AstraZeneca PLC (AZN) 2012 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen.

女士們先生們，下午好。

Welcome to AstraZeneca's third quarter results analysts' conference.

歡迎來到阿斯利康第三季度業績分析師會議。

Before I hand over to James Ward-Lilley, I'd like to read the Safe Harbor Statement.

在我交給 James Ward-Lilley 之前，我想閱讀安全港聲明。

The Company intends to utilize the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995.

公司打算利用 1995 年美國私人證券訴訟改革法案的安全港條款。

Participants on this call may make forward-looking statements with respect to the operations and financial performance of AstraZeneca.

本次電話會議的參與者可能會就阿斯利康的運營和財務業績做出前瞻性陳述。

By their very nature, forward-looking statements involve risk and uncertainty, and results may differ materially from these expressed or implied by these forward-looking statements.

就其本質而言，前瞻性陳述涉及風險和不確定性，結果可能與這些前瞻性陳述明示或暗示的結果存在重大差異。

The Company undertakes no obligation to update forward-looking statements.

公司不承擔更新前瞻性陳述的義務。

There will be an opportunity to ask questions at the end of the presentations.

在演示結束時將有機會提問。

(Operator Instructions).

（操作員說明）。

We'll now cross you to AstraZeneca's headquarters, where James Ward-Lilley will start the meeting in a few moments.

我們現在帶您去阿斯利康的總部，James Ward-Lilley 稍後將在那裡開始會議。

Good afternoon, and welcome to AstraZeneca's third quarter and nine-month results.

下午好，歡迎來到阿斯利康的第三季度和九個月的業績。

Delighted to welcome you to the analysts' call for the business today, where I'll hand over, in a moment, to Pascal Soriot, our new Chief Executive Officer; who will then hand onto Simon Lowth, our CFO; after which there will be time for Q&A.

很高興歡迎您參加今天的分析師電話會議，稍後我將把工作交給我們的新任首席執行官 Pascal Soriot；然後誰將交給我們的首席財務官 Simon Lowth；之後會有問答時間。

So, without further ado, I'll hand over to Pascal.

因此，事不宜遲，我將交給 Pascal。

Over to you.

交給你了。

Welcome.

歡迎。

Thank you, James, and good afternoon, everyone.

謝謝你，詹姆斯，大家下午好。

As I just joined AstraZeneca on October 1, it should come as no surprise to you that I'm going to leave the presentation of our third quarter results in the capable hands of Simon.

由於我於 10 月 1 日剛剛加入阿斯利康，所以您應該不會感到驚訝，因為我將把我們第三季度業績的介紹交給西蒙的干練的手。

But I did want to join the call and introduce myself to those of you who follow AstraZeneca.

但我確實想加入電話會議，向你們這些關注阿斯利康的人介紹我自己。

In addition to the well-known challenges that confront the pharmaceutical sector as a whole, the loss of exclusivity of several of our brands in major markets has largely defined our financial performance in the first nine months of 2012.

除了整個製藥行業面臨的眾所周知的挑戰外，我們幾個品牌在主要市場失去獨家經營權在很大程度上決定了我們 2012 年前 9 個月的財務業績。

We will continue to meet these challenges with determination and focus on delivering against our targets.

我們將繼續堅定地迎接這些挑戰，並專注於實現我們的目標。

In my first few months, I'm working on three priorities.

在我的頭幾個月裡，我在處理三個優先事項。

First of all, getting out and visiting with as many people as I can, particularly in R&D and Commercial.

首先，盡可能多地出去拜訪人，尤其是在研發和商業領域。

And I have done a fair amount of this already in the last three weeks.

在過去的三周里，我已經做了很多這樣的事情。

Second, meet with shareholders and other stakeholders to clarify their expectations of the Company and, importantly, of me in my new role.

其次，與股東和其他利益相關者會面，闡明他們對公司的期望，更重要的是，對我擔任新職務的期望。

And finally, to immerse myself in the ongoing and the annual strategy update.

最後，讓自己沉浸在正在進行的年度戰略更新中。

On this last point, I want to be clear.

關於最後一點，我想澄清一下。

I will take as much time as necessary to engage with the organization and work with the Board to see this strategy update to its conclusion, and not work to some arbitrary timetable.

我將花盡可能多的時間與組織接觸並與董事會合作，以確保該戰略更新到其結論，而不是按照一些武斷的時間表工作。

So what should you expect in terms of communications?

那麼在通信方面您應該期待什麼？

I think it will be reasonable to expect that, in addition to the 2012 financials and our normal outlook for the coming year, I will be in a position to share with you my initial high-level thinking regarding strategic priorities and general direction at our annual results conference at the end of January, with an aim to flesh that out with more granularity and detail over the following month.

我認為有理由預期，除了 2012 年的財務狀況和我們對來年的正常展望之外，我將能夠在我們的年度會議上與您分享我對戰略重點和總體方向的初步高層思考。 1 月底的結果會議，目的是在下個月以更細化和更詳細的方式充實它。

As I said when I joined the Company, I'm excited and honored to have been asked to lead AstraZeneca.

正如我在加入公司時所說的那樣，我很高興也很榮幸被邀請領導阿斯利康。

And I'm really looking forward to playing my part in restoring the Company to growth, and to scientific leadership.

我真的很期待在恢復公司增長和科學領導方面發揮我的作用。

Now let's turn to the third quarter results, and for that I will hand over to our Chief Financial Officer, Simon Lowth.

現在讓我們談談第三季度的業績，為此我將交給我們的首席財務官 Simon Lowth。

Simon, over to you.

西蒙，交給你了。

Well, thank you, Pascal, and good morning/afternoon to everyone on the call.

好吧，謝謝你，Pascal，早上好/下午好。

I'll focus on five topics.

我將重點討論五個主題。

First, I'm going to summarize the headline numbers.

首先，我要總結一下標題數字。

I'll then go in and cover the revenue performance by region, and for some selected brands.

然後我將按地區和一些選定品牌介紹收入表現。

I'll then turn to the core operating performance, and I'll -- with an emphasis on the key drivers of operating profit and margin.

然後我將轉向核心運營績效，我將重點關注運營利潤和利潤率的關鍵驅動因素。

I'll briefly touch on cash distributions to shareholders.

我將簡要介紹一下對股東的現金分配。

And then finally, I'll close with our thoughts on guidance for the full year.

最後，我將結束我們對全年指導的想法。

So onto the headline results.

所以進入標題結果。

Total Company revenue was $6.7 billion in the quarter.

本季度公司總收入為 67 億美元。

That's a 15% decline in constant currency terms.

按固定匯率計算，下降了 15%。

Revenue declined by 19% on an actual basis, as a result of the negative impact of exchange rate movements.

受匯率變動的負面影響，收入實際下降19%。

The dominant feature of our revenue profile in the third quarter, as indeed it has been for the year to date, is the loss of exclusivity on several brands.

我們第三季度收入狀況的主要特徵，正如今年迄今為止的情況一樣，是幾個品牌的獨家經營權的喪失。

Seroquel IR, alone, was down more than $850 million; and the disposals of Astra Tech and Aptium accounted for 1.8 percentage points of the revenue decline.

僅 Seroquel IR 一項就減少了超過 8.5 億美元；出售Astra Tech和Aptium佔收入下降的1.8個百分點。

I'll discuss the regional and brand revenue performances shortly, but let's just now continue with the headline numbers.

我將很快討論區域和品牌收入表現，但現在讓我們繼續標題數字。

Core operating profit in the quarter was down 14% in constant currency to $2.6 billion.

本季度核心營業利潤按固定匯率計算下降 14% 至 26 億美元。

The decline is broadly in line with revenue.

下降幅度與收入大致一致。

But, to be fair, core operating profit did benefit from the $250 million proceeds from the sale of Nexium OTC rights.

但是，公平地說，核心營業利潤確實受益於出售 Nexium OTC 權利的 2.5 億美元收益。

Benefits from restructuring and disciplined management of operating costs are also playing their part in helping to mitigate the impact of revenue declines on earnings.

重組帶來的好處和嚴格的運營成本管理也在幫助減輕收入下降對收益的影響方面發揮作用。

Core earnings per share in the quarter were $1.51, compared with $1.71 last year.

本季度核心每股收益為 1.51 美元，而去年同期為 1.71 美元。

That's an 8% decrease in constant currency terms, with the benefit from net share repurchases providing the uplift compared to the core operating profit trend.

按固定匯率計算，這減少了 8%，與核心營業利潤趨勢相比，淨股票回購的好處提供了提升。

Reported EPS were $1.22, that's down 50% at constant currency, compared to $2.56 last year, which of course included the $1.08 per share from the sale of Astra Tech.

報告的每股收益為 1.22 美元，按固定匯率計算下降了 50%，而去年為 2.56 美元，其中當然包括出售 Astra Tech 的每股 1.08 美元。

So those are the headlines for the third quarter.

所以這些是第三季度的頭條新聞。

It's a broadly similar picture for the nine months in constant currency terms with revenue down 15%; core EPS down 11%; and reported EPS down 36% versus last year.

按固定匯率計算，這九個月的情況大致相似，收入下降了 15%；核心每股收益下降 11%；並報告每股收益與去年相比下降了 36%。

Now returning to the third quarter revenue performance, and when I refer to growth rates they'll all be on a constant currency basis, revenue in the US was down 19% compared with the third quarter last year, driven by loss of exclusivity for Seroquel IR.

現在回到第三季度的收入表現，當我提到增長率時，它們都是以固定匯率為基礎的，美國的收入與去年第三季度相比下降了 19%，這是由於 Seroquel 失去獨家經營權所致紅外線。

Excluding Seroquel IR, the rest of the portfolio increased by 6% in the quarter.

不包括 Seroquel IR，其餘產品組合在本季度增長了 6%。

Third quarter revenue includes $44 million related to our share of sales of the Amylin diabetes portfolio following completion of the alliance expansion in August.

第三季度收入包括 4400 萬美元，與我們在 8 月份完成聯盟擴張後 Amylin 糖尿病產品組合的銷售額份額相關。

Revenue in Western Europe was down 20% in the quarter.

本季度西歐的收入下降了 20%。

Loss of exclusivity on four products, Seroquel IR, Atacand, Nexium, and Merrem, accounted for 70% of the revenue decline; and, in addition, we faced continued headwinds from government interventions.

四種產品 Seroquel IR、Atacand、Nexium 和 Merrem 的獨占權喪失佔收入下降的 70%；此外，我們還面臨來自政府乾預的持續阻力。

Revenue in established rest of world was down 18%, largely due to a 43% decline in Canada as a result of generic competition to Crestor and Atacand.

世界其他地區的收入下降了 18%，這主要是由於與 Crestor 和 Atacand 的仿製藥競爭導致加拿大下降了 43%。

Revenue in emerging markets was up 6% in the quarter.

本季度新興市場的收入增長了 6%。

Revenue increased by 23% in both China and Russia.

中國和俄羅斯的收入均增長了 23%。

Brazil returned to modest growth as the impact from loss of exclusivity for Crestor and Seroquel IR is now behind us.

由於失去 Crestor 和 Seroquel IR 獨家經營權的影響現已過去，巴西恢復了溫和增長。

A weak performance in Mexico, in the face of challenging market conditions, continues to negatively impact our performance, reducing revenue growth in emerging markets by more than 2 percentage points.

面對充滿挑戰的市場條件，墨西哥的疲軟表現繼續對我們的業績產生負面影響，使新興市場的收入增長減少 2 個百分點以上。

We hope to see some stabilizing of the trend in Mexico once we pass the 12-month anniversary of the at-risk launch of generics for Crestor.

我們希望在我們度過 Crestor 仿製藥風險上市 12 個月後，看到墨西哥的趨勢有所穩定。

This slide provides a snapshot of revenue for our key brands.

這張幻燈片提供了我們主要品牌的收入快照。

As you see, we grew revenues for the key brands that retain market exclusivity in most of our major markets, except for Crestor, where we've had generic competition in Canada since April.

正如你所看到的，我們增加了在我們大多數主要市場中保持市場獨占性的主要品牌的收入，除了 Crestor，自 4 月以來我們在加拿大進行了仿製藥競爭。

Excluding Canada, worldwide sales of Crestor were up 7%.

不包括加拿大在內，Crestor 的全球銷售額增長了 7%。

Symbicort had a good quarter on strong growth in the US.

Symbicort 在美國的強勁增長帶來了良好的季度業績。

Seroquel XR was up 8%.

Seroquel XR 上漲了 8%。

We had another strong quarter for our oncology products, Iressa and Faslodex; saw a good performance for ONGLYZA; and slow but steady progress on Brilinta.

我們的腫瘤產品 Iressa 和 Faslodex 又迎來了一個強勁的季度；看到ONGLYZA的良好表現； Brilinta 的進展緩慢但穩定。

But as you can see at the bottom of the slide, loss of exclusivity continues to take its toll on Seroquel IR, Atacand, and Merrem.

但正如您在幻燈片底部看到的那樣，獨占權的喪失繼續對 Seroquel IR、Atacand 和 Merrem 造成影響。

Nexium has generic competition in Western Europe.

Nexium 在西歐有仿製藥競爭。

But we also had a decline this quarter in Japan, where sales in the third quarter last year was launch-stocking, whereas demand so far this year has been significantly constrained by the [Riotanki].

但本季度我們在日本也出現了下滑，去年第三季度的銷售是推出庫存，而今年到目前為止的需求受到 [Riotanki] 的嚴重限制。

Riotanki, you will recall, is the regulation that restricts prescriptions for products on their first year on the market into Japan to just a two-week supply.

您會記得，Riotanki 是將產品在進入日本市場的第一年的處方限制為僅兩週供應的規定。

And that has hindered the launch uptake.

這阻礙了發布。

Riotanki was lifted at the beginning of October, and we are now seeing a significant ramp-up in daily sales.

Riotanki 於 10 月初取消，我們現在看到每日銷售額顯著增加。

We look forward to a solid performance for Nexium in Japan going forward.

我們期待耐信未來在日本的穩健表現。

There are detailed commentaries on brand performance in the press release.

新聞稿中有對品牌表現的詳細評論。

I'd like to provide some additional color on three products; Crestor, an update on the Brilinta launch, and the performance of the diabetes franchise.

我想為三種產品提供一些額外的顏色； Crestor、Brilinta 發布的最新消息，以及糖尿病特許經營權的表現。

So, first, Crestor.

所以，首先，克雷斯特。

Crestor sales were $1.5 billion in the quarter.

本季度 Crestor 的銷售額為 15 億美元。

That's down 3% due to generic competition in Canada.

由於加拿大的仿製藥競爭，這一數字下降了 3%。

As I mentioned earlier, if you exclude Canada, global sales are up 7%.

正如我之前提到的，如果不包括加拿大，全球銷售額將增長 7%。

Crestor sales in the US were up 11% to $833 million.

Crestor 在美國的銷售額增長了 11%，達到 8.33 億美元。

Total prescriptions for Crestor in the third quarter were down a bit more than 3%, compared to just under 1% growth in the statin market.

第三季度 Crestor 的總處方量下降了 3% 以上，而他汀類藥物市場的增長率略低於 1%。

Now I'm going to turn to a slide that we've used in the past to look below the surface of total prescriptions and look at the dynamic components to illustrate the trends.

現在，我將轉向我們過去使用過的一張幻燈片，以查看總處方的表面之下，並查看動態組件以說明趨勢。

If we look at the yellow hashed line, which is net dynamic volume, you'll note the strong uplift beginning in June of last year, following the label change for Simvastatin.

如果我們看一下黃色散列線，它是淨動態量，您會注意到從去年 6 月開始的強勁上升，因為辛伐他汀的標籤發生變化。

So part of the slight downturn this quarter is due to the strength of the prior year period.

因此，本季度的部分小幅下滑是由於去年同期的強勁表現。

Now, Lipitor first went generic at the end of November 2011, and then multi-source generics arrived in May.

現在，立普妥於 2011 年 11 月底首次上市，隨後多源仿製藥於 5 月上市。

And you can see that the dynamic trend is quite resilient before and after May 2012.

你可以看到動態趨勢在 2012 年 5 月之前和之後都非常有彈性。

I'd like to now take this same data and look at it by payer channel in order to illustrate the second driver to the quarter's TRX performance.

我現在想使用相同的數據並通過支付渠道查看它，以說明本季度 TRX 性能的第二個驅動因素。

On the left is the same dynamic data we showed earlier, but isolating the majority of retail business.

左邊是我們之前顯示的相同動態數據，但隔離了大部分零售業務。

That's commercial managed care and Medicare part D. And it shows the same trend as before.

那是商業管理的醫療和醫療保險 D 部分。它顯示出與以前相同的趨勢。

We get a bump from the Simvastatin label change last year, and then relative stability spanning the two Lipitor loss of exclusivity dates.

我們從去年的辛伐他汀標籤變化中得到了一個衝擊，然後在兩個立普妥失去獨占權日期之間相對穩定。

On the right is the same data for Medicaid fee-for-service channel.

右側是 Medicaid 按服務收費渠道的相同數據。

The half-year results, you may recall, Tony Zook mentioned that we were no longer pursuing this low margin business going forward, and you can see the volume erosion beginning in July.

半年業績，你可能還記得，Tony Zook 提到我們不再追求這種低利潤業務，你可以看到從 7 月開始的銷量下降。

So I hope that gives you some greater insight into the volume trends for Crestor.

因此，我希望這能讓您更深入地了解 Crestor 的銷量趨勢。

Relative stability in the face of multi-sourced generic atorvastatin; a bit of weakness against the strong quarter a year ago that was driven by the simvastatin label change; and a small decline in the current quarter as a result of our decision to not chase low margin Medicaid business.

面對多來源仿製藥阿托伐他汀的相對穩定性；與一年前由於辛伐他汀標籤變化而導致的強勁季度相比略顯疲軟；由於我們決定不追逐低利潤的醫療補助業務，本季度出現小幅下滑。

So against a low single-digit decline in total prescriptions, how did we generate 11% revenue growth in the quarter?

因此，在處方藥總量出現低個位數下降的情況下，我們如何在本季度實現 11% 的收入增長？

Well, there was a little bit of inventory movement year on year, but mostly this growth is driven by price.

好吧，庫存同比有一點變動，但這種增長主要是由價格驅動的。

So far this year, we've been able to achieve an increase in net realized prices for Crestor.

今年到目前為止，我們已經能夠實現 Crestor 淨實現價格的增長。

But we also said that this would come under pressure once we had to contend with multiple generic atorvastatins, and this is proving to be the case as we complete the contracting cycle for 2013.

但我們也說過，一旦我們不得不與多個仿製阿托伐他汀抗衡，這將面臨壓力，而且隨著我們完成 2013 年的合同周期，事實證明確實如此。

We look to be in a good position for formulary access in 2013, and broadly similar to the high access we currently enjoy, but this is coming at the expense of price.

我們看起來在 2013 年處於處方藥准入的有利位置，並且與我們目前享有的高准入大致相似，但這是以價格為代價的。

I don't want to get too far ahead of our financial guidance for next year, but I think it's prudent to be thinking of net price declines for Crestor in the US next year.

我不想比我們明年的財務指導提前太多，但我認為考慮 Crestor 明年在美國的淨價格下降是明智的。

In the rest of world, I already mentioned the big driver, and that is loss of exclusivity for Crestor in Canada.

在世界其他地方，我已經提到了主要驅動因素，那就是 Crestor 在加拿大失去了獨家經營權。

Now turning to Brilinta.

現在轉向 Brilinta。

Sales were $24 million in the quarter, with $15 million from Western Europe, and $7 million in the US.

本季度銷售額為 2400 萬美元，其中 1500 萬美元來自西歐，700 萬美元來自美國。

In the US, we continued to make progress on the key launch metrics.

在美國，我們繼續在關鍵發布指標方面取得進展。

In particular, I would note the increase in trial rates amongst interventional cardiologists, as well as the nice uptick in unrestricted access in Medicare Part D.

特別是，我會注意到介入心髒病專家的試驗率增加，以及 Medicare D 部分的無限制訪問的良好上升。

We have recently prioritized driving trial and utilization, where we're already on formulary and protocol, and that is helping drive prescriptions.

我們最近優先考慮駕駛試驗和使用，我們已經在處方和協議上，這有助於推動處方。

And you can see here from the latest data that total prescriptions in the third quarter are 55% higher than in quarter 2.

你可以從最新數據中看到，第三季度的總處方比第二季度高出 55%。

So progress, to be sure, but much, much more to do.

所以進步，可以肯定，但還有很多很多事情要做。

In Europe, the picture is a continuation of the growth trends that we saw in the second quarter, as you can see here in Germany.

在歐洲，情況是我們在第二季度看到的增長趨勢的延續，正如您在德國看到的那樣。

So in Germany, and in the Nordics -- so there's Germany, let's move onto the next slide, in the Nordic region, and in Italy.

因此，在德國和北歐 - 德國，讓我們轉到下一張幻燈片，在北歐地區和意大利。

We launched in France in July, so it is still very early days.

我們於 7 月在法國推出，所以現在還很早。

But initial indications are that we're having a launch trajectory on par with other successful launches in Europe.

但初步跡象表明，我們的發射軌跡與歐洲其他成功的發射軌跡相當。

Finally, the diabetes franchise.

最後，糖尿病專營權。

Revenue from ONGLYZA was up 42% to $84 million in the quarter.

本季度 ONGLYZA 的收入增長了 42%，達到 8400 萬美元。

Much of this is still in the US, where alliance revenue was $62 million.

其中大部分仍在美國，聯盟收入為 6200 萬美元。

Total prescriptions for DPP4s in the US are still growing strongly; up 21% in the quarter.

美國 DPP4 的總處方量仍在強勁增長；本季度增長 21%。

Our franchise share was 17.7% in September.

9 月份我們的特許經營份額為 17.7%。

And that's up 1.2 percentage points since December, with ONGLYZA holding steady, while KOMBIGLYZEXR market share is up.

自去年 12 月以來，這一比例上升了 1.2 個百分點，其中 ONGLYZA 保持穩定，而 KOMBIGLYZEXR 的市場份額有所上升。

We're now in a position to begin launching KOMBOGLYZE, that's the combination of ONGLYZA and Metformin, in immediate release in Europe over the next several months.

我們現在可以開始推出 KOMBOGLYZE，它是 ONGLYZA 和二甲雙胍的組合，將在接下來的幾個月內立即在歐洲上市。

So I'll now turn to the third quarter P&L.

所以我現在轉向第三季度的損益表。

I'll focus here on core margins and profit, the press release does of course contain the statutory numbers, and a detailed reconciliation to the core measures.

我將在這裡重點關注核心利潤率和利潤，新聞稿當然包含法定數字，以及與核心措施的詳細對賬。

As with sales, when I refer to growth rates, there'll all be on a constant currency basis.

與銷售額一樣，當我提到增長率時，都會以固定貨幣為基礎。

Core gross margin in the quarter was 81.1% of sales.

本季度核心毛利率為銷售額的 81.1%。

That's down 10 basis points compared with the third quarter last year.

與去年第三季度相比下降了 10 個基點。

Now there are some moving parts below this broadly flat surface.

現在，在這個大致平坦的表面下方有一些活動部件。

But an unfavorable product mix and higher royalties as a percentage of revenue were broadly offset by benefits from the absence of Astra Tech, and a lower net expense related to the Merck arrangements.

但不利的產品組合和較高的特許權使用費佔收入的百分比被 Astra Tech 缺席帶來的好處以及與默克安排相關的較低淨支出所抵消。

Core SG&A expense was down 12%, compared with the third quarter last year.

與去年第三季度相比，核心 SG&A 費用下降了 12%。

Restructuring benefits, the absence of Astra Tech costs, and continued discipline in managing costs were partially offset by new sales and marketing spend associated with the Amylin diabetes portfolio, as well as amortization of the related intangible assets.

與 Amylin 糖尿病產品組合相關的新銷售和營銷支出以及相關無形資產的攤銷部分抵消了重組收益、Astra Tech 成本的減少以及管理成本的持續紀律。

I expect the run rate for SG&A in the fourth quarter to be higher than this quarter.

我預計第四季度 SG&A 的運行率將高於本季度。

Core other income more than doubled in the quarter, based on the proceeds from the sale of OTC rights for Nexium to Pfizer.

根據將 Nexium 的場外交易權出售給輝瑞的收益，本季度核心其他收入增長了一倍多。

And for the year to date, the movement of the US commercial contribution for Zomig, from sales to other income, is also affecting the comparison to last year.

今年迄今為止，美國對 Zomig 的商業貢獻從銷售額到其他收入的變動也影響了與去年的比較。

So that leads to a core pre-R&D operating margin of 55.7% of revenue.

因此，這導致核心研發前營業利潤率為收入的 55.7%。

That's above the top of our 48% to 54% planning range, and 2.2 percentage points higher than last year, and that's largely on the Nexium OTC benefit to core other income.

這高於我們 48% 至 54% 的計劃範圍的上限，比去年高出 2.2 個百分點，這主要是因為 Nexium OTC 對核心其他收入的好處。

As I said earlier, restructuring and spending discipline is doing its part on mitigating the revenue decline, but of itself would be insufficient.

正如我之前所說，重組和支出紀律在緩解收入下降方面發揮了作用，但其本身是不夠的。

Core R&D investment in the quarter was $1.1 billion.

本季度的核心研發投資為 11 億美元。

That's a 3% decrease versus last year.

與去年相比下降了 3%。

Benefits from the restructuring program in R&D has enabled us to show a decrease in R&D spend, while absorbing the partial year effect of bringing on board the new projects from business development, such as Amgen, Ardea, and Amylin, which otherwise would have exerted an upward pressure on R&D spend.

研發重組計劃的好處使我們能夠減少研發支出，同時吸收了從業務發展中引入新項目的部分年度效應，如 Amgen、Ardea 和 Amylin，否則這些項目將發揮研發支出的上行壓力。

Core operating profit was $2.6 billion dollars in the quarter.

本季度核心營業利潤為 26 億美元。

That's 14% lower than last year.

這比去年低了 14%。

Core operating margin was 39.4% of revenue; 30 basis points higher than last year.

核心營業利潤率為收入的 39.4%；比去年高出 30 個基點。

Turning to our productivity program, for the nine months we've incurred $1.2 billion of costs associated with the third phase.

談到我們的生產力計劃，在過去的九個月裡，我們已經為第三階段支付了 12 億美元的費用。

And that was combined with the $0.3 billion charge in the fourth quarter of 2011.

再加上 2011 年第四季度的 3 億美元費用。

So we're on pace to take most of the $2.1 billion in program costs by the end of this year.

因此，我們正準備在今年年底之前承擔 21 億美元項目成本中的大部分。

And we remain on track for delivering the estimated $1.6 billion in annual benefits by the end of 2014.

我們仍有望在 2014 年底之前實現估計 16 億美元的年度收益。

Cash generated from operating activities was $4.1 billion for the nine months, compared with $4.8 billion in the same period last year.

前九個月經營活動產生的現金為 41 億美元，而去年同期為 48 億美元。

Lower tax payments and net improvements in working capital only partially offset the lower operating profit.

較低的納稅額和營運資金的淨改善僅部分抵消了較低的營業利潤。

For the nine months, cash outflows on externalization activities reached $4.8 billion, driven by the acquisition of Ardea and the intangible assets associated with our collaboration with Bristol-Myers Squibb and Amylin.

在過去九個月中，外部化活動的現金流出達到 48 億美元，這主要受收購 Ardea 以及與百時美施貴寶和 Amylin 合作產生的無形資產的推動。

Net cash distribution for shareholders for nine months was $5.9 billion through net share repurchases of $2.3 billion, and dividends of $3.7 billion, being the combination of the second interim from 2011 and the first interim in 2012.

通過 23 億美元的淨股票回購和 37 億美元的股息，九個月的股東淨現金分配為 59 億美元，是 2011 年的第二個中期和 2012 年的第一個中期的組合。

We announced the suspension of further share repurchases on October 1.

我們於 10 月 1 日宣布暫停進一步股票回購。

So finally turning to guidance.

所以最後轉向指導。

As we expected, our financial performance for the first nine months largely reflects the ongoing impact from the loss of exclusivity for several brands in key markets; that's particularly Seroquel IR, but also for Atacand, Merrem, Crestor in Canada, and Nexium in Europe.

正如我們預期的那樣，我們前九個月的財務業績在很大程度上反映了幾個品牌在主要市場失去獨家經營權的持續影響；這尤其適用於 Seroquel IR，但也適用於加拿大的 Atacand、Merrem、Crestor 和歐洲的 Nexium。

And the disposals of Astra Tech and Aptium obviously also weigh on the year-on-year comparisons.

而 Astra Tech 和 Aptium 的處置顯然也影響了同比比較。

In addition, we continue to face the same challenges that the whole sector's facing; government interventions, payer pressures, and the headwinds of a sluggish recovery in the global economy.

此外，我們繼續面臨整個行業面臨的同樣挑戰；政府乾預、支付者壓力以及全球經濟復甦乏力的逆風。

Benefits from our restructuring programs and continued discipline in operating expenses have provided headroom for reinvestment in the business, while also partially mitigating the impact of declining revenue on core operating profit and margin.

我們的重組計劃帶來的好處和對運營費用的持續約束為業務再投資提供了空間，同時也部分減輕了收入下降對核心運營利潤和利潤率的影響。

As I mentioned in our first quarter results call, despite continued pressures on revenues and margins, the Company will continue to invest to drive future growth and value; in sales and marketing to support our new products in growth markets, and in research and development to progress value creating assets within our portfolio, and from further business development.

正如我在第一季度業績電話會議上提到的那樣，儘管收入和利潤率持續面臨壓力，但公司將繼續投資以推動未來的增長和價值；在銷售和營銷方面支持我們在增長市場中的新產品，在研發方面推進我們產品組合中創造價值的資產，以及進一步的業務發展。

Based on the performance to date and the outlook for the remainder of the year, the Company continues to anticipate that revenue for the full year will decline in the range of the low to mid teens, in constant currency terms.

根據迄今為止的業績和今年剩餘時間的展望，公司繼續預計全年收入將以固定匯率計算在低至中等範圍內下降。

The Company's core EPS target for the full year also remains unchanged, in the range of $6.00 to $6.30.

公司全年的核心每股收益目標也保持不變，在 6.00 美元至 6.30 美元的範圍內。

For the nine months of 2012, recall that core operating profit and EPS includes one-off items totaling $0.35 per share.

回想一下 2012 年的九個月，核心營業利潤和每股收益包括總計每股 0.35 美元的一次性項目。

That's $0.19 from the tax settlement in the second quarter, and then $0.16 from the sale of OTC rights for Nexium in this quarter.

這是第二季度稅收結算的 0.19 美元，然後是本季度 Nexium 場外交易權的銷售 0.16 美元。

Currency was neutral to core EPS versus our guidance rates for the first nine months.

與我們前九個月的指導利率相比，貨幣對核心每股收益的影響是中性的。

But I would remind you that the forward look is based on the January 2012 average exchange rates, upon which our guidance was based.

但我要提醒您的是，前瞻性預測是基於 2012 年 1 月的平均匯率，我們的指導也是基於此。

It takes no account of the likelihood that average exchange rates for the remainder of the year may differ materially from the January 2012 average.

它沒有考慮今年剩餘時間的平均匯率可能與 2012 年 1 月的平均匯率存在重大差異的可能性。

So let's now move onto the Q&A session.

現在讓我們進入問答環節。

For those of you who are taking part via the telephone, (Operator Instructions).

對於那些通過電話參加的人，（操作員說明）。

And for those listening via the webcast, you'll find there's a text box on the webcast page to type in your question.

對於那些通過網絡廣播收聽的人，您會發現網絡廣播頁面上有一個文本框可以輸入您的問題。

We'll try and answer as many questions as possible.

我們將嘗試回答盡可能多的問題。

So, with that, can we have the first question, please, operator?

那麼，我們可以問第一個問題嗎，接線員？

Sachin Jain.

薩欽賈恩。

Sachin Jain, Bank of America.

美國銀行的 Sachin Jain。

A couple of questions.

幾個問題。

Pascal, I appreciate it's early days but I just have a couple of high level questions for you.

帕斯卡，我很高興現在還很早，但我有幾個高級問題要問你。

Firstly, on capital allocation, is there a timeframe at which you would review the buyback?

首先，關於資本配置，您是否有一個時間框架來審查回購？

Clearly, you've stopped it for the time being to retain flexibility, or are you fundamentally against buybacks as a use of cash?

顯然，你暫時停止了它以保持靈活性，或者你從根本上反對將回購作為現金的使用？

Related, on M&A, prior management has commented that they weren't interested in large-scale M&A, the size of MedImmune or above, do you retain that view?

相關的，在併購方面，之前的管理層表示他們對大規模併購不感興趣，MedImmune 或以上的規模，您是否保留這種觀點？

Or do you want to keep a more flexible stance?

或者你想保持更靈活的立場？

Secondly, there are quotes on the wire from the media call this morning that a pipeline review outcome is expected in the first quarter, can you just provide the context of that?

其次，今天早上的媒體電話中有消息稱，預計第一季度將得出管道審查結果，您能否提供一下背景信息？

Astra has been through many pipeline reviews in recent years, is there anything different about this one?

Astra這幾年經歷了很多pipeline review，這次有什麼不一樣的嗎？

Thirdly, in small group meetings with investors I think in recent weeks you've been focusing on Brilinta and BYDUREON trajectory as something that you would focus on.

第三，在與投資者的小組會議上，我認為最近幾週你一直在關注 Brilinta 和 BYDUREON 的發展軌跡。

Just a brief overview of your assessment of launch trajectory to date, and what you think is needed from here.

簡要概述您迄今為止對發射軌蹟的評估，以及您認為這裡需要什麼。

And then finally, a very quick question for Simon, I wonder if you could frame the Crestor price declines into next year?

最後，有一個非常快速的問題要問 Simon，我想知道你是否可以將 Crestor 的價格下跌納入明年？

Is something around the mid single-digits reasonable to think about?

考慮中個位數左右的東西是否合理？

Thank you very much.

非常感謝你。

I counted to five on that.

我數到五。

I think we said in the Q2 call we'd try and limit it to two going forward.

我想我們在第二季度的電話會議中說過，我們會嘗試將其限制為兩個。

I know I might disappoint Peter Verdult, but it gives you a bit of prep for that.

我知道我可能會讓 Peter Verdult 失望，但它會讓你為此做好一些準備。

But, Pascal, if you want to start.

但是，Pascal，如果你想開始。

Thanks, James.

謝謝，詹姆斯。

Thanks, Sachin.

謝謝，薩欽。

Great questions.

很好的問題。

I'll try to be fast, so we give everybody else time to ask questions as well.

我會盡量快點，所以我們也給其他人提問的時間。

Capital allocation, I'm definitely not fundamentally against buybacks.

資本配置，我絕對不是從根本上反對回購。

The decision we made, together with Simon and the Board, was really to give us flexibility.

我們與 Simon 和董事會一起做出的決定實際上是為了給我們帶來靈活性。

And of course we might re-visit that if we don't find use of our cash.

當然，如果我們沒有發現使用我們的現金，我們可能會重新訪問它。

I have no fundamental objection to buyback, per se.

我對回購本身沒有根本的反對意見。

Acquisitions, I would like to retain flexibility.

收購方面，我想保留靈活性。

Essentially, we are doing a review of what we could do.

從本質上講，我們正在審查我們可以做什麼。

And I want to be open-minded and, basically, look at the options that are open to us.

我想保持開放的態度，基本上，看看對我們開放的選項。

So I don't have much more that I can say at this point.

所以在這一點上我沒有更多可以說的了。

The pipeline, the contacts in that is that we, and when I say we, it means the executive team here at the AstraZeneca and I, identified a series of critical questions, which I want to engage the organization around to find to develop plans, to find solutions to address; one of which is the mid [to late stage five] plan.

管道，其中的聯繫人就是我們，當我說我們時，這意味著我和阿斯利康的執行團隊確定了一系列關鍵問題，我想讓周圍的組織參與進來以製定計劃，尋找解決方案；其中之一是中期 [至後期第五階段] 計劃。

And what I want to do here is look at whether there are assets that could be accelerated and others that could be de-prioritized.

我想在這裡做的是看看是否有可以加速的資產和其他可以取消優先級的資產。

We have got a number of assets in the pipeline, and I think there are further choices we can make.

我們有很多資產在籌備中，我認為我們可以做出更多選擇。

I'm totally aware of the fact that some reviews have taken place in the past and this is all good work.

我完全知道過去進行過一些審查，這都是很好的工作。

And I don't expect massive changes, but I believe we can make some changes.

我不期望發生巨大的變化，但我相信我們可以做出一些改變。

And I can't comment more on those changes at this point, as you can imagine.

正如您想像的那樣，我目前無法對這些更改發表更多評論。

There's a team looking at this, and we have reviews planned at the end of November/early December.

有一個團隊正在關注這個問題，我們計劃在 11 月底/12 月初進行審查。

And in the meantime, I'm visiting R&D sites and talking to people.

與此同時，我正在訪問研發網站並與人們交談。

So we will have some outcome of those discussions by Q1.

因此，我們將在第一季度獲得這些討論的一些結果。

Brilinta, you know you'll probably remember that I was involved in the commercialization of Plavix for a number of years in the United States.

Brilinta，你知道你可能還記得我在美國參與了 Plavix 的商業化多年。

And I was working in collaboration with BMS at the time, and it was before joining Roche, and so I've looked at this.

當時我正在與 BMS 合作，那是在加入羅氏之前，所以我看過這個。

And the market, of course, has changed and things are no longer what they were seven years ago, of course.

當然，市場已經發生了變化，事情當然不再是七年前的樣子了。

I accept all of that.

我接受這一切。

But I've looked at the products and I think Brilinta, quite frankly, has a lot going for it.

但我看過這些產品，坦率地說，我認為 Brilinta 有很多優點。

It is the better product in the class.

它是同類產品中最好的。

And I think we can do better with this product.

我認為我們可以用這個產品做得更好。

We can do well.

我們可以做得很好。

I also think that AstraZeneca is a great commercial organization.

我還認為阿斯利康是一個偉大的商業組織。

To be frank, we didn't show our best game with Brilinta.

坦率地說，我們沒有展示我們與 Brilinta 的最佳比賽。

But we are, actually, taking corrective measures and my hope is that -- my belief actually, not only my hope, my belief is we can do quite well in this product, has potential.

但實際上，我們正在採取糾正措施，我的希望是——我的信念實際上，不僅是我的希望，我的信念是我們可以在這個產品上做得很好，有潛力。

And there is also -- that's also one of the questions that we are working on right now.

還有——這也是我們目前正在研究的問題之一。

There's an entire work stream looking at Brilinta and looking at how do we accelerate the growth of this product, which is really a company transforming product, quite frankly, if we succeed with it.

整個工作流都在關注 Brilinta 並研究我們如何加速該產品的增長，坦率地說，如果我們成功的話，這實際上是一個公司轉型產品。

I think I've covered all your questions.

我想我已經涵蓋了你所有的問題。

BYDUREON.

拜杜倫。

Diabetes and BYDUREON.

糖尿病和 BYDUREON。

Yes, so diabetes, I think there are three -- let me back up a little bit.

是的，所以糖尿病，我認為有三個 - 讓我稍微備份一下。

At AstraZeneca, we are facing a number of challenges.

在阿斯利康，我們面臨著許多挑戰。

And, of course, the biggest challenges are the patent expiries.

當然，最大的挑戰是專利到期。

But I also believe we have a number of growth platforms.

但我也相信我們有許多增長平台。

And the three biggest ones, in our opinion, are Brilinta, diabetes, and the emerging markets.

在我們看來，最大的三個市場是 Brilinta、糖尿病和新興市場。

Clearly, what I want to do here is how do we actually turbo-boost the growth of those three platforms.

顯然，我想在這裡做的是我們如何真正加速這三個平台的增長。

There are others.

還有其他人。

I would say respiratory, as a franchise, is something we can strengthen and has potential.

我想說，作為特許經營權，呼吸系統是我們可以加強並具有潛力的東西。

I think Japan also is good.

我覺得日本也不錯。

And I think in the meantime, the [BYDUREON ] platform is really a good growth platform potentially.

我認為與此同時，[BYDUREON] 平台確實是一個潛在的良好增長平台。

So we have quite a few cards in our hands short and mid term, and diabetes is, of course, a critical one.

因此，我們手上有很多短期和中期的牌，而糖尿病當然是一個關鍵牌。

So we have to work with our partners, BMS, to see how do we build this franchise to establish ourselves as a leader in diabetes, and BYDUREON, of course, is one those.

因此，我們必須與我們的合作夥伴 BMS 合作，看看我們如何建立這個特許經營權，以確立我們自己在糖尿病領域的領導地位，而 BYDUREON 當然就是其中之一。

Now, I'm sorry if I can't be very specific.

現在，如果我不能說得很具體，我很抱歉。

You know that I like to talk about products and data, but these are early days and I'm engaging in this review process and I don't want to comment too much at this point.

你知道我喜歡談論產品和數據，但現在還處於早期階段，我正在參與這個審查過程，此時我不想發表太多評論。

Pascal, thanks.

帕斯卡，謝謝。

Sachin, just to your final question on Crestor, it's really much too premature to go beyond some initial thoughts I shared in my opening remarks.

Sachin，關於你關於 Crestor 的最後一個問題，現在超越我在開場白中分享的一些初步想法真的為時過早。

I suggested it would be prudent to think of net price declines for Crestor.

我建議謹慎考慮 Crestor 的淨價格下跌。

Exactly what the price outcome will be is going to be a function of the concluding process of discussions and negotiations with our customers, but also mix effects and so forth into next year.

確切的價格結果將取決於與我們客戶的討論和談判的最終過程，但也會對明年產生綜合影響等。

So I think that's probably, Sachin, something we should come back to at Q1 and you'll have some evidence from the run rate in the first part of the year.

因此，薩欽，我認為這可能是我們應該在第一季度重新討論的事情，你將從今年上半年的運行率中獲得一些證據。

Thanks for taking all those questions.

感謝您提出所有這些問題。

Thank you.

謝謝你。

We've got, I think, number two.

我認為，我們有第二個。

Peter, you're number two on the call with two questions, we hope.

彼得，我們希望你是電話中的第二個問題，有兩個問題。

Peter Verdult, Morgan Stanley.

摩根士丹利的 Peter Verdult。

Two questions, yes; one for Pascal, and one for Simon.

兩個問題，是的；一個給 Pascal，一個給 Simon。

Apologies if this has already been addressed, but I had to deal with another set of results when the call started.

如果這個問題已經得到解決，我深表歉意，但在通話開始時我不得不處理另一組結果。

But, Pascal, just coming back to capital allocation, I realize it's too early to talk about your new strategy but I would like to get a sense of how you're thinking about the progressive dividend policy that's in place going forward.

但是，帕斯卡，回到資本配置，我意識到現在談論你的新戰略還為時過早，但我想了解一下你是如何考慮未來的漸進式股息政策的。

Are you considering all options?

你在考慮所有的選擇嗎？

Or when it comes to planning, do you envisage this remaining intact?

或者在規劃時，您是否認為它會保持原樣？

And then for Simon, just on the cost trends.

然後對於西蒙來說，就成本趨勢而言。

The ability to manage the cost base has surprised the market positively.

管理成本基礎的能力令市場感到意外。

It seems to point, or suggest to me, upside risks to current EPS guidance for this year.

這似乎表明，或向我暗示，今年當前每股收益指引存在上行風險。

So I'm just trying to get a sense as to what swing factors you're considering in Q4 that prevented guidance from being raised, and whether there are any phasing issues that we need to consider, be it on R&D or SG&A, that helped in Q3.

因此，我只是想了解您在第四季度考慮的哪些搖擺因素阻止了提出指導意見，以及是否有任何我們需要考慮的階段性問題，無論是研發還是 SG&A，這有助於在第三季度。

So maybe I'll deal quickly, address the first one, Peter.

所以也許我會快速處理，解決第一個問題，彼得。

Thanks for that question.

謝謝你的問題。

I know it's everybody's mind, so it's an important one to address.

我知道這是每個人的想法，所以這是一個需要解決的重要問題。

Let me just confirm, reconfirm I would say, that our dividend policy is very stable.

讓我再次確認，我會說，我們的股息政策非常穩定。

And we'd just like to restate what we've said before; we'll stick to our [able] to grow -- to improving dividend pay out, dividend policy.

我們只想重申我們之前說過的話；我們將堅持我們的[能夠]增長——改善股息支付、股息政策。

So I wouldn't want to say here we have flexibility.

所以我不想在這裡說我們有靈活性。

I think we are committed to this dividend policy.

我認為我們致力於這項股息政策。

And, Peter, for your questions about cost trends, good question.

彼得，關於成本趨勢的問題，問得好。

Probably, looking at the SG&A run rate, which I think did come in a little bit lower than I think the consensus we collate had come up with, actually, if you look at our run rate over the first three quarters, Peter, it's been pretty steady.

可能，看看 SG&A 運行率，我認為它確實比我認為我們整理的共識要低一點，實際上，如果你看看我們前三個季度的運行率，彼得，它一直是很穩定。

It does reflect the combination of actions we took at the end of last year and the beginning of this year around our above-market sales and marketing our channel mix, but also our G&A cost base.

它確實反映了我們在去年年底和今年年初圍繞高於市場的銷售和營銷我們的渠道組合以及我們的 G&A 成本基礎採取的行動組合。

So we have seen a reduction, a pretty steady reduction, in the course of this year quarter on quarter.

因此，在今年的季度環比中，我們看到了減少，相當穩定的減少。

As I mentioned in my remarks, the fourth quarter is typically quite a busy year for us, as quite a lot of investment activity does tend to take place.

正如我在發言中提到的那樣，第四季度對我們來說通常是非常忙碌的一年，因為確實會發生很多投資活動。

And this year's no exception.

今年也不例外。

We're pleased, actually, with some signs of strong recovery in a number of emerging markets.

事實上，我們很高興看到一些新興市場出現強勁復甦的跡象。

You saw China, Russia with strong growth.

你看到了中國、俄羅斯的強勁增長。

We continue to look hard, as Pascal mentioned, at our growth platforms.

正如帕斯卡所說，我們繼續努力尋找我們的增長平台。

We want to ensure that we're investing fully behind those.

我們希望確保我們全力支持這些。

So we do expect to see the SG&A rate up in the fourth quarter relative to the third.

因此，我們確實預計第四季度的 SG&A 率相對於第三季度有所上升。

And that, I think, is one of the factors that weighed on our decision to retain our guidance range for this year.

我認為，這是影響我們決定保留今年指導範圍的因素之一。

Perhaps if I may just take the opportunity just to elaborate upon that, because investment in the fourth quarter is one factor that drives the outcome in the fourth quarter.

也許我可以藉此機會詳細說明一下，因為第四季度的投資是推動第四季度結果的一個因素。

And the second is it's been a dynamic, some would say, volatile year.

第二，這是充滿活力的一年，有些人會說是動蕩的一年。

We've had government pricing interventions, generic activity.

我們有政府定價干預，通用活動。

And there does remain, perhaps, more uncertainty on those fronts than we've seen in prior years, and that's also weighed on our decision to keep the range.

在這些方面，也許確實存在比我們前幾年看到的更多的不確定性，這也影響了我們保持區間的決定。

And then, obviously, Peter, you'll recall, last year we had a number of intangible impairments in the final quarter.

然後，很明顯，彼得，你會記得，去年最後一個季度我們有一些無形的損害。

And with a portfolio which is more externalized, we do, therefore, run with more potential for intangible impairment decisions.

因此，憑藉更加外部化的投資組合，我們確實更有可能做出無形減值決策。

And it's those factors, which have led us to leave our earnings in the range of $6 to $6.30.

正是這些因素導致我們將收益保持在 6 美元至 6.30 美元之間。

And we can see scenarios where we might be the upper end of that.

我們可以看到我們可能處於最高端的場景。

But equally, we can see scenarios that we could be at the lower end of that.

但同樣，我們可以看到我們可能處於低端的情況。

Peter, I hope that helps you.

彼得，我希望這對你有幫助。

Yes, very helpful, thanks.

是的，非常有幫助，謝謝。

Good.

好的。

Next question, Tim Anderson, Sanford Bernstein.

下一個問題，蒂姆安德森，桑福德伯恩斯坦。

Tim?

蒂姆？

If I could just go back to one of the earlier questions, just so I understand, Pascal, your view on M&A.

如果我能回到前面的一個問題，那麼我理解 Pascal，您對併購的看法。

Are you kind of suggesting that all options are on the table at this point?

您是不是在暗示此時所有選項都已擺在桌面上？

And within that same line of questioning, your preliminary views on drug company diversification.

在同一個問題中，您對製藥公司多元化的初步看法。

Roche was pretty much a pure play, Astra is too, and I'm wondering if you think pure play is the right way to go.

Roche 幾乎是純粹的遊戲，Astra 也是，我想知道你是否認為純粹的遊戲是正確的方式。

And then the second question, you talk about restoring Astra's scientific leadership.

然後是第二個問題，你談到恢復 Astra 的科學領導地位。

To me, that means rebuilding R&D, which suggests that you could see R&D costs increase.

對我來說，這意味著重建研發，這表明你會看到研發成本增加。

So I'm wondering if you can talk about whether it's possible to rebuild R&D without increasing investment, and what, in absolute terms, R&D investment at Astra might look like going forward.

所以我想知道你是否可以談談是否有可能在不增加投資的情況下重建研發，以及從絕對意義上講，Astra 的研發投資可能會向前發展。

Yes, thanks, Tim.

是的，謝謝，蒂姆。

The first question regarding M&A, yes, at this point we really want to be completely open minded and look at all the options that we have.

關於併購的第一個問題，是的，在這一點上，我們真的想完全開放思想，看看我們擁有的所有選擇。

So I can't be more specific than this, quite frankly.

所以坦率地說，我不能比這更具體了。

But I don't have any restrictive view.

但我沒有任何限制性的觀點。

And we've discussed it there and everybody's on the same page.

我們已經在那裡討論過，每個人都在同一頁面上。

We will look at the whole options that make sense to create value for the Company.

我們將研究對為公司創造價值有意義的所有選擇。

In terms of diversification and pure versus pure play, I'm very aware that the core of this Company is innovation.

在多元化和純業務與純業務方面，我非常清楚這家公司的核心是創新。

I'm very aware that we are here to actually discover and develop medicines that are differentiated and help patients, so I'm a supporter of the previous choices that were made to not be in pure generics or in OTC and diversifying those fields.

我非常清楚，我們在這裡實際上是為了發現和開發差異化的藥物並幫助患者，所以我支持以前的選擇，即不在純仿製藥或非處方藥中，並使這些領域多樣化。

And we will confirm that, and I'm completely aligned with this.

我們將確認這一點，我完全同意這一點。

I think we can diversify within our core focus of innovation.

我認為我們可以在創新的核心重點內實現多元化。

And if we do this, we will do it around businesses that would be innovation driven and we'll have synergies, together with our core pharmaceutical innovative business.

如果我們這樣做，我們將圍繞創新驅動的業務進行，我們將與我們的核心製藥創新業務一起產生協同效應。

So, essentially, we are really focused on innovation.

因此，從本質上講，我們真正專注於創新。

And finally, R&D rebuild, when I talk about scientific leadership, it doesn't mean spending more money.

最後，研發重建，當我談到科學領導力時，並不意味著要花更多的錢。

Scientific leadership is, I think you could call it, productivity.

科學領導力，我想你可以稱之為生產力。

You're not going to be a scientific leader if you just spend lots of money.

如果你只是花很多錢，你就不會成為科學領導者。

You're going to be a scientific leader because you're productive, because you have the best scientists in the world, and you have the best science in the world and you come up with products that everybody else would like to have.

你將成為一名科學領導者，因為你富有成效，因為你擁有世界上最好的科學家，你擁有世界上最好的科學，你會想出其他人都想擁有的產品。

So my priority would be to make sure that we actually build an R&D organization, or continue building an R&D organization, that is one of the best in the industry.

所以我的首要任務是確保我們真正建立一個研發組織，或者繼續建立一個研發組織，這是業內最好的組織之一。

So I really have productivity in mind.

所以我真的很想提高生產力。

Now it may well be that over time we have to increase R&D.

現在很可能隨著時間的推移我們必須增加研發。

Of course, you have to open to all possibilities.

當然，你必須對所有可能性持開放態度。

But I will not do this -- I will only do that when I'm sure that, that productivity is good.

但我不會這樣做——只有當我確定生產力很好時，我才會那樣做。

And I think this [base count plan] is productivity focused, there's no doubt about that.

而且我認為這個 [基本計數計劃] 以生產力為重點，這是毫無疑問的。

I guess if I just look at who are commonly viewed as the scientific leaders in pharma, they tend to outspend their peers on R&D as a percent of sales, which is why I asked the question.

我想如果我只看誰通常被視為製藥業的科學領導者，他們往往會在研發上花費佔銷售額的百分比超過同行，這就是我問這個問題的原因。

But thank you for the answers.

但是謝謝你的答案。

No, and it's a good point.

不，這是一個很好的觀點。

But outspending your peers is a good thing if you produce a lot of value out of what you spend.

但是，如果您從所花的錢中產生了很多價值，那麼花錢超過同行是一件好事。

So in the end, the debate is not how much you spend, it's how much do you produce out of what you spend.

所以最後，爭論的焦點不在於你花了多少錢，而在於你從所花的東西中產生了多少。

And if you are able to produce a lot out of what you spend and create value in the long run then everybody should be happy, starting with our shareholders, and certainly our customers should be happy.

如果你能夠從你的支出中產生很多並從長遠來看創造價值，那麼每個人都應該高興，從我們的股東開始，當然我們的客戶也應該高興。

But I don't think we are here yet.

但我認為我們還沒有到這裡。

I think really our focus over the next -- in the near term is really about productivity.

我認為我們接下來的重點——在短期內實際上是關於生產力。

Thank you.

謝謝你。

Great, Tim, thanks.

太好了，蒂姆，謝謝。

Alexandra, you're next up.

亞歷山德拉，你是下一個。

Alexandra Hauber, JPMorgan.

亞歷山德拉豪伯，摩根大通。

A lot of the questions have already been asked.

很多問題已經被問過了。

I have just a couple of small questions on pricing, actually.

實際上，我只有幾個關於定價的小問題。

In the US, a lot of products are running significantly ahead of their prescription run rate.

在美國，許多產品的運行速度大大超過了處方運行速度。

And you've already explained Crestor.

你已經解釋了 Crestor。

I assume there is a similar effect with Nexium, so average realized net prices have increased.

我假設 Nexium 也有類似的效果，因此平均實現的淨價格有所增加。

But we do not have a change, such as multi-sourced generics that you already have had for some time, so are these average net price increases for Nexium a bit more sustainable?

但是我們沒有變化，例如您已經有一段時間的多來源仿製藥，那麼 Nexium 的這些平均淨價格上漲是否更具可持續性？

And then also a similar question.

然後還有一個類似的問題。

Basically, if you look at Seroquel XR, the price increase which you have taken, which was quite a massive one, seems [majestic].

基本上，如果你看一下 Seroquel XR，你所採取的價格上漲幅度相當大，看起來 [雄偉]。

Same thing for Symbicort, and Symbicort actually shows to grow even stronger than pricing and prescriptions combined, so is there some stocking in there?

Symbicort 也是如此，而且 Symbicort 實際上顯示出比定價和處方加起來還要強勁的增長，那麼那裡有一些庫存嗎？

And then in Europe, the decline was the same as in the second quarter, despite the fact it didn't have the supply issues, so does that mean pricing has got worse?

然後在歐洲，儘管沒有供應問題，但下降幅度與第二季度相同，這是否意味著定價變得更糟？

Or is it just the incremental effect from Atacand which we're seeing this quarter also impacting the European performance?

還是我們在本季度看到的 Atacand 的增量效應也影響了歐洲的表現？

Okay, that's great.

好的，那太好了。

We're going to count those as all pricing questions and, therefore, one question.

我們將把這些算作所有定價問題，因此算作一個問題。

But let me deal, firstly, with Europe.

但讓我首先處理歐洲問題。

I think you answered your own question, it's the we've had essentially a greater cumulative effect from patent expiration.

我想你回答了你自己的問題，這是我們在專利到期後產生了更大的累積效應。

The pricing dynamic through the year has not been intensified in the third quarter.

全年的定價動態在第三季度並未得到加強。

We faced a very demanding pricing environment all year.

我們全年都面臨著非常苛刻的定價環境。

It's not abated, but it's not intensified.

它沒有減弱，但也沒有加劇。

And for those on the call, we've talked in the past about European pricing facing low to mid single-digit.

對於那些在電話中的人，我們過去曾談到歐洲定價面臨中低個位數。

We're comfortably in the mid-digit zone this year.

今年我們輕鬆地處於中位數區域。

Coming back to your US questions, let me just canter through them very quickly.

回到你的美國問題，讓我快速瀏覽一下。

Start with Symbicort, we did see, as you'll have seen, good growth in the quarter, and indeed year to date, on Symbicort in the US.

從 Symbicort 開始，我們確實看到，正如您所看到的，美國的 Symbicort 在本季度乃至今年迄今為止都取得了良好的增長。

The majority of that is actually coming from volume growth, not price.

其中大部分實際上來自銷量增長，而不是價格。

And the slightly confounding factor, Alex, is that the script trends, which we cited of 12%, excludes some quite healthy growth amongst the veterans administration part of our business.

亞歷克斯，稍微令人困惑的因素是我們引用的 12% 的腳本趨勢不包括我們業務中退伍軍人管理部分的一些相當健康的增長。

So we've had good growth in that part of our business, which has given us an underlying volume growth in excess of the retail TRx growth.

因此，我們在這部分業務中取得了良好的增長，這使我們的潛在銷量增長超過了零售 TRx 增長。

So I hope that helps you on Symbicort.

所以我希望這對您使用 Symbicort 有所幫助。

It's essentially a market share volume benefit, and I think reflects the strength of that brand, and the commercial performance behind it.

它本質上是市場份額的數量收益，我認為反映了該品牌的實力及其背後的商業表現。

If you go to Seroquel XR, that indeed is a brand that has benefited from strong net pricing power, both in the quarter and year to date, and reflects the fact that it brings a strong, differentiated proposition to certain patient segments.

如果你去看看 Seroquel XR，那確實是一個受益於強大的淨定價能力的品牌，無論是在本季度還是今年，都反映出它為某些患者群體帶來了強大的、差異化的主張。

And as you've seen, the share of Seroquel XR, we saw a little bit of a dip in switches to IR right at the time of [generalization], but actually since then we haven't experienced that.

正如你所看到的，Seroquel XR 的份額，我們看到在 [generalization] 時切換到 IR 的情況有所下降，但實際上從那時起我們就沒有經歷過這種情況。

And I think that's further testament to the fact that it's well positioned separately to Seroquel IR in the market place, and can sustain that price premium as a consequence.

我認為這進一步證明了它在市場上與 Seroquel IR 相比具有很好的定位，因此可以維持價格溢價。

On Nexium, actually, this is mainly a mix effect.

實際上，在 Nexium 上，這主要是混合效果。

And we've just had a business moving towards a high price realization segment, so it's predominantly a mix effect.

而且我們的業務剛剛轉向高價格實現部分，因此它主要是混合效應。

Hope that gives you what you needed, and thanks for the question.

希望這能為您提供所需的信息，並感謝您提出問題。

We'll return now to Matthias Haggblom at Danske Markets.

我們現在將回到 Danske Markets 的 Matthias Haggblom。

Matthias?

馬蒂亞斯？

Thanks very much.

非常感謝。

Two questions, please; both for Pascal, I'm afraid.

請問兩個問題；恐怕都是帕斯卡。

Firstly, you've known AstraZeneca as a competitor for many years, but now you have come to know it as your Company, for less than one month though.

首先，您多年來一直將 AstraZeneca 視為競爭對手，但現在您將其視為您的公司，雖然時間還不到一個月。

What, during this very brief period of time, has surprised you the most?

在這非常短暫的時間內，最讓您感到驚訝的是什麼？

And secondly, while it is obviously too early for details (inaudible), I'd be interested hearing your general thoughts on true acquisitions versus in-licensing an asset, how to best balance those, and what drives the preference for each of those positions, if (inaudible).

其次，雖然現在了解細節顯然還為時過早（聽不清），但我很想听聽您對真正的收購與許可資產的一般看法，如何最好地平衡這些，以及是什麼推動了對每個職位的偏好，如果（聽不清）。

Yes, thanks Matthias.

是的，謝謝馬蒂亞斯。

Actually, AstraZeneca was never a big competitor of Roche.

實際上，阿斯利康從來都不是羅氏的大競爭對手。

The two companies operated in different fields.

兩家公司在不同領域開展業務。

In oncology, of course, there is a clear competition with [Icine placebo], but in the great scheme of things there was limited competition.

當然，在腫瘤學領域，與 [Icine placebo] 存在明顯的競爭，但從大局來看，競爭有限。

But never mind, this was not your question.

但沒關係，這不是你的問題。

Your question was about what surprised me the most.

你的問題是關於什麼讓我最驚訝。

And I must say, what really excited me, and it was also a little bit of a surprise when you consider the change that this organization has gone through and the challenges that it has gone through over the last couple of years, and the fact that we all know there are still challenges ahead of us, what was really -- or what was really impressive is the incredible level of commitment to the [element] that exists here.

我必須說，真正讓我興奮的是，當你考慮到這個組織在過去幾年中經歷的變化和挑戰，以及事實上我們都知道我們仍然面臨挑戰，真正 - 或者真正令人印象深刻的是對這裡存在的[要素]的難以置信的承諾。

It's really, truly a great Company, with a great culture.

這真的是一家偉大的公司，擁有偉大的文化。

I knew that before.

我以前就知道。

Well, I thought I knew that before coming here because I had been told by a number of people, but I saw it with my own eyes.

好吧，我以為我在來這里之前就知道了，因為很多人都告訴過我，但我親眼看到了。

The level of commitment and willingness of people to do well and do the right thing is really incredible.

人們做好事和做正確事的承諾和意願水平真的令人難以置信。

So there's a strong base to work from.

所以有一個強大的工作基礎。

But there are also quite a number of challenges, and certainly a lot of things we will have to address and change over the next few months if we want to turn ourselves around.

但也有很多挑戰，如果我們想扭轉局面，在接下來的幾個月里肯定會有很多事情需要解決和改變。

In term of acquisitions versus pure product business development opportunities, quite frankly, I don't have any religion here.

就收購與純產品業務發展機會而言，坦率地說，我在這裡沒有任何信仰。

Of course, the simpler approach, and where there is a lot more opportunities in the products area, and that's certainly where the bulk of our efforts go, but sometimes products are companies.

當然，更簡單的方法，在產品領域有更多的機會，這當然是我們大部分努力的方向，但有時產品就是公司。

If you look Amylin, it certainly was a products/company opportunity.

如果你看一下 Amylin，那肯定是一個產品/公司機會。

So I don't have any specific religion.

所以我沒有任何特定的宗教信仰。

Our effort is very much on products, of course, but, as I said earlier, we'll look at all the opportunities there.

當然，我們的努力主要集中在產品上，但是，正如我之前所說，我們將關注那裡的所有機會。

Since I talk about -- [meaning], by the way, I was trying to be a bit fast a bit earlier answering Sachin's question, but in diabetes we just got approval for FORXIGA in Europe.

自從我談到——[意思]，順便說一下，我試圖早一點回答 Sachin 的問題，但在糖尿病方面，我們剛剛在歐洲獲得了 FORXIGA 的批准。

We're waiting.

我們在等

We're waiting for approval, sorry, for FORXIGA in Europe, and we should hopefully get that very soon.

抱歉，我們正在等待 FORXIGA 在歐洲的批准，希望我們能盡快獲得批准。

In the US, we are -- we just started promoting -- sorry, Amylin, BYDUREON, with both sales forces, BMS and AstraZeneca, since about, I think, two weeks now.

在美國，我們 - 我們剛剛開始推廣 - 抱歉，Amylin，BYDUREON，以及銷售團隊，BMS 和阿斯利康，我認為，現在大約兩週了。

And so there is a lot of growth potential ahead of us in the diabetes franchise.

因此，我們在糖尿病專營權方面有很大的增長潛力。

Grateful, thanks.

感激，謝謝。

And move on then to Nicolas Guyon Exane BNP Paribas, Exane.

然後轉到 Nicolas Guyon Exane BNP Paribas，Exane。

Yes, thanks for much for taking my question.

是的，非常感謝您提出我的問題。

Actually, I have three quick ones, please.

實際上，我有三個快速的，請。

Two, first, on emerging markets.

二，首先，關於新興市場。

So first, talking about China, another strong quarter with sales up 23%.

首先，談談中國，這是另一個強勁的季度，銷售額增長了 23%。

This led China to now represent more than one-fourth of your total emerging market sales.

這導致中國現在佔新興市場總銷售額的四分之一以上。

Don't you think there is a risk of being overly exposed to one country?

你不認為過度接觸一個國家有風險嗎？

Secondly, talking about your strategy in emerging market, you have no mainstream healthcare offer, such as [commoditized] generics, or OTC, nor a premium [cancer] portfolio, like the one you enjoyed at Roche.

其次，談到你在新興市場的戰略，你沒有主流醫療保健產品，如 [商品化] 仿製藥或 OTC，也沒有優質 [癌症] 產品組合，就像你在羅氏（Roche）享受的那樣。

So, therefore, do you think that the strategy that you had about flexible pricing, or dual branding, could be also applicable at Astra?

因此，您認為您所採用的關於靈活定價或雙品牌的策略是否也適用於 Astra？

And my last question is just, what is life like for a French citizen running a British large cap?

我的最後一個問題是，經營英國大盤股的法國公民的生活是什麼樣的？

Thank you very much.

非常感謝你。

I think those are probably -- the latter one, Pascal, I think is probably for you.

我認為那些可能是 - 後一個，Pascal，我認為可能適合你。

Why don't you start with the second, and I'll --

你為什麼不從第二個開始，我會——

Okay, well, that's a good question, Nicolas.

好吧，這是個好問題，尼古拉斯。

But the thing is that I'm still working on the accent, but I see myself as an adopted Australian citizen so I don't know that I can answer that French question.

但問題是我仍在研究口音，但我認為自己是被收養的澳大利亞公民，所以我不知道我能回答那個法語問題。

Life in London is great.

倫敦的生活很棒。

It's one of the great cities in the world because it's a very diverse city and it's a great city, and everybody here has been extremely welcoming.

它是世界上最偉大的城市之一，因為它是一個非常多元化的城市，也是一個偉大的城市，這裡的每個人都非常熱情。

So it's very good.

所以這很好。

But, again, I don't see myself as a French, or anything else for that matter.

但是，再說一次，我不認為自己是法國人，或其他任何人。

I've worked around the world in many different geographies, and my family lives in Australia so that's how I see myself.

我在世界各地的許多不同地區工作過，我的家人住在澳大利亞，所以這就是我對自己的看法。

And that's important because that's how I would like to see the Company develop; a fully international global company, which we are today, but we definitely need to build on that.

這很重要，因為這就是我希望看到公司發展的方式；我們今天是一家完全國際化的全球公司，但我們絕對需要在此基礎上再接再厲。

Let me just say a few words about your questions regarding the emerging markets.

關於你關於新興市場的問題，我簡單說幾句。

I think that, for sure, China is big.

我認為，可以肯定的是，中國很大。

And it is -- often when we talk about the emerging markets, really, China has an enormous impact for those markets, for any company.

它是——當我們談論新興市場時，實際上，中國對這些市場、對任何公司都有巨大的影響。

But I don't think we can say we are unbalanced.

但我認為我們不能說我們不平衡。

We have a strong presence in China.

我們在中國有很強的影響力。

We have a strong presence in many other countries.

我們在許多其他國家/地區都有強大的影響力。

In our portfolio, I think the important point is that our portfolio, quite frankly, is the ideal portfolio for those countries.

在我們的投資組合中，我認為重要的一點是，坦率地說，我們的投資組合是這些國家的理想投資組合。

Because if you really think about those markets, in many ways they are where Europe was 20/25 years ago, and many of the unmet needs are in the area of infection; cardiovascular medicine; hypertension; diabetes; DP disorders, etc., etc.

因為如果你真的仔細想想這些市場，在很多方面它們就是 20/25 年前的歐洲，許多未滿足的需求都在感染領域；心血管醫學；高血壓;糖尿病; DP障礙等

Respiratory medicine, respiratory disorders are growing in importance, and that's exactly the portfolio of products that AstraZeneca has, and I think there is enormous potential there.

呼吸內科、呼吸系統疾病的重要性越來越高，而這正是阿斯利康擁有的產品組合，我認為那裡有巨大的潛力。

The challenge for us is, in some parts of China, for instance, like in some countries in those emerging market regions, really to ensure that patients can access our products, because sometimes they are a bit too expensive.

我們面臨的挑戰是，在中國的某些地區，例如在那些新興市場區域的一些國家，真正確保患者能夠使用我們的產品，因為有時它們有點太貴了。

Even a product like Crestor is sometimes too expensive for some parts of China.

即使是像 Crestor 這樣的產品，有時對中國的某些地區來說也太貴了。

So the challenge for us is really to look at how do we get access, and how do we find strategies that will enable access.

所以我們面臨的挑戰實際上是看看我們如何獲得訪問權限，以及我們如何找到能夠實現訪問的策略。

And, in fact, that's one of the work streams that I have launched, looking at this; how do we leverage our full pipeline.

事實上，這是我發起的工作流程之一，著眼於此；我們如何利用我們的完整管道。

Quite frankly, this will be my first priority before we explore any other options, looking at additional products, because I really believe we have the best portfolio for those markets.

坦率地說，在我們探索任何其他選擇之前，這將是我的首要任務，尋找其他產品，因為我真的相信我們擁有適合這些市場的最佳產品組合。

Great.

偉大的。

Nicolas, thanks for the questions.

尼古拉斯，謝謝你的提問。

Let me now move on to Jo Walton, Credit Suisse.

現在讓我繼續談談瑞士信貸的 Jo Walton。

Jo?

喬？

(technical difficulty) about some of the emerging markets outside of China, and just your perception on whether the recovery that we've seen reflects strength of AstraZeneca's products or strength of the market.

（技術困難）關於中國以外的一些新興市場，以及您對我們所看到的複蘇是否反映了阿斯利康產品的實力或市場實力的看法。

And just your perception on growth rates for emerging markets.

以及您對新興市場增長率的看法。

And a specific one of how you're going to be positioning sales forces, both DPP4s and the GLPs.

以及您將如何定位銷售人員的具體方式，包括 DPP4 和 GLP。

Do you find that that's going to be a difficult message to sell with both products?

您是否發現這兩種產品都很難銷售？

Shall I start, Pascal, and then hand over to you?

我可以開始了嗎，Pascal，然後交給你？

Jo, I think we missed the first part of your question, but I think it was an overall perspective on forward growth in emerging markets.

喬，我想我們錯過了你問題的第一部分，但我認為這是對新興市場前瞻性增長的整體看法。

That is correct, yes.

這是正確的，是的。

Beyond China.

超越中國。

And I think we've always felt that the fundamentals -- well, emerging market is a pretty heterogeneous group.

而且我認為我們一直認為基本面 - 嗯，新興市場是一個非常多樣化的群體。

They're tied together with some strong underlying fundamentals of demographics, economic growth; more people living longer, higher aspirations for healthcare, and with more money, publicly or privately.

它們與人口統計、經濟增長的一些強大的基本面聯繫在一起；越來越多的人壽命更長，對醫療保健的期望更高，並且有更多的錢，無論是公共的還是私人的。

So we do believe those fundamentals remain very firmly in place.

因此，我們確實相信這些基本面仍然非常牢固。

We recognize that the flip side of continuing strong demand is increasingly payers, whether they're public or private, needing to manage pricing in order to contain the revenue growth associated, or cost growth associated with that.

我們認識到持續強勁需求的另一面是越來越多的付款人，無論是公共的還是私人的，都需要管理定價以控制相關的收入增長或與之相關的成本增長。

And we've seen an impact of pricing and access interventions in emerging markets, similar to those that we've seen in other parts of the world.

我們已經看到定價和准入干預對新興市場的影響，類似於我們在世界其他地區看到的影響。

But, overall, we think the fundamentals remain very strong.

但是，總的來說，我們認為基本面仍然非常強勁。

And I think, as Pascal just said, we have long believed that our portfolio is very well aligned to emerging market needs.

我認為，正如 Pascal 剛才所說，我們長期以來一直認為我們的產品組合非常符合新興市場的需求。

This year, our growth rates have been depressed by a couple of factors.

今年，我們的增長率受到幾個因素的抑制。

Firstly, loss of exclusivity on some brands, particularly, actually, Brazil and Mexico, in the final part of last year; and secondly, the supply chain issues.

首先，一些品牌在去年年底失去了獨家經營權，尤其是巴西和墨西哥；其次，供應鏈問題。

And we like to feel that as we move into Q3 and Q4 we're starting to get those effects behind us.

我們喜歡感覺到，隨著我們進入第三季度和第四季度，我們開始將這些影響拋在腦後。

But clearly there's a lot of work to do to realize the potential of those markets, and that's going to be about making sure we've got the right product portfolio at the right level of investment.

但很明顯，要實現這些市場的潛力還有很多工作要做，這將確保我們在正確的投資水平上擁有正確的產品組合。

And the final -- your other question quickly, and then perhaps I'll hand over to Pascal for further comments.

最後一個——你的另一個問題很快，然後我可能會交給 Pascal 進一步評論。

On the diabetes portfolio, we see this as, obviously, a very large disease area, growing strongly.

在糖尿病產品組合中，我們顯然認為這是一個非常大的疾病領域，增長強勁。

It's a progressive disease.

這是一種進行性疾病。

It's a disease with stratified populations, and, therefore, a role for different medications to play over time, and, indeed, multiple medications for individual patients.

這是一種具有分層人群的疾病，因此，隨著時間的推移，不同的藥物會發揮作用，而且，事實上，針對個別患者的多種藥物。

And there's a role for DPP4s, we believe.

我們相信 DPP4 可以發揮作用。

There's a role for SGLT2s, and certainly a role, and a growing role, for GLPs.

SGLT2 有作用，GLP 也有作用，而且作用越來越大。

And exactly how they're positioned will depend, to an extent, on the practices in individual markets.

他們的具體定位在一定程度上取決於各個市場的做法。

And that's obviously the sorts of issues we're working through as we progressively launch the product.

這顯然是我們在逐步推出產品時正在解決的問題。

Pascal, that's, to some extent, where we've come from and it'd be interesting if you could add to that.

Pascal，在某種程度上，這就是我們的出發點，如果你能補充一下，那會很有趣。

Thanks, Simon.

謝謝，西蒙。

Yes, Jo, I think, first of all, in the emerging markets we have strong growth in not only China, in Russia we do well, and in a number of Latin American market, in the Middle East.

是的，喬，我認為，首先，在新興市場，我們不僅在中國有強勁的增長，在俄羅斯我們也做得很好，在許多拉丁美洲市場，在中東。

It is clear that with the kind of products we have, some of the issues we have to deal with are price reductions.

很明顯，對於我們擁有的產品類型，我們必須處理的一些問題是降價。

But the volume upside is extremely large.

但成交量上行空間非常大。

When you consider China, I think always people forget the scale of China and the fact that the economy is developing so rapidly that a lot of patients who historically could not have access to medicines are now getting access to medicines.

當你想到中國時，我想人們總是忘記中國的規模和經濟發展如此迅速的事實，以至於許多歷史上無法獲得藥物的患者現在可以獲得藥物。

So the volume uplift is enormous and we'll just have to keep managing, of course, the price pressures.

因此，銷量提升是巨大的，當然，我們只需要繼續管理價格壓力。

In terms of diabetes, this is, as I said, one of the growth platforms in my mind.

在糖尿病方面，正如我所說，這是我心目中的增長平台之一。

And it's sort of obvious, but it is clear we have to manage three products, and that's one of the things we are discussing with our partners at BMS.

這有點明顯，但很明顯我們必須管理三種產品，這是我們正在與 BMS 的合作夥伴討論的事情之一。

To be honest, in the short term, we are in a relatively simple situation.

說實話，在短期內，我們的處境比較簡單。

We have in the US ONGLYZA and BYDUREON and, quite frankly, different positions will see different use of those products.

我們在美國有ONGLYZA和BYDUREON，坦率地說，不同的職位會看到這些產品的不同用途。

But as Simon was saying, this is a progressive disease, number one.

但正如西蒙所說，這是一種進行性疾病，排名第一。

Number two, as you know, most patients end up with combination therapy.

第二，正如你所知，大多數患者最終都接受了聯合治療。

And today we only have two products.

而今天我們只有兩種產品。

So you could argue you could start with BYDUREON as a first line, but most physicians will start with an oral agent, so use ONGLYZA, and then as you progress you might use BYDUREON, in combination or alone, and before insulin or in combination with insulin.

所以你可能會爭辯說你可以從 BYDUREON 作為第一線開始，但大多數醫生會從口服藥物開始，所以使用 ONGLYZA，然後隨著你的進步，你可能會使用 BYDUREON，聯合或單獨使用，在胰島素之前或與胰島素。

So here the situation's relatively simple.

所以這裡的情況比較簡單。

It will become more complicated as we prepare to launch FORXIGA because then you have two oral agents and one injectable, the GLP one.

當我們準備推出 FORXIGA 時，它會變得更加複雜，因為那時你有兩種口服藥物和一種注射劑，即 GLP 一種。

But, again, there is a place for all those products because of the multiplicity of combination therapy.

但是，由於聯合療法的多樣性，所有這些產品都有一席之地。

It may be that we have to allocate products to different sales forces to make sure we fully maximize them.

可能我們必須將產品分配給不同的銷售人員，以確保我們充分利用它們。

We are looking into this, and we'll do what it takes to get to the full potential of every single of those products.

我們正在研究這個問題，我們將盡一切努力充分發揮每一種產品的潛力。

Thank you.

謝謝你。

Thanks, Jo.

謝謝，喬。

Moving onto Mark Dainty, Citi.

轉到花旗銀行的 Mark Dainty。

Mark?

標記？

Just one very quick question, just a top down one on R&D.

只是一個非常快速的問題，只是一個關於研發的自上而下的問題。

Do you think the Company is positioned appropriately, from a geographic perspective, to capture as much innovation as possible?

從地理角度來看，您認為公司的定位是否合適，可以盡可能多地捕捉創新？

Thank you.

謝謝你。

Yes, Mark, thanks for the question.

是的，馬克，謝謝你的提問。

Yes, I get that question often.

是的，我經常被問到這個問題。

To be honest, I think today the science is spread around the world and so you have to be connected to scientists in many different places.

老實說，我認為今天的科學已經傳播到世界各地，所以你必須與許多不同地方的科學家建立聯繫。

And it's not because you live next to a center, a reputable scientific center, that you do better, necessarily; it's more a question of mindset.

並不是因為你住在一個中心附近，一個著名的科學中心，你就一定做得更好；這更多是心態問題。

But having said that, your question is a very well advanced one.

但話說回來，你的問題是一個非常先進的問題。

I can't answer that one today.

我今天無法回答那個問題。

To me, what is important and what I'm going to try and do, what I will do over the next three months, is get a good understanding of where do we have distinctive science?

對我來說，重要的是我將要嘗試做的事情，我將在接下來的三個月裡做的事情，是很好地了解我們在哪裡擁有獨特的科學？

Where do we have a chance to be differentiated from a scientific viewpoint?

從科學的角度來看，我們在哪裡有機會被區分？

Where do we have products that we could accelerate, so both the discovery and the development?

我們在哪裡可以加速產品的發現和開發？

And then, as a result, we'll have to conclude what does this mean from a footprint viewpoint.

然後，因此，我們必須從足蹟的角度得出這意味著什麼。

And it is clear that if you are in Boston, or if you are in [Gettysburg] for our (inaudible) colleagues, close to NIH group, to John Hopkins, if you are Boston, if you are in Cambridge, you're suddenly very connected to science.

很明顯，如果你在波士頓，或者如果你在[葛底斯堡]，為了我們的（聽不清）同事，靠近 NIH 小組，約翰霍普金斯，如果你在波士頓，如果你在劍橋，你突然與科學非常相關。

And this is a dimension to consider.

這是一個需要考慮的維度。

But it's not the only one.

但它不是唯一的。

So I can't answer you question at this point.

所以我現在不能回答你的問題。

I've started visiting those sites, and we have a number of processes in place to review the pipeline, review the science and by Q1 next year I'll be in a better place to comment.

我已經開始訪問這些站點，並且我們有許多流程來審查管道、審查科學，到明年第一季度，我將在一個更好的地方發表評論。

Okay, thanks.

好的謝謝。

Okay, Mark, thanks for the question.

好的，馬克，謝謝你的提問。

I think, just looking at James, we've got probably time for one more question.

我想，看看詹姆斯，我們可能還有時間再問一個問題。

Lars Hevreng from SEB, you have the final slot.

來自 SEB 的 Lars Hevreng，你有最後一個席位。

Lars, over to you.

拉斯，交給你了。

Thank you.

謝謝你。

Could you just please update on the development program for the pre-fill pen, the weekly version of BYDUREON?

能否請您更新預填充筆的開發計劃，即 BYDUREON 的每週版本？

And then if you could maybe comment on the expectations on full-year cash flow, how that would be aligned with your core EPS guidance.

然後，如果您可以對全年現金流量的預期發表評論，那麼這將如何與您的核心 EPS 指導保持一致。

Well, on the question of the pen, I think the timetable, I think from memory mid 2013 filing is the current plan, Lars.

嗯，關於筆的問題，我認為時間表，我認為 2013 年年中提交的記憶是目前的計劃，Lars。

In terms of cash flow, I think not quite sure what the question is.

在現金流方面，我認為不太確定問題是什麼。

Is there any further guidance you're expecting or looking for me to give on cash flow for the full year, is that it?

您是否期望或希望我提供有關全年現金流量的任何進一步指導，是嗎？

Yes, we've seen a 15% decrease in cash flow for the first nine months over the same period last year, and if we could expect the same year-over-year performance for the full year operating cash flow.

是的，我們已經看到前九個月的現金流量比去年同期減少了 15%，如果我們可以預期全年運營現金流量的同比表現相同的話。

Okay, so it's the cash flow from operations.

好的，這是來自運營的現金流量。

I think you'll need to consider that in the context of the guidance we've provided in our core EPS, and, therefore, the implications for Q4 in operating profit terms and the range around it.

我認為您需要在我們在核心 EPS 中提供的指導的背景下考慮這一點，因此需要考慮第四季度對營業利潤及其範圍的影響。

And as I stressed, we've retained that wide range around it.

正如我強調的那樣，我們保留了圍繞它的廣泛範圍。

There's no other discontinuities that I would call out on the other elements of the cash flow at this stage.

在這個階段，我不會就現金流的其他要素提出其他不連續性。

So I think probably the only other possible thing to bear in mind is that we have benefited from one-offs.

所以我認為可能唯一要記住的另一件事是我們從一次性中受益。

I mentioned the Nexium OTC.

我提到了 Nexium OTC。

So there's a little bit of lumpiness in the cash flow, but I would broadly follow what you're looking at in an earnings line.

所以現金流量有點不穩定，但我會大致遵循你在收益線上看到的內容。

Okay, thank you.

好的謝謝。

That's it, I think, Simon, in terms of the Q&A.

就問答而言，我想，西蒙，就是這樣。

I don't know if you just want to wrap up the call.

我不知道你是否只想結束通話。

Well, indeed.

好吧，確實如此。

Thank you very much, indeed.

非常感謝，真的。

So, thank you to all of you for joining the call today.

所以，感謝大家參加今天的電話會議。

Let me just quickly say a few final closing remarks.

讓我快速說幾句最後的結束語。

I think we expected this year would be a challenging year for AstraZeneca, and so it has proven.

我認為我們預計今年對阿斯利康來說將是充滿挑戰的一年，事實已經證明了這一點。

We've had loss of exclusivity on some key products, particularly Seroquel IR, and that really has driven that 15% decline in revenues for the year to date.

我們失去了一些關鍵產品的獨家經營權，尤其是 Seroquel IR，這確實導致今年迄今為止的收入下降了 15%。

We kept our focus on management of our costs base through restructuring and disciplined management of costs through the business.

我們通過業務重組和嚴格的成本管理，將重點放在成本基礎的管理上。

And that, combined with the proceeds realized on the sale of OTC rights for Nexium, have helped us mitigate the impact on core operating profit; and also allowed us to step up investment in a number of areas, for example, the externalization effort.

再加上出售 Nexium 的場外交易權所實現的收益，幫助我們減輕了對核心營業利潤的影響；並且還使我們能夠加強在許多領域的投資，例如外部化工作。

Where we do have exclusivity, the brands have performed well.

在我們擁有獨家經營權的地方，品牌表現良好。

We pulled out a few of those examples on the call; Symbicort, Iressa, ONGLYZA, and good resilience in Crestor as well.

我們在電話會議上拿出了其中的一些例子；信必可、易瑞沙、ONGLYZA，還有Crestor的韌性好。

And overall, we're able to confirm our core EPS guidance range for this year.

總體而言，我們能夠確定今年的核心 EPS 指導範圍。

With that, what I'd like to do is conclude our call; thank Pascal, and welcome to his first analysts' call.

有了這個，我想做的就是結束我們的通話；感謝 Pascal，歡迎來到他的第一個分析師電話。

Thank all of you for joining, and look forward to the next call.

感謝大家的加入，期待下一次的來電。

Thank you so much.

太感謝了。

That does conclude our conference for today.

我們今天的會議到此結束。

Thank you all for participating.

謝謝大家的參與。

You may now disconnect.

您現在可以斷開連接。