施貴寶 (BMY) 2005 Q3 法說會逐字稿

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

女士們先生們，美好的一天，歡迎參加今天的百時美施貴寶公司第三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'd 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。

Thanks, Eric.

謝謝，埃里克。

And good morning, everybody.

大家早上好。

Thanks for joining us.

感謝您加入我們。

The purpose of the call this morning is to discuss our third quarter earnings, which you've seen in the release out at about 7 o'clock this morning.

今天早上召開電話會議的目的是討論我們第三季度的收益，您已經在今天早上 7 點左右發布的新聞稿中看到了這一點。

With us this morning for prepared remarks, we have Peter Dolan, our Chief Executive Officer; and Andrew Bonfield, our Chief Financial Officer.

今天上午，我們的首席執行官彼得·多蘭 (Peter Dolan) 與我們一起發表準備好的講話。以及我們的首席財務官安德魯·邦菲爾德 (Andrew Bonfield)。

They will also be here for a brief Q&A session.

他們還將在這裡進行簡短的問答環節。

In addition, we have Lamberto Andreotti, our President of Worldwide Pharmaceuticals, here with us for Q&A as well.

此外，我們的全球製藥業務總裁 Lamberto Andreotti 也與我們一起進行問答。

Before we get started, let me take care of the legal requirements.

在我們開始之前，讓我先介紹一下法律要求。

During this call, we 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 the Private Securities Litigation Reform Act of 1995.

在本次電話會議中，我們對公司的未來預期、計劃和前景發表了各種評論，這些評論構成了 1995 年《私人證券訴訟改革法案》中安全港條款所規定的前瞻性陳述。

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，包括公司最新年度報告表 10-K 和定期報告表 10-Q 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 BMS website or from Bristol-Myers Investor Relations.

這些文件可從 SEC、BMS 網站或百時美施貴寶投資者關係部獲取。

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。

Thanks, John.

謝謝，約翰。

And good morning, everybody.

大家早上好。

For the third quarter, we're reporting GAAP EPS of $0.49 and non-GAAP EPS of $0.31.

第三季度，我們報告的 GAAP 每股收益為 0.49 美元，非 GAAP 每股收益為 0.31 美元。

We're also updating 2005 full year EPS expectations to the middle of our $1.35 - $1.45 range on a non-GAAP basis, excluding potential specified items, which are outlined in today's press release.

我們還將非 GAAP 基礎上的 2005 年全年每股收益預期更新為 1.35 美元至 1.45 美元的中間值，不包括今天新聞稿中概述的潛在指定項目。

As many of you know, important elements of our strategy for growth include continued investment in our pipeline and in support behind our growth drivers, while at the same time keeping non-priority spending in check.

正如你們許多人所知，我們增長戰略的重要組成部分包括對管道的持續投資和對增長驅動力的支持，同時控制非優先支出。

We continue to execute that strategy and it remains on track as we manage for the long-term and build momentum for our expected return to earnings growth beginning in 2007.

我們將繼續執行這一戰略，並且在我們進行長期管理並為 2007 年開始的盈利增長預期回報建立動力的過程中，該戰略仍處於正軌。

Just as an example, we're making incremental targeted investments behind our growth drivers in the second half of 2005, which are in addition to what we had in our plan at mid-year.

舉個例子，我們在 2005 年下半年的增長動力背後進行了增量有針對性的投資，這是我們年中計劃之外的投資。

With PLAVIX, for example, earlier this year we increased our focus on hospitals to improve the percentage of patients who are discharged with a prescription.

以 PLAVIX 為例，今年早些時候，我們加大了對醫院的關注，以提高憑處方出院的患者比例。

We have also decided to expand our promotional support for the drug in the fourth quarter of 2005 and look forward to seeing the results of those efforts.

我們還決定在 2005 年第四季度擴大對該藥物的促銷支持，並期待看到這些努力的結果。

In addition, as many of you know, the [Charisma] results for PLAVIX are expected in early 2006.

此外，正如你們許多人所知，PLAVIX 的 [Charisma] 結果預計將於 2006 年初公佈。

Notably, our key pharmaceutical products, and particularly our newer growth drivers, continued to deliver solid growth performance.

值得注意的是，我們的關鍵醫藥產品，尤其是新的增長動力，繼續帶來穩健的增長業績。

Among three of our newer products, total revenue of ABILIFY was up 58% in the quarter sales of REYATAZ was up 66% and ERBITUX sales were up 27%.

在我們的三個新產品中，ABILIFY 的總收入增長了 58%，REYATAZ 的銷售額增長了 66%，ERBITUX 的銷售額增長了 27%。

Turning to yesterday's announcement on PARGLUVA, as you know, the FDA issued an approvable letter requesting additional safety information to more fully address the cardiovascular safety profile of muraglitazar.

談到昨天關於 PARGLUVA 的公告，如您所知，FDA 發出了一封批准信，要求提供額外的安全信息，以更全面地解決 muraglitazar 的心血管安全性問題。

Muraglitazar was extensively studied and all available data reported to the FDA.

穆拉格列扎經過廣泛研究，並將所有可用數據報告給 FDA。

This information was also presented at last month's advisory committee meeting, which of course was an open and public forum.

這些信息也在上個月的諮詢委員會會議上提出，這當然是一個公開的論壇。

To receive regulatory approval and and achieve commercial success, we believe additional muraglitazar studies may be required because the trials we have that are ongoing were not designed to answer questions raised by the FDA.

為了獲得監管批准並取得商業成功，我們認為可能需要進行額外的 muraglitazar 研究，因為我們正在進行的試驗並非旨在回答 FDA 提出的問題。

The additional studies could take approximately five years to complete.

額外的研究可能需要大約五年才能完成。

Also, we agreed to start discussions to terminate our collaborative agreement with Merck.

此外，我們同意開始討論終止與默克的合作協議。

We will continue discussions with the FDA.

我們將繼續與 FDA 進行討論。

We'll consider our range of options, including conducting additional studies or terminating further development of muraglitazar.

我們將考慮一系列選擇，包括進行額外的研究或終止 muraglitazar 的進一步開發。

Whatever the ultimate outcome on muraglitazar, we expect to return to earnings growth beginning in 2007, as previously indicated.

無論 muraglitazar 的最終結果如何，我們預計將從 2007 年開始恢復盈利增長，如前所述。

Also, on the pipeline front, we're very pleased with last month's positive medical advisory committee opinion for ORENCIA, rheumatoid arthritis therapy.

此外，在管道方面，我們對上個月醫療諮詢委員會對 ORENCIA（類風濕性關節炎療法）的積極意見感到非常滿意。

We're hopeful about a decision from the FDA soon and we anticipate launching ORENCIA in early 2006.

我們對 FDA 很快做出決定充滿希望，並預計在 2006 年初推出 ORENCIA。

Following approval, we expect Lonza sBLA to be filed.

獲得批准後，我們預計將提交 Lonza sBLA。

As we've discussed before, we believe the Lonza capacity will be necessary to support a full-scale launch of the product.

正如我們之前討論的，我們相信 Lonza 的產能對於支持該產品的全面推出是必要的。

In December, we plan to present Phase II data on dasatinib, SRC/SBL Kinase Inhibitor at the American Society of Hematology annual meeting.

12月，我們計劃在美國血液學會年會上公佈 SRC/SBL 激酶抑製劑達沙替尼的 II 期數據。

And we continue to look forward to a possible dasatinib filing in the next 3 months.

我們繼續期待未來 3 個月內可能提交達沙替尼申請。

Overall, the company has a portfolio of projects in the pipeline.

總體而言，該公司有一系列項目正在進行中。

We look forward to reviewing our R&D program in more detail when we give investors our business update in December in New York.

我們期待 12 月在紐約向投資者提供我們的業務最新情況時更詳細地審查我們的研發計劃。

During this period of transition, Bristol-Myers Squibb continues to benefit from our Nutritionals and Related Healthcare Businesses.

在此過渡時期，百時美施貴寶繼續受益於我們的營養和相關醫療保健業務。

In the third quarter they contributed a combined 21% of Company sales.

第三季度，他們合計貢獻了公司銷售額的 21%。

At Mead Johnson Nutritionals, which is celebrating it's cenntenial year, the outlook looks bright.

美贊臣營養品公司正在慶祝其百年誕辰，前景看起來一片光明。

It's ENFAMIL product remains the number one infant formula in the U.S., and Mead Johnson's more than 70 products in over 60 countries stand to benefit from demographics in the developing word and increased attention to the role of nutrition in children's health.

其 ENFAMIL 產品仍然是美國排名第一的嬰兒配方奶粉，美贊臣在 60 多個國家的 70 多種產品將受益於發展中國家的人口結構以及對營養在兒童健康中的作用的日益關注。

One vital developing market for Mead Johnson is China.

中國是美贊臣重要的發展中市場之一。

Earlier this week, I returned from China, where Bristol-Myers Squibb has operated for 20 years.

本週早些時候，我從中國回來，百時美施貴寶已在中國經營了 20 年。

It's our third largest market for infant and children's nutritionals and one of Bristol-Myers Squibb's two production facilities in China is a Mead Johnson plant in [Guang Jao].

這是我們第三大嬰兒和兒童營養品市場，百時美施貴寶在中國的兩個生產工廠之一是位於[廣饒]的美贊臣工廠。

My trip also included meetings at our newly expanded pharmaceutical production facility, located outside of Shanghai.

我的行程還包括在我們位於上海郊外新擴建的藥品生產設施舉行的會議。

It is slated to be our only non-U.S, manufacturing site for BARACLUDE, as China has the greater burden of Hepatitis B and liver cancer in the world, with about 100 million people are are chronic carriers of the virus.

它預計將成為我們 Baraclude 唯一的非美國生產基地，因為中國是世界上乙型肝炎和肝癌負擔最重的國家，約有 1 億人是該病毒的慢性攜帶者。

We filed for BARACLUDE approval in China earlier this year, and look forward to a decision by regulatory authorities there.

我們於今年早些時候在中國申請了 BARACLUDE 的批准，並期待中國監管機構的決定。

Finally, I want to mention the very important organizational and leadership changes we have made in the last 2 months.

最後，我想提一下我們在過去兩個月中所做的非常重要的組織和領導層變革。

We consolidated our Global Pharmaceutical Operations under the leadership of an experienced Bristol-Myers Squibb executive, Lamberto Andreotti, who is now President, Worldwide Pharmaceuticals.

在經驗豐富的百時美施貴寶高管 Lamberto Andreotti（現任全球製藥公司總裁）的領導下，我們整合了全球製藥業務。

Lamberto, who was also named an Executive Vice President of the Corporation, knows how to build businesses at the local, regional, and global levels.

蘭貝托還被任命為公司執行副總裁，他知道如何在本地、區域和全球層面建立業務。

I look forward to having Lamberto meet more of our investors in the months ahead.

我期待蘭貝託在未來幾個月與我們更多的投資者見面。

And of course he's here today with us on today's call to participate in the Q&A session.

當然，他今天也和我們一起參加今天的電話會議，參加問答環節。

I also want to say how pleased I am that Richard Willard joined my management team this month.

我還想說，我很高興理查德·威拉德本月加入我的管理團隊。

Richard is our new General Counsel, a position he held at Gillette until the closing of it's very successful sale to P&G earlier this month.

理查德是我們新任總法律顧問，他在吉列擔任此職務，直到本月初吉列成功出售給寶潔公司為止。

He has had a distinguished career in public service, private practice, and in the corporate sector; and he's an excellent addition to the team.

他在公共服務、私人執業和企業領域有著傑出的職業生涯；他是團隊的優秀補充。

With that ,I'll turn the call over to Andrew.

這樣，我就把電話轉給安德魯。

And afterwards will remain on the line to take your questions.

之後將繼續在線回答您的問題。

Andrew?

安德魯？

Thank you Peter.

謝謝彼得。

I'd like to give a bit more detail on the results for the third quarter and our full-year expectations.

我想更詳細地介紹第三季度的業績和我們的全年預期。

As you have seen from our release, fully diluted earnings per share from continuing operations for the quarter were $0.49.

正如您從我們的新聞稿中看到的，本季度持續經營業務完全攤薄後的每股收益為 0.49 美元。

Positively impacted by $0.18 of specified items, principally the gain on the North American Consumer Business.

受到 0.18 美元指定項目的積極影響，主要是北美消費者業務的收益。

Excluding specified items, fully diluted earnings per share on a non-GAAP basis were $0.31, $0.02 below consensus.

不包括特定項目，按非 GAAP 計算的完全攤薄每股收益為 0.31 美元，比市場預期低 0.02 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。

Before I go into some detail on the quarter, let me touch on two contributing factors in our non-GAAP earnings per share versus consensus.

在詳細介紹本季度的情況之前，讓我先談談影響我們的非公認會計準則每股收益與共識的兩個影響因素。

First on the top line, we estimate U.S. wholesale inventories were down from the end of the second quarter by approximately one-tenth of a month.

首先，我們估計美國批發庫存較第二季度末下降了約十分之一個月。

This equates to approximately $70 to $80 million in sales and is the main reason for the sales shortfall versus consensus.

這相當於大約 70 至 8000 萬美元的銷售額，也是銷售額低於共識的主要原因。

Secondly, the effective tax rate from continuing operations before minority interest expense was higher than we had guided you.

其次，少數股東利息支出前持續經營業務的有效稅率高於我們指導的水平。

This is due to the completion of our 2004 tax return in September and the related true-up of certain tax contingencies.

這是由於我們在 9 月份完成了 2004 年納稅申報表以及某些稅務意外事件的相關調整。

Together these items were worth approximately $0.02 to $0.03 for the quarter.

該季度這些物品的總價值約為 0.02 至 0.03 美元。

Sales from continuing operations were $4.8 billion, flat compared to last year.

持續經營業務的銷售額為 48 億美元，與去年持平。

The sales performance resulted from a 1% increase due to foreign exchange rate fluctuations, a 1% increase in average selling prices and a 2% decrease in volume.

銷售業績因匯率波動而增長1%，平均售價上漲1%，銷量下降2%。

U.S. pharmaceutical sales were $2.1 billion, down 3%, primarily due to exclusivity losses for PARAPLATIN, [PRIVEX CC] and increased competition for [PREVOCAL].

美國藥品銷售額為 21 億美元，下降 3%，主要是由於 PARAPLATIN、[PRIVEX CC] 的獨家經營權喪失以及 [PREVOCAL] 的競爭加劇。

Our key growth drivers in the U.S., PLAVIX, AVAPRO, ERBITUX, REYATAZ and AMBILIFY had another strong quarter with sales up 13% and total sales of $1.4 billion versus $1.2 billion in the second quarter of last year.

我們在美國的主要增長動力，PLAVIX、AVAPRO、ERBITUX、REYATAZ 和 AMBILIFY 又一個強勁的季度，銷售額增長 13%，總銷售額達到 14 億美元，而去年第二季度為 12 億美元。

These key growth drivers made up 67% of U.S. sales in the quarter, compared to 58% in the same period of 2004.

這些主要增長動力佔該季度美國銷售額的 67%，而 2004 年同期為 58%。

Changes in wholesale inventory levels had an impact on total sales in the quarter, as I mentioned, and we estimate U.S. wholesale inventories to be just under two and a half weeks.

正如我所提到的，批發庫存水平的變化對該季度的總銷售額產生了影響，我們估計美國的批發庫存將不到兩周半。

So far this year, wholesale inventories have decreased by over three-tenths of a month.

今年到目前為止，批發庫存每月減少了十分之三以上。

Details of U.S. wholesale inventory levels for our key U.S. brands are on our website.

我們的網站上提供了我們主要美國品牌的美國批發庫存水平的詳細信息。

As we noted in our release, we have renegotiated our inventory management agreements to establish low levels of inventory that the major wholesalers are allowed to hold.

正如我們在新聞稿中指出的那樣，我們已經重新談判了庫存管理協議，以建立允許主要批發商持有的低庫存水平。

This will enable us to reduce the volatility in our top line, which will enhance the efficiency of our production planning, thereby reducing the amount of finished goods inventory we have to hold to manage the channel.

這將使我們能夠減少收入的波動，從而提高生產計劃的效率，從而減少我們為管理渠道而必須持有的成品庫存量。

You should be aware that we do expect inventories to increase slightly from current levels in fourth quarter due to seasonal factors.

您應該知道，由於季節性因素，我們確實預計第四季度庫存將比當前水平略有增加。

International pharmaceutical sales were unchanged at $1.7 billion, including a 2% benefit from foreign exchange.

國際藥品銷售額保持在 17 億美元不變，其中包括 2% 的外匯收益。

International sales were impacted by increased competition in Europe for PRAVACHOL and TAXOL, partially offset from growth in PLAVIX, REYATAZ and AMBILIFY.

國際銷售受到歐洲 PRAVACHOL 和 TAXOL 競爭加劇的影響，部分抵消了 PLAVIX、REYATAZ 和 AMBILIFY 的增長。

Lamberto is here to answer any of your questions on the pharmaceutical business.

蘭貝託在這裡回答您有關製藥業務的任何問題。

In total, the Nutritionals and Related Healthcare segments posted sales growth of 6% in the quarter.

總體而言，營養及相關醫療保健部門本季度的銷售額增長了 6%。

Revenues represented 21% of total Company sales.

收入占公司總銷售額的 21%。

The sales growth was lead by a 13% increase in sales for the Nutritionals business, with U.S. sales increasing by 16% in the quarter and international sales also strong, up 11%.

營養品業務的銷售額增長了 13%，帶動了銷售額的增長，本季度美國銷售額增長了 16%，國際銷售額也表現強勁，增長了 11%。

The gross margin in the quarter was 68.9%, compared to 69.3% last year.

本季度毛利率為 68.9%，去年同期毛利率為 69.3%。

Excluding specified items in both periods, the gross margin declined by 70 basis points to 69.6%.

剔除兩個時期的特定項目，毛利率下降70個基點至69.6%。

The margin decline was primarily due to mix, including the impact of PARAPLATIN and TAXOL exclusively losses, partially offset by sales growth of ABILIFY and REYATAZ.

利潤率下降主要是由於混合因素造成的，包括 PARAPLATIN 和 TAXOL 全部虧損的影響，但部分被 ABILIFY 和 REYATAZ 的銷售增長所抵消。

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 in the quarter were up 7%.

該季度的營銷、銷售和管理費用增長了 7%。

On the year-to-date basis, marketing, selling, and administrative expenses are up 3%.

今年迄今，營銷、銷售和管理費用增長了 3%。

Our expectation is for full year spent to be up low single digits, driven in part by foreign exchange rate fluctuations.

我們預計全年支出將增長低個位數，部分原因是匯率波動。

Advertising and promotion spend was up 7%, with increased spending behind PLAVIX, ABILIFY and the launch of BARACLUDE, consistent with our guidance for mid-to high single digit growth in spending for the year.

廣告和促銷支出增長了 7%，其中 PLAVIX、ABILIFY 和 BARACLUDE 的推出帶來了支出的增加，這與我們對今年支出中高個位數增長的指導一致。

Excludes specified items, research and development expense for the quarter increased 11% to $669 million.

不包括特定項目，該季度的研發費用增長 11%，達到 6.69 億美元。

This increase was primarily driven by spending on increased resources behind late-stage development projects including dasatinib, [exibifilone], MDX-010 in our oncology portfolio; as well as increased spending behind saxagliptin and our [affacta 10-A] program.

這一增長主要是由於後期開發項目（包括我們的腫瘤產品組合中的達沙替尼、[exibifilone]、MDX-010）背後的資源支出增加所致；以及沙格列汀和我們的 [affacta 10-A] 計劃背後的支出增加。

Third quarter pharmaceutical R&D increased as a percentage of pharmaceutical sales to 16.3% from 14.7% in 2004.

第三季度藥品研發佔藥品銷售額的比例從 2004 年的 14.7% 上升至 16.3%。

And we continue to expect R&D spending to increase in the low double-digit range for the year.

我們繼續預計今年研發支出將以低兩位數的速度增長。

As I had indicated in the second quarter call, the third quarter tax rate on earnings, before minority interests and excluding specified items, will be significantly higher than the second quarter rate due to the resolution of the tax orders in the second quarter.

正如我在第二季度電話會議中指出的那樣，由於第二季度稅收命令的解決，第三季度的收益稅率（扣除少數股東權益和排除特定項目）將顯著高於第二季度的稅率。

In the quarter, the rate was 28.7% and includes the impact of the true-up of our 2004 tax provisions that I mentioned earlier.

本季度的稅率為 28.7%，其中包括我之前提到的 2004 年稅收規定調整的影響。

This adjustment means our that current expectation is that the full year rate will be in the 23% range, rather than the 22% to 23% range discussed in July.

這一調整意味著我們目前的預期是全年利率將在 23% 的範圍內，而不是 7 月份討論的 22% 至 23% 的範圍。

Operating cash flow remains strong and with the receipt of the proceeds of the consumer healthcare disposal, Net debt decreased to in the quarter from$3.2 billion to $2.4 billion I'll remind you that during the first quarter, the Company repatriated $6.2 billion of the $9 billion of unremitted earnings that we indicated that we will bring back under the Homeland Investment Act.

運營現金流依然強勁，隨著收到消費者醫療保健處置收益，淨債務在本季度從 32 億美元降至 24 億美元。我要提醒您的是，在第一季度，公司匯回了 9 美元中的 62 億美元。我們表示將根據《國土投資法》收回 10 億美元的未匯收入。

We are in the process of repatriating the remaining $2.8 billion in the fourth quarter.

我們正在第四季度匯回剩餘的 28 億美元。

We have updated our expectations for full year 2005 adjusted non-GAAP earnings of $1.35 to $1.45 from the upper to the middle of the range.

我們已將 2005 年全年調整後的非 GAAP 收益預期從 1.35 美元上調至 1.45 美元。

We have also adjusted our GAAP earnings guidance for they year from $1.48 to $1.58.

我們還將當年的 GAAP 盈利指引從 1.48 美元調整至 1.58 美元。

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 from the full year non-GAAP from that which we provided in July, are primarily related to three areas; an increase in targeted promotional spending designed to support longer-term growth including the expanded DTC marketing for PLAVIX and a new print ad campaign for ABILIFY; a reduction in US wholesale inventories from prior levels, due to wholesaler behavior and their change in our agreement that establish lower limits.

與我們 7 月份提供的全年非 GAAP 數據相比，變化主要與三個領域有關：增加旨在支持長期增長的有針對性的促銷支出，包括擴大 PLAVIX 的 DTC 營銷以及為 ABILIFY 開展新的平面廣告活動；由於批發商的行為及其對我們協議中規定的下限的變更，美國批發庫存較之前水平有所減少。

And additionally, as I mentioned, we now expect our effective tax rate from continuing operations before minority interest expense and excluding specified items, to be in the 23% range, rather than the the 22% to 23% range we discussed in July.

此外，正如我所提到的，我們現在預計，扣除少數股東利息費用並排除特定項目之前的持續經營業務的有效稅率將在 23% 的範圍內，而不是我們在 7 月份討論的 22% 至 23% 的範圍。

In summary, the quarter was impacted by lower wholesale inventories and a higher tax rate.

總之，本季度受到批發庫存減少和稅率上升的影響。

Our 2005 guidance reflects continued execution against our strategy, including incremental investments against our growth drivers.

我們 2005 年的指導反映了我們戰略的持續執行，包括針對我們增長動力的增量投資。

We are still on track for return to sales and earnings growth in the 2007 to 2011 time period.

我們仍有望在 2007 年至 2011 年期間恢復銷售和盈利增長。

Now let me turn it back to John for the question-and-answer session.

現在讓我把它轉回給約翰進行問答環節。

Thanks, Andrew.

謝謝，安德魯。

And Eric, I guess we're ready to go to the Q&A session.

埃里克，我想我們已經準備好參加問答環節了。

Thank, you sir. [OPERATOR INSTRUCTIONS] We'll first go to Carl Seiden of UBS.

謝謝你，先生。 [操作員說明] 我們首先請瑞銀集團 (UBS) 的卡爾·賽登 (Carl Seiden) 發言。

Thanks very much, and good morning.

非常感謝，早上好。

Quick question on PARGLUVA.

關於 PARGLUVA 的快速問題。

Since you've had the follow-up meeting with the FDA, I was wondering if at this point you could disclose a little bit more about what the specific FDA concerns are about PARGLUVA?

既然您已經與 FDA 進行了後續會議，我想知道此時您是否可以透露更多有關 FDA 對 PARGLUVA 的具體擔憂的內容？

And why, in your view at this time, even though it's still preliminary thinking, it would take up to five years to address those issues?

在您看來，為什麼儘管目前還處於初步思考階段，但解決這些問題卻需要長達五年的時間？

Thanks a lot.

多謝。

Carl, the -- as we said, we received the approvable letter, and have had some conversations with the FDA, so we have a better understanding of what questions they want to see addresses by virtue of additional information that we might provide them.

卡爾，正如我們所說，我們收到了批准信，並與 FDA 進行了一些對話，因此我們可以通過我們可能向他們提供的附加信息更好地了解他們希望看到哪些問題。

On the basis of the questions -- we determined that in order to receive regulatory approval and to achieve commercial success, we believe that additional studies may be required.

根據這些問題，我們認為為了獲得監管部門的批准並取得商業上的成功，我們認為可能需要進行更多的研究。

Because the ongoing trials that we have -- that are still underway -- weren't designed to specifically answer the kinds of questions the FDA is asking.

因為我們正在進行的試驗（仍在進行中）並不是為了專門回答 FDA 提出的問題而設計的。

As a result of that, we're still very much in consultation with them to work through what requirements they might have, and are referenced to studies that make -- that could potentially take up to five years is in the event we believed we needed to do outcome studies that -- those studies would take potentially up to a five-year timeframe.

因此，我們仍在與他們進行充分協商，以解決他們可能提出的要求，並參考所做的研究——如果我們認為我們需要的話，這可能需要長達五年的時間進行結果研究——這些研究可能需要長達五年的時間。

Thanks, Carl.

謝謝，卡爾。

Eric, can we go on to the next question?

埃里克，我們可以繼續下一個問題嗎？

We'll next hear from Jim Kelly of Goldman Sachs.

接下來我們將聽取高盛公司吉姆·凱利的講話。

Good morning.

早上好。

Lamberto, I was wondering if you could talk a little bit about the environment for REYATAZ over in Europe?

Lamberto，我想知道您能否談談 REYATAZ 在歐洲的環境？

And how you expect the competitive landscape to develop there versus [COLITRA]?

與 [COLITRA] 相比，您預計那裡的競爭格局會如何發展？

Are there things that are importantly similar or dissimilar to the way it's developing inside the US?

是否有一些事情與美國國內的發展方式有重要的相似或不同之處？

Thank you.

謝謝。

Okay.

好的。

We are very pleased of how REYATAZ is performing in Europe.

我們對 REYATAZ 在歐洲的表現感到非常高興。

The uptake in Europe of REYATAZ has been very strong, even better than our strong performance in the US launch.

REYATAZ 在歐洲的接受度非常強勁，甚至比我們在美國推出時的強勁表現還要好。

We are sure the number two protease inhibitor in most countries -- in all countries -- noted countries including France, the UK and Germany.

我們確信，在大多數國家（包括法國、英國和德國），它是排名第二的蛋白酶抑製劑。

And where we're pleased is that we managed to launch successfully REYATAZ without cannibalizing SUSTIVA.

我們感到高興的是，我們成功地推出了 REYATAZ，而沒有蠶食 SUSTIVA。

I think that the relative importance of REYATAZ versus [COLITRA] is now recognized and we believe we can continue to grow our product and become number one protease inhibitor in all European countries.

我認為 REYATAZ 與 [COLITRA] 的相對重要性現已得到認可，我們相信我們可以繼續發展我們的產品並成為所有歐洲國家排名第一的蛋白酶抑製劑。

Thanks, Jim.

謝謝，吉姆。

Can we go to the next question please?

我們可以進入下一個問題嗎？

That'll come from Steve Scala of SG Cowen.

這將來自 SG Cowen 的 Steve Scala。

Thank you.

謝謝。

You spoke to the increased spending versus plan at midyear.

您談到了年中支出相對於計劃的增加。

But as far as I could tell, the full year guidance for MS&A, A&P and R&D are identical to the guidance provided in July.

但據我所知，MS&A、A&P 和 R&D 的全年指導與 7 月份提供的指導相同。

I know you specifically mentioned A&P but it's a relatively small number in any event, so the swing between mid-and high single digits may be only $50 million or so.

我知道您特別提到了 A&P，但無論如何，這個數字相對較小，因此中位數和高個位數之間的波動可能只有 5000 萬美元左右。

Can you elaborate on this higher spending and where it is residing?

您能否詳細說明一下增加的支出以及支出的具體情況？

Yes, Steve, it is mostly behind the promotional spend, as I indicated, but it's within the range that we had previously given.

是的，史蒂夫，正如我所指出的，這主要是在促銷支出後面，但它在我們之前給出的範圍內。

That range does give you a little bit of room for expansion.

這個範圍確實給了你一點擴展的空間。

Second point to note is also, that there are two other factors which have impacted our decision -- our -- view on guidance for the year towards the middle of the range rather than the top end of the range; that is the levels of U.S. wholesale inventories, which has impacted sales as I indicated.

第二點值得注意的是，還有另外兩個因素影響了我們的決定——我們對今年指引的看法，是在區間的中間，而不是在區間的頂端；這就是美國批發庫存的水平，正如我所指出的，這影響了銷售。

Year-to-date, we have seen around about a three-tenths of a month a reduction in U.S. wholesale inventories.

今年迄今為止，我們發現美國批發庫存每月減少約十分之三。

And the second factor is the tax rate, which is moving up slightly from the 22% to 23% range to the 23% range.

第二個因素是稅率，從22%至23%的範圍小幅上調至23%的範圍。

Thanks, Steve.

謝謝，史蒂夫。

Can we go to the next question?

我們可以進入下一個問題嗎？

That will come from Chris Shibutani of J.P. Morgan.

這將來自摩根大通的克里斯·涉谷。

Thanks very much.

非常感謝。

Again, on the SG&A spending, just to be clear.

再次強調一下，關於銷售、管理及行政費用 (SG&A) 支出。

The guidance that you have for slightly increased spending -- now the context we have here is, what I'm assuming, that with PARGLUVA, obviously it's -- resource commitment will not be as much.

您對略微增加支出的指導 - 現在我們這裡的背景是，我假設，對於 PARGLUVA，顯然是 - 資源承諾不會那麼多。

But nonetheless, net-net you expect that overall promotional spending to need to increase?

但儘管如此，您預計整體促銷支出需要增加嗎？

I'm trying to understand in terms of why you wouldn't be expecting that there would simply be a reallocation of resources or spend that might have been put towards PARGLUVA?

我試圖理解為什麼您不會期望重新分配可能用於 PARGLUVA 的資源或支出？

Thank you.

謝謝。

Well, we are obviously implementing plans that take into consideration, as we are now going launch PARGLUVA as early as we were expecting, and we are reallocating the detailing resources to other products.

嗯，我們顯然正在實施考慮到的計劃，因為我們現在將按照我們的預期儘早推出 PARGLUVA，並且我們正在將細節資源重新分配給其他產品。

Matter of fact, we have instructed our sales forces already that they will continue to detail the existing products -- existing growth drivers of the Company.

事實上，我們已經指示我們的銷售人員，他們將繼續詳細介紹現有產品——公司現有的增長動力。

This is for 2005 and the beginning of 2006.

這是2005年和2006年初的情況。

For next year, we are looking at different opportunities, including -- again, the reallocation of the resources we have -- the human resources we have behind the growth drivers that are more accessible to the detailing support.

明年，我們正在尋找不同的機會，包括——再次，重新分配我們擁有的資源——我們在增長驅動力背後擁有的人力資源，這些人力資源更容易獲得詳細的支持。

For the A&P's and the other expenses, we will obviously not spend the money that we were going to spend.

對於廣告費和其他費用，我們顯然不會花我們本來要花的錢。

Some of that money was going to be spent by Merck, not by us, so the entire saving will be lower than one who could expect an initial launch by one single company.

其中一些資金將由默克公司花費，而不是我們，因此節省的全部資金將低於預期由一家公司首次推出的資金。

And this is also related to how our agreement with Merck was structured.

這也與我們與默克公司的協議的結構有關。

Okay.

好的。

Thanks, Chris.

謝謝，克里斯。

Can we go to the next question, please?

我們可以進入下一個問題嗎？

And that will come from Tim Anderson of Prudential Securities.

這將來自保德信證券公司的蒂姆·安德森。

Thank you.

謝謝。

You guys have been paying pretty close attention to wholesaler inventory levels around the world, given what has happened in the past.

鑑於過去發生的情況，你們一直在密切關注世界各地的批發商庫存水平。

And last quarter you said that levels in the U,.S. were around three weeks, and now they have drifted lower.

上個季度您說過美國的水平大約三週，現在已經下降了。

And I looked back from my notes in the last quarter and I even made a comment to myself wondering why the three weeks was too high.

我回顧了上個季度的筆記，我什至對自己發表了評論，想知道為什麼三週時間太長了。

Shouldn't the workdown in the third quarter potentially have been predicted?

難道不應該預測第三季度的衰退嗎？

I guess I'm a little surprised that you guys were surprised by what happened at the wholesaler level.

我想我有點驚訝你們對批發商層面發生的事情感到驚訝。

And then on dasatinib, is it safe to assume you have the Phase II data in hand?

那麼關於達沙替尼，假設您手頭有 II 期數據是否安全？

And it's been analyzed and now we're just waiting for a presentation of the results at ASH?

它已經被分析過了，現在我們只是在等待 ASH 上的結果展示？

Tim, on the first point about U.S. wholesaler inventories -- the fact is we have seen a continued workdown -- we're just referring to variance versus consensus.

蒂姆，關於美國批發商庫存的第一點——事實上我們已經看到了持續的下降——我們只是指差異與共識。

However, the fact that we do have the IMA's in place -- do mean absolutely we will have a lower level of year-end inventory.

然而，我們確實制定了 IMA，這絕對意味著我們的年終庫存水平將會較低。

In the past, wholesalers have increased inventories in the fourth quarter, that is the normal seasonal factor.

過去，批發商在第四季度增加了庫存，這是正常的季節性因素。

We don't expect that increase to be as significant as it has been in prior years now, but --

我們預計這一增長不會像前幾年那樣顯著，但是——

And on dasatinib, we have been granted fast-track status by the FDA.

對於達沙替尼，我們已獲得 FDA 的快速通道資格。

We have begun enrolling patients in a Phase II registrational program.

我們已經開始在第二階段註冊計劃中招募患者。

We expect to be able to review the Phase II data at the ASH meeting to be held in the first part of December, as well as our analyst's day that I referenced earlier, that's set for December 12th.

我們預計能夠在 12 月上旬舉行的 ASH 會議以及我之前提到的 12 月 12 日分析師日上審查第二階段數據。

And then depending on the results of the Phase II trials, we hope to file by then end of 2005 or the early part of 2006.

然後根據二期試驗的結果，我們希望在 2005 年底或 2006 年初之前提交申請。

Thanks, Tim.

謝謝，蒂姆。

Can we go to the next question, please?

我們可以進入下一個問題嗎？

That will come from David Risinger of Merrill Lynch.

這將來自美林證券公司的大衛·瑞辛格(David Risinger)。

Yes, thanks very much.

是的，非常感謝。

Can you please discuss the ABILIFY performance ex U.S. in more detail?

您能更詳細地討論一下 ABILIFY 在美國以外的表現嗎？

And give us a sense for where the product is -- in it's roll out phase?

讓我們了解產品所處的位置——處於推出階段？

Thank you.

謝謝。

Okay.

好的。

This is Lamberto.

這是蘭貝托。

The -- we have launched ABILIFY in all most -- in all European countries in 2004 and 2005 -- or the early part of 2005.

2004 年和 2005 年，或者 2005 年初，我們在所有歐洲國家的大部分地區推出了 ABILIFY。

The last big launch was in France during the second quarter 2005.

上一次大型發布是 2005 年第二季度在法國進行的。

The -- in most early launch markets, we saw the demand sales for ABILIFY exceeding the uptake of [inaudible] at comparable time of launch.

- 在大多數早期發布的市場中，我們看到 ABILIFY 的需求銷售超過了在可比發佈時間[聽不清]的吸收量。

The -- the results we see in most countries is good.

我們在大多數國家看到的結果都是好的。

We have a market shares that exceed 4%everywhere with some peaks in certain countries like Denmark, which is a relatively big country despite the small population, where we have 10%.

我們在每個地方的市場份額都超過4%，在某些國家有一些峰值，比如丹麥，雖然人口較少，但它是一個相對較大的國家，我們的市場份額為10%。

We see interest the fact that the market research indicates that doctors have a strong perception of the of efficacy of ABILIFY.

我們感興趣的事實是，市場研究表明醫生對阿立哌唑的功效有強烈的認知。

And they have a clear understanding and there is a growing interest in the side effect profile of our product.

他們對我們產品的副作用有了清晰的認識，並且越來越感興趣。

The -- the market continues to grow and the awareness for the metabolic issues is increasing in Europe much faster than in previous years, and this is a great opportunity for us.

歐洲市場持續增長，人們對代謝問題的認識比前幾年增長得更快，這對我們來說是一個很好的機會。

Thanks, David.

謝謝，大衛。

Can we go to the next question, please?

我們可以進入下一個問題嗎？

That will come from John Boris of Bear Stearns.

這將來自貝爾斯登的約翰·鮑里斯。

Thanks for taking my question.

感謝您提出我的問題。

On ORENCIA, can we just get an update on where you're at with CNC filing?

在 ORENCIA，我們能否了解您的 CNC 歸檔進展情況？

Can you quantify at all what kind of capacity you might have, both at your Syracuse facility and at Lonza for the launch of ORENCIA?

您能否量化您在錫拉丘茲工廠和龍沙工廠為 ORENCIA 的推出可能擁有的能力？

And also on PARGLUVA, will you continue to study the product in Europe, going forward?

還有關於 PARGLUVA，您今後會繼續在歐洲研究該產品嗎？

On ORENCIA, we -- in -- on September 6th, we had the vote of approval for the -- by the advisory committee.

關於 ORENCIA，我們於 9 月 6 日獲得了諮詢委員會的批准投票。

Once the BLA has been approved, we'll then file the sBLA for Lonza manufacturing.

BLA 獲得批准後，我們將為 Lonza 製造提交 sBLA。

As we said previously, we need Lonza manufacturing to supply a full-scale launch.

正如我們之前所說，我們需要 Lonza 製造來提供全面的發布。

We're currently evaluating a range of options for the launch of ORENCIA in early 2006.

我們目前正在評估 2006 年初推出 ORENCIA 的一系列選擇。

On PARGLUVA, there are a number of studies underway and we're in the process of evaluating those studies and where they are being executed.

關於 PARGLUVA，目前正在進行多項研究，我們正在評估這些研究及其執行地點。

We're still working through our plan and discussions with the FDA as to the approach we take to those ongoing studies.

我們仍在製定我們的計劃，並與 FDA 討論我們對這些正在進行的研究採取的方法。

Thanks, John.

謝謝，約翰。

Can we go to the next question?

我們可以進入下一個問題嗎？

That will come from Chris Shott of Banc of America.

這將來自美國銀行的克里斯肖特。

Thanks.

謝謝。

Just another quick question ORENCIA.

另一個簡單的問題奧倫西亞。

When can we expect a decision with regards to Bristol building it's own additional capacity for ORENCIA, as compared to continuing to partner on the manufacturing side?

與繼續在製造方面合作相比，我們什麼時候可以期待布里斯托爾做出關於為 ORENCIA 建設自己的額外產能的決定？

Thanks.

謝謝。

Well, part of our strategy has been to build our presence in biologics.

嗯，我們戰略的一部分是建立我們在生物製品領域的影響力。

We're working with Lonza and then another third party relationship to include Celltrion.

我們正在與 Lonza 以及包括 Celltrion 在內的另一個第三方合作夥伴合作。

We're evaluating the opportunity to build our own capacity and in the process, right now, of looking at the total costs and potential location choices.

我們正在評估建立自己的能力的機會，並在目前的過程中考慮總成本和潛在的位置選擇。

Thanks, Chris.

謝謝，克里斯。

Could we go to the next question, please?

我們可以進入下一個問題嗎？

That will come from David Moskowitz of Friedman, Billings, Ramsey.

這將來自弗里德曼、比林斯、拉姆齊的大衛·莫斯科維茨。

Thanks for the question, good morning.

謝謝你的提問，早上好。

The $100 million that Merck paid you guys on PARGLUVA -- could you talk about whether or not that is returnable, refundable?

默克公司在 PARGLUVA 上向你們支付的 1 億美元——您能談談這是否可以退還嗎？

And also other financial considerations that might be involved in breaking that agreement?

還有違反該協議可能涉及的其他財務考慮嗎？

And also BARACLUDE sales look quite anemic in the quarter.

而且 BARACLUDE 本季度的銷售看起來也相當疲軟。

Can you talk about why that was and how the launch is going?

您能談談為什麼會這樣以及發布的進展如何嗎？

Thank you.

謝謝。

David on the deferred revenue, we have about $144 million at the end of September of deferred revenue sitting on our balance sheet relating to milestones from Merck.

David 關於遞延收入，截至 9 月底，我們的資產負債表上有大約 1.44 億美元的遞延收入，與默克的里程碑相關。

Obviously we have to negotiate the termination call terms of the agreement, but at some point in time, that will be returned into revenue.

顯然，我們必須協商協議的終止條款，但在某個時間點，這將返回到收入中。

That was excluded from our GAAP guidance.

這被排除在我們的公認會計準則指導之外。

It will be included -- it would be a specified item if it was recognized and therefore we're going to exclude it from normal GAAP earnings.

它將被包括在內——如果它得到認可，它將成為一個指定項目，因此我們將把它從正常的 GAAP 收益中排除。

Our expectations would not be that any of that is refundable, anyway.

無論如何，我們的期望不會是任何退款。

And as far as BARACLUDE is concerned, we are -- we have launched it with a very small group of dedicated detailmen here in the United States.

就 BARACLUDE 而言，我們在美國與一小群專門的細節人員一起推出了它。

Hepatitis B is a complex disease and while we are doing -- we're working to simplify and work and educate the medical community on the treatment.

乙型肝炎是一種複雜的疾病，在我們所做的同時，我們正在努力簡化治療方法，並為醫學界提供有關治療的教育。

As well as, we're focusing on the need of importance of vital location.

此外，我們還關注重要位置的重要性。

The U.S., contrary to what is the case for most products, is not the biggest market for this -- for BARACLUDE.

與大多數產品的情況相反，美國並不是 Baraclude 的最大市場。

In fact what we are learning in all of our fine tuning in the U.S. -- is very important for us for the most important launches that will follow, namely, in China, Japan, and southern Europe.

事實上，我們在美國進行的所有微調中學到的東西，對於我們接下來在中國、日本和南歐的最重要的發布非常重要。

So we are pleased with the results so far.

所以我們對迄今為止的結果感到滿意。

We are fine tuning our strategies and tactics.

我們正在微調我們的戰略和戰術。

And we look forward to better results in the U.S., as well as successful launches in the other geographies.

我們期待在美國取得更好的成果，並在其他地區成功推出。

We currently have about 11% of share of new scripts on BARACLUDE in the U.S., which we're tracking on an ongoing basis.

目前，我們在美國的 BARACLUDE 上擁有約 11% 的新劇本份額，我們正在持續跟踪這一情況。

Thanks, David.

謝謝，大衛。

I think we have two more questions on the line, Eric?

我想我們還有兩個問題要問，埃里克？

The next one will come from Catherine Arnold of Credit Suisse First Boston.

下一位將來自瑞士信貸第一波士頓公司的凱瑟琳·阿諾德。

Thanks a lot.

多謝。

I was wondering if you could answer a couple questions about dasatinib?

我想知道您能否回答幾個有關達沙替尼的問題？

First of all, confirming that the Phase II data will be [inaudible] intolerant CML that we'll see at ASH.

首先，確認第二階段數據將[聽不清]不耐受 CML，我們將在 ASH 上看到這一點。

And give us an update on what the status is for development of GI cancer, I believe you're also studying it on small-scale lung cancer?

請給我們介紹一下胃腸道癌症發展的最新狀況，我相信您也在研究小規模肺癌？

And then last -- as well as, what your plans on a best and worst case scenario for drug development to advance to newly diagnosed CML patients?

最後，以及，您對於將藥物開髮用於新診斷的 CML 患者的最佳和最壞情況的計劃是什麼？

And then the last question about this drug is, how do you size the market in regards to -- to thinking about adversis newly diagnosed CML populations?

關於這種藥物的最後一個問題是，考慮到新診斷的 CML 人群的逆境，您如何確定市場規模？

Thanks.

謝謝。

Okay.

好的。

It's a long question, and I will try to give you a short answer.

這是一個很長的問題，我會盡力給你一個簡短的答案。

We have a Phase II program called Start, that consists of five separate status.

我們有一個名為 Start 的第二階段計劃，由五個獨立的狀態組成。

And the studies are examining the response, both in [metalogical] and and [cytogenetic] response of a wide range of patients with CML and [Philadelphia Chromosome Class A&L].

這些研究正在檢驗廣泛的 CML 和 [費城染色體 A&L 類] 患者的 [元學] 和 [細胞遺傳學] 反應。

We are also -- and this is the Phase II trials that are underway and -- and rolling very well.

我們也在——這是正在進行的第二階段試驗——並且進展順利。

We are also -- we also have ongoing exploratory work in the early stages of CML, so the direct competition with [clivik] and a number of solid tumors including [inaudible].

我們還在 CML 的早期階段正在進行探索性工作，因此與 [clivik] 和包括 [聽不清] 在內的許多實體瘤直接競爭。

Thanks, Katherine.

謝謝，凱瑟琳。

And I think we just have one more question.

我想我們還有一個問題。

And that will come from Al Rauch of AG Edwards.

這將來自 AG Edwards 的 Al Rauch。

Thank you.

謝謝。

I was wondering if you would share with us any launch plans you have for [MSAM]?

我想知道您是否願意與我們分享您對 [MSAM] 的任何發布計劃？

And do you have any other plans for selling the other business, the Nutritional business or anything else?

您還有其他計劃出售其他業務、營養業務或其他業務嗎？

On the other businesses -- and I'll let Lamberto answer on [MSAM] --on the other businesses, they represent little over 20% of the Company's sales and they represent more than 25% of the Company's earnings. 3 businesses performed really well last year.

在其他業務上——我會讓 Lamberto 在 [MSAM] 上回答——在其他業務上，它們僅占公司銷售額的 20% 多一點，而占公司盈利的 25% 以上。去年有 3 家企業表現非常好。

They are performing well again this year.

今年他們再次表現出色。

We talked about Mead Johnson a little bit earlier.

我們早些時候討論過美贊臣。

Our plans are for them to continue to be an important part of our portfolio as we seek to get the right balance between pharmaceuticals and other health care products.

我們的計劃是讓它們繼續成為我們產品組合的重要組成部分，因為我們尋求在藥品和其他醫療保健產品之間取得適當的平衡。

As far as is [MSAM] is concerned on October 26, a few days ago, an advisory committee of the FDA voted in favor of -- for the proposal of administering 20 milligrams -- 20-milligram dosage of [MSAM] without [inaudible] restrictions.

就 [MSAM] 而言，幾天前，10 月 26 日，FDA 的一個諮詢委員會投票贊成 - 對於施用 20 毫克 - 20 毫克劑量的 [MSAM] 的提議，沒有 [聽不清] 限制。

This is an interesting product because it contains a known active ingredient -- an ingredient that psychiatrists know well but not used very intensively because of some of the side effects.

這是一種有趣的產品，因為它含有一種已知的活性成分——精神科醫生非常了解這種成分，但由於一些副作用而沒有大量使用。

And what the batch allows to do is bypass the [gaps] and reduce the side effects of the product.

批次允許做的是繞過[間隙]並減少產品的副作用。

So we will have to obviously continue our conversation with the FDA to define the label and to -- and to seek the final approval.

因此，我們顯然必須繼續與 FDA 對話，以定義標籤並尋求最終批准。

We are very interested in this product, which also will allow us to better use our CNS neurology safe force because the target doctors of this product are very -- well, are the same -- those to whom we detail ABILIFY.

我們對這個產品非常感興趣，這也將使我們能夠更好地利用我們的 CNS 神經病學安全力量，因為這個產品的目標醫生非常——嗯，是一樣的——我們向其詳細介紹 ABIILIFY 的醫生。

Thanks, Al.

謝謝，艾爾。

And that's going to come close to wrapping up our call.

我們的通話即將結束。

I would like to turn it back over to Peter for some closing remarks.

我想把它轉回給彼得做一些結束語。

Thanks, everybody, for your time.

謝謝大家抽出時間。

Thank for your questions and participation in today's call.

感謝您提出問題並參與今天的電話會議。

Just as a remind -- a summary -- our 2005 guidance reflected continued execution against our strategy.

提醒一下——總結一下——我們 2005 年的指導反映了我們戰略的持續執行。

It includes some incremental investments behind our pharmaceutical growth driver.

它包括我們的醫藥增長驅動力背後的一些增量投資。

As we mentioned earlier, independent of muraglitazar -- given our currently marketed portfolio and the strength of our overall H to H pipeline, we continue to expect a return to earning and sales growth during the 2007 to 2011 period , including PLAVIX.

正如我們之前提到的，獨立於 muraglitazar——考慮到我們目前銷售的產品組合和我們整體 H 到 H 管道的實力，我們繼續預計 2007 年至 2011 年期間收益和銷售增長將恢復增長，包括 PLAVIX。

We look forward to further discussions with all of you at our December 12th meeting.

我們期待在 12 月 12 日的會議上與大家進一步討論。

Thank you.

謝謝。

And thanks for calling in.

感謝您的來電。

And that concludes today's conference.

今天的會議到此結束。

We thank everyone for your participation .

我們感謝大家的參與。