沃博聯公司 (WBA) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Walgreens Boots Alliance, Inc. First Quarter 2022 Earnings Conference Call. (Operator Instructions) Thank you.

早上好，歡迎參加 Walgreens Boots Alliance, Inc. 2022 年第一季度收益電話會議。 （操作員說明）謝謝。

Tiffany, you may begin your conference.

蒂芙尼，你可以開始你的會議了。

Good morning. Thank you for joining us for the Walgreens Boots Alliance earnings call for the first quarter of fiscal year 2022. I'm Tiffany Kanaga, Vice President of Global Investor Relations. Joining me on today's call are Roz Brewer, our Chief Executive Officer; and James Kehoe, our Chief Financial Officer.

早上好。感謝您參加 Walgreens Boots Alliance 2022 財年第一季度財報電話會議。我是全球投資者關係副總裁 Tiffany Kanaga。和我一起參加今天的電話會議的是我們的首席執行官 Roz Brewer；和我們的首席財務官 James Kehoe。

As always, during the conference call, we anticipate making projections and forward-looking statements based on our current expectations. Our actual results could differ materially due to a number of factors, including those listed on Slide 2 and those outlined in our latest forms 10-K and 10-Q filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement after this presentation, whether as a result of new information, future events, changes in assumptions or otherwise.

與往常一樣，在電話會議期間，我們預計會根據我們目前的預期做出預測和前瞻性陳述。由於多種因素，我們的實際結果可能存在重大差異，包括幻燈片 2 中列出的因素以及我們向證券交易委員會提交的最新表格 10-K 和 10-Q 中概述的因素。我們不承擔在此演示文稿後公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件、假設變化或其他原因。

You can find our press release and the slides referenced on this call in the Investors section of the Walgreens Boots Alliance website. The slides and the press release also contain further information about non-GAAP financial measures that we will discuss today during this call.

您可以在 Walgreens Boots Alliance 網站的投資者部分找到我們的新聞稿和本次電話會議中引用的幻燈片。幻燈片和新聞稿還包含有關我們今天將在本次電話會議中討論的非公認會計原則財務措施的更多信息。

I will now turn the call over to Roz.

我現在將把電話轉給 Roz。

Thanks, Tiffany, and good morning, everyone. We are off to a very strong start to the fiscal year. First quarter sales increased 7.6% in constant currency, and adjusted EPS grew 53%, well ahead of our expectations. This strong performance was underpinned by enhanced execution across all of our business segments and supported by ongoing contributions from vaccinations and testing.

謝謝，蒂芙尼，大家早上好。我們本財年的開局非常強勁。按固定匯率計算，第一季度銷售額增長 7.6%，調整後每股收益增長 53%，遠超我們的預期。這一強勁表現得益於我們所有業務部門的增強執行力，以及疫苗和檢測的持續貢獻。

While testing and vaccinations are tailwinds for our business, I am very proud of the continued success of our core businesses, with strong growth in U.S. retail and robust recovery in our international markets.

雖然檢測和疫苗接種對我們的業務有利，但我對我們核心業務的持續成功感到非常自豪，美國零售業的強勁增長和我們國際市場的強勁復甦。

We are raising our full year adjusted EPS guidance to low single-digit growth versus flat previously. We are capitalizing on our first quarter performance and overall business momentum to make incremental investments of roughly $120 million in our people or 2 percentage points against EPS.

我們將調整後的全年每股收益指引上調至較低的個位數增長，而此前持平。我們正在利用我們第一季度的業績和整體業務勢頭，對我們的員工進行大約 1.2 億美元的增量投資，或相對於每股收益增加 2 個百分點。

As a reminder, building a high-performance culture and winning team is 1 of our 4 key strategic priorities and is foundational to the other 3: first, transform and align the core; second, build our next growth engine with consumer-centric healthcare solutions; and third, focus the portfolio and optimize capital allocation.

提醒一下，建立高績效文化和贏得團隊是我們 4 個關鍵戰略優先事項之一，也是其他 3 個優先事項的基礎：首先，轉變和調整核心；其次，以消費者為中心的醫療保健解決方案構建我們的下一個增長引擎；三是聚焦投資組合，優化資本配置。

Absent these incremental investments, our revised adjusted EPS guidance for fiscal '22 would have been 3% to 5% growth. You may recall that our original guidance already included a 4 percentage point headwind from investments to build out our healthcare growth engine, investments that we strongly believe will position the company for attractive low teens earnings growth over the long term.

如果沒有這些增量投資，我們修訂後的 22 財年調整後每股收益指引將增長 3% 至 5%。您可能還記得，我們最初的指導已經包括了 4 個百分點的投資逆風，以建立我們的醫療保健增長引擎，我們堅信這些投資將使公司在長期內實現有吸引力的低青少年盈利增長。

As we will show you today, we are delivering well against our Investor Day commitments as laid out in October and making meaningful progress towards our strategic priorities. While it remains early days in implementing our vision, the bold steps we are taking are clear and we are committed to creating sustainable value for our shareholders.

正如我們今天將向您展示的那樣，我們兌現了 10 月份制定的投資者日承諾，並在我們的戰略重點方面取得了有意義的進展。雖然實施我們的願景仍處於初期階段，但我們正在採取的大膽舉措是明確的，我們致力於為股東創造可持續價值。

I want to take a moment to discuss our role in the fight against the pandemic, which demonstrates Walgreens' leadership in promoting the health of the consumers who live in our communities.

我想花點時間討論我們在抗擊大流行病中的作用，這表明了沃爾格林在促進我們社區消費者健康方面的領導作用。

In the U.S., we administered 15.6 million COVID-19 vaccinations within the quarter. This achievement was made possible through the extraordinary work of our pharmacy team members. We recognize their dedication to supporting our patients, our customers and our communities as we continue to help lead the nation's efforts in combating the pandemic.

在美國，我們在本季度內接種了 1560 萬次 COVID-19 疫苗。這一成就是通過我們藥房團隊成員的非凡工作實現的。在我們繼續幫助領導國家抗擊這一流行病的努力時，我們認識到他們對支持我們的患者、我們的客戶和我們的社區的奉獻精神。

Nearly 1 year after we began our vaccination program with 1 COVID shot at a long-term care facility in Columbus, Ohio, we reached an important milestone for Walgreens at the end of the first quarter, 50 million COVID vaccinations administered to members of our communities. As of Monday, we have administered over 56 million COVID vaccinations, and we are not slowing down in our efforts. Walgreens began offering COVID vaccine boosters in September. And to date, we have administered over 9 million doses.

在我們在俄亥俄州哥倫布市的一家長期護理機構開始我們的疫苗接種計劃近一年後，我們在第一季度末達到了 Walgreens 的一個重要里程碑，為我們社區的成員接種了 5000 萬次 COVID 疫苗.截至週一，我們已經接種了超過 5600 萬次 COVID 疫苗，而且我們的努力並沒有放緩。 Walgreens 於 9 月開始提供 COVID 疫苗助推器。迄今為止，我們已經註射了超過 900 萬劑。

As of November, we started administering COVID vaccinations to children ages 5 to 11 in thousands of stores across the U.S., just in time as many families prepared to travel and gather for the holidays and variants continue to emerge. We are particularly proud of being the largest pediatric vaccine provider in the pharmacy channel as a powerful testament to the trust that families are placing in our Walgreens pharmacy team members. Importantly, about 40% of Walgreens stores offering the Pfizer COVID vaccine to children ages 5 to 11 are located in areas with a high social vulnerability index score.

截至 11 月，我們開始在美國數千家商店為 5 至 11 歲的兒童接種 COVID 疫苗，這正好趕上許多準備旅行和聚會度假的家庭，而且變種不斷出現。我們特別自豪地成為藥房渠道中最大的兒科疫苗供應商，這有力地證明了家庭對我們 Walgreens 藥房團隊成員的信任。重要的是，在向 5 至 11 歲兒童提供輝瑞 COVID 疫苗的沃爾格林商店中，約有 40% 位於社會脆弱性指數得分較高的地區。

Our testing and diagnostics business has also accelerated, with over 22.9 million COVID tests completed to date. Not only will we continue to grow this vital service as part of our pandemic efforts, but we are building on this platform as we are developing a wider range of testing and diagnostic solutions for our customers.

我們的檢測和診斷業務也在加速發展，迄今為止完成了超過 2290 萬次 COVID 檢測。作為大流行工作的一部分，我們不僅將繼續發展這一重要服務，而且我們正在這個平台上進行建設，因為我們正在為我們的客戶開發更廣泛的測試和診斷解決方案。

Our execution in vaccines and testing, our outperformance in the first quarter and our healthcare investments are clear steps towards fulfilling our vision to be the leading partner in reimagining local healthcare and well-being for all. We are making significant progress towards the broader commitments we established in October, along our 4 strategic priorities.

我們在疫苗和測試方面的執行、我們在第一季度的出色表現以及我們的醫療保健投資是實現我們成為重塑當地醫療保健和所有人福祉的領先合作夥伴的願景的明確步驟。我們正在朝著我們在 10 月份確立的更廣泛的承諾以及我們的 4 個戰略重點方面取得重大進展。

Let me provide you with some details on several important initiatives. First, we are transforming and aligning the core business and building a pharmacy of the future that will enable and support our healthcare strategy. We had an especially strong first quarter online, including buy online pickup in store. Digital sales were up 88% in the U.S., driven by 3.6 million same-day pickup orders. Walgreens saw its biggest Cyber Monday ever. And importantly, average order value is about $30 online versus $20 in stores, expanding our overall basket size as the digital channel continues to mature.

讓我為您提供一些重要舉措的詳細信息。首先，我們正在轉變和調整核心業務，並建立未來的藥房，以支持和支持我們的醫療保健戰略。我們在第一季度的在線業務表現特別強勁，包括在商店購買在線取貨。在 360 萬份當日取貨訂單的推動下，美國的數字銷售額增長了 88%。沃爾格林看到了有史以來最大的網絡星期一。重要的是，在線平均訂單價值約為 30 美元，而實體店則為 20 美元，隨著數字渠道的不斷成熟，我們的整體購物籃規模不斷擴大。

We are in the early innings of possibilities for Walgreens' digital platform. We've enrolled over 92 million myWalgreens members, up 7.2 million since the fourth quarter. Additionally, our alternative profit businesses are growing nicely, including media advertising and financial services.

我們處於沃爾格林數字平台的早期可能性。我們已經註冊了超過 9200 萬 myWalgreens 會員，比第四季度增加了 720 萬。此外，我們的另類盈利業務增長良好，包括媒體廣告和金融服務。

Second, we're building a platform of consumer-centric healthcare solutions, which we expect to fuel our next phase of growth. We closed on our Shields and VillageMD majority investments in October and November, respectively, and our CareCentrix investment is scheduled to close by the end of the third quarter. We have 81 VillageMD co-located centers now open as the rollout has accelerated to a pace of a new opening every 4 to 5 days for calendar year 2022.

其次，我們正在建立一個以消費者為中心的醫療保健解決方案平台，我們預計這將推動我們下一階段的增長。我們分別在 10 月和 11 月完成了 Shields 和 VillageMD 的多數股權投資，我們的 CareCentrix 投資計劃在第三季度末完成。隨著部署速度加快到 2022 日曆年每 4 到 5 天新開業的步伐，我們現在有 81 個 VillageMD 同地中心開放。

Our consumer health app is live with our Blue Shield California and Clover partners for their qualifying members. We are operating 47 Health Corners, including 10 recent openings in California. We're looking at a rapid cadence of adding a new Health Corner every week on average in 2022.

我們的消費者健康應用程序與我們的 Blue Shield California 和 Clover 合作夥伴一起為其合格會員提供服務。我們正在運營 47 個健康角，其中包括最近在加利福尼亞開設的 10 個。我們正在考慮在 2022 年平均每週增加一個新的健康角的快速節奏。

Third, we are refocusing our portfolio and optimizing capital allocation. We are applying a rigorous strategic lens to our equity investments and exploring all options to unlock value. Most recently, we have agreed to acquire 100% ownership of both AllianceRx Walgreens Prime and our German wholesale JV, creating greater agility ahead.

第三，我們正在重新調整投資組合併優化資本配置。我們正在對我們的股權投資應用嚴格的戰略眼光，並探索所有釋放價值的選擇。最近，我們同意收購 AllianceRx Walgreens Prime 和我們的德國批發合資企業 100% 的所有權，從而為未來創造更大的敏捷性。

Finally, we are building a diverse winning team that will underpin our strategic priorities. We're getting even closer to the consumer by adding Tracey Brown as our Chief Customer Officer on the back of her innovation at the American Diabetes Association and Sam's Club. Our Chief Transformation and Integration Officer, Anita Allemand, is applying her experience at Optum and CVS to drive alignment across our initiatives. We're forging ahead in healthcare with Dr. Sashi Moodley as our Chief Clinical Officer, and Ramita Tandon, as our Chief Clinical Trials Officer, drawing on their experiences in care delivery and clinical solutions while at Anthem, ICON and CareMore. And Holly May, as our Global Chief Human Resources Officer, is driving our high-performance culture. I'm excited to share even more news with you in the weeks to come as we continue to round out the team.

最後，我們正在建立一個多元化的獲勝團隊，這將支持我們的戰略重點。通過在美國糖尿病協會和山姆俱樂部的創新支持 Tracey Brown 成為我們的首席客戶官，我們更加貼近消費者。我們的首席轉型和整合官 Anita Allemand 正在運用她在 Optum 和 CVS 的經驗來推動我們的計劃的一致性。我們在醫療保健領域取得進展，Sashi Moodley 博士擔任我們的首席臨床官，Ramita Tandon 擔任我們的首席臨床試驗官，他們利用他們在 Anthem、ICON 和 CareMore 的護理提供和臨床解決方案方面的經驗。 Holly May 作為我們的全球首席人力資源官，正在推動我們的高績效文化。隨著我們繼續完善團隊，我很高興在接下來的幾週內與您分享更多新聞。

As our results and progress demonstrate, we have a deep and experienced bench in place to drive our strategic priorities today. And I'm pleased to say we are in the final stages of welcoming a leader for our Walgreens Health segment.

正如我們的成果和進展所表明的那樣，我們有一個深厚且經驗豐富的替補席來推動我們今天的戰略重點。我很高興地說，我們正處於歡迎沃爾格林健康部門領導者的最後階段。

To bring a little more of what I was describing to life, let me share with you an anecdote from one of our new Health Corners in California. On just its first day of operation in November, we saw the value proposition in action. A Blue Shield California member introduced himself and told us he's diabetic and struggles to make his visits to his primary care physician for his A1C testing. He was thrilled to learn he can do that here, along with his family. This is just one example of how we can close care gaps through our convenient offering.

為了使我所描述的內容更加生動，讓我與您分享我們在加利福尼亞州的新健康角之一的軼事。在 11 月運營的第一天，我們就看到了價值主張在行動。一位 Blue Shield California 成員介紹了自己，並告訴我們他患有糖尿病，並且很難去看他的初級保健醫生進行 A1C 測試。他很高興得知他可以和他的家人在這裡做到這一點。這只是我們如何通過便捷的服務彌合護理差距的一個例子。

As the Health Corners roll out, I have increased confidence that when executed at scale, this innovative and consumer-centric strategy will drive significant growth and value creation ahead. We are connecting our physical Health Corners with our digital app and our other unique complementary assets to meaningfully reduce costs and improve health outcomes and equity.

隨著 Health Corners 的推出，我更加相信，當大規模執行時，這種以消費者為中心的創新戰略將推動顯著增長和價值創造。我們正在將我們的實體健康角與我們的數字應用程序和其他獨特的補充資產聯繫起來，以有效地降低成本並改善健康結果和公平性。

And when you factor in the continued expansion of co-located clinics with VillageMD, nearly half of our footprint will be covered. We are building community engagement today as only Walgreens can do, through our trusted customer relationships, our local knowledge and our deep data insights.

當您考慮到與 VillageMD 共同設立診所的持續擴張時，我們將覆蓋近一半的足跡。今天，我們正在通過我們值得信賴的客戶關係、我們的本地知識和我們深入的數據洞察力來建立社區參與，這是只有 Walgreens 才能做到的。

With that, I'll hand it over to James to provide more color on our results and our outlook.

有了這個，我會把它交給詹姆斯，為我們的結果和前景提供更多的色彩。

Thank you, Roz, and good morning.

謝謝你，羅茲，早上好。

In summary, we had an excellent start to the year, with focused execution across all of our businesses. Adjusted EPS was $1.68, well ahead of expectations and up 53% versus prior year on a constant currency basis. We executed strongly in COVID vaccinations and testing. U.S. retail comps were the highest in 20 years, and international markets continued to recover nicely.

總而言之，我們在今年有一個良好的開端，我們所有業務都集中執行。調整後每股收益為 1.68 美元，遠超預期，按固定匯率計算，較上年增長 53%。我們在 COVID 疫苗接種和測試方面表現出色。美國零售收入達到 20 年來最高水平，國際市場繼續良好復甦。

Operating cash flow was $1.1 billion in the quarter, with free cash flow of $645 million. The strong first quarter performance allows us to increase our full year adjusted EPS guidance from flat to low single-digit growth.

本季度經營現金流為 11 億美元，自由現金流為 6.45 億美元。強勁的第一季度業績使我們能夠將全年調整後的每股收益指引從持平增長至低個位數增長。

Let's now look at the results in more detail. First quarter sales advanced 7.6% on a constant currency basis, reflecting strong comp growth in Walgreens and the International segment. Adjusted operating income increased 48.5% on a constant currency basis, driven by strong gross profit performance in both pharmacy and retail in the U.S. and a continued rebound in international sales and profitability.

現在讓我們更詳細地看一下結果。按固定匯率計算，第一季度銷售額增長了 7.6%，反映了 Walgreens 和國際部門的強勁增長。受美國藥房和零售業強勁的毛利潤表現以及國際銷售和盈利能力持續反彈的推動，按固定匯率計算，調整後營業收入增長 48.5%。

Adjusted EPS was $1.68 in the quarter, a constant currency increase of 53% driven almost entirely by adjusted operating income. The result was aided by around $0.10 or 9 percentage points of phasing benefits. GAAP EPS increased by $4.58 to $4.13, reflecting a $2.5 billion after-tax gain in the current quarter related to the valuation of our prior investments in VillageMD and Shields as well as a $1.2 billion charge net of tax from the company's equity earnings in AmerisourceBergen in the year ago quarter.

本季度調整後的每股收益為 1.68 美元，固定匯率增長 53%，幾乎完全由調整後的營業收入推動。結果得到了大約 0.10 美元或 9 個百分點的分階段收益的幫助。 GAAP 每股收益增加 4.58 美元至 4.13 美元，反映本季度稅後收益為 25 億美元，這與我們之前對 VillageMD 和 Shields 的投資估值有關，以及公司在美國資源伯根的股權收益的 12 億美元稅後淨收入一年前的一個季度。

Now let's move to the U.S. segment. Sales increased 3.2% in the quarter, with a strong performance from Walgreens more than offsetting a 270 basis point headwind from a decline in the AllianceRx Walgreens Prime business. Adjusted gross profit increased 12.3%, with both pharmacy and retail growing nicely. Strong sales growth was partially offset by lower reimbursement and higher shrink costs.

現在讓我們轉到美國部分。本季度銷售額增長 3.2%，沃爾格林的強勁表現抵消了 AllianceRx Walgreens Prime 業務下滑帶來的 270 個基點的不利影響。調整後毛利增長 12.3%，藥房和零售均增長良好。較低的報銷和較高的收縮成本部分抵消了強勁的銷售增長。

Adjusted SG&A spend increased 4.2% in the quarter to 17.2% of sales, 20 basis points higher than last year. The year-on-year increase was primarily due to investments relating to vaccinations and labor, partly offset by savings from the Transformational Cost Management Program and some phasing benefits. Adjusted operating income increased 46.3% as the strong gross profit growth more than compensated for higher costs associated with the COVID-19 vaccination program.

本季度調整後的 SG&A 支出增長 4.2%，達到銷售額的 17.2%，比去年高 20 個基點。同比增長主要是由於與疫苗接種和勞動力相關的投資，部分被轉型成本管理計劃的節省和一些階段性收益所抵消。調整後的營業收入增長了 46.3%，因為強勁的毛利潤增長足以彌補與 COVID-19 疫苗接種計劃相關的更高成本。

Now let's look in more detail at U.S. pharmacy. Pharmacy sales grew 1.1%, including the negative impact from AllianceRx Walgreens Prime. Comparable pharmacy sales were up 6.8%, while comp scripts increased 6.2% with vaccinations accounting for 535 basis points of the script growth. We completed 15.6 million COVID-19 vaccinations in the quarter and administered 6.5 million COVID-19 tests. We are now administering COVID-19 tests at around 7,000 stores. Flu shots were down as we saw a return to more normalized levels compared to the record levels last year. Additionally, underlying scripts were challenged by staffing shortages and temporary operating hour reductions. Adjusted gross profit grew nicely as strong sales growth at Walgreens more than offset reimbursement pressure.

現在讓我們更詳細地了解美國藥房。藥房銷售額增長 1.1%，包括 AllianceRx Walgreens Prime 的負面影響。可比藥房銷售額增長了 6.8%，而 comp 腳本增長了 6.2%，其中疫苗接種佔腳本增長的 535 個基點。我們在本季度完成了 1560 萬次 COVID-19 疫苗接種，並進行了 650 萬次 COVID-19 測試。我們現在正在大約 7,000 家商店進行 COVID-19 測試。與去年的創紀錄水平相比，我們看到流感疫苗恢復到更加正常化的水平，因此流感疫苗的數量有所下降。此外，基礎腳本受到人員短缺和臨時工作時間減少的挑戰。由於沃爾格林強勁的銷售增長抵消了報銷壓力，調整後的毛利潤增長良好。

Turning next to our U.S. retail business. Comp retail sales increased 10.6%. And excluding tobacco, comps were up 11.7%. Compared to pre-COVID levels on a 2-year stack basis, comp sales were up low double digits.

轉向我們的美國零售業務。比較零售額增長 10.6%。不包括煙草，comps 上漲了 11.7%。與基於 2 年堆棧的 COVID 之前的水平相比，comp 銷售額增長了兩位數的低位。

We saw broad growth across all categories led by 24.7% growth in health and wellness, driven by at-home COVID-19 tests and cough, cold, flu. Transactions were up 9% and discretionary categories performed well, with beauty comp sales growing 16.6% and personal care, up 11.6%. Strong sales growth drove an increase in gross profit. However, gross margin declined slightly, constrained by higher shrink from organized crime theft and increased import freight costs.

在家庭 COVID-19 測試和咳嗽、感冒、流感的推動下，我們看到所有類別的廣泛增長，其中健康和保健增長了 24.7%。交易量增長 9%，非必需品類別表現良好，美容產品銷售額增長 16.6%，個人護理產品增長 11.6%。強勁的銷售增長推動了毛利潤的增長。然而，毛利率略有下降，受有組織犯罪盜竊和進口貨運成本增加的限制。

Turning next to the International segment. And as always, I'll talk to constant currency numbers. Sales increased 34.2% in the quarter, including a 25.6 percentage point uplift from the formation of our wholesale joint venture in Germany. We are lapping the formation of the Germany JV on November 1, 2020 with the prior quarter, including only 1 month of sales. Excluding this impact, sales were up 8.6%, reflecting the ongoing recovery and strong execution across most international markets, particularly in the U.K., where sales advanced 13.4%. Adjusted operating income was $164 million in the quarter, up 89% versus prior year, led by higher sales and tight cost control.

轉到國際段旁邊。和往常一樣，我將討論不變的貨幣數字。本季度銷售額增長 34.2%，其中包括我們在德國成立批發合資企業後增長 25.6 個百分點。我們將在 2020 年 11 月 1 日與上一季度（僅包括 1 個月的銷售額）相比，建立德國合資企業。剔除這一影響，銷售額增長了 8.6%，反映出大多數國際市場的持續復甦和強勁的執行力，尤其是在英國，銷售額增長了 13.4%。本季度調整後的營業收入為 1.64 億美元，比去年同期增長 89%，這主要得益於銷售額的增長和嚴格的成本控制。

Let's now look in more detail at Boots U.K. Comparable pharmacy sales increased 8.8%. Stronger demand for services contributed to the increase, with sales up more than 200% year-on-year, benefiting from COVID-19 testing. Flu vaccinations were also up, and we recorded our largest ever season, with 2 million vaccinations during the first quarter, up 150% compared to last year. These positive developments were only partially offset by the non-repeat of favorable prior-year phasing of NHS funding.

現在讓我們更詳細地了解 Boots UK 的可比藥房銷售額增長了 8.8%。對服務的強勁需求推動了增長，銷售額同比增長超過 200%，受益於 COVID-19 測試。流感疫苗接種量也有所增加，我們記錄了有史以來最大的季節，第一季度有 200 萬次疫苗接種，與去年相比增長了 150%。這些積極的發展只是部分地被 NHS 資助的前一年有利階段的不重複所抵消。

Comparable retail sales increased 16.3%, reflecting a recovery in footfall and strong commercial execution. Market share strengthened across all categories, with beauty performing particularly well.

可比零售額增長 16.3%，反映客流量回升和強勁的商業執行。所有類別的市場份額都有所提高，其中美妝表現尤為出色。

Despite these strong results, footfall in the quarter remains around 20% below pre-COVID levels, with particular challenges in travel locations. We do, however, see continued strength in basket size, which was up around 12% in the first quarter compared to pre-COVID levels.

儘管取得了這些強勁的業績，但本季度的客流量仍比疫情前水平低 20% 左右，旅遊地點尤其面臨挑戰。但是，我們確實看到籃子規模持續強勁，與 COVID 之前的水平相比，第一季度增長了約 12%。

Finally, boots.com continued to do very well. Digital sales almost doubled compared to the equivalent pre-COVID quarter and now account for more than 15% of total retail sales.

最後，boots.com 繼續表現出色。與 COVID 之前的同等季度相比，數字銷售額幾乎翻了一番，現在佔零售總額的 15% 以上。

Looking ahead, we are monitoring the impact of Omicron. The U.K. government announced a move to slightly tighter restrictions, which started on December 13. We expect that footfall will remain sensitive to new COVID variants.

展望未來，我們正在監測 Omicron 的影響。英國政府宣布從 12 月 13 日開始採取略微收緊的限制措施。我們預計客流量將仍然對新的 COVID 變體敏感。

Turning next to Walgreens Health. This is our first quarter reporting results for our new Walgreens Health segment. Our majority investments in Shields and VillageMD closed on October 29 and November 24, respectively. Shields is immediately accretive, with sales of $25 million and adjusted operating income of $10 million in the quarter. Reflecting 6 days of ownership, VillageMD had sales of $26 million and an adjusted operating loss of $3 million. For this fiscal year, we anticipate VillageMD to be dilutive to EPS, consistent with our October statements.

轉到 Walgreens Health 旁邊。這是我們新的 Walgreens Health 部門的第一季度報告結果。我們對 Shields 和 VillageMD 的多數投資分別於 10 月 29 日和 11 月 24 日結束。 Shields 立即獲得增值，本季度銷售額為 2500 萬美元，調整後的營業收入為 1000 萬美元。 VillageMD 擁有 6 天的所有權，銷售額為 2600 萬美元，調整後的經營虧損為 300 萬美元。在本財年，我們預計 VillageMD 將稀釋每股收益，這與我們 10 月份的聲明一致。

Organic investments in Walgreens Health were slightly lower than expected due to the timing of expenditures. We expect to see rising investments over the course of the year.

由於支出的時間安排，對 Walgreens Health 的有機投資略低於預期。我們預計今年的投資將會增加。

Let's now look at some of the key metrics for Walgreens Health. In addition to Clover and Blue Shield, we continue to work with other interested partners and we are approaching our December 2022 goal of 2 million lives. As we scale our access to lives and partnerships, we will continue to build out our Walgreens Health Corners, with a goal of more than 100 by the end of 2022, with 47 already up and running.

現在讓我們看看 Walgreens Health 的一些關鍵指標。除了 Clover 和 Blue Shield，我們將繼續與其他感興趣的合作夥伴合作，我們正在接近 2022 年 12 月實現 200 萬人生命的目標。隨著我們擴大獲得生命和建立合作夥伴關係的範圍，我們將繼續建立我們的沃爾格林健康角，目標是到 2022 年底超過 100 個，其中 47 個已經啟動並運行。

We continue to expand the VillageMD footprint and will be in expansion mode for the foreseeable future. VillageMD currently has 257 locations across 18 markets, 81 of which are co-located with Walgreens stores, up from 55 at the end of fiscal '21. The goal is to have at least 160 co-located clinics in place by the end of '22.

我們將繼續擴大 VillageMD 的足跡，並將在可預見的未來處於擴張模式。 VillageMD 目前在 18 個市場擁有 257 個地點，其中 81 個與 Walgreens 商店位於同一地點，高於 21 財年末的 55 個。目標是到 22 年底至少有 160 家同地診所就位。

Both VillageMD and Shields are on a high-growth trajectory. On a pro forma basis, they delivered strong sales growth in their most recent quarter, with VillageMD advancing 182% and Shields growing 62%. Overall, we are very excited about our growth potential.

VillageMD 和 Shields 都處於高速增長的軌道上。在備考基礎上，他們在最近一個季度實現了強勁的銷售增長，VillageMD 增長了 182%，Shields 增長了 62%。總的來說，我們對我們的增長潛力感到非常興奮。

Turning next to cash flow. We generated $645 million of free cash flow in the first quarter, $118 million below prior year. Strong growth in operating income was more than offset by the phasing of working capital, prior year one-time benefits associated with the passing of the CARES Act and the increased capital expenditures behind key growth initiatives.

轉向現金流。我們在第一季度產生了 6.45 億美元的自由現金流，比去年同期低 1.18 億美元。營業收入的強勁增長被營運資金的分階段、與通過 CARES 法案相關的上一年一次性福利以及關鍵增長計劃背後的資本支出增加所抵消。

Turning now to full year guidance. We are raising our adjusted EPS guidance from flat to low single-digit growth. We now expect higher growth from our base business, reflecting a strong first quarter and higher levels of vaccinations and testing. We expect 30 million vaccinations this year, 5 million higher than our previous guidance.

現在轉向全年指導。我們正在將調整後的每股收益指引從持平上調至低個位數增長。我們現在預計我們的基礎業務會有更高的增長，這反映了第一季度的強勁勢頭以及更高水平的疫苗接種和檢測。我們預計今年將進行 3000 萬次疫苗接種，比我們之前的指導高出 500 萬次。

Our Walgreens Health segment is tracking well against its key milestones, with both the Shields and VillageMD transactions closing in the first quarter and the Walgreens Health organic business continuing to invest in future growth.

我們的 Walgreens Health 部門在其關鍵里程碑方面表現良好，Shields 和 VillageMD 交易均在第一季度完成，Walgreens Health 有機業務繼續投資於未來增長。

Within this guidance, we've reflected our decision to increase investments in our team members by an incremental $120 million. As highlighted earlier by Roz, without this investment, our full year adjusted EPS growth would have been 3% to 5%.

在本指南中，我們反映了我們決定將對團隊成員的投資增加 1.2 億美元。正如 Roz 早些時候強調的那樣，如果沒有這項投資，我們全年調整後的每股收益增長將達到 3% 至 5%。

Let me now provide some additional color on our guidance raise, including puts and takes versus prior guidance. As mentioned, we are planning for higher vaccinations in the fiscal year. Additionally, our U.S. retail comps were very strong in the first quarter, and we have seen this momentum continue into the second quarter. And we are also driving tight cost management across all of our segments. Balancing this, we made a decision to increase our labor investments. Recent labor challenges led to somewhat softer script volumes in the first quarter, and these investments should help improve the situation. Additionally, as with many of our peers, we are experiencing higher rates of shrink loss due to organized crime theft.

現在讓我為我們的指導性加薪提供一些額外的顏色，包括看跌期權和之前的指導。如前所述，我們計劃在本財政年度進行更高的疫苗接種。此外，我們的美國零售業務在第一季度非常強勁，我們已經看到這種勢頭持續到第二季度。我們還在所有部門推動嚴格的成本管理。為了平衡這一點，我們決定增加勞動力投資。最近的勞動力挑戰導致第一季度的劇本數量有所下降，這些投資應該有助於改善這種情況。此外，與我們的許多同行一樣，由於有組織的犯罪盜竊，我們正在經歷更高的收縮損失率。

Inflation is also on the rise. And while we expect to pass through the majority of these higher costs, there may be some short-term impacts.

通貨膨脹也在上升。雖然我們預計將通過這些較高成本中的大部分，但可能會產生一些短期影響。

In summary, we are raising our adjusted EPS guidance to low single-digit growth driven largely by our U.S. segment.

總而言之，我們正在將調整後的每股收益指引上調至低個位數增長，主要由我們的美國部門推動。

And let me now update you on some of the guidance metrics we provided during our recent Investor Day. Sales in the U.S. are now expected to be around 2 percentage points higher than previous guidance, driven by strength in both pharmacy and front of store. As a result, adjusted operating income is anticipated to be flat to up slightly, better than our previous guidance.

現在讓我向您介紹我們在最近的投資者日期間提供的一些指導指標。在藥房和店面實力的推動下，現在預計美國的銷售額將比之前的指導高出約 2 個百分點。因此，調整後的營業收入預計將持平至小幅上升，好於我們之前的指引。

Sales projections for international have also improved to 9% to 11% growth mainly due to improved market growth for our German wholesale business. We still expect International adjusted operating income growth of more than 50%.

國際銷售預測也提高至 9% 至 11%，這主要是由於我們的德國批發業務的市場增長有所改善。我們仍然預計國際調整後的營業收入增長超過 50%。

Walgreens Health remains on track. Sales will be slightly lower due to the timing of regulatory approval related to CareCentrix. However, this has an immaterial impact on earnings. Finally, we expect an adjusted tax rate of around 16%, consistent with prior guidance.

Walgreens Health 仍步入正軌。由於與 CareCentrix 相關的監管批准時間，銷售額將略有下降。但是，這對收益沒有實質性影響。最後，我們預計調整後的稅率約為 16%，與之前的指導一致。

With that, let me now pass it back to Roz for her closing remarks.

有了這個，現在讓我把它傳回給 Roz 做她的閉幕詞。

Thank you, James. To summarize, we are executing with a very strong start to the year and an increased fiscal 2022 outlook. WBA's transformation is underway, and I am pleased with our rapid progress along our strategic priorities.

謝謝你，詹姆斯。總而言之，我們今年的開局非常強勁，2022 財年的前景也有所提高。 WBA 的轉型正在進行中，我對我們在戰略重點方面的快速進展感到高興。

I'm looking forward to continuing this dialogue with you about our execution and progress next week at the JPMorgan Healthcare Conference. We are energized and focused on reimagining healthcare and well-being for everyone, with a clear path toward accelerated value creation across all our stakeholders.

我期待在下週的摩根大通醫療保健會議上與您繼續就我們的執行和進展進行對話。我們充滿活力，專注於為每個人重新構想醫療保健和福祉，為所有利益相關者加速創造價值開闢了清晰的道路。

Now I'd like to open the line for questions. Operator?

現在我想打開問題線。操作員？

(Operator Instructions) And your first question comes from Eric Coldwell from Baird.

（操作員說明）您的第一個問題來自 Baird 的 Eric Coldwell。

I'm first hoping you can provide a little more color on what's going on with AllianceRx Walgreens Prime. We saw the headlines earlier this week that Prime appeared to be dropping the contract and the fiduciary breach claims. But I guess, bigger picture, what's happening with that business, number one. Number two, is there any impact on guidance that we should note from taking the holding from 55% to 100%? And if you don't mind, I might have a follow-up.

我首先希望您能提供更多關於 AllianceRx Walgreens Prime 發生的情況的信息。本週早些時候，我們看到了 Prime 似乎正在放棄合同和信託違約索賠的頭條新聞。但我想，從更大的角度來看，該業務正在發生什麼，排名第一。第二，將持股比例從 55% 增至 100% 是否會對我們的指引產生影響？如果你不介意，我可能會跟進。

Thank you, Eric. Let me start off first by asking James to give a little bit of color on your second question, and then we'll go into the AllianceRx after that. Thank you.

謝謝你，埃里克。讓我首先讓 James 對你的第二個問題稍加說明，然後我們將進入 AllianceRx。謝謝你。

Yes. So Eric, so we've taken the stake from 55% to 100%. As you plot out your adjusted operating income, there will be no change because we already consolidate 100%. And then you have the below-the-line adjustment for the minority interest to 45%.

是的。所以埃里克，所以我們將股份從 55% 增加到 100%。當您繪製調整後的營業收入時，不會有任何變化，因為我們已經合併了 100%。然後您將少數股權調整為 45%。

So you will recall that when we gave guidance at the beginning of the year, it was a material driver within the U.S. business. We called out that there would be a 7% decline in U.S. revenues as a result of roughly an $8 billion decline in the AllianceRx Walgreens Prime business.

所以你會記得，當我們在年初給出指導時，它是美國業務的重要推動力。我們指出，由於 AllianceRx Walgreens Prime 業務下降約 80 億美元，美國收入將下降 7%。

So this large decline -- and we kind of stared at this and looked at it and said, this business will need to be restructured. It's probably better under one owner to do this quicker.

所以這種大幅下降——我們有點盯著它看，然後說，這項業務需要重組。在一個所有者的領導下更快地執行此操作可能會更好。

And honestly, we see -- we're formulating a new specialty strategy in the business. We see now that we have the Shields asset combined with our specialty pharmacies, combined with the AllianceRx Walgreens Prime business, we do believe we can formulate an integrated specialty business. Hold on a little bit until we come out with more information on this.

老實說，我們看到 - 我們正在製定一項新的業務專業戰略。我們現在看到，我們將 Shields 資產與我們的專業藥房相結合，再加上 AllianceRx Walgreens Prime 業務，我們相信我們可以製定一個綜合的專業業務。稍等一下，直到我們提供更多關於此的信息。

You've raised some legal disputes between the 2 parties. They've now been resolved as a result of the acquisition. Looking at our guidance, it has a slight negative impact because if we were declining $100 million in income year-on-year, we will now be declining 100% of that income on a net income basis as opposed to 55%. But honestly, this is a couple of cents on the full year. So I wouldn't even worry about it in the context of guidance.

您在兩方之間提出了一些法律糾紛。由於收購，它們現在已經得到解決。從我們的指導來看，它有輕微的負面影響，因為如果我們的收入同比下降 1 億美元，我們現在將在淨收入基礎上下降 100%，而不是 55%。但老實說，這是全年的幾美分。所以我什至不會在指導的情況下擔心它。

But I do want to reiterate, I think you'll see us maybe in the next 6 months, come out with a more energized specialty strategy, which will be more integrated in how we surround potential partners with a series of integrated services. So we're pretty excited by this.

但我確實想重申，我認為您可能會在未來 6 個月內看到我們推出更有活力的專業戰略，這將更加整合到我們圍繞潛在合作夥伴的一系列綜合服務中。所以我們對此感到非常興奮。

I do want to emphasize -- yes, sorry, I just do want to emphasize the relationship with Prime is very strong as a result of this. We're still significant partners of theirs in retail, and we will continue to offer specialty services to them on an ongoing basis as they require.

我確實想強調——是的，對不起，我只是想強調與 Prime 的關係因此非常牢固。我們仍然是他們在零售領域的重要合作夥伴，我們將繼續根據他們的需要持續為他們提供專業服務。

We actually have John Standley on the call. John, is there anything you want to add to that response to AllianceRx?

我們實際上讓 John Standley 參與了電話會議。約翰，您對 AllianceRx 的回復有什麼要補充的嗎？

No. James did a great job summarizing it. Specialty is a huge part of our business. We do $20 billion plus of specialty, and we're excited to bring these assets fully back into the portfolio, as James described. So big opportunity for us. We're really excited.

不，詹姆斯在總結方面做得很好。專業是我們業務的重要組成部分。正如詹姆斯所說，我們從事 200 億美元以上的專業業務，我們很高興能夠將這些資產完全重新納入投資組合。對我們來說機會如此之大。我們真的很興奮。

John, you actually answered my follow-up on just sizing the specialty business in total.

約翰，你實際上回答了我對專業業務總體規模的跟進。

North of $20 billion. So...

超過200億美元。所以...

Your next question comes from Lisa Gill from JPMorgan.

您的下一個問題來自摩根大通的 Lisa Gill。

Roz, I look forward to seeing you and James virtually next week.

羅茲，我期待著在下週幾乎見到你和詹姆斯。

So let me just start with, first, a clarification. James, just I want to understand in the guidance when you talked about higher vaccinations, this quarter was higher than we had anticipated. Obviously, we now have boosters for even 12-plus in the U.S. Can you talk about your expectation for vaccinations as well as testing in the updated guidance?

因此，讓我首先澄清一下。詹姆斯，當你談到更高的疫苗接種率時，我想在指導中理解，本季度高於我們的預期。顯然，我們現在在美國甚至為 12 歲以上的人提供了助推器。你能談談你對疫苗接種的期望以及更新指南中的測試嗎？

And then secondly, I just had a broader question for you, Roz, as we think about the strategy and the Health Corners. And how do we think about -- I don't know if this is for you or for John Standley, but how do we think about the profitability there? Do you think that longer term, you can do some kind of whether it's shared savings programs or other types of programs? Because getting an incremental script is great, but where really the opportunity is, right, is to lower the overall cost and potentially share in those savings. So if you could help us understand that as well.

其次，當我們考慮戰略和健康角時，我剛剛向你提出了一個更廣泛的問題，羅茲。我們如何考慮 - 我不知道這是否適合您或約翰斯坦德利，但我們如何考慮那裡的盈利能力？你認為從長遠來看，你可以做一些共享儲蓄計劃還是其他類型的計劃？因為獲得增量腳本很棒，但真正的機會是降低總體成本並可能分享這些節省。所以，如果你也能幫助我們理解這一點。

Okay. Great. I'll let James get started on testing. Thank you, Lisa.

好的。偉大的。我會讓詹姆斯開始測試。謝謝你，麗莎。

Yes. So Lisa, thank you. I think you had 5 or 6 questions in there. The first one, vaccinations. So we've increased the estimate from 25 million to 30 million. And that's basically as a result of high levels of activity in the first quarter.

是的。所以麗莎，謝謝。我想你有 5 或 6 個問題。第一個，疫苗。因此，我們將估計值從 2500 萬增加到 3000 萬。這基本上是第一季度高水平活動的結果。

I do want to stress, though, the 30 million is just -- it's a number picked at a point in time. Depending on the evolution of the variants and guidance from the CDC and others, this number could vary quite a bit. So there could be some potential upside to this, actually. And two, but specifically on that, we increased 5 million. That's worth about $0.09.

不過，我確實想強調，3000 萬隻是——它是在某個時間點選擇的數字。根據 CDC 和其他機構的變體和指導的演變，這個數字可能會有很大差異。所以實際上這可能有一些潛在的好處。還有兩個，但具體來說，我們增加了 500 萬。這大約值 0.09 美元。

And then testing, we had a fairly large opportunity as well because actually, the biggest driver in the first quarter is actually probably testing as opposed to vaccines. And that's probably in the range of $0.12 to $0.15 just on the full year. So I'm giving you a full year number. So $0.09 on vaccines and testing is, kind of call it, $0.12 to $0.15. So quite a sizable contribution to the full year.

然後進行測試，我們也有相當大的機會，因為實際上，第一季度最大的驅動力實際上可能是測試而不是疫苗。僅在全年，這可能在 0.12 美元到 0.15 美元之間。所以我給你一個全年的數字。因此，疫苗和檢測費用為 0.09 美元，可以說是 0.12 到 0.15 美元。所以對全年的貢獻相當可觀。

As we look at the 30 million, you break it out and approximately 19 million are boosters. And you can figure out what the rest is. Pediatrics, I believe, is somewhere in the region of 2 million, 2.5 million. So the rest is people aged 12 plus. So I can't be much more specific than that from memory. That is kind of our base assumptions.

當我們查看 3000 萬時，您將其分解，大約 1900 萬是助推器。你可以弄清楚其餘的是什麼。我相信兒科在 200 萬、250 萬左右。所以剩下的是12歲以上的人。所以我不能比記憶中的更具體。這是我們的基本假設。

We're not giving profitability. You can work it out from the cents per share that we just gave you. And I'm trying to remember that I cover all your questions?

我們不提供盈利能力。你可以從我們剛剛給你的每股美分計算出來。我試圖記住我涵蓋了你所有的問題？

Yes, you covered all my questions on that side.

是的，你在那方面涵蓋了我所有的問題。

We'll see you next week.

我們下週見。

So Lisa, let me talk a little bit about how we're thinking about our growth in Walgreens Health and how that really leverages our core business in Walgreens managed by John Standley.

所以麗莎，讓我談談我們如何考慮我們在 Walgreens Health 的增長，以及這如何真正利用我們在由 John Standley 管理的 Walgreens 的核心業務。

So here's the way to think about this. We are creating an entity here that does much more than just dispensing of pharmaceuticals. And so -- and the way to think about this is the number of VillageMD units that we plan to bring together, when you think about this investment of $5.2 billion, we'll be opening at least 600 of those Village Medical clinics within our entity and then adding the health corners. We're trying to put the consumer in the middle of this and also giving them the visibility of what it costs to manage their healthcare over their lifetime.

所以這是思考這個問題的方法。我們在這裡創建了一個實體，它的作用遠不止分配藥品。所以 - 考慮這一點的方式是我們計劃匯集的 VillageMD 單位的數量，當你考慮這筆 52 億美元的投資時，我們將在我們的實體內開設至少 600 家鄉村醫療診所然後添加健康角。我們正試圖將消費者置於其中，並讓他們了解在其一生中管理醫療保健的成本。

When we think about where does the profitability come from in this, it is much beyond the prescription usage. When I think about a customer coming into a VillageMD and actually understanding more about their healthcare needs, it will help them understand the spending and then also, too, what comes from operating a primary care physician practice within our entity.

當我們考慮這方面的盈利能力來自哪裡時，它遠遠超出了處方的使用範圍。當我想到一位客戶進入 VillageMD 並真正了解他們的醫療保健需求時，這將幫助他們了解支出以及在我們實體內經營初級保健醫生實踐的情況。

And then I think about the work that can happen between optimizing for that patient between understanding what the pharmacist is applying to that customer or patient's healthcare needs and to get that repeatability. And also giving the customer or patient the opportunity to come into one of our units and utilize a Health Corner.

然後我會考慮在為該患者優化之間可能發生的工作，了解藥劑師對客戶或患者的醫療保健需求的應用以及獲得可重複性。並且還讓客戶或患者有機會進入我們的一個單位並使用健康角。

And so just managing their care over time, for instance, looking at their A1C levels and things like that over a period of time will hopefully bring their cost of care down and keep them out of the healthcare system and returning to emergency rooms in hospital settings. And so we've not really articulated a clear view on profitability going forward. But what I would tell you is that this does take us well beyond just the additional script, it's much larger than that.

因此，只是隨著時間的推移管理他們的護理，例如，在一段時間內查看他們的 A1C 水平和類似的事情，有望降低他們的護理成本，讓他們遠離醫療保健系統並返回醫院環境中的急診室.因此，我們還沒有真正明確地表達對未來盈利能力的清晰看法。但我要告訴你的是，這確實使我們遠遠超出了附加腳本，它比這要大得多。

Okay. Great.

好的。偉大的。

I'll see you next week.

下週見。

And your next question comes from A.J. Rice from Credit Suisse.

你的下一個問題來自 A.J.瑞士信貸大米。

The front-end store in the U.S. sales were really strong. And I just wondered if we could delve into that a little bit? As you look at that, clearly, at-home testing probably had a component. Can you parse out how much that helped? And how -- as you look at the rest of the year, with the administration talking about sending out 500 million at-home tests, does that have implications for you in terms of your ability to get those tests yourself to sell them? Or -- and your expectations around that testing? And if there's something beyond testing that's really strong, can you comment on that as well on the U.S. front-end sales?

美國的前端商店銷售非常強勁。我只是想知道我們是否可以深入研究一下？正如你所看到的，很明顯，家庭測試可能有一個組成部分。你能分析出這有多大幫助嗎？以及如何 - 當您查看今年餘下的時間時，政府正在談論發送 5 億個家庭測試，這對您自己獲得這些測試並出售它們的能力有影響嗎？或者——以及您對該測試的期望？如果在測試之外還有一些非常強大的東西，你能評論一下美國的前端銷售嗎？

Yes. The -- I'll take a shot at that and then maybe John can add to it. If you take the growth on front of store, which was -- the 10.6% was the highest in 20 years.

是的。 - 我會試一試，然後也許約翰可以添加它。如果你考慮店面的增長，那就是——10.6% 是 20 年來的最高水平。

Right.

對。

The contribution coming from the COVID-19 screening test was about 320 basis points. So it was about 29%, 30% of the growth rate. So there is strong core performance in the front of store. It's not just at-home testing.

COVID-19 篩查測試的貢獻約為 320 個基點。所以大約是29%，30%的增長率。所以前面有強大的核心表現。這不僅僅是在家測試。

And so that's roughly in the quarter. I think it's a little over $200 million of revenue in the quarter. And I think it's around $0.06. I might get this wrong, roughly $0.06 contribution. So it's not a massively profitable sector. It's below the average of the health and wellness sector on a gross profit basis. Is that what you were looking for, A.J.?

所以這大約是在這個季度。我認為本季度的收入略高於 2 億美元。我認為大約是 0.06 美元。我可能弄錯了，大約 0.06 美元的貢獻。因此，這不是一個利潤豐厚的行業。按毛利潤計算，它低於健康和保健行業的平均水平。這就是你要找的，A.J.？

Okay. How about areas of strength?

好的。強項領域呢？

Yes. I think I'd just comment, James. We saw really strong performance in OTC, beauty, personal care, all very strong categories. Good success with our mass personalization efforts and a little bit of halo from the vaccine and testing. So I think those were all good contributors to the strong performance in the quarter.

是的。我想我只是評論一下，詹姆斯。我們在 OTC、美容、個人護理等所有非常強勁的類別中看到了非常強勁的表現。我們的大規模個性化工作取得了巨大成功，疫苗和測試帶來了一點光環。所以我認為這些都是本季度強勁表現的良好貢獻者。

Your next question comes from George Hill from Deutsche Bank.

您的下一個問題來自德意志銀行的 George Hill。

Yes. First, I'd like to welcome Tiffany aboard. So Tiffany, look forward to working with you.

是的。首先，我要歡迎蒂芙尼的加入。所以蒂芙尼，期待與您合作。

And I guess, Jim and John, I kind of have 2 questions around -- one is around what I would call underlying Rxs. You talked about the comp on the front of the store. In 2019, I guess, can you talk about where you feel like the -- what I would call the acute care script or the regular script comp looks like versus 2019 because there seems to be some debate about how close back to baseline we've gotten?

我猜，Jim 和 John，我有 2 個問題——一個是關於我稱之為潛在 Rxs 的問題。你談到了商店前面的補償。我想，在 2019 年，你能談談你的感受嗎——我稱之為急性護理腳本或常規腳本組合與 2019 年相比的情況，因為似乎存在一些關於我們有多接近基線的爭論得到？

And I guess if I could just sneak in a follow-up on the front of the store, James. A.J. asked a question about the in-home testing -- I'm sorry, yes, the in-home testing. Can you talk about the impact that, that's had on the average basket size and maybe the tier rate? What have you guys seen from people who've come in shopping for tests and people who've kind of bought stuff in addition to the tests?

我想如果我可以偷偷潛入商店前面的後續活動，詹姆斯。 A.J.問了一個關於家庭測試的問題——對不起，是的，家庭測試。你能談談這對平均籃子大小和等級率的影響嗎？你們從那些來購買測試的人和除了測試之外還買東西的人身上看到了什麼？

You want to take a shot, John, on the Rx?

約翰，你想在 Rx 上開一槍嗎？

Sure. I mean I think the -- I would just say on Rx, I think we saw script count growth above and beyond what we saw in vaccinations, but we think there's more opportunity for us there, just looking broadly at the marketplace. We are, as James and Roz talked about, making significant investments in the business, both from a staffing perspective as well as with Project Nucleus and other capabilities we're putting in to really drive that pharmacy experience in store. So I think we still see a ton of upside and growth opportunity just in the base pharmacy business just to grow our market share and to push that forward.

當然。我的意思是我認為 - 我只想在 Rx 上說，我認為我們看到腳本數量的增長超出了我們在疫苗接種中看到的數量，但我們認為那裡有更多的機會，只要放眼市場。正如 James 和 Roz 所說，我們正在對業務進行重大投資，無論是從人員配置的角度，還是從 Project Nucleus 和我們為真正推動店內藥房體驗而投入的其他能力。所以我認為我們仍然在基礎藥房業務中看到了大量的上升和增長機會，只是為了增加我們的市場份額並推動這一發展。

Yes. So George, the -- sorry, that's wrong. The Q1 was -- excluding immunizations, was up 1.8%. And it was a little softer than where we would have liked to have been. One of the big drivers was Medicaid, where the market grew strongly in both Medicaid and discounted products. And we like the market in Medicaid because we have a lower percentage overall share in the category.

是的。所以喬治， - 對不起，那是錯誤的。第一季度——不包括免疫接種，增長了 1.8%。它比我們想要的地方要軟一些。醫療補助是主要推動力之一，醫療補助和折扣產品的市場均強勁增長。我們喜歡醫療補助市場，因為我們在該類別中的整體份額較低。

That being said, don't -- there is a fairly strong connectivity between the scripts and the amount of vaccinations and testing done in the quarter because the pharmacists are doing both jobs, and there's been a high level of stress in the system, hence, the investments.

話雖如此，不要 - 腳本與本季度完成的疫苗接種和測試數量之間存在相當強的聯繫，因為藥劑師同時從事這兩項工作，並且系統中的壓力很大，因此, 投資。

So I think what has happened a little bit is because of staffing shortages, we've had to reduce operating hours in some locations. And then two is some of those phone calls that happen to say adherence follow-ups, are they taking the medication. Those phone calls were not priority #1 during the administration of the vaccination.

所以我認為發生的事情有一點是因為人員短缺，我們不得不減少一些地方的營業時間。然後兩個是那些碰巧說依從性跟進的電話，他們正在服藥嗎？在接種疫苗期間，這些電話並不是第一要務。

So we got to get a bit of a rebalancing in the year to go, and we are reasonably confident that the actions we're taking are definitely in the right direction. So we should see an uptick in scripts in the coming months.

因此，我們必須在接下來的一年中進行一些重新平衡，我們有理由相信我們正在採取的行動絕對是正確的方向。因此，我們應該會在接下來的幾個月中看到腳本數量的增加。

Your next question comes from Elizabeth Anderson from Evercore.

您的下一個問題來自 Evercore 的 Elizabeth Anderson。

I just wanted to follow up maybe on A.J.'s question. When you were talking about the at-home testing contribution in the quarter, that was super helpful. I just -- I guess, in terms of like how you're thinking about that on a go-forward basis with some of the administration changes, et cetera, how are you thinking about that in the broader context of the new guidance that you put out?

我只是想跟進 A.J. 的問題。當您談論本季度的家庭測試貢獻時，這非常有幫助。我只是 - 我想，就您如何在一些行政變更等方面考慮這一點而言，您如何在新指導的更廣泛背景下考慮這一點撲滅？

Well, maybe I'll tag team with John on this. There is a fair amount of talk about free testing. It's still to be determined when that will be in the market. We -- as far as I know, there isn't a website set up and there isn't a defined procedure of how it's all going to work. So I think it's a couple of months away.

好吧，也許我會在這個問題上將團隊與 John 聯繫起來。有很多關於免費測試的討論。什麼時候上市還有待確定。我們——據我所知，沒有建立網站，也沒有明確的程序來說明這一切如何運作。所以我認為還有幾個月的時間。

I think the critical one right now is stock availability. And I'll give you an interesting statistic. Our health and wellness share in the market generally is around 17%, 18%. Our share of the at-home test is 40%, 45%. So I think what we've superbly executed against is supply chain fulfillment and partnerships with suppliers.

我認為現在的關鍵是庫存可用性。我會給你一個有趣的統計數據。我們在市場上的健康和保健份額一般在 17%、18% 左右。我們在家測試的份額是 40%、45%。因此，我認為我們出色地執行的是供應鏈履行和與供應商的合作關係。

Right now, we're a little spotty in places on availability. We're at about 70%, but we clearly sold the majority of the at-home tests in the (inaudible) channel. So it's been a huge success. So the $200 million didn't come just magically, it came because of stock availability and we're much more -- we had -- I think we had 7 different types of COVID at-home tests in our stores in various places. So we've out-executed on this one, and that's why we have such a big contribution in the first quarter.

現在，我們在可用性方面有些參差不齊。我們的比例約為 70%，但我們顯然在（聽不清）渠道中出售了大部分家庭測試。所以這是一個巨大的成功。因此，這 2 億美元不僅僅是神奇地到來，而是因為庫存充足，而且我們更多——我們有——我認為我們在不同地方的商店裡進行了 7 種不同類型的 COVID 在家測試。所以我們在這方面的表現已經超出了預期，這就是我們在第一季度做出如此大貢獻的原因。

We think we will continue to out-execute. We see our stock availability levels going up significantly by mid-month. So we're feeling in a pretty good place in the next 3 months. Beyond that, nobody can tell. It's all on what's the -- where are the variants at a particular point in time. I think testing is here to stay for a considerable amount of time, but our full year forecast is not riding on this. I can assure you of that.

我們認為我們將繼續超越執行力。我們看到我們的庫存可用性水平在月中顯著上升。所以我們在接下來的 3 個月裡感覺很好。除此之外，誰也說不清。一切都取決於具體時間點的變體在哪裡。我認為測試將在這裡停留相當長的時間，但我們的全年預測並沒有以此為基礎。我可以向你保證。

That's really helpful. And if we think about -- I think you were really helpful in sort of giving your updated thoughts on the broader longer-term picture with VillageMD. I was wondering if you had any sort of data from the quarter sort of from co-located locations in terms of increase in sales in the Walgreens, either front end or pharmacy, or any other data you could point to us from that perspective?

這真的很有幫助。如果我們考慮一下——我認為你在某種程度上幫助你就 VillageMD 的更廣泛的長期前景提供了你的最新想法。我想知道你是否有任何來自本季度的任何類型的數據，比如來自同一地點的沃爾格林銷售額增長，無論是前端還是藥房，或者你可以從這個角度指向我們的任何其他數據？

No, not really. I think it's a little bit soon. I think we need another quarter behind us. We've got, I think, 81 clinics open. We still need -- and I was on the phone to some of the Village guys yesterday. We still need to get the same kind of stats. They already have stats that prove that a pharmacist working with a doctor produces tremendous benefits in terms of outcomes. We need to replicate those statistics in the co-located. We're convinced that will happen. It's just a timing difference.

不，不是。我覺得有點快了。我認為我們需要另一個季度。我想，我們有 81 家診所開業。我們仍然需要——昨天我和村里的一些人通了電話。我們仍然需要獲得相同的統計數據。他們已經有統計數據證明藥劑師與醫生合作會在結果方面產生巨大的好處。我們需要在同一地點複製這些統計數據。我們確信這會發生。這只是時間上的差異。

I think as you look forward on Village and -- I'm sorry, if you look forward on our segment, one thing I'd ask you to have in mind is the revenue is pretty small in the quarter because we're just closing the acquisitions. A good way to think about these acquisitions is both -- if CareCentrix closes at the beginning of the third quarter, we essentially will be doing a little over $1 billion a quarter in terms of revenue in the segment.

我想當你期待 Village 時，我很抱歉，如果你期待我們的細分市場，我想請你記住的一件事是本季度的收入非常少，因為我們剛剛結束收購。考慮這些收購的一個好方法是——如果 CareCentrix 在第三季度初關閉，我們基本上每個季度的收入將超過 10 億美元。

So if you think about Q4 and you do a simplistic run rate, by the time we finish Q4, we'll have a run rate of about $4 billion, probably north of $4 billion in terms of, call it, a 12-month run rate on the segment. That's the only kind of new insight we would give because a little bit -- analyst models are a little bit all over the place in terms of expectations.

因此，如果您考慮第四季度並進行簡單化的運行率，到第四季度結束時，我們的運行率將約為 40 億美元，就 12 個月的運行而言，可能超過 40 億美元段上的費率。這是我們唯一能提供的新見解，因為有點——分析師模型在預期方面有點無處不在。

So I don't think you're going to see stability on revenue until we get into Q3, and it all depends on closing time on CareCentrix. But once that's closed, you're looking at $1 billion a quarter for the remainder of the year.

所以我認為在我們進入第三季度之前你不會看到收入穩定，這完全取決於 CareCentrix 的關閉時間。但一旦結束，你將在今年剩餘時間裡看到每季度 10 億美元。

Your next question comes from Michael Cherny from Bank of America.

您的下一個問題來自美國銀行的 Michael Cherny。

I apologize if I keep coming back to this, but I just want to make sure I understand a lot of the moving pieces on guidance in particular, how it factors into the multiyear growth that you outlined at the Investor Day back in October.

如果我繼續回到這個問題，我深表歉意，但我只是想確保我理解很多關於指導的動人部分，特別是它如何影響你在 10 月投資者日概述的多年增長。

It seems to me, James, that if I'm looking at the pluses and minuses that you outlined, which are quite helpful, especially with some of the dynamics around the testing benefit that you're seeing, that the pluses more than offset the minuses relative to the magnitude of the EPS guidance. Maybe I would have expected a bit more.

詹姆斯，在我看來，如果我正在查看您概述的優點和缺點，這非常有幫助，尤其是在您所看到的圍繞測試益處的一些動態方面，優點不僅僅是抵消了相對於 EPS 指導的幅度的負數。也許我會期待更多。

And so I guess, relative to -- you quantified the labor investments relative to the shrink or the inflation or anything else. Is there anything we're missing in there in terms of the moving pieces? And especially given that a lot of the benefits are COVID-oriented. I know we can't predict what COVID is going to look like in fiscal '23. But does this change anything about the trajectory of jumping off point you expect for earnings growth relative to the previous outlook that you had mentioned?

所以我猜，相對於 - 你量化了相對於收縮或通貨膨脹或其他任何東西的勞動力投資。就移動部件而言，我們在那裡缺少什麼嗎？尤其是考慮到很多好處都是以 COVID 為導向的。我知道我們無法預測 COVID 在 23 財年會是什麼樣子。但是，相對於您之前提到的前景，這是否會改變您預期的盈利增長起點的軌跡？

Yes. I'm not sure we want to start getting into next year. But I would say that -- let's talk about shrink for a minute because you could actually argue that shrink is somewhat correlated with COVID in terms of it is something that has started to tick up post-COVID.

是的。我不確定我們是否要開始進入明年。但我想說——讓我們先談談收縮，因為你實際上可以爭辯說收縮與 COVID 在某種程度上是相關的，因為它在 COVID 之後已經開始上升。

So whether -- I'm not trying to get a direct correlation with it, but I'll give you a number. The shrink issue for us this year is in excess of $0.15 a share. So we don't anticipate that, that will continue longer term. So as you said, there's many puts and takes in both direction. So testing is a big number, but so is shrink. And we're going to have to redouble our efforts on shrink to get this number in a different direction.

那麼是否——我不是想直接與它相關，但我會給你一個數字。今年我們的縮水問題超過每股 0.15 美元。因此，我們預計不會出現這種情況，這種情況會持續更長時間。因此，正如您所說，雙向都有很多看跌期權。所以測試是一個很大的數字，但收縮也是如此。我們將不得不加倍努力縮小規模，以使這個數字朝著不同的方向發展。

And honestly, I think Congress needs to step up a little bit here because the magnitude of the problem is -- it's enormous. We've had, I don't know, 10 years where shrink is at -- And I'm not going to -- it sounds precise, it's not the exact number. It's a little over 2% of shrink, 2.25%. It's currently running at 3.25%. That's a 40 -- we estimate the shrink is about 40% to 50% higher on a percentage basis than it was prior to -- sorry, back prior to '19 -- sorry, prior to '20. So this is over the last 2 years. We're absorbing a 52% increase in shrink.

老實說，我認為國會需要在這裡加強一點，因為問題的嚴重性是 - 它是巨大的。我不知道，我們已經經歷了 10 年的收縮 - 我不會 - 這聽起來很準確，這不是確切的數字。收縮率略高於 2%，即 2.25%。它目前以 3.25% 的速度運行。那是 40 - 我們估計收縮率比之前高 40% 到 50% - 抱歉，回到 19 年之前 - 抱歉，在 20 年之前。所以這是過去2年的事情。我們正在吸收 52% 的收縮增長。

And it's organized crime. This is not petty theft. It's not somebody who can't afford to eat tomorrow. These are gangs that actually go in and empty our stores of beauty products. And it's a real issue for the -- as with all of our peers, it's a real issue.

這是有組織的犯罪。這不是小偷小摸。不是明天吃不起飯的人。這些團伙實際上進入並清空了我們的美容產品商店。這對我們來說是一個真正的問題——就像我們所有的同行一樣，這是一個真正的問題。

The other one is inflation. Honestly, I think we're doing a very good job of managing that. We have some -- we'll have minor ups and downs quarter-to-quarter. But generally, we're offsetting inflation. It might be $0.03 negative on the full year. So we're not talking about big numbers.

另一個是通貨膨脹。老實說，我認為我們在管理這方面做得非常好。我們有一些——我們每個季度都會有輕微的起伏。但總的來說，我們正在抵消通貨膨脹。全年可能為負 0.03 美元。所以我們不是在談論大數字。

But I think we have to wait and see how the year evolves. There's too many moving pieces honestly in terms of what is the final vaccination number in here, what's the final testing? And maybe I'll ask John just to comment a bit because we have an intention to build a diagnostics business longer term. And that will provide partial offset as we get into next year.

但我認為我們必須拭目以待，看看這一年會如何演變。老實說，這裡的最終疫苗接種數量是多少，最終測試是什麼？也許我會請約翰發表評論，因為我們打算長期建立診斷業務。隨著我們進入明年，這將提供部分抵消。

John or Roz, want to add on anything and maybe labor costs? Yes.

約翰或羅茲，想增加任何東西，也許還有人工成本？是的。

Yes, absolutely. I mean I think where we've gone with diagnostic testing now, just with COVID testing, in over 7,000 stores, we've got some good green shoots in A1C testing that are underway right now, just at the very early stages, but I think that's a big opportunity for us.

是的，一點沒錯。我的意思是，我認為我們現在已經進行了診斷測試，僅通過 COVID 測試，在 7,000 多家商店中，我們在 A1C 測試中獲得了一些良好的萌芽，目前正在進行中，只是處於非常早期的階段，但我認為這對我們來說是一個很大的機會。

And in our COVID testing, we do CLIA-waived rapid testing in our stores in over 4,000 locations. So as James said, I think that's one example of some of the changes to our business that will come out of COVID as we move forward that are big opportunities for us.

在我們的 COVID 測試中，我們在 4,000 多個地點的商店中進行了 CLIA 豁免的快速測試。正如詹姆斯所說，我認為這是我們業務的一些變化的一個例子，隨著我們的前進，我們將面臨巨大的機遇。

Mike, this is Roz. Can I just add a couple of things here, just for clarity. So you also noticed that we made a significant investment in labor. And as we are all involved in this uncertain labor market, we're not quite sure how much more investment we'll need to apply there. But what we've done so far, applying it very directly against regaining our script business, which could turn the numbers around in that area. And also as the potential for a forth dose to come online, we're managing through that. So the uncertainty here is the other part that we need to think about.

邁克，這是羅茲。為了清楚起見，我可以在這裡添加幾件事。因此，您還注意到我們在勞動力方面進行了大量投資。由於我們都參與了這個不確定的勞動力市場，我們不太確定我們需要在那裡進行多少投資。但是到目前為止，我們所做的非常直接地應用它來恢復我們的腳本業務，這可能會扭轉該領域的數字。此外，作為第四劑上線的潛力，我們正在通過它進行管理。所以這裡的不確定性是我們需要考慮的另一部分。

And then I just wanted to mention the piece on shrink, is that we're managing this on a couple of different levels. We -- it's happening at store level, but myself personally and our government relations team has been in the Washington, D.C. area, having conversations with our national leaders on how do we get around this shrink issue. And what we're seeing is goods leaving from our store and ending up online applications.

然後我只想提一下關於收縮的文章，是我們在幾個不同的層面上進行管理。我們——這發生在商店層面，但我個人和我們的政府關係團隊一直在華盛頓特區，與我們的國家領導人就如何解決這個收縮問題進行對話。我們看到的是從我們的商店離開並最終進入在線應用程序的商品。

So we're working with our partners that are in the online business pretty heavy to make sure that we can monitor this situation. So it's that level of uncertainty and the enormity of some of these issues that you may look at this and say, is there more to be had here. But it's the uncertainty piece that we're managing, Mike, if that's helpful.

因此，我們正在與在線業務相當活躍的合作夥伴合作，以確保我們能夠監控這種情況。因此，正是這種程度的不確定性和其中一些問題的嚴重性，你可能會看到這個並說，這裡是否還有更多內容。但這是我們正在管理的不確定性部分，邁克，如果這有幫助的話。

All of that's very helpful in terms of understanding the moving pieces.

所有這些對於理解移動部件都非常有幫助。

Your next question comes from Steven Valiquette from Barclays.

您的下一個問題來自巴克萊銀行的 Steven Valiquette。

So just a quick question on the quarterly cadence of earnings in the remainder of fiscal '22. The adjusted operating profit for the company has always been up sequentially in fiscal 2Q versus fiscal 1Q in each fiscal year historically. So is there any reason why that would not be up sequentially in fiscal 2Q versus fiscal 1Q this year, just on the sequential adjusted operating profit? Also, what are your latest thoughts around the flu benefit for the company in fiscal 2Q as well?

所以只是一個關於'22財年剩餘時間的季度收益節奏的快速問題。從歷史上看，該公司的調整後營業利潤在第二財年與第一財年相比一直在環比上升。那麼，僅根據連續調整後的營業利潤，是否有任何理由在第二季度與今年第一季度相比不會連續上升？此外，您對公司在第二財季的流感福利有何最新看法？

I'm not sure on the sequential side. Honestly, I don't have it in front of me. I think we do see that Q2 will be a positive quarter on EPS growth year-on-year because there was low levels of vaccination in the prior quarter. So will we have a good second quarter? The answer is yes.

我不確定順序方面。老實說，我面前沒有它。我認為我們確實看到第二季度每股收益同比增長將是一個積極的季度，因為上一季度的疫苗接種水平較低。那麼我們會有一個好的第二季度嗎？答案是肯定的。

Obviously, there's a lot up in the air in terms of how much of the vaccinations were shifted from Q2 into Q1. And that's what we're struggling with on a daily basis is what is the estimate on the full year? How many people will get boosted? What is the pediatric number? And it's quite a lot of detailed work. So -- but we will have a good second quarter.

顯然，關於有多少疫苗從第二季度轉移到第一季度，還有很多懸而未決的事情。這就是我們每天都在努力解決的問題，全年的估計是多少？有多少人會得到提升？兒科編號是多少？這是相當多的詳細工作。所以 - 但我們將有一個很好的第二季度。

And the second part of your question was?

你問題的第二部分是？

Yes. Just as far as the updates on the flu.

是的。就流感的最新情況而言。

Yes. Flu, we had a very strong -- strangely, we had a very strong flu season in the U.K., which was up 150%. Then we had a fairly weak one in the U.S. Flu incidences generally were down compared to a record season last year. So did it go brilliantly? The answer is no.

是的。流感，我們經歷了非常強烈的流感——奇怪的是，我們在英國經歷了非常強烈的流感季節，上漲了 150%。然後我們在美國的流感發病率相當低。與去年創紀錄的季節相比，流感發病率普遍下降。那麼它是不是很精彩呢？答案是不。

I would -- I think the exact number is while we were -- I think it was an 80 basis point headwind on vaccinations, something like that. When you look at the script numbers, the first quarter was 80 basis points negative due to a weaker flu season.

我會 - 我認為確切的數字是在我們當時 - 我認為這是對疫苗接種的 80 個基點的逆風，類似的事情。當您查看腳本數字時，由於流感季節較弱，第一季度為負 80 個基點。

Your next question comes from John Ransom from Raymond James.

您的下一個問題來自 Raymond James 的 John Ransom。

You guys have called out 340B as a risk. And we've noticed that the manufacturers have won a couple of rounds in the courts and that there's reduced support for this program for the contract pharmacies. Is that -- what kind of headwind is that this year versus last year? And how should we think about this long term?

你們已經將 340B 稱為風險。我們注意到，製造商在法庭上贏得了幾輪勝利，並且對合同藥房的該計劃的支持有所減少。那是 - 今年與去年相比是什麼樣的逆風？我們應該如何看待這個長期的問題？

John, thank you for that question. I'm going to ask our John Standley to talk a little bit about the impact of 340B. And if there's any other numbers, James will close out the question. John?

約翰，謝謝你的問題。我要請我們的 John Standley 談談 340B 的影響。如果還有其他數字，詹姆斯將結束這個問題。約翰？

I don't think it's a hugely material issue for us at the moment. We're obviously watching the situation. We feel the administration is actually very supportive. And the idea here is obviously to get access to the medications to as many folks who should have them as possible, and that's really our objective as well.

我認為目前這對我們來說不是一個非常重要的問題。我們顯然正在關注局勢。我們覺得政府實際上非常支持。這裡的想法顯然是讓盡可能多的人獲得藥物，這也是我們的目標。

And obviously, Shields gives us a whole another approach here as well as we look at the 340B space. But it's also an important part of our specialty business and again, just making sure that we can get patients access to the medications that they should have. So I think as far as what we can see in exposure so far, that's reflected in the guidance that we've given.

很明顯，Shields 在這里為我們提供了另一種方法，以及我們查看 340B 空間。但這也是我們專業業務的重要組成部分，而且再次確保我們可以讓患者獲得他們應該擁有的藥物。因此，我認為就我們迄今為止在曝光中看到的情況而言，這反映在我們提供的指導中。

Yes. I would just summarize. It's not material year-on-year. I think it's tracking slightly behind budget, but it's not even material enough to talk about. And then year-on-year, I'd call it kind of neutral.

是的。我只是總結一下。年復一年不是很重要。我認為它的跟踪略低於預算，但它甚至不足以談論。然後年復一年，我稱之為中性。

Okay. And then just as a more of a big picture question. I guess we're all trained that 20 years of thinking that the PBMs have just locked up the specialty market. They can use their benefit structure. UnitedHealthcare just took Diplomat to 0. People use their mail order. So just at a high level, and I know you -- this is yet to be rolled out fully, but how do you break that PBM benefit structure cartel with specialty given that you don't own a PBM directly?

好的。然後就像一個更大的問題。我想我們都接受了 20 年的訓練，認為 PBM 剛剛鎖定了專業市場。他們可以使用他們的福利結構。 UnitedHealthcare 剛剛將 Diplomat 降為 0。人們使用他們的郵購。所以只是在高層次上，我知道你 - 這還沒有完全推出，但你如何打破 PBM 利益結構卡特爾的專業，因為你沒有直接擁有 PBM？

John, I'll...

約翰，我會...

John.

約翰。

Yes. I was going to jump in, if that's okay. So I think what's important about us is access. So between what we have in community pharmacy today, what we have in hospital pharmacies, what we dispense in our retail pharmacies and what we have today through our central fill, we bring, I think, a great network of access to the marketplace with really strong clinical capabilities.

是的。如果可以的話，我會跳進去的。所以我認為對我們來說重要的是訪問。因此，在我們今天在社區藥房擁有的東西、我們在醫院藥房擁有的東西、我們在零售藥房分配的東西以及我們今天通過中央填充所擁有的東西之間，我認為，我們帶來了一個很好的市場准入網絡，真正臨床能力強。

And just as an important part of that is our relationships with pharma. And just over the last few months, we brought in 10 new limited distribution drugs to our portfolio now of probably just over 200 limited distribution drugs. So we actually do business with all of those large PBMs that you mentioned and support them in their efforts. They're important partners to us as well as direct contracting.

同樣重要的是我們與製藥公司的關係。就在過去幾個月裡，我們為我們的產品組合帶來了 10 種新的限量分銷藥物，現在可能只有 200 多種限量分銷藥物。因此，我們實際上與您提到的所有這些大型 PBM 開展業務，並支持他們的努力。他們是我們的重要合作夥伴，也是我們的直接簽約方。

So I think there's space for us in this market, and you'll hear us talk about that as we bring our strategy forward here for the integration of all the capabilities that we have.

所以我認為我們在這個市場上有空間，當我們在這裡推進我們的戰略以整合我們擁有的所有能力時，你會聽到我們談論這個問題。

And the last question for today comes from Eric Percher from Nephron Research.

今天的最後一個問題來自 Nephron Research 的 Eric Percher。

I'll stay on the pharma macro front. I know that the Biden administration is considering taking administrative action on DIR fees. And these fees, we understand, to be significant for independent retail and spec pharmacies. I'm interested to what extent they've been meaningful as a reimbursement pressure for Walgreens? And would it be material if we see limitations to DIR fees put forth?

我將留在製藥宏觀方面。我知道拜登政府正在考慮對 DIR 費用採取行政行動。我們理解，這些費用對於獨立零售和規範藥店來說意義重大。我感興趣的是，它們作為沃爾格林的報銷壓力在多大程度上有意義？如果我們看到對 DIR 費用的限制，這是否重要？

Thanks, Eric, for the question. John Standley, you want to take that one?

謝謝，埃里克，這個問題。約翰斯坦德利，你想拿那個嗎？

You bet. So yes, we're working with industry groups in various states to really try and make sure that any kind of performance-related fees are fair and equitable, which many DIR fees today just aren't, the way they're designed. And so that's really, I think, the key component of it from a regulatory perspective.

你打賭。所以，是的，我們正在與各個州的行業團體合作，真正嘗試確保任何與績效相關的費用都是公平和公正的，而今天的許多 DIR 費用卻不是，它們的設計方式。因此，我認為，從監管的角度來看，這確實是它的關鍵組成部分。

So we support efforts to just try and have a fee structure that makes sense where a community pharmacy or a retail pharmacy is fairly compensated for the services that it provides. That's really kind of where we're headed here.

因此，我們支持努力嘗試建立一個合理的收費結構，讓社區藥房或零售藥房因其提供的服務得到公平補償。這就是我們要去的地方。

I think the impact of it, we would just have to see, one, specifically what the regulation is. And then secondly, do the PBMs or others -- or not really PBMs, plan sponsors somehow shift the playing field in some other way. You'd have to take into consideration in terms of trying to determine the quantitative impact of what those changes might be. But clearly, some of these fees just don't make any sense.

我認為它的影響，我們只需要看看，一個，具體是什麼監管。其次，做 PBM 或其他 - 或者不是真正的 PBM，計劃贊助商以某種其他方式改變競爭環境。在嘗試確定這些變化可能產生的定量影響時，您必須考慮到這一點。但顯然，其中一些費用沒有任何意義。

And is it fair to assume that as you've had to deal with fees that maybe don't make sense, they're penalizing you and that has fallen to the bottom line fairly directly?

是否可以公平地假設，由於您不得不處理可能沒有意義的費用，他們正在懲罰您，而這已經相當直接地降到了底線？

Yes.

是的。

Or have they been offsets?

還是他們被抵消了？

No, fairly directly. Yes. It's been impactful over the last several years for the business.

不，相當直接。是的。在過去的幾年裡，這對企業產生了影響。

All right. Thank you. I just want to mention to everyone, thank you for joining the call this morning. I hope your takeaway from this call is that you see that we're making meaningful progress towards our strategic priorities. We've been delivering against our Investor Day commitments that we laid out just as early as October.

好的。謝謝你。我只想跟大家提一下，感謝大家今天早上加入電話會議。我希望你從這次電話會議中得到的收穫是，你看到我們正在朝著我們的戰略重點取得有意義的進展。我們一直在兌現我們早在 10 月就制定的投資者日承諾。

It's still early days, but it's clear that we're creating sustainable value for our shareholders. And we're off to a strong start for the fiscal year. Raising our full year adjusted EPS guidance is important for us as you continue to track us and see the road that we're on to really try and achieve these attractive low-teens earnings growth over the long term.

現在還為時尚早，但很明顯，我們正在為股東創造可持續的價值。我們在本財年有了一個良好的開端。提高我們的全年調整後每股收益指導對我們來說很重要，因為您將繼續跟踪我們並看到我們真正嘗試實現這些有吸引力的長期低收入增長的道路。

So I appreciate your time today, and we look forward to those who will join us at the conference next week. Thank you.

因此，我感謝您今天的時間，我們期待著下週將與我們一起參加會議的人。謝謝你。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。