoned products and testing. Wrapping up our review with corporate. Corporate expenses were $151 million in the quarter.

營業利潤成長 2% 至 2.49 億美元，這得益於成本優化措施帶來的營運效率提升。但這部分被疾病相關產品和測試投入減少帶來的不利影響所抵消。總結一下我們對公司的評價。本季公司支出為1.51億美元。

As a reminder, in the second quarter of fiscal 2025, we recorded pretax losses of $15 million or $0.09 per share related to equity investments within the McKesson Ventures portfolio compared to gains of $3 million or $0.02 per share in the second quarter of fiscal 2026. Excluding these impacts, corporate expenses were flat compared to the prior year.

提醒一下，在 2025 財年第二季度，我們錄得與 McKesson Ventures 投資組合中的股權投資相關的稅前虧損 1500 萬美元，即每股虧損 0.09 美元，而 2026 財年第二季度則錄得收益 300 萬美元，即每股收益 0.02 美元。剔除這些影響後，公司支出與前一年持平。

Let me turn to cash and capital deployment for the second quarter, as shown on slide 13. We ended the quarter with $4 billion in cash and cash equivalents, underscoring the strength of our strong liquidity position and capacity to deploy capital in a value-creating manner.

讓我來談談第二季的現金和資本部署情況，如幻燈片 13 所示。本季末，我們持有 40 億美元的現金及現金等價物，這凸顯了我們強大的流動性狀況以及以創造價值的方式部署資本的能力。

Second quarter free cash flow was $2.2 billion, which included $196 million in capital expenditures. This robust cash flow performance reflects disciplined working capital management and continued operating execution strength. During the quarter, we returned $907 million of cash to shareholders, which included $818 million of share repurchases and $89 million in dividend payments. These actions underscore our commitment to balanced capital deployment and long-term shareholder value creation. Before reviewing our updated fiscal 2026 outlook, I'd like to provide two portfolio updates.

第二季自由現金流為 22 億美元，其中包括 1.96 億美元的資本支出。強勁的現金流表現反映了公司穩健的營運資本管理和持續的營運執行力。本季度，我們向股東返還了 9.07 億美元現金，其中包括 8.18 億美元的股票回購和 8,900 萬美元的股息支付。這些舉措凸顯了我們對平衡資本配置和創造長期股東價值的承諾。在回顧我們更新後的 2026 財年展望之前，我想先提供兩個投資組合更新。

At Investor Day in September, we reaffirmed McKesson's long track record of consistent financial performance driven by strategic clarity, consistency and disciplined execution. Our new segmentation reflects the portfolio evolution, leading to sharper strategic focus, enhanced transparency and increased long-term financial targets. Our strategic clarity and execution have positioned the company to deliver sustained value across multiple environments and different cycles of health care, leading to sustained value creation.

在 9 月的投資者日上，我們重申了 McKesson 長期以來持續的財務業績，這得益於其清晰的策略、一致性和嚴謹的執行力。我們新的業務細分反映了投資組合的演變，從而實現了更明確的策略重點、更高的透明度和更高的長期財務目標。我們清晰的策略和執行力使公司能夠在多種環境和不同的醫療保健週期中持續創造價值，從而實現持續的價值創造。

Let me start with Norway. Our fiscal 2026 outlook contemplates contributions from operations in Norway for the full fiscal year. Beginning in the second quarter of fiscal 2026, we discontinued recording depreciation and amortization on the assets involved in the transaction due to held-for-sale accounting treatment. This resulted in an accretive impact of $0.03 in the second quarter. For the full year, we now anticipate approximately $0.13 of adjusted earnings accretion due to held for sale accounting in fiscal 2026, which compares to our prior guidance of $0.20.

讓我先從挪威說起。我們對 2026 財年的展望考慮了挪威業務在整個財年的貢獻。從 2026 財年第二季開始，由於持有待售資產的會計處理，我們停止對交易涉及的資產提列折舊和攤提。這導致第二季度獲利增加 0.03 美元。我們現在預計，由於 2026 財年持有待售股份會計處理，全年調整後收益將增加約 0.13 美元，而我們先前的預期為 0.20 美元。

Next, we're committed to executing the separation of our Medical-Surgical Solutions business in a tax-free transaction, maximizing shareholder value. Since it was announced in May, we've made significant progress towards establishing the Medical-Surgical business as an independent operating company. As I mentioned at Investor Day, we anticipate exiting the business by way of an initial public offering. Following a customary lockup period, McKesson intends to exit its remaining interest through a spin-off or a split-off transaction or potentially a combination of both.

接下來，我們將致力於以免稅交易的方式剝離我們的醫療外科解決方案業務，從而最大限度地提高股東價值。自五月宣布以來，我們在將醫療外科業務打造成為獨立營運公司方面取得了重大進展。正如我在投資者日上提到的，我們預計將透過首次公開發行退出公司。在一段慣例的鎖定期結束後，麥克森公司打算透過分拆或剝離交易，或兩者結合的方式退出其剩餘股份。

We currently anticipate that this separation could be completed by the second half of calendar 2027, subject to market conditions and customary regulatory approvals. Our fiscal 2026 outlook assumes 100% ownership of the Medical segment. Our portfolio transformation has delivered consistently outstanding financial results, growth and returns to shareholders.

我們目前預計，在市場狀況和慣常監管批准的前提下，此次分拆可能會在 2027 年下半年完成。我們對 2026 財年的展望假設我們 100% 擁有醫療業務部門的所有權。我們的投資組合轉型持續為股東帶來了卓越的財務表現、成長和回報。

Now moving to our fiscal 2026 outlook. Our strategy continues to deliver outstanding results, propelled by the growth and differentiation of our oncology, multispecialty and biopharma services platforms. These platforms are supported by a durable foundation of distribution assets and capabilities, positioning McKesson for sustained success. At our Investor Day, we raised our earnings per diluted share outlook by $0.80 to a range of $38.05 to $38.55, which was a testament to the clarity of our strategy, strength of our portfolio and disciplined execution.

接下來展望2026財年。在腫瘤學、多專科和生物製藥服務平台的成長和差異化推動下，我們的策略持續取得卓越成果。這些平台擁有穩固的分銷資產和能力基礎，使 McKesson 能夠持續取得成功。在投資者日上，我們將每股攤薄收益預期上調了 0.80 美元，至 38.05 美元至 38.55 美元之間，證明了我們策略的清晰性、投資組合的實力和執行力的嚴謹性。

Building on our strong second quarter performance and continued confidence in our outlook over the remainder of the year, we're further increasing our fiscal 2026 earnings per diluted share outlook by $0.30 to a new range of $38.35 to $38.85, which represents 16% to 18% growth over the prior year. This update builds on the $0.80 increase announced at Investor Day in September. For fiscal 2026, we anticipate revenue growth of 11% to 15%, reflecting growth across all core businesses and operating profit growth of 12% to 16%, driven by continued momentum and execution.

基於我們強勁的第二季業績以及對今年剩餘時間前景的持續信心，我們將 2026 財年每股攤薄收益預期進一步上調 0.30 美元，至 38.35 美元至 38.85 美元的新區間，這比上一年增長 16% 至 18%。此次更新是在9月份投資者日宣布的0.80美元漲幅的基礎上進行的。預計 2026 財年營收將成長 11% 至 15%，反映出所有核心業務的成長；營業利潤成長 12% 至 16%，這得益於持續的成長動能和執行力。

Let me start with a review of our segments. In the North American Pharmaceutical segment, our core pharmaceutical distribution operations continue to demonstrate a strong and diversified value proposition to customers. We anticipate revenue to increase 10% to 14%, and we're increasing our guidance for operating profit to 5% to 9% growth. The increased operating profit outlook is driven by solid utilization trends, volume growth and continued strong specialty distribution expansion. In the core distribution business, we also anticipate continued growth of GLP-1 medications. We anticipate this growth may vary from quarter-to-quarter.

首先，讓我回顧一下我們的各個板塊。在北美醫藥領域，我們的核心醫藥經銷業務持續向客戶展現強大且多元化的價值主張。我們預計營收將成長 10% 至 14%，並將營業利潤成長預期上調至 5% 至 9%。營業利潤前景的改善得益於穩健的利用率趨勢、銷售成長以及持續強勁的專業分銷擴張。在核心分銷業務方面，我們也預期 GLP-1 藥物將持續成長。我們預計這一增長可能會因季度而異。

And as a reminder, prior year results include the impact of the divestiture of our Canada-based Rexall and Well.ca businesses at the end of the third quarter of fiscal 2025. In the Oncology and Multispecialty segment, we anticipate revenue growth of 27% to 31% and operating profit growth of 49% to 53%. The guidance includes the acquisitions of PRISM Vision and Core Ventures completed in the first quarter of fiscal 2026.

提醒一下，上一年的業績包含了我們在 2025 財年第三季末剝離位於加拿大的 Rexall 和 Well.ca 業務的影響。在腫瘤和多專科領域，我們預計收入將成長 27% 至 31%，營業利潤成長 49% 至 53%。該指導意見包括 2026 財政年度第一季完成的 PRISM Vision 和 Core Ventures 的收購。

We're pleased with the performance of these acquisitions. We anticipate that they'll contribute approximately 30% to 34% to the fiscal 2026 operating profit growth in the segment. Our full year outlook reflects the impact of these acquisitions and strong organic specialty distribution volume growth.

我們對這些收購項目的表現感到滿意。我們預計它們將為該業務部門 2026 財年的營業利潤成長貢獻約 30% 至 34%。我們的全年展望反映了這些收購的影響以及強勁的有機專業分銷量成長。

Our oncology and multispecialty platform continued to deliver across distribution, practice management, data and analytics and clinical research. In the Prescription Technology Solutions segment, we anticipate revenues to increase by 9% to 13%, and we are increasing the operating profit outlook to 13% to 17% growth. The improved operating profit outlook reflects strong organic volume growth and momentum across our access and affordability solutions, particularly higher contribution from prior authorization services, including those related to GLP-1 medications.

我們的腫瘤和多專科平台在分銷、實踐管理、數據和分析以及臨床研究方面持續提供優質服務。在處方技術解決方案領域，我們預計收入將成長 9% 至 13%，並將營業利潤預期提高至 13% 至 17%。改善的營業利潤前景反映了我們可近性和可負擔性解決方案的強勁內生性銷售成長和發展勢頭，特別是事先授權服務的更高貢獻，包括與 GLP-1 藥物相關的服務。

As I've previously discussed, the revenue and operating profit trajectory in this segment is not linear. It may vary from quarter-to-quarter, driven by several factors, including utilization trends, the timing and trajectory of new product drug launches, the evolution of a product's program support requirements as it matures, which could result in a shift to other services or a program termination, product delays and supply shortages, payer requirements, including utilization management and formulary strategies, the annual verification programs that we provide for our customers that occur in our fiscal fourth quarter and the size and timing of investments to support and expand our product portfolio.

正如我之前討論過的，該業務板塊的收入和營業利潤成長軌跡並非線性。其可能因季度而異，受多種因素影響，包括利用率趨勢、新產品藥物上市的時間和軌跡、產品成熟過程中項目支持需求的演變（這可能導致轉向其他服務或項目終止）、產品延遲和供應短缺、支付方要求（包括利用率管理和處方集策略）、我們在第四財季為客戶提供的年度投資計劃以及為支持和擴展我們的產品組合。

Moving to the Medical-Surgical Solutions segment. Due to lower-than-anticipated illness season product volumes compared to the prior year, including vaccines and testing and lower volumes across ambulatory and extended care settings, we anticipate revenue and operating profit at the low end of 2% to 6% growth. Illness season variability remains a key factor and the timing and severity level of each illness season can drive variability from quarter-to-quarter and year-to-year. We anticipate corporate expenses to be in the range of $600 million to $650 million, which incorporates the impact of $4 million of pretax gains related to equity investments within the McKesson Ventures portfolio in the first half of the fiscal year.

接下來進入醫療外科解決方案板塊。由於與前一年相比，疾病季產品銷量（包括疫苗和檢測）低於預期，以及門診和長期護理機構的銷量下降，我們預計收入和營業利潤增長將處於 2% 至 6% 的低端。疾病季節的變化仍然是一個關鍵因素，每個疾病季節的時間和嚴重程度都會導致季度之間和年度之間的變化。我們預計公司支出將在 6 億美元至 6.5 億美元之間，其中包括本財年上半年 McKesson Ventures 投資組合中的股權投資產生的 400 萬美元稅前收益的影響。

Turning now to items below the line. We anticipate interest expense to be in the range of $210 million to $240 million. Reduced interest expense target compared to the range provided at Investor Day reflects continued strong debt portfolio management and commitment to maintaining our strong investment-grade credit ratings.

現在來看下面的項目。我們預計利息支出將在 2.1 億美元至 2.4 億美元之間。與投資者日給出的範圍相比，降低的利息支出目標反映了我們持續穩健的債務組合管理以及對維持我們強勁的投資等級信用評級的承諾。

We anticipate income attributable to noncontrolling interest to be in the range of $215 million to $235 million, which includes the impact from fiscal 2026 acquisitions. And we anticipate the full year effective tax rate will be in the range of 18% to 19%. We also anticipate that the quarterly tax rate will be higher in the third quarter than in the fourth quarter due to the timing of discrete tax items.

我們預計歸屬於少數股東權益的營收將在 2.15 億美元至 2.35 億美元之間，其中包括 2026 財年收購的影響。我們預計全年實際稅率將在 18% 至 19% 之間。我們也預計，由於個別稅收項目的發生時間不同，第三季的季度稅率將高於第四季。

We anticipate the third quarter tax rate to be in the range of 23% to 25%, wrapping up our outlook with cash flow and capital deployment. One of McKesson's enduring strengths is our proven ability to consistently generate strong free cash flow and execute value-creating capital allocation. For fiscal 2026, we anticipate free cash flow of approximately $4.4 billion to $4.8 billion. Our outlook includes plans to repurchase approximately $2.5 billion of shares with estimated weighted average diluted shares outstanding of approximately 124 million.

我們預計第三季稅率將在 23% 至 25% 之間，最後總結我們對現金流和資本部署的展望。麥克森的持久優勢之一是我們有能力持續產生強勁的自由現金流並執行創造價值的資本配置。我們預計 2026 財年的自由現金流約為 44 億至 48 億美元。我們的展望包括回購約 25 億美元股票的計劃，預計加權平均稀釋後流通股數約為 1.24 億股。

Our strong operating performance, combined with disciplined working capital management continues to provide ample liquidity and financial flexibility. We've also strengthened our financial position by reducing leverage and optimizing our debt portfolio over time. Our focused and disciplined approach to capital allocation remains a cornerstone of our strategy and a key driver of long-term shareholder value creation. In summary, McKesson delivered strong second quarter results, including record quarterly consolidated revenue and double-digit operating profit growth across three segments.

我們強勁的經營業績，加上嚴格的營運資本管理，持續提供充足的流動性和財務彈性。我們也透過降低槓桿率和不斷優化債務組合，增強了財務實力。我們專注且嚴謹的資本配置方法仍是我們策略的基石，也是創造長期股東價值的關鍵驅動力。總而言之，麥克森公司第二季業績表現強勁，包括創紀錄的季度合併收入和三大業務部門兩位數的營業利潤成長。

Our updated earnings per diluted share range of $38.35 to $38.85 reflects both our second quarter results and our confidence in the business for the remainder of fiscal 2026 as we continue to execute against our strategic and financial framework. The ongoing evolution of our portfolio is aligned with the increased long-term targets that we committed to, and this transformation continues to translate into stronger earnings, higher returns on invested capital and a fortress balance sheet, positioning McKesson for disciplined and strategic capital deployment.

我們更新後的每股攤薄收益預期為 38.35 美元至 38.85 美元，這不僅反映了我們第二季度的業績，也反映了我們對 2026 財年剩餘時間業務發展的信心，我們將繼續按照我們的策略和財務框架執行。我們投資組合的持續演變與我們所承諾的不斷提高的長期目標相一致，這種轉變持續轉化為更強勁的盈利、更高的投資資本回報率和穩固的資產負債表，使麥克森能夠進行有紀律和有戰略性的資本部署。

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

接下來，我們進入問答環節。

(Operator Instructions) Lisa Gill, JPMorgan.

（操作說明）Lisa Gill，摩根大通。

Great results again this quarter. Just really want to understand two things. When I look at the revenue growth versus the operating profit expansion, especially in North America Pharmaceutical as well as Prescription Technology Solutions, I heard what you said, Britt, especially in your last comments around it all being organic growth when we think about Prescription Technology Solutions. But -- is it new products you're bringing to the market? Is it enhanced programs that are driving that margin? So if I could just understand really what's happening on the margin profile there? And then if I go back to your Investor Day, I had thought that you had talked about some incremental investments that you needed to make in that business. So how do we think about the sequential quarters as we go throughout '26?

本季再次取得優異成績。我只想弄清楚兩件事。當我審視收入成長與營業利潤擴張之間的關係時，尤其是在北美製藥和處方技術解決方案領域，我聽到了你所說的，布里特，尤其是在你最後關於處方技術解決方案領域全部屬於內生增長的評論中。但是──你們推向市場的是新產品嗎？是各項強化計劃推動了獲利成長嗎？所以，如果我能真正了解那裡的利潤率情況就好了？如果我回顧一下你們的投資者日活動，我記得你們當時談到了需要對公司進行的一些增量投資。那麼，在整個 2026 年，我們該如何看待接下來的各個季度呢？

Thanks for the question, Lisa. Let me start with your first question. What we did see in the quarter is a continuation of the strong performance in all of our segments, and we actually saw operating margin expansion in our threem core segments. There's a number of things that are driving this, specifically in the Rx technology business, we are seeing good mix. So we're seeing more growth in our technology services components. And that is really all of the things that you mentioned. There are new products and programs that we're seeing growth in, and we're certainly seeing growth in some of our access programs like prior authorizations, particularly for GLP-1.

謝謝你的提問，麗莎。讓我們先回答你的第一個問題。本季我們看到所有業務部門都延續了強勁的業績，而且我們三米核心業務板塊的營業利潤率實際上也實現了擴張。有很多因素在推動這一趨勢，尤其是在處方藥技術業務方面，我們看到了良好的組合。因此，我們看到技術服務板塊的成長勢頭更加強勁。這就是你提到的所有事情。我們看到一些新產品和項目正在成長，而且我們的一些准入項目（如事先授權）也確實在成長，特別是對於 GLP-1 而言。

So it's a little bit of all of those things that are all driving in the right direction and the mix from those technology services is driving more margin growth in that segment. As it relates to the investments, yes, you did hear that right, and we do anticipate a higher level of investments in the second half of the year. So you think about the cadence for the year. Certainly, we had very strong operating profit growth in that segment in the first half of the year.

因此，所有這些因素都在朝著正確的方向發展，而這些技術服務的組合正在推動該領域的利潤成長。至於投資方面，是的，你沒聽錯，我們預計下半年投資水準會更高。所以你要考慮一下這一年的節奏。當然，今年上半年該業務板塊的營業利潤成長非常強勁。

We expect that to continue to be strong in the second half of the year, and that's going to be against an increased level of investment spending that we have included in our guidance for the balance of the year. So we're really pleased with the performance of the first half of the year, our ability to increase that guidance for the full year, but also while we're making additional investments through the back half of the year.

我們預計下半年這一趨勢將繼續保持強勁，而這與我們在今年剩餘時間的投資支出預期增加是相反的。因此，我們對上半年的業績非常滿意，我們能夠提高全年的業績預期，同時我們也將在下半年進行額外的投資。

Yes. And I would just add that these growth investments have been part of the algorithm for many, many years now, and it's not always linear. It's measured up against what we see as opportunities to continue to innovate, to continue to expand the markets that we can go after and support our future growth. So we're actually glad when we have these opportunities.

是的。我還要補充一點，這些成長型投資已經成為演算法的一部分很多年了，而且它並不總是線性成長的。衡量標準是，我們認為這為我們提供了繼續創新、持續拓展市場以及支持未來成長的機會。所以，當我們有這樣的機會時，我們其實很開心。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Congrats on the quarter. Maybe just as I think about oncology and multispecialty, strong results there, but you're maintaining the guidance. Just curious, was the beat in the quarter essentially already contemplated in your guide when you did Investor Day and highlighted expectations for that business?

恭喜你本季取得佳績。或許就像我思考腫瘤學和多學科領域時一樣，那裡取得了顯著的成果，但你們仍然堅持指導方針。我只是好奇，您在投資者日活動上重點介紹該業務預期時，是否已經在指南中基本預料到了本季度業績會超出預期？

Yes. Thanks for that, Brian. So a couple of things. We did call out some non-recurring gains. Most of -- there were three items really that made up that, that all happened in this quarter. The majority of those were known and included in the guidance at Investor Day. There was a third item here that the cadence of that was more back half weighted in our guidance than we had at Investor Day. But really, when you break the business down, as I mentioned, the strong growth, about half of that is being driven by the acquisition performance, the two acquisitions that Brian and I both talked about that happened in the first quarter of the fiscal year.

是的。謝謝你，布萊恩。有兩件事。我們確實提到了一些非經常性收益。大部分——實際上只有三件事，而且都發生在這個季度。其中大部分問題都是已知的，並在投資者日的指導意見中有所提及。還有第三點，那就是我們在業績指引中，後半段的節奏比我們在投資者日上公佈的要更加緊湊。但實際上，正如我所提到的，當你深入分析業務時，強勁的成長中大約有一半是由收購業績推動的，也就是我和布萊恩都談到的，在本財年第一季度發生的兩次收購。

Those businesses are performing well. And as Brian pointed out, we're adding to that platform on the PRISM platform, and we're pleased to be able to do that. The organic business, as I talked about, is growing at about 13% year-over-year. And that's right in line with the long-term guidance that we provided for the segment. So we're pleased that not only are we adding from an acquisition perspective, some strong assets to the portfolio, but from an organic perspective, the business is performing as we had anticipated.

這些企業業績良好。正如布萊恩所指出的那樣，我們正在 PRISM 平台上添加新功能，我們很高興能夠做到這一點。正如我之前提到的，有機食品產業正以每年約 13% 的速度成長。這與我們對該業務板塊提供的長期指導完全一致。因此，我們很高興，不僅從收購的角度來看，我們為投資組合增加了一些強大的資產，而且從內生成長的角度來看，業務表現也正如我們預期的那樣。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Congrats on the nice quarter. I was wondering if we could double-click on the health system strength you called out in the quarter. Obviously, there was some good strength all around, but I think we don't talk about that business as much, and that seems like it was an incremental source of strength in the quarter. So I'd be curious if you could talk about that in a little bit more detail.

恭喜你本季業績出色。我想問一下，我們是否可以重點討論一下您在本季提到的醫療系統優勢。顯然，各方面都表現出色，但我認為我們很少談論這項業務，而這似乎是本季業績成長的一個增量來源。所以，如果您能更詳細地談談這個問題，我會很感興趣的。

I think we're very pleased with the way our health system business continues to perform. It's a segment of the market that we put some focus on a few years back. We think we're at a point now where we have market-leading share. We think the volumes have been strong in that space. And so we're -- as our customers see strong traffic flow through their settings, we're benefiting from that volume and that expansion. And I think it speaks to the quality of the partners that we have in the health system. So thank you for calling that out. We don't often talk about it.

我認為我們對醫療系統業務的持續表現非常滿意。這是幾年前我們重點關注的市場區隔。我們認為我們現在已經佔據了市場領先的份額。我們認為該領域的成交量一直很強勁。因此，隨著客戶看到其設定中的流量大幅成長，我們也從這種流量成長和業務擴張中受益。我認為這體現了我們在醫療體系中合作夥伴的品質。所以，謝謝你指出這一點。我們不常談論這件事。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Britt, I might have missed it a little bit before, but when we were thinking about the tax rate for the year, if I remember when you first gave guidance, you said -- you gave the range and said that the first half would be higher than the second half and the first quarter higher than the second. And obviously, we saw, I think it was a little over 21% first quarter. I think it was 17.5% this quarter. Full year, you're still guiding 18% to 19%, actually brought it up towards the higher end. How should we think about tax rate in the back half of the year?

布里特，我之前可能有點錯過了，但當我們考慮今年的稅率時，如果我沒記錯的話，你第一次給出指導意見時，你說過——你給出了範圍，並說上半年會高於下半年，第一季度會高於第二季度。很明顯，我們看到，我認為第一季略高於 21%。我認為本季是17.5%。全年來看，你仍然預計成長18%到19%，實際上已經上調到了更高的水平。我們該如何看待下半年的稅率？

Yes. Thanks for that question. Obviously, as we've talked about, the tax rate could vary from quarter-to-quarter, not only the mix of income will be an important factor of that, but timing of discretes. And we are anticipating that the second half will have a slightly higher rate than we had at Investor Day. That's what's really driving the guidance from 17% to 19% to 18% to 19%. That's really just a modest change in our outlook there.

是的。謝謝你的提問。顯然，正如我們之前討論過的，稅率可能會因季度而異，這不僅取決於收入組成，還取決於收入發生的時間。我們預計下半年的成長率將略高於投資者日時的預期。這就是推動預期值從 17% 上調至 19% 上調至 18% 上調至 19% 的真正原因。這其實只是我們在這方面看法上的一個小小的改變。

But as I provided here, we gave you specific tax rate guidance for the third quarter. We anticipate that the third quarter will come in right around 23% to 25%. And we would anticipate that the timing of some discretes and mix of income will drive a lower rate in our fourth quarter.

但正如我在這裡提供的，我們已經為第三季提供了具體的稅率指引。我們預計第三季將達到 23% 至 25% 左右。我們預計，某些離散事件的發生時間和收入組合將導致我們第四季的利率下降。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

There are several macro indicators of specialty volume treatment acuity that have expanded the last two quarters. And I want to ask, do you agree that the trend has been elevated in first half? Do you expect that the same type of specialty trend continues in the second half of the year, it is an elevated level? And then I'd ask just on the edge of that, can you help decode what a market decision within the US oncology network means?

過去兩個季度，有幾個宏觀指標反映了專科診量和治療強度的變化。我想問一下，您是否同意上半年的趨勢加劇？您認為下半年這種專業化趨勢是否會持續維持，並達到更高的水平？然後，我再進一步問，您能否幫忙解讀美國腫瘤網絡內的市場決策意味著什麼？

So not 100% sure I know what data set or set of statistics you're anchoring your question in. But what I would say is that in our oncology business, we have continued to see good foot traffic volumes in our existing footprint, complemented, obviously, by the new partners that we bring into the network as we continue to expand. So we see good patient flow. And our view of the community setting is it being the low-cost, most accessible and a high-quality place to receive cancer care.

所以我不太確定你提出的問題是基於哪個資料集或統計資料。但我想說的是，在我們的腫瘤業務方面，我們現有的業務範圍內客流量一直保持良好，當然，隨著我們不斷擴張，我們引入的新合作夥伴也對此起到了補充作用。所以我們看到患者就診流程順暢。我們認為社區環境是接受癌症治療成本最低、最方便、品質最高的場所。

As the network has matured over the years, we find ourselves able to take on and treat more and more complicated oncology type patients. And so that's certainly been part of our algorithm. And obviously, if you look at the therapies, the more complicated therapies that are coming to market, that also supports the strength that we've seen in that segment.

隨著網路這些年來的不斷成熟，我們發現自己能夠接收和治療越來越多複雜的腫瘤患者。所以這當然是我們演算法的一部分。顯然，如果你看看那些療法，尤其是那些即將上市的更複雜的療法，這也印證了我們在該領域看到的強勁勢頭。

Eric, as it relates to your question on market decisions, I mean, we had two things that happened in the quarter. We had the realization of an equity investment that created a gain. And then the market decision aspect. From time to time, we will either enter or exit a market, depending on really the profile of that particular marketplace and how it aligns with the US oncology market and the US oncology strategies.

艾瑞克，關於你提出的市場決策問題，我的意思是，本季發生了兩件事。我們實現了股權投資收益。然後是市場決策方面的問題。我們有時會進入或退出某個市場，這取決於該特定市場的具體情況，以及它與美國腫瘤市場和美國腫瘤策略的契合程度。

And so in this particular quarter, we exited two markets. And from time to time, we will see exits from markets. We'll also see obviously entries into new markets. So this is unusual in the sense that we had a couple of these items all happen in the same quarter. It doesn't usually -- we don't usually have three of these type of items in one particular quarter.

因此，在本季度，我們退出了兩個市場。而且，我們時不時會看到有人退出市場。我們顯然也會看到企業進入新市場。所以這很不尋常，因為其中幾件事都發生在同一季度。通常不會——我們通常不會在一個季度內收到三件這類商品。

Yes. And we're more typically in our recent history been adding, but it's important that we maintain the discipline to continually review the portfolio and the footprint of our practices, and that's something we'll remain committed to.

是的。近年來，我們通常都在不斷擴張，但重要的是我們要保持自律，不斷審查我們的業務組合和業務範圍，這也是我們將繼續致力於的方向。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

I want to unpack the guidance a little bit or at least the implied guidance. If I look at the Pharma segment growth in the first half of the year, the actual is north of 11% and would imply the second half is less than 4%, 3.5% roughly. I know there's some investments in spend. Is there anything else to call out incrementally from what you've achieved in the first half of the year versus what would happen in the second half of the year just in the US Pharma segment?

我想稍微解讀一下這份指導意見，或至少是其中隱含的指導意見。如果我看今年上半年醫藥行業的成長情況，實際成長率超過 11%，這意味著下半年成長率將低於 4%，大約在 3.5% 左右。我知道有一些投資支出。就美國製藥業而言，除了上半年的成就之外，還有什麼需要重點提及的嗎？下半年又將如何發展？

Yes. Kevin, thanks for that question. I would point to two things. As you may recall, last year, we onboarded a new strategic customer into this segment that started in the second quarter of fiscal 2025. So first half of this year would have incremental quarter of operations from that particular customer. And last year, as I mentioned in my remarks, we exited our Canada-based Rexall and Well.ca businesses. And as a result of that, we had some held for sale accounting accretion in last year's numbers. Those two things are really the key drivers for the first half versus second half.

是的。凱文，謝謝你的提問。我想指出兩點。您可能還記得，去年我們在這個領域引入了一位新的策略客戶，該客戶於 2025 財年第二季開始營運。因此，今年上半年將有來自該特定客戶的季度增量營運。正如我在演講中提到的，去年我們退出了位於加拿大的 Rexall 和 Well.ca 業務。因此，去年的財務數據中出現了一些待售資產的會計增值。這兩點才是區分上半場和下半場的關鍵因素。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

Congrats on another strong one here. There's been a lot of chatter about the cash pay channel recently, folks going away from their insured benefit. For calendar year 2026, if we do see an increase in uninsured and more insured people paying cash for their prescriptions, perhaps through TrumpRx, how do you anticipate that will impact your prior auth business, your RxTS business? And what's contemplated in guidance there? And are you planning to work with the Trump administration to integrate some of your technologies into the TrumpRx website?

恭喜你又取得了不錯的成績。最近關於現金支付管道的討論很多，人們紛紛放棄了保險福利。到 2026 年，如果我們看到無保險者人數增加，以及更多有保險的人透過 TrumpRx 等管道用現金支付處方藥費用，您預計這將如何影響您的預先授權業務和 RxTS 業務？那麼，那裡的指導意見考慮的是什麼呢？您是否計劃與川普政府合作，將貴公司的一些技術整合到 TrumpRx 網站中？

Sure. Let me start. I mean, the TrumpRx or these direct to patients, I think there's been three or four announced as part of the MFN letter that went out from Trump. Our view on these right now is, first, step back, and there's been direct-to-patient pharmacy for like over a decade.

當然。我先開始。我的意思是，無論是透過 TrumpRx 還是直接面向患者的這些藥物，我認為作為川普最惠國待遇信的一部分，已經宣布了三到四種。我們現在對這些問題的看法是，首先，退一步來看，直接面向病患的藥局模式已經存在十多年了。

I mean, so it's not really new in the marketplace. And the view that we would hold right now is that the population that's eligible and can afford even the discounted prices really remains pretty small based on assessment that we've done to this point in time. And therefore, we don't see a big impact on the prior authorization business.

我的意思是，這在市場上並不算新鮮事。而我們目前的觀點是，根據我們迄今為止所做的評估，符合資格並且能夠負擔得起折扣價的人口實際上仍然非常少。因此，我們認為這不會對事先授權業務產生重大影響。

As part of our affordability offerings, we do have tools that we've built these tools that allow us to automate pharmacy to interface with patients to support patient inquiries, last mile delivery. So we have a lot of the tools that can play a role, and we are playing a role in some instances in this today. As far as the Trump administration, our commitment is to work with all governments, policymakers, legislators to try to advance the US healthcare system in a way that brings cost down, makes it more accessible for people and delivers high-quality outcomes.

作為我們降低成本方案的一部分，我們確實擁有一些工具，這些工具使我們能夠自動化藥房與患者互動，以支援患者諮詢和最後一公里配送。所以我們擁有很多可以發揮作用的工具，而且在今天，我們也在某些方面發揮了作用。至於川普政府，我們的承諾是與所有政府、政策制定者和立法者合作，努力推動美國醫療保健系統的發展，以降低成本，使人們更容易獲得醫療保健服務，並提供高品質的醫療效果。

I don't -- I can't tell you exactly what that might look like, but we are highly engaged at all levels, trying to bring the tools, whether it's in prescription technology solutions, our distribution tools to bear on the challenges that our leaders are trying to solve today. And we think we've got many, many tools and resources that can be important parts of the solutions to those challenges.

我無法確切地告訴你那會是什麼樣子，但我們各個層面都積極參與，努力運用各種工具，無論是處方技術解決方案還是分銷工具，來應對我們領導者今天正在努力解決的挑戰。我們認為我們擁有許多工具和資源，它們可以成為應對這些挑戰的解決方案的重要組成部分。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Britt, one for you. This was the third straight quarter where SG&A was down year-over-year and gross profit is actually accelerating. I know that you don't give quarterly guidance around those metrics or those metrics in general. But it seems like a pretty unique dynamic. You talked a little bit about first half, second half. How should we think about that trend in the first half of the year and the trajectory of gross profit and SG&A into the back half of fiscal '26?

布里特，給你來一杯。這是銷售、一般及行政費用連續第三個季度同比下降，毛利實際上正在加速成長。我知道你們不會就這些指標或這些指標本身給出季度指引。但這似乎是一種相當獨特的動態。你稍微談到了上半場和下半場。我們該如何看待今年上半年的趨勢，以及毛利與銷售、管理及行政費用在 2026 財年下半年的發展軌跡？

Yes. Thanks for the question. Maybe I'll just start with expenses. If you think about expenses, I did mention that last year, we exited our Canada-based Rexall and Well.ca businesses. So that is going to have an impact both on the gross profit and the operating expense line. Certainly, operating expenses you're going to have just a gross amount of operating expenses that leave the business. And then from a mix perspective, certainly, we have a more favorable mix of businesses now than we did when we had the Canada-based businesses that we sold last year.

是的。謝謝你的提問。或許我應該先從費用開始算起。如果考慮到支出，我去年確實提到過，我們退出了位於加拿大的 Rexall 和 Well.ca 業務。因此，這將對毛利和營業費用都產生影響。當然，營運費用是指企業支出產生的總營運費用。從業務組合的角度來看，我們現在的業務組合肯定比去年出售加拿大業務時好得多。

The other thing I think is important is just our continued focus on efficiency. And I talked about how we lead with a technology first and focusing on AI and modernizing our businesses. And that's driving a significant amount of operating expense efficiency, which certainly is good for all stakeholders that McKesson deals with.

我認為另一件很重要的事就是我們要繼續專注在效率上。我談到了我們如何以技術為先導，專注於人工智慧和業務現代化。這顯著提高了營運成本效率，這對麥克森的所有利害關係人來說當然都是好事。

So I think we're very pleased with the quality of the operations and the quality of relationships we have that are driving a more favorable gross margin mix. Certainly, the growth that we're seeing in our technology-based businesses like RxTS which grew 20% in the quarter and then the efficiencies that we're seeing in our operating expense leverage.

所以我認為我們對營運品質和人際關係品質非常滿意，這些都推動了更有利的毛利率組合。當然，我們看到了技術型業務的成長，例如 RxTS，該季度成長了 20%，此外，我們在營運費用槓桿方面也看到了效率的提高。

I mean, this is really, in many ways, some of the manifestation of investments we made in years prior, whether to do physical automation, use digital technologies to automate processes. And those -- these are big projects often. They can take years. And then as they come online, this is the results we expect to see and which is why we think continued investment is a key part of the algorithm.

我的意思是，從很多方面來看，這確實是我們前幾年投資的成果，無論是進行實體自動化，還是利用數位技術實現流程自動化。而且這些通常都是大型專案。這可能需要數年時間。然後，隨著它們上線，這就是我們預期會看到的結果，這也是為什麼我們認為持續投資是演算法的關鍵部分。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

So two-parter here. Just first on those gains in terms of rationalization across US oncology. It sounds like that's purely one-off, but any reason we should anticipate those being more frequent? I assume there's no future contributions anticipated in the guidance today. And then I wanted to just get an update on PRISM, how that's progressing relative to your expectations now, how you're thinking about opportunities outside of oncology with that in that context?

所以，這裡分為兩個部分。首先，讓我們來看看美國腫瘤學領域在合理化上所取得的這些成果。聽起來這純粹是一次性事件，但我們有什麼理由預期這種情況會更頻繁地發生呢？我假設今天的指導意見中沒有預期未來的繳款。然後我想了解 PRISM 計畫的最新進展，它目前的進展是否符合您的預期，以及您如何看待該計畫在腫瘤學以外的應用前景？

Thanks for your question. I'll start, and then certainly, Brian can add on. As it relates to those gains, like I said, from time to time, you will make market decisions that either an entrance into a new market or an exit from a market. These are non-recurring in nature, and they also included the realization of an equity investment that generated a gain. So that is not something that we would certainly include in the normal operations and normal profit streams. But certainly, we wanted to call it out because it was material in the quarter.

謝謝你的提問。我先開始，然後布萊恩當然可以補充。至於這些收益，就像我之前說的，你會不時做出市場決策，要嘛進入新市場，要嘛退出一個市場。這些都屬於非經常性事件，其中還包括實現股權投資並獲得收益。所以，這肯定不是我們正常營運和正常利潤來源的一部分。當然，我們想特別指出這一點，因為它對本季影響很大。

As it relates to PRISM, we're really pleased with the progress that we've seen. And I think the addition of Spokane this quarter is a testament to the fact that we're seeing good progress. We're pleased with the integration thus far and being able to add to our Vision platform is a testament to that. And I think we're really focused on oncology and obviously building out the Vision platform that we've started with PRISM, and we're pretty excited about the progress thus far.

就 PRISM 專案而言，我們對目前的進展感到非常滿意。我認為本季斯波坎的加入證明了我們正在取得良好的進展。我們對目前的整合效果感到滿意，能夠將其添加到我們的 Vision 平台就是最好的證明。我認為我們真正關注的是腫瘤學，以及我們與 PRISM 一起啟動的 Vision 平台，我們對迄今為止的進展感到非常興奮。

Stephen Baxter, Wells Fargo.

史蒂芬‧巴克斯特，富國銀行。

Just to follow up on that, not to belabor the point too much. I think it's pretty clear in terms of these network decisions, what you're actually doing here. But just in terms of the actual like item that you recorded in the quarter, I mean, it sounds like the gain was something separate and related to an equity investment. Just trying to understand like what the actual economic impact in the quarter is. And is that included in the $51 million that you sized? Or is that something that's incremental?

補充一下，不想過多贅述。我認為就這些網路決策而言，你們在這裡實際做的事情已經很清楚了。但就您在季度中記錄的實際類似項目而言，我的意思是，聽起來收益是與股權投資相關的獨立收益。我只是想了解本季實際的經濟影響是什麼。這筆錢包含在你估計的 5,100 萬美元裡嗎？或者說，這是一個漸進的過程？

Yes. Thanks for the question. Just to clarify, the gains in the market decisions together represent the $51 million.

是的。謝謝你的提問。需要澄清的是，市場決策帶來的收益總計為 5,100 萬美元。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

I thought I heard you mention the Drug Supply Chain Security Act in the prepared comments. And what I wanted to try to understand, is there any operating impact to this as it relates to the financials? And what I think about is sometimes you see regulatory change or technology change, increased customer stickiness or increase like barriers to competition from some of your competitors in the market, especially the second and third tier guys. So I'm just wondering if there's any operating benefit from you guys being able to be agile around the Drug Supply Chain Security Act.

我好像在準備好的評論中聽到你提到了《藥品供應鏈安全法》。我想了解的是，這是否會對財務營運產生任何影響？我的想法是，有時你會看到監管變化或技術變化，客戶黏性增強，或者市場上一些競爭對手（尤其是二三線競爭對手）設置的競爭壁壘增加。所以我想知道，如果你們能夠靈活應對《藥品供應鏈安全法》，是否會對你們的營運帶來任何好處。

So first, I want to recognize the team for what was a very, very complicated technology implementation that was pulled off very, very well. As I mentioned in my prepared remarks, we have had terrific service quality, very, very few disruptions as we've been transmitting the information back and forth to our supply chain partners. So I'm very, very pleased with how it's gone. And it was a lot of work in the years leading up to this and to have it be implemented so smoothly was really good to see and a testament to the great work our teams do.

首先，我要表揚一下團隊，他們出色地完成了這項非常非常複雜的技術實施工作。正如我在準備好的發言稿中提到的，我們的服務品質非常好，在與供應鏈合作夥伴來回傳遞訊息的過程中，幾乎沒有出現任何中斷。我對結果非常非常滿意。在為此付出的數年努力中，最終得以如此順利地實施，真的令人欣慰，也證明了我們團隊的出色工作。

I mean it is a big investment for the industry, for McKesson, it was. I mean, to that extent, when we talk about the value of the services that we deliver, this just adds another component to that, that a new entrant or someone else would have to replicate and be able to have the capability to participate in this market. Given the structure of our markets, I'm not thinking it's going to be a material driver of anything.

我的意思是，這對整個產業來說是一筆巨大的投資，對麥克森公司來說更是如此。我的意思是，從這個意義上講，當我們談論我們所提供服務的價值時，這只是增加了一個新的組成部分，即新進入者或其他人必須複製並具備參與這個市場的能力。鑑於我們市場的結構，我認為這不會成為任何事情的實質驅動因素。

Our key focus was to make sure we serve both our upstream manufacturer partners well, our downstream partners well and that we could transmit the business and keep the supply chain operating reliably, safely and in compliance with laws. And I think we've accomplished that.

我們的主要目標是確保我們能夠很好地服務於我們的上游製造商合作夥伴和下游合作夥伴，並且能夠可靠、安全地傳遞業務，保持供應鏈的正常運轉，同時遵守相關法律法規。我認為我們已經實現了這個目標。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Maybe if I can dive back to RxTS. I know you highlighted the dynamics you're seeing on the prior authorization work. What are some of the other, call it, mega trends that you're thinking about as you build into not only the performance this year and versus -- and then into the next couple of years? And how do you think about the assets you have right now? And is this something where we could see platform expansion, platform opportunities either organically or inorganically?

也許我可以重新投入 RxTS 的研究。我知道您重點介紹了您在事先授權工作中觀察到的動態。在製定不僅影響今年業績，而且影響未來幾年業績的計劃時，您還考慮了哪些其他的，或者說，哪些大趨勢？那麼，您如何看待您目前擁有的資產？我們是否可以看到平台透過自身發展或外部擴張而獲得擴展或發展的機會？

Well, there's a lot of conversation going on across the industry right now, a lot relating to the medical parts of the business. So we think that the networks we have, both in pharmacy and in the provider base, the technology that we have what we've done in Rx is take a manual complicated process that no one was really pleased with and find a way to streamline it, make it better for patients, better for payers, better for pharmacists, take the friction out of that process.

目前整個產業都在進行許多討論，其中許多都與醫療業務有關。所以我們認為，我們擁有的網絡，無論是在藥房還是在醫療服務提供者群體中，我們擁有的技術，以及我們在處方藥領域所做的工作，就是將一個複雜的、沒有人真正滿意的手動流程簡化，使其對患者、對支付方、對藥劑師都更有利，消除該流程中的摩擦。

So we're always on the lookout for processes like that, that can avail themselves to us leveraging the same assets we have to solve a slightly different health care problem, and our teams are always actively engaged in that. And it's one of the strengths of the company as we look at evolutions, external changes, policy changes, we have this very broad diversified set of capabilities that we can lean in to help address these problems and advance the goals we have for our health care system.

因此，我們一直在尋找類似的流程，以便利用我們現有的資源來解決略有不同的醫療保健問題，我們的團隊也一直積極參與其中。而這正是公司的優勢之一。當我們審視各種發展、外部變化和政策變化時，我們擁有非常廣泛且多元化的能力，可以依靠這些能力來幫助解決這些問題，並推動我們為醫療保健系統設定的目標。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券。

I think at the beginning of this fiscal year, you guys provided some color around the accretion from the two acquisitions. I think it was $0.40 to $0.60 from Florida Cancer Specialist and $0.20 to $0.30 from PRISM. And I guess today you're disclosing the two acquisitions combined are going to add, I think it was 30 to 34 percentage points to operating profit growth. But just curious, are you able to provide more color on just each individual acquisition and how it's performing relative to those original EPS accretion guidance metrics, the way things stand right now?

我認為在本財年伊始，你們已經對這兩項收購帶來的收益做了一些介紹。我認為佛羅裡達癌症專科診所的價格是 0.40 到 0.60 美元，PRISM 的價格是 0.20 到 0.30 美元。我想今天您公佈的消息是，這兩項收購加起來將使營業利潤增加30%到34個百分點。但我很好奇，您能否更詳細地介紹每一項收購，以及就目前情況而言，它們相對於最初的每股盈餘成長預期指標的表現如何？

Steve, thanks for the question. Let me just make one additional comment here. What we've provided you with that 30% to 34% is the adjusted operating profit impact. I would remind you that in the acquisition of Core Ventures, we did raise debt against that. And we also had some non-controlling interest that goes below the line. That being said, as Brian and I both mentioned, we're really pleased with the progress of both acquisitions. And I would say that they're both relatively in line with the guidance that we provided. I would say that PRISM is probably slightly ahead.

史蒂夫，謝謝你的提問。我還要補充一點。我們提供給您的 30% 至 34% 是調整後的營業利潤影響。我想提醒各位，在收購 Core Ventures 時，我們確實為此籌集了債務。此外，我們也持有部分非控制權益，這些權益屬於公司外部的範疇。話雖如此，正如布萊恩和我提到的那樣，我們對這兩項收購的進展都非常滿意。我認為它們都與我們提供的指導意見基本一致。我認為 PRISM 可能略勝一籌。

And certainly, our ability to continue to add providers to that platform when we add to that. So both are right really in the range that we provided. PRISM may be slightly a little bit ahead of the target that we provided you, but I think the accretion numbers that we gave you still apply. And I'd also remind you, we gave you three-year accretion numbers. We expect that the platforms will continue to expand over time and add additional synergies and value. So we're really pleased with the progress of both of those acquisitions.

當然，我們有能力在向該平台添加供應商時繼續添加供應商。所以，這兩個結果都確實在我們給的範圍內。PRISM 的運行速度可能比我們給出的目標略快一點，但我認為我們給出的吸積率數據仍然適用。我還要提醒你，我們給的是三年的增值數據。我們預計這些平台將隨著時間的推移而不斷擴展，並增加額外的協同效應和價值。因此，我們對這兩項收購的進展都非常滿意。

Great. Well, thanks again, everyone. We really appreciate your time joining the call this afternoon and always your thoughtful questions. And thank you, Cynthia, for facilitating the call. I want to end by just again recognizing our 45,000-ish colleagues whose commitment make these results possible. We have a talented team. They've got a diverse set of capabilities. We operate a very disciplined operating model, and our strategy is quite resilient.

偉大的。再次感謝大家。非常感謝您今天下午抽出時間參加電話會議，也感謝您一直以來提出的寶貴問題。謝謝辛西亞促成這通通話。最後，我想再次感謝我們大約 45,000 名同事，而正是他們的奉獻精神才使得這些成果成為可能。我們擁有一支才華洋溢的團隊。他們擁有多種多樣的能力。我們採用非常嚴謹的營運模式，我們的策略也相當穩健。

We have tremendous confidence in our ability to continue to execute and deliver attractive long-term results for shareholders while advancing our role in the health care ecosystem. We appreciate very much your engagement, and we look forward to continuing to update you on our progress. I hope everyone has a terrific evening. Thank you.

我們對自身能力充滿信心，相信能夠繼續執行各項計劃，為股東帶來可觀的長期收益，同時提升我們在醫療保健生態系統中的地位。我們非常感謝您的參與，並期待繼續向您報告我們的進展。祝大家今晚過得愉快。謝謝。

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。現在您可以斷開連線了，祝您今天過得愉快。