亨利香恩服务 2025年度报告

A MESSAGE FROM THE CHIEF EXECUTIVE OFFICER To My Fellow Stakeholders, Beyond strategy, my decision was guided by personalconviction. I believe expanding access to high-qualitycare is a responsibility we should always be workingto advance. Henry Schein’s mission, to ensure healthcare providers have the tools, technology, and supportthey need to care for their patients, resonates deeplywith me. The most successful organizations are thosethat help their customers succeed, and I am committedto ensuring Henry Schein continues to lead withthat principle at the center of everything we do. I am honored to join Henry Schein as Chief ExecutiveOfficer and to help lead this remarkable organizationinto its next chapter. This Company is built on a strongfoundation of purpose, trust, resilience, and values,and those principles will continue to guide us forward. I want to begin by thanking Stan Bergman for hisextraordinary leadership and for building an organizationthat is both a market leader and trusted partner acrosshealth care. Stan’s legacy of “doing well by doing good”is deeply embedded in Henry Schein’s culture, and Iam committed to honoring that legacy while buildingon it with focus, clarity, and a long-term perspective. Financial Results* Our 2025 results reflect stable end markets andsequential market share gains. Throughout theyear we reported accelerating sales growth andstrong momentum in our businesses, endingthe year with fourth quarter sales having thestrongest sales growth results in 15 quarters.This demonstrates we are effectively executingour2025–2027 BOLD+1 strategic plan. Leading an Iconic Company withan Impactful Mission Henry Schein’s impact is meaningful and far-reaching. Health care is, at its core, profoundlyhuman. The products we deliver, the technologieswe support, and the practices we serve ultimatelytouch patients, families, and communities every day.This sense of purpose is embraced by Team ScheinMembers across the organization and it will remaina defining strength as we move forward together. Total net sales reached $13.2 billion, an increase of 4.0%from 2024. GAAP net income in 2025 was $398 million,or $3.27 per diluted share, compared to $390 million, or$3.05 per diluted share, in 2024. Non-GAAP net incomeincreased to $605 million in 2025, or $4.97 per dilutedshare, versus $605 million, or $4.74 per diluted share, in2024. Operating cash flow in 2025 was $712 million in2025, compared to $848 million in 2024, which benefitedfrom some delayed collections of customer receivablesfrom 2023, and we completed $850 million in stockrepurchases, including $250 million from the AcceleratedShare Repurchase plan announced in the first quarter. Many have asked why I joined Henry Schein aftermore than two decades at Thermo Fisher Scientific.The answer is both strategic and personal. Henry Scheinis an iconic company with a strong marketposition, deeply trusted customer relationships,and advanced capabilities that create meaningfulvalue for all stakeholders. The Company’s role as anindispensable partner to practice-based health careis truly distinctive, and the opportunity to lead anorganization with this scale and impact is compelling. We gained market share across each of ourreporting segments and remain confident in theunderlying strength of our business, and we are well-positioned to continue to perform well in 2026. Our 2025–2027 BOLD+1 Strategic Plan:Strengthening Our Competitive Advantage Leverage Our Sales Assets to Accelerate Sales Growth— By implementing dedicated sales channelsthrough our distribution business for Henry ScheinProducts, such as Endodontics and Orthodontics, andcapitalizing on our corporate brand and distributionnetworks, we are leveraging businesses and solutionsto accelerate sales growth across all businesssegments and broaden customer relationships. While Henry Schein's historic strength has been productdistribution, we have successfully built a portfolio ofcomplementary high-growth, high-margin technology,and owned-brand manufacturing businesses. Ourstrategy is to integrate these businesses to providecustomers with solutions unmatched in the industry. Advancing Digital Innovation— Digital innovationis central to our strategy, enhancing both customercapabilities and operational effectiveness. Newdevelopments have enhanced the functionality of Dentrixand Dentrix Ascend practice management softwaresolutions. These include Eligibility Pro software thatprovides practices with important patient informationon insurance coverage, Reserve by Google that allowspatients to book dental appointments directly fromGoogle's Chrome browser, and integrated AI solutionsto improve clinical and operational workflows.Through LinkIT, we can now offer our customers3-Click Dentistry to enable seamless digital workflowintegration within Dentrix from image capture tofabrication. The new HenrySchein.com website hasalso been successfully launched in the U.S., Canada,U.K., and Ireland with e