We do expect to enter this year somewhere in the mid- to high-teens down on elective procedures.



Total company gross margin grew 1% to $6.9 billion. I am confident that our team will continue rising to these challenges as we drive our strategic priorities forward.







SG&A increased 1%, reflecting higher costs to support sales growth. Please note that during the discussion today, our comments will be on a non-GAAP basis, unless they are specifically called out as GAAP. We also expect opioid legal costs of approximately $100 million, consistent with the prior year.In Medical, although we expect low single-digit revenue growth, we expect high single-digit profit decline due to higher costs associated with procuring PPE for our customers and the impact of less elective procedures. Across both segments, COVID-19 was a significant headwind to our business in the fourth quarter.









I'll provide some comments later about how I see these priorities evolving in fiscal 2021 and beyond.But first, I'll turn to Jason to discuss the fourth quarter fiscal 2020 and our outlook for fiscal 2021.Thanks, Mike, and good morning, everyone. So that business was down significantly as we expected, but it did rebound a little bit better just a little bit better than we expected as elective procedures started to come back a little faster.



Mike will elaborate on our strategies to address the challenges facing the segment related to COVID-19 and our plans to continue to improve the segment's underlying performance. We grew operating earnings, exceeded our EPS guidance range, surpassed our enterprise cost savings target and strengthened our balance sheet, all while continuing to execute our long-term strategic priorities in a rapidly changing environment.We made strategic portfolio decisions, including divesting our remaining equity interest in naviHealth as well as investing and partnering in the evolving growth areas of specialty at-Home and Services.


And for fiscal year 2020, it was more adverse compared to many other years just in terms of how the calendar fell. Is that another $100 million or is that an incremental $100 million above? Although it's always difficult to approximate the impact of lost sales, we estimate COVID-19 negatively affected operating earnings by approximately $130 million despite some improvement in elective procedures and physician office visits over the course of the quarter.

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Thank you for joining us today. So we continue to believe in the long term for that business. Just wanted to get more sense on this segment.





And all other things being equal, I'd expect it to be a little bit better.



Additionally, we are continuing to grow in evolving areas like our at-Home and Services businesses through investments that further enhance our strong strategic positions.

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Segment profit decreased 4% to $1.8 billion, reflecting the adverse impact of pharmaceutical distribution customer contract renewals, partially offset by a favorable mix of brand sales and Specialty Solutions growth.

And I think next year, fiscal year 2021 will be a little bit more normal in that regard. And then when on your slide, when you talk about brand inflation, you talk about continued less dollar contribution each year.

Additionally, while we are working diligently to address global PPE supply challenges, we are assuming demand will continue to outpace available supply for the balance of fiscal 2021.



I know you increased the spend to $100 million.

And you appropriately highlight that there was some volatility within the fiscal year 2020 as well as we saw in Q3, very strong cash flow as a lot of that volume surge benefited us, and we sold out of inventory and a little bit of the carryover effect then for Q4.

Please go ahead, sir.Good morning.











So I believe it's really well informed, but it's hard for anyone to know for sure.





ET.

And again, as we said, start out on electives in the mid- to high-teens, working its way up and then on physician office visits in more the mid-single digits down and working its way up. And at times, you've spoken about it clearly with COVID. Operating earnings returned to growth in fiscal 2020, finishing at $2.4 billion despite a net headwind related to COVID-19 of approximately $100 million on the full year.

But as you've seen in past year, any one of those could swing one way or the other and create upside or downside.

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We are closely monitoring key variables such as the trajectory of the virus itself, patient psychology in returning to sites of care, our customers' capacity and the overall health of the economy.

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