施貴寶 (BMY) 2005 Q2 法說會逐字稿

Good day, and welcome to today's Bristol-Myers Squibb Company's second quarter sales and earnings conference call.

美好的一天，歡迎參加今天的百時美施貴寶公司第二季度銷售和收益電話會議。

Today's call is being recorded.

今天的通話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to the Vice President of Investor Relations, Mr. John Elicker.

現在，我想將電話轉給投資者關係副總裁 John Elicker 先生進行開場發言和介紹。

Please go ahead, sir.

請繼續，先生。

Thank you, Vicki, and good morning, everyone, and thanks for joining us this morning to discuss our second quarter earnings results.

謝謝維姬，大家早上好，感謝您今天早上加入我們討論我們的第二季度盈利結果。

Our earnings release and supporting financial information went out earlier this morning, and as most of you have probably seen, it's also available on our website.

今天早上早些時候，我們發布了收益報告和支持財務信息，正如你們大多數人可能已經看到的那樣，這些信息也可以在我們的網站上找到。

With us this morning, we have Lamberto Andreotti our Senior Vice President and President of the International Business;

今天上午，我們的高級副總裁兼國際業務總裁蘭貝托·安德烈奧蒂 (Lamberto Andreotti) 與我們一起出席。

Andrew Bonfield, Senior Vice President and Chief Financial Officer; and Peter Dolan, our Chief Executive Officer.

安德魯·邦菲爾德，高級副總裁兼首席財務官；和我們的首席執行官彼得·多蘭。

Before I turn it over to Peter for some opening remarks, let me take care of some legal requirements.

在我將其交給彼得進行開場白之前，讓我先討論一些法律要求。

During the call we may make various remarks about the Company's future expectations, plans and prospects that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995.

在電話會議期間，我們可能會就公司的未來預期、計劃和前景發表各種言論，這些言論構成前瞻性陳述，以符合 1995 年《私人證券訴訟改革法案》中的安全港條款的目的。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Company's most recent Annual Report on Form 10-K and in our periodic reports on Form 10-Q.

由於各種重要因素，包括公司最新的 10-K 表年度報告和 10-Q 表定期報告中討論的因素，實際結果可能與這些前瞻性陳述所示的結果存在重大差異。

These documents are available from the SEC. the Bristol-Myers website, or from Bristol Investor Relations.

這些文件可從 SEC 獲取。百時美施貴寶網站，或來自百時美施貴寶投資者關係部。

In addition, any forward-looking statements represent our estimates only as of today, and should not be relied upon as representing our estimates as of any subsequent date.

此外，任何前瞻性陳述僅代表我們截至今天的估計，不應被視為代表我們截至任何後續日期的估計。

With that, let me turn it over to Peter.

那麼，讓我把它交給彼得。

Okay.

好的。

Thank you, John.

謝謝你，約翰。

Good morning, everyone.

大家，早安。

Before I have Andrew take you through the details of the quarter's results, I want to place the results for the second quarter into the broader context of our Company's overall strategy and our outlook.

在安德魯向您介紹本季度業績的詳細信息之前，我想將第二季度的業績納入我們公司整體戰略和前景的更廣泛背景中。

I've also asked Lamberto Andreotti to discuss the global performance of some of our key brands and businesses, and following those remarks, all of us will be available to answer your questions.

我還請蘭貝托·安德烈奧蒂討論我們一些主要品牌和業務的全球業績，在這些評論之後，我們所有人都將可以回答您的問題。

Let's begin by reviewing second quarter 2005 earnings.

讓我們首先回顧一下 2005 年第二季度的收益。

We reported GAAP EPS of $0.50 and non-GAAP EPS of $0.47 from continuing operations, including an advantage tax rate, which will be discussed in more detail by Andrew.

我們報告的持續經營業務的 GAAP 每股收益為 0.50 美元，非 GAAP 每股收益為 0.47 美元，其中包括優惠稅率，安德魯將對此進行更詳細的討論。

Overall, businesses are running on plan.

總體而言，企業正在按計劃運行。

The year-over-year comparison was positive, largely due to the tax rate.

同比比較是積極的，這主要歸功於稅率。

We're executing our strategy and building out our portfolio of the future.

我們正在執行我們的戰略並構建我們未來的投資組合。

To that end, we're pleased with the second quarter performance of our rx growth drivers, which include our newer products, Abilify, Reyataz, and Erbitux, as well as Plavix and Avapro/Avalide.

為此，我們對處方藥增長驅動因素第二季度的表現感到滿意，其中包括我們的新產品 Abilify、Reyataz 和 Erbitux，以及 Plavix 和 Avapro/Avalide。

All of our growth drivers realized double-digit year-over-year sales growth in the quarter.

我們所有的增長動力在本季度都實現了兩位數的同比銷售增長。

We're also optimistic about the prospects for Baraclude, our new treatment for Hepatitis B, which was launched in the U.S. early in the second quarter.

我們還對博路定的前景持樂觀態度，這是我們治療乙型肝炎的新療法，該藥物已於第二季度初在美國推出。

With our growth drivers accounting for nearly two-thirds of U.S. pharmaceutical sales in the second quarter of 2005, as compared to half the sales in the same period last year, we're making good progress transitioning to our portfolio of the future.

2005 年第二季度，我們的增長動力占美國藥品銷售額的近三分之二，而去年同期的銷售額只有一半，因此我們在向未來產品組合轉型方面取得了良好進展。

In our related healthcare businesses, Mead Johnson Nutritionals delivered solid growth on a global basis, continuing a strong trend that's made it and our other related healthcare businesses important contributors to our profitability.

在我們的相關醫療保健業務中，美贊臣營養品在全球範圍內實現了穩健增長，持續保持強勁趨勢，使其和我們其他相關醫療保健業務成為我們盈利能力的重要貢獻者。

During the second quarter, we increased R&D expense 8% to nearly $650 million, pharmaceutical R&D spend during the period represented 16% of total pharmaceutical sales.

第二季度，我們的研發費用增加了8%，達到近6.5億美元，期間藥品研發費用佔藥品總銷售額的16%。

A good part of the increase went to support Abatacept, our internally-developed biologic for rheumatoid arthritis and muraglitazar for diabetes, now none by the trade name Pargluva.

增長的很大一部分用於支持阿巴西普（Abatacept），這是我們內部開發的治療類風濕關節炎的生物製劑和治療糖尿病的穆拉格列扎（Muraglitazar），現在沒有商品名為 Pargluva。

Both of these compounds are now in the late stages of the U.S. regulatory process, and the FDA recently scheduled Abatacept and Pargluva for advisory committee meetings on September 6th and 9th respectively.

這兩種化合物目前均處於美國監管程序的後期階段，FDA 最近安排 Abatacept 和 Pargluva 分別於 9 月 6 日和 9 日召開諮詢委員會會議。

Another biologic in the pipeline is Belatacept, our internally-discovered compound for solid organ transplantation rejection, which transitioned to Phase III late in the first quarter.

另一種正在研發的生物製劑是 Belatacept，這是我們內部發現的用於實體器官移植排斥反應的化合物，已於第一季度末過渡到 III 期。

In addition, we have another potential diabetes treatment, a DPP4 inhibitor, Saxagliptin, that's expected to transition to Phase III before the end of the first third quarter.

此外，我們還有另一種潛在的糖尿病治療藥物，即 DPP4 抑製劑 Saxagliptin，預計將在第三季度末之前過渡到 III 期。

And finally, we're pleased with the progress of Dasatinib, our Src/ABL Kinase Inhibitor for chronic myelogenous leukemia, which in Phase II is in what we hope to be its registrational program.

最後，我們對達沙替尼（Dasatinib）的進展感到高興，達沙替尼是我們用於治療慢性粒細胞白血病的 Src/ABL 激酶抑製劑，目前處於 II 期階段，我們希望成為其註冊計劃。

We'll be reviewing clinical data on that compound in the fall, and could possibly submit a new drug application in the U.S. within the next six months.

我們將在秋季審查該化合物的臨床數據，並可能在未來六個月內在美國提交新藥申請。

As we've said before, we expect low-double-digit annual R&D growth for 2005, as our pipeline continues to advance, and we move forward with executing our strategy to build leadership positions in disease areas of significant unmet medical need.

正如我們之前所說，隨著我們的產品線不斷推進，我們預計 2005 年的年度研發增長率將達到兩位數，並且我們將繼續執行我們的戰略，在醫療需求未得到滿足的疾病領域建立領導地位。

Turning to the macro picture, clearly continues to be a challenging time for the industry, and now we're gearing up for the implementation of the Medicare prescription drug benefit, beginning less than six months from now.

談到宏觀形勢，顯然該行業仍然面臨著充滿挑戰的時期，現在我們正在為實施醫療保險處方藥福利做準備，從現在起不到六個月的時間就開始了。

It's important for everyone, for seniors, especially, that we make this program work and work well.

對於每個人，尤其是老年人來說，我們讓這個計劃發揮作用並且運作良好，這很重要。

Communication is key, and we'll be doing our part in this regard.

溝通是關鍵，我們將在這方面儘自己的一份力量。

Another issue effecting the industry is direct-to-consumer advertising.

影響該行業的另一個問題是直接面向消費者的廣告。

Last month we unveiled the Bristol-Myers Squibb DTC code, including our pledge not to do any branded DTC advertising in mass media during a new drug's first year on the market.

上個月，我們公佈了百時美施貴寶 DTC 代碼，其中包括我們承諾在新藥上市的第一年不會在大眾媒體上做任何品牌 DTC 廣告。

We are pleased with the subsequent response from opinion leaders, political figures, medical societies, physicians and the media.

我們對意見領袖、政治人物、醫學會、醫生和媒體隨後的反應感到高興。

As you know, pharma is also working on an industry code.

如您所知，製藥公司也在製定行業規範。

We support it and we support the effort and believe individual companies should fashion their own specific guidelines, reflecting their own views that are consistent with the intent of the industry code.

我們支持它，我們支持這一努力，並相信各個公司應該制定自己的具體準則，反映與行業準則的意圖一致的自己的觀點。

For the remainder of 2005, our non-GAAP earnings outlook remains unchanged.

對於 2005 年剩餘時間，我們的非 GAAP 盈利預期保持不變。

We continue to estimate our fully-diluted earnings per share from continuing operations to be between $1.35 and $1.45 on a non-GAAP basis, excluding potential specified items, which are outlined in today's press release, but we do expect at this point to come in at the top end of that range.

我們繼續估計，按照非公認會計準則計算，持續經營業務的完全攤薄每股收益將在 1.35 美元至 1.45 美元之間，不包括今天新聞稿中概述的潛在指定項目，但我們確實預計此時會出現在該範圍的頂端。

As we look toward 2006, as we've said before, earnings will remain under pressure as our portfolio transitions, and we stand by our long-term commitment to invest in our pipeline and our growth drivers.

展望 2006 年，正如我們之前所說，隨著我們的投資組合轉型，盈利仍將面臨壓力，而且我們堅持投資於我們的產品線和增長動力的長期承諾。

Following the loss of exclusivity on Pravachol in the U.S. in April of 2006 we'll be past the significant exclusivity losses of the last few years and expect, as we've said before, to enter a period of sustained sales and earnings growth beginning in 2007.

繼 2006 年 4 月失去 Pravachol 在美國的獨家經營權之後，我們將度過過去幾年嚴重的獨家經營權損失，並預計，正如我們之前所說，從 2006 年開始進入一個銷售和盈利持續增長的時期。 2007年。

Of course, this assumes the successful outcome of the Plavix litigation, as well as the continued productivity of our pipeline and growth of our key drivers.

當然，這是假設波立維訴訟取得成功，以及我們的產品線持續生產力和關鍵驅動力增長的前提下。

The '07 to '11 period should give us the opportunity to fuel top-line growth by marketing novel and differentiated products targeted to specialists and high prescribing general practitioners.

07 至 11 年間，我們將有機會通過向專家和高處方全科醫生營銷新穎且差異化的產品來推動營收增長。

And we plan to achieve higher earnings growth, higher earnings by growing sales with a streamline cost structure that will reflect our portfolio of currently marketed products, providing the opportunity to benefit from operating leverage.

我們計劃實現更高的盈利增長，通過提高銷售額和精簡成本結構來實現更高的收益，這將反映我們當前銷售的產品組合，從而提供從運營槓桿中受益的機會。

While we'll continue to hold the line on nonessential expenses, we remain committed to investing in R&D, biologics and support of our marketed growth drivers.

雖然我們將繼續控制非必要開支，但我們仍然致力於投資研發、生物製劑並支持我們已上市的增長動力。

And last, but certainly not least, you'll see us continue to take a leadership position in the industry on initiatives, such as expanding access to medicines, and helping to increase public understanding about the importance of a healthy and vibrant pharmaceutical industry.

最後但並非最不重要的一點是，您將看到我們在擴大藥品獲取範圍、幫助提高公眾對健康和充滿活力的製藥行業重要性的理解等舉措方面繼續在行業中佔據領導地位。

We have a long-term strategy and vision for the Company and at the same time, we've made important progress in the short-term.

我們為公司製定了長期戰略和願景，同時，我們在短期內取得了重要進展。

For more on that, I'll turn the call over to Andrew, who will provide further detail on the second quarter.

有關更多信息，我會將電話轉給安德魯，他將提供有關第二季度的更多詳細信息。

Thank you, Peter.

謝謝你，彼得。

As you have seen from our release, fully-diluted earnings per share from continuing operations for the quarter were $0.50.

正如您從我們的新聞稿中看到的，本季度持續經營業務的完全攤薄每股收益為 0.50 美元。

Positively impacted by $0.03 of specified items.

受到 0.03 美元指定項目的積極影響。

Excluding specified items, fully-diluted earnings per share on a non-GAAP basis were $0.47.

不包括特定項目，按非 GAAP 計算的完全稀釋每股收益為 0.47 美元。

The full reconciliation of GAAP to non-GAAP earnings per share is posted on our website.

GAAP 與非 GAAP 每股收益的完整調節表已發佈在我們的網站上。

The tax benefit for the quarter based on the difference between the underlying tax rate of 8.1% for the quarter, versus our previous guidance of 24 to 25% equates to between $0.09 and $0.10.

根據本季度 8.1% 的基本稅率與我們之前 24% 至 25% 的指導稅率之間的差異，本季度的稅收優惠相當於 0.09 美元至 0.10 美元。

Excluding this, operating earnings of between $0.01 and $0.02 ahead of consensus for the quarter.

排除這一點，本季度營業利潤比市場預期高出 0.01 美元至 0.02 美元。

I'll talk a little more about the tax rate later during my comments.

稍後我將在評論中更多地討論稅率。

Sales from continuing operations were $4.9 billion, up 1%.

持續經營業務銷售額為 49 億美元，增長 1%。

The sales performance resulted from the 2% increase due to foreign exchange rate fluctuations, a 1% increase due to volume increases, and the negative 2% decrease from price related in part to generic competition from Paraplat.

銷售業績歸因於匯率波動導致的 2% 增長、銷量增加導致的 1% 增長以及部分與 Paraplat 仿製藥競爭相關的價格負 2% 的下降。

U.S. pharmaceutical sales were up 1% to $2.1 billion.

美國藥品銷售額增長 1%，達到 21 億美元。

Our key growth drivers in the U.S., Plavix, Avapro, Erbitux, Reyataz, and Abilify had another strong quarter, up 31%, with U.S. sales of $1.4 billion, versus $1.1 billion last year.

我們在美國的主要增長動力，波立維 (Plavix)、阿瓦普羅 (Avapro)、愛必妥 (Erbitux)、雷亞塔茲 (Reyataz) 和 Abilify 又一個強勁的季度，增長了 31%，美國銷售額為 14 億美元，而去年為 11 億美元。

These key growth drivers made up 66% of U.S. sales in the quarter, compared to 51% in the same period last year.

這些主要增長動力佔本季度美國銷售額的 66%，而去年同期為 51%。

Changes in wholesale inventory levels had little impact on total sales in the quarter, although inventory levels for key U.S. brands at the end of the second quarter are slightly down from the end of the first quarter, and will remain at approximately three weeks.

批發庫存水平的變化對本季度總銷售額影響不大，儘管美國主要品牌第二季度末的庫存水平較第一季度末略有下降，並將維持在三週左右。

As is our practice, we've included U.S. wholesale inventories for our key U.S. brands on our website.

按照我們的慣例，我們在網站上列出了我們主要美國品牌的美國批發庫存。

You may also have noticed that we posted our International wholesale inventory levels for the first quarter during the quarter.

您可能還注意到，我們在本季度發布了第一季度的國際批發庫存水平。

For obvious reasons, these data take time to compile, but in general, will be posted as soon as available.

由於顯而易見的原因，這些數據需要時間來編譯，但一般來說，一旦可用就會立即發布。

International pharmaceutical sales were unchanged at $1.8 billion, including a 4% benefit from foreign exchange.

國際藥品銷售額保持在 18 億美元不變，其中包括 4% 的外匯收益。

International sales were impacted by increased competition in Europe for Pravachol and Taxol, partially offset by growth in Plavix, Reyataz, and Abilify.

國際銷售受到歐洲 Pravachol 和 Taxol 競爭加劇的影響，但部分被 Plavix、Reyataz 和 Abilify 的增長所抵消。

Lamberto will review our key product performance in more detail, so let me move on to the profit and loss account.

蘭貝托將更詳細地審查我們的關鍵產品性能，所以讓我繼續討論損益賬戶。

The gross margin in the second quarter was 69.7% compared to 68.9% last year.

第二季度毛利率為69.7%，去年同期毛利率為68.9%。

Excluding specified items in both periods, gross margin declined by 60 basis points to 70.1%.

剔除兩個時期的特定項目，毛利率下降 60 個基點至 70.1%。

The margin decline was primarily due to mix, including the impact of Paraplatin and Taxol's exclusivity losses.

利潤率下降主要是由於混合因素造成的，包括帕拉鉑和紫杉醇的獨家經營權損失的影響。

This is consistent with our guidance for gross margins to be down from 2004 levels by approximately 1%.

這與我們關於毛利率比 2004 年水平下降約 1% 的指導是一致的。

Marketing, selling and administration expenses were up 6%.

營銷、銷售和管理費用增長了 6%。

On a year-to-date basis, marketing, selling and administration expenses are up 1%.

今年迄今，營銷、銷售和管理費用增長了 1%。

Our expectation is for full-year marketing, selling and administration spend to be up low single digits, driven in part by foreign exchange rate fluctuations.

我們預計全年營銷、銷售和管理支出將增長低個位數，部分原因是匯率波動。

Advertising and promotion spend was up 5% with increased spending behind Plavix, Abilify, Reyataz, Erbitux, Avapro, and the launch of Baraclude, consistent with our guidance from mid to high single-digit growth in spending for the year.

廣告和促銷支出增長了 5%，其中包括 Plavix、Abilify、Reyataz、Erbitux、Avapro 以及 Bararude 的推出，支出增加，這與我們今年支出中高個位數增長的指引一致。

Excluding specified items, research and development expense for the quarter increased by 8% to $648 million.

不包括特定項目，該季度的研發費用增長 8%，達到 6.48 億美元。

This increase was primarily driven by spending on increased resources behind development projects, including late stage development spending on the Src/ABL and MDX-010.

這一增長主要是由於開發項目背後的資源支出增加所致，包括 Src/ABL 和 MDX-010 的後期開發支出。

Second quarter pharmaceutical R&D spending increased as a percentage of pharmaceutical sales to 15.6% from 14.6% in 2004.

第二季度藥品研發支出佔藥品銷售額的比例從 2004 年的 14.6% 上升至 15.6%。

As we mentioned during our first quarter call, we continue to expect R&D spending to increase in the low double-digit range for the year.

正如我們在第一季度電話會議中提到的，我們繼續預計今年研發支出將在兩位數的低位範圍內增長。

Now let me spend a bit of time on the tax rate.

現在讓我花點時間討論一下稅率。

On a GAAP basis, the effective tax rate for the quarter was actually minus 1.9%.

根據公認會計原則，該季度的有效稅率實際上為-1.9%。

This was primarily driven by the reduction in the charge for repatriating funds from our International operations by $135 million, reflecting the revised guidance from the Treasury.

這主要是由於從我們的國際業務匯回資金的費用減少了 1.35 億美元，反映了財政部修訂後的指導意見。

This was treated as specified item in the quarter, consistent with the way that the original provision was made in the fourth quarter of last year.

這在本季度被視為指定項目，與去年第四季度原來撥備的方式一致。

Excluding specified items, the effective tax rate for the quarter was 8.1%, which is significantly below the rate of 28.1% in the first quarter, and below our previous guidance of around 24 to 25%.

不包括特定項目，本季度的有效稅率為8.1%，顯著低於第一季度28.1%的稅率，也低於我們之前約24%至25%的指導。

This is due to two factors.

這是由於兩個因素造成的。

Firstly, the $159 million benefit relating to the resolution of the 1998 to 2001 IRS audit cycle.

首先，與 1998 年至 2001 年 IRS 審計週期決議相關的 1.59 億美元收益。

And secondly, a reduction in our full-year estimated rates to the 22 to 23% range.

其次，我們將全年預估增長率下調至 22% 至 23% 的範圍。

Consistent with our previous guidance and my comments in the last two conference calls, the benefit related to the resolution of tax audits was fully accounted for during the quarter.

與我們之前的指導和我在最近兩次電話會議中的評論一致，與稅務審計解決方案相關的收益在本季度得到了充分考慮。

If you have been assuming a tax rate and a guidance range, the resolution of the tax audits added approximately $0.06 to earnings per share in the quarter.

如果您一直假設稅率和指導範圍，那麼稅務審計的決議將使本季度每股收益增加約 0.06 美元。

The resolution of the tax audit is not treated as a specified item because the original tax contingencies are recorded as part of normal operating results.

稅務審計的決議不作為特定項目處理，因為原來的稅務或有事項已作為正常經營成果的一部分記錄。

The quarterly rate is also impacted by reduction in our estimate for the full-year rate to the 22 to 23% range.

我們將全年增長率預估下調至 22% 至 23% 範圍，這也影響了季度增長率。

This adds between $0.03 and $0.04 to earnings per share in the quarter.

這使得本季度每股收益增加了 0.03 至 0.04 美元。

This change is based on an increase in offshore income and an increase in the use of foreign tax credits.

這一變化是基於離岸收入的增加和外國稅收抵免的使用的增加。

Cumulatively, the effective tax rate, excluding specified items, is 17.7%.

不包括特定項目的累計有效稅率為 17.7%。

This is lower than the estimated rate for the year because of the accounting for the resolution of the tax audits in the first half of the year.

由於上半年稅務審計決議的會計處理，該比率低於全年預計比率。

You should, therefore, expect the reported rate to rise in the third and fourth quarter's to reflect our full-year guidance.

因此，您應該預計第三季度和第四季度報告的利率將會上升，以反映我們的全年指導。

Operating cash flow remains strong, but net debt at the end of the quarter increased to $3.3 billion versus $2.6 billion at the end of the first quarter.

運營現金流依然強勁，但本季度末的淨債務增加至 33 億美元，而第一季度末為 26 億美元。

This is driven primarily by tax payments related to the repatriation of funds and the resolution of the 1998 to 2001 IRS audit cycle.

這主要是由與資金匯回相關的納稅以及 1998 年至 2001 年國稅局審計週期的決議所推動的。

As you know, during the first quarter, the Company repatriated approximately $6.2 billion of the $9 billion from limited earnings that we indicated we would bring back under the Homeland Investment Act.

如您所知，在第一季度，公司從我們表示將根據《國土投資法》帶回的有限收益中的 90 億美元中匯回了約 62 億美元。

We are in the process of syndicating a loan facility in order to repatriate the remaining $2.8 billion later in the year.

我們正在組建銀團貸款機制，以便在今年晚些時候匯回剩餘的 28 億美元。

As you have seen in our press release, we are confirming our previously issued full-year 2005 adjusted non-GAAP earnings of $1.35 to $1.45, at the upper end of the range.

正如您在我們的新聞稿中所看到的，我們確認我們先前發布的 2005 年全年調整後非公認會計原則收益為 1.35 美元至 1.45 美元，處於該範圍的上限。

We are, however, raising our GAAP guidance to $1.49 to $1.59 based on the anticipated gain on the sale of the consumer business, partially offset by additional litigation settlements, net of insurance recoveries.

然而，我們根據出售消費者業務的預期收益，將 GAAP 指引上調至 1.49 美元至 1.59 美元，部分被額外的訴訟和解（扣除保險賠償）所抵消。

Again, the full reconciliation is posted on our website.

同樣，完整的對賬結果已發佈在我們的網站上。

Changes to our full-year guidance from that which we provided in April are in marketing, selling and administrative expenses, and the tax line is from our previous comments.

與我們四月份提供的全年指引相比，我們的全年指引的變化在於營銷、銷售和管理費用，稅收額度來自我們之前的評論。

Looking to the second half of the year, performance will be impacted by the increase in the effective tax rate in the third and fourth quarters, as I mentioned a moment ago and additional investment in A&P and R&D as we ramp up spending near the product launches and with the continued progress of the development portfolio.

展望下半年，正如我剛才提到的，第三季度和第四季度有效稅率的提高以及我們在產品發布附近增加支出時對 A&P 和研發的額外投資將影響業績並隨著開發組合的持續進展。

So in summary, as second quarter performance was in line with our own expectations, our 2005 guidance reflects continued execution against our strategy, so now let me turn it over to Lamberto.

總而言之，由於第二季度的業績符合我們自己的預期，我們 2005 年的指導反映了我們對戰略的持續執行，所以現在讓我把它交給 Lamberto。

Thank you, Andrew, and good morning, everyone.

謝謝你，安德魯，大家早上好。

I would like to highlight the performance of our most important brands in the quarter.

我想強調一下我們最重要的品牌在本季度的表現。

These products have all shown strong results across the market, and reflect our commitment to maximizing global opportunities for our growth drivers.

這些產品在整個市場上都表現出了強勁的業績，體現了我們致力於最大限度地利用全球機會來推動我們的增長動力。

Let me say right up front that the success of our key products in our launches is a tremendous source of pride and motivation for me, my colleagues and our teams in the U.S. and overseas.

我首先要說的是，我們關鍵產品的成功發布對我、我的同事以及我們在美國和海外的團隊來說是一種巨大的自豪和動力。

There is strong and broad-based support of the Company strategy.

公司戰略得到了強有力和廣泛的支持。

First, sales of Plavix and Avapro/Avalide, which we market with Sanofi-Aventis continues to increase steadily.

首先，我們與賽諾菲-安萬特合作銷售的Plavix和Avapro/Avalide的銷量繼續穩步增長。

Worldwide sales of Plavix were up 26% in the quarter to $968 million.

本季度波立維 (Plavix) 的全球銷售額增長 26%，達到 9.68 億美元。

We continue to focus on ensuring that physicians use Plavix according to treatment guidelines, which both increase our penetration rate and extend the line for therapy.

我們繼續致力於確保醫生根據治療指南使用波立維，這既提高了我們的滲透率，又延長了治療範圍。

Earlier this month, Sanofi-Aventis reported their sales of Plavix, the combined third-party sales of Plavix that Sanofi-Aventis and Bristol-Myers Squibb book were approximately $1.5 billion in the quarter.

本月早些時候，賽諾菲-安萬特報告了其 Plavix 的銷售額，賽諾菲-安萬特和百時美施貴寶賬上的波立維本季度第三方銷售額合計約為 15 億美元。

Sales of Avapro/Avalide were also up, increasing by 11% in the quarter to $258 million, with a growth of total Rx in the U.S. better than that of the entire ARB market.

Avapro/Avalide 的銷售額也有所增長，本季度增長 11%，達到 2.58 億美元，美國 Rx 總量的增長優於整個 ARB 市場。

Total worldwide third-party sales of Avapro/Avalide were approximately $0.50 billion.

Avapro/Avalide 的全球第三方銷售額約為 5 億美元。

Turning now to our newer products, sales of Erbitux for refractory metastatic colorectal cancer were $98 million in the quarter, up 13% over the first quarter of 2005.

現在轉向我們的新產品，用於治療難治性轉移性結直腸癌的愛必妥 (Erbitux) 本季度銷售額為 9,800 萬美元，比 2005 年第一季度增長 13%。

While Erbitux is not, unfortunately, a global product for us, it is an important bridge to our promising oncology pipeline here in the United States.

不幸的是，雖然愛必妥對我們來說並不是一個全球產品，但它是通往我們在美國前景光明的腫瘤產品線的重要橋樑。

As you know, our partner Imclone has recently announced that they expect to file SBLA for Erbitux for treatment of head and neck cancer in combination with radiation and as a single therapy.

如您所知，我們的合作夥伴 Imclone 最近宣布，他們希望為 Erbitux 提交 SBLA 申請，用於與放射治療相結合以及作為單一療法治療頭頸癌。

This is positive news for the product.

這對於該產品來說是一個積極的消息。

Moving to Abilify, which we market with Otsuka, we continue to see robust growth in the U.S. and in key International markets.

轉向我們與大塚共同銷售的 Abilify，我們繼續看到美國和主要國際市場的強勁增長。

Worldwide total revenue of Abilify nearly doubled in the quarter to 240 million from 122 million one year ago.

本季度 Abilify 的全球總收入幾乎翻了一番，從一年前的 1.22 億美元增至 2.4 億美元。

With International revenue reaching $40 million.

國際收入達到 4000 萬美元。

Overall sales for the compound were approximately 350 million with Bristol-Myers Squibb reporting 65% of the revenues in the U.S. and certain International markets.

該化合物的總銷售額約為 3.5 億美元，百時美施貴寶報告稱，該化合物占美國和某些國際市場收入的 65%。

In the U.S., Abilify's share of new prescription in the antipsychotics class is now more than 12%, and in Europe, market share is approaching 5%.

在美國，Abilify 在抗精神病藥物類新處方中的份額現已超過 12%，在歐洲，市場份額接近 5%。

Abilify was launched this year in three additional major European markets, Spain, Italy and France, and already has achieved market share there in the range of 4 to 6%.

Abilify 今年在西班牙、意大利和法國這三個歐洲主要市場推出，並已在這些市場取得了 4% 至 6% 的市場份額。

We believe that much of the growth for Abilify is related to its strong efficacy in controlling positive and negative symptoms of schizophrenia and it's servable side effect refined [ph], as well as to its expanded indication and new formulations.

我們認為，Abilify 的增長很大程度上與其在控制精神分裂症陽性和陰性症狀方面的強大功效、其可改善的副作用[ph]、以及其適應症的擴大和新配方有關。

Turning to Reyataz, our once daily protease inhibitor for HIV, it is launched now in over 50 countries and is also experiencing strong growth.

至於 Reyataz，我們每天一次的 HIV 蛋白酶抑製劑，現已在 50 多個國家上市，並且也經歷了強勁的增長。

Worldwide sales of Reyataz more than doubled in the quarter to $183 million from $85 million last year, with International sales accounting for 85 million in revenue as compared to 20 million in the second quarter of 2004.

本季度 Reyataz 的全球銷售額增長了一倍多，從去年的 8500 萬美元增至 1.83 億美元，其中國際銷售額佔收入的 8500 萬美元，而 2004 年第二季度為 2000 萬美元。

In addition to the efficacy, superior side effect profile, and convenient dosing of Reyataz, physicians are increasingly sharing its favorable metabolic profile.

除了 Reyataz 的功效、優越的副作用和方便的劑量外，醫生也越來越多地分享其有利的代謝特徵。

This is a very important aspect, as metabolic side effects and cardiovascular risks are increasingly important as HIV becomes a chronic disease.

這是一個非常重要的方面，因為隨著艾滋病毒成為一種慢性疾病，代謝副作用和心血管風險變得越來越重要。

In its two years on the market in the U.S., Reyataz has captured more than 30% of the new prescriptions in the protease inhibitor class.

在美國市場上市的兩年裡，Reyataz 佔據了蛋白酶抑製劑類新處方的 30% 以上。

In the key European markets where the product was launched in mid-2004, the uptick has been even faster, with our share of protease inhibitor sales reaching 30%.

在2004年中期推出該產品的歐洲主要市場，增長速度更快，我們的蛋白酶抑製劑銷售份額達到了30%。

Finally, our newest product, Baraclude for Hepatitis B is a weekly new prescription share in the U.S. of over 10%.

最後，我們最新的乙型肝炎產品博路定在美國每週的新處方份額超過 10%。

We are beginning to roll out Baraclude Internationally, with Brazil being the first country outside the U.S. to approve it earlier this month.

我們開始在國際範圍內推出博路定，本月早些時候，巴西是美國以外第一個批准該藥物的國家。

And we have filed for approval in both Europe and Asia, including China, where more than 130 million people are infected with chronic Hepatitis B virus.

我們已經在歐洲和亞洲申請批准，其中包括中國，那裡有超過 1.3 億人感染慢性乙型肝炎病毒。

Market research in the U.S. shows that many physicians are asking for Baraclude because of its ability to reduce a patient's vial load to undetectable levels and because as demonstrated in our safety trials, we have seen no resistance in treatment in patients after a year of dosing.

美國的市場研究表明，許多醫生都要求使用博路定，因為它能夠將患者的藥瓶負荷減少到不可檢測的水平，並且因為正如我們的安全試驗所證明的那樣，我們在用藥一年後沒有發現患者對治療產生耐藥性。

This U.S. data are also encouraging for the future success of the product in the bigger potential market for these medicines that are outside of the United States.

美國的這一數據也令人鼓舞，有利於該產品未來在美國以外的更大潛在市場取得成功。

A quick additional comment on Europe, Taxol and Pravachol.

對歐洲、紫杉醇和 Pravachol 的快速補充評論。

Among other things, a strong performance in Europe of Abilify, Reyataz, Plavix and Avapro/Avalide, has helped us to offset the negative impact of the loss of exclusivity in the EU in 2004 for Taxol and Pravachol, both major products in the region.

除其他外，Abilify、Reyataz、Plavix 和 Avapro/Avalide 在歐洲的強勁表現幫助我們抵消了 2004 年該地區主要產品紫杉醇和 Pravachol 在歐盟失去獨家經營權所帶來的負面影響。

Because of the loss of exclusivity in Europe, International Taxol sales declined 27% to 182 million, even with the product continued big strength in Japan.

由於失去了在歐洲的獨家經營權，國際紫杉醇銷售額下降了 27%，至 1.82 億美元，儘管該產品在日本繼續保持強勁勢頭。

International sales of Pravachol decreased 18% due to exclusivity losses, principally in the United Kingdom, Germany and other Northern European countries.

由於獨家經營權的喪失，Pravachol 的國際銷售額下降了 18%，主要是在英國、德國和其他北歐國家。

However, U.S. sales increased 8% in the quarter.

然而，該季度美國銷售額增長了 8%。

This favorable comparison is based on wholesale inventory levels, a positive price impact, a lower than expected managed care rebate rate.

這種有利的比較是基於批發庫存水平、積極的價格影響以及低於預期的管理式醫療折扣率。

As a result, worldwide sales of Pravachol were down just 5% in the quarter to $625 million.

因此，該季度 Pravachol 的全球銷售額僅下降 5%，至 6.25 億美元。

We continue to execute our strategy on a global basis with focus on our key pharmaceutical growth drivers and worldwide launches that are intended to build leadership of the Company in areas of significant unmet medical needs.

我們繼續在全球範圍內執行我們的戰略，重點關注我們的關鍵藥品增長驅動力和全球上市，旨在建立公司在未滿足的重大醫療需求領域的領導地位。

We have realigned our sales forces and marketing structures in the U.S., Europe and everywhere else, to concentrate on specialists and high prescribing primary care physicians in our disease areas of focus.

我們重新調整了美國、歐洲和其他地方的銷售隊伍和營銷結構，以專注於我們重點疾病領域的專家和高處方初級保健醫生。

Overall, the Company continues to maintain a strong and global presence with an innovative portfolio of pharmaceutical and healthcare products to meet serious human needs worldwide.

總體而言，公司繼續通過創新的藥品和保健產品組合保持強大的全球影響力，以滿足全球人類的嚴重需求。

Now, I would like to turn the call back over to John Elicker.

現在，我想將電話轉回約翰·埃里克。

Thanks, Lamberto.

謝謝，蘭貝托。

Vicki, I think we're ready to got to the Q&A session.

Vicki，我想我們已經準備好進入問答環節了。

Folks, I would ask in respect of getting as many questions in as we can, and knowing that there are other earnings calls later today, if you could keep your questions to one, and we'll try to get through as many as possible.

各位，我想詢問盡可能多的問題，並且知道今天晚些時候還有其他財報電話會議，如果您可以將問題保留在一個問題上，我們將盡力解決盡可能多的問題。

Vicki, whenever you're ready.

維琪，只要你準備好了。

Thank you. [OPERATOR INSTRUCTIONS] Our first question will come from David Risinger with Merrill Lynch.

謝謝。 [操作員說明] 我們的第一個問題將來自美林證券的 David Risinger。

Yes, thank you very much.

是的謝謝你。

I just have a simple question on the tax rate.

我只是有一個關於稅率的簡單問題。

Andrew, I was wondering if you could comment on the tax rate outlook for the second half of 2005.

安德魯，我想知道您能否對 2005 年下半年的稅率前景發表評論。

Thank you.

謝謝。

Okay, David.

好吧，大衛。

If you look at the first half of the year, the tax rate, effective tax rate was 17.7%.

如果你看一下上半年的稅率，有效稅率是17.7%。

We're guiding you to a tax rate of between 22 and 23% for the year, so based on the math, you would expect the tax rate to be somewhere in the region of 27, 28% in the second half of the year to get back to the 22, 23%.

我們指導您全年的稅率在 22% 到 23% 之間，因此根據數學計算，您預計下半年的稅率將在 27% 到 28% 之間回到22、23%。

Okay.

好的。

Vicki, can we go to the next question?

維基，我們可以進入下一個問題嗎？

Our next question will come from Carl Seiden with UBS.

我們的下一個問題將來自瑞銀集團的卡爾·賽登。

Thanks very much.

非常感謝。

Given the recently scheduled advisory committee for Abatacept, it implies that the FDA has given it priority review.

鑑於最近安排了阿巴西普諮詢委員會，這意味著 FDA 已對其給予優先審查。

Can you comment on that and if it is approved by the user fee deadline, can you talk about the current plan for manufacturing readiness and a guess on launch timing.

您能否對此發表評論？如果在用戶費用截止日期前獲得批准，您能否談談當前的製造準備計劃以及對發佈時間的猜測。

Thanks.

謝謝。

Thanks, Carl.

謝謝，卡爾。

The BLA for Abatacept was finalized at the end of March and we have, as you said, received a priority review.

阿巴西普的 BLA 已於 3 月底最終確定，正如您所說，我們已收到優先審查。

As I said my comments, we're preparing for an advisory committee meeting in September.

正如我所說，我們正在為 9 月份的諮詢委員會會議做準備。

We plan to generate initial supply from our Syracuse facility and then rely on our third-party manufacturer Lonza to supply quantities and product sufficient to support a broad product launch based on our expectation for full market demand.

我們計劃從我們的錫拉丘茲工廠產生初始供應，然後依靠我們的第三方製造商龍沙提供足夠的數量和產品，以支持基於我們對全面市場需求的預期的廣泛產品發布。

We now expect to file the SBLA for the approval of Lonza manufacturing during the fourth quarter of 2005.

我們現在預計將在 2005 年第四季度提交 SBLA 以獲得 Lonza 製造的批准。

We do expect significant product demand at launch and so we need to make sure we have adequate supply to ensure that any patient started on therapy continues to have access to therapy.

我們確實預計產品上市後需求量很大，因此我們需要確保有足夠的供應，以確保任何開始接受治療的患者都能繼續接受治療。

So, Carl, assuming success with the FDA, we're currently planning for the launch of Abatacept in early 2006 and are currently in the process of developing a commercial sales force.

因此，卡爾，假設在 FDA 獲得成功，我們目前正計劃在 2006 年初推出阿巴西普，並且目前正在培養一支商業銷售隊伍。

Our next question comes from Morgan Stanley's Jamie Rubin.

我們的下一個問題來自摩根士丹利的傑米·魯賓。

Thank you.

謝謝。

Just a couple questions.

只是幾個問題。

Andrew, just to be clear, completely clear on the guidance this year, the $1.45 does assume, does take into consideration the $0.09 to $0.10 benefit this quarter from the tax rate.

安德魯，需要澄清的是，完全清楚今年的指導，1.45 美元確實假設，確實考慮了本季度稅率帶來的 0.09 至 0.10 美元的好處。

And secondly, as the Prava [ph] numbers this quarter were up 8%, you cited lower managed care rebate rate.

其次，由於本季度 Prava [ph] 數字增長了 8%，您提到了較低的管理式醫療回扣率。

Can you elaborate further on what's going on there?

您能進一步詳細說明那裡發生了什麼嗎？

Is that a one-time adjustment?

是一次性調整嗎？

How has the -- if you could talk about the overall pricing environment and how you expect that to change.

如果您能談談整體定價環境以及您期望其如何變化，情況如何？

Thanks.

謝謝。

Okay.

好的。

Jamie, as far as the guidance is concerned, originally when we did our guidance for the year, we actually did include the $159 million benefit from the closeout of the 1998 to 2001 IRS tax audits as part of our guidance.

Jamie，就指導而言，最初當我們制定今年的指導時，我們實際上確實將 1998 年至 2001 年 IRS 稅務審計結束所帶來的 1.59 億美元收益納入了我們的指導中。

So although that is included in the $0.09 to $0.10, that was in our original guidance of $1.35 to $1.45.

因此，儘管這包含在 0.09 美元至 0.10 美元之間，但它是在我們最初的 1.35 美元至 1.45 美元指導中的。

The real change is the reduction in the tax rate from 24 to 25% down to 22 to 23%, and that equates to between $0.07 and $0.08 for the full year -- sorry, sorry.

真正的變化是稅率從 24% 到 25% 降低到 22% 到 23%，相當於全年 0.07 到 0.08 美元——抱歉，抱歉。

Sorry.

對不起。

Between $0.03 and $0.04 for the full year.

全年 0.03 美元到 0.04 美元之間。

So it's $0.01 to $0.02 for the second quarter.

因此第二季度的價格為 0.01 至 0.02 美元。

So that is the full-year benefit of that and that's now fully reflected in the guidance we've given at the upper end of the range.

這就是全年的好處，現在已經充分反映在我們在範圍上限給出的指導中。

As far as managed care rebates for Pravachol are concerned, because of the decline in sales that we are seeing, we are falling down tiers within the managed care rebating structure, so actually that is actually giving a pricing benefit effectively on net pricing as a result of that, so that is really what we're seeing as far as the benefit from a rebating perspective is concerned.

就 Pravachol 的管理式醫療回扣而言，由於我們看到的銷售額下降，我們在管理式醫療回扣結構中的層級不斷下降，因此實際上這實際上在淨定價上帶來了定價優勢因此，從回扣的角度來看，這確實是我們所看到的。

Obviously we expect that to remain there for the remainder of this year and obviously through to the date of exclusivity loss, which is April of next year.

顯然，我們預計這種情況將在今年剩餘時間內持續存在，並且顯然會持續到失去獨家經營權之日，即明年 4 月。

Thanks, Jamie.

謝謝，傑米。

Vicki, can we go to the next question?

維基，我們可以進入下一個問題嗎？

Our next question comes from Tony Butler with Lehman Brothers.

我們的下一個問題來自雷曼兄弟的托尼·巴特勒。

Thank you very much.

非常感謝。

Peter, you mentioned the readiness for Abatacept, but could you also comment on muraglitazar, whether a favorable panel, would an expected launch again be in early '06?

Peter，您提到了 Abatacept 的準備情況，但您能否也對 muraglitazar 發表評論，是否是一個有利的小組，預期是否會在 06 年初再次推出？

Thank you.

謝謝。

On muraglitazar, Tony, we have an advisory committee in September that we are obviously preparing for, and we're on the timetable consistent with what we've communicated previously in terms of potential planned launch, assuming success with the advisory committee meeting in September.

關於 muraglitazar，托尼，我們在 9 月份設立了一個諮詢委員會，我們顯然正在為此做準備，並且假設 9 月份的諮詢委員會會議取得成功，我們的時間表與我們之前就潛在計劃發布所傳達的內容一致。

Thanks, Tony.

謝謝，托尼。

Can we go to the next question.

我們可以進入下一個問題嗎？

Our next question comes from Chris Shibutani with J.P. Morgan.

我們的下一個問題來自摩根大通的 Chris Shibutani。

Thanks very much.

非常感謝。

With regard to the change in the pledge that you have made in terms of direct consumer marketing, it doesn't seem as if that would have necessarily effected some of the new products that you have coming up, given that there's more of a specialty nature.

關於您在直接消費者營銷方面做出的承諾的改變，這似乎不一定會影響您即將推出的一些新產品，因為它們更具專業性。

Can you comment whether or not that pledge actually does impact your actual marketing launch strategy, both in terms of what you would do, as well as if there's any impact on the spending levels.

您能否評論一下該承諾是否確實會影響您的實際營銷啟動策略，無論是您會做什麼，還是對支出水平是否有任何影響。

Thanks.

謝謝。

We made the announcement about our DTC code in recognition of what we think are important issues that the industry and aggregate is gearing up to address through their own pharma code.

我們宣布了有關 DTC 代碼的公告，以認識到我們認為行業和總體正在準備通過自己的製藥代碼解決的重要問題。

Part of what we said was that we would have a one-year moratorium, where we would give our sales forces an opportunity to fully educate the medical physician community prior to us initiating any branded DTC advertising.

我們所說的部分內容是，我們將有一年的暫停期，在我們啟動任何品牌 DTC 廣告之前，我們將讓我們的銷售人員有機會充分教育醫生社區。

To the part of the question that says that might not have an impact on us, I think for products in our oncology or virology portfolio, that could be true.

對於問題中可能不會對我們產生影響的部分，我認為對於我們的腫瘤學或病毒學產品組合中的產品來說，這可能是真的。

Clearly muraglitazar is a product that we would intend to do DTC advertising for.

顯然 muraglitazar 是我們打算為其做 DTC 廣告的產品。

It would reach a broad audience, and so we'll use the first year to educate physicians, and in subsequent years, would likely use DTC advertising as part of the mix of how to sell the product.

它將吸引廣泛的受眾，因此我們將在第一年對醫生進行教育，在隨後的幾年中，可能會使用 DTC 廣告作為產品銷售組合的一部分。

And, obviously, since we have an important partner on muraglitazar with Merck, they have agreed with us that this is an appropriate approach for the product.

顯然，由於默克公司是我們在 muraglitazar 領域的重要合作夥伴，他們同意我們的觀點，認為這是該產品的合適方法。

Thanks, Chris.

謝謝，克里斯。

Vicki, can we go to the next question, please?

Vicki，我們可以進入下一個問題嗎？

Next, we'll here hear from Tim Anderson with Prudential.

接下來，我們將聆聽保誠集團蒂姆·安德森 (Tim Anderson) 的發言。

Thanks.

謝謝。

On your DPP4 inhibitor that you mentioned, I'm wondering if you're most likely going to go it alone in terms of development and commercialization.

關於您提到的 DPP4 抑製劑，我想知道您是否最有可能在開發和商業化方面單獨進行。

And assuming that you do go it alone, I guess what I'm trying to sort out here is how you can be partnered up with Merck in one diabetes area with muraglitazar, yet also be a direct competitor in a slightly different area, or is it most likely that you'll sign up a partner again for the DPP4?

假設你確實單打獨鬥，我想我在這裡試圖解決的是，你如何在一個糖尿病領域與默克公司合作，在一個糖尿病領域與穆拉格列扎合作，同時在另一個稍微不同的領域成為直接競爭對手，或者是您很可能會再次為 DPP4 簽約合作夥伴嗎？

And then Abatacept, if I could follow up on a couple earlier questions.

然後是阿巴西普，我可以跟進幾個之前的問題嗎？

So you guys will launch with -- I guess is that contingent on Lonza getting approval and what is the filing timeline in Europe?

所以你們將推出——我想這取決於 Lonza 獲得批准以及歐洲的申請時間表是什麼？

Let me start with the second question first.

我先從第二個問題開始。

Yes, the assumption about a launch in early 2006 is contingent upon Lonza SBLA approval.

是的，關於 2006 年初推出的假設取決於 Lonza SBLA 的批准。

Syracuse facility has capability to produce some quantities, but not sufficient for us to broadly launch this.

雪城工廠有能力生產一定數量，但不足以讓我們廣泛推出。

On the -- on the European timeline for Abatacept?

關於阿巴西普的歐洲時間表？

We are planning to file before the end of this year.

我們計劃在今年年底前提交申請。

And to the other question on DPP4, we continue to advance that in our pipeline as we talked about.

至於關於 DPP4 的另一個問題，正如我們所討論的，我們將繼續在我們的管道中推進這個問題。

Early days in terms of how we would approach it with a potential partner, we clearly understand that Merck has a product that could be competitive with our DPP4 product.

在我們如何與潛在合作夥伴接觸的早期，我們清楚地了解默克擁有一種可以與我們的 DPP4 產品競爭的產品。

We will continue to evaluate our options and alternatives of how to make the most of that DPP4 while we are progressing it in getting it ready for commercialization.

我們將繼續評估如何充分利用 DPP4 的選項和替代方案，同時我們正在為商業化做好準備。

Thanks, Tim.

謝謝，蒂姆。

Vicki, can we go to the next one?

維基，我們可以去下一場嗎？

Deutsche Bank's Barbara Ryan has our next question.

德意志銀行的芭芭拉·瑞安提出了我們的下一個問題。

Oh, thank you for taking my question.

哦，謝謝你回答我的問題。

Andrew, I think a fairly simple one.

安德魯，我認為這是一個相當簡單的問題。

In the quarter, given the strength of the cardiovascular products, your gross margins improved at least relative to what we were thinking they would be, and you seem to have spent that in advertising and promotion, and so I'm just wondering, as well as a little bit in SG&A, would that be the trend that you would expect for the second half?

在本季度，考慮到心血管產品的強勁表現，你們的毛利率至少相對於我們的預期有所改善，而且你們似乎將這些錢花在了廣告和促銷上，所以我也想知道作為 SG&A 的一部分，這會是您預計下半年的趨勢嗎？

You did give us guidance for R&D, but specifically, maybe I missed it, if you could give us some color on SG&A and advertising and promotion.

您確實為我們提供了研發方面的指導，但具體來說，如果您能給我們提供一些有關 SG&A 以及廣告和促銷方面的信息，也許我錯過了。

Yes.

是的。

Thanks.

謝謝。

On SG&A, we expect SG&A expense to rise in the low single-digit range.

在銷售及管理費用方面，我們預計銷售及管理費用將在較低的個位數範圍內增長。

That primarily is partly due to FX, and we are obviously looking at investment opportunities as well.

這主要部分歸因於外匯，我們顯然也在尋找投資機會。

As regards A&P spend, we've indicated for the year that it will be in the mid to high single-digit range and, again, we continue to look for investment opportunities.

至於廣告及廣告支出，我們已表示今年的支出將在中高個位數範圍內，並且我們將繼續尋找投資機會。

We will take advantage of the performance of the business to continue to look at ways of advancing the portfolio and making the right investment choices for the long-term, so we will continue to look at that and review that.

我們將利用業務表現繼續尋找推進投資組合併做出正確長期投資選擇的方法，因此我們將繼續關注並審查這一點。

And if we do see favorability within lines of the P&L accounts, such as in the gross margin or, for example, in the tax rate, we will look at opportunities to reinvest if we can.

如果我們確實看到損益表中的有利情況，例如毛利率或稅率，我們將盡可能尋找再投資的機會。

Thanks, Barbara.

謝謝，芭芭拉。

Can we go to the next question, please, Vicki?

我們可以進入下一個問題嗎，Vicki？

Next we'll hear from David Moskowitz with Friedman, Billings and Ramsey.

接下來我們將聽取大衛·莫斯科維茨（David Moskowitz）以及弗里德曼（Friedman）、比林斯（Billings）和拉姆齊（Ramsey）的發言。

Yes, good morning.

是的，早上好。

Data from the Katie [ph] study is coming soon with respect to the A-typical antipsychotics, could you comment on sort of what you're hearing at this point and your position on the potential impact to the market, specifically whether it's potentially good or bad for Abilify.

Katie [ph] 研究的有關 A 型抗精神病藥物的數據即將發布，您能否評論一下您目前聽到的情況以及您對市場潛在影響的立場，特別是它是否具有潛在的好處或者對阿比利菲不利。

And then just quickly on the tax rate, thinking about '06, do we go back to the 24 to 25% range?

然後快速討論一下稅率，想想 06 年，我們會回到 24% 到 25% 的範圍嗎？

First on the Katie [ph] study, David, I think everybody's expecting the results sometime later this year into early next year, and really isn't appropriate for us to talk about what those results may or may not be.

首先，關於凱蒂[ph]的研究，大衛，我認為每個人都在期待今年晚些時候到明年初的結果，而且我們真的不適合談論這些結果可能是什麼或可能不是。

As you know, we were not included in the study from the beginning, but may be included as patients begin to switch off.

如您所知，我們從一開始就沒有參與這項研究，但隨著患者開始停止參與這項研究，我們可能會被納入其中。

I'll let Andrew comment on the tax rate for '06.

我會讓安德魯評論一下 06 年的稅率。

David, there are some one-time benefits included in this year's tax rate.

大衛，今年的稅率中包含了一些一次性福利。

We need to do our evaluation on our budgets before we actually work out what the tax rate will be and before I can give you real guidance for 2006.

在我們實際計算出稅率之前，以及在我為您提供 2006 年的真正指導之前，我們需要對我們的預算進行評估。

But it's depending on the underlying, where the profits are earned, so at this stage, it's too early for us to give you any guidance.

但這取決於基礎設施、利潤的來源，因此現階段我們給您任何指導還為時過早。

Thanks, David.

謝謝，大衛。

Vicki, can we go to the next question?

維基，我們可以進入下一個問題嗎？

Next, we'll hear from Leanne Zow [ph] with Karis [ph] & Company.

接下來，我們將聽取 Leanne Zow [ph] 和 Karis [ph] & Company 的發言。

Good morning, this is Neil Sweig at Karis.

早上好，我是 Karis 的 Neil Sweig。

In reference to an update on Plavix litigation in the U.S. and in Europe.

參考波立維在美國和歐洲訴訟的最新情況。

And then the follow-on to that, what is the Company expecting from FX in the second half of the year after the benefits in the first half of the year?

那麼接下來，繼上半年的收益之後，公司對下半年的外匯有何預期？

Thank you.

謝謝。

Neil, on the FX benefit, I mean effectively we are in a position where most of our cash flows are hedged, and therefore, to the bottom line, whatever the benefit was in the first quarter will translate into the second quarter.

尼爾，關於外匯收益，我的意思是，實際上我們的大部分現金流都被對沖，因此，從根本上講，無論第一季度的收益是什麼，都將轉化為第二季度的收益。

We don't have a lot of exposure to unhedged cash flow, so therefore, we don't expect a significant change year-on-year that is built into our full-year guidance.

我們沒有太多未對沖現金流的敞口，因此，我們預計我們的全年指引不會出現同比重大變化。

And we don't have any real updates on our Plavix legal strategy.

我們還沒有關於波立維法律策略的任何實際更新。

We believe the patent is valid and it's infringed.

我們認為該專利是有效的，但它受到了侵犯。

We're vigorously defending it with our partner, Sanofi, and we expect to see some movement in terms of court action as we hear from the Judge.

我們正在與我們的合作夥伴賽諾菲一起積極為其辯護，並且我們預計當我們聽到法官的陳述時，會在法庭訴訟方面看到一些進展。

Okay, thanks, Neil.

好的，謝謝，尼爾。

Vicki, I think we have time for about two more questions.

Vicki，我想我們還有時間再問兩個問題。

We'll take our next question from Craig Baskin with Luma Sales.

我們將回答 Luma Sales 的 Craig Baskin 提出的下一個問題。

What a surprise.

真是一個驚喜。

Nice to have a chance to ask a question.

很高興有機會提問。

I'm a little confused on the impact of the tax rate, so when -- during the first discussion of the impact of the tax rate, I think Andrew said that going from -- to 22 to 23% for the year would have a $0.03 to $0.04 -- would have impacted the quarter by $0.03 to $0.04 in the quarter, and then in response to a later question, he gave a different monetary impact for the quarter and year.

我對稅率的影響有點困惑，所以當——在第一次討論稅率的影響時，我認為安德魯說，今年從 22% 到 23% 將會產生0.03 美元到 0.04 美元——會對本季度產生 0.03 美元到 0.04 美元的影響，然後在回答後面的問題時，他給出了該季度和年度的不同貨幣影響。

So I would just like you to clarify the magnitude of the earnings impact of the tax rate change.

因此，我希望您能澄清一下稅率變化對盈利影響的程度。

Okay, Craig.

好的，克雷格。

The benefit for the quarter is not just because you also have the cumulative catch-up impact.

本季度的收益不僅僅是因為您還具有累積的追趕影響。

It is $0.03 to $0.04 for the first half of the year.

上半年為 0.03 至 0.04 美元。

Obviously, we then need to translate then to the second half as well, to clarify for the full year, the benefit will be somewhere around about the $0.06 to $0.08 range.

顯然，我們還需要將其轉化為下半年，以澄清全年的收益將在 0.06 美元至 0.08 美元左右的範圍內。

The impact obviously in the first half was $0.03 to $0.04 and that was all accounted for in the second quarter.

上半年的影響明顯為 0.03 至 0.04 美元，而這一切都在第二季度得到了體現。

Thanks, Craig.

謝謝，克雷格。

Last question, I guess, Vicki?

我想最後一個問題，維琪？

Our last question will come from Scott Henry with Oppenheimer.

我們的最後一個問題將由斯科特·亨利和奧本海默提出。

Thank you for taking the question.

感謝您提出問題。

I was wondering if you could give any added color on the antipsychotic markets overseas.

我想知道您是否可以對海外抗精神病藥物市場進行一些補充。

We have seen them shift pretty dramatically over the past year in the U.S.

去年，我們看到美國的情況發生了巨大的變化。

Do you have any color on some of the specific companies, or specific countries within Europe?

您對歐洲的一些特定公司或特定國家有什麼看法嗎？

Well, the picture is likely different in the various countries and because the starting point is different with countries like the UK or some of the Scandinavian countries being more into A-typical than the Southern European countries.

嗯，各個國家的情況可能有所不同，因為出發點不同，像英國或一些斯堪的納維亞國家比南歐國家更傾向於 A 型國家。

What we see as far as our product's concerned, we see that physicians in Europe, as they do in the United States, are very interested in the efficacy or our products and in its side effect profile.

就我們的產品而言，我們看到歐洲的醫生和美國的醫生一樣，對我們產品的功效及其副作用非常感興趣。

So contrary to the expectation of others, we are seeing that message of strong efficacy especially on negative symptoms and improvement of clinician are perceived as strong points of Abilify and are received in Europe as they are in the United States.

因此，與其他人的期望相反，我們看到，特別是對陰性症狀和改善臨床醫生的強大功效的信息被認為是 Abilify 的優點，並且在歐洲和美國都受到歡迎。

Thanks, Scott.

謝謝，斯科特。

And, folks, I think that's going to wrap up our conference call.

各位，我想我們的電話會議就到此結束了。

I appreciate you joining us this morning.

我很感謝你今天早上加入我們。

And, again, if you have any follow ups, the information is posted on our website, or you can reach or myself or Blaine Davis or myself at Bristol Investor Relations here in New York.

再次強調，如果您有任何後續行動，信息會發佈在我們的網站上，或者您也可以聯繫我本人或布萊恩·戴維斯 (Blaine Davis) 或我在紐​​約布里斯托爾投資者關係部的聯繫。

Have a nice day and a good weekend.

祝你有美好的一天和愉快的周末。

Thank you.

謝謝。

And that does conclude today's teleconference.

今天的電話會議到此結束。

Thank you.

謝謝。

Have a great day.

祝你有美好的一天。

You may now disconnect at this time.

您現在可以斷開連接。