麥卡遜 (MCK) 2026 Q3 法說會逐字稿

Welcome to McKesson's third-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 call over to Jeni Dominguez, VP of Investor Relations. Please go ahead.

歡迎參加麥克森公司2026財年第三季財報電話會議。請注意，今天的會議正在錄影。此時，我想把電話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 third-quarter fiscal 2026 earnings call. TodUay, 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.

謝謝接線生。下午好，歡迎各位參加麥克森公司 2026 財年第三季財報電話會議。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.

今天的討論將包括前瞻性陳述，例如對麥克森公司營運和未來業績的預測。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. With that, let me turn it over to Brian.

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。那麼，接下來就交給布萊恩吧。

Thank you, Jeni. Good afternoon, everyone. I appreciate you joining McKesson's fiscal third-quarter Earnings Call. Today's results once again demonstrate the strength and the durability of our business. Revenue and adjusted EPS grew double digits, driven by continued momentum across oncology, biopharma services, and North American distribution. The consistency of this performance gives us the confidence to raise full year EPS guidance to a range of $38.80 to $39.20, which reflects 17% to 19% year-over-year growth.

謝謝你，珍妮。大家下午好。感謝您參加麥克森公司第三財季業績電話會議。今天的業績再次證明了我們業務的實力和持久性。受腫瘤學、生物製藥服務和北美分銷業務持續成長的推動，營收和調整後每股收益實現了兩位數成長。業績的持續穩定使我們有信心將全年每股收益預期上調至 38.80 美元至 39.20 美元，年增 17% 至 19%。

I want to thank team McKesson for their unwavering commitment to excellence and to innovation, driving tangible impacts every day for our stakeholders and keeping patients at the center of everything that we do. Today, my remarks will focus on the continued progress of our company priorities and the momentum we are driving across the organization and of course, recognizing the dedication and engagement across team McKesson. Then as is customary, I'll hand it over to Britt for a more detailed review of the financials.

我要感謝 McKesson 團隊對卓越和創新的堅定承諾，他們每天都在為我們的利益相關者帶來切實的影響，並將患者放在我們一切工作的中心。今天，我的演講將重點放在公司各項優先事項的持續進展，以及我們在整個組織中推動的發展勢頭上，當然，也要表彰 McKesson 團隊的奉獻精神和積極參與。然後，按照慣例，我會把它交給布里特，讓她對財務狀況進行更詳細的審查。

So let me start what I usually do at our people and our culture. We aspire to be the best place to work in healthcare and supporting our employees' growth and success remains a top priority. Our employee resource groups play a critical role in strengthening connections and reinforcing our culture of care and belonging. These employee-led networks empower colleagues to come together to advance the business and to build an environment where everyone can thrive. This year, we're pleased to see membership of more than 30%. Participation in these groups results in increased employee engagement, improved retention and to better business outcomes.

那麼，就讓我從我們的人員和文化開始，這大概是我平常會做的事情。我們致力於成為醫療保健領域最佳的工作場所，支持員工的成長和成功始終是我們的首要任務。我們的員工資源小組在加強聯繫、強化關懷和歸屬感文化方面發揮著至關重要的作用。這些由員工主導的網絡能夠讓同事們團結起來，共同推動業務發展，並創造一個讓每個人都能蓬勃發展的環境。今年，我們很高興看到會員人數超過 30%。參與這些小組活動可以提高員工敬業度，提高員工留任率，並帶來更好的業務成果。

Now let me move on to our two strategic growth pillars. Oncology and multispecialty and biopharma services. Within our oncology and multispecialty business, we continue to support a growing network of providers through a portfolio of services, including distribution, practice management, commercial services, and clinical research.

現在讓我來談談我們的兩大策略成長支柱。腫瘤科、多專科及生物製藥服務。在我們的腫瘤和多專科業務中，我們透過一系列服務（包括分銷、實踐管理、商業服務和臨床研究）繼續支持不斷增長的醫療服務提供者網絡。

Today, the US oncology network has approximately 3,400 providers, and PRISM Vision brings together over 200 providers in retina and ophthalmology. During the quarter, we continue to make progress in the integration of Florida Cancer Specialists and PRISM Vision, contributing meaningfully to the strong performance of the segment.

如今，美國腫瘤網絡擁有約 3400 名醫療服務提供者，而 PRISM Vision 則匯集了 200 多名視網膜和眼科醫生。本季度，我們在整合佛羅裡達癌症專科醫生和 PRISM Vision 方面繼續取得進展，為該業務部門的強勁表現做出了重要貢獻。

Oncology continues to be a compelling growth opportunity, and we're leveraging our scale, leadership, and connectivity in the community space to stay ahead of the market's evolving needs. Recently, we released our advancing Community Oncology report, highlighting the central role of community practice in cancer care and the anticipated growth in precision medicine and innovative therapies. These insights underscore the strength of our platform and the opportunity to leverage our solutions to deepen provider and biopharma partnerships to expand access to next-generation treatments and to address barriers to care in the community setting.

腫瘤學領域仍然是一個極具吸引力的成長機會，我們正在利用我們在社區領域的規模、領導地位和人脈關係，以保持領先於市場不斷變化的需求。最近，我們發布了最新的《社區腫瘤學報告》，重點介紹了社區實踐在癌症治療中的核心作用，以及精準醫療和創新療法的預期增長。這些見解凸顯了我們平台的優勢，以及利用我們的解決方案深化與醫療服務提供者和生物製藥公司的合作關係，從而擴大下一代治療的覆蓋範圍，並解決社區護理障礙的機會。

The report highlights our role in helping community providers navigate a dynamic policy environment. We have and we will continue to be actively engaged with lawmakers, patient coalitions, and provider organizations to advocate for changes that will expand patient access and support the growth of community practices. We firmly believe in the unique value of community-based care and the importance of advancing high-quality local cancer care, in particular.

該報告重點介紹了我們在幫助社區服務機構應對不斷變化的政策環境方面所發揮的作用。我們過去一直積極與立法者、病患聯盟和醫療服務提供者組織合作，並將繼續積極參與倡導變革，以擴大病患就醫管道，支持社區醫療機構的發展。我們堅信社區醫療的獨特價值，尤其重視推動高品質的本地癌症治療。

In November, we hosted our inaugural McKesson Accelerate conference, an annual event focused on the future of community oncology with more than 1,500 industry leaders in attendance, the event brought together the people, the insights and the innovations that will strengthen care delivery and advanced patient outcomes. It reinforced the powerful momentum across our oncology platform and the critical role McKesson plays in shaping the future of cancer care together with our many partners.

11 月，我們舉辦了首屆 McKesson Accelerate 大會，這是一項年度盛會，重點關注社區腫瘤學的未來，吸引了 1500 多位行業領袖參加。此次大會匯集了各方人士、真知灼見和創新成果，旨在加強醫療服務和改善患者預後。它鞏固了我們在腫瘤學平台上的強大發展勢頭，以及麥克森與許多合作夥伴在塑造癌症治療未來方面發揮的關鍵作用。

Moving on to our biopharma services platform within our Prescription Technology Solutions segment. Our industry-leading platform supports a wide range of brands across all stages of the product life cycle from product launch, all the way to the [loss of] exclusivity.

接下來，我們來看看處方技術解決方案板塊內的生物製藥服務平台。我們業界領先的平台為眾多品牌提供產品生命週期各個階段的支持，從產品發佈到獨家銷售權的喪失。

During the quarter, we added over 50 new programs across 43 unique brands to our platform, highlighting the strong demand for our access and affordability solutions. With the pace of drug innovation accelerating, we're energized by the tremendous opportunity to bring novel therapies to patients and to enable real-world impact. To achieve this goal, we continue to invest thoughtfully across the business, modernizing and expanding the services we provide to our biopharma partners and building next-generation patient access and affordability solutions.

本季度，我們在平台上新增了 43 個不同品牌的 50 多個新項目，這凸顯了市場對我們便捷且經濟實惠的解決方案的強勁需求。隨著藥物創新步伐的加快，我們倍感振奮，因為我們擁有巨大的機會將創新療法帶給患者，並產生真正的實際影響。為了實現這一目標，我們將繼續在整個業務範圍內進行深思熟慮的投資，對提供給生物製藥合作夥伴的服務進行現代化改造和擴展，並建立下一代患者可及性和可負擔性解決方案。

As an example, we're investing in capabilities to simplify the electronic patient enrolment process, reducing time from days or weeks to sometimes just minutes while reducing administrative errors and improving accuracy. Today we're digitizing enrolment for more than 1,600 specialty medications, creating an opportunity to apply our experience in improving access to retail medications and helping stakeholders navigate through the complex enrolment process for specialty medications.

例如，我們正在投資開發簡化電子病人登記流程的功能，將時間從幾天或幾週縮短到有時只需幾分鐘，同時減少管理錯誤並提高準確性。今天，我們正在將 1600 多種專科藥物的註冊流程數位化，這為我們提供了一個機會，讓我們能夠運用自身在改善零售藥物獲取途徑方面的經驗，並幫助利益相關者應對專科藥物複雜的註冊流程。

Our evolving suite of solutions will accelerate the patient authorization workflow, speed up the process for patients to access medications, introduce transparency with real-time prescription benefit check and improve affordability with automated searches for financial assistance programs. We're also focused on opportunities that improve our own workflow efficiency.

我們不斷發展的解決方案套件將加快患者授權工作流程，加快患者獲取藥物的速度，透過即時處方福利檢查引入透明度，並透過自動搜尋經​​濟援助計劃來提高可負擔性。我們也專注於能夠提高自身工作流程效率的機會。

By applying technology, automation and enhancing training to streamline our operations and elevate the customer experience, we are improving our efficiency. As an example of this, in our annual verification season, each full-time employee is successfully supporting 120 more patients than we achieved last year. This is a meaningful increase in our productivity.

透過運用科技、自動化和加強培訓來簡化我們的營運並提升客戶體驗，我們正在提高效率。例如，在我們每年的核查季，每位全職員工成功地為比去年多服務了 120 名患者。這顯著提高了我們的生產效率。

Let's move on to our pharmaceutical distribution business in North America, which I would remind you includes our combined footprint in the US and Canada. We continue to see strong broad-based momentum supported by stable utilization trends, strength in specialty and focus on operational excellence. Our growth is underpinned by the strength of our long-standing strategic partnerships with manufacturers. Together, we're navigating an evolving market, shaping the future of health care, and advocating for solutions that will improve the access and affordability of care.

接下來，我們來談談我們在北美的藥品分銷業務，我還要提醒各位，這包括我們在美國和加拿大的業務範圍。我們持續看到強勁的整體發展勢頭，這得益於穩定的利用率趨勢、專業領域的優勢以及對卓越營運的重視。我們與製造商之間長期穩定的策略夥伴關係是我們發展壯大的基石。我們共同應對不斷變化的市場，塑造醫療保健的未來，並倡導能夠改善醫療服務可近性和可負擔性的解決方案。

In January, the Inflation Reduction Act planned Medicare Part D price changes went into effect. We work closely with our manufacturer partners to ensure a smooth transition. As a trusted distribution partner, we bring unmatched scale, deep supply chain expertise, and broad channel reach to deliver exceptional quality every day. We're positioning the business for long-term growth by investing in capabilities that meet the evolving needs of our customers and the market. And an example of this would be our multiyear plan to expand the refrigerated capacity across our network.

1月份，《通貨膨脹削減法案》計劃中的醫療保險D部分價格調整生效。我們與生產合作夥伴緊密合作，以確保平穩過渡。作為值得信賴的經銷合作夥伴，我們擁有無可比擬的規模、深厚的供應鏈專業知識和廣泛的通路覆蓋，每天都能提供卓越的品質。我們透過投資於能夠滿足客戶和市場不斷變化的需求的能力，為企業的長期成長做好準備。例如，我們制定了一項多年計劃，旨在擴大我們整個網路的冷藏能力。

We're halfway through this five-year effort. And once completed, we will have increased refrigeration capacity at many of our forward distribution centers by more than 50%. This expansion strengthens our ability to support temperature-sensitive products and further strengthens our commitment to meeting customer requirements with operational excellence.

這項為期五年的努力已經進行到一半了。一旦完成，我們許多前線配送中心的冷藏能力將提高 50% 以上。此次擴建增強了我們對溫度敏感型產品的支援能力，並進一步鞏固了我們透過卓越營運滿足客戶需求的承諾。

Within our North American pharmaceutical business, our teams continue to leverage AI and automation to drive efficiencies. In Canada, we're modernizing our contacts and our digital operations, create a more advanced and simplified customer care experience.

在我們的北美製藥業務中，我們的團隊不斷利用人工智慧和自動化來提高效率。在加拿大，我們正在對聯絡方式和數位營運進行現代化改造，以創造更先進、更簡化的客戶服務體驗。

It includes capabilities like agent assist and enhanced live chat. Our early pilots are demonstrating strong results with close to 100% service accuracy and reliability while reducing turnaround time. In the US, we launched an AI chat tool in November to specifically handle customer inquiries related to the Drug Supply Chain Security Act.

它包含代理協助和增強型線上聊天等功能。我們的早期試點計畫取得了顯著成效，服務準確率和可靠性接近 100%，同時縮短了周轉時間。在美國，我們於 11 月推出了一款 AI 聊天工具，專門用於處理與《藥品供應鏈安全法》相關的客戶諮詢。

By enabling natural language answers to complex DSCSA data questions, we prevented 75% of inquiries from being escalated and materially improve first contact resolution. These are strong examples of how we're using technology to simplify the supply chain at scale while improving customer experience.

透過對複雜的 DSCSA 資料問題提供自然語言答案，我們防止了 75% 的查詢升級，並顯著提高了首次聯繫解決率。這些都是我們如何利用科技大規模簡化供應鏈並改善客戶體驗的有力例證。

And last thing I'd like to note in this segment. I'm proud to share with everyone that recently our Health Mart pharmacy franchise was honoured as a recipient of the 2026 American Pharmacists Association H.A.B. Dunning Award. With this award, we're joining a prestigious list of chain pharmacies and other industry supporters who are dedicated to advancing the practice of pharmacy.

最後，我想在本節中補充一點。我很榮幸與大家分享，我們 Health Mart 藥局特許經營店最近榮獲 2026 年美國藥劑師協會 H.A.B. Dunning 獎。憑藉此獎項，我們加入了由連鎖藥局和其他致力於推進藥學實踐的行業支持者組成的享有盛譽的行列。

Let me give you a brief update on our portfolio actions. We continue to progress in our separation of the Medical-Surgical business. On January 1, we reached a major milestone in the separation journey with transition service agreements now in place across the enterprise. This is an important step as we prepare the Medical-Surgical business to be an independent operation.

讓我簡單報告一下我們的投資組合運作。我們在剝離醫療外科業務方面持續取得進展。1 月 1 日，隨著過渡服務協議在整個企業範圍內到位，我們在分離過程中達到了一個重要的里程碑。這是我們將醫療外科業務轉型為獨立營運的重要一步。

We continue to focus on the next steps, which include establishing an independent organization and capital structure. We continue to track towards the timeline of an IPO by the second half of calendar 2027, subject, of course, to market conditions and customary regulatory approvals.

我們將繼續專注於下一步工作，包括建立獨立的組織和資本結構。我們將繼續朝著 2027 年下半年進行 IPO 的目標穩步前進，當然，這取決於市場狀況和慣例監管審批。

In January, we announced the completion of the divestiture of our Norwegian business. marking the final step in our full exit from the European region. Over the past four years, our teams executed this multistage initiative with dedication and focus, ensuring a smooth process and a successful outcome. With the invaluable experience we've gained, we're confident in our ability to execute on our current portfolio actions, optimizing our assets, portfolios and accelerating growth for the enterprise. So let me conclude my remarks.

今年1月，我們宣布完成挪威業務的剝離，標誌著我們全面退出歐洲地區的最後一步。在過去的四年裡，我們的團隊以高度的敬業精神和專注力執行了這項多階段計劃，確保了流程的順利進行和最終的成功。憑藉我們累積的寶貴經驗，我們有信心執行當前的投資組合策略，優化我們的資產和投資組合，並加速企業成長。那麼，我的發言就到此結束。

McKesson delivered another strong quarter of results. Our strategy is working, and it continues to propel us forward as we advance our mission, as we grow the business and as we drive meaningful value for our shareholders. Looking ahead, I continue to be confident in our ability to extend the momentum and execute against our strategic priorities. Our broad portfolio and our diversified solutions position us to continue to drive sustained long-term growth.

麥克森公司又取得了一季強勁的業績。我們的策略行之有效，它將繼續推動我們前進，推進我們的使命，發展業務，並為我們的股東創造有意義的價值。展望未來，我對我們保持發展動能並落實策略重點的能力依然充滿信心。我們廣泛的產品組合和多元化的解決方案使我們能夠繼續推動持續的長期成長。

With that, Britt, I'll turn it over to you.

布里特，接下來就交給你了。

Thank you, Brian, and good afternoon. Today, we reported another strong quarter of execution, advancing our strategic priorities with clear measurable performance. We reported record quarterly revenue and adjusted operating profits and saw year-over-year double-digit adjusted operating profit growth in our oncology and multispecialty and biopharma services platforms and continued strength across North American pharmaceutical distribution. These results demonstrate the resilience of our portfolio, disciplined and consistent strategy deep customer relationships and the scale and breadth of McKesson's portfolio.

謝謝你，布萊恩，下午好。今天，我們公佈了另一個強勁的季度執行情況，以清晰可衡量的業績推進了我們的策略重點。我們公佈了創紀錄的季度收入和調整後營業利潤，腫瘤科、多專科和生物製藥服務平台的調整後營業利潤同比增長兩位數，北美藥品分銷業務持續強勁增長。這些結果證明了我們產品組合的韌性、嚴謹一致的策略、深厚的客戶關係以及麥克森產品組合的規模和廣度。

Before turning to our adjusted results, I want to begin with two brief updates, starting with the divestiture of our Norway operations. On January 30, we completed the divestiture of our retail and distribution businesses in Norway included in our Other segment. This transaction marks the final step in our planned exit of Europe.

在介紹我們調整後的業績之前，我想先簡單更新兩件事，首先是關於我們剝離挪威業務的情況。1月30日，我們完成了對挪威零售和分銷業務的剝離，這些業務包含在我們的其他業務板塊中。此次交易標誌著我們計劃退出歐洲的最後一步。

In the third-quarter, held-for-sale accounting for Norway contributed $0.05 of adjusted earnings per diluted share. For fiscal 2026, we now anticipate the Norwegian businesses to contribute approximately $1 billion of revenue and approximately $70 million of adjusted operating profit, which is inclusive of approximately $0.10 of adjusted earnings per share accretion due to held-for-sale accounting.

第三季度，挪威的待售業務會計處理貢獻了每股攤薄調整收益 0.05 美元。我們現在預計，2026 財年挪威業務將貢獻約 10 億美元的收入和約 7000 萬美元的調整後營業利潤，其中包括由於持有待售資產會計處理而產生的約 0.10 美元的調整後每股收益增長。

The completion of this transaction reflects disciplined execution, strategic clarity, and commitment to sustain long-term value creation for our shareholders. Additionally, during the third-quarter, we recorded a GAAP-only pretax credit of $160 million or $118 million after tax within the North American Pharmaceutical segment related to the bankruptcy of Rite Aid.

此次交易的完成體現了我們嚴謹的執行力、清晰的策略方向以及為股東創造長期價值的承諾。此外，在第三季度，由於 Rite Aid 破產，我們在北美製藥部門確認了 1.6 億美元（僅以 GAAP 計算）的稅前抵免額，稅後抵免額為 1.18 億美元。

Remainder of my comments today will refer to our adjusted results. I'll begin with our third-quarter fiscal 2026 performance and then address our full year outlook. Consolidated revenues increased 11% to $106.2 billion, reflecting broad-based growth across the business. Higher prescription volumes from retail national account customers within our North American Pharmaceutical segment, continued momentum in our oncology and multispecialty segment, including expanded distribution of oncology and multispecialty products and contributions from recent acquisitions contributed meaningfully.

我今天剩餘的發言將基於我們調整後的結果。我將先介紹我們 2026 財年第三季的業績，然後再談談我們全年的展望。合併收入成長 11% 至 1,062 億美元，反映出公司各業務的全面成長。北美製藥業務部門零售全國客戶處方量增加，腫瘤和多專科業務部門持續保持成長勢頭，包括擴大腫瘤和多專科產品的分銷，以及近期收購帶來的貢獻，都做出了重要貢獻。

Gross profit was $3.7 billion, an increase of 10%, led by a provider growth and continued strength in specialty distribution within the oncology and multispecialty segment. Operating expenses increased 7% to $2.1 billion reflecting higher expenses in our high-performing growth platforms within the oncology and multispecialty and Prescription Technology Solutions segment, including current year acquisitions.

毛利為 37 億美元，成長 10%，主要得益於供應商的成長以及腫瘤和多專科領域專業分銷的持續強勁成長。營運費用成長 7% 至 21 億美元，反映出我們在腫瘤學、多專科和處方技術解決方案部門的高績效成長平台（包括本年度收購）的支出增加。

We delivered strong operational execution and enhanced efficiency, driving a 138 basis point improvement in operating expenses as a percentage of gross profit as compared to the prior year. At the same time, we're making targeted investments to modernize our operations through automation and AI-driven capabilities, which we anticipate will accelerate growth while creating enterprise-wide efficiencies.

我們實現了強有力的營運執行和效率提升，與前一年相比，營運費用佔毛利潤的百分比降低了 138 個基點。同時，我們正在進行有針對性的投資，透過自動化和人工智慧驅動的能力來使我們的營運現代化，我們預計這將加速成長，同時提高企業整體效率。

Operating profit was $1.7 billion, an increase of 13% year-over-year. This growth reflects increased demand for access solutions in our Prescription Technology Solutions segment, as well as strong growth in specialty distribution volumes in both the oncology and multispecialty and North American Pharmaceutical segments. Interest expense was $59 million, a decrease of 5% year-over-year, driven by effective cash and portfolio management. The effective tax rate for the quarter was 23% compared to 23.9% in the prior year.

營業利潤為17億美元，年增13%。這一增長反映了我們處方技術解決方案部門對准入解決方案的需求增加，以及腫瘤科、多專科和北美製藥部門的專業分銷量強勁增長。利息支出為 5,900 萬美元，年減 5%，這得益於有效的現金和投資組合管理。本季實際稅率為 23%，而去年同期為 23.9%。

Third-quarter diluted weighted average shares outstanding were 123.7 million, a decrease of 2%, reflecting ongoing share repurchase activity. And third-quarter earnings per diluted share increased 16% to $9.34, driven by strong operational performance, including contributions from acquisitions within the oncology and multispecialty segment.

第三季稀釋加權平均流通股數為 1.237 億股，下降 2%，反映了持續的股票回購活動。第三季稀釋後每股盈餘成長 16% 至 9.34 美元，主要得益於強勁的營運業績，包括腫瘤和多專科領域的收購貢獻。

Turning now to third-quarter segment results, which can be found on slides 8 through 12 and starting with North American Pharmaceutical. Revenues were $88.3 billion, an increase of 9% driven by higher prescription volumes, including higher volumes across retail national account customers and continued specialty product distribution strength. GLP-1 distribution revenues were $14 million in the quarter, up $3 billion or 26% when compared to the prior year. GLP-1 sequential revenue growth was 7%.

現在來看看第三季各業務部門的業績，詳情請見第 8 至 12 頁投影片，首先是北美製藥業務。營收達 883 億美元，成長 9%，主要得益於處方量增加，包括全國零售客戶處方量增加以及專業產品分銷持續強勁成長。該季度 GLP-1 分銷收入為 1,400 萬美元，比上年同期成長 30 億美元，增幅達 26%。GLP-1 的環比收入成長了 7%。

The segment operating profit increased 6% to $872 million, benefiting from growth in the distribution of specialty products, including to health systems. As a reminder, prior year results included a $19 million benefit from held-for-sale accounting related to the sale of our Canada-based Rexall and Well.ca businesses. The prior year held-for-sale accounting benefit had an approximate 3% impact on year-over-year segment growth.

該部門的營業利潤成長了 6%，達到 8.72 億美元，這得益於特種產品分銷的成長，包括向醫療系統分銷。提醒一下，上一年的業績包括因出售我們在加拿大的 Rexall 和 Well.ca 業務而獲得的 1900 萬美元的持有待售會計收益。上一年持有待售資產的會計收益對年比業務成長產生了約 3% 的影響。

Turning to the oncology and multispecialty segment. We delivered another strong quarter, demonstrating the strength of our differentiated platform and the value we deliver to our providers. Revenues increased 37% to $13 billion, driven by strong provider growth, expanded specialty distribution and contributions from acquisitions completed this fiscal year. The acquisitions of PRISM and Core Ventures contributed approximately 13% to third-quarter segment revenue growth.

接下來轉向腫瘤科和多專科領域。我們又取得了強勁的季度業績，證明了我們差異化平台的實力以及我們為供應商帶來的價值。受強勁的供應商成長、擴大的專業分銷以及本財年完成的收購帶來的貢獻的推動，收入增長了 37%，達到 130 億美元。收購 PRISM 和 Core Ventures 為第三季業務部門營收成長貢獻了約 13%。

Operating profit increased 57% to $366 million, led by growth in provider solutions and specialty distribution, including contributions from acquisitions. Excluding the impact from acquisitions, organic operating profit increased 15%, highlighting the segment's strong underlying performance.

營業利潤成長 57% 至 3.66 億美元，主要得益於供應商解決方案和專業分銷業務的成長，其中包括收購帶來的貢獻。剔除收購的影響，有機營業利潤成長了 15%，凸顯了該業務部門強勁的潛在業績。

In the Prescription Technology Solutions segment, we delivered another strong quarter of performance, with revenues increasing 9% to $1.5 billion, supported by higher prescription volumes across our third-party logistics and technology services businesses. Operating profit rose 18% to $277 million, driven by continued demand for our access solutions, including prior authorization services. Our connectivity and workflow integration remain key differentiators for patients, providers, and biopharma partners.

在處方技術解決方案領域，我們又取得了強勁的季度業績，營收成長 9% 至 15 億美元，這得益於我們第三方物流和技術服務業務處方量的增加。受包括事先授權服務在內的存取解決方案的持續需求推動，營業利潤成長 18% 至 2.77 億美元。我們的連結性和工作流程整合仍然是病患、醫療服務提供者和生物製藥合作夥伴的關鍵差異化優勢。

Turning to Medical-Surgical Solutions. Revenues were $3 billion, an increase of 1% compared to the prior year, driven by higher specialty pharmaceutical volumes. Operating profit decreased 10% to $265 million, reflecting lower volumes across physician office settings and lower incidence of seasonal illness.

轉向醫療外科解決方案。營收達 30 億美元，較上年成長 1%，主要得益於特種藥品銷售量增加。營業利潤下降 10% 至 2.65 億美元，反映出醫師診所就診量下降以及季節性疾病發生率降低。

Wrapping up our review with corporate. Corporate expenses were $156 million, which included increased technology infrastructure investments. Corporate expenses also included pretax gains of $11 million or $0.07 per share from equity investments within McKesson Ventures portfolio as compared to gains of $6 million or $0.04 per share in the prior year quarter.

總結一下我們對公司的評價。公司支出為 1.56 億美元，其中包括增加的技術基礎設施投資。公司支出還包括 McKesson Ventures 投資組合中的股權投資帶來的稅前收益 1,100 萬美元，即每股 0.07 美元，而去年同期收益為 600 萬美元，即每股 0.04 美元。

Turning to the third-quarter cash and capital deployment, which can be found on slide 13. We ended the quarter with $3 billion in cash and cash equivalents. Third-quarter free cash flow was $1.1 billion, which included $175 million in capital expenditures. For the trailing-12 months, McKesson delivered free cash flow of $9.6 billion, demonstrating strong operational performance and working capital management.

接下來是第三季現金和資本部署情況，詳見第 13 頁投影片。本季末，我們持有現金及現金等價物30億美元。第三季自由現金流為 11 億美元，其中包括 1.75 億美元的資本支出。過去 12 個月，麥克森實現了 96 億美元的自由現金流，展現了強勁的營運績效和營運資本管理能力。

During the quarter, we also returned $781 million of cash to shareholders, which included $680 million in share repurchases and $101 million in dividend payments. Our balance sheet remains a significant source of strength, underpinned by strong cash generation and disciplined capital allocation. This robust financial position gives us the flexibility to invest in growth initiatives, while continuing to return cash to shareholders.

本季度，我們也向股東返還了 7.81 億美元現金，其中包括 6.8 億美元的股票回購和 1.01 億美元的股息支付。在強勁的現金流和嚴謹的資本配置的支撐下，我們的資產負債表依然是重要的優勢來源。穩健的財務狀況使我們能夠靈活地投資於成長計劃，同時繼續向股東返還現金。

Let me move now to our fiscal 2026 outlook. We continue to see sustained momentum across our core businesses as demonstrated by our fiscal third-quarter results and improved full year outlook. We're raising and narrowing our fiscal 2026 earnings per diluted share guidance range to $38.80 to $39.20 representing 17% to 19% growth over the prior year. We anticipate revenue growth of 12% to 16% and operating profit growth of 13% to 17%, reflecting our strong third-quarter performance and the confidence that we have in the trajectory of the business.

接下來，我將展望一下我們2026財年的情況。從我們第三財季的業績和不斷改善的全年展望可以看出，我們的核心業務繼續保持著強勁的發展勢頭。我們將 2026 財年每股攤薄收益預期範圍上調並縮小至 38.80 美元至 39.20 美元，比上一年增長 17% 至 19%。我們預計營收成長 12% 至 16%，營業利潤成長 13% 至 17%，這反映了我們第三季強勁的業績以及我們對公司發展軌蹟的信心。

The consistency of our strategy, operational execution and disciplined portfolio management have led to outstanding long-term results. Over the past five years, we've delivered a compound annual growth rate in operating profit and adjusted earnings per share of 11% and 18%, respectively.

我們策略的一致性、營運執行力和嚴謹的投資組合管理帶來了卓越的長期績效。過去五年，我們的營業利潤和調整後每股盈餘的複合年增長率分別達到了 11% 和 18%。

Turning to the segment outlook for fiscal 2026. In the North American Pharmaceutical segment, we continue to deliver a differentiated and dependable value proposition, providing best-in-class solutions to our customers and their patients. We anticipate revenue to increase 10% to 14% and operating profit to increase 8% to 12%.

接下來展望2026財年的業務部門前景。在北美製藥領域，我們繼續提供差異化和可靠的價值主張，為我們的客戶及其患者提供一流的解決方案。我們預計營收將成長 10% 至 14%，營業利潤將成長 8% 至 12%。

The increased operating profit outlook reflects strong third-quarter performance, stable utilization trends, strong specialty distribution growth and our continued focus on operational excellence and efficiency. In the core distribution business, we anticipate continued growth of GLP-1 medication. However, we anticipate this growth may vary from quarter-to-quarter. And as a reminder, prior year results include a $0.15 impact from the divestiture of our Canada-based Rexall and Well.ca businesses at the end of the third-quarter of fiscal 2025.

營業利潤預期上調反映了第三季度強勁的業績、穩定的利用率趨勢、強勁的專業分銷成長以及我們對卓越營運和效率的持續關注。在核心分銷業務方面，我們預計 GLP-1 藥物將持續成長。但是，我們預計這種增長可能會因季度而異。另外提醒一下，上一年的業績包括因我們在 2025 財年第三季末剝離位於加拿大的 Rexall 和 Well.ca 業務而產生的 0.15 美元的影響。

In the oncology and multispecialty segment, we anticipate revenue growth of 29% to 33% and operating profit growth of 51% to 55%. The guidance includes the acquisitions of PRISM Vision and Core Ventures completed in the first-quarter of fiscal 2026. We're pleased with the performance of these acquisitions, and we anticipate that they'll contribute approximately 30% to 34% to the fiscal 2026 segment's operating profit growth.

在腫瘤科和多專科領域，我們預期營收成長 29% 至 33%，營業利潤成長 51% 至 55%。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。我們對這些收購的業績感到滿意，預計它們將為 2026 財年該業務板塊的營業利潤增長貢獻約 30% 至 34%。

Our full year outlook reflects the impact of these acquisitions and strong organic specialty distribution volume growth. We remain well positioned to support innovation and growth across the oncology and multispecialty markets through our diversified portfolio of assets, spanning the care continuum.

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。我們擁有涵蓋整個護理過程的多元化資產組合，因此我們仍然能夠很好地支持腫瘤學和多專科市場的創新和成長。

In the Prescription Technology Solutions segment, we anticipate revenue to increase by 9% to 13% and operating profit to increase 14% to 18%. We remain confident in the outlook for this segment, driven by organic volume growth across our access and affordability solutions. Our improved full year outlook reflects the strength of our annual verification program, and we've observed meaningful year-over-year volume increases through the end of January.

在處方技術解決方案領域，我們預計收入將成長 9% 至 13%，營業利潤將成長 14% 至 18%。我們對這領域的前景依然充滿信心，這主要得益於我們便捷和經濟實惠的解決方案的自然銷售成長。我們改善的全年預期反映了我們年度核查計劃的強勁成效，截至 1 月底，我們已經觀察到同比業務量顯著增長。

Our full year outlook also anticipates technology infrastructure and capability investments. We anticipate fiscal fourth-quarter technology investments be an approximate $0.05 incremental cost as compared to the prior year.

我們的全年展望也預期了技術基礎設施和能力的投資。我們預計，與去年同期相比，第四財季的技術投資將增加約 0.05 美元的成本。

As I previously discussed, revenue and operating profit trends in this segment are not linear, and results can vary from quarter-to-quarter due to a range of factors, which includes 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 the shift to other services or a program termination, product delays and supply chain dynamics, payer utilization and formulary requirements, the annual verification programs 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趨勢併非線性，業績會因多種因素而逐季波動，這些因素包括利用率趨勢、新產品上市的時機和軌跡、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）、產品延遲和供應鏈動態、支付方利用率和處方集要求、我們在第四財季的時間和處方集要求、我們在第四季度

Moving now to the Medical-Surgical Solutions segment. We anticipate revenue and operating profit at the lower end of 2% to 6% growth. We're closely tracking the development of the current illness season. We have observed a soft illness season demand in our fiscal third-quarter. In the second half of December, illness severity levels peaked based on CDC data.

接下來進入醫療外科解決方案板塊。我們預計營收和營業利潤成長率將在 2% 至 6% 的較低水準。我們正密切關注當前疫情的發展。我們觀察到，在第三財季，疾病季的需求已疲軟。根據美國疾病管制與預防中心的數據，12月下半月，疾病嚴重程度達到高峰。

Variability remains a key factor, timing, severity, and the duration of each illness season can drive variation and meaningfully affect results on both a quarterly and annual basis. We continue to execute the separation of Medical-Surgical segment with discipline and focus. And with the transition service agreements in place, we're making significant progress to establish the Medical-Surgical segment as an independent company. McKesson has a strong track record of advancing our mission and unlocking shareholder value in complex and strategic transactions.

變異性仍然是一個關鍵因素，每個疾病季節的發生時間、嚴重程度和持續時間都會導致變異，並對季度和年度結果產生重大影響。我們將繼續以嚴謹的態度和專注的精神執行內外科業務板塊的分離工作。隨著過渡服務協議的落實，我們在將醫療外科部門打造為獨立公司方面取得了重大進展。麥克森在推進公司使命和透過複雜策略交易釋放股東價值方面擁有良好的業績記錄。

In recent years, we've demonstrated this multiple times including the exit of Change Healthcare, Europe, and our Canada-based retail operations. These portfolio actions have streamlined the company, sharpen strategy and created significant shareholder value, including more than doubling returns on invested capital.

近年來，我們已經多次證明了這一點，包括退出 Change Healthcare、歐洲市場以及我們在加拿大的零售業務。這些投資組合調整精簡了公司結構，優化了策略，並創造了顯著的股東價值，包括使投資資本回報率翻了一番以上。

Looking ahead, we remain confident in our ability to execute on the planned separation, accelerate growth across our differentiated platforms in oncology, multispecialty and biopharma services and maximize shareholder value. We anticipate corporate expenses to be in the range of $620 million to $650 million, which includes the year-to-date impact, $15 million of pretax gains from equity investments within the McKesson Ventures portfolio.

展望未來，我們仍然有信心執行計劃中的分拆，加速我們在腫瘤學、多專科和生物製藥服務等差異化平台上的成長，並最大限度地提高股東價值。我們預計公司支出將在 6.2 億美元至 6.5 億美元之間，其中包括年初至今的影響，以及 McKesson Ventures 投資組合中的股權投資帶來的 1,500 萬美元稅前收益。

Turning now to items below the line. We're narrowing the guidance range for interest expense to $215 million to $235 million. We anticipate income attributable to noncontrolling interest to be in the range of $230 million to $250 million, driven by the continued success of ClarusONE generic sourcing operations, and we anticipate the full year effective tax rate of approximately 19%.

現在來看下面的項目。我們將利息支出預期範圍縮小至 2.15 億美元至 2.35 億美元。我們預計歸屬於非控制權益的收入將在 2.3 億美元至 2.5 億美元之間，這主要得益於 ClarusONE 仿製藥採購業務的持續成功，我們預計全年有效稅率約為 19%。

Wrapping up our outlook with cash flow and capital deployment. 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 weighted-average diluted shares outstanding of approximately 124 million. We remain committed to a disciplined capital allocation framework that balances investment in high-return growth opportunities, the return of capital to shareholders and the preservation of a strong balance sheet supported by an investment-grade credit rating.

最後，我們總結一下現金流和資本部署情況。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 億美元的股票計劃，加權平均稀釋後流通股數約為 1.24 億股。我們始終致力於執行嚴謹的資本配置框架，在投資高回報成長機會、向股東返還資本以及維持穩健的資產負債表和投資等級信用評級之間取得平衡。

Our focus on accelerating growth across the portfolio of businesses aligned with our strategy, continues to deliver superior shareholder value creation. This consistent focus on execution has increased return on invested capital by more than 1,900 basis points since fiscal 2020 and now exceeding 30%. Our financial strength and flexibility remain a competitive advantage, enabling us to invest for future growth while returning meaningful value to our shareholders.

我們專注於加速與公司策略相符的各項業務的成長，持續為股東創造卓越價值。自 2020 財年以來，這種對執行力的持續關注已使投資資本回報率提高了 1900 多個基點，目前已超過 30%。我們的財務實力和靈活性仍然是我們的競爭優勢，使我們能夠投資未來的成長，同時為股東創造有意義的價值。

In summary, McKesson delivered strong third-quarter results, driven by performance across our core businesses, and accelerated growth in our strategic growth platforms, oncology multispecialty and biopharma services. The updated outlook reflects our confidence to build on this momentum, delivering optimized value creation for our shareholders. Our continued focus on executing against our strategies, combined with disciplined portfolio management and thoughtful capital deployment provides the foundation for a durable financial profile and positions us for sustained future growth.

總而言之，在核心業務表現強勁以及策略性成長平台、腫瘤多專科和生物製藥服務加速成長的推動下，麥克森第三季業績表現強勁。更新後的展望反映了我們有信心在此基礎上繼續發展，為股東創造最大價值。我們持續專注於執行我們的策略，加上嚴格的投資組合管理和深思熟慮的資本部署，為持久的財務狀況奠定了基礎，並為我們未來的持續成長奠定了基礎。

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

接下來，我們進入問答環節。

(Operator Instructions)

（操作說明）

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

A two-part question. First for Brian. You talked about technology and automation, allowing some of your employees to support more patients in the annual verification season. Can you talk about the specific investments you're making there? And then as a follow-up to Britt. How should we think about the longer-term opportunity to improve margins in that segment? It seems like through this annual verification season, you're seeing really strong margin pull-through there. Just curious what those margins can look like longer term?

這是一個包含兩個部分的問題。首先是布萊恩。您談到了技術和自動化，這將使您的部分員工能夠在年度核查季為更多患者提供支援。您能談談您在那裡的具體投資項目嗎？然後是布里特的後續報道。我們該如何看待提高該領域利潤率的長期機會？似乎透過今年的年度核查季，利潤率出現了非常強勁的成長。我只是好奇從長遠來看，這些利潤率會是什麼樣子？

Thanks, Allen. Yes, we were very pleased to see the investments we've been making in technology and whether we want to call it AI or large language models or generative AI or just other general tech tools to improve basically the workflows we experience internally to allow, for example, e-mails to be automated and red and queued up to agents in a way they're able to work through them in a much more rapid fashion, and that translated into a big boost in productivity.

謝謝你，艾倫。是的，我們非常高興地看到我們在技術方面的投資，無論我們稱之為人工智慧、大型語言模型、生成式人工智慧，還是其他通用技術工具，這些工具基本上都改善了我們內部的工作流程，例如，可以實現電子郵件的自動化處理、標記和排隊，以便客服人員能夠更快地處理這些郵件，這極大地提高了生產力。

And what, as you all know, is a very person intensive blizzard season for us. So we're very pleased with that, and that's not a sole example. I also gave an example of how for DSCSA, which was a new process being stood up around a new regulatory requirement. We sort of built it digitally native from the start so that we're able to autonomously resolve 75% of customer inquiries, which is obviously a great outcome for the customer, and it's a great outcome from us for an efficiency and a productivity standpoint.

大家都知道，對我們來說，這是一個人員密集度很高的暴風雪季節。我們對此非常滿意，而且這並非個案。我還舉例說明了DSCSA的情況，這是一個圍繞著新的監管要求而建立的新流程。我們從一開始就以數位化原生的方式建構了它，因此我們能夠自主解決 75% 的客戶諮詢，這顯然對客戶來說是一個很好的結果，從效率和生產力的角度來看，對我們來說也是一個很好的結果。

I can really go through examples like this throughout the entire business. We think of it in three different areas. We think about our employee experience, how do we make it easier to be an employee at McKesson. So there's less kind of paperwork that has to be done and all your time can be focused on the job at hand, and it's just a great experience to work at McKesson.

我真的可以舉出很多類似的例子來說明整個業務流程。我們從三個不同的面向來考慮這個問題。我們思考員工體驗，如何讓在 McKesson 工作更輕鬆。這樣一來，需要處理的文書工作就少了很多，你可以把所有的時間都集中在手頭的工作上，在麥克森工作真是一種很棒的體驗。

We want to focus on our patients and our customers. We want to make their experience with us seamless as can be. And then obviously, we want to focus on things where we think we can translate it into efficiency, productivity, leveraging the scale of the business. So it's really, I could -- if you want to give me the rest of the 28 minutes, I could go through company by company, business by business. I don't think we want to do that, but we're very excited, and we think these are strong proof points that the investments we've been making in the technology are yielding results for the company.

我們希望專注於我們的患者和客戶。我們希望盡可能為他們提供流暢無阻的體驗。然後很顯然，我們希望專注於那些我們認為可以轉化為效率、生產力，並利用企業規模優勢的事情。所以，如果你願意給我剩下的 28 分鐘，我真的可以——​​我可以逐個公司、逐一業務地進行分析。我認為我們並不想這樣做，但我們非常興奮，我們認為這些有力地證明了我們對這項技術的投資正在為公司帶來成果。

Allen, maybe I'll just follow up on your question. I have a lot more to add than what Brian said. But as we look at the portfolio within the segment, I just would remind you that half of the revenue of the segment is related to third-party logistics services, which are more distribution related. But the other half are technology service businesses to support biopharma.

艾倫，或許我應該就你的問題做個後續回答。除了布萊恩說的，我還有很多要補充的。但當我們審視該細分市場內的投資組合時，我想提醒各位，該細分市場一半的收入與第三方物流服務有關，而這些服務更與分銷相關。但另一半是為生物製藥提供支援的技術服務企業。

And as Brian pointed out, we look to position the portfolio to continue to automate capabilities and automated services and products on behalf of our biopharma partners. And I think we like the trajectory that we're seeing in the business. If you look at the segment, we've seen operating margins grow over 130 basis points year-over-year. So again, focusing on positioning our capabilities and our services to automate those products for biopharma partners is going to continue to improve that trajectory going forward.

正如布萊恩所指出的那樣，我們希望調整產品組合，繼續代表我們的生物製藥合作夥伴實現自動化功能、自動化服務和產品。我認為我們對目前業務的發展軌跡感到滿意。從該業務板塊來看，我們發現其營業利潤率年增超過 130 個基點。因此，我們將繼續專注於提升自身能力和服務，為生物製藥合作夥伴實現這些產品的自動化，從而不斷改善未來的發展軌跡。

Brian Tanquilut , Jefferies.

Brian Tanquilut，傑富瑞集團。

Congrats on the quarter. Maybe, Britt, just as I think about 2027 -- Fiscal '27 guidance, obviously, a little earlier, just with one quarter behind us. Just curious, any puts and takes you would call out or any nuances that we need to consider? And then as I think about just oncology and multispecialty margins, I think those were down almost 50 basis points sequentially versus down 10 last year for comparable periods. So any call outs there that you would share with us, especially since the moving pieces of the segment are new to The Street?

恭喜你本季取得佳績。布里特，也許，就像我思考 2027 年——顯然是 2027 財年的業績指引——一樣，現在才剛剛過去一個季度。只是好奇問問，您有什麼看漲或看跌的建議，或者我們需要考慮哪些細節？然後，當我單獨考慮腫瘤科和多專科的利潤率時，我認為與去年同期相比，這些利潤率環比下降了近 50 個基點，而去年同期下降了 10 個基點。那麼，您有什麼想跟我們分享的嗎？特別是考慮到這個環節的許多細節對The Street來說都是全新的？

Brian, thanks for the question. Let me try to address that for you. As we think about '27, as we typically do, we will provide you a full set of our outlook and guidance thoughts in May when we to our fourth-quarter call. But I would just point out a few things that clearly, we're seeing in the business. Brian and I both talked about stable utilization trends. We continue to see very strong specialty distribution growth and specialty product growth, and that's playing out very well, not only in our North American Pharmaceutical segment, but also in the oncology and multispecialty segment where we're investing.

布萊恩，謝謝你的提問。讓我來試著為您解答這個問題。展望 2027 年，我們將像往常一樣，在 5 月的第四季度電話會議上向您提供完整的展望和指導意見。但我只想指出一些我們在商業領域中明顯看到的現象。Brian 和我都談到了穩定的利用率趨勢。我們持續看到專業分銷和專業產品成長非常強勁，這不僅在我們北美製藥部門，而且在我們正在投資的腫瘤和多專科領域都取得了非常好的效果。

We're acquiring providers and building out platforms, and that certainly is having an impact on the positive growth that you're seeing. I think some of the things that Brian also talked about, we just chatted here briefly about the operating efficiency that we're seeing across the company. And as I mentioned, we saw a 138 basis point improvement operating expenses as a percentage of gross profit.

我們正在收購供應商並建立平台，這無疑對你們看到的正面成長產生了影響。我認為布萊恩也談到了一些事情，我們剛才也簡單地聊到了公司整體的營運效率。正如我之前提到的，營運費用佔毛利的百分比提高了 138 個基點。

So continuing to focus on efficiencies in the distribution centers, in the back office across the products that we're building. Those are all really positive building blocks as we move forward into FY27. As I think about the segment itself, to your question, we're really pleased with the growth that we're seeing in the segment. I talked about the organic growth of the business. We had 24% organic revenue growth.

因此，我們將繼續專注於提高配送中心和後台部門的效率，以及我們正在生產的各種產品的效率。這些都是我們邁向2027財年的重要基石。就您提出的這個問題而言，我們非常高興看到這個細分市場取得瞭如此成長。我談到了企業的自然成長。我們的有機收入成長了24%。

When you strip away the acquisitions, we had 15% organic adjusted operating profit growth. Quarter-to-quarter, you're going to have some variability from mix. Generally speaking, we're pleased with the -- how the segment is building and progressing on both revenue, operating profit dollars and the overall margins and adding acquisitions like PRISM and Core Ventures are going to be accretive to all of those.

剔除收購因素後，我們的有機調整後營業利潤成長了 15%。每季之間，由於產品組合的不同，肯定會有一些波動。總的來說，我們對該業務部門在收入、營業利潤和整體利潤率方面的成長和發展感到滿意，而像 PRISM 和 Core Ventures 這樣的收購將對這些方面都產生積極影響。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通。

Britt, I just want to follow up to that comment. So if I go back to last quarter, you talked about $51 million of a nonrecurring gain in oncology and multispecialty. So actually, if I back that out, it looks like the margin improved in that division by nearly 100 basis points.

Britt，我只想就你剛才的評論補充一點。如果我回顧上個季度，您談到了腫瘤科和多專科領域5100萬美元的非經常性收益。所以實際上，如果我把那部分扣除，該部門的利潤率似乎提高了近 100 個基點。

So you also made the comment today that between PRISM and Core Ventures that the contribution is still roughly the same as what you said last quarter, 30% to 34%. So I want to ask the question in a different way. It appears to me that the margins are improving quarter-over-quarter.

所以你今天也提到，PRISM 和 Core Ventures 的貢獻仍然和你上個季度所說的大致相同，為 30% 到 34%。所以我想換個方式問這個問題。在我看來，利潤率似乎正在逐季提高。

And I'm just curious what's driving that? I know at our conference, Brian and I talked about, for example, ambient scribing, making that more -- the physician more effective. We talked about biosimilars. Is there anything you would call out specifically as to what's driving that margin improvement? And how we think about that going forward?

我只是好奇是什麼原因導致這種情況？我知道在我們的會議上，布萊恩和我討論了例如環境記錄，使醫生的工作更有效率。我們討論了生物相似藥。您能否具體指出是什麼因素推動了利潤率的提升？那麼，我們接下來該如何看待這個問題呢？

Yes. It's a good point, Lisa. And again, that gain that you mentioned that was in the second-quarter. As we added the providers to the platform for Florida Cancer, as we've continued to build out our vision platform, those are positive mix attributes to the segment. We're also seeing continued growth in specialty and specifically in oncology products. So those are favorably impacting the overall operating margins of the segment.

是的。麗莎，你說得對。還有，您剛才提到的成長是在第二季。隨著我們不斷為佛羅裡達癌症中心平台添加供應商，以及我們持續建立願景平台，這些都是該細分市場的積極組合屬性。我們也看到，在專科領域，特別是腫瘤產品領域，也出現了持續成長。因此，這些因素對該部門的整體營業利潤率產生了有利影響。

And to the point that Brian made, we are early in our journey of automating and building AI capabilities for our customers, but we are seeing that have an impact, and we would expect that impact will continue to build over time. Quarter-to-quarter, you'll have some variability. You'll have some mix variability. But overall, as I mentioned in my comments to Brian, we believe that the additions of both PRISM and Florida Cancer are accretive, not only to revenue and operating profit dollars but also to the margins over time.

正如布萊恩所指出的，我們目前還處於為客戶實現自動化和建立人工智慧能力的早期階段，但我們已經看到這產生了影響，而且我們預計這種影響會隨著時間的推移而不斷增強。季度之間會有一些波動。你會得到一些混合比例的變化。但總的來說，正如我在給布萊恩的評論中提到的那樣，我們認為 PRISM 和佛羅裡達癌症中心的加入不僅會增加收入和營業利潤，而且隨著時間的推移還會提高利潤率。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Really nice job on the quarter. Maybe if I can home in a bit on North American pharma for 4Q. The implied guidance still indicates a pretty nice acceleration in terms of overall growth quarter-over-quarter or I guess for the full year. Is there anything we should consider relative to the growth trajectory, anything that's driving that within the North American side? And then relative to what is a wider range than normal, any way we should be thinking about differences in the puts and takes on the top and bottom of the range?

這季度做得真不錯。或許我可以稍微關心一下北美製藥業第四季的情況。隱含的業績指引仍然表明，整體成長將出現相當不錯的環比加速，或者說，全年成長也將如此。關於成長軌跡，我們是否應該考慮某些因素？北美地區有哪些因素在推動成長？那麼，相對於比正常情況更寬的範圍，我們應該如何考慮在範圍頂部和底部進行賣出和賣出操作的差異呢？

So again, I think if you think about our third-quarter results, as I mentioned, we had the held-for-sale accounting benefit last year, that created about 3% year-over-year impact to the segment. So our results were still quite strong in the quarter. As we continue to move into the -- to our fourth-quarter, we're pleased with the growth that we're seeing in specialty.

所以，我認為，如果你回顧一下我們第三季的業績，正如我之前提到的，我們去年享受了持有待售資產的會計優惠，這給了該業務板塊約 3% 的同比增長。因此，我們本季的業績依然相當強勁。隨著我們繼續進入第四季度，我們對特種產品領域的成長感到滿意。

I mentioned the growth that we're seeing, specifically in health systems and overall, the efficiency gains that we're seeing. Again, I mentioned the operating expenses as a percentage of gross profit. That's been consistently improving for us. That's the efficiency and the operational excellence and some of the investments that we've been making across our distribution center and in other areas to support our business, whether that be inventory management or demand planning.

我提到了我們所看到的成長，尤其是在醫療系統方面，以及整體上我們所看到的效率提升。我再次提到了營運費用佔毛利的百分比。這方面我們一直在穩定提升。這就是我們在整個配送中心和其他領域（無論是庫存管理還是需求計劃）所取得的效率和卓越運營，以及我們為支持業務發展而進行的一些投資。

So I think just generally speaking, the momentum in the business is good. I don't know that there's anything else specifically that I would call out. But overall, the momentum, the mix, the scale of our operations is performing well.

所以總的來說，我認為這個行業的成長勢頭良好。我不知道還有什麼其他需要特別指出的地方。但總體而言，我們的營運動能、產品組合和規模都表現良好。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

Maybe a question on the regulatory front. And Brian, I would ask you, it feels like the distributor value prop has held up very strong in the face of IRA, MFP, there seem to be a lot of variables in D.C. right now. I'd be interested in your view of what areas you're leaning into the most. And how you try to influence things that may be outside of your direct negotiation like MFN and changes to gross to net?

或許這是監管方面的問題。布萊恩，我想問你，面對 IRA、MFP 等諸多變數，經銷商的價值主張似乎仍然非常強大。我很想知道你最關注哪些領域。那麼，你如何嘗試影響那些可能不在你的直接談判範圍內的事項，例如最惠國待遇和總額轉淨額的變更？

Yes. Sure. I'll attempt to tackle that one. As it relates to IRA Part D, the first 10 drugs that went live -- just went live in January. So that's obviously not in our Q3 numbers, but it is in the increased guidance range that we have provided to you. And as you know, these kinds of things are -- they happen routinely.

是的。當然。我會嘗試解決這個問題。就 IRA D 部分而言，首批上線的 10 種藥物——剛剛在 1 月上線。所以這顯然不在我們第三季的業績數據中，但它在我們已向您提供的上調後的業績指引範圍內。你知道，這種事常常發生。

And so we sit down with our manufacturing partners continuously and talk about evolution in their portfolios and their pricing strategies and the value that McKesson brings and speaking in a very constructive way, we feel good about how those conversations have progressed. As we've talked in the past about MFN, for example, we think that it's -- the way it's rolled out today, it's largely a niche population of cash-paying patients that those with commercial insurance will still access their medicines through the same way. We will continue to monitor it. We'll continue to watch it.

因此，我們不斷地與製造合作夥伴坐下來，討論他們的產品組合和定價策略的演變，以及麥克森帶來的價值。我們以非常建設性的方式進行交流，並對這些對話的進展感到滿意。例如，正如我們過去討論過的最惠國待遇 (MFN) 一樣，我們認為，就目前而言，它主要面向的是自費患者這一小眾群體，而擁有商業保險的患者仍然可以通過同樣的方式獲得藥品。我們會繼續關注此事。我們會繼續關注。

As you know, we have lots of assets that can support and help scale those if we thought that that's the direction the market was going to go. And then as it relates to the policy landscape in general, there's a lot out there. But as we have evaluated it, we continue to think that implications for McKesson are quite navigable. If you take something like Globe, which is Part B, it's a -- it exempts anyone that already has an IRA drug out there. It is only applicable to 25% of the ZIP codes.

如您所知，如果我們認為市場會朝著那個方向發展，我們有很多資產可以支持和幫助擴大這些資產的規模。至於整體政策環境，也有很多值得探討的內容。但經過我們的評估，我們仍然認為這對 McKesson 的影響是可以應付的。如果你服用像 Globe 這樣的藥物（屬於 B 部分），那麼——它可以豁免任何已經持有 IRA 藥物的人。它僅適用於 25% 的郵遞區號區域。

It's only about 35% of oncology Medicare business. And as you start to do the math and chunk it down, we don't think it's going to be that material. And the fact is that the mechanism that they're using to administer the rebate is -- really goes, doesn't impact the provider reimbursement in any way. It's direct from the manufacturer to Medicare.

這僅佔聯邦醫療保險腫瘤業務的約 35%。當你開始計算並將其分解時，我們認為它不會是那種材料。事實上，他們用來管理退款的機制——實際上，不會以任何方式影響供應商的報銷。款項由製造商直接支付給聯邦醫療保險（Medicare）。

So the policy landscape is dynamic. We continue to have a great team in D.C. that is very engaged in the conversation. We take the approach to try to understand the problem that they want to solve. And then help find a solution that is supportive of the industry and importantly, is supportive of care being practiced in the community, where it's lower cost, it's higher accessibility, and we think it's the right answer for Americans.

因此，政策環境是動態變化的。我們在華盛頓特區仍然擁有一支非常優秀的團隊，他們積極參與討論。我們採取的方法是努力理解他們想要解決的問題。然後幫助找到一個對行業有利的解決方案，更重要的是，要支持在社區中實踐的護理，因為社區護理成本更低、可及性更高，我們認為這對美國人來說是正確的答案。

Glen Santangelo, Barclays.

Glen Santangelo，巴克萊銀行。

I just also wanted to follow up on Michael's question regarding the North American Pharmaceutical segment operating profit. Britt, I hear you if you sort of back Rexall out of last year, it looks like the growth in that segment was sort of 9% this quarter if I'm doing my math right. And then if I look at your full year segment guidance, you're kind of implying growth of 5% to 18%.

我還想就麥可提出的關於北美製藥業務部門營業利潤的問題做個後續說明。Britt，我明白你的意思，如果你把 Rexall 排除在去年的數據之外，如果我的計算沒錯的話，這個季度該領域的增長率似乎達到了 9%。然後，如果我看一下你們的全年業務分部預期，你們似乎暗示成長幅度在 5% 到 18% 之間。

And again, as Michael suggested, it's a little bit wider than normal. And I think I ask because kind of looking at the stocks today, obviously, the market is paying a little bit more attention about the potential for decelerating growth in that core. And so I'm just kind of curious if you're seeing anything that registers on your radar screen positively or negatively heading into fiscal 4Q and fiscal '27 that we should be paying closer attention to positive or negative for that matter.

正如邁克爾所說，它比正常情況略寬一些。我之所以這麼問，是因為從今天的股市來看，顯然市場更關注核心市場成長放緩的可能性。所以我很好奇，在進入第四財季和 2027 財年之際，您是否注意到任何值得我們更加關注的正面或負面因素。

Glen, thanks for the question. Let me just stop and just make sure that we're on the same page here. We took our adjusted operating profit growth targets for the full year from 5% to 9% to 8% to 12%. So the width of the range is the same. What we've done is just simply increased it. One, for the performance that we've seen through the first three quarters of the year; and two, really, the confidence that we have in the trajectory through the balance of the year, given really the strong specialty distribution growth that we're seeing, our continued focus and execution on operational excellence, the utilization trends that we're seeing.

格倫，謝謝你的提問。我先停下來，確保我們理解一致。我們將全年調整後的營業利潤成長目標從 5% 至 9% 下調至 8% 至 12%。所以範圍的寬度是相同的。我們所做的只是簡單地增加了它。第一，是對我們今年前三個季度所取得的業績的肯定；第二，鑑於我們看到的專業分銷業務強勁增長，我們對今年剩餘時間的發展軌跡充滿信心，我們持續專注於卓越運營並有效執行，以及我們看到的利用率趨勢。

All of those are supportive of the raise that we provide you today for our full year outlook, again, with the same width of the range at 8% to 12%. So I -- and we are very pleased with the performance. We are very pleased with the trends that we're seeing.

所有這些都支持我們今天向您提供的全年展望上調，再次強調，上調幅度仍保持在 8% 到 12% 之間。所以，我對演出效果非常滿意。我們對目前看到的趨勢非常滿意。

Certainly, the growth that we're seeing in specialty distribution, the strength that we're seeing across the business in retail pharmacy as well as health systems. And as I mentioned, the operational efficiency gains that we're seeing. So all of those are certainly positive and have led to the raise that we gave today for the full year adjusted operating profit.

當然，我們看到專業分銷領域的成長，以及零售藥局和醫療系統等整個業務領域的強勁勢頭。正如我之前提到的，我們看到了營運效率的提升。因此，所有這些因素無疑都是正面的，並促成了我們今天上調全年調整後營業利潤預期。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Given the IT investments you talked about in response to Allen's questions and certainly makes sense in the long-term vision of the company. If we think about your cap deployment priorities, and you've always talked about this portfolio management, should we expect sort of a shift more towards those internal growth investments versus what we've seen recently in terms of being more acquisitive? Or would we expect a sort of continuation of what we've seen in the historical pattern?

鑑於您在回答艾倫的問題時提到的 IT 投資，這當然符合公司的長遠願景。如果我們考慮您的資本部署優先事項，以及您一直以來對投資組合管理的重視，我們是否應該期待公司會更多地轉向內部成長投資，而不是像最近那樣更多地進行收購？或者我們可以預期歷史模式會繼續發展下去？

Yes. I don't think we've changed our philosophy at all. And we have continuously for the last many years, been investing back into our businesses to innate new products, add new features, extend our differentiation. And we've similarly deployed capital sometimes to acquire capability that we think it's better to acquire than take the time to build internally.

是的。我認為我們的理念根本沒有改變。在過去的許多年裡，我們不斷地將資金重新投入到我們的業務中，以開發新產品、增加新功能、擴大我們的差異化優勢。同樣，我們有時也會投入資金來獲取我們認為最好是購買而不是花時間內部建造的能力。

But our capital allocation framework is still the same. We still are excited about the opportunities we have to continue to scale through inorganic acquisitions that are aligned to our strategy, that fit our business model and that meet our financial returns. But our first priority is always to invest back in the growth of the business, and that can take two forms.

但我們的資本配置架構仍保持不變。我們仍然對透過符合我們策略、符合我們商業模式並能帶來財務回報的非有機收購來繼續擴大規模的機會感到興奮。但我們的首要任務始終是投資於業務成長，這可以採取兩種形式。

That could be internally, we can invest in people, technologies, other resources to help expand the differentiation and expand maybe our market opportunities or we can do it through inorganically. And we're -- I think we've got a successful track record of doing both, and we would look to continue that.

這可以透過內部投資來實現，例如投資於人才、技術和其他資源，以幫助擴大差異化優勢，並擴大市場機會；或者我們可以透過外部收購來實現。我認為我們在這兩方面都取得了成功，我們希望繼續保持這種勢頭。

Maybe I'll just add one more comment here, just to talk about our balance sheet and the financial position that we have, we have strong cash flows. And as I mentioned, our balance sheet is a competitive advantage for us, and it gives us the ability, not only continue to invest back into the business to acquire assets that are on strategy and then it will accelerate our growth opportunities, but also at the same time to return capital to shareholders and maintain a very strong balance sheet and investment-grade credit rating.

我或許還要再補充一點，談談我們的資產負債表和財務狀況，我們的現金流非常強勁。正如我之前提到的，我們的資產負債表是我們的競爭優勢，它不僅使我們能夠繼續投資於業務，收購符合策略的資產，從而加速我們的成長機會，而且還能同時向股東返還資本，並保持非常強勁的資產負債表和投資級信用評級。

We're able to do all of those given the execution that we have, the focus that we have of being disciplined, and that strength of the financial position, I think, is an advantage for us.

憑藉我們擁有的執行力、我們嚴謹的紀律以及強大的財務實力，我們能夠做到這一切，我認為這對我們來說是一個優勢。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Britt or Brian, I just wanted to ask, obviously, strong results here, and you saw accelerating core growth in both North America pharma and oncology, and multispecialty by our estimates here. Some of your competitors are kind of seeing maybe a little bit more deceleration in performance on a year-over-year basis. Anything specifically that you're doing or seeing specifically in your business that's contributing to that?

Britt 或 Brian，我只是想問一下，顯然，這裡的業績非常強勁，而且據我們估計，北美製藥、腫瘤和多專科領域的核心成長都在加速。你們的一些競爭對手可能出現了業績年比略微放緩的情況。您在業務中具體做了什麼或觀察到了什麼具體的事情導致了這種情況？

Well, I don't want to talk about my competitors' business, but I'd love to talk about my business. And I think it boils down to a clear strategy that's been in place for an extended period of time, a focused management team that is investing and deploying capital and resources to advance those strategies. Some good deployment of capital this past year, both PRISM Vision and Florida Cancer were great additions that fit right into our model that we're very, very pleased about.

我不想談論競爭對手的業務，但我很想談談自己的業務。我認為關鍵在於制定了一項長期有效的清晰策略，並組建了一支專注的管理團隊，投入資金和資源來推廣這些策略。過去一年，我們在資金運用方面取得了一些不錯的成果，PRISM Vision 和 Florida Cancer 都是非常棒的新成員，它們完全符合我們的模式，我們對此感到非常非常滿意。

And then just great execution in the day-to-day by the teams across the business. And really embracing the possibilities of improving the business, having that mindset every day, how do we improve and make the business better. So I think it's a combination of right strategy, good execution, focused discipline, and execution against that, and that's what I think's what I think has produced the momentum we've seen over the last several years.

此外，公司各團隊在日常工作中也表現出色。真正擁抱改進業務的可能性，每天保持這種心態，思考我們如何改善業務，使其變得更好。所以我認為這是正確策略、良好執行、專注紀律以及針對這些策略的執行相結合的結果，而我認為這就是我們在過去幾年看到的發展勢頭的來源。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Great. So as it relates to PRISM and FCS, I guess, can you speak a little bit more about how the transactions are progressing. You maintained the guidance expectation in terms of the contribution for those deals. Is that true for both assets? And anything you can break down in terms of underlying MSO business growth and how we should think about that longer term? Anything to call out that you're seeing now on the MSO side, excluding, or stripping out that distribution component of that segment?

偉大的。那麼，關於 PRISM 和 FCS，我想，您能否再詳細談談交易的進展？您維持了這些交易貢獻的預期指引。這兩種資產的情況都是如此嗎？您能否就MSO業務成長的根本原因以及我們應該如何看待其長期發展進行一些分析？就目前MSO方面而言，如果排除或剔除該細分市場的經銷環節，您有什麼需要特別指出的嗎？

Yes. Well, I would say that we maintain the full year -- the year one accretion guide that we provided. But as I've mentioned before, not only are we pleased with the business, we're pleased with the integration. We're pleased with the volumes that we're seeing thus far. We did make a small acquisition to add to the PRISM platform earlier in the fiscal year.

是的。嗯，我想說，我們維持了整整一年——也就是我們提供的第一年增值指南。但正如我之前提到的，我們不僅對業務感到滿意，也對整合過程感到滿意。我們對目前為止的銷售感到滿意。本財年早些時候，我們進行了一項小型收購，以擴充 PRISM 平台。

And I think, generally speaking, both businesses are performing on their acquisition case, in the case of PRISM, maybe slightly ahead. So I think we're -- everything that we saw going into it and that we guided you, we -- has come to fruition. And in addition to that, I think we're really pleased with the integration work that's been done. And certainly, the volumes have been stable and growing. And all of those have led to at least maintaining the guidance that we provided. And as I mentioned, maybe just slightly ahead of our acquisition case.

總的來說，我認為這兩家公司都達到了收購預期，就 PRISM 而言，可能略微超前一些。所以我覺得我們──我們之前所看到的一切，以及我們引導你們的一切──都已經實現了。除此之外，我認為我們對已完成的整合工作感到非常滿意。當然，交易量一直保持穩定成長。所有這些措施至少確保了我們能夠繼續提供指導。正如我之前提到的，可能比我們的收購案略微領先一點。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

Congrats on a soft quarter here. I want to focus a little bit more on the RxTS segment, particularly the strong operating profit results. Hoping you can provide a little bit more detail on the drivers there. It sounds like it was mostly access and affordability on the bottom line. But how much of that growth is coming from GLP-1-related programs versus other specialty drugs? And given the significant growth we've seen in the cash pay GLP-1 channel, particularly with the launch of oral GLPs, oral [Wegovy]. Are you seeing any shift in prior authorization behavior?

恭喜你們本季業績表現平平。我想更專注於 RxTS 業務板塊，特別是其強勁的營業利潤業績。希望您能提供更多關於那裡司機的信息。聽起來，最終決定因素主要是購買通路和價格承受能力。但這些成長中有多少來自 GLP-1 相關項目，又有多少來自其他專科藥物？鑑於現金支付的GLP-1通路取得了顯著成長，尤其是在口服GLP-1製劑上市後，口服製劑的市場前景十分廣闊。[Wegovy]。您是否觀察到預先授權行為有任何改變？

I'll start and then Britt, feel free to add on if you want. I briefly in my opening remarks about the quarterly results, adding 50 new programs across 43 different unique brands. And that was really not concentrated in any particular area. It was LoyaltyScript, it was hub services, it was access and affordability programs. So we continue to find the market very receptive to the solutions that we have that improve access and affordability.

我先開始，然後是布里特，如果你想補充的話，請隨意。我在開場白中簡要介紹了季度業績，新增了 50 個項目，涵蓋 43 個不同的獨特品牌。而且這種情況並沒有集中在任何特定區域。它是 LoyaltyScript，它是樞紐服務，它是准入和負擔能力計劃。因此，我們發現市場對我們提出的能夠改善醫療服務可近性和可負擔性的解決方案非常接受。

And in the Technology business, the scale of adding new customers is very constructive for the business. It was also -- we talked about the impacts of running the business more efficiently, and that certainly added to the performance of the business. But I would say we're just pleased with the breadth of the product portfolio and the broad market support we're seeing for the solutions that we offer.

在科技業，新增客戶的規模對企業來說是非常有建設性的。此外，我們也討論了提高企業營運效率的影響，這無疑提升了企業的績效。但我想說，我們對產品組合的廣度以及我們提供的解決方案所獲得的廣泛市場支援感到非常滿意。

I would just make the point that as I mentioned in my remarks that what we've seen thus far in terms of our annual verification programs, they've been off to a really good start as well. We're seeing meaningful volume growth. And to Brian's point, where we're adding new programs and new customers, we're seeing good volumes across all of those, not just GLP-1s, but the new brands and programs that we're adding. And so all of this is certainly accretive to the business on a year-over-year basis, and we're certainly comfortable in raising the outlook for the full year based on that.

我只想指出，正如我在演講中提到的，就我們目前的年度核查計劃而言，它們也取得了非常好的開端。我們看到銷量出現了顯著成長。正如布萊恩所說，當我們增加新項目和新客戶時，我們看到所有這些項目的銷售都很好，不僅僅是 GLP-1，還有我們新增的新品牌和項目。因此，所有這些因素無疑都會對公司業務產生逐年成長的影響，基於此，我們完全有信心提高全年業績預期。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

You had called out earlier, you've made positive comments about annual verifications. I'd love a little bit more color on that. And also, do you see GLP-1s possibly introducing new utilizers on the prior authorization side? Like is that part of the thing that's giving you more confidence in the business? How is that trending? How should we think about it? I think we're all wondering sort of how RxTS is going to continue to grow at the same pace into fiscal '27 and beyond and what the other drivers are. So if you could expand on those two, that will be great.

你之前曾公開表示過，你對年度核查給予了正面評價。我希望畫面能更豐富一些。另外，您認為 GLP-1 類藥物是否有可能在事先審批方面引入新的使用者群體？這是否也是讓你對這項業務更有信心的原因之一？這個趨勢如何？我們該如何看待這個問題？我想我們都想知道 RxTS 將如何以同樣的速度在 2027 財年及以後繼續成長，以及其他驅動因素是什麼。如果你能就這兩點展開說說，那就太好了。

Yes, the -- Look, the -- it's very early days for the oral GLP-1 launch. So it's really hard to try to dissect trends from the -- given the size of the injectable market versus a few weeks of launch of the oral drug. But we are seeing some prior authorizations come through there. I think -- we'll have to track this over time.

是的，——你看，——口服 GLP-1 的上市還處於非常早期的階段。因此，考慮到注射劑市場的規模與口服藥物上市僅幾週時間相比，很難從中分析趨勢。但我們看到一些事先授權已經到位。我認為——我們需要對此進行長期追蹤。

I mean I don't think anyone could tell you what share of GLP-1 oral growth will come at the expense of the injectable or what share of it will be net new customers. So that's something that we'll watch. But we're very confident the category will continue to grow.

我的意思是，我認為沒有人能告訴你 GLP-1 口服製劑的增長有多少是以犧牲注射劑為代價的，或者有多少是淨新增客戶。所以我們會密切關注這件事。但我們非常有信心，這一品類將會持續成長。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Brian and Britt, I'm not sure which one is -- which question -- which of you guys this question is for. But we know that going into your fiscal fourth-quarter, we're going to see a significant number of brand drug manufacturers take price decreases. It doesn't look like it's going to hit your income statement at all, either at the revenue line or at the operating earnings line.

Brian 和 Britt，我不確定這個問題是問你們兩個中的哪一個。但我們知道，進入第四財季，我們將看到大量品牌藥生產商降低藥品價格。看起來它根本不會影響你的損益表，無論是收入項還是營業利益項。

But Britt, I would just love if you could opine what you've seen from pricing actions for branded drug manufacturers, whether we should expect to see any impact? I know that you don't want to speak to fiscal '27? And I'd love to hear you talk about how McKesson has negotiated around its value proposition and maintained its economics?

但是布里特，我很想知道你對品牌藥生產商的定價策略有何看法，我們是否應該期待看到任何影響？我知道你不想談2027財年？我很想聽聽您談談麥克森是如何圍繞其價值主張進行談判並保持其經濟效益的？

Yes, George, I'm happy to do that. We've maintained very strong relationships with our manufacturing partners, and we have continual conversations with them about the products that they need us to support and about the fair value for the services that we provide. So we've continued to have very constructive conversations. We've continued to maintain the value that we're providing in our pricing, in our agreements with the manufacturers.

是的，喬治，我很樂意這麼做。我們與製造合作夥伴保持著非常牢固的關係，並不斷與他們溝通，了解他們需要我們支持的產品以及我們提供的服務的合理價值。因此，我們一直在進行非常有建設性的對話。我們一直致力於保持我們在定價和與製造商的協議中所提供的價值。

And what we've seen thus far in terms of pricing activity and changes in prices has been right in line with our expectations, it's really nothing out of line and really consistent with what we've seen over the past few years. So there has been a lot of a lot of changes over the last several months, but nothing that has impacted our economics, at least from a bottom line perspective.

到目前為止，我們在定價活動和價格變化方面所看到的一切都符合我們的預期，沒有任何出乎意料之處，而且與我們過去幾年所看到的情況非常一致。所以過去幾個月發生了很多變化，但至少從最終收益的角度來看，沒有任何變化對我們的經濟產生影響。

Pricing declines will have an impact on revenue, but it's not really material to our results. And I think we're really pleased with the strength of the relationships that we have with our manufacturing partners and the ability to retain the value.

價格下跌會對收入產生影響，但對我們的業績影響不大。我認為我們對與製造合作夥伴之間的牢固關係以及保持價值的能力感到非常滿意。

Great. Well, yes, thank you, everyone. Appreciate the great questions and really appreciate you joining the call tonight. I'd like to thank Cynthia for facilitating the call. We -- McKesson is really proud of the strong results that we delivered in our fiscal third-quarter. We continue to demonstrate our strong and our compelling value proposition and our ability to deliver superior returns for you, our shareholders.

偉大的。是的，謝謝大家。感謝您提出的精彩問題，也非常感謝您今晚參加電話會議。我要感謝辛西亞促成這通通話。我們—麥克森公司，對我們在第三財季取得的強勁業績感到非常自豪。我們將繼續展現我們強大的、引人注目的價值主張，以及為我們的股東帶來卓越回報的能力。

I would be remiss in this call without thanking all of our employees for their outstanding contributions and their unwavering commitment to McKesson and the execution of our strategies. Together, we're all excited and the progress we're making to advance health outcomes for all. Thanks again, everybody. I hope you have a terrific evening.

在這次電話會議中，我若不感謝我們所有員工的傑出貢獻以及他們對麥克森公司和我們策略執行的堅定承諾，就太失職了。我們共同感到興奮，並為我們在改善全民健康狀況方面取得的進展而感到自豪。再次感謝大家。祝你有個美好的夜晚。

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，祝您度過美好的一天。