嬌生 (JNJ) 2006 Q3 法說會逐字稿

Good morning and welcome to the Johnson & Johnson 2006 third-quarter earnings conference call. All participants will be able to listen only until the question-and-answer session of the conference. This call is being recorded. (OPERATOR INSTRUCTIONS) I would now like to turn the conference call over to Johnson & Johnson. You may begin.

早上好，歡迎參加強生公司 2006 年第三季度財報電話會議。所有參與者只能在會議的問答環節之前收聽。正在錄製此通話。 （操作員說明）我現在想將電話會議轉交給強生公司。你可以開始了。

Good morning and welcome. I'm Louise Mehrotra, Vice President of Investor Relations for Johnson & Johnson, and it is my pleasure this morning to review our business results for the third quarter of 2006. Joining me on the call today is Bob Darretta, Vice Chairman and Chief Financial Officer.

早上好，歡迎。我是強生公司投資者關係副總裁 Louise Mehrotra，今天上午我很高興回顧我們 2006 年第三季度的業務成果。今天和我一起參加電話會議的是副董事長兼首席財務官 Bob Darretta官。

A few logistics before we get into the details. This review is being made available to a broader listening audience via webcast, accessible through the investor relations section of the Johnson & Johnson website. Included with a copy of the press release that was sent to the investment community earlier this morning is the schedule showing sales for major products and/or business franchises, to facilitate updating your models. These are also available on the Johnson & Johnson website, as is the press release.

在我們進入細節之前有一些物流。該評論通過網絡廣播向更廣泛的聽眾提供，可通過強生網站的投資者關係部分訪問。今天上午早些時候發送給投資界的新聞稿副本中包括顯示主要產品和/或業務特許經營權的銷售時間表，以方便更新您的模型。這些也可以在強生網站和新聞稿中找到。

I will review highlights of the third-quarter 2006 results for the Corporation and for our three business segments. Following additional remarks from Bob Darretta, we will open the call to your questions. We expect the total call to last approximately one hour.

我將回顧公司和我們三個業務部門 2006 年第三季度業績的亮點。在 Bob Darretta 發表其他評論後，我們將打開您的問題電話。我們預計總通話將持續大約一小時。

Before I get into the results, let me remind you that some of the statements made during this call may be considered forward-looking statements. The 10-K for the fiscal-year 2005 identifies certain factors that could cause the Company's actual results to differ materially from those projected in any forward-looking statements made during this call. The Company does not undertake to update any forward-looking statements as a result of new information or future events or developments. The 10-K is available through the Company or online.

在我進入結果之前，讓我提醒您，本次電話會議期間所做的一些陳述可能被視為前瞻性陳述。 2005 財年的 10-K 確定了可能導致公司的實際結果與本次電話會議期間做出的任何前瞻性陳述中預測的結果大不相同的某些因素。本公司不承諾因新信息或未來事件或發展而更新任何前瞻性陳述。 10-K 可通過公司或在線獲得。

Last item. During the call, non-GAAP financial measures may be used to provide information pertinent to ongoing business performance. These measures are reconciled to the GAAP measures and are available on the Johnson & Johnson website.

最後一項。在電話會議期間，非公認會計準則財務指標可用於提供與持續經營業績相關的信息。這些措施與公認會計原則措施一致，可在強生網站上查閱。

Now I would like to review our results for the third quarter of 2006. If you have referred to your copy of the press release, let's begin with the schedule titled Supplementary Sales Data. Worldwide sales to customers were $13.3 billion for the third quarter of 2006, up 7.9% as compared to the third quarter of 2005. Our operational growth was 6.7%; and currency contributed 1.2 points.

現在我想回顧一下我們 2006 年第三季度的業績。如果您提到了您的新聞稿副本，讓我們從標題為補充銷售數據的時間表開始。 2006 年第三季度全球客戶銷售額為 133 億美元，與 2005 年第三季度相比增長 7.9%。我們的運營增長率為 6.7%；貨幣貢獻了1.2個點。

If you turn to the schedule showing sales by major geographic region, you will see that we achieved growth at 7.5% in the U.S., while sales outside the U.S. grew by 8.5%. In regions outside the U.S., operational growth was 5.7%, while the effect of currency exchange rates positively impacted our reported results by 2.8 points.

如果您查看按主要地理區域顯示銷售額的時間表，您會看到我們在美國實現了 7.5% 的增長，而美國以外的銷售額增長了 8.5%。在美國以外的地區，運營增長率為 5.7%，而貨幣匯率的影響對我們報告的結果產生了 2.8 個百分點的積極影響。

Our strongest performance performing region was the Western Hemisphere excluding the U.S., growing 10.6% on an operational basis. The Asia-Pacific, Africa region grew by 6.7% operationally; while Europe grew 3.8% operationally.

我們表現最強勁的地區是不包括美國的西半球，在運營基礎上增長了 10.6%。亞太、非洲地區運營增長 6.7%；而歐洲的運營增長了 3.8%。

If you will now turn to the consolidated statement of earnings for the third quarter, I am pleased to report net earnings of $2.8 billion. Earnings were up 8.7% over the third quarter of 2005, while earnings per share of $0.94 were up 10.6%, reflecting the impact of the share repurchase program announced earlier this year.

如果您現在轉向第三季度的合併收益表，我很高興地報告淨收益為 28 億美元。與 2005 年第三季度相比，收益增長了 8.7%，而每股收益 0.94 美元則增長了 10.6%，這反映了今年早些時候宣布的股票回購計劃的影響。

Please direct your attention to the boxed section of the schedule, where we have provided pro forma earnings information. As referenced in the footnote, the 2006 results have been adjusted to exclude the after-tax impact of an in-process research and development charges of $115 million associated with the acquisitions of Ensure Medical and Colbar LifeSciences (sic).

請注意時間表的方框部分，我們提供了預估收益信息。正如腳註中提到的，2006 年的業績已經過調整，以排除與收購 Ensure Medical 和 Colbar LifeSciences (sic) 相關的 1.15 億美元的研發費用的稅後影響。

Net earnings on a pro forma basis for the third quarter of 2006 were $2.9 billion and earnings per share were $0.98, up 13.3% and 15.3%, respectively.

2006 年第三季度的備考淨收益為 29 億美元，每股收益為 0.98 美元，分別增長 13.3% 和 15.3%。

I would now like to make some additional comments relative to the pro forma earnings before we move on to the segment highlights. Cost of goods sold at 27.5% is up 30 basis points as compared to the same period in 2005. The third quarter was impacted by unfavorable mix, primarily in the pharmaceutical business, partially offset by reductions in the manufacturing costs in our medical device businesses.

在我們繼續討論細分亮點之前，我現在想就備考收益發表一些額外的評論。商品銷售成本為 27.5%，與 2005 年同期相比上升了 30 個基點。第三季度受到不利組合的影響，主要是製藥業務，部分被我們醫療器械業務的製造成本降低所抵消。

Selling, marketing, and administrative expenses at 32.3% of sales is a 150 basis point improvement as compared to 2005, reflecting cost-containment efforts across many of our businesses.

與 2005 年相比，佔銷售額 32.3% 的銷售、營銷和管理費用提高了 150 個基點，這反映了我們許多業務的成本控制努力。

The investment in research and development increased 11.7% versus the same quarter last year. As a percent of sales, R&D is 12.9% for the third quarter of 2006, 40 basis points higher than the same period in 2005. The increase in the rate of R&D spending reflects higher levels of investment in our Medical Devices and Diagnostics segment and the significant number of pharmaceutical projects in late-stage development.

研發投入同比增長11.7%。 2006 年第三季度，研發佔銷售額的百分比為 12.9%，比 2005 年同期高 40 個基點。研發支出的增長反映了我們對醫療器械和診斷部門的更高水平的投資以及大量醫藥項目處於後期開發階段。

Interest income net of interest expense increased by $93 million from the third quarter of 2005 to $194 million. This year-to-year growth is primarily due to higher interest rates.

扣除利息費用後的利息收入比 2005 年第三季度增加了 9300 萬美元，達到 1.94 億美元。同比增長主要是由於較高的利率。

The increase in expenses shown in other income expense in the third quarter of 2006 included an increase to the product liability reserve.

2006 年第三季度其他收入支出中的支出增加包括產品責任準備金的增加。

With regards to taxes, as you can see by looking at the effective tax rate shown in the boxed section of the schedule, earnings benefited from a reduction in the tax rate to 23.9% versus the prior-year rate of 25.8%. Bob Darretta will provide further comments during his remarks on both taxes and other income and expense.

關於稅收，正如您通過查看附表方框部分所示的有效稅率所看到的那樣，收入受益於稅率降低至 23.9%，而上一年的稅率為 25.8%。 Bob Darretta 將在他對稅收和其他收入和支出的評論中提供進一步的評論。

Now if you will turn once more to the schedule Supplementary Sales Data, please direct your attention to the nine-month information. Consolidated sales to customers for the first nine months of 2006 were $39.6 billion, an increase of 4.6% as compared to the same period a year ago. On a year-to-date basis, operational growth was 5% and currency had a negative impact of 0.4 points.

現在，如果您要再次查看附表補充銷售數據，請注意九個月的信息。 2006 年前九個月對客戶的綜合銷售額為 396 億美元，與去年同期相比增長 4.6%。年初至今，運營增長率為 5%，貨幣產生了 0.4 個百分點的負面影響。

Now turning to the consolidated statement of earnings for nine months, I would first like to draw your attention to the boxed section. In 2006, charges for in-process research and development and the after-tax impact of the payment received from the termination of the planned acquisition of Guidant have been excluded. In 2005, IPR&D as well as the adjustment to the tax reserve related to the technical correction associated with the American Jobs Creation Act have been excluded. With these adjustments, net earnings for the first nine months of 2006 were $8.7 billion or $2.95 per share, up 8.1% and 9.7%, respectively, as compared to the same period in 2005.

現在轉向九個月的綜合收益表，我首先想提請您注意方框部分。 2006年，已排除在製品研發費用和因終止收購Guidant而收到的付款的稅後影響。 2005 年，IPR&D 以及與美國就業創造法案相關的技術修正相關的稅收儲備調整已被排除在外。經過這些調整，2006 年前 9 個月的淨收益為 87 億美元或每股 2.95 美元，與 2005 年同期相比分別增長 8.1% 和 9.7%。

Now let me begin the review of the business segment highlights for the quarter. I will begin with the Consumer segment. Worldwide Consumer segment sales of $2.5 billion increased 10.1% as compared to the third quarter of 2005. Operational growth was 8.1%, while currency contributed 2%. U.S. sales were up 5.9%, while international sales grew 10.2% on an operational basis.

現在讓我開始回顧本季度的業務部門亮點。我將從消費者部分開始。與 2005 年第三季度相比，全球消費品部門的銷售額為 25 億美元，增長了 10.1%。運營增長為 8.1%，而貨幣貢獻了 2%。美國銷售額增長 5.9%，而國際銷售額增長 10.2%。

Our skincare business achieved operational sales growth of 6% in the third quarter of 2006, with the sales in the U.S. decreasing 2% and sales outside the U.S. increasing operationally by 14%. Excluding the impact of initial inventory stocking for new products included in the 2005 results, U.S. sales growth would have shown a modest increase. Outside the U.S., growth was driven by suncare products and the newly acquired Group Vendome product line.

我們的護膚品業務在 2006 年第三季度實現了 6% 的運營銷售額增長，其中美國的銷售額下降了 2%，而美國以外的銷售額增長了 14%。排除 2005 年業績中包含的新產品初始庫存的影響，美國的銷售增長將呈現適度增長。在美國以外，增長是由防曬產品和新收購的 Group Vendome 產品線推動的。

Baby and kids care products achieved strong operational growth of 12% when compared to the third quarter of 2005, with similar results in both the U.S. and international regions. Double-digit growth was achieved across the majority of the product line.

與 2005 年第三季度相比，嬰兒和兒童護理產品實現了 12% 的強勁運營增長，美國和國際地區的業績相似。大部分產品線都實現了兩位數的增長。

For the third quarter of 2006, sales for the McNeil consumer business of OTC pharmaceuticals and nutritionals were up 9% on an operational basis compared to the same period in 2005, with sales in the U.S. increasing by 7% and sales outside the U.S. increasing 13% operationally. In the U.S., sales of the OTC products were up 14% due primarily to the launch of new products for upper respiratory reformulated with [semmel essence]. The increase in sales outside the U.S. was due to a combination of strong demand growth and a shift in inventory levels for our OTC products.

2006 年第三季度，非處方藥和營養品的 McNeil 消費者業務銷售額在運營基礎上比 2005 年同期增長了 9%，其中美國的銷售額增長了 7%，美國以外的銷售額增長了 13 % 運營。在美國，OTC 產品的銷售額增長了 14%，這主要是由於推出了用 [semmel 精華] 重新配製的上呼吸道新產品。美國以外的銷售額增長是由於強勁的需求增長和我們的非處方藥產品庫存水平的變化。

Women's health achieved operational growth of 7%, with the U.S. up 8% and sales outside the U.S. growing operationally by 6%. That completes our review of the consumer segment.

女性健康業務實現了 7% 的運營增長，其中美國增長了 8%，美國以外的銷售額增長了 6%。這完成了我們對消費者細分市場的審查。

I will now review highlights for the Pharmaceutical segment. Worldwide net sales for the third quarter of $5.9 billion were up 7.8% as compared to the same period in 2005. Operational growth was 6.7%, while currency contributed 1.1%. Sales in the U.S. increased 8.9%, while sales outside the U.S. increased on an operational basis by 2.7%.

我現在將回顧製藥領域的亮點。第三季度全球淨銷售額為 59 億美元，與 2005 年同期相比增長 7.8%。運營增長為 6.7%，而貨幣貢獻了 1.1%。美國的銷售額增長了 8.9%，而美國以外的銷售額在運營基礎上增長了 2.7%。

Sales results in both the third quarter of 2006 and the third quarter of 2005 benefited from onetime adjustments. In the third quarter of 2006, we reduced our reserve for sales rebates by approximately $130 million, which had been established earlier in the year.

2006 年第三季度和 2005 年第三季度的銷售業績均受益於一次性調整。 2006 年第三季度，我們將今年早些時候建立的銷售回扣準備金減少了大約 1.3 億美元。

As we reported last year, U.S. sales in the third quarter of 2005 were positively impacted by a refund of approximately $80 million due to a retroactive change in the methodology used to calculate average manufacturers price from Medicaid charges. The net effect of these onetime gains contributed 0.8 points to the operational sales growth on a worldwide basis and 1.2 points to the U.S. sales growth. The net effect of these adjustments was not material on an individual product basis, with the exception of TOPAMAX, which I will comment on in a few minutes.

正如我們去年報導的那樣，由於用於根據 Medicaid 費用計算製造商平均價格的方法發生追溯變化，大約 8000 萬美元的退款對 2005 年第三季度的美國銷售額產生了積極影響。這些一次性收益的淨效應為全球運營銷售增長貢獻了 0.8 個百分點，為美國銷售增長貢獻了 1.2 個百分點。除了 TOPAMAX 之外，這些調整的淨影響對單個產品而言並不重要，我將在幾分鐘內對此進行評論。

As we have previously commented, our results have been impacted by generic competition on some of our products, namely, DURAGESIC, oral contraceptives, ULTRACET, and SPORANOX. While this impact has abated during the year, the combined effect of this generic competition has reduced the third-quarter worldwide pharmaceutical growth rate by approximately 2 percentage points, with an approximate 5-point impact on sales growth outside the U.S.

正如我們之前評論的那樣，我們的結果受到了我們一些產品的仿製藥競爭的影響，即 DURAGESIC、口服避孕藥、ULTRACET 和 SPORANOX。雖然這一影響在年內有所減弱，但這種仿製藥競爭的綜合影響已使第三季度全球藥品增長率降低了約 2 個百分點，對美國以外的銷售增長產生了約 5 個百分點的影響。

The impact on the sales in the U.S. was much less, at approximately 1%, as the expiration of the DURAGESIC U.S. patent had anniversaried in the first quarter.

對美國銷售的影響要小得多，約為 1%，因為第一季度 DURAGESIC 美國專利到期紀念日。

The third-quarter sales decline for both NATRECOR and ORTHO EVRA have also impacted the quarterly comparisons versus a year ago. PROCRIT in the U.S. and EPREX, as the product is known outside the U.S., had a combined operational decline of 7%, with PROCRIT down 9% and EPREX down 1% on an operational basis. The approval of the once-weekly administration for EPREX in Europe and the recent update to the label in Europe to restore the subcutaneous route of administration as an option for chronic kidney disease patients have contributed to volume gains, with pricing pressures offsetting the volume gains.

NATRECOR 和 ORTHO EVRA 的第三季度銷售額下降也影響了與一年前的季度比較。美國的 PROCRIT 和 EPREX（該產品在美國以外的地區廣為人知）的綜合運營下降了 7%，其中 PROCRIT 下降了 9%，EPREX 在運營基礎上下降了 1%。 EPREX 在歐洲每週一次給藥的批准以及歐洲最近對標籤的更新以恢復皮下給藥途徑作為慢性腎病患者的一種選擇，這些都促成了銷量的增長，而定價壓力抵消了銷量的增長。

The lower sales of PROCRIT reflect both pricing pressure and lower volume. PROCRIT sales continue to be negatively impacted by our competitor's anticompetitive contracting strategy, both in oncology clinics and in the hospital setting. PROCRIT's share was approximately 43% in the third quarter of 2006 as compared to a 49% share in the third quarter of 2005.

PROCRIT 的銷售額下降反映了定價壓力和銷量下降。 PROCRIT 銷售繼續受到我們競爭對手的反競爭合同戰略的負面影響，無論是在腫瘤診所還是在醫院環境中。 PROCRIT 在 2006 年第三季度的份額約為 43%，而 2005 年第三季度的份額為 49%。

ACIPHEX, as it is known in the U.S., marketed as PARIET outside the U.S., is a proton pump inhibitor that we co-market with Eisai. Overall, operational sales growth was flat, with the U.S. down 5% due to in part to lower script share. Regions outside the U.S. grew 5% on an operational basis.

ACIPHEX 在美國廣為人知，在美國以外以 PARIET 銷售，是我們與衛材共同銷售的質子泵抑製劑。總體而言，運營銷售增長持平，美國下降 5%，部分原因是劇本份額下降。美國以外的地區在運營基礎上增長了 5%。

Let me now move on to discuss some of our growth drivers. RISPERDAL, our agent for psychotic disorders, had operational growth of 15% when compared to the same period a year ago. Sales grew 24% in the U.S., and 5% operationally outside the U.S., fueled by very strong growth of both RISPERDAL ORAL and RISPERDAL CONSTA, our long-acting injectable formulation. RISPERDAL CONSTA achieved third-quarter sales of approximately $230 million, up over 40% on an operational basis.

現在讓我繼續討論我們的一些增長動力。與一年前同期相比，我們的精神病藥物 RISPERDAL 的業務增長了 15%。在我們的長效注射劑 RISPERDAL ORAL 和 RISPERDAL CONSTA 的強勁增長的推動下，美國的銷售額增長了 24%，美國以外的業務增長了 5%。 RISPERDAL CONSTA 第三季度的銷售額約為 2.3 億美元，在運營基礎上增長了 40% 以上。

In the U.S., the combined dollar market share of the RISPERDAL brand has increased by nearly 1 point versus the third quarter of 2005 to approximately 26%. In October, the FDA approved RISPERDAL for the treatment of irritability associated with autistic disorder, the only approved medication for use in children and adolescents with autism.

在美國，RISPERDAL 品牌的美元市場份額與 2005 年第三季度相比增加了近 1 個百分點，達到約 26%。 10 月，FDA 批准 RISPERDAL 用於治療與自閉症相關的煩躁，這是唯一獲批用於自閉症兒童和青少年的藥物。

REMICADE, the biologic approved for the treatment of a number of immune-mediated inflammatory diseases, grew by 24% when compared to the third quarter of 2005. Growth in the U.S. was 15%, while sales to our partners for markets outside the U.S. grew over 70%. Strong market growth in the anti-TNF category continues to be fueled by new uses, such as psoriasis, psoriatic arthritis, and ulcerative colitis. Approximately half of the sales growth outside the U.S. resulted from increases in demand, while the remaining half was due to shifts in inventory levels.

REMICADE 是一種獲准用於治療多種免疫介導的炎症性疾病的生物製劑，與 2005 年第三季度相比增長了 24%。在美國的增長率為 15%，而對我們合作夥伴在美國以外市場的銷售額增長了超過 70%。抗 TNF 類別的強勁市場增長繼續受到銀屑病、銀屑病關節炎和潰瘍性結腸炎等新用途的推動。美國以外地區大約一半的銷售增長是由於需求的增加，而剩下的一半是由於庫存水平的變化。

In the third quarter, REMICADE receive two approvals from the FDA, the first for the treatment of adults with severe plaque psoriasis, and the second for structural damage in psoriatic arthritis. Total approved indications in the U.S. now number 13.

第三季度， REMICADE 獲得 FDA 的兩項批准，第一項用於治療患有嚴重斑塊型銀屑病的成人，第二項用於治療銀屑病關節炎的結構損傷。美國批准的適應症總數現在排在第 13 位。

Sales of TOPAMAX, which is approved for the treatment of epilepsy and migraine prophylaxis, increased operationally by 23%. Sales growth in the U.S. of 33% benefited from the onetime reserve adjustment mentioned earlier. Adjusted for this impact, sales growth in the U.S. was still very strong at 24%. The migraine indication has been a key driver of growth. Sales outside the U.S. declined 7% on an operational basis due to the impact of generic competition in certain countries.

TOPAMAX 被批准用於治療癲癇和偏頭痛預防，其銷售額增長了 23%。美國的銷售額增長了 33%，這得益於前面提到的一次性儲備調整。經此影響調整後，美國的銷售增長仍然非常強勁，達到 24%。偏頭痛的跡像一直是增長的關鍵驅動力。由於某些國家仿製藥競爭的影響，美國以外的銷售額在運營基礎上下降了 7%。

Sales of anti-infectives, principally LEVAQUIN, were up 5% operationally when compared to the same period a year ago. Script share for LEVAQUIN at approximately 17% has shown steady progress throughout 2006, up 2 points from our fourth-quarter 2005 share.

與去年同期相比，抗感染藥物（主要是 LEVAQUIN）的銷售額在運營上增長了 5%。 LEVAQUIN 的腳本份額約為 17%，在整個 2006 年穩步增長，比我們 2005 年第四季度的份額增加了 2 個百分點。

CONCERTA for attention deficit hyperactivity disorder grew 29% operationally in the third quarter as compared to the same period last year. Sales in the U.S. were up 28% due to a combination of price and an increase in dollar market share. Sales outside the U.S. grew 35% on an operational basis, with very strong growth in all regions.

與去年同期相比，注意力缺陷多動障礙的 CONCERTA 第三季度運營增長了 29%。由於價格和美元市場份額的增加，美國的銷售額增長了 28%。美國以外的銷售額在運營基礎上增長了 35%，所有地區的增長都非常強勁。

I will now review the Medical Devices and Diagnostics segment results. Worldwide Medical Devices and Diagnostics segment sales of $5 billion grew 7.1% as compared to the same period in 2005, with operational growth of 6.1% and the positive impact of currency of 1%. Operational sales growth was 6.1% both in the U.S. and internationally.

我現在將回顧醫療設備和診斷部門的結果。全球醫療器械和診斷部門銷售額為 50 億美元，與 2005 年同期相比增長 7.1%，運營增長 6.1%，貨幣的積極影響為 1%。美國和國際的運營銷售額增長 6.1%。

Now turning to the franchises, starting with Cordis. Cordis's sales were down 2% operationally, with the U.S. declining 3% and businesses outside the U.S. flat on an operational basis. Sales of both CYPHER, our Sirolimus-eluting stent, and the neurovascular business were lower than a year ago, partially offset by very strong results in our Biosense Webster business. The neurovascular results were impacted by a temporary supply disruption of a key product.

現在轉向特許經營權，從 Cordis 開始。 Cordis 的銷售額在運營上下降了 2%，美國下降了 3%，美國以外的業務在運營基礎上持平。 CYPHER、我們的西羅莫司洗脫支架和神經血管業務的銷售額均低於一年前，部分被我們 Biosense Webster 業務的強勁業績所抵消。神經血管結果受到關鍵產品暫時供應中斷的影響。

CYPHER is the worldwide market leader in drug-eluting stents with an estimated 49% market share. Market share in the U.S. was estimated at 47%, up 2% sequentially from the prior quarter and 1% from the third quarter of 2005. CYPHER sales in the U.S. of $327 million were down 6% due to the combination of softness in the market and a lower average selling price.

CYPHER 是藥物洗脫支架的全球市場領導者，市場份額估計為 49%。美國市場份額估計為 47%，比上一季度增長 2%，比 2005 年第三季度增長 1%。由於市場疲軟，CYPHER 在美國的銷售額為 3.27 億美元，下降了 6%以及較低的平均售價。

CYPHER sales outside the U.S. were down 3% on an operational basis to $300 million, representing an estimated 51% share of the drug-eluting stent market outside the U.S. Increased competition, a plateauing of penetration rates, and modest decreases in prices in all regions have tempered the growth rate of sales outside the U.S.

CYPHER 在美國以外的銷售額在運營基礎上下降 3% 至 3 億美元，約占美國以外藥物洗脫支架市場 51% 的份額。競爭加劇，滲透率趨於穩定，所有地區的價格略有下降緩和了美國以外的銷售額增長速度。

In September, Cordis launched in most regions outside the U.S. the CYPHER SELECT PLUS product, which we believe offers superior deliverability.

9 月，康得思在美國以外的大多數地區推出了 CYPHER SELECT PLUS 產品，我們認為該產品具有卓越的交付能力。

The Biosense Webster franchise, our electrophysiology franchise, had an excellent quarter with operational growth nearing 35%. Growth was balanced between U.S. and international markets, fueled by strong results with navigational products.

Biosense Webster 特許經營權，我們的電生理學特許經營權，在一個季度表現出色，運營增長率接近 35%。在導航產品的強勁業績推動下，美國和國際市場之間的增長保持平衡。

Rounding out the Cordis update, in the third quarter the FDA approved the marketing of the PRECISE Nitinol Stent and ANGIOGUARD Emboli Capture Guidewire to treat carotid artery disease. Additionally, CYPHER received CE Mark for use below the knee, marking the first drug-eluting stent approved for peripheral use.

完成 Cordis 更新後，FDA 在第三季度批准了 PRECISE Nitinol 支架和 ANGIOGUARD Emboli Capture Guidewire 的營銷，以治療頸動脈疾病。此外，CYPHER 獲得了膝蓋以下使用的 CE 標誌，標誌著第一個被批准用於外周使用的藥物洗脫支架。

Our DePuy franchise had operational growth of 7% when compared to the same period in 2005, with both the U.S. and the businesses outside the U.S. growing at a similar rate on an operational basis. Operationally, joint reconstruction grew by 7%; and our trauma business grew over 30% due to the impact of the Hand Innovations acquisition.

與 2005 年同期相比，我們的 DePuy 特許經營業務增長了 7%，美國和美國以外的業務在運營基礎上都以相似的速度增長。業務上，聯合重建增長7%；由於收購 Hand Innovations 的影響，我們的創傷業務增長了 30% 以上。

Mitek, our sports medicine business, grew 24% operationally with strong growth in anchors, tissue management, and knee products, complemented by the incremental sales due to the acquisition of FMS.

我們的運動醫學業務 Mitek 的運營增長了 24%，錨、組織管理和膝關節產品的強勁增長，加上收購 FMS 帶來的增量銷售。

Ethicon worldwide sales grew operationally by 6%, with the U.S. sales up 9% and sales outside the U.S. up 3% on an operational basis. Challenges within many European healthcare systems continue to impact growth outside the U.S. On a worldwide basis, the wound management division with Ethicon had solid results in the third quarter due primarily to the growth of the hemostasis product line. [Oral] surgicals, meshes, and women's health products all achieved strong double-digit growth in the quarter.

Ethicon 的全球銷售額運營增長 6%，其中美國銷售額增長 9%，美國以外的銷售額增長 3%。許多歐洲醫療保健系統的挑戰繼續影響美國以外的增長。在全球範圍內，愛惜康的傷口管理部門在第三季度取得了可觀的業績，這主要是由於止血產品線的增長。 【口腔】外科、網片和女性保健品在本季度均實現強勁的兩位數增長。

Ethicon Endo-Surgery achieved operational growth of 13% in the third quarter of 2006, with the U.S. and international markets growing at a similar rate. The Endo-Cutter, a key product in performing bariatric procedures, grew nearly 20% operationally and was a major contributor to the growth.

Ethicon Endo-Surgery 在 2006 年第三季度實現了 13% 的運營增長，美國和國際市場也以相似的速度增長。 Endo-Cutter 是執行減肥手術的關鍵產品，其運營增長了近 20%，是增長的主要貢獻者。

Very strong results were achieved in the energy business, paced by sales of the HARMONIC SCALPEL growing 25%. Advanced sterilization products also achieved sales growth over 20% due to a combination of new product introductions and an increased demand for consumables due to the expanding installation base. All regions achieved double-digit growth in the quarter.

能源業務取得了非常強勁的業績，HARMONIC SCALPEL 的銷售額增長了 25%。由於新產品的推出以及安裝基礎擴大導致對耗材的需求增加，先進滅菌產品的銷售額也實現了 20% 以上的增長。本季度所有地區均實現兩位數增長。

The LifeScan franchise achieved operational growth of 7% in the third quarter of 2006. Sales in the U.S. grew 9%, with the acquisition of the Animas business contributing the majority of the increase. Sales outside the U.S. grew 6% on an operational basis due to the success of the OneTouch Ultra. In the third quarter, OneTouch Ultra Mini was approved and launched in the U.S.; and the UltraEasy, the European version, was launched in various countries in Europe. Both systems offer accuracy and ease of testing at a lower retail price.

LifeScan 特許經營權在 2006 年第三季度實現了 7% 的運營增長。美國的銷售額增長了 9%，其中對 Animas 業務的收購貢獻了大部分增長。由於 OneTouch Ultra 的成功，美國以外的銷售額在運營基礎上增長了 6%。第三季度，OneTouch Ultra Mini 獲批並在美國上市；歐版UltraEasy在歐洲各國推出。兩種系統都以較低的零售價提供準確性和易於測試。

Ortho-Clinical Diagnostics sales grew on an operational basis 4% in the third quarter, with the U.S. sales up 3% and sales outside the U.S. up 5% on an operational basis. Solid growth was achieved in the clinical laboratory sales both in the U.S. and international markets.

第三季度，Ortho-Clinical Diagnostics 的銷售額在運營基礎上增長了 4%，其中美國銷售額增長了 3%，美國以外的銷售額在運營基礎上增長了 5%。美國和國際市場的臨床實驗室銷售均實現穩健增長。

Lastly, in the Medical Devices and Diagnostics segment, our Vision Care franchise achieved operational sales growth of 12%, with sales in the U.S. up 10% and sales outside the U.S. growing 13% operationally. Growth for the franchise was driven by the global success of ACUVUE OASYS and ACUVUE ADVANCE for astigmatism. Additionally, outside the U.S. 1-DAY ACUVUE MOIST and 1-DAY ACUVUE DEFINE made very strong contributions to the growth in the quarter.

最後，在醫療器械和診斷領域，我們的視力保健特許經營業務實現了 12% 的運營銷售額增長，其中美國的銷售額增長了 10%，美國以外的銷售額增長了 13%。特許經營權的增長是由 ACUVUE OASYS 和 ACUVUE ADVANCE 在散光方面的全球成功推動的。此外，在美國以外的地區，1-DAY ACUVUE MOIST 和 1-DAY ACUVUE DEFINE 對本季度的增長做出了非常強勁的貢獻。

That completes highlights for the Medical Devices and Diagnostics segment and concludes the segment highlights for Johnson & Johnson's third quarter of 2006. I will now turn the discussion over to Bob Darretta for some additional comments. Bob?

這完成了醫療設備和診斷部分的重點，並結束了強生公司 2006 年第三季度的部分重點。我現在將討論轉交給 Bob Darretta 以徵求其他意見。鮑勃？

Thank you, Louise. Good morning, ladies and gentlemen. Let me give you some additional color and details on our third-quarter performance. I will start with net cash. We ended the third quarter with $12.4 billion of net cash. This was an increase of $300 million during the quarter.

謝謝你，路易絲。早上好，女士們，先生們。讓我給你一些關於我們第三季度業績的額外顏色和細節。我將從淨現金開始。我們在第三季度結束時擁有 124 億美元的淨現金。這在本季度增加了 3 億美元。

We accomplished this increase while repurchasing approximately $2.2 billion of stock during the quarter, effectively completing the previously announced $5 billion general-purpose share repurchase program. On a year-to-date basis, excluding the effect of the repurchase program, we have improved our net cash position by a very strong $3.9 billion.

我們在本季度回購約 22 億美元股票的同時實現了這一增長，有效地完成了之前宣布的 50 億美元的通用股票回購計劃。從年初至今，不包括回購計劃的影響，我們的淨現金頭寸增加了非常強勁的 39 億美元。

Turning to interest income, in the third quarter we enjoyed interest income of $194 million, as contrasted with $101 million in the third quarter of '05. As Louise has already mentioned, the year-to-year gain is primarily attributable to the higher interest rates being earned on our cash holdings as well as the increase in our cash balance.

談到利息收入，第三季度我們的利息收入為 1.94 億美元，而 05 年第三季度為 1.01 億美元。正如路易絲已經提到的那樣，同比增長主要歸因於我們持有的現金所賺取的更高利率以及我們現金餘額的增加。

Excluding any impact from the acquisition of the Pfizer Consumer Healthcare business, I would recommend that you plan on total-year interest income in the 700 to $750 million range.

排除收購輝瑞消費者保健業務的任何影響，我建議您將年總利息收入計劃在 700 到 7.5 億美元之間。

Turning to other income and expense. By the way, a little reminder, this is, of course, the account where we record our royalty income, as well as onetime gains and losses such as litigation settlements, Johnson & Johnson Development Corp. gains and losses, asset sales, etc. This quarter, we recorded a net loss of $45 million as contrasted with a net gain of $63 million in the third quarter of last year. This year-to-year unfavorable comparison of $108 million was due to additional product liability reserves provided during the quarter.

轉向其他收入和支出。順便提醒一下，這當然是我們記錄特許權使用費收入以及訴訟和解、強生髮展公司損益、資產出售等一次性損益的賬戶。本季度，我們錄得 4500 萬美元的淨虧損，而去年第三季度的淨收益為 6300 萬美元。 1.08 億美元的同比不利比較是由於本季度提供了額外的產品責任準備金。

This account, of course, by its nature is difficult to forecast. But [basically saying] a review of our historical performance and the nine-month activity, we would recommend that you model a full-year net gain of 150 to $200 million. Of course, this guidance excludes the Guidant termination fee, some $622 million, which was recorded in the first quarter and has been treated as an extraordinary item.

當然，這個帳戶就其性質而言是難以預測的。但是 [基本上說] 回顧我們的歷史表現和九個月的活動，我們建議您模擬 150 到 2 億美元的全年淨收益。當然，本指引不包括 Guidant 的終止費，約 6.22 億美元，該費用在第一季度記錄，並被視為非常項目。

Turning to the tax rate, as shown in the black box section of our consolidated statement of earnings, excluding the impact related to IPR&D and the Guidant acquisition termination fee, we achieved an effective tax rate of 23.9% in both the third-quarter and the first nine-month periods. For modeling purposes, we would recommend that you model a similar rate for the full year.

關於稅率，如我們合併收益表的黑框部分所示，不包括與知識產權和指導收購終止費相關的影響，我們在第三季度和第二季度均實現了 23.9% 的有效稅率前九個月。出於建模目的，我們建議您為全年建模類似的費率。

Turning to sales guidance and beginning with currency, obviously, we can't predict future movements in currency rates, but we can tell you that basis rates as of the end of last week, currency would add approximately 2% to the fourth-quarter growth rate and add approximately 3/10 of a percent to the full-year growth rate.

轉向銷售指導並從貨幣開始，顯然，我們無法預測貨幣匯率的未來走勢，但我們可以告訴您，截至上週末的基準利率，貨幣將為第四季度的增長增加約 2%率並在全年增長率上增加大約 3/10 個百分點。

Operational growth. We anticipate fourth-quarter operational growth rates to be similar or modestly improved upon the third quarter 6.7% rate, yielding full-year operational growth between 5.5% and 6%.

運營增長。我們預計第四季度的運營增長率與第三季度的 6.7% 相似或略有改善，全年運營增長率在 5.5% 至 6% 之間。

A word on full-year earnings guidance. We are pleased that during the third quarter, as a result of both the improved sales growth and solid cost controls, that we were able to achieve double-digit rates of growth in both pre- and after-tax earnings. Excluding any effect associated with the Pfizer Consumer Healthcare acquisition, we remain on track to meet our earlier guidance of full-year EPS growth in the 8 to 10% range, which implies EPS ranging between $3.65 a share and $3.72 a share.

關於全年收益指導的一句話。我們很高興在第三季度，由於銷售增長的改善和可靠的成本控制，我們能夠實現稅前和稅後收益的兩位數增長率。排除與輝瑞（Pfizer）消費者保健品收購相關的任何影響，我們仍有望實現我們之前關於全年每股收益增長 8% 至 10% 的指導，這意味著每股收益在每股 3.65 美元至 3.72 美元之間。

Indeed, in light of the strength of the quarter's performance, we would be comfortable with EPS estimates in the $3.72 to $3.74 range, which implies full-year growth of 9 to 10% and double-digit EPS growth in the fourth quarter.

事實上，鑑於本季度的強勁表現，我們對每股收益在 3.72 美元至 3.74 美元範圍內的估計感到滿意，這意味著全年增長 9% 至 10%，第四季度每股收益增長兩位數。

Finally, a word on the PCH acquisition. Preparations for the completion of the transaction and integration of the businesses are proceeding very well. Steps to receive regulatory approval are progressing as planned. Buyers for assets that may need to be divested have been identified and contracts negotiated. The design of the merged Consumer organization is well underway. We are pleased to report that we have been very successful in retaining executive talent from both organizations.

最後，談談PCH的收購。完成交易和業務整合的準備工作進展順利。獲得監管部門批准的步驟正在按計劃進行。已經確定了可能需要剝離資產的買家並就合同進行了談判。合併後的消費者組織的設計正在順利進行。我們很高興地報告，我們在留住兩個組織的高管人才方面非常成功。

Our work has also enabled us to confirm our earlier estimates of expense synergies and the anticipated dilution. At this point, we are anticipating closing the transaction sometime between December 15 and the end of the year. We would anticipate that the impact on '06 earnings will vary between essentially no impact in '06, and as much as $0.02 dilution, depending upon both the timing of the closing itself and the timing of the related potential asset sales.

我們的工作還使我們能夠確認我們之前對費用協同效應和預期稀釋的估計。目前，我們預計在 12 月 15 日至年底之間的某個時間完成交易。我們預計，對 06 年收益的影響將在 06 年基本沒有影響和高達 0.02 美元的稀釋之間變化，這取決於關閉本身的時間和相關潛在資產出售的時間。

As you have heard, our updated '06 guidance has not incorporated any impact from the transaction; but we will, of course, provide visibility as to the actual impact during the January analysts meeting. That concludes my comments, and let me turn the program back to you, Louise.

正如您所聽到的，我們更新的 '06 指南並未包含交易的任何影響；但我們當然會在 1 月份的分析師會議期間提供有關實際影響的可見性。我的評論到此結束，讓我把程序轉給你，Louise。

Thank you, Bob. Elizabeth, we would like to open the call to questions now.

謝謝你，鮑勃。伊麗莎白，我們現在想開始提問。

(OPERATOR INSTRUCTIONS) Rick Wise with Bear Stearns.

（操作員說明）Rick Wise 與貝爾斯登。

Before I ask a question, I feel like I have to take just a minute and say a brief thank you and I hope just a temporary goodbye to Bob Darretta, as he gets set to retire. I also want to make sure, Bob, that you know how much you are appreciated and how much you'll be missed by I suspect everyone listening in to this call.

在我提出問題之前，我覺得我必須花一點時間說一聲簡短的謝謝，我希望在 Bob Darretta 即將退休時暫時告別。我還想確保，鮑勃，你知道你有多麼受到讚賞，以及你會被我想念多少，我懷疑每個人都在聽這個電話。

I just think your direct, (indiscernible) generous approach to communicating about J&J has made it a total pleasure to work with you. So thanks a lot. My first question is, why now and why so early?

我只是認為你直接、（音頻不清晰）慷慨地就強生進行交流，讓與你合作非常愉快。非常感謝。我的第一個問題是，為什麼是現在，為什麼這麼早？

Gee, if I had known there was that much love and support, I might have changed my decision.

哎呀，如果我知道有這麼多的愛和支持，我可能會改變我的決定。

It's not too late.

不算太晚。

As you know, by the time I retire next year, it is going to be nearly 39 years with Johnson & Johnson, a very full career and time to move on to something else and give the exceptional talent that we have here at Johnson & Johnson an opportunity to contribute in even more important ways. So thank you for those comments, Rick.

如你所知，到明年我退休時，我將在強生工作近 39 年，這是一個非常充實的職業生涯，是時候轉向其他工作，並提供我們在強生擁有的傑出人才一個以更重要的方式做出貢獻的機會。所以謝謝你的評論，里克。

Turning to a couple of FDA issues, can you just update us on the status of paliperidone ER and the CYPHER or Cordis warning letter issues? Just give us some perspective there.

談到幾個 FDA 問題，您能否向我們介紹一下帕利哌酮 ER 的狀態以及 CYPHER 或 Cordis 警告信問題？只是給我們一些觀點。

Okay. As you know, (technical difficulty) we had anticipated, we did receive an Approvable on paliperi. We will respond to the FDA; I think our schedule is by the end of this month, Louise.

好的。如您所知，（技術難度）我們已經預料到了，我們確實在 paliperi 上收到了 Approvable。我們將回應 FDA；我想我們的日程安排在這個月底之前，Louise。

Yes.

是的。

As you probably know, there are no new studies that are required as a result of the questions that were raised. So we are quite hopeful that we will have a very quick turnaround from the FDA. But of course, that depends on the FDA.

您可能知道，由於提出的問題，不需要進行新的研究。因此，我們非常希望 FDA 能很快地扭轉局面。但當然，這取決於 FDA。

I think they can categorize this as either something that would be a fairly short response time; I think two months would be the schedule. Or they could choose to consider it more significant and turn it into a six-month response time. We are very hopeful that they will consider it along the two-month timetable.

我認為他們可以將其歸類為響應時間相當短的事情；我認為兩個月的時間表。或者他們可以選擇認為它更重要，並將其轉化為 6 個月的響應時間。我們非常希望他們會在兩個月的時間表內考慮。

On the warning letter for Cordis, we were pleased to see the carotid approval, Rick. That is, I think, a good sign in terms of growing confidence in our quality systems. Unfortunately, there has been no news with regard to a schedule for when the FDA will be visiting our San German facility. We are prepared; but of course, it depends on the availability of the FDA.

在給 Cordis 的警告信中，我們很高興看到頸動脈批准，Rick。我認為，這是對我們的質量體系越來越有信心的一個好兆頭。不幸的是，沒有關於 FDA 何時訪問我們的聖德國工廠的時間表的消息。我們準備好了；但當然，這取決於 FDA 的可用性。

I'm sure they are going to be able to accommodate us in a reasonable timely way. But we have no clarity as to the specific timeline.

我相信他們將能夠以合理的及時方式為我們提供住宿。但我們不清楚具體的時間表。

One last quick one. Louise, you mentioned stent ASPs were down. Perhaps you could give us some sense of where they were U.S. and O-U.S. in the quarter. Thanks so much.

最後一個快速的。 Louise，你提到支架 ASP 下降了。也許你可以讓我們了解他們在美國和 O-U.S. 的位置。在本季度。非常感謝。

Okay, the U.S. ASP was $2250; and outside the U.S., it is about 15 to 20% lower than the U.S. price.

好的，美國的 ASP 是 2250 美元；在美國以外的地區，它比美國的價格低大約 15% 到 20%。

Thank you so much.

太感謝了。

Next question, please.

下一個問題，請。

Mike Weinstein with JPMorgan.

摩根大通的邁克·溫斯坦。

Bob, we certainly echo Rick's comments relative to your plans for retirement and hope you enjoy it as much as we have enjoyed working with you.

Bob，我們當然贊同 Rick 關於您退休計劃的評論，並希望您喜歡它，就像我們喜歡與您一起工作一樣。

Thanks, Michael.

謝謝，邁克爾。

Let me start with a couple pipeline questions I was hoping we could get an update on, since the second-quarter meeting. You touched on paliperidone, but you have a bunch of filings that are coming up over the next several months. If you could just tell us whether those are still on track.

讓我從幾個管道問題開始，我希望我們能得到更新，因為第二季度會議。你提到了帕利哌酮，但你有一堆申請將在接下來的幾個月裡提交。如果你能告訴我們這些是否仍在軌道上。

And a couple which we have seen data on during the third quarter, first, I would ask the two antibiotics, doripenem and ceftobiprole. Then the other one I would ask about would be YONDELIS.

還有一些我們在第三季度看到的數據，首先，我會問這兩種抗生素，多利培南和頭孢托比普。然後我要問的另一個是 YONDELIS。

All right, on the two anti-infectives, I think the guidance we had given was filing in '07. We continue to make good progress. If anything, the timeline looks like it is modestly accelerated, and we would guide you more towards filing in the first half of '07.

好吧，關於這兩種抗感染藥，我認為我們給出的指導是在 07 年提交的。我們繼續取得良好進展。如果有的話，時間線看起來是適度加快的，我們會引導您更多地在 07 年上半年提交申請。

YONDELIS, I am not aware of any new information as to the schedule. Any news there at all, Louise?

YONDELIS，我不知道有關日程安排的任何新信息。有什麼消息嗎，路易絲？

No, it's still the projected filing is in 2007. We will file based on Phase II data once we have the Phase III trial under way for soft tissue sarcoma. Ovarian cancer is in Phase III already.

不，它仍然是預計在 2007 年提交的文件。一旦我們正在進行軟組織肉瘤的 III 期試驗，我們將根據 II 期數據進行歸檔。卵巢癌已經處於 III 期。

Got you, okay. Then two others I would just throw in there would be TMC125 and then paliperidone palmitate. Are both of those on track for '07 filing?

明白了，好吧。然後我會加入的另外兩個是 TMC125，然後是棕櫚酸帕利哌酮。這兩個都在 07 年提交的軌道上嗎？

Yes, both on track.

是的，兩者都在軌道上。

Okay, great. Thank you.

好，太棒了。謝謝你。

Katherine Owen with Merrill Lynch.

凱瑟琳歐文與美林證券。

Bob, I guess you're going to have to hear this from everybody who comes along, but (multiple speakers) on our end as well. I just was wondering if you could spend a little more time on SG&A; specifically the details of the cost-containment, because there was a lot more leverage in the quarter than we expected. Presumably that is part of the fourth-quarter upside. What is going on there? How sustainable are some of the year-over-year improvements, please?

Bob，我想您將不得不從所有來的人那裡聽到這一點，但在我們這邊（多位發言者）也是如此。我只是想知道您是否可以在 SG&A 上多花一點時間；特別是成本控制的細節，因為本季度的槓桿率比我們預期的要多得多。據推測，這是第四季度上漲的一部分。那裡發生了什麼？請問一些逐年改進的可持續性如何？

Yes, I think it is broad-based, but I would say most significant within our pharmaceutical business. Obviously, they have responded to some of the softness in sales that came about as a result of generic competition and some of the disappointments with EVRA and NATRECOR by reexamining their cost structures.

是的，我認為它是廣泛的，但我會說在我們的製藥業務中最重要。顯然，他們通過重新審視其成本結構來應對因仿製藥競爭而導致的一些銷售疲軟以及對 EVRA 和 NATRECOR 的一些失望。

They have taken, I think, a very comprehensive approach, very thorough approach. That was largely implemented in the middle of this year. We are now beginning to see the benefits associated with the actions that they have taken. So that is the real driver.

我認為，他們採取了非常全面、非常徹底的方法。這主要是在今年年中實施的。我們現在開始看到與他們採取的行動相關的好處。所以這才是真正的司機。

Yes, these are not one-time actions, but rather very well thought out program; and therefore, I do think these savings are sustainable.

是的，這些不是一次性的行動，而是經過深思熟慮的計劃；因此，我確實認為這些節省是可持續的。

Great, thank you. Then just a question on the stent side of the business. You talked about seeing a plateau of penetration rates. Given some of the safety concerns that have come out, any thoughts about what you expect over the next quarter or two, whether it's U.S. or Europe, in terms of any reversion back to bare metal?

太好了謝謝。然後只是一個關於業務支架方面的問題。您談到看到滲透率處於平穩狀態。鑑於已經出現的一些安全問題，您對下一季度或兩個季度（無論是美國還是歐洲）在回歸裸機方面的預期有何想法？

What we have seen is some modest reduction in penetration in the U.S. during the quarter. We have seen a plateauing in terms of the penetration rates in Europe. So we are not seeing further inroads of the drug-eluting stent technology.

我們所看到的是，本季度美國的滲透率略有下降。我們已經看到歐洲的滲透率趨於平穩。所以我們沒有看到藥物洗脫支架技術的進一步發展。

I think the key is going to be making more and more of the data regarding late stent thrombosis with both drug-eluting stents and bare metal stents more available and more transparent. We are looking forward to the TCT meeting where data will be presented. We are looking forward to the FDA panel.

我認為關鍵是要使越來越多關於藥物洗脫支架和裸金屬支架的晚期支架血栓形成的數據更容易獲得和更透明。我們期待著 TCT 會議將展示數據。我們期待 FDA 小組。

I think transparency is, in the end, critical to making sure that these products are used properly. So I think that is going to be the key. Hopefully as that data becomes available, we will see people gain the confidence in the technology and continue to use it appropriately.

我認為最終，透明度對於確保正確使用這些產品至關重要。所以我認為這將是關鍵。希望隨著這些數據的可用，我們將看到人們對這項技術充滿信心並繼續適當地使用它。

Great, thank you.

太好了謝謝。

Bruce Nudell with Sanford Bernstein.

布魯斯·努德爾與桑福德·伯恩斯坦。

Bob, I had a question for you. We noticed that a letter was sent to IMPAX saying that the lawsuit regarding CONCERTA wasn't on the table any longer. We always thought the Citizens Petition had merit. Do you feel that we could count on CONCERTA through 2007 and perhaps longer, either based on the Citizens Petition and/or your patent position?

鮑勃，我有一個問題要問你。我們注意到一封信已發送給 IMPAX，說關於 CONCERTA 的訴訟不再擺在桌面上。我們一直認為公民請願書是有道理的。您是否認為我們可以依靠 CONCERTA 到 2007 年甚至更長時間，無論是基於公民請願書和/或您的專利地位嗎？

Louise, I just missed that O-U.S. pricing on CYPHER, if you could repeat that; I'm sorry.

路易絲，我只是想念那個 O-U.S. CYPHER 的定價，如果你可以重複的話；對不起。

I will do that one first. It is about a 15 to 20% discount versus the U.S. price, depending on which region you are in.

我會先做那個。與美國價格相比，它大約有 15% 到 20% 的折扣，具體取決於您所在的地區。

Thanks so much.

非常感謝。

Bruce, our confidence in the sustainability of CONCERTA continues to increase. We believe that, as we have stated earlier, that the Citizens Petition raised very important issues regarding equivalence of clinical effect.

Bruce，我們對 CONCERTA 可持續發展的信心不斷增強。我們相信，正如我們之前所說，公民請願書提出了關於臨床效果等效性的非常重要的問題。

And the -- we also believe that our intellectual property, with regard to the way the drug is delivered over the course of the 24-hour period, makes it very difficult for other companies to provide equivalent clinical benefits to CONCERTA without violating our intellectual property. So yes, our confidence with regard to holding on to CONCERTA remains intact.

而且——我們還認為，我們的知識產權，關於藥物在 24 小時內的交付方式，使得其他公司很難在不侵犯我們知識產權的情況下為 CONCERTA 提供同等的臨床益處.所以，是的，我們對堅持 CONCERTA 的信心保持不變。

Thanks so much.

非常感謝。

Matthew Dodds with Citigroup.

花旗集團的馬修·多茲。

Just a couple questions. First, for Louise, the CONCERTA growth, you gave the total number. Can you break out just U.S., O-U.S. growth?

只是幾個問題。首先，對於 Louise，CONCERTA 的增長，你給出了總數。你能不能只打破美國，O-U.S.生長？

We actually have not broken that out historically, but the CONSTA sales are about 40% in the U.S. and 60% O-U.S.

實際上，我們歷史上並沒有打破這一點，但 CONSTA 的銷售額在美國約佔 40%，在美國占 60%。

All right, thanks, Louise. Then also for TOPAMAX, you mentioned generic competition O-U.S. It's not a huge product O-U.S.; but did that just hit? Or has that been an issue for a couple quarters and now you are really starting to see the impact?

好的，謝謝，路易絲。然後對於 TOPAMAX，您提到了通用競爭 O-U.S.這不是一個巨大的產品 O-U.S.；但這只是擊中了嗎？或者這在幾個季度內一直是個問題，現在你真的開始看到影響了嗎？

It's actually in Canada, and it has been for most of this year. It is a very small impact, though.

它實際上是在加拿大，今年大部分時間都是如此。不過，這是一個非常小的影響。

Okay. Then finally, for the $130 million rebate benefit, it seems like the vast majority of that was in contraceptives. That is correct, right?

好的。最後，對於 1.3 億美元的回扣福利，其中絕大多數似乎是避孕藥具。這是正確的，對吧？

No, I think the way Louise described it was a $130 million reduction in the reserve that had been established in the first six months of this year for rebates. It was across a wide range of products. So no, you shouldn't associate it with an individual product.

不，我認為路易絲描述的方式是減少今年前六個月為回扣建立的準備金 1.3 億美元。它涉及廣泛的產品。所以不，您不應該將其與單個產品相關聯。

Indeed, I think the only individual product that had any sort of appreciable effect on the year-on-year growth rate was TOPAMAX. Louise?

事實上，我認為唯一對同比增長率產生明顯影響的單個產品是 TOPAMAX。路易絲？

Correct.

正確的。

I think Louise cited a percentage that had contributed towards TOPAMAX.

我認為 Louise 引用了對 TOPAMAX 做出貢獻的百分比。

Right, in the U.S. TOPAMAX grew 33%; and if you exclude the impact of these two reserve adjustments, it would be 24%.

對，在美國，TOPAMAX 增長了 33%；如果排除這兩項準備金調整的影響，則為 24%。

Okay, thanks, Louise. Thanks, Bob, and congratulations.

好的，謝謝，路易絲。謝謝，鮑勃，祝賀你。

Glenn Reicin with Morgan Stanley.

Glenn Reicin 與摩根士丹利。

Several questions on this $130 million reserve rebate benefit. Is that just a reduction in rebates, or is that a reversal of rebates?

關於這 1.3 億美元的準備金回扣福利的幾個問題。這只是減少了回扣，還是回扣的逆轉？

It is a reversal of a reserve that had been previously established. But obviously, we continue to give substantial rebates. It is just that the rate at which we are giving them is lower than we had provided for.

這是對先前建立的儲備的逆轉。但顯然，我們繼續給予大量回扣。只是我們給他們的速度比我們提供的要低。

Sure. What should we expect in Q4?

當然。我們應該在第四季度期待什麼？

We think that we have gotten the reserve to the appropriate level.

我們認為我們已經將儲備金提高到了適當的水平。

Okay. Then if you were to weigh the bottom-line benefit of that reversal against the product liability increase, I know you never really want to tell us about that other income line and how big these reserves are. Can you give us a sense of the relative contribution?

好的。然後，如果你要權衡這種逆轉的底線收益與產品負債增加的關係，我知道你永遠不想告訴我們其他收入線以及這些準備金有多大。你能給我們一個相對貢獻的感覺嗎？

Well, I think the other income, other expense year-on-year change was $108 million. That is entirely attributable to the product liability reserve. So that adjustment was actually modestly in excess of that $108 million account in that line on our income statement.

嗯，我認為其他收入，其他費用同比變化是1.08億美元。這完全歸因於產品責任準備金。因此，該調整實際上略微超過了我們損益表中該行中的 1.08 億美元賬戶。

Okay, so that is pretty much a wash, those two one-timers?

好吧，這幾乎是一次洗禮，那兩個一次性的？

Yes, pretty much.

是的，差不多。

Just to push a little bit on two other issues. The benefit of MMA on RISPERDAL and TOPAMAX I think has been significant this year as you are taking patients out of the Medicaid program and putting them into the Medicare program.

只是在另外兩個問題上稍作推動。我認為今年 MMA 對 RISPERDAL 和 TOPAMAX 的益處非常顯著，因為您將患者從 Medicaid 計劃中剔除，並將其納入 Medicare 計劃。

How should we view the impact going forward, now that we have annualized the impact -- sorry, in the fourth quarter?

我們應該如何看待未來的影響，既然我們已經年化了影響——抱歉，在第四季度？

Yes, I think you're right. If you look at Medicare, obviously we have had some products that have been adversely affected by the steeper discounts that we have provided to gain reasonable placement on formularies. ACIPHEX might be an example of a place where we have had to be more aggressive with our pricing. An area where we have had some benefit would be RISPERDAL and TOPAMAX.

是的，我認為你是對的。如果你看一下醫療保險，顯然我們有一些產品受到了我們提供的更大折扣的不利影響，這些折扣是為了在處方集中獲得合理的位置。 ACIPHEX 可能是我們不得不在定價方面更加激進的一個例子。 RISPERDAL 和 TOPAMAX 是我們從中受益的一個領域。

Once we are fully into the new pricing environment or the new method of reimbursement, you're right, we won't see the same type of change in these individual products on a go-forward basis. So yes, you shouldn't expect the pricing to suddenly decline; but we have a new base from which we will work, and you will see natural competitive forces influence those prices over time.

一旦我們完全進入新的定價環境或新的報銷方式，你是對的，我們不會在這些單獨的產品中看到相同類型的變化。所以是的，你不應該期望價格會突然下降。但我們有一個新的基礎，我們將以此為基礎開展工作，隨著時間的推移，自然競爭力會影響這些價格。

And that would start in Q1?

這將從第一季度開始？

I would say start in Q1.

我會說從第一季度開始。

Okay, then finally, obviously, a lot of us are very sad to see you go, here. But there has been very little discussion about another departure that took place this week in senior management. I'm just wondering whether we should expect more as we near that year-end process.

好的，那麼最後，很明顯，我們很多人都非常難過看到你離開這裡。但關於本周高層管理人員再次離職的討論卻很少。我只是想知道在接近年終進程時我們是否應該期待更多。

Well, I think you are talking about -- you're referencing Bill McComb and leaving as worldwide chairman of our orthopedics business, right?

好吧，我認為您在談論-您是在引用比爾·麥庫姆（Bill McComb）並離開我們的骨科業務全球主席，對嗎？

Yes.

是的。

We were obviously very sad to see Bill leave. He is a very talented executive, and I'm sure he is going to do very well in his new position. We have a lot of talented people at JNJ. On an interim basis, Mike Dormer will be more personally involved in our orthopedics business until he names a successor for Bill and that individual gains his footing or she gains her footing in the business.

看到比爾離開，我們顯然很難過。他是一位非常有才華的高管，我相信他在新職位上會做得很好。我們在 JNJ 有很多才華橫溢的人。在臨時基礎上，Mike Dormer 將更多地親自參與我們的骨科業務，直到他指定 Bill 的繼任者並且該人獲得他的立足點或她在業務中獲得立足點。

So it is a natural part. It is rare for us to see a senior executive leave midcareer. It is a natural part of business at Johnson & Johnson to see senior people reach the end of their careers and move on to other things. So -- but we have a (multiple speakers) -- pardon?

所以這是一個自然的部分。我們很少看到一位高管在職業生涯中途離開。在強生公司，看到資深人士達到職業生涯的終點並轉向其他工作，這是自然而然的一部分。所以——但是我們有一個（多位發言者）——請原諒？

What does that mean for the remainder of the year with respect to other departures?

對於其他離職，這對今年剩餘時間意味著什麼？

Normally, our departures are people who retire -- occur early in the year, after the year has been completed. There is not going to be anything out of the norm in terms of people leaving Johnson & Johnson. In each case, I'm sure the succession plans have been well attended to.

通常，我們的離職人員是退休人員——發生在年初，在這一年結束之後。離開強生公司的人不會有任何不正常的情況。在每種情況下，我確信繼任計劃都得到了很好的照顧。

Okay, thank you.

好的謝謝你。

Larry Keusch with Goldman Sachs.

高盛的拉里·科施。

Louise or Bob, could you guys, perhaps, just give a little color on hip and knee growth? Maybe reported or constant currency, whatever you have available.

路易絲或鮑勃，你們能不能給臀部和膝蓋的生長一點顏色？也許報告或固定貨幣，無論你有什麼可用的。

Then maybe, Bob, if you could talk a little bit about how you guys are thinking about the pricing environment on a go-forward basis, now that we're coming into sort of that 4Q negotiating period.

那麼也許，鮑勃，如果你能談談你們在前進的基礎上是如何考慮定價環境的，現在我們正進入第四季度的談判階段。

Okay, I will do the knee growth. In the U.S., on an operational basis all these numbers, was 6%. International it was down 2%, for a total of 3%.

好的，我會做膝蓋生長。在美國，在運營基礎上，所有這些數字都是 6%。國際下跌 2%，總計下跌 3%。

Hips grew 13% in the U.S.; 10% internationally; and 12% in total.

美國的臀部增長了 13%； 10% 國際；總共 12%。

I think, Larry, that we expect that pricing is going to -- the environment is going to remain challenging. I think that people are becoming more and more mindful of negotiating competitive prices. Therefore, I would say, business is as it has largely been.

我認為，拉里，我們預計定價將會 - 環境將仍然充滿挑戰。我認為人們越來越注意談判有競爭力的價格。因此，我想說，業務基本上是這樣。

Perhaps there has been a little bit of an aberration with the movement into Medicare Part D; and it has affected different products in different ways. I think we are getting comfortable with the new environment. I think that we will continue to see a very competitive pricing environment on a go-forward basis.

也許在進入醫療保險 D 部分的過程中出現了一些偏差；它以不同的方式影響了不同的產品。我認為我們正在適應新環境。我認為我們將繼續看到一個非常有競爭力的定價環境。

Okay, then just one other question. I may have missed this, Louise, in your prepared comments. But anything new to note in dapoxetine and what you guys are doing there?

好的，那麼還有一個問題。路易絲，在你準備好的評論中，我可能錯過了這一點。但是在達泊西汀有什麼新的注意事項以及你們在那裡做什麼？

No, still on target to file in 2007. Still in the process and completing the trials, so it's still no new news.

不，仍然是在 2007 年提交的目標。仍在進行中並完成試驗，所以它仍然沒有新消息。

Okay, great. Thanks very much. Bob, enjoy your time off from J&J.

好，太棒了。非常感謝。鮑勃，享受你在強生的假期。

Thank you.

謝謝你。

Bob Hopkins with Lehman Brothers.

鮑勃霍普金斯與雷曼兄弟。

Could you, Louise, please give us the same information you just gave for hip and knees; but for spine, specifically? Would you have that?

路易絲，能否請您提供您剛才提供的關於臀部和膝蓋的相同信息？但對於脊柱，特別是？你會這樣嗎？

Certainly. Spine on an operational basis in the U.S. is down 5%; internationally up 10%; for a total of down 2% on an operational basis.

當然。 Spine 在美國的運營基礎上下降了 5%；國際增長10%；在運營基礎上總共下降了 2%。

Okay. Then I know it is early, but I was wondering if you could comment on the launch of PREZISTA at all, your new HIV compound.

好的。然後我知道現在還早，但我想知道您是否可以對 PREZISTA 的推出發表評論，您的新 HIV 化合物。

Yes, Bob, it is early days. What I will tell you is we are getting a very enthusiastic response from the medical community, and that has been uniform.

是的，鮑勃，現在還為時過早。我要告訴你的是，我們從醫學界得到了非常熱烈的回應，而且這是一致的。

The commercial pickup has been modest, so far, as you would expect in the treatment of a disease where you won't move people off their current treatments unless you have good reason to do so. So we are very confident in the success of the product, but we think the build will be a gradual one.

到目前為止，商業皮卡一直是適度的，正如您在治療疾病時所期望的那樣，除非您有充分的理由這樣做，否則您不會讓人們放棄目前的治療。所以我們對產品的成功很有信心，但我們認為構建將是一個漸進的過程。

Okay, thank you, and my congratulations as well.

好的，謝謝你，也恭喜你。

Thanks, Robert.

謝謝，羅伯特。

Tao Levy with Deutsche Bank.

德意志銀行的陶·利維。

Just two quick questions. On IONSYS, I think the launch is scheduled for next year. We were just -- you recently (indiscernible) one of those major medical conferences, and there was a huge presence for this product prelaunch. I was just wondering what is taking place between the approval and the launch; and if you can just update us on the timeline of the launch.

只是兩個簡單的問題。在 IONSYS 上，我認為發布計劃在明年進行。我們只是 - 您最近（音頻不清晰）是那些主要的醫學會議之一，並且該產品的預發布存在巨大的影響力。我只是想知道批准和發布之間發生了什麼；如果您可以在發布的時間表上更新我們。

I'm not particularly close to that. I do know that, of course, this past year has been about refining the manufacturing process and putting the necessary capacity in place. The last update I had was that they are making good progress. But I'm not particularly current.

我不是特別接近。當然，我確實知道，過去的一年一直在改進製造過程並建立必要的產能。我得到的最後一次更新是他們正在取得良好的進展。但我不是特別流行。

Okay. Maybe if you could comment on the inventory shift in REMICADE, O-U.S. Is that just a one-quarter phenomenon? Or are we going to see a couple more of that?

好的。如果你能評論一下 REMICADE 的庫存變化，O-U.S.這只是四分之一的現象嗎？還是我們會看到更多這樣的東西？

Well, no, we don't anticipate that -- if we are going to see more of it. Ultimately, they come back in line. The fact that it is -- their purchases from us have been higher than the rate at which they are selling it through to the end-user means inventories are building. We don't expect that pattern to continue. So we should begin to see their purchases from us mirror the third-party sales rates.

好吧，不，我們沒有預料到——如果我們要看到更多的話。最終，他們重新排隊。事實上——他們從我們這裡購買的價格高於他們將其出售給最終用戶的速度，這意味著庫存正在增加。我們預計這種模式不會繼續下去。所以我們應該開始看到他們從我們這裡的購買反映了第三方的銷售率。

Just the last one, any thoughts on another stock buyback, now that you have completed the last one?

只是最後一個，既然你已經完成了最後一個，對另一次股票回購有什麼想法嗎？

We haven't made any decision regarding a further stock buyback. It will, of course, be dependent upon other uses that we have for our cash. The next one is going to be, of course, the completion of the PCH transaction, which is a substantial transaction. So we will wait till we have that behind us; and then we will look at what we should do on a go-forward basis.

我們尚未就進一步的股票回購做出任何決定。當然，這將取決於我們對現金的其他用途。下一個當然是PCH交易的完成，這是一筆實質性的交易。所以我們會等到我們把它拋在腦後；然後我們將看看我們應該在前進的基礎上做什麼。

Thanks, and I will echo my congratulations as well on your retirement.

謝謝，我也會對您的退休表示祝賀。

Thanks very much.

非常感謝。

Larry Biegelsen with Prudential.

保誠的拉里·比格爾森。

Just a couple of quick ones. Were there any inventory builds on the pharma side in the U.S.?

只是幾個快速的。在美國的製藥方面是否有任何庫存構建？

Nothing of a material nature. It was all within normal noise; and it varies product by product. Some a little bit of bleed, some a little bit of build, but nothing of a material nature in the quarter.

沒有任何物質性質。一切都在正常噪音範圍內；它因產品而異。一些流血，一些構建，但在本季度沒有任何物質性質。

Does the new tax guidance include the R&D tax credit?

新的稅收指南是否包括研發稅收抵免？

No, it does not.

不，不是的。

Lastly on drug-eluting stent penetration, could you talk a little bit about Japan and if you have seen any impact in that market?

最後，關於藥物洗脫支架的滲透，您能否談談日本以及您是否看到該市場的影響？

I don't have the -- my impression was that it is stable in Japan, is the latest information I have. So we hadn't -- I think we had seen penetration level off earlier. It hasn't moved as a result of the issues around late stent thrombosis. That has not been a phenomenon in Japan, so it hasn't affected the use of drug-eluting stents.

我沒有——我的印像是它在日本很穩定，這是我掌握的最新信息。所以我們沒有 - 我認為我們之前已經看到滲透率下降。由於晚期支架血栓形成的問題，它沒有移動。這在日本還沒有出現過，因此並未影響藥物洗脫支架的使用。

Thanks, Bob, and congratulations.

謝謝，鮑勃，祝賀你。

Thank you.

謝謝你。

Sara Michelmore with Cowen and Company.

Sara Michelmore 與 Cowen and Company。

I just wanted to make a clarification on PROCRIT. Louise, you talked a little bit about the price volume dynamic in the U.S. and internationally. The U.S. number looked like it had deteriorated from the first half in the U.S. against what I thought was an easier comparison. Is there a worsening of the price environment, or a moderation of the volume in the U.S.? How would you interpret the change relative to the first half of the year?

我只是想澄清一下PROCRIT。路易絲，你談到了美國和國際上的價格成交量動態。與我認為更容易比較的情況相比，美國的數字看起來比美國上半年有所惡化。是價格環境惡化，還是美國交易量放緩？您如何解釋相對於上半年的變化？

I think -- I don't have first-half stats right in front of me. What I can tell you is that market is -- at least on a constant price basis, market is continuing to grow. I think the last estimate I saw was 12 to 13% type growth in the market.

我想——我面前沒有上半場的數據。我可以告訴你的是，市場是——至少在價格不變的基礎上，市場正在繼續增長。我認為我看到的最後一個估計是市場上 12% 到 13% 的類型增長。

We, as Louise has pointed out, have lost some share, and so our units have declined. I think we commented that PROCRIT was down approximately 9% in dollars versus the same period a year ago. That is pretty evenly split between a price decline and a unit decline. That unit declined is occurring because of market share erosion.

正如路易絲所指出的，我們失去了一些份額，因此我們的單位下降了。我認為我們評論說 PROCRIT 與一年前同期相比下降了大約 9%。這在價格下降和單位下降之間相當平均。由於市場份額的侵蝕，該單位的下降正在發生。

Okay. No appreciable change in the pricing dynamic, then?

好的。那麼，定價動態沒有明顯變化嗎？

I think the rate of price decline may have intensified just a bit. But as I said, it's something like a 4.5% versus the prior-year price decline, which may be just a tad steeper than what it had been.

我認為價格下跌的速度可能會有所加劇。但正如我所說，與上一年的價格下跌相比，這大約是 4.5%，這可能只是比以前稍微陡峭一點。

Okay. Should we be looking for any improvement in the price or the volume environment there? Or should we continue to look at this as sort of a moderate decline?

好的。我們應該尋找那裡的價格或成交量環境的任何改善嗎？還是我們應該繼續將其視為適度下降？

I think we should really wait and see what the outcome is of the litigation that we have initiated. As you know, this is really a reflection of what we think is anticompetitive actions on the part of our competitor. So we are looking forward to hearing what the judge's point of view is. We should hear that over the next six weeks, eight weeks.

我認為我們真的應該等待，看看我們發起的訴訟的結果是什麼。如您所知，這實際上反映了我們認為競爭對手的反競爭行為。因此，我們期待聽到法官的觀點。我們應該在接下來的六週，八週內聽到這一點。

Okay, that is sound. That is great. That is extremely helpful. Any update on CHARITE and the discussions with CMS, or the potential prospects to get that covered more broadly?

好吧，那是聲音。這太棒了。這非常有幫助。關於 CHARITE 的任何更新以及與 CMS 的討論，或者更廣泛地涵蓋這些內容的潛在前景？

Nothing that we haven't reported previously.

沒有我們之前沒有報導過的。

Right, and we are waiting for five-year data which should be in the first bit of 2007. We think that is critical, at least, for the private payers.

是的，我們正在等待應該在 2007 年初的五年數據。我們認為這至少對私人付款人來說是至關重要的。

That's great. I hate when analysts beat a dead horse on these Q&A during these calls. But Bob, I also wanted to extend my best wishes to you. Thank you.

那太棒了。我討厭分析師在這些電話會議中在這些問答中擊敗死馬。但是鮑勃，我也想向你致以最良好的祝愿。謝謝你。

Thank you. No more references to a dead horse, here, please.

謝謝你。請不要再提到一匹死馬了。

David Zimbalist with Natexis.

大衛津巴利斯特與 Natexis。

I was curious if you could talk a little bit about the -- what is going on in the hormonal contraceptives business. The scripts for EVRA have plummeted, clearly. I'm just curious to know if anything else is offsetting this; or if this also falls into the category of some of the rebate changes; and what we should expect going forward in the total hormonal contraceptives (indiscernible)?

我很好奇你能否談談 - 荷爾蒙避孕藥行業正在發生的事情。顯然，EVRA 的腳本數量急劇下降。我只是想知道是否還有其他東西可以抵消這一點；或者如果這也屬於某些回扣變化的類別；我們應該期待總激素避孕藥的發展（聽不清）？

Yes, I think clearly the year-on-year declines are a reflection of the decrease in the use of EVRA. As you know, there were safety concerns earlier in the year. There has been publicity at several different times during the year. Each time there has been publicity, it has further eroded the use of the product.

是的，我認為很明顯，同比下降反映了 EVRA 使用量的下降。如您所知，今年早些時候存在安全問題。在這一年的幾個不同時間進行了宣傳。每一次的宣傳，都進一步侵蝕了產品的使用。

That has been somewhat mitigated by continued growth in our low product. I think as we are into the fourth quarter, our comparisons will become much more favorable and we will see this product go neutral -- or this category go neutral, and then return to growth.

我們低產品的持續增長在一定程度上緩解了這種情況。我認為隨著我們進入第四季度，我們的比較會變得更加有利，我們會看到這個產品變得中性——或者這個類別變得中性，然後恢復增長。

Is there anything in pricing of products like low that have helped offset the volume and I presume somewhat price decline in EVRA?

低價產品的定價是否有助於抵消銷量，我認為 EVRA 的價格有所下降？

No, I'm not aware of it. I think it is -- obviously one of the benefits of low is exactly the reason that some people are choosing not to use EVRA, a desire for lower levels of estrogen.

不，我不知道。我認為是——顯然，低的好處之一正是一些人選擇不使用 EVRA 的原因，即對雌激素水平較低的渴望。

Okay. Second question, on dapoxetine, could you remind you of some of the key incremental data you are looking for out of the latest trial?

好的。第二個問題，關於達泊西汀，您能否提醒您從最新試驗中尋找的一些關鍵增量數據？

What we're looking to complete the trials, which are basically outside the U.S., and that is what we are waiting for, is those results. Then we will meet with the regulatory agencies; again, still on target with the 2007 filing.

我們希望完成這些基本上在美國以外的試驗，而這正是我們正在等待的結果。然後我們將與監管機構會面；再一次，2007 年的申請仍然是目標。

Is there any additional type of information you are looking for out of the O-U.S. trials? Or is it just more an issue of time and people?

您是否在 O-U.S. 之外尋找任何其他類型的信息？試驗？還是只是時間和人的問題？

I think it is just expanding the database. Remember the issue here was to try to make it clear that this is not a lifestyle drug; that this is treating a very serious condition.

我認為它只是在擴展數據庫。請記住，這裡的問題是要明確表明這不是一種生活方式藥物；這是一種非常嚴重的疾病。

Every drug has some level of side effect, and so the agency needs to be comfortable with the benefit in relation to the risks associated with the side effects. So the more data that we have that demonstrate that the side effects are minimal and manageable, the better chance we have of making a case to the agency that the benefits warrant the risk associated with any drug.

每種藥物都有一定程度的副作用，因此該機構需要對與副作用相關的風險相關的益處感到滿意。因此，我們擁有的數據越多，表明副作用最小且可控，我們就越有機會向該機構證明這些益處保證了與任何藥物相關的風險。

Okay. The last question, product liability reserve. Was there a specific, single product that we're talking about here? Is it more broad? Is it series of pending settlements? Could you give us some color on that?

好的。最後一個問題，產品責任準備金。我們在這裡討論的是特定的單一產品嗎？它更廣泛嗎？是一系列未決的和解嗎？你能給我們一些顏色嗎？

As you might imagine, one of the things that we do is we do an actuarial analysis of all of our product liability issues across our full product range. And when we see patterns that require an adjustment to the reserves, we adjust them accordingly.

正如您可能想像的那樣，我們所做的一件事是對我們整個產品範圍內的所有產品責任問題進行精算分析。當我們看到需要調整儲備的模式時，我們會相應地調整它們。

So it was a comprehensive review not associated with an individual product.

所以這是一個與單個產品無關的全面審查。

Okay, and is this something you do every quarter and it just so happened this quarter with the changes, or is it something that is done less often?

好的，這是你每個季度都會做的事情，而且這個季度發生了變化，還是很少做的事情？

Well, we do it periodically. It is not done quarterly, but we will redo the analysis if we see any flurry of activity in an area that makes it appropriate for us to confirm that our reserves are as they should be; or if not, adjust them.

好吧，我們會定期進行。它不是每季度進行一次，但如果我們看到某個地區的任何活動讓我們有必要確認我們的儲備是應有的，我們將重新進行分析；如果沒有，請調整它們。

Okay, thanks. Bob, congratulations. It has been a pleasure.

好的謝謝。鮑勃，祝賀你。這是一種榮幸。

Thank you.

謝謝你。

Marshall Gordon with Credit Suisse.

瑞士信貸的馬歇爾·戈登。

Thank you, very much. One of my questions was answered. I just wanted to find out whether or not you have a large meeting planned for paliperidone this year or next year.

非常感謝。我的一個問題得到了回答。我只是想知道你是否計劃在今年或明年就帕潘立酮舉行一次大型會議。

I don't know. I try to stay on top of the business, but I'm not quite that close to knowing whether or not we have launch meetings planned for the individual products. I can't help you on that one.

我不知道。我試圖保持對業務的領先，但我不太接近知道我們是否為個別產品計劃了發布會議。那個我幫不了你。

All right, thanks.

好的，謝謝。

We have time for one more question.

我們有時間再問一個問題。

Glenn Novarro with Banc of America.

美國銀行的格倫·諾瓦羅。

Hi, good morning, everyone. Bob, any chance that you'll be at the analyst meeting in January, so we can all say goodbye in person?

嗨，大家早上好。 Bob，你有沒有機會參加 1 月份的分析師會議，所以我們都可以親自道別？

Well, I will still be with J&J in the first part of the year. I'm not sure whether I will attend that session. I think it is probably more appropriate for me to give some space to Mr. Caruso, who is going to do an outstanding job.

好吧，今年上半年我仍然會和強生在一起。我不確定我是否會參加那個會議。我認為給卡魯索先生一些空間可能更合適，他將做得非常出色。

Well, if Dom is on the line -- Dom, you have got big shoes to fill. I will say congratulations and good luck.

好吧，如果 Dom 上線了—— Dom，你有很多事情要填補。我會說祝賀和祝你好運。

My questions have to do with just some of the potential generic risks and some litigation that is pending. First on RISPERDAL, that patent expires at the end of '07; and you're going to seek a pediatric extension. Has that been filed? Have you gotten the pediatric extension? That is my first question.

我的問題與一些潛在的一般風險和一些未決訴訟有關。首先是 RISPERDAL，該專利於 07 年底到期；你將尋求兒科延期。是不是已經備案了？小兒科延長了嗎？這是我的第一個問題。

Second, on TOPAMAX, there is a patent challenge there. Can you give us any update?

其次，TOPAMAX 存在專利挑戰。你能給我們任何更新嗎？

Then lastly, DITROPAN XL. Citizens Petition, anything new there?

最後是 DITROPAN XL。市民請願書，有什麼新鮮事嗎？

Nothing new on the DITROPAN XL Citizens Petition. Then TOPAMAX, didn't we recently have a --?

DITROPAN XL 公民請願書沒有什麼新內容。那麼TOPAMAX，我們最近不是有——嗎？

A hearing on the preliminary injunction.

關於初步禁令的聽證會。

A hearing on the preliminary injunction, so we will wait to hear the judge's decision in that area.

關於初步禁令的聽證會，因此我們將等待聽取法官在該領域的決定。

You are right, we are going to seek the pediatric extension on RISPERDAL, but I'm not sure that we have filed that as of yet.

你是對的，我們將尋求 RISPERDAL 的兒科延期，但我不確定我們是否已經提交了申請。

When will that file? Should we assume that goes into the FDA second half of next year?

什麼時候有這個文件？我們應該假設明年下半年進入 FDA 嗎？

It will be in 2007.

它將在 2007 年。

Okay. When do we hear on the hearing regarding TOPAMAX? I think the general consensus is that you should win the preliminary injunction there. But when do we hear something (indiscernible)?

好的。我們什麼時候在聽證會上聽到有關 TOPAMAX 的消息？我認為普遍的共識是你應該在那裡贏得初步禁令。但是我們什麼時候聽到（聽不清）？

It is it very difficult to predict. Sometimes we get very quick responses, sometimes they drag on. But I think it would be reasonable to expect that we're going to hear later this year.

這是很難預測的。有時我們得到非常快速的反應，有時他們拖延。但我認為有理由期待我們將在今年晚些時候聽到。

Okay, great. (multiple speakers) Take care.

好，太棒了。 （多位發言者）保重。

Thank you. Well, that concludes the conference call. We are, of course, very pleased with our third-quarter performance. We are very pleased that we're able to, basis the strength of the quarter, enhance our full-year guidance.

謝謝你。好了，電話會議到此結束。當然，我們對第三季度的表現非常滿意。我們很高興我們能夠根據本季度的實力提高我們的全年指導。

As always, we appreciate your interest in Johnson & Johnson. We look forward to seeing you in person -- or at least Dominic and Louise look forward to seeing you in person in January. Have a great day. Thank you.

一如既往，我們感謝您對強生公司的興趣。我們期待與您見面——或者至少 Dominic 和 Louise 期待在 1 月份與您見面。祝你有美好的一天。謝謝你。

Thank you. This concludes today's Johnson & Johnson 2006 third-quarter earnings conference call. You may now disconnect.

謝謝你。今天的強生公司 2006 年第三季度財報電話會議到此結束。您現在可以斷開連接。