AstraZeneca PLC (AZN) 2015 Q4 法說會逐字稿

Good afternoon, welcome, ladies and gentlemen, to AstraZeneca's full-year and Q4 2015 results webcast.

女士們先生們，下午好，歡迎收看阿斯利康全年和 2015 年第四季度業績的網絡直播。

Before I hand it over to AstraZeneca's Chief Executive, Pascal Soirot, I'd like to read the Safe Harbor statement.

在我將其交給阿斯利康首席執行官 Pascal Soirot 之前，我想先閱讀一下安全港聲明。

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

公司打算利用 1995 年美國私人證券訴訟改革法案的安全港條款。

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

本次電話會議的參與者可以就阿斯利康的運營和財務業績做出前瞻性陳述。

Although we believe our expectations are based on reasonable assumptions, by their very nature forward-looking statements involve risks and you certainties and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements.

儘管我們認為我們的預期是基於合理的假設，但就其本質而言，前瞻性陳述涉及風險和您的確定性，並且可能受到可能導致實際結果與這些前瞻性陳述所表達或暗示的結果大不相同的因素的影響。

Any forward-looking statements made on this call reflect the knowledge and information available at the time of this call.

在本次電話會議上做出的任何前瞻性陳述都反映了本次電話會議時可獲得的知識和信息。

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

公司不承擔更新前瞻性陳述的義務。

I will now hand you over to the venue in London.

我現在把你們交給倫敦的會場。

Good morning.

早上好。

Good afternoon everybody.

大家下午好。

Thank you so much for joining you us today.

非常感謝您今天加入我們。

I'm Pascal Soirot.

我是帕斯卡爾·索洛。

I'm the CEO of AstraZeneca.

我是阿斯利康的首席執行官。

Welcome to the full year and the Q4 2015 results presentation for investors and analysts.

歡迎觀看面向投資者和分析師的全年和 2015 年第四季度業績報告。

We are here live in London, and I know there's quite a number of you on the telephone, on the Webcast.

我們在倫敦現場直播，我知道你們中有很多人在電話中，在網絡廣播中。

There is a Webcast on www.AstraZeneca.com, and the presentation is actually posted online for those who want to download it.

www.AstraZeneca.com 上有一個網絡廣播，該演示實際上已在線發布，供那些想要下載的人使用。

I'm joined today by Luke Miels who is here, our Executive Vice President for Global Portfolio and Product Strategy, Global Medical Affairs and Corporate Affairs.

今天，我們負責全球產品組合和產品戰略、全球醫療事務和公司事務的執行副總裁盧克·米爾斯 (Luke Miels) 加入了我的行列。

Sean Bohen is our EVP for Global Medicines Development and is our Chief Medical Officer; and here also is with me Mark Dunoyer, our CFO.

Sean Bohen 是我們的全球藥物開發執行副總裁，也是我們的首席醫療官；我們的首席財務官 Mark Dunoyer 也和我一起來了。

In addition we have Mondher Mahjoubi in the room, Head of Oncology and Global Portfolio Strategy, who can also help us answer some of the questions in oncology you may have.

此外，我們還有腫瘤學和全球投資組合策略負責人 Mondher Mahjoubi 在場，他還可以幫助我們回答您可能遇到的一些腫瘤學問題。

We also have a number of key members of the AstraZeneca team here from [Iran] and some others as well.

我們還有來自 [伊朗] 和其他一些國家的阿斯利康團隊的一些主要成員。

It's really great to see so many of you here today, despite a very busy reporting season.

儘管報告季非常繁忙，但今天能在這裡見到這麼多人真是太好了。

I'm sure that you've been extremely busy in the last few days.

我敢肯定你最近幾天非常忙。

We look forward to taking you through the results and our achievements in 2015.

我們期待著向您介紹我們在 2015 年取得的成果和成就。

If you may -- if I may ask you, if you could turn to slide 2, please, this is our forward-looking statement.

如果可以 - 如果我可以問你，請轉到幻燈片 2，這是我們的前瞻性聲明。

And then please turn to slide 3.

然後請轉到幻燈片 3。

The plan today is for me to provide a short introduction, and then I'll hand it over to Luke who will give you an update on our Growth Platforms and the launch of New Oncology.

今天的計劃是讓我做一個簡短的介紹，然後我會把它交給盧克，他會給你介紹我們的增長平台的最新情況和新腫瘤學的推出。

It's a new Growth Platform, the number six.

這是一個新的增長平台，排名第六。

He will define what we call New Oncology for you.

他將為您定義我們所說的新腫瘤學。

Mark will cover the financials and the guidance, and I'm sure we'll have a lot of questions around 2016 overall.

馬克將介紹財務和指導，我相信我們在 2016 年總體上會有很多問題。

Sean will provide a pipeline and update on our news flows for this year, and we'll end with concluding remarks before we take your questions.

肖恩 (Sean) 將提供我們今年新聞流的管道和更新，在我們回答您的問題之前，我們將以結束語結束。

We plan to have about 45 minutes for the presentation and a similar amount of time for the Q&A, so up to about 1.5 hours in total.

我們計劃有大約 45 分鐘的演示時間和類似的問答時間，因此總共大約 1.5 小時。

Please turn to slide 4. Those are the highlights.

請轉到幻燈片 4。這些是亮點。

Total revenue we're up 1% to $24.7 billion in the year.

我們今年的總收入增長了 1%，達到 247 億美元。

We're pleased that we were able to achieve this steady performance and deliver on our upgraded guidance, margin [ideo abova], upgraded guidance.

我們很高興我們能夠實現這種穩定的表現並實現我們升級後的指導，保證金 [ideo abova]，升級後的指導。

The achievement was first and foremost based on our Growth Platforms.

這一成就首先是基於我們的增長平台。

They now represent about 57% of our total revenue, and they grew by 11% last year.

它們現在約占我們總收入的 57%，去年增長了 11%。

The performance of the Growth Platforms was supplemented by the external revenue, externalization revenue as you know that arise from the increasing R&D productivity and our decision to partner some of the projects that are not part of our focus.

增長平台的業績得到了外部收入、外部化收入的補充，這些收入來自研發生產力的提高以及我們決定與一些不屬於我們重點的項目合作。

And essentially what it enables us to do is to increase our focus on our main [CRP] areas.

從本質上講，它使我們能夠做的是增加我們對主要 [CRP] 領域的關注。

Core EPS was up 7%, and this is underpinned by the decline in SG&A costs.

核心每股收益增長 7%，這得益於 SG&A 成本的下降。

As we guided you we would achieve, we delivered a 2% reduction in full year SG&A and 11% reduction for the quarter four.

正如我們所指導的那樣，我們將實現全年 SG&A 減少 2%，第四季度減少 11%。

Importantly, the pipeline continues to progress, and we had positive news flow for the year with two approvals and two regulatory submissions, acceptances in Q4.

重要的是，管道繼續取得進展，我們在今年有積極的消息流，有兩項批准和兩項監管提交，第四季度接受。

If I stay on the pipeline, 2016 will be a very busy year as you know with lots of news flow that we're expecting, really news every month in fact on average almost every couple of weeks.

如果我繼續籌備，2016 年將是非常忙碌的一年，如您所知，我們期待著大量的新聞流，實際上每個月幾乎平均每兩週就有一次新聞。

On the final short sides for 2016, at a constant rates our total revenue is forecasted to decline by low to single digit percentage.

在 2016 年的最後空頭方面，以恆定的速度，我們的總收入預計將下降至個位數百分比。

As you know, we're still dealing with this massive patent expiry issue that we have to manage, and core EPS is expected to decline by low to single digit percentage as well.

如您所知，我們仍在處理我們必須管理的這一大規模專利到期問題，預計核心每股收益也將下降至個位數百分比。

This guidance incorporates the dilution coming from the Acerta and the ZS Pharma transactions that we announced late last year.

該指南包含了我們去年底宣布的 Acerta 和 ZS Pharma 交易帶來的稀釋。

And as always, again these measures are at a constant rate.

和往常一樣，這些措施再次以恆定的速度進行。

Marc will give you more details later.

Marc 稍後會為您提供更多詳細信息。

If you turn to slide 5 this is the pipeline news flow.

如果轉到幻燈片 5，這是管道新聞流。

We delivered strong news flow in Q4 with first and foremost an approval for Tagrisso in lung cancer in the United States, and, as you know, we just got approval in the EU a couple of days ago.

我們在第四季度發布了強勁的新聞流，首先是美國批准了 Tagrisso 治療肺癌，而且，正如你所知，我們幾天前剛剛在歐盟獲得批准。

Tagrisso is really a cornerstone in our oncology pipeline and our lung cancer strategy.

Tagrisso 確實是我們腫瘤管線和肺癌戰略的基石。

And we're really proud to bring this new medicine in record time.

我們真的很自豪能夠在創紀錄的時間內推出這種新藥。

I never stop mentioning internally that it took us 32 months from first in human to approval.

我從不停止在內部提及我們從首次進入人體到獲得批准花了 32 個月的時間。

This is a record development time for us as a Company and we believe actually a record in the industry as well.

對於我們公司來說，這是一個創紀錄的發展時間，我們相信這實際上也是行業的一個記錄。

On top of it, we also got approval for Zurampic in the US.

最重要的是，我們還在美國獲得了 Zurampic 的批准。

We got a positive opinion for this product in European community.

我們在歐洲社區獲得了對該產品的積極評價。

We got positive opinion also for Brilique based on the PEGASUS study that support an indication in patients with a prior myocardial infarction.

基於 PEGASUS 研究，我們也獲得了對 Brilique 的肯定意見，該研究支持既往心肌梗死患者的適應症。

And finally we obtained regulatory submission acceptance for brodalumab in psoriasis in the US and the EU.

最後，我們在美國和歐盟獲得了 brodalumab 治療銀屑病的監管提交認可。

And we are preparing to launch this product in the US together with our partner.

我們正準備與我們的合作夥伴一起在美國推出該產品。

We actually submitted ZS-9 in the US for hyperkalaemia.

我們實際上在美國提交了 ZS-9 用於治療高鉀血症。

This development really conclude a successful year for our pipeline with a couple of setbacks which we have to recognize including Selumetinib in Uveal melanoma.

這一發展確實為我們的管道成功的一年畫上了句號，但我們必須承認一些挫折，包括葡萄膜黑色素瘤中的 Selumetinib。

That doesn't have an impact on our core program in lung cancer but certainly is a setback from -- for this indication and also a setback that Sean will cover in more details a little bit later relating to SAXA DAPA.

這對我們在肺癌方面的核心項目沒有影響，但肯定是一個挫折——對於這個適應症，也是一個挫折，肖恩稍後將詳細介紹與 SAXA DAPA 有關的更多細節。

And it's only timing issue really.

這真的只是時間問題。

We think we have a way forward.

我們認為我們有前進的道路。

In 2016, we expect four further regulatory submissions for new products.

2016 年，我們預計將有四次新產品的監管提交。

Please turn to slide 6. From a financial viewpoint as you said revenue was up 1%, Growth Platform 11% and the total revenue was up 2% for the quarter, again, 11% for the Growth Platform.

請轉到幻燈片 6。從財務角度來看，正如您所說，收入增長了 1%，增長平台增長了 11%，本季度總收入增長了 2%，增長平台增長了 11%。

So we had a benefit from externalization revenue as I mentioned before.

因此，正如我之前提到的，我們從外部化收入中受益。

Core EPS in Q4 was up 22% which really reflects our ability to deliver on our core SG&A cost reduction as we committed we would do, minus 11% in the quarter.

第四季度的核心每股收益增長了 22%，這確實反映了我們實現核心 SG&A 成本削減的能力，正如我們承諾的那樣，本季度下降了 11%。

Core R&D investment ended the year at the point that will allow us to keep it at a similar level going forward into 2016.

核心研發投資在今年結束時的水平將使我們能夠在 2016 年保持類似水平。

We leveraged revenue down the P&L and you see here as I said here the core EPS results.

我們利用收入降低了損益表，正如我在這裡所說的那樣，您在這裡看到了核心每股收益結果。

To sum up, we've been able to continue the core R&D investment, reduce SG&A costs and we'll continue doing this in 2016.

總而言之，我們能夠繼續核心研發投資，降低 SG&A 成本，我們將在 2016 年繼續這樣做。

Of course, discipline will be essential as we enter a year that is certainly challenging as we lose the patent protection on Crestor in the United States.

當然，紀律將是必不可少的，因為我們進入了充滿挑戰的一年，因為我們在美國失去了 Crestor 的專利保護。

That's -- I would like to remind you, we start in May.

那是--我想提醒你，我們從五月開始。

The first generic introduction we expect in this guidance will take place in May.

我們預計本指南中的第一個通用介紹將在 5 月進行。

Over the medium term the performance of our Growth Platforms and upcoming launches should, together with the increasing cost reduction should help us offset the short-term headwinds that come from those patent expiries.

從中期來看，我們的增長平台和即將推出的產品的性能以及不斷降低的成本應該有助於我們抵消這些專利到期帶來的短期不利因素。

With this I'll hand over to Luke.

有了這個，我將交給盧克。

Thanks, Pascal.

謝謝，帕斯卡。

So it's a pleasure to present our product sales results today.

因此，很高興今天展示我們的產品銷售結果。

Please turn to slide 8. I'm going to spend a few minutes just talking through the Growth Platforms, which grew across all areas.

請轉到幻燈片 8。我將花幾分鐘時間談談增長平台，它在所有領域都有增長。

This is encouraging, naturally, because it's on the back of strong performance across these platforms, and these platforms are critical to our long-term goals.

這自然是令人鼓舞的，因為它是在這些平台的強勁表現的支持下，而這些平台對我們的長期目標至關重要。

I'll review each of them individually and in more depth later, but broadly Respiratory was driven by strength in emerging markets and by products in the US and the EU.

我將在稍後單獨和更深入地審查它們中的每一個，但從廣義上講，呼吸是由新興市場的實力以及美國和歐盟的產品推動的。

Brilinta continued to enjoy a steady uptake, following the positive PEGASUS data.

在積極的 PEGASUS 數據之後，Brilinta 繼續享有穩定的吸收。

And the strong diabetes performance was driven by the well executed product launches and the benefit of the global AstraZeneca footprint.

強勁的糖尿病業績是由執行良好的產品發布和全球阿斯利康足蹟的好處推動的。

Our emerging markets business showed notable strength in China and also in key markets outside China.

我們的新興市場業務在中國以及中國以外的主要市場都表現出顯著的實力。

And finally, Japan, you see at the bottom there, maintained growth in market share and product sales in what was a competitive environment.

最後，您在底部看到的日本在競爭激烈的環境中保持了市場份額和產品銷售的增長。

If you could just turn to the next slide we've got an addition.

請翻到下一張幻燈片，我們已經添加了內容。

You can see from our announcement that we issued this morning, New Oncology has been added as our sixth Growth Platform.

從我們今天早上發布的公告中可以看到，新腫瘤學已被添加為我們的第六個增長平台。

To ensure clarity, New Oncology is defined as worldwide sales of Lynparza, worldwide product sales of Tagrisso and also US product sales of Iressa.

為確保清晰，New Oncology 定義為 Lynparza 的全球銷售額、Tagrisso 的全球產品銷售額以及 Iressa 的美國產品銷售額。

And of course naturally as we launch products such as durvalumab and tremelimumab, these naturally will be incorporated into this measure.

當然，當我們推出 durvalumab 和 tremelimumab 等產品時，這些自然會被納入這項措施。

So these medicines instrumental in driving the next phase of growth in the years to come.

因此，這些藥物有助於推動未來幾年的下一階段增長。

Next slide thanks.

下一張幻燈片謝謝。

So if we start on Respiratory, the franchise grew by 7% in 2015.

因此，如果我們從 Respiratory 著手，2015 年特許經營權增長了 7%。

This was driven largely by a combination of emerging markets and also new products in the US and EU.

這主要是由新興市場以及美國和歐盟的新產品共同推動的。

Symbicort itself declined by 3% in the full year, and in the US product sales were up 1% with volume growth being offset by access and copay assistance.

Symbicort 本身全年下降了 3%，在美國，產品銷售額增長了 1%，銷量增長被准入和共付額援助所抵消。

In Europe, the business was impacted by analogs, we have three analogs in the US -- in the EU right now and these did place some pressure on price as you would expect.

在歐洲，業務受到類似物的影響，我們在美國有三個類似物——目前在歐盟，這些確實像你預期的那樣對價格造成了一些壓力。

In total, despite a highly competitive environment, Symbicort increased global market share with emerging markets now accounting for nearly 12% of total product sales and representing the biggest element of absolute growth.

總的來說，儘管競爭激烈，信必可增加了全球市場份額，新興市場目前佔產品總銷售額的近 12%，是絕對增長的最大因素。

Emerging markets continue to -- and you can see this in the middle of the chart.

新興市場繼續——你可以在圖表中間看到這一點。

We've put here the asthma cases.

我們把哮喘病例放在這裡。

They continue to represent an opportunity for AstraZeneca with many untreated patients in both asthma and CRPD.

對於許多未經治療的哮喘和 CRPD 患者，它們繼續為阿斯利康提供機會。

If we look at the new medicines, Tudorza and Eklira, these both delivered encouraging progress in the US and also Europe, and they were also the fastest growing LAMA bronchodilators in some of the EU markets where we've launched.

如果我們看看新藥 Tudorza 和 Eklira，它們在美國和歐洲都取得了令人鼓舞的進展，它們也是我們推出的一些歐盟市場中增長最快的 LAMA 支氣管擴張劑。

If we look at that, Eklira is now available in 35 countries and Duaklir, our LABA/LAMA bronchodilator is now available in 21 countries with planned rollout in an additional 20 markets in 2016, so we're at the start of a journey with these products.

如果我們看一下，Eklira 現在在 35 個國家有售，而 Duaklir，我們的 LABA/LAMA 支氣管擴張劑現在在 21 個國家有售，併計劃在 2016 年在另外 20 個市場推出，所以我們正處於與這些產品的旅程的開始產品。

We're launched.

我們發射了。

We've had good success.

我們取得了很好的成功。

This market has achieved around -- this medicine has you achieved around 15% market share in the LABA/LAMA market.

這個市場已經達到了——這種藥在 LABA/LAMA 市場上取得了大約 15% 的市場份額。

In the fourth quarter we also entered into an agreement to acquire Takeda's Respiratory business.

在第四季度，我們還簽訂了收購武田呼吸系統業務的協議。

This was a very good elegant deal.

這是一個非常好的優雅交易。

The transaction included the US rights -- the non-US rights for Daliresp called Daxas outside of the US.

該交易包括美國權利——Daliresp 在美國以外稱為 Daxas 的非美國權利。

And this provided a number of synergies in a number of markets and of course was immediately accretive.

這在許多市場中提供了許多協同效應，當然會立即增加。

Next slide.

下一張幻燈片。

Thanks.

謝謝。

So, for Brilinta we're pleased to report that sales were up 44% in the full year with particular strength in the US and emerging markets led by China in the case of emerging markets.

因此，對於 Brilinta，我們很高興地報告全年銷售額增長了 44%，在新興市場的情況下，美國和以中國為首的新興市場尤其強勁。

In the US the continued growth was supported by the launch of the 60-milligram, and if we look at new to brand prescription, you can see we started out at 8% and ended the year at around 12% or close to 12% which is a great result, one we're pleased with.

在美國，持續增長得到了 60 毫克的推出的支持，如果我們看一下新品牌處方，您可以看到我們開始時為 8%，年底時約為 12% 或接近 12%，這是一個很好的結果，我們很滿意。

Looking forwards, we anticipate that as physicians are educated on the new label and they also see the progression of guidelines in the US and all over Europe.

展望未來，我們預計隨著醫生接受新標籤方面的教育，他們也會看到美國和整個歐洲指南的進展。

That should support the product.

那應該支持該產品。

In the EU, the CHMP's positive opinion on the 60-milligram dose is expected to deliver a label claim which we're confident will support the ongoing usage of the product in a wide range of high risk patients.

在歐盟，CHMP 對 60 毫克劑量的積極意見預計將提供標籤聲明，我們相信這將支持該產品在廣泛的高風險患者中的持續使用。

In the coming weeks, we're also on track to launch in a number of other markets with the PEGASUS indication of the 60 milligrams.

在接下來的幾週內，我們還將在許多其他市場推出 PEGASUS 規格為 60 毫克的產品。

If we look at the international region, just the international region is emerging markets combined with countries such as Canada and Australia, our share gains have been reflected in volumes and if we look at that numerically the growth has been seven times the market growth rate for Brilinta.

如果我們看看國際地區，只有國際地區是新興市場加上加拿大和澳大利亞等國家，我們的份額增長已經反映在數量上，如果我們從數字上看，增長是市場增長率的七倍布里林塔。

Later on, Sean will take you through what promises to be a very busy and exciting year for Brilinta in terms of outcome studies in particular populations.

稍後，Sean 將帶您了解 Brilinta 在特定人群的結果研究方面有望度過的非常忙碌和激動人心的一年。

Next slide.

下一張幻燈片。

Thanks.

謝謝。

If we take some time to look at diabetes, I think it's very fair to say that the franchise delivered an impressive performance at 26% for the year.

如果我們花一些時間來研究糖尿病，我認為可以非常公平地說，該特許經營權在這一年中取得了令人印象深刻的 26% 的表現。

This was really driven by Forxiga and the Bydureon pen.

這實際上是由 Forxiga 和 Bydureon 筆驅動的。

In emerging markets diabetes sales were up 76%.

在新興市場，糖尿病銷售額增長了 76%。

You can see this at the block second to top.

你可以在倒數第二個區塊看到這個。

And the growth of the portfolio is encouraging as we faced what was an increasingly competitive marketplace.

當我們面對競爭日益激烈的市場時，投資組合的增長令人鼓舞。

But we had new product launches and ongoing pricing pressures.

但是我們有新產品發布和持續的定價壓力。

In the EU and international markets, Forxiga and its family led the SGLT2 class share by volume, and we also led with dynamic market share in Japan.

在歐盟和國際市場，Forxiga 及其家族在 SGLT2 類產品中的銷量份額處於領先地位，我們在日本的動態市場份額也處於領先地位。

The US did experience some competitive pressure and market share pressure, but a as we look into 2016, and for those who have seen the recent figures, we're off to a good start.

美國確實經歷了一些競爭壓力和市場份額壓力，但當我們回顧 2016 年時，對於那些看過最近數據的人來說，我們有了一個良好的開端。

We expect that improved formulary access and favorable changes in patient assistance programs will support the product.

我們預計，改進的處方准入和患者援助計劃的有利變化將支持該產品。

Bydureon in the -- overall, we had growth of 35%, and this is actually growing when you look at globally faster than the global GLP-1 markets and actually reflects a lot of faith in the pen.

Bydureon 在——總的來說，我們增長了 35%，當你以比全球 GLP-1 市場更快的速度看待全球時，這實際上是在增長，實際上反映了對筆的很多信心。

This is a pen which is now available in 18 countries.

這支筆現在在 18 個國家有售。

Again, it's a relatively narrow base that we're talking about here that will expand, and if we look at the revenue in those countries, the growth is actually driven by switches from other GLP-1s rather than being dominated by erosion of the tray.

同樣，我們在這裡談論的是一個相對狹窄的基數，但基數會擴大，如果我們看一下這些國家的收入，增長實際上是由其他 GLP-1 的轉換驅動的，而不是由托盤的侵蝕主導的.

All in all I think this was a strong performance across the regions in what remains a very attractive but competitive market.

總而言之，我認為在這個仍然極具吸引力但競爭激烈的市場中，各地區的表現都非常出色。

Next slide, thanks.

下一張幻燈片，謝謝。

For emerging markets, the title says continued high growth.

對於新興市場，標題表示持續高增長。

It was another good year, double-digit growth throughout last year.

這是又一個好年景，去年全年實現兩位數增長。

You can see China, the bottom of the chart there maintained growth at a slightly lower rate, but the underlying dynamics are positive, and our expectations are that we'll continue to deliver strong growth.

你可以看到中國，圖表底部保持了略低的增長率，但潛在的動力是積極的，我們的預期是我們將繼續實現強勁增長。

And we remain deeply committed to furthering innovation in China.

我們仍然堅定地致力於推動中國的創新。

Interestingly, we now have three fast track or Class 1 programs in China.

有趣的是，我們現在在中國有三個快速通道或 1 類項目。

You know roxadustat.

你知道羅沙司他。

We've also announced a partnership in biologics with WuXi, and also we have an EGFR inhibitor which was discovered in China in Shanghai which is progressing nicely in lung.

我們還宣布與藥明康德建立生物製劑合作夥伴關係，我們還有一種 EGFR 抑製劑，它是在中國上海發現的，在肺部取得了很好的進展。

As you may recall, we recently announced a major long-term investment program in China which will cover the full biopharmaceutical value chain, and this ranges obviously from research right through to manufacturing which support this commitment.

您可能還記得，我們最近宣布了一項在中國的重大長期投資計劃，該計劃將涵蓋整個生物製藥價值鏈，顯然涵蓋從研究到製造的整個範圍，以支持這一承諾。

Also there was notable growth outside of China.

中國以外的地區也有顯著增長。

You can see on the chart, Brazil 16%, Russia, 21%, and with many other markets we were able to maintain single high digit rates.

您可以在圖表上看到，巴西 16%，俄羅斯 21%，對於許多其他市場，我們能夠保持個位數的高利率。

The emerging markets growth was also if you look at products split across all therapeutic areas.

如果您查看所有治療領域的產品，新興市場的增長也是如此。

So Respiratory was up 25%, Brilinta was up 91% in emerging markets, diabetes up 76% and finally oncology up 18%.

因此，呼吸系統上漲了 25%，Brilinta 在新興市場上漲了 91%，糖尿病上漲了 76%，最後是腫瘤上漲了 18%。

I think it's fair to say that's a very strong balanced performance across the board in emerging markets.

我認為可以公平地說，這是新興市場全面的非常強勁的平衡表現。

We're actually tracking above our long-term target as listed on the right hand corner of this slide.

我們實際上正在跟踪本幻燈片右上角列出的長期目標。

So next slide, thanks.

下一張幻燈片，謝謝。

So if we pivot to Japan, our business in Japan maintained solid growth.

因此，如果我們將重心轉向日本，我們在日本的業務將保持穩健增長。

We had 8% in the quarter, 4% for full year.

本季度我們有 8%，全年為 4%。

This growth in medicines in Japan was driven by Symbicort, Crestor and Nexium, and you can see in the middle of this slide all made very good progress in 2015.

日本藥物的增長是由 Symbicort、Crestor 和 Nexium 推動的，您可以在這張幻燈片的中間看到它們在 2015 年都取得了非常好的進展。

And they actually maintained leading market share positions in what was in each one of these categories a very competitive segment.

他們實際上在這些類別中的每一個領域都保持著領先的市場份額地位，這是一個非常有競爭力的細分市場。

There were some fluctuations during the fourth quarter, but we detailed these in our press release, and these actually have no impact on the good underlying trend which is favoring our business in Japan.

第四季度出現了一些波動，但我們在新聞稿中詳細說明了這些，這些實際上對有利於我們在日本業務的良好潛在趨勢沒有影響。

On top of a solid and established portfolio in Japan, we are now actually in the process of preparing for the next wave of launches.

除了在日本建立穩固的產品組合之外，我們現在實際上正在為下一波發布做準備。

During the first half of 2016 we hope to achieve approval of Brilinta and also in the same time frame we are very excited to target an you approval of Tagrisso which is I'm sure you realize is just a few months after the FDA and EU approvals.

在 2016 年上半年，我們希望獲得 Brilinta 的批准，並且在同一時間段內，我們非常高興地瞄準您對 Tagrisso 的批准，我相信您會意識到，距離 FDA 和歐盟批准僅幾個月.

We actually expect that Tagrisso will benefit from our existing presence and infrastructure in lung, and naturally it represents quite an opportunity because of the prevalence of EGFR mutations in Japanese patients.

我們實際上預計 Tagrisso 將受益於我們在肺部現有的存在和基礎設施，並且自然地代表了相當大的機會，因為日本患者普遍存在 EGFR 突變。

Next slide, thanks.

下一張幻燈片，謝謝。

I think that's a good segue to the final part of my presentation which is New Oncology.

我認為這是我演講的最後一部分“新腫瘤學”的一個很好的轉折點。

If we go through the products, Lynparza continued its strong trajectory one year after approval.

如果我們仔細研究這些產品，Lynparza 在獲批一年後繼續保持強勁的發展軌跡。

Globally we've been able to treat around 2,550 patients through commercial supply, and the medicine is actually being approved in 24 countries.

在全球範圍內，我們已經能夠通過商業供應治療大約 2,550 名患者，而且該藥物實際上正在 24 個國家/地區獲得批准。

We've launched in 15, and we've got reviews ongoing in 13 countries.

我們已於 15 年推出，並且正在 13 個國家/地區進行審查。

So again that's a cascade of numbers.

所以這又是一連串的數字。

I think the key thing to take out of this is we've actually started our regulatory journey with Lynparza, and there's a lot of activity to come with this product.

我認為要解決這個問題的關鍵是我們實際上已經開始了 Lynparza 的監管之旅，並且該產品有很多活動。

Another thing that we follow very closely is [actually] BRCA testing rates.

我們密切關注的另一件事是 [實際上] BRCA 測試率。

It's a good barometer in terms of enthusiasm around the product and intention to prescribe.

就圍繞產品的熱情和開處方的意願而言，這是一個很好的晴雨表。

If you look at the US around two-thirds of patients in third and fourth line are aware of their BRCA status.

如果你看看美國，大約三分之二的三線和四線患者都知道他們的 BRCA 狀態。

If we look at Europe, in second line it's around 50% of patients already aware of their BRCA status.

如果我們看看歐洲，在第二線，大約 50% 的患者已經知道他們的 BRCA 狀態。

Just to put that in context, if we went back one year in Europe it was only 10% of patients were aware of their status with Lynparza.

只是為了說明這一點，如果我們回到歐洲一年，只有 10% 的患者知道他們的 Lynparza 狀態。

So also things are not standing still.

所以事情也不是停滯不前的。

As Sean will explain later, 2016 will actually be a very exciting year for news flow for Lynparza.

正如 Sean 稍後將解釋的那樣，2016 年實際上將是 Lynparza 新聞流非常激動人心的一年。

If we turn to Tagrisso which launched on November 13 in the US, we actually shipped and launched six months after that.

如果我們轉向 11 月 13 日在美國推出的 Tagrisso，我們實際上是在六個月後發貨和推出的。

And as you know, and as Pascal has referred to, we brought Tagrisso to patients in record time, and now we're in a position to offer a very effective treatment for second line lung cancer patients.

如您所知，正如 Pascal 所提到的，我們以創紀錄的時間將 Tagrisso 帶給患者，現在我們能夠為二線肺癌患者提供非常有效的治療。

And we're also encouraged by the inclusion, and it was a rapid inclusion in the NCCN guidelines for Tagrisso within one week of launch on the market.

我們也對 Tagrisso 的納入感到鼓舞，它在上市一周內迅速納入了 Tagrisso 的 NCCN 指南。

And we're going to be very excited and look forward to giving you an update on a regular basis on the progress we're making with Lynparza and Tagrisso.

我們將非常興奮並期待定期向您報告我們在 Lynparza 和 Tagrisso 方面取得的進展。

These naturally will form the initial backbone of our New Oncology portfolio, and these launches along with the growth drivers I've just taken you through ultimately underpin our performance -- our positive performance in 2015.

這些自然會構成我們新腫瘤學產品組合的初始支柱，這些發布以及我剛剛向您介紹的增長動力最終鞏固了我們的表現——我們在 2015 年的積極表現。

With that I'll thank you, and I will now hand over to Mark who is going to take you through the financial highlights.

有了這個，我會感謝你，我現在將交給馬克，他將帶你了解財務亮點。

Thanks, Luke, and hello everyone.

謝謝，盧克，大家好。

I'm going to spend the next few minutes taking you through our performance in 2015 as well as our guidance for 2016.

接下來的幾分鐘，我將向您介紹我們 2015 年的表現以及 2016 年的指導方針。

Please turn to slide 17.

請轉到幻燈片 17。

Total revenue grew by 1% in the year, marginally ahead of our revised guidance.

全年總收入增長 1%，略高於我們修訂後的指引。

Our investment in R&D was supported not only by the growth in the top line but also by a one percentage point improvement in the gross margin and a 2% reduction in core SG&A costs.

我們在研發方面的投資不僅得到了收入增長的支持，還得到了毛利率提高 1 個百分點和核心 SG&A 成本降低 2% 的支持。

As you may remember, in 2015 we committed to a reduction in core SG&A cost by absolute value and also as a proportion of total revenue.

您可能還記得，2015 年我們承諾降低核心 SG&A 成本的絕對值和占總收入的比例。

Our improved R&D productivity and the increased focus on the main therapy areas meant we could also deliver over $1 billion of externalized revenue and $1.5 billion of other operating income.

我們提高的研發生產力和對主要治療領域的更多關注意味著我們還可以提供超過 10 億美元的外部收入和 15 億美元的其他營業收入。

Further down the P&L, core EPS was $4.26, up 7% on the year which included a growth of 22% for the fourth quarter.

進一步降低損益，核心每股收益為 4.26 美元，同比增長 7%，其中第四季度增長 22%。

The board remain committed to a progressive dividend policy and have declared a secondary dividend of $1.90 per share, bringing the dividend per share to the full year-- to $2.80 for the full year, in line with previous years.

董事會繼續致力於漸進式股息政策，並宣布派發每股 1.90 美元的二次股息，使全年每股股息達到 2.80 美元，與往年持平。

As you know, we guide at constant exchange rates, and we anticipate a decline in total revenue in 2016 by low to mid single digit percentage.

如您所知，我們以固定匯率為指導，我們預計 2016 年總收入將下降中低個位數百分比。

We also anticipate a decline in core EPS by a low to mid single digit percentage.

我們還預計核心每股收益將下降一個中低個位數百分比。

The above guidance incorporates the dilutive effect arising from the Acerta Pharma and the ZS Pharma transaction announced late in 2015.

上述指引包含了 2015 年底宣布的 Acerta Pharma 和 ZS Pharma 交易產生的攤薄效應。

Further, it is important to note that we may see greater fluctuationses in the quarterly earnings performance this year as a result of the anticipated loss of Crestor exclusivity [for] in May.

此外，值得注意的是，由於預計 5 月份 Crestor 的獨家經營權喪失，我們今年的季度收益表現可能會出現更大的波動。

I'll take you through more details on our guidance as well as our future capital allocation priorities in a moment.

稍後我將帶您詳細了解我們的指導以及我們未來的資本配置優先事項。

If you could now turn to slide 18.

如果你現在可以轉到幻燈片 18。

Looking at other highlights in the P&L, encouraging progress was made in the year in the cost of sales.

從損益表的其他亮點來看，這一年在銷售成本方面取得了令人鼓舞的進展。

Our mix of sale is changing, and we are also making in roads into delivering manufacturing efficiencies.

我們的銷售組合正在發生變化，我們也在努力提高製造效率。

The increase in core R&D investment in the fourth quarter was outweighed by an 11% reduction in core SG&A costs.

第四季度核心研發投資的增長被核心 SG&A 成本下降 11% 所抵消。

We plan to further reduce core SG&A in 2016, and we have further opportunities to take out material levels of core SG&A costs.

我們計劃在 2016 年進一步減少核心 SG&A，並且我們有更多機會剔除核心 SG&A 成本的實質性水平。

Our core tax rate was 16% in the year, in line with the comments I made a year ago, essentially a 16% to 20% range.

我們當年的核心稅率是 16%，與我一年前發表的評論一致，基本上是 16% 到 20% 的範圍。

I anticipate a similar 16% to 20% range for 2016, depending on the eventual geographical mix of profits.

我預計 2016 年的增幅在 16% 到 20% 之間，具體取決於最終的利潤地域組合。

This is to help you with the modeling.

這是為了幫助您進行建模。

You can now turn to slide 19.

您現在可以轉到幻燈片 19。

I'm encouraged by the progress in improving both the core gross profit and the core gross margin.

我對提高核心毛利和核心毛利率的進展感到鼓舞。

The data on the chart exclude any impact from external to revenue and illustrates the strength of the underlying business.

圖表上的數據排除了外部對收入的任何影響，並說明了基礎業務的實力。

Our gross margin increased by one percentage point in 2015, and despite the increased investment in core R&D, the operating margin also increased by one percentage point to 28%.

我們的毛利率在 2015 年上升了一個百分點，儘管增加了核心研發投入，但營業利潤率也上升了一個百分點至 28%。

We are approaching high level of core R&D investment, and as you can see in the lower chart, oncology is now attracting the largest share of our R&D budget.

我們正在接近高水平的核心研發投資，正如您在下圖中所見，腫瘤學現在吸引了我們研發預算的最大份額。

In fact, we have doubled our absolute investment in oncology since 2013 in parallel with our focus on the other main therapy areas.

事實上，自 2013 年以來，我們在關注其他主要治療領域的同時，將對腫瘤學的絕對投資翻了一番。

At this high level of investment we have reached would lead us to anticipate a similar level of core R&D spend in 2016.

在我們達到的如此高的投資水平下，我們預計 2016 年的核心研發支出水平將達到類似水平。

Please turn to slide 20.

請轉到幻燈片 20。

Core SG&A cost reduction continues to be a key focus for the business.

降低核心 SG&A 成本仍然是該業務的重點。

We have made good progress in 2015, and I'm pleased that we delivered on our commitment in 2015.

我們在 2015 年取得了良好的進展，我很高興我們在 2015 年兌現了我們的承諾。

Core SG&A cost declined by 2% as an absolute value and by one percentage point relative to total revenue.

核心 SG&A 成本的絕對值下降了 2%，相對於總收入下降了一個百分點。

It's worth noting that core SG&A declined by 11% in the fourth quarter.

值得注意的是，第四季度核心 SG&A 下降了 11%。

In 2016 we are committed to materially reduce core SG&A cost even further based on constant exchange rates.

2016 年，我們承諾在固定匯率的基礎上進一步大幅降低核心 SG&A 成本。

We'll do this by continuing to focus on areas such as reducing third party spend, optimizing various function and processes and focusing on sales and marketing effectiveness.

為此，我們將繼續關注減少第三方支出、優化各種功能和流程以及關註銷售和營銷效率等領域。

Please turn to slide 21.

請轉到幻燈片 21。

Now I'd like to turn to 2016, a year of challenges but also real opportunities.

現在我想談談 2016 年，這是充滿挑戰但也充滿機遇的一年。

We know there are two clear pressures on the business when we think about guidance, namely the loss of exclusivity for Crestor in the US from May plus the dilutive effect arising from the transaction we announced before the end of the year.

我們知道，當我們考慮指導時，業務面臨兩個明顯的壓力，即 Crestor 從 5 月開始失去在美國的獨家經營權，以及我們在年底前宣布的交易產生的稀釋效應。

This dilution will not only impact the financial expenses line.

這種稀釋不僅會影響財務費用線。

We will also incorporate 100% of the R&D cost of Acerta with only a minority of those costs falling back out through noncontrolling interest.

我們還將納入 Acerta 100% 的研發成本，其中只有一小部分成本通過非控股權益回落。

We have, however, four very clear positives that we have baked into our guidance.

然而，我們有四個非常明確的積極因素，我們已經融入了我們的指導方針。

Firstly, Luke has just talked to you about the strong and consistent impact of the Growth Platforms.

首先，盧克剛剛與您談到了增長平台的強大而持續的影響。

In a moment Sean will take you through what will be a very busy year for the pipeline and our launch program.

稍後，肖恩將帶您度過管道和我們的啟動計劃非常忙碌的一年。

Thirdly, it's worth bearing in mind not only the milestone from a program of standardization.

第三，值得牢記的不僅僅是標準化計劃的里程碑。

There will also be an increasing level of recurring milestone and royalty income arising from agreements signed in the past.

過去簽署的協議所產生的經常性里程碑收入和特許權使用費收入也將增加。

This is in line with our long-term business model.

這符合我們的長期商業模式。

Lastly, a key message to take away today is the opportunity to take material level of core SG&A cost out of the business in 2016.

最後，今天要傳達的一個關鍵信息是有機會在 2016 年將核心 SG&A 成本從業務中剔除。

All of these factors are within our control.

所有這些因素都在我們的控制範圍內。

This is why the adverse currency movements that we expect are not included within guidance as per our usual practice.

這就是為什麼按照我們通常的做法，我們預期的不利貨幣走勢未包含在指導範圍內。

Please turn to slide 22.

請轉到幻燈片 22。

Looking at the specific guidance for 2016 it is at constant exchange rates, and we expect a low to mid single digit percentage decline in both total revenue and core EPS.

看看 2016 年的具體指導，它是按固定匯率計算的，我們預計總收入和核心每股收益將出現中低個位數百分比下降。

Outside of guidance, and using average January currency rates, the adverse impact on total revenue and core EPS from currency would be about 3% in 2016.

在指導之外，並使用 1 月平均匯率，2016 年貨幣對總收入和核心每股收益的不利影響約為 3%。

We will update this number as the year progresses to help you model.

隨著時間的推移，我們將更新此數字以幫助您建模。

Finally, I want to be clear about our capital allocation priorities this year.

最後，我想明確一下我們今年的資本配置重點。

We'll continue to strike a balance between the interest of the business, our financial creditors and our shareholders.

我們將繼續在企業利益、金融債權人和股東利益之間取得平衡。

After providing for investments of business supporting the progressive dividend policy and maintaining our strong investment grade credit ratings will keep under review any potential investment in earning accretive opportunities.

在提供支持漸進式股息政策並保持我們強大的投資等級信用評級的業務投資後，我們將繼續審查任何潛在的投資以賺取增值機會。

Thank you for listening.

謝謝你的聆聽。

And I will now hand over to Sean.

我現在將交給肖恩。

All right.

好的。

Great.

偉大的。

Thank you, Marc, and hello, everyone.

謝謝你，馬克，大家好。

Please turn to slide 24.

請轉到幻燈片 24。

2015 was a good year for AstraZeneca.

2015 年對阿斯利康來說是豐收的一年。

This slide highlights the key milestones including phase 3 readouts, regulatory submissions and regulatory approvals.

這張幻燈片突出了關鍵的里程碑，包括第 3 階段的讀數、監管提交和監管批准。

The favorable outcomes are colored in green.

有利的結果用綠色表示。

The unfavorable ones are in gray.

不利的是灰色的。

Clearly, the favorable events far outweigh the unfavorable ones.

顯然，有利的事件遠遠超過不利的事件。

I will speak specifically to one of the gray boxes, which is saxa dapa and the complete response letter.

我將專門針對其中一個灰色框進行說明，即 saxa dapa 和完整的回复信。

In the first half of 2016, we now expect to make a new US NDA regulatory submission for the fixed dose combination of saxagliptin and dapagliflozin.

2016 年上半年，我們現在預計將針對沙格列汀和達格列淨的固定劑量組合提交新的美國 NDA 監管申請。

This decision is based on recent positive interactions with the FDA.

這一決定是基於最近與 FDA 的積極互動。

In essence, we plan to submit additional clinical data for saxa dapa from a trial that is now completed.

從本質上講，我們計劃從一項現已完成的試驗中提交更多關於 saxa dapa 的臨床數據。

The key highlights were the six approvals including two new medicines, Tagrisso and Zurampic.

主要亮點是六項批准，包括兩種新藥 Tagrisso 和 Zurampic。

We look forward to continuing this momentum in 2016, to deliver on the pipeline and keep you updated on our progress.

我們期待在 2016 年繼續保持這種勢頭，交付管道並讓您了解我們的最新進展。

Please turn to slide 25.

請轉到幻燈片 25。

Next I would like to review some of the late stage pipeline highlights in the main therapy areas during the fourth quarter of 2015 and early into this year.

接下來，我想回顧一下 2015 年第四季度和今年年初主要治療領域的一些後期管線亮點。

Starting with RIA, the Symbicort LABA safety post marketing trial was positive.

從 RIA 開始，Symbicort LABA 安全上市後試驗是積極的。

Zurampic received approval in the United States and a positive CHMP opinion in the EU.

Zurampic 在美國獲得批准，在歐盟獲得 CHMP 的積極意見。

Brodalumab received regulatory submission acceptances into US and EU.

Brodalumab 獲得了美國和歐盟的監管提交驗收。

And exciting anifrolumab phase 2 results in lupus were presented at the ACR conference in November.

在 11 月的 ACR 會議上公佈了令人興奮的狼瘡 anifrolumab 2 期結果。

In CVMD, Brilique received a positive CHMP opinion in the EU for the post-MI indication and ZS-9 received regulatory submission acceptance in the EU.

在 CVMD 中，Brilique 在歐盟獲得了 CHMP 對 MI 後適應症的積極意見，而 ZS-9 在歐盟獲得了監管提交的認可。

Finally, for oncology, we received breakthrough therapies designation for Lynparza in particular forms of prostate cancer.

最後，在腫瘤學方面，我們獲得了 Lynparza 在特定形式的前列腺癌中的突破性療法指定。

Tagrisso was approved in the US and just a couple of days ago, also approved in the EU.

Tagrisso 在美國獲得批准，就在幾天前，也在歐盟獲得批准。

And the ADAURA adjuvant trial was also started.

而ADAURA的輔助試驗也開始了。

As for durvalumab, we do not plan any regulatory submission for monotherapy use in PDL1 positive third line non small cell lung cancer which is in line with our previous comments in December.

至於 durvalumab，我們不計劃針對 PDL1 陽性三線非小細胞肺癌的單藥治療提交任何監管申請，這與我們之前在 12 月發表的評論一致。

During the quarter we achieved first patient dosed in several durva plus treme combination trials, neptune in first line non small cell lung cancer, eagle in second line head and neck cancer, kestrel in first line head and neck cancer, danube in first line bladder cancer, and alps in second line pancreatic cancer.

在本季度，我們在多個 durva 加 treme 組合試驗中實現了首例患者給藥，一線非小細胞肺癌中的海王星，二線頭頸癌中的鷹，一線頭頸癌中的紅隼，一線膀胱癌中的多瑙河和二線胰腺癌中的阿爾卑斯山。

These trials are key programs for the successful development of our IO combination strategy.

這些試驗是成功開發我們的 IO 組合策略的關鍵程序。

On to slide 26.

轉到幻燈片 26。

For 2016, we expect continued strong news flow from our advancing pipeline including regulatory decisions, regulatory submissions and key data readouts.

對於 2016 年，我們預計我們不斷推進的管道將繼續產生強勁的消息，包括監管決策、監管提交和關鍵數據解讀。

If we only focus on events through the first half of 2016, for regulatory approvals we expect to hear back on zurampic for gout in the EU, PT003 for COPD in the US, ZS-9 for hyperkalaemia in the US, and Tagrisso for lung cancer in Japan.

如果我們只關注 2016 年上半年的事件，對於監管批准，我們預計會聽到歐盟關於痛風的 zurampic、美國的 COPD 的 PT003、美國的高鉀血症的 ZS-9 和肺癌的 Tagrisso 的反饋在日本。

As for key regulatory submissions, we expect to submit Brilinta in stroke, and resubmit saxa dapa for type 2 diabetes in the US.

至於關鍵的監管提交，我們希望在美國提交 Brilinta 治療中風，並重新提交 saxa dapa 治療 2 型糖尿病。

As for key data readouts, we expect benralizumab data for severe asthma, Brilinta for stroke, Lynparza for gastric cancer and tremelimumab for mesothelioma.

至於關鍵數據讀數，我們預計貝那利珠單抗用於嚴重哮喘的數據、Brilinta 用於中風的數據、Lynparza 用於胃癌的數據和 tremelimumab 用於間皮瘤的數據。

As you can see there are many key news points expected in the coming months, and we look forward to updating you on our progress.

正如您所看到的，未來幾個月預計會有許多關鍵新聞要點，我們期待著向您通報我們的最新進展。

Please turn to slide 27.

請轉到幻燈片 27。

Finally, I would like to walk you through a few measures of R&D productivity.

最後，我想向您介紹一些研發生產力的衡量標準。

Starting with the number of publications, as an indication of early science recognition, we had 397 publications in 2010, growing to 552 in 2015.

從出版物數量開始，作為早期科學認可的一個標誌，我們在 2010 年發表了 397 篇文章，2015 年增長到 552 篇。

As the number of publications has grown, so has the percentage of those considered to be medium and high impact.

隨著出版物數量的增加，被認為具有中等和高影響力的出版物的百分比也在增加。

Next, looking at the number of programs either in phase 2 or under registration, we had seven in 2010, growing to 15 in 2015.

接下來，查看第 2 階段或正在註冊的項目數量，2010 年有 7 個，2015 年增長到 15 個。

Our late stage portfolio mix is shifting from primary care to specialty care and from small molecules to a balance of small and large molecules.

我們的後期產品組合正在從初級保健轉向專業保健，從小分子轉向小分子和大分子的平衡。

Finally, the chart on the right shows the expected number of new molecular entities and major life cycle management submissions through 2018.

最後，右邊的圖表顯示了到 2018 年新分子實體和主要生命週期管理提交的預期數量。

As you can see, there will be a strong flow of anticipated submissions that will expedite unlocking the value of the pipeline.

正如您所看到的，將會有大量預期的提交，這將加速釋放管道的價值。

The goal for 2016 is to advance the pipeline, to bring more differentiated medicines to patients, and to live up to our promise of what science can do.

2016 年的目標是推進管道，為患者帶來更多差異化藥物，並實現我們對科學所能做的承諾。

And with that, I would like to hand back to Pascal for his closing comments.

說到這裡，我想把結束語交還給 Pascal。

Thank you, Sean.

謝謝你，肖恩。

To please turn to slide 20.

請轉到幻燈片 20。

I will quickly summarize the results today.

我今天將快速總結結果。

Very quickly so we move to the Q&A.

很快，我們進入問答環節。

Revenue was up 1%.

收入增長了 1%。

Growth Platforms importantly were up 11%.

重要的增長平台增長了 11%。

Our core EPS was up 7% which reflects that we delivered on our commitment to reduce SG&A costs, and we were able to maintain the momentum in the R&D investment.

我們的核心每股收益增長了 7%，這反映出我們兌現了降低 SG&A 成本的承諾，並且我們能夠保持研發投資的勢頭。

So our guidance is low to mid single digit percent decline for both revenue and core EPS, and the dilution is of the acquisitions we made late last year is included in this guidance as covered by Marc a minute ago.

因此，我們的指導意見是收入和核心每股收益均出現低至中個位數的百分比下降，而我們去年底進行的收購的稀釋包括在本指南中，正如馬克一分鐘前所涵蓋的那樣。

Sorry about this.

為此表示歉意。

This microphone is falling.

這個麥克風要掉下來了。

So I think really what this reflects is that we are on track with what we told you we would do.

所以我認為這真正反映的是我們正在按照我們告訴你我們會做的事情走上正軌。

In fact, by and large we believe that we are ahead of what we think -- we thought we would do two, three years ago from a pipeline viewpoint.

事實上，總的來說，我們相信我們領先於我們的想法——我們認為我們會在兩三年前從管道的角度來看。

The only new development that we certainly didn't expect, I don't think anybody would have expected quite frankly is the negative development in the last 15, 16 months on the currency front, and this really represents a massive headwind for us like for many other companies that report in US dollars compared to what the exchange rates were in 2013, for instance, we're losing more than $1.5 billion of profit in 2016.

我們當然沒有預料到的唯一新發展，坦率地說，我認為任何人都不會預料到的是過去 15、16 個月在貨幣方面的負面發展，這對我們來說確實是一個巨大的逆風與 2013 年的匯率相比，許多其他以美元報告的公司，例如，我們在 2016 年損失了超過 15 億美元的利潤。

The fact that we are able to still deliver the full actual exchange rate in 2015 is a reflection of the strengths of our business.

事實上，我們仍然能夠在 2015 年提供完整的實際匯率，這反映了我們業務的優勢。

If we turn to slide 30 before we end, just wanted to reflect on our journey.

如果我們在結束前轉到第 30 張幻燈片，只是想回顧一下我們的旅程。

We just finished the first phase of this journey which started early 2013, rebuilding our pipeline, and we believe now That we are done with this.

我們剛剛完成了從 2013 年初開始的這一旅程的第一階段，即重建我們的管道，我們現在相信我們已經完成了這項工作。

We have a very strong pipeline, and we're focusing on building three very strong businesses in oncology.

我們擁有非常強大的管道，我們正專注於在腫瘤學領域建立三個非常強大的業務。

Three years ago we had almost nothing in oncology.

三年前，我們在腫瘤學方面幾乎一無所知。

Today, we believe we have one of the best oncology portfolios in the industry.

今天，我們相信我們擁有業內最好的腫瘤產品組合之一。

We're also trying to build a very strong business in cardiovascular diabetes complemented with the acquisition of ZS Pharma in kidney disease.

我們還試圖在心血管糖尿病領域建立非常強大的業務，並輔之以收購腎臟疾病領域的 ZS Pharma。

And finally, Respiratory also three years ago we only had Symbicort that was facing patent expiry, and now we believe we have a pipeline that certainly will take us forward over the next two to three years and position us well in the Respiratory disease area.

最後，呼吸也是三年前我們只有 Symbicort 面臨專利到期，現在我們相信我們有一條管道，肯定會在未來兩到三年內推動我們前進，並在呼吸系統疾病領域處於有利地位。

We believe we have three very strong businesses and a strong pipeline.

我們相信我們擁有三個非常強大的業務和強大的管道。

The consequence of this, though, is that it is certainly requiring us to focus very much on the three core businesses.

然而，這樣做的結果是，它肯定要求我們非常關註三個核心業務。

So we have brought this laser like focus on those three businesses which is accelerating, if you will, our process of partnering or divesting some of these non-core businesses, and we've done that in 2015.

因此，我們將這種激光般的注意力集中在這三項業務上，如果你願意的話，我們正在加速我們合作或剝離其中一些非核心業務的過程，我們在 2015 年就做到了。

And in fact each time we have been able to find very good partners that will turn some of those products into great successes, we believe certainly better than we could have done it ourselves and also save us -- saves us having to build infrastructure.

事實上，每次我們都能夠找到非常好的合作夥伴，將其中一些產品轉化為巨大的成功，我們相信肯定比我們自己做的更好，同時也拯救了我們——讓我們不必建立基礎設施。

After the next two years where we're going to have to face very substantial headwinds coming from those patent expiries, Crestor, Nexium, Seroquel.

在接下來的兩年之後，我們將不得不面對來自這些專利到期的非常大的逆風，Crestor，Nexium，Seroquel。

We still expect a very strong, very rapid period of growth in 2018 and beyond.

我們仍然預計 2018 年及以後會有一個非常強勁、非常快速的增長期。

I think I wanted to leave you with this message here that we're still committed to our long-term goals.

我想我想在這裡給你們留下這樣的信息，即我們仍然致力於實現我們的長期目標。

We still believe we can achieve 2017 sales more in line with 2013, and our $45 billion goal is still very much part of everything we are targeting.

我們仍然相信我們 2017 年的銷售額可以與 2013 年持平，我們 450 億美元的目標仍然是我們所有目標的重要組成部分。

So very good progress made across the pipeline.

因此，整個管道取得了非常好的進展。

Of course as I said currency's a moving target and very much.

當然，正如我所說，貨幣是一個移動的目標，而且非常重要。

Who knows where that will be.

誰知道那會在哪裡。

We know using January currency rates we have a minus 3% negative impact on our guidance, but we don't know where those currency effects will go.

我們知道使用 1 月份的匯率對我們的指導有負 3% 的負面影響，但我們不知道這些貨幣影響會去哪裡。

They may improve.

他們可能會改善。

They may further decline.

他們可能會進一步下降。

We certainly will do our best to mitigate the currency impact and still very committed to achieving our EPS goals very much so.

我們當然會盡最大努力減輕貨幣影響，並且仍然非常致力於實現我們的 EPS 目標。

But the point is, we can't totally predict where these currencies will end at the end of the year.

但關鍵是，我們無法完全預測這些貨幣將在年底結束。

Thank you very much for your you attention.

非常感謝您的關注。

And I'll now open for questions both here in London and on the phones.

現在，我將在倫敦和電話中公開提問。

For those who ask a question please if you don't mind ask one question at a time, not a question with three or four parts but one question with maybe one part or two parts maximum, please.

對於那些提出問題的人，如果您不介意一次問一個問題，請不要問一個包含三個或四個部分的問題，而是一個最多包含一個或兩個部分的問題。

Go ahead.

前進。

Maybe I'll kick off with where you left off.

也許我會從你離開的地方開始。

The $4.20 floor has been sacrificed within reported guided.

4.20 美元的底價已在報告的指導下犧牲。

Just wanted to understand what you felt that signalled.

只是想了解您感覺到的信號。

Is it greater investment?

投資大嗎？

Is it less certainty in one-offs?

一次性的確定性是否較低？

Is it just FX?

只是外匯嗎？

Given the lack of earnings floor, potentially for the market now, when do you see [prof] earnings?

鑑於目前市場可能缺乏盈利下限，你什麼時候能看到 [prof] 盈利？

Yes, I mean -- I don't think we said that -- it's a good question, actually.

是的，我的意思是——我不認為我們說過——實際上這是一個很好的問題。

But I don't think we said there's no earning floor.

但我不認為我們說過沒有收入底線。

I think we've guided to the range of outcomes that we see are possible, but we're still very much committed to delivering on this core EPS goal we have, and I think really we should completely separate guidance from what our goals might be from a compensation structure viewpoint.

我認為我們已經指導了我們認為可能的結果範圍，但我們仍然非常致力於實現我們擁有的這一核心 EPS 目標，我認為我們真的應該將指導與我們的目標完全分開從薪酬結構的角度來看。

Those are also separate issues.

這些也是不同的問題。

The guidance actually reflects what we see moving forward and includes the dilution from the acquisitions.

該指南實際上反映了我們對未來的看法，包括收購帶來的稀釋。

As I said earlier, we still very much are committed to this EPS goal.

正如我之前所說，我們仍然非常致力於實現這一 EPS 目標。

The biggest issue for us is actually the currency.

對我們來說最大的問題實際上是貨幣。

That's really the biggest thing we cannot predict.

這真的是我們無法預測的最大事情。

At constant rate we believe we are around the $4.20, and we certainly very much believe we're going to work hard to achieve it.

以固定匯率計算，我們相信我們在 4.20 美元左右，我們當然非常相信我們會努力實現它。

The question for us is really currency.

對我們來說，真正的問題是貨幣。

Hopefully that answered your question.

希望這回答了你的問題。

If not you can come back to it and ask it differently.

如果不是，您可以返回並以不同的方式提出要求。

I'll ask it slightly differently.

我會稍微不同地問它。

Similar theme.

類似的主題。

James Gordan from JPMorgan.

摩根大通的詹姆斯戈登。

Just going below the $4.20 and below the 1.5 times cover, should we think of it as a one-off factor for this year because of the deal dilution or is it something that could be quite sustained, because it looks like 2017 is probably a tougher year than 2016.

剛剛跌破 4.20 美元和 1.5 倍的覆蓋率，我們是否應該將其視為今年的一次性因素，因為交易稀釋，或者它是否可以持續下去，因為看起來 2017 年可能更艱難年比 2016 年。

You've got a full year of no Crestor, a full year of no Nexium.

你有一整年沒有 Crestor，一整年沒有 Nexium。

I don't think the new launches are going to make that much difference by then.

我認為到那時新推出的產品不會有太大的不同。

So is it something where you hope to just get a one off dispensation for this year, or could it be the new normal that we are below that level?

那麼，這是您希望今年獲得一次性豁免的東西，還是我們低於該水平的新常態？

We haven't said -- we have not talked about dispensation.

我們還沒有說——我們還沒有談論分配。

We've given you a guidance at constant rate and certainly our goal is to bottom out this EPS.

我們已經以恆定的速度給了你一個指導，當然我們的目標是使這個 EPS 觸底。

2017 is clearly still a challenging year.

2017年顯然仍是充滿挑戰的一年。

Having said that, we believe that some of those launches will rapidly generate additional profit.

話雖如此，我們相信其中一些發布將迅速產生額外利潤。

We also believe that as we move forward and as the sort of launches, if you will, of products like Brilinta, diabetes and others matures, then the need for SG&A is going to be less as a percentage of sales.

我們還相信，隨著我們的前進，隨著 Brilinta、糖尿病和其他產品的推出，如果你願意的話，那麼對 SG&A 的需求佔銷售額的百分比將會降低。

We believe we can still manage the SG&A down.

我們相信我們仍然可以管理 SG&A。

We think there is substantial reduction in SG&A for us to you achieve.

我們認為您可以實現我們的 SG&A 大幅減少。

The question is at what speed do we achieve this.

問題是我們以多快的速度實現這一目標。

To achieve it too fast may actually threaten the top line goals, but we believe over two year, two and-a-half year period we certainly can achieve substantial reduction in our SG&A, and that's really what we're going to manage to try and protect the EPS.

太快實現它實際上可能會威脅到頂線目標，但我們相信在兩年、兩年半的時間裡，我們肯定可以實現 SG&A 的大幅減少，而這正是我們將要設法做到的並保護 EPS。

And the way we protect EPS will be a mixture of as we've said before, a mixture of SG&A reduction and delivering on this externalization growth.

正如我們之前所說，我們保護 EPS 的方式將是 SG&A 減少和實現這種外部化增長的混合體。

[Assam Manyeed] From Morgan Stanley.

[Assam Manyeed] 來自摩根士丹利。

Another question on the guidance, I'm afraid.

恐怕還有一個關於指南的問題。

The credit rating, does that assume that you have reached the limit in terms of potential dilutive deals, and so you now if you want to do something it has to be accretive and no more dilutive?

信用評級是否假設你已經達到潛在稀釋交易的限制，所以你現在如果你想做某事，它必須是增值的，而不是更多的稀釋？

And just back to the SG&A comment, you reduced by $1 billion SG&A spending in 2015.

回到 SG&A 的評論，你在 2015 年減少了 10 億美元的 SG&A 支出。

Is that ballpark level of $1 billion achievable again in 2016?

2016 年能否再次達到 10 億美元的大概水平？

Marc, maybe you want to cover the credit rating.

馬克，也許你想涵蓋信用評級。

SG&A as we've told you before, we're not going to give specific numbers.

正如我們之前告訴過您的 SG&A，我們不會給出具體數字。

But you can see the SG&A as a percentage of sales, we do recognize is relatively high, relative to our peers.

但是你可以看到 SG&A 佔銷售額的百分比，我們確實承認相對於我們的同行來說相對較高。

The question is not so much can we reduce it, because the answer to that is yes, we can reduce it.

問題不是我們可以減少多少，因為答案是肯定的，我們可以減少。

The question is at what speed do we achieve that without impacting the top line in the near term.

問題是在不影響近期收入的情況下，我們能以多快的速度實現這一目標。

That's really what -- we're on a gliding path in term of managing this SG&A, but we certainly will reduce it over the next two years at a substantial rate.

確實如此——我們在管理這個 SG&A 方面正走在一條滑行的道路上，但我們肯定會在未來兩年內以可觀的速度減少它。

Marc, do you want to cover the --

馬克，你想報導——

Let me position the credit rating and the dilutive impact of the acquisition at the end of last year.

讓我定位去年年底收購的信用評級和攤薄影響。

First of all as you know very well, the credit rating agencies tend to have an horizon of planning which is more short-term than maybe equity investors.

首先，如您所知，信用評級機構的規劃範圍往往比股票投資者更短期。

We need to understand the rationale behind these two acquisitions, and when I mention the two acquisitions I mean Acerta and ZS Pharma.

我們需要了解這兩項收購背後的基本原理，當我提到這兩項收購時，我指的是 Acerta 和 ZS Pharma。

In the short term, and we have indicated there would be moderate short-term dilution, but we have also emphasized the very strong impact on the operating leverage in the longer term.

在短期內，我們表示會出現適度的短期稀釋，但我們也強調了從長期來看對經營槓桿的非常強烈的影響。

And that's obviously the rationale, the reason why we made this acquisition.

這顯然是我們進行此次收購的理由。

If you are looking at the credit rating, you would probably look more short term, but we look at the long-term perspective for equity investors.

如果你正在看信用評級，你可能會看得更短期，但我們看的是股票投資者的長期視角。

And then the more exact question on the rating, we -- you know that we -- the credit rating agencies downgraded us by one notch for both the two main credit rating agencies, but this does not mean we -- the reason why we look at accretive opportunities is not because of the rating, it's more because we also need to protect our cash flow and protect the other [bannons] of the Company.

然後是關於評級的更確切的問題，我們 - 你知道我們 - 信用評級機構將我們兩個主要信用評級機構的評級下調了一個等級，但這並不意味著我們 - 我們看起來的原因增加機會不是因為評級，更多的是因為我們還需要保護我們的現金流並保護公司的其他 [班農]。

Also because we believe we finished -- well, we finished -- we have rebuilt our pipeline to a great extent, and really the focus has to be on execution, progressing it, delivering it and also launching those new products.

也因為我們相信我們完成了——嗯，我們完成了——我們在很大程度上重建了我們的管道，真正的重點必須放在執行、推進、交付以及推出這些新產品上。

This is really where our efforts are.

這確實是我們努力的地方。

Thomas reminds me that I should ask questions on the phone as well.

托馬斯提醒我，我也應該通過電話提問。

If you'll allow me I'll ask one question on the phone and then return to the room in a minute.

如果您允許，我會在電話中問一個問題，然後馬上返回房間。

Andrew Baum at Citi, do you want to ask your question?

花旗的 Andrew Baum，你想問你的問題嗎？

Good morning.

早上好。

Question for Marc on your tax rate outlook for next year.

就明年的稅率前景向馬克提問。

Obviously the contribution from US based products will be diminishing, a function of Crestor.

顯然，來自美國的產品的貢獻將會減少，這是 Crestor 的一個功能。

And I assume that product impacted by the patent box probably increasing.

我認為受專利盒影響的產品可能會增加。

So should we expect there's any downside to that current 21% forward tax rate for 2016?

那麼我們是否應該預計 2016 年目前 21% 的遠期稅率會有任何下行？

I don't know if it's at your end or our end but it's hard to hear.

我不知道是在你這邊還是我們這邊，但很難聽到。

I don't know, Marc, did you get the question?

我不知道，馬克，你有沒有問這個問題？

We didn't get it.

我們沒有得到它。

Can you hear me now?

你能聽到我嗎？

A bit better, yes.

好一點，是的。

Okay.

好的。

Let me try again.

讓我再試一遍。

The questions was that core tax rate for 2016 given you're losing the Crestor revenue in the US with assuming a higher tax rate, and given the patents of products impacted by the patent box should be larger for next year, should we expect there's further downward pressure on the 21% core tax rate that you posted for 2015?

問題是 2016 年的核心稅率假設更高的稅率導致您在美國損失了 Crestor 的收入，並且考慮到明年受專利盒影響的產品專利應該更大，我們是否應該期待更多您公佈的 2015 年 21% 核心稅率的下行壓力？

I'm not absolutely certain I understood the totality of the question, but I think you're asking the guidance or the indication I provided on the range of tax rate, corporate tax rate for 2016.

我不確定我是否理解了問題的全部，但我認為你是在詢問我提供的關於 2016 年稅率、公司稅率範圍的指導或指示。

And I think you're asking whether the 16% to 20% for -- which we provided in 2015 is the same for 2016.

我想你問的是我們在 2015 年提供的 16% 到 20% 是否與 2016 年相同。

So I just repeat what I said in my talk, that we expect the rate, the corporate core tax rate to be between 16% and 20% in the same manner that it is for 2015.

所以我只是重複我在演講中所說的話，我們預計企業核心稅率將在 16% 至 20% 之間，與 2015 年相同。

Although it is correct that our new products, many of them are in the patent box, and we'll derive a benefit from this from a tax viewpoint, but they are relatively small in the great scheme of things for the time being.

雖然我們的新產品是正確的，但其中很多都在專利盒中，從稅收的角度來看，我們會從中受益，但目前它們在大計劃中相對較小。

But certainly over the next few years maybe a little bit this year but mostly the years after we'll derive a benefit, but it's probably a little bit ambitious to expect the tax rate to drop in 2016 because of the patent box.

但肯定在接下來的幾年裡，今年可能會有一點點，但主要是在我們將獲得收益後的幾年裡，但由於專利盒，預計 2016 年的稅率會下降可能有點雄心勃勃。

I think 16% to 20% is probably the range that you should expect.

我認為 16% 到 20% 可能是您應該期望的範圍。

I think I mentioned the caveat in my presentation that obviously the core tax rate depends on the geographic mix of where the profit is realized as we need to pay taxation in all countries where we generate profit, so within that range.

我想我在我的演講中提到了一個警告，即核心稅率顯然取決於實現利潤的地理組合，因為我們需要在我們產生利潤的所有國家/地區納稅，所以在這個範圍內。

Alexandra do you want to --

亞歷山德拉你想——

I have a completely different question.

我有一個完全不同的問題。

On slide 15, you did show some relatively steady uptake of Tagrisso.

在幻燈片 15 上，您確實展示了對 Tagrisso 的一些相對穩定的吸收。

And I look at the IMS data it looks a bit different.

我查看了 IMS 數據，它看起來有點不同。

It looks like a very, very fast uptake in the first three weeks and a bit more steady then.

前三週的吸收速度似乎非常非常快，然後就比較穩定了。

Independent whether this data shows the right thing or not, the question I have is what do you find in the marketplace in terms of rebi -- the challenge of having to biopsy mutations?

獨立於這些數據是否顯示正確的事情，我的問題是你在市場上發現了什麼 rebi —— 必須對突變進行活檢的挑戰？

How widely is that done?

這樣做的範圍有多廣？

Is there a long way to go?

還有很長的路要走嗎？

You mentioned a BRCA status how much there was to go, and can you tell us roughly where you think we are in all the three key territories?

你提到了 BRCA 的地位還有多少，你能告訴我們你認為我們在所有三個關鍵地區的大致位置嗎？

Yes, sure.

是的，當然。

First there's a high degree of understanding, understanding of the product, I think particularly in the US because of the dynamics there, around 10% is the testing rate for T790M mutations in the US right now.

首先是對產品的高度理解，我認為特別是在美國，因為那裡的動態，目前美國 T790M 突變的檢測率約為 10%。

You're right, the key challenge is that second biopsy.

你是對的，關鍵的挑戰是第二次活檢。

But there is actually, the feedback that we're getting, and again it's early days that there's a high enthusiasm and interest in doing that and that physicians can explain that to patients and make the case to do that, because they themselves are convinced.

但實際上，我們得到了反饋，而且人們對此有很高的熱情和興趣，而且醫生可以向患者解釋並提出這樣做的理由，因為他們自己被說服了。

Of course if we look in the midterm, the promise of the CTDNA test is attractive, because of course then you're really focused on resolving the false negatives.

當然，如果我們在中期看，CTDNA 測試的前景是有吸引力的，因為當然你真的專注於解決假陰性。

And you just might lower the barrier to initiating that treatment.

而且您可能會降低開始該治療的障礙。

And, ultimately, of course if we can have data on first line then it's a simpler discussion.

而且，最終，當然，如果我們可以在第一行獲得數據，那麼討論就更簡單了。

Net-net very positive support for it.

net-net 非常積極地支持它。

I think the reality is in the US we have a much cleaner area to operate than we were expecting, and we really have the market to ourselves for some time.

我認為現實情況是，在美國，我們的運營區域比我們預期的要清潔得多，而且我們確實在一段時間內擁有了自己的市場。

(technical difficulty)

（技術難度）

Yes.

是的。

The thing to keep in mind of course is that BRCA testing in the US is a relatively high rate because of course there's a broader consequence of the test which in terms of family members.

當然要記住的是，美國的 BRCA 檢測率相對較高，因為就家庭成員而言，檢測的影響範圍更廣。

So there's a higher expectation and demand for the test.

所以對考試有更高的期待和要求。

Historically with the T790M test there was no clinical strategy that can be derived from that.

從歷史上看，T790M 測試沒有可以從中得出的臨床策略。

Now we've supplied that.

現在我們已經提供了。

We have three labs in the US, which are centers of excellence so the infrastructure is in place.

我們在美國擁有三個實驗室，它們是卓越中心，因此基礎設施已經到位。

Historically we've had experience with EGFR testing.

從歷史上看，我們有過 EGFR 測試的經驗。

We'll now do you that through Europe and also emerging markets.

我們現在將通過歐洲和新興市場為您做到這一點。

We're very actively involved in that infrastructure in Hong Kong and Macau.

我們非常積極地參與香港和澳門的基礎設施建設。

Sorry?

對不起？

(technical difficulty)

（技術難度）

Japan as well.

日本也一樣。

We've got a team in place right now which is a very, very good team, [tiding] lung physicians and of course remember we had a team in place which is really why we brought back Aresta in the US which essentially have a you running start for the products.

我們現在有一個團隊，這是一個非常非常好的團隊，[tiding] 肺科醫生，當然記得我們有一個團隊，這就是我們在美國帶回 Aresta 的真正原因，它基本上有一個你產品的運行啟動。

Trying to follow some other.

試圖跟隨其他人。

Hopefully I get it right.

希望我做對了。

Thank you.

謝謝你。

It/s Matthew Weston from Credit Suisse.

是瑞士信貸的馬修韋斯頓。

Hopefully the last guidance question.

希望最後一個指導問題。

You were very kind in setting out expectations for externalization and thank you for that.

您非常友善地設定了對外部化的期望，對此表示感謝。

But in 2015 you generated about $1.3 billion from product divestitures included in other operating income.

但在 2015 年，您從包含在其他營業收入中的產品剝離中獲得了約 13 億美元。

If you could set out what's your expectation for product divestitures in 2016 that's baked into guidance.

如果您能說明您對 2016 年產品剝離的預期是什麼，那將納入指導。

And within that, have you identified the products for sale?

在其中，您是否確定了待售產品？

Have you started discussions, or it's just an aspirational goal that that will help you modulate the P&L this year?

您是否開始討論，或者這只是一個可以幫助您調整今年損益表的理想目標？

I would like to bring you back to 2015.

我想帶你回到2015年。

I believe that at the same -- in a different place but the same time last year we were having the same level of discussion on are you going to deliver your guidance for 2015.

我相信在同一時間 - 在不同的地方，但去年的同一時間，我們進行了相同級別的討論，關於你是否要提供 2015 年的指導。

I think I answered then that it would be a conjunction of two factors, the reduction of SG&A expenses, and I think you now see that we have delivered on this reduction, both in absolute terms but also in percentage.

我想我當時回答說這將是兩個因素的結合，即 SG&A 費用的減少，我想你現在看到我們已經實現了這種減少，無論是絕對值還是百分比。

And I also said at that time that we would generate revenue through, externalized revenues, and the question was raised then what percentage of both, and my answer then that you would be relatively two similar factors, one would be at 10%, 90%.

我當時也說過，我們將通過外部化收入產生收入，然後提出了兩者的百分比問題，然後我的回答是你將有兩個相對相似的因素，一個是 10%，90% .

I think you can use the elements of 2015 to project to some extent for 2016.

我認為您可以使用 2015 年的元素在某種程度上預測 2016 年。

One indication I can provide is that in 2016 there will be more of it.

我可以提供的一個跡像是，在 2016 年將會有更多。

If you take the total revenue, the externalization revenue, the total of external revenues and other income.

如果你拿總收入，外化收入，對外收入和其他收入的總和。

So we're going to be a more pronounced effect for this impact.

因此，我們將對這種影響產生更明顯的影響。

So just to clarify, if I take the billion of externalization income in 2015, add the $1.3 billion of one-time other operating income, it will be greater than that $2.3 billion, however it's made up of the two buckets.

所以澄清一下，如果我將 2015 年的 10 億美元外部化收入加上 13 億美元的一次性其他營業收入，它將大於 23 億美元，但它是由兩個桶組成的。

Absolutely.

絕對地。

Thank you very much.

非常感謝你。

Maybe the you one thing I would add is that we are pursuing two strategies that are really all driven by focusing ourselves.

也許我要補充的一件事是，我們正在推行兩種戰略，這兩種戰略實際上都是由專注於我們自己驅動的。

And the big one is of course externalizing, partnering some of our products, and I think the other one of course is divesting assets that are small.

大的當然是外部化，與我們的一些產品合作，我認為另一個當然是剝離小資產。

And if you actually look at it, we have generated a lot of income out of products that we're selling $40 million to $50 million and we're sort of not doing much in our hands because we're focusing elsewhere.

如果你真的看看它，我們已經從我們銷售 4000 萬到 5000 萬美元的產品中獲得了很多收入，而且我們手上沒有做太多事情，因為我們專注於其他地方。

But the one important point is people see this externalization revenue sometimes as one-offs.

但重要的一點是，人們有時將這種外部化收入視為一次性收入。

Essentially what we're doing here is sort of priming the pump if I may.

如果可以的話，我們在這裡所做的基本上是啟動泵。

Maybe it's not the right expression.

也許這不是正確的表達方式。

Actually we're starting a process of introducing a new business model, but at some point this will turn into recurring revenues.

事實上，我們正在開始引入一種新的商業模式，但在某個時候，這將轉化為經常性收入。

If the base inhibitor delivers, if it gets approved and it's launched, the externalization revenue line would be enormous.

如果基礎抑製劑交付，如果它獲得批准並啟動，外部化收入線將是巨大的。

There's quite a number of products that will actually be like this, that will continue to deliver revenue on an ongoing basis.

有相當多的產品實際上是這樣的，它們將繼續持續創造收入。

Essentially what we do is we say those are products we don't want or cannot develop ourselves because we don't have the capabilities.

從本質上講，我們所做的是說那些是我們不想要或無法自行開發的產品，因為我們沒有能力。

We don't have the financial resources.

我們沒有財力。

We are not focused.

我們沒有專注。

But we want to retain some economic interest.

但我們希望保留一些經濟利益。

We partner with someone who's going to do a good job operationally for us and then leave us with some of the economic value.

我們與將在運營上為我們做好工作的人合作，然後給我們留下一些經濟價值。

Should not really be seeing that as one-offs.

真的不應該將其視為一次性的。

They're of course one-offs but there's also long-term recurring revenues that will develop.

它們當然是一次性的，但也會產生長期的經常性收入。

Thank you, it's Mark Purcell, Barclays.

謝謝，我是巴克萊銀行的 Mark Purcell。

Can we just follow-up on that, and we'll ask something totally different.

我們能不能就此跟進，我們會問一些完全不同的問題。

If you take externalization revenue, around $1.1 billion for 2016, can you help us understand the mix between recurring which you were saying is going up, the milestones, we know of one, obviously 170 on the [redunonite].

如果你拿外部化收入來說，2016 年大約 11 億美元，你能幫助我們理解你所說的正在上升的經常性收入，我們知道的里程碑，顯然是 [redunonite] 上的 170 個。

And then the new stuff that we don't know anything about.

然後是我們一無所知的新東西。

And then (technical difficulty) on durvalumab and the updates on the pipeline, can you help us understand why you chose on the triple to do durva plus chemo plus or minus treme why you didn't do durva plus treme plus or minus chemo?

然後（技術困難）關於 durvalumab 和管道的更新，你能幫助我們理解為什麼你選擇在三重上做 durva plus chemo plus or minus treme 為什麼你不做 durva plus treme plus or minus chemo？

And then secondly you changed the primary end point on mystic as well.

其次，您還更改了 mystic 的主要終點。

Was that done because you're concerned about patient crossover in that study?

這樣做是因為您擔心該研究中的患者交叉嗎？

(technical difficulty)

（技術難度）

Sean, do you want to cover the last two questions and Marc the first one?

肖恩，你想回答最後兩個問題而馬克回答第一個問題嗎？

So the first question, I'm going to the second one first and then I want some clarification on the first one, okay.

所以第一個問題，我先回答第二個問題，然後我想澄清一下第一個問題，好嗎？

So the second one was change of end points on mystic.

所以第二個是改變 mystic 的終點。

The change just so everyone he knows it's making a coprimary.

改變只是為了讓他認識的每個人都成為共同主。

Progression free survival, the previous sole primary, and combining it with overall survival.

無進展生存期，以前唯一的主要生存期，並將其與總生存期相結合。

This really came from two things.

這真的來自兩件事。

One is as data emerges with immuno-oncology, I think we are wondering about progression free survival as the best indication of the benefit that patients derive from this particular mechanism of action, because we have seen -- it's a mixed bag right now, and its early days.

一是隨著免疫腫瘤學數據的出現，我認為我們想知道無進展生存期是否是患者從這種特定作用機制中獲益的最佳指標，因為我們已經看到——現在它是一個混合包，並且它的早期。

But we've seen some places where they seem not -- the progression free survival seems not to really predict very well an overall survival benefit that comes through.

但我們已經看到一些地方似乎沒有——無進展生存期似乎並不能很好地預測總體生存獲益。

So that led us to think we should move the overall survival up in the hierarchy.

所以這讓我們認為我們應該將整體生存提升到層次結構中。

The first analysis will be progression free survival.

第一項分析將是無進展生存期。

The second aspect of it really is a pragmatic one.

它的第二個方面確實是務實的。

It has to do with how quickly the trial is enrolling.

這與試驗的註冊速度有關。

So one concern when you do this is you have to add some patients to the trial, because you want to power both your primaries, and we did that in the amendment.

因此，當你這樣做時，一個問題是你必須將一些患者添加到試驗中，因為你想為你的兩個初選提供動力，而我們在修正案中做到了這一點。

The thing is that what we had forecast, how long it would delay us turns out to be a fraction because it's enrolling so quickly.

問題是我們的預測，它會延遲我們多長時間，結果證明只是一小部分，因為它的註冊速度太快了。

So we were able to do this change without really impacting the time line.

所以我們能夠在不真正影響時間線的情況下進行此更改。

So those were two of the major factors that went into it.

所以這是其中的兩個主要因素。

Now, the first question, can you clarify for me for a second?

現在，第一個問題，你能為我澄清一下嗎？

Sure.

當然。

Sorry.

對不起。

Obviously there's a big focus on durva plus treme, but the triple trial is durva plus chemo, plus or minus treme.

顯然，人們非常關注 durva plus treme，但三重試驗是 durva 加化療，加上或減去 treme。

That's right.

這是正確的。

I would have thought it would have been durva plus treme plus or minus chemo, sort of put the variance on the chemo to change the.

我本以為會是 durva 加上 treme 加上或減去化療，有點把變化放在化療上來改變。

Let me talk about two things about our fundamental strategy.

讓我談談我們基本戰略的兩件事。

You could do it either way, you're right, it depends on what your fundamental strategy is.

你可以用任何一種方式來做，你是對的，這取決於你的基本策略是什麼。

Our emphasis is combination, combination immunotherapy, I should say rather.

我們的重點是組合，聯合免疫療法，我應該說。

There's a little bit of a pragmatic aspect of this.

這有一點務實的一面。

Some pragmatic and practice patterns doctors treating lung cancer, some actually pragmatic in the world, availability of therapies.

一些實用主義和實踐模式的醫生治療肺癌，一些實際上是實用主義的，在世界範圍內，治療的可用性。

We've heard very loud and clear from some fraction of physicians that, hey, I'm going to give my patients doublet chemotherapy.

我們從一些醫生那裡聽到非常響亮和明確的聲音，嘿，我要給我的病人進行雙重化療。

It's shown a survival benefit.

它顯示出生存益處。

It's well established.

它已經很成熟了。

And if I can combine in, great, but I don't feel I can deprive them of the chemotherapy.

如果我能聯合起來，那很好，但我覺得我不能剝奪他們的化療。

What we're doing is we're trying to provide, one, for the combination strategy and two, a data set for that not insignificant group of physicians to be able to understand what's going to happen.

我們正在做的是，我們正在嘗試提供，一個，用於組合策略，兩個，一個數據集，供那些並非微不足道的醫生群體能夠理解將要發生的事情。

Essentially that study is focused on the combo with chemo with the other dimension to test whether adding treme on top without something whether we really want to establish [durovet] chemo, the benefits of that combination.

從本質上講，這項研究的重點是化療與其他維度的組合，以測試是否在沒有任何東西的情況下在頂部添加 treme，我們是否真的想要建立 [durovet] 化療，這種組合的好處。

Should we move -- sorry, Marc.

我們應該搬家嗎——對不起，馬克。

I think I'm going to answer the previous question on do we have released or do we have a concrete plan for revenues for the [six hundred] revenues or divestment the answer is yes.

我想我要回答前面的問題，關於我們是否已經發布或我們是否有針對 [600] 收入或撤資的具體收入計劃？答案是肯定的。

I'm not going to give you the list, so please do not ask.

我不會給你名單，所以請不要問。

But I'm just going to explain why we have a list so we know which product, which activities and also which parties could be interested.

但我只是要解釋為什麼我們有一個列表，以便我們知道哪些產品、哪些活動以及哪些各方可能感興趣。

What we don't know yet, although we have already ongoing discussion, what we don't know yet is what structure that it will be like.

我們還不知道，雖然我們已經在進行討論，但我們還不知道它會是什麼樣的結構。

Obviously it depends on the counter party, and this is why it is not easy for us to tell you what part will be recurring, what part will be sort of one off, what part will be in external revenues and what part could be in other incomes.

顯然這取決於對方，這就是為什麼我們不容易告訴你哪些部分會經常發生，哪些部分是一次性的，哪些部分屬於外部收入，哪些部分可能屬於其他收入收入。

It obviously depends on the structure of the transaction.

這顯然取決於交易的結構。

But I think if you look at the totality of external revenue and other income and you see an expansion versus the level of 2015 I think you're in the right place.

但我認為，如果你看看外部收入和其他收入的總和，你會發現與 2015 年的水平相比有所擴張，我認為你來對地方了。

Should we move to the online questions again?

我們應該再次轉到在線問題嗎？

Tim Anderson at Bernstein.

伯恩斯坦的蒂姆安德森。

Tim, go ahead.

蒂姆，繼續。

Go ahead.

前進。

Thank you.

謝謝你。

Your first line lung development program with durvalumab, it's pretty apparent you're putting almost all of your eggs in the basket of combination therapy with tremelimumab.

你使用 durvalumab 的一線肺發育計劃，很明顯你將幾乎所有的雞蛋都放在了與 tremelimumab 聯合治療的籃子裡。

I'm wondering what happens if the combo data ends up looking lackluster.

我想知道如果組合數據最終看起來乏善可陳會發生什麼。

Your front line monotherapy trials are in all comer lung patients, but your competitors seem to feel that in front line lung it's risky to look at unselected patients so they're only looking at mono therapy front line in biomarker positive patients.

你們的前線單藥治療試驗是在所有即將到來的肺部患者中進行的，但你們的競爭對手似乎認為在前線肺部研究未經選擇的患者是有風險的，所以他們只在生物標誌物陽性患者中研究單藥治療前線。

So can you clarify for us what happens to the durvalumab franchise in front line lung if the treme combo ends up not working?

那麼，如果 treme 組合最終不起作用，您能否為我們澄清前線肺部的 durvalumab 專營權會發生什麼情況？

Sean, do you want to --

肖恩，你想——

You added franchise in the end there, so I might absolutely get the end.

你在最後添加了特許經營權，所以我絕對可以結束。

But with regard to the outcome, let's go with the outcome of mystic which is really the lead front line trial.

不過關於結局，還是以神秘主義者的結局來說吧，這才是真正領先的前線試煉。

As you're alluding to, Tim, that has durva treme, it has durva as a single agent and then it's versus standard of care.

正如你所暗示的，蒂姆，它有 durva treme，它有 durva 作為單一代理，然後它與護理標準相比較。

So, three arms, one to one to one randomization and now PFS and OS as end points.

所以，三個武器，一對一的隨機化，現在 PFS 和 OS 作為終點。

And we are taking all comers.

我們正在吸引所有來者。

Obviously the data will be analyzed by biomarker positive versus biomarker negative, and our hope is, we've presented some data that we feel supports this, that durva treme will be you truly differentiating in the PD-L1 negative patient population, which I will add is the majority of patients, two-thirds to three-quarters patients depending upon what data set you look at.

顯然，數據將通過生物標誌物陽性與生物標誌物陰性進行分析，我們希望，我們已經提供了一些我們認為支持這一點的數據，durva treme 將真正區分 PD-L1 陰性患者群體，我將添加是大多數患者，三分之二到四分之三的患者，具體取決於您查看的數據集。

With regard to the PD-L1 positive population, it is possible that durva and treme and durva and are both active and active in a way that can't be differentiated.

對於 PD-L1 陽性人群，可能 durva 和 treme 以及 durva 和 durva 都處於活躍狀態，並且以無法區分的方式活躍。

In which case it is possible for us to file based on that data a single agent durva for that PD-L1 positive subset.

在這種情況下，我們可以根據該數據為該 PD-L1 陽性子集提交單一代理 durva。

So I guess what I'm saying in part is it depends upon the data, but as you point out there are multiple opportunities or permutations that's could arise depending on what it shows.

所以我想我所說的部分是它取決於數據，但正如你指出的那樣，根據它顯示的內容，可能會出現多種機會或排列。

Does this cover your question or --?

這是否涵蓋了您的問題或 -？

Yes.

是的。

I guess the question was whether there's enough powering in that monotherapy arm of mystic just in PD-L1 positive patients to use that as a registration subset, but you're saying that it is adequately powered to kind of carve of that data out and if I could just clarify.

我想問題是 mystic 的單藥治療組是否有足夠的能力僅在 PD-L1 陽性患者中使用它作為註冊子集，但你是說它有足夠的能力來分割這些數據，如果我可以澄清一下。

So your view also, I think you've said this before on the percent of patients in front line that are PD-L1 positive versus negative, that's a figure that differs from what Bristol-Meyers has said.

所以你的觀點也是，我認為你之前已經說過 PD-L1 陽性與陰性的前線患者的百分比，這個數字與 Bristol-Meyers 所說的不同。

I guess I've always tried to figure out why that difference exists.

我想我一直試圖弄清楚為什麼存在這種差異。

So I'll tell you one challenge we have.

所以我會告訴你我們面臨的一個挑戰。

Hopefully this will be resolved.

希望這將得到解決。

And I think some of what you're looking at is assay and assay cutoff effects, and now that the Bristol-Meyers and the Merck assays are out there and can be used for comparison, that presents an opportunity to really look at the same samples with the different assays and help to resolve this a little bit.

而且我認為您正在查看的一些內容是分析和分析截止效應，現在 Bristol-Meyers 和 Merck 分析已經存在並且可以用於比較，這提供了一個真正觀察相同樣本的機會通過不同的分析，幫助解決這個問題。

But you're right, there is a range of variability.

但你是對的，存在一定範圍的可變性。

PD-L1 negative is the majority, but you're right, the exact numbers do vary, and I think it's probably dependent upon the assay and the assay cutoff mostly.

PD-L1 陰性佔多數，但你是對的，確切數字確實有所不同，我認為這可能主要取決於化驗和化驗截止值。

Thank you.

謝謝你。

Thanks, Sean.

謝謝，肖恩。

Seamus Fernandez, maybe we could ask the other question online here.

Seamus Fernandez，也許我們可以在這裡在線問另一個問題。

Seamus, go ahead.

西默斯，繼續。

Then we'll return to the room in a second.

然後我們馬上回房間。

Great.

偉大的。

Thanks.

謝謝。

So can you hear me okay?

所以你能聽到我說話嗎？

Yes.

是的。

Just wanted to ask specifically, Pascal, as we take into context the opportunity that you're looking at, potential accretive acquisitions, would you be willing to kind of put some brackets around the type of acquisition that you would consider?

只是想具體問一下，Pascal，當我們考慮到您正在尋找的機會，潛在的增值收購時，您是否願意對您會考慮的收購類型進行一些括號？

There's an awful lot out there.

那裡有很多東西。

And you how long do you think it will take for some of those acquisitions that you might be considering for the owners of those businesses you think to kind of come together with you, given the rapid pace of decline that we've seen?

考慮到我們看到的快速衰退，您認為您可能正在考慮的一些收購需要多長時間才能讓您認為與您走到一起的那些企業的所有者？

I assume that you would be more looking at biotech type entities that are strategic.

我假設你會更多地關注具有戰略意義的生物技術類型的實體。

Maybe if you could just give us some brackets around the types of acquisitions that you would consider and maybe relative size as well would be really helpful.

也許如果你能給我們一些關於你會考慮的收購類型的括號，也許相對規模也會非常有幫助。

Thanks.

謝謝。

Okay.

好的。

So thanks for the question.

所以謝謝你的問題。

The first thing is that as we said, they have to be accretive because, again, we believe our pipeline is full now.

首先，正如我們所說，它們必須是增值的，因為我們相信我們的管道現在已經滿了。

So they have to be accretive.

所以他們必須是增值的。

They have to be the right price.

它們必須是合適的價格。

Importantly, they have to be strategically aligned with was we're trying to do.

重要的是，他們必須在戰略上與我們正在努力做的事情保持一致。

They have to be in autoimmune, respiratory, in cancer and cardiovascular diabetes, so that we keep building our presence in those key therapy areas.

他們必須在自身免疫、呼吸系統、癌症和心血管糖尿病領域，這樣我們才能繼續在這些關鍵治療領域建立我們的影響力。

And finally, the size really depends very much on how big is the cash flow that is added through the direct acquisition and through synergies.

最後，規模實際上在很大程度上取決於通過直接收購和協同效應增加的現金流量有多大。

It depends on our ability to -- how much we can raise money as a result of all of this.

這取決於我們的能力——作為所有這些的結果，我們可以籌集到多少資金。

As I said before many times, we're agnostic as far as size, provided it's strategically aligned, the price is right.

正如我之前多次說過的，我們對規模是不可知的，只要它在戰略上是一致的，價格是合適的。

We can add value, and we think we can execute.

我們可以增加價值，我們認為我們可以執行。

Executing on these acquisitions is critical so that we don't distract the organization to an extent that what we gain through the acquisition we lose through distraction of the pipeline.

執行這些收購是至關重要的，這樣我們就不會分散組織的注意力，以至於我們通過收購獲得的收益會因管道的分散而失去。

So that's really as specific as I can be.

所以這真的很具體。

In terms of getting together, again depends on the size.

在聚在一起方面，再次取決於大小。

Some of these acquisitions we integrate very quickly.

我們很快整合了其中一些收購。

We can integrate quickly, and the bigger they are the more complicated it is.

我們可以快速集成，它們越大越複雜。

But again size is only one consideration.

但同樣，尺寸只是一個考慮因素。

The geographical complexity, et cetera, et cetera.

地理上的複雜性等等。

Every case is different, really.

每個案例都是不同的，真的。

May I ask one quick follow-up on a clarifying piece of information on one of your pipeline products?

我可以問一個關於你的管道產品的澄清信息的快速跟進嗎？

Roxadustat in China, will we -- do you anticipate that we'll actually see data in a public forum based on the data in China or in 2016, or would you anticipate that sometime in 2017 because that trial will wrap up very late in the year?

Roxadustat 在中國，我們會——你是否預計我們會根據中國或 2016 年的數據在公共論壇上實際看到數據，或者你是否預計在 2017 年的某個時候，因為該試驗將在很晚的時候結束年？

Thanks a lot.

非常感謝。

(technical difficulty)

（技術難度）

So that's something that ironically is something that's more sensitive for everyone in that group.

因此，具有諷刺意味的是，對於該組中的每個人來說，這都是更敏感的事情。

But again, good start and also the flip side of that of course is we lost some access with Bydureon, and we took a defensive posture, and I think we'll come out of that quite well.

但同樣，良好的開端，當然還有另一面，我們失去了與 Bydureon 的一些聯繫，我們採取了防禦姿態，我認為我們會很好地擺脫困境。

I think it's an important point that Luke is making.

我認為這是 Luke 提出的一個重要觀點。

If you look at the prescription share, the increase is very impressive.

如果你看一下處方份額，增幅非常可觀。

It's kind of nice.

這有點不錯。

You should be careful to not extrapolate this too rapidly because you never know how things settle down.

你應該小心，不要過快地推斷這一點，因為你永遠不知道事情是如何穩定下來的。

Certainly it's a very encouraging start to the year.

當然，這是今年非常令人鼓舞的開端。

There's no doubt about this.

這是毫無疑問的。

And the bigger issue is really the class.

更大的問題實際上是班級。

If you look at the total class, it's relatively flat.

如果你看整個班級，它是相對平坦的。

Essentially out of the ketoacidosis issues it's starting to pick up.

基本上是出於酮症酸中毒的問題，它開始出現。

We have good hope that the class will pick up.

我們滿懷希望，班級會回升。

In fact if you look at Japan the class was negatively impacted also initially for different reasons.

事實上，如果你看看日本，這個班級最初也因為不同的原因受到了負面影響。

It was really the hydration issues in Japan.

這真的是日本的水合作用問題。

But the class is starting to pick up quite nicely.

但是班級開始恢復得很好。

This is a good class, and many new agents face issues at the beginning, just if you remember Crestor, some of you may not remember Crestor, but Crestor faced a very challenging start, again for septic questions.

這是一個很好的課程，許多新代理在開始時都會面臨問題，如果你記得 Crestor，你們中的一些人可能不記得 Crestor，但 Crestor 面臨一個非常具有挑戰性的開始，同樣是化糞池問題。

The Company at the time was able to resolve those issues, and the product did extremely well.

公司當時能夠解決這些問題，產品也做得非常好。

So this is a good class.

所以這是一堂好課。

It's going to do well.

它會做得很好。

There's no question.

毫無疑問。

You just need to work through the issues in Japan and the US.

你只需要解決日本和美國的問題。

For us in the short term that's really the biggest question is how quickly will the class pick up.

對我們來說，短期內真正最大的問題是課程將以多快的速度上課。

Then we'll come back to Marc in a second.

然後我們會在一秒鐘內回到馬克。

I'm afraid I am going to bore Matthew with two on the guidance.

恐怕我會讓 Matthew 厭倦兩個指導。

Firstly, you've included within the guidance the dilutive effect of Acerta and ZS Pharma.

首先，您已經在指南中包含了 Acerta 和 ZS Pharma 的稀釋作用。

Was wondering if you could quantify that in aggregate.

想知道您是否可以將其總體量化。

And secondly, to what extent is the Q4 SG&A performance a guide to 2016?

其次，第 4 季度 SG&A 績效在多大程度上可以作為 2016 年的指南？

Thank you.

謝謝你。

We are not going to quantify the dilution.

我們不打算量化稀釋。

When we did the acquisition, the separate acquisition, we indicated the type of dilution.

當我們進行收購時，即單獨收購時，我們指出了稀釋的類型。

I think we said short-term and minimal for ZS.

我想我們說的是 ZS 的短期和最小化。

And we said moderate for Acerta.

我們對 Acerta 說溫和。

And we also said short term.

我們也說了短期。

I think with this sort of compilation of adverbs and adjectives I think you can probably derive the impact of this dilution.

我認為通過這種副詞和形容詞的彙編，我認為你可能可以推導出這種稀釋的影響。

I'm sorry but I'm not going to give you the number.

對不起，我不會給你電話號碼。

The only think I would add is the range of guidance at constant rate gives you a sense of where we think we could land and also of how do we manage the dilution overall.

我唯一想補充的是，固定利率的指導範圍讓你了解我們認為我們可以降落的地方，以及我們如何管理整體稀釋。

But we can't give you a specific number for sure.

但我們不能肯定地給你一個具體的數字。

We mentioned I think I mentioned in my talk, just to complement my answer, that we will be taking 100% of the R&D of Acerta, but as we only own 55% of the equity of this company, if there is a loss because a product is not yet sold, 45% would flow back, 45% of the loss would flow back through the minorities.

我們提到我想我在談話中提到，只是為了補充我的回答，我們將承擔 Acerta 100% 的研發，但由於我們只擁有該公司 55% 的股權，如果出現虧損，因為產品還未售出，45%會回流，45%的損失會通過少數回流。

But [gen] minus 11% in Q4 is it an indication for 2016.

但第 4 季度 [gen] 負 11% 是 2016 年的指標。

I said the trend of 2015 on the whole year will increase but probably not reach 11%.

我說2015年全年的趨勢是會增加，但可能達不到11%。

If I tried to guide you, we've given you this guidance at constant rate for 2016.

如果我試圖為您提供指導，我們已經以 2016 年的固定速度為您提供了該指導。

We actually -- personally I'm very committed to delivering what we said we would do before.

實際上，我個人非常致力於實現我們之前說過的事情。

Essentially what we said we would do before in a sort of round about way is we're going to bottom out in 2016, 2017 and grow from there.

從本質上講，我們之前所說的我們將以一種循環的方式做的是我們將在 2016 年、2017 年觸底反彈並從那裡增長。

We're committed to this.

我們致力於此。

I'm committed to this.

我致力於此。

The only thing I can't absolutely forecast is the currency.

我唯一不能絕對預測的是貨幣。

That is the one thing that is really out of our hands.

這是我們真正無法控制的一件事。

And that currency impact we will do our very best to compensate some or all of it.

我們將盡最大努力補償部分或全部貨幣影響。

In fact, we're hoping the currency impact will go the other way and help us.

事實上，我們希望貨幣影響能以相反的方式幫助我們。

But if it doesn't help us, we'll do our best to try and compensate.

但如果它對我們沒有幫助，我們會盡最大努力進行補償。

We can't be sure we will be able to totally compensate for it but we're very committed to delivering, I'm committed to delivering what we said we would do before which is sort of bottom out over the next two years.

我們不能確定我們是否能夠完全彌補它，但我們非常致力於交付，我致力於交付我們之前說過的我們會做的事情，這在未來兩年內會觸底反彈。

This year or next year.

今年或明年。

It is no longer the next two years And then grow from there.

它不再是未來兩年然後從那裡成長。

Matt?

馬特？

Thank you.

謝謝你。

Luke, can I ask a roxadustat question?

盧克，我可以問一個 roxadustat 問題嗎？

Clearly we get the Chinese data this year and it could prove to be a very exciting start for the whole class.

很明顯，我們今年獲得了中國數據，這對全班來說可能是一個非常激動人心的開始。

But can you just remind us on timing of the current approval time in China in terms of how long it's actually taking on average for a drug to get filed to approval.

但是你能不能提醒我們目前在中國的批准時間，即一種藥物從申請到批准實際平均需要多長時間。

We think of it as 12 months in Europe and the US.

我們認為在歐洲和美國是 12 個月。

But I recall it as potentially significantly longer than that.

但我記得它可能比那長得多。

When should we think of the commercial opportunity for roxa.

我們應該什麼時候想到roxa的商業機會。

Sure, just in terms of tracking approval time frames in China, I've seen so many reports on this and have tracked it myself.

當然，就跟踪中國的批准時間框架而言，我已經看到了很多這方面的報導，並且自己也進行了跟踪。

It's almost impossible to do the analysis because the key thing for roxadustat is it's actually treated as a local product.

幾乎不可能進行分析，因為 roxadustat 的關鍵是它實際上被視為本地產品。

So it's produced, the material is in China, it's actually a different formulation than the global supply.

所以它是生產的，材料是在中國，它實際上是一種與全球供應不同的配方。

So we said the correct terminology for the Chinese submission for roxa is rolling submission.

所以我們說 roxa 的中文提交的正確術語是滾動提交。

It's rolling submission.

這是滾動提交。

To that end, what we said is the submission would initiate this year.

為此，我們所說的是今年開始提交。

We did not say there would be clinical data available this year.

我們沒有說今年會有臨床數據可用。

The thing to take home, it's very difficult to plan on Chinese regulatory time frames.

帶回家的東西，很難計劃中國的監管時間框架。

However, clearly it's a product which because we've contracted to file there.

但是，很明顯這是一種產品，因為我們已經簽約在那裡提交文件。

There's a dedicated program there in China.

中國有一個專門的項目。

You would -- I think you could expect that obviously the profile of the product has to hold up but it should move relatively quickly versus a program which is coming in from the outside.

你會 - 我認為你可以期望產品的形象顯然必須保持不變，但與來自外部的程序相比，它應該相對快速地移動。

The opportunity in China is enormous both in terms of the straight out dialysis population.

就直接透析人口而言，中國的機會是巨大的。

Also peritoneal dialysis is quite common in China as well.

腹膜透析在中國也很普遍。

Again, there's some attraction there.

同樣，那裡有一些吸引力。

And then if you look at the pre dialysis population that's directly correlated with the disease burden overall with such things like diabetes and that population in China is unfortunately quite large.

然後，如果你看一下透析前人群，這與糖尿病等疾病的整體疾病負擔直接相關，不幸的是，中國的人口數量相當大。

It remains an attractive product.

它仍然是一個有吸引力的產品。

The process is not as codified as say a rolling submission in the United States but it's still -- the product is still part of the -- a new process called the green pass and clearly the authorities have put it in this process because it is a local product as Luke was explaining.

該過程不像美國的滾動提交那樣編纂，但它仍然是 - 產品仍然是 - 一個稱為綠色通行證的新過程，很明顯當局已將其納入此過程，因為它是正如盧克所解釋的那樣，本地產品。

And it's really addressing an enormous need in China.

它確實解決了中國的巨大需求。

Diabetes is exploding.

糖尿病呈爆炸式增長。

Kidney disease is rapidly growing.

腎臟疾病正在迅速增長。

They don't have enough dialysis centers.

他們沒有足夠的透析中心。

They need new medicines to help had those patients.

他們需要新藥來幫助那些病人。

Clearly they have a lot of reasons to fast track this project, but it's not very codified.

顯然他們有很多理由來快速跟踪這個項目，但它不是很規範。

And so it's hard to predict how long it will take.

因此很難預測需要多長時間。

Just a very quick follow up to Sean.

只是對肖恩的快速跟進。

When will we see clinical data if it's not this year.

如果不是今年，我們什麼時候才能看到臨床數據。

I don't recall what we committed.

我不記得我們做了什麼。

Yes, I think it was half one next year was what we committed to.

是的，我認為明年半年是我們的承諾。

Let me look that up for you.

讓我幫你查一下。

While you do that, maybe we could move to another question and return to that.

當你這樣做時，也許我們可以轉到另一個問題並返回到那個問題。

Little bit far from this side.

離這邊有點遠。

[Carrie O with Shmecksa] I have two questions on respiratory please.

[Carrie O 和 Shmecksa] 我有兩個關於呼吸的問題。

Firstly on Symbicort, clearly the pressure's stepping up in Europe, so your thoughts on how that will evolve from here.

首先在 Symbicort 上，顯然歐洲的壓力在增加，所以你對這將如何從這裡演變的想法。

But also your expectation in the US market, potentially generic, that we can debate but how you think about that, and what you put into your guidance, your expectations there for Symbicort.

但還有您對美國市場的期望，可能是通用的，我們可以討論，但您如何看待這一點，以及您在指導中提出的內容，以及您對 Symbicort 的期望。

Secondly on PT003 is there anything that you can learn from GSK's experience with ANORO and clearly now they struggled to take share from spiriva, and they appear to be reverting back to pushing that single agent LAMA in combination with rio to offer the open triple, which you won't have the opportunity to do until you have your closed triple.

其次，在 PT003 上，您可以從 GSK 與 ANORO 的經驗中學到什麼，很明顯，他們現在正在努力從 spiriva 那里奪取份額，而且他們似乎又回到推動單一代理 LAMA 與 rio 結合提供開放三元組，這在您擁有封閉的三重奏之前，您將沒有機會這樣做。

What can you do with PT003 in the meantime?

在此期間，您可以使用 PT003 做什麼？

I'll break that into chunks.

我會把它分成塊。

With Europe, we've got three analogs there, we've kept 90% of the volume.

對於歐洲，我們在那裡有三個類似物，我們保留了 90% 的數量。

It depends on the market.

這取決於市場。

Some of these markets you have an automatic mechanical drop in the price.

其中一些市場的價格會自動下降。

You're out of their control.

你不受他們控制。

Then you're arguing over volume.

然後你在爭論音量。

We've maintained that volume effectively.

我們有效地保持了這個數量。

So I don't -- we're certainly -- we don't guide by product levels, but there's been some figures floating around out there.

所以我不——我們當然是——我們不以產品水平為指導，但那裡有一些數字。

I think it's fair to say we have a -- we're quite confident about that market.

我認為可以公平地說我們有一個 - 我們對那個市場非常有信心。

There will be pressure on Symbicort in Europe.

歐洲的 Symbicort 將面臨壓力。

Again, we're quite comfortable with where it's going as a trajectory and where it's holding and our ability to hold that.

同樣，我們對它作為軌蹟的去向以及它的位置以及我們保持它的能力感到非常滿意。

Remember we've been able to grow share with Symbicort globally.

請記住，我們已經能夠在全球範圍內增加與 Symbicort 的份額。

We've actually grown share in the US, too.

實際上，我們在美國的份額也有所增長。

If we look at the US there's price pressure, but again, volume does compensate for that.

如果我們看看美國，就會有價格壓力，但同樣，成交量確實彌補了這一點。

Again, we've picked up MBRx.

同樣，我們選擇了 MBRx。

We've picked up TRx.

我們選擇了 TRx。

In sort of a marketing battle I think we can keep share and hold it.

在某種營銷戰中，我認為我們可以保持份額並持有它。

So there will be price pressure but not catastrophic price pressure.

所以會有價格壓力，但不會是災難性的價格壓力。

In terms of generics in the US what's being disclosed publicly is exactly in line with what we had in our own internal forecast and what we built the long range plan on.

就美國的仿製藥而言，公開披露的內容與我們自己的內部預測以及我們制定長期計劃的內容完全一致。

And that's filing of course.

那當然是歸檔。

We have to see if they get approved.

我們必須看看他們是否獲得批准。

We know this is quite a complex history with inhaled molecules in the US.

我們知道這是美國吸入分子的一段相當複雜的歷史。

In terms of changes in the dynamics of the market, I think in some levels there's a time frame there for the payers so they've got this on the horizon so it actually changes the dynamics in terms of the trade off the companies are prepared to make.

就市場動態的變化而言，我認為在某些層面上，付款人有一個時間框架，所以他們已經有了這個，所以它實際上改變了公司準備權衡的動態製作。

Again, we look at each negotiation in terms of that balance between supporting value and not destroying value and then also market share and try and make an intelligent decision out of each one of those events.

同樣，我們從支持價值和不破壞價值之間的平衡以及市場份額的角度來看待每一次談判，並嘗試從這些事件中的每一個事件中做出明智的決定。

In terms of PT003, maybe I just focus on -- I've said this before with saxa dapa.

就 PT003 而言，也許我只是專注於——我之前已經用 saxa dapa 說過這個。

It was a little bit longer than we were hoping for but there is an advantage in coming second sometimes.

這比我們希望的要長一點，但有時排在第二位是有優勢的。

You can learn.

你可以學習。

I think there's broader dynamics that now that BI has entered the marketplace with their LABA/LAMA that's starting to change things before with [bialto] that he may shake things up a bit more and dislodge some of these patients who are on a LABA and who are quite sticky.

我認為現在 BI 已經帶著他們的 LABA/LAMA 進入市場，這有更廣泛的動力，這開始改變之前 [bialto] 的情況，他可能會進一步改變事情，並驅逐一些正在接受 LABA 的患者，他們很粘。

But there's lots of things we can learn in terms of preparing the market, doing some work there, and we've shown in Europe with our other LAMA/LABA that we can take share and compete.

但是在準備市場、在那裡做一些工作方面我們可以學到很多東西，我們已經在歐洲與我們的其他 LAMA/LABA 一起展示了我們可以分享和競爭。

So with 003 I think we're quite confident.

所以對於003，我認為我們很有信心。

Ultimately, it depends on the label you get.

最終，這取決於您獲得的標籤。

But we're optimistic, and we think there will be a high demand for this product in that formulation.

但我們很樂觀，我們認為這種配方的產品會有很高的需求。

It's one of those classes that takes time to develop, but it's a very dynamic market, and the problem is that the share of dynamic patients is actually limited in the total prescription volume.

這是需要時間開發的類別之一，但它是一個非常活躍的市場，問題是動態患者的份額實際上在總處方量中是有限的。

But if you look at the dynamic market itself there's a certain number of countries, 40% to 50% of you new scrips, new initiations are for LABA/LAMA away from spiriva.

但如果你看看動態市場本身，就會有一定數量的國家，40% 到 50% 的新證件，新的啟蒙是為了遠離 spiriva 的 LABA/LAMA。

It's actually starting to pick up in quite a number of markets.

它實際上開始在相當多的市場上回升。

The problems is that it really takes time for those new initiations to turn into a large volume of total prescriptions.

問題在於，這些新的啟蒙要變成大量的總處方確實需要時間。

Should we go back to --

我們應該回到——

Let me go back to the roxadustat.

讓我回到 roxadustat。

It's 2017, but again, the submission is rolling, it's ongoing.

現在是 2017 年，但同樣，提交仍在進行中。

As Luke said, we're not 100% sure what the review time is.

正如 Luke 所說，我們不能 100% 確定審核時間是多少。

It is not codified.

它沒有編纂。

2017 there will be data from trials outside of China as well.

2017 年還將有來自中國以外地區的試驗數據。

[Mariata Memits, Prime Avenue] Just wanted to make sure I understand your SG&A comments correctly.

[Mariata Memits, Prime Avenue] 只是想確保我正確理解您的 SG&A 評論。

So presumably most of the cost that you're looking to take out over the next couple of years, that's actually primary care infrastructure which you can basically take out as soon as the loss of exclusivity occurs and not a minute earlier.

因此，大概您希望在未來幾年內承擔的大部分成本實際上是初級保健基礎設施，您基本上可以在排他性喪失發生後立即取出，而不是提前一分鐘。

And then you just have a three to six month lag effect before it actually comes out of your core P&L, because it takes some time to get down to brass tacks with the employee representative.

然後，在它真正從您的核心損益表中出來之前，您只有三到六個月的滯後效應，因為需要一些時間才能與員工代表達成一致。

Is that the right way of looking at it in terms of modeling, or do you actually think you can make any significant improvements to marketing effectiveness in emerging markets or specialty care, and if so, how would that come about?

從建模的角度來看，這是正確的看待它的方式嗎？或者你真的認為你可以對新興市場或專業護理的營銷效率做出任何重大改進，如果是這樣，那將如何實現？

And then just a very quick question on the Tagrisso Japanese label you're expecting given that the Japanese are really known for granting quite broad labels in oncology and not so much dissecting between different segments.

然後是一個關於 Tagrisso 日本標籤的非常快速的問題，因為日本人確實以在腫瘤學中給予相當廣泛的標籤而聞名，而不是在不同的細分市場之間進行過多的剖析。

Sean, maybe you can cover the second question.

肖恩，也許你可以回答第二個問題。

Let me cover the first one very quickly.

讓我很快介紹第一個。

The SG&A savings they will -- they're coming, and they will come from a wide range of sources.

他們將節省的 SG&A——它們即將到來，而且它們將來自廣泛的來源。

We work a lot on admin cost, IT cost.

我們在管理成本和 IT 成本方面做了大量工作。

We reduced -- our goal was to reduce by 30% from 2014 to 2016.

我們減少了——我們的目標是從 2014 年到 2016 年減少 30%。

We've gone quite a bit -- we've gone quite a long way.

我們已經走了很多——我們已經走了很長的路。

We still have more to go this year.

今年我們還有更多工作要做。

We're working on site costs.

我們正在研究場地成本。

We're working on a variety of G&A costs.

我們正在研究各種 G&A 成本。

When it comes to pure commercial costs, you're right, that there is quite a bit of cost reductions that then come out of reducing [ifelt] and primary care over tim.

當談到純商業成本時，你是對的，隨著時間的推移，減少 [ifelt] 和初級保健會帶來相當多的成本降低。

But we also have a program to improve productivity and efficiency in our commercial teams in all the emerging markets.

但我們也有一個計劃來提高我們在所有新興市場的商業團隊的生產力和效率。

We have an entire program that is focused on that.

我們有一個專注於此的完整計劃。

We've increased a lot the size of our teams in China in a number of countries through the acquisition of the diabetes business but also you through expansion of our teams.

通過收購糖尿病業務，我們在許多國家/地區擴大了我們在中國的團隊規模，您也通過擴大我們的團隊擴大了我們的團隊規模。

We're now focusing really hard on improving the productivity of those teams.

我們現在非常專注於提高這些團隊的生產力。

So there's a whole range of sources of cost savings and productivity improvement.

因此，存在一系列成本節約和生產力提高的來源。

We come back, can we have one or two more questions?

我們回來了，能再問一兩個問題嗎？

Okay.

好的。

You want me to answer the Tagrisso

你想讓我回答 Tagrisso

Sorry, the Tagrisso Japanese label.

抱歉，Tagrisso 日本品牌。

It's a little hard to speculate on the label but regulators do what they want based on what they see in the data.

對標籤進行推測有點困難，但監管機構會根據他們在數據中看到的內容做他們想做的事情。

The observation I will make is the EU label is different than the United States label.

我要觀察的是歐盟標籤與美國標籤不同。

In the United States we have the T790M.

在美國，我們有 T790M。

But then you have to have failed first generation EGFR molecule.

但是你必須讓第一代 EGFR 分子失敗。

In the EU the T790M is in there, but this first generation having previously been treated is not in there.

在歐盟，T790M 在那裡，但之前經過處理的第一代不在那裡。

Japan does tend not to make little cutouts in its labels.

日本確實不傾向於在其標籤上做小切口。

So we'll see what happens.

所以我們將看看會發生什麼。

Can't really be sure.

真的不能確定。

Sachin, maybe and that will be the last question, Thomas, or can we?

Sachin，也許吧，這將是最後一個問題，Thomas，或者我們可以嗎？

Okay.

好的。

Thanks for taking my follow-ons.

感謝您接受我的後續報導。

Just one on cash flow.

只有一個關於現金流。

Given the vagaries of the P&L, wonder if you could comment on cash flow.

鑑於 P&L 的變幻莫測，想知道您是否可以對現金流發表評論。

Operating free cash flow was roughly $2.5 billion and didn't have the dividend this year.

經營自由現金流約為 25 億美元，今年沒有分紅。

And that included $1 billion of externalizations.

這包括 10 億美元的外部化。

Just any color on free cash flow will cover dividend in 2016 and how we should think on a two, three year view, given the progressive dividend policy.

自由現金流的任何顏色都將涵蓋 2016 年的股息，以及我們應該如何從兩三年的角度思考，考慮到漸進式股息政策。

One for Luke on Brilinta.

一個給 Luke on Brilinta。

You mentioned in your intro comments that an inflection might be seen post guideline updates, so any color on when we could expect that?

您在介紹性評論中提到，指南更新後可能會出現拐點，那麼我們什麼時候可以期待這種情況？

On the Brilinta side, we have actually seen already an inflection in the DDDs in hospitals, and that reflects a pickup in initiation.

在 Brilinta 方面，我們實際上已經看到醫院 DDD 的變化，這反映了啟動的回升。

But, Luke, do you want to cover this and, Marc, you cover the second one.

但是，盧克，你想報導這個嗎？馬克，你報導第二個。

Sure.

當然。

And right now if we look at volumes on the 60mg, it's still relatively early days, but the DDD really did jump.

現在，如果我們看一下 60 毫克的體積，還處於相對早期的階段，但 DDD 確實跳躍了。

And if we look at the data in terms of who's being put on 60mg, we're pleased to say that 70% of those patients are actually beyond 12 months or around 12 months for Brilinta.

如果我們根據誰服用 60 毫克的數據來查看數據，我們很高興地說這些患者中有 70% 實際上超過 12 個月或大約 12 個月服用 Brilinta。

In terms of guidelines, it's difficult to speculate.

就準則而言，很難推測。

We hear certain things.

我們聽到某些事情。

We have asked questions.

我們提出了問題。

You've got the ACC of course and the AHA coming up, so around key Congresses like that where alignment seems to be there.

你當然有 ACC 和 AHA 即將到來，所以在像這樣的關鍵大會上似乎有一致的地方。

I would direct you back to the label in the US with the statements around clopidogrel.

我會引導您回到美國的標籤，了解有關氯吡格雷的聲明。

And just the broad nature of the label which again gave us some confidence.

只是標籤的廣泛性質再次給了我們一些信心。

But we'll see what we get.

但我們會看到我們得到的。

We ask lots of questions about it.

我們問了很多關於它的問題。

Turning to the cash flow, basically you can -- the level of net cash flow will be similar in 2016 as they are in 2015.

談到現金流，基本上你可以——2016 年的淨現金流水平將與 2015 年相似。

We need to understand the contributory nature of the externalization revenues but also on the other income.

我們需要了解外部化收入的貢獻性質以及其他收入。

It does contribute to -- obviously to our cash flows, and it helps us sustain a relatively high level of R&D.

它確實有助於——顯然有助於我們的現金流，它幫助我們維持相對較高的研發水平。

One needs to understand that.

人們需要理解這一點。

External revenues is not only to sustain the cash flow, but the cash flow can be reinvested in R&D.

外部收入不僅可以維持現金流，還可以將現金流再投資於研發。

I think the whole cycle needs to be understood.

我認為需要了解整個週期。

The cash flow was the same in 2016, more or less the same as in 2015.

2016 年的現金流量與 2015 年大致相同。

But I think Marc is raising another point which is an important one.

但我認為 Marc 提出了另一個重要的觀點。

Externalization revenue is helping us to create long-term value by partnering with someone who will turn a product that we probably would not do so well ourselves with because it's not part of our core strength.

外部化收入正在幫助我們創造長期價值，方法是與將轉變我們可能不會做得很好的產品的人合作，因為它不是我們核心力量的一部分。

So long term value but also short-term value because some of that money we are investing immediately in building a strong pipeline.

長期價值和短期價值，因為我們立即投資其中的一些資金來建立強大的管道。

We could save money and still deliver the same EPS with less externalization, less cost, would we create a better business long-term?

我們可以節省資金並仍然以更少的外部化、更少的成本提供相同的 EPS，我們會長期創造更好的業務嗎？

Probably not.

可能不會。

(technical difficulty)

（技術難度）

Thank you.

謝謝你。

Your remark is true for the year 2016.

你的話對 2016 年是正確的。

It will be very similar to 2015.

這將與 2015 年非常相似。

But you know we also need to see that -- we have provided in early 2014 a signpost for 2017 where we said basically the revenues would be more or less broadly in line with 2013 at constant exchange rate.

但你知道我們還需要看到這一點——我們在 2014 年初提供了 2017 年的路標，我們說基本上收入將或多或少與 2013 年按固定匯率計算大致一致。

I think you can just extrapolate from this in many, many positions the P&L.

我認為你可以從很多很多頭寸中推斷出損益表。

What we are doing is increasing our pressure, our cost discipline and our pressure on SG&A.

我們正在做的是增加我們的壓力、我們的成本紀律和我們對 SG&A 的壓力。

But we have conversely also increased the R&D spend.

但我們反過來也增加了研發支出。

With that one I could call this meeting to a close and then thank you for joining us.

有了那個，我可以結束這次會議，然後感謝你加入我們。

But in parting, just let me wrap up leaving you with a few messages.

但在臨別之際，讓我給你留下一些信息。

First of all, we're very much committed to the dividend.

首先，我們非常致力於分紅。

Nobody should ever doubt our commitment to the dividend.

沒有人應該懷疑我們對紅利的承諾。

Two is we're very committed -- I'm committed as I said to delivering what we told you we would deliver and bottom out in 2016, 2017, grow after this.

二是我們非常堅定——正如我所說，我致力於實現我們告訴過你的目標，我們將在 2016 年、2017 年實現並觸底反彈，在此之後實現增長。

Our guidance is in the range of this.

我們的指導是在這個範圍內。

And hopefully the question is not whether we deliver plus, minus 3% or 5% on this core EPS in 2016, 2017 but what kind of long-term value creating for the pipeline.

希望問題不是我們是否在 2016 年、2017 年的核心 EPS 上實現正負 3% 或 5%，而是為管道創造什麼樣的長期價值。

We're very committed to this bottoming out.

我們非常致力於觸底反彈。

Again the thing we don't totally control is currencies, currency movement, and we'll do our best to compensate some of those movements if they're negative.

同樣，我們不能完全控制的是貨幣、貨幣變動，如果它們是負面的，我們將盡最大努力補償其中的一些變動。

If they are positive, we'll just welcome them of course.

如果他們是積極的，我們當然會歡迎他們。

But we can't guarantee that we will be able manage those.

但我們不能保證我們能夠管理這些。

But certainly very committed again to managing the 2016, 2017 period of time.

但肯定會再次致力於管理 2016 年和 2017 年的時間段。

Again, I think we're making great progress through the pipeline.

同樣，我認為我們正在通過管道取得很大進展。

We're launching our new products.

我們正在推出我們的新產品。

Tagrisso is doing very well.

塔格里索做得很好。

Really, hopefully, we can focus ourselves on the post 2017 period of time.

真的，希望我們能夠專注於 2017 年後的時期。

In the meantime, through this externalization and cost savings we really are defending our EPS, and hopefully at some point everybody will agree that externalization did work and we created long-term value.

與此同時，通過這種外部化和成本節約，我們確實在捍衛我們的 EPS，希望在某個時候每個人都會同意外部化確實有效，我們創造了長期價值。

With this thank you so much for joining us today.

非常感謝您今天加入我們。