AstraZeneca PLC (AZN) 2014 Q4 法說會逐字稿

All right.

好的。

Good afternoon, everybody.

大家下午好。

Welcome to this annual results conference.

歡迎參加本次年度成果發布會。

It's really a pleasure to be with you today and really a pleasure to report on, quite frankly, what has been a, in many ways, a very busy year for us, a very unusual year, but also a very remarkable year and we feel we've made a fair amount of progress in the last 12 months.

很高興今天能和你們在一起，也很高興能夠坦率地報告，從很多方面來說，這對我們來說是非常忙碌的一年，非常不尋常的一年，但也是非常了不起的一年，我們覺得在過去的 12 個月裡，我們取得了相當大的進步。

So I'll give you a quick overview of our results.

因此，我將為您簡要介紹一下我們的結果。

Luke, who is our Head of Product Strategy, our EVP Head of Product Strategy, will cover the growth platforms in more details.

Luke 是我們的產品戰略主管，我們的產品戰略執行副總裁，他將更詳細地介紹增長平台。

Marc will take you through our financials.

馬克將帶您了解我們的財務狀況。

And, finally, Briggs will cover the pipeline progression and then, of course, we'll go to the Q&A.

最後，布里格斯將介紹管道的進展，然後，當然，我們將進行問答。

So 2014 was really a year where -- when we focused on implementing our strategy.

所以 2014 年真的是一年——我們專注於實施我們的戰略。

And we believe we did make quite some progress in returning to a growth.

我們相信我們在恢復增長方面確實取得了相當大的進展。

In particular, our growth platforms delivered collectively a 15% growth rate and they now represent about 53% of our total sales.

特別是，我們的增長平台共同實現了 15% 的增長率，目前約占我們總銷售額的 53%。

So quite, quite remarkable.

非常非常了不起。

And, as you can see here, they all grew except Japan.

而且，正如你在這裡看到的，除了日本，它們都在增長。

And we'll cover Japan a little bit later.

稍後我們將介紹日本。

But as you probably know, we -- we're faced with price reductions, but also the impact of generics.

但正如你可能知道的那樣，我們——我們面臨著降價，但也面臨著仿製藥的影響。

And the oncology market was much more important than expected because the dynamics in the generic market have changed in Japan.

腫瘤市場比預期重要得多，因為日本仿製藥市場的動態發生了變化。

And finally, we had a record in the last quarter for Nexium.

最後，我們在上個季度為 Nexium 創造了記錄。

Almost the most exciting part is the enormous progress we made rebuilding our pipeline and now turning this into a reality.

幾乎最令人興奮的部分是我們在重建管道方面取得的巨大進展，現在將其變為現實。

A year ago, we told you here is what we are doing with our pipeline, but really we didn't have much reality to this pipeline yet.

一年前，我們在這裡告訴過你我們正在用我們的管道做些什麼，但實際上我們對這個管道還沒有太多的了解。

Now we are turning this into approvals.

現在我們正在將其轉化為批准。

We got approval for Duaklir which we acquired recently.

我們最近獲得了 Duaklir 的批准。

We filed Lesinurad.

我們提交了 Lesinurad。

We got good data from Brodalumab.

我們從 Brodalumab 獲得了很好的數據。

We filed Saxa/dapa, an important combination for our diabetes franchise.

我們提交了 Saxa/dapa，這是我們糖尿病專營權的重要組合。

Really important results with PEGASUS and Brilinta.

PEGASUS 和 Brilinta 的真正重要結果。

We got approval for Lynparza in the US and Europe and we are now in the process of launching this product.

我們在美國和歐洲獲得了 Lynparza 的批准，我們現在正在推出該產品。

Very good success in the US so far.

到目前為止，在美國取得了非常好的成功。

Very early days.

很早的時候。

So we cannot conclude, and should not conclude, too quickly.

所以我們不能下結論，也不應該下結論太快。

But really very, very good response so far.

但到目前為止，確實非常非常好的反響。

We filed Iressa and also we got approval for Moventig.

我們提交了易瑞沙，也獲得了 Moventig 的批准。

And finally, what is not listed here, is we also got the scheduling, or information that we got the scheduling for Movantik in the US.

最後，這裡沒有列出的是，我們還得到了日程安排，或者我們得到了美國 Movantik 日程安排的信息。

So we are ready to launch very soon.

所以我們準備很快推出。

I think the key message that I want to leave you with here is that we actually delivered our guidance for the year.

我想我想在這裡留給你們的關鍵信息是，我們實際上已經交付了今年的指導意見。

And I think it's really something that I would like to maybe ask you to remember is that we tried to deliver what we said we were going to do.

而且我認為這真的是我想請你記住的是我們試圖實現我們所說的我們將要做的事情。

And, essentially, we guided up at the end of Q3 for the full year and we delivered exactly where we said we were going to deliver.

而且，從本質上講，我們在第三季度末對全年進行了指導，並且我們準確地交付了我們所說的要交付的內容。

In fact, on the core EPS front, a little bit better.

事實上，在核心 EPS 方面，稍微好一點。

But, broadly speaking, you could say very much on track.

但是，從廣義上講，你可以說很多都在正軌上。

And when we -- when we guided on 2014, of course, we knew the Q3 year-to-date pictures, and by definition, people could have expected what Q4 was going to look like.

當我們 - 當我們在 2014 年進行指導時，當然，我們知道第三季度的年初至今圖片，並且根據定義，人們可以預料到第四季度會是什麼樣子。

And -- but the important point is we got exactly where we said we would get.

而且 - 但重要的一點是我們確實達到了我們所說的目標。

Another message on this slide is the growth rate in China.

這張幻燈片上的另一個信息是中國的增長率。

It hasn't stopped.

它沒有停止。

We have consistent quarter-after-quarter growth rate north of 20%.

我們的季度增長率始終保持在 20% 以上。

The market is slowing down a little bit in China.

中國的市場正在放緩。

The market growth rate, but still we experienced very strong growth throughout the whole year.

市場增長率，但我們全年仍然經歷了非常強勁的增長。

We are the number two in China, as you know.

如您所知，我們在中國排名第二。

We have the fastest, or one of the fastest, growth rates there and China is now second largest national market on a global basis, so very exciting development there.

我們在那裡擁有最快或最快的增長率之一，中國現在是全球第二大國家市場，那裡的發展非常令人興奮。

But also very good results in other markets in the emerging market region.

而且在新興市場區域的其他市場也有很好的成績。

So, let me start with the approvals.

那麼，讓我從批准開始。

We got six -- we got approval for six new -- sorry, we got six NDAs or BLA approvals in 2014.

我們獲得了六個——我們獲得了六個新的批准——抱歉，我們在 2014 年獲得了六個 NDA 或 BLA 批准。

So, it's a record for us as a company historically, but it's also a pretty strong performance from an industry viewpoint.

因此，這對我們公司來說是一個歷史記錄，但從行業的角度來看，這也是一個相當強勁的表現。

And some of them products of valuable importance to our business long-term, but many of them are really quite critical to our core franchises.

其中一些產品對我們的業務長期具有重要意義，但其中許多對我們的核心特許經營權確實非常重要。

We also got additional approvals with Duaklir and the Bydureon Pen.

我們還獲得了 Duaklir 和 Bydureon Pen 的額外批准。

Luke will tell you more about the Bydureon DCP in a minute, but I can say that so far we're doing quite well with it in the United States.

Luke 會在一分鐘內告訴您更多關於 Bydureon DCP 的信息，但我可以說到目前為止我們在美國做得很好。

And importantly, over the next couple of years, and Briggs will come back to this, we are on track to deliver seven to eight potential NME submissions.

重要的是，在接下來的幾年裡，Briggs 將回到這一點，我們有望交付七到八份潛在的 NME 提交。

Quite a number of them in 2015, but another number in 2016 and about half of those are in oncology.

2015 年有相當多的人，但 2016 年有另一個人，其中大約一半是腫瘤學領域的。

So very exciting news flow from a pipeline viewpoint over the next couple of years.

在接下來的幾年裡，從管道的角度來看，非常令人興奮的消息不斷湧現。

Now, let me stop a minute on this slide and attract your attention to it.

現在，讓我在這張幻燈片上停留一分鐘，並引起您的注意。

When we actually set up the organization two years ago, we actually tried to come up with a model that would increase accountability, would increase development and autonomy and would enable people to be a more top runner and move faster.

當我們兩年前實際建立這個組織時，我們實際上試圖提出一個模型來增加問責制，增加發展和自主權，並使人們成為更多的領跑者並更快地行動。

And, as a result, we came up with a model that had -- that has two biotech companies.

結果，我們想出了一個模型——有兩家生物技術公司。

One is called MedImmune which is really focusing on biologics and immunotherapy and the other one is called AstraZeneca IMED which is really focusing on small molecules.

一種叫做 MedImmune，它真正專注於生物製劑和免疫療法，另一種叫做 AstraZeneca IMED，它真正專注於小分子。

And those two biotechs have a clear role, which is to deliver, discover and early develop products and bring them to a point in time when we can transition them to the late-stage organization.

這兩家生物技術公司的作用很明確，即交付、發現和早期開發產品，並將它們帶到我們可以將它們過渡到後期組織的時間點。

Sometimes it's phase I, typically it's at the end of phase II, and of course we have some flexibility there, especially in oncology to move into late-stage development earlier.

有時是第一階段，通常是在第二階段結束時，當然我們在那裡有一些靈活性，特別是在腫瘤學方面，可以更早地進入後期開發。

But, fundamentally, we have two biotechs and the transition products to our late-stage organization called AstraZeneca.

但是，從根本上說，我們有兩個生物技術公司和過渡產品到我們稱為阿斯利康的後期組織。

But, we also retained the -- we always had in mind that we may actually decide to create value in a different manner.

但是，我們也保留了——我們一直牢記我們實際上可能決定以不同的方式創造價值。

To create value with partners, not necessarily by ourselves.

與合作夥伴一起創造價值，不一定是我們自己。

And what has happened is we believe our productivity in R&D and research in early development has really improved so rapidly that we get to a point today where we can't do everything ourselves.

發生的事情是，我們相信我們在早期開發中的研發和研究的生產力確實提高得如此之快，以至於我們今天到了一個我們不能自己做所有事情的地步。

So what we've decided to do is to typically develop and commercialize ourselves the products that belong to our core therapy areas and then partner and create value through partnerships for other products that we will not develop ourselves.

因此，我們決定做的是通常自己開發和商業化屬於我們核心治療領域的產品，然後通過合作夥伴關係為我們不會自己開發的其他產品創造價值。

And it's an important aspect to consider because one option for us, of course, was to completely cut out research in areas that we believe are not necessarily our core franchises.

這是一個需要考慮的重要方面，因為我們的一個選擇當然是完全切斷我們認為不一定是我們核心專營權的領域的研究。

But we thought we have very strong science and we need to find a way to bring this science to patients and create value for the company out of it.

但我們認為我們擁有非常強大的科學，我們需要找到一種方法將這種科學帶給患者並從中為公司創造價值。

The BACE inhibitor that we partnered with Lilly last year is a very good example of this.

我們去年與禮來公司合作的 BACE 抑製劑就是一個很好的例子。

This great product, whether it works or not we still don't know of course, but potentially it could really make a difference to the treatment of Alzheimer's.

這個偉大的產品，不管它是否有效，我們當然仍然不知道，但它可能真的會對阿爾茨海默氏症的治療產生影響。

We've found a great partner who understands Alzheimer's disease far better than we would.

我們找到了一個比我們更了解阿爾茨海默病的好夥伴。

They are taking the lead developing it.

他們正在帶頭開發它。

We are -- we've got a great relationship and create long-term value and short-term value for the company.

我們 - 我們建立了良好的關係，並為公司創造了長期價值和短期價值。

We have monoclonal antibodies in development for Pseudomonas infections, MRSA infections, a treatment of prophylaxis.

我們正在開發針對假單胞菌感染、耐甲氧西林金黃色葡萄球菌感染的單克隆抗體，這是一種預防性治療。

Those are agents who've received -- which have received breakthrough designations by the FDA.

這些是已經收到的代理人 - 已獲得 FDA 的突破性指定。

Very great products.

非常棒的產品。

Great science.

偉大的科學。

This is really not an area where we have strength and we don't have capabilities, and, again, we don't have resources to do everything, so another example where we could potentially out-license or find partners to develop.

這確實不是我們有實力也沒有能力的領域，而且，我們沒有資源來做所有事情，所以這是另一個我們可以授權或尋找合作夥伴進行開發的例子。

And important I mention because essentially, you've got to keep in mind that if we were a biotech company that's exactly what we would be doing.

我提到這一點很重要，因為從本質上講，你必須記住，如果我們是一家生物技術公司，那正是我們要做的。

We would be looking for partners to develop some of our products.

我們會尋找合作夥伴來開發我們的一些產品。

So it's not because we are a large pharma that we can't operate as a small biotech.

因此，並不是因為我們是一家大型製藥公司，我們就不能作為一家小型生物技術公司運營。

So some of the work we're going to do is going to be similar to what a biotech company would do.

所以我們要做的一些工作將類似於生物技術公司所做的。

Now, if I move to the return to growth agenda, I told you growth platforms, they represent 53% of our sales.

現在，如果我轉向恢復增長議程，我告訴過你們增長平台，它們占我們銷售額的 53%。

They grew 15% collectively in 2014 and you can see here we've moved from 41% to 53% in 2014.

他們在 2014 年共同增長了 15%，你可以在這裡看到我們在 2014 年從 41% 上升到 53%。

Now, the challenge for us, of course, is that the non-growth platforms, in particular Nexium and Crestor, still represent a pretty substantial part of our business and over the next couple of years, as you all know, we will lose them.

現在，我們面臨的挑戰當然是非增長平台，特別是 Nexium 和 Crestor，仍然代表我們業務的相當大的一部分，在接下來的幾年裡，眾所周知，我們將失去它們.

So, clearly, we have moved very nicely over the last two years in the first phase rebuilding our pipeline.

因此，很明顯，在過去兩年中，我們在重建渠道的第一階段進展順利。

Now we are getting into the next phase of our transformation which is 2015, 2016 where our underlying business is growing fast.

現在我們正進入轉型的下一階段，即 2015 年和 2016 年，我們的基礎業務將快速增長。

But, of course, we have to deal with the patent expiries that create headwinds.

但是，當然，我們必須應對造成不利因素的專利到期。

You can see here that we've had several consecutive quarters of growth.

你可以在這裡看到我們已經連續幾個季度實現增長。

Q4 actually grew 3%.

第四季度實際上增長了 3%。

The 2% reported is after reclassification of the excise fee, which Marc will talk briefly about a bit earlier.

報告的 2% 是在重新分類消費稅之後，Marc 將在前面簡要介紹一下。

I think importantly, I just wanted to attract your attention to one point is that the consensus didn't consider the excise fee in its entire -- in its totality by product.

我認為重要的是，我只是想引起您的注意一點，即共識沒有考慮整體消費稅——按產品整體考慮。

And you have to keep in mind, we accounted for -- we paid, actually, because the government, as you know, changed the methodology and we ended up paying two quarters of excise fees in the last quarter.

你必須記住，我們佔了——我們支付了，實際上，因為政府，正如你所知，改變了方法，我們最終在上個季度支付了兩個季度的消費稅。

So we accounted for two quarter's excise fees in Q4.

因此，我們在第四季度計入了兩個季度的消費稅。

The impact by product is roughly 4%.

產品的影響約為 4%。

So when you look at product by product and you compare sales to consensus, you've got to remember consensus is not adjusted for those 4%.

因此，當您逐個產品查看並將銷售額與共識進行比較時，您必須記住共識並未針對那 4% 進行調整。

So I will stop here and hand over to Luke.

所以我會在這裡停下來交給盧克。

Thank you, Pascal and this transition represents an important point for the Company.

謝謝您，Pascal，這次過渡對公司來說是一個重要的時刻。

You can see here in this slide here the performance of the growth drivers, or the growth platforms in 2014 was very consistent and demonstrated that we could compete and perform well in our chosen segments.

您可以在這張幻燈片中看到增長動力的表現，或者 2014 年的增長平台非常一致，證明我們可以在我們選擇的細分市場中競爭並表現出色。

In addition, with the progress of the pipeline in oncology and the launch of Lynparza, we're signaling here that oncology is the emerging sixth growth platform.

此外，隨著腫瘤學管道的進展和 Lynparza 的推出，我們在這裡發出信號，腫瘤學是新興的第六個增長平台。

In terms of Brilinta, I think it's fair to say it was a very good year for Brilinta.

就 Brilinta 而言，我認為對 Brilinta 來說，這是非常好的一年。

There are a number of events, both commercially but also in terms of the evidence base and the regulatory environment, which had the effect of increasing confidence around this product and how it could help patients and this translated into share gains.

有許多事件，無論是在商業上，還是在證據基礎和監管環境方面，都增加了人們對該產品及其如何幫助患者的信心，並轉化為股票收益。

You can see here on the left-hand side, the leading indicator for the hospital market in terms of units purchased.

您可以在左側看到醫院市場購買單位的領先指標。

You can see here we've moved ahead of our competitor and that continues the trend in to 2015.

您可以在這裡看到我們已經領先於我們的競爭對手，並且這種趨勢一直持續到 2015 年。

On the right-hand side, a lagging indicator.

在右側，一個滯後指標。

You can see here the NBRx trends is, again is in favor of this product.

您可以在這裡看到 NBRx 趨勢再次支持該產品。

If we look discharge share in the US, and, again, this is part of this halo effect and confidence around this product, we saw discharge share move up across all markets with the exception of Germany.

如果我們看一下美國的排放量份額，而且，這也是這種光環效應和對該產品信心的一部分，我們看到除德國以外的所有市場的排放量份額都在上升。

One thing I'd like to point out is that the discharge share in the US is actually quite a bit lower than what we've seen in Europe.

我想指出的一件事是，美國的排放份額實際上比我們在歐洲看到的要低很多。

So there is an opportunity there to further increase the usage of this product for patients.

因此，有機會進一步增加該產品對患者的使用。

On the right-hand side you can see a number of market shares and uptake graphs here and, again, we have a good trajectory there across the business with this product.

在右側，您可以在此處看到許多市場份額和吸收圖，而且我們在該產品的整個業務中都有良好的發展軌跡。

Also, interestingly right now in the US, around 20% of patients make it to 12 months.

此外，有趣的是，目前在美國，大約 20% 的患者可以活到 12 個月。

In Europe that figure is higher.

在歐洲，這個數字更高。

It's around 50%.

大約是 50%。

So our view is that this flow of evidence should further encourage the usage of this product for longer terms.

所以我們的觀點是，這種證據流應該進一步鼓勵長期使用該產品。

In terms of diabetes, broad performance here.

在糖尿病方面，這裡表現廣泛。

Firstly, just starting at the bottom, Onglyza.

首先，從底部開始，Onglyza。

We had historically directed resources away from Onglyza to focus on Farxiga and the dual-chamber pen.

過去，我們將資源從 Onglyza 轉移到 Farxiga 和雙腔筆上。

I think to date that has proven to be an effective decision.

我認為迄今為止，這已被證明是一個有效的決定。

We've been able to essentially hold the business there.

我們基本上已經能夠在那裡開展業務。

There was some decline in share over the year.

這一年的份額有所下降。

But NBRx towards the end of the year were actually stable.

但到年底，NBRx 實際上是穩定的。

For Byetta, again, a good performance considering the level of focus.

對於 Byetta 來說，考慮到專注程度，這又是一個不錯的表現。

Bydureon, we launched the dual-chamber pen.

Bydureon，我們推出了雙腔筆。

And Farxiga -- I'll come back to Bydureon in the next slide.

Farxiga——我將在下一張幻燈片中回到 Bydureon。

For Farxiga, again, a strong growth.

對於 Farxiga，再次是強勁的增長。

This class is extremely attractive.

這個班級非常有吸引力。

It has a number of attributes.

它有許多屬性。

If we looked at switches, people are coming off insulin as well as moving up from Metformin, so a very diverse group of patients there.

如果我們看開關，人們正在停止使用胰島素，同時也正在停止使用二甲雙胍，因此那裡的患者群體非常多樣化。

Despite what is a very competitive environment, we've been able to hold our share.

儘管競爭非常激烈，但我們仍然能夠保持自己的份額。

And, again, we continue to do well with Farxiga.

而且，我們繼續與 Farxiga 保持良好關係。

The other dimension here, which is not necessarily visible to people, is outside of the US we have a very dominant position here with Farxiga.

這裡的另一個方面，人們不一定能看到，在美國以外，我們在 Farxiga 方面擁有非常主導的地位。

And you can see across markets which launched before the US, continued uptake there.

你可以看到在美國之前推出的各個市場，在那裡繼續吸收。

So, again, it's an encouraging trend.

因此，這又是一個令人鼓舞的趨勢。

For Bydureon, we launched the dual-chamber pen.

對於 Bydureon，我們推出了雙腔筆。

We covered this in Q3.

我們在第三季度對此進行了介紹。

But you did see a very strong uptake and reception to this device.

但是您確實看到了對該設備的強烈接受和接受。

It's a device which is popular with patients and you can see there we're able to grow our share in a market itself which, I think, probably surprised some people in terms of how much it grew.

這是一種深受患者歡迎的設備，你可以看到我們能夠在市場本身中增加我們的份額，我認為，它的增長幅度可能會讓一些人感到驚訝。

On the right-hand side, you can see new prescriptions for the tray, which is the legacy configuration and the new dual-chamber pen.

右側可以看到托盤的新處方，分別是舊款配置和新款雙腔筆。

What's interesting about this chart, you can see there's around a 40% split.

這張圖表的有趣之處在於，您可以看到大約有 40% 的分裂。

If you break that down, 70% of the patients who are NBRx for the Bydureon Pen are actually new to the product.

如果你把它分解，70% 的 NBRx 患者是 Bydureon Pen 實際上是該產品的新手。

So it's not purely just the switching out of patients who are on the old configuration to the new dual-chamber pen, which again is encouraging.

因此，不僅僅是將使用舊配置的患者換成新的雙腔筆，這再次令人鼓舞。

In terms of Symbicort, we spent some time with this at Q3.

就 Symbicort 而言，我們在第三季度花了一些時間。

We signaled to you that we would expect pressure in Q4 and early this year, particularly in the US around pricing.

我們向您發出信號，我們預計第四季度和今年年初將面臨壓力，尤其是在美國的定價方面。

I think that has come to pass.

我認為這已經成為現實。

Again, we view this as a step change.

同樣，我們將此視為一個階躍變化。

We were aware this was coming.

我們知道這即將到來。

We have prepared for it and we are now in that process of moving forwards.

我們已經為此做好了準備，我們現在正處於向前邁進的過程中。

For Europe, there were a number of analogs or mandatory price cuts.

對於歐洲，有許多類似的或強制性的降價。

Part of our argument here and interest in this portfolio and this product in particular, of course, is the defensive nature of the devices.

當然，我們在這裡的部分論點和對該產品組合尤其是該產品的興趣是設備的防禦性。

And when we look at the volumes in the -- in Europe, we've been able to maintain our volume share there.

當我們查看歐洲的銷量時，我們已經能夠保持我們在那裡的銷量份額。

And for emerging markets, again, this is a very attractive product that has a relatively low profile in terms of sales right now in emerging markets relative to Pulmicort.

對於新興市場而言，這也是一種非常有吸引力的產品，與 Pulmicort 相比，目前在新興市場的銷售額相對較低。

For emerging markets overall, firstly, with China, you can see here strong growth has continued.

對於整個新興市場，首先是中國，你可以看到強勁的增長仍在繼續。

If we look at the MIT IMS share in China, essentially we were double the market growth rate.

如果我們看一下 MIT IMS 在中國的份額，我們基本上是市場增長率的兩倍。

So, again, we feel very confident about our business in China.

因此，我們再次對我們在中國的業務充滿信心。

We often get asked are you too reliant on China.

我們經常被問到你是否過於依賴中國。

You can see here this is the growth rate of emerging markets outside of China ex-factory and there's a nice trend there as we start to see the growth platforms have an increasing share of the business in emerging markets.

你可以在這裡看到，這是中國以外新興市場出廠時的增長率，那裡有一個很好的趨勢，因為我們開始看到增長平台在新興市場的業務中所佔份額越來越大。

In terms of Japan ex-factory, there was a negative number.

日本出廠為負數。

If we look in market, we grew well ahead of the market.

如果我們看看市場，我們的增長遠遠領先於市場。

The market overall itself did contract but we grew ahead of the market, both in the full year and also in the quarter.

整體市場本身確實收縮，但我們在全年和本季度的增長都領先於市場。

You can see there strong performance particularly from Nexium where we've taken share.

你可以看到強勁的表現，尤其是我們已經獲得份額的 Nexium。

We've been able to hold our place with Crestor despite the presence of some competitive dynamics there.

儘管那裡存在一些競爭動態，但我們已經能夠與 Crestor 保持一致。

And Symbicort, again, we are able to hold our share quite comfortably.

而 Symbicort，我們能夠輕鬆地持有我們的份額。

In terms of quarter one, that's the last quarter that we'll see the effect of the price drops earlier in this year and we believe we're well positioned for growth in Japan in 2015.

就第一季度而言，這是我們將在今年早些時候看到價格下跌影響的最後一個季度，我們相信我們已為 2015 年在日本的增長做好準備。

And in conclusion, we've also got some exciting news coming.

最後，我們還得到了一些令人振奮的消息。

We'll update you more fully on this in quarter one.

我們將在第一季度更全面地更新您的信息。

Firstly, with Movantik, we're preparing to launch in the US.

首先，我們正準備通過 Movantik 在美國推出。

There's the news today, of course, with Duaklir and in Europe, we're now at advanced stages of launching this product.

當然，今天有關於 Duaklir 和歐洲的消息，我們現在正處於推出該產品的後期階段。

And we have a very exciting uptake so far in Europe with Lynparza, where we're already seeing this impact on patients.

到目前為止，我們在歐洲對 Lynparza 的採用非常令人興奮，我們已經看到了這種對患者的影響。

There is a large group of patients who were aware of their BRCA status and in advance disease who were waiting for this product and we've seen a very rapid uptake, as the slide indicates here so far.

有一大群患者知道他們的 BRCA 狀態和提前疾病，他們正在等待該產品，我們已經看到非常快速的吸收，正如幻燈片到目前為止所顯示的那樣。

And we'll give you some more color around this good news in quarter one.

我們將在第一季度為您提供更多關於這個好消息的信息。

With that, I'll hand over to Marc.

有了這個，我會交給馬克。

Thank you, Luke.

謝謝你，盧克。

And good afternoon, everyone.

大家下午好。

So I'm going to walk you through the financial performance and the financial priorities for 2014, a review of those, and then give some views about 2015.

因此，我將帶您了解 2014 年的財務業績和財務優先事項，回顧這些，然後對 2015 年發表一些看法。

So first of all, on 2014, as Pascal has mentioned, we have met our guidance for the year, our upgraded guidance for the year.

所以首先，正如 Pascal 所提到的，我們在 2014 年達到了當年的指導目標，即我們升級後的年度指導目標。

We have continued to invest behind our accelerating pipeline.

我們繼續投資於我們加速的管道。

And we have also invested behind our growth platforms, and especially in the last quarter of the year.

我們還投資於我們的增長平台，尤其是在今年最後一個季度。

And I want to signal here that the investment behind those growth platforms in the fourth quarter of the year has peaked.

我想在這裡表明，今年第四季度這些增長平台背後的投資已經見頂。

We continue to redeploy across our profit and loss statement.

我們繼續在我們的損益表中重新部署。

We try to keep the largest possible flexibility on our balance sheet.

我們盡量在資產負債表上保持最大的靈活性。

We are trying to generate cash rapidly, and you will see some measure of this.

我們正在努力快速產生現金，你會看到一些衡量標準。

And we also have taken a loan at the end -- a bond at the end of the year which was also very oversubscribed.

我們還在年底貸款——年底的債券也被超額認購。

So let me turn to the explanation about the type of redeployment we do.

那麼讓我來解釋一下我們所做的重新部署類型。

If you look at the base year of 2012, we were spending about a third of our expenses on G&A.

如果您查看 2012 年的基準年，我們將大約三分之一的費用用於 G&A。

And you see now this ratio has reduced to a quarter, to 24%.

你看現在這個比例已經減少到四分之一，減少到 24%。

Most of the money is allocated to the sales, marketing and medical expenses.

大部分資金分配給了銷售、營銷和醫療費用。

And I provide three examples of this of a high temperature being reduced.

我提供了三個降低高溫的例子。

Predominantly, it's IT cost and also the facilities costs.

主要是 IT 成本和設施成本。

If you look at the facilities cost, it's interesting to know that the R&D facilities costs have reduced in these two years by 30%.

如果您查看設施成本，有趣的是研發設施成本在這兩年中降低了 30%。

So we try to reduce the cost of our footprint to be able to devote more money to the projects.

因此，我們試圖降低足跡成本，以便能夠將更多資金投入到項目中。

I was talking about the cash generation.

我在談論現金產生。

This provides a view of our cash conversion cycle.

這提供了我們的現金轉換週期的視圖。

We were at 69 days of sales in 2012.

2012 年我們的銷售天數為 69 天。

We will finish the year 2014 at 45, which I think is a very good performance.

我們將以 45 歲的成績結束 2014 年，我認為這是非常好的表現。

We have provided some comparison to the industry.

我們提供了一些與行業的比較。

Obviously, we do not have the comparator for 2014, but you can see the progression at least for AstraZeneca's metrics from 69 days to 45 over the last two years.

顯然，我們沒有 2014 年的比較對象，但您至少可以看到阿斯利康的指標在過去兩年中從 69 天增加到 45 天。

We are going to continue those efforts in cash generation.

我們將繼續努力創造現金。

This is important for us to be able to fund our developments.

這對我們能夠資助我們的發展很重要。

On the debt and cash -- on the debt side, we have this credit rating with Moody A2, AA- with Standard & Poor's.

在債務和現金方面——在債務方面，我們對穆迪的信用評級為 A2，對標準普爾的信用評級為 AA-。

As I was mentioning earlier, we had a bond in November.

正如我之前提到的，我們在 11 月建立了聯繫。

We took a bond in November at a rate of 0.875%.

我們在 11 月份以 0.875% 的利率購買了債券。

This bond was four times oversubscribed.

該債券獲得四倍超額認購。

And we finished the year with a net debt of $3.2b.

我們以 $3.2b 的淨債務結束了這一年。

So it gives us a lot of financial flexibility.

所以它給了我們很大的財務靈活性。

Comparison for the quarter four 2014 to the fourth quarter 2013.

2014 年第四季度與 2013 年第四季度的比較。

As you can see, the rate of increase on core R&D as well as core SG&A is -- are important.

如您所見，核心研發和核心 SG&A 的增長率非常重要。

On R&D, it was the -- supporting the pipeline, the growing pipeline, predominantly in oncology, but also respiratory and the biologics, as well as our large program PARTHENON behind Brilinta.

在研發方面，它是——支持管道，不斷增長的管道，主要是在腫瘤學，但也包括呼吸和生物製劑，以及我們在 Brilinta 背後的大型項目 PARTHENON 。

For the SG&A, this was predominantly the integration of BMS, the sort of mechanical impact of it.

對於 SG&A，這主要是 BMS 的集成，它的機械影響。

But also the launches of Forxiga, Bydureon Pen as well as later in the year Lynparza and the preparation of Movantik.

還有 Forxiga、Bydureon Pen 以及今年晚些時候 Lynparza 的上市和 Movantik 的準備。

We also had, in the later part of the year, the integration of Almirall.

在今年下半年，我們還整合了 Almirall。

So all this points to a very opportunistic investment in quarter four 2014.

因此，所有這些都指向 2014 年第四季度的機會主義投資。

And, as I said earlier on, we estimate that this investment has now peaked.

而且，正如我之前所說，我們估計這項投資現在已經達到頂峰。

Again, we have fully met our 2014 upgraded guidance.

同樣，我們完全達到了 2014 年升級後的指引。

You can see on the right side of this slide the ratios.

您可以在這張幻燈片的右側看到比率。

Our gross profit was at 81%, core R&D at 19%, core SG&A at 39%, and we have also provided an indication about the core tax rate for both 2014 and 2013.

我們的毛利潤為 81%，核心研發為 19%，核心 SG&A 為 39%，我們還提供了 2014 年和 2013 年核心稅率的指標。

So you have in improvement of the two core tax rates of about 4%.

所以你已經提高了大約 4% 的兩個核心稅率。

We met the guidance, did a little bit better, at 4.28.

我們在 4.28 達到了指導，做得更好一點。

And you have the decline of 8% we had announced.

你有我們宣布的 8% 的下降。

We had guided for a 10% decline in EPS.

我們曾指導每股收益下降 10%。

So now, Pascal mentioned it earlier on, we have made a reclassification of the US branded pharmaceutical fee in 2014.

所以現在，Pascal 早些時候提到過，我們在 2014 年對美國品牌藥品費用進行了重新分類。

We did this over the fourth quarter of the year and you have $113m.

我們在今年第四季度這樣做了，你有 1.13 億美元。

This is for the second half, the impact of the second half of 2014.

這是下半年，2014年下半年的影響。

In terms of annualized impact, it represents about 2% on our US brands.

就年化影響而言，它對我們的美國品牌約佔 2%。

Obviously, it varies brand to brand, but it's about 2%.

顯然，它因品牌而異，但約為 2%。

Pascal mentioned the 4%.

Pascal 提到了 4%。

If you look at the quarter impact, this is 4%.

如果你看一下季度影響，這是 4%。

2% on half-year.

半年2%。

So this is the reclassification of the excise fee that the US government is levying and we used to treat it as an SG&A like the rest of the industry.

所以這是美國政府徵收的消費稅的重新分類，我們過去像其他行業一樣將其視為 SG&A。

We are now taking it as a sales deduction from the second half of 2013.

我們現在將其作為 2013 年下半年的銷售額扣除。

A word about the guidance.

關於指導的一句話。

It's probably hard to read the little note at the bottom.

可能很難閱讀底部的小註釋。

It says we are assuming that the launch of Nexium generic is imminent.

它說我們假設 Nexium 仿製藥即將推出。

But, it is a very important assumption in defining our guidance for the year 2015.

但是，在確定我們 2015 年的指引時，這是一個非常重要的假設。

As far as sales revenue, so we plan the sales to decline by mid-single-digit percentage.

就銷售收入而言，我們計劃銷售額下降中個位數百分比。

The core EPS will increase by low single-digit percent.

核心每股收益將以低個位數百分比增長。

And then we are also providing some sensitivity for the currency.

然後我們還為貨幣提供了一些敏感性。

They have obviously impacted many companies, including AstraZeneca.

它們顯然影響了許多公司，包括阿斯利康。

On the left you have the average rate for 2014 as well as where they are, on average, for the month of January.

左邊是 2014 年的平均匯率以及 1 月份的平均匯率。

And then on the right of this slide, we have provided a percentage of the analysis on both the sales and the core operating profit for the major currencies.

然後在這張幻燈片的右側，我們提供了對主要貨幣的銷售額和核心營業利潤的分析百分比。

You will know that some of these impacts are negative and some of them are positive.

您會知道其中一些影響是負面的，而其中一些是正面的。

Obviously, we have countries where we have more costs than revenues and the opposite is also true.

顯然，我們有些國家的成本高於收入，反之亦然。

We had a very -- we continued to have a very busy year in business development.

在業務發展方面，我們度過了非常忙碌的一年。

On the respiratory front, we integrated first Almirall and did a deal with Synairgen.

在呼吸方面，我們首先整合了 Almirall 並與 Synairgen 達成了交易。

We had the cardiovascular also disposal of Metreleptin.

我們還處理了 Metreleptin 的心血管問題。

And oncology, you see there a variety of different transactions.

和腫瘤學，你看到那裡有各種不同的交易。

So we continue to focus our business development on the three core areas.

因此，我們繼續將業務發展集中在三個核心領域。

This is the only areas where we are investing for business development.

這是我們為業務發展投資的唯一領域。

And the deal that we announced this morning, we have -- we had acquired first the deal with Almirall and this is in a way a complementary to this Almirall transaction.

我們今天早上宣布的交易，我們已經 - 我們首先獲得了與 Almirall 的交易，這在某種程度上是對 Almirall 交易的補充。

We now obtain from Actavis the US and Canada rights for the Almirall part of the portfolio and also another product in the respiratory area called Daliresp, which is an oral PDE4 used in COPD as an add on, in particular for patients where refractory to ICS [Raba].

我們現在從 Actavis 獲得了 Almirall 部分產品組合的美國和加拿大權利，以及呼吸領域的另一種產品 Daliresp，這是一種口服 PDE4，作為一種附加藥物用於 COPD，特別是對 ICS 難治的患者 [拉巴]。

This complements the acquisition we did with Almirall.

這補充了我們對 Almirall 的收購。

It makes us in possession of a global portfolio and also a very good DPI on the US market.

它使我們擁有全球投資組合，並在美國市場上擁有非常好的 DPI。

The consideration is $600m and there's also an additional $100m payment which contains quite a lot of different contractual obligations which are to be resolved, waivers and non-compete clause and all sort of agreements between Almirall, Actavis and AstraZeneca.

對價為 6 億美元，另外還有 1 億美元的付款，其中包含許多待解決的不同合同義務、棄權和競業禁止條款以及 Almirall、Actavis 和阿斯利康之間的各種協議。

This has been resolved and we were very happy to announce it this morning.

這個問題已經解決，我們很高興今天早上宣布。

So, overall, it gives another focus for us on the respiratory area after a very good year on the respiratory platform with our products.

因此，總的來說，在我們的產品在呼吸平台上度過了非常好的一年之後，它讓我們又一次關注呼吸領域。

With this, I'm going to pass the ball to Briggs.

有了這個，我要把球傳給布里格斯。

Thanks very much, Marc.

非常感謝，馬克。

So it's good to see you all.

所以很高興見到你們。

Since we just met with you in November I'll try not to repeat too much of what we talked about at the Investors' Day.

由於我們剛剛在 11 月與您會面，我將盡量不重複太多我們在投資者日討論的內容。

I'll give you a top line summary of 2014 and then highlight some of the things that you should look for as we go into 2015.

我會給你一個 2014 年的重要總結，然後強調一些你在進入 2015 年時應該注意的事情。

So, again, I think it was a very good year from an R&D point of view.

因此，我再次認為，從研發的角度來看，這是非常好的一年。

I think I mentioned at the Investors' Day that we have set for ourselves this aspiration of improving the lives of 200m patients.

我想我在投資者日提到過，我們已經為自己設定了改善 2 億患者生活的願望。

So we understand that that requires individual healthcare professionals to sit down with patients, talk to them about their disease and talk to them about treatment options and eventually recommend to them an AstraZeneca product.

因此我們了解到，這需要個別醫療保健專業人員與患者坐下來，與他們討論他們的疾病並與他們討論治療方案，並最終向他們推薦阿斯利康產品。

And so we understand it's our obligation to generate evidence, strong evidence and the kind of evidence that healthcare professionals are going to need, to have that conversation.

因此，我們明白我們有義務提供證據，強有力的證據以及醫療保健專業人員需要的證據，以進行對話。

And we think 2014 has been a good year for us in terms of generating that kind of evidence.

我們認為 2014 年對我們來說是產生此類證據的好年頭。

The outstanding performance Pascal referred to in terms of NDA approvals.

Pascal 在 NDA 批准方面提到的出色表現。

Four new molecular entities, which we think is at the top of the charts for our industry.

四個新的分子實體，我們認為它們在我們行業的圖表中名列前茅。

We've talked a lot about rebuilding the Phase III pipeline.

我們已經談了很多關於重建三期管道的問題。

I think we've made good progress there and focusing our R&D spend on our core therapeutic areas.

我認為我們在這方面取得了很好的進展，並將我們的研發支出集中在我們的核心治療領域。

As I mentioned previously, about 90% of our spend now in 2015 will go into our three core therapeutic areas.

正如我之前提到的，2015 年我們大約 90% 的支出將用於我們的三個核心治療領域。

This slide I showed you at Investors' Day.

我在投資者日向您展示的這張幻燈片。

There's a couple of updates since we met with you in November from a pipeline point of view.

自從我們在 11 月與您會面以來，從管道的角度來看，有一些更新。

The submissions both in the US and the EU for Lesinurad, the submission in the US for Saxa/dapa fixed-dose combination, the approval in both the US and Europe for Lynparza and the approval for Movantik in Europe and the descheduling of Moventig in the US.

Lesinurad 在美國和歐盟的提交，Saxa/dapa 固定劑量組合在美國的提交，Lynparza 在美國和歐洲的批准以及 Movantik 在歐洲的批准以及 Moventig 在歐洲的排期我們。

So, again, we think some highlights of things that have happened since we saw you in November.

因此，我們再次想到自從我們在 11 月見到您以來發生的事情的一些亮點。

I've a couple of slides to go through each of our core therapeutic areas with a couple of other advances that have happened since November.

我有幾張幻燈片來介紹我們的每個核心治療領域，以及自 11 月以來發生的其他一些進展。

So first, let's start with RIA.

首先，讓我們從 RIA 開始。

I think many of you probably saw the data we presented at ACR.

我想你們中的許多人可能已經看到了我們在 ACR 上展示的數據。

Three key molecules.

三個關鍵分子。

Sifalimumab which is an antibody against interferon, the data -- the Phase II date in lupus which we had a positive trial.

Sifalimumab 是一種抗干擾素抗體，數據是狼瘡的 II 期日期，我們進行了積極的試驗。

It looked like a good molecule.

它看起來像一個很好的分子。

Mavrilimumab, the Phase II data -- Phase IIb data in rheumatoid arthritis.

Mavrilimumab，II 期數據——類風濕性關節炎的 IIb 期數據。

The (inaudible) population, again, hit the key end points and had a favorable safety profile, we think.

我們認為，（聽不清）人口再次達到關鍵終點並具有良好的安全狀況。

And, of course, the Lesinurad data, the Phase III gout data, which is the foundation for our submission to regulators around the world.

當然，還有 Lesinurad 數據，即 III 期痛風數據，這是我們向全球監管機構提交的基礎。

The other program that has started since we met with you in November is a program that I don't think we've talked much about in an earlier stage of asthma.

自從我們在 11 月與您會面後開始的另一個項目是一個我認為我們在哮喘早期階段沒有過多討論的項目。

These are in genus step II patients.

這些屬於第二階段患者。

So in genus step II patients, the standard of care is an ICS plus a reliever, essentially what patients get.

因此，在第 II 類患者中，護理標準是 ICS 加緩解劑，基本上是患者得到的。

There's a fair amount of data to suggest that patients are not particularly compliant with their ICS and so as their asthma starts to worsen they just use their short-acting beta agonist so they never really get the anti-inflammatory effect that they need.

有相當多的數據表明患者對他們的 ICS 不是特別依從，因此當他們的哮喘開始惡化時，他們只是使用他們的短效 β 激動劑，所以他們永遠不會真正獲得他們需要的抗炎作用。

So this program, underlying it is the hypothesis that in fact if you gave them Symbicort as their reliever, they would actually get both the fast-acting beta agonist and the anti-inflammatory.

所以這個項目的基礎是假設，事實上如果你給他們 Symbicort 作為他們的緩解劑，他們實際上會同時獲得速效 β 激動劑和抗炎藥。

It builds on the SMART concept that we have in many countries around the world that maintenance and reliever therapy that we have with Symbicort which is enabled by the fact that Formoterol is such a fast-acting beta agonist.

它建立在我們在世界上許多國家擁有的 SMART 概念之上，即我們使用 Symbicort 進行維持和緩解治療，這是由於福莫特羅是一種快速作用的 β 激動劑這一事實而得以實現的。

So this program has just got underway since we met with you.

因此，自從我們與您會面以來，該計劃才剛剛開始。

Cardiovascular metabolic.

心血管代謝。

The regulatory submissions for Saxa/dapa we've started now a program with Farxiga in Type I diabetes with the hypothesis that you would potentially be able to decrease insulin dosages, maybe minimize hypoglycemia, get some of the weight loss and the antihypertensive effects that you get with Farxiga.

Saxa/dapa 的監管提交，我們現在已經啟動了一個與 Farxiga 一起治療 I 型糖尿病的項目，假設您可能能夠減少胰島素劑量，可能最大限度地減少低血糖，獲得一些減肥效果和抗高血壓效果與 Farxiga 一起。

So that program is now underway.

所以該計劃現在正在進行中。

And we started the CV outcomes trial for Epanova in a targeted population of patients who have high triglycerides and low HDL.

我們在高甘油三酯和低 HDL 患者的目標人群中開始了 Epanova 的 CV 結果試驗。

The PEGASUS trial, I'm sure many people in the room would like me to talk more about the data from the PEGASUS trial.

PEGASUS 試驗，我敢肯定房間裡的很多人都希望我多談談 PEGASUS 試驗的數據。

You know I can't do that.

你知道我不能那樣做。

But I do invite you to come to San Diego in March where it will be presented at ACC and you can then see the full data package of the PEGASUS trial.

但我確實邀請您在 3 月份來到聖地亞哥，在那裡它將在 ACC 上展示，然後您可以看到 PEGASUS 試驗的完整數據包。

And, again, we do have many ongoing outcomes trials as we're constantly continuing to generate new evidence on Brilinta.

而且，我們確實有許多正在進行的結果試驗，因為我們不斷地繼續產生關於 Brilinta 的新證據。

We'll probably have a CV outcomes trial reading out every year over the next couple of years.

在接下來的幾年裡，我們可能每年都會進行一次 CV 結果試驗。

Some recent highlights of what's happened in oncology.

最近發生在腫瘤學中的一些亮點。

We've talked about the Lynparza approval.

我們已經討論了 Lynparza 的批准。

The label is slightly different in Europe than in the US.

歐洲的標籤與美國的標籤略有不同。

Europe is the maintenance indication.

歐洲是維修指示。

In the US it's the people that have failed three prior therapies.

在美國，以前的三種療法都失敗了。

But all for patients who have BRCA1 mutant ovarian cancer.

但都是針對患有 BRCA1 突變卵巢癌的患者。

We filed Iressa in the US and have a PDUFA date in the third quarter.

我們在美國提交了 Iressa 並在第三季度有一個 PDUFA 日期。

Some other sort of key milestones of things that have read -- that have completed as we've gone through the remainder of 2014.

已閱讀的一些其他類型的關鍵里程碑——在我們度過 2014 年剩餘時間時已經完成。

We've completed the enrollment in the trial that will support the 9291 approval -- the 9291 filing, hopefully an approval, in the second quarter of this year

我們已經完成了支持 9291 批准的試驗註冊——9291 申請，希望在今年第二季度獲得批准

We also completed the enrollment of the mesothelioma study with Tremelimumab.

我們還完成了使用 Tremelimumab 的間皮瘤研究的註冊。

This is a placebo controlled trial.

這是一項安慰劑對照試驗。

That trial is now fully enrolled.

該試驗現已完全註冊。

We've completed the enrollment in the triplet study in melanoma, a BRAF inhibitor plus MEK inhibitor, plus PD-L1.

我們已經完成了黑色素瘤三重研究的招募，一種 BRAF 抑製劑加 MEK 抑製劑，加 PD-L1。

The concept there trying to ask whether we can combine immunotherapy with these small molecules.

那裡的概念試圖詢問我們是否可以將免疫療法與這些小分子結合起來。

That program we've completed the enrollment.

那個項目我們已經完成了註冊。

And then just say a couple of things about ARCTIC and the ADJUVANT trial.

然後再說幾句關於 ARCTIC 和 ADJUVANT 試驗的事情。

So the ARCTIC Phase III trial, I want to be very clear.

因此，ARCTIC III 期試驗，我想非常清楚。

There are two arms to the trial.

審判有兩個武器。

One arm of the trial is in patients who are PD-L1 positive where essentially we're trying to confirm what we think will happen in ATLANTIC.

該試驗的一個分支是在 PD-L1 陽性的患者中進行，基本上我們試圖確認我們認為在 ATLANTIC 會發生什麼。

So patients get randomized the standard of care for monotherapy, PD-L1.

因此，患者隨機接受單一療法 PD-L1 的護理標準。

That part of the trial is open and recruiting.

試驗的那部分是公開的和招募的。

The second arm, arm B, of that trial is in patients who are PD-L1 negative and that is a four-arm trial of treme alone, 4736 alone, a combination for standard of care.

該試驗的第二組 B 組是在 PD-L1 陰性的患者中進行的，這是一項單獨使用 treme 的四組試驗，單獨使用 4736，這是一種標準護理組合。

That arm has not started to enroll yet.

那支手臂還沒有開始招募。

We now have a clear view of our dosing strategy.

我們現在對我們的劑量策略有了清晰的認識。

And that arm should open up very soon.

那隻手臂應該很快就會張開。

I'm not going to say much more than that dosing strategy.

除了劑量策略，我不會說更多。

We'll talk about that at ASCO and I'll talk about that in just a minute.

我們將在 ASCO 上討論這個問題，我會在一分鐘內討論。

So the ARCTIC monotherapy arm is open.

所以 ARCTIC 單藥治療臂是開放的。

The combination therapy arm should open shortly.

聯合治療臂應該很快打開。

And then the first patients have been enrolled in the ADJUVANT trial.

然後第一批患者被納入 ADJUVANT 試驗。

To our knowledge, this is the first ADJUVANT trial with a PD-1, PD-L1 inhibitor being run with NCI Canada.

據我們所知，這是加拿大 NCI 進行的第一個使用 PD-1、PD-L1 抑製劑的 ADJUVANT 試驗。

So we're very excited to get that underway.

因此，我們很高興能將其付諸實施。

And then finally, for the muOX40, we have a Phase I program where we have monotherapy combination with PD-L1 which is already enrolling.

最後，對於 muOX40，我們有一個 I 期項目，我們在該項目中與 PD-L1 進行單一療法組合，該項目已經在招募中。

We've now opened up the combination with treme arm.

我們現在已經打開了與treme arm的組合。

There's a fourth arm which is a combination with Rituximab which is open but we haven't dosed yet.

第四隻手臂與利妥昔單抗聯合使用，但我們還沒有給藥。

And I think it's important to highlight that now that we have a clear view of our dosing strategy for the combination of 4736 with treme, we anticipate that over the course of this year we could open between -- somewhere around 13, what I call, registration trials.

而且我認為重要的是要強調，既然我們對 4736 與 treme 的組合的劑量策略有了清晰的認識，我們預計在今年的過程中我們可以打開 - 大約 13，我稱之為，註冊試驗。

They could be Phase II or Phase III registration trials.

它們可以是 II 期或 III 期註冊試驗。

So they're either ongoing or will open this year.

所以他們要么正在進行中，要么將在今年開業。

In that constellation, we think probably about half of those will be combination using the 4736 treme combination.

在那個星座中，我們認為其中大約一半將使用 4736 treme 組合。

This is the exact same slide I showed you at Investors' Day of news flow that you should anticipate as we go through the year.

這與我在投資者日的新聞流向您展示的幻燈片完全相同，您應該在我們度過這一年時有所期待。

When I put this slide together, I didn't anticipate that every single row would get a green check.

當我把這張幻燈片放在一起時，我沒想到每一行都會有一個綠色的勾號。

Somewhere along the way we might get a red X. But at least so far on the ones we told you in November would read out over the 2015 news flow cycle, the things that are there is green checks.

沿途的某個地方我們可能會得到一個紅色的 X。但至少到目前為止，我們在 11 月告訴你的那些將在 2015 年新聞流週期中讀出，那裡的東西是綠色的檢查。

So I think I've gone through most of these in terms of things we've accomplished.

因此，我認為就我們已經完成的事情而言，我已經經歷了其中的大部分。

The one, the only one that I will just highlight here is the -- it was not on the chart when I showed it to you in November is the uveal melanoma study with Selumetinib.

我要在這裡強調的唯一一個是 - 當我在 11 月向您展示它時，它不在圖表上是使用 Selumetinib 的葡萄膜黑色素瘤研究。

This is a trial of Dacarbazine versus Dacarbazine plus Selumetinib.

這是達卡巴嗪與達卡巴嗪加司美替尼的試驗。

As the events have accrued in that trial, it's now looking like that trial could read out this year.

隨著該審判中事件的累積，現在看來該審判可能會在今年宣讀。

And depending on when that reads out, it could potentially even by filed this year.

根據讀出的時間，它甚至有可能在今年提交。

So I just wanted to add that as a new line on our potential news flow.

所以我只想將其添加為我們潛在新聞流的新行。

And then just to drill a little bit more into news flow in oncology.

然後再深入了解腫瘤學的新聞流。

Through 2015 we have number of abstracts at AACR.

到 2015 年，我們在 AACR 有許多摘要。

I've just highlighted a couple of them here.

我剛剛在這裡強調了其中的幾個。

The Phase I data for our C-MET inhibitor and our PI3 kinase beta delta inhibitor.

我們的 C-MET 抑製劑和 PI3 激酶 β δ 抑製劑的 I 期數據。

At ASCO, there'll be, for PD-L1 monotherapy, we'll have an update on the non-small cell lung cancer population as well as the head and neck population.

在 ASCO 上，對於 PD-L1 單一療法，我們將更新非小細胞肺癌人群以及頭頸癌人群。

And as I referenced to earlier, the triplet combination of BRAF MEK 4736.

正如我之前提到的，BRAF MEK 4736 的三重組合。

We'll also have an update on the combination study in non-small-cell lung cancer.

我們還將更新非小細胞肺癌的聯合研究。

This is the Phase Ib dose escalation study combining 4736 with treme to try to set some expectations.

這是結合 4736 和 treme 的 Ib 期劑量遞增研究，試圖設定一些預期。

At this point, we've dosed about 70 patients in various cohorts as we've done the dose escalations.

在這一點上，我們已經對不同隊列中的大約 70 名患者進行了劑量遞增。

Some started at lower doses.

有些人以較低劑量開始。

The more recent patients being enrolled at the -- in the dose range where we think we'll take into Phase III.

在我們認為我們將進入 III 期的劑量範圍內登記的患者越來越多。

And some of them will have a relatively short follow up because they've been dosed more recently.

其中一些人的隨訪時間相對較短，因為他們最近接受了給藥。

But it gives you a feel for rough numbers of patients that will be presenting and I think that will help inform you of what our dosing strategy is.

但它讓您大致了解將要就診的患者數量，我認為這將有助於告知您我們的劑量策略是什麼。

The items on the right-hand panel are things that we also think but we're not entirely sure when these will -- when the data will come out so I will just sort of take you through them.

右側面板上的項目是我們也考慮過的事情，但我們不完全確定這些何時會 - 數據何時會出來，所以我將帶您瀏覽一下。

As I said, the Phase II data for 9291.

正如我所說，9291 的二期數據。

I talked already about the uveal melanoma trial for Selumetinib.

我已經談到了 Selumetinib 的葡萄膜黑色素瘤試驗。

There's also some data that will come out some time this year in pediatric neurofibromatosis.

今年某個時候還會有一些關於小兒神經纖維瘤病的數據。

Some scientists at the NIH have been studying Selumetinib in that disease and have some interesting data which they'll be sharing with the scientific community sometime this year.

美國國立衛生研究院的一些科學家一直在研究 Selumetinib 在該疾病中的作用，並獲得了一些有趣的數據，他們將在今年某個時候與科學界分享這些數據。

The ATLANTIC trial, which is our third-line, potentially fast-registration trial, that data should mature as the year progresses.

大西洋試驗是我們的三線試驗，可能是快速註冊試驗，隨著時間的推移，數據應該會成熟。

And there could be an avenue for us to present some of that.

我們可以通過一種途徑來展示其中的一些內容。

The treme-meso trial, as I said, is fully enrolled and we have a series of interim analyses to look at the data as we -- as the events accrue.

正如我所說，treme-meso 試驗已經完全註冊，我們有一系列中期分析來查看我們的數據——隨著事件的發生。

I think the latest that we would have all the events accrued and be able to report out on that would be the end of the year.

我認為最晚我們將累積所有事件並能夠就此進行報告，這將是在今年年底。

But there's a possibility, depending on how the data comes out, it could come out earlier.

但有一種可能性，取決於數據的輸出方式，它可能會更早出現。

For the 2014, which is our dual mTOR inhibitor, there's data both in combination with Fulvestrant, [Asodex] and a trial in combination with [Capitaxol] where there's some interesting data in squamous cell lung cancer.

對於我們的雙重 mTOR 抑製劑 2014，有與 Fulvestrant、[Asodex] 聯合使用的數據，以及與 [Capitaxol] 聯合使用的試驗數據，其中有一些關於鱗狀細胞肺癌的有趣數據。

In the Wee-1 inhibitor, there's a trial comparing standard chemotherapy plus or minus the Wee-1 inhibitor which also may read out this year and some Phase II data for our C-MET inhibitor in papillary renal cell carcinoma.

在 Wee-1 抑製劑中，有一項試驗比較標準化療加上或減去 Wee-1 抑製劑，這也可能在今年公佈，以及我們的 C-MET 抑製劑在乳頭狀腎細胞癌中的一些 II 期數據。

So there are some other things that could hit your radar as the year progresses.

因此，隨著時間的推移，還有一些其他事情可能會引起您的注意。

So I think, with that, I'll stop and open it up to Pascal to take questions.

所以我想，有了這個，我會停下來讓 Pascal 提出問題。

Thanks, Briggs.

謝謝，布里格斯。

So I will very quickly conclude and move to the Q&A session.

所以我將很快結束並進入問答環節。

Just in summary, we are very much on track.

總而言之，我們已經步入正軌。

I think this is really the message to you.

我認為這真的是給你的信息。

We delivered our upgraded guidance exactly what we said we would do.

我們完全按照我們所說的那樣提供了升級後的指南。

Our growth platforms are very much on track, growing 15% this year all together.

我們的增長平台進展順利，今年總共增長了 15%。

We invested quite a lot in 2014, in particular in the last quarter of the year.

我們在 2014 年投入了大量資金，尤其是在去年的最後一個季度。

That's very clear.

這很清楚。

But as Marc said, our investment has peaked.

但正如馬克所說，我們的投資已經見頂。

We felt 2014 was clearly a special year because if you think about it, we had many launches.

我們覺得 2014 年顯然是特別的一年，因為如果你仔細想想，我們推出了很多產品。

It's really rare that one single company has to deal with so many launches.

一家公司必須處理這麼多的發布，這真的很少見。

We had several launches or relaunches in diabetes.

我們在糖尿病方面進行了多次發布或重新發布。

We still have Brilinta in launch mode.

我們仍然有 Brilinta 處於啟動模式。

We continued relaunching our respiratory franchise, as you know, that for a period of time in the past had probably been neglected a little bit.

如您所知，我們繼續重新啟動我們的呼吸專營權，在過去的一段時間裡，它可能被忽視了一點。

And then we had to start preparing for Lynparza, start preparing for Movantik.

然後我們必須開始為 Lynparza 做準備，開始為 Movantik 做準備。

So quite a substantial investment.

所以相當可觀的投資。

Moving into 2015, I think we are in a different phase where, of course, we're going to have to work on our productivity and then manage our expenses.

進入 2015 年，我認為我們處於一個不同的階段，當然，我們將不得不努力提高生產力，然後管理我們的開支。

We believe we have a plan.

我們相信我們有一個計劃。

We believe we can do it.

我們相信我們可以做到。

The pipeline is very much on track.

管道非常有條不紊。

If anything, in many areas we are ahead of what we expected, but very much on track to deliver.

如果說有什麼不同的話，那就是我們在許多領域都超出了我們的預期，但在實現交付方面已步入正軌。

And just to remind you, our core EPS in 2015 should grow by, I'd say, by low single-digit percent.

提醒您，我們 2015 年的核心 EPS 應該會增長，我想說的是低個位數百分比。

So, essentially, our expenses -- our investment has peaked in 2015 and EPS in 2014 bottomed out and we hope to grow by a low single-digit rate in 2015.

所以，從本質上講，我們的支出——我們的投資在 2015 年達到頂峰，2014 年每股收益觸底反彈，我們希望在 2015 年以低個位數的速度增長。

So I'll stop here and open the session for Q&A.

所以我會在這裡停下來開始問答環節。

Maybe Alexandra and then Sachin.

也許是亞歷山德拉，然後是薩欽。

Thank you, this is Alexandra Hauber from UBS.

謝謝，我是來自瑞銀的 Alexandra Hauber。

Briggs, I just wanted to clarify that I understood something correctly which was you said you're going to start 13 registrational trials for the PD-L1 overall, of which half of it in the combination.

Briggs，我只是想澄清一下，我的理解是正確的，你說你將為 PD-L1 整體開始 13 項註冊試驗，其中一半是聯合試驗。

Is that correctly what you said?

你說的對嗎？

Okay, okay.

好吧好吧。

And then I know you you're not going to say much more on the dosing of ARCTIC, but maybe you say -- tell us a little bit more how many patients you have now seen in the Phase Ib study.

然後我知道你不會對 ARCTIC 的劑量說太多，但也許你會說——告訴我們你現在在 Ib 期研究中看到了多少患者。

You said about 40 a month ago.

你一個月前說大約40個。

Where is that number now?

那個號碼現在在哪裡？

And on the basis of how many patients will they be able to feel confident to determine or maybe you seem to have already have determined it, but how many patients did you actually then do that dose finding decision?

並且根據有多少患者他們能夠有信心確定或者您似乎已經確定了，但是實際上有多少患者隨後做出了劑量發現決定？

Secondly, a question on this huge spike we've seen on SG&A, almost $500m year-on-year increase or quarter-on-quarter increase.

其次，關於我們在 SG&A 上看到的這一巨大飆升的問題，同比增長或環比增長近 5 億美元。

I know some of that was the fee.

我知道其中一部分是費用。

I get, conceptually, what you're doing, but could you please give us some color on exactly what those incremental $300m or $400m were spent?

從概念上講，我明白你在做什麼，但你能否給我們一些顏色，說明這些增量的 3 億美元或 4 億美元究竟花費了什麼？

Then lastly on Symbicort.

最後是 Symbicort。

We've always seen an impact in the fourth quarter.

我們總是在第四季度看到影響。

And in the press release you've been referring to increased co-pay assistance in anticipation of the -- of the formulary changes.

在新聞稿中，你一直提到增加共同支付援助，以期預期到處方集的變化。

Can you just give us roughly some color what exactly is that that you're doing so that we -- nobody has -- in terms of the increased co-pay?

您能否大致給我們一些顏色，您正在做的究竟是什麼，以便我們 - 沒有人 - 就增加的共同支付而言？

Is that similar to the card you have for Farxiga and [Sedual]?

這與您為 Farxiga 和 [Sedual] 準備的卡片相似嗎？

So if you start with Briggs and Marc for the expenses and Luke for Symbicort.

因此，如果您從 Briggs 和 Marc 開始支付費用，從 Luke 開始支付 Symbicort。

Yes, so the Phase Ib study in non-small-cell lung cancer, where we're doing the dose escalation, as I said, will have somewhere in the order of 70 patients when we present at ASCO.

是的，所以正如我所說，我們正在進行劑量遞增的非小細胞肺癌 Ib 期研究，當我們在 ASCO 上展示時，將有大約 70 名患者。

And that's the data set that we're using to make the decision.

這就是我們用來做決定的數據集。

Regarding the -- what you refer to as a spike of SG&A, so I think the -- again, I can tell you that the totality of the increase has been spent behind the growth brands.

關於 - 你所說的 SG&A 的峰值，所以我認為 - 再一次，我可以告訴你，增長的全部費用都花在了增長品牌後面。

So, in other words, no increase has gone towards the established brands.

因此，換句話說，知名品牌沒有增加。

The biggest part of -- the biggest part of the increase has gone to diabetes.

最大的部分 - 增加的最大部分已經用於糖尿病。

And in diabetes you have two factors.

在糖尿病中，你有兩個因素。

The mechanical integration of the BMS part and there is also an organic growth in launching and promoting Farxiga and launching the dual-chamber for Bydureon.

BMS部分的機械整合，Farxiga的推出和推廣以及Bydureon雙腔的推出也有有機增長。

So that's -- this is the largest part of it.

這就是 - 這是它的最大部分。

And just to add, Marc, I think about two launches in diabetes.

補充一下，馬克，我考慮在糖尿病領域推出兩項產品。

Bydureon dual-chamber pen and then Xigduo in the United States.

Bydureon雙腔筆，然後是美國的Xigduo。

On top of it, we've got to 12 months post-launch of Farxiga, so we were able to start with this yr.

最重要的是，我們必須在 Farxiga 推出後 12 個月，所以我們能夠從今年開始。

So there's an element of BTC that didn't exist before also in the United States.

因此，BTC 中有一個以前在美國也不存在的元素。

So -- and there are many other things, as Marc said.

所以——還有很多其他事情，正如馬克所說。

But those are the main important points.

但這些是主要的要點。

Luke, do you want to cover Symbicort?

Luke，你想報導 Symbicort 嗎？

So I think to take it a little bit further back, we'd anticipated that something like this might have happened, so I guess the advantage of anticipation is that we had quite a time to prepare.

所以我想再往前說一點，我們已經預料到可能會發生這樣的事情，所以我想預料到的好處是我們有足夠的時間來準備。

What we're trying to do is to remove the impact to the patient at the point of conversion.

我們正在嘗試做的是在轉換時消除對患者的影響。

I don't want to give too much color on it.

我不想給它太多的顏色。

Because we had this time to prepare, we were able to be able to combine a number of programs together which we are confident will enable us to compete.

因為我們有時間準備，所以我們能夠將許多項目組合在一起，我們相信這將使我們能夠競爭。

So I think we can give a little bit more color around whether that's worked in Q1.

所以我認為我們可以為第一季度是否奏效給出更多的顏色。

Okay.

好的。

Thanks.

謝謝。

Yes, it is really to make sure that those patients who lose cover and access are not disadvantaged and can stay on the product.

是的，這確實是為了確保那些失去保險和訪問權的患者不會處於不利地位並且可以繼續使用該產品。

And in fact, the early indication we have is quite encouraging, but it's very early days.

事實上，我們的早期跡象非常令人鼓舞，但現在還為時尚早。

So Sachin.

所以薩欽。

Sachin Jain, Bank of America.

美國銀行的 Sachin Jain。

Questions on a similar topic.

關於類似主題的問題。

So firstly on the CTLA-4 PD-L1 combo, just you said you sorted dosing.

所以首先在 CTLA-4 PD-L1 組合上，你剛才說你對劑量進行了排序。

Is there anything else material pending for that study start or is it just administrative here?

是否還有其他材料等待該研究開始，或者它只是行政性的？

Secondly, on the six to seven combo starts, how many different tumors is that across?

其次，在 6 到 7 個組合開始時，有多少種不同的腫瘤？

And then, related, in the different tumors are you using the same dose across the different tumors?

然後，相關的，在不同的腫瘤中，您是否在不同的腫瘤中使用相同的劑量？

And if you're not, if you could contrast that versus Bristol who I think are using different doses.

如果你不是，如果你可以將它與我認為使用不同劑量的布里斯托爾進行對比。

So that's kind of one topic.

所以這是一個主題。

Topic two is just on the guidance.

主題二隻是關於指導。

Your earnings guidance is very clear.

您的收入指引非常明確。

I wondered if you could just help me with some of the mechanics in between.

我想知道你是否可以幫助我解決兩者之間的一些機制。

Any color on how much SG&A could fall on any additional kind of on the divestment income over and above Metreleptin.

關於 SG&A 的任何顏色可能會落在 Metreleptin 之外的任何其他類型的撤資收入上。

Thanks.

謝謝。

Yes.

是的。

So for the -- to start the combo study there's more administrative.

因此，對於 - 開始組合研究，還有更多的管理工作。

I think we have a very clear view of how that will work.

我認為我們對這將如何運作有非常清晰的認識。

The -- I think for today I probably won't give you a precise answer on the number of tumor types.

- 我想今天我可能不會給你一個關於腫瘤類型數量的準確答案。

What we've talked about previously clearly are lung cancer and head and neck cancer and you know those programs, so I think I'll pause on that one.

我們之前明確談到的是肺癌和頭頸癌，你知道這些項目，所以我想我會暫停一下。

And then what was the third part of your question?

然後你的問題的第三部分是什麼？

If it is more than two tumors, which I'm guessing it is, is it the same dose across all, in contrast versus Bristol who are using different dosing?

如果它是兩個以上的腫瘤，我猜是這樣，那麼所有的劑量是否相同，與使用不同劑量的 Bristol 相比？

Yes.

是的。

Currently, our assumption is that it will be the same dose across all, but that's probably not a firm and final answer just yet.

目前，我們的假設是所有人的劑量都相同，但這可能還不是一個確定的最終答案。

So returning to your question of guidance for 2015, we try to make it as clear as possible.

所以回到你對 2015 年的指導問題，我們盡量讓它盡可能清楚。

We gave you the assumption we are taking on the imminent launch of Nexium generic.

我們假設我們正在接受即將推出的 Nexium 仿製藥。

We have also provided a guidance on the sales line and we've also provided a guidance on the EPS side.

我們還提供了關於銷售線的指導，我們還提供了 EPS 方面的指導。

We are not going to provide any specific guidance on any line of the P&L as we did for 2014, as we manage our operating expenses and all other factors affecting our Company together.

我們不會像 2014 年那樣對任何損益表提供任何具體指導，因為我們會一起管理我們的運營費用和影響我們公司的所有其他因素。

Just a very rough indication, since you asked for it, the SG&A will probably decrease in value and in percentage compared to 2014.

只是一個非常粗略的指示，因為你要求它，與 2014 年相比，SG&A 的價值和百分比可能會下降。

Yes.

是的。

Sachin, I think maybe just to add on this.

Sachin，我想也許只是補充一下。

We give a top line and a bottom line guidance and it's -- we don't want to give more details at this point, not because we want to be difficult, but simply because we have to -- and I know you realize, it's a very fluid environment with a lot of assumptions.

我們給出了一個頂線和一個底線指導，而且它 - 我們現在不想提供更多細節，不是因為我們想要困難，而是因為我們必須 - 我知道你意識到，它是一個非常多變的環境，有很多假設。

One big assumption is Nexium we assume the launch of generics is imminent.

一個重要的假設是 Nexium，我們假設仿製藥的推出迫在眉睫。

That's our going-in assumption.

這是我們的假設。

Now exactly when do they launch is not defined, as you know, because they have to build inventory.

如您所知，現在還沒有明確定義他們何時推出，因為他們必須建立庫存。

They have had approval from the FDA.

他們已獲得 FDA 的批准。

That requires the solution tests to be performed on the first batches.

這需要對第一批產品進行溶液測試。

So precisely when -- we know it's imminent.

所以正是在什麼時候——我們知道它迫在眉睫。

We know exactly they're going to launch soon, but precisely when we don't know.

我們確切地知道它們將很快推出，但具體時間我們不知道。

We don't know the pricing strategy that they would pursue, so that we don't know the speed of decline.

我們不知道他們會採取什麼定價策略，所以我們不知道下降的速度。

So we really want to keep enough flexibility to be able to be entrepreneurial and flexible and redeploy as we have done in 2014.

因此，我們真的希望保持足夠的靈活性，以便能夠像我們在 2014 年所做的那樣具有創業精神、靈活性和重新部署。

Redeployed to take advantage of opportunities when they arise.

重新部署以在機會出現時利用它們。

And so the commitment we give, we give our investors and our shareholders is we will deliver what we said.

因此，我們給予投資者和股東的承諾是，我們將兌現我們所說的。

We're going to do it just like we did in 2014.

我們將像 2014 年那樣做。

And we want flexibility in between to be able to be entrepreneurial and adjust to the circumstances.

我們希望兩者之間具有靈活性，以便能夠創業並適應環境。

James.

詹姆士。

Thanks.

謝謝。

James Gordon from JPMorgan.

摩根大通的詹姆斯戈登。

Three questions please.

請教三個問題。

One was on Symbicort.

一個在 Symbicort 上。

When I look at the Q4 pricing mix in the US, it looks quite a hit at 19%.

當我查看美國第四季度的定價組合時，它看起來相當受歡迎，達到 19%。

So I assume some of that is exceptional to do with the excise fee as well.

所以我假設其中一些與消費稅有關。

So what would be the true underlying negative pricing mix in Symbicort and would that be a good run rate for 2015, or are there reasons it might look quite different for 2015?

那麼，Symbicort 真正潛在的負定價組合是什麼？這對 2015 年來說是一個不錯的運行率，還是有理由讓它看起來與 2015 年大不相同？

So just a quick point, we don't give guidance product by product.

因此，快速說明一點，我們不會逐個產品提供指導。

But having said that, I'm sure Luke can give you some more color.

不過話雖如此，我相信盧克可以給你更多的顏色。

Yes.

是的。

I think it's very much what we said at Q3 which is we would expect pricing pressure.

我認為這與我們在第三季度所說的非常相似，我們預計會出現定價壓力。

There were plans that we were prepared not to lower our price to that point, so we've tried to do that.

有計劃我們準備不將價格降低到那個點，所以我們已經嘗試這樣做了。

I think it's fair to say we had a very strong year in 2014 and to see that again in 2015, I think we've signaled that there would be more pressure there.

我認為可以公平地說，我們在 2014 年表現非常強勁，而在 2015 年再次看到這一點，我認為我們已經發出信號，那裡會有更多的壓力。

And on the pricing, GSK seem to indicate that they had secured some positioning, not just for 2015 but also for 2016.

而在定價方面，葛蘭素史克似乎表明他們已經獲得了一些定位，不僅是 2015 年，還有 2016 年。

Have you signed multi-year contracts or could we see another step down?

您是否簽署了多年合同，或者我們可以看到另一個降級？

I'd rather not disclose that at this point because we see that as competitive.

我現在不想透露這一點，因為我們認為這是有競爭力的。

But clearly we -- our aim is to get that mix right.

但很明顯，我們 - 我們的目標是正確組合。

We see this as a step change.

我們認為這是一個階躍變化。

There is the excise fee of course that flows into that which can distort it a little bit, but again we see this as an initial step change.

當然會有消費稅流入，這可能會稍微扭曲它，但我們再次將其視為初始步驟變化。

I think we're back out there competing for share right now.

我認為我們現在正在重新爭奪份額。

You know, James, one thing I said before, maybe just to restate it, is that the impact of the excise fee in quarter four was 4% right across the board.

你知道，詹姆斯，我之前說過的一件事，也許只是重申一下，第四季度消費稅的影響是全面的 4%。

It's a little bit more for Symbicort actually.

實際上，它對 Symbicort 來說更重要一些。

So in Marc's slides, on an annualized basis, it was 2.8%.

所以在 Marc 的幻燈片中，按年化計算，它是 2.8%。

So a little bit more than 4% for the fourth quarter is one thing that we should -- you should take into account.

因此，第四季度略高於 4% 是我們應該考慮的一件事——你應該考慮到。

And in terms of long-term contracts, we see every day that if a better offer comes along long-term contracts are reopened by our customers immediately.

在長期合同方面，我們每天都看到，如果出現更好的報價，我們的客戶會立即重新簽訂長期合同。

So it's really hard to say I'm going to sign up a very long-term contract.

所以真的很難說我會簽一份很長的合同。

We have some of those but we always know that people reopen those contracts.

我們有其中一些，但我們始終知道人們會重新打開這些合同。

They are the customers in the end, so we try to negotiate but it's not that easy.

他們畢竟是客戶，所以我們嘗試談判，但這並不容易。

Thank you.

謝謝你。

And the second question was just on OX40.

第二個問題是關於 OX40 的。

I know you've got three products, or three molecules in development and it seems to be getting more and more crowded.

我知道你們已經開發了三種產品或三種分子，而且似乎越來越擁擠。

So we know Roche has got one, Pfizer's got one, GSK announced they've got one.

所以我們知道羅氏有一個，輝瑞有一個，葛蘭素史克宣布他們有一個。

Do you think it is going to be very, very crowded in OX40 and then even more?

您認為 OX40 會非常非常擁擠，甚至更多嗎？

Is there going to be a lot of differentiation between all the different products?

所有不同的產品之間會有很大差異嗎？

Well, Briggs maybe you want to cover this.

好吧，布里格斯也許你想報導這個。

We -- as you know, we have three.

我們 - 如您所知，我們有三個。

We have the murine, the humanized antibody, and then we have the fusion protein.

我們有鼠類、人源化抗體，然後我們有融合蛋白。

And the fusion protein potentially would be -- could be differentiated from everything else and be more effective.

並且融合蛋白可能會 - 可以與其他任何東西區分開來並且更有效。

The question is what safety profile will we get?

問題是我們將獲得什麼樣的安全概況？

So we will know when we have run the Phase 1 study.

因此，我們將知道何時進行第一階段研究。

So fusion protein has the potential to be differentiated and the rest is probably a question of combination and a question of speed, great speed.

所以融合蛋白有分化的潛力，剩下的可能就是結合的問題，速度的問題，速度快。

Yes.

是的。

So I think it will be crowded based upon what we've heard from competitors of people entering.

所以我認為根據我們從競爭者那裡聽到的情況來看，它會很擁擠。

It seems to be an attractive target to many people.

對於許多人來說，這似乎是一個有吸引力的目標。

As Pascal said, we have, and you noted, we have three different things that we want to sort out which one would be the best.

正如 Pascal 所說，我們有，而且您也注意到了，我們有三件不同的事情，我們想要找出哪一件是最好的。

How to differentiate, whether they differentiate, time will tell.

如何區分，是否區分，時間會證明一切。

It was similar I think in the PD-1/PD-L1.

我認為在 PD-1/PD-L1 中是相似的。

There were hypotheses about one is better than the other and time will tell.

有關於一個比另一個更好的假設，時間會證明一切。

But I do think that it's an attractive target.

但我確實認為這是一個有吸引力的目標。

We think it is.

我們認為是。

And we do think that -- again, we wouldn't be surprised that the real place that they show up is in combinations, and so having available our own CTLA-4 and our own PD-L1 to think about combinations with OX40 we think positions us well, but for sure it's going to be crowded.

我們確實認為——同樣，我們不會對它們出現的真正位置是組合感到驚訝，因此我們可以使用我們自己的 CTLA-4 和我們自己的 PD-L1 來考慮與我們認為的 OX40 的組合我們的位置很好，但肯定會很擁擠。

Thanks.

謝謝。

And then just a final question which was what that the Farxiga/Forxiga prescription trends look really good, but you still don't -- I haven't seen you report on exactly what the sales are.

然後是最後一個問題，即 Farxiga / Forxiga 處方藥趨勢看起來非常好，但你仍然沒有——我還沒有看到你報告確切的銷售情況。

And is that because there is some very big discounting or couponing and that's why the sales don't look as impressive as the prescription trends, or are you going to start reporting the sales for 2015?

那是因為有一些非常大的折扣或優惠券，這就是為什麼銷售額看起來不如處方藥趨勢那麼令人印象深刻，或者你打算開始報告 2015 年的銷售額嗎？

Well actually no.

實際上沒有。

It was simply that our competition didn't report sales so we decided not to report sales.

只是因為我們的競爭對手沒有報告銷售額，所以我們決定不報告銷售額。

So we will report sales in 2015 no doubt.

所以毫無疑問，我們將報告 2015 年的銷售額。

Now the -- for both Symbicort and Farxiga in the first half of this year what we have to deal with is the change in formulary listings that you are well aware of.

現在——對於今年上半年的 Symbicort 和 Farxiga，我們必須處理的是您很清楚的處方列表的變化。

And so we have plans to deal with those, but certainly we have built in our plans also a short-term impact on our project area both for Symbicort and certainly Farxiga.

因此，我們有計劃來處理這些問題，但當然我們已經在我們的計劃中建立了對 Symbicort 和 Farxiga 的項目區域的短期影響。

And Q1 sales, we will report the Farxiga sales, well the Farxiga family, Farxiga plus (inaudible).

而第一季度的銷售額，我們將報告 Farxiga 的銷售額，以及 Farxiga 家族，Farxiga plus（聽不清）。

Thank you.

謝謝你。

So then I'll ask one question from our participants on the telephone and then I'll come back to the room.

那麼我會在電話中問我們的參與者一個問題，然後我會回到房間。

Is there a question on the telephone?

電話裡有問題嗎？

Okay so well the name doesn't show up anywhere.

好吧，這個名字沒有出現在任何地方。

Okay, so Tim Anderson.

好吧，蒂姆·安德森。

So, Tim, go ahead.

所以，蒂姆，繼續吧。

There is nothing on the screen here.

屏幕上沒有任何內容。

Thank you.

謝謝你。

I joined late, so I apologize if you've already touched on some of these things.

我加入晚了，如果您已經談到其中的一些事情，我深表歉意。

On mergers and acquisitions, it's a question I've asked in the past.

關於併購，這是我過去問過的一個問題。

How much of a priority is it for management to pursue transactions that would specifically pull forward the trough year of 2017.

管理層在多大程度上優先考慮進行能夠特別推動 2017 年低谷的交易。

And I guess the specific question here is are you going to say there's an upper limit to the size of the deals that you would be considering in the next year or two?

我想這裡的具體問題是你會說你在未來一兩年內考慮的交易規模有上限嗎？

The second question is just on the PEGASUS results that came out that were positive.

第二個問題只是關於 PEGASUS 的積極結果。

Can you just help quantify what that means for Brilinta, realistically in terms of an uptick?

你能否幫助量化這對 Brilinta 意味著什麼，實際上是在上升方面？

And then last question.

然後是最後一個問題。

Right around the time that your call started there's been some news on the wires that Pfizer' is buying for Hospira for $19b.

就在你的電話開始的時候，有一些關于輝瑞公司以 19b 美元收購 Hospira 的消息。

My guess is that you would probably concur that the odds of Pfizer coming back after Astra now seem even lower than they may have been before, but I'd love to hear your updated perspective on that.

我的猜測是，您可能會同意輝瑞在 Astra 之後回歸的可能性現在似乎比以前更低，但我很想听聽您對此的最新看法。

Thanks Tim.

謝謝蒂姆。

So we'll start with your last question and probably leave it at your own conclusion.

因此，我們將從您的最後一個問題開始，您可能會自行得出結論。

The -- on the Pfizer, no, the answer to your question I don't have it, but I can only deal with probabilities.

關于輝瑞，不，我沒有你問題的答案，但我只能處理概率。

And I think it's relatively logical to think the probability of a return has substantially reduced.

而且我認為認為回報的可能性已大大降低是相對合乎邏輯的。

I guess that's probably the only thing we could say at this point.

我想這可能是我們目前唯一能說的了。

In term of PEGASUS, Luke, maybe you want to cover this.

就 PEGASUS 而言，Luke，也許你想介紹一下。

Just one thing is that you have to wait.

只有一件事是你必須等待。

We have to wait for the detail to be in their label to be able to fully promote that new indication for PEGASUS -- for Brilinta.

我們必須等待詳細信息出現在他們的標籤中，才能充分宣傳 PEGASUS 的新適應症——Brilinta。

Yes.

是的。

And there's obviously a limit to what I can speculate right now because of the status of the data.

由於數據的狀態，我現在可以推測的顯然是有限的。

But ultimately this should have a positive impact for this product because you've increased confidence on the part of individual cardiologists that are using this in the lab.

但最終這應該對該產品產生積極影響，因為您已經增加了在實驗室中使用該產品的個別心髒病專家的信心。

When the patient is discharged from the hospital they're more likely to have stronger instructions to continue treatment, so this should have an impact, we hope, on the days of treatment, the length of treatment.

當患者出院時，他們更有可能得到更強烈的繼續治療指示，因此我們希望這應該會影響治療天數和治療時長。

I mentioned before that many patients are not making it to a full 12 months.

我之前提到過，許多患者都活不過整整 12 個月。

In a number of markets, for example in Europe where you have reimbursement, you have this higher initial conversion and many of these patients stay on for longer.

在許多市場中，例如在您有報銷的歐洲，您有更高的初始轉化率，並且其中許多患者停留的時間更長。

As I said, 50%.

正如我所說，50%。

But a number of healthcare systems stop these patients immediately at 12 months.

但是許多醫療保健系統會在這些患者 12 個月大時立即停止使用。

In the US, by contrast, you have less patients coming on initially, but that's changing rapidly.

相比之下，在美國，最初接受治療的患者較少，但這種情況正在迅速改變。

Once they're on the product, they do tend to stay on for longer, beyond 12 months, which is not something that we promote.

一旦他們使用了產品，他們往往會停留更長時間，超過 12 個月，這不是我們所提倡的。

And I think there's just a broader halo effect if we look across the whole program, and out over a number of years and different indications.

而且我認為，如果我們縱觀整個計劃，並且經過多年和不同的適應症，就會產生更廣泛的光環效應。

It gives people confidence that this mechanism is doing what they hoped that it would do.

它讓人們相信這個機制正在做他們希望它會做的事情。

Just maybe to add is that -- a couple of points is, we were always confident in our Plato data and we defended that study.

也許要補充的是——有幾點是，我們總是對我們的柏拉圖數據充滿信心，我們為這項研究辯護。

But at the end of the day we had to accept it was only one study.

但最終我們不得不接受這只是一項研究。

And now we have a second study that reconfirms the benefit of this product in ACS.

現在我們有第二項研究再次證實了該產品在 ACS 中的益處。

So hopefully we can hope that this debate is behind us, the controversy is behind us.

所以希望我們可以希望這場辯論已經過去，爭議已經過去。

And, as Luke said, it will be help people build confidence.

而且，正如盧克所說，這將有助於人們建立信心。

But the second thing is that over time -- and I say over time because 2015 we cannot really promote this.

但第二件事是隨著時間的推移——我說隨著時間的推移，因為 2015 年我們無法真正推動這一點。

We cannot promote this data at all so we have to wait for the label.

我們根本無法推廣此數據，因此我們必須等待標籤。

But over time it will help us, in particular in the US, because in the US you only have 20% of patients who stay on the drug for 12 months.

但隨著時間的推移，它會對我們有所幫助，尤其是在美國，因為在美國，只有 20% 的患者會堅持服藥 12 個月。

In Europe 50%.

在歐洲 50%。

And quite frankly it was already the case with -- like this before.

坦率地說，情況已經如此——就像以前一樣。

It's certainly very much the case for Brilinta.

對於 Brilinta 來說，情況確實如此。

But as we demonstrated for PEGASUS, but also with the help of studies like Apollo, that really shows the patients who have had an event and are not treated with OAP are very much at a high risk of facing a recurring event.

但正如我們為 PEGASUS 所展示的那樣，而且在 Apollo 等研究的幫助下，這確實表明發生過事件但未接受 OAP 治療的患者面臨復發事件的風險非常高。

If we use this body of evidence, we have good arguments to convince physicians that they should really make sure their patients stay on the drug.

如果我們使用這些證據，我們就有很好的論據來說服醫生，他們應該真正確保他們的病人堅持服藥。

Marc, do you want to cover the last point?

馬克，你想談談最後一點嗎？

So briefly, it's a difficult question to answer, is there a limit to a deal.

簡而言之，這是一個很難回答的問題，交易是否有限制。

I think we don't really look at it in such a way.

我認為我們並沒有真正以這種方式看待它。

For us, we explore opportunities by looking at whether this outside opportunity is aligned with our core strategies.

對我們來說，我們通過觀察這個外部機會是否與我們的核心戰略保持一致來探索機會。

The second criteria we use is, is it -- are we going to do a better job than the team in place?

我們使用的第二個標準是，我們是否會比現有團隊做得更好？

Are we going to be a better owner?

我們會成為更好的主人嗎？

And the third obviously is the price and the impact on our earnings.

第三個顯然是價格和對我們收益的影響。

So these are the three parameter we look.

所以這些就是我們看的三個參數。

I don't think they are physical limitations to date today.

我不認為它們是今天的身體限制。

The debt market is relatively easy and the cost of the debt is very low.

債務市場相對容易，債務成本很低。

So this -- and for us the debt capacity, or the limit to the deal is not what we look at.

所以這個 - 對我們來說，債務能力或交易的限制不是我們所關注的。

It has to be absolutely aligned with our strategy.

它必須完全符合我們的戰略。

These are the key areas we look at.

這些是我們關注的關鍵領域。

Yes.

是的。

I mean our primary focus is really to turn this pipeline into a reality.

我的意思是我們的主要重點是真正將這條管道變成現實。

We've got a lot of great projects here that can help patients and create enormous value, but a focus on making this happen.

我們這裡有很多偉大的項目可以幫助患者並創造巨大的價值，但我們專注於實現這一目標。

We will continue looking for opportunities because it is clear that we have a bridge between now and 2017.

我們將繼續尋找機會，因為很明顯我們在現在和 2017 年之間架起了一座橋樑。

We have two years to go that are suddenly years where we are making good progress, but we're also facing headwinds with Nexium and Crestor patent expiries.

我們還有兩年的時間，突然間我們取得了良好進展，但我們也面臨 Nexium 和 Crestor 專利到期的不利因素。

So if we were able to find an acquisition that would help us bridge to 2017 and build further strength in our core areas, we would do it.

因此，如果我們能夠找到有助於我們迎接 2017 年並在我們的核心領域進一步增強實力的收購，我們就會這樣做。

But as Marc said, the three criteria that we use, we try to follow in a disciplined manner.

但正如 Marc 所說，我們使用的三個標準，我們試圖以一種有紀律的方式來遵循。

We've looked at many, many opportunities and it's really hard to find one that would address our criteria so far, but we'll certainly keep looking.

我們研究了很多很多機會，目前很難找到符合我們標準的機會，但我們肯定會繼續尋找。

Nicolas Guyon-Gellin, Morgan Stanley.

Nicolas Guyon-Gellin，摩根士丹利。

Three questions please.

請教三個問題。

The first one is with regards to the ATLANTIC trial.

第一個是關於大西洋試驗。

In light of the recent developments, how would you rate the probability of filing maybe 4736 on the back of a single ARM trial?

鑑於最近的事態發展，您如何評價在一次 ARM 試驗後提交 4736 的可能性？

And could you discuss the possible scenarios, depending on BMS label being a third and second line lung cancer?

您能否討論可能的情況，具體取決於 BMS 標籤是三線和二線肺癌？

The second question is a financial one.

第二個問題是財務問題。

Your guidance of flat reported EPS versus revenue down low double-digit implies a significant SG&A cut to the tune of $1.5b if my maths are correct.

如果我的計算正確的話，您報告的 EPS 持平與收入下降兩位數的指導意味著 SG&A 將大幅削減 1.5b 美元。

So don't you see any risk of impacting the US primary care oriented growth platform?

那麼，您看不到任何影響美國以初級保健為導向的增長平台的風險嗎？

And could you give us a few examples of things you can cut without impacting those platforms?

你能給我們舉幾個例子，說明你可以在不影響這些平台的情況下削減哪些東西嗎？

And the final question is a quick respiratory one.

最後一個問題是快速呼吸問題。

Any specific reason behind the strong performance of Pulmicort in emerging market in Q4 and is that sustainable?

第四季度 Pulmicort 在新興市場的強勁表現背後有什麼具體原因嗎？這種情況是否可持續？

Thank you.

謝謝你。

Great questions.

很好的問題。

So ATLANTIC maybe Briggs you want to cover, and Marc you could cover the expenses?

那麼大西洋也許你想支付 Briggs，而 Marc 你可以支付費用嗎？

So I think it's fair to say that it's a fairly dynamic environment that we're living in in terms of PD-1/PD-L1.

所以我認為可以公平地說，就 PD-1/PD-L1 而言，我們生活在一個相當動態的環境中。

I will say that what we've heard from BMS and the read-out of their Phase III trial, the Merck announcements and Roche are sort of what we anticipated evolving in this space, which is why we started ATLANTIC in a third-line population which, as best as we understood at the time we started that trial, was a population that was still available.

我要說的是，我們從 BMS 那裡聽到的和他們 III 期試驗的宣讀、默克公司的公告和羅氏公司在某種程度上是我們預期在這個領域發展的，這就是我們在三線人群中開始大西洋的原因據我們在開始該試驗時所了解的那樣，這是一個仍然可用的人群。

As I've said multiple times, the ability for us to file ATLANTIC of course depends on exactly what happens with our competitors in terms of their filing and their labels and it depends on what data we generate from that trial.

正如我多次說過的那樣，我們提交 ATLANTIC 的能力當然取決於我們的競爭對手在提交文件和標籤方面的確切情況，並且取決於我們從該試驗中生成的數據。

Again, it's a dynamic field and we have to see what data comes together.

同樣，這是一個動態領域，我們必須查看哪些數據匯集在一起。

But at this point we still think there is a window that allows us the strategy we laid out, which has a fast-to-market strategy with third line.

但在這一點上，我們仍然認為有一個窗口可以讓我們制定我們制定的戰略，即具有三線快速上市戰略。

So Marc, you can go on with the expenses.

所以馬克，你可以繼續支付費用。

Let me just quickly cover the Pulmicort question.

讓我快速介紹一下 Pulmicort 問題。

The Pulmicort success is really driven by China.

Pulmicort 的成功實際上是由中國推動的。

It's very much a Chinese event and it is really quite an exciting development I have to say because for many reasons.

這在很大程度上是一個中國事件，我不得不說這是一個非常令人興奮的發展，因為有很多原因。

First of all, it's used in pediatrics, pediatric asthma essentially.

首先，它用於兒科，本質上是小兒哮喘。

In the last couple of years -- and those kids are treated in nebulizing centers.

在過去的幾年裡——那些孩子在霧化中心接受治療。

In the last couple of years we've gone from 200, 300 nebulizing centers to more than 2,000.

在過去的幾年裡，我們的霧化中心從 200、300 個增加到 2,000 多個。

We've helped build more than 2,000 nebulizing centers in China.

我們已經在中國幫助建立了 2,000 多個霧化中心。

And so we've been able to bring Pulmicort to all those kids who actually need to be treated.

因此，我們已經能夠將 Pulmicort 帶給所有真正需要治療的孩子。

And I think Pulmicort today is one of the biggest products in the Chinese marketplace actually.

我認為今天的 Pulmicort 實際上是中國市場上最大的產品之一。

It's exciting because we're helping those kids.

這很令人興奮，因為我們正在幫助那些孩子。

Now we're moving to home care treatment.

現在我們轉向家庭護理治療。

So we -- the problem is they go to these nebulizing centers, some of them are exposed to infections, of course.

所以我們——問題是他們去了這些霧化中心，當然，他們中的一些人會受到感染。

So we're trying to now move to home nebulizing treatment.

所以我們現在正嘗試轉向家庭霧化治療。

And the last thing is that it actually bodes well for the long-term, because in China patients today are treated -- doctors are treating asthmatic patients during the active phase of asthma.

最後一件事是，這實際上是長期的好兆頭，因為在中國，今天的患者正在接受治療——醫生正在治療哮喘活躍期的哮喘患者。

They don't treat on a maintenance basis.

他們不以維護為基礎進行治療。

That's why you see Symbicort and others they are growing, but they're not that enormous considering the size of China.

這就是為什麼你看到 Symbicort 和其他公司正在成長，但考慮到中國的規模，它們並沒有那麼龐大。

So if we do a good job educating the medical profession, there's an enormous potential to treat patients on a maintenance basis in asthma and then there's the whole COPD segment, of course.

因此，如果我們做好醫療行業的教育工作，那麼在維持治療基礎上治療哮喘患者的潛力巨大，當然還有整個 COPD 部分。

Marc, do you want to cover the?

馬克，你想報導嗎？

Yes.

是的。

Just talking about the $1.5b decrease on SG&A, I think you're forgetting one very important part and we have referred to it at the Investor Day.

只是談論 SG&A 減少 1.5b 美元，我認為你忘記了一個非常重要的部分，我們在投資者日已經提到了它。

I also mentioned it today.

我今天也提到了。

I want to repeat again.

我想再重複一遍。

We are going to look and accelerate our exploration for externalization.

我們將尋找並加速我們對外部化的探索。

So it's probably a part that you are -- you need to take into account in your modeling.

所以它可能是你的一部分——你需要在你的建模中考慮到。

We can't provide you with any clear indication today, but it's going to be an important part of revenues for 2015.

我們今天無法為您提供任何明確的指示，但它將成為 2015 年收入的重要組成部分。

Then on the structure of the spend, obviously our G&A line is going to continue decreasing.

然後在支出結構上，顯然我們的 G&A 線將繼續減少。

If you look historically this line has decreased.

如果你從歷史上看，這條線已經減少了。

It will continue decreasing.

它將繼續減少。

We are re-doubling our effort in containing our cost on the G&A line.

我們正在加倍努力控制 G&A 生產線的成本。

And then on the sales, marketing and medical, the only indication I can give you is that the medical is going to increase because this is the evolution of our portfolio from the primary care portfolio towards specialty care.

然後在銷售、營銷和醫療方面，我能給你的唯一跡像是醫療將會增加，因為這是我們的產品組合從初級保健組合向專科保健的演變。

So the medical line is going to increase, but the two other lines are going to be either stable or, for marketing, in reduction.

因此，醫療產品線將會增加，但其他兩條產品線要么保持穩定，要么為了營銷而減少。

That's just some indications.

這只是一些跡象。

Should I take the next question on the telephone.

我應該在電話中回答下一個問題嗎？

Mark Clark at Deutsche Bank.

德意志銀行的馬克克拉克。

Mark, do you want to go ahead?

馬克，你想繼續嗎？

Yes.

是的。

Hi, gentlemen.

嗨，先生們。

I was intrigued by your comment about China now being your second-largest market.

我對你關於中國現在是你的第二大市場的評論很感興趣。

For most of your peers it's a nice to have, but in your case it's now getting quite vital.

對於大多數同齡人來說，擁有它是件好事，但就您而言，它現在變得非常重要。

So, that being the case, I think probably most of us are not quite as attuned to the dynamics of that market as we would like.

因此，既然如此，我認為我們大多數人可能並不像我們希望的那樣適應該市場的動態。

So perhaps you could give us some prognosis for the Chinese market itself.

所以也許你可以給我們一些關於中國市場本身的預測。

You talked about some of your individual products like Pulmicort, but for the market itself, because I think I've seen data suggesting that the double-digit footfall through hospitals has dropped to 6%, 7%.

你談到了你的一些個別產品，比如 Pulmicort，但針對的是市場本身，因為我認為我看到的數據表明，通過醫院的兩位數客流量已經下降到 6%、7%。

And obviously the government and the regions are looking to cut prices.

顯然，政府和地區正在尋求降價。

So are we now looking at an era of high single-digit growth in China rather than double digits or -- I'd be very interested in your thoughts.

那麼，我們現在是否正在尋找中國高個位數增長的時代，而不是兩位數，或者——我對你的想法非常感興趣。

Thank you.

謝謝你。

Luke, you want to cover this one?

盧克，你想報導這個嗎？

So I think it's going to remain a very attractive market in terms of our business.

因此，我認為就我們的業務而言，它仍將是一個非常有吸引力的市場。

Obviously respiratory is very important, but also cardiovascular.

顯然呼吸很重要，而且心血管也很重要。

Pulmicort is dominant today.

Pulmicort 今天占主導地位。

Symbicort is a relatively small part of our business and one that we're very actively seeking to grow, along with Brilinta and the diabetes portfolio, of course.

Symbicort 是我們業務中相對較小的一部分，當然，我們正在非常積極地尋求發展，還有 Brilinta 和糖尿病產品組合。

In terms of the outlook for the market, it's clearly slowing, but it's still at a growth rate of around 12% which is certainly not slow.

就市場前景而言，它明顯放緩，但仍處於 12% 左右的增長率，這肯定不慢。

In terms of structural changes, I think that's the open debate we've had for a couple of years now.

就結構變化而言，我認為這是我們已經進行了幾年的公開辯論。

I think there's a number of people that are of the belief that if the economy further slows, the government will direct funding into healthcare in the interests of stability.

我認為有很多人相信，如果經濟進一步放緩，為了穩定，政府將把資金投入醫療保健。

They recognize that they have a structural challenge in the country, whether it is diabetes, cardiovascular disease, or also COPD.

他們認識到他們在該國面臨結構性挑戰，無論是糖尿病、心血管疾病還是慢性阻塞性肺病。

So I think we remain quite optimistic.

所以我認為我們仍然非常樂觀。

In terms of exact numbers, we wouldn't want to give exact numbers at this point for our business, but it's an attractive market.

就確切數字而言，我們此時不想為我們的業務提供確切數字，但這是一個有吸引力的市場。

In the future it's going to reward innovation.

未來它將獎勵創新。

And again we feel our pipeline is well presented there if we look over the next 10 years.

如果我們回顧未來 10 年，我們再次認為我們的管道在那裡得到很好的展示。

The 12% market Luke was referring to, we certainly continue outpacing this quite substantially as a company.

盧克所指的 12% 的市場，作為一家公司，我們當然會繼續大大超過這個市場。

And the market is slowing down.

市場正在放緩。

We've seen this before in China.

我們以前在中國見過這種情況。

There was a period of time when it slowed down and then accelerated again.

有一段時間它減速然後又加速。

So it's not because it's at 12% today, which, as Luke said, is a very healthy growth rate in the first place -- but it's not because it's at 12% today we're still there.

所以這不是因為它今天是 12%，正如盧克所說，這首先是一個非常健康的增長率——但這不是因為它今天是 12%，我們仍然在那裡。

It could accelerate again for the reasons Luke was describing which is the government is going to have to invest more in health care and so that's going to help the market.

由於盧克所描述的原因，它可能會再次加速，即政府將不得不在醫療保健方面進行更多投資，這將有助於市場。

Private insurance slowly developing, that will help also access.

私人保險慢慢發展，這也將有助於獲得。

And in the end you're going to have tensions between price pressures, just like in every other market, and, at the same time, a volume expansion.

最後你會在價格壓力和交易量擴張之間產生緊張關係，就像在所有其他市場一樣。

And if you look, for instance, at diabetes, we have, with Onglyza in China, in the half of the country that we manage as a company -- the other half was with BMS and we've now recovered it since October.

例如，如果你看糖尿病，我們在中國有 Onglyza，在我們作為一家公司管理的一半國家——另一半是 BMS，自 10 月以來我們已經恢復了它。

In the half of the country we manage, we have 40% share, so we try now to achieve this on a national basis.

在我們管理的一半國家中，我們擁有 40% 的份額，因此我們現在嘗試在全國范圍內實現這一目標。

The problem is of course this class of agents is not reimbursed yet, but when it becomes reimbursed we will certainly leverage the market share we've got.

問題當然是這類代理商還沒有報銷，但當它報銷時，我們肯定會利用我們已經獲得的市場份額。

So we certainly see China as a very, very important market.

因此，我們當然將中國視為一個非常非常重要的市場。

As you said, for some companies it's less important, but for us it's very important.

正如你所說，對於一些公司來說它不那麼重要，但對我們來說它非常重要。

We see it as a very, very big market and the future looks as there would be more room for innovative medicines as well, cancer and others.

我們認為這是一個非常非常大的市場，未來看起來創新藥物、癌症和其他藥物也會有更大的空間。

And we have now almost 7,000 people in China so that really is going to be a very, very important country, very important market and very important country for us.

我們現在在中國有近 7,000 名員工，因此對我們來說，中國真的會成為一個非常非常重要的國家、非常重要的市場和非常重要的國家。

There was another -- line from Seamus Fernandez at Leerink.

還有一條線來自 Leerink 的 Seamus Fernandez。

Seamus, do you want to go ahead?

Seamus，你想繼續嗎？

Sure.

當然。

Thank you so much for the question.

非常感謝你的問題。

So just quickly to start off, can you talk a little bit about the diabetes market and the combination opportunity of the SGLT-2 inhibitor plus the DPP4 inhibitor.

所以很快就開始了，你能談談糖尿病市場和 SGLT-2 抑製劑加 DPP4 抑製劑的組合機會嗎？

Maybe how important you think the role in terms of getting combination pricing right is going to play in the competitive dynamic, or do you really think that the product is so differentiated that it will -- that important pricing and discounting won't play a significant role.

也許您認為在獲得正確的組合定價方面的作用將在競爭動態中發揮多重要的作用，或者您真的認為產品如此差異化以至於它會 - 重要的定價和折扣不會發揮重要作用角色。

Second question is again on diabetes.

第二個問題又是關於糖尿病的。

I believe you started a combination trial of the SGLT-2 inhibitor in combination with Bydureon.

我相信您開始了 SGLT-2 抑製劑與 Bydureon 的聯合試驗。

Can you talk a little bit about the reasons for initiating that trial?

你能談談啟動該試驗的原因嗎？

I know there have been some very positive case reports in that regard, but I would love to hear your thoughts on that and the strategy of bringing those two products in combination.

我知道在這方面有一些非常積極的案例報告，但我很想听聽您對此的看法以及將這兩種產品結合起來的策略。

And then lastly, the adjuvant trial I think is something that really differentiates AstraZeneca when it comes to the prospects of having a late introduction with your monotherapy.

最後，我認為輔助試驗是真正讓阿斯利康與眾不同的東西，因為它涉及到晚引入單一療法的前景。

So can you talk a little bit about the opportunity in the adjuvant setting and how you reach into that market, and really maybe give us a little bit of a better sense of the size of that market as you look at it?

那麼，您能否談談輔助環境中的機會以及您如何進入該市場，並且真的可以讓我們更好地了解您所看到的市場規模？

Thanks so much.

非常感謝。

Where do we start?

我們從哪裡開始？

Combo pricing?

組合定價？

So I think just at a macro level, we're very attracted to the concept of combinations.

所以我認為在宏觀層面上，我們對組合的概念非常感興趣。

I think with the DPP4s we've seen good uptick ourselves.

我認為通過 DPP4，我們自己看到了良好的增長。

I didn't mention it, but we've had a strong launch of Xigduo in the US, very encouraging.

我沒有提到它，但我們在美國推出了 Xigduo，非常令人鼓舞。

So to have Saxa/dapa in the portfolio is something that we're looking forward to.

因此，在投資組合中加入 Saxa/dapa 是我們期待的事情。

In terms of pricing structure, I think it's fair to say it's unlikely to be one plus one equals two.

在定價結構方面，我認為公平地說不太可能是一加一等於二。

Now whether that is 1.2, 1.6, 1.5 or 1.8, in some degree we're going to inherit that structure because, of course, we're second to the market.

現在無論是 1.2、1.6、1.5 還是 1.8，在某種程度上我們都將繼承該結構，因為當然，我們是市場的第二名。

But again we are very encouraged.

但我們再次受到鼓舞。

We think there's a clear place and it reflects the evolution of the disease and it makes it easier for patients to take this as well as copays, so attractive.

我們認為有一個明確的地方，它反映了疾病的演變，它使患者更容易接受這個以及共付額，因此很有吸引力。

The SGLT-2 plus Bydureon combination, the logic behind it is that some patients who take SGLT-2 regain weight and some experts are speculating there's regulation of glucose and then people gain appetite and they start eating more.

SGLT-2 加 Bydureon 的組合，其背後的邏輯是一些服用 SGLT-2 的患者體重恢復，一些專家推測其調節葡萄糖，然後人們食慾大增，他們開始吃得更多。

So by using SGLT-2 in combination with GLP-1 you could potentially block this increased appetite and really achieve very, very substantial weight loss reductions.

因此，通過將 SGLT-2 與 GLP-1 結合使用，您可能會阻止這種食慾增加，並真正實現非常、非常顯著的減肥效果。

Because if you look at the effect of the SGLT-2 and the quantity of glucose people lose when they've taken SGLT-2, if you calculate that the weight loss impact, it would be much, much more than what you actually see in the clinical trials.

因為如果你看看 SGLT-2 的效果和人們在服用 SGLT-2 時失去的葡萄糖量，如果你計算減肥影響，它會比你實際看到的要多得多臨床試驗。

So the hope is by combining the two, we would see a very, very substantial weight loss so that that would be the ideal combination for those patients who are diabetic and have excess weight.

所以希望通過將兩者結合起來，我們會看到非常非常顯著的體重減輕，因此對於那些患有糖尿病且體重過重的患者來說，這將是理想的組合。

Briggs, do you want to add anything to that?

Briggs，你想補充什麼嗎？

Yes.

是的。

So Seamus, then the question about the adjuvant opportunity is one that's going to evolve because obviously, with the increased screening that people are now doing based upon some of the lung cancer screening trials, there are some who are estimating that those -- the adjuvant trial is IB, III and IIIA, right, so it's really early-stage patients.

所以 Seamus，然後關於輔助機會的問題是一個將會演變的問題，因為很明顯，隨著人們現在根據一些肺癌篩查試驗進行的篩查增加，有些人估計那些 - 輔助試驗是IB，III和IIIA，對，所以它真的是早期患者。

And there's a -- with increased screening, it is possible that that population will actually increase over what we see today.

而且有一個——隨著篩查的增加，這個人口實際上可能會比我們今天看到的增加。

So you'll probably have the standard epidemiology of the presentation by stage, but by the time the adjuvant trial reads out, it may in fact be moving patients into earlier stages.

所以你可能會分階段獲得標準的流行病學表現，但當輔助試驗宣讀出來時，它實際上可能會將患者轉移到更早的階段。

And as you can imagine, at the adjuvant setting it's going to be very large from what we know from all the products.

正如你可以想像的那樣，在輔助設置下，它會比我們從所有產品中了解到的要大得多。

But you know we -- basically what we're trying to do is take a variety of approaches to this immuno-therapy franchise.

但是你知道我們 - 基本上我們正在嘗試做的是對這種免疫治療專營權採取各種方法。

One is to find a way to get to the market as quickly as possible, as many of our peers are doing.

一是找到一種盡快進入市場的方法，就像我們許多同行正在做的那樣。

Two is to find indications where we would be first and think about the long-term and so the adjuvant is part of that long-term thinking.

二是找到我們首先要考慮的跡象，並考慮長期，因此佐劑是長期思考的一部分。

And then three, of course, is the combination where, instead of being a challenger and trying to catch up, we could, in the combination setting, we could be actually a leader, leader with another company or true leader depending on what the other combination development looks like.

然後是三，當然，是組合，在這種組合中，我們可以成為真正的領導者，另一家公司的領導者或真正的領導者，而不是挑戰者和試圖追趕，這取決於對方組合開發的樣子。

Can we return to the room?

我們可以回房間嗎？

Thank you.

謝謝你。

Simon Baker from Exane.

來自 Exane 的西蒙貝克。

Three quick questions.

三個快速問題。

Firstly on the SYGMA study with Symbicort.

首先是關於 Symbicort 的 SYGMA 研究。

Can you give us a little bit more of your rationale for doing that study now, particularly as we get close to loss of exclusivity in the US?

你能再多給我們講講你現在做這項研究的理由嗎，尤其是當我們接近失去在美國的獨家經營權時？

I do note from clinicaltrials.gov that there don't appear to be any US sites in that study.

我確實從 clinicaltrials.gov 注意到該研究中似乎沒有任何美國網站。

Is that partly explained by where you're targeting this indication?

這是否部分解釋了您針對該適應症的位置？

Secondly on FX, you very helpfully gave us some more sensitivity on FX.

其次，在 FX 方面，您非常有幫助地讓我們對 FX 更加敏感。

I just wonder if you could go a little bit further and give us the relative proportions, or some sense of the relative proportions of the currencies in the other bucket?

我只是想知道你是否可以更進一步，給我們提供相對比例，或者對另一桶中貨幣的相對比例的一些了解？

So Australian dollar, ruble, won, etc.?

那麼澳元、盧布、韓元等？

And thirdly, and apologies if I missed this earlier, have you given any guidance on the tax rate for 2015?

第三，如果我之前錯過了這個，請道歉，您是否對 2015 年的稅率給出了任何指導？

Thank you.

謝謝你。

So two questions for you, Marc and one for Briggs, maybe.

所以有兩個問題要問你，Marc，一個要問 Briggs。

So let me take the SYGMA question first.

所以讓我先回答 SYGMA 問題。

So remember I said SYGMA builds off of the SMART indication which is the Symbicort maintenance and reliever.

所以請記住我說過 SYGMA 是建立在 SMART 適應症的基礎上的，它是 Symbicort 的維護和緩解劑。

We don't have SMART in the US.

我們在美國沒有 SMART。

So you can think about the SYGMA opportunity as a follow on in the markets where we do have the SMART indication which I think addresses your question about where.

因此，您可以將 SYGMA 機會視為我們確實有 SMART 指示的市場的後續行動，我認為這解決了您關於在哪裡的問題。

And again, I think, to Pascal's point in the comments about Pulmicort, if you think about some of these earlier stage asthmatics in other markets around the world where there's a need for new therapies, we think there could be a significant opportunity here although probably unlikely in the US.

再一次，我認為，對於 Pascal 在關於 Pulmicort 的評論中的觀點，如果你想想世界上其他需要新療法的市場中的一些早期哮喘患者，我們認為這裡可能有一個重要的機會，儘管可能在美國不太可能。

So trying to answer your question on the relative weight of the other currencies, I believe the five currencies that I mentioned on the table are the five main ones among the others.

因此，在回答你關於其他貨幣相對權重的問題時，我相信我在表格中提到的五種貨幣是其他五種主要貨幣。

I do not recall the exact proportion of it, but I assume that these are the five main ones and that the others would be obviously much more limited.

我不記得它的確切比例，但我認為這是五個主要的，其他的顯然要有限得多。

I can find this information for you.

我可以為您找到這些信息。

I don't have it.

我沒有。

I think the ruble and the Australian dollar had a big impact.

我認為盧布和澳元產生了很大的影響。

The ruble simply -- our business is not that huge but the drop in the ruble, as you know, is enormous.

盧布很簡單——我們的業務不是那麼大，但正如你所知，盧布的貶值幅度很大。

So we could get back to you on this.

所以我們可以就此回复您。

But those are really two substantial ones.

但那確實是兩個實質性的。

The table gives you the reach of these currencies were impacted by 5%, what could be the impact.

該表為您提供了這些貨幣的影響範圍受到 5% 的影響，影響可能是什麼。

So obviously you want to know the relative weight of it.

所以很明顯你想知道它的相對重量。

I don't have the answer for you.

我沒有答案給你。

I believe those are the main ones.

我相信這些是主要的。

Regarding the tax rate, you have seen that in 2013 we were roughly at 20%.

關於稅率，大家看到2013年我們大概是20%。

16% in 2014 and 2015 is probably going to be between the two.

2014 年和 2015 年的 16% 可能介於兩者之間。

Any -- yes.

任何——是的。

Naresh Chouhan from Liberum.

來自 Liberum 的 Naresh Chouhan。

A couple of questions, please.

請問幾個問題。

On Crestor, could you please help us with what's still remaining in terms of marketing effort both in terms of DTC and salesforce?

在 Crestor 上，您能否幫助我們解決 DTC 和銷售人員方面的營銷工作尚待解決的問題？

And then on R&D costs, it would appear to me that there's some downward pressure this year with the PEGASUS study and the Saxa/dapa study now ending.

然後在研發成本方面，在我看來，隨著 PEGASUS 研究和 Saxa/dapa 研究的結束，今年存在一些下行壓力。

Do you have some sense of what you feel the upward pressures are through 2015?

您是否了解 2015 年的上行壓力？

Yes, the upward pressure -- and Briggs, jump in if you have more to add -- but the upward pressures are the new projects we've progressed into Phase III but very much oncology as a whole.

是的，向上的壓力——布里格斯，如果你還有更多要補充的話，請加入——但向上的壓力是我們已經進入第三階段的新項目，但整個腫瘤學非常重要。

And even oncology in particular, that's where the upward pressure is.

尤其是腫瘤學，這就是上升壓力所在。

Thirteen programs in Phase II, Phase III, this is quite a substantial investment and we have to support that franchise.

第二階段、第三階段的 13 個項目，這是一筆相當大的投資，我們必須支持該特許經營權。

So we certainly are putting a lot of effort in this oncology business both from an early development Phase I/II, but also late-stage development.

因此，我們當然在早期開發階段 I/II 和後期開發階段都在這個腫瘤學業務上投入了大量精力。

Briggs, anything you want to add?

布里格斯，你有什麼要補充的嗎？

No I think you hit it.

不，我想你中了它。

And Crestor, Luke, I mean I don't know if you have the numbers in mind but it's quite small.

還有 Crestor，Luke，我的意思是我不知道你是否記住了這些數字，但它非常小。

Yes, it's relatively small.

是的，它相對較小。

Yes, it's really focusing on select plans and defending at that level.

是的，它真的專注於選擇計劃並在那個級別進行防守。

Now every model in the US look -- shows that you need to promote products until almost the last day before patent expiry if you want to maximize the value.

現在美國的每一個模型都表明，如果你想最大化價值，你需要在專利到期前幾乎最後一天推廣產品。

But of course, you promote very differently and at much, much more -- much, much lower levels.

但是，當然，您的晉升方式非常不同，而且要高得多——低得多的水平。

So investment behind Crestor has reduced very substantially.

因此，Crestor 背後的投資已經大幅減少。

Everything goes behind -- not everything, but almost everything, especially in the US and Europe goes behind our growth platform.

一切都落後了——不是一切，但幾乎一切，尤其是在美國和歐洲，都落後於我們的增長平台。

Any more questions?

還有問題嗎？

We have one online.

我們有一個在線。

Mattias.

馬蒂亞斯。

Mattias.

馬蒂亞斯。

Mattias, go ahead.

馬蒂亞斯，繼續。

Thanks.

謝謝。

Mattias Haggblom, Danske Bank Markets.

丹麥銀行市場部的 Mattias Haggblom。

Three questions, please.

請教三個問題。

One of your peers was recently granted breakthrough designation for its anti-PD-L1 antibody in non-small cell lung cancer.

您的一位同行最近因其在非小細胞肺癌中的抗 PD-L1 抗體獲得了突破性認定。

Could you remind me if you submitted a request for your anti-PD-L1 antibody with the FDA or not and if not, why?

您能否提醒我您是否向 FDA 提交了抗 PD-L1 抗體申請？如果沒有，為什麼？

Secondly, can you comment on what your gross to net was in the US during 2014 and what to expect for 2015 as this is very much in investor's mind at these days?

其次，您能否評論一下 2014 年您在美國的毛淨值是多少，以及 2015 年的預期是什麼，因為這些天投資者非常關心這一點？

And lastly, with regards to the Almirall portfolio which was part of your book for the last two months, you state in the report that it generated sales of $30m.

最後，關於 Almirall 產品組合，它是您過去兩個月書中的一部分，您在報告中表示它產生了 3000 萬美元的銷售額。

Is that a good run rate to think for 2015 in this region and this opportunity or was there something in particular to take into account during the transition phase?

對於 2015 年這個地區和這個機會來說，這是一個很好的運行率，還是在過渡階段有什麼特別需要考慮的？

Thanks so much.

非常感謝。

So Briggs, do you want to cover the first question.

那麼布里格斯，你想回答第一個問題嗎？

Marc, the Almirall question.

馬克，Almirall 問題。

The gross to net question, just to be sure Mattias, gross to net of what?

總淨值問題，只是為了確定 Mattias，總淨值是什麼？

The US sales.

美國銷售。

Total US, okay.

完全美國，好吧。

Yes, so we don't comment on whether we've submitted for breakthrough.

是的，所以我們不評論我們是否提交了突破。

We will obviously tell you if we were to get breakthrough.

如果我們要取得突破，我們顯然會告訴你。

What I can tell you is that we continue to have conversations with FDA.

我可以告訴你的是，我們繼續與 FDA 進行對話。

We got breakthrough designation for 9291.

我們獲得了 9291 的突破性指定。

We got breakthrough for some of the antibodies that Pascal referred to earlier in antibiotics.

我們在 Pascal 早些時候在抗生素中提到的一些抗體方面取得了突破。

So we continue to have those conversations and should there be a dataset that they get excited about that they would entertain us applying, I think they would be clear about that.

因此，我們繼續進行這些對話，如果有一個數據集讓他們感到興奮，他們會讓我們申請，我認為他們會很清楚這一點。

So that's all I can say about the breakthrough at this point.

關於這一點上的突破，我只能說這麼多。

Marc.

馬克。

So on the impact of Almirall, you have -- for the last two months of 2014, the AKlira, one of the brands, we also received approval of -- yes, we received approval on directly and this product is going to be launched.

所以關於 Almirall 的影響，你有 - 在 2014 年的最後兩個月，AKlira，品牌之一，我們也獲得了批准 - 是的，我們直接獲得了批准並且該產品將要推出。

You must also take into consideration that we received some revenues and milestones from original partners of Almirall and these are included in other incomes.

您還必須考慮到我們從 Almirall 的原始合作夥伴那裡獲得了一些收入和里程碑，這些都包含在其他收入中。

These are a substantial amount of money.

這些都是一大筆錢。

So it's not a -- you have impacts not only on the sales level but also on the other income in the last quarter of 2014.

所以這不是——你不僅對銷售水平有影響，而且對 2014 年最後一個季度的其他收入也有影響。

And the gross to net, I don't know if we disclose this information actually.

從毛到網，我不知道我們是否真的披露了這些信息。

I don't think we have in the past.

我認為我們過去沒有。

Thomas, we haven't, no.

托馬斯，我們沒有，不。

So it is, of course, substantial, but we don't disclose that information.

所以它當然是實質性的，但我們不會透露這些信息。

Good, so --

很好，所以——

(Inaudible).

（聽不清）。

One more question, maybe the last one, Thomas.

還有一個問題，也許是最後一個問題，Thomas。

It's Matt.

是馬特。

Matt.

馬特。

Do you want to go ahead, Matt?

你想繼續嗎，馬特？

Thank you very much.

非常感謝你。

It's Matt Weston from Credit Suisse.

我是瑞士信貸的馬特韋斯頓。

A couple of questions if I can.

如果可以，請問幾個問題。

The first one relates to the income from partnering and/or divestiture of products.

第一個與來自合作和/或產品剝離的收入有關。

On a simple calculation, it looks like you're expecting at least $1b of income this year, if we follow the guidance around costs and revenue.

通過簡單的計算，如果我們遵循有關成本和收入的指導，您今年預計至少會獲得 10 億美元的收入。

Can you confirm that is the realms of the number that you're thinking of?

你能確認這是你正在考慮的數字領域嗎？

But then can you also tell us how you're thinking of 2016 and 2017 on a relative income basis?

但你能否也告訴我們你如何看待 2016 年和 2017 年的相對收入？

Obviously if you can't afford to invest in these assets, which is why you're looking to partner them, the flow of them should diminish over time.

顯然，如果您無力投資這些資產（這就是您尋求與它們合作的原因），那麼它們的流量應該會隨著時間的推移而減少。

And particularly as you talk about 2017 being the return to earnings growth, is that from an underlying base without this supplementary income, or you think the operational performance of the business will accelerate so rapidly that it can overcome the hurdle of these one-time gains?

特別是當你談到 2017 年是盈利增長的回歸時，是在沒有這種補充收入的基礎上，還是你認為企業的經營業績將如此迅速地加速，以至於它可以克服這些一次性收益的障礙？

And then I know we don't like to talk about reported earnings versus core, but I do notice that in Q4 there was a $636m charge in SG&A for the Bristol alliance.

然後我知道我們不喜歡談論報告收益與核心收益，但我確實注意到，在第四季度，布里斯托爾聯盟的 SG&A 費用為 6.36 億美元。

Can you explain what that is?

你能解釋一下那是什麼嗎？

Have you written down the value of what you acquired from Bristol and if so, why?

你有沒有記下你從布里斯托爾獲得的東西的價值，如果有，為什麼？

So the series of great questions.

所以這一系列的問題。

Marc, maybe I'll ask you to answer one of those.

馬克，也許我會請你回答其中一個問題。

But the first question we don't disclose specific numbers.

但第一個問題我們不透露具體數字。

I think the one think I would say is that you've got to think about this partnering externalization, however we call it, as a part of our business model.

我想我想說的是，你必須考慮這種合作外部化，不管我們怎麼稱呼它，作為我們商業模式的一部分。

So it's not a 2015 or 2016 event, it's an ongoing event.

所以這不是 2015 年或 2016 年的活動，而是持續進行的活動。

If you saw what we have coming through the pipeline in pre-clinical from two of our -- two units, you would understand what I'm talking about.

如果你從我們的兩個 - 兩個單位看到我們通過臨床前管道取得的成果，你就會明白我在說什麼。

There is a number of projects there and we can't develop everything.

那裡有很多項目，我們無法開發所有項目。

So essentially, we had two options.

所以基本上，我們有兩個選擇。

Either substantially reduce research and development and kill a lot of things, or actually decide to indeed take our operating model to its final end which is let those units operate really as biotechs that will actually create value with other companies.

要么大幅減少研發並扼殺很多東西，要么實際上決定將我們的運營模式帶到它的最終目的，即讓這些單位真正作為生物技術運營，真正與其他公司一起創造價值。

And we see that from the discussions we are having with a variety of people, we see that we can create value.

我們看到，從我們與各種各樣的人進行的討論中，我們看到我們可以創造價值。

So why stop those projects when we actually can take them to patients and create value for the Company?

那麼，當我們實際上可以將這些項目帶給患者並為公司創造價值時，為什麼要停止這些項目呢？

So see this as an ongoing path, sustainable part of our business model.

因此，將此視為一條持續的道路，是我們商業模式的可持續發展的一部分。

Now in terms of numbers, I don't have them here and certainly we will not comment on those anyway.

現在就數字而言，我這裡沒有，當然我們也不會對此發表評論。

But it's not a 2015 2016 event.

但這不是 2015 年 2016 年的活動。

It's part of the business model moving forward.

這是向前發展的商業模式的一部分。

Now the contingent consideration, the BMS, it's actually not bad news in terms of a write-off.

現在，或有考慮，BMS，就註銷而言實際上並不是壞消息。

It's actually sort of good news but it's a complex accounting issue that Marc can take you through.

這實際上是個好消息，但這是一個複雜的會計問題，Marc 可以帶您解決。

Thank you.

謝謝你。

So first of all, let me correct, it's not a write-down.

所以首先，讓我糾正一下，這不是減記。

It's the other way round.

恰恰相反。

Basically, we need to account for the future payment or future consideration -- contingent consideration that we would have to pay to BMS.

基本上，我們需要考慮未來的付款或未來的對價——我們必須支付給 BMS 的或有對價。

And as we perform our long-term planning, we get these results.

當我們執行長期規劃時，我們會得到這些結果。

And the mechanical formula tells us how much money we would owe to BMS.

機械公式告訴我們欠 BMS 多少錢。

And this year, this amount of -- amount of these obligations has increased.

今年，這些義務的數量有所增加。

Therefore, we have to take into non-core.

因此，我們必須考慮到非核心。

So it's not a write-down; it's an increasing of contingent obligations, contingent consideration that we will have to pay, obviously, for forecast correct.

所以這不是減記；這是或有義務的增加，我們將不得不支付的或有考慮，顯然，預測正確。

Understood, Marc.

明白了，馬克。

Can I -- a very quick follow-up there.

我可以 - 在那裡進行非常快速的跟進。

It's -- it was the surprise that it then jumped so significantly in 4Q.

令人驚訝的是，它隨後在第四季度大幅躍升。

So do you basically revalue your contingent considerations in the fourth quarter, or in the fourth quarter you substantially increased your expectations for the performance of diabetes and that led to the revaluation?

那麼，您是在第四季度基本上重估了您的或有考慮，還是在第四季度大幅提高了您對糖尿病表現的預期並導致了重估？

So the answer to that question is that we do a long-range plan once per year.

所以這個問題的答案是我們每年做一次長期計劃。

We do it in the last quarter of the year.

我們在今年最後一個季度這樣做。

When we have this basis for calculation, we apply it to the formula or to the royalty rate that we have to pay and we calculate it at that time.

當我們有這個計算基礎時，我們將它應用於公式或我們必須支付的特許權使用費率，然後我們在那個時候計算它。

So it's the first part of your option.

所以這是你選擇的第一部分。

It's influenced by the mix of products and the total sales that we are forecasting.

它受到產品組合和我們預測的總銷售額的影響。

But as Marc said, we do our plan starting in September, culminating to a presentation -- with a presentation to the Board in November and in the course of the last quarter, we revalue the long-range plan and the various parts of that, including diabetes.

但正如 Marc 所說，我們從 9 月開始製定我們的計劃，最終進行演示——在 11 月向董事會進行演示，在最後一個季度中，我們重新評估了長期計劃及其各個部分，包括糖尿病。

And immediately we have to take this charge to the P&L.

我們必須立即將這筆費用計入損益表。

Those are the standards.

這些是標準。

I know we've had many discussions on the topic.

我知道我們已經就這個話題進行了很多討論。

We don't decide the accounting standards.

我們不決定會計準則。

That's the way we have to do it and we just apply them.

這就是我們必須這樣做的方式，我們只是應用它們。

Anything you wanted to add?

您想添加什麼？

There was another question on the standardization.

還有一個關於標準化的問題。

I think what we can say -- we're not going to give you any amount.

我認為我們可以說的是——我們不會給你任何金額。

But if you use 2014 as a base, what we can say is that it's going to accelerate.

但如果以 2014 年為基數，我們可以說它會加速。

We are going to redouble our effort and it's going to intensify the standardization projects or negotiation we have with third parties.

我們將加倍努力，加強標準化項目或與第三方的談判。

And by the way the -- as soon as we take this consideration, it has an impact also on our tax rate as you can imagine because that's -- that influence -- this contingent consideration has an impact on our taxable earnings and of course the reported tax rate is influenced by this accounting event.

順便說一句——一旦我們考慮到這一點，它也會對我們的稅率產生影響，正如你可以想像的那樣，因為那是——這種影響——這種或有考慮對我們的應稅收入產生了影響，當然還有報告的稅率受此會計事件的影響。

So I will stop here and then thank you all for your participation and your great questions.

所以我會在這裡停下來，然後感謝大家的參與和提出的重要問題。

And I wish you a great afternoon.

祝你下午愉快。

Thank you very much.

非常感謝你。