施貴寶 (BMY) 2013 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to today's 2013 second-quarter earnings conference call.

女士們、先生們，美好的一天，歡迎參加今天的 2013 年第二季度收益電話會議。

This call is been recorded.

此通話已被錄音。

At this time I'd like to turn the conference over to Mr. John Elicker, Senior Vice President, Investor Relations and Public Affairs.

現在我想把會議交給投資者關係和公共事務高級副總裁約翰·埃里克先生主持。

Please go ahead, sir.

請繼續，先生。

Thanks, Kathryn, and good morning, everybody.

謝謝凱瑟琳，大家早上好。

Thanks for joining us to review our second quarter results.

感謝您與我們一起回顧我們第二季度的業績。

With me this morning are Lamberto Andreotti, Chief Executive Officer; Charlie Bancroft, our Chief Financial Officer; and both Lamberto and Charlie will have prepared remarks.

今天早上與我在一起的是首席執行官蘭貝托·安德烈奧蒂 (Lamberto Andreotti)；查理·班克羅夫特，我們的首席財務官；蘭貝托和查理都會準備好發言稿。

Also joining for the Q&A portion or Francis Cuss, our Chief Scientific Officer, who formally took over on July 1; Beatrice Cazala, who's Executive Vice President of commercial Operations.

我們的首席科學官 Francis Cuss 也加入了問答環節，他於 7 月 1 日正式接任； Beatrice Cazala，商業運營執行副總裁。

Joining us from Rome is Giovanni Caforio.

喬瓦尼·卡福里奧 (Giovanni Caforio) 從羅馬加入我們。

Giovanni is been kind enough to join us from our Rome office as he's dealing with some family health issues over there.

喬瓦尼（Giovanni）非常友善地從羅馬辦事處加入我們，因為他正在那里處理一些家庭健康問題。

Before we get started let me cover off 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'll make statements about the Company's future plans and prospects that constitute forward-looking statements.

在本次電話會議中，我們將就公司的未來計劃和前景發表前瞻性聲明。

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 SEC filings.

由於各種重要因素（包括公司提交給美國證券交易委員會的文件中討論的因素），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 forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any subsequent date.

這些前瞻性陳述代表了我們截至目前的估計，不應被視為代表我們截至任何後續日期的估計。

We specifically disclaim any obligation to update forward-looking statements even if our estimates change.

即使我們的估計發生變化，我們特別不承擔更新前瞻性陳述的義務。

We'll also discussed non-GAAP financial measures adjusted to exclude certain specified items.

我們還將討論調整後的非公認會計原則財務指標，以排除某些特定項目。

Reconciliations of these non-GAAP financial measures to the most comparable get measures are available at our website BMS.com.

這些非公認會計原則財務指標與最具可比性的獲取指標的對賬可在我們的網站 BMS.com 上找到。

Lamberto?

蘭貝托？

Thank you, John.

謝謝你，約翰。

Good morning, everyone.

大家，早安。

We have just completed another very important quarter for our Company.

我們剛剛完成了公司又一個非常重要的季度。

We made good progress in R&D, including the presentation of key data and advances on the regulatory front.

我們在研發方面取得了良好進展，包括關鍵數據的呈現和監管方面的進展。

We demonstrated real strength in the performance of some our key products, namely Yervoy, Sprycel, Orencia and with our biology franchise.

我們在一些關鍵產品（即 Yervoy、Sprycel、Orencia 和我們的生物專營權）的性能方面展示了真正的實力。

With respect to Eliquis and our diabetes franchise, in some areas we did well but in some we did not get the results we wanted, and we need improvement.

就 Eliquis 和我們的糖尿病專營權而言，在某些領域我們做得很好，但在某些領域我們沒有得到我們想要的結果，我們需要改進。

All necessary actions are in place to help us realize the sales and markets share that our products can achieve.

所有必要的行動都已到位，以幫助我們實現我們的產品可以實現的銷售和市場份額。

Let me elaborate on this point.

讓我詳細說明這一點。

Clinically, the big news this quarter was the ASCO meetings, at which we presented very exciting data, demonstrated that our immuno-oncology portfolio has a very real potential to significantly change the treatment paradigm for patients with a range of cancers.

臨床上，本季度的重大新聞是 ASCO 會議，在會上我們展示了非常令人興奮的數據，證明我們的免疫腫瘤學產品組合具有顯著改變一系列癌症患者治療模式的真正潛力。

Granted we still have a lot of work to do, but the promise of our immuno-oncology work is evident and presents us with important opportunities that we are committed to invest behind.

雖然我們還有很多工作要做，但我們的免疫腫瘤學工作的前景是顯而易見的，並為我們提供了我們致力於投資的重要機會。

Yervoy is performing well in all markets and we continue to develop it in new indications.

Yervoy 在所有市場都表現良好，我們將繼續開發新的適應症。

We have seven potential registrational trials underway on nivolumab in three separate cancer types renal, lung and melanoma, and we are considering additional tumors.

我們正在進行七項潛在的納武單抗註冊試驗，用於治療腎癌、肺癌和黑色素瘤三種不同的癌症類型，並且我們正在考慮其他腫瘤。

We have other products at an earlier stage of development.

我們還有其他產品處於開發的早期階段。

Of significance is the fact that we are developing our immuno-oncology assets in both monotherapy and combination.

重要的是，我們正在開發單一療法和聯合療法的免疫腫瘤學資產。

At ASCO we presented the results of our Phase III trial combining nivolumab and Yervoy in patients with advanced melanoma, the first such clinical trial to combine them two immuno-oncology agents.

在 ASCO 上，我們展示了將納武單抗和 Yervoy 聯合治療晚期黑色素瘤患者的 III 期試驗結果，這是第一個將這兩種免疫腫瘤藥物聯合起來的臨床試驗。

Simply stated, the results of this Phase I trial were striking.

簡而言之，第一階段試驗的結果是驚人的。

We will continue, as I said, to devote significant results to our exciting immuno-oncology program.

正如我所說，我們將繼續為我們令人興奮的免疫腫瘤學項目貢獻重大成果。

Regarding Eliquis, we made progress with respect to lifecycle management.

關於 Eliquis，我們在生命週期管理方面取得了進展。

In the US we filed for VTE prevention, an indication already approved and launched in Europe and other international markets.

我們在美國申請了預防 VTE 的申請，該適應症已在歐洲和其他國際市場獲得批准並推出。

We presented the results of the amplified study of Eliquis at the ISTH congress results that speak to the strong safety and efficacy profile of Eliquis in this case for patients in VTE treatment and we plan to file later this year.

我們在 ISTH 大會上展示了 Eliquis 的放大研究結果，表明 Eliquis 在本案例中對 VTE 治療患者俱有強大的安全性和有效性，我們計劃在今年晚些時候提交文件。

Commercially, the global launch is well underway and there have been some positive indicators, especially concerning our work with cardiologist, but the results are still far from the levels that I believe Eliquis can reach thanks to its profile that it's strong and well differentiated.

在商業上，全球上市工作正在順利進行，並出現了一些積極的跡象，特別是在我們與心髒病專家的合作方面，但結果仍遠未達到我認為 Eliquis 能夠達到的水平，這要歸功於它強大且差異化的形象。

Together with Pfizer we have identified various opportunities for improvement and are intensifying our access experts in our field medical and promotional activities.

我們與輝瑞一起確定了各種改進機會，並正在加強我們的專家在我們的現場醫療和推廣活動中的能力。

Additionally, we'll be initiating our DTC campaign in the US in the third quarter.

此外，我們將於第三季度在美國啟動 DTC 活動。

Regarding diabetes, as you know we announced the top line results from our SAVOR study of Onglyza and why we will have to wait until September for a fuller analysis.

關於糖尿病，如您所知，我們公佈了 Onlyza SAVOR 研究的主要結果，以及為什麼我們必須等到 9 月份才能進行更全面的分析。

We were pleased that the drug met its primary safety objective.

我們很高興該藥物達到了其主要安全目標。

With respect to Forxiga, we have resubmitted the application with the FDA, and just this morning, perfect timing, the FDA notified us that it consider that resubmission completed and gave us a new PDUFA date of January 14, 2014.

關於 Forxiga，我們已經向 FDA 重新提交了申請，就在今天早上，恰逢時機，FDA 通知我們，它認為重新提交已完成，並為我們提供了 2014 年 1 月 14 日的新 PDUFA 日期。

We look forward to working closely with FDA in the coming months to review the filings and we are preparing for a likely advisory committee.

我們期待在未來幾個月與 FDA 密切合作來審查這些申請，並且我們正在為可能的諮詢委員會做準備。

Diabetes is an important therapeutic area for us.

糖尿病對我們來說是一個重要的治療領域。

We have a strong portfolio and increasingly more competitive and more crowded space.

我們擁有強大的產品組合以及競爭日益激烈且更加擁擠的空間。

We and AstraZeneca have made the determination to increase our commercial investments behind the drug portfolio.

我們和阿斯利康已決定增加藥物組合背後的商業投資。

Turning to the rest of our products, before the last quarter, affected by the loss of [Plavix] last year and excluding Plavix, Avapro/Avalide, we delivered solid double-digit growth last quarter.

轉向我們的其餘產品，在上個季度之前，受到去年 [Plavix] 虧損的影響，不包括 Plavix、Avapro/Avalide，我們上個季度實現了穩健的兩位數增長。

Again, I was especially pleased with the performance some of our key products, namely Yervoy, Sprycel and Orencia, products that are important to the future of Bristol-Myers Squibb.

我再次對我們的一些關鍵產品（即 Yervoy、Sprycel 和 Orencia）的性能感到特別滿意，這些產品對百時美施貴寶的未來非常重要。

Taken as a whole, I'm increasingly happy about the strength and diversity of our portfolio.

總的來說，我對我們投資組合的實力和多樣性越來越滿意。

A number of things can and will be improved but we are moving in the right direction with the right products.

許多事情都可以而且將會得到改進，但我們正在以正確的產品朝著正確的方向前進。

As you have seen we have updated our financial guidance for the year including our outlook for revenue.

正如您所看到的，我們更新了今年的財務指導，包括我們的收入前景。

The reduction is related largely to two factors.

減少主要與兩個因素有關。

Foreign exchange and the recall of Fervex, a local OTC product in France and other international markets.

外匯交易以及法國和其他國際市場本地非處方藥 Fervex 的召回。

Charlie will discuss these two factors that affect our top line.

查理將討論影響我們營收的這兩個因素。

What I want to make clear is that while we continue to look for opportunities to be more efficient across the entire organization, we are also protecting key R&D and promotional expenses as we know they are important investments for our future success.

我想明確的是，在我們繼續尋找提高整個組織效率的機會的同時，我們也在保護關鍵的研發和促銷費用，因為我們知道它們是我們未來成功的重要投資。

Again, taken as a whole, this was an important quarter for Bristol-Myers Squibb.

同樣，從整體來看，這對百時美施貴寶來說是一個重要的季度。

Our focus on balanced execution remains the right approach, focusing on driving short-term results while lay the foundation for long-term growth.

我們對平衡執行的關注仍然是正確的方法，專注於推動短期成果，同時為長期增長奠定基礎。

With that, let me turn the call over to Charlie for a closer look to some of our results.

接下來，讓我將電話轉給查理，以便更仔細地了解我們的一些結果。

Thank you.

謝謝。

Thank you, Lamberto, and good morning, everyone.

謝謝你，蘭貝托，大家早上好。

As you have seen we delivered non-GAAP EPS of $0.44 and reported double-digit sales gains in our key brand.

正如您所看到的，我們的非 GAAP 每股收益為 0.44 美元，並且我們的主要品牌的銷售額實現了兩位數的增長。

Excluding Plavix and Avapro, global sales grew 10% led by Yervoy, Sprycel and Orencia.

不包括 Plavix 和 Avapro 在內，全球銷售額增長了 10%，其中 Yervoy、Sprycel 和 Orencia 領先。

Let me provide some highlights.

讓我提供一些亮點。

Yervoy sales were $233 million an increase of 44%.

Yervoy 銷售額為 2.33 億美元，增長 44%。

Yervoy continues to post strong sales growth at positions imprace Yervoy's durable long-term survival benefit and efficacy in a broad range of patients.

Yervoy 繼續保持強勁的銷售增長，影響了 Yervoy 在廣泛患者中的持久長期生存獲益和療效。

In the US, we continue to do well in hospital setting and we are seeing strong growth with community-based oncologists.

在美國，我們在醫院環境中繼續表現出色，並且我們看到社區腫瘤科醫生的強勁增長。

Yervoy also completed its best quarter in Europe and had a strong quarter in South America and Australia as well.

Yervoy 還完成了歐洲最好的季度，並且在南美和澳大利亞也有強勁的季度表現。

You may recall that during Q1 there was a $25 million returns reversal in our reported Yervoy sales.

您可能還記得，在第一季度，我們報告的 Yervoy 銷售額出現了 2500 萬美元的退貨逆轉。

Orencia sales increased 21% to $352 million.

Orencia 銷售額增長 21%，達到 3.52 億美元。

We continue to see strong growth in Orencia's share of biologic-naive patients as we expand access, reimbursement and promotion for Orencia subQ.

隨著我們擴大 Orencia subQ 的使用、報銷和促銷範圍，我們繼續看到 Orencia 在未接受過生物製劑治療的患者中所佔的份額強勁增長。

While sales of the IV and subQ formulations are both growing, subQ continues to set the pace and now represents nearly 30% of all Orencia sales.

雖然 IV 和 subQ 製劑的銷量都在增長，但 subQ 繼續引領潮流，目前佔 Orencia 總銷量的近 30%。

By early fall, we plan to launch Orencia subQ in seven additional markets in Europe, where new guidelines announced last month at EULAR recommend Orencia as a first-line biologic for patients with rheumatoid arthritis.

到初秋，我們計劃在歐洲的另外七個市場推出 Orencia subQ，上個月在 EULAR 上宣布的新指南推薦 Orencia 作為類風濕關節炎患者的一線生物製劑。

Sprycel grew 28% to $312 million.

Sprycel 增長 28%，達到 3.12 億美元。

First-line trial and usage of Sprycel continues to grow in all markets, especially among physicians who traditionally select a first generation TKI for patients with CML.

Sprycel 的一線試驗和使用在所有市場中持續增長，特別是在傳統上為 CML 患者選擇第一代 TKI 的醫生中。

We also continue to educate prescribers about the revised NCCN guidelines, which encourage switching earlier at three months if treatment milestones have not been met.

我們還繼續向處方者提供有關修訂後的 NCCN 指南的教育，該指南鼓勵在未達到治療里程碑的情況下在三個月內儘早轉換。

Sales of Eliquis were $12 million during the quarter.

Eliquis 該季度的銷售額為 1200 萬美元。

While the initial launch has been a bit slower than we anticipated, we and Pfizer are aligned in the continued believe that Eliquis will be the leading new agent in this market over time.

雖然最初的推出比我們預期的要慢一些，但我們和輝瑞一致認為，隨著時間的推移，Eliquis 將成為該市場領先的新藥。

As Lamberto mentioned, there are areas in which we had a good start, particularly in cardiology.

正如蘭貝托提到的，我們在某些​​領域有良好的開端，特別是在心髒病學領域。

But, we clearly have identified areas for improvement to ensure the differentiated profile of Eliquis is recognized by physicians and patients.

但是，我們顯然已經確定了需要改進的領域，以確保 Eliquis 的差異化特徵得到醫生和患者的認可。

In order to help Eliquis gain momentum in the US, we will be increasing our medical education activities with physicians in key territories.

為了幫助 Eliquis 在美國取得發展勢頭，我們將在關鍵地區加強與醫生的醫學教育活動。

We also will be launching a DVT campaign during the third quarter.

我們還將在第三季度發起 DVT 活動。

Outside the US we plan to launch Eliquis in nine additional countries by year end.

在美國以外，我們計劃年底前在另外九個國家推出 Eliquis。

Our diabetes portfolio had sales of our $415 million in the quarter.

我們的糖尿病產品組合本季度的銷售額為 4.15 億美元。

Clearly the diabetes market has become increasingly competitive and we, along with our partner AstraZeneca, recognize the need to adequately resource this business and execute better to drive growth and therefore plan to increase our commercial investment in a second half of the year.

顯然，糖尿病市場的競爭日益激烈，我們與我們的合作夥伴阿斯利康認識到需要為該業務提供充足的資源並更好地執行以推動增長，因此計劃在今年下半年增加我們的商業投資。

Sales for the Onglyza franchise were up 40% this includes a favorable impact from a $26 million returns reversal in US.

Onlyza 特許經營權的銷售額增長了 40%，其中包括美國 2600 萬美元退貨逆轉帶來的有利影響。

As you'll recall there was a significant change in formulary status at Caremark late last year.

您可能還記得去年年底 Caremark 的處方狀態發生了重大變化。

We believe we are seeing signs of stabilization and franchise performance as our TRx share grew slightly, excluding the Caremark impact.

我們相信，隨著我們的 TRx 份額略有增長（不包括 Caremark 的影響），我們看到了穩定和特許經營業績的跡象。

For Bydureon and Byetta, Q2 was the first quarter in which had full commercial control of the exenatide franchise on a worldwide basis, having taken over the international market on April 1. Bydureon had a good quarter as sales in the US were up 10% sequentially.

對於 Bydureon 和 Byetta 來說，第二季度是在全球範圍內對艾塞那肽特許經營權擁有完全商業控制的第一個季度，並於 4 月 1 日占領了國際市場。Bydureon 的季度表現良好，美國銷售額環比增長 10% 。

With AstraZeneca, we will be increasing our resources behind Bydureon.

與阿斯利康合作，我們將增加 Bydureon 背後的資源。

For Byette, we will focus our promotional effort in combination with long-acting insulin.

對於百耶特來說，我們將把推廣工作重點與長效胰島素結合起來。

We are in the process of launching Forxiga in Europe and as Lamberto mentioned, the FDA just accepted a revelatory resubmission in the US.

我們正在歐洲推出 Forxiga，正如 Lamberto 提到的， FDA 剛剛在美國接受了一份啟示性的重新提交。

We also posted solid gains in our global HIV and hepatitis B franchises with sales totaling $1.2 billion in the quarter.

我們的全球艾滋病毒和乙型肝炎特許經營權也取得了穩健的增長，本季度銷售額總計 12 億美元。

Reyataz global sales were $431 million, a gain of more than 6%, driven in part by the timing of tenders in Brazil.

Reyataz 全球銷售額為 4.31 億美元，增長超過 6%，部分原因是巴西的招標時機。

Sales of Atripla and Sustiva also row 6% to $411 million.

Atripla 和 Sustiva 的銷售額也增長 6%，達到 4.11 億美元。

Atripla remains the number one single-tablet regimen.

Atripla 仍然是排名第一的單片療法。

I also want to address a recall we undertook during the second quarter for three of our mature brands outside the US, which together had 2012 full-year sales of approximately $100 million.

我還想談談我們在第二季度對美國以外的三個成熟品牌進行的召回，這三個品牌 2012 年全年銷售額合計約為 1 億美元。

The largest of these brands is Fervex, an OTC product for cold and flu symptoms.

這些品牌中最大的是 Fervex，這是一種治療感冒和流感症狀的非處方藥產品。

This was a voluntary recall based on quality concerns from the third-party supplier and there have been no product complaints or reported adverse health events.

這是基於第三方供應商質量問題的自願召回，沒有產品投訴或不良健康事件的報告。

In Q2 the estimated pretax impact of this recall was about $54 million or $0.02 per share.

第二季度，此次召回的稅前影響預計約為 5400 萬美元，即每股 0.02 美元。

This includes an inventory write-off, sales returns and estimated lost sales.

這包括庫存沖銷、銷售退貨和估計銷售損失。

We are pursuing several options to get the product back on the market, which we don't expect to occur until sometime in 2014.

我們正在尋求多種選擇來讓產品重新投放市場，我們預計要到 2014 年的某個時候才會出現。

With that assumption, we estimate an additional $30 million pretax impact during the second half of 2013.

根據這一假設，我們估計 2013 年下半年將產生 3,000 萬美元的額外稅前影響。

Now, let me highlight two line items from the rest of our P&L.

現在，讓我重點介紹損益表其餘部分中的兩個項目。

I will focus my remarks on our non-GAAP results.

我的評論將重點關注我們的非公認會計準則業績。

As John mentioned, reconciliations to our GAAP results or available on our press release and on our website.

正如約翰提到的，我們的 GAAP 結果的調節或可在我們的新聞稿和我們的網站上找到。

First, I want to comment on other income and expense, a line item we do not usually discuss.

首先，我想評論一下其他收入和支出，這是我們通常不討論的項目。

Prior to the restructuring of our agreement with Sanofi at the beginning of this year, we have reported royalties from certain international markets in this line.

在今年年初與賽諾菲重組協議之前，我們已經報告了該產品線某些國際市場的特許權使用費。

Following the restructuring, any royalties from these markets are recorded as revenue.

重組後，來自這些市場的任何特許權使用費均記錄為收入。

The impact to other income and expense this quarter is roughly $40 million.

本季度對其他收入和支出的影響約為 4000 萬美元。

Secondly, our non-GAAP tax rate was 13.8% during the quarter, primarily driven by favorable earnings mix and an adjustment to a reserve associated with the legal entity restructuring we did late last year.

其次，本季度我們的非公認會計原則稅率為 13.8%，這主要是由於有利的盈利組合以及與我們去年年底進行的法人實體重組相關的準備金調整所致。

Finally, regarding guidance, we are revising our full-year 2013, non-GAAP EPS guidance range to $1.70 to $1.78.

最後，關於指導，我們將 2013 年全年非 GAAP 每股收益指導範圍修改為 1.70 美元至 1.78 美元。

We are also making the following line item revisions.

我們還對以下行項目進行了修訂。

2013 sales are expected to be between $16 billion and $16.5 billion.

2013 年銷售額預計在 160 億美元至 165 億美元之間。

In addition to the recall that I discussed earlier, foreign exchange is having a significant impact on our sales, particularly the Japanese yen.

除了我之前討論過的回憶之外，外匯對我們的銷售產生了重大影響，特別是日元。

At current rates we estimate that sales will be negatively impacted by approximately $180 million as compared to our original expectations.

按照目前的速度，我們估計銷售額將比我們最初的預期受到約 1.8 億美元的負面影響。

Gross margin is now expected to be approximately 73% primarily driven by product mix.

目前預計毛利率約為 73%，主要由產品組合推動。

A&P is now expected to increase in the mid single-digit range.

現在預計 A&P 將增長在個位數中間。

While we are increasing resources behind certain growth bands, we have been more efficient with some of our mature product spend.

雖然我們正在增加某些增長帶背後的資源，但我們在一些成熟產品方面的支出更加高效。

Finally, our full-year effective tax rate is now expected to be approximately 15%.

最後，我們的全年有效稅率目前預計約為 15%。

At this time we would be happy to answer your questions.

此時我們很樂意回答您的問題。

Kathryn, I think we are ready to go to the Q&A portion and I would just remind people that in addition to Lamberto and Charlie we have Beatrice, Francis and Giovanni here to take any questions that you might have.

凱瑟琳，我想我們已經準備好進入問答部分了，我只想提醒大家，除了蘭貝托和查理之外，我們還有比阿特麗斯、弗朗西斯和喬瓦尼在這裡回答你們可能有的任何問題。

Kathryn?

凱瑟琳？

(Operator Instructions)

（操作員說明）

Greg Gilbert, Bank of America.

格雷格·吉爾伯特，美國銀行。

I was curious when we'll see any new data on nivolumab in any tumor type?

我很好奇我們什麼時候會看到有關納武單抗治療任何腫瘤類型的新數據？

Also some commentary on Eliquis and maybe some specifics around what you're doing their to get the product going other than access related issues?

還有一些關於 Eliquis 的評論，也許還有一些關於除了訪問相關問題之外您正在做什麼以使產品正常運行的具體細節？

Thanks.

謝謝。

Thank you.

謝謝。

This gives me the opportunity of saying a couple of additional things about nivolumab, then Francis will continue with more specific answer to your question.

這讓我有機會對納武單抗說一些額外的事情，然後弗朗西斯將繼續更具體地回答你的問題。

I want to confirm that we are aggressively invest in this immuno-oncology portfolio that we have.

我想確認的是，我們正在積極投資我們擁有的免疫腫瘤學產品組合。

Nivolumab is clearly an important component of this portfolio that we started to build with Yervoy.

納武單抗顯然是我們與 Yervoy 開始構建的這個產品組合的重要組成部分。

We believe that based on the data we presented at ASCO, I believe in the transformational potential of immuno-oncology and we feel good about our leadership in this area.

我們相信，根據我們在 ASCO 上提供的數據，我相信免疫腫瘤學的變革潛力，並且我們對我們在該領域的領導地位感到滿意。

Others are working also in this area.

其他人也在這一領域開展工作。

Other companies are working also in this area, but we are committed to remain the forefront through program that is science driven, diversified and an active resource.

其他公司也在這一領域開展工作，但我們致力於通過科學驅動、多元化和活躍資源的計劃保持領先地位。

Now, let's go back to PD-1 and Greg's question over disclosure of data.

現在，讓我們回到 PD-1 和 Greg 關於數據披露的問題。

Thank you, Greg.

謝謝你，格雷格。

We are very encouraged by the progress of both our Phase 3 and early trials and we expect to get data from our ongoing Phase 2 study in third-line squamous non-small-cell lung early in 2014.

我們對 3 期試驗和早期試驗的進展感到非常鼓舞，我們預計將於 2014 年初從正在進行的三線鱗狀非小細胞肺 2 期研究中獲得數據。

Depending on the results of that -- and our discussions with the regulators, that may lead to a submission and obviously an opportunity to present that at ASCO.

根據結果以及我們與監管機構的討論，這可能會導致提交，並且顯然有機會在 ASCO 上展示該內容。

In addition, we have combination data from nivolumab and Yervoy ongoing in renal cell carcinoma and non-small-cell lung.

此外，我們還有納武單抗和 Yervoy 聯合治療腎細胞癌和非小細胞肺癌的數據。

This is a 1b study and we will be seeing in-house that data before the end of the year.

這是一項 1b 研究，我們將在今年年底之前看到內部數據。

That will help us determine how to go forward with further studies in that combination.

這將幫助我們確定如何繼續進行該組合的進一步研究。

Again, this will be presented at ASCO next year.

同樣，這將在明年的 ASCO 上展示。

Thanks.

謝謝。

Yes, Giovanni, I think not unexpected question on the Eliquis actions is yours to answer, but let me just say before you do that, Giovanni, that I personally, my entire management team, our colleagues at Pfizer are convinced that a clinical profile of Eliquis is unique and differentiated.

是的，喬瓦尼，我認為您要回答有關 Eliquis 行動的問題，這並不出人意料，但在您這樣做之前，喬瓦尼，我個人、我的整個管理團隊、我們在輝瑞的同事都相信，臨床概況Eliquis 是獨一無二且與眾不同的。

We are the only agent with the priority claims such as warfarin in the three key outcomes of stroke and systemic embolism, and major bleeding, and also its mortality.

我們是唯一一家在中風和全身性栓塞、大出血及其死亡率這三個關鍵結局方面擁有華法林等優先權的藥物。

The other two new agents cannot make the same triple-superiority claim.

另外兩名新代理人無法提出同樣的三重優勢主張。

We have things to do.

我們有事情要做。

We are convinced that a new supported actions we identified together with Pfizer will deliver results.

我們相信，我們與輝瑞共同確定的新支持行動將取得成果。

We continue to believe, I personally continue to believe and everybody here continues to believe, that Eliquis will be the leading new agent over time.

我們繼續相信，我個人繼續相信，這裡的每個人都繼續相信，隨著時間的推移，Eliquis 將成為領先的新藥。

Giovanni, why don't you go into the specifics of the actions?

喬瓦尼，你為什麼不詳細談談行動的細節呢？

Yes, thank you.

是的，謝謝。

Good morning.

早上好。

I would say following up to what Lamberto just said, there are really four areas in which we are focusing.

我想說的是，根據蘭貝托剛才所說，我們確實關註四個領域。

I will touch on this very briefly.

我將非常簡短地談一下這一點。

We had really good access early in launch with a large percentage of lives covered in both commercial and Medicare.

我們在推出之初就獲得了非常好的服務，商業和醫療保險都覆蓋了很大一部分人的生命。

The focus now for the second part of the year is actually increasing, preferred status coverage in both areas, and clearly as you know, in Medicare that is very important.

今年下半年的重點實際上是增加這兩個領域的優先身份覆蓋範圍，正如您所知，顯然，在醫療保險領域，這非常重要。

The second point is with the hospital, formula relisting and stocking.

第二點是與醫院、配方奶粉重新上市和備貨。

We had somewhat of a slow start there.

我們在那裡起步有些緩慢。

We are now back on track, but clearly in the second part of the year we will be working very actively to fully close that gap.

我們現在已回到正軌，但顯然在今年下半年，我們將非常積極地努力完全縮小這一差距。

The third one is penetration in cardiology, as Lamberto mentioned, we actually have had good initial uptake in cardiology.

第三個是心髒病學的滲透，正如蘭貝托提到的，我們實際上對心髒病學有了很好的初步了解。

When you look at new-to-brand share, in NBRx share we are at roughly 15% at this point in cardiology, which is in line with Pradaxa and when you look at our switch share in cardiology, is above 20% a significant gain off Pradaxa.

當您查看新品牌份額時，在 NBRx 份額中，我們目前在心髒病學領域的份額約為 15%，這與 Pradaxa 一致；當您查看我們在心髒病學領域的轉換份額時，我們的份額已超過 20%，這是一個顯著的增長離開普拉達薩。

We have clearly seen that physicians that are exposed to the full data set find that profile to be very compelling.

我們清楚地看到，接觸過完整數據集的醫生髮現該資料非常引人注目。

So, in a second part of the year we are planning a significant increase in the number of promotional medical education events and peer-to-peer interactions with physicians through the medical organization.

因此，在今年下半年，我們計劃大幅增加醫學教育推廣活動的數量以及通過醫療組織與醫生進行點對點互動的數量。

Finally, as was mentioned before, we will be starting a DTC campaign in Q3 and those are really the four areas we are focusing on.

最後，正如之前提到的，我們將在第三季度啟動 DTC 活動，這些確實是我們重點關注的四個領域。

Thanks, Greg, for the questions.

謝謝格雷格提出的問題。

Katherine, can you go to the next one?

凱瑟琳，你可以轉到下一篇嗎？

Jami Ruben, Goldman Sachs.

賈米·魯本，高盛。

Just a couple of follow ups.

只是幾個後續行動。

The $12 million in sales that were recorded is quarter for Eliquis.

Eliquis 季度銷售額為 1200 萬美元。

Just was wondering, they don't seem to match with the prescription trends that we've seen during the second quarter, and not that we think the trends have been so spectacular but there does seem to be a disconnect.

只是想知道，它們似乎與我們在第二季度看到的處方趨勢不符，並不是說我們認為趨勢如此引人注目，但似乎確實存在脫節。

Where there scripts that were not filled, returned?

哪裡有未填寫的腳本被退回？

Just trying to understand that.

只是想了解這一點。

Francis, if you could elaborate a bit more on PD-1?

Francis，您能詳細說明一下 PD-1 嗎？

Just curious to know, post ASCO, did you see a bump at all in enrollment?

只是想知道，在 ASCO 之後，您是否看到入學人數有所增加？

Just curious to know how enrollment is going with your trials?

只是想知道您的試驗招募情況如何？

Also interested in what trials have you started with other immuno check points in combination with PD-1 outside the three tumors you've already studied?

還想知道在您已經研究的三種腫瘤之外，您還開始了哪些其他免疫檢查點與 PD-1 聯合的試驗？

Thanks.

謝謝。

Giovanni, do you want to answer the question on prescriptions and sales of Eliquis?

Giovanni，您想回答有關 Eliquis 的處方和銷售的問題嗎？

Yes, in the US only, demand sales in the quarter were $16 million.

是的，僅在美國，該季度的需求銷售額為 1600 萬美元。

So, the $12 million really relates to a work down in the initial inventory, which was built in Q1 when we started distribution of the products.

因此，這 1200 萬美元實際上與初始庫存的減少有關，該庫存是在我們開始分銷產品時在第一季度建立的。

The demand in the quarter for the US market was $16 million.

該季度美國市場的需求為1600萬美元。

In terms of abandonment and rejection rates, we are doing quite well.

在放棄率和拒絕率方面，我們做得很好。

It is in line with our forecast because our reimbursement support programs are working quite effectively.

這與我們的預測一致，因為我們的報銷支持計劃運行得相當有效。

Jami, thank you.

賈米，謝謝你。

We've had no difficulty at all recruiting.

我們在招聘方面沒有遇到任何困難。

What has bumped up after ASCO is obviously the combination studies we have ongoing.

ASCO 之後的進展顯然是我們正在進行的聯合研究。

Actually, request for many different other tumors in a compassionate use approach.

實際上，需要以富有同情心的方式治療許多其他腫瘤。

There's a lot of interest.

有很多興趣。

In terms of other tumors and other combinations, I'd say we are looking already at habitat cell carcinoma and hematologic malignancies with nivolumab.

就其他腫瘤和其他組合而言，我想說我們已經在用納武單抗研究棲息地細胞癌和血液惡性腫瘤。

We plan to start very soon a clinical program exploring both monotherapy and the nivolumab-Yervoy combination in a number of additional tumor types, particularly those with higher MET needs such as head and neck, glioblastoma, colon cancer with high micro satellite instability, pancreatic, gastric small-cell lung, triple-negative breast.

我們計劃很快啟動一項臨床計劃，探索單藥療法和納武單抗-Yervoy 聯合療法治療多種其他腫瘤類型，特別是那些 MET 需求較高的腫瘤類型，如頭頸癌、膠質母細胞瘤、具有高度微衛星不穩定性的結腸癌、胰腺癌、胃小細胞肺，三陰性乳腺癌。

The whole combination of studies, which I think will inform us about where we will see both from monotherapy and combination, where we go next.

我認為整個研究的結合將告訴我們從單一療法和聯合療法中我們將看到什麼，我們下一步將走向何方。

Thank you.

謝謝。

Thanks, Jami.

謝謝，賈米。

Katherine, next question please.

凱瑟琳，請下一個問題。

Andrew Baum, Citi.

安德魯·鮑姆，花旗銀行。

Three questions if I could?

三個問題可以嗎？

The years of nivolumab data you presented at ASCO was remarkable as much for its safety as its efficacy.

您在 ASCO 上展示的多年來的納武單抗數據因其安全性和有效性而引人注目。

Should we expect, within the non-small-cell combination cohort from the Phase B you're going to present a slightly less tracid picture in terms of safety given some of these patients presumably had radiotherapy, just in fear of the combination impact on unitus risk?

我們是否應該預期，在 B 期的非小細胞聯合治療隊列中，考慮到其中一些患者可能接受了放射治療，您將在安全性方面呈現出稍微不太安全的情況，只是擔心聯合治療對單位的影響風險？

Second, there is a lot of excitement to that lags three as a target.

其次，落後三分作為目標令人興奮。

You have identified that within your portfolio as one of high interest, and yet it still hasn't entered the clinic.

您已將其確定為您的投資組合中最受關注的產品之一，但尚未進入診所。

Is there any problem here with anti-therapy using antibodies to explain delay?

用抗體來解釋延遲的抗治療有什麼問題嗎？

Finally, if you could comment on the forthcoming ruling from IQWiG in relation to AMNOG and Onglyza/Kombiglyze?

最後，您能否對 IQWiG 即將做出的與 AMNOG 和 Onglyza/Kombiglyze 相關的裁決發表評論？

What are your expectations there with regard to pricing both these agents?

您對這兩個代理商的定價有何期望？

Thank you.

謝謝。

Andrew, let me start with the non-small lung combination.

安德魯，讓我從非小肺組合開始。

As I just mentioned, we are ongoing with a 1b study.

正如我剛才提到的，我們正在進行 1b 研究。

We are obviously looking carefully at safety and efficacy.

顯然我們正在仔細研究安全性和有效性。

We have that data in-house towards the end of the beginning of next year.

到明年初年底，我們內部就有了這些數據。

Obviously, we are also looking at monotherapy and so we've got a couple of options here, of course those are in Phase 3. As far as LAG-3 is concerned, as you say we are very excited about LAG-3.

顯然，我們也在考慮單一療法，所以我們這裡有幾個選擇，當然這些都處於第 3 階段。就 LAG-3 而言，正如你所說，我們對 LAG-3 感到非常興奮。

There's no particular delay.

沒有什麼特別的延遲。

We're due to go in to the clinic before the end of the year.

我們計劃在今年年底之前去診所。

Of course, the exciting about this, this is an area of interest around exhausted T-cells, which of course is NEVO, Yervoy and of course LAG-3 fit together very well.

當然，令人興奮的是，這是一個圍繞耗盡 T 細胞的有趣領域，當然 NEVO、Yervoy 和 LAG-3 非常適合在一起。

There's no delay.

沒有延遲。

We are very excited to get it.

我們很高興得到它。

Beatrice, we more from the excitement of science still, the reality of Germany.

比阿特麗斯，我們更多的是來自科學的興奮，還有德國的現實。

Okay, for everybody, just to remind you quickly what the process is in Germany now.

好的，對於大家來說，只是快速提醒一下您現在德國的流程是怎樣的。

We have a process called AMNOG, which is a three-step process.

我們有一個名為 AMNOG 的流程，該流程分為三步。

You first have IQWiG assess your product.

首先讓 IQWiG 評估您的產品。

They come up with a ruling.

他們做出了裁決。

This ruling is not binding, it is an advise to the GBA, which is a savant of people directly looking at the product.

該裁決不具有約束力，它是對 GBA 的建議，GBA 是直接關注產品的專家。

They come up with a ruling there, and then you start your negotiation with the sick fund.

他們在那裡做出裁決，然後你開始與生病的基金進行談判。

So, it is a lengthy process going over a period of time which usually last about a year.

因此，這是一個漫長的過程，通常需要一年左右的時間。

At this stage, we were the first company going through an assessment for DPP-4.

在這個階段，我們是第一家接受 DPP-4 評估的公司。

Actually it was Kombiglyze.

事實上，這是Kombiglyze。

Kombiglyze was assessed through IQWiG and is also now in our fifth month with GBA.

Kombiglyze 通過 IQWiG 進行了評估，目前我們在 GBA 的工作已經進入第五個月了。

Those two to first steps have been completed for Kombiglyze.

Kombiglyze 已經完成了這兩個第一步。

Actually, there was a difference in the ruling between the IQWiG, which gave us no added benefit and the GBA which confirmed the thing that was additional benefit.

事實上，IQWiG 和 GBA 之間的裁決是有區別的，IQWiG 沒有給我們帶來額外的好處，而 GBA 則確認了額外的好處。

Now, we will answer in the negotiation from (inaudible) for Kombiglyze and we cannot comment further on this part.

現在，我們將在（聽不清）Kombiglyze 的談判中做出答复，我們無法對此部分進行進一步評論。

As it pertain now to the oral class of DPP-4 in parallel the process as started for the improvation.

由於現在涉及 DPP-4 的口服類，因此改進過程同時開始。

So IQWiG first and the GBA.

所以 IQWiG 首先是 GBA。

So, the GBA assessment is going to start.

那麼，GBA評估即將開始。

What we have in our hands is ruling, a few weeks ago, the ruling of IQWiG on the oral category.

我們手中掌握的是幾週前 IQWiG 對口頭類別的裁決。

And it included the decision on Onglyza one, not the Kombiglyze.

其中包括對 Onglyza 號的決定，而不是對 Kombiglyze 號的決定。

We are now expecting to see the GBA ruling and then we will go into the sick fund negotiation.

我們現在期待看到大灣區的裁決，然後我們將進入疾病基金談判。

It will be premature now to discuss what pricing will come out of that.

現在討論由此產生的定價還為時過早。

What we know however is that there is a chance to be able to argue with benefit of zotrafare and the importance of those DPP-4 in the treatment of diabetes with very good efficacy and safety.

然而我們知道的是，我們有機會爭論 zotrafare 的益處以及 DPP-4 在糖尿病治療中的重要性，具有非常好的療效和安全性。

So this is happening and we are looking forward to continue the discussion with the GBA and then the sick fund.

因此，這種情況正在發生，我們期待繼續與 GBA 以及疾病基金進行討論。

Thanks, Andrew.

謝謝，安德魯。

Katherine, can we go to the next question please?

凱瑟琳，我們可以進入下一個問題嗎？

Tim Anderson, Sanford Bernstein.

蒂姆·安德森，桑福德·伯恩斯坦。

A couple of questions.

有幾個問題。

Yervoy, can you talk about your level of enthusiasm for the upcoming Phase 3 prostate cancer data because that's just around the corner?

Yervoy，您能談談您對即將到來的前列腺癌 3 期數據的熱情程度嗎？因為它即將到來？

Can you talk about the commercial opportunity for that indication in terms of how the trial was designed and also in terms of the current competitive landscape?

您能否從試驗的設計方式以及當前的競爭格局方面談談該適應症的商業機會？

Then on PD-1, I know you guys are likely to push into additional combination trials with PD-1 and Yervoy.

然後在 PD-1 上，我知道你們可能會推進 PD-1 和 Yervoy 的額外組合試驗。

How much do you are outside advisors and folks internally think that the initial combo data in melanoma foretells that you'll have success in other tumor types, just based on what you know about things like tumor biology?

外部顧問和內部人士認為，僅根據您對腫瘤生物學等知識的了解，黑色素瘤的初始組合數據預示您將在其他腫瘤類型中取得成功，您對此有多少看法？

Let me start, Tim, with the Yervoy.

蒂姆，讓我從耶沃伊開始。

As you know we have a life cycle management program with Yervoy.

如您所知，我們與 Yervoy 制定了生命週期管理計劃。

There are two prostate cancer studies ongoing.

有兩項前列腺癌研究正在進行中。

One, which as you say will be presenting later in the year, is in more advanced cancer.

正如您所說，其中一個將在今年晚些時候提出，是針對更晚期的癌症。

I think where modestly enthusiastic about that in the sense this is a very heavily treated group.

我認為，從某種意義上說，這是一個受到非常嚴格對待的群體，對此抱有適度的熱情。

We have another ongoing study, which will be in earlier lines, which we believe when we have those results we will take the two together and have an idea of the value there.

我們還有另一項正在進行的研究，該研究將在早期進行，我們相信當我們得到這些結果時，我們會將兩者結合起來並了解其中的價值。

Just talking about PD-1 for a moment.

暫時談一下PD-1。

I think there are two ways to look at the combination trials.

我認為有兩種方法來看待組合試驗。

Obviously, in advanced melanoma the results are pretty extraordinary.

顯然，在晚期黑色素瘤中，結果非常出色。

Clearly, that does provide some evidence for the opportunity for increased response rates, but the other way to look at this might be that in certain tumors where traditionally immuno therapy hasn't had any effect the combination might actually have some effect, particularly in those with a lot of unmet need.

顯然，這確實為提高反應率的機會提供了一些證據，但另一種看待這一問題的方法可能是，在傳統免疫療法沒有任何效果的某些腫瘤中，聯合療法實際上可能會產生一些效果，特別是在那些腫瘤中。有很多未滿足的需求。

We are being encouraged to look very broadly to signal detection work and then go on from there.

我們被鼓勵廣泛關注信號檢測工作，然後從那裡繼續下去。

We are hopeful, but we have as yet to get a lot of the data but will do over the next 12 months.

我們充滿希望，但我們尚未獲得大量數據，但將在未來 12 個月內獲得。

Tim, I think we will discuss the commercial aspects of Yervoy in prostate once we have both trials and we have analyzed them.

蒂姆，我認為一旦我們進行了這兩項試驗並對其進行了分析，我們就會討論 Yervoy 在前列腺中的商業方面。

Thank you, Tim.

謝謝你，蒂姆。

Katherine, can we go to the next question please?

凱瑟琳，我們可以進入下一個問題嗎？

Seamus Fernandez, Leerink.

謝默斯·費爾南德斯，萊林克。

Just a few questions on dapagliflozin.

關於達格列淨的幾個問題。

First off, on dapagliflozin, can you talk a little bit about the reason for an advisory committee?

首先，關於達格列淨，您能談談設立諮詢委員會的原因嗎？

Specifically, you mentioned that that likely was going to be discussed.

具體來說，您提到這可能會被討論。

Can you give us a little bit of a flavor of what as been changed or improved meaningfully with the new filing versus some of the questions that have been raised by FDA historically?

您能否向我們介紹一下新申請對 FDA 歷史上提出的一些問題進行了哪些有意義的改變或改進？

Then separately, as we think about the investment that you are talking about both behind the primary care franchises and also the investment behind the immuno-oncology portfolio.

然後，當我們分別考慮您所談論的初級保健特許經營權背後的投資以及免疫腫瘤學投資組合背後的投資時。

Obviously, this is going to be likely pretty costly, you hopefully will also have launch of dapagliflozin next year.

顯然，這可能會相當昂貴，您希望明年也能推出達格列淨。

How should we be thinking about your ability to manage the cost structure relative to the longer-term opportunity?

我們應該如何考慮您管理相對於長期機會的成本結構的能力？

Thanks a lot.

多謝。

Seamus, thank you.

西莫，謝謝你。

The dapa data we are submitting significantly enhances the information we provided in our first submission.

我們提交的 dapa 數據顯著增強了我們在第一次提交時提供的信息。

In addition answers many of the questions raised by the FDA as part of the -- I should say all the questions raised by the FDA as part of their complete response letter.

此外，還回答了 FDA 提出的許多問題，作為其完整回复信的一部分——我應該說，FDA 提出的所有問題都作為其完整回复信的一部分。

Part of the reason for the Ad Comm is that the original Ad Comm, as you recall there was a vote not to approve this.

設立廣告委員會的部分原因是，正如您所記得的那樣，最初的廣告委員會投票不批准這一點。

So, the FDA felt it was important to come back and for us to present our broader portfolio of information now and for the advisory committee to abide.

因此，FDA 認為有必要回來，讓我們現在提供更廣泛的信息組合，並讓諮詢委員會遵守。

As part of that resubmission just to say we will have a couple of studies on CD risk, which are now two years in.

作為重新提交的一部分，我們將進行幾項關於 CD 風險的研究，這些研究已經進行了兩年。

Those are in patients with a history of CD disease to our diabetic and two new studies, which weren't in the original dossier, specifically studying blood pressure and glycemic control in diabetic patients.

這些患者是有 CD 病史的糖尿病患者，還有兩項新研究，這些研究不在原始檔案中，專門研究糖尿病患者的血壓和血糖控制。

As you heard earlier, we now have due for date of early January.

正如您之前聽說的，我們現在的截止日期是一月初。

We're preparing for the advisory committee with the hope of getting approval then.

我們正在籌備成立諮詢委員會，希望屆時能夠獲得批准。

About the investments, Charlie will give you details here.

關於投資，查理將在這里為您提供詳細信息。

First of all, it is a great problem to have, because when you have multiple assets behind which you can invest that means that you have a good pipeline and a good portfolio and I feel very good about it.

首先，這是一個很大的問題，因為當你擁有多種可以投資的資產時，這意味著你擁有良好的管道和良好的投資組合，我對此感覺非常好。

As for that, yes, we have a lot of investment that are needed to support that pipeline and that portfolio.

就這一點而言，是的，我們需要大量投資來支持該管道和投資組合。

To think about 2015 when we were looking and we were preparing for the revision of the guidance, we obviously looked at expenses and when we were facing the Fervex recall and the foreign exchange, we considered whether we had to cut expenses significantly.

想想2015年，當我們在尋找並準備修訂指南時，我們顯然會考慮費用，而當我們面臨Fervex召回和外匯時，我們考慮是否必須大幅削減費用。

We decided not go beyond looking for efficiencies because we believe we need to support the portfolio, the launches and the pipeline we have.

我們決定不超越尋求效率，因為我們相信我們需要支持我們擁有的產品組合、發布和渠道。

Charlie?

查理？

Thanks, Lamberto.

謝謝，蘭貝托。

I would just say as general premise, given our legacy and heritage of productivity, we will continue to drive efficiencies throughout our P&L as part of our everyday business.

我想說的是，作為一般前提，鑑於我們的傳統和生產力傳統，我們將繼續提高整個損益表的效率，作為我們日常業務的一部分。

Having said that, we need to balance the short term and long term as we build a solid foundation for sustained long-term growth.

話雖如此，我們需要平衡短期和長期，為持續的長期增長奠定堅實的基礎。

As Lamberto mentioned, we have a lot of very unique opportunities in front of us.

正如蘭貝托提到的，我們面前有很多非常獨特的機會。

Let me frame it by saying, if I look at the portfolio, we have taken out almost Abilify expenses.

讓我這樣說吧，如果我看看投資組合，我們幾乎已經扣除了 Abilify 的費用。

As I think about 2013, as we've transferred most commercial responsibilities to Otsuka, and we've also optimized are mature brands and inline brands, although we continue to look for efficiencies there.

我認為2013年，我們已經將大部分商業責任轉移給大塚，並且我們還優化了成熟品牌和內聯品牌，儘管我們繼續尋求那裡的效率。

But moving forward, when we think about Eliquis and the continued rollout of launches, the annualization of DTC spend in the US, obviously there'll be more spend going forward.

但展望未來，當我們考慮 Eliquis 和產品的持續推出以及美國 DTC 支出的年化時，顯然未來會有更多支出。

Same thing with diabetes, as we brought up another sales force and potentially launching Forxiga in the US, then we're also rolling out of Forxiga launches globally, you would see incremental expenses there as well.

糖尿病也是如此，當我們組建了另一支銷售隊伍並可能在美國推出 Forxiga 時，我們也在全球範圍內推出 Forxiga，您也會看到那裡的支出增加。

There's been some questions already on IO, that's a unique and compelling opportunity for Bristol-Myers Squibb.

IO 已經存在一些問題，這對百時美施貴寶來說是一個獨特且引人注目的機會。

So, moving forward from 2013, that will be an area of focus.

因此，從 2013 年開始，這將是一個重點領域。

Lastly, in Hepatitis C, we do have a unique and a significant opportunity in Japan and sort of one-offs in different countries as the portfolio evolves.

最後，在丙型肝炎方面，我們在日本確實有一個獨特且重要的機會，隨著投資組合的發展，我們在不同國家也有一些一次性的機會。

So, we will see incremental expenses as we think about our Hepatitis C program as well.

因此，當我們考慮我們的丙型肝炎計劃時，我們也會看到增量費用。

Great, thanks a lot, Seamus.

太好了，非常感謝，西莫。

Can we go to the next question please, Katherine?

凱瑟琳，我們可以進入下一個問題嗎？

David Risinger, Morgan Stanley.

大衛·瑞辛格，摩根士丹利。

I have three questions, please.

我有三個問題，請教。

The first is, could you just provide a little bit more clarity on whether there's going to be any public disclosures of any incremental PD-1 data in any cancer later this year?

首先，您能否更清楚地說明今年晚些時候是否會公開披露任何癌症的任何增量 PD-1 數據？

Or whether we need to wait until early '14?

或者我們是否需要等到 14 年初？

Second, with respect to Yervoy in prostate cancer, given the scientific community's interest in immuno-oncology, I'm surprised that you're not going to be disclosing the Yervoy data, the Phase 3 trial results, I think that they're completing on clinicaltrials.gov.

其次，關於 Yervoy 在前列腺癌中的應用，考慮到科學界對免疫腫瘤學的興趣，我很驚訝你不會披露 Yervoy 數據，即 3 期試驗結果，我認為他們正在完成在 ClinicalTrials.gov 上。

It is indicated for completion in September.

預計將於九月完工。

So, could you provide some more color on that?

那麼，你能提供更多的顏色嗎？

I know that the first-line monotherapy study has a completion date in January 2016, so just wondering if we need to wait a couple years for the prostate data disclosure?

我知道一線單一療法研究的完成日期是 2016 年 1 月，所以只是想知道我們是否需要等待幾年才能披露前列腺數據？

Finally, I was hoping that you could review the Hep C opportunity in Japan and the timing for launch?

最後，我希望您能回顧一下日本丙型肝炎的機會以及推出的時間？

Thank you.

謝謝。

Francis, you start.

弗朗西斯，你開始吧。

David, thank you.

大衛，謝謝你。

Let me be very clear.

讓我說得很清楚。

There won't be any public disclosures during this year.

今年不會有任何公開披露。

Obviously, the third-line lung data, if it is good, and after discussions for the regulators we would certainly disclose that should we'd be making a filing.

顯然，三線肺部數據，如果良好的話，在與監管機構討論後，我們肯定會披露，如果我們要提交文件的話。

As far as Yervoy prostate cancer is concerned, we will be providing that data at ESMO later this year.

就 Yervoy 前列腺癌而言，我們將於今年晚些時候在 ESMO 上提供該數據。

My point really, earlier on, was that when we look at prostate we will be looking at the whole prostate area together with the early-line study that you commented about, which will be available around the 16th.

早些時候，我的觀點是，當我們觀察前列腺時，我們將觀察整個前列腺區域以及您評論的早期線研究，該研究將於 16 日左右發布。

Thank you.

謝謝。

As I mentioned earlier regarding Hep C, we believe that we have a unique and significant opportunity to have the first all-oral regimen to market in Japan with our DT genotype 1b strategy.

正如我之前提到的關於丙型肝炎的問題，我們相信我們有一個獨特而重要的機會，通過我們的 DT 基因型 1b 策略在日本推出第一個全口服療法。

We think that we have 18-month to a two-year lead on both Abbott and Gilead in Japan.

我們認為我們在日本領先雅培和吉利德 18 個月到兩年。

Our registrational Phase 3 study of our NS5A, diclatasvir and NS3, for known and intolerant DT -- or genotype 1b patients, is expected to be presented at AASLV in November and we expect to file before the end of this year with approval sometime in the second half of next year.

我們針對已知和不耐受 DT 或基因型 1b 患者的 NS5A、diclatasvir 和 NS3 的註冊 3 期研究預計將於 11 月在 AASLV 上提交，我們預計會在今年年底前提交申請，並在明年下半年。

Just as a reminder, we have about a 1.2 million to 1.5 million people in Japan infected with Hepatitis C and about 70% of them are genotype 1b.

提醒一下，日本約有 120 萬至 150 萬人感染丙型肝炎，其中約 70% 為基因型 1b。

Thanks, Dave.

謝謝，戴夫。

Can you go to the next question please, Katherine?

凱瑟琳，你能進入下一個問題嗎？

Marc Goodman, UBS.

馬克·古德曼，瑞銀集團。

A couple questions.

有幾個問題。

First, Lamberto, in the past you've actually said that you thought that R&D spend would be relatively flat for the next couple of years.

首先，蘭貝托，您過去確實說過，您認為未來幾年的研發支出將相對持平。

I was curious if that has changed and as part of the previous couple questions about spending?

我很好奇這種情況是否發生了變化，作為之前幾個有關支出問題的一部分？

If there will be increased spending in R&D, we should expect that relative to what you are spending this year because of the immunotherapy?

如果研發支出將會增加，我們應該預計，相對於今年因免疫療法而花費的支出？

Second question, is the guidance change on sales.

第二個問題是銷售指導的變化。

Was curious whether the Eliquis ramp, slower than expected, is that also baked into your lower guidance sales or is that basically doing what you thought it was going to be doing?

我很好奇 Eliquis 的增長速度比預期要慢，是否也影響了您較低的銷售指導，或者基本上是按照您的預期進行的？

Then in diabetes, can you update us just on the reimbursement, the payer issue, the pricing, what's happening?

那麼在糖尿病方面，您能否向我們介紹一下報銷、付款人問題、定價等方面的最新情況？

Are you on the formularies?

您在處方集上嗎？

Is that the issue or is it a marketing issue?

這是問題還是營銷問題？

Just curious your thoughts on that?

只是好奇你對此有何想法？

Thanks.

謝謝。

I will start with the comment on the R&D expenses.

我首先談談研發費用。

It's a very important subject that we are still discussing, this subject within our Company.

這是我們公司內部仍在討論的一個非常重要的主題。

It is clear that the opportunities associated for us and for the patients associated with immuno-oncology are increasing.

顯然，與免疫腫瘤學相關的我們和患者的機會正在增加。

Therefore, Francis, Charlie and I, together with our teams, are looking at level of investments that this will require.

因此，弗朗西斯、查理和我以及我們的團隊正在考慮這所需的投資水平。

As Charlie mentioned, we also have other investments that involve R&D and then our commercial organizations we are looking at in defining the budget for next year.

正如查理提到的，我們還有其他涉及研發的投資，然後我們正在考慮確定明年的預算的商業組織。

I think I can quickly reply on Eliquis.

我想我可以很快回复 Eliquis。

The sales for this quarter were below what we were expecting, but they then-- we're still at the launch stage and so the guidance is not related to the performance of Eliquis here.

本季度的銷售額低於我們的預期，但我們仍處於推出階段，因此該指導與 Eliquis 的業績無關。

I would just add to that, Marc, is that when we look at guidance and as we've adjusted it, we take all product trends into account.

馬克，我想補充一點，當我們查看指導意見並對其進行調整時，我們會考慮所有產品趨勢。

The bigger issues, as I mentioned, were Fervex.

正如我提到的，更大的問題是 Fervex。

The total year impact, as we see it for Fervex, is going to be over $80 million, Fervex and the other two products.

正如我們所看到的，Fervex 和其他兩種產品的全年總影響將超過 8000 萬美元。

Then FX, as I mentioned, had $180 million impact.

正如我所提到的，外匯產生了 1.8 億美元的影響。

So, they were the larger ones, but we take into account all product trends.

所以，它們是較大的，但我們考慮了所有產品趨勢。

Giovanni, do you want to answer the question on diabetes?

喬瓦尼，你想回答有關糖尿病的問題嗎？

Yes.

是的。

This is Giovanni.

這是喬瓦尼。

To answer your question, the comments made before was specifically related to coverage with Caremark.

為了回答你的問題，之前發表的評論專門與 Caremark 的覆蓋範圍有關。

We lost coverage at the end of last year and that had a meaningful impact on our Onglyza sales coming into this year.

我們在去年底失去了覆蓋範圍，這對我們今年的 Onlyza 銷售產生了重大影響。

We've seen that impact primarily in Q1.

我們主要在第一季度看到了這種影響。

At the beginning of Q2, we believe that impact has now stabilized.

在第二季度初，我們認為影響現已穩定。

Beyond that plan, we continue to have good access with Onglyza and Kombiglyze across the majority of the market.

除了該計劃之外，我們繼續在大部分市場上與 Onglyza 和 Kombiglyze 保持良好的聯繫。

On the other side of exenatide, our preferred access in both commercial and Medicare for Bydurean has actually been improving following the launch and steadily improving this year as well.

另一方面，在艾塞那肽上市後，我們在商業和醫療保險方面對 Bydurean 的偏好實際上一直在改善，並且今年也在穩步改善。

Although diabetes, clearly from a pricing and rebates perspective, is an increasingly competitive area, overall the axis to our portfolio is quite good.

儘管從定價和回扣的角度來看，糖尿病顯然是一個競爭日益激烈的領域，但總體而言，我們的投資組合軸心相當好。

The Caremark issue was a very significant issue.

Caremark 問題是一個非常重要的問題。

It was one issue that impacted us in 2013 for Onglyza.

這是 2013 年 Onglyza 影響我們的一個問題。

Great, thanks, Marc.

太好了，謝謝，馬克。

Can we have the next question please, Katherine?

凱瑟琳，我們可以問下一個問題嗎？

Mark Schoenebaum, ISI Group.

馬克·舍內鮑姆，ISI 集團。

My first one is on Eliquis.

我的第一個藥物是 Eliquis。

Is it that the message, the data message on superiority isn't being disseminated properly, or is it that you are seeing resistance to acceptance of that message?

是關於優勢的信息、數據信息沒有得到適當傳播，還是你看到了接受該信息的阻力？

Then on NEVO if I may, you've been pretty clear about the potential filing timeline in squamous lung.

那麼在 NEVO 上，如果可以的話，您已經非常清楚鱗狀肺的潛在歸檔時間表。

At least in my mind, I'm a little bit confused about the potential filing timeline in melanoma as a monotherapy.

至少在我看來，我對黑色素瘤作為單一療法的潛在申請時間表有點困惑。

I was wondering if you could, if your willing to, clarify that at all?

我想知道如果您願意的話，您是否可以澄清這一點？

Finally, obviously it is been a lot pressure ports around M&A activity in this space, not including Bristol, but I just think it might be a good time to get your updated thoughts on use of capital and the size of the deal that you might consider theoretically?

最後，顯然，這個領域的併購活動面臨著很大的壓力，不包括布里斯托爾，但我只是認為這可能是一個好時機，讓您了解關於資本使用和您可能考慮的交易規模的最新想法理論上？

Thank you very much.

非常感謝。

Let me start with the use of capital and then I will ask Giovanni and Francis to answer your questions on Eliquis and PD-1 respectively.

讓我從資本的使用開始，然後我將請Giovanni和Francis分別回答你們關於Eliquis和PD-1的問題。

Our use of capital priorities have not changed.

我們對資本的使用優先級沒有改變。

They include business development.

其中包括業務發展。

They include as marked investments in business development, so we continue to look at opportunities outside there, assess them, assess their financial value, those opportunities as well as a fit with our portfolio and pipeline.

它們包括對業務發展的顯著投資，因此我們繼續尋找外部機會，評估它們，評估它們的財務價值、這些機會以及與我們的投資組合和管道的契合度。

We continue to be actively looking, but in a way that is financially clever and disciplined.

我們繼續積極尋找，但方式是在財務上明智且遵守紀律。

Giovanni, do you want to talk about Eliquis?

Giovanni，你想談談 Eliquis 嗎？

Yes.

是的。

The message is actually resonating quite well.

這個消息實際上引起了很好的共鳴。

When you look at the messages that are recalled by physicians, the first three messages is that are recalled in very high percentages are stroke reduction, the bleeding data and the mortality data.

當您查看醫生回憶起的消息時，您會發現，回憶起來比例非常高的前三個消息是中風減少、出血數據和死亡率數據。

Obviously, the data set is one of the most comprehensive data sets that exist.

顯然，該數據集是現有的最全面的數據集之一。

We have seen that physicians that are exposed to a medical education program and have the opportunity to learn about the profile typically become believers and trialists.

我們已經看到，接受過醫學教育計劃並有機會了解該概況的醫生通常會成為信徒和試用者。

That's the reason why we are strengthening the investment in medical education programs and peer-to-peer events in the second part of year.

這就是我們在下半年加強對醫學教育項目和同行活動的投資的原因。

Because when physicians are exposed to the full data set, it actually resonates quite well.

因為當醫生接觸到完整的數據集時，實際上會產生很好的共鳴。

Great, thanks Mark.

太好了，謝謝馬克。

Next question, please --

請下一個問題——

Mark, just to say I'm not going to comment specifically on the timing of melanoma, but what I will say is we're encouraged about the progress of the three Phase 3 trials we have ongoing in melanoma, two of them with NEVO monotherapy and one with the combination.

馬克，我只是想說，我不會具體評論黑色素瘤的發生時間，但我要說的是，我們對黑色素瘤正在進行的三項 3 期試驗的進展感到鼓舞，其中兩項採用 NEVO 單藥療法和一個組合。

Entry of analysis are embedded in all these trials.

所有這些試驗都嵌入了分析條目。

We have overall response as one of the co-primary endpoints.

我們將總體反應作為共同主要終點之一。

Certainly, there is -- we are looking at other ways to accelerate as well.

當然，我們也在尋找其他加速的方法。

We are enthusiastic about the Phase 3 program, it gives us a lot of options.

我們對第三階段計劃充滿熱情，它給了我們很多選擇。

Thank you.

謝謝。

Sorry, Francis.

對不起，弗朗西斯。

Thank you, Mark, for those questions.

謝謝你，馬克，提出這些問題。

Can we go to the next question please, Katherine?

凱瑟琳，我們可以進入下一個問題嗎？

Steve Scala, Cowen.

史蒂夫·斯卡拉，考恩。

I have two questions.

我有兩個問題。

You've already given a very thorough assessment of Eliquis, but on the Q1 call the Company said that Eliquis was on track and access was ahead of plan.

您已經對 Eliquis 進行了非常全面的評估，但在第一季度的電話會議上，該公司表示 Eliquis 已步入正軌，並且訪問提前於計劃。

I'm wondering what has changed in the last three months?

我想知道這三個月發生了什麼變化？

For instance, have competitors reacted in unexpected ways, for instance?

例如，競爭對手是否以意想不到的方式做出反應？

Second, may we assume that if there were any pancreatic findings in SAVOR that we would have been told that already?

其次，我們是否可以假設，如果 SAVOR 中有任何胰腺發現，我們早就被告知了？

Thank you.

謝謝。

Giovanni, I think that -- first of all, Steve, that was a good question on Eliquis and Giovanni can give you a good answer, and then we will talk about SAVOR.

喬瓦尼，我認為——首先，史蒂夫，這是一個關於 Eliquis 的好問題，喬瓦尼可以給你一個很好的答案，然後我們將討論 SAVOR。

Yes, Steve, this is Giovanni.

是的，史蒂夫，這是喬瓦尼。

I guess I will repeat going back to what we said at the beginning.

我想我會重複回到我們一開始所說的。

We had very good success with access from early on and continue to have over 80% of lives covered on the commercial space and over 75% of lives covered in the Medicare space.

我們從一開始就在准入方面取得了非常好的成功，並且繼續在商業領域覆蓋超過 80% 的生命，在醫療保險領域覆蓋超過 75% 的生命。

My comment was there covered lives at the beginning as always primarily in an unpreferred status.

我的評論是，一開始就涵蓋了生活，一如既往地主要處於不受歡迎的狀態。

We are currently working and completing contract negotiations to increase the percentage of lives that are in the preferred status and that's normal.

我們目前正在努力並完成合同談判，以提高處於優先狀態的生活的比例，這是正常的。

With respect to performance, our uptake in cardiology has been quite good.

就表現而言，我們對心髒病學的了解相當不錯。

It has been quite good at the beginning, the last few weeks have been more, I would say, flat than the first part of the uptake curve.

一開始的情況相當好，我想說的是，最後幾週比吸收曲線的第一部分更加平坦。

Part of that was linked to a number of weeks where there were short weeks because of vacation in the US.

部分原因與由於美國休假而導致的幾週時間較短有關。

But, the uptake in cardiology continues to be good.

但是，心髒病學的應用仍然良好。

What we want to see in the second part of the year is that uptake to accelerate and to broaden in some segments of primary care and we haven't seen that yet.

我們希望在今年下半年看到的是初級保健某些領域的吸收加速和擴大，但我們還沒有看到這一點。

Steve, just to say I'm not going to comment anymore about SAVOR results, but of course as you know they will be presented on Labor Day at that DSC.

Steve，我只是想說，我不會再對 SAVOR 結果發表評論，但當然，如您所知，它們將在勞動節那天在 DSC 上公佈。

I think many of us were very encouraged by the recent meeting at the NIH, where for two days this item was discussed.

我想我們中的許多人都對最近在美國國立衛生研究院舉行的會議感到非常鼓舞，會上討論了這個項目兩天。

I think many people came to the same conclusion that we have, that there really wasn't any indications that either GLP-1- based therapies or increases were associated with the risk of pancreatic cancer.

我認為很多人都得出了與我們相同的結論，即確實沒有任何跡象表明基於 GLP-1 的療法或增加與胰腺癌風險相關。

Thanks, Steve.

謝謝，史蒂夫。

Katherine, I think we only have time for two more questions.

凱瑟琳，我想我們只有時間再問兩個問題。

Chris Schott, JPMorgan.

克里斯·肖特，摩根大通。

Just a couple here.

這裡只有一對夫婦。

One just quick one following up on Eliquis.

一篇只是對 Eliquis 的快速跟進。

I guess you mentioned the potential for broader uptake in PCP as we go later this year.

我想您提到了今年晚些時候五氯苯酚更廣泛採用的潛力。

In that setting, how much of our hurdle do you think the breadth of your current label and the lack of DVT is in terms of a uptake relative to Xarelto in that setting?

在這種情況下，您認為當前品牌的廣度和 DVT 的缺乏在該情況下相對於 Xarelto 的接受度方面有多少障礙？

Second question, following back on business development.

第二個問題，回到業務發展。

Is there a bias more towards end-market products versus pipeline at this stage?

現階段是否更傾向於終端市場產品而不是管道產品？

It seems like you have some very significant assets to invest in with the immunotherapy platform.

看來您有一些非常重要的資產可以投資免疫治療平台。

Does that lend itself towards looking more at end-market products that could maybe provide more in your term operating profit to reinvest back into that internal pipeline?

這是否有助於更多地關注終端市場產品，這些產品可能會在您的任期內提供更多營業利潤，以便再投資回內部渠道？

Finally, DPP-4, just more broadly, category off has slowed a bit here, what's your expectation going forward?

最後，DPP-4，更廣泛地說，類別關閉速度有所放緩，您對未來有何期望？

Is that something you think this is a new norm?

您認為這是一種新常態嗎？

Can reaccelerate growth in the category?

能否重新加速該類別的增長？

Just mention any comments you might have on the broader category?

只需提及您對更廣泛的類別可能有的任何評論？

Thank you

謝謝

Giovanni, you will take Eliquis and DPP-4.

Giovanni，您將服用 Eliquis 和 DPP-4。

I'm pleased with development interest now.

我對現在的開發興趣感到滿意。

Our priority has not changed, so we continue to look at the full range of opportunities that go from end-market products to early stage R&D assets.

我們的優先事項沒有改變，因此我們繼續關注從終端市場產品到早期研發資產的全方位機會。

I think it's clear that even though we have an interesting portfolio of -- or an interesting pipeline ourselves, we commence to be very careful not losing opportunities outside there to integrate our pipeline with offers that come from the outside.

我認為很明顯，即使我們自己有一個有趣的投資組合，或者一個有趣的管道，我們也開始非常小心，不要失去外部機會，將我們的管道與來自外部的報價整合起來。

So yes, there is a continuing activity to identify early, also early assets that can make our presence in all of these areas stronger.

所以，是的，我們正在持續開展活動來識別早期資產，這些資產可以使我們在所有這些領域的存在變得更加強大。

Giovanni?

喬瓦尼？

Yes.

是的。

Two answers on Eliquis and primary care.

關於 Eliquis 和初級保健的兩個答案。

The biggest hurdle in primary care has really been so far the entrenchment the warfarin.

迄今為止，初級保健的最大障礙實際上是華法林的鞏固地位。

If you compare primary care to cardiology, in cardiology about two-thirds of new patients today have already started on a new agent.

如果將初級保健與心髒病學進行比較，在心髒病學領域，當今大約三分之二的新患者已經開始使用新藥物。

In primary care, two-thirds of patients are still started on warfarin.

在初級保健中，三分之二的患者仍開始服用華法林。

There, clearly, a differentiated profile like the profile of Eliquis has the potential to accelerate over time that transition.

顯然，像 Eliquis 這樣的差異化產品有可能隨著時間的推移加速這一轉變。

We don't see the breadth of indications as a major factor there, but of course as you know we are working to broaden our indications set as well.

我們並不認為適應症的廣度是一個主要因素，但當然，如您所知，我們也在努力擴大我們的適應症集。

Then on DPP-4s, a lot of the acceleration that we saw last year for DPP-4s in the US was really related to the very rapid erosion of the TZD's.

然後在 DPP-4 方面，我們去年在美國看到的 DPP-4 的加速實際上與 TZD 的快速侵蝕有關。

The slowdown this year has really been related primarily to that process ending, so we continue to see opportunity for growth of DPP-4s, but clearly the very accelerated growth of last year was linked to a number of factors, including the erosion of TZD's.

今年的放緩實際上主要與該過程的結束有關，因此我們繼續看到 DPP-4 的增長機會，但顯然去年的加速增長與許多因素有關，包括 TZD 的侵蝕。

Thank you, Chris.

謝謝你，克里斯。

Katherine, can we go to our last question please?

凱瑟琳，我們可以繼續最後一個問題嗎？

Tony Butler, Barclays Capital.

托尼·巴特勒，巴克萊資本。

Lamberto, I believe you made reference to increasing resources around the entire diabetes franchise with Astra, and I wanted to understand that little more fully.

Lamberto，我相信您提到了與 Astra 一起增加整個糖尿病專營權的資源，我想更全面地了解這一點。

Is Astra fully engaged with the amount of resources that the joint venture wishes to spend in that category?

阿斯特拉是否充分參與了合資企業希望在該類別上花費的資源數量？

Importantly, have they already been engaged with Bydurean because I think your comment was toward Bydurean specifically?

重要的是，他們是否已經與 Bydurean 合作，因為我認為您的評論是專門針對 Bydurean 的？

Thanks a lot.

多謝。

In fact, Astra have been very engaged and we have discussions with AstraZeneca at the levels included discussions between Pascal Soriot and myself about how to improve our presence in diabetes.

事實上，阿斯特拉一直非常積極參與，我們與阿斯利康進行了一些級別的討論，包括帕斯卡·索里奧特和我本人就如何改善我們在糖尿病方面的存在進行了討論。

It is not necessary too that we've only invested or decided to invest more behind Bydurean.

我們也沒有必要僅僅投資或決定在 Bydurean 上投資更多。

In the US we are adding an additional Phase 4 study.

在美國，我們正在增加一項額外的第四階段研究。

It's mostly focused Onglyza.

主要關注的是 Onlyza。

So, it's the entire portfolio that we are supporting.

因此，我們支持的是整個產品組合。

Again, Astra is engaged and we are engaged equally and we continue to work together to optimize the individual assets and the entire portfolio.

阿斯特拉再次參與其中，我們同樣參與其中，並繼續共同努力優化單個資產和整個投資組合。

Thank you, Lamberto.

謝謝你，蘭貝托。

Thank you, Tony.

謝謝你，托尼。

With this, thank you.

在此，謝謝您。

As I said, we just completed another very important quarter for Bristol-Myers Squibb.

正如我所說，我們剛剛完成了百時美施貴寶另一個非常重要的季度。

A quarter that is characterized by the balanced execution between commercial sales and clinical R&D advances.

該季度的特點是商業銷售和臨床研發進展之間的平衡執行。

A quarter that is focused on driving near-term results and making long-term investments.

該季度專注於推動近期業績和進行長期投資。

Thank you very much, everybody.

非常感謝大家。

Katherine, that concludes the call.

凱瑟琳，通話結束。

I appreciate everybody taking the time to join us.

我感謝大家抽出時間加入我們。

Have a great rest of the day.

祝你這一天好好休息。

Thank you.

謝謝。

Again, ladies and gentlemen, that does conclude today's conference.

女士們、先生們，今天的會議到此結束。

Thank you all again for your participation.

再次感謝大家的參與。