AstraZeneca PLC (AZN) 2016 Q3 法說會逐字稿

Good afternoon.

下午好。

Welcome, ladies and gentlemen, to AstraZeneca's Q3 results analyst conference call.

女士們，先生們，歡迎參加阿斯利康第三季度業績分析師電話會議。

Before I hand over the call to AstraZeneca, I'd like to read the Safe Harbor statement.

在我將電話轉交給阿斯利康之前，我想閱讀安全港聲明。

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

公司打算利用 1995 年美國私人證券訴訟改革法案的安全港條款。

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

本次電話會議的參與者可能會就阿斯利康的運營和財務業績做出前瞻性陳述。

Although we believe our expectations are based on reasonable assumptions, by their very nature, forward-looking statements involve risks and uncertainties that may influence the factors that could cause actual results to differ materially.

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不確定性，這些風險和不確定性可能會影響可能導致實際結果出現重大差異的因素。

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 the call over to Mr. Pascal Soriot.

我現在將把電話轉給 Pascal Soriot 先生。

Hello, everyone.

大家好。

I'm Pascal Soriot, CEO of AstraZeneca.

我是阿斯利康公司的首席執行官 Pascal Soriot。

Welcome to the year-to-date and the third-quarter 2016 results conference call and webcast for investors and analysts.

歡迎參加面向投資者和分析師的年初至今和 2016 年第三季度業績電話會議和網絡直播。

The presentation is also posted online for you to download.

該演示文稿還發佈在網上供您下載。

We plan to spend about half an hour on the presentation and then leave plenty of time for Q&A.

我們計劃用大約半小時的時間進行演示，然後留出充足的時間進行問答。

In total, we have a full hour together.

總的來說，我們在一起整整一個小時。

(Caller instructions)

（來電說明）

Please turn to Slide 2. This is the usual Safe Harbor statement.

請轉到幻燈片 2。這是通常的安全港聲明。

Moving to Slide 3. This is the agenda.

轉到幻燈片 3。這是議程。

Today I'm joined by Mark Mallon, Executive Vice President for Global Product and Portfolio Strategy, Medical Affairs and Corporate Affairs.

今天，負責全球產品和投資組合戰略、醫療事務和公司事務的執行副總裁 Mark Mallon 加入了我的行列。

Today marks a special welcome to Mark Mallon, who recently took over the strategic marketing function from Luke Miels, who is now responsible for the European business.

今天特別歡迎 Mark Mallon，他最近從 Luke Miels 手中接過戰略營銷職能，而 Luke Miels 現在負責歐洲業務。

Mark Mallon was previously Head of International.

Mark Mallon 之前是國際部主管。

Also with me here today, Marc Dunoyer, our CFO, and Sean Bohen, Executive Vice President for Global Medicines Development and our Chief Medical Officer.

今天和我一起來的還有我們的首席財務官 Marc Dunoyer 和全球藥物開發執行副總裁兼我們的首席醫療官 Sean Bohen。

Moving to Slide 4. The third quarter of 2016 continued broadly in line with our expectations and we are on track for the year.

轉到幻燈片 4。2016 年第三季度繼續大致符合我們的預期，我們今年正步入正軌。

The total revenue decline reflected the loss of exclusivity for Crestor and quarterly US Symbicort impact on gross-to-net adjustments, the lack of FluMist sales, and one-off events in emerging markets.

總收入下降反映了 Crestor 的排他性喪失和美國 Symbicort 季度對毛淨調整的影響、FluMist 銷售不足以及新興市場的一次性事件。

Mark Mallon will cover this in detail later.

Mark Mallon 稍後將對此進行詳細介紹。

The new AstraZeneca, which is -- which are the three main therapy areas and established medicines in emerging markets, grew 6% in the year to date.

新成立的阿斯利康（AstraZeneca）是新興市場的三個主要治療領域和成熟藥物，今年迄今增長了 6%。

Tagrisso became our biggest lung cancer medicine during Q3, larger than Iressa.

Tagrisso 在第三季度成為我們最大的肺癌藥物，比 Iressa 更大。

And Farxiga continues as the global leader in the SGLT2 class, with 42% volume share, taking the number one spot among AstraZeneca medicines in diabetes overall.

Farxiga 繼續作為 SGLT2 類藥物的全球領導者，佔有 42% 的銷量份額，在阿斯利康糖尿病藥物中排名第一。

Strong execution continues in the emerging markets.

新興市場繼續保持強勁執行力。

We are a solid number two in China where we're growing the fastest and then we are much ahead of the market.

我們在中國穩居第二，我們在中國增長最快，而且我們遠遠領先於市場。

In Russia, we are number three overall.

在俄羅斯，我們總體排名第三。

EPS is supported by active cost measurement and also benefited from a non-recurring intergovernment tax agreement.

每股收益得到主動成本計量的支持，也受益於非經常性政府間稅收協議。

We saw our R&D investments fully stabilizing despite continued investment in the strong pipeline.

儘管我們繼續投資於強大的管道，但我們看到我們的研發投資完全穩定下來。

SG&A costs further reduced, in line with our commitment.

SG&A 成本進一步降低，符合我們的承諾。

Given the tailwinds and headwinds in the quarter, we maintain full-year 2016 guidance.

鑑於本季度的順風和逆風，我們維持 2016 年全年指引不變。

Finally, as we strive towards building a more sustainable business, I'm pleased that AstraZeneca was recognized as a Dow Jones sustainability leader in the Pharmaceuticals/Biotechnology/Life Sciences industry group.

最後，在我們努力建立更具可持續性的業務時，我很高興阿斯利康被公認為製藥/生物技術/生命科學行業組的道瓊斯可持續發展領導者。

This is an area of our Company, which is often overlooked.

這是我們公司的一個領域，經常被忽視。

Moving to Slide 5. The pipeline continued its progress in Q3 with a number of examples of what science can do.

轉到幻燈片 5。管道在第三季度繼續取得進展，提供了許多科學可以做什麼的例子。

In Oncology, Faslodex achieved Japanese submission for first-line receptor-positive metastatic breast cancer based on the FALCON trial.

在腫瘤學領域，Faslodex 獲得日本提交的基於 FALCON 試驗的一線受體陽性轉移性乳腺癌。

Lynparza SOLO-2 trial read out very positively in second-line treatment of advanced ovarian cancer and we are looking forward to presenting the data as soon as possible.

Lynparza SOLO-2 試驗在晚期卵巢癌的二線治療中讀出非常積極的結果，我們期待盡快提供數據。

Tagrisso saw its regulatory submission in lung cancer accepted in China, where it was also granted priority review.

Tagrisso 的肺癌監管申請在中國被接受，並獲得優先審評。

We decided to withdraw the EU regulatory submission for cediranib in ovarian cancer and we didn't make the primary endpoint in the Phase III trial for selumetinib in KRAS-mutated lung cancer.

我們決定撤回歐盟對 cediranib 治療卵巢癌的監管提交，並且我們沒有在 selumetinib 治療 KRAS 突變肺癌的 III 期試驗中設定主要終點。

In Cardiovascular & Metabolic Diseases, Brilinta was approved in Japan but did not meet the primary endpoint of showing superiority to standard of care for clopidogrel for peripheral artery disease.

在心血管和代謝疾病領域，Brilinta 在日本獲得批准，但未達到顯示優於氯吡格雷外周動脈疾病護理標準的主要終點。

The open combination of Farxiga and Bydureon was shown to be superior in Phase III compared to each of the monotherapies.

與每種單一療法相比，Farxiga 和 Bydureon 的開放組合在 III 期中顯示出優越性。

And we also saw acceptance in the US, as promised, for the re-submission of ZS-9, our new potential medicine for hyperkalaemia.

正如承諾的那樣，我們也看到美國接受了重新提交 ZS-9，這是我們治療高鉀血症的潛在新藥。

We're looking forward to swift review by the FDA.

我們期待著 FDA 的快速審查。

In Respiratory, Benralizumab delivered its fourth positive Phase III efficacy trial in severe and controlled asthma.

在呼吸方面，貝那利珠單抗在嚴重和受控哮喘中進行了第四次陽性 III 期療效試驗。

We'll make a regulatory submission for Benralizumab this quarter.

我們將在本季度提交 Benralizumab 的監管申請。

Benralizumab is expected to become an important medicine for patients with asthma and potentially COPD as well as an important medicine for our business, broadening and deepening our offering in the respiratory market.

Benralizumab 有望成為哮喘和潛在 COPD 患者的重要藥物，以及我們業務的重要藥物，擴大和深化我們在呼吸系統市場的產品。

Finally, together with our partner, Eli Lilly, we obtained a Fast Track Designation for the BACE inhibitor in Alzheimer's disease.

最後，我們與我們的合作夥伴 Eli Lilly 一起，獲得了 BACE 抑製劑在阿爾茨海默病中的快速通道指定。

While early in Phase III development, the BACE inhibitor is an excellent example of the improved R&D productivity, which also makes us confident about the forthcoming inflection point for our strategy as well as we annualize -- sorry, the loss of Crestor exclusivity.

在 III 期開發的早期，BACE 抑製劑是提高研發生產力的一個很好的例子，這也讓我們對即將到來的戰略拐點充滿信心，我們也進行了年化——抱歉，失去了 Crestor 的獨家經營權。

Please turn to Slide 6. Staying on loss of Crestor exclusivity, this chart illustrates how our Company is rapidly changing from a pipeline-driven strategic transformation and focused on three main therapy areas.

請轉到幻燈片 6。繼續失去 Crestor 的獨家經營權，這張圖表說明了我們公司如何從管道驅動的戰略轉型中迅速轉變並專注於三個主要治療領域。

Year to date, we saw a large impact from losing Crestor exclusivity in the US and we are also still seeing some impact from Nexium and Seroquel.

年初至今，我們看到失去 Crestor 在美國的獨家經營權產生了巨大影響，我們也看到了 Nexium 和 Seroquel 的一些影響。

Further, we are also moving beyond the US CDC's recommendation to not use FluMist this season, for example.

此外，例如，我們也超越了美國疾病預防控制中心關於本季不使用 FluMist 的建議。

And as you can see, the impact of these patent expiries has been ongoing for a number of years now.

正如您所看到的，這些專利到期的影響已經持續了很多年。

As we annualize the negative impacts, our focus on three main therapy areas, Oncology, Cardiovascular and Metabolic Diseases and Respiratory will help us return to growth.

隨著我們對負面影響進行年度化，我們將重點放在三個主要治療領域，即腫瘤學、心血管和代謝疾病以及呼吸系統，這將幫助我們恢復增長。

Oncology is growing rapidly through the launches of Lynparza and Tagrisso, with more to come from the pipeline.

通過 Lynparza 和 Tagrisso 的推出，腫瘤學正在迅速發展，還有更多來自管道。

Also, other medicines like Faslodex are doing well.

此外，Faslodex 等其他藥物也表現良好。

CVMD benefits from global growth of Brilinta and our type 2 diabetes franchise, in particular, Farxiga.

CVMD 受益於 Brilinta 的全球增長和我們的 2 型糖尿病特許經營權，特別是 Farxiga。

Brilinta will soon approach $1 billion annual blockbuster sales on a moving basis.

Brilinta 的年度大片銷售額將很快接近 10 億美元。

Respiratory was impacted in the quarter but is a growth platform with a combination of marketed and pipeline medicines like Benralizumab.

呼吸系統在本季度受到了影響，但它是一個增長平台，結合了 Benralizumab 等上市和管道藥物。

When we add this all up, including established medicines in the emerging markets, we grew 6% product sales in the year to date and 3% in the quarter.

當我們將所有這些加起來，包括新興市場的成熟藥物時，我們今年迄今為止的產品銷售額增長了 6%，本季度增長了 3%。

The underlying quarterly growth rate, though, was actually 6% when you adjust for the items mentioned earlier.

不過，當你針對前面提到的項目進行調整時，潛在的季度增長率實際上是 6%。

It's important to realize that the emerging new AstraZeneca is a growing business in competitive markets, with existing medicines and pipeline to sustain the growth into the future, and that 6% year-to-date growth is achieved without the full impact of the launch of new products that are emerging out of our pipeline.

重要的是要認識到新興的新阿斯利康是競爭市場中不斷增長的業務，現有的藥物和管道可以維持未來的增長，並且在沒有推出的全面影響的情況下實現了 6% 的年初至今增長我們管道中出現的新產品。

We are in the early phase of those new launches, so we really look forward to a strong growth rate in the years to come.

我們正處於這些新發布的早期階段，因此我們非常期待未來幾年的強勁增長。

Before I hand over to Mark Mallon for the growth platforms, I would like to thank all of my colleagues for their contribution during Q3 and 2016 so far.

在我將增長平台交給 Mark Mallon 之前，我要感謝所有同事在第三季度和 2016 年迄今為止所做的貢獻。

We have lots of talented people that work incredibly hard on returning our Company to sustainable growth.

我們有很多才華橫溢的人，他們非常努力地工作，以使我們的公司恢復可持續增長。

With this, over to you, Mark.

有了這個，就交給你了，馬克。

Thanks, Pascal.

謝謝，帕斯卡。

Please turn to Slide 8. Our growth platforms continued to demonstrate strong growth in the year, despite a softer Q3.

請轉到幻燈片 8。儘管第三季度表現疲軟，但我們的增長平台在今年繼續表現出強勁增長。

The combined revenue from our six growth platforms represented over 60% of our total revenue.

我們六個增長平台的總收入占我們總收入的 60% 以上。

Momentum was clearly seen in diabetes, Brilinta, and importantly, in new oncology.

在糖尿病、Brilinta 以及重要的新腫瘤學中可以清楚地看到勢頭。

For the first time, new oncology sales reached almost a $0.5 billion, which is very exciting.

新的腫瘤學銷售額首次達到近 5 億美元，這非常令人興奮。

Please turn to Slide 9. Now, with the performance in diabetes, Japan and Brilinta continuing to be resilient, I will only touch on these growth platforms briefly.

請轉到幻燈片 9。現在，隨著糖尿病、日本和 Brilinta 的表現繼續保持彈性，我將只簡要介紹這些增長平台。

Instead, we'll focus today on the emerging markets, respiratory and new oncology.

相反，我們今天將重點關注新興市場、呼吸系統和新腫瘤學。

Please turn to Slide 10.

請轉到幻燈片 10。

Turning next to emerging markets, we remain on track with our long-term goals despite a softer Q3.

接下來轉向新興市場，儘管第三季度表現疲軟，但我們仍在實現我們的長期目標。

Underlying quarterly growth was kept at high single digits, adjusting for an adverse impact from healthcare spending cuts in Saudi Arabia and the reduction of our activities in Venezuela.

基本季度增長保持在高個位數，調整了沙特阿拉伯醫療保健支出削減和我們在委內瑞拉活動減少的不利影響。

China maintained double-digit growth of 10% and around 15% if you adjust for Plendil, which was partnered.

中國保持了 10% 的兩位數增長，如果你調整了合作夥伴的 Plendil，中國保持了 15% 左右。

This was ahead of the overall Chinese market, and also Russia and Brazil continue to grow well at 13% and 5%, respectively, in the year to date.

這領先於整個中國市場，俄羅斯和巴西今年迄今分別繼續保持 13% 和 5% 的良好增長。

We are well-positioned to maintain growth in the near term with our established portfolio in emerging markets and the growth platforms.

憑藉我們在新興市場和增長平台的既定投資組合，我們有能力在短期內保持增長。

Trends of better diagnosis, improved access and favorable patient dynamics bode especially well for our medicines in diabetes and respiratory.

更好的診斷、改善的可及性和有利的患者動態的趨勢預示著我們在糖尿病和呼吸系統方面的藥物特別好。

Please also note we have recently completed our regulatory submission for Tagrisso in China, which has the largest patient population of EGFR-mutated non-small cell lung cancers in the world.

另請注意，我們最近在中國完成了 Tagrisso 的監管提交，中國擁有世界上最大的 EGFR 突變非小細胞肺癌患者群體。

Please turn to Slide 11.

請轉到幻燈片 11。

Our respiratory performance in the year to date was short of long-term expectations and reflected the impact of deliberate strategic decisions we took to sustain Symbicort's strong position in asthma and COPD markets and also to prepare for the launch of the exciting medicines, Bevespi and Benralizumab.

我們今年迄今的呼吸表現低於長期預期，反映了我們為維持 Symbicort 在哮喘和 COPD 市場的強勢地位以及為推出令人興奮的藥物 Bevespi 和 Benralizumab 所做的深思熟慮的戰略決策的影響.

In the year to date, our respiratory sales declined by 2%, including decreases in the US and Europe of 11% and 7%, respectively.

今年迄今為止，我們的呼吸系統銷售額下降了 2%，其中美國和歐洲分別下降了 11% 和 7%。

The underlying reasons I will talk about on a medicine by medicine basis.

我將逐個醫學地談論潛在的原因。

In contrast, emerging markets experienced growth of 17%.

相比之下，新興市場增長了 17%。

In the year to date, Symbicort continued to grow volume share.

今年迄今為止，Symbicort 的銷量份額繼續增長。

However, sales were down 10%, reflecting developments in the US market and an adverse event impact from healthcare spending cuts in Saudi Arabia.

然而，銷售額下降了 10%，反映了美國市場的發展以及沙特阿拉伯醫療保健支出削減的不利事件影響。

In the US, Symbicort volume growth was offset by a true-up related to past quarters and managed care access gains.

在美國，Symbicort 的銷量增長被與過去幾個季度和管理式醫療准入收益相關的調整所抵消。

These gains came despite the very competitive market.

儘管市場競爭非常激烈，但這些收益還是出現了。

Improved access in the US will provide a platform not only for Symbicort but also for future launches of Bevespi and Benralizumab.

改善在美國的准入將為 Symbicort 以及未來推出的 Bevespi 和 Benralizumab 提供一個平台。

In Europe, Symbicort maintained its leadership in ICS/LABA market while facing continued pressure from both branded and analog competition.

在歐洲，Symbicort 在 ICS/LABA 市場保持領先地位，同時面臨來自品牌和模擬競爭的持續壓力。

In emerging markets, we maintained leadership in the overall respiratory market and our sales grew by 11%, with China growing by an impressive 33% and global sales of Pulmicort increased by 8%, driven by a 20% increase from emerging markets.

在新興市場，我們在整個呼吸系統市場保持領先地位，我們的銷售額增長了 11%，其中中國增長了 33%，普米克的全球銷售額增長了 8%，這得益於新興市場 20% 的增長。

Again, our China business for Pulmicort grew 21% during the period, where we continue in China to improve diagnosis, increase home nebulization, and overall treatment rates.

同樣，我們在中國的 Pulmicort 業務在此期間增長了 21%，我們繼續在中國改善診斷、增加家庭霧化和整體治療率。

Please turn to Slide 12.

請轉到幻燈片 12。

Moving next to our diabetes franchise, sales grew 13% with a positive contribution from all regions.

接下來是我們的糖尿病專營權，銷售額增長了 13%，所有地區都做出了積極貢獻。

We believe the GLP-1 and SGLT-2 classes will continue to be the fastest growing in Type 2 diabetes, with all three major classes remaining highly competitive.

我們相信 GLP-1 和 SGLT-2 類別將繼續成為 2 型糖尿病中增長最快的類別，所有三個主要類別都將保持高度競爭。

Farxiga is the number one diabetes medicine in AstraZeneca now, with sales of $220 million in the quarter and remains the global leader by volume in the SGLT-2 class and outgrowing the class.

Farxiga 是阿斯利康目前排名第一的糖尿病藥物，本季度銷售額為 2.2 億美元，並且在 SGLT-2 類藥物中仍然是全球銷量領先者，而且增長速度超過了該類藥物。

Please turn to Slide 13.

請轉到幻燈片 13。

In Japan, we improved our performance in the third quarter despite a more than 6% mandated price cut earlier this year.

在日本，儘管今年早些時候強制降價超過 6%，但我們在第三季度的業績有所改善。

We maintain a leading dynamic market share across our key existing therapeutic areas with Crestor, Nexium and Symbicort, all being leaders in their classes.

我們在我們現有的主要治療領域保持領先的動態市場份額，Crestor、Nexium 和 Symbicort 都是各自領域的領導者。

We're also very pleased with the strong launch of Tagrisso that leverages our existing oncology portfolio and infrastructure.

我們也對 Tagrisso 的強勢推出感到非常高興，它利用了我們現有的腫瘤產品組合和基礎設施。

We now have more than 2,400 patients on treatment and sales of $43 million in the year to date.

我們現在有 2,400 多名患者接受治療，今年迄今為止的銷售額為 4,300 萬美元。

Our diagnostics partner insists -- anticipates an approval for blood-based testing in due course.

我們的診斷合作夥伴堅持認為——希望在適當的時候批准基於血液的檢測。

Please turn to Slide 14.

請轉到幻燈片 14。

Brilinta, moving on to Brilinta, we delivered 39% growth in the year to date.

Brilinta，轉向 Brilinta，我們今年迄今實現了 39% 的增長。

Q3 growth in the US was impacted by inventory stocking in the comparative period.

美國第三季度的增長受到比較期間庫存庫存的影響。

We saw continued progress in Europe and in emerging markets, China continued to deliver strong performance and we are also optimistic for future growth, given the potential listing of Brilinta on the China National Reimbursement Drug List in due course.

我們看到歐洲和新興市場持續取得進展，中國繼續表現強勁，我們也對未來的增長持樂觀態度，因為 Brilinta 可能會在適當的時候列入中國國家報銷藥品目錄。

Please turn to Slide 15.

請轉到幻燈片 15。

In just a few weeks, Tagrisso will be celebrating its one-year anniversary.

再過幾週，Tagrisso 將慶祝成立一周年。

Tagrisso today exceeds a $0.25 billion in sales, which is reflective of successive launches in the US, in the EU and Japan.

Tagrisso 今天的銷售額超過 2.5 億美元，這反映了它在美國、歐盟和日本的連續上市。

Tagrisso is now available to patients in more than 40 countries and we're expecting a China launch in 2017.

Tagrisso 現在可供 40 多個國家的患者使用，我們預計 2017 年在中國推出。

Tagrisso sales in the quarter rose, reflecting strong patient demand and successful commercial launches across multiple markets.

Tagrisso 在本季度的銷售額有所上升，反映出強勁的患者需求和跨多個市場的成功商業發布。

The US availability of the blood-based test is very encouraging.

基於血液的測試在美國的可用性非常令人鼓舞。

And recently, the NCCN guidelines recommended T790 mutation testing for EGFR-mutated non-small cell lung cancer patients upon disease progression.

最近，NCCN 指南建議對疾病進展後的 EGFR 突變非小細胞肺癌患者進行 T790 突變檢測。

The current testing rates in the US are over 40% and with the new test, we're expecting improved patient access to Tagrisso.

美國目前的檢測率超過 40%，通過新檢測，我們預計患者對 Tagrisso 的使用會有所改善。

The performance of Lynparza also continued to be strong.

Lynparza 的表現也持續強勁。

As the leader in PARP inhibitors, we have now treated nearly 5,000 patients and launched in 30 countries, with seven ongoing reviews.

作為 PARP 抑製劑的領導者，我們現在已經治療了近 5,000 名患者，並在 30 個國家/地區推出，有 7 個正在進行審查。

The BRCA testing rates continue to grow, with rates now close to 70% in the US and Europe.

BRCA 檢測率繼續增長，目前美國和歐洲的檢測率接近 70%。

With the positive trial readout of SOLO-2, we remain even more confident of the benefits patients can derive from Lynparza.

隨著 SOLO-2 的陽性試驗讀數，我們對患者可以從 Lynparza 中獲得的益處更有信心。

Now I'll hand it over to you, Marc.

現在我把它交給你，馬克。

Thanks, Mark, and hello, everyone.

謝謝，馬克，大家好。

I'm going to spend the next few minutes taking you through our performance for the year to date.

接下來的幾分鐘，我將帶您了解我們今年迄今為止的表現。

Please turn to Slide 17.

請轉到幻燈片 17。

This first slide in my presentation shows our reported P&L performance in the year to date and in the third quarter.

我演示文稿中的第一張幻燈片顯示了我們報告的年初至今和第三季度的損益表現。

Please turn to Slide 18.

請轉到幻燈片 18。

Looking closely at the core P&L, the total revenue decline of 3% in the year to date, reflected a 6% fall in product sales with the effect of losing exclusivity on Crestor in the United States, particularly impacting the performance in the third quarter.

仔細觀察核心損益表，今年迄今為止的總收入下降了 3%，反映出產品銷售額下降了 6%，這是由於失去了 Crestor 在美國的獨家經營權，特別是影響了第三季度的業績。

External revenue increased by 56% to $1.4 billion, ahead of the total we delivered in the whole of 2015.

外部收入增長了 56%，達到 14 億美元，高於我們 2015 年全年交付的總收入。

This is in line with the commitment I gave at the start of the year.

這符合我在年初作出的承諾。

Core gross profit declined by 3% in the year to date and excluding the impact of externalization, the core gross profit margin declined by 90 basis points to 83%.

核心毛利率今年迄今下降 3%，排除外部化的影響，核心毛利率下降 90 個基點至 83%。

Despite the impact of the loss of US Crestor, our mix of sales and the growing element of specialty care medicines meant that our core gross margin in the third quarter remained stable at 84%.

儘管受到美國 Crestor 損失的影響，但我們的銷售組合和不斷增長的專業護理藥物意味著我們第三季度的核心毛利率保持穩定在 84%。

Core R&D cost growth was stable in the third quarter, a good performance after the growth seen in the first half of the year.

三季度核心研發費用增長平穩，繼上半年增長後表現良好。

I do, however, now expect full-year core R&D to be ahead of last year.

然而，我現在確實預計全年核心研發將領先於去年。

Core SG&A fell by 12% in the third quarter, and a 7% reduction in the year to date.

第三季度核心 SG&A 下降了 12%，今年迄今下降了 7%。

I'm delighted that we will deliver on our commitment to materially reduce core SG&A cost this year.

我很高興我們將兌現今年大幅降低核心 SG&A 成本的承諾。

Other operating income in the year to date was significantly behind that in the comparative period.

年初至今的其他營業收入明顯落後於比較期間。

We have, however, a number of disposal agreements that have been either closed or expected to close in the fourth quarter.

然而，我們有一些處置協議已經完成或預計將在第四季度完成。

These agreements will take full year other operating income to around the level achieved in 2015.

這些協議將使全年其他營業收入達到 2015 年實現的水平左右。

The core EPS performance in the third quarter of 2016 included a non-recurring benefit of $0.36, resulting from agreements on transfer pricing between various tax authorities.

2016 年第三季度的核心 EPS 業績包括 0.36 美元的非經常性收益，該收益來自各稅務機關之間的轉讓定價協議。

This benefit delivered a year-to-date gross tax rate of 8%, which implies a potential full-year rate significantly below the range of 16% to 20% that I've talked about previously.

這一收益帶來了 8% 的年初至今總稅率，這意味著潛在的全年稅率大大低於我之前談到的 16% 至 20% 的範圍。

Please turn to Slide 19.

請轉到幻燈片 19。

As I've said many times before, cost discipline is a key focus for the business and we have made very good progress in the year to date.

正如我之前多次說過的那樣，成本紀律是業務的重點，我們在今年迄今取得了非常好的進展。

We are doing what we said we'd do and we are delivering on our commitment, producing results in line with guidance.

我們正在做我們所說的我們會做的，我們正在兌現我們的承諾，產生符合指導的結果。

Looking at R&D cost, the chart shows sequential declines over recent quarters, despite the absorption of ZS Pharma and Acerta Pharma.

從研發成本來看，圖表顯示最近幾個季度的連續下降，儘管吸收了 ZS Pharma 和 Acerta Pharma。

Excluding the absorption, the R&D cost would have only increased by 1% in the year-to-date.

不包括吸收，研發成本今年迄今只會增加 1%。

In the third quarter, total core R&D costs were stable, despite the continued focus on a number of potential medicines in pivotal trials.

第三季度，儘管繼續關注關鍵試驗中的一些潛在藥物，但核心研發總成本保持穩定。

The investment in the pipeline remains an absolute priority for us.

對管道的投資仍然是我們的絕對優先事項。

Turning to core SG&A cost.

轉向核心 SG&A 成本。

Efficiency savings in sales and marketing operations and reduction in IT cost underpin the restructuring program outlined earlier this year.

銷售和營銷運營的效率節約以及 IT 成本的降低是今年早些時候概述的重組計劃的基礎。

Our US business has made particular progress this year.

我們的美國業務今年取得了特別的進展。

Core SG&A cost, as a percentage of total revenue, fell to 35% in the year to date, more than 2 percentage points lower than the comparative period.

年初至今，核心 SG&A 成本佔總收入的百分比降至 35%，比同期低 2 個百分點以上。

Please turn to Slide 20.

請轉到幻燈片 20。

To conclude, I want to reiterate the guidance for 2016, which is at constant exchange rates.

最後，我想重申 2016 年的指導方針，即按固定匯率計算。

We continue to expect a low to mid-single digit percentage decline in both total revenue and core EPS.

我們繼續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。

I plan to provide guidance for 2017 within our full-year result announcement in February next year.

我計劃在明年 2 月的全年業績公告中提供 2017 年的指導。

Finally, I want to reconfirm our capital allocation priorities.

最後，我想再次確認我們的資本配置重點。

These are unchanged today.

這些今天沒有改變。

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

我們繼續在企業、金融債權人和股東的利益之間取得平衡。

After providing for investment in the business, supporting the progressive dividend policy and maintaining our strong investment grade credit rating, we'll keep under review any potential investments in value enhancing and immediately earnings accretive opportunities.

在提供業務投資、支持漸進式股息政策並維持我們強大的投資級信用評級後，我們將繼續審查任何潛在的增值投資和立即增加收益的機會。

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。

Thank you, Marc.

謝謝你，馬克。

Hello, everyone.

大家好。

Let's start by taking a look at the encouraging progress we have made with the pipeline since our last update.

讓我們先來看看自上次更新以來我們在管道方面取得的令人鼓舞的進展。

Please turn to Slide 22.

請轉到幻燈片 22。

In the quarter, we made progress in oncology with a regulatory submission for Faslodex in Japan, to include the results in first-line treatment from the FALCON trial in the label.

本季度，我們在腫瘤學方面取得了進展，在日本提交了 Faslodex 的監管申請，將 FALCON 試驗的一線治療結果納入標籤。

We completed the regulatory submission for Tagrisso in China and obtained a priority review designation.

我們完成了泰瑞沙在中國的註冊申報並獲得了優先審評資格。

China represents the largest market in terms of patient numbers for Tagrisso, due to the high prevalence of EGFR mutation in non-small cell lung cancer patients there.

就 Tagrisso 的患者數量而言，中國是最大的市場，因為那裡的非小細胞肺癌患者 EGFR 突變患病率很高。

We also saw a positive Phase III readout for Lynparza as a maintenance treatment in second-line platinum-sensitive relapsed BRCA-mutated ovarian cancer from SOLO-2.

我們還看到 Lynparza 作為 SOLO-2 的二線鉑敏感復發性 BRCA 突變卵巢癌的維持治療的 III 期陽性讀數。

This trial showed significant progression-free survival benefit and provided additional evidence to support the use of Lynparza in this setting.

該試驗顯示出顯著的無進展生存獲益，並提供了額外的證據來支持在這種情況下使用 Lynparza。

On cediranib, we withdrew the regulatory submission in the EU based on questions raised by the EMA very late in the review process.

關於西地尼布，我們根據 EMA 在審查過程中很晚提出的問題撤回了在歐盟的監管提交。

In cardiovascular and metabolic disease, we had a setback in EUCLID, with Brilinta not showing superiority over clopidogrel for peripheral artery disease based on a base composite cardiovascular endpoint consisting of cardiovascular death, non-fatal myocardial infarction and ischemic stroke.

在心血管和代謝疾病方面，我們在 EUCLID 中遇到了挫折，根據由心血管死亡、非致死性心肌梗死和缺血性中風組成的基本複合心血管終點，Brilinta 在外周動脈疾病方面並未顯示出優於氯吡格雷的優勢。

We are pleased, however, to report that we were able to move the ZS-9 program forward with an acceptance of the resubmission by the FDA.

然而，我們很高興地報告說，我們能夠通過 FDA 接受重新提交來推進 ZS-9 計劃。

ZS-9 is now on track for regulatory decisions in the first half of 2017, both in the United States and in the EU.

ZS-9 現在有望在 2017 年上半年在美國和歐盟做出監管決定。

The DURATION-8 trial combining Farxiga and Bydureon had a positive readout and showed improvement in hemoglobin A1c as well as lowered systolic blood pressure and weight loss versus each of the individual medicines.

結合 Farxiga 和 Bydureon 的 DURATION-8 試驗有一個積極的讀數，並顯示血紅蛋白 A1c 的改善以及收縮壓降低和體重減輕與每種藥物相比。

ZONDA also read out positively as the fourth Phase III efficacy trial, with Benralizumab for severe, uncontrolled asthma.

ZONDA 作為第四個 III 期療效試驗也取得了積極的成果，Benralizumab 用於嚴重、不受控制的哮喘。

Finally, as Pascal mentioned earlier, we received Fast Track Designation from the FDA for the BACE inhibitor.

最後，正如 Pascal 之前提到的，我們獲得了 FDA 對 BACE 抑製劑的快速通道指定。

As a reminder, the medicine is currently being tested in two Phase III trials in Alzheimer's patients.

提醒一下，該藥物目前正在阿爾茨海默氏症患者的兩項 III 期試驗中進行測試。

Please turn to the next slide.

請翻到下一張幻燈片。

Moving on to Tagrisso, we announced positive results for the AURA-3 trial in July and we're looking forward to sharing those data at the World Conference On Lung Cancer in December.

接下來是 Tagrisso，我們在 7 月份宣布了 AURA-3 試驗的積極結果，我們期待在 12 月份的世界肺癌大會上分享這些數據。

Tagrisso can become the treatment of choice for all EGFR-mutation positive non-small cell lung cancer patients.

Tagrisso可以成為所有EGFR突變陽性非小細胞肺癌患者的治療選擇。

Key data readouts, such as the BLOOM and FLAURA trials in 2017, could help Tagrisso realize this ambition.

關鍵數據讀數，例如 2017 年的 BLOOM 和 FLAURA 試驗，可以幫助 Tagrisso 實現這一目標。

As a reminder, BLOOM is a Phase I trial, evaluating the efficacy and safety of Tagrisso in patients with leptomeningeal disease.

提醒一下，BLOOM 是一項 I 期試驗，評估 Tagrisso 在軟腦膜病患者中的療效和安全性。

Unlike other tyrosine kinase inhibitors in the class, Tagrisso has the ability to cross the blood-brain barrier at therapeutic doses, which is proving more and more important.

與同類中的其他酪氨酸激酶抑製劑不同，Tagrisso 具有在治療劑量下穿過血腦屏障的能力，這一點越來越重要。

FLAURA is a Phase III trial in patients with first-line EGFR-mutated metastatic non-small cell lung cancer which, if positive, will enable use in this important setting.

FLAURA 是針對一線 EGFR 突變的轉移性非小細胞肺癌患者的 III 期試驗，如果呈陽性，將能夠在這一重要環境中使用。

Please turn to Slide 24.

請轉到幻燈片 24。

At ESMO, we presented updated safety and efficacy data on the Durvalumab monotherapy cohort from Study 1108 in non-small cell lung cancer, and head and neck cancer.

在 ESMO，我們展示了 1108 研究非小細胞肺癌和頭頸癌中 Durvalumab 單藥治療隊列的最新安全性和有效性數據。

These data points bode well for the ongoing Phase III trials with Durvalumab monotherapy as well as for the combination trials with Tremelimumab as they highlight Durvalumab as a highly active inhibitor of the PD1/ PD-L1 pathway.

這些數據點預示著正在進行的 Durvalumab 單一療法的 III 期試驗以及與 Tremelimumab 的聯合試驗，因為它們突出了 Durvalumab 作為 PD1/PD-L1 通路的高活性抑製劑。

In addition, we presented early data of Durvalumab, combined with a STAT3 inhibitor in multiple tumor types as well as the first OX40 inhibitor data in patients with advanced solid tumors.

此外，我們還提供了 Durvalumab 聯合 STAT3 抑製劑治療多種腫瘤類型的早期數據，以及第一個 OX40 抑製劑治療晚期實體瘤的數據。

Activating OX40 boosts anti-tumor immunity by promoting the survival and proliferation of cancer fighting T-cells and could potentially become a third therapeutic intervention on top of PD-L1 and CTLA-4.

激活 OX40 通過促進抗癌 T 細胞的存活和增殖來增強抗腫瘤免疫力，並有可能成為繼 PD-L1 和 CTLA-4 之後的第三種治療干預措施。

For Faslodex, we presented new data from the Phase III FALCON trial demonstrating superior median progression-free survival for Faslodex compared to anastrozole in the first-line treatment of post-menopausal women with locally advanced or metastatic breast cancer.

對於 Faslodex，我們提供了來自 III 期 FALCON 試驗的新數據，證明 Faslodex 在絕經後局部晚期或轉移性乳腺癌女性的一線治療中優於阿那曲唑的中位無進展生存期。

As noted, we already achieved regulatory submission in Japan.

如前所述，我們已經在日本完成了監管提交。

Lastly, a comparative analysis was presented of multiple diagnostic assays used to evaluate PD-L1 expression in head and neck squamous cell carcinoma on over 500 tumor samples.

最後，對用於評估 500 多個腫瘤樣本的頭頸部鱗狀細胞癌中 PD-L1 表達的多種診斷測定進行了比較分析。

This head and neck comparative analysis is a complementary trial to a similar analysis on 500 non-small cell cancer tumor sample -- non-small cell -- lung cancer tumor samples presented at AACR, emphasizing our pioneering work in tumor biomarkers and assays comparisons.

這項頭頸部比較分析是對在 AACR 上展示的 500 份非小細胞癌腫瘤樣本——非小細胞——肺癌腫瘤樣本的類似分析的補充試驗，強調了我們在腫瘤生物標誌物和檢測比較方面的開創性工作。

Please turn to Slide 25.

請轉到幻燈片 25。

This slide illustrates the key Phase III data readouts that you should expect to see from our mono and combo immuno-oncology portfolio through 2018.

這張幻燈片展示了到 2018 年您應該從我們的單藥和組合免疫腫瘤產品組合中看到的關鍵 III 期數據讀數。

And as you can see, the majority of these trials are fully recruited.

正如您所看到的，這些試驗中的大多數都是完全招募的。

As previously communicated, and in line with recent changes in the head and neck cancer competitive landscape, including the approval in the US for PD-1 monotherapy for second-line treatment, we are unlikely to make a regulatory submission for the HAWK trial.

如前所述，並根據最近頭頸癌競爭格局的變化，包括美國批准 PD-1 單一療法用於二線治療，我們不太可能提交 HAWK 試驗的監管申請。

HAWK, which is a single-arm, Phase II trial was originally designed as a potential fast-to-market opportunity and we expect to have data internally available during Q4.

HAWK 是一項單臂 II 期試驗，最初設計為潛在的快速上市機會，我們預計在第四季度內部可以獲得數據。

Last month, we confirmed that the FDA had placed a partial clinical hold on the enrollment of new patients with head and neck cancer in clinical trials of Durvalumab as monotherapy and in combination with Tremelimumab or other potential medicines.

上個月，我們證實 FDA 已經部分臨床暫停了 Durvalumab 作為單一療法以及與 Tremelimumab 或其他潛在藥物聯合治療的新頭頸癌患者的臨床試驗。

All trials are continuing with currently enrolled patients.

所有試驗都在繼續對目前登記的患者進行。

The partial clinical hold on new patient enrollment related only to head and neck cancer.

新患者入組的部分臨床保留僅與頭頸癌有關。

Trials for Durvalumab in different cancer types as monotherapy or in combination with Tremelimumab or other potential medicines are progressing as planned, with pivotal data in lung cancer anticipated in the first half of 2017.

Durvalumab 在不同癌症類型中作為單一療法或與 Tremelimumab 或其他潛在藥物聯合治療的試驗正在按計劃進行，預計 2017 年上半年將在肺癌中獲得關鍵數據。

We have submitted our analysis of the observed bleeding events to the FDA and we expect to hear back in the next fortnight.

我們已經向 FDA 提交了對觀察到的出血事件的分析，我們希望在接下來的兩週內收到回复。

Turning to MYSTIC, we remain fully confident in the trial design.

談到 MYSTIC，我們對試驗設計仍然充滿信心。

Both progression-free survival and overall survival are primary endpoints that can demonstrate the benefit of treatment of our IO medicines.

無進展生存期和總生存期都是主要終點，可以證明我們的 IO 藥物治療的益處。

The MYSTIC trial could potentially provide a monotherapy label for Durvalumab, despite enrolling all comer patients and has the potential to analyze PD-L1 positive and PD-L1 negative tumors on a separate basis.

MYSTIC 試驗可能會為 Durvalumab 提供單一療法標籤，儘管它招募了所有來者，並且有可能在單獨的基礎上分析 PD-L1 陽性和 PD-L1 陰性腫瘤。

There is an option to amend the definition of PD-L1 positivity as long as the trial remains blinded with no analysis performed.

只要試驗保持盲態且不進行分析，就可以選擇修改 PD-L1 陽性的定義。

In making this decision, there is flexibility to consider internal as well as external data.

在做出這個決定時，可以靈活地考慮內部和外部數據。

The MYSTIC trial enrolled over 1,100 patients with the last patient having commenced dosing in Q3.

MYSTIC 試驗招募了 1,100 多名患者，最後一名患者在第三季度開始給藥。

As you know, the first data on progression-free survival is expected during the first half of 2017, with data on overall survival expected in 2018 at the latest.

如您所知，第一份無進展生存期數據預計將於 2017 年上半年公佈，總生存期數據預計最遲將於 2018 年公佈。

Please turn to Slide 27 -- I'm sorry, 26.

請轉到幻燈片 27 -- 對不起，26。

Turning to diabetes.

轉向糖尿病。

We recently saw promising data from a combination of Farxiga and Bydureon in the DURATION-8 trial.

我們最近在 DURATION-8 試驗中看到了來自 Farxiga 和 Bydureon 組合的有希望的數據。

We saw decreased hemoglobin A1c levels in addition to a reduction in both weight and blood pressure compared to each medicine individually.

與單獨使用每種藥物相比，除了體重和血壓降低外，我們還看到血紅蛋白 A1c 水平降低。

These results on glycemic parameters and cardiovascular risk factors supported continued testing in patients with Type 2 diabetes who suffer from obesity, hypertension, and hyperlipidemia.

這些關於血糖參數和心血管危險因素的結果支持繼續對患有肥胖、高血壓和高脂血症的 2 型糖尿病患者進行測試。

Additionally, we are investigating two new trials with Farxiga, looking at the long-term outcomes on CKD and CHF in patients with and without Type 2 diabetes.

此外，我們正在研究 Farxiga 的兩項新試驗，以觀察患有和不患有 2 型糖尿病的患者對 CKD 和 CHF 的長期結果。

These two outcomes trials are in addition to the DECLARE outcomes trial for Farxiga that is fully recruited with data expected latest in 2019 as well as the EXSCEL outcomes trial for Bydureon, with data expected latest in 2018.

這兩項結果試驗是對 Farxiga 的 DECLARE 結果試驗的補充，該試驗已完全招募，預計最新數據將於 2019 年發布，以及 Bydureon 的 EXSCEL 結果試驗，預計最新數據將於 2018 年發布。

Please turn now to Slide 27.

請現在轉到幻燈片 27。

In respiratory, we recently presented the data from the SIROCCO and CALIMA Phase III clinical trials for Benralizumab at the ERS meeting.

在呼吸方面，我們最近在 ERS 會議上展示了貝那利珠單抗的 SIROCCO 和 CALIMA III 期臨床試驗的數據。

This data was also published in the Lancet.

這個數據也發表在柳葉刀上。

The data demonstrated the potential benefit of adding Benralizumab to standard of care therapy for patients with severe uncontrolled eosinophilic asthma.

數據表明，將 Benralizumab 添加到嚴重未控制的嗜酸性粒細胞性哮喘患者的標準護理治療中具有潛在益處。

We observed a reduction in exacerbation rates of up to 51% compared to placebo.

我們觀察到與安慰劑相比，惡化率降低了高達 51%。

There were also significant improvements in lung function and asthma symptoms, both key secondary endpoints.

肺功能和哮喘症狀也有顯著改善，這兩個關鍵的次要終點。

In terms of lung function, these improvements were observed after the first dose and sustained throughout the duration of therapy.

在肺功能方面，這些改善在第一次給藥後觀察到，並在整個治療期間持續。

These results were obtained with once every eight-week dosing of Benralizumab, using a pre-filled syringe for subcutaneous injection, which may be more convenient for patients than other IL-5 options currently available.

這些結果是通過每 8 週一次的 Benralizumab 給藥獲得的，使用預裝注射器進行皮下注射，這可能比目前可用的其他 IL-5 選擇對患者更方便。

As previously mentioned, regulatory submissions in the US and EU are expected before the end of the year.

如前所述，預計美國和歐盟將在年底前提交監管文件。

Finally, let me finish by highlighting two exciting and innovative first-in-class biologic medicines in our respiratory pipeline.

最後，讓我重點介紹我們呼吸管線中的兩種令人興奮和創新的一流生物藥物。

First is Tralokinumab, an anti-IL13, currently in Phase III trials, for severe uncontrolled asthma.

首先是 Tralokinumab，一種抗 IL13 藥物，目前正處於 III 期試驗階段，用於治療嚴重的不受控制的哮喘。

We expect top line data during the second half of 2017.

我們預計 2017 年下半年的收入數據。

And, Tezepelumab, an anti-TSLP, which is in Phase II development and is expected to read out with top line data in the first half of next year.

還有，Tezepelumab，一種抗 TSLP，處於 II 期開發階段，預計將在明年上半年讀出一線數據。

Please turn to Slide 28 for a look at our forthcoming news flow.

請轉到幻燈片 28 查看我們即將發布的新聞流。

Looking at the rest of the year news flow, we plan to submit Tagrisso's AURA3 trial and our partner, FibroGen, is expected to initiate the rolling submission process for roxadustat in anemia in China during this quarter.

看看今年剩餘時間的新聞流，我們計劃提交 Tagrisso 的 AURA3 試驗，我們的合作夥伴 FibroGen 預計將在本季度啟動羅沙司他治療貧血的滾動提交流程。

There is the potential for up to nine regulatory submissions next year.

明年可能會提交多達九份監管文件。

In oncology, we expect the first IO submission of the Durva and Treme combo as well as life cycle opportunities for Lynparza and Faslodex.

在腫瘤學方面，我們期待 Durva 和 Treme 組合的首次 IO 提交以及 Lynparza 和 Faslodex 的生命週期機會。

We also see the potential for a blood cancer submission for acalabrutinib based on Phase II data, with the standard caveat that this is a fast-to-market strategy ahead of randomized controlled trial data.

我們還看到了基於 II 期數據提交 acalabrutinib 血癌的潛力，標準警告是這是一種先於隨機對照試驗數據的快速上市策略。

Next year, we also plan to submit a new auto injector device for Bydureon, to improve both the patient experience and the competitive positioning of the medicine.

明年，我們還計劃為 Bydureon 提交一種新的自動注射器設備，以改善患者體驗和藥物的競爭定位。

We are very pleased with the progress of the late-stage pipeline.

我們對後期管道的進展感到非常滿意。

And I will now hand you back to Pascal.

我現在將把你交還給 Pascal。

Thank you, Sean.

謝謝你，肖恩。

Please turn to Slide 30.

請轉到幻燈片 30。

Before we end, let me summarize.

在我們結束之前，讓我總結一下。

Our financials are on track.

我們的財務狀況正常。

Our guidance is unchanged and we are delivering on our commitments.

我們的指導方針沒有改變，我們正在兌現我們的承諾。

The second message for you is the pipeline is accelerating with 13 new potential medicines in Phase III or under registration.

給您的第二條信息是管道正在加速，13 種新的潛在藥物處於 III 期或正在註冊中。

The oncology pipeline is progressing ahead of our own expectations, in particular, Tagrisso and the immuno-oncology programs.

腫瘤管道的進展超出了我們的預期，特別是 Tagrisso 和免疫腫瘤項目。

Tagrisso is an excellent example of the new AstraZeneca and this product is going from strength to strength.

Tagrisso 是新阿斯利康的一個很好的例子，該產品正在不斷壯大。

We are looking forward to sharing forthcoming news flow for over the next 12 months that we think has the potential to transform our Company.

我們期待在未來 12 個月內分享我們認為有可能改變我們公司的即將到來的新聞流。

We'll now go to the Q&A.

我們現在進入問答環節。

(Operator Instructions)

（操作員說明）

Matt Weston at Credit Suisse.

瑞士信貸的馬特韋斯頓。

Matt, go ahead.

馬特，繼續。

Thank you, Pascal.

謝謝你，帕斯卡。

Two questions if I can.

如果可以的話，有兩個問題。

The first with respect to MYSTIC and the data that we saw at ESMO.

第一個關於 MYSTIC 和我們在 ESMO 看到的數據。

I'd be very interested in Sean's views as to the confidence around the percentage of PD-L1 high patients that you've recruited into the study and also whether or not you are sure that your stratification has been as detailed as perhaps it needs to be given the surprise results from Bristol.

我對 Sean 對您招募到研究中的 PD-L1 高水平患者百分比的信心以及您是否確定您的分層是否已經盡可能詳細的觀點非常感興趣得到來自布里斯托爾的驚喜結果。

And then secondly, one for Marc around externalization revenue.

其次，關於外部化收入的 Marc。

Marc, consensus has externalization of $1.3 billion in 2017 and another $900 million of other operating income.

馬克，2017 年的共識是 13 億美元的外部化和另外 9 億美元的其他營業收入。

I know that some of that is going to be recurring but a lot of it is also assumed to be upfront money on deals.

我知道其中一些會經常發生，但其中很多也被認為是交易的預付款。

If we go back and look at the deals that you've done recently, it seems that you're selling assets for about 2 times sales, plus a royalty income.

如果我們回頭看看您最近完成的交易，您似乎以大約 2 倍銷售額的價格出售資產，外加特許權使用費收入。

So my question is, should we be looking to take an incremental $1 billion out of the top line going forward to adjust for those gains coming in?

所以我的問題是，我們是否應該考慮從未來的收入中增加 10 億美元來調整這些收益？

Is that a reasonable assumption in terms of the legacy assets that you're likely to divest over that period?

就您可能在此期間剝離的遺留資產而言，這是一個合理的假設嗎？

Thank you, Matt.

謝謝你，馬特。

Before we answer the question, let me mention two participants who are also with us today.

在我們回答這個問題之前，讓我提一下今天也和我們在一起的兩位與會者。

Mondher Mahjoubi, who Heads our Oncology Franchise, and Rob Iannone, who is our Head of Clinical Development for Immuno-Oncology, and they may participate in answering the questions.

我們的腫瘤專營權負責人 Mondher Mahjoubi 和我們的免疫腫瘤學臨床開發負責人 Rob Iannone 可能會參與回答問題。

The first question, MYSTIC, Sean, you will cover and the second, Marc, you want to cover the externalization.

第一個問題，MYSTIC，Sean，你會講到，第二個問題，Marc，你想講外化。

The only thing I would say about externalization, Matt, is that it's a bit early for us to give guidance on 2017.

關於外部化，我唯一要說的是，馬特，我們現在就 2017 年提供指導還為時過早。

So apologies if we are not very, very specific addressing your question.

如果我們沒有非常、非常具體地解決您的問題，我們深表歉意。

The other point I would mention is when you look at 2 times sales, you really have to be careful when you look at those deals, because many of them are actually partnering deals and when we partner, we usually do not divest the entire product.

我要提到的另一點是，當你查看 2 倍銷售額時，你在查看這些交易時真的必須小心，因為其中許多實際上是合作交易，而當我們合作時，我們通常不會剝離整個產品。

We actually divest a portion of the product, if you will, giving a margin to our partner to promote the product and accelerate the growth, an example of (inaudible).

如果您願意，我們實際上剝離了一部分產品，為我們的合作夥伴提供利潤以推廣產品並加速增長，這是（聽不清）的一個例子。

An example with our anesthetics business.

我們麻醉業務的一個例子。

So you cannot do an average across the whole portfolio.

所以你不能對整個投資組合進行平均。

But let's start with MYSTIC.

但是，讓我們從 MYSTIC 開始吧。

Sean, over to you.

肖恩，交給你了。

Sure.

當然。

Thank you for the question.

感謝你的提問。

The first part of the question had to do with confidence in having adequate representation at PD-L1 high patients in MYSTIC.

問題的第一部分與在 MYSTIC 中對 PD-L1 高水平患者有足夠代表性的信心有關。

I'll just go back with a little history on MYSTIC.

我將回顧一下 MYSTIC 的歷史。

MYSTIC is an all-comers trial in first-line non-small cell lung cancer.

MYSTIC 是一線非小細胞肺癌的全民試驗。

So we're enrolling both PD-L1 high and PD-L1 low patients.

所以我們正在招募 PD-L1 高和 PD-L1 低患者。

You'll recall that earlier in the year, we changed MYSTIC.

您會記得在今年早些時候，我們更改了 MYSTIC。

We did a couple of things.

我們做了幾件事。

One is elevated overall survival to primary endpoint.

一個是將總生存期提高到主要終點。

And with doing that, we also significantly increased the size of MYSTIC from 700 to 1,100 patients.

通過這樣做，我們還將 MYSTIC 的患者人數從 700 名顯著增加到 1,100 名。

And in looking at MYSTIC, we are confident that we have the anticipated representation of PD-L1 expression across PD-L1 high, PD-L1 low, PD-L1 negative.

在觀察 MYSTIC 時，我們相信我們在 PD-L1 高、PD-L1 低、PD-L1 陰性中具有預期的 PD-L1 表達。

We also feel great confidence that with the increase in size, we have adequate power to detect the treatment effect, both in PD-L1 high patients with Durva as monotherapy, possibly Durva/Treme as combination if it's significantly better and then also with the combination in PD-L1 negatives.

我們也非常有信心，隨著尺寸的增加，我們有足夠的能力來檢測治療效果，無論是在 PD-L1 高患者中使用 Durva 作為單一療法，也可能是 Durva/Treme 作為組合，如果它明顯更好，然後也是組合在 PD-L1 底片中。

You also asked a question about stratification.

你還問了一個關於分層的問題。

We have stratified for the meaningful known prognostic factors in non-small cell lung cancer within MYSTIC.

我們對 MYSTIC 中非小細胞肺癌有意義的已知預後因素進行了分層。

So we're confident there that we've incorporated what we can anticipate into the trial.

因此，我們有信心將我們可以預期的內容納入試驗。

With regard to anything we couldn't anticipate, I think the size of the trial and the randomization should give us confidence that we should get balance across the trial.

關於我們無法預料的任何事情，我認為試驗的規模和隨機化應該讓我們相信我們應該在整個試驗中取得平衡。

There's nothing coming out of ESMO that really changes our interpretation of either of those particular questions or factors.

ESMO 並沒有真正改變我們對這些特定問題或因素的解釋。

I think now probably to Marc to answer the second question.

我想現在可能要馬克回答第二個問題了。

So just on the externalization revenue, I think I can say that this is part of our business model and, therefore, we're expecting to continue the externalization revenue in 2017, 2018 and so on.

所以就外部化收入而言，我想我可以說這是我們商業模式的一部分，因此，我們預計 2017 年、2018 年等的外部化收入將繼續增長。

So yes, we -- needs to continue.

所以是的，我們 - 需要繼續。

To the question, what is the impact on lost sales on the forward years, it's more difficult to answer your question.

對於這個問題，對未來幾年的銷售損失有什麼影響，回答你的問題更加困難。

Obviously, it depends on the ratio between external revenue and other income and also it depends on the deal structure, whether we are letting the older value go or not.

顯然，這取決於外部收入與其他收入之間的比率，也取決於交易結構，我們是否放棄舊價值。

It's a very difficult question to answer.

這是一個很難回答的問題。

We will try to next year, for the guidance, try to provide some help in projecting these two lines out of our P&L.

我們將在明年嘗試為指導提供一些幫助，以將這兩條線從我們的損益表中預測出來。

But for the time being, what I can say, to continue at reasonable level for the years to come.

但就目前而言，我能說的是，在未來幾年繼續保持在合理水平。

Thanks, Matt.

謝謝，馬特。

Simon Baker at Exane.

Exane 的西蒙貝克。

Simon, go ahead.

西蒙，繼續。

Firstly, just going back to the guidance, at first blush, looking at what you've now delivered for the first three quarters and the reiteration of the guidance, one might think that the guidance on revenues is a little too optimistic and the guidance on earnings is a little too pessimistic.

首先，回到指導，乍一看，看看你現在前三個季度的交付情況和指導的重申，人們可能會認為收入指導有點過於樂觀，而指導收益有點太悲觀了。

So I was wondering if we were missing anything or anything else you'd like to highlight.

所以我想知道我們是否遺漏了任何您想要強調的內容。

I'm thinking particularly about SG&A and gross margin.

我特別考慮 SG&A 和毛利率。

And then the second question for Sean.

然後是 Sean 的第二個問題。

Going back to the DURATION-8 Farxiga/Bydureon in combination study, they look to be a good continuing trend on weight loss at 28 weeks rather than any plateauing, so I wonder if you have any plans to run longer studies or further follow-up for DURATION-8 is to see what full impact of weight loss from that combination is?

回到 DURATION-8 Farxiga/Bydureon 聯合研究，它們看起來是 28 週時體重減輕的良好持續趨勢，而不是任何穩定期，所以我想知道您是否有計劃進行更長時間的研究或進一步隨訪DURATION-8 是為了了解該組合對減肥的全面影響是什麼？

Thank you.

謝謝你。

Thanks, Simon.

謝謝，西蒙。

Sean, do you want to start with the DURATION-8 question?

肖恩，你想從 DURATION-8 問題開始嗎？

Yes.

是的。

Thank you, Simon, for the question.

西蒙，謝謝你提出這個問題。

We didn't miss that shape of the curve either when we looked at DURATION-8 and what we're doing right now is we are looking at what would be the best options going forward for further study of the combination.

當我們查看 DURATION-8 時，我們也沒有錯過曲線的形狀，我們現在正在做的是我們正在尋找進一步研究該組合的最佳選擇。

I alluded to that a little bit in describing the diabetes franchise and really looking at obesity, hypertension and hyperlipidemia and whether this combination has particular potential in those -- in people with those risk factors.

我在描述糖尿病專營權和真正關注肥胖、高血壓和高脂血症時提到了一點點，以及這種組合是否對那些有這些風險因素的人有特殊的潛力。

But unfortunately, I don't have any more to update you on than what we have with the 28-week data, which we showed you for DURATION-8.

但不幸的是，除了我們向您展示的 DURATION-8 的 28 週數據之外，我沒有更多可以更新的信息。

Thanks, Sean.

謝謝，肖恩。

Guidance, Mark, maybe you want to cover this element.

指導，馬克，也許你想涵蓋這個要素。

As far as the top line, we see the business is totally on track.

就收入而言，我們看到業務完全步入正軌。

Of course, we've had some one-offs in the third quarter but if you look at the underlying growth rate of the so-called new AstraZeneca growth platforms overall, we have a good growth rate of 6%, including in the third quarter, and we see this continuing.

當然，我們在第三季度有一些一次性的，但如果你看看所謂的新阿斯利康增長平台的整體潛在增長率，我們有 6% 的良好增長率，包括第三季度，我們看到這種情況仍在繼續。

So we're very much on track.

所以我們非常走上正軌。

I don't think that there's any reason to change our guidance there as far as the top line and as far as the bottom line, I'll let Marc answer that one.

我認為沒有任何理由改變我們在頂線和底線方面的指導，我會讓馬克回答這個問題。

Marc, go ahead.

馬克，繼續。

Thank you, Simon.

謝謝你，西蒙。

So to the question whether our sales guidance for the year is optimistic, I remind you that our sales guidance for sales is low to mid-single digit decline and despite the one-off impact on the quarter three, we remain confident that we can achieve that guidance and, therefore, we believe that maintaining it is appropriate.

因此，關於我們今年的銷售指導是否樂觀的問題，我提醒您，我們的銷售指導是低至中個位數下降，儘管對第三季度產生了一次性影響，但我們仍然有信心能夠實現該指南，因此我們認為維持它是適當的。

On the bottom line, obviously, we have talked to you about the tax impact which is very significant.

顯然，最重要的是，我們已經與您討論了非常重要的稅收影響。

But we also have another negative which needs to be considered and I will -- I don't know whether I can call it a negative but a negative as far as EPS impact and we are spending more R&D that we were expecting to do.

但我們還有另一個需要考慮的負面因素，我會 - 我不知道我是否可以稱之為負面但就 EPS 影響而言是負面的，我們正在花費更多我們期望做的研發。

We continue to invest behind our key molecules.

我們繼續投資於我們的關鍵分子。

That's one of them.

那就是其中之一。

We had some weakness in the emerging markets in the quarter three and also we had some true-up on Symbicort in the third quarter.

我們在第三季度的新興市場出現了一些疲軟，而且我們在第三季度對 Symbicort 進行了一些調整。

So with all this together, the pluses and minus, we believe that it is appropriate for us to reconfirm our guidance on EPS for the year 2016.

因此，綜上所述，我們認為我們應該再次確認我們對 2016 年每股收益的指引。

And again, it's low to mid-single digit decline.

再一次，它是低到中個位數的下降。

Thanks, Marc.

謝謝，馬克。

The key point here, Simon, is, really, we see the business totally on track from a top line viewpoint and we continue, of course, riding the growth of our growth platforms.

西蒙，這裡的關鍵點實際上是，我們從頂線的角度來看業務完全走上正軌，當然，我們將繼續推動我們增長平台的增長。

Sachin Jain, Bank of America.

美國銀行的 Sachin Jain。

Sachin, go ahead.

薩欽，繼續。

Affrication question to the last comment.

最後一條評論的問題。

Maybe just reframe it a little bit.

也許只是稍微重構一下。

So full-year guidance is unchanged.

因此全年指導不變。

But it's -- versus sell side estimates, you have much greater one-off income now for the full year versus the start of year, roughly $3 billion versus $2 billion.

但它 - 與賣方估計相比，你現在全年的一次性收入比年初多得多，大約 30 億美元對 20 億美元。

Obviously, the $450 million tax benefit totaling $1.5 billion positive one-off delta versus the start of the year.

顯然，與年初相比，4.5 億美元的稅收優惠總計 15 億美元的正一次性增量。

Just to clarify, Marc, does the R&D EM weakness core account for all of that or are there other factors that we should be thinking about in terms of the base business.

只是為了澄清一下，Marc，R&D EM 弱點核心是否解釋了所有這些，或者我們應該在基礎業務方面考慮其他因素。

then the two product questions.

然後是兩個產品問題。

On MYSTIC, just a follow-on.

在 MYSTIC 上，只是一個後續。

Did the strength of PFS data through the [keynote] 24 provide you any color as to how you think about apportioning fiscal alpha between PFS and OS?

[keynote] 24 中 PFS 數據的強度是否為您提供了關於您如何考慮在 PFS 和 OS 之間分配財政阿爾法的任何顏色？

And the background to that question is, you previously talked about PFS not being necessarily predictive to OS.

這個問題的背景是，你之前談到 PFS 不一定能預測 OS。

How are you thinking about that?

你怎麼想的？

And then secondly on acalabrutinib, Sean, I just wanted to check your confidence in the fast-to-market strategy there.

其次，關於 acalabrutinib，肖恩，我只是想看看你對那裡的快速上市戰略的信心。

There seem to be some emphasis on it being a Phase II study.

似乎有人強調它是一項 II 期研究。

So is there any change in your view of fast-to-market?

那麼您對快速上市的看法有什麼變化嗎？

Thank you

謝謝

Sean, do you want to start with the two last questions and return to the guidance in a minute?

肖恩，你想從最後兩個問題開始並在一分鐘後返回到指導嗎？

Sure.

當然。

That sounds fine.

聽起來不錯。

So the first thing I want to do is I want to go back to Simon's question because we had a chance to look at the DURATION-8 details, didn't have them in my head.

所以我想做的第一件事是我想回到 Simon 的問題，因為我們有機會查看 DURATION-8 的詳細信息，但我沒有考慮過它們。

So Duration-8 follows patients for two years, Simon.

所以 Duration-8 跟踪患者兩年，西蒙。

So we'll be able to look at the weight loss curve over more time.

因此，我們將能夠查看更多時間的減肥曲線。

But we just don't have anything to share at this time, so we'll get you updates in the future.

但我們目前沒有任何可分享的內容，因此我們會在未來為您提供更新。

To Sachin's question about the true to data and what -- how it might relate to MYSTIC.

針對 Sachin 關於數據的真實性以及它與 MYSTIC 有何關聯的問題。

So the first thing is that we view the Merck data as validating what I think we all felt was a pretty strong therapeutic hypothesis, which is that PD1 -- PD-L1 is a very effective treatment in first-line lung cancer.

所以第一件事是我們認為默克公司的數據驗證了我認為我們都認為是一個非常強大的治療假設，即 PD1 - PD-L1 是一種非常有效的一線肺癌治療方法。

Albeit, in this case in a pretty highly selected group of PD-L1 positive patients.

儘管如此，在這種情況下，是在一組經過精心挑選的 PD-L1 陽性患者中。

And we definitely take all the data that we have seen from ESMO and the data that we have seen from some internal work that we're doing on other studies to inform our MYSTIC statistical analysis plan.

我們肯定會使用我們從 ESMO 看到的所有數據，以及我們在其他研究中所做的一些內部工作中看到的數據，以為我們的 MYSTIC 統計分析計劃提供信息。

And we are confident that MYSTIC is designed to show a clinically meaningful treatment benefit in PD-L1 positive patients, obviously, provided that the trial turns out to demonstrate that.

我們相信 MYSTIC 旨在為 PD-L1 陽性患者顯示具有臨床意義的治療益處，顯然，前提是試驗結果證明了這一點。

With regard to acalabrutinib, this initial filing in acalabrutinib was always an opportunistic fast-to-market opportunity based on non-randomized data with all of the caveats that come with an accelerated approval and an approval based on non-randomized data in terms of the magnitude of treatment effect that you have to demonstrate and having to demonstrate a clearly unmet medical need.

關於 acalabrutinib，acalabrutinib 的首次申請始終是基於非隨機數據的機會主義快速上市機會，所有警告都伴隨著加速批准和基於非隨機數據的批准您必須證明的治療效果的大小，並且必須證明明顯未滿足的醫療需求。

And so in that respect, nothing has changed with regard to the strategy.

因此，在這方面，戰略沒有任何改變。

What has changed is that the data maturity we had previously expressed at end of this year and we're now saying it's going to be first half of next --

發生變化的是我們之前在今年年底表達的數據成熟度，我們現在說它將在明年上半年——

Thank you, Sean.

謝謝你，肖恩。

Just the only thing I would add is just reinforce the point actually, Sachin, that the accelerated approval was always an upside, if you will.

我唯一要補充的是，實際上，Sachin，如果你願意的話，加速批准總是有利的。

It was never based on our -- it was never a core strategy.

它從來都不是基於我們的——它從來都不是核心戰略。

We haven't changed our view as to the probability of this happening.

我們沒有改變對這種情況發生的可能性的看法。

There's no change of view at all.

完全沒有改變看法。

But it's just important to keep in mind, it was always an upside, not our base plan.

但請記住這一點很重要，這始終是一個好處，而不是我們的基本計劃。

I'll ask Mark to cover the guidance.

我會請 Mark 負責指導。

But again, in terms of this one-off, remember we have FluMist, that's a one-off that was not expected, of course.

但是，就一次性而言，請記住我們有 FluMist，這當然是一次性的，這是意料之外的。

We have Venezuela.

我們有委內瑞拉。

We have the Saudi Arabia situation and of course, the price effect for Symbicort in Q3.

我們有沙特阿拉伯的情況，當然還有第三季度 Symbicort 的價格影響。

So those are to be all kept in mind as it relates to the top line.

所以這些都應該牢記在心，因為它與頂線有關。

As I said, the growth platforms, the underlying business, the new AstraZeneca is doing exactly as we expected.

正如我所說，增長平台、基礎業務、新阿斯利康的表現完全符合我們的預期。

Just like to add on the Symbicort front, we need to recognize that there is a price pressure in the US.

就像在 Symbicort 前面添加一樣，我們需要認識到美國存在價格壓力。

We just -- this is not something I would want to ignore or appear as we are underestimating.

我們只是 - 這不是我想忽略或出現的事情，因為我們低估了。

There is a price pressure and it's on the -- will continue.

存在價格壓力，而且它會繼續存在。

But Q3 is not reflective of that price pressure.

但第三季度並沒有反映出這種價格壓力。

There's a one-off there that we should eliminate.

那裡有一個一次性的，我們應該消除。

Mark, go ahead.

馬克，繼續。

So first of all, let me emphasize, again, that obviously guidance is a range.

所以首先，讓我再次強調，顯然指導是一個範圍。

Therefore, within that range, one needs to understand the positive and the negative factors.

因此，在該範圍內，需要了解積極因素和消極因素。

And to summarize the negative factors or the factors that have an impact negatively on the EPS, R&D is one of them.

總結負面因素或對每股收益產生負面影響的因素，研發就是其中之一。

The second, as Pascal just described, the quarter three true-up and that's predominantly Symbicort pricing true-up for previous quarters.

第二，正如 Pascal 剛剛描述的那樣，第三季度調整，這主要是前幾個季度的 Symbicort 定價調整。

We have [Imbrutinib] and Mark Mallon described them early on the emerging market one-off and that's Saudi, that is Latin America and as Pascal just reminded us, we also have the FluMist vaccine negative recommendation.

我們有 [Imbrutinib] 和 Mark Mallon 在新興市場的早期一次性描述了它們，那就是沙特，也就是拉丁美洲，正如 Pascal 剛剛提醒我們的那樣，我們也有 FluMist 疫苗的負面建議。

Apart from these four main factors, there are none other.

除了這四個主要因素，沒有別的。

Thank you, Marc.

謝謝你，馬克。

Seamus Fernandez, Leerink.

Leerink 的 Seamus Fernandez。

Thanks very much for the question.

非常感謝你的提問。

So just a couple here.

所以這裡只有一對。

There were some abstracts -- this is a question for Sean, some abstracts as ASH that have been published so far.

有一些摘要——這是 Sean 的問題，一些摘要作為 ASH 已經發布了。

Talking about acalabrutinib activity and efficacy in -- as well as safety in Imbruvica-intolerant patients.

談論 acalabrutinib 在 Imbruvica 不耐受患者中的活性和療效以及安全性。

Just wondering if you could comment on that program.

只是想知道您是否可以對該程序發表評論。

It looked like the product was particularly well tolerated in this patient population.

看起來該產品在該患者群體中的耐受性特別好。

And as a follow-up to the acalabrutinib question, can you guys just update us on the intellectual property position for that product?

作為 acalabrutinib 問題的後續行動，你們能否向我們更新該產品的知識產權狀況？

And then just a quick separate question.

然後只是一個快速的單獨問題。

I believe that we're going to see the SOLO-2 data presented at ECO or at least there's a placeholder abstract there in January.

我相信我們將在 ECO 上看到 SOLO-2 數據，或者至少在 1 月份那裡有一個佔位符摘要。

Can you guys just give us a general sense of how competitive you feel Lynparza is with other PARP inhibitors and what your general view is on PARPs relative to PARP trapping capability and the efficacy in the class.

你們能不能給我們一個大致的了解，您覺得 Lynparza 與其他 PARP 抑製劑相比有多大競爭力，以及您對 PARP 相對於 PARP 捕獲能力和同類療效的總體看法。

Do you believe that there's meaningful differentiation in the class given what you've seen so far?

鑑於您目前所見，您是否認為班級中存在有意義的差異化？

Thanks.

謝謝。

I'll ask Sean if you want to cover those two points.

我會問肖恩你是否想涵蓋這兩點。

Just on the Lynparza, we see it as very competitive in Japan.

就 Lynparza 而言，我們認為它在日本非常有競爭力。

But we see it very competitive on the efficacy side and the differentiated on the safety front.

但我們看到它在功效方面非常有競爭力，在安全方面也很與眾不同。

So we believe this is a compound that has great potential.

所以我們相信這是一種具有巨大潛力的化合物。

Sean, do you want to cover the ASH question, also [comment] on the Lynparza response?

肖恩，你想涵蓋 ASH 問題，也想[評論] Lynparza 的回應嗎？

Sure.

當然。

I'm happy to.

我很樂意。

Thank you, Sheamus, for the questions.

謝謝 Sheamus 提出的問題。

So the first question had to do with acalabrutinib and the Imbruvica-intolerant population.

因此，第一個問題與 acalabrutinib 和 Imbruvica 不耐受人群有關。

There have been several publications, mostly institutional experience retrospective publications, indicating that there is a significant of fraction of patients on ibrutinib who discontinue the drug without having progressed.

有幾篇出版物，主要是機構經驗回顧性出版物，表明有相當一部分接受依魯替尼治療的患者在沒有進展的情況下停藥。

That means that they're discontinuing for a reason other than resistance or disease progression.

這意味著他們因抵抗或疾病進展以外的原因而停止。

And most commonly, that's due to adverse events or intolerability.

最常見的是，這是由於不良事件或無法忍受造成的。

So what we've done is we're gaining some experience and these are really proof-of-concept abstracts with asking if patients seem to be benefiting from BTK inhibition but can't tolerate ibrutinib, will they be able to tolerate acalabrutinib?

所以我們所做的是我們正在獲得一些經驗，這些實際上是概念驗證摘要，詢問患者是否似乎從 BTK 抑制中受益但不能耐受依魯替尼，他們是否能夠耐受阿卡替尼？

As we say, the early data looks encouraging.

正如我們所說，早期數據看起來令人鼓舞。

But again, this is an emerging field and we're really trying to define what does ibrutinib-intolerant look like?

但同樣，這是一個新興領域，我們真的在嘗試定義 ibrutinib 不耐受是什麼樣子的？

So I will say it's encouraging.

所以我會說這是令人鼓舞的。

It's an interesting potential opportunity but it's evolving right now.

這是一個有趣的潛在機會，但它現在正在發展。

With regard to SOLO-2, just a clarification.

關於 SOLO-2，只是澄清一下。

We have said that the data, obviously, is positive top line progression-free survival with what we believe is a significant and competitive benefit.

我們已經說過，數據顯然是積極的頂線無進展生存期，我們認為這是一個顯著且有競爭力的好處。

We did not indicate what meeting the data would be presented at.

我們沒有說明數據將在哪次會議上公佈。

We just said an upcoming scientific meeting and when we get greater clarity on having it accepted and when we're actually going to be confirmed to present, we can provide more clarity on that.

我們剛剛說了即將召開的科學會議，當我們更清楚地了解它是否被接受以及我們何時真正被確認出席時，我們可以提供更多的清晰度。

With regard to competitiveness of the class, I think what Pascal said is exactly right.

關於班級的競爭力，我覺得Pascal說的很對。

We believe from an efficacy standpoint, it is quite competitive and the trapping issue, it is true that there are different potencies in vitro for PARP trapping.

我們認為，從功效的角度來看，它具有相當的競爭力和誘捕問題，PARP 誘捕在體外確實存在不同的效力。

We do believe PARP trapping is important.

我們確實相信 PARP 捕獲很重要。

The only point is that the doses of the different PARP inhibitors are different and we believe that all of them can be dosed well above the amount of PARP trapping that needs to be achieved in order to be efficacious.

唯一的一點是不同 PARP 抑製劑的劑量不同，我們相信所有這些抑製劑的劑量都可以遠高於為有效而需要達到的 PARP 捕獲量。

So it's actually not a clinically meaningful differentiation since many of them can achieve it.

所以這實際上不是臨床上有意義的分化，因為他們中的許多人都可以實現它。

One -- couple things I'll point out as you start to look at data in this field.

一 - 當您開始查看該領域的數據時，我會指出幾件事。

In terms of tolerability, I think looking at dose reduction rates and as an AE thrombocytopenia in the class, we don't see much thrombocytopenia with Lynparza and we don't see many dose reductions.

在耐受性方面，我認為從劑量減少率和類中的 AE 血小板減少症來看，我們沒有看到 Lynparza 有太多血小板減少症，也沒有看到很多劑量減少。

The last thing that I will say about SOLO-2 is SOLO-2 also enables a formulation which reduces the pill burden of patients quite considerably.

關於 SOLO-2，我要說的最後一件事是 SOLO-2 還可以使配方大大減少患者的藥丸負擔。

So we're not only excited about filing the data to get the approval but also to be able to convert to the new dose formulation.

因此，我們不僅對提交數據以獲得批准感到興奮，而且對能夠轉換為新的劑量配方感到興奮。

Thank you, Sean.

謝謝你，肖恩。

On the active front on the finance -- the accountability of the patent expiries in 2032.

在財務方面的積極方面——2032 年專利到期的問責制。

Tim Anderson, Bernstein.

蒂姆安德森，伯恩斯坦。

Thank you.

謝謝你。

Can I go back to MYSTIC, please?

我可以回到 MYSTIC 嗎？

There's discussion about biomarkers and cut-off levels, but that's -- if I'm understanding right it's really only relevant to secondary endpoints and not the primary end point.

有關於生物標誌物和臨界水平的討論，但那是——如果我理解正確的話，它實際上只與次要終點相關，而不與主要終點相關。

And if you don't hit the primary then the value of those secondaries is questionable what the value is.

而且，如果您沒有擊中主要部分，那麼這些次要部分的價值值得懷疑。

So are you comfortable leaving that primary end point as an all comer population, again, where I guess we don't really care what the biomarker cut-off is because it's all comers or is there potential that you change.

因此，您是否願意將主要終點作為所有來者群體，再次，我想我們並不真正關心生物標誌物的截止點是什麼，因為它是所有來者，或者您是否有可能改變。

If you change it to just a expresser population, would the timing of readout be the same?

如果將其更改為僅表達群體，讀出的時間是否相同？

Then a second question on MYSTIC.

然後是關於 MYSTIC 的第二個問題。

If you don't hit PFS on this first readout in the first half, is it possible we may not see you present any data until you have the OS data.

如果您在上半年的第一個讀數上沒有達到 PFS，我們是否有可能在您獲得操作系統數據之前看不到您提供的任何數據。

I'm wondering if it could be a [vacuum] event formation under this scenario where maybe you don't hit PFS.

我想知道在這種情況下是否可能是 [vacuum] 事件形成，您可能沒有達到 PFS。

Then last question on KESTREL and EAGLE and head and neck.

然後是關於 KESTREL 和 EAGLE 以及頭部和頸部的最後一個問題。

Squamous morphology.

鱗狀形態。

I'm wondering if that raises the risk that in something like squamous non-small cell lung, there could also be a potential bleeding issue with the CTLA-4 combo?

我想知道這是否會增加像鱗狀非小細胞肺這樣的風險，CTLA-4 組合也可能存在潛在的出血問題？

Thank you, Tim.

謝謝你，蒂姆。

Sean, over to you again.

肖恩，又交給你了。

Yes, okay.

是的，好的。

Thanks, Tim, for the question.

謝謝蒂姆提出這個問題。

So first of all with regard to MYSTIC and the cut-off, it's a good question.

所以首先關於 MYSTIC 和截止，這是一個很好的問題。

There -- it is true that if you don't hit primary end point, you don't have a positive trial.

在那裡 - 確實，如果你沒有達到主要終點，你就沒有積極的試驗。

So that secondary endpoints aren't really very important in an overall negative trial.

因此，次要終點在總體陰性試驗中並不是非常重要。

We have the opportunity to revise our fiscal analysis plan and we've talked to everyone about that before, before we do our analysis.

我們有機會修改我們的財政分析計劃，並且在我們進行分析之前，我們已經與所有人討論過這個問題。

And so we can look at both external and internal data and decide how we want to fit cut-off and positive versus all comers into the analysis plan for the primary endpoints.

因此，我們可以同時查看外部和內部數據，並決定我們希望如何將截止值和陽性與所有參與者納入主要終點的分析計劃中。

So I won't guide anymore on that right now, just recognizing that, that's an opportunity.

所以我現在不會再就此提供指導，只是認識到這是一個機會。

You had another question, which is about progression-free survival and then going on to overall survival.

你有另一個問題，是關於無進展生存期，然後是總生存期。

So the change in the analysis plan doesn't change our guidance as to when we will see a progression-free survival readout.

因此，分析計劃的變化不會改變我們關於何時會看到無進展生存讀數的指導。

It is, however, true that if we don't hit progression-free survival, and again, I think as we've discussed before, we believe that overall survival really is much more meaningful in capturing the full benefit of immunotherapy for cancer.

然而，如果我們沒有達到無進展生存期，我認為正如我們之前討論過的那樣，我們相信總生存期對於獲得癌症免疫療法的全部益處確實更有意義。

I think the data in the field, as a whole, is really supporting that as it matures.

我認為，作為一個整體，該領域的數據確實在支持它的成熟。

If we don't hit the progression-free survival, it is true that we can still have a positive trial for overall survival subsequently.

如果我們沒有達到無進展生存期，我們確實可以在隨後進行總生存期的陽性試驗。

So we would wait for formal presentation of the trial data until we've completed the analysis of the trial.

因此，我們將等待試驗數據的正式展示，直到我們完成試驗分析。

The last one was about head and neck cancer and squamous cell carcinoma.

最後一個是關於頭頸癌和鱗狀細胞癌。

So we -- as you know, there is a background rate of bleeding that occurs with squamous cell carcinoma of the head and neck and is distinctive from lung cancer, squamous or non-squamous.

所以我們——如你所知，頭頸部鱗狀細胞癌的出血率有一定背景，這與肺癌、鱗狀或非鱗狀癌不同。

So a couple of things about that; first of all, we have placed on partial clinical hold because of a signal, a potential signal seen in a normal safety review of our head and neck program with IO.

所以有幾件事；首先，由於一個信號，我們已經部分臨床擱置，這是一個潛在的信號，在對我們的 IO 頭頸項目的正常安全審查中看到。

And what we did is we first went on voluntary hold and then we were able to do a much more detailed analysis of the imbalance that we saw there.

我們所做的是首先自願暫停，然後我們能夠對我們在那裡看到的不平衡進行更詳細的分析。

And we've now submitted that to the FDA and proposed how we would move forward.

我們現在已將其提交給 FDA，並提出了我們將如何推進的建議。

We feel very confident we will move forward in head and neck cancer, okay, and we have not revised our time line.

我們非常有信心我們將在頭頸癌方面取得進展，好吧，我們沒有修改我們的時間表。

We don't think at this point, we need to.

我們現在不認為，我們需要。

We'll still be able to achieve it.

我們仍然能夠實現它。

The hold was specific for squamous cell carcinoma of the head and neck.

保留是針對頭頸部鱗狀細胞癌的。

It did not apply to any other tumor type in the program, including MYSTIC, DANUBE, NEPTUNE, all of those trials.

它不適用於該項目中的任何其他腫瘤類型，包括 MYSTIC、DANUBE、NEPTUNE，所有這些試驗。

So those are ongoing, without change.

所以這些都在進行，沒有變化。

They have normal safety monitoring that we do in all our trials and no such signal has been identified.

他們有我們在所有試驗中所做的正常安全監測，但尚未發現此類信號。

So that's --

所以那是 -

I'm sorry, can I just ask a clarifying question?

對不起，我可以問一個澄清的問題嗎？

So if you were to change the primary on MYSTIC just to an expresser population, not all comers, is your timing of readout still likely to be first half of 2017?

因此，如果您將 MYSTIC 上的主要更改為表達者群體，而不是所有來者，您的讀數時間是否仍可能是 2017 年上半年？

And then again, I'm not sure, maybe you answered it.

再一次，我不確定，也許你回答了。

Maybe I heard it incorrectly.

也許我聽錯了。

But if you don't hit PFS on that readout, are you still -- are you saying you won't likely have any data then in that scenario until you have the mature OS data readout?

但是，如果您沒有在該讀數上達到 PFS，您是否仍然 - 您是說在那種情況下您可能不會有任何數據，直到您擁有成熟的 OS 數據讀數？

So the answer is that our PFS readout will be in the first half of 2017.

所以答案是我們的 PFS 讀數將在 2017 年上半年。

And if we do not hit for PFS, we have the opportunity to wait for the maturation of the OS data, at which time, we will analyze the OS data and report whether we have hit for that endpoint or not.

如果我們沒有命中 PFS，我們有機會等待 OS 數據成熟，屆時我們將分析 OS 數據並報告我們是否命中了該端點。

And we anticipate that in 2018, I should say.

我們預計在 2018 年，我應該說。

Okay.

好的。

Maybe if you change the primary end point, the timing of readout, is it still first half?

也許如果你改變主要終點，讀出的時間，它還是上半場嗎？

If you were to change the primary --

如果你要改變主要 -

The answer is yes, Tim.

答案是肯定的，蒂姆。

We have a reading in the first half of 2017 and then second reading early -- the first of half of 2018.

我們在 2017 年上半年進行了一次閱讀，然後在 2018 年上半年進行了早期二讀。

Before we go to the last question, I'd just like to reiterate what Sean said a minute ago as far as head and neck.

在我們討論最後一個問題之前，我想重申一下 Sean 一分鐘前就頭部和頸部所說的話。

We are confident to be able to resume enrollment.

我們有信心能夠恢復招生。

To the extent that we are not changing the dates for the readout of those head and neck studies.

在某種程度上，我們沒有改變這些頭頸研究的讀出日期。

So I'll move to Vincent Meunier from Morgan Stanley.

所以我將從摩根士丹利轉到 Vincent Meunier。

Go ahead.

前進。

The first one is, again, on the guidance with a focus of -- on SG&A savings.

第一個再次是關於 SG&A 節省的指導。

The savings are, again, being very important and higher than expected.

節省的費用再次非常重要，而且高於預期。

Could you elaborate on the sources for the savings you are able to extract now and more importantly, the potential for further savings?

您能否詳細說明您現在能夠節省的資金來源，更重要的是，進一步節省資金的潛力？

Second question is on respiratory.

第二個問題是關於呼吸的。

You talk about preparing a platform for Bevespi and Benra.

你談到為 Bevespi 和 Benra 準備一個平台。

Does it mean more SG&A business?

這是否意味著更多的 SG&A 業務？

Will this (inaudible) be only in-house or does that include external contribution in [Almirall]?

這（聽不清）是否只是內部的，還是包括 [Almirall] 中的外部貢獻？

Vincent, just want to be sure I understood the second question.

文森特，只是想確定我理解第二個問題。

In terms of respiratory and Bevespi, can you repeat the question?

在呼吸和 Bevespi 方面，你能重複這個問題嗎？

You say that you are preparing a platform for Bevespi and Benra.

你說你正在為 Bevespi 和 Benra 準備一個平台。

So does that mean that you will increase your SG&A investment in respiratory or would you like to improve the existing platform with acquisitions or maybe in-licensing or partnerships?

那麼，這是否意味著您將增加對呼吸系統的 SG&A 投資，或者您想通過收購、許可或合作來改進現有平台？

Sorry.

對不起。

You got it.

你說對了。

Thank you so much.

太感謝了。

At this point the plan is to launch Bevespi on our own and to certainly look for synergies in our respiratory team across Symbicort and later on, of course, Benralizumab.

在這一點上，計劃是我們自己推出 Bevespi，當然要在我們的呼吸團隊中尋找 Symbicort 的協同作用，當然還有後來的 Benralizumab。

But we don't intend to partner on Bevespi.

但我們不打算在 Bevespi 上合作。

We are planning to -- preparing, I should say, to launch it next year.

我們計劃——準備，我應該說，明年推出它。

Mark, anything you want to add to this?

馬克，你想補充什麼嗎？

No.

不。

We've got I think a top notch respiratory sales team, market access team, medical teams.

我認為我們擁有一流的呼吸銷售團隊、市場准入團隊、醫療團隊。

They're very excited about this product.

他們對這款產品感到非常興奮。

It's going to make a big difference for patients with COPD.

這將對 COPD 患者產生重大影響。

We're confident that they will do a good job.

我們相信他們會做得很好。

We're preparing to do the same thing for Benralizumab.

我們正準備對 Benralizumab 做同樣的事情。

Marc?

馬克？

The other Marc, on SG&A?

另一個 Marc，關於 SG&A？

So as far as SG&A savings, you have seen that we had -- we made a commitment in 2015.

就 SG&A 節省而言，您已經看到我們在 2015 年做出了承諾。

We are, in a good way, to meet also our commitments and even exceed them for 2016 in terms of SG&A cost reductions.

就 SG&A 成本削減而言，我們在 2016 年也將以良好的方式履行我們的承諾，甚至超過它們。

Whether this comes from, as your well aware, that we have Initiated a new footprint initiative, we have also started three years ago a large program of IT cost reduction.

如您所知，這是否來自我們啟動了一項新的足跡計劃，三年前我們還啟動了一項大型 IT 成本削減計劃。

These are well on their way.

這些進展順利。

And earlier this year, we have also started another initiative to increase our SG&A, as in medical and marketing productivity.

今年早些時候，我們還啟動了另一項計劃來增加我們的 SG&A，例如醫療和營銷生產力。

So I think it's a combination of various productivity initiatives which are being started at different times in the last two or three years.

所以我認為這是在過去兩三年的不同時間開始的各種生產力舉措的結合。

But we are determined to maintain the core discipline and to make sure that our SG&A ratio comes more in line with the rest of our peers.

但我們決心保持核心紀律，並確保我們的 SG&A 比率與其他同行更加一致。

Thank you, Marc.

謝謝你，馬克。

So we'll close here and thank you again for your participation, your great questions, and in closing, let me just reiterate that what I said earlier, we are completely on track, from our viewpoint, in terms of implementation of our strategy.

因此，我們將在這裡結束，再次感謝您的參與和您提出的重要問題，最後，讓我重申一下我之前所說的，從我們的角度來看，我們在戰略實施方面完全走上了正軌。

We are ahead of plan as far as pipeline in total oncology.

就整個腫瘤學的管道而言，我們領先於計劃。

There's great news flow coming over the next 12 months.

在接下來的 12 個月裡會有好消息傳來。

From a financial viewpoint, we believe we're on track and importantly, the new AstraZeneca is really starting to emerge and over the next 12 months, we expect to make more progress on this.

從財務的角度來看，我們相信我們正在走上正軌，重要的是，新的阿斯利康真的開始出現，在接下來的 12 個月裡，我們預計會在這方面取得更多進展。

Again, thank you so much and have a great rest of the day.

再次感謝您，祝您今天休息愉快。

Ladies and gentlemen, that will conclude today's conference.

女士們，先生們，今天的會議到此結束。

We thank you very much for your participation.

我們非常感謝您的參與。

You may now disconnect.

您現在可以斷開連接。

Thank you.

謝謝你。