AstraZeneca PLC (AZN) 2007 Q2 法說會逐字稿

Well good afternoon everyone.

大家下午好。

Thank you for joining us this afternoon, welcome to our meeting where our goal is to review with you our financial results for the first half of the year and discuss some very important aspects, some of the things that are going on, changes that are taking place in our business.

感謝您今天下午加入我們，歡迎參加我們的會議，我們的目標是與您一起回顧我們上半年的財務業績，並討論一些非常重要的方面，一些正在發生的事情，正在發生的變化在我們的業務中佔有一席之地。

I will start the meeting with an overview of results and where we stand, as well as the work that we've been doing to address our productivity challenge, and the challenge that I laid down to our entire organization in February, when we reported the beginning of our restructuring program.

我將在會議開始時概述結果和我們的立場，以及我們為應對生產力挑戰所做的工作，以及我在 2 月份向我們整個組織提出的挑戰，當時我們報告了我們重組計劃的開始。

I will then ask John Patterson to come up and provide you with an update to the changes in the pipeline, as well as our R&D productivity initiatives, since we last reviewed this comprehensively with you when we were together in February.

然後我會請 John Patterson 上來並向您提供管道變化的最新情況，以及我們的研發生產力計劃，因為我們上次在 2 月份與您一起全面審查了這一點。

Then finally here at his last AstraZeneca quarterly results meeting, Jon Symonds is here, and he will take you through the financial data as usual.

最後，在他最後一次阿斯利康季度業績會議上，喬恩·西蒙茲 (Jon Symonds) 來了，他將像往常一樣向您介紹財務數據。

At the end of that we will take questions both from you here with us in London, as well as folks that are online, and we will try to alternative back and forth, and cover as much ground as we can.

最後，我們將在倫敦與我們一起回答來自您以及在線的人們的問題，我們將嘗試來回交替，並儘可能多地覆蓋範圍。

As you will have seen in the press release the quarter's results have had an added layer of complexity as we begin to reflect the impact of the acquisition of MedImmune.

正如您將在新聞稿中看到的那樣，隨著我們開始反映收購 MedImmune 的影響，本季度的結果更加複雜。

As we step up our changes and the pace of our productivity initiatives and the restructuring charge that comes with them, we are going to do everything we can to help you understand that, to make it as transparent as possible.

隨著我們加快我們的變革和生產力計劃的步伐以及隨之而來的重組費用，我們將盡一切努力幫助您理解這一點，使其盡可能透明。

And by now, as I said you've seen the second quarter results, and the first half results, which we published a couple of hours ago.

到目前為止，正如我所說，你已經看到了我們幾個小時前發布的第二季度和上半年的業績。

So let me just quickly go over it.

所以讓我快速回顧一下。

Constant currency sales for the first half were up 8%, earnings per share were up 15% excluding restructuring costs and the impact of the MedImmune acquisition.

上半年固定匯率銷售額增長 8%，扣除重組成本和收購 MedImmune 的影響後每股收益增長 15%。

I think these results are complimented by our strengthened late phase pipeline, which as you all know, we are counting on to deliver the next wave of value to us in the medium term.

我認為這些結果得到了我們加強的後期管道的稱讚，眾所周知，我們指望在中期為我們提供下一波價值。

The outlook for the industry remains quite challenging.

該行業的前景仍然充滿挑戰。

Events such as the withdrawal of Vioxx a couple of years ago, and more recently the criticism of Avandia I think illustrate all too clearly the heightened sensitivities within regulatory agencies, and within society around product safety.

幾年前 Vioxx 的退出，以及最近對文迪雅的批評等事件，我認為都非常清楚地說明了監管機構內部以及社會內部對產品安全的高度敏感。

And I think these sensitivities are often amplified as they are played out in the media.

而且我認為這些敏感性在媒體上播放時通常會被放大。

The trust of patients is being eroded as a result of some this, making it even more important for pharmaceutical companies to continue to further embrace high standard and responsible behavior in all aspects of our business.

由於某些原因，患者的信任正在受到侵蝕，這使得製藥公司在我們業務的各個方面繼續進一步接受高標準和負責任的行為變得更加重要。

Before we get into further details of our financial performance, I'd like to talk about what we are doing to drive performance across the AstraZeneca Group, including our approach to responsible leadership.

在我們深入了解我們的財務業績之前，我想談談我們正在做些什麼來推動整個阿斯利康集團的業績，包括我們負責任的領導方式。

I've spent a considerable amount of time since last year getting the entire AstraZeneca organization aligned with the three strategic priorities that we presented to you when we were together in February.

自去年以來，我花了相當多的時間讓整個阿斯利康組織與我們 2 月份在一起時向你們展示的三個戰略重點保持一致。

And we've added a fourth priority, which is the need to continue to change our culture and behavior in order to successfully drive our business as we prepare for what we see to be a more challenging future.

我們增加了第四個優先事項，即需要繼續改變我們的文化和行為，以便在我們為我們認為更具挑戰性的未來做準備時成功推動我們的業務。

Internally, we refer to these priorities as the four pillars that underpin our aspiration and our core purpose, which is to make a meaningful difference to patient health through great medicines.

在內部，我們將這些優先事項稱為支撐我們願望和核心目標的四大支柱，即通過優質藥物對患者健康產生有意義的影響。

In doing that, we believe we will create value for shareholders and for society.

通過這樣做，我們相信我們將為股東和社會創造價值。

The four strategic priorities are strengthen the pipeline, grow the business, reshape the business and change our behavior and our culture.

四個戰略重點是加強渠道、發展業務、重塑業務以及改變我們的行為和文化。

And what I will do is take these in turn this afternoon and give some examples of the progress I believe we are making on each one.

我要做的是在今天下午輪流討論這些問題，並舉例說明我認為我們在每個問題上取得的進展。

Let me begin with strengthen the pipeline.

讓我從加強管道開始。

The focus for this initiative clearly lies within our R&D organization.

這一舉措的重點顯然在於我們的研發組織。

John Patterson, Jan Lundberg who runs Discovery and their leadership teams have been working within the organization to drive out complexity, and create a drug discovery and development process that is faster and more flexible.

經營 Discovery 的 John Patterson、Jan Lundberg 及其領導團隊一直在組織內努力消除複雜性，並創建更快、更靈活的藥物發現和開發流程。

This means challenging every stage of the R&D process to seek ways to produce results more quickly, and reduce the time it takes to move from the initial selection of compounds to successfully bringing drugs to market.

這意味著挑戰研發過程的每個階段，以尋求更快產生結果的方法，並減少從最初選擇化合物到成功將藥物推向市場所需的時間。

Since February, 20 projects have progressed to the next phase of development, including two new molecules that entered Phase III, increasing our Phase III portfolio to eight projects.

自 2 月以來，20 個項目已進入下一階段的開發，包括兩個進入 III 期的新分子，使我們的 III 期項目組合增加到 8 個。

And seven new candidate drugs have moved from Discovery Research into the development organization.

七種新的候選藥物已從發現研究轉移到開發組織。

As you know our externalization program continues.

如您所知，我們的外部化計劃仍在繼續。

In addition to acquiring the rights to two promising late stage compounds earlier this year, Saxagliptin and Dapagliflozin through our diabetes collaboration with BMS, we also completed the acquisition of MedImmune during the second quarter.

除了今年早些時候通過我們與 BMS 的糖尿病合作獲得兩種有前途的後期化合物 Saxagliptin 和 Dapagliflozin 的權利外，我們還在第二季度完成了對 MedImmune 的收購。

You've heard a lot about MedImmune over the past few months, and you will hear more about how it fits into our portfolio at our Biologics Review Day in December.

在過去的幾個月裡，您已經聽說了很多關於 MedImmune 的信息，並且您將在 12 月的生物製品審查日上聽到更多關於它如何融入我們的產品組合的信息。

So I am not going to go into much detail here today.

所以我今天不打算在這裡詳細介紹。

However, let me remind you of the benefits that AstraZeneca gets from the acquisition of MedImmune.

但是，讓我提醒您阿斯利康從收購 MedImmune 中獲得的好處。

Following our initial collaborations a few years ago with Abgenix and CAT in the biologics area, we began to take advantage of the exciting opportunity offered by biologics as an alternative to small molecules in tackling disease.

繼幾年前我們在生物製劑領域與 Abgenix 和 CAT 的初步合作之後，我們開始利用生物製劑提供的令人興奮的機會作為治療疾病的小分子替代品。

That led us to acquire CAT last year, and to see the additional potential biologics could represent to our future portfolio.

這導致我們去年收購了 CAT，並看到額外的潛在生物製劑可以代表我們未來的產品組合。

The acquisition of MedImmune fulfills this potential.

對 MedImmune 的收購實現了這一潛力。

And it allows us to accelerate our work in this important area and achieve our biologics ambition much more quickly.

它使我們能夠加快我們在這一重要領域的工作，並更快地實現我們的生物製劑目標。

In the weeks since the acquisition we've made meaningful progress on creating the new MedImmune within AstraZeneca.

在收購後的幾週內，我們在阿斯利康內部創建新的 MedImmune 方面取得了有意義的進展。

We've taken steps to integrate CAT into MedImmune.

我們已採取措施將 CAT 整合到 MedImmune 中。

And we've secured synergies of $450m by 2009 growing to over $500m by 2010.

到 2009 年，我們已經獲得了 4.5 億美元的協同效應，到 2010 年增長到超過 5 億美元。

At this level the acquisition remains cash accretion to earnings per share by 2009.

在這個水平上，到 2009 年，收購仍然是每股收益的現金增長。

We made decisions to keep a greater degree of operating independence for MedImmune than we originally envisioned.

我們決定為 MedImmune 保持比我們最初設想的更大程度的運營獨立性。

This model of being operationally independent and strategically aligned, will allow us to achieve our highest priority, which is strengthening our pipeline.

這種在運營上獨立且在戰略上保持一致的模式將使我們能夠實現我們的最高優先事項，即加強我們的渠道。

We can very effectively drive what is an exciting biologics pipeline quicker, and should see projects entering the later stages of development sooner than we first expected.

我們可以非常有效地更快地推動令人興奮的生物製劑管道，並且應該看到項目比我們最初預期的更早進入開發的後期階段。

I am very pleased with the progress we've made so far during these first phases of the transition.

我對我們在過渡的第一階段迄今取得的進展感到非常高興。

And we will say more about the potential of the combined pipeline and our plans for the business in the fourth quarter.

我們將更多地談論合併管道的潛力以及我們在第四季度的業務計劃。

I continue to be impressed with the people, the science and the product portfolio that we've acquired.

我仍然對我們獲得的人員、科學和產品組合印象深刻。

Our partnership is in its infancy.

我們的伙伴關係還處於起步階段。

However, it's already clear that bringing together MedImmune and AstraZeneca offers a richness that we had dared not to expect.

然而，很明顯，將 MedImmune 和 AstraZeneca 結合在一起提供了我們不敢期待的豐富性。

David Mott, who leads MedImmune, is here today to answer any questions you may have about what's been accomplished so far, and I encourage you to ask any questions about MedImmune when we get to the Q&A.

MedImmune 的負責人 David Mott 今天來這裡是為了回答您可能對迄今為止所取得的成就提出的任何問題，我鼓勵您在我們進行問答環節時提出有關 MedImmune 的任何問題。

The second strategic priority is to grow the business.

第二個戰略重點是發展業務。

Here we are looking at how best to grow our key brands, going beyond the pill and supporting patients who are taking our medicines, to leverage the global sales and marketing operation that is recognized as among the best in the industry.

在這裡，我們正在研究如何最好地發展我們的主要品牌，超越藥丸並支持服用我們藥物的患者，以利用被公認為業內最佳的全球銷售和營銷業務。

This initiative also addresses what needs to be done to grow our business in emerging markets, leveraging the investments that have already positioned us a leader in rapidly growing markets in Asia Pacific and China as well Mexico, Russia and Brazil.

該計劃還解決了在新興市場發展我們的業務需要做的事情，利用已經使我們成為亞太地區和中國以及墨西哥、俄羅斯和巴西快速增長市場領導者的投資。

Our presence in many other emerging markets is continuing to grow too and our sales continue to show very good growth in those areas as evidenced by a sales increased of 21% in the second quarter.

我們在許多其他新興市場的業務也在繼續增長，我們的銷售額在這些領域繼續表現出非常好的增長，第二季度的銷售額增長了 21%。

Highlights of in-market progress with some key products in other areas include the successful launch of Symbicort in the U.S.

一些關鍵產品在其他領域的市場進展亮點包括 Symbicort 在美國的成功上市。

where the initial stocking has amounted to more than $30m of sales.

最初的庫存已達到超過 3000 萬美元的銷售額。

The continued rollout of Symbicort SMART outside the U.S., where we are seeing lighter use of the product and the approval of Seroquel XR for schizophrenia in the U.S.

Symbicort SMART 在美國以外的地區繼續推出，我們看到該產品的使用較少，並且 Seroquel XR 在美國被批准用於治療精神分裂症。

And Seroquel has a number of other lifecycle programs to come later this year and into next.

Seroquel 還有許多其他生命週期計劃將在今年晚些時候和明年推出。

The third strategic priority is our drive to reshape our business, to take account of the current challenging environment, and to be positioned well for the future.

第三個戰略重點是我們重塑業務的動力，以應對當前充滿挑戰的環境，並為未來做好準備。

In February we announced a major program to improve asset utilization in our supply chain.

2 月，我們宣布了一項旨在提高供應鏈資產利用率的重大計劃。

At that same time I laid down a challenge to every part of the business to look for ways to improve productivity and to reduce costs.

與此同時，我向業務的每個部分提出了挑戰，以尋找提高生產力和降低成本的方法。

And the people in the business have responded.

業內人士也做出了回應。

We are tackling procurement.

我們正在處理採購。

We are simplifying business functions.

我們正在簡化業務功能。

We are adapting our sales and marketing model.

我們正在調整我們的銷售和營銷模式。

And as I said before, we are doing everything we can to drive out complexity in different parts of the organization.

正如我之前所說，我們正在盡一切努力消除組織不同部分的複雜性。

Implementation of the supply chain strategy started in March.

供應鏈戰略的實施始於三月。

And we've announced cost reduction programs at several sites, including the U.K.

我們已經在包括英國在內的多個地點宣布了成本削減計劃。

Sweden, Germany and the U.S., reflecting our changing manufacturing needs.

瑞典、德國和美國，反映了我們不斷變化的製造需求。

We've also started the process of optimizing our manufacturing requirements across the remaining sites.

我們還開始優化其餘站點的製造要求。

Today we are increasing the provision for this program as it has exceeded its original targets.

今天，我們正在增加對該計劃的撥款，因為它已經超出了最初的目標。

In the last few months we've reviewed our European sales and marketing activities.

在過去的幾個月裡，我們審查了我們在歐洲的銷售和營銷活動。

And as you've seen we've announced our intention to reshape the sales teams, to better match the needs of the markets they serve.

正如您所看到的，我們已經宣布打算重塑銷售團隊，以更好地滿足他們所服務市場的需求。

Our in-market organizations are challenged to be right-sized for the opportunities that exist.

我們的市場組織面臨著為現有機會調整規模的挑戰。

And the changes that we are making now reflect our assessments of the changing conditions that we face.

我們現在所做的改變反映了我們對我們面臨的不斷變化的條件的評估。

We've also identified opportunities to reduce the cost of our business support infrastructure.

我們還發現了降低業務支持基礎設施成本的機會。

A new long term contract with IBM, which was announced, last week, forms part of this.

上周宣布的與 IBM 的新長期合同構成了其中的一部分。

And we are looking at other parts of the business support areas to make additional changes as well in the future.

我們正在研究業務支持領域的其他部分，以便在未來進行其他更改。

In R&D we've been addressing the implications of the disease area strategy that we shared with you in February, by completing and terminating projects that were outside of our focus areas.

在研發方面，我們一直在通過完成和終止我們重點領域之外的項目來解決我們在 2 月份與您分享的疾病領域戰略的影響。

We've carried out a review of our global regulatory team and we've also announced the creation of a single data management center to drive significant efficiencies by streamlining the way we manage data in the R&D organization.

我們對我們的全球監管團隊進行了審查，我們還宣布創建一個單一的數據管理中心，以通過簡化我們在研發組織中管理數據的方式來顯著提高效率。

So we've really stepped up the pace in our drive to improve productivity.

因此，我們確實加快了提高生產力的步伐。

The total implementation cost of these programs is around $1.6b with payback by 2009.

這些計劃的總實施成本約為 $1.6b，到 2009 年將收回成本。

And when fully implemented we will be realizing $900m in annual benefits by 2010.

完全實施後，到 2010 年我們將實現 9 億美元的年度收益。

Finally, in order to start to continue the change of our culture and behavior, a factor that's critical to our success in delivering on these strategic priorities, we formed an extended leadership group, including the top 200 leaders in the organization to drive through the organization the changes that we believe we need to make.

最後，為了開始繼續改變我們的文化和行為，這是我們成功實現這些戰略重點的關鍵因素，我們組建了一個擴展的領導小組，其中包括組織中的前 200 名領導者，以推動整個組織我們認為我們需要做出的改變。

We've made changes to strengthen our performance driven reward structure for senior managers.

我們已經做出改變，以加強我們對高級管理人員的績效驅動獎勵結構。

We are rolling out the AstraZeneca leadership capabilities to build the skills of today's leaders as well as the leaders of tomorrow for our organization.

我們正在推廣阿斯利康的領導能力，為我們的組織培養當今領導者和未來領導者的技能。

The first half of the year has been marked by significant events in the industry, as well as the transformational event for AstraZeneca in the acquisition of MedImmune.

今年上半年，該行業發生了重大事件，阿斯利康收購 MedImmune 的轉型事件也是如此。

Looking forward, I feel very confident in the ability of this leadership team to continue to deliver the action oriented agenda that I've outlined here today.

展望未來，我對這個領導團隊繼續交付我今天在這裡概述的以行動為導向的議程的能力充滿信心。

In the current environment it's clear that success will lie with those companies who are lean, agile and able to manage through the challenges, and take advantage of the opportunities that lie ahead.

在當前環境下，很明顯，成功將取決於那些精幹、敏捷並能夠應對挑戰並利用未來機遇的公司。

It is also clear to me that values such as honestly, integrity and transparency have never been more important for companies in our industry.

我也很清楚，誠實、正直和透明等價值觀對於我們行業的公司來說從未如此重要。

We are focused on delivering the initiatives I've been talking about for the last few minutes.

我們專注於提供我在過去幾分鐘一直在談論的計劃。

And we know that when we are successful in delivering them, it will deliver value for patients, shareholders and, of course, our employees.

我們知道，當我們成功實現這些目標時，它將為患者、股東，當然還有我們的員工帶來價值。

Now let me quickly move onto the headline results.

現在讓我快速進入標題結果。

Sales in the second quarter were $7.2b up 10% as reported, a 6% increase at constant exchange rates.

據報導，第二季度銷售額為 7.2b 美元，增長 10%，按固定匯率計算增長 6%。

Reported operating profit was down 11% in constant currency, and reported EPS at $0.95.

按固定匯率計算，報告的營業利潤下降了 11%，每股收益為 0.95 美元。

However, the reported numbers are significantly impacted by the inclusion of MedImmune and $376m in restructuring changes from our productivity programs.

然而，報告的數字受到納入 MedImmune 和 3.76 億美元的生產力計劃重組變化的重大影響。

Excluding those two items, adjusted earnings per share were $1.19 in the second quarter, which is 13% higher than the $1.02 we reported in the second quarter last year.

不包括這兩項，第二季度調整後每股收益為 1.19 美元，比我們去年第二季度報告的 1.02 美元高出 13%。

It's a similar picture for the half year.

這半年的情況類似。

Sales were up 8% in constant currency to $14.2b.

按固定匯率計算，銷售額增長 8% 至 $14.2b。

Earnings per share, adjusted for MedImmune and the restructuring costs, were up 15% over last year in constant currency.

按固定匯率計算，經 MedImmune 和重組成本調整後的每股收益比去年增長 15%。

The Board has recommended a 6% increase in the first interim dividend to $0.52.

董事會建議將第一次中期股息增加 6% 至 0.52 美元。

And net share repurchases were on target for the first half of the year.

今年上半年，淨股票回購達到了目標。

They were just over $2b.

他們剛好超過 $2b。

In a few minutes Jon Symonds will take you through all the details of the financial performance, and all of the moving parts that make up today's announcements.

幾分鐘後，喬恩·西蒙茲 (Jon Symonds) 將帶您了解財務業績的所有細節，以及構成今天公告的所有變動部分。

Right now I will just make a few comments on the sales performance in the quarter.

現在我將對本季度的銷售業績發表一些評論。

Looking at regional sales performance in our established markets, both in the U.S.

查看我們已建立市場（包括美國）的區域銷售業績

and rest of world, sales growth was single digits, up 6% in the U.S.

與世界其他地區相比，銷售額增長為個位數，其中美國增長 6%。

and 3% in established rest of world.

3% 在成熟的世界其他地區。

In contrast, sales in emerging markets were 21% ahead of last year.

相比之下，新興市場的銷售額比去年高出 21%。

And building our business in these markets remains a key strategic priority.

在這些市場建立我們的業務仍然是一個關鍵的戰略重點。

Looking at the key brands, the five growth drives combined for solid double digit growth in the quarter to just under $3.8b in sales, although Nexium growth has clearly slowed in the quarter.

從主要品牌來看，五個增長驅動力共同推動本季度實現兩位數的穩健增長，銷售額略低於 $3.8b，儘管本季度 Nexium 增長明顯放緩。

Nexium sales in the second quarter were $1.3b which was unchanged at constant exchange rates, as a 1% decline in the U.S.

Nexium 第二季度的銷售額為 1.3b 美元，按固定匯率計算沒有變化，因為美國下降了 1%。

for the quarter was offset by a 2% increase in other markets.

本季度的增長被其他市場 2% 的增長所抵消。

If we drill down on the U.S.

如果我們深入研究美國

performance you can see the issue.

性能你可以看到問題。

This is our customary plot of unit -- of dispensed unit volume in the U.S.

這是我們慣用的單位圖——美國分配的單位體積

market on a quarterly basis.

每季度市場。

As you can see for the four quarters in 2006 Nexium volume growth was well into the teens, and we were generating this growth alongside the rapid growth of Generic Omeprazole.

正如您在 2006 年的四個季度中所看到的那樣，Nexium 的銷量增長一直持續到十幾歲，而且我們在實現這種增長的同時還實現了 Generic Omeprazole 的快速增長。

All other brands were down in the aggregate.

所有其他品牌的總和都下降了。

This year it's a different picture.

今年是另一幅景象。

Nexium volume growth is still up some 5% year to date, but tailed off to 3% for the quarter.

今年迄今為止，Nexium 銷量仍增長了約 5%，但本季度回落至 3%。

Omeprazole volume is up a further 48%, and the other brands are still struggling.

奧美拉唑的銷量進一步增長了 48%，而其他品牌仍在苦苦掙扎。

In order to compete more effectively in this changing market we need to adapt our Nexium strategy, and we will do that.

為了在這個不斷變化的市場中更有效地競爭，我們需要調整我們的 Nexium 戰略，我們將這樣做。

For Nexium to continue to grow we are going to have to take share from the other brands at a faster rate than we had before.

為了讓 Nexium 繼續增長，我們將不得不以比以前更快的速度從其他品牌那里奪取市場份額。

Clinical differentiation remains the lynch pin for Nexium's position in the market.

臨床差異化仍然是 Nexium 在市場中地位的關鍵。

But in this increasingly competitive environment we may also need to make Nexium more attractive to patients and to payers in selected accounts.

但在這個競爭日益激烈的環境中，我們可能還需要讓 Nexium 對患者和特定賬戶的付款人更具吸引力。

In any event we anticipate that there will be a wider spread between volume growth and revenue growth than we have seen historically going forward.

無論如何，我們預計未來銷量增長和收入增長之間的差距將比我們以往看到的更大。

But we are determined that with this refinement in strategy we will maintain Nexium as the market leader in the branding PPI market.

但我們決心通過這種戰略改進，我們將保持 Nexium 在品牌 PPI 市場的市場領導者地位。

At the beginning of the year we were looking at single digit sales growth.

在今年年初，我們正在尋找個位數的銷售增長。

At the current rate that is looking more like low single digits.

按照目前的速度，這看起來更像是低個位數。

In other markets Nexium sales growth is doing well in emerging markets and in Canada, which more than offsets some of the declines that we have seen in Western Europe.

在其他市場，耐信在新興市場和加拿大的銷售增長表現良好，這足以抵消我們在西歐看到的部分下滑。

Let me move on to Crestor.

讓我繼續前進到Crestor。

Crestor sales in the second quarter were up 38% to $678m.

Crestor 第二季度的銷售額增長了 38%，達到 6.78 億美元。

U.S.

我們。

sales were up 30% to $353m.

銷售額增長 30% 至 3.53 億美元。

The U.S.

美國。

statin market grew by 10% in total prescriptions in the second quarter.

第二季度，他汀類藥物市場的總處方量增長了 10%。

Crestor prescriptions were up 28%.

Crestor 處方藥上漲了 28%。

However, the last six months have been challenging in terms of market share progress, with Crestor share holding steady at 8.6%.

然而，過去六個月在市場份額方面一直充滿挑戰，Crestor 的份額穩定在 8.6%。

This chart really tells that story.

這張圖表真實地講述了這個故事。

The top line is the market share growth for Generic Simvastatin since the beginning of the year, coinciding with the approval and launch of multiple generic Simvastatin products.

最重要的是自年初以來仿製藥辛伐他汀的市場份額增長，與多個仿製藥辛伐他汀產品的批准和上市相吻合。

It's clear that this has given managed care plans a powerful incentive to tilt their formularies to drive Simvastatin utilization and it has resulted in more than 5 share points of growth in the first six months.

很明顯，這為管理式醫療計劃提供了強大的動力來傾斜他們的處方集以推動辛伐他汀的利用率，並且在前六個月內實現了超過 5 個份額的增長。

The line at the bottom of the chart, a nearly mirror image decline in market share for Lipitor.

圖表底部的線幾乎反映了立普妥市場份額的下降情況。

In the middle a relatively steady state market performance for Crestor and Vytorin.

在中間，Crestor 和 Vytorin 的市場表現相對穩定。

A reasonably resilient performance compared to the market leader.

與市場領導者相比具有合理的彈性表現。

So what do we believe can rekindle our share growth?

那麼我們認為什麼可以重新點燃我們的份額增長？

First, after the initial burst of formulary driven switches from Crestor to Simvastatin at the beginning of the year, we are now seeing a gradual improvement in that trend.

首先，在年初從 Crestor 轉向辛伐他汀的最初爆發式增長之後，我們現在看到該趨勢逐漸改善。

If that continues, our rate of new patients starts and switches to Crestor should ultimately come through in market share growth.

如果這種情況繼續下去，我們的新患者率開始並轉向 Crestor 最終應該會在市場份額增長中實現。

An indication for Atherosclerosis also offers an additional platform for differentiating Crestor's position in the market place.

動脈粥樣硬化的適應症還為區分 Crestor 在市場上的地位提供了一個額外的平台。

And the PDUFA date for that FDA review for this indication is in November of this year.

FDA 對該適應症進行審查的 PDUFA 日期是今年 11 月。

Crestor sales in other markets were up 47% in the quarter.

本季度 Crestor 在其他市場的銷售額增長了 47%。

We are seeing excellent growth in France, in Italy, in Canada as well as in several other markets.

我們在法國、意大利、加拿大以及其他幾個市場看到了出色的增長。

And the launch in Japan is off to a good start.

在日本的推出開局良好。

Crestor is already up to a 6.7% share of the market in value terms.

按價值計算，Crestor 已經佔據了高達 6.7% 的市場份額。

Moving on to Arimidex sales were up 10% in the second quarter to $430m.

接下來是 Arimidex，第二季度銷售額增長 10% 至 4.3 億美元。

In the U.S.

在美國。

sales were up 14%.

銷售額增長了 14%。

Total prescriptions increased 9% in the first half, and Arimidex remains the market leader with a 38% market share, 16 points clear of Femara.

上半年總處方量增長 9%，Arimidex 以 38% 的市場份額保持市場領先地位，比 Femara 高出 16 個百分點。

In other markets, sales were up 7% including a 13% increase in Japan and a 16% increase in the emerging markets.

在其他市場，銷售額增長了 7%，其中日本增長了 13%，新興市場增長了 16%。

On to Seroquel, global Seroquel sales continue to grow in double digits with sales up 11% in the second quarter to $963m.

關於思瑞康，全球思瑞康銷售額繼續以兩位數增長，第二季度銷售額增長 11% 至 9.63 億美元。

Sales in the U.S.

在美國的銷售

were up 9%, total prescriptions increased 12% in the first half, twice the anti-psychotic market growth.

增長 9%，上半年總處方增長 12%，是抗精神病藥物市場增長的兩倍。

Seroquel is the only single agent indicated for both the manic and depressive phases of bipolar disorder.

思瑞康是唯一適用於雙相情感障礙躁狂期和抑鬱期的單一藥物。

As a result, we are seeing good growth in this indication, albeit at a lower revenue per prescription because of the lower doses being used.

因此，我們看到該適應症有良好的增長，儘管由於使用的劑量較低，每張處方的收入較低。

The launch of Seroquel XR, the once daily extended release formulation for Seroquel, is underway.

Seroquel XR 的推出正在進行中，這是一種每日一次的 Seroquel 緩釋製劑。

Trade stocking is nearly complete and detailing starts next week.

貿易庫存接近完成，下週開始詳細介紹。

The attributes of Seroquel XR should improve our competitive position in the schizophrenia segment of this very important market.

Seroquel XR 的特性應該會提高我們在這個非常重要的市場的精神分裂症領域的競爭地位。

The XR regulatory submission is under review in Europe as well, and we are planning for launches beginning in 2008.

XR 監管提交也在歐洲接受審查，我們計劃從 2008 年開始推出。

Sales in other markets were up 17% on good growth in Western Europe and in emerging markets.

由於西歐和新興市場的良好增長，其他市場的銷售額增長了 17%。

Finally Symbicort.

最後是信必可。

Global sales in the quarter were up 25% to $414m.

本季度全球銷售額增長 25% 至 4.14 億美元。

For the first time we can report sales of Symbicort in the U.S.

我們第一次可以報告 Symbicort 在美國的銷售情況

As I said we booked $30m in stocking sales ahead of the launch, which took place on June 25, in the U.S.

正如我所說，我們在 6 月 25 日在美國發布之前預訂了 3000 萬美元的庫存銷售。

We are excited about the potential for Symbicort in this market.

我們對 Symbicort 在這個市場上的潛力感到興奮。

Access to managed care is better at this stage of the launch than we had achieved with Crestor or Nexium.

與我們在 Crestor 或 Nexium 上實現的相比，在啟動的這個階段，獲得管理式醫療的機會更好。

We've already achieved formulary access equivalent to Advair in plans that reach 55% of covered lives.

我們已經在覆蓋生命的 55% 的計劃中實現了與 Advair 相當的處方訪問。

And this is growing by the day.

而且這種情況每天都在增長。

The early stage of the launch is focused on specialists and primary care detailing will follow shortly.

發布的早期階段專注於專家，初級保健細節將很快跟進。

Sales in other markets outside the U.S.

在美國以外的其他市場銷售

were up 15%.

上漲了 15%。

As I said before we are rolling out the Symbicort SMART treatment concept in Europe, with recent launches in Germany, France, the U.K.

正如我之前所說，我們正在歐洲推出 Symbicort SMART 治療概念，最近在德國、法國和英國推出。

Spain and Italy.

西班牙和意大利。

And it is making a difference in the market.

它正在改變市場。

For example, our market share is up 2.5 points in just five months since the Symbicort SMART launch took place in Germany.

例如，自從在德國推出 Symbicort SMART 以來，我們的市場份額在短短五個月內上升了 2.5 個百分點。

So in summary, I believe we've delivered a solid underlying performance in the second quarter and the first half, although we do see slowing growth in some segments of the market.

因此，總而言之，我相信我們在第二季度和上半年取得了穩健的基本業績，儘管我們確實看到某些市場領域的增長放緩。

We've made excellent progress on the pipeline.

我們在管道上取得了很好的進展。

We've greatly expanded our efforts to drive productivity to adapt to a challenging environment.

我們已經大大擴展了我們提高生產力以適應充滿挑戰的環境的努力。

And the biggest event of the quarter we successfully completed the acquisition of MedImmune in June.

本季度最大的事件是我們在 6 月成功完成了對 MedImmune 的收購。

And while we are making changes in all parts of the business, to be well prepared to compete now and in the future, we know that the key to success is our ability to bring differentiated products to the market, which can truly make a difference in the lives of patients.

雖然我們正在對業務的各個部分進行變革，為現在和未來的競爭做好充分準備，但我們知道成功的關鍵在於我們能夠將差異化產品推向市場，這可以真正改變患者的生命。

With that I'll hand over to John Patterson to provide you with a more detailed update on progress and research and development.

然後我將交給 John Patterson 為您提供有關進展和研究與開發的更詳細的更新。

And to talk about where MedImmune fits into this exciting picture that is emerging in our R&D organization.

並討論 MedImmune 在我們研發組織中出現的令人興奮的圖景中的位置。

John.

約翰。

Thank you David.

謝謝大衛。

And good afternoon or good morning ladies and gentlemen wherever you are.

女士們先生們，下午好或早上好，無論您身在何處。

I am really pleased to be able to share with you today the excellent progress that we are making in developing the AstraZeneca pipeline.

我很高興今天能夠與大家分享我們在開發阿斯利康管道方面取得的出色進展。

And to give a degree of detail behind the headlines that you will have read in the press release, and already heard today from David.

並提供您將在新聞稿中閱讀的標題背後的一定程度的細節，以及今天已經從大衛那裡聽到的。

We've been working hard to increase the size of the pipeline, with particular attention being paid to the later phases.

我們一直在努力增加管道的規模，並特別關注後期階段。

Our quality on time initiative has now been running for one and half years, and we are seeing real evidence of an accelerated delivery with significant time reduction in the early phases of development and increasing numbers of products moving forward.

我們的按時質量計劃現已運行一年半，我們看到了加速交付的真實證據，開發早期階段的時間顯著減少，並且產品數量不斷增加。

We are building pipeline momentum as our portfolio increases to 157 projects, of which eight are now in Phase III, representing seven new medicines.

隨著我們的投資組合增加到 157 個項目，我們正在建立管道勢頭，其中八個現在處於 III 期，代表七種新藥。

At the same time, we are actively lowering the risk of our portfolio.

與此同時，我們正在積極降低投資組合的風險。

The MedImmune acquisition has been a transformational event for the Company's research and development organization, growing our whole science and capabilities base and accelerating our biologics strategy.

對 MedImmune 的收購是公司研發組織的一次轉型事件，它發展了我們的整個科學和能力基礎，並加速了我們的生物製劑戰略。

The Abgenix, CAT and MedImmune externalization projects give us the capability to discover, develop and manufacture monoclonal antibodies, vaccines and anti-virals with the capacity to take eight biologics per annum into development.

Abgenix、CAT 和 MedImmune 外化項目使我們有能力發現、開發和製造單克隆抗體、疫苗和抗病毒藥物，並有能力每年開發八種生物製劑。

Together with the highly skilled and experienced MedImmune and CAT workforces, we're now in a position that would have taken us many years and significant learning to achieve.

與技術精湛、經驗豐富的 MedImmune 和 CAT 員工一起，我們現在所處的位置可能需要我們多年和大量學習才能實現。

We're now more than capable of delivering our promise of 25% of new molecules offered for Phase III development being biologics and, in so doing, have created a larger, more diverse and richer R&D pipeline.

我們現在完全有能力兌現我們的承諾，即為 III 期開發提供的新分子中有 25% 是生物製劑，並且在這樣做的過程中，我們創造了一個更大、更多樣化和更豐富的研發管道。

It covers organic chemistry, genetically engineered and fermentation derived molecules and anti-virals.

它涵蓋有機化學、基因工程和發酵衍生分子和抗病毒藥物。

When you add in the manufacturing capacity, we're now a fully fledged biopharmaceutical company, capable of delivering the whole value chain from discovery to the patient.

當您增加製造能力時，我們現在是一家成熟的生物製藥公司，能夠提供從發現到患者的整個價值鏈。

I've talked before about accelerating the delivery of our pipeline and described the quality, speed and cost virtuous triangle.

我之前談到過加速我們管道的交付，並描述了質量、速度和成本的良性三角。

These are the activities that would lead to an improved R&D performance, with an eight year time to market target.

這些活動將提高研發績效，實現 8 年上市時間目標。

I'm sure you've heard many companies describe their ambitions in this area.

我敢肯定，您聽說過許多公司描述了他們在這一領域的雄心壯志。

I'm now in a position to give you many real examples of the progress that we've made.

我現在可以向您提供我們取得的進展的許多真實例子。

The shortening of our pre-clinical timescales has led us to achieve 14 first time in man exposures already this year, which is more than the whole of 2006, which was in itself a record year.

我們臨床前時間尺度的縮短使我們今年已經實現了 14 次首次人體暴露，這比 2006 年全年都多，而 2006 年本身就是創紀錄的一年。

We've also used biomarkers and personalized medicines to reach rapid go/no-go decisions in cancer in particular.

我們還使用生物標誌物和個性化藥物來快速做出通過/不通過的決定，尤其是在癌症方面。

Our next step is to create a culture of continuous improvement to both embed the gains that we've made and create further benefits.

我們的下一步是創造一種持續改進的文化，以嵌入我們已經取得的成果並創造更多收益。

Already to date, we've succeeded in shortening our composite median development times from first formal toxicology to planned approval by more than 18 months, whilst significantly increasing our throughput of candidate drugs.

迄今為止，我們已經成功地將我們的複合中位開發時間從首次正式毒理學研究到計劃批准的時間縮短了 18 個月以上，同時顯著提高了我們的候選藥物產量。

We will achieve upper quartile industry performance by 2010, as further speed and quality performance actions are introduced.

到 2010 年，隨著進一步的速度和質量績效行動的實施，我們將實現上四分之一的行業績效。

This achievement is all the more significant because we're doing this while we're increasing the throughput of projects and doubling the number of Phase III molecules.

這一成就更加重要，因為我們在增加項目吞吐量並將 III 期分子數量增加一倍的同時這樣做。

Some real examples, both in discovery and development, including speeding up of lead optimization, reducing all one month toxicology studies by more than one-third and finding ways of delivering first clinical exposure within days of regulatory and Ethics Committee approval, all of this whilst not compromising on safety.

一些真實的例子，包括發現和開發，包括加速先導優化，將所有為期一個月的毒理學研究減少三分之一以上，以及尋找在監管和倫理委員會批准的幾天內提供首次臨床接觸的方法，所有這些同時不妥協的安全。

We're moving faster in pre-clinical, faster into man and faster into patients.

我們在臨床前、人體和患者方面的進展更快。

We've put in place programs to optimize our Phase II studies to make them fit for purpose, saving both time and cost in the process.

我們已經制定了計劃來優化我們的 II 期研究，使它們符合目的，從而節省過程中的時間和成本。

These are just some examples of our quality and time initiative, which spans the whole of R&D.

這些只是我們質量和時間倡議的一些例子，它跨越了整個研發。

In parallel, we're looking to become a more lean and agile organization, an exercise that started ahead of our MedImmune purchase, but which has now gained further momentum as we seek the synergies across the new portfolio.

與此同時，我們希望成為一個更加精簡和敏捷的組織，這項工作在我們購買 MedImmune 之前就開始了，但現在隨著我們在新產品組合中尋求協同效應而獲得了進一步的動力。

We've already announced changes within R&D that will lead to the reduction of 700 full time equivalents through data management consolidation and de-layering and, under our new regulatory leadership, providing focus and driving efficiency gains.

我們已經宣布了研發方面的變化，這將導致通過數據管理整合和去分層減少 700 個全職當量，並在我們新的監管領導下，提供重點並推動效率提高。

Our disease area strategy has been implemented, but the MedImmune acquisition provides increased opportunities in areas such as anti-virals and vaccines, and we'll be revisiting and reviewing our disease area strategies over the coming months.

我們的疾病領域戰略已經實施，但對 MedImmune 的收購為抗病毒和疫苗等領域提供了更多機會，我們將在未來幾個月重新審視和審查我們的疾病領域戰略。

As we grow our biologics capabilities, we'll continue to review and right size our overall discovery capability in small molecules, whilst taking every opportunity to deliver our development projects through a leaner, more agile organization.

隨著我們生物製劑能力的發展，我們將繼續審查和調整我們在小分子方面的整體發現能力，同時抓住一切機會通過更精簡、更敏捷的組織交付我們的開發項目。

You'll all be familiar with this AstraZeneca pipeline table.

你們都會熟悉這個 AstraZeneca 管道表。

Since the full year results in February, there's been tremendous progress.

自 2 月份公佈全年業績以來，取得了巨大進步。

Normal attrition accounts for 16 projects being removed from the table.

正常減員佔從表中刪除的 16 個項目。

We've had 20 progressions, of which 14 are phase progressions and six are line extensions.

我們有 20 個進程，其中 14 個是階段進程，6 個是線擴展。

And we've had 53 additions, including MedImmune.

我們已經增加了 53 個，包括 MedImmune。

The shape of our pipeline is changing, reflecting the great progress we're making, particularly in renewing the later phases.

我們管道的形狀正在發生變化，反映出我們正在取得的巨大進步，特別是在更新後期階段方面。

Since the full year results, the AstraZeneca pipeline has increased significantly, from 120 to 157 projects, including 124 new chemical entities, aided by the MedImmune and Arrow acquisitions.

自全年業績以來，在收購 MedImmune 和 Arrow 的幫助下，阿斯利康的管道項目從 120 個增加到 157 個，包括 124 個新的化學實體。

Since the April announcement, we've seen the numbers in the pipeline marginally decline as we successfully delivered projects, prioritized and made choices.

自 4 月發佈公告以來，隨著我們成功交付項目、確定優先級並做出選擇，我們看到管道中的數量略有下降。

The balance of the pipeline has improved significantly.

管道的平衡得到了顯著改善。

It's now composed of 20% biologics, excluding MedImmune pre-clinical and lifecycle.

它現在由 20% 的生物製劑組成，不包括 MedImmune 臨床前和生命週期。

We can observe a 50% increase of total project numbers compared with two years ago.

與兩年前相比，我們可以觀察到項目總數增加了 50%。

The pre-clinical component has obviously increased and the record number of first time in man exposures has significantly increased our Phase I pipeline.

臨床前部分明顯增加，人類首次暴露的創紀錄數量顯著增加了我們的第一階段管道。

In fact, Phase I has almost doubled since February.

事實上，自 2 月以來，第一階段幾乎翻了一番。

This means that we're expecting a record number of Phase II transitions during 2008, which will subsequently flow through to Phase III on a data driven basis.

這意味著我們預計 2008 年第二階段過渡的數量將達到創紀錄的水平，隨後將在數據驅動的基礎上進入第三階段。

We're also lowering the systemic risk of our pipeline through managing our ratio of best in class versus first in class.

我們還通過管理一流與一流的比率來降低管道的系統性風險。

So however we look at it, overall we see clear improvements in the size as well as the composition of our pipeline.

因此，無論我們如何看待它，總的來說，我們看到管道的規模和組成都有明顯的改善。

Having shown you the tremendous progress that we're making in the overall pipeline, now let me turn to our late phase portfolio.

在向您展示了我們在整個管道中取得的巨大進步之後，現在讓我轉向我們的後期投資組合。

We're clearly building pipeline momentum.

我們顯然正在建立管道勢頭。

Phase III has increased to eight projects, compared with five back in February.

與 2 月份的 5 個相比，第三階段已增加到 8 個項目。

Our Phase II program is also moving forward rapidly and a number of projects have shown proof of concept during the course of the year and entered Phase IIb.

我們的 II 期計劃也在快速推進，許多項目在這一年中展示了概念證明並進入了 IIb 期。

With our increased development speed and focus on biomarkers, we expect to see a record number of progressions continuing over the next 18 months.

隨著我們開發速度的提高和對生物標誌物的關注，我們預計在接下來的 18 個月內繼續取得創紀錄的進展。

And I'll now cover the later section of our portfolio in some more detail.

我現在將更詳細地介紹我們投資組合的後面部分。

Our large Phase III head to head comparison between 6140 and Clopidogrel is progressing well, with over 4,000 patients on study today.

我們在 6140 和氯吡格雷之間進行的大型 III 期頭對頭比較進展順利，目前已有超過 4,000 名患者參與研究。

It's on track to deliver the previously announced timescale.

它有望實現先前宣布的時間表。

The same is true of Zactima, where the primary indication is second line non-small cell lung cancer.

Zactima 也是如此，主要適應症是二線非小細胞肺癌。

Our program looks at combination with Docetaxel, a direct comparison with Tarceva and combination with Alimta.

我們的計劃著眼於與多西紫杉醇的組合，與特羅凱的直接比較以及與 Alimta 的組合。

We're also looking at third or fourth line patients who failed on EGF receptor antagonists.

我們也在研究使用 EGF 受體拮抗劑失敗的三線或四線患者。

We shared with you our exciting Phase II data in hereditary medullary cancer of the thyroid, and we're now running a Phase III study in this relatively uncommon tumor and already, we've recruited more than 50% of the patients into this controlled study.

我們與您分享了令人興奮的遺傳性甲狀腺髓樣癌的 II 期數據，我們現在正在對這種相對不常見的腫瘤進行 III 期研究，我們已經招募了超過 50% 的患者參與這項對照研究.

Timing of the proposed license application for thyroid in the United States is running together with or just behind the cancer NDA.

在美國，擬議的甲狀腺許可證申請時間與癌症 NDA 一起或緊隨其後。

In addition, we have a broad cross-tumor signal search program and the results of breast cancer and hormone refractory prostate cancer trials will be available in the second half of this year.

此外，我們有一個廣泛的跨腫瘤信號搜索計劃，乳腺癌和激素難治性前列腺癌試驗的結果將於今年下半年公佈。

Recentin is our other Phase III cancer product and it's recently been presented at both ASCO and AACR.

Recentin 是我們的另一個 III 期癌症產品，最近在 ASCO 和 AACR 上展示。

In addition to our extensive Phase II/III programs in colorectal cancer and non-small cell lung cancer, we now have evidence of activity in Glioblastoma in Phase II, with data suggesting both improvements in cerebral edema and progression-free survival benefits.

除了我們在結直腸癌和非小細胞肺癌方面的廣泛 II/III 期項目外，我們現在還有證據表明在 II 期治療膠質母細胞瘤具有活性，數據表明腦水腫和無進展生存獲益均有所改善。

In addition, there is encouraging efficacy evidence in renal cell cancer and, through our NCI clinical research and development agreement we have 23 approved and 16 active studies in various tumor types.

此外，在腎細胞癌方面有令人鼓舞的療效證據，並且通過我們的 NCI 臨床研發協議，我們在各種腫瘤類型中開展了 23 項已獲批准的研究和 16 項正在進行的研究。

Our lung cancer Phase II/III study is being run in collaboration with the National Cancer Institute in Canada, while we're running the colorectal program ourselves.

我們正在與加拿大國家癌症研究所合作開展肺癌 II/III 期研究，同時我們自己開展結直腸癌項目。

Go/no-go decisions for Phase III will be made in the first half of 2008.

III 期的通過/不通過決定將在 2008 年上半年做出。

You should be aware that, as with all Phase II/III programs, no data will become available if the data monitoring committee supports the continuation of the program, as all patients will then be included in a blinded fashion in the ongoing Phase III study.

您應該知道，與所有 II/III 期計劃一樣，如果數據監測委員會支持該計劃的繼續，將不會有任何數據可用，因為所有患者將以盲法方式被納入正在進行的 III 期研究。

The exception is our HORIZON I, which is a study in second line colorectal cancer, which will generate data as it's a straightforward Phase II study.

我們的 HORIZON I 是個例外，這是一項針對二線結直腸癌的研究，它將生成數據，因為它是一項簡單的 II 期研究。

We're aware of the recent Avastin Cassidy data and have taken the appropriate steps in our program to mitigate against similar results.

我們了解最近的 Avastin Cassidy 數據，並已在我們的計劃中採取適當的步驟來減輕類似結果的影響。

The Glioblastoma results have led us to initiate a new Recentin Phase III program.

膠質母細胞瘤的結果促使我們啟動了一項新的 Recentin III 期計劃。

Our three arm Phase III study in Glioblastoma is starting in the second half of this year and creating great excitement and interest in the oncology community.

我們在膠質母細胞瘤中的三臂 III 期研究將於今年下半年開始，並在腫瘤學界引起極大的興奮和興趣。

Saxagliptin, an oral DPP-IV inhibitor for type II diabetes, is the fourth of our pre-existing Phase III projects.

沙格列汀是一種用於治療 II 型糖尿病的口服 DPP-IV 抑製劑，是我們現有的 III 期項目中的第四個。

This joint development program with BMS is nearing completion and data were shared at the American Diabetic Association conference recently.

這個與 BMS 的聯合開發計劃即將完成，最近在美國糖尿病協會會議上共享了數據。

They show that, in combination with metformin, this potent agent significantly improves hemoglobin A1C and fasting plasma glucose over a six month dosing period.

他們表明，與二甲雙胍結合，這種強效藥物在六個月的給藥期內顯著改善血紅蛋白 A1C 和空腹血糖。

Saxagliptin is well tolerated and has not been associated with either weight gain or hypoglycemia.

沙格列汀耐受性良好，與體重增加或低血糖症均無關。

The NDA for both mono and combination therapy will be filed in the first half of 2008 in the United States and the following year in Europe.

單一療法和聯合療法的 NDA 將於 2008 年上半年在美國提交，次年在歐洲提交。

Now, let me turn to the first of our new chemical entities that have entered Phase III since I last spoke to you.

現在，讓我談談自從我上次與您交談以來我們進入 III 期的第一個新化學實體。

4054 is a specific endothelin A antagonist, which has undergone a significant 300 patient placebo controlled Phase II study in patients with hormone resistant prostrate cancer.

4054 是一種特異性內皮素 A 拮抗劑，已在激素抵抗性前列腺癌患者中進行了一項重要的 300 名安慰劑對照 II 期研究。

The full study and the impressive overall survival benefit, which is now mature, will be presented in September at the ECCO meeting.

完整的研究和令人印象深刻的總體生存獲益現已成熟，將於 9 月在 ECCO 會議上公佈。

Tolerability was good, with the adverse events being those that might be predicted from its pharmacology.

耐受性良好，不良事件是可以從其藥理學預測的。

An extensive Phase III program will start in September, covering mono-therapy and combination therapy in M0 and M1 patients.

廣泛的 III 期計劃將於 9 月開始，涵蓋 M0 和 M1 患者的單一療法和聯合療法。

We believe that the profile of 4054, together with our understanding of this field, will lead to this agent being the first in class alternative to chemotherapy for hormone resistant prostate cancer.

我們相信 4054 的概況以及我們對該領域的了解將使該藥物成為治療激素耐藥性前列腺癌的首個化學療法替代品。

Dapagliflozin, a selective SGLT2 inhibitor, is the second of our two diabetes projects in collaboration with BMS.

達格列淨是一種選擇性 SGLT2 抑製劑，是我們與 BMS 合作的兩個糖尿病項目中的第二個。

The Phase IIa program was recently presented and it confirmed the pharmacology in man with increased glucose excretion in the urine, coupled with reduced plasma glucose.

最近提出了 IIa 期計劃，它證實了尿液中葡萄糖排泄增加以及血漿葡萄糖減少的人的藥理學。

The Phase IIb completed earlier this year and we've agreed to initiate the Phase III studies, having met all of our success criteria.

IIb 期於今年早些時候完成，我們已同意啟動 III 期研究，滿足了我們所有的成功標準。

The Phase III program will also start this quarter and we strongly believe that Dapagliflozin can be both first and best in class.

III 期項目也將於本季度開始，我們堅信達格列淨可以成為同類產品中的首創和最佳。

Our MedImmune acquisition brought with it a new monoclonal antibody for Respiratory Syncytial Virus, RSV.

我們對 MedImmune 的收購帶來了一種新的針對呼吸道合胞病毒 (RSV) 的單克隆抗體。

Motavizumab, also known as Numax, is expected to file its BLA by the end of the year.

Motavizumab，也稱為 Numax，預計將在今年年底提交其 BLA。

The major neonatal efficacy study has already been presented and the package will be completed during the course of this autumn.

主要的新生兒療效研究已經提交，該包將在今年秋季完成。

The increased potency over Synagis and pre-clinical profile lead us to believe that it could have a utility beyond RSV prevention.

比 Synagis 更強的效力和臨床前資料使我們相信它可能具有超越 RSV 預防的效用。

However, the first BLA will be for prevention of infection in at risk babies.

然而，第一個 BLA 將用於預防高危嬰兒的感染。

With three cancer drugs, a new infection treatment and two potential primary care diabetes agents now in Phase III, alongside a best in class anti-platelet drug, we now have a broader, more balanced Phase III portfolio, with potential for first in class, best in class and primary care.

憑藉三種抗癌藥物、一種新的感染治療藥物和兩種潛在的初級保健糖尿病藥物目前處於 III 期，以及同類最佳的抗血小板藥物，我們現在擁有更廣泛、更平衡的 III 期產品組合，有可能成為一流的，同類最佳和初級保健。

However, the improvement story doesn't finish there.

然而，改進的故事並沒有就此結束。

Our Phase II program is moving forward rapidly and a number of projects have shown proof of concept during the course of the year.

我們的第二階段計劃正在快速推進，許多項目在這一年中展示了概念證明。

I'll now highlight just some of them.

我現在只強調其中的一些。

3480 is a neural nicotinic receptor agonist, which we licensed in for the symptomatic treatment of Alzheimer's Disease and cognitive deficit in schizophrenia.

3480 是一種神經菸鹼受體激動劑，我們已獲得許可用於阿爾茨海默病和精神分裂症認知缺陷的對症治療。

We've now confirmed the early promise of this agent and it has now entered definitive Phase II studies.

我們現在已經確認了該藥物的早期前景，並且它現在已經進入了最終的 II 期研究。

In a one month study in rheumatoid arthritis, 9056, an oral agent, has shown benefits on ACR20 response rates.

在為期一個月的類風濕性關節炎研究中，口服藥物 9056 顯示出對 ACR20 反應率的益處。

The data will be presented in November at the American College of Rheumatology meeting.

這些數據將於 11 月在美國風濕病學會會議上公佈。

It too has entered Phase IIb, together with 5672, another oral anti-rheumatoid agent with a different mechanism of action, which will run in parallel, thus giving us two alternative mechanisms and tolerability profiles for symptom relief and disease modification in rheumatoid arthritis.

它也已進入 IIb 期，連同另一種具有不同作用機制的口服抗類風濕藥 5672 將同時進行，從而為我們提供兩種替代機制和耐受性概況，以緩解類風濕性關節炎的症狀和改善疾病。

Our small molecule cancer program is also progressing well, with 6244 in Phase II for metastatic melanoma signal search studies in nine other tumor sites.

我們的小分子癌症計劃也進展順利，II 期有 6244 個用於其他九個腫瘤部位的轉移性黑色素瘤信號搜索研究。

Both 6244 and 2281, the DNA repair inhibitor, have been part of our externalization program.

DNA 修復抑製劑 6244 和 2281 都是我們外化計劃的一部分。

Both have biomarkers which may help patient selection and both are now first in class opportunities.

兩者都有可能有助於患者選擇的生物標誌物，並且現在都是一流的機會。

2281 is now in Phase II for BRACA mutation positive breast and ovarian cancer, having shown clear signals of efficacy in ovarian cancer in Phase I.

2281目前正處於 BRACA 突變陽性乳腺癌和卵巢癌的 II 期臨床試驗階段，在 I 期臨床試驗中已顯示出明確的卵巢癌療效信號。

We now have a number of monoclonal antibodies in clinical development for asthma.

我們現在有許多單克隆抗體處於臨床開發階段，用於治療哮喘。

MEDI-528 is an IL9 antagonist, which is in Phase II, with positive Phase I challenge data, whilst CAT354 and MEDI-563 will enter Phase II shortly.

MEDI-528 是一種 IL9 拮抗劑，處於 II 期，具有積極的 I 期挑戰數據，而 CAT354 和 MEDI-563 將很快進入 II 期。

Most exciting is the early data on MEDI-545, an antibody for interferon alpha, which has already shown activity in Phase I in systemic lupus.

最令人興奮的是 MEDI-545 的早期數據，它是一種干擾素 α 抗體，已在系統性狼瘡的 I 期試驗中顯示出活性。

In the time available today, I've not been able to cover all of the exciting early developments, but obviously I'll be happy to answer your questions on any of the projects.

在今天可用的時間內，我無法涵蓋所有令人興奮的早期開發，但顯然我很樂意回答您關於任何項目的問題。

Turning now to our marketed projects, we continue to drive lifecycle development to maximize the products.

現在轉向我們的市場項目，我們繼續推動生命週期開發以最大化產品。

The Seroquel XR formulation is a good example.

Seroquel XR 配方就是一個很好的例子。

Launch for schizophrenia, as you've already heard, is imminent in the United States, whilst the EU launch is on track for the first quarter next year.

正如您已經聽說的那樣，針對精神分裂症的藥物即將在美國上市，而歐盟有望在明年第一季度上市。

We have submitted supplementary NDAs for bipolar maintenance and relapse prevention, whilst the XR bipolar depression EU package will be submitted in the first half of 2008 and the U.S.

我們已經提交了用於雙相維持和復發預防的補充 NDA，而 XR 雙相抑鬱歐盟包將在 2008 年上半年和美國提交。

submission will go in during the fourth quarter this year.

提交將在今年第四季度進行。

We've previously told you that we have an extensive program of studies in major depressive disorder and anxiety.

我們之前曾告訴過您，我們有一項針對重度抑鬱症和焦慮症的廣泛研究計劃。

I'm pleased to be able to tell you that the first pivotal depression studies have now completed with positive data and with indications, as well, that Seroquel XR is also an active molecule in anxiety.

我很高興能夠告訴你，第一個關鍵的抑鬱症研究現在已經完成，並獲得了積極的數據和跡象，Seroquel XR 也是一種治療焦慮症的活性分子。

We're on track for a U.S.

我們正走在美國的正軌上

submission in depression in the first half of 2008.

2008年上半年抑鬱症投稿。

One of the key questions that the scientific and medical community have asked is whether the properties that Seroquel is displaying across a spectrum of psychiatric diseases is unique to Seroquel or common to atypical anti-psychotics.

科學界和醫學界提出的一個關鍵問題是，思瑞康在一系列精神疾病中表現出的特性是思瑞康獨有的，還是非典型抗精神病藥物所共有的。

This table shows you that one of the things about atypicals is that each of them is just that, i.e.

這張表向您展示了關於非典型的事情之一是他們每個人都是那樣，即。

atypical and different, and that there are significant differences in the binding and targeting characteristics to Serotonin, Norepinephrine and Dopamine.

非典型和不同，並且與血清素、去甲腎上腺素和多巴胺的結合和靶向特徵存在顯著差異。

These differences, exemplified by imaging techniques, have recently allowed us to understand why Seroquel works across the range of indications and can be differentiated from typical and atypical anti-psychotics as well as anti-depressants.

這些差異，以成像技術為例，最近使我們能夠理解為什麼 Seroquel 在適應症範圍內起作用，並且可以與典型和非典型抗精神病藥以及抗抑鬱藥區分開來。

We've also made progress with other key lifecycle management opportunities.

我們還在其他關鍵生命週期管理機會方面取得了進展。

Crestor lifecycle studies continue to roll out.

Crestor 生命週期研究繼續展開。

We now have EU agreement to include the METEOR wording in the Crestor label and the FDA action date for the atheroma indication is later this year.

我們現在與歐盟達成協議，在 Crestor 標籤中包含 METEOR 措辭，而 FDA 對動脈粥樣硬化適應症的行動日期是今年晚些時候。

Our outcome studies are maturing and we're expecting to receive data on or before the previously indicated timetable.

我們的結果研究正在成熟，我們期待在之前指定的時間表或之前收到數據。

We continue to explore the potential for combination products with fibrates and cholesterol absorption inhibitors, including our own AZD4121, which is now in clinical development.

我們繼續探索與貝特類藥物和膽固醇吸收抑製劑組合產品的潛力，包括我們自己的 AZD4121，該產品目前正處於臨床開發階段。

For Symbicort, we submitted the JNDA for asthma and an sNDA for a dose counter.

對於 Symbicort，我們提交了哮喘的 JNDA 和劑量計數器的 sNDA。

For Iressa, the INTEREST study has now completed and met its primary objective, demonstrating equivalent survival for Iressa and Docetaxel in pre-treated non-small lung cancer patients.

對於易瑞沙，INTEREST 研究現已完成並達到其主要目標，證明易瑞沙和多西紫杉醇在接受過預治療的非小細胞肺癌患者中的生存期相當。

And finally, FluMist.

最後，FluMist。

The new, better formulation had a positive FDA advisory board for the expanded label and we're now working with manufacturing to respond to the FDA warning letter in time for the next flu season.

新的、更好的配方得到了 FDA 顧問委員會對擴大標籤的肯定，我們現在正在與製造商合作，以便在下一個流感季節及時回應 FDA 的警告信。

Turning specifically to MedImmune, the MedImmune purchase was completed on June 18 and we've already agreed our R&D operating model and had our first high level view of the total AstraZeneca/MedImmune/CAT/Abgenix derived biologics pipeline.

具體談到 MedImmune，MedImmune 的收購於 6 月 18 日完成，我們已經同意了我們的研發運營模式，並對 AstraZeneca/MedImmune/CAT/Abgenix 衍生的生物製劑總管道有了我們的第一個高層視圖。

The programs and technologies are highly complementary and we're now entering into a phase of detailed analysis of this really very exciting and industry leading portfolio.

這些程序和技術是高度互補的，我們現在正進入對這個非常令人興奮和行業領先的產品組合的詳細分析階段。

We'll complete this review over the course of the autumn and are pleased to invite you to a Biologics R&D Review Day, which will be held on December 6 near Washington DC, where you'll be able to share with us the whole portfolio in greater depth and detail than we have today.

我們將在秋季完成這項審查，並很高興邀請您參加生物製品研發審查日，該日將於 12 月 6 日在華盛頓特區附近舉行，屆時您將能夠與我們分享在比我們今天擁有的更深入、更詳細。

To make AstraZeneca fit for the future and to renew our business we've shown you today how R&D is accelerating project delivery, delivering more projects and increasing our momentum in every part of the process.

為了使阿斯利康適應未來並更新我們的業務，我們今天向您展示了研發如何加速項目交付、交付更多項目並在流程的每個部分增加我們的動力。

We now have eight Phase III projects, with a balance across first and best in class, acute therapy and primary care.

我們現在有八個 III 期項目，在一流和一流、急性治療和初級保健之間取得平衡。

We've transformed our science base with the CAT and MedImmune purchases.

我們通過購買 CAT 和 MedImmune 改變了我們的科學基礎。

Nevertheless, we will continue to enrich our science and our portfolio from both inside and outside the Company.

儘管如此，我們將繼續從公司內外豐富我們的科學和產品組合。

AstraZeneca's pipeline is moving faster, it's larger, more diverse and lower risk than ever before.

阿斯利康的產品線比以往任何時候都發展得更快、更大、更多樣化且風險更低。

It will be delivered by a leaner and more agile R&D organization, which is delivery focused and cost efficient.

它將由更精簡、更敏捷的研發組織交付，該組織注重交付且具有成本效益。

As always, we will be data driven, critical and challenging of our projects, but I am confident that the progress that we've made will now lead to a significant enhancement of the AstraZeneca product portfolio over the coming years.

一如既往，我們將以數據為導向，對我們的項目具有批判性和挑戰性，但我相信，我們現在取得的進展將在未來幾年顯著增強阿斯利康產品組合。

Thank you for your attention and I'd now like to hand over to Jon Symonds to give you in-depth on the financial numbers.

感謝您的關注，現在我想請 Jon Symonds 為您深入介紹財務數據。

Good afternoon, everyone.

大家下午好。

We've still got a lot of ground to cover, so let's get straight into the agenda here.

我們還有很多內容需要討論，所以讓我們直接進入議程。

Here is what I'm going to cover.

這就是我要介紹的內容。

Firstly, the headline results and how all the moving pieces fit together.

首先，標題結果以及所有移動部分如何組合在一起。

A review of where we are with MedImmune, performance, synergies, acquisition accounting, and why we also want to move to core EPS going forward.

回顧我們在 MedImmune 方面的進展、績效、協同效應、收購會計，以及為什麼我們也希望在未來轉向核心 EPS。

Restructuring program, costs and benefits.

重組計劃、成本和收益。

How the underlying business is doing and our expectations for the remainder of the year.

基礎業務的運行情況以及我們對今年剩餘時間的預期。

Finally, our current thoughts in relation to capital structure.

最後，我們目前對資本結構的看法。

So here are the moving pieces in earnings per share in the second quarter.

以下是第二季度每股收益的變動情況。

Reported EPS for the quarter of $0.95.

本季度報告的每股收益為 0.95 美元。

Restructuring costs amounted to $376m or on an EPS level, $0.18.

重組成本總計 3.76 億美元，按 EPS 水平計算，為 0.18 美元。

The MedImmune impact was a loss of $0.06, leaving an underlying earnings per share of $1.19, up $0.13.

MedImmune 的影響是虧損 0.06 美元，每股基本收益為 1.19 美元，上漲 0.13 美元。

And you can also see here from the box that, excluding Toprol-XL, which gives you a line of sight into the guidance we set at the beginning of the year, earnings per share is up by 15%.

您還可以從此處的方框中看到，不包括 Toprol-XL（它使您可以看到我們在年初設定的指導方針），每股收益增長了 15%。

And in the backup slides, you'll see that there's an equivalent analysis for operating profit and also the movements for the half year.

在備用幻燈片中，您會看到對營業利潤和半年變動的等效分析。

Let me turn to MedImmune and there are three things I want to cover - the numbers in the second quarter, synergies and acquisition accounting.

讓我轉向 MedImmune，我想介紹三件事——第二季度的數字、協同效應和收購會計。

Firstly, as you can see here, there are a number of components in addition to the underlying trading performance.

首先，正如您在這裡看到的，除了基礎交易表現之外，還有許多因素。

The bottom line is a loss of $0.06 or $140m, including incremental interest cost of $37m, which gives you the full line of sight to earnings per share.

底線是虧損 0.06 美元或 1.4 億美元，包括 3700 萬美元的增量利息成本，這讓您可以全面了解每股收益。

I wouldn't expect to separate interest in this way in subsequent quarters.

我不希望在隨後的幾個季度中以這種方式分離利息。

In addition, there are one off charges relating to the acquisition of $49m and amortization of intangibles amounting to $35m.

此外，還有一項與 4900 萬美元的收購和 3500 萬美元的無形資產攤銷相關的費用。

This leaves you with an underlying trading loss of $19m for the month of June.

這使您在 6 月份的基礎交易損失為 1900 萬美元。

As we go forward, MedImmune will introduce a degree of seasonality into our results, as both Synagis and FluMist are seasonal, with sales following the infection season, which broadly means that all sales are made in quarter four and in quarter one, meaning that we expect a further trading loss in quarter three before the business turns to profitability in the fourth quarter.

隨著我們的前進，MedImmune 將在我們的結果中引入一定程度的季節性，因為 Synagis 和 FluMist 都是季節性的，在感染季節之後進行銷售，這大致意味著所有銷售都在第四季度和第一季度進行，這意味著我們預計在第四季度業務轉為盈利之前，第三季度將出現進一步的交易虧損。

So turning to synergies, at the time of the acquisition, we targeted synergies of towards $500m, and we now have committed synergies of $450m by 2009, rising to over $500m in 2010.

所以轉向協同效應，在收購時，我們的目標是協同效應達到 5 億美元，現在我們承諾到 2009 年協同效應達到 4.5 億美元，到 2010 年增至超過 5 億美元。

This exercise is now complete and we're moving on to what this combination is really about - creating the scientific synergies that come from putting our small molecule capabilities together with the biological skills of MedImmune and CAT.

這個練習現在已經完成，我們正在繼續討論這個組合的真正含義——通過將我們的小分子能力與 MedImmune 和 CAT 的生物學技能結合在一起來創造科學協同作用。

And it's here where the enthusiasm is really growing.

正是在這裡，熱情真正高漲。

Both David and John have already said this, but I also want to emphasize that over time I believe that you will see why this is an outstanding acquisition that gives AstraZeneca a unique and non-repeatable opportunity to achieve critical mass in biologicals, small molecules and in vaccines.

David 和 John 都已經說過了，但我還想強調，隨著時間的推移，我相信你會明白為什麼這是一次出色的收購，它為阿斯利康提供了一個獨特且不可重複的機會，以在生物製品、小分子和在疫苗中。

So let's look at the numbers.

那麼讓我們看看這些數字。

As well as deciding to do a lot of things to extract the maximum amount of synergies, there are also some things that we decided not to do, particularly in the SG&A area.

除了決定做很多事情以最大限度地發揮協同作用外，還有一些事情我們決定不做，特別是在 SG&A 領域。

And two of these were actually in the original synergy case.

其中兩個實際上是在最初的協同案例中。

We decided not to fully integrate the MedImmune pediatric sales force or collapse all of the sales and marketing infrastructure around it, because we believe this will yield more in revenue synergies over time by leaving it intact.

我們決定不完全整合 MedImmune 兒科銷售人員或瓦解其周圍的所有銷售和營銷基礎設施，因為我們相信，隨著時間的推移，通過保持不變，這將產生更多的收入協同效應。

Secondly, we'll not integrate MedImmune into the AstraZeneca transaction platform till 2010, because it will cost more in the long run if we were to do it now.

其次，我們要到2010年才會將MedImmune整合到阿斯利康的交易平台中，因為如果我們現在做，從長遠來看成本會更高。

This means that the SG&A synergies at $105m are lower than originally anticipated, but this shortfall has been made up elsewhere.

這意味著 1.05 億美元的 SG&A 協同效應低於最初預期，但這一缺口已在其他地方得到彌補。

The other main change to the shape of the synergy plan has been an increase in the synergies relating to MedImmune's biological platform, which now stands at $205m.

協同計劃形式的另一個主要變化是與 MedImmune 生物平台相關的協同效應增加，該平台目前價值 2.05 億美元。

Now that we've been through their assets in-depth, we believe that we can utilize MedImmune's Gaithersburg capacity much more extensively, enabling us to significantly reduce the plans for expansion at CAT and at AstraZeneca's existing biological activities in Gartuna in Sweden.

既然我們已經深入了解了他們的資產，我們相信我們可以更廣泛地利用 MedImmune 的 Gaithersburg 能力，使我們能夠顯著減少 CAT 和阿斯利康在瑞典 Gartuna 的現有生物活動的擴張計劃。

We've also begun to review the two portfolios in detail and the knock on effects of a larger biological portfolio on our small molecule activities.

我們還開始詳細審查這兩個產品組合，以及更大的生物產品組合對我們小分子活動的影響。

We're assessing how much disease and small molecule capacity we need post MedImmune and we're targeting a capacity reduction of around $115m per annum.

我們正在評估在 MedImmune 之後我們需要多少疾病和小分子能力，我們的目標是每年減少約 1.15 億美元的能力。

It's fair to say that these particular savings are still being worked through in detail and we've not yet fully announced all the underlying plans, but we'll do so in the coming months.

可以公平地說，這些特定的節省仍在詳細研究中，我們尚未完全宣布所有基本計劃，但我們將在未來幾個月內這樣做。

Alongside the manufacturing savings, which take us to a total of $450m, we can also completely suspend future biological capacity expansion beyond the logical expansion of the MedImmune facilities.

除了使我們總共節省 4.5 億美元的製造成本外，我們還可以完全暫停未來超出 MedImmune 設施合理擴張的生物產能擴張。

And these were real investments, in excess of $500m, without which AstraZeneca would not have had any ability to develop the biological compounds coming from either CAT or the highly productive Abgenix collaboration.

這些都是真正的投資，超過 5 億美元，沒有這些投資，阿斯利康就沒有能力開發來自 CAT 或高效 Abgenix 合作的生物化合物。

Lastly, and by no means least, I can confirm that this synergy program, together with our current view of MedImmune's prospects, fully supports our original guidance that the acquisition is accretive on a cash basis in 2009.

最後，同樣重要的是，我可以確認，這一協同計劃以及我們目前對 MedImmune 前景的看法，完全支持我們最初的指導意見，即此次收購在 2009 年以現金為基礎實現增值。

Let me now turn to the accounting treatment of the acquisition.

現在讓我談談收購的會計處理。

We've now done the asset by asset assessment, using the strict accounting requirements, which have produced a conservative assessment of value, principally through a high discount rate - 11% - and through the non-recognition of many assets that were an important part of the business case.

我們現在通過資產評估來完成資產，使用嚴格的會計要求，這產生了保守的價值評估，主要是通過高貼現率 - 11% - 以及許多重要資產的不確認的商業案例。

The synergies or new indications to products, for example.

例如，產品的協同作用或新適應症。

That said, this conservatism actually produces a significantly lower amortization charge of around $420m a year, compared to our original estimation of $750m per annum.

也就是說，與我們最初估計的每年 7.5 億美元相比，這種保守主義實際上產生的攤銷費用要低得多，約為每年 4.2 億美元。

This amortization charge is the amount at the operating profit level.

該攤銷費用是營業利潤水平的金額。

The after tax effect will be neutralized by a deferred tax relief to offset the fact that there's no tax relief on the underlying intangibles.

稅後效應將被遞延稅收減免抵消，以抵消基礎無形資產沒有稅收減免的事實。

These intangible assets, just like goodwill, will be subject to annual impairment charges.

這些無形資產，就像商譽一樣，每年都要計提減值費用。

And as we've attributed specific values to both the marketed and pipeline products, it's possible that this charge could be higher if a product had to be stopped before it reached the market.

由於我們已將特定價值歸因於上市和管道產品，如果產品在進入市場之前必須停止，則此費用可能會更高。

In preparation for this and in anticipation of the accounting amortization that will arise after we've made the payments to Merck next year, we will be moving to an alternative measure of earnings per share that we've termed core EPS.

為為此做準備，並預計明年我們向默克公司付款後將出現的會計攤銷，我們將轉向另一種衡量每股收益的方法，我們稱之為核心每股收益。

The definition of this is included in the back of the pack, but essentially it adds back restructuring costs and acquisition amortization and, should it occur, goodwill impairment.

這個的定義包含在包的背面，但本質上它增加了重組成本和收購攤銷，如果發生，商譽減值。

We won't add back product amortization or impairment charges from in-license products, as these are essentially a normal part of doing business now.

我們不會從許可產品中加回產品攤銷或減值費用，因為這些基本上是現在開展業務的正常部分。

So from this quarter onwards, you'll see us disclose a core EPS measure in addition to statutory EPS.

因此，從本季度開始，您將看到我們在法定每股收益之外披露一項核心每股收益指標。

We'll start to use this as part of our earnings guidance from 2008.

從 2008 年開始，我們將開始使用它作為我們收益指導的一部分。

Now, to restructuring.

現在，重組。

We signaled with the full year results and the announcement of the supply chain restructuring that we were considering restructuring other areas of the business.

我們通過全年業績和供應鏈重組公告表明我們正在考慮重組其他業務領域。

The success of the early implementation of the supply chain reorganization has given us the confidence to accelerate and broaden this program, as well as expanding across other parts of the business.

早期實施供應鏈重組的成功讓我們有信心加速和擴大該計劃，並擴展到業務的其他部分。

The press release should give you a good feel for the total program which now stands at $1.6b in implementation costs, yielding aggregate benefits in excess of $900m per annum by 2010.

新聞稿應該讓您對整個計劃有一個良好的感覺，該計劃目前的實施成本為 1.6b 美元，到 2010 年每年產生的總收益超過 9 億美元。

Most of these programs have been announced internally and are progressing through the employee consultation process, but here's a high level summary.

這些計劃中的大部分已在內部宣布，並正在通過員工諮詢過程取得進展，但這裡是一個高層次的總結。

The supply chain program, which kicked off in February, has made excellent progress.

2 月份啟動的供應鏈計劃取得了很好的進展。

The program is now expected to result in a $750m charge, up from the original estimate of $500m, principally due to an expansion in its scope.

該計劃現在預計將產生 7.5 億美元的費用，高於最初估計的 5 億美元，這主要是由於其範圍的擴大。

Secondly, we've undertaken a strategic review of the sales and marketing resources required across Europe for the next three years, resulting in programs across 13 countries, which will reduce headcount by around 1,800 positions.

其次，我們對未來三年整個歐洲所需的銷售和營銷資源進行了戰略審查，從而在 13 個國家/地區實施了計劃，這將減少約 1,800 個職位。

Within IS and business support, we're embarking on a $450m program, also involving around 1,800 positions.

在 IS 和業務支持方面，我們正在著手一項 4.5 億美元的計劃，也涉及大約 1,800 個職位。

The renegotiated global outsourcing contract with IBM, which received a lot of publicity last week, is one element within this, but there are others too.

上周廣為宣傳的與 IBM 重新談判的全球外包合同是其中的一個要素，但還有其他要素。

John Patterson has touched on the productivity efforts in R&D, in areas relating to implementing the disease area strategy, streamlining global regulatory affairs and driving efficiencies throughout our clinical organization.

約翰·帕特森 (John Patterson) 談到了研發方面的生產力努力，涉及實施疾病領域戰略、簡化全球監管事務和提高整個臨床組織效率的領域。

We expect to account for around $900m of the costs in 2007, with most of the balance - that's around $450m - being charged in the fourth quarter.

我們預計 2007 年的成本約為 9 億美元，其中大部分餘額（約 4.5 億美元）將在第四季度支付。

While we don't expect to announce any more products -- projects that'll be charged in 2007, it's fair to say that we still haven't finished exploring further opportunities to reduce our cost base and improve future profitability, although, just to be clear, future projects are unlikely to be near the scale that we've been talking about here.

雖然我們不希望宣布更多產品——將在 2007 年收費的項目，但可以公平地說，我們仍未完成進一步探索降低成本基礎和提高未來盈利能力的機會，儘管，只是為了明確一點，未來的項目不太可能接近我們在這裡討論的規模。

So finally, we come to the underlying performance for the second quarter.

最後，我們來看看第二季度的基本表現。

You can see that we get to a solid performance, with sales and profit, excluding Toprol, up by 7% and 14% respectively, well on track to achieve the targets that we set at the beginning of the year.

您可以看到我們取得了穩健的業績，銷售額和利潤（不包括 Toprol）分別增長了 7% 和 14%，有望實現我們在年初設定的目標。

And as you can see here, after stripping out restructuring costs and the impact of MedImmune, we're still pushing margins upwards, although not to the extent that we've seen in recent quarters.

正如你在這裡看到的那樣，在剔除重組成本和 MedImmune 的影響後，我們仍在推高利潤率，儘管沒有達到我們最近幾個季度看到的程度。

Although the operating leverage from our sales and marketing and manufacturing activities is still visible, with margin benefits from both of these areas adding 3.1 percentage points of margin improvement, it's now being partially absorbed by an increased R&D spend.

儘管我們的銷售和營銷以及製造活動的運營槓桿仍然可見，但由於這兩個領域的利潤率提高了 3.1 個百分點，它現在部分被增加的研發支出所吸收。

Indeed, this is the pattern that we've been predicting for some time, with both the higher volume of activity that John's described as well as the addition of in-license products, such as those from Bristol-Myers.

事實上，這是我們一段時間以來一直在預測的模式，既有約翰所描述的更高的活動量，也有許可證產品的增加，比如百時美施貴寶的產品。

The R&D ratio has now increased to 16.9% of sales on an actual basis, although the strengthening of sterling and the Swedish krona against the dollar has increased this ratio by 0.5%, as you can see from the constant currency calculation of margin improvement.

儘管英鎊和瑞典克朗兌美元的走強使這一比例增加了 0.5%，但實際研發比例現已增加到銷售額的 16.9%，正如您從利潤率改善的固定貨幣計算中可以看出的那樣。

The only other point worthy of note here is other income, which, in the quarter, benefited from sales of non-core products in Scandinavia.

這裡唯一值得注意的一點是其他收入，該收入在本季度受益於斯堪的納維亞半島非核心產品的銷售。

And this was a disposal that we anticipated to occur in the second half of the year that was completed ahead of expectation.

這是我們預計在下半年進行的處置，並且提前完成了。

Our expectations for other income for the year are now approaching last year's total of around $0.5b.

我們對今年其他收入的預期現在接近去年的總額 0.5 美元左右。

This excludes MedImmune and their HPV royalties, which will also be recorded on this line too.

這不包括 MedImmune 及其 HPV 版稅，它們也將記錄在此行中。

So how does the year now stack up against the expectations we set in February?

那麼，今年與我們在 2 月份設定的預期相比如何呢？

Despite the pressures on the top line that David has already flagged, we still think high single digit top line growth will be the out turn, with further underlying margin expansion.

儘管大衛已經指出了頂線的壓力，但我們仍然認為高個位數的頂線增長將是最終的結果，基礎利潤率將進一步擴大。

And as a result, we've narrowed the base business expectations to $3.90 to $4.05.

因此，我們將基本業務預期收窄至 3.90 美元至 4.05 美元。

Adding MedImmune to the mix - and there's a lot in this mix - their projected trading performance for the balance of the year, the one-off charges we saw in the second quarter, intangible amortization, synergies in financing costs, this equates to a loss of around $0.30 at the EPS level and now produces a full year target EPS of between $3.60 and $3.75 per share.

將 MedImmune 添加到組合中——這個組合中有很多——他們今年餘下時間的預計交易業績、我們在第二季度看到的一次性費用、無形攤銷、融資成本的協同效應，這等同於虧損每股收益水平約為 0.30 美元，目前全年目標每股收益在 3.60 美元至 3.75 美元之間。

In terms of phasing, I'd remind you again of the seasonality of MedImmune's sales pattern, which means that it's likely that their underlying trading will make a loss in the third quarter before their sales really kick off in quarter four.

在分階段方面，我再次提醒您 MedImmune 銷售模式的季節性，這意味著他們的基礎交易很可能在第四季度真正開始銷售之前在第三季度出現虧損。

So going forward, the outcome for 2007 has the following components.

因此，展望未來，2007 年的成果包括以下內容。

Business performance, including MedImmune of $3.60 to $3.75, excluding restructuring and Toprol.

業務表現，包括 3.60 美元至 3.75 美元的 MedImmune，不包括重組和 Toprol。

Toprol is still running at about $100m a month or $0.04 at earnings per share.

Toprol 仍以每月約 1 億美元或每股收益 0.04 美元的價格運行。

We think generic competition to the 100mg and 200mg strengths is imminent and these strengths represent about half of the current monthly profit run.

我們認為 100 毫克和 200 毫克規格的仿製藥競爭迫在眉睫，這些規格約佔當前月度利潤的一半。

And restructuring charges, at $900m, is around $0.44 for the full year.

重組費用為 9 億美元，全年約為 0.44 美元。

Last but not least, capital structure.

最後但同樣重要的是，資本結構。

We've laid out our thinking on this in the press release as to how we'll use the opportunity the refinancing of MedImmune brings to set our capital structure for the longer term.

我們在新聞稿中闡述了我們的想法，即我們將如何利用 MedImmune 再融資帶來的機會來設定我們的長期資本結構。

As you can see here, we've moved from net cash of $6.5b at the beginning of the year to net debt of $10b at the end of June.

正如您在這裡看到的，我們已經從年初的 6.5b 美元淨現金轉變為 6 月底的 10b 美元淨債務。

To approach the refinancing, you have to have a number of anchor points and the first priority that the Board has set is to maintain a strong investment grade credit rating.

要進行再融資，您必須有多個錨點，董事會設定的首要任務是保持強大的投資級信用評級。

We're currently in discussions with the rating agencies at the moment and, as they're due to issue their reports shortly, I'm not in a position to be more specific at this stage.

我們目前正在與評級機構進行討論，由於他們很快就會發布報告，我現階段無法提供更具體的信息。

Suffice to say that we are looking to retain a strong investment grade rating.

可以說我們希望保持強大的投資等級評級。

Secondly, the underlying gross debt of $15b will need to be worked down over a reasonable period to its longer term sustainable level, which we think to be about $8b to $9b gross or $6b to $7b net of cash.

其次，需要在一段合理的時間內將 15b 美元的基礎債務總額降至其長期可持續水平，我們認為該水平約為 8b 至 9b 美元的毛額或 6b 至 7b 美元的現金淨額。

This will be done over a three to four year period, recognizing that there's likely to be a substantial payment to Merck the first half of next year.

這將在三到四年內完成，並認識到明年上半年可能會向默克公司支付大筆款項。

Thirdly, the Board is clear that, while the pipeline is improving, it can still be further improved.

第三，董事會很清楚，雖然管道正在改進，但仍有進一步改進的餘地。

Therefore, external opportunities still need to be sourced, albeit with an emphasis on later stage deals where possible.

因此，儘管在可能的情況下強調後期交易，但仍然需要尋找外部機會。

Finally, and it does come at this point in the sequence, share buyback.

最後，它確實出現在序列的這一點上，股票回購。

The Board understands the importance that shareholders attach to this, but believes that, given the priorities listed above, neither the size nor certainty can be attached to future share buybacks that has been the case in the past, until the core level of debt has been reached.

董事會理解股東對此的重視，但認為，鑑於上述優先事項，未來股票回購的規模和確定性都不能像過去那樣，直到核心債務水平得到改善到達。

As we've repeatedly said, dividends are a return from profits.

正如我們反复說過的，股息是利潤的回報。

Share buybacks are a return of excess capital.

股票回購是超額資本的回報。

We're clearly deploying our capital much more aggressively now, and the level of buyback will be assessed each year.

我們現在顯然更積極地部署我們的資本，每年都會評估回購水平。

The Board currently envisages the 2008 buyback to be in the region of $1b.

董事會目前預計 2008 年的回購金額約為 10 億美元。

We have, of course, kept 2007 at the $4b level that we promised at the beginning of the year.

當然，我們將 2007 年保持在年初承諾的 $4b 水平。

We've gone through a lot in the last 20 minutes or so, but hopefully I've given you everything that you need to fully digest the results and make your assessments of performance for the remainder of the year.

在過去 20 分鐘左右的時間裡，我們經歷了很多事情，但希望我已經為您提供了充分理解結果並對今年剩餘時間的績效進行評估所需的一切。

And I'll hand back to David to begin the Q&A session.

我將交還給 David，開始問答環節。

Great.

偉大的。

Thank you, Jon.

謝謝你，喬恩。

And thank you, John, for reviewing the R&D situation.

約翰，謝謝你審查研發情況。

And what we will do now is move on to Q&A.

我們現在要做的是進入問答環節。

I'll just remind the audience here live that we also have people who are online.

我只是提醒一下現場的觀眾，我們也有在線的人。

We will start here live with the first question and then we'll move on.

我們將從第一個問題開始，然後繼續。

Andrew?

安德魯？

Thanks.

謝謝。

It's Andrew Baum at Morgan Stanley.

我是摩根士丹利的安德魯鮑姆。

Four questions, two for John and two for Jon.

四個問題，兩個給約翰，兩個給喬恩。

So for John Patterson, Saxagliptin, perhaps you could indicate whether you've met with the FDA and whether they have confirmed that they will accept your filing as of first half 2008, given the issues associated with DPP-IV aas experienced with Novartis.

所以對於 John Patterson，Saxagliptin，也許你可以說明你是否與 FDA 會面，以及他們是否確認他們將在 2008 年上半年接受你的申請，考慮到與諾華公司經歷的 DPP-IV a 相關的問題。

Second, on your endothelin receptor antagonist, perhaps you could outline why you're more confident, given recent experience with Xinlay, the Abbott compound.

其次，關於您的內皮素受體拮抗劑，鑑於最近使用雅培化合物 Xinlay 的經驗，您或許可以概述為什麼您更有信心。

And then for Jon Symonds, post 2008, after you've made the Merck payment and also the associated cost restructuring, should we assume that that $1b is going to be subject to upward revision and what kind of levels do you think should we be using in our models?

然後對於 Jon Symonds，2008 年後，在您完成默克付款以及相關成本重組之後，我們是否應該假設 10 億美元將向上修正，您認為我們應該達到什麼樣的水平在我們的模型中使用？

And then a second question is - and you indicated some of this - what percentage of the $900m of synergies is effectively -- or not synergies, of restructuring benefits, is actually going to eaten up by R&D investments?

然後第二個問題是 - 你指出了其中的一些 - 在 9 億美元的協同效應中有多少百分比是有效的 - 或者不是協同效應，重組收益實際上會被研發投資吞噬？

How much is going to come through.

有多少會通過。

Okay, good.

好的。

John Patterson, you want to start off?

約翰帕特森，你想開始嗎？

Okay.

好的。

Thanks, Andrew.

謝謝，安德魯。

First of all, we believe we have a complete and robust Phase III program for Saxa that's capable of being filed next year.

首先，我們相信我們有一個完整而強大的 Saxa III 期計劃，可以在明年提交。

The FDA has not asked us to do any specific extra studies and, in particular, any renal study.

FDA 沒有要求我們進行任何具體的額外研究，尤其是任何腎臟研究。

We have in that package and will have pharmacokinetic data on renal insufficiency and the drug has been well-studied at multiples of up to 40 times the upper dose in Phase III.

我們在那個包中有並且將有關於腎功能不全的藥代動力學數據，並且該藥物已經在 III 期中以高達 40 倍上限劑量的倍數進行了充分研究。

However, we're not blind to what's going on in the outside world and we've actually initiated a contact with the FDA in relation to DPP-IV in general and the issues with galvis.

然而，我們並非對外界發生的事情視而不見，我們實際上已經開始與 FDA 就 DPP-IV 的一般情況和 galvis 問題進行聯繫。

We're consulting with them.

我們正在與他們協商。

That is ongoing and, as and when we get to the end of that consultation process, if there's anything to say, we'll say it.

這是持續進行的，當我們結束磋商過程時，如果有什麼要說的，我們會說出來。

4054?

4054？

Yes, on 4054, I'm very confident that we're going to get the right result in Phase III, for a couple of good reasons.

是的，在 4054 上，我非常有信心我們將在第三階段取得正確的結果，原因有幾個。

One is we think we've learnt from some of the designs from the other study in terms of how you actually treat subsequent treatments with the drugs in Phase III and, in particular, to concentrate on overall survival in the patient population where PFS, progression free survival, is very hard to measure.

一是我們認為我們已經從另一項研究的一些設計中學到瞭如何實際治療 III 期藥物的後續治療，特別是專注於 PFS、進展的患者群體的總生存期自由生存，很難衡量。

The second thing is there's a significant pharmacological difference between them, in that, by being an endothelin A antagonist without the B, we believe that the B, in our pre-clinical pharmacology, is actually a negative finding and actually mitigates against the activity of the drug.

第二件事是它們之間存在顯著的藥理學差異，因為作為沒有 B 的內皮素 A 拮抗劑，我們認為 B 在我們的臨床前藥理學中實際上是一個負面發現，並且實際上減輕了毒品。

So having selectivity for endothelin A, we believe, gives a significant difference between the drugs.

因此，我們相信，對內皮素 A 的選擇性會在藥物之間產生顯著差異。

Good.

好的。

Thank you.

謝謝你。

Jon?

喬恩？

Yes, thank you.

是的，謝謝。

I hope, over the last three or more years, that we've demonstrated a set of financial policies that are very heavily focused on shareholder return.

我希望，在過去三年或更長時間裡，我們已經展示了一套非常注重股東回報的財務政策。

Indeed, the share buyback program that we've adopted over that period has been very much with that in mind.

事實上，我們在那個時期採用的股票回購計劃在很大程度上考慮到了這一點。

I think it's absolutely clear now that there is a new stakeholder on the horizon and the Board is clear that until we reach the desired level of long term debt, that stakeholder is going to stand pretty firmly amongst our priorities.

我認為現在已經非常清楚地平線上出現了一個新的利益相關者，並且董事會很清楚，在我們達到所需的長期債務水平之前，該利益相關者將非常堅定地站在我們的優先事項之列。

And so, until we get to the core level of debt, I think the Board is going to want to make the assessment of buybacks in any one year to be dependent upon that level as well as the business opportunities that the Company seeks.

因此，在我們達到核心債務水平之前，我認為董事會希望根據該水平以及公司尋求的商業機會對任何一年的回購進行評估。

But I think we haven't given up the philosophy of shareholder return and I think if, at that point, we still see strong cash flows, then I think share buybacks will come back more firmly on the agenda.

但我認為我們還沒有放棄股東回報的理念，我認為如果到那時我們仍然看到強勁的現金流，那麼我認為股票回購將更加堅定地回到議程上。

I think in terms of the benefits of the synergy program, or the restructuring program, I think it's a bit too early to say, Andrew.

我認為就協同計劃或重組計劃的好處而言，我認為現在說還為時過早，安德魯。

I think what firmly lies behind this program, as David has described, is a belief that the business has to be significantly more competitive, focused and efficient, and we're driving these out now.

正如 David 所描述的，我認為這個項目背後的堅定信念是企業必須更具競爭力、專注度和效率，而我們現在正在推動這些。

It is also very clear that success in this industry is highly dependent on product flow, and we have prioritized R&D spending for the last year or two and no doubt will continue to do so.

同樣非常明顯的是，這個行業的成功高度依賴於產品流，我們在過去一兩年裡優先考慮研發支出，而且毫無疑問會繼續這樣做。

But I think we really would want to see how the business shapes before deciding it's all going to drop through or it's all going to be reinvested or a mix in between.

但我認為，在決定全部放棄或全部重新投資或兩者兼而有之之前，我們真的很想看看業務的形態。

I think there is certainly a bias towards investment in products in the future.

我覺得肯定是偏向於未來產品的投資。

Good.

好的。

Why don't we go to the screen here?

我們為什麼不去這裡的屏幕？

Number one, Chris Schott from Bank of America.

第一，來自美國銀行的 Chris Schott。

Great.

偉大的。

Thank you.

謝謝你。

Just two quick questions for you.

只問你兩個簡單的問題。

First of all, regarding your -- regarding Medicare Part D.

首先，關於您的——關於醫療保險 D 部分。

As we start looking out to 2008 and you're having initial discussions with payers, is your impression that the formularies, just broadly speaking, are going to be as inclusive as we see currently?

當我們開始展望 2008 年並且您正在與付款人進行初步討論時，您的印像是，從廣義上講，處方集是否會像我們目前看到的那樣具有包容性？

Or are we going to start seeing some of these plans start to be more selective with the products they cover at tier two?

或者我們是否會開始看到其中一些計劃開始對它們涵蓋的二級產品更具選擇性？

And then a second question, just a quick question regarding the guidance for the rest of this year.

然後是第二個問題，只是一個關於今年剩餘時間的指導的快速問題。

That $0.30 dilution association with MedI, if we were just to consider the underlying business and interest impact, what would be the dilution associated with MedImmune this year, again maybe taking away the one-time charges and the amortization?

與 MedI 的 0.30 美元稀釋關聯，如果我們只考慮潛在的業務和利益影響，今年與 MedImmune 相關的稀釋會是多少，再次可能取消一次性費用和攤銷？

Thank you.

謝謝你。

Okay, good.

好的。

The Medicare Part D question is a good one.

Medicare D 部分問題是一個很好的問題。

Tony Zook is here.

托尼·祖克來了。

Tony runs the North American business including the U.S.

托尼負責包括美國在內的北美業務。

The contracting process has been underway for a while.

承包過程已經進行了一段時間。

I think we've had, in the U.S., a pretty good view of what the opportunities for 2008 will be.

我認為在美國，我們對 2008 年的機遇有一個很好的認識。

The first round of contracting two years ago were really two year contracts and then we went back into negotiation.

兩年前的第一輪合同實際上是兩年合同，然後我們又重新開始談判。

And Tony, maybe you can comment on what you -- where you think it's headed from a formulary perspective and a tier two perspective.

托尼，也許你可以從公式的角度和第二層的角度評論你認為它的發展方向。

Sure, David.

當然，大衛。

Chris, I think the short answer to your question is the great majority of 2008 contracts have already been established and the formularies are pretty much locked and loaded.

克里斯，我認為對你的問題的簡短回答是 2008 年的大部分合同已經確定，並且處方集幾乎已經鎖定和加載。

And we haven't seen any real significant shift whatsoever in formularies restricting access in any way, shape or form.

我們還沒有看到以任何方式、形狀或形式限制訪問的處方集有任何真正的重大變化。

Our tier two access is very much in line with where we were through 2007.

我們的二級訪問權限與 2007 年的情況非常一致。

There is, obviously, a strong push in tier one to go generic first, but the tier two access rates really have not changed, David.

很明顯，第一層大力推動仿製藥優先，但第二層訪問率確實沒有改變，戴維。

Okay, good.

好的。

Thanks.

謝謝。

And Jon, on the guidance question, the $0.30?

喬恩，關於指導問題，0.30 美元？

Yes, there's a little bit of unraveling that's necessary.

是的，有一點解開是必要的。

I think you can work out very clearly what we think the amortization is and the interest that will yield a profit contribution from MedImmune in the seven months that we own it.

我認為你可以非常清楚地計算出我們認為攤銷是什麼，以及在我們擁有它的七個月內將從 MedImmune 產生利潤貢獻的利息。

One thing I would just point out that part of the acquisition accounting fully values the inventory that MedImmune has on hand, so that when that gets unwound you virtually make no profit on the unwinding of its existing inventory.

我只想指出的一件事是，收購會計的一部分完全評估了 MedImmune 手頭的庫存，因此當它被平倉時，你實際上不會從其現有庫存的平倉中獲利。

So without that, it does contribute to the bottom line, but that's pre-amortization and obviously doesn't fully overcome the interest charge at this stage.

因此，如果沒有它，它確實有助於底線，但這是攤銷前的，顯然不能完全克服現階段的利息費用。

Okay, good.

好的。

Let's go back to the floor here and then we'll take an email question that's come in.

讓我們回到這裡，然後我們將處理收到的電子郵件問題。

I'll give that one to Jon in a moment.

一會兒我會把那個給喬恩。

Right here Alex?

亞歷克斯在這兒嗎？

Alexandra Hauber from Bear Stearns.

來自貝爾斯登的 Alexandra Hauber。

I've also got four questions and it starts with a follow up to Andrew's last question about how much of those $900m will be able, potentially, to drop through.

我還有四個問題，首先是對安德魯最後一個問題的跟進，即這 9 億美元中有多少可能會落空。

Just trying it in a different way, about a year ago, when you gave us your map to 2010, you roughly provided an outlook for the operating margin to stay in the lower thirties.

只是以不同的方式嘗試，大約一年前，當您向我們提供到 2010 年的地圖時，您粗略地提供了營業利潤率保持在 30% 以下的前景。

Then we had the first restructuring program announced in February, which cost $500m, and you gave an indication then that that probably wouldn't boost the margin, that's just to safeguard and protect the gross margin.

然後我們在 2 月份宣布了第一個重組計劃，耗資 5 億美元，當時你表示這可能不會提高利潤率，這只是為了維護和保護毛利率。

Now, we have an additional $900m.

現在，我們還有 9 億美元。

And obviously I do realize that I haven't included MedImmune in all of this, but, if you keep MedImmune out of the picture, why do you think it's now -- what has changed compared to a year ago why you think it's going to be more geared towards investment without actually the margin improvement?

顯然，我確實意識到我沒有將 MedImmune 包括在所有這些內容中，但是，如果您將 MedImmune 排除在外，您為什麼認為現在是 - 與一年前相比發生了什麼變化，為什麼您認為它會在實際利潤率沒有提高的情況下更傾向於投資？

That's question number one.

這是第一個問題。

And then a question on the -- It's just a clarification question on the MedImmune synergies.

然後是關於 - 這只是關於 MedImmune 協同作用的澄清問題。

You speak to biologics investment not required.

你說不需要生物製品投資。

That's $205m in savings.

這是 2.05 億美元的節省。

I'm a bit confused what is investment and what is cost.

我有點困惑什麼是投資，什麼是成本。

Is that ongoing costs of an investment?

這是投資的持續成本嗎？

Just if you give some clarification on that.

只要你對此做出一些澄清。

Then, David, you mentioned that you're going to play the spread between volume and pricing for Nexium and obviously I think that means you're going to make further concession in the price.

然後，大衛，你提到你將在 Nexium 的數量和定價之間發揮作用，顯然我認為這意味著你將在價格上做出進一步讓步。

Do you have something very concrete in the back of your mind, as in actually what the prescription going forward, should we assume they already come at lower prices?

您是否有一些非常具體的想法，例如實際的處方是什麼，我們是否應該假設它們已經以較低的價格出售？

And the final question is an update on or a bit more clarification on the update you gave on FluMist.

最後一個問題是關於您在 FluMist 上提供的更新的更新或更多說明。

In the press release you said you expect to still deliver the lower end of the MedImmune guidance, as in delivering about 75% more than last year.

在新聞稿中，您表示您預計仍會提供 MedImmune 指南的下限，比去年多提供約 75%。

Can you roughly tell us what exactly constitutes the bottleneck to determine that 75% rather than 100%?

您能否大致告訴我們確定 75% 而不是 100% 的瓶頸究竟是什麼？

Is it because you have to do lot by lot checks because of the current quality control issues?

是因為目前的質量控制問題，你必須逐批檢查嗎？

Okay, good.

好的。

Lots of questions.

很多問題。

And we'll come back to the FluMist in a minute.

我們將在一分鐘內回到 FluMist。

Since David is here, he can handle that and also come back to the Nexium issue in a moment, Tony, on the volume and price equation and some of the mix.

由於大衛在這裡，他可以處理這個問題，托尼，他馬上又回到了 Nexium 問題上，關於數量和價格方程式以及一些組合。

But Jon, maybe you could comment at first on the reinvestment and the margin issues.

但是喬恩，也許你可以先就再投資和保證金問題發表評論。

I absolutely did not say that none of it would drop to the bottom line.

我絕對沒有說一個都不會落到底線。

What I didn't say was it all would, necessarily, either.

我沒有說的是，這一切都必然會發生。

I think there clearly are some choices.

我認為顯然有一些選擇。

We talked about R&D heading to the 17% or 18% mark by the end of the decade.

我們談到到本十年末研發將達到 17% 或 18% 的目標。

I think it's probably more likely to get to the higher end of that, given the speed at what -- that John is moving at now.

考慮到約翰現在的速度，我認為它可能更有可能達到更高的目標。

If you take out -- six months, nine months out of a development program, you do get more projects running into the later phase, so I think there is an additional bonus of cost there.

如果你拿出 - 六個月，九個月的開發計劃，你確實會讓更多的項目進入後期階段，所以我認為那裡有額外的成本獎勵。

Equally, we haven't changed today the template performance that we see.

同樣，我們今天沒有改變我們看到的模板性能。

We still see the ability to generate strong margins.

我們仍然看到了產生強勁利潤的能力。

This may give us the opportunity to grow them in excess of what we said last summer.

這可能會讓我們有機會種植超過我們去年夏天所說的數量。

I just don't think, at this stage, that we really want to call out exactly how this is going to get reinvested, but don't take to what I said to Andrew's question that there's nothing going to drop through or you're not going to see it visibly.

我只是不認為，在這個階段，我們真的想確切地說出這將如何得到再投資，但不要接受我對安德魯的問題所說的話，即沒有任何事情會失敗，或者你不會明顯地看到它。

This is an important program.

這是一個重要的程序。

I think on biologicals not required.

我認為不需要生物製品。

I think the simplest way to answer this is to say that our view is that we would have had to have spent or invested at least $200m in enabling CAT to develop, manufacture and optimize the antibodies that are coming through their development programs that we now don't need to spend, because we've got the assets and the capabilities at MedImmune.

我認為回答這個問題最簡單的方法是說我們的觀點是，我們必須花費或投資至少 2 億美元才能使 CAT 能夠開發、製造和優化通過我們現在的開發計劃獲得的抗體不需要花費，因為我們擁有 MedImmune 的資產和能力。

So these would have been revenue costs.

所以這些本來就是收入成本。

These were people, they were headcount, they were expenses, they were development costs.

這些是人，他們是人數，他們是費用，他們是開發成本。

These would have been in our R&D costs for the year.

這些本應包含在我們當年的研發成本中。

MedImmune brings all of that capability with it and therefore we don't need to make it.

MedImmune 帶來了所有這些功能，因此我們不需要製造它。

So I know we've talked in the past about it as costs avoided.

所以我知道我們過去曾討論過它是為了避免成本。

These were real sums of money that we wouldn't have had products in development if we hadn't have spent it.

這些都是實實在在的錢，如果我們不花錢，我們就不會開發產品。

David, do you want to comment on FluMist and where we are?

大衛，你想對 FluMist 和我們的現狀發表評論嗎？

In addition, let me just add a comment to Jon's about investment versus operating cost.

此外，讓我對 Jon 關於投資與運營成本的評論進行補充。

He's absolutely right, we expect to avoid about $205m a year in incremental operating costs on the AZ biologics side.

他完全正確，我們預計 AZ 生物製劑方面每年可避免約 2.05 億美元的增量運營成本。

In addition, as you'll remember from his slides, there is around $500m in actual capital investment that can be avoided because of the significant capital already in place at MedImmune in our main manufacturing site in Frederick and in Gaithersburg, Maryland, where we have our pilot production facilities and capabilities there.

此外，正如您從他的幻燈片中看到的那樣，由於 MedImmune 已經在我們位於弗雷德里克和馬里蘭州蓋瑟斯堡的主要製造基地投入了大量資金，因此可以避免大約 5 億美元的實際資本投資，我們在那裡那裡有我們的試點生產設施和能力。

And with respect to your question on FluMist, we've actually made tremendous progress with the FDA over the last several months in negotiating what we expect to be final labeling for the label expansion below five years of age for young kids in the U.S.

關於你關於 FluMist 的問題，在過去幾個月裡，我們實際上在與 FDA 談判我們希望成為美國五歲以下兒童標籤擴展的最終標籤方面取得了巨大進展。

and have that, we think, ready to go.

我們認為，準備就緒。

We also have made progress with the FDA and finalized our post marketing commitments.

我們還與 FDA 取得了進展，並最終確定了我們的上市後承諾。

What we're waiting on right now and will be the gating issue on where we end up versus prior guidance is getting complete with a warning letter on our manufacturing facility here in the U.K.

我們現在正在等待的將是關於我們最終與先前指導的比較問題是我們在英國的製造工廠收到一封警告信。

It was received in late May.

5月底收到的。

We are currently working with the agency on that.

我們目前正在與該機構合作。

In fact, we had a conference call yesterday afternoon.

事實上，我們昨天下午召開了電話會議。

And our current expectation is that we'll be out of that, if all continues to progress, in time for us to begin shipping in September the vaccine.

我們目前的期望是，如果一切繼續取得進展，我們將及時在 9 月開始運送疫苗。

Assuming that, shipping beginning by around the beginning of September, we should be toward the bottom end of that prior range of 4m to 5m doses of flu vaccine for this season.

假設在 9 月初左右開始發貨，我們應該接近本季度 400 萬至 500 萬劑流感疫苗先前範圍的底端。

If there were further delay, then obviously that would jeopardize that.

如果有進一步的延遲，那麼顯然會危及這一點。

Good.

好的。

You want to give that to Tony?

你想把它給托尼？

Tony -- You have one?

托尼——你有嗎？

All right, great.

好吧，太好了。

Go ahead on the Nexium and the volume and price straight off.

繼續使用 Nexium，量價齊升。

Okay.

好的。

I think those are good questions.

我認為這些都是很好的問題。

The challenge that we face I think David highlighted quite well, which is the generic Omeprazole up 50% in the quarter.

我認為大衛很好地強調了我們面臨的挑戰，即仿製藥奧美拉唑在本季度上漲了 50%。

For us to continue to grow, we have to continue to leverage our platform of efficacy, first and foremost.

為了讓我們繼續發展，我們必須首先繼續利用我們的功效平台。

We believe we have a competitive advantage there and we're going to continue to leverage that.

我們相信我們在那裡擁有競爭優勢，我們將繼續利用這一優勢。

But we also know that we're going to have to continue to take share within the branded segment to an even greater degree than we have in the past.

但我們也知道，我們將不得不繼續在品牌細分市場中佔據比過去更大的份額。

The first half of the year, we're up about 0.6 share points in the branded segment.

今年上半年，我們在品牌細分市場的份額上漲了約 0.6 個百分點。

We need that to accelerate.

我們需要它來加速。

That means we're going to have to increase our access selectively.

這意味著我們將不得不有選擇地增加我們的訪問權限。

We're not going to do this across the board, but where there's opportunity to grow volume and we think at a reasonable value equation then we will do so.

我們不會全面這樣做，但如果有機會增加銷量，我們會以合理的價值方程式思考，那麼我們就會這樣做。

And so I think what you will see is, in the first half of the year, our net price per capsule's been actually relatively stable in the marketplace, but I think you will see some widening of that in the second half.

所以我認為你會看到，在今年上半年，我們每粒膠囊的淨價在市場上實際上相對穩定，但我認為你會在下半年看到這種情況有所擴大。

A good example of that would be the Defense -- DoD contract that we just secured.

一個很好的例子就是我們剛剛獲得的國防部合同。

That goes in effect right now, so you will see some widening as a natural cause of that.

這現在生效，所以你會看到一些擴大是自然原因。

Okay, John you want to handle this question CORONA trial question, and then we will go one more to the floor, and then we will go to Sebastian on the screen here.

好的，約翰，你想處理這個問題 CORONA 試用問題，然後我們再去發言，然後我們將在屏幕上找到塞巴斯蒂安。

Okay, the question when will we see the results of the CORONA trial?

好的，問題是我們什麼時候能看到 CORONA 試驗的結果？

The simple answer is, the CORONA study has now completed very recently, and so we are now collecting the information and we will processing it and as soon as we have that data we will be in a position to talk about it.

簡單的答案是，CORONA 研究最近已經完成，所以我們現在正在收集信息，我們將對其進行處理，一旦我們有了這些數據，我們就可以談論它。

Just to remind you, that's a study in heart failure patients.

提醒一下，這是一項針對心力衰竭患者的研究。

It's just a straight vanilla LDL lowering study.

這只是一項直接的香草低密度脂蛋白降低研究。

It is in Ischemia patients, but not patients who would have been candidates for a statin primarily based on their LDL.

它存在於缺血患者中，但不存在於主要根據其低密度脂蛋白成為他汀類藥物候選者的患者中。

So it's a broadening of the indications for a statin type of study rather than trying to show that it's the best in class.

因此，這是擴大了他汀類藥物研究的適應症，而不是試圖證明它是同類研究中最好的。

Alright on the floor here back Kevin.

好的，凱文回來了。

It's Kevin Wilson from Citigroup.

我是花旗集團的凱文·威爾遜。

I've got three questions.

我有三個問題。

One for John or David.

一個給約翰或大衛。

Could you talk a bit more about the intellectual property buried inside MedImmune?

您能否多談談埋藏在 MedImmune 中的知識產權？

You haven't really expanded on that.

你還沒有真正擴展這一點。

Are there technologies, processes things that you may interest and talk more about later in the year?

是否有您可能感興趣並在今年晚些時候談論更多的技術、流程？

And secondly, David, could you talk about the political situation in the U.S.

其次，大衛，你能談談美國的政治局勢嗎？

and how you see it panning out over the course of the next 12 months, 15 months?

您如何看待它在接下來的 12 個月、15 個月內的發展？

And finally, also for David, on the issue of staff morale, how is it being taken in the European organization?

最後，對於大衛來說，關於員工士氣的問題，歐洲組織如何看待它？

Excuse me, how has it been taken in the European organization with these large number of job losses?

請問，裁員這麼多的歐洲組織是怎麼處理的？

Okay, I'll start and then David I will come back to you at the end for the IP comments about MedImmune, maybe a comment on what's there.

好吧，我會開始，然後大衛我會在最後回到你那裡，以獲得關於 MedImmune 的 IP 評論，也許是關於那裡的評論。

I'll start at the bottom of the list there Kevin with staff morale.

我將從名單底部的凱文開始，那裡的員工士氣很高。

I think the announcements that we've had clearly do have an impact overall.

我認為我們已經發布的公告顯然確實產生了整體影響。

What we have tried to do is move clearly and quickly within each of the organizations that are affected, with a message to the people who will be affected that they are and to the ones who aren't that we need to be able to get back to work.

我們試圖做的是在每個受影響的組織內明確而迅速地採取行動，向將受到影響的人傳達信息，告訴那些不會受到影響的人，我們需要能夠恢復上班。

I think the management process that's been put in place both around communication, around working with the unions to make sure people understand.

我認為圍繞溝通和與工會合作以確保人們理解的管理流程已經到位。

And then having kind of at the top of the list the importance of the effect on the employees, and what we can do to make the transition as smooth as possible, has been our highest priority, because we recognize it's a significant event.

然後，將影響對員工的重要性以及我們可以做些什麼來使過渡盡可能順利地排在首位，一直是我們的首要任務，因為我們認識到這是一個重大事件。

So, our Chairman was just in Germany, came back and said he felt like they had done a very good job in managing it and he felt what the issues were, met with some of the people.

所以，我們的主席剛剛在德國，回來後說他覺得他們在管理方面做得很好，他覺得問題是什麼，會見了一些人。

And at the same time with people who were staying, and felt we were getting a pretty good balance.

同時與留下來的人在一起，他們覺得我們取得了很好的平衡。

And I think that is typical of what's also happened in Italy, and in the U.K.

我認為這是意大利和英國發生的典型情況。

and Switzerland where we've made other decisions.

和瑞士，我們在那裡做出了其他決定。

So that's a tough one.

所以這是一個艱難的過程。

The political situation pre-election a tough one to call.

選舉前的政治局勢堪稱艱難。

Being on the Pharma Board I get a number of different insights into that.

在製藥委員會工作時，我對此有很多不同的見解。

There will be attempts at a number of different types of legislation.

將嘗試多種不同類型的立法。

But it's difficult to see how much of it will really get through because there seems to be that there are some bigger fish to fry right now.

但很難看出其中有多少會真正通過，因為現在似乎有一些更大的魚要炸。

And it seems like a lot of it will take place after the 2008 elections when the potential exists for a change overall, and maybe a different mindset.

看起來很多事情會發生在 2008 年大選之後，屆時可能會出現整體變化，或許還有不同的心態。

Hard to read.

很難讀。

I think the pharma and biologics is a good example because there were some political statements made about people saying we are going to put a follow on biologics legislation through, because it should be just like generics.

我認為製藥和生物製劑是一個很好的例子，因為有人發表了一些政治聲明，說我們將通過生物製劑立法，因為它應該像仿製藥一樣。

And then as people began to unravel what some -- the complexity of those issues, they recognize that you can't just push legislation like that through and call a follow on biologic or generic, because it's just not the case.

然後當人們開始解開一些——這些問題的複雜性時，他們認識到你不能僅僅推動這樣的立法並呼籲對生物或仿製藥進行跟進，因為事實並非如此。

And it's the same with importation, I think we saw one of the Democratic Senators very uncharacteristically bring forward safety language for the Importation Bill that was approached.

進口也是如此，我認為我們看到一位民主黨參議員一反常態地為所討論的進口法案提出了安全語言。

Because somebody who really understands what the issues are around importation recognizes that there has to be some kind of safety provision and not just a bill that says lets go ahead and put importation in place and see what happens.

因為真正了解進口問題的人認識到必須有某種安全規定，而不僅僅是一項法案說讓我們繼續進口並看看會發生什麼。

So there is some balance that takes place in a lot of these issues.

因此，在許多此類問題中存在一些平衡。

And when that happens I think there is some rational decision making that happen.

當這種情況發生時，我認為會做出一些理性的決定。

David do you want to comment on IP and MedImmune, maybe give people a sense of some of the things that are in place, the sub-culture some of the other pieces?

大衛，你想對 IP 和 MedImmune 發表評論嗎，也許會讓人們了解一些現有的東西，亞文化的一些其他部分？

I'd be happy to come in on that.

我很樂意參與其中。

MedImmune has a very broad portfolio of intellectual property, both property protected by patents and property protected by know how and trade secrets.

MedImmune 擁有非常廣泛的知識產權組合，既有受專利保護的財產，也有受專有技術和商業秘密保護的財產。

We've been at this since 1988 when the Company was formed, and have really been one of the early leaders in protein antibody engineering as well as vaccine development.

自 1988 年公司成立以來，我們一直致力於此，並且確實是蛋白質抗體工程和疫苗開發的早期領導者之一。

I would characterize our proprietary position as falling into several main areas.

我會將我們的專有地位描述為分為幾個主要領域。

First of all if you think about antibody technologies, really all things related to antibodies MedImmune has a very deep portfolio of existing patents, patent applications, trade secrets and know how.

首先，如果您考慮抗體技術，實際上所有與抗體相關的東西 MedImmune 擁有非常深厚的現有專利、專利申請、商業秘密和專有技術組合。

In addition, next generation antibody technologies, protein engineering, scaffolds, antibody derivatives all of those areas are areas where MedImmune has been doing very, very significant research, and has existing patents and patent applications and trade secrets.

此外，下一代抗體技術、蛋白質工程、支架、抗體衍生物，所有這些領域都是 MedImmune 一直在進行非常非常重要的研究的領域，並且擁有現有的專利和專利申請以及商業秘密。

On the vaccine side of the business we also have real core capabilities that are industry leading.

在業務的疫苗方面，我們也擁有行業領先的真正核心能力。

In the areas of live attenuated vaccines, also in the areas of vectored vaccines and subunit vaccines.

在減毒活疫苗領域，還有載體疫苗和亞單位疫苗領域。

Many of you may be familiar with the HPV vaccines currently being launched by both Merck and GSK around the world.

你們中的許多人可能熟悉默克和葛蘭素史克目前在全球推出的 HPV 疫苗。

Much of that early technology was really developed in our labs in Gaithersburg at MedImmune, the virus like particle technology that lies beneath and enables both Merck and GSK's vaccines was developed up through Phase II at MedImmune, and then licenses to GSK and subsequently Merck.

許多早期技術實際上是在我們位於蓋瑟斯堡的 MedImmune 實驗室開發的，位於默克和葛蘭素史克疫苗之下並使默克和葛蘭素史克疫苗成為可能的病毒樣粒子技術是在 MedImmune 通過第二階段開發的，然後許可給葛蘭素史克和默克。

So a lot of core expertise in the vaccine area as well as in the antibody area.

所以在疫苗領域和抗體領域都有很多核心專業知識。

Another area that I would highlight where we have very strong capabilities and proprietary positions is in our process development and manufacturing of biologics.

我要強調的另一個領域是我們擁有非常強大的能力和專有地位的領域是我們的生物製劑工藝開發和製造。

Clearly MedImmune has been a world leader, if not the world leader in protein production.

很明顯，MedImmune 在蛋白質生產方面即使不是世界領先者，也是世界領先者。

With synergies now we have commercialized the manufacturing process where we see about 3 grams a liter of bulk production with 85% to 90% purification yields, which is absolutely world class.

通過協同作用，我們現在已經將製造工藝商業化，我們看到每升大約 3 克的批量生產，純化率達到 85% 至 90%，這絕對是世界一流的。

We actually have a new process ready to go into commercial developmental synergies which is over 5 grams a liter.

我們實際上有一個新工藝準備進入商業開發協同作用，即每升超過 5 克。

So continuing to move that forward.

所以繼續向前推進。

We also have led the transition out of animal protein containing production processes.

我們還引領了含動物蛋白生產工藝的轉型。

And now have all of our processes at the company are animal protein free, which is another big technological advance.

現在我們公司的所有流程都不含動物蛋白，這是另一項重大技術進步。

So as you think about scaling up production of, and then optimizing commercial yields for production of proteins that is another area where MedImmune has tremendous proprietary positions and world class capabilities.

因此，當您考慮擴大生產，然後優化蛋白質生產的商業產量時，這是 MedImmune 擁有巨大專有地位和世界級能力的另一個領域。

Specifically around patents our lead product Synergist, which is the largest commercial product currently in the portfolio generating over $1b a year in revenues currently, has a very extensive patent protection that goes well out into the future.

特別是在專利方面，我們的主導產品 Synergist 是目前產品組合中最大的商業產品，目前每年產生超過 10 億美元的收入，擁有非常廣泛的專利保護，可以很好地延續到未來。

The first composition of matter patent doesn't expire until the fall of 2015, and then we actually have additional patents formulation, and other patents that run through 2023.

第一個物質組成專利要到 2015 年秋天才會到期，然後我們實際上還有其他專利配方，以及其他專利將持續到 2023 年。

And as John Patterson mentioned in his presentation we have a next generation antibody against RSV that we hope to actually replace Synergist with in the marketplace that has patent coverage that will go out well into the 2020's timeframe.

正如約翰帕特森在他的演講中提到的那樣，我們有下一代抗 RSV 抗體，我們希望在市場上真正取代 Synergist，其專利覆蓋範圍將在 2020 年的時間框架內有效。

So very strong intellectual property.

所以非常強大的知識產權。

Thank you David.

謝謝大衛。

Let's go to question number two on here, Sebastien Berthon from Exane Paribas, Sebastien.

讓我們來回答這裡的第二個問題，來自塞巴斯蒂安的 Exane Paribas 的 Sebastien Berthon。

Yes, hello.

是的你好。

Two questions please, one is to come back on the guidance you have put towards the end of last year on the sale side.

請回答兩個問題，一個是關於您去年年底在銷售方面提出的指導意見。

It was your target to be at close to around the pharma -- the pharma market growth until 2010.

你的目標是接近製藥業——直到 2010 年製藥市場的增長。

Is it still something you believe is achievable given the slowdown in some of the products and a number of pipeline disappointments?

鑑於一些產品的放緩和一些管道令人失望，你認為它仍然是可以實現的嗎？

And secondly with regards to Dapagliflozin following the Phase II results, to what extent may urinary infections could be an issue for the profile of the drug?

其次，關於 Dapagliflozin 在 II 期結果之後，尿路感染在多大程度上可能成為藥物概況的一個問題？

Okay.

好的。

I will take the first one.

我會拿第一個。

I think the pharma market growth issue is something that we will continue to target ourselves towards.

我認為製藥市場增長問題是我們將繼續瞄準的目標。

I think there has been some view that maybe the projections would go down a little bit.

我認為有一些觀點認為預測可能會下降一點。

But I still don't see, with our portfolio, any reason why we should not be growing in line with the market from a value perspective globally.

但我仍然看不出，在我們的投資組合中，我們不應該從全球價值的角度來看與市場同步增長的任何理由。

I believe we can and should be able to do that.

我相信我們能夠而且應該能夠做到這一點。

And so that will be our target.

所以這將是我們的目標。

John do you want to take the Dapa question?

約翰，你想回答達帕的問題嗎？

Yes I think it's a good question.

是的，我認為這是一個很好的問題。

Diabetics do have an excess incidence of urinary tract infections.

糖尿病患者尿路感染的發生率確實較高。

And increasing the sugar in the urine is obviously a concern to some people.

並且增加尿液中的糖分顯然是一些人的擔憂。

In the studies to date there has been a relatively low incidence of UTI's and it's been absolutely manageable, and very few people have come off the study as a result of it.

在迄今為止的研究中，UTI 的發病率相對較低，而且完全可以控制，因此很少有人退出研究。

Obviously its one of the key things we will continue to look at as we go through the program.

顯然，這是我們在完成該計劃時將繼續關注的關鍵事項之一。

But to date it's not been a big issue.

但到目前為止，這還不是什麼大問題。

Okay.

好的。

Let's go back to the floor then we will go to -- there's a quick email question, and then Steve Scala has a question on line here.

讓我們回到會議廳，然後我們將去——有一個快速的電子郵件問題，然後 Steve Scala 在線提出了一個問題。

On the floor at the back please.

請在後面的地板上。

Marietta Miemiotz from Dresdner Kleinwort.

來自 Dresdner Kleinwort 的 Marietta Miemiotz。

A few questions please, the first one is on 4054.

請幾個問題，第一個是關於 4054。

My understand was that the oncology community overall was moving more from overall survival to progression free survival, specifically because overall survival tends to be more distorted by subsequent treatments.

我的理解是，整個腫瘤學界正在從總體生存期轉向無進展生存期，特別是因為總體生存期往往會因後續治療而更加扭曲。

So I am not sure how you expect to avoid some of the issues that people have just raised earlier in the meeting by focusing more on overall survival.

因此，我不確定您希望如何通過更多地關注整體生存來避免人們剛剛在會議早些時候提出的一些問題。

My second question relates to the gross margin.

我的第二個問題與毛利率有關。

I completely understand that given the uncertainty around R&D you don't want to commit to a certain operating margin development.

我完全理解，鑑於研發的不確定性，你不想承諾一定的營業利潤率發展。

But just to clarify, at the beginning of the year when you announced the supply chain rationalization program you said that the $500m spend was needed to protect margins.

但需要澄清的是，在今年年初宣布供應鏈合理化計劃時，您曾表示需要 5 億美元的支出來保護利潤率。

I now understand from the press release that now that you've stepped that up you actually see potential to improve the underlying gross margins.

我現在從新聞稿中了解到，既然你已經加強了這一點，你實際上看到了提高基礎毛利率的潛力。

Can you just confirm that that is the case?

你能證實是這樣嗎？

And my final question really relates to the SG&A restructuring, and I am just really having some trouble understanding that conceptionally because presumably a lot of that is not actually fact.

我的最後一個問題確實與 SG&A 重組有關，我只是在概念上很難理解它，因為其中很多可能不是事實。

And I don't really see any of your competitors doing anything on a similar scale.

而且我真的沒有看到你的任何競爭對手在類似規模上做任何事情。

So maybe you can just give us a little bit of flavor as to why you suddenly realized that you have so much cost you can take out, where functionally speaking, a lot of the savings are coming from?

所以也許你可以給我們一點點關於為什麼你突然意識到你有這麼多的成本可以拿出來的味道，從功能上來說，很多節省來自哪裡？

What products are really going to get reduced promotional support?

哪些產品真的會減少促銷支持？

And whether there actually is a risk that you will ultimately have to reinvest in the business given that the benefit are basically, from this, are going to be coming through just when the next generation of products are launching?

考慮到收益基本上會在下一代產品推出時實現，是否真的存在您最終不得不對業務進行再投資的風險？

Really trying to better understand the whole concept of this SG&A restructuring.

真的想更好地理解這次 SG&A 重組的整個概念。

Thank you.

謝謝你。

John do you want to take the question on overall survival versus progression free, and what some of the issues are?

約翰，你想回答關於總生存期還是無進展期的問題，其中有哪些問題？

Your comment is absolutely right taken across cancer as a whole.

你的評論對整個癌症來說是絕對正確的。

But there are some specific issues about prostate cancer that make a difference.

但有一些關於前列腺癌的具體問題會產生影響。

These are patients who have bony metastasis, usually multiple bony metastasis.

這些是發生骨轉移的患者，通常是多發性骨轉移。

And, of course, they are osteoblastic not osteolytic.

當然，它們是成骨細胞而不是溶骨細胞。

And as a result, the bone -- the only thing you have to measure on PFS is the bone scan, and multiple hot spots don't tell you whether there is healing on new lesions.

結果，骨骼——你唯一需要測量的 PFS 就是骨骼掃描，多個熱點並不能告訴你新病變是否癒合。

And the only other thing is pain.

唯一的另一件事就是疼痛。

So actually progression free survival is a hugely difficult area to go with in hormone resistant, end stage prostate cancer, which is where we are.

因此，實際上，無進展生存期對於激素抵抗的晚期前列腺癌來說是一個非常困難的領域，這就是我們所處的位置。

The second thing is that usually in tumor studies there are multiple different therapies given post the therapy that you are measuring.

第二件事是，通常在腫瘤研究中，在您正在測量的治療後會給予多種不同的治療。

And, therefore, you get a compounding view results by those subsequent therapies.

因此，您會得到那些後續療法的複合視圖結果。

Because these are people who have virtually reached the end of the line there is virtually no other therapy.

因為這些人實際上已經走到了終點，所以幾乎沒有其他療法。

And what we are doing is making sure that those do get chemotherapy and they are going to be the minority, have it in balance between the two groups and they are followed up in the appropriate way.

我們正在做的是確保那些人確實接受了化療，他們將成為少數，在兩組之間取得平衡，並以適當的方式對他們進行跟進。

Hence the specific issue of PFS versus overall survival in prostate cancer.

因此，PFS 與前列腺癌總生存期的具體問題。

Okay, Jon do you want to talk a little bit about the margin issue, and certainty versus uncertainty.

好的，喬恩，你想談談保證金問題，以及確定性與不確定性。

Yes, no I think the logic is good.

是的，不，我認為邏輯是好的。

The first program was to predict gross margins around 80%.

第一個程序是預測毛利率在 80% 左右。

We now are accelerating and expanding that project.

我們現在正在加速和擴大該項目。

So it either increases the confidence it will keep at 80% or potentially it will do better than that.

因此，它要么增加了將保持在 80% 的信心，要么可能會做得更好。

So its -- we have expanded the scope and the opportunity that we see around making our cost of sales more productive.

所以它 - 我們已經擴大了我們看到的範圍和機會，使我們的銷售成本更有效率。

Okay and I will take the SG&A.

好的，我會接受 SG&A。

I'd like to separate the sales and marketing expense from the G&A expense and start with G&A, as I think was said during one of our presentation, we are really focused on trying to significantly reduce and operate more efficiently in a lot of the support areas.

我想將銷售和營銷費用與 G&A 費用分開，並從 G&A 開始，正如我在我們的一次演講中所說的那樣，我們真正專注於嘗試在許多支持中顯著減少和更有效地運營領域。

And you see that in the IBM contract in reductions in support staff and the areas where we can either operate more efficiently or get it done by someone else better.

您會在 IBM 合同中看到支持人員的減少以及我們可以更有效地運營或讓其他人更好地完成工作的領域。

I think on the sales and marketing side what you see us doing is sizing ourselves for the opportunities that exist in the market.

我認為在銷售和營銷方面，你看到我們所做的是根據市場上存在的機會調整自己的規模。

So Germany is an example where last year the reimbursement for Nexium was reduced by 40%, we had sized our business there around Nexium as well as around Crestor which was not introduced there.

因此，德國就是一個例子，去年 Nexium 的報銷減少了 40%，我們在 Nexium 和 Crestor 周圍調整了我們的業務規模，而 Crestor 在那裡沒有引入。

We have waited for a while to see how we could work it up.

我們已經等了一段時間，看看我們如何解決這個問題。

But ultimately decided we needed to size our capacity to take advantage of the market opportunity.

但最終決定我們需要調整我們的能力以利用市場機會。

And we've done the same thing in some of the other markets where you see changes take place.

我們在您看到發生變化的其他一些市場也做了同樣的事情。

The same situation with Nexium is happening in Italy, and we need to hold our leadership in those markets accountable for that.

Nexium 的相同情況也發生在意大利，我們需要讓我們在這些市場的領導地位對此負責。

So it's -- I don't think of it as fat.

所以它——我不認為它是脂肪。

I really think of it as where are the opportunities, where do we want to be investing because by the same token we are increasing the numbers of people we have in emerging markets like Asia Pacific.

我真的認為這是機會在哪裡，我們想在哪裡投資，因為出於同樣的原因，我們正在增加我們在亞太地區等新興市場的人數。

We've added in China, we've added in Mexico and Russia in the last year where there are market opportunities that present themselves in a different way.

我們增加了中國，我們在去年增加了墨西哥和俄羅斯，那裡有以不同方式呈現的市場機會。

And we will continue to do that.

我們將繼續這樣做。

The same thing has been done in the U.S.

同樣的事情也發生在美國。

where there is more reliance upon contract sales organization.

更依賴合同銷售組織的地方。

So it's not a significant -- an AstraZeneca issue.

所以這不是一個重要的——阿斯利康的問題。

But we do go up and go down the ladder a little bit.

但是我們確實在階梯上上升了一點，也下降了一點。

And I think you should expect us to continue to do that.

我認為您應該期待我們繼續這樣做。

I think -- our target is to improve our overall SG&A to sales to make it much more industry competitive.

我認為——我們的目標是改善我們的整體 SG&A 銷售，使其更具行業競爭力。

John do you want to take the quick question on the email, and then we will go to Steve Scala.

約翰，你想回答電子郵件中的快速問題嗎，然後我們會去找史蒂夫斯卡拉。

Yes, the question is, does guidance presume FluMist availability in the U.S.

是的，問題是，指南是否假定 FluMist 在美國的可用性

and if we do not launch FluMist where does guidance shift to?

如果我們不推出 FluMist，指南會轉移到哪裡？

I think the simple answer that $0.15 variation in our guidance is about $350m $400m.

我認為我們指導中 0.15 美元變化的簡單答案約為 3.5 億美元和 4 億美元。

So I think we've got that risk covered.

所以我認為我們已經承擔了風險。

Steve Scala at SG Cowen, are you still there Steve?

SG Cowen 的 Steve Scala，你還在嗎史蒂夫？

You've been hanging for a while.

你已經掛了一段時間。

Yes I am thank you.

是的，謝謝你。

Two questions, what has Glaxo's response been to your modest dip down on Symbicort in the US?

兩個問題，葛蘭素對你們在美國對 Symbicort 的適度下調有何反應？

Have they met your discount or are they arguing some sort of superiority?

他們是否達到了您的折扣，或者他們是否在爭論某種優勢？

And I am curious as to why AstraZeneca is going to specialists first when the product doest represent any sort of novel concept.

我很好奇，當產品確實代表任何一種新穎的概念時，為什麼阿斯利康會首先求助於專家。

Why not just flood the market with your message?

為什麼不直接用你的信息充斥市場呢？

And then secondly with respect to your Nexium outlook, is there an embedded assumption on why a success in protecting Protonix from an at risk generic launch next week, or is something like that not considered?

其次，關於您的 Nexium 前景，是否有一個內在的假設，即為什麼在下周成功保護 Protonix 免受仿製藥上市的風險，或者沒有考慮類似的事情？

The second one was about -- is the Nexium strategy contingent upon the potential for a Protonix's generic launch is that considered or not.

第二個是關於 - Nexium 戰略是否取決於 Protonix 的通用發布的潛力是否被考慮過。

So do you want to take the first one around the GSK response, and the specialists versus primary care?

那麼，您是否想圍繞葛蘭素史克 (GSK) 的反應，以及專家與初級保健進行第一個討論？

Yes, let me deal with the second one first on specialist and primary care.

是的，讓我先談談專科和初級保健方面的第二個問題。

Just to put it into context it was literally just a gap of about two to three weeks.

只是把它放在上下文中，它實際上只是大約兩到三週的差距。

It was a matter of just us rolling out the training messages etc.

這只是我們推出培訓信息等的問題。

So our specialist launch started about three weeks ago, and our primary care launch in fact starts this week.

因此，我們的專家發布大約在三週前開始，而我們的初級保健發布實際上是在本週開始的。

And so it's not a significant gap, but we did want to get to the pulmonologist, and make sure that they were well aware of our core messages as we then brought messages forward into primary care.

所以這不是一個很大的差距，但我們確實想聯繫肺科醫生，並確保他們充分了解我們的核心信息，然後我們將信息傳遞給初級保健。

So the launch effectively with primary care starts this week and we are very excited about that.

因此，本週開始有效地啟動初級保健，我們對此感到非常興奮。

Relative to our managed market access, you'll have to be very specific with your question I guess to Glaxo.

相對於我們管理的市場准入，我想你必須非常具體地向葛蘭素史克提出你的問題。

But I can tell you what's happening in the U.S.

但我可以告訴你美國正在發生的事情

market dynamic.

市場動態。

Right now we have achieved access rates in excess of about 55% of the covered lives.

目前，我們已經實現了超過約 55% 的覆蓋生命的訪問率。

So we believe that we are in a very, very good position.

所以我們相信我們處於非常非常好的位置。

In fact its one of the strongest positions we have ever had going into the launch within the U.S.

事實上，這是我們在美國推出時所擁有的最強大的立場之一。

market.

市場。

Payers seem to be very, very open to the idea of having alternative products available to them.

付款人似乎對向他們提供替代產品的想法非常非常開放。

And so that has been very well received and it has not taken significant discounts to do that.

因此，這受到了很好的歡迎，並且沒有採取重大折扣來做到這一點。

And I think the strong message around speed of onset of action has also played very, very well.

而且我認為圍繞起效速度的強烈信息也發揮了非常非常好的作用。

So we're well positioned in managed care, better than we've ever had at launch anywhere in the market place.

因此，我們在管理式醫療方面處於有利地位，比我們在市場上任何地方推出時都要好。

Okay and Nexium strategy as it relates to assumptions about other products, I mean its --

好吧，Nexium 戰略與其他產品的假設有關，我的意思是——

No, it's purely on our basis.

不，這純粹是在我們的基礎上。

Good I am going to ask everybody to limit to one or no more than two questions.

好的，我要請大家限制一個或不超過兩個問題。

If you have more than that we will go back to the floor and then we will go to the screen real quick, Andy Kocen at Redburn Partners, but let's go to the floor first.

Redburn Partners 的安迪·科森 (Andy Kocen)，如果你有更多的話，我們會回到地板上，然後我們會很快進入屏幕，但讓我們先去地板上。

Next question.

下一個問題。

Its Michael Leacock from ABN Amro.

來自荷蘭銀行的 Michael Leacock。

Just one general question really.

真的只是一個一般性問題。

You just quoted the stabilization in market share through the generic erosion of a (inaudible] class really in the statin arena, similar thing seems to be happening in the Nexium area now.

你剛剛引用了他汀類藥物領域（聽不清）的普遍侵蝕導致市場份額穩定的情況，現在 Nexium 領域似乎正在發生類似的事情。

What do you think your risks are for the rest of your portfolio?

您認為其餘投資組合的風險是什麼？

And then what's the real implication for the longer term headline pricing of the products and price rises going forward?

那麼對產品的長期標題定價和未來價格上漲的真正影響是什麼？

I'll take a shot at that.

我會嘗試一下。

I think that what we see, there are some similarities between the statin and PPI markets right now.

我認為，我們所看到的，目前他汀類藥物和 PPI 市場之間存在一些相似之處。

And I think what we are seeing emerging is that there is a market for the low price generics as a first line therapy for a lot of people, and then there continues to be a market for our branded product that has a better profile.

而且我認為我們看到的新興市場是低價仿製藥作為很多人的一線療法，然後我們的品牌產品繼續有市場，具有更好的形象。

I think it's very evident in the statin market.

我認為這在他汀類藥物市場上非常明顯。

And knowing the PPI market we see people who definitely want to have Nexium, and we have managed care plans that want to have it on their formulary and push us to be more competitive with it.

了解 PPI 市場後，我們看到了肯定想要 Nexium 的人，我們管理的護理計劃希望將其納入他們的處方集，並推動我們在其方面更具競爭力。

But the fact is I think we are going to see over time two very significant segments emerge.

但事實是，我認為隨著時間的推移，我們將看到兩個非常重要的部分出現。

And we recognize that Crestor is a product that is better suited for patients that are higher risk not necessarily low risk people who just need a statin for starters.

我們認識到 Crestor 是一種更適合高風險患者的產品，不一定是低風險人群，他們只需要他汀類藥物作為初學者。

The same with the PPI.

PPI 也一樣。

To the rest of the portfolio I think its probably less of an issue.

對於投資組合的其餘部分，我認為這可能不是什麼問題。

I think with the atypical anti-psychotics as John said in his talk the one thing you can see in that chart he showed, is that they atypical in the way patients respond to them.

我認為對於非典型的抗精神病藥物，正如約翰在他的演講中所說，你可以在他展示的圖表中看到的一件事是，它們在患者對它們的反應方式上是非典型的。

And that uniqueness, given the nature of the psychotic disease and the issues people are dealing with in that area, are significant enough to allow for differentiation.

考慮到精神病的性質和人們在該領域處理的問題，這種獨特性足夠重要，可以進行區分。

So I think we've got a pretty clear -- there will be some pressure I don't doubt that, but I don't see it in any way equating to what's going on with statins and PPI's.

所以我認為我們已經很清楚了——我不懷疑會有一些壓力，但我不認為它以任何方式等同於他汀類藥物和 PPI 正在發生的事情。

Do you want to add anything to that?

你想添加什麼嗎？

Alright can we go to Andy at Redburn Partners, one or two questions Andy.

好吧，我們可以去找 Redburn Partners 的 Andy，問一兩個問題 Andy。

Yes, just the one thanks for taking my question.

是的，只有一個感謝您提出我的問題。

It's on the right sizing of your marketing and sales in Europe.

它與您在歐洲的營銷和銷售規模相匹配。

You just said the changes you are making they look to be related to factors that have happened already or come in the near term say Germany and Italy.

你剛才說你所做的改變看起來與已經發生或近期發生的因素有關，比如德國和意大利。

So does that imply when Nexium goes generic in Europe in 2010 that there will be scope for much further and deeper cuts?

那麼，這是否意味著 2010 年 Nexium 在歐洲上市時，將有進一步和更深入削減的空間？

Or is this partly a reaction to that impending event?

或者這部分是對即將發生的事件的反應？

It's difficult to project out the situation in 2010 in Europe given the -- what we see happening right now.

鑑於我們現在看到的情況，很難預測 2010 年歐洲的情況。

The market has slowed in growth now down to -- overall value growth in Europe is 1% or 2%.

市場現在的增長已經放緩——歐洲的整體價值增長為 1% 或 2%。

So I think we will really look a year or two in advance and try to anticipate what those markets will look like and size ourselves accordingly.

所以我認為我們真的會提前一兩年看一下，並嘗試預測這些市場的情況，並相應地調整自己的規模。

Hopefully by 2010 we will be having some product launches around some of the new products, in which case we expect to be using up a lot of our primary care capacity.

希望到 2010 年我們將圍繞一些新產品推出一些產品，在這種情況下，我們預計會耗盡我們的大量初級保健能力。

And that's why we are trying to maintain it and keep it in place, because we have outperformed the market overall with our primary care products across those markets.

這就是為什麼我們要努力維護它並將其保持在原位，因為我們在這些市場上的初級保健產品的整體表現優於市場。

So we want to keep the capacity in place and get it utilized.

因此，我們希望保持現有容量並加以利用。

That's why we've been so active in licensing and business development.

這就是為什麼我們在許可和業務開發方面如此積極。

We will go to Jo Walton on number two on the screen, Jo.

我們將在屏幕上的第二位去找喬·沃爾頓，喬。

Thank you.

謝謝你。

Just two quick questions.

只是兩個簡單的問題。

Could you please tell us roughly what the R&D spend is that you've externalized in the first half of the year?

能否請您大致介紹一下今年上半年您外部化的研發支出是多少？

I think we all still find it quite difficult to get to grips with the new capitalization for the policy.

我認為我們都發現很難掌握該政策的新資本化。

But now that you have this relationship with Bristol, under the old way of looking things, how much R&D spend are you putting in that we are not actually capturing through the R&D charge?

但是現在你與布里斯托爾建立了這種關係，在舊的看待事物的方式下，你投入了多少研發支出，我們實際上並沒有通過研發費用獲得？

Jon you want to take a shot at that?

喬恩，你想試一試嗎？

I mean if you take Bristol Meyers, I think the upfront payments were something of the order of $250m in the balance sheet.

我的意思是，如果你拿 Bristol Meyers 來說，我認為資產負債表中的預付款約為 2.5 億美元。

And substantially more of that going through the cost.

並且更多的是通過成本。

So I believe that if you structure these deals properly with upfront then following when you get risk milestones, the vast majority of the development spend comes through the P&L.

所以我相信，如果你預先正確地構建這些交易，然後在你獲得風險里程碑時跟進，那麼絕大多數開發支出都來自損益。

So I don't really believe that we are distorting the R&D cost in the way that you think.

所以我真的不相信我們正在以你認為的方式扭曲研發成本。

But that could well be a subject for quite a session some time (inaudible).

但這很可能會成為一段時間的主題（聽不清）。

Jon on the market you managed a two point improvement in your SG&A in the second quarter of this year --.

喬恩在市場上說，你在今年第二季度的 SG&A 方面取得了兩點的改善——。

Sorry, I am going to then take Chairman's prerogative.

抱歉，我將行使主席的特權。

We are almost out of time, and I wanted to give Jon -- thank -- to recognize Jon as this is, as I said before, his last session with us, and thank him for everything that he has done to contribute to the success of AstraZeneca both the creation of AstraZeneca as well as the success of it.

我們快沒時間了，我想感謝喬恩，感謝他，因為正如我之前所說，這是他與我們的最後一節課，並感謝他為成功所做的一切阿斯利康的創立和它的成功。

I've worked with Jon for a -- since the time of the merger.

從合併之時起，我就和 Jon 一起工作了一段時間。

As I said to him before, we've been colleagues and then we became friends, and we've worked well together.

正如我之前對他說的，我們曾經是同事，後來成為了朋友，我們一起工作得很好。

But more importantly I've been able to see the contribution that he has made.

但更重要的是，我已經能夠看到他所做的貢獻。

And I just would like to acknowledge to all of you who participate with us like this pretty regularly that Jon will be missed as a colleague, and as a friend.

我只想向所有經常像這樣與我們一起參加的人致謝，作為同事和朋友，我們會想念 Jon。

And we certainly wish him well in his new role.

我們當然希望他在新角色中一切順利。

And we will look forward to catching up with you in your new role.

我們期待在您的新角色中與您見面。

I thought maybe you had a few reflections that you might like to give us before you go.

我想也許你有一些想法想在你走之前給我們。

Yes thank you.

是的，謝謝。

I think this is analyst conference at least 40, I haven't quite added them all up; I know its 30 consecutive AstraZeneca results conferences.

我認為這是至少 40 個分析師會議，我還沒有完全加起來；我知道它連續 30 次召開阿斯利康業績發布會。

But I think it must be well over 40 with Zeneca.

但我認為 Zeneca 一定超過 40 年。

I think I'd really just like to leave you with a few of my thoughts.

我想我真的很想告訴你我的一些想法。

Number one, this is an outstanding organization, and it's an outstanding organization that has been founded from having outstanding people in it.

第一，這是一個優秀的組織，而且是一個優秀的組織，裡面有優秀的人。

And I think if you look over the seven years of its formation, and the challenges that we faced at the time of the merger with, why do you put two companies together that's got 50% of its top line under threat?

我認為，如果你回顧一下它成立的七年，以及我們在合併時面臨的挑戰，你為什麼要把兩家 50% 的收入都受到威脅的公司放在一起？

How do you deliver industry leading synergy levels at the time?

您如何提供當時行業領先的協同水平？

How do you get over the disappointment of the pipeline three years ago?

你如何克服三年前管道的失望？

I think in each case this organization has delivered.

我認為在每個案例中，該組織都做到了。

So when you think of the challenges that the company and the industry face as you look at it through a spreadsheet, don't forget the people that lie behind it, because they can do extraordinary things.

因此，當您通過電子表格思考公司和行業面臨的挑戰時，請不要忘記背後的人，因為他們可以做出非凡的事情。

I think the second point I'd like to just make absolutely clear in case there is any shred of doubt, I was involved in the identification, evaluation the negotiation, the pricing and the implementation of the MedImmune acquisition.

我想我想明確指出的第二點是，如果有任何疑問，我參與了 MedImmune 收購的鑑定、評估、談判、定價和實施。

And I think that you will see this to be an outstanding deal that gives AstraZeneca and the outstanding people within MedImmune a real competitive advantage by having capabilities that are simply not available anywhere in any form in the market today.

我認為您會認為這是一筆出色的交易，它通過擁有當今市場上任何地方都無法提供的能力，為阿斯利康和 MedImmune 內的傑出人士提供了真正的競爭優勢。

And I think the third point is this is a management team that is tackling the industry in a way that I don't believe anyone else is.

我認為第三點是，這是一個管理團隊，正在以一種我認為其他任何人都無法做到的方式來應對這個行業。

Just add up the number of major initiatives that are going on here.

只需將此處正在進行的重大舉措的數量相加即可。

And I think that this is a management team that is determined to succeed.

我認為這是一個決心成功的管理團隊。

Final point is a really big thank you for everybody here, and everybody that I've been involved with through the market.

最後一點非常感謝這裡的每一個人，以及我在市場上參與過的每一個人。

It's been challenging, but on every occasion it's been constructive, it's been fair and you've taught me a lot, and I thank you for that.

這是具有挑戰性的，但在每一個場合都是建設性的，它是公平的，你教會了我很多，我為此感謝你。

Jon, thank you.

喬恩，謝謝你。

Great, with that then let me thank everyone for your attention today, as well as for your questions and for your interest.

太好了，那麼讓我感謝大家今天的關注，以及你們的問題和興趣。

And we will be around for a few more minutes.

我們將再待幾分鐘。

And thanks to all of you on the line as well.

還要感謝在線的所有人。