施貴寶 (BMY) 2005 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Bristol-Myers Squibb fourth quarter and full year 2005 earnings conference call.

女士們、先生們，美好的一天，歡迎參加百時美施貴寶 2005 年第四季度和全年收益電話會議。

At this time all participants are in a listen-only mode.

此時所有參與者都處於只聽模式。

Later we will conduct a question-and-answer session and instructions will be given at that time.

稍後我們將進行問答環節，屆時將給出指示。

If anyone should require assistance during the conference please press * then 0 on your touchtone telephone.

如果有人在會議期間需要幫助，請在您的按鍵式電話上按 *，然後按 0。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to introduce your host for today's conference, Mr. John Elicker, Vice President, Investor Relations.

現在我想介紹一下今天會議的主持人，投資者關係副總裁 John Elicker 先生。

Mr. Elicker, you may begin.

埃里克先生，您可以開始了。

Thank you, Matt and good morning, everybody and thanks for joining us on the conference call to review fourth quarter and full year results.

謝謝馬特，大家早上好，感謝您參加我們的電話會議，回顧第四季度和全年業績。

With me today are Peter Dolan, our Chief Executive Officer; and Andrew Bonfield, Chief Financial Officer.

今天與我在一起的有我們的首席執行官 Peter Dolan；和首席財務官安德魯·邦菲爾德。

They will both have prepared remarks.

他們都會有準備好的發言稿。

Also with us for the Q&A session will be Lamberto Andreotti, our Executive Vice President and President of Worldwide Medicines; and Elliott Sigal, our Chief Scientific Officer.

與我們一起參加問答環節的還有我們的執行副總裁兼全球藥品總裁 Lamberto Andreotti；以及我們的首席科學官 Elliott Sigal。

Before we get started let me just 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 may make various remarks about the Company's future, expectations, plan and is prospects that constitute forward-looking statements -- statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

在本次電話會議中，我們可能會對公司的未來、期望、計劃和前景發表各種評論，這些評論構成前瞻性陳述——這些陳述是為了 1995 年《私人證券訴訟改革法案》中安全港條款的目的而做出的。

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 10K and our periodic reports on form 10Q.

由於各種重要因素的影響，包括公司最近的 10K 表格年度報告和 10Q 表格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, Bristol-Myers website or from Bristol Investor Relations.

這些文件可從 SEC、百時美施貴寶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 represent willing 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願意對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, good morning, everyone.

謝謝約翰，大家早上好。

This morning you saw that we reported fourth quarter earnings of $0.26 per share on a GAAP basis and $0.31 per share on a non-GAAP basis and for the full year, GAAP earnings of $1.52 and non-GAAP earnings of $1.43.

今天早上，您看到我們公佈的第四季度 GAAP 收益為每股 0.26 美元，非 GAAP 收益為每股 0.31 美元，全年 GAAP 收益為 1.52 美元，非 GAAP 收益為 1.43 美元。

These results are within our previously issued guidance range but slightly ahead of where we thought we'd end the year due in part to a better tax rate than we expected.

這些結果在我們之前發布的指導範圍內，但略高於我們預計的年底結果，部分原因是稅率比我們預期的要好。

Although GAAP earnings increased, operating profits were lower as we continue to increase investment in key products and R&D during a transitional year for our RX portfolio.

儘管 GAAP 收益有所增長，但營業利潤有所下降，因為我們在 RX 投資組合的過渡年中繼續增加對關鍵產品和研發的投資。

We saw revenues down slightly to $5 billion in the fourth quarter and $19.2 billion for the full year 2005.

我們看到第四季度的收入略有下降，為 50 億美元，2005 年全年的收入為 192 億美元。

As we've all expected for some time the relatively flat sales resulted from exclusivity losses which were largely offset by sales from newer pharmaceutical growth drivers and increased sales in the healthcare group.

正如我們一段時間以來所預期的那樣，銷售額相對持平是由於排他性損失，而排他性損失在很大程度上被新的藥品增長驅動力的銷售額和醫療保健集團銷售額的增加所抵消。

Today we're also initiating our full year 2006 GAAP and non-GAAP EPS guidance range of $1.15 to $1.25 which Andrew will review with you in more detail in just a minute.

今天，我們還啟動了 2006 年全年 GAAP 和非 GAAP EPS 指導範圍，即 1.15 美元至 1.25 美元，安德魯將在一分鐘內與您進行更詳細的審查。

Earnings in 2006 will reflect a significant exclusivity loss and continued investments in growth.

2006 年的收益將反映重大的獨家經營權損失和持續的增長投資。

We face the last of our major patent expirations in our RX business for some time with the loss of Pravachol in the U.S. and France.

隨著 Pravachol 在美國和法國的流失，我們 RX 業務的最後一個主要專利將在一段時間內到期。

We also continue to boost investments in our pipeline and new and inline growth drivers in accordance with our strategy.

我們還根據我們的戰略繼續增加對管道和新的內生增長動力的投資。

Our key pharmaceutical products, including Abilify, Reyataz, Erbitux, Avapro, Avalide and Plavix continue to deliver strong growth and build our presence in our selected disease areas of focus.

我們的主要藥品，包括 Abilify、Reyataz、Erbitux、Avapro、Avalide 和 Plavix，繼續實現強勁增長，並在我們選定的重點疾病領域建立業務。

Plavix is now the number two product in the world.

波立維 (Plavix) 目前是世界排名第二的產品。

It continues to grow, although given its size, at a somewhat slower rate.

儘管考慮到其規模，它仍在繼續增長，但增長速度有所放緩。

Plavix grew 11% in the fourth quarter and 15% for the year.

波立維第四季度增長 11%，全年增長 15%。

We have several ongoing initiatives designed to reaccelerate growth of the product.

我們正在進行多項旨在重新加速產品增長的舉措。

I recognize that many of you are focused on the latest news flow around the Plavix litigation.

我認識到你們中的許多人都關注有關波立維訴訟的最新新聞動態。

FDA approval of Apitex's (ph) ANDA was not unexpected.

FDA 對 Apitex (ph) ANDA 的批准並不出人意料。

I know that you'll also recognize that we're not in a position to add anything new at this time.

我知道您也會認識到我們目前無法添加任何新內容。

We continue to believe that the 2011 patent is valid and infringed and with our partners Sanofi we're vigorously pursuing the patent litigation.

我們仍然相信 2011 年專利有效且受到侵權，並且我們正在與我們的合作夥伴賽諾菲積極提起專利訴訟。

In addition to Plavix, Reyataz, Erbitux and Abilify posted double digit gains in 2005.

除了 Plavix 之外，Reyataz、Erbitux 和 Abilify 在 2005 年也取得了兩位數的增長。

Our growth drivers now represent two-thirds of our U.S. pharmaceutical sales compared to 59% last year and almost half of our worldwide sales versus 40% in 2004.

我們的增長動力目前占美國藥品銷售額的三分之二（去年為 59%），佔全球銷售額的近一半（2004 年為 40%）。

Mead Johnson's Enfamil also grew 15% with total yearly sales nearly hitting the $1 billion mark for the first time ever and it's now Bristol-Myers Squibb's third largest product.

美贊臣的 Enfamil 也增長了 15%，年銷售額首次接近 10 億美元大關，目前是百時美施貴寶的第三大產品。

To give you a little more perspective, nutritionals is a $2.2 billion global business for Bristol-Myers Squibb with very attractive margins.

為了讓您有更多的視角，營養品對於百時美施貴寶來說是一項價值 22 億美元的全球業務，利潤非常誘人。

Mead Johnson just celebrated its 100th anniversary and its wide range of infant and children's nutritional products includes strong global and regional brands.

美贊臣剛剛慶祝其成立 100 週年，其廣泛的嬰兒和兒童營養產品包括強大的全球和區域品牌。

In the last three years Mead Johnson sales grew at a compound annual growth rate of 10% with similar earnings growth excluding the modest impact of the adult nutritional business we divested in 2004.

在過去三年中，美贊臣銷售額以 10% 的複合年增長率增長，盈利增長也與此類似，不包括 2004 年我們剝離的成人營養品業務的輕微影響。

Mead Johnson also has good plans for growth in the years ahead.

美贊臣還制定了未來幾年的良好增長計劃。

Mead Johnson in other other healthcare group businesses are important sources of strength and stability for the Company providing cash flows and offsets to exclusively losses.

美贊臣其他醫療保健集團業務是公司實力和穩定性的重要來源，提供現金流並抵消全部損失。

Particularly during periods of significant volatility in our prescription drug sector.

特別是在我們的處方藥行業大幅波動的時期。

Medical Imaging and ConvaTec also have been delivering excellent performance over the last several years.

醫學成像和 ConvaTec 在過去幾年中也一直表現出色。

The healthcare group led by Mead Johnson has delivered good growth in 2005 and contributed 20% of overall sales and roughly 30% of our earnings for the year.

由美贊臣領導的醫療保健集團在 2005 年實現了良好的增長，貢獻了當年總銷售額的 20% 和約 30% 的利潤。

Importantly, we believe the healthcare group has some excellent prospects.

重要的是，我們相信醫療保健集團具有良好的前景。

Turning from inline products to our full development portfolio, we're also pleased with the productivity of our pipeline.

從內聯產品轉向我們完整的開發產品組合，我們也對我們的管道的生產力感到滿意。

We're number two in the industry in terms of having the highest percentage of revenue coming from RX products launched in last three years.

就過去三年推出的 RX 產品帶來的收入百分比最高而言，我們在行業中排名第二。

Our next launch, and our fifth U.S. new drug approval since late 2002 is Orencia.

我們的下一個上市產品是 Orencia，這也是我們自 2002 年底以來在美國批准的第五個新藥。

This internally discovered biologic therapy for rheumatoid arthritis was just approved by the FDA on December 23rd.

這種內部發現的治療類風濕關節炎的生物療法剛剛於 12 月 23 日獲得 FDA 批准。

We're excited by the potential for Orencia to address a significant unmet medical need in the area of rheumatoid arthritis, a truly serious and debilitating disease.

我們對 Orencia 解決類風濕關節炎領域未滿足的重大醫療需求的潛力感到興奮，類風濕關節炎是一種真正嚴重且令人衰弱的疾病。

We fully recruited and trained an outstanding immuno science sales force, which I'll be addressing tomorrow at our Orencia launch meeting.

我們全面招募並培訓了一支出色的免疫科學銷售隊伍，我將在明天的 Orencia 啟動會議上發表講話。

We're preparing them for launch in the U.S. by late February or early March.

我們正在準備在二月底或三月初在美國推出它們。

As we've said before, initial supply for the product will come from our Syracuse facility.

正如我們之前所說，該產品的初始供應將來自我們的錫拉丘茲工廠。

Upon approval of the SBLA enabling us to add production from Launza (ph) as planned we expect to have sufficient capacity to handle our high case forecast.

SBLA 獲得批准後，我們將能夠按計劃增加Launza（ph）的產量，我們預計將有足夠的產能來處理我們的高病例預測。

Another late stage compound we're particularly pleased with is Dasatinib, our SRC/ABL kinase inhibitor for the potential treatment of chronic myelogenous euke -- leukemia.

我們特別滿意的另一種後期化合物是達沙替尼，它是我們的 SRC/ABL 激酶抑製劑，用於潛在治療慢性粒細胞性白血病 - 白血病。

In the last four weeks we completed the rolling submission for the Dasatinib NDA with a request for priority review and we submitted a marketing authorization application in the EU.

在過去的四個星期裡，我們完成了達沙替尼 NDA 的滾動提交，並請求優先審查，並在歐盟提交了營銷授權申請。

These submissions are significant events for our R&D organization as they represent another compound discovered in Bristol-Myers Squibb's own labs.

這些提交的材料對於我們的研發組織來說是重大事件，因為它們代表了百時美施貴寶自己的實驗室中發現的另一種化合物。

Pending U.S. and European approvals, we soon expect Dasatinib to be the Company's first global oncology compound since Taxol, serving as the latest example of our 40 year commitment to oncology drug development.

正在等待美國和歐洲的批准，我們很快預計達沙替尼將成為公司自紫杉醇以來的第一個全球腫瘤化合物，成為我們 40 年來致力於腫瘤藥物開發的最新例子。

Including Orencia and Dasatinib, we have nine compounds in our full development portfolio and expect to launch several new drugs in 2006.

包括 Orencia 和 Dasatinib 在內，我們的完整開發產品組合中有九種化合物，預計在 2006 年推出幾種新藥。

I talked before about investing for the future by increasing spending on pharmaceutical growth drivers in our pipeline.

我之前談到過通過增加對我們管道中的藥品增長驅動力的支出來投資未來。

At a time when margins are under pressure, we must find additional resources from our expense base to continue accelerating these critical investments.

在利潤率面臨壓力的情況下，我們必須從我們的支出基礎中尋找更多資源，以繼續加速這些關鍵投資。

Accordingly, we must reduce Company expenditures that are unrelated to our pipeline priorities and key product support.

因此，我們必須減少與我們的管道優先事項和關鍵產品支持無關的公司支出。

That's why we're undertaking the productivity plans we first announced last month.

這就是我們實施上個月首次宣布的生產力計劃的原因。

Our goal is realizing a minimum of approximately $500 million in additional cost savings in 2007 and an incremental $100 million in 2008 above and beyond the significant savings that have already been achieved.

我們的目標是在 2007 年實現至少約 5 億美元的額外成本節省，並在 2008 年在已經實現的大幅節省的基礎上再增加 1 億美元。

What we want to reemphasize today is that this is not about cutting or deferring isolated expense items, rather we're working to reset and lower our cost base to prepare the Company for a period of sustainable growth beginning in 2007.

今天我們想再次強調的是，這並不是要削減或推遲單獨的費用項目，而是我們正在努力重置和降低成本基礎，為公司從 2007 年開始的可持續增長做好準備。

Based on a review and benchmarking of our cost structure, initiated some time ago, we believe that we have room for improvement in this area.

根據不久前開始的對我們成本結構的審查和基準測試，我們相信我們在這方面還有改進的空間。

We're now in the midst of fundamentally reexamining our operating model to initiate lasting changes which will make Bristol-Myers Squibb more productive, efficient and effective.

我們現在正在從根本上重新審視我們的運營模式，以發起持久的變革，這將使百時美施貴寶更加高效、高效和有效。

We're engaging every employee at every level to attack barriers to superior productivity.

我們讓各個級別的每位員工都參與其中，以克服實現卓越生產力的障礙。

We're challenging them to take out of their daily activities those tasks and expenses which drain institutional energy and divert resources from our pipeline priorities and key product support.

我們要求他們從日常活動中剔除那些消耗機構精力並從我們的管道優先事項和關鍵產品支持中轉移資源的任務和費用。

Importantly, the productivity goal we announced last month is merely a near term milestone, albeit a significant one.

重要的是，我們上個月宣布的生產力目標只是一個近期里程碑，儘管是一個重要的里程碑。

As many of you know reducing non-priority expenses, or at a minimum, keeping them in check, has been part of our corporate strategy for more than three years.

正如你們許多人所知，三年多來，減少非優先開支，或者至少控制它們，一直是我們公司戰略的一部分。

And our efforts won't end when we achieve this latest goal.

當我們實現這一最新目標時，我們的努力不會結束。

We want to change the way we do business for the long-term to give our P&L as much operating leverage as possible for 2007 and beyond.

我們希望改變長期開展業務的方式，為 2007 年及以後的損益表提供盡可能多的運營槓桿。

For 2005, we delivered results in line with our guidance range.

2005 年，我們交付的結果符合我們的指導範圍。

This year we'll continue to build the foundation for 2007 and beyond, executing our strategy with a renewed focus on productivity and working to realize our pipe -- promising pipelines full potential.

今年，我們將繼續為 2007 年及以後奠定基礎，執行我們的戰略，重新關註生產力，並努力實現我們的管道——承諾管道的全部潛力。

With that, I'll turn the call over to Andrew and afterwards we'll remain on the line to take your questions.

這樣，我會將電話轉給安德魯，然後我們將繼續在線回答您的問題。

Andrew?

安德魯？

Thank you, Peter, and good morning, everybody.

謝謝你，彼得，大家早上好。

I'd like to briefly discuss our 2 -- our Q4 results and provide an overview of our 2006 guidance.

我想簡要討論我們的 2-- 我們的第四季度的結果，並概述我們 2006 年的指導。

As you will have seen from our release fully diluted earnings per share from continuing operations for the quarter were $0.26, negatively impacted by $0.05 of specified items.

正如您從我們的發布中看到的，本季度持續經營業務的完全攤薄每股收益為 0.26 美元，受到 0.05 美元指定項目的負面影響。

This is primarily the 197 million increase in litigation reserves which includes the $185 million for Famliv announced earlier this week partially offset by the 138 million in deferred income recognized as a result of the termination of the Polgruvo (ph) agreement with Merck.

這主要是訴訟準備金增加的 1.97 億美元，其中包括本週早些時候宣布的 Famliv 的 1.85 億美元，部分被因終止與默克公司的 Polgruvo (ph) 協議而確認的 1.38 億遞延收入所抵消。

Excluding specified items fully diluted earnings per share on a non-GAAP basis were $0.31, $0.03 ahead of the first call mean estimate.

不包括特定項目，按非公認會計準則計算的完全攤薄每股收益為 0.31 美元，比首次電話平均預期高出 0.03 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。

Full year fully diluted earnings per share on a non-GAAP basis were $1.43 within the range of our previously issued guidance.

按非 GAAP 計算的全年完全攤薄每股收益為 1.43 美元，處於我們之前發布的指導範圍內。

Sales from continuing operations were $5 billion, down 3% or 1% excluding foreign exchange.

持續經營業務銷售額為 50 億美元，下降 3% 或 1%（不包括外匯）。

Overall, foreign exchange had a slightly negative impact on sales primarily due to the strengthening of the dollar versus the Euro.

總體而言，外匯對銷售產生了輕微的負面影響，主要是由於美元兌歐元走強。

Worldwide pharmaceutical sales also down 3% or $4 billion.

全球藥品銷售額也下降了 3%，即 40 億美元。

Sales were pressurized by the loss of exclusively for Taxol and Pravachol in Europe and as well as continued competitive pressure for Pravachol in the U.S.

由於紫杉醇和 Pravachol 在歐洲的獨家銷售的損失以及 Pravachol 在美國的持續競爭壓力，銷售受到壓力。

These losses were partially offset by our growth drivers which made up almost half our worldwide pharmaceutical sales.

這些損失被我們的增長動力所部分抵消，增長動力幾乎占我們全球藥品銷售額的一半。

U.S. pharmaceutical sales were $2.2 billion down 1%.

美國藥品銷售額為 22 億美元，下降 1%。

Overall U.S. sales performance was negatively impacted by wholesale or buying patterns as inventories were basically flat at approximately 0.6 months compared to a build of approximately one week during the fourth quarter last year.

美國整體銷售業績受到批發或購買模式的負面影響，因為庫存基本持平於約 0.6 個月，而去年第四季度的庫存量約為一周。

We estimate that wholesale inventory levels at the end of 2004 were approximately 0.9 months.

我們估計 2004 年底的批發庫存水平約為 0.9 個月。

As is our normal practice we have included wholesale inventory levels for our key U.S. pharmaceutical brands on our website.

按照我們的正常做法，我們在網站上列出了美國主要製藥品牌的批發庫存水平。

International pharmaceutical sales were down 6% to $1.8 billion.

國際藥品銷售額下降 6%，至 18 億美元。

Sales were Abilify and Reyataz were strong in Europe, up 154% and 69% respectively.

Abilify 和 Reyataz 在歐洲的銷售額強勁，分別增長 154% 和 69%。

On a worldwide basis our key growth drivers had another strong quarter contributing $1.9 billion in sales up, 226 million or 14% compared to pri -- to the prior year.

在全球範圍內，我們的主要增長動力又一個強勁的季度，銷售額增長了 19 億美元，比上一年增長 2.26 億美元，即 14%。

Our healthcare businesses also had another strong quarter with sales of $1 billion up 9% excluding the impact from the Consumer Medicines divesture.

我們的醫療保健業務也迎來了另一個強勁的季度，銷售額達到 10 億美元，增長 9%（不包括消費藥品剝離的影響）。

The gross margin in the fourth quarter was 68.2% compared to 67.7% in the fourth quarter of last year.

第四季度毛利率為68.2%，去年第四季度毛利率為67.7%。

Excluding specified items in both periods, gross margins increased by 0.6% as our growth drivers had a positive impact.

剔除兩個時期的特定項目，毛利率增長了 0.6%，因為我們的增長動力產生了積極影響。

Marketing, selling and administration expenses were down 2%, reflecting more focused sales forth effort in support of our growth drivers.

營銷、銷售和管理費用下降了 2%，反映出為支持我們的增長動力而更加註重銷售工作。

Advertising and promotion expense was up 5% as increases in our investment behind key growth drivers was somewhat offset by lower spending on more mature brands.

廣告和促銷費用增長了 5%，因為我們對主要增長動力的投資增加在一定程度上被更成熟品牌的支出減少所抵消。

Additionally, in the fourth quarter of last year close to $20 million was included relating to the Consumer Medicines business.

此外，去年第四季度消費藥品業務涉及近 2000 萬美元。

Excluding specified items, R&D expense for the quarter increased 12% to $740 million.

不包括特定項目，本季度研發費用增長 12%，達到 7.4 億美元。

This increase was primarily driven by spending on increased resources behind development products including late stage development spending on Dasatinib, Apixiban (ph), Ellasisev (ph), MDX-010 and Faxoglipsen (ph).

這一增長主要是由於開發產品背後的資源支出增加所致，包括達沙替尼、Apixiban (ph)、Ellasisev (ph)、MDX-010 和 Faxoglipsen (ph) 的後期開發支出。

Full year pharmaceutical R&D spending increased as a percentage of sales to 16.2% from 14.7% last year.

全年藥品研發支出佔銷售額的比例從去年的 14.7% 上升至 16.2%。

The effective tax rate from continuing operations before minority interest and income taxes and excluding specified items increased to 23.3% from 19.3% last year.

少數股東利息稅和所得稅前（不包括特定項目）持續經營業務的實際稅率從去年的 19.3% 增至 23.3%。

The rate for the year -- for the full year was 21.7%, lower than we expected as a result of earnings mix and lower than expected provisions related to our international structures.

全年的利率為 21.7%，低於我們的預期，原因是盈利組合以及與我們的國際結構相關的撥備低於預期。

Net debt decreased to $2.8 billion versus $2.9 billion last year.

淨債務從去年的 29 億美元降至 28 億美元。

This is mainly driven by the gain on the sale of the Consumer Medicines business partially offset by additional taxes related to the Homeland Investment Act.

這主要是由於銷售消費藥品業務的收益部分被與國土投資法相關的額外稅收所抵消。

Now let me turn to 2006.

現在讓我把目光轉向2006年。

As you have seen from our press release our full year 2006 GAAP and non-GAAP guidance is $1.15 to $1.25 per share.

正如您從我們的新聞稿中看到的，我們 2006 年全年 GAAP 和非 GAAP 指導值為每股 1.15 美元至 1.25 美元。

This includes the impact from stock option expensing which is approximately $85 million on a pre-tax basis or $0.03 per share.

這包括股票期權費用的影響，稅前約為 8500 萬美元，即每股 0.03 美元。

The impact from options expensing will be allocated approximately 60% to marketing selling at administration expenses, 30% to R&D expense, and 10% to cost of goods sold.

期權費用的影響將大約 60% 分配到管理費用的營銷銷售，30% 分配到研發費用，10% 分配到銷售成本。

Again, in 2006 we expect sales to be roughly flat with the revenue growth on key inline products offset by exclusivity losses.

同樣，我們預計 2006 年銷售額將大致持平，主要內聯產品的收入增長將被排他性損失所抵消。

This also includes the impact from lost revenue of about $280 million due to Dovonex and Consumer divestures.

這還包括因 Dovonex 和 Consumer 資產剝離而造成的約 2.8 億美元收入損失的影響。

Gross margin should be flat to slightly below 2005 levels as gross margins begin to stabilize due to the impact of growth in key brands.

由於主要品牌增長的影響，毛利率開始穩定，因此毛利率將持平至略低於 2005 年的水平。

Advertising and promotion will be down in the low mid-single digits impacted by the Consumer divesture.

受消費者資產剝離的影響，廣告和促銷活動將下降至中低個位數。

Spending behind our growth drivers and new products will increase significantly as we reallocate resources.

隨著我們重新分配資源，我們的增長動力和新產品的支出將大幅增加。

We are targeting marketing, selling and administrative expenses to increase slightly primarily driven by stock option -- option expensing.

我們的目標是營銷、銷售和管理費用略有增加，這主要是由股票期權——期權費用——推動的。

Research and development expenditures projected to grow in the low double digit range behind the strength of our late stage pipeline.

由於我們後期產品線的實力，研發支出預計將以低兩位數的速度增長。

Minority interest expense will increase as Plavix sales in the U.S. continue to grow.

隨著波立維在美國的銷售額持續增長，少數股東權益支出將會增加。

We will also expect a slight increase in interest expense as a result of higher interest ex -- rates.

我們還預計，由於利率上升，利息支出將略有增加。

Finally, I expect the tax rate to increase in 2006 somewhere in the 22 to 24% range.

最後，我預計 2006 年稅率將提高到 22% 至 24% 的範圍內。

Similar to 2005 the tax rate will be high at the beginning of the year and then reduce once we have completed our tax audits for the year 2002 and 2003 and the potential benefits are reflected in the rate.

與2005年類似，年初稅率較高，一旦我們完成2002年和2003年的稅務審計，稅率就會降低，潛在的好處會反映在稅率中。

It should be noted that these will be treated as discreet items in the quarter in which the audit is completed.

應該指出的是，這些將在審計完成的季度被視為謹慎項目。

So in summary, our fourth quarter performance exceeded consensus estimates and our full year performance was within our previously issued guidance.

總而言之，我們第四季度的業績超出了共識預期，而我們的全年業績則在我們之前發布的指導範圍內。

Our growth drivers and newly launched products and other healthcare businesses continue to perform well.

我們的增長動力和新推出的產品以及其他醫療保健業務繼續表現良好。

Our business plan for 2006 reflects further implementation of our strategy as we continue the transformation of the product porfo -- portfolio.

我們 2006 年的業務計劃反映了我們在繼續產品組合轉型時進一步實施我們的戰略。

And with that I'll hand over to John for the Q&A session.

接下來我將把問答環節交給約翰。

Okay.

好的。

Thanks, Andrew.

謝謝，安德魯。

Matt, I think we're ready to go to the Q&A.

馬特，我想我們已經準備好進行問答了。

I'd like to remind everybody that in addition to Peter and Andrew for Q&A, we have Lamberto Andreotti and Elliott Sigal with us for any questions you might have.

我想提醒大家，除了 Peter 和 Andrew 負責問答之外，我們還有 Lamberto Andreotti 和 Elliott Sigal 來解答您可能遇到的任何問題。

So Matt, with that we can go to questions.

馬特，我們可以開始提問了。

Thank you sir. [OPERATOR INSTRUCTIONS] Our first question is from James Kelly of Goldman Sachs.

謝謝你，先生。 [操作員說明] 我們的第一個問題來自高盛的詹姆斯·凱利。

Your question please.

請你提問。

Good morning.

早上好。

A question really and as we look at the difference between the GAAP and the adjusted EPS line, you mention that the items will be cancelling out.

這確實是一個問題，當我們研究 GAAP 和調整後的 EPS 線之間的差異時，您提到這些項目將被取消。

I'm just interested if we will continue to see as part of the 2006 the pieces of accelerated depreciation that we've seen going through the cost of sales and how long you expect that to continue?

我只是感興趣的是，作為 2006 年的一部分，我們是否會繼續看到我們所看到的銷售成本加速折舊的部分，以及您預計這種情況會持續多久？

Thank you.

謝謝。

Jim, yes, there will be continued accelerated depreciation charges in 2007, 2006, sorry, and those will continue into 2007 and beyond because we do expect to continue to rationalize our manufacturing operations.

Jim，是的，抱歉，2007 年和 2006 年將繼續加速折舊費用，這些費用將持續到 2007 年及以後，因為我們確實希望繼續合理化我們的製造業務。

That is part of our strategy and that will continue for the foreseeable future.

這是我們戰略的一部分，並且在可預見的未來將持續下去。

Next question, Matt.

下一個問題，馬特。

Our next question is from Carl Seiden of UBS.

我們的下一個問題來自瑞銀集團的卡爾·賽登。

Your question, please.

請提出你的問題。

Thanks very much.

非常感謝。

A couple of questions if I could.

如果可以的話，請教幾個問題。

Peter, I think in your prepared remarks you mentioned plans to reaccelerate Plavix going forward.

彼得，我想您在準備好的發言中提到了重新加速波立維前進的計劃。

I'm wondering if comment on to what degree if at all the guidance that you offered requires success on that objective?

我想知道您提供的指導是否需要在多大程度上實現該目標？

And secondly, given Imclone's announcement yesterday in essence putting the company up for sale, can you just talk about now that this is a public event, your -- your level of interest in that and whether or not it has any implications for your joint venture should somebody else buy them?

其次，鑑於 Imclone 昨天宣布實質上將公司出售，您能否談談現在這是一個公共事件，您對此的興趣程度以及它是否對您的合資企業有任何影響其他人應該買它們嗎？

Thanks.

謝謝。

Okay, Carl, I'll answer the Imclone question and Lamberto Andreotti can talk a little about Plavix and your growth plans.

好的，Carl，我將回答 Imclone 問題，Lamberto Andreotti 可以談談 Plavix 和您的發展計劃。

We've learned recently of Imclone's decision and understand as the process moves forward they we'll cons -- they'll continue to consult with their partners obviously including BMS.

我們最近了解到 Imclone 的決定，並了解隨著流程的推進，他們將繼續與包括 BMS 在內的合作夥伴進行協商。

Under the co-promotion agreement we've had we've made major investments in Erbitux to date.

根據我們達成的共同推廣協議，迄今為止我們已經對 Erbitux 進行了重大投資。

We've also made significant investments in our broader oncology portfolio and we're very pleased with the progress we've made building a strong pipeline for that disease area.

我們還對更廣泛的腫瘤學產品組合進行了大量投資，我們對在該疾病領域建立強大的產品線所取得的進展感到非常滿意。

We continue to invest in our growth drivers and we remain interested in investing and licensing other new technologies as part of our broader strategy.

我們繼續投資於我們的增長動力，並且我們仍然有興趣投資和許可其他新技術，作為我們更廣泛戰略的一部分。

Really at this stage inappropriate for me to comment any further on Imclone.

在這個階段我確實不適合對 Imclone 做進一步的評論。

Lamberto?

蘭貝托？

Well, as far as Plavix is concerned, we -- as Peter said the overall growth rate of Plavix as load in last part of 2005, but it is im -- important that we remember that Plavix is the second largest drug worldwide and continues to grow double digit sin a pharmaceutical market that has slowed down globally especially at the end of 2005.

嗯，就波立維而言，正如彼得所說，波立維在 2005 年下半年的總體增長率是負荷，但重要的是，我們要記住波立維是全球第二大藥物，並且將繼續增長。全球醫藥市場增長放緩，特別是在 2005 年底，醫藥市場增長了兩位數。

We have several initiatives that are ongoing in an attempt to reaccelerate the growth of Plavix in 2006, and we have always continued to capitalize on the new clinical data for Plavix.

我們正在採取多項舉措，試圖在 2006 年重新加速波立維的增長，並且我們始終繼續利用波立維的新臨床數據。

We recently filed an SNDA for the results from the Commit and Clarity studies in acute MI, and have received priority review.

我們最近針對急性心肌梗死的 Commit 和 Clarity 研究結果提交了 SNDA，並已獲得優先審查。

We also plan to present the results of the Charisma trial in a large set of patients at high risk of athro -- athrothrombotic events at the next ACC meeting.

我們還計劃在下一次 ACC 會議上展示針對大量患有關節炎高風險患者的 Charisma 試驗結果。

We also continue to focus on the hospital setting.

我們還繼續關注醫院環境。

We want to assure that the patients that enter hospitals with sign or symptoms of an athrothrombotic event, leave the hospital with a prescription for Plavix and that prescription is filled.

我們希望確保那些因血栓事件體徵或症狀入院的患者在出院時持有波立維處方，並且該處方已配藥。

And we are also focusing on the compliance as patients move from cardiologist to primary care physicians.

我們還關注患者從心髒病專家轉向初級保健醫生時的依從性。

In addition, in fourth quarter we announced the expansion of our DTC campaign for Plavix in the U.S., and the early indications we have around the awareness and the intent to act seem to indicate that the program has been successful and we have decided together we Sanofi-Aventis to continue this DTC campaign in 2006.

此外，在第四季度，我們宣佈在美國擴大波立維 (Plavix) 的 DTC 活動，我們的意識和行動意圖的早期跡像似乎表明該計劃已經成功，我們共同決定賽諾菲-Aventis 將在 2006 年繼續開展這項 DTC 活動。

All this data and all these initiatives make us think -- make us anticipate a reacceleration of Plavix or the Plavix growth in the second half of next year, in 2006.

所有這些數據和所有這些舉措讓我們思考——讓我們預期波立維將在明年下半年（2006 年）重新加速或波立維增長。

Thanks, Karl.

謝謝，卡爾。

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

馬特，我們可以進入下一個問題嗎？

Our next question is from Jami Rubin of Morgan Stanley.

我們的下一個問題來自摩根士丹利的賈米·魯賓。

Your question, please.

請提出你的問題。

Questions first relates to Abilify.

問題首先與 Abilify 相關。

If you could address why U.S.

如果你能解釋為什麼美國

Abilify sales slowed sequentially if there was a buy in in the third quarter which created a tough comp or what's going on to -- to drive that slow down and what efforts you have in place to reaccelerate that growth?

如果第三季度有收購造成了艱難的競爭，那麼 Abilify 的銷售會連續放緩，或者會發生什麼——導致這種放緩，以及您採取了哪些措施來重新加速增長？

Also, Abilify internationally seems to be taking off slower than expected.

此外，Abilify 在國際上的發展速度似乎比預期要慢。

And my second question is for Andrew.

我的第二個問題是問安德魯的。

Andrew, you talked about gross margins in '06 being flat to slightly down.

安德魯，您談到 06 年的毛利率持平甚至略有下降。

Should we think about a tough fir -- in thinking about the quarterly performance in '06, can you give us some guidance as to how that would shake out?

我們是否應該考慮一下艱難的情況——在考慮 06 年的季度業績時，您能否給我們一些指導，告訴我們這將如何擺脫困境？

My expectation would be that gross margins are going to be under pressure in the first half with modest improvement in the second half and obviously the -- the -- the manufacturing of Orencia I would presume would play into that thinking.

我的預期是，上半年的毛利率將面臨壓力，下半年將略有改善，顯然，我認為奧倫西亞的製造會發揮這種想法。

Okay.

好的。

Jami, let me answer the -- the gross margin question first.

賈米，讓我首先回答毛利率問題。

Firstly, we do not give quarterly guidance specifically but obviously as we go through 2006 we do expect with the loss of exclusivity of Pravachol that will have some impact on the margins in the first half of the year because there is a volume, a large volume throughput that goes through our plants on that product.

首先，我們沒有具體給出季度指導，但顯然，隨著 2006 年的進展，我們確實預計 Pravachol 的獨家經營權的喪失將對今年上半年的利潤率產生一些影響，因為數量很大。該產品通過我們工廠的吞吐量。

So, when that loses exclusivity that will be a bal -- a pressure on the gross margin.

因此，當它失去排他性時，就會對毛利率造成壓力。

And Orencia most of the prelaunch inventory is actually already on hand at the end of the year and we have over $80 million of inventory on hand at the end of 2005, so we have substantial amounts and that is probably the -- the lower margin inventory on inven -- Orencia because it's the initial launch batches from Syracuse and from Launza.

Orencia 的大部分預發布庫存實際上已經在今年年底備貨了，到 2005 年底我們的庫存已超過 8000 萬美元，因此我們擁有大量庫存，這可能是利潤率較低的庫存因文 - 奧倫西亞，因為它是來自錫拉丘茲和勞恩扎的最初發射批次。

As regards Abilify sales in the U.S., the -- the fact inventory movements did have a significant impact in this quarter in the fourth quarter of last year we actually saw an increase in inventories of about 0.3 of a month.

至於 Abilify 在美國的銷售，事實上庫存變動確實對去年第四季度的本季度產生了重大影響，我們實際上看到庫存每月增加了約 0.3 倍。

This year we actually saw a reduction of 0.3 of a month.

今年我們實際上看到每月減少了 0.3 個。

So effectively you have half a month swing in inventories year-on-year.

因此，實際上庫存同比有半個月的波動。

The TRX growth was up 30% in the quarter versus sales -- reported sales growth of 3%.

與銷售額相比，TRX 本季度增長了 30%（據報導銷售額增長了 3%）。

So all of that really was down to inventory movements.

因此，所有這一切實際上都取決於庫存變動。

Lamberto will talk about Abilify in more general terms now.

蘭貝托現在將更籠統地談論 Abilify。

The U.S. in a market that is slowing down we continue to increase market share and our prescriptions go up.

在美國這個正在放緩的市場中，我們繼續增加市場份額，我們的處方量也在增加。

This is good sign of our performance in the U.S.

這是我們在美國表現的好兆頭。

Outside of the U.S. in Europe, we have launched Abilify at this point in all major European markets, and in several of the early launch markets in the EU, the Abilify demand sales exceeded those of Aprexa at a comparable time of lunch.

在美國以外的歐洲地區，我們目前已在所有主要歐洲市場推出了 Abilify，並且在歐盟的幾個早期推出市場中，Abilify 的需求銷量超過了 Aprexa 在午餐時間的需求量。

The overall antipsychotic market in Europe has recently slow down while this is happening we are focusing and we continue to focus on making incremental investments behind the brand including assisting the physicians in identifying the right patient for treatment for Abilify.

歐洲整體抗精神病藥物市場最近有所放緩，而我們正在關注這種情況，並繼續專注於在品牌背後進行增量投資，包括協助醫生確定適合 Abilify 治療的患者。

We are happy with the performance in the U so far.

我們對迄今為止在美國的表現感到滿意。

Thanks, Jami.

謝謝，賈米。

Matt, can we go to the next question please?

馬特，我們可以進入下一個問題嗎？

Next question's Tim Anderson of Prudential.

下一個問題是保誠集團的蒂姆·安德森提出的。

Your question.

你的問題。

A couple questions.

有幾個問題。

On back to the kind of Plavix and what's built into 2006 guidance, with Charisma coming up, I'm wondering if you feel that Charisma -- positive results are going to make a materially different sales level for Plavix in '06?

回到波立維的類型以及 2006 年指導中的內容，隨著魅力的出現，我想知道您是否認為魅力——積極的結果將使波立維在 06 年的銷售水平發生重大變化？

Do you have kind of your expectations are that you're going to have positive results on this product and does that at all influence the guidance whether it's positive or negative?

您是否期望該產品能夠取得積極的結果，這是否會影響指導，無論是積極的還是消極的？

And then the second question is just back to Orencia and if you answered this I am sorry I didn't hear it.

然後第二個問題回到奧倫西亞，如果你回答了這個問題，我很抱歉我沒有聽到。

But, what's your latest guidance about when the SBLA will be approved?

但是，您對 SBLA 何時獲得批准的最新指導是什麼？

I think in the past you suggested it might only take four months.

我想你過去建議可能只需要四個月。

Okay.

好的。

Plavix, Charisma, bare with us until the ACC.

Plavix、Charisma，在 ACC 之前與我們一起裸露。

We -- we have not seen the data -- the data will be available we hope by the ACC and -- and as we hope there will be positive.

我們——我們還沒有看到數據——我們希望 ACC 能夠提供這些數據——而且我們希望數據是積極的。

They will be filed with the FDA.

它們將向 FDA 備案。

We do not expect anything to happen about Charisma in terms of sales in 2006 because we must give the FDA time to review our file and get an approval.

我們預計 Charisma 2006 年的銷售不會有任何變化，因為我們必須給 FDA 時間來審查我們的文件並獲得批准。

It is clear that it is an interesting trial, an interesting population that we are addressing in that trial, so it is an important new piece behind the growth of Plavix.

很明顯，這是一項有趣的試驗，我們在該試驗中針對的是一個有趣的人群，因此它是波立維增長背後的一個重要的新部分。

As -- as far as Orencia is concerned, as we said, at the investors meeting in -- in December we are planning to launch the product at the end of February, beginning of March.

就 Orencia 而言，正如我們在 12 月份的投資者會議上所說，我們計劃在 2 月底、3 月初推出該產品。

We have, as previously said, we have the full sales force ready.

正如之前所說，我們已經準備好了完整的銷售隊伍。

We have a large meeting this week, and we will initially supply the market with products manufactured in Syracuse.

本週我們有一個大型會議，我們將首先向市場供應錫拉丘茲製造的產品。

We are still planning -- waiting for the decision of the FDA on the SBLA and as we said it could be four to six months.

我們仍在計劃中，等待 FDA 對 SBLA 的決定，正如我們所說，這可能需要四到六個月的時間。

This is the average time for an SBLA of that type but we cannot make any projection obviously on the success of -- of -- on FDA decision.

這是此類 SBLA 的平均時間，但我們顯然無法對 FDA 決定的成功做出任何預測。

Okay.

好的。

Thanks, Tim.

謝謝，蒂姆。

Can we go to the next question, please, Matt.

我們可以進入下一個問題嗎，馬特。

Our next question is from Steve Scala of SG Cowen.

我們的下一個問題來自 SG Cowen 的 Steve Scala。

Your question, please.

請提出你的問題。

Thank you.

謝謝。

Peter, as a long-term leader in the industry, I wonder if you have any general 30,000 foot opinions on the recent group of patent litigation settlements that we've seen.

Peter，作為該行業的長期領導者，我想知道您對我們最近看到的一組專利訴訟和解方案是否有任何普遍的30,000英尺意見。

Do you view them as reasonable and likely to be a feature of the industry over the long-term or do you view them as at their core anti-competitive and not likely to stick?

您是否認為它們是合理的，並且從長遠來看可能成為該行業的一個特徵，或者您是否認為它們的核心是反競爭的並且不太可能堅持下去？

Well, I -- I think, Steve, the industry clearly faces challenges on a number of fronts, very early challenges to intellectual property of some of the most successful and fastest growing drugs in the industry is a major issue for all of us.

好吧，我 - 我認為，史蒂夫，這個行業顯然在許多方面面臨著挑戰​​，行業中一些最成功和增長最快的藥物的知識產權的早期挑戰對我們所有人來說都是一個主要問題。

The -- the system that we have currently encourages generics to challenge patents and what we've all seen is this happening at an earlier stage and life cycle of important products than -- than certainly has happened in the past.

我們目前的製度鼓勵仿製藥挑戰專利，我們都看到這種情況發生在重要產品生命週期的早期階段，比過去肯定發生的情況要早。

Each of these cases are individually different even within products, cases are different across countries, so it would be hard to comment on overall general trends.

即使在產品內部，每個案例都是不同的，不同國家的案例也不同，因此很難評論總體趨勢。

I think clearly as a Company we are looking to anticipate intellectual property challenges and build that into our patent applications and the work we do up front to anticipate that that is a nature of the way the world has evolved.

我清楚地認為，作為一家公司，我們希望預測知識產權挑戰，並將其納入我們的專利申請以及我們預先所做的工作中，以預測這是世界發展方式的本質。

And the only other comment I'd make, Steve, is -- is I think the -- the industry certainly at a 30,000 foot level, would have a fair amount of interest in fixed term exclusivity or data protection for a number of years as opposed to a system where after making major investments in very early years after the patents been launched we're facing these generic challenges.

史蒂夫，我要說的唯一的其他評論是——我認為——這個行業肯定在 30,000 英尺的水平上，對固定期限排他性或數據保護有相當大的興趣，因為與在專利推出後的最初幾年進行重大投資後我們面臨這些普遍挑戰的系統相反。

Getting to that from where we are today is no small task but clearly would be important for the industry to rally behind and around.

從我們今天所處的位置實現這一目標並非易事，但對於整個行業的團結一致來說顯然非常重要。

Thank you.

謝謝。

Thanks for that question.

謝謝你提出這個問題。

Steve.

史蒂夫.

Matt. can we go to the next one?

馬特。我們可以去下一個嗎？

Next question is from John Boris, Bear Stearns.

下一個問題來自貝爾斯登公司的約翰·鮑里斯。

Your question, please.

請提出你的問題。

Okay.

好的。

Thanks for -- for taking my question.

感謝您提出我的問題。

First one just has to do with -- with Orencia.

第一個與奧倫西亞有關。

In light of you going into your sales force meeting tomorrow, can you give any color on the -- the label at least I would assume your labeling negotiations with the FDA is completed.

鑑於您明天將參加銷售人員會議，您能否在標籤上給出任何顏色——至少我認為您與 FDA 的標籤談判已經完成。

Can you give any color there?

你能給那裡任何顏色嗎？

Also are you going to be required to have cold chain distribution and can you talk about also the -- the shelf life?

另外，您是否需要進行冷鏈配送？您能否談談保質期？

Do you have 24 month of shelf life on the product?

產品的保質期有 24 個月嗎？

Just one question then for Andrew on '06 CapEx.

安德魯有一個關於 06 年資本支出的問題。

In your release you talk about the Company's long-term plan for increasing manufacturing capabilities.

在您的新聞稿中，您談到了公司提高製造能力的長期計劃。

Can you just talk directionally relative to '05 CapEx what we -- what we should be thinking about CapEx for '06 and beyond?

您能否就 05 年資本支出方向性地談談我們應該如何考慮 06 年及以後的資本支出？

Thanks.

謝謝。

John I'll answer the CapEx question first.

約翰，我將首先回答資本支出問題。

CapEx this year was about $0.8 billion directionally that is the normal level of CapEx in the event that we do proceed with a decision to build our own biologics facility that will be incremental over and above that and obviously but that is a decision the board will need to make in due course and we're obviously doing the analysis as we speak.

今年的資本支出約為 8 億美元，這是資本支出的正常水平，如果我們確實決定建立自己的生物製品設施，該設施將在這一基礎上逐步增加，顯然，但這是董事會需要的決定在適當的時候進行，顯然我們正在做分析。

This is Elliott Sigal.

這是埃利奧特·西格爾。

Your question on the label, John, was we were pleased of course to get their approval by the end of the year.

約翰，你關於廠牌的問題是，我們當然很高興在年底前得到他們的批准。

We're pleased with the label.

我們對這個標籤很滿意。

We had a very extensive clinical program, studied a broad range of rheumatoid arthritis patients and Orencia is an indicated therefore in patients that are inadequately responding to a disease modifying agent.

我們有一個非常廣泛的臨床計劃，研究了廣泛的類風濕性關節炎患者，因此 Orencia 適合對疾病調節劑反應不足的患者。

This includes Methatrexate and also includes TNF -- anti-TNF drugs and this is the -- a first approval for a medication that works in that latter population.

這包括甲氨蝶呤，還包括 TNF（抗 TNF 藥物），這是第一個批准用於後者人群的藥物。

And there is a broad population addressed in the label.

標籤中針對的是廣泛的人群。

John, relative to your questions on shelf life, I -- I -- you and I can follow up after the call, so thanks for that.

約翰，關於你關於保質期的問題，我——我——你和我可以在通話後跟進，所以謝謝你。

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

馬特，我們可以進入下一個問題嗎？

Our next question is from David Moskowitz of Friedman, Billings.

我們的下一個問題來自比林斯弗里德曼公司的大衛·莫斯科維茨（David Moskowitz）。

Your questions, please.

請提出您的問題。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

Appreciate it.

欣賞它。

At the analyst day you guys mentioned that you would think about streamlining the U.S. primary care sales force if there was no revenue opportunity to support those mar -- those incremental reps.

在分析師日，你們提到，如果沒有收入機會來支持那些增量銷售代表，你們會考慮精簡美國初級保健銷售隊伍。

So I guess my question is what is included in the guidelines, the way the guidance, excuse me, the way I'm looking at this is there's either a revenue opportunity in the -- in the upcoming future or there's a chance for some more cost streamlining.

所以我想我的問題是指南中包含什麼內容，指南的方式，對不起，我看待這個問題的方式是在即將到來的未來有收入機會，或者有更多機會成本精簡。

The other question I had is, Andrew, you talked about the gross margin being down '06 over '05.

我的另一個問題是，安德魯，你談到 06 年的毛利率比 05 年下降了。

Can you give us some degree of quantification on that just so we can update our models?

您能否給我們一定程度的量化，以便我們更新我們的模型？

And also the 2006 tax rated.

還有 2006 年的稅率。

Thanks for the guidance.

感謝您的指導。

Can we expect that to be sustained after 2006 and '07 through '10 time frame?

我們能否期望這種情況在 2006 年和 07 年至 10 年間持續下去？

Thanks.

謝謝。

Okay.

好的。

On the gross margin gui -- gross margin guidance, I indicated it would be flat to down, so it's signif -- it will be less than the reduction we expected in 2005 that's as much as I will give you at this point in time.

關於毛利率 gui——毛利率指導，我表示它將持平甚至下降，所以它很重要——它將低於我們在 2005 年預期的減少量，這也是我此時將給你們的。

It's variable depending on product mix and a number of other factors.

它會根據產品組合和許多其他因素而變化。

As regards the tax rate, the tax rate of 22 to 24%.

至於稅率，稅率為22%至24%。

Key factor that's going to underpin our future tax rate is what we do about increasing U.S. source income like -- as I indicated at the analyst day one of the structural problems that we, as many pharmaceutical companies have, is the need to build additional antrual (ph - accent) profitability to ensure that we utilize all of our foreign tax credits which otherwise are sitting on the balance sheet.

支撐我們未來稅率的關鍵因素是我們在增加美國來源收入方面所做的事情，就像我在分析師日指出的那樣，我們和許多製藥公司一樣，面臨的結構性問題之一是需要建立額外的人工資本。 （ph - 重音）盈利能力，以確保我們利用所有位於資產負債表上的外國稅收抵免。

That is a cashless cost but will have an impact on the -- on the rate going forward.

這是一種無現金成本，但會對未來的利率產生影響。

We have some plans in place to continue to work through that so at this time it's too early for me to give you an indication where we're headed in 2007 and beyond.

我們已經制定了一些計劃來繼續解決這個問題，所以現在我向您說明我們 2007 年及以後的發展方向還為時過早。

But I would warn at some point in time we need to -- we will see an increase in the book tax rate although from a cash perspective that should not have an impact.

但我會警告，在某個時間點，我們需要——我們將看到賬面稅率的增加，儘管從現金角度來看，這不會產生影響。

And as far as the CV metabolic sales force we said in -- in December that were reviewing options and still -- we are still reviewing options for the freed up capacity in our sales organization as a result of not -- not launching Porgluva (ph) and losing exclusivity of Prava (ph - heavy accent).

就我們在 12 月所說的 CV 代謝銷售人員而言，我們正在審查選項，並且仍然在審查我們銷售組織中由於不推出 Porgluva（ph 值）而釋放的產能的選項。 ）並失去 Prava 的排他性（ph - 重口音）。

If we are not successful in identifying other opportunities that are consistent with our strategy for the resources by when we -- we lose the exclusivity of Prava we have a clear plan to restructure our CV metabolic organization and this will result in head count reduction.

如果我們未能成功找到與我們的資源戰略一致的其他機會，那麼我們將失去 Prava 的獨家經營權，我們有一個明確的計劃來重組我們的 CV 代謝組織，這將導致員工人數減少。

At this point in time we have not identified any other opportunities for the freed up capacity in our CV metabolic sales organization.

目前，我們尚未發現任何其他機會可以釋放我們的 CV 代謝銷售組織的產能。

All this is reflected in the 2006 plan.

這一切都反映在2006年的計劃中。

Thanks, David.

謝謝，大衛。

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

馬特，我們可以進入下一個問題嗎？

Next question's from Tony Butler of Lehman Brothers.

下一個問題來自雷曼兄弟的托尼·巴特勒。

Your question, please.

請提出你的問題。

Yes.

是的。

Thank you and a bit of a digression.

謝謝你，還有一點題外話。

Peter, you alluded to Mead Johnson having performed quite well.

彼得，您提到美贊臣表現相當出色。

The other call actually alluded to Ross losing share perhaps to -- to Mead.

另一個電話實際上暗示羅斯可能會失去份額——米德。

Can you provide some color to what is going on in the Mead Johnson business to allow share gain and more over can you comment as to the growth that may still occur in the WIC program in '06.

您能否對美贊臣業務中正在發生的事情提供一些說明，以實現份額增長，此外，您能否對 06 年 WIC 計劃中可能仍出現的增長發表評論。

Thanks.

謝謝。

Thanks, Tony.

謝謝，托尼。

Mead Johnson now generating slightly more than half its revenue outside the United States, so it's obviously a story about both infant formula in the U.S. and infant formula in children's nutritionals outside the U.S.

美贊臣目前一半以上的收入來自美國以外地區，因此這顯然是一個關於美國嬰兒配方奶粉和美國以外兒童營養品嬰兒配方奶粉的故事。

Over a long -- fairly long period of time, Abbott and Mead Johnson have battled for market share.

在相當長的一段時間內，雅培和美贊臣一直在爭奪市場份額。

That will continue in the future.

未來這種情況還將繼續。

Mead Johnson has had over the course of the last three years a very good program and strategy in place that they've executed well against, so the infant formula business and Enfamil in particular in the U.S. have done extremely well.

美贊臣在過去三年中製定了非常好的計劃和戰略，並且執行得很好，因此嬰兒配方奶粉業務，尤其是 Enfamil 在美國的業務表現非常出色。

That's been complemented by continued growth outside the United States.

美國以外地區的持續增長也補充了這一點。

As it relates to the WIC program, we now have about 50% of all the volume in the United States is in the WIC program.

由於與 WIC 計劃相關，我們現在美國約 50% 的交易量都在 WIC 計劃中。

The growth of that has moderated as you might hope or expect given the very high percentage of infants in the United States who are in the WIC program, approximating almost 1 in every 2 infants.

鑑於美國參與 WIC 計劃的嬰兒比例非常高，接近每 2 個嬰兒中就有 1 個，這一增長速度已經如您所希望或預期的那樣放緩。

As a result, we would expect WIC to continue to be an important part of the business but would hope that the growth of the WIC program moderates as we're at a point now where 50% of all the infant formula goes through the WIC program in the U.S.

因此，我們預計 WIC 將繼續成為業務的重要組成部分，但希望 WIC 計劃的增長能夠放緩，因為我們現在 50% 的嬰兒配方奶粉都經過 WIC 計劃在美國。

So, for those who aren't as familiar with this, that's the Women, Infant and Children's program.

對於那些不太熟悉的人來說，這就是婦女、嬰兒和兒童計劃。

It's a government contract bid for infant formula that the federal government runs.

這是聯邦政府負責的嬰兒配方奶粉的政府合同投標。

Thanks, Tony.

謝謝，托尼。

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

馬特，我們可以進入下一個問題嗎？

Our next question is from David Risinger of Merrill Lynch.

我們的下一個問題來自美林證券的大衛·瑞辛格。

Your question.

你的問題。

Thanks very much.

非常感謝。

I wanted to understand one of the statements that you made in the press release.

我想了解您在新聞稿中所做的其中一項陳述。

The statement reads - It's not possible at this time reasonably to assess the outcome of these litigations.

聲明中寫道：目前無法合理評估這些訴訟的結果。

This is regarding Plavix of course.

這當然是關於波立維的。

Or if there were an adverse determination in these litigations the timing of potential generic competition.

或者，如果這些訴訟對潛在仿製藥競爭的時機做出了不利的決定。

So I'm just wondering if you're simply assuming that there would not be an at risk launch until after a lower court ruling?

所以我只是想知道你是否只是簡單地假設在下級法院做出裁決之前不會有風險發射？

And separately, there was a comment in the prepared remarks about a slowing in the antipsychotic market in the EU if you could just provide some color on why that's happening.

另外，在準備好的評論中有人評論說，歐盟抗精神病藥物市場正在放緩，如果你能提供一些解釋為什麼會發生這種情況。

Thank you.

謝謝。

Well, on -- on Plavix, we're not changing any language, David, that -- from what we've used in the past.

好吧，在 Plavix 上，大衛，我們不會改變我們過去使用的任何語言。

It's very consistent with what we said in the past and we're not making any assumptions in that language about the timing of or likelihood of an at risk generic launch, so really there's no change in what we've been saying in that language.

這與我們過去所說的非常一致，我們沒有用這種語言對有風險的仿製藥上市的時間或可能性做出任何假設，所以我們用這種語言所說的實際上沒有改變。

Lamberto?

蘭貝托？

Yes, about the slowing down of the market for antipsychotic in the EU it -- it's a very different picture country for -- by country.

是的，關於歐盟抗精神病藥物市場放緩的情況，各個國家的情況截然不同。

It is from my information I have is very visible in some of the countries like the U.K., much less in the southern European countries.

根據我掌握的信息，這種情況在英國等一些國家非常明顯，更不用說在南歐國家了。

In a situation like that, as we said before, important thing is to position your product based on its characteristics and its pluses and we are continuing to invest into identify -- into presenting the efficacy and side effect profile of Abilify as strong selling and positioning points.

在這種情況下，正如我們之前所說，重要的是根據產品的特點和優點來定位您的產品，我們將繼續投資於識別——展示 Abilify 的功效和副作用概況，作為強有力的銷售和定位點。

Okay, thanks.

好的謝謝。

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

馬特，我們可以進入下一個問題嗎？

Our next question is from Chris Schott of Banc of America.

我們的下一個問題來自美國銀行的克里斯·肖特。

Your question, please.

請提出你的問題。

Thanks.

謝謝。

Just a couple quick questions on Abilify.

關於 Abilify 的幾個簡單問題。

First in the U.S. can you just comment on the impact that Medicare Part D is going to have on your business particularly with the dual eligibles and with the rest of Abilify?

首先，在美國，您能否評論一下 Medicare D 部分將對您的業務產生的影響，特別是對雙重資格和 Abilify 的其他業務的影響？

Second on Abilify, with the share gains you're seeing for that product can you just give more color on the growth coming from schizophrenia versus some of the bi-polar indications?

其次是 Abilify，隨著您看到該產品的份額增長，您能否對精神分裂症與某些雙相情感障礙的增長給予更多的描述？

Thanks.

謝謝。

Starting with the last.

從最後一個開始。

The bi-polar indication is still at the very beginning.

雙極指示仍處於起步階段。

So we do not have -- we -- we are very pleased with -- with the results we see so far and we -- we -- we -- from the initial market with regards to data, but we -- we -- we -- we don't have a full reading yet on where we are on -- on -- on -- on the schiz -- schizophrenia and bi-polar disease.

因此，我們對迄今為止所看到的結果感到非常滿意，我們從最初的市場數據來看，但是我們——我們——我們——我們還沒有完整地了解我們對精神分裂症和雙相情感障礙的了解。

As far as the im -- the dual eligibles, first of all, for Abilify and Plavix we have reflected in our -- into our plan for 2006 what we anticipate as impact of the dual eligibles.

就im——雙重資格而言，首先，對於Abilify 和Plavix，我們已經在我們的2006 年計劃中反映了我們預期的雙重資格的影響。

And what -- what we know is that likely less than half of the Abilify patients are on Medicaid and we anticipate that approximately half of these patients are dual eligible and we'll then move or are moving into Medicare Part D. So, it's significant and important population.

我們所知道的是，可能只有不到一半的 Abilify 患者享受醫療補助，我們預計這些患者中大約一半有雙重資格，然後我們將轉移或正在轉移到醫療保險 D 部分。所以，這很重要和重要人群。

Thanks.

謝謝。

Matt, I think we have time for two more questions.

馬特，我想我們還有時間再問兩個問題。

Our next question's from Catherine Arnold of Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的凱瑟琳·阿諾德。

Your question, please.

請提出你的問題。

Can you hear me?

你能聽到我嗎？

I have two questions.

我有兩個問題。

First of all, could you clarify if a settlement were to be put on the table for Plavix throughout the litigation at any point, is that a final decision or is it be made by Sanofi or would it be by the partnership?

首先，您能否澄清一下，在整個訴訟過程中的任何時候是否會為波立維提出和解，這是最終決定還是由賽諾菲或合夥企業做出？

Secondly, if could give us update on your intentions for repatriated funds and the relative importance of product and Company acquisitions.

其次，是否可以向我們提供有關您匯回資金的意圖以及產品和公司收購的相對重要性的最新信息。

Thanks.

謝謝。

On the -- on the Plavix situation, don't have any comment on that first question.

關於波立維的情況，對第一個問題不做任何評論。

We clearly believe the patent is valid and that it's infringed and we and Sanofi are working together to vigorously defend it.

我們清楚地相信該專利是有效的並且它受到了侵犯，我們和賽諾菲正在共同努力捍衛它。

On the repatriated funds, Catherine, as we've said in the past our priority has been to bring in license from new products.

關於匯回的資金，凱瑟琳，正如我們過去所說，我們的首要任務是引進新產品的許可。

We have a strategy which visages about a third of our revenue coming from licensing compounds, and that will be our priority versus acquisitions per se.

我們有一項戰略，預計我們大約三分之一的收入來自許可化合物，這將是我們相對於收購本身的優先事項。

Thanks.

謝謝。

And Matt, our last question.

馬特，我們的最後一個問題。

Our final question comes from Bert Hazlett of Suntrust.

我們的最後一個問題來自 Suntrust 的 Bert Hazlett。

Your question, please.

請提出你的問題。

Thank you very much for taking the question.

非常感謝您提出問題。

First one is on Reyataz.

第一個是在 Reyataz 上。

You've had a very good market share gains there with the resistance profile and the low pill burden of that product.

由於該產品的耐藥性和低藥丸負擔，您在那裡獲得了非常好的市場份額。

At what point do you expect share gains to top out with that product?

您預計該產品的份額收益何時會達到頂峰？

And then back to the second part of, I think, Carl's question, could you answer maybe if someone else buys Imclone, could you give us a sense of what happens or what your expectation is that happens to -- to your -- to your agreement there with -- with Imclone?

然後回到卡爾問題的第二部分，你能否回答一下，如果其他人購買了 Imclone，你能否讓我們了解會發生什麼，或者你的期望是什麼——發生在你的——你的身上？與 Imclone 達成一致嗎？

Well, starting with Reyataz.

好吧，從雷亞塔茲開始。

We -- we believe that starting with Reyataz in the U.S. we believe that the launch in the U.S. has been very successful.

我們相信，從 Reyataz 在美國的推出開始，我們相信在美國的推出非常成功。

We have approximately 28% new prescriptions in the product inhibitor market.

我們在產品抑製劑市場上擁有大約 28% 的新處方。

We have achieved that and we are achieving this, maintaining this [Inaudible - accent] share and we believe that we can continue to grow communicating the efficacy benefits and the convenience of this product of Reyataz to the -- both the physicians and the patient community.

我們已經實現了這一目標，並且正在實現這一目標，保持這種[聽不清 - 口音]份額，我們相信我們可以繼續向醫生和患者群體傳達 Reyataz 該產品的功效優勢和便利性。

The Reyataz is also be -- been launched in all the European major markets.

Reyataz 也已在所有歐洲主要市場推出。

The update there has been a very strong, even better than a strong performance in the U.S.

那裡的更新非常強勁，甚至比美國的強勁表現還要好。

We -- the market share data indicate that this is this product , the Reyataz is already the number two product inhibitor in France, U.K. and Germany, and we have had the inclusion of our data on 96 weight efficacy in Europe which is an additional plus we consider for the product.

我們——市場份額數據表明，這就是這個產品，Reyataz 已經是法國、英國和德國排名第二的產品抑製劑，並且我們已經納入了歐洲 96 體重功效的數據，這是一個額外的優勢我們為產品考慮。

So, we are also in Europe we are pleased with the performance.

所以，我們對歐洲的表現也很滿意。

We expect to continue -- to continue to do well and we continue to see Sustiva performing well in the market at the same time.

我們期望繼續表現出色，同時我們也將繼續看到 Sustiva 在市場上表現良好。

On the Imclone question, there is no change and will be no change in our agreement if there was a change in control of Imclone.

關於 Imclone 問題，如果 Imclone 的控制權發生變化，我們的協議不會改變，也不會改變。

Okay.

好的。

Thanks everybody for your questions.

謝謝大家的提問。

Turn it over to Peter for a few closing remarks.

把它交給彼得做一些結束語。

Just very quickly, summarize on plan performance in 2005 earning per share within our range. 2006 clearly will be a transition year with the loss of Pravachol in the U.S. and France.

很快，總結一下 2005 年每股收益在我們範圍內的計劃績效。隨著 Pravachol 在美國和法國的流失，2006 年顯然將是一個過渡年。

Company's new product story continues with Orencia with the Dasatinib filing that we completed by the end of the year and we're looking for 2 -- 2007 to be -- begin a period of renewed growth in earnings per share.

公司的新產品故事繼續與 Orencia 一起，我們在今年年底完成了 Dasatinib 備案，我們預計 2007 年將開始每股收益重新增長的時期。

Thank you all for calling in.

感謝大家的來電。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes the program.

程序到此結束。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。