AstraZeneca PLC (AZN) 2002 Q3 法說會逐字稿

Welcome to the AstraZeneca conference call, and to your host, Mr. Ed Sage and Mr. Jon Symonds.

歡迎來到阿斯利康 電話會議，以及您的主持人 Ed Sage 先生和 喬恩·西蒙茲先生。

You will remain on listen only until the question and answer begins.

你將繼續只聽 直到問答開始。

If anybody requires assistance once you are on the call, please hit star zero.

如果有人 接聽電話後需要幫助， 請打零星。

Mr. Sage.

賢者先生。

Thank you.

謝謝你。

Well, ladies and gentlemen, welcome to the AstraZeneca conference call for our third quarter results.

好吧，女士們和 先生們，歡迎來到阿斯利康會議 呼籲我們的第三季度業績。

Leading the call today will be from Sweden our CFO Jon Symonds and on the line are members of the team who will participate in the Q and A. I would like to read the following statement.

領導 今天的電話將來自瑞典，我們的首席財務官 Jon Symonds 並且在線的是團隊成員，他們將 參與問答。我想閱讀 以下聲明。

The company intends to make use of the safe harbor provisions of the U.S. private securities litigation reform act of 1995.

該公司打算 利用美國的安全港條款 1995 年私人證券訴訟改革法案。

Speakers on this call may make forward-looking statements with respect to the financial condition, results of operations and business prospects for AstraZeneca.

本次電話會議的演講者可能會做出前瞻性 關於財務的報表 狀況、經營成果和業務 阿斯利康的前景。

By their nature, forward-looking statements involve risks and uncertainties.

就其性質而言，前瞻性陳述 涉及風險和不確定性。

There are a number of factors that could cause developments to differ from those expressed or implied buy these forward-looking statements.

有一個 可能導致事態發展的因素數量 不同於那些明示或暗示的購買這些 前瞻性陳述。

We refer listeners to today's press release and the latest SEC form F 20 filings for evaluation of these factors.

我們將聽眾推薦給 今天的新聞稿和最新的 SEC 表格 F 20 評估這些因素的文件。

The company under takes no obligation to update forward-looking statements

這 公司不承擔更新的義務 前瞻性陳述

Now, over to AstraZeneca CFO Jon Symonds.

現在，交給阿斯利康首席財務官 Jon Symonds。

Good afternoon, and welcome everyone to the third quarter conference call.

下午好，歡迎 大家來第三季度電話會議。

In my introduction I will start with an overview of the nine months results, pick up some of the highlights of the third quarter and then finish with a few words on the Prilosec and increase earnings target for the year.

在 我的介紹我將從概述開始 九個月的成績，收拾了一些 第三節的亮點然後結束 對 Prilosec 說幾句話並增加 全年盈利目標。

The second nine months as a whole, sales grown by 9 percent in constant currency an EPS by 10 percent to $1.39.

第二個九 整個月，銷售額增長了 9% 固定貨幣每股收益增加 10% 至 1.39 美元。

Operating margins are 25%.

營業利潤率為 25%。

Half a percent lower than the nine months last year.

低半個百分點 比去年的九個月。

And below operating profit, and improved tax rate is offset lower net interest.

下面 營業利潤和提高的稅率被抵消 較低的淨利息。

An aggregate compared to our expectations at the

與我們在

beginning of the year, we benefited from continuing sales of Prilosec an we haven't incurred the full costs of launching Crestor.

今年年初，我們受益於 我們還沒有繼續銷售 Prilosec 承擔了啟動 Crestor 的全部費用。

The underlying business, however, is as expected.

這 然而，基礎業務正如預期的那樣。

Constant currency, grew for the third quarter were 6 percent with operating profits down 9% and earnings per share down seven percent to 39 cents

固定匯率，第三季度增長為 6%，營業利潤下降 9%， 每股收益下降 7% 至 39 美分

In drawing out the key factors in the quarter, there are really four things to mention.

在提取本季度的關鍵因素時， 確實有四件事要提。

Sales mix and wholesaler stocking trends [inaudible] items, currency and the underlying trends in our cost base.

銷售量 混合和批發商的庫存趨勢 [聽不清] 項目、貨幣和我們的潛在趨勢 成本基礎。

On sales mix, U.S. wholesaler stocking patterns always feature to some extent.

關於銷售組合，美國批發商的備貨模式 總是在某種程度上具有特色。

Despite good prescription trends overall, U.S. sales increased by by only 4 percent in the quarter.

儘管不錯 整體處方趨勢，美國銷售額增加 本季度僅增長 4%。

In aggregate we estimated that wholesale inventories declined by around $100 million compared to the third quarter last year.

合計 我們估計批發庫存下降 與第三次相比減少了約 1 億美元 去年一季度。

The key products affected were Seroquel particularly, but also top row compels.

受影響的主要產品是思瑞康 特別是，但也是頂行強迫。

And we highlighted the difference between reported sales and the trends for these other products.

和我們 突出報告銷售額之間的差異 以及這些其他產品的趨勢。

In addition to the decline in wholesale industries, we saw declines in Tamoxifen pursuant to the distribution agreement in August.

除了批發量下降 行業，我們看到他莫昔芬下降 八月份的分銷協議。

At this point in time our priority is to maintain an uninterrupted supply of Tamoxifen to the market.

在這 時間點我們的首要任務是保持 不間斷地向市場供應他莫昔芬。

We expect shipments to begin shortly.

我們預計發貨很快就會開始。

With exclusivity ending in February, inventories in the supply chain are likely to remain low.

和 獨家經營權於 2 月結束，庫存在 供應鏈可能保持低位。

The shortfall seen in the third quarter is unlikely to be wholly recovered and the drop off in sales following the entry of generics next year is expected to be steep.

第三季度的缺口是 不太可能完全恢復和下降 明年仿製藥進入後的銷售額 預計會很陡。

It is also worth pointing out in volume terms, Tamoxifen is now declining as Remodex [phonetic] becomes the drug of choice following the results of the recent FDA label change.

在數量上也值得指出， 他莫昔芬現在正在下降為 Remodex [語音] 根據結果成為首選藥物 最近的 FDA 標籤更改。

[inaudible], two of our highest margin products, this mixed effect is felt on the margins.

[聽不清]，我們利潤率最高的兩款產品， 這種混雜的影響在邊緣就能感受到。

As we said in the beginning of the year, other operating income would be lower than last year and would come in bigger chunks.

正如我們在年初所說，其他 營業收入將低於去年 會有更大的塊。

While the big chunk came in the first quarter with the sale of Pseudla [phonetic], and we have seen the impact of lower royalties on patents that have now expired.

雖然大塊 第一季度出售 Pseudla [注音]，我們已經看到了較低的影響 現已到期的專利的特許權使用費。

In total other income is $79 million below last year's third quarter and we don't anticipate more to come in the fourth.

在 其他收入總額比去年低 7900 萬美元 今年的第三季度，我們預計不會更多 進入第四個。

While we are dealing with financial income, you will have noticed that net interest income in the quarter was a mere $2 million.

在我們處理財務收入時，您 會注意到淨利息收入在 季度僅為 200 萬美元。

Underlying interest on our cash amounted to $22 million, compared to 28 million last year.

潛在的 我們的現金利息為 2200 萬美元， 與去年的 2800 萬相比。

But this was reduced by higher interest allocations on overseas pension schemes, as well as the revaluation of U.S. employee health care liabilities.

但這是 因海外利息分配增加而減少 養老金計劃，以及重估 美國員工醫療保健負債。

Before moving on to the underlying cost trends, let me say a few words on currency.

在討論基本成本趨勢之前， 讓我談談貨幣問題。

This quarter we have seen the weakening dollar had a positive effect on sales and a negative effect on costs.

本季度 我們已經看到疲軟的美元帶來了積極的影響 對銷售的影響和對成本的負面影響。

In aggregate, we have estimated that the weaker dollar, particularly against the Euro, added around $150 million to sales in the quarter over the strongest Swedish kroner and sterling added around the same amount to our cost base, resulting in mutual impact on profits overall.

總的來說，我們估計較弱的 美元，尤其是兌歐元，補充說 本季度銷售額約為 1.5 億美元 超過最強的瑞典克朗和英鎊 在我們的成本基礎上增加了大約相同的金額， 從而對整體利潤產生相互影響。

If rates stay where they are for the rest of the year we should see similar trends in Q3 and Q4 and overall would retain our guidance as a whole that currency could be in the region of one to 2% negative.

如果利率在其餘時間保持不變 今年我們應該會在第三季度和第四季度看到類似的趨勢 總體上將保留我們的指導作為一個整體 貨幣可能在 1% 到 2% 的範圍內 消極的。

Let me now turn to cost of margins.

現在讓我談談利潤率成本。

As I mentioned at the outset, margins for the year are half a percent below last year.

正如我 一開始就提到，今年的利潤是 比去年低半個百分點。

Other income reduced margins by .8%. [inaudible] showed an improvement of. 5%, mostly through lower Merck payments, leaving cost movements .2% negative.

其他的收入 利潤率降低了 0.8%。 [聽不清] 顯示 的改進。 5%，主要通過較低的默克公司 付款，使成本變動為 0.2%。

The currency represented a big part of this.

貨幣佔了很大一部分。

The overall, nothing significant to highlight on margin trends.

這 總的來說，沒有什麼值得強調的 保證金趨勢。

It's been implicit in our earnings guidance particularly after the strong start to the year

它已隱含在我們的收益指導中 特別是在今年開局強勁之後

that cost growth in the second half would be stronger than the first half.

下半年的成本增長將是 比上半場強。

This is re-flecked in the third quarter profile, where margins are below last year.

這是重新斑點 在第三季度的概況中，利潤率為 低於去年。

Making R and D and SG and A combined, costs grew around 9 percent over last year in constant exchange rate terms, indicating that currency is adding around $125 million to the cost lines.

使R和D和SG和A結合起來， 成本比去年增長約 9% 恆定匯率條款，表明 貨幣使成本增加了約 1.25 億美元 線。

R and D costs are growing around 10 percent for year-to-date, particularly in core global trials and in local phase four trials recently launched or about to be launched product.

研發成本增長約 10% 年初至今，尤其是在核心全球試驗中 並在最近啟動的當地第四階段試驗中 或即將推出的產品。

The R and D costs appear to have jumped significantly but much is due to the comparison with the lowest quarterly spent in '03 last year, clearly the run rate has also picked up.

研發成本 似乎已經大幅躍升，但很多是 由於與最低季度的比較 去年 03 年花了，顯然運行率已經 也撿起來了。

SG and A has remained steady as a percentage of sales for both the quarter and the year-to-date.

SG 和 A 一直保持穩定 本季度和本季度銷售額的百分比 今年迄今為止。

The increase being broadly split between the U.S. and the rest of the world markets.

增幅大致分為 在美國和世界其他地區之間 市場。

In the U.S. we have rephrased the Crestor launch costs to reflect the later launch timetable.

在美國，我們重新表述了 Crestor 的發布 成本以反映較晚的發射時間表。

For the year we will be around the 10% growth rate for R and D and SG and A combined in constant currency as we indicated at the givening of the year.

為了 這一年我們將保持 10% 左右的增長率 R 和 D 以及 SG 和 A 以不變貨幣合併為我們 在年份的贈予中註明。

However, with the recent strengthening of sterling and the Swedish kroner, we reported growth rates will be higher.

然而， 隨著近期英鎊走強和 瑞典克朗，我們報告的增長率將是 更高。

Let me now turn to products.

現在讓我談談產品。

I won't do therapy by therapy review, but I will pick out the highlights.

我不會做治療 通過治療審查，但我會挑選出 強調。

First [inaudible] G.I. total sales have grown by 6%.

第一個 [聽不清] G.I.總銷售額 增長了 6%。

Sales of next sill more than offsetting the Prilosec.

下窗台銷售額超過 抵消 Prilosec。

Net sales to the year-to-date are over $1.3 billion with over a billion dollars of this in the U.S. U.S. monthly market share now stands at 20.7%.

淨銷售額 年初至今超過 13 億美元，超過 美國每月有 10 億美元 市場份額目前為 20.7%。

Recently the weekly prescription data has now reached 22% and shows Nexium ahead of Prilosec and now taking more than 50 percent of the new prescriptions for our PPI franchise.

最近的 每周處方數據現已達到 22%， 顯示 Nexium 領先於 Prilosec，現在正在採取更多 超過 50% 的新處方 PPI 特許經營權。

Cardiovascular, I talked about Prodolex [phonetic] sales being out of line with prescriptions but still it has grown by 39%.

心血管，我談到了 Prodolex [語音] 銷售與處方不符，但 它仍然增長了 39%。

We saw Zestril [phonetic] facing generic competition. generic penetration of Zestril [phonetic] has been rapid, ironically U.S. sales in the quarter show 2% growth.

我們看到了Zestril 【注音】面臨仿製藥競爭。通用的 Zestril [語音] 的滲透非常迅速， 具有諷刺意味的是，本季度美國銷售額顯示 2% 生長。

The third quarter last year was very weak due to wholesalers destocking.

去年第三季度非常疲軟，原因是 批發商去庫存。

This has cushioned the impact of generics on reported sales.

這緩衝了 仿製藥對報告銷售額的影響。

However, I would expect to see a significant decline in reported sales in the fourth quarter.

但是，我 預計將大幅下降 報告了第四季度的銷售額。

Oncology there's a lot to talk about.

腫瘤學有很多話要說。

We already mentioned how low Tamoxifen sales are.

我們已經 提到他莫昔芬的銷量有多低。

Offsetting this to some extent is a strong performance of Arimidex, where the asset data [phonetic] and label changes are driving sales growth strongly, 73 percent for the year to date and 98 percent in the quarter.

抵消 這在某種程度上是一種強大的表現 Arimidex，其中資產數據 [語音] 和 標籤變化正在強勁推動銷售增長， 今年迄今 73% 和 98% 季度。

In the U.S., where sales in the quarter were $42 million, they were running stronger than prescriptions, evidencing some wholesaler buying.

在美國，銷售額在 季度為 4200 萬美元，他們正在運行 比處方強，證明了一些 批發商購買。

Of course, there's IRESSA, which has been launched in Japan and where we are waiting for the FDA's decision for approval in the U.S.

當然，還有易瑞沙， 已在日本推出，我們在哪裡 等待 FDA 的批准決定 我們。

With the positive recommendation for acceleration of approval on 24 December.

積極推薦加速 12 月 24 日批准。

With the positive up take of IRESSA on the first weeks in the Japanese markets, sales in the quarter amounted to $26 million with around 5 million or so of this being initial stocking.

隨著積極向上 在日語的第一周服用 IRESSA 市場，本季度銷售額達 2600 萬美元，其中大約 500 萬美元 是初始備貨。

Well over 8,000 patients are already taking IRESSA, but we need to see how the market develops before taking a longer term view of forecast in Japan or in the U.S.

超過 8,000 名患者已經在服用 易瑞沙，但我們需要看看市場如何發展 在對預測進行更長期的看法之前 日本或美國

There was clearly evidence of pent up demand in Japan ahead of reimbursement.

有明顯證據表明需求被壓抑 日本提前報銷。

The label in Japan is also broad, covering inoperable or recurrent non-small cell lung cancer, which is likely to be wider than the initial indications that might be approved in the U.S.

日本的標籤 也很廣泛，涵蓋無法操作或經常發生的 非小細胞肺癌，很可能是 比最初的跡象更廣泛 在美國獲批

Nonetheless, an excellent start that we are very encouraged by.

儘管如此，一個很好的開始，我們非常 受到鼓舞。

Finally, let me now turn to the link topic of Prilosec exclusivity and our earnings per share guidance.

最後，讓我現在轉向鏈接主題 Prilosec 的排他性和我們的每股收益 指導。

We are pleased that the Court has concluded that our formulation patents are valid and that Andres, Cheminar and Gem far [phonetic] were found to infringe.

我們很高興法院有 得出結論，我們的配方專利是有效的 Andres、Cheminar 和 Gem 遠 [注音] 被發現侵權。

We were dispointed that

我們很失望

the Court found that Cutco [phonetic] does not infringe the claims of our formulation patents and we are closely examining the Court's decision.

法院認定 Cutco [注音] 不 侵犯我們的配方專利的權利要求和 我們正在仔細審查法院的裁決。

We believe that AstraZeneca will have a basis for appealing the decision regarding Cutco [phonetic].

我們 相信阿斯利康將有基礎 對關於 Cutco [語音] 的決定提出上訴。

The Court has given its verdict, but there is as yet no clear answer as to when generic Omeprazole will come to the US market.

法院已作出判決，但有 但對於何時通用奧美拉唑尚無明確答案 將進入美國市場。

The determination as to when Cutco [phonetic] can begin marketing or how the 180 days exclusivity granted to Andrex and Gemfar applies, involve complex regulatory and patent issues.

確定為 Cutco [語音] 何時可以開始營銷或 180 天的獨家經營權如何授予 Andrex 和 Gemfar 適用，涉及復雜的監管和 專利問題。

We have always said that our decisions would be their in line after the Court and after the generic companies had resolved how to act.

我們一直說我們的決定是 他們在法院之後和之後 仿製藥公司已經解決瞭如何行動。

It's difficult for us to speculate when it is a generic companies, not us, who have to make the next move.

它是 我們很難推測它何時是通用的 必須採取下一步行動的公司，而不是我們。

What remains is a complex situation that could take some time to resolve.

剩下的是一個複雜的情況，可能 需要一些時間來解決。

We have taken the view that generic launch in 2002 is unlikely.

我們已經採取了看法 2002 年的通用發布是不可能的。

We have increased our 2002 earnings guidance to reflect this.

我們有 提高了我們 2002 年的盈利預期以反映 這個。

We will, of course, return to the longer term implications with our year end results in January.

當然，我們會回到更長期的 對我們 1 月份年終業績的影響。

At which time the position may be clearer.

到時候位置可能會更清楚。

Meanwhile, our priorities are clear.

同時，我們的優先事項很明確。

We continue to strongly promote Nexium as the strongest PPI and this remains the driver of our G.I. franchise over the long haul.

我們繼續 大力宣傳耐信成為最強PPI 這仍然是我們 G.I. 的驅動力。特許經營 從長遠來看。

Taking all of the factors I referred to together we now increased our earnings per share guidance to around four to 5 percent above the 173 restated earnings for 2001.

綜合考慮我提到的所有因素 我們現在提高了每股收益指導 比重述的 173 個高出約 4% 到 5% 2001 年的收入。

This implies that the fourth quarter will take a similar shape to that of the third.

這意味著第四 季度將採取類似的形狀 第三。

This concludes my formal remarks.

我的正式發言到此結束。

I will now hands you back to the operator to begin the question and answer session.

我現在會 將您交還給操作員以開始 問答環節。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

Your question and answer session will now begin.

您的問答環節現在將開始。

If you wish to ask a question, key star one on your phone.

如果你想問一個問題，請點擊星號 您的手機。

If you change your mind and decide to withdraw the question, key star two.

如果你改變主意並決定 撤回問題，關鍵星二。

All

全部

questions will be answered in the order received.

問題將按收到的順序回答。

Other lines will remain on listen only.

其他線路將保持只聽。

I remind all parties, star one if you wish to ask a question.

我記得 所有各方，如果您想詢問，請加註星號 問題。

We will pause for just a minute.

我們將暫停一分鐘。

First question comes from Mr. Andrew Bairn [phonetic].

第一個問題來自 Andrew Bairn 先生 【拼音】。

Please go ahead.

請繼續。

Three questions, if I could.

三個問題，如果可以的話。

The first relates to IRESSA.

這 首先與易瑞沙有關。

You gave us the figure for the quarter.

你給我們的圖 本季度。

I wonder, could you give us an updated total IRESSA sales number as things currently stand?

我想知道，你能給我們一個 更新易瑞沙總銷量 目前立場？

Second on IRESSA and the U.S. approval, could you give us an indication of whether the phase four trialing in non-small cell have to be defined before approval is given or whether we can anticipate approval before that actually is decided?

第二個關於易瑞沙和美國的批准，你能 告訴我們第四階段是否 必須定義在非小蜂窩中的試驗 在獲得批准之前或我們是否可以 預計批准之前實際上是 決定了嗎？

Actually, your share buy back program, are there changes to that following the Prilosec court case?

實際上，你們的股票回購計劃，有嗎？ Prilosec 法庭案件之後的變化？

Finally, I may have missed this, the conference call line went dead, regarding Seroquel, could you make a comment on inventory levels?

最後，我可能錯過了這個，會議 關於 Seroquel，呼叫線死了，你能 對庫存水平發表評論？

If you have answered that we can listen to the replay.

如果你有 回答說我們可以聽回放。

Thank you, Andrew.

謝謝你，安德魯。

Let me take the last one first on Seroquel.

讓我拿 最後一個首先在 Seroquel 上。

You will have noticed that in the quarter was prescription changes were 49%.

你將會有 注意到本季度是處方 變化為 49%。

That has been a pretty solid prescription growth rate throughout the whole year.

這是一個相當穩固的 整體處方增長率 年。

Our reported sales were only 5%.

我們報告的銷售額僅為 5%。

So it's a pretty deep reduction in the inventory.

所以這是一個 庫存大幅減少。

Having said that, if you take the year as a whole, our growth of Seroquel is pretty much around the same level of prescriptions.

話雖如此，如果你把一年作為一個整體來看， 我們的 Seroquel 的增長幾乎圍繞 同級別的處方。

It doesn't look like year on year there's the same degree of distortion.

它看起來不像 年復一年有相同的程度 失真。

It's always very difficult to predict exactly how much has been consumed in the chain because their calculation - what is very clear is in October we have seen a sharp increase in our sales so far this month.

總是很難準確地預測如何 很多已經在鏈中消耗，因為他們 計算 - 非常清楚的是在 10 月，我們 到目前為止，我們的銷售額大幅增長 這個月。

Which indicates that it was a temporary phenomenon and that we will come back into the fourth quarter with a pretty decent set of sales for Seroquel.

這表明它是一個 暫時的現象，我們會回來的 以相當不錯的狀態進入第四節 Seroquel 的銷售額。

I am going to carry ongoing backwards.

我將繼續向後進行。

The share buy back program, we pretty well continuously take judgments on the share buy back all the time fending on what information there is in the market appeared what we can anticipate.

股份 回購計劃，我們很好地持續採取 一直以來對股票回購的判斷 防範市場上有什麼信息 出現了我們可以預料的事情。

We will continue to do that.

我們將繼續 要做到這一點。

I won't make any predictions at this stage as to just how we might act.

我不會對此做任何預測 關於我們如何行動的階段。

Clearly you can foresee that the R and D days are very far away.

顯然你 可以預見，研發的日子已經很遙遠了。

On IRESSA, in Japan we have seen pretty good sales in Japan so far this month.

在 IRESSA，我們在日本看到了相當不錯的銷售 本月到目前為止在日本。

I am not going to give you really more to, don't want to start interim reports of sales, other than to say we saw stronger sings in August and September [inaudible]

我不會 給你真的更多，不想開始 銷售的中期報告，除了說我們看到 8 月和 9 月唱得更強勁 [聽不清]

On the question of exactly what the mechanics around the approval of IRESSA in the U.S. are, clearly there are ongoing discussions with the FDA.

關於究竟是什麼機制的問題 圍繞 IRESSA 在美國的批准是， 顯然正在與 食品和藥物管理局。

But as an IRESSA update will feature in the annual update, I prefer to leave the answer to those kinds of questions to that.

但作為 IRESSA 更新將在 年度更新，我寧願把答案留給 諸如此類的問題。

I think we can give you a much broader answer when George and others are available to answer at that time.

我想我們可以 當喬治和 其他人到時候可以回答。

I am going to push that one on until November 7, if I can, Andrew.

我是 如果我把那個推到 11 月 7 日 可以，安德魯。

Thanks a lot.

非常感謝。

Next question.

下一個問題。

Next question comes from Mr. Martin Hall.

下一個問題來自馬丁先生 大廳。

From HSBC, martin Hall.

來自匯豐銀行，馬丁霍爾。

I want to ask you about Nolvodex.

我想要 問你關於 Nolvodex 的事。

You mentioned that signal stopped buying product from you which is consistent with the statements that have been made in the past.

你提到了那個信號 停止向您購買產品 與已作出的聲明一致 在過去。

I'm slightly up certain why the wholesalers haven't beening up your product in anticipation of being unable to supply the bar product.

我有點確定為什麼 批發商還沒有升級你的產品 預計無法供應酒吧 產品。

Or has bar built up so much stock that it can last all the way through to February 2002 without any help from AstraZeneca?

或者酒吧積累瞭如此多的庫存， 它可以一直持續到 2002 年 2 月 沒有阿斯利康的幫助？

My second question is no mention seems to have been made about any pipeline feeling of Losec, but it appears to have come in approximately 200 million above expectations.

我的第二個問題似乎沒有提及 關於Losec的任何管道感覺，但是 它似乎大約進來了 超預期2億。

Could you give some explanation behind the Prilosec fill in the United States, what is behind it and how much you think has been pre-bought?

你能在背後做一些解釋嗎 Prilosec填滿美國，背後是什麼 它以及您認為預購了多少？

Okay.

好的。

Nolvadex, it's unlike other products in the situation I described with Seroquel, it's a two-step wholesaler chain.

Nolvadex，它不一樣 在我描述的情況下的其他產品 Seroquel，它是一個兩步批發商鏈。

Obviously there is the inventory that the wholesalers have.

顯然有庫存 批發商有。

There's also the inventory that bar carries.

還有存貨 酒吧攜帶。

And for most of the period from the expiration of the agreements in August, the wholesalers have been able to draw down from bar because bar did have fairly high levels of inventories.

並且在從 八月份協議到期， 批發商已經能夠從酒吧中提取 因為酒吧確實有相當高的水平 庫存。

We believe that they won't last until February, which is why we are seeing orders coming in now.

我們相信它們不會持續到二月， 這就是為什麼我們現在看到訂單進來的原因。

And we believe that our shipments will occur during the course of this month.

而且我們相信我們的發貨會發生 在這個月的過程中。

Whether those shipments will occur through bar or whether those shipments will occur direct is still something that has to be resolved.

這些貨物是通過酒吧還是 這些貨物是否會直接發生仍然是 必須解決的事情。

Quite clearly our commitment to this date is to make sure that the market does continue to have a free supply of Tamoxifen.

很清楚 我們對這一日期的承諾是確保 市場確實繼續有免費供應 他莫昔芬。

But because of the second order effect or the fact that bar has been able to consume its inventories, we are not predicting that we will see a complete bounce back of our Nolvadex Tamoxifen sales in the fourth quarter that will recover the reduced bar inventory during the course of '03.

但是因為二階效應 或者酒吧已經能夠消耗它的事實 庫存，我們並不預測我們會 看到我們的 Nolvadex 完全反彈 他莫昔芬第四季度銷量將 恢復期間減少的棒材庫存 03 年課程。

And therefore inventories will remain relatively low levels as they go towards the final patent expiring in February.

因此庫存將 保持相對較低的水平，因為他們走向 最終專利將於 2 月到期。

Just to clarify something there.

只是為了澄清一些事情。

Are you still prepared to supply bar with product?

是 您還準備為酒吧提供產品嗎？

My understanding there was that you weren't prepare to supply them with any more drug.

我的 明白你沒有準備好 為他們提供更多的藥物。

It won't necessarily be on the same terms.

它不一定在 相同的條款。

Quite clearly, what is important to us is to make sure that the market continues to get a supply of Tamoxifen.

很清楚，什麼是重要的 我們是要確保市場繼續 獲得他莫昔芬的供應。

We haven't closed down the routes of that as to how we will do it.

我們還沒有倒閉 關於我們將如何做到這一點的路線。

On the question of pipeline on Prilosec, the sales at the end of the quarter were perhaps a little stronger we were anticipating.

關於 Prilosec 的管道問題，銷售 在本季度末可能有點 我們期待的更強大。

If you look at sales changes through the year versus the

如果你看 全年銷售額變化與

prescription trends, they are pretty close to the same amount.

處方趨勢，它們非常接近 相同數量。

I think both of them are down by about 22 or 23%.

我認為他們倆都落後了 約 22 或 23%。

So we are not seeing anything out of the ordinary on the Prilosec stocking position.

所以我們什麼也沒看到 Prilosec 長襪與眾不同 位置。

Certainly not against Q3 last year where the amounts involved were pretty small.

當然不會反對去年的第三季度 涉及的金額很小。

If we felt there was a material distortion in Prilosec we would have recorded it in the press statement.

如果 我們覺得有一種物質扭曲 Prilosec 我們會在媒體上記錄下來 陳述。

There really isn't anything I think that is extraordinary there.

真的沒有什麼我認為是的 那裡非同尋常。

The best measure for me is the consistency between seeing the prescriptions and the sales to date.

對我來說最好的衡量標準是 看到處方之間的一致性 以及迄今為止的銷售額。

Okay, thanks very much.

好的，非常感謝。

Could I have the next question, please?

可以問下一個問題嗎 請？

Next question comes from Mr. James Coverwell [phonetic].

下一個問題來自詹姆斯先生 Coverwell [注音]。

Good afternoon, John.

下午好，約翰。

Two questions on Nexium and Crestor.

兩個問題 關於 Nexium 和 Crestor。

On Nexium, could you comment on whether there was any stocking issue and the trend there?

在 Nexium 上，你能 評論是否有任何庫存問題 和那裡的趨勢？

Compared to the second quarter, the [inaudible] wasn't huge.

與第二個相比 季度，[聽不清] 不是很大。

It seems to have lost momentum and in Europe the same thing.

似乎 已經失去了動力和在歐洲同樣的事情。

I'm wondering what is behind that trend.

我想知道這種趨勢的背後是什麼。

Is it seasonal or launch phasing?

是嗎 季節性還是分階段推出？

Secondly, any update of where you stand with increases tore in European approval and when you talked about transferring Crestor launch costs from '02 to '03, does that include European launch costs as well?

其次，任何關於你立場的更新 在歐洲的批准中增加撕裂，當你 談到轉移Crestor啟動成本 從 02 年到 03 年，是否包括歐洲發布 費用也是？

Well, there is really not much of an update on Crestor.

嗯，真的不多 Crestor 的更新。

There certainly will be on November 7.

肯定會有的 11 月 7 日。

So to some extent this answer will be the same as I gave on IRESSA..

所以在某種程度上這個答案將是 和我在 IRESSA 上給的一樣。。

We are still on track for filing the data on the first quarter with the FDA as we previously said.

我們仍在按計劃提交數據 正如我們之前所說，第一季度與 FDA 合作。

And in Europe we are confident that we will get European regulatory approval this year and move into the mutual recognition process.

在歐洲，我們有信心獲得 歐洲監管部門今年批准並搬遷 進入互認過程。

I think again a more full description as to where

我又想了一個更完整的描述

we are will be given in November.

我們將在 11 月獲得。

Summer speaker that's confident of approval this year without needing more data?

夏季演講者 有信心在今年獲得批准而無需 需要更多數據？

Is that it?

是這樣嗎？

I think we are confident of approval this year.

我認為我們有信心 今年批准。

I wouldn't want to qualify any more than that.

我不想有資格 不止於此。

Approveable, you mean?

認可，你的意思是？

Is that essentially approveable?

就是它 基本上可以接受？

Yes, in Europe, yes.

是的，在歐洲，是的。

In of the first market, at any rate.

中的 無論如何，第一市場。

In terms of launch costs, we have certainly undertaken the exercises.

在發射成本方面，我們當然有 進行了演習。

We have done all year, actually, in looking at the point at which we opt male commit costs on Crestor, some of which can occur almost at any time.

我們做了一整年， 實際上，在查看我們選擇的點時 Crestor 上的男性承諾成本，其中一些可以 幾乎隨時發生。

Others are dependent on the timing of the launch.

其他人依賴 發射的時機。

Those that are very dependent on the timing of the launch, we have moved forward to a more appropriate time.

那些很 根據發射時間，我們有 往更合適的時間前進。

So as you would expect us to be, we are actively managing the way that the company incurs costs associated with Crestor or any launch products for that matter.

因此，正如您所期望的那樣，我們正在積極 管理公司產生成本的方式 與 Crestor 或任何推出的產品相關聯 那件事。

In terms of Nexium, there was a bit of an increase stocking.

就耐信而言，略有增加 襪。

But that is largely because it is a growing product.

但這主要是因為它是一個 成長的產品。

And the wholesalers, even if they are going to maintain the same two-week inventory, with the growing market share that it has and the growing volume of sales, in that two week inventory does increase from quarter to quarter.

而批發商，即使 他們將保持相同的兩週 庫存，隨著市場份額的增長，它 已經和不斷增長的銷售量，在這兩個 週庫存確實從季度到增加 四分之一。

Again, I don't think that there is anything that specifically is unusual in the Nexium stocking pattern.

再說一次，我不認為有什麼 特別是在 Nexium 長襪中是不尋常的 圖案。

We certainly wouldn't say that we are disappointed by the quarterly sales in next yup.

我們當然不會說我們是 對下一個季度的銷售感到失望。

They may be lower than some of your, some of the analysts' estimates, but I think it is again year on year a pretty good reflection of the underlying trends in that product.

他們可能低於你的一些，一些 分析師的估計，但我認為又是一年 同比很好地反映了潛在的 該產品的趨勢。

We are seeing the market share moving month-by-month.

我們看到了市場 份額逐月變動。

Also I think we said at the half year that the market is not static.

另外我想我們在半年說過 市場不是靜止的。

It is a market that continues to grow strongly.

這是一個市場 繼續強勁增長。

The PPI segment is

PPI 部分是

growing at around 17 percent on a moving annual basis.

每年增長約 17% 基礎。

But also it is a market where the level of promotion from the other participants in the market doesn't stay static either.

但也是一個市場水平 其他參與者的推廣 市場也不是一成不變的。

It is quite clearly been facing more competition from the other PPI players as they saw perhaps that the start of generic competition was coming closer.

這是很 顯然面臨著來自 其他 PPI 參與者可能認為 仿製藥競爭的開始越來越近了。

The dynamics of it are still moving somewhat.

它的動態仍在發生一些變化。

I think we are pretty satisfied with the way that Nexium is moving in the U.S.

我 認為我們對這種方式非常滿意 Nexium 正在美國進軍

In Europe again, it's a little difficult to disaggregate the numbers too much.

又是歐洲，有點難 過多地分解數字。

There is a seasonal element in that, sure.

有一個 當然，其中的季節性因素。

The third quarter is always a weaker quarter because of vacations and shut downs and the like.

第三季度 由於假期，總是一個較弱的季度 和關機等。

And also with recent launches in France and Italy, maybe there was a bit of the initial stocking coming away.

而且最近 在法國和意大利推出，也許有一個 最初的庫存有點消失了。

But I don't think that there's anything specific changed that we would draw to your attention about what is going on in Europe.

但我不認為有什麼具體的 改變，我們會提請您注意 歐洲正在發生什麼。

Thank you, John.

謝謝你，約翰。

The next question comes from Mr. David Beedle [phonetic].

下一個問題來自 大衛·比德爾先生[注音]。

Go ahead.

前進。

Good afternoon, John.

下午好，約翰。

Couple of questions.

幾個 問題。

First one is, I understand some of the sales into Japan for IRESSA were going into International pharmacy.

第一個是，我了解一些 IRESSA 在日本的銷售量為 國際藥房。

I wonder if you had any sort of percentage split as to what is actually being used in Japan.

我想知道你有沒有 關於實際情況的百分比分配 在日本使用。

I know [inaudible] on drugs, but I wondered if you knew whether it was a small amount that was going -

我知道 [聽不清] 關於毒品， 但我想知道你是否知道它是不是很小 金額 -

Yes, I do.

是的，我願意。

It is a very small am.

這是一個非常小的 是。

It is probably around only a million.

大概只有一百萬左右。

Thanks.

謝謝。

The second one is, I just wondered whether you have her anything on the generic volume for Nexium in the U.S.

第二個是，我只是 想知道你有沒有她的東西 Nexium 在美國的通用卷

I understand [inaudible] has got a bulk of Metzaprole [phonetic], and they currently have formulations but they have been talking about licensing from [inaudible] if needed.

我 了解 [聽不清] 有大量 Metzaprole [語音]，他們目前有 配方，但他們一直在談論 如果需要，從 [聽不清] 獲得許可。

I wondered if you had any ideas of timing, et cetera, if you heard about any generic companies preparing for

我想知道 如果你對時間有任何想法等等，如果你 聽說有任何仿製藥公司準備

that?

那？

I am not aware of anything on that, David.

我不知道關於 那個，大衛。

I don't believe there have been any new filings.

我不相信有任何 新的文件。

Certainly none that we have been alerted to.

我們當然沒有 提醒。

I believe that they would have to do that if they had.

我相信他們必須這樣做 如果他們有的話。

Thanks, John.

謝謝，約翰。

Great.

偉大的。

Thank you.

謝謝你。

Next question comes from Mr. Chris Spooner [phonetic].

下一個問題來自 Chris Spooner 先生 [注音]。

Please go ahead.

請繼續。

Hi, John, it's Chris.

嗨，約翰，我是克里斯。

On Crestor, can you make a few comments on this, given that there is still about 70,000 patients in initiating to the [inaudible] studies starting about now, what would a real increase in R and D in dollar terms would this lead to for the end of this year and next year?

在克雷斯特， 鑑於 仍有約70,000名患者在啟動 到現在開始的 [聽不清] 研究， 以美元計，R 和 D 的實際增加會是多少？ 條款將導致今年年底 明年呢？

Well, I will never pull out specific trials within the total spent.

好吧，我永遠不會退出 總花費中的特定試驗。

I mean, it is part of what R and D have to manage, the optimal mix of projects over the course of the year in terms of what the business and the product life cycles need.

我是說， 它是 R 和 D 必須管理的一部分， 項目期間的最佳組合 一年的業務和產品 生命週期需要。

So I would hate to start a precedent of giving out specific details on that.

所以我不想開始一個 給出具體細節的先例。

But I think in terms of just looking at R and D costs as a whole, yes, we have seen for the reasons I mentioned earlier some increase in the R and D span and we would expect some of that to run into the fourth quarter as well such that probably overall we will see a slightly higher R and D percentage in sales than we have seen in the last year.

但我認為只看研發 整體成本，是的，我們已經看到 我之前提到的一些增加 R 的原因 和 D 跨度，我們希望其中一些能夠運行 到第四季度也可能這樣 總體而言，我們將看到略高的 R 和 D 銷售額比我們上次看到的百分比 年。

The reason why I specifically brought SG and A and the R and D costs at the beginning of the year is that there is a degree of how you manage them at the marketing mix.

之所以專門帶SG和A還有 年初的研發費用為 您在一定程度上管理它們 營銷組合。

Some people will want to do local trials.

有些人會想做本地 試驗。

Others will do it by other different forms of promotion.

其他人會通過其他不同的方式來做 促銷形式。

So again, I think we certainly will see some increase in the overall R and D to sales ratio, but I don't think within that you'll ever see in a material way the [inaudible] of any individual trial.

再說一次，我想我們肯定會看到一些 整體研發與銷售比率增加，但 我不認為你會在裡面看到 任何個人的 [聽不清] 的實質性方式 審判。

Despite the magnitude of these trials because there's a huge number of people, it's still manageable in terms of seeing only a real small increase in spending?

儘管這些試驗規模很大 因為人數眾多，所以 在只看到真實的情況下仍然可以管理 小幅增加支出？

Depends on what you mean by small, Chris.

取決於你的意思 小，克里斯。

R and D costs will grow by about 10% this year an less next.

研發成本將增長10%左右 今年少明年。

Again, it's part of the overall management of the optimal mix.

再次，它是 最佳組合的整體管理。

And these are long-term trials as well.

還有這些 也是長期的試驗。

They don't sort of all happen at any, in any one quarter.

他們不像 一切都發生在任何一個季度。

They are spread over a very long period of time.

他們是 在很長一段時間內傳播。

Sure.

當然。

On a second subject, Seroquel with the launch of BMS's Bilifi [phonetic] launching next year, how do you see that panning out in the schizophrenia market in the U.S.?

關於第二個主題，Seroquel 隨著 BMS 的 Bilifi [語音] 的推出 明年推出，你怎麼看那個平移 在美國的精神分裂症市場？

Do you thing there's going to be a [inaudible] arms race and therefore will you guys have to commit more resources to Seroquel [inaudible] for the margins?

做 你覺得會有 [聽不清] 武器 比賽，因此你們必須承諾 為 Seroquel [聽不清] 提供更多資源 利潤？

How do you see that working out?

你怎麼看這行得通？

There will be a new competitor in there and that will change some of the dynamics of the market.

將會有一個新的競爭對手 那裡，這將改變一些動態 市場。

We are sitting on a strong market position and I think that our market share progression has been absolutely solid.

我們坐擁強勁的市場 我認為我們的市場份額 進展絕對穩固。

When people were saying well, what was gee owe dome going to do?

什麼時候 人們說得很好，gee owe dome 是什麼 要去做？

We have ridden through that carefully.

我們已經度過了那個 小心。

The benefit and attractions of Seroquel are very clear.

Seroquel的好處和吸引力非常 清除。

We have a strong development program behind it.

我們有強大的發展計劃 在它後面。

We constantly are looking at what the optimal sales force and the promotion mix is.

我們一直在尋找 最佳銷售隊伍和促銷組合是。

And we will continue to look at that.

和 我們將繼續關注這一點。

I suspect it is, the BMS project has the [inaudible] rather than ours.

我懷疑它 是，BMS 項目的 [聽不清] 而不是 比我們的。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

The next question comes from Mr. Stan Vesterberg.

下一個問題來了 來自 Stan Vesterberg 先生。

Please go ahead.

請繼續。

Good afternoon.

下午好。

I wonder if you could clarify the [inaudible] of the great income line, is my first question and the second question, regarding the interest payments, should we read this as a one-time impact on the interest

不知你 可以澄清巨額收入的 [聽不清] 行，是我的第一個問題和第二個問題 關於利息支付的問題，應該 我們將其解讀為對興趣的一次性影響

line, the annual reevaluation of long-term equity?

行，長期股權的年度重估？

The liabilities?

負債？

Will this be ongoing in the U.S. market for some time?

這將在美國進行嗎？ 上市一段時間？

And finally, adjusting for the currency, your operating margin is running somewhere around 22%.

最後，根據貨幣調整，您的 營業利潤率在 22% 左右。

Would that be a sustainable level going forward into 2003?

這會是一個可持續的水平嗎？ 進入2003年？

Thank you.

謝謝你。

Okay.

好的。

Other operating income, we said at the beginning of the year there would be two aspects of this.

其他營業收入，我們 年初說會有 這兩個方面。

One, there would be further disposals this year.

一、會進一步 今年的處置。

We disposed of the Pseudla [phonetic] product in the first quarter which was clearly a big gain and part of the reason why our profits in the first quarter were so strong.

我們處理掉了 Pseudla [注音] 一季度產品 顯然是一個很大的收穫，也是我們的部分原因 第一季度的利潤如此強勁。

The second thing is that one or two royalty payments on which we previously had been having income would decline such that we felt that really from the outset we would see a rather low operating income, but none for the year as a whole because the volume of disposals would be low.

第二件事是一兩個皇室成員 我們之前的付款 收入會下降，以至於我們覺得真的 從一開始我們就會看到一個相當低的 營業收入，但全年沒有 因為處置量會很低。

Really we have seen this lower rocks in the street.

真的，我們在 街道。

That's what you see playing true with a disproportionate share in the first quarter, it must mean that it will be lower in later quarters.

這就是你看到的真實情況 第一季度的份額不成比例，它 一定意味著它會在以後的幾個季度走低。

And the third quarter was light compared to the third quarter last year.

與第三季度相比，第三季度是輕的 去年第三季度。

And the fourth quarter this quarter will be relatively low as well.

還有第四節 本季度也將相對較低。

Sometimes these things, you can't always predict the timing of some of these events, particularly the product disposal gains which are linked to the timing of completion of transactions.

有時這些事情，你總是無法預測 其中一些事件的發生時間，特別是 與相關的產品處置收益 交易完成的時間。

On interest payments, the U.S. health care liabilities is an annual reevaluation.

關於利息支付，美國醫療保健 負債是年度重新評估。

It came in Q4 last year and in Q3 this year.

它進來了 去年第四季度和今年第三季度。

It is not, in absolute terms it is not a significant event.

它不是，在 絕對而言它不是一個重大事件。

But when you look at it in the context of the year yield that we get on our cash, we felt it was important to mention at this time.

但 當你在一年的背景下看它時 我們用現金獲得的收益，我們覺得它是 重要的是在這個時候提及。

The pension funds, again they are a little bit, they are a little bit more predictable in that we do see some of those coming through quarter on quarter.

養老基金，又是一點點， 它們更容易預測，因為我們 確實看到其中一些人在上個季度到來 四分之一。

But again, they are only worth mentioning because we have 23 million of interest

但同樣，它們只值得 提到因為我們有 2300 萬的利息

in the quarter.

在本季度。

Otherwise they are really not in absolute terms very significant.

否則他們真的不在 絕對條款非常重要。

On the currencies, it's been neutral for the quarter with about 150 million on sales appeared about 150 million on costs.

在貨幣方面，它是中性的 出現約 1.5 億銷售額的季度 大約1.5億的成本。

As we go into the second quarter, into the final quarter, there will again be a, I guess, a mixed currency effect.

當我們進入 第二節，進入最後一節，會有 我猜又是一種混合貨幣效應。

The quarter, the Euro is strengthening against the quarter, and was particularly strong in the third quarter.

這 季度，歐元兌美元走強 季度，並且在第三季度尤為強勁 四分之一。

It will be less in the fourth quarter.

第四季度會減少。

For example it was 13 % stronger in Q3 and 17 % stronger in Q4.

例如，它在第三季度增長了 13%，增長了 17% 第四季度更強。

On the other hand the Swedish kroner was 14 % stronger and 16 % stronger in Q4.

另一方面，瑞典 克朗在第四季度上漲了 14%，上漲了 16%。

Our best news is that the currency overall will be one to 2% negative for the year, although that is a prediction with a relatively fine level of precision on it.

我們最好的消息是貨幣整體將 今年負 1% 到 2%，儘管這是 具有相對精細水平的預測 精確到它。

At that level the effective currency on margins would be significant.

在那個水平上，保證金的有效貨幣 會很重要。

I'm not sure I would agree that the underlying margin is as low as 22%.

我不確定我會同意 基礎保證金低至 22%。

It is not appropriate at this point to really try to project what the margin could be next year because next year's margins also are subject to variations in terms of what sums we have in there about the launch of products and the possible especially tri of generics if it happens.

它 此時不適合真正嘗試 預測明年的利潤是多少，因為 明年的利潤率也會有所變化 就我們那裡的金額而言 推出產品和可能的特別是三 泛型如果它發生。

We will leave that broader question for January, if we can.

我們將離開 如果可以的話，一月份的更廣泛的問題。

Thank you.

謝謝你。

Thank you.

謝謝你。

The next question comes from Mr. Kevin Scotcher [phonetic].

下一個問題來了 來自 Kevin Scotcher 先生 [注音]。

Please go ahead.

請離開 先。

Thank you.

謝謝你。

My question is, is the FDA still reviewing the 5-milligram dose of Crestor.

我的問題是，是 FDA 仍在審查 5 毫克劑量的 克雷斯特。

Does your response include the dose range of five to 40 milligrams or only ten to 40?

您的反應是否包括劑量 範圍是 5 到 40 毫克還是只有 10 到 40 毫克？

I am going to push that one into the November 7 meeting, where I think you will have the full Crestor team there to be able to answer that one, Kevin.

我要把那個推入 11 月 7 日的會議，我認為你會 擁有完整的 Crestor 團隊，以便能夠 回答那個，凱文。

I would rather not get into those specifics at this stage.

我寧願不得到 在這個階段進入這些細節。

If theres was anything significant to report, as an event during the quarter, then we would have had that in our press release.

如果有 任何重要的報告，作為期間的事件 季度，那麼我們就會在我們的 新聞稿。

There's really nothing that we have drawn attention to as being different to what

我們真的沒有什麼 已經引起了人們的注意，因為它與什麼不同

we said when we had the Crestor conference call in August.

我們在召開 Crestor 電話會議時說過 八月。

Thank you.

謝謝你。

Next question comes from Stephen Vickal [phonetic].

下一個問題來自斯蒂芬 維卡爾[注音]。

Yes, referring one question to your discussions about the Lucent case in the U.S.

是的，向您提出一個問題 關於美國朗訊案的討論

S according to the figures I had, the third quarter was the strongest quarter in the U.S. in terms of sales.

小號 根據我掌握的數據，第三季度 是美國最強勁的季度 銷售量。

Of course that is not going on considering the fact that the number of prescriptions has been decreasing very much over the year.

當然，這不會繼續考慮 事實上，處方的數量已經 年下降幅度很大。

I can see two different reasons for that.

我可以看到兩個不同的原因。

The first thing, of course, is that we have seen new stocking in the early part of the years among wholesalers because they were expecting generic competition and then when they realized that they need to deliver the products, they are stocking up again in the third quarter, because of the, what has happened there.

這 當然，第一件事是我們看到了新的 早年放養當中 批發商，因為他們期待通用 競爭，然後當他們意識到他們 需要交付產品，他們正在備貨 再次在第三季度，因為，什麼 那裡發生了。

That is one explanation.

這是一種解釋。

The other one could be that you actually have the decrease, that is discounts for the U.S. market because [inaudible].

另一個可能是 你實際上有減少，也就是說 美國市場的折扣，因為 [聽不清]。

Could you please help me understand the figures behind your sales in the U.S.?

你能幫我理解這些數字嗎 在美國銷售的背後？

Well, the answer is, the second speculation you had is not the answer.

嗯，答案是，第二個 你的猜測不是答案。

Again I draw you to the fact that year on year there is nothing unpredictable.

我又一次 把你引向一個事實，年復一年 沒有什麼不可預測的。

If you do look at the quarter in isolation, we have seen a smaller decline in dollar terms than we have seen in prescription terms.

如果你確實看 單獨一個季度，我們看到了一個較小的 以美元計算的下降幅度超過了我們在 處方條款。

If there is evidence of between the quarters of more stocking in Prilosec.

如果有證據表明 在 Prilosec 的更多庫存之間。

But quarter on, compared to the quarter we - compared to Q3 last last year, there isn't anything to draw attention to.

但是上季度，與上季度相比，我們 - 與去年第三季度相比，沒有 任何需要注意的地方。

For sure the wholesalers have been looking at what kind of positions they would have prior to generic Omeprazole coming to the market.

可以肯定的是 批發商一直在看什麼樣的 他們在通用之前的職位 奧美拉唑上市。

Even when we talk about the maximum level of stock we have seen amongst the wholesalers, it has been less than a month.

即使當我們 說說我們見過的最高庫存水平 在批發商中，它一直不到 月。

And so we are talking about less than four weeks' inventory.

所以我們說的不到四個 週的庫存。

And probably a lot less than

而且可能比

that.

那。

This is sort of an average inventory that the wholesaler chain has.

這是一種平均庫存， 批發商連鎖有。

Absent any specific price speculation.

沒有任何具體價格 猜測。

If you have seen wholesaler stocking ahead of price increases, you usually, it usually comes in in the tens or hundreds of millions of dollars rather than the few millions.

如果你見過批發商備貨 在價格上漲之前，你通常，它通常 進入數千萬或數億 美元而不是幾百萬美元。

So I think whichever way you look at it, Stephen, perhaps there is more stock in there than there was at the end of Q2, but nothing really to say definitively on.

所以我認為無論你怎麼看，斯蒂芬， 也許那裡的庫存比那裡多 在第二季度末，但沒什麼可說的 明確開啟。

You have to understand that stocking wholesalers is an art rather than a science.

你必須明白 庫存批發商是一門藝術，而不是 科學。

We draw the analysis out from as many different ways as we can to see what is in there.

我們從盡可能多的 我們可以通過不同的方式查看裡面的內容。

If there was something meaningful, we would have drawn it to your attention.

如果有什麼有意義的事情，我們會 引起你的注意。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Next question comes from Mr. Max Herman.

下一個問題來自 馬克斯·赫爾曼先生。

Please go ahead.

請繼續。

Max Herman from ING.

ING 的 Max Herman。

Three quick questions, given your previous answers on anything to do with R and D. You may not be able to answer this, but have you seen any more instances of hepatomalacia [phonetic] from the current trials with Crestor?

三快 問題，鑑於您之前對任何事情的回答 與R和D有關。您可能無法回答 這個，但是你有沒有看到更多的例子 當前試驗中的肝軟化症 [語音] 與Crestor？

First question.

第一個問題。

Secondly, just can I just understand margins a little bit more?

其次，我能不能理解 margins a 稍微多一點？

The major impact is the other operating income, which I believe was eight or 9 percent of the loss, but given the sales line we would have expected maybe a little bit of benefit in the margins from there.

主要影響是其他 營業收入，我認為是八或 9% 的損失，但考慮到我們的銷售線 本來預計可能會有一點好處 從那裡的邊緣。

Is that purely an increased R and D percentage?

那純粹是一個 增加研發百分比？

Finally, just on the Prilosec experience in the UK, Germany an Canada, can you give us an idea on the attrition rates and whether the generics have entered the Canadian market?

最後，只是關於Prilosec的體驗 英國，德國和加拿大，你能給我們一個想法嗎？ 流失率以及仿製藥是否具有 進入加拿大市場？

Thank you.

謝謝你。

Mike, is there anything that you want to add on Crestor?

邁克，你有什麼想要的嗎 想添加Crestor？

The first part of the question?

第一部分 問題？

No, I don't think so, John.

不，我不這麼認為， 約翰。

Other than to say there are no further

除了說沒有其他

cases of hepatomalacia [phonetic].

肝軟化病例[語音]。

The second part, I think the margin is, the margin movements in the quarter are quite clear.

第二部分，我認為 保證金是，該季度的保證金變動是 挺清楚的。

Over the four and a half percent decline in Q3. 1.9 percent of it is R and D and two-point 1% of it is other income, which pretty well explains the whole thing.

超過百分之四半 第三季度下降。其中 1.9% 是研發和 兩點 1% 是其他收入，挺漂亮的 很好地解釋了整個事情。

On the attrition rate, Mike, have you got anything specific on trends in the UK?

關於流失率，邁克，你有什麼消息嗎？ 具體到英國的趨勢？

Or in Canada?

還是在加拿大？

I don't believe there is any generics in Canada, John, as yet.

我不相信有 加拿大的任何仿製藥，約翰，到目前為止。

We have obviously significant generic competition in the UK and in Germany.

我們有 顯著的仿製藥競爭 英國和德國。

I am not sure that attrition in an individual market would have any relevance to any other market.

我不確定減員 在單個市場中將有任何相關性 到任何其他市場。

Thank you.

謝謝你。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

Next question comes from Mr. Primo Pavani [phonetic].

下一個問題來自 Primo Pavani 先生 [注音]。

Three quick questions.

三個快速問題。

Given the fact that IRESSA was a rolling submission, is there a specific date we should be looking for.

鑑於 事實上，易瑞沙是滾動提交的，是 我們應該尋找一個特定的日期。

We were first begin the August 6 submission of the data but it could be earlier.

我們首先開始了 8 月 6 日提交的 數據，但可能更早。

On Losec and Nexium, given the fact that the Losec generic competition has been delayed, is there a change in strategy in terms of the Nexium sampling or detailing or anything in that regard?

在 Losec 和 Nexium 上，鑑於 Losec 仿製藥的競爭被推遲了，有沒有 Nexium 抽樣策略的變化 或細節或這方面的任何東西？

Thirdly on the Losec court case situation again, while I fully understand the company's stance that you won't see generic competition in 2002, is there a risk if there are - plenty of [inaudible], but if shore was to strike a deal with yourself, get the approval and come to market?

第三，再談洛賽克案情， 雖然我完全理解公司的立場 你不會在 2002 年看到仿製藥競爭，是 如果有，就有風險 - 大量 [聽不清]，但如果海岸要達成協議 和自己一起，得到認可，來到 市場？

Is there a risk of that?

有這樣的風險嗎？

Mike, I'll toss the IRESSA one to you or Ed.

邁克，我會把 IRESSA 扔給 你或埃德。

On the Losec court case, it is not appropriate for us to enter into speculations as to what the generic companies might or might not do.

在 Losec 法庭案件中，它不是 適合我們進行推測 仿製藥公司可能會或可能不會 做。

As I say, it is inappropriate time for us to

正如我所說，現在不是我們

make that comment.

發表評論。

We will come back to you on the current status in our January annual results call indeed if there is something different at that point.

我們會在 我們 1 月份年度業績的現狀 如果有什麼不同的話，確實打電話 那一點。

In terms of Losec and Nexium, there is absolutely no change to need to change our strategy which has been clear that all the resources are positioned at Nexium.

就洛賽克和耐信而言，絕對有 沒有改變需要改變我們的戰略 已明確所有資源已定位 在耐信。

That is how they will continue, to continue to be.

這就是他們將如何繼續， 繼續存在。

It has proven to be highly successful so far an we'll continue with I in exactly the same way as we have done.

已經證明是高度 到目前為止成功，我們將繼續與我一起 與我們所做的完全相同。

Mike, anything on IRESSA?

邁克，關於易瑞沙有什麼嗎？

ED SAGE:

ED聖人：

I think what we would say is that there is a formal process, but I think the review process that we are undergoing file the review is unlikely to be influenced by that formal process.

我想我們會說什麼 是有一個正式的程序，但我認為 我們正在進行的審查過程 審查不太可能受到正式的影響 過程。

Thank you.

謝謝你。

Next question comes from Mr. Graham Perry.

下一個問題來自格雷厄姆先生 佩里。

Please go ahead.

請繼續。

Couple of questions on the [inaudible] franchise.

關於的幾個問題 [聽不清] 特許經營權。

Can you confirm how the roll out of [inaudible] is going in Europe and what kind of launch we see in the European countries and if there is [inaudible] on the potential competition of perform court.

你能確認一下如何 [音頻不清晰] 將在歐洲推出，並且 我們在歐洲看到什麼樣的發射 國家，如果有 [音頻不清晰] 表演場的潛在競爭。

They talked about launching a generic brand.

他們 談到推出一個通用品牌。

Do you have any update on that and impact on potential sales there?

您對此有任何更新嗎？ 那裡的潛在銷售？

On the operating income line, we saw yesterday black sale provisions quite heavily.

關於營業收入 行，我們昨天看到的黑賣規定相當 沉重。

Can you just confirm that your operating income wasn't impacted bid increases in provisioning?

您能否確認您的操作 收入不受影響 供應？

The answer to the third question is no, there are no provisions in our other operating income line.

第三個問題的答案 是沒有，我們其他沒有規定 營業收入線。

Mike, Simbacort or Promocort [phonetic]?

Mike、Simbacort 還是 Promocort [語音]？

We are on the market in essentially all the important markets in Europe

我們在市場上 基本上歐洲所有重要市場

now.

現在。

I mean, I think the product is progressing rather well.

我的意思是，我認為產品正在進步 相當好。

I mean, we are very encouraged by simply court's performance.

我的意思是，我們很受鼓舞 只是法庭的表現。

We have excellent data and we've got excellent, nice data in COBD.

我們有優秀的 數據，我們在 COBD 中有非常好的數據。

We are looking forward to the product performing well going forward.

我們期待產品的表現 進展順利。

On the potential branded competition of [inaudible]?

關於潛在的品牌競爭 [聽不清]？

We are equally aware of the Cephila [phonetic] discussions.

我們同樣意識到 Cephila [語音] 討論。

I think the reality it is a complex and difficult formulation and I think there's a lot of intellectual property in the broader sense of the word in terms of manufacturing that would prevent any entry into the marketplace.

我覺得 現實是一個複雜而困難的表述 我認為有很多知識產權 從廣義上講 製造，將防止任何進入 市場。

Thanks.

謝謝。

Thank you.

謝謝你。

Your next question comes from Stewart Atkins.

你的下一個問題來了 來自斯圖爾特·阿特金斯。

Please go ahead.

請繼續。

Stewart Atkins from Lehman Brothers.

來自雷曼兄弟的斯圖爾特·阿特金斯。

We have seen with Shearing Plough [phonetic] and Bristol Meyers that, those dying moments of the product cycle, the inventory gets worked down to nothing because thereafter people are using generic.

我們已經看到了剪力犁 [語音] 和 布里斯托爾邁耶斯，那些垂死的時刻 產品週期，庫存被減少到 什麼都沒有，因為此後人們正在使用 通用的。

You are inclined to take a big hit through Claritin for Tamoxifen and Glucophage.

你傾向於遭受重創 通過 Claritin 用於他莫昔芬和 Glucophage。

How do you manage it with Prilosec?

您如何使用 Prilosec 進行管理？

At some time it expires the patent.

有些時候 它使專利到期。

Will we expect to see a write off of stock which you can no longer sell?

我們會期待看到一個 註銷您不能再出售的庫存？

What would you do with this?

你會用這個做什麼？

The dynamics of what you say is absolutely right, Stewart.

你所說的動態是 絕對正確，斯圖爾特。

In the same way as you see a growing product, you get in dollar terms more product in the whole, more value in the wholesaler chain.

和你一樣 看到一個不斷增長的產品，你以美元計算 更多的產品，更多的價值 批發商連鎖。

You see exactly the same thing when a product comes down rapidly.

你看到完全一樣的東西 當產品迅速下降時。

You see both the loss of prescriptions and that gets exagerated by the contracting of the wholesaler chain.

你看到兩個 處方的丟失並且被誇大了 通過批發商鏈的承包。

This is something we have been very conscious of ever since we have seen the generic threat to Prilosec and have always tried to keep our wholesaler inventories as low as we possibly can.

這是我們一直非常清楚的事情 自從我們看到普遍的威脅 Prilosec 並一直試圖保持我們的 批發商庫存盡可能低。

Fortunately, unlike some products, the supply

幸運的是，與某些產品不同的是，供應

chain on Prilosec has always been pretty tight.

Prilosec 的鏈條一直很緊。

As I mentioned earlier, we rarely see more than four months, four weeks in the marketplace at any one time.

正如我之前提到的，我們很少看到超過 四個月，在市場上的任何四個星期 一度。

We try to track it at that point as carefully as we can to make sure that we aren't going to be subject to the dramatic swings that you have seen with others.

我們試圖在這一點上跟踪它 盡可能小心，以確保我們不是 將受到劇烈波動的影響 你和別人見過。

I don't think, there isn't a magic solution.

我不認為，沒有神奇的解決方案。

At the end of the day the wholesalers will buy what they want to buy.

在 批發商最終會買什麼 他們想買。

If they want to speculate on the price, we can't stop them doing that.

如果他們想推測 價格，我們不能阻止他們這樣做。

But it is quite clearly one of the variables that we are attempting to manage in the run up to generic competition.

但它 很明顯是我們的變量之一 試圖在運行中管理到通用 競賽。

And the Prilosec [gap in audio]

還有 Prilosec [音頻空白]

Do you hear something?

你聽到什麼了嗎？

Nothing?

沒有什麼？

It is completely quiet.

它 完全安靜。

Thank you for your patience, ladies and gentlemen.

謝謝你的耐心，女士們 先生們。

We are experiencing some difficulties.

我們正在經歷一些 困難。

Until we resolve it it will be completely quiet.

在我們解決它之前，它將是 完全安靜。

Thank you.

謝謝你。

(Long pause in the audio.)

（音頻中的長時間停頓。）

May we just go to the last questioner, Stewart, and make sure he her the answer before we got cut off?

願我們走到最後 提問者，斯圖爾特，並確保他是她 在我們被切斷之前回答？

Operator?

操作員？

John, we're back on.

約翰，我們回來了。

I don't know whether we are live or not.

我不知道我們是活著還是 不是。

I think we are.

我想我們是。

Operator, could you try to connect with the last questioner?

接線員，您可以嘗試連接嗎 和最後一個提問者？

Certainly.

當然。

See if he got the answer to the last question.

看看他最後有沒有得到答案 問題。

Mr. Atkins, go ahead, please.

阿特金斯先生，請繼續。

We her as much as you saying that you

我們和她一樣多，你說你

hoped to manage the process intensively so that you don't end up with too much of a problem like Shearing Plough [phonetic] or Bristol Meyers did.

希望集中管理這個過程，以便 你不會遇到太多的問題，比如 剪犁 [注音] 或 Bristol Meyers 做到了。

And then it went dead.

然後它就死了。

I think there's two factors.

我認為有兩個因素。

One the supply chain on Prilosec has been very low.

一 Prilosec 的供應鏈非常低。

That has given a, this never has given us an enormous issue to manage.

這給了我們一個，這從來沒有給我們一個 需要處理的巨大問題。

But secondly, with the scale of wholesaler speculation that you can see for Prilosec, it can ballooon at any point in time.

但其次，隨著 你可以看到的批發商投機規模 對於 Prilosec，它可以在 時間。

It's not something that we have complete control over, but clearly it is one of the many variables.

這不是我們已經完成的東西 控制，但顯然它是眾多之一 變量。

And we are trying to manage with the possibility of generic competition.

我們正在努力管理 通用競爭的可能性。

Thank you.

謝謝你。

Thank you.

謝謝你。

Your next question comes from Ms. Myra Goldstein.

你的下一個問題來了 來自 Myra Goldstein 女士。

Please go ahead.

請繼續。

I'm wondering if you might be able to give us some sensitivity in the gross margin to the effect of Tamoxifen going generic next year?

我想知道你是否可以 給我們一些毛利率的敏感性 明年他莫昔芬仿製藥的效果如何？

You mentioned it was very profitable for you.

你提到這對你來說非常有利可圖。

It is a profitable product, Myra.

這是一種有利可圖的產品，Myra。

It would appear in the mix.

它會出現在混合中。

But I don't think in a way that would distort the totality of our gross margin in any significant way.

但我不認為 一種會扭曲我們總的毛病的方式 以任何重要方式的保證金。

Clearly there are so many things, so many moving parts that we wouldn't expect to be drawing that out as a specific item.

顯然有 這麼多東西，這麼多活動部件，我們 沒想到會把它畫出來 具體項目。

Is it reasonable to assume that there will be some pressure on the gross margin next year given mix issues?

假設存在是否合理 接下來毛利率會有些壓力 年份給出混合問題？

Well, mix issues ought to take it positively.

好吧，混合問題應該採取它 積極的。

If the new products that aren't subject to payments are to Merck are growing more strongly than those, that will give us positive pressure.

如果新產品不是 受付款是給默克的正在增長更多 比那些更強烈，這會給我們帶來積極的影響 壓力。

That is the largest element that influences the gross margin mix.

這是最大的元素 影響毛利率組合。

If you look at the underlying cost of production, there are many, many moving pieces in that depending on where you are in the production cycle, what the level of utilization is that you have as you move through plant expansion.

如果你看 生產的基本成本，有很多， 取決於你在哪裡 處於生產週期，什麼水平 利用率是你在移動時所擁有的 工廠擴建。

Such that in aggregate, it tends to be a reasonably robust number that rarely moves

這樣總的來說，它傾向於 是一個相當穩健的數字，很少移動

by more than 1%.

超過 1%。

I think 1% movement on the underlying would be quite significant.

我認為 1% 的變動 底層將是相當重要的。

So I think in aggregate it is not that sensitive to, norm next is the important product, but it is not one of our largest.

所以我認為總的來說它不是那麼敏感 to, norm next 是重要的產品，但它是 不是我們最大的之一。

Okay, thank you.

好的謝謝你。

As a reminder, I would tell all parties to press a star followed by a one now.

作為提醒，我會告訴所有人 各方現在按一顆星，然後是一顆星。

Next question comes from Mr. Vikram Sahu.

下一個問題來自維克拉姆薩胡先生。

I want going back to your comments on Crestor.

我想回到你的評論 克雷斯特。

I didn't hear you correctly.

我沒聽錯。

Are you expecting to get approval for increases tell in Europe for this year?

你是 期望獲得批准增加告訴 今年歐洲？

If the answer is yes, I guess the question is, does that make life a little difficult for you in the context of you giving away a launch strategy to Pfizer and the other competitors in the staffing space would have seven months to sort of plan their counter detailing strategy?

如果答案是肯定的，我 猜想問題是，這是否使生活成為 在你的情況下對你來說有點困難 向輝瑞公司和 人員配備領域的其他競爭對手將擁有 七個月來計劃他們的櫃檯 詳細策略？

Hello?

你好？

We seem to have lost John.

我們似乎失去了約翰。

He's in Stockholm.

他在 斯德哥爾摩。

Mike, do you want to have a go at that, then?

邁克，你想試試嗎 那呢？

Yes, the answer to the approval question is that we expect to get an approval from the Dutch authorities before the ends of the year.

是的，答案是 批准的問題是我們期望得到一個 荷蘭當局批准前 年底。

That obviously will trigger the mutual recognition process.

這顯然會觸發 相互承認的過程。

Would that meet the mutual recognition process negotiations would take you, a first launch, would a first launch take place anywhere in Europe before the U.S. launch?

會不會滿足相互 承認過程談判將帶你，一個 首次發射，是否會進行首次發射 在美國發射之前在歐洲的任何地方？

I wouldn't want to get into the details of the timing of the launches of increases tell, Vikram.

我不想得到 詳細了解上市時間 增加告訴，維克拉姆。

Okay, thank you.

好的謝謝你。

I do think we've lost John and we've had about an hour on the call.

我確實認為我們已經輸了 約翰和我們已經通話了大約一個小時。

I

我

think we probably have one more question on the line.

認為我們可能還有一個問題 線。

Should we take the last question an wind it up?

我們應該把最後一個問題隨風而去嗎 向上？

(There was a long pause in audio)

（音頻停頓了很長時間）

If there are no more questions, we have probably reached the end of the conference.

如果沒有更多 問題，我們可能已經走到了盡頭 會議。

Let me on behalf of John in Stockholm thank everybody for their time and good afternoon.

讓我代表約翰在斯德哥爾摩 感謝大家的時間和下午好。

I'm sorry, an error has occurred.

對不起，發生了錯誤。

The system was unable to find the conference file you have requested.

系統找不到會議文件 您已要求。

Please hang up and try again.

請掛斷並重試。

If errors persist, contact the operator that provided you with this number.

如果錯誤仍然存在，請聯繫操作員 為您提供了這個號碼。

We are sorry for any difficulty this may have caused.

我們很抱歉 這可能造成的任何困難。

Good-bye.

再見。