嬌生 (JNJ) 2006 Q4 法說會逐字稿

Good morning and welcome. I am Louise Mehrotra, Vice President of Investor Relations for Johnson & Johnson and it is my pleasure this morning to review our business results for the fourth quarter of 2006.

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 年第四季度的業務業績。

With me on the podium are our hosts for today's meeting, Bill Weldon, Chairman of the Board of Directors and Chief Executive Officer of Johnson & Johnson; Christine Poon, Vice Chairman Board of Directors and Dominic Caruso, Vice President Finance and Chief Financial Officer.

與我一同登上領獎台的是今天會議的主持人，強生公司董事會主席兼首席執行官比爾·韋爾登；董事會副主席 Christine Poon 和財務副總裁兼首席財務官 Dominic Caruso。

A few logistics before we get into the details. The audio and visuals from this presentation are being made available to a broader audience via a webcast (indiscernible) through the Investor Relations section of the Johnson & Johnson website. I will begin by briefly reviewing highlights of the fourth-quarter and full-year results for the Corporation and fourth-quarter highlights for our three business segments.

在我們進入細節之前有一些物流。本演示文稿的音頻和視頻將通過強生網站的投資者關係部分通過網絡廣播（音頻音頻不清晰）提供給更廣泛的受眾。我將首先簡要回顧公司第四季度和全年業績的亮點以及我們三個業務部門的第四季度亮點。

Following my remarks, Bill Weldon will briefly comment on the 2006 highlights and review some of the major growth strategies in each of our segments. At the completion of Bill's remarks, Dominic Caruso will provide some additional commentary on 2006, as well as 2007. We will then open the floor to your questions. Since Bill Weldon is our host today, I encourage you to address your questions to him on more strategic issues. We will conclude our formal presentation at approximately 9.30 and following Q&A, with some final remarks by Bill, we will conclude the meeting at approximately 10 a.m.

在我的發言之後，比爾·韋爾登將簡要評論 2006 年的亮點，並回顧我們每個部門的一些主要增長戰略。在比爾的發言結束後，多米尼克·卡魯索將就 2006 年和 2007 年發表一些補充評論。然後，我們將開始回答您的問題。由於 Bill Weldon 是我們今天的主持人，我鼓勵您就更具戰略意義的問題向他提出問題。我們將在大約 9 點 30 分結束我們的正式演講，在問答環節之後，在比爾的一些最後發言後，我們將在上午 10 點左右結束會議。

Distributed with a copy of the press release that you just received, the schedule with actual revenues for major products and/or business franchises. For the listening audience, these are available on the Johnson & Johnson website as is a copy of the press release.

與您剛剛收到的新聞稿副本一起分發，其中包含主要產品和/或業務特許經營權的實際收入的時間表。對於聽眾來說，這些都可以在強生網站上作為新聞稿的副本獲得。

Before I get into the results, let me remind you that some of the statements made during this meeting 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 meeting. 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實際結果與本次會議期間作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 meeting, 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 fourth quarter of 2006. Late in the quarter, we announced the completion of the acquisition of Pfizer Consumer Healthcare. Since the transaction closed in the final days of the year, the sales of Pfizer Consumer Healthcare were not included in the consolidated operating results of Johnson & Johnson as such amounts were not significant to total results.

現在我想回顧一下我們 2006 年第四季度的業績。在本季度末，我們宣布完成對輝瑞消費者保健品的收購。由於交易於今年最後幾天完成，輝瑞消費者保健品的銷售額並未包含在強生公司的綜合經營業績中，因為該金額對總業績而言並不重要。

If you would refer to your copy of the press release, let's begin with the schedule titled Supplementary Sales Data. Worldwide sales to customers were a record $13.7 billion for the fourth quarter of 2006, up 8.5% as compared to the fourth quarter of 2005. Our operational growth was 6.2% and currency contributed 2.3 points.

如果您想參考您的新聞稿副本，讓我們從標題為補充銷售數據的時間表開始。 2006 年第四季度全球客戶銷售額達到創紀錄的 137 億美元，與 2005 年第四季度相比增長 8.5%。我們的運營增長為 6.2%，貨幣貢獻了 2.3 個百分點。

If you now turn to the schedule showing sales by geographic area, you will see that we achieved growth of 6.4% in the U.S. while sales outside the U.S. grew by 11.2%. In regions outside the U.S., operational growth was 6% while the effect of currency exchange rates positively impacted our reported results by 5.2 points.

如果您現在轉到按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 6.4% 的增長，而美國以外的銷售額增長了 11.2%。在美國以外的地區，運營增長為 6%，而貨幣匯率的影響對我們報告的結果產生了 5.2 個百分點的積極影響。

Our strongest performing region was the Western Hemisphere, excluding the U.S., growing 11.2% on an operational basis. The Asia-Pacific Africa region grew by 6.6% operationally while Europe grew 4.1% operationally.

我們表現最強勁的地區是西半球，不包括美國，在運營基礎上增長了 11.2%。亞太非洲地區運營增長 6.6%，而歐洲運營增長 4.1%。

If you will now turn to the consolidated statement of earnings for the quarter, our net earnings on a GAAP basis for the fourth quarter of 2006 were $2.2 billion and earnings per share were $0.74, increases of 3.5% and 5.7% respectively.

如果您現在來看一下本季度的合併收益表，我們 2006 年第四季度按公認會計原則計算的淨收益為 22 億美元，每股收益為 0.74 美元，分別增長了 3.5% 和 5.7%。

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 have been adjusted to exclude the after-tax impact of in-process research and development of $217 million associated with the acquisition of Pfizer Consumer Healthcare. The 2005 results have been adjusted for after-tax IPR&D of $6 million. Net earnings for the fourth quarter of 2006, excluding IPR&D, were $2.4 billion and earnings per share were $0.81, up 13.5% and 15.7% respectively.

請注意我們提供了預估收益信息的時間表的方框部分。正如腳註中提到的，2006 年已進行調整，以排除與收購輝瑞消費者保健相關的 2.17 億美元正在進行的研發的稅後影響。 2005 年的結果已根據 600 萬美元的稅後 IPR&D 進行了調整。 2006年第四季度不包括IPR&D的淨收益為24億美元，每股收益為0.81美元，分別增長13.5%和15.7%。

I would now like to make some additional comments relative to earnings before we move on to the segment highlights. Cost of goods sold at 29.3% is up 40 basis points as compared to the same period in 2005 due primarily to unfavorable product mix.

在我們繼續討論細分亮點之前，我現在想就收益發表一些額外的評論。商品銷售成本為 29.3%，較 2005 年同期上升 40 個基點，主要是由於不利的產品組合。

Selling, marketing and administrative expenses at 34.3% of sales is a 250 basis point improvement as compared to 2005 due to continued focus on strong cost control across a number of our businesses. Additionally, the year-on-year comparisons have been impacted by the aggressive investment spending on advertising and promotions in the fourth quarter of 2005.

與 2005 年相比，佔銷售額 34.3% 的銷售、營銷和管理費用提高了 250 個基點，原因是我們的一些業務繼續專注於強有力的成本控制。此外，2005 年第四季度在廣告和促銷方面的積極投資支出影響了同比比較。

As a percent of sales, the investment in research and development is 15% for the fourth quarter of 2006, 100 basis points lower than the same period in 2005. The very modest increase in spending in the quarter of 1.6% versus the prior year is due primarily to the timing of milestone payments. For the full year, R&D spending is up over 10%. Interest income net of interest expense increased by $26 million from the fourth quarter of 2005 to $195 million. This year-to-year growth is primarily due to higher interest rates.

2006 年第四季度，研發投資佔銷售額的百分比為 15%，比 2005 年同期低 100 個基點。與去年同期相比，該季度 1.6% 的支出增長非常溫和，是主要是由於里程碑付款的時間。全年，研發支出增長超過 10%。扣除利息費用後的利息收入比 2005 年第四季度增加了 2600 萬美元，達到 1.95 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 and expense in the fourth quarter of 2006 as compared to the same period last year is due primarily to the integration costs associated with the acquisition of Pfizer Consumer Healthcare and the write-off of certain assets.

與去年同期相比，2006 年第四季度其他收入和支出中的支出增加主要是由於與收購輝瑞消費者保健和某些資產的核銷相關的整合成本。

With regard to taxes, please direct your attention to the effective tax rate shown in the boxed section of the schedule. In the fourth quarter of 2006, taxes were 21.2% as compared to the prior year rate of 16.4%. Dominic will provide further comments on taxes during his remarks.

關於稅收，請注意附表方框部分顯示的有效稅率。 2006 年第四季度，稅收為 21.2%，而上年為 16.4%。多米尼克將在他的發言中提供關於稅收的進一步評論。

Now if you'll turn once more to the schedule, Supplementary Sales Data, please direct your attention to the 12-month information. Worldwide consolidated sales to customers for 2006 were $53.3 billion, an increase of 5.6% over sales of $50.5 billion in 2005. Operational growth was 5.3% with an additional 0.3 points attributable to currency.

現在，如果您要再次查看時間表，補充銷售數據，請注意 12 個月的信息。 2006 年全球對客戶的綜合銷售額為 533 億美元，比 2005 年的 505 億美元的銷售額增長 5.6%。運營增長為 5.3%，其中貨幣增加了 0.3 個百分點。

Now turning to the consolidated statement of earnings for the full year. In 2006, on a reported basis, we achieved earnings of $11.1 billion or $3.73 per share compared with $10.1 billion and $3.35 per share in 2005.

現在轉向全年的綜合收益表。據報告，2006 年我們實現了 111 億美元或每股 3.73 美元的收益，而 2005 年為 101 億美元和每股 3.35 美元。

Let me again direct your attention to the boxed section of the consolidated statement of year-to-date earnings. Excluding charges for in-process research and development, as well as the gain related to the termination of the Guidant acquisition agreement in 2006 and in 2005, the tax adjustment related to the American Jobs Creation Act, net earnings for 2006 were $11.1 billion or $3.76 per share, up 9.2% and 10.9% respectively as compared to the same period in 2005.

讓我再次將您的注意力引向年初至今的綜合收益表的方框部分。不計進行中的研發費用，以及與 2006 年和 2005 年終止 Guidant 收購協議相關的收益，與美國就業創造法案相關的稅收調整，2006 年的淨收益為 111 億美元或 3.76 美元與 2005 年同期相比，分別增長 9.2%和 10.9%。

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 grew 11.2% in the fourth quarter of 2006. Operational growth was 8.2% while currency contributed 3%. U.S. sales were up 5.2% while international sales grew 11.1% 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。 2006 年第四季度，全球消費品部門的銷售額增長了 11.2%。運營增長為 8.2%，而貨幣貢獻了 3%。美國銷售額增長 5.2%，而國際銷售額增長 11.1%。

Our adult skin and hair care business continued to show solid growth with operational sales up 11% in the fourth quarter of 2006. In the U.S., sales were up 10% due to the very strong results achieved by AVEENO, Clean & Clear and RoC brands. Outside the U.S., operational sales growth of 12% was driven by strong results across the majority of brands and the addition of the Group Vendome productline. Baby and kids care products grew on an operational basis by 13% in the fourth quarter paced by operational sales growth outside the U.S. of 15% with the U.S. growing 8%.

我們的成人皮膚和頭髮護理業務繼續保持穩健增長，2006 年第四季度的營業銷售額增長了 11%。在美國，由於 AVEENO、Clean & Clear 和 RoC 品牌取得了非常強勁的業績，銷售額增長了 10% .在美國以外，由於大多數品牌的強勁業績以及 Group Vendome 產品線的增加，營業銷售額增長了 12%。嬰兒和兒童護理產品在第四季度的運營基礎上增長了 13%，其中美國以外的運營銷售增長了 15%，其中美國增長了 8%。

The results outside the U.S. were driven by strong growth across all major brands, notably lotions and creams, cleansers, powders and hair care. In the U.S., strong growth was achieved in lotions and creams primarily due to the SOOTHING NATURALS products, the BUDDIES brand gift sets, as well as hair care products.

美國以外地區的業績得益於所有主要品牌的強勁增長，尤其是乳液和麵霜、潔面乳、爽身粉和護髮產品。在美國，乳液和麵霜實現了強勁增長，這主要歸功於 SOOTHING NATURALS 產品、BUDDIES 品牌禮品套裝以及護髮產品。

For the fourth quarter of 2006, sales for the McNeil Consumer business of OTC, Pharmaceuticals and Nutritionals were up 2% on an operational basis compared to the same period in 2005. Sales in the U.S. were flat with growth in upper respiratory products offset by lower sales in adult analgesics.

2006 年第四季度，非處方藥、製藥和營養品的 McNeil 消費者業務的銷售額在運營基礎上比 2005 年同期增長了 2%。在美國的銷售額持平，上呼吸道產品的增長被較低的銷售額所抵消。成人鎮痛藥的銷售。

Sales outside the U.S. increased 8% operationally due in part to strong growth in SPLENDA, our no calorie sweetener. Women's health achieved operational growth of 5% with similar rates both in and outside the U.S. That concludes the Consumer segment commentary.

美國以外的銷售額在運營上增長了 8%，部分原因是我們的無卡路里甜味劑 SPLENDA 的強勁增長。女性健康業務實現了 5% 的運營增長，美國境內外的增長率相似。消費者部門的評論到此結束。

Next, I will review the Pharmaceutical segment results. Worldwide net sales for the fourth quarter of $6 billion were up 8.5% versus the same period last year. On an operational basis, sales were up 6.6% with currency contributing 1.9 points. Sales in the U.S. increased 8.3% while sales outside the U.S. increased on an operational basis by 3.5%.

接下來，我將回顧製藥部門的業績。第四季度全球淨銷售額為 60 億美元，比去年同期增長 8.5%。在運營基礎上，銷售額增長 6.6%，其中貨幣貢獻了 1.9 個百分點。美國的銷售額增長了 8.3%，而美國以外的銷售額在運營基礎上增長了 3.5%。

As we have previously commented, our results have been impacted by generic competition on some of our products, namely DURAGESIC, oral contraceptives, SPORANOX and starting in the fourth quarter, DITROPAN XL. The combined effect of this generic competition has reduced the fourth-quarter worldwide Pharmaceutical growth rate by approximately 3 percentage points with an approximate 4 point impact on sales growth outside the U.S. and 3 point impact on U.S. growth.

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，這些產品包括 DURAGESIC、口服避孕藥、SPORANOX 以及從第四季度開始的 DITROPAN XL。這種仿製藥競爭的綜合影響使第四季度全球醫藥增長率降低了約 3 個百分點，對美國以外的銷售增長產生了約 4 個百分點的影響，對美國的增長產生了 3 個百分點的影響。

PROCRIT/EPREX had a combined operational decline of 3% with PROCRIT down 9% and EPREX sales up 8% on an operational basis. Solid results for EPREX were seen across the regions. In Europe, the indication for once-weekly dosing and the recent restoration to the label of subcutaneous administrations were strong contributors to the growth.

PROCRIT/EPREX 的綜合運營下降了 3%，其中 PROCRIT 下降了 9%，EPREX 的銷售額在運營基礎上增長了 8%。 EPREX 的可靠結果在各個地區都得到了體現。在歐洲，每週一次給藥的適應症和最近恢復皮下給藥標籤是增長的重要因素。

PROCRIT sales continued to be negatively impacted by our competitors' anti-competitive contracting strategy in the oncology clinics. PROCRIT's share was approximately 43% in the fourth quarter of 2006 as compared to a 47% share in the fourth quarter of 2005.

PROCRIT 的銷售繼續受到我們競爭對手在腫瘤診所的反競爭合同戰略的負面影響。 PROCRIT 的份額在 2006 年第四季度約為 43%，而 2005 年第四季度為 47%。

ACIPHEX, as it is known in the U.S. market, and 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. up 5% offset by lower sales in regions outside the U.S., primarily Europe.

ACIPHEX 在美國市場廣為人知，而在美國以外的 Pariet 則是我們與衛材共同銷售的質子泵抑製劑。整體運營銷售增長持平，美國增長 5%，但被美國以外地區（主要是歐洲）的銷售下降所抵消。

Let me now move on to discuss some of our growth drivers. RISPERDAL, our agent for psychotic disorders, had operational growth of 16% compared to the same period a year ago with the U.S. during 32% and sales outside the U.S. down on an operational basis by 2%. Sales in all regions benefited from the continued success with RISPERDAL CONSTA, our long-acting injectable formulation, achieving fourth-quarter sales of approximately $225 million, up nearly 30% on an operational basis. RISPERDAL ORAL achieved very strong growth in the U.S. while sales outside the U.S. declined on an operational basis due to the impact of generic competition in certain countries.

現在讓我繼續討論我們的一些增長動力。我們的精神障礙藥物 RISPERDAL 與去年同期相比，在美國的業務增長了 16%，在美國的業務增長了 32%，在美國以外的業務銷售額下降了 2%。所有地區的銷售都受益於我們的長效注射劑 RISPERDAL CONSTA 的持續成功，第四季度銷售額約為 2.25 億美元，在運營基礎上增長近 30%。 RISPERDAL ORAL 在美國實現了非常強勁的增長，而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。

In the fourth quarter, we submitted data to the FDA to obtain pediatric exclusivity for RISPERDAL.

在第四季度，我們向 FDA 提交了數據，以獲得 RISPERDAL 的兒科排他性。

REMICADE, a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, grew by 13% when compared to the fourth quarter of 2005. Growth in the U.S. was 11% while sales to our partners for markets outside the U.S. grew by 19%. Strong market growth in the anti-TNF category continues to be fueled by new uses such as psoriasis, psoriatic arthritis and ulcerative colitis. Total approved indications in the U.S. now number 14.

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 年第四季度相比增長了 13%。在美國的增長率為 11%，而對我們合作夥伴在美國以外市場的銷售額增長了19%。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。美國批准的適應症總數現在排名第 14。

Sales of TOPAMAX, which is approved for the treatment of epilepsy and migraine prophylaxis, increased operationally by 27%. Sales growth in the U.S. was very strong at 35%. Migraine indication has been a key driver of growth. Sales outside the U.S. were flat.

TOPAMAX 被批准用於治療癲癇和偏頭痛預防，其銷售額增長了 27%。美國的銷售增長非常強勁，達到 35%。偏頭痛適應症一直是增長的關鍵驅動力。美國以外的銷售持平。

Anti-infectives grew 10% operationally during the fourth quarter with growth in the U.S. of 9% benefiting from strong market growth. In the fourth quarter, we submitted data to the FDA to obtain pediatric exclusivity for LEVAQUIN. CONCERTA for Attention Deficit Hyperactivity Disorder grew 22% operationally in the fourth quarter with similar results both in and outside the U.S. Sales in all regions achieved very strong double-digit growth. That completes the highlights for the Pharmaceutical segment.

抗感染藥物在第四季度的運營增長了 10%，美國增長了 9%，這得益於強勁的市場增長。在第四季度，我們向 FDA 提交了數據以獲得 LEVAQUIN 的兒科獨占性。 CONCERTA for Attention Deficit Hyperactivity Disorder 在第四季度的運營增長了 22%，在美國國內外都取得了類似的結果。所有地區的銷售額都實現了非常強勁的兩位數增長。這完成了製藥領域的亮點。

I will now review highlights for Medical Devices and Diagnostics segment. Worldwide, the Medical Devices and Diagnostics segment sales to customers were $5.2 billion, representing operational growth of 4.8% in the fourth quarter of 2006. Currency contributed 2.4 points to the sales growth to bring total growth to 7.2%. Sales in the U.S. grew 4.2% while sales outside the U.S. increased on an operational basis by 5.4%. In the fourth quarter, we announced the pending acquisition of Conor Medsystems with their unique controlled drug delivery technology.

我現在將回顧醫療器械和診斷部分的亮點。在全球範圍內，醫療器械和診斷部門對客戶的銷售額為 52 億美元，代表 2006 年第四季度的運營增長 4.8%。貨幣對銷售增長貢獻了 2.4 個百分點，使總增長達到 7.2%。美國的銷售額增長了 4.2%，而美國以外的銷售額在運營基礎上增長了 5.4%。在第四季度，我們宣布即將收購 Conor Medsystems 及其獨特的受控藥物輸送技術。

Now turning to the franchises, starting with Cordis. Cordis' sales were down 6% operationally with the U.S. declining 7% and the businesses outside the U.S. declining 6% on an operational basis. Sales of CYPHER, our sirolimus-eluting stent, were lower than a year ago, partially offset by very strong results in our Biosense Webster business and our endovascular business.

現在轉向特許經營權，從 Cordis 開始。 Cordis 的運營銷售額下降了 6%，其中美國下降了 7%，美國以外的業務在運營基礎上下降了 6%。我們的西羅莫司洗脫支架 CYPHER 的銷售額低於一年前，部分被我們的 Biosense Webster 業務和血管內業務的強勁業績所抵消。

CYPHER sales were approximately $580 million, down 15% versus the prior year due primarily to overall softness in the stent market. Sales in the U.S. of approximately $280 million were down 18% while sales outside the U.S. of approximately $300 million were down 12%. The softness in the market and lower prices have impacted the U.S. sales while increased competition and lower price have impacted the international sales.

CYPHER 銷售額約為 5.8 億美元，較上年下降 15%，主要是由於支架市場整體疲軟。美國的銷售額約為 2.8 億美元，下降了 18%，而美國以外的銷售額約為 3 億美元，下降了 12%。市場疲軟和價格下跌影響了美國銷售，而競爭加劇和價格下跌影響了國際銷售。

CYPHER remains the worldwide market leader in drug-eluting stents with an estimated 48% marketshare. Marketshare in the U.S. held constant at an estimated 46% with CYPHER share outside the U.S. estimated at 51%.

CYPHER 仍然是藥物洗脫支架的全球市場領導者，市場份額估計為 48%。美國的市場份額估計保持在 46%，而 CYPHER 在美國以外的份額估計為 51%。

As an update on the pipeline, the filing for [NXT] has been canceled as we focus our resources on the next-generation stent.

作為管道的更新，[NXT] 的申請已被取消，因為我們將資源集中在下一代支架上。

As I mentioned earlier, the Biosense Webster business had an excellent quarter with operational growth over 25%. Our endovascular business grew nearly 20% in the quarter driven by sales of newly launched carotid systems and the continued growth of the chronic total occlusion devices.

正如我之前提到的，Biosense Webster 業務有一個出色的季度，運營增長超過 25%。在新推出的頸動脈系統的銷售和慢性全閉塞裝置的持續增長的推動下，我們的血管內業務在本季度增長了近 20%。

The reinspection of the San German, Puerto Rico site commenced in the fourth quarter and is expected to conclude during the first quarter of 2007. In January, the reinspection of the Warren, New Jersey site was initiated and successfully completed with no issues or observations. We believe San German is the last site requiring reinspection related to the warning letter.

波多黎各聖日耳曼工廠的重新檢查於第四季度開始，預計將於 2007 年第一季度結束。1 月，新澤西州沃倫工廠的重新檢查開始並順利完成，沒有任何問題或觀察結果。我們認為 San German 是最後一個需要與警告信相關的重新檢查的站點。

Moving on to our DePuy franchise. DePuy sales grew on an operational basis by 6% with similar results both in and outside the U.S. Operationally, joint reconstruction grew by 5%. Our trauma business grew over 35% due primarily to the impact of the Hand Innovation acquisition. Mitek, our sports medicine business, grew 25% operationally with strong growth in anchors, tissue management and knee products, complemented by the incremental sales due to the acquisition of FMS.

繼續我們的 DePuy 特許經營權。 DePuy 銷售額在運營基礎上增長了 6%，在美國境內外的結果相似。在運營上，聯合重建增長了 5%。我們的創傷業務增長超過 35%，主要是由於收購 Hand Innovation 的影響。我們的運動醫學業務 Mitek 的運營增長了 25%，其中錨、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 achieved worldwide operational growth of 5% in the fourth quarter as compared to the same period in 2005 with the U.S. growth at 3% and sales outside the U.S. at 6% on an operational basis. Growth was driven by strong double-digit increases in biosurgicals, meshes and women's health. Ethicon Endo-Surgery achieved operational growth of 7% in the fourth quarter of 2006 as compared to the same period in 2005. U.S. growth was 3% with operational growth of 9% outside the U.S.

與 2005 年同期相比，愛惜康在第四季度實現了 5% 的全球運營增長，其中美國增長了 3%，美國以外的銷售額增長了 6%。增長是由生物外科、網眼和女性健康的兩位數強勁增長推動的。與 2005 年同期相比，Ethicon Endo-Surgery 在 2006 年第四季度實現了 7% 的運營增長。美國增長 3%，美國以外的運營增長 9%。

Very strong results were achieved in the energy business paced by sales of the HARMONIC SCALPEL growing over 20%. Advanced sterilization products and the endoscopic productline also achieved solid sales growth in the quarter. LifeScan achieved operational growth of 12% in the fourth quarter of 2006 as compared to the same period in 2005 with similar results both in and outside the U.S. The acquisition of the Animas business and OneTouch Ultra have been the major drivers of growth.

由於 HARMONIC SCALPEL 的銷售額增長了 20% 以上，能源業務取得了非常強勁的業績。先進的消毒產品和內窺鏡產品線在本季度也實現了穩健的銷售增長。與 2005 年同期相比，LifeScan 在 2006 年第四季度實現了 12% 的運營增長，在美國國內外取得了類似的結果。收購 Animas 業務和 OneTouch Ultra 一直是增長的主要驅動力。

Ortho-Clinical Diagnostics achieved operational growth of 11% in the fourth quarter of 2006 paced by the U.S. growth of 16%. International sales increased 6% on an operational basis. Solid growth was achieved in clinical laboratory sales both in the U.S. and international markets.

Ortho-Clinical Diagnostics 在 2006 年第四季度實現了 11% 的運營增長，美國增長了 16%。國際銷售額在運營基礎上增長了 6%。美國和國際市場的臨床實驗室銷售均實現穩健增長。

In the U.S., very strong growth was achieved in immunohematology driven by customer adoption of more automated testing methods. During the fourth quarter, 10 new assays were launched. Our Vision Care franchise achieved a fourth-quarter operational sales increase of 12% with the U.S. growing by 8% and the international markets growing a very strong 14%. Results were driven by the strong global success of ACUVUE OASYS with HYDRACLEAR PLUS and ACUVUE ADVANCE for astigmatism. Additionally, outside the U.S., 1-day ACUVUE DEFINE and ACUVUE MOIST achieved strong results.

在美國，由於客戶採用更自動化的測試方法，免疫血液學實現了非常強勁的增長。在第四季度，推出了 10 種新的檢測方法。我們的視力保健業務在第四季度實現了 12% 的運營銷售額增長，其中美國增長了 8%，國際市場增長了 14%。結果是由 ACUVUE OASYS 與 HYDRACLEAR PLUS 和 ACUVUE ADVANCE 散光在全球的巨大成功推動的。此外，在美國以外，1 天 ACUVUE DEFINE 和 ACUVUE MOIST 取得了強勁的成績。

That concludes the review of the results of the Medical Devices and Diagnostics segment and concludes the segment highlights for Johnson & Johnson's fourth quarter of 2006. It is my pleasure to now introduce Bill Weldon, Chairman and Chief Executive Officer of Johnson & Johnson. Bill?

以上是對醫療器械和診斷部門業績的回顧，並總結了強生公司 2006 年第四季度的部門亮點。現在我很高興介紹強生公司董事長兼首席執行官比爾·韋爾登（Bill Weldon）。賬單？

Thanks, Louise. Good morning, everyone. We are here with you today to provide context for Johnson & Johnson's financial results for 2006 and share with you how we will drive growth and performance going forward. In our dialogue this morning I want to assure you that besides achieving solid revenue and earnings growth for 2006, we have continued to make the substantial investments required to keep our Company growing.

謝謝，路易絲。大家，早安。我們今天在這裡與您一起為強生公司 2006 年的財務業績提供背景信息，並與您分享我們將如何推動增長和業績向前發展。在今天上午的對話中，我想向您保證，除了 2006 年實現穩健的收入和盈利增長外，我們還繼續進行大量投資以保持公司的發展。

In the first part of today's presentation, I will illustrate for you how the strength of Johnson & Johnson's business will be enhanced by our management philosophies with an emphasis on being broadly based in human healthcare. I will touch briefly on the full-year performance of our Company, then I will do a deeper dive into opportunities that will drive growth for some of our key business segments.

在今天演講的第一部分，我將向您說明強生公司的業務實力將如何通過我們的管理理念得到增強，重點是廣泛立足於人類醫療保健領域。我將簡要介紹我們公司的全年業績，然後我將更深入地探討將推動我們一些關鍵業務部門增長的機會。

Strong business results can only happen when a company possesses great people and great products. This morning, I want to give you a sense of the extraordinary nature of our markets, our people and our products.

只有當一家公司擁有優秀的人才和優秀的產品時，才能產生強勁的業務成果。今天上午，我想讓您了解我們的市場、員工和產品的非凡本質。

Human healthcare is an exceptional business. It is the business of saving lives, restoring joy and well-being and keeping people healthy. Because our products and services bring such value, our markets are characterized by high demand, which is driven in part by demographics. This demand is also driven by advances in human healthcare made possible by innovation.

人類醫療保健是一項特殊的業務。這是拯救生命、恢復歡樂和幸福以及保持人們健康的事業。因為我們的產品和服務帶來了這樣的價值，我們的市場以高需求為特徵，這部分是由人口統計驅動的。這種需求還受到創新帶來的人類醫療保健進步的推動。

The science of health and well-being is evolving rapidly and so are the technologies that support science-based solutions. This means there are good business prospects for companies like ours that understand how to harness innovation and deliver it to the benefit of customers and patients.

健康和福祉科學正在迅速發展，支持基於科學的解決方案的技術也在迅速發展。這意味著像我們這樣了解如何利用創新並將其交付給客戶和患者的公司具有良好的商業前景。

Upward pressures on demand also create countervailing social forces. These forces impact all companies in our industry. On the left side of the screen, you can see factors that represent growth drivers for companies like Johnson & Johnson. On the right side, you can see the external forces that challenge these opportunities.

需求的上行壓力也會產生反作用的社會力量。這些力量影響著我們行業中的所有公司。在屏幕左側，您可以看到代表強生等公司增長動力的因素。在右側，您可以看到挑戰這些機會的外部力量。

The test for any business is to find the right path to navigate these challenges, involve all stakeholders and achieve sustainable long-term results. At Johnson & Johnson, for over 60 years, our credo has directed us toward the responsibilities we have to a wide range of stakeholders; customers, patients, family members, employees, communities, and of course shareholders.

任何企業的考驗都是找到應對這些挑戰的正確途徑，讓所有利益相關者參與進來，並實現可持續的長期成果。在強生，60 多年來，我們的信條引導我們承擔對廣泛利益相關者的責任；客戶、患者、家庭成員、員工、社區，當然還有股東。

Viewed in the context of our sustained growth and our underlying strength, we have faced year-to-year challenges very successfully in the past and we will do so in the future. Who better than Johnson & Johnson to balance the needs of so many important constituents.

從我們持續增長和潛在實力的角度來看，我們過去非常成功地應對了每年的挑戰，我們將在未來這樣做。誰能比強生公司更好地平衡這麼多重要組成部分的需求。

Serving so many stakeholders well requires above all else the dedication and commitment of thousands upon thousands of skilled people of character. At Johnson & Johnson, we have what may be the world's most diverse, talented, accomplished and expert employees focused on human health and well-being.

為如此多的利益相關者提供良好的服務首先需要成千上萬有技能的人的奉獻和承諾。在強生，我們擁有可能是世界上最多元化、最有才華、最有成就和最專業的員工，他們專注於人類健康和福祉。

As you may remember from our past discussions, Johnson & Johnson is guided by four strategic principles. Our work is inspired by the shared values of our credo. The credo has been an integral part of who we are for over 60 years. We have remained broadly based in human healthcare ever since we diversified beyond strictly hospital products in the 1920s. We continue to operate under a decentralized approach and bring the best of two worlds together; entrepreneurial company spirit, agility and closeness to our companies and the resources and know-how of a Fortune 50 company.

正如您在我們過去的討論中所記得的那樣，強生公司以四項戰略原則為指導。我們的工作受到我們信條的共同價值觀的啟發。 60 多年來，信條一直是我們不可或缺的一部分。自從我們在 1920 年代超越嚴格的醫院產品進行多元化發展以來，我們一直廣泛立足於人類醫療保健領域。我們繼續以分散的方式運營，將兩個世界的精華融合在一起；企業精神、敏捷性和與我們公司的密切關係以及財富 50 強公司的資源和專業知識。

Finally, we manage for the long term by building sustainable leadership positions in rapidly growing business segments. Together, these principles create a winning formula for delivering superior performance over the long term.

最後，我們通過在快速增長的業務領域建立可持續的領導地位來實現長期管理。這些原則共同創造了一個長期提供卓越性能的製勝法寶。

You have heard us describe Johnson & Johnson as being the most broadly based company in human healthcare. Let's talk about why this is such a powerful platform and why it brings us strategic advantage.

您聽說過我們將強生公司描述為人類醫療保健領域基礎最廣泛的公司。讓我們談談為什麼這是一個如此強大的平台，以及為什麼它給我們帶來了戰略優勢。

When I refer to the breadth of our Company, I am not only referring to our product portfolio, but also to our geographic reach. This is important because geographic breadth strengthens us and enhances our growth opportunities. Being broadly based has helped deliver consistent and strong performance to Johnson & Johnson's shareholders. When one portion of our business or one region of the world has been growing vigorously another may require stepped-up investment for future growth.

當我提到我們公司的廣度時，我不僅指我們的產品組合，還指我們的地理範圍。這很重要，因為地理廣度增強了我們的實力並增加了我們的增長機會。基礎廣泛有助於為強生的股東提供穩定而強勁的業績。當我們的業務的一部分或世界的一個地區一直在蓬勃發展時，另一部分可能需要加大投資以實現未來的增長。

You can see here the exceptionally consistent performance we have delivered over the long term. In 2006, we achieved our 74th consecutive year of sales increases, our 23rd consecutive year of earnings increases and our 44th consecutive year of dividend increases. Overall, an extraordinary long-term record that few, if any, can match.

您可以在這裡看到我們長期提供的異常一致的性能。 2006 年，我們實現了連續第 74 年的銷售額增長、連續第 23 年的盈利增長和連續第 44 年的股息增長。總體而言，這是一項非同尋常的長期記錄，即使有，也很少有人能與之匹敵。

So our breadth helps us to sustain consistent performance, but what is even more important is that breadth allows us to elevate our performance. Let me explain what we mean by this. First, breadth allows us to capitalize on the most attractive business opportunities in human health. We have powerful vantage points through our closeness to professionals and customers. These vantage points allow us to identify and rapidly enter high-growth market segments.

因此，我們的廣度幫助我們保持一致的績效，但更重要的是，廣度使我們能夠提升績效。讓我解釋一下我們的意思。首先，廣度使我們能夠利用人類健康領域最具吸引力的商機。通過與專業人士和客戶的密切聯繫，我們擁有強大的優勢。這些優勢使我們能夠識別并快速進入高增長的細分市場。

Closeness to our customers extends to virtually every healthcare market and geographic region. Through our relationships, combined with our financial strength, we have the flexibility to be opportunistic in terms of the markets we develop ourselves, the products we license and the companies we acquire. Given our broad portfolio, we are disciplined in nurturing our most promising businesses while pruning and paring those that have become less attractive.

貼近我們的客戶幾乎延伸到每個醫療保健市場和地理區域。通過我們的關係，再加上我們的財務實力，我們可以靈活地在我們自己開發的市場、我們許可的產品和我們收購的公司方面投機取巧。鑑於我們廣泛的投資組合，我們在培育我們最有前途的業務方面有紀律，同時修剪和削減那些已經變得不那麼有吸引力的業務。

Close knowledge of customers and markets gives us first-hand insight into those seed investments than can grow into large businesses over time. In this slide, you can see some of the companies we have nurtured this way. Each started as a seed investment or acquisition. Today, if you add together the revenues from these companies alone, they represent nearly one quarter of our annual turnover.

對客戶和市場的深入了解使我們能夠第一手了解這些種子投資，這些投資可以隨著時間的推移成長為大型企業。在這張幻燈片中，您可以看到我們以這種方式培育的一些公司。每一個都是作為種子投資或收購開始的。今天，如果將這些公司的收入單獨加起來，它們就占我們年營業額的近四分之一。

Currently, we are investing in four internal ventures, promising geographic markets like China and Russia and a number of start-up companies. By contrast, as our businesses become less valuable, we are disciplined in shedding them to free resources for better growth opportunities.

目前，我們正在投資四家內部企業，前景廣闊的中國和俄羅斯等地理市場以及一些初創公司。相比之下，隨著我們的業務變得不那麼有價值，我們會自律地剝離它們以釋放資源以獲得更好的增長機會。

Over the past five years, we made divestitures of 10 businesses with sales exceeding $600 million. Johnson & Johnson refines itself continuously through this process of investing and divesting.

在過去五年中，我們剝離了 10 家銷售額超過 6 億美元的企業。強生公司通過這個投資和剝離的過程不斷完善自己。

The strategic transfer of knowledge and capabilities is another advantage of Johnson & Johnson's breadth. Our corporation is strengthened by our ability to transfer our strong leadership, our technology and our knowledge within and across business segments. CYPHER is one example of this and from the consumer segment, our AVEENO products, which draw from our strong science expertise and our deep knowledge of consumer needs.

知識和能力的戰略轉移是強生廣度的另一個優勢。我們有能力在業務部門內和跨業務部門轉移強大的領導力、技術和知識，從而加強了我們的公司。 CYPHER 就是這方面的一個例子，我們的 AVEENO 產品來自消費領域，這些產品源自我們強大的科學專業知識和對消費者需求的深入了解。

Our MDD group has been drawing expertise from our Consumer group and direct-to-consumer advertising. In addition, we have been successful at establishing targeted centers of excellence within our organization. For instance, we established a center for biomaterials and other advanced technologies that draws on our historical expertise in suture, mesh and polymers. They are taking us into newer categories like advanced adhesives, sealants and regenerative materials.

我們的 MDD 團隊一直從我們的消費者團隊和直接面向消費者的廣告中汲取專業知識。此外，我們還成功地在我們的組織內建立了有針對性的卓越中心。例如，我們利用我們在縫合線、網片和聚合物方面的歷史專長，建立了生物材料和其他先進技術中心。他們將我們帶入了更新的類別，例如高級粘合劑、密封劑和再生材料。

In our internal ventures unit, we nurture attractive new platform technologies and in a venture capital style framework. We have been able to establish a center for advertising excellence and media buying. This gives us the best possible value for Johnson & Johnson's large global advertising spend.

在我們的內部風險投資部門，我們在風險投資風格的框架中培育有吸引力的新平台技術。我們已經能夠建立一個卓越廣告和媒體購買中心。這為強生公司龐大的全球廣告支出提供了最大可能的價值。

Increasingly, breakthrough innovations occur by careful integration of multiple technologies. Our people are accustomed to working across business boundaries to incorporate technical breakthroughs on behalf of customers. This can pave the way to unprecedented opportunities.

越來越多的突破性創新是通過多種技術的仔細整合來實現的。我們的員工習慣於跨越業務界限，代表客戶整合技術突破。這可以為前所未有的機會鋪平道路。

An excellent example is PREZISTA, our recently launched protease inhibitor for treatment-resistant HIV. PREZISTA was designed based on results of diagnostic tests shared between Virco, one of the Johnson & Johnson diagnostic companies and Tibotec, one of our therapeutics companies.

一個很好的例子是 PREZISTA，我們最近推出的用於治療耐藥性 HIV 的蛋白酶抑製劑。 PREZISTA 是根據強生診斷公司之一的 Virco 和我們的治療公司之一的 Tibotec 共享的診斷測試結果設計的。

Virco performed diagnostics, which charted the many types of resistant HIV strains around the world. Tibotec used this information to develop a molecule that could inhibit the most prevalent global resistant HIV strains. Experts from our Janssen Pharmaceuticals unit also participated in the development of this compound, which as you know was approved in the United States this past June and we expect to gain approval in Europe this year.

Virco 進行了診斷，繪製了世界各地多種耐藥 HIV 毒株的圖表。 Tibotec 利用這些信息開發了一種可以抑制全球最流行的耐藥 HIV 毒株的分子。我們楊森製藥部門的專家也參與了該化合物的開發，如您所知，該化合物已於去年 6 月在美國獲得批准，我們預計今年將在歐洲獲得批准。

As another example, consider our work with retinitis pigmentosa, a form of retinal degeneration. This is an early-stage example of cross-fertilization and convergence where four Johnson & Johnson units have come together to treat this genetic eye disease. Retinitis pigmentosa usually leads to blindness and has no currently approved treatment.

作為另一個例子，考慮我們對視網膜色素變性的研究，這是一種視網膜變性。這是交叉受精和融合的早期例子，強生公司的四個部門聯合起來治療這種遺傳性眼病。色素性視網膜炎通常會導致失明，目前尚無批准的治療方法。

VISTAKON always had exceptional understanding of the human eye. For this program, VISTAKON joined with Centocor for its understanding of biotechnology and with Ethicon for its expertise in sourcing biomaterials. Together, the three operating companies collaborated, along with our internal development corporation and completed an IND filing in December. This potentially will bring VISTAKON into an entirely new business category. These are two significant results from the continuing collaboration taking place across our broad base of businesses.

VISTAKON 一直對人眼有著非凡的理解。在這個項目中，VISTAKON 加入了 Centocor 對生物技術的理解，並加入了 Ethicon 在採購生物材料方面的專業知識。這三個運營公司與我們的內部開發公司一起合作，並於 12 月完成了 IND 申請。這可能會將 VISTAKON 帶入一個全新的業務類別。這是我們廣泛的業務基礎持續合作的兩個重要成果。

The rapid growth in demand for health products and services in developing nations creates unprecedented geographic expansion opportunities, especially for companies with an active presence in many markets. Our operations in over 175 countries, plus our decentralized approach to management, means that Johnson & Johnson is ideally suited to capitalize on global expansion and healthcare products and services.

發展中國家對健康產品和服務需求的快速增長創造了前所未有的地域擴張機會，特別是對於在許多市場活躍的公司而言。我們在超過 175 個國家/地區開展業務，加上我們分散的管理方法，意味著強生公司非常適合利用全球擴張以及醫療保健產品和服務。

We are also able to leverage our scale by applying our resources most efficiently. For example, in shared services like finance and IT, we increasingly standardized to facilitate organizational effectiveness and to improve our cost infrastructure, thus freeing up resources for other uses.

我們還能夠通過最有效地利用我們的資源來利用我們的規模。例如，在金融和 IT 等共享服務中，我們越來越標準化以提高組織效率並改善我們的成本基礎設施，從而騰出資源用於其他用途。

In summary, being broadly based is a cornerstone of our success and will amplify our growth going forward. Breadth is not only a driver of consistent performance, it is a strategic advantage. It elevates our performance to best address the health and well-being of people around the world.

總之，基礎廣泛是我們成功的基石，並將擴大我們未來的增長。廣度不僅是始終如一的表現的驅動力，還是一種戰略優勢。它提升了我們的績效，以最好地解決世界各地人們的健康和福祉。

Now let's turn to our financial highlights. We continue to grow our business and importantly make the investments necessary to build for the future. In 2006, we invested nearly $25 billion in opportunities for future growth, including R&D, licensing and acquisitions. This is by far the largest one-year investment of growth we have ever made. Even as we work to deliver strong current performance, we keep the future firmly in sight.

現在讓我們轉向我們的財務亮點。我們繼續發展我們的業務，重要的是進行必要的投資，以建設未來。 2006 年，我們為未來的增長機會投資了近 250 億美元，包括研發、許可和收購。這是迄今為止我們所做的最大的一年增長投資。即使我們努力提供強勁的當前業績，我們也牢牢把握未來。

During this past year, we made significant progress on multiple fronts, solidifying our position as the world's premier consumer healthcare company, advancing our Pharmaceutical portfolio and strengthening several of our Medical Devices and Diagnostics franchises. In addition, we maintained a continued focus on optimizing our cost infrastructure.

在過去的一年裡，我們在多個方面取得了重大進展，鞏固了我們作為全球首屈一指的消費者保健公司的地位，推進了我們的醫藥產品組合，並加強了我們的幾個醫療器械和診斷特許經營權。此外，我們繼續專注於優化我們的成本基礎設施。

Sales for 2006 grew to a record $53.3 billion with a growth rate of 5.6% and operational growth of 5.3%. On a pro forma basis, our earnings of $11.1 billion grew by more than 9%, once again outpacing sales growth. We achieved solid earnings growth in a year of slower sales growth by continued focus on productivity and cost management. Our adjusted earnings per share of $3.76 reached double-digits growing by nearly 11% and EPS grew at a higher rate than earnings due to the completion of our share repurchase.

2006 年銷售額增長到創紀錄的 533 億美元，增長率為 5.6%，運營增長率為 5.3%。在備考基礎上，我們 111 億美元的收入增長了 9% 以上，再次超過了銷售增長。通過繼續關註生產力和成本管理，我們在銷售增長放緩的一年中實現了穩健的盈利增長。由於我們完成了股票回購，我們調整後的每股收益為 3.76 美元，達到兩位數增長近 11%，每股收益的增長速度高於收益。

Despite the challenges faced by our industry in 2006, we were able to deliver sales growth of 5.6%, significantly leverage our earnings and invest for the future at the highest level ever. Importantly, investments made during the past year helped set the stage for solid future growth.

儘管我們的行業在 2006 年面臨挑戰，但我們還是實現了 5.6% 的銷售額增長，顯著利用了我們的收益，並以前所未有的最高水平為未來投資。重要的是，過去一年的投資為未來的穩健增長奠定了基礎。

Our cash flow from operations in 2006 continued to be very strong at $14.2 billion, the highest level in our history. Free cash flow, the cash flow left after making necessary capital investments, came in at $11.6 billion. We ended the year in a net debt position of $2.5 billion, driven primarily by the $16.6 billion acquisition of the Pfizer Consumer Healthcare assets and a $5 billion share repurchase.

2006 年我們的經營現金流繼續保持強勁，達到 142 億美元，是我們歷史上的最高水平。自由現金流（在進行必要的資本投資後留下的現金流）為 116 億美元。年底，我們的淨債務頭寸為 25 億美元，主要受惠於以 166 億美元收購輝瑞消費者保健資產和 50 億美元的股票回購。

We remain one of only five industrial companies with a AAA credit rating. Our financial strength gives us continued flexibility to pursue important business building activities wherever they may exist.

我們仍然是僅有的五家獲得 AAA 信用評級的工業公司之一。我們的財務實力使我們能夠繼續靈活地在任何可能存在的地方開展重要的業務建設活動。

We continue to make progress in improving the balance of operating profits across our business segments. You can see here that over the past five years, operating profits have nearly doubled. During this time, Pharmaceuticals and Medical Devices and Diagnostics have grown closer together in their profit contributions.

我們繼續在改善各業務部門的營業利潤平衡方面取得進展。您可以在這裡看到，在過去五年中，營業利潤幾乎翻了一番。在此期間，製藥、醫療器械和診斷在利潤貢獻方面更加緊密。

This is a high-growth timeframe for technology-based healthcare. The fact that our Consumer group maintained its profit contribution percentage is a testament to the significantly improving operating margins in the Consumer business and its ability to grow faster than its competitors. Looking forward, our Consumer group will play an increasingly important component of our business.

這是基於技術的醫療保健的高增長時間框架。我們的消費者集團保持其利潤貢獻率這一事實證明了消費者業務的營業利潤率顯著提高，以及其增長速度快於競爭對手的能力。展望未來，我們的消費者群體將在我們的業務中發揮越來越重要的作用。

Let's now turn to some of the significant accomplishments and growth drivers in each of our three business segments. In Johnson & Johnson's consumer segment, 2006 was a watershed year. In addition to operating growth of 6.4% and over 400 new products introductions, we completed one of the most significant acquisitions in our Company's history, the purchase of Pfizer Consumer Healthcare and its iconic brands.

現在讓我們談談我們三個業務部門的一些重要成就和增長動力。在強生的消費領域，2006 年是一個分水嶺。除了 6.4% 的運營增長和超過 400 種新產品的推出外，我們還完成了公司歷史上最重要的收購之一，即收購輝瑞消費者保健品及其標誌性品牌。

Our Consumer segment strategy remains constant, to grow by bringing consumers the best in scientifically-based and professionally-endorsed products and to make these brands available to consumers around the world. We are drawing on research and innovation from across Johnson & Johnson as we develop new and improved products.

我們的消費者細分市場戰略保持不變，通過為消費者提供基於科學和專業認可的最佳產品來實現增長，並將這些品牌提供給世界各地的消費者。在開發新的和改進的產品時，我們正在利用整個強生公司的研究和創新。

In 2006, our Consumer business reached nearly $10 billion with growth in each of our Consumer franchises; OTC, skincare, baby care and women's health.

2006 年，我們的消費者業務達到近 100 億美元，我們的每個消費者特許經營權都在增長； OTC、護膚品、嬰兒護理和女性健康。

Organic growth is at the heart of our Consumer strategy, but occasionally a rare acquisition opportunity comes along with the ability to strengthen and transform a portion of our business. The acquisition of Pfizer Consumer Healthcare, and I will call it PCH, presented this type of opportunity. As you know, the deal closed in December.

有機增長是我們消費者戰略的核心，但偶爾會有難得的收購機會伴隨著加強和轉變我們部分業務的能力。收購輝瑞消費者保健，我稱之為 PCH，提供了這種機會。如您所知，該交易於 12 月完成。

It is extraordinary that two highly complementary businesses could come together in a deal of this size. The brands we have acquired are an ideal fit with our current portfolio. Categories in which PCH was particularly strong like oral care, eye care and smoking cessation are either new to us or build on categories where our Consumer offerings were limited. In other areas, PCH products fit nicely into some of our strongest categories. For instance, LUBRIDERM in skincare; NEOSPORIN in wound care and DESITIN in baby care.

兩家高度互補的企業能夠以如此規模的交易合併在一起，這是非同尋常的。我們收購的品牌非常適合我們目前的產品組合。口腔護理、眼部護理和戒菸等 PCH 特別強的類別對我們來說要么是新的，要么是建立在我們的消費者產品有限的類別之上。在其他領域，PCH 產品非常適合我們最強大的一些類別。例如，護膚品中的 LUBRIDERM； NEOSPORIN 用於傷口護理，DESITIN 用於嬰兒護理。

Geographically, it is much the same story. We will bring acquired PCH brands into fast-growing markets like China and Brazil where our presence was much deeper than PCH's. Meanwhile, PCH gives us added strength in developed markets, including Europe and Canada and gives us a stronger foothold in some emerging markets like Mexico. And across the board, PCH's science-based approach is a perfect match with our own.

從地理上看，情況大致相同。我們將把收購的 PCH 品牌帶入中國和巴西等快速增長的市場，我們的影響力比 PCH 的要深得多。同時，PCH 讓我們在歐洲和加拿大等發達市場更有實力，並讓我們在墨西哥等一些新興市場站穩腳跟。總的來說，PCH 以科學為基礎的方法與我們自己的方法完美匹配。

With this acquisition, our already strong consumer business gets even stronger. U.S. category leadership jumps from 13 to 22. Our industry-leading OTC medicine business nearly doubles to over $4 billion. With the addition of Listerine, we become the fourth largest global player in oral care and we gain entry into the promising smoking cessation market.

通過此次收購，我們本已強大的消費者業務變得更加強大。美國類別的領導者從 13 位躍升至 22 位。我們行業領先的非處方藥業務幾乎翻了一番，超過 40 億美元。隨著 Listerine 的加入，我們成為全球第四大口腔護理企業，並進入了前景廣闊的戒菸市場。

As you can see in this slide, the addition of Pfizer Consumer Healthcare will further balance Johnson & Johnson's business with respect to sales. The Consumer health category looks attractive for the long term. We see trends towards increasing levels of consumer-directed healthcare and increasing pressures on healthcare budgets.

正如您在這張幻燈片中看到的，輝瑞消費者保健品的加入將進一步平衡強生公司在銷售方面的業務。從長遠來看，消費者健康類別看起來很有吸引力。我們看到以消費者為導向的醫療保健水平不斷提高以及醫療保健預算壓力越來越大的趨勢。

From the perspectives of our business portfolio, the PCH acquisition not only reduces risk, but builds on this increasingly attractive Consumer business segment. The more we learn about the people, products and capabilities we gain with PCH, the more enthusiastic we become.

從我們的業務組合的角度來看，收購 PCH 不僅降低了風險，而且建立在這個越來越有吸引力的消費者業務部門的基礎上。我們對通過 PCH 獲得的人員、產品和能力了解得越多，我們就越熱情。

Johnson & Johnson's acquisition of PCH may have been the headline for 2006, but that should not overshadow the strong performance of our overall Consumer segment. In our OTC business, upper respiratory sales grew at a double-digit rate, driven by our reformulated pseudoephedrine-free productline, primarily offset by lower analgesic sales.

強生對 PCH 的收購可能是 2006 年的頭條新聞，但這不應掩蓋我們整個消費部門的強勁表現。在我們的非處方藥業務中，在我們重新配製的無偽麻黃鹼產品線的推動下，上呼吸道銷售額以兩位數的速度增長，主要被鎮痛藥銷售額的下降所抵消。

The key future growth driver here will be the OTC launch of ZYRTEC. This is anticipated following its patent expiration in December of this year. ZYRTEC is the number one prescription allergy medicine in the United States with sales of over $1.5 billion. ZYRTEC's outstanding safety and efficacy make it a strong switch candidate.

未來的關鍵增長動力將是 ZYRTEC 的 OTC 上市。這是在今年 12 月專利到期後預計的。 ZYRTEC 是美國排名第一的處方過敏藥物，銷售額超過 15 億美元。 ZYRTEC 出色的安全性和有效性使其成為強有力的開關候選者。

In our skincare business, operational growth was 9% driven by strong performance by AVEENO, the Johnson's skincare line and the new Group Vendome products. Much of this growth was due to increasing consumer preference for products made from natural ingredients. The success of our skincare franchise reflects our ability to develop breakthrough technology and deliver it to consumers along with strong professional recommendation.

在我們的護膚品業務中，由 AVEENO、強生護膚品系列和新的 Group Vendome 產品的強勁表現推動了 9% 的運營增長。這種增長主要是由於消費者對由天然成分製成的產品的偏好增加。我們護膚品系列的成功反映了我們開發突破性技術並將其交付給消費者的能力以及強大的專業推薦。

The patented sun protectant Helioplex used in our NEUTROGENA and AVEENO sunscreens is a great example. Helioplex stabilizes a sun protectant allowing it to block the sun longer and providing superior protection against UVA rays. Johnson's Baby has remained vibrant, achieving double-digit operational growth in a brand that is over 100 years young. Increasingly, Baby's growth is driven by our expanded efforts in developing in emerging markets.

我們的露得清和 AVEENO 防曬霜中使用的專利防曬劑 Helioplex 就是一個很好的例子。 Helioplex 穩定防曬劑，使其能夠更長時間地阻擋陽光並提供卓越的 UVA 射線防護。 Johnson's Baby 一直充滿活力，在一個擁有 100 多年曆史的品牌中實現了兩位數的運營增長。 Baby 的增長越來越多地受到我們在新興市場發展的擴大努力的推動。

For example, there are 10 times more babies born each year in China and India than in the United States. These markets remain highly attractive for our Baby franchise. Johnson & Johnson's Consumer business is healthy and growing. It is positioned for consistently strong growth for years to come. Our iconic brands, including our latest acquisitions, will grow on a foundation of strong science, professional endorsement and global availability.

例如，中國和印度每年出生的嬰兒數量是美國的 10 倍。這些市場對我們的嬰兒特許經營權仍然極具吸引力。強生的消費者業務健康且不斷增長。它的定位是在未來幾年持續強勁增長。我們的標誌性品牌，包括我們最新的收購，將在強大的科學、專業認可和全球可用性的基礎上發展壯大。

Our Medical Devices and Diagnostics segment is focused on setting standards of care. The seven franchises represent the world's largest medical technology business with unparalleled breadth. Innovation is the lifeblood of our medical technology business and has made us leaders in most of the categories where we compete. In fact, roughly 40% of 2006 sales came from products launched in only the last five years. 80% of our sales come from products that hold number one or number two market positions.

我們的醫療器械和診斷部門專注於製定護理標準。這七個特許經營權代表著世界上最大的醫療技術業務，具有無與倫比的廣度。創新是我們醫療技術業務的命脈，使我們在競爭的大多數類別中都處於領先地位。事實上，2006 年大約 40% 的銷售額來自僅在過去五年內推出的產品。我們 80% 的銷售額來自市場排名第一或第二的產品。

We were also highly acquisitive in medical technology where we concluded six key acquisitions in 2006. The MDD segment achieved sales of $20.3 billion and operational growth of 6.4% in 2006. Let me share just a few highlights of the year from our businesses in MDD and then I'll talk more in depth about growth strategies for three of our largest franchises.

我們在醫療技術領域的收購也非常積極，我們在 2006 年完成了六項關鍵收購。MDD 部門在 2006 年實現了 203 億美元的銷售額和 6.4% 的運營增長。讓我分享一下我們在 MDD 和然後我將更深入地討論我們三個最大的特許經營權的增長戰略。

With total sales of $1.9 billion, Vision Care grew operational by 12%. The group succeeded by focusing on three core competitive advantages; proprietary manufacturing processes, a highly productive R&D organization and strong brand equity with physicians and consumers.

Vision Care 的總銷售額為 19 億美元，運營增長了 12%。集團成功聚焦三大核心競爭優勢；專有的製造工藝、高效的研發組織以及在醫生和消費者中的強大品牌資產。

Ortho-Clinical Diagnostics achieved sales of $1.5 billion dollars and operational growth of 6%. The Company introduced a number of tests, including a blood screening diagnostic for Chagas Disease. This is an insect-borne parasitic illness that affects more than 18 million people worldwide. The Veridex unit gained an important FDA approval in December for CellSearch, a diagnostic platform used to more rapidly identify, count and characterize tumor cells.

Ortho-Clinical Diagnostics 實現了 15 億美元的銷售額和 6% 的運營增長。該公司推出了許多測試，包括查加斯病的血液篩查診斷。這是一種昆蟲傳播的寄生蟲病，影響全球超過 1800 萬人。 Veridex 部門於 12 月獲得了 FDA 的重要批准，用於 CellSearch，這是一種用於更快速地識別、計數和表徵腫瘤細胞的診斷平台。

Ethicon had total sales of $3.2 billion and operational growth of 4%. Several innovative products were introduced, including the GYNECARE MORCELLEX to facilitate less invasive hysterectomies. MORCELLEX has the potential to transform the standard of care for many of the 5 million women around the world who face hysterectomies each year.

Ethicon 的總銷售額為 32 億美元，運營增長率為 4%。推出了幾款創新產品，包括 GYNECARE MORCELLEX，以促進微創子宮切除術。 MORCELLEX 有可能改變全世界每年面臨子宮切除術的 500 萬女性中的許多人的護理標準。

LifeScan, with sales of $2.1 billion and operational growth of 8%, has succeeded in making diabetes testing more accessible to global markets. Diabetes is the sixth leading cause of death in the United States and the fourth leading cause of death around the world. Given unmet needs in diabetes, LifeScan is expanding from its platform of diabetes monitoring, we are providing a full range of diabetes treatments.

LifeScan 的銷售額達到 21 億美元，運營增長 8%，成功地使糖尿病檢測更容易進入全球市場。糖尿病是美國第六大死因，也是全球第四大死因。鑑於糖尿病的未滿足需求，LifeScan 正在從其糖尿病監測平台擴展，我們正在提供全方位的糖尿病治療。

The integration of Animas Corporation, an insulin delivery company, brings us a step closer to creating a closed loop system that mimics the activity of the natural pancreas. This is an early step in our ongoing search for effective diabetes therapies. In fact, the treatment of diabetes and its co-morbidities is a focus across all three of Johnson & Johnson's business segments.

胰島素輸送公司 Animas Corporation 的整合使我們更接近於創建一個模擬自然胰腺活動的閉環系統。這是我們持續尋找有效糖尿病療法的早期步驟。事實上，糖尿病及其合併症的治療是強生所有三個業務部門的重點。

Now let me talk about growth drivers for three of our largest medical device businesses. For 2006, DePuy achieved total sales of $4.1 billion and operational growth of 7%. The breadth of DePuy's unique full-line orthopedics portfolio is illustrated here on this slide.

現在讓我談談我們三個最大的醫療器械業務的增長動力。 2006 年，DePuy 實現了 41 億美元的總銷售額和 7% 的運營增長。這張幻燈片展示了 DePuy 獨特的全系列骨科產品組合的廣度。

DePuy is driving innovation in the joint reconstruction market with a strong portfolio of proprietary products like the rotating platform knee and the surface replacement hip. In the challenging spine market, DePuy is leading a transformation to dynamic fusion technologies. Our DISCOVER cervical replacement disc was just launched successfully in Europe and is in clinical trials here in the United States.

DePuy 正在推動關節重建市場的創新，擁有強大的專利產品組合，如旋轉平台膝關節和表面置換髖關節。在充滿挑戰的脊柱市場，DePuy 正在引領向動態融合技術的轉型。我們的 DISCOVER 頸椎置換椎間盤剛剛在歐洲成功推出，並在美國進行臨床試驗。

DePuy's fast-growing sports medicine business, Mitek, added state-of-the-art visualization technology through the acquisition of Future Medical Systems. Sports medicine is an important entry point into orthopedics for both patients and physicians.

DePuy 快速增長的運動醫學業務 Mitek 通過收購 Future Medical Systems 增加了最先進的可視化技術。運動醫學是患者和醫生進入骨科的重要切入點。

DePuy's strategy for growth includes the following elements; maintaining a highly competitive reconstruction product portfolio, leading a transformation in motion-preserving spinal surgery and building necessary critical mass in the trauma business.

DePuy 的增長戰略包括以下要素；保持極具競爭力的重建產品組合，引領運動保持脊柱手術的轉型，並在創傷業務中建立必要的臨界質量。

Cordis had sales of $4.1 billion and operational growth of 3% in 2006. The franchise launched a dozen products across its business units and you can see a few of them here. Questions regarding drug-eluting stents captured much attention in 2006. But other areas of the Cordis business were experiencing strong growth. It was a good year for the Cordis Endovascular business. Growth approached double digits for the year and as you heard was up nearly 20% in the fourth quarter. Cordis Endovascular achieved important product approvals like the carotid stent. The acquisition of Ensure Medical, which makes devices for post-categorization closure of the femoral artery, complements the existing portfolio.

康得思 2006 年的銷售額為 41 億美元，運營增長率為 3%。該特許經營權在其業務部門推出了十幾種產品，您可以在此處看到其中的一些。有關藥物洗脫支架的問題在 2006 年引起了廣泛關注。但 Cordis 業務的其他領域正在經歷強勁增長。對於 Cordis 血管內業務而言，這是豐收的一年。今年的增長接近兩位數，正如你所聽到的，第四季度增長了近 20%。 Cordis Endovascular 獲得了頸動脈支架等重要產品的批准。收購 Ensure Medical，該公司生產用於股動脈分類後閉合的設備，補充了現有的產品組合。

Biosense Webster experienced robust growth of approximately 30% for the year. Biosense also executed a number of key partnership agreements. The CYPHER SELECT PLUS was successfully launched in 30 countries outside the United States. We expect it to help Cordis retain the lead in global marketshare even as new competitors enter the category in 2007.

Biosense Webster 全年實現了約 30% 的強勁增長。 Biosense 還執行了一些重要的合作協議。 CYPHER SELECT PLUS 在美國以外的 30 個國家成功推出。即使新的競爭對手在 2007 年進入該類別，我們也希望它能夠幫助 Cordis 在全球市場份額中保持領先地位。

The exciting acquisition of Conor Medsystems is on track to close this quarter. Conor's CoStar stent is already available in Europe and Asia and in clinical trials in the United States. Cordis responded to challenges in the drug-eluting stent category by emphasizing its unparalleled library of clinical evidence with more than 40 studies in over 45,000 patients. Cordis recently presented persuasive evidence to the FDA about the safety and efficacy of CYPHER. The recent consensus findings of the FDA panel on drug-eluting stents confirms safety and efficacy for indicated uses.

對 Conor Medsystems 的激動人心的收購有望在本季度完成。 Conor 的 CoStar 支架已在歐洲和亞洲上市，並在美國進行臨床試驗。 Cordis 通過強調其無與倫比的臨床證據庫來應對藥物洗脫支架類別中的挑戰，其中包括超過 45,000 名患者的 40 多項研究。 Cordis 最近向 FDA 提交了關於 CYPHER 的安全性和有效性的有說服力的證據。 FDA 小組最近關於藥物洗脫支架的共識結果證實了指定用途的安全性和有效性。

Cordis also demonstrated CYPHER's clear, clinical advantage in challenging populations like diabetics. Going forward, Cordis will remain focused on next generation interventions that will treat coronary artery disease and expand its endovascular and cardiac arrhythmia portfolios.

Cordis 還展示了 CYPHER 在糖尿病患者等具有挑戰性的人群中的明顯臨床優勢。展望未來，康得思將繼續專注於治療冠狀動脈疾病並擴大其血管內和心律失常產品組合的下一代干預措施。

Ethicon Endo-Surgery had a good year achieving sales of $3.4 billion and operational growth of 9%. Here you can see a few of the franchise's new product introductions, including the HARMONIC WAVE, an advanced energy surgical device that cuts and seals tissue in complex surgical procedures.

Ethicon Endo-Surgery 取得了豐收的一年，實現了 34 億美元的銷售額和 9% 的運營增長。在這裡，您可以看到一些特許經營的新產品介紹，包括 HARMONIC WAVE，這是一種先進的能量外科設備，可在復雜的外科手術中切割和密封組織。

In surgery, Ethicon Endo-Surgery is a market leader and a market maker. The franchise has pioneered techniques and technologies that have made it possible to detect disease earlier, to treat obesity with less invasive options and to remove tumors at earlier stages of disease. The franchise is the global leader in technologies for gastric bypass, a potential surgical solution for morbidly obese patients who are expected to number 50 million by 2010.

在外科領域，Ethicon Endo-Surgery 是市場領導者和做市商。該特許經營權開創了技術和技術，可以更早地發現疾病，用侵入性較小的選擇治療肥胖症，並在疾病的早期階段切除腫瘤。該特許經營權是胃旁路技術的全球領導者，這是一種潛在的手術解決方案，用於治療預計到 2010 年將達到 5000 萬的病態肥胖患者。

Beyond strengthening productlines in existing categories, the franchise has exciting growth opportunities in platforms like conscious sedation and natural orifice procedures.

除了加強現有類別的產品線外，該特許經營權在有意識鎮靜和自然孔道手術等平台上還有令人興奮的增長機會。

Across our Medical Devices and Diagnostics segment, we are well-situated for the future with number one and two positions in most of the categories in which we compete. Last year, we continued to invest aggressively in R&D for Medical Devices and Diagnostics. Our revenue generation is geographically well-diversified with half our sales coming from markets outside the United States. Simply put, we are committed to restoring the joys of life for patients and we will lead and innovate in the markets that make that possible.

在我們的醫療器械和診斷部門，我們在我們競爭的大多數類別中都處於第一和第二的位置，為未來做好了準備。去年，我們繼續大力投資醫療器械和診斷產品的研發。我們的創收在地域上十分多樣化，我們一半的銷售額來自美國以外的市場。簡而言之，我們致力於恢復患者的生活樂趣，我們將在使之成為可能的市場中引領和創新。

Moving onto our Pharmaceuticals business. Our Pharmaceutical units focus on discovering and developing superior medicines that address important unmet medical needs for patients everywhere. 2006 started with the objective of increasing productivity in our R&D organization by gaining approval for key products, by advancing projects in development, by increasing our drug discovery capability and by succeeding in the competitive licensing arena and we have made excellent progress in each of these areas.

轉向我們的製藥業務。我們的製藥部門專注於發現和開發優質藥物，以滿足世界各地患者未滿足的重要醫療需求。 2006 年開始的目標是通過獲得關鍵產品的批准、推進開發項目、提高我們的藥物發現能力以及在競爭激烈的許可領域取得成功，從而提高我們研發組織的生產力，我們在每個領域都取得了顯著進展.

2006 was characterized by strong growth in major products, new indications and greater penetration of key markets. Through investments in our own R&D efforts and the aggressive pursuit of quality licensing candidates, our pipeline is more robust than ever. 2007 will be another important year as we anticipate eight NME filings or approvals by the end of the year.

2006年的特點是主要產品的強勁增長、新的適應症和主要市場的更大滲透。通過對我們自己的研發工作的投資和對優質許可候選人的積極追求，我們的管道比以往任何時候都更加強大。 2007 年將是另一個重要的一年，因為我們預計到年底將有八項 NME 申請或批准。

This builds on our outstanding accomplishments this past year when we achieved four approvals; INVEGA, JURNISTA, PREZISTA and IONSYS. Consistent with the commitment we made in May of 2005, we are on track to file or secure approval of between 10 and 13 NMEs by the end of 2007.

這是建立在我們去年取得四項批准的傑出成就的基礎上的； INVEGA、JURNISTA、PREZISTA 和 IONSYS。根據我們在 2005 年 5 月做出的承諾，我們有望在 2007 年底之前提交或獲得 10 至 13 個 NME 的批准。

R&D has remained a major focus. We invested more in 2006 in Pharmaceutical R&D than ever before. We are seeing the fruits of our continuing investments in new product approvals, advancement through the pipeline and product launches.

研發仍然是主要關注點。 2006 年，我們在藥物研發方面的投入比以往任何時候都多。我們正在看到我們在新產品批准、管道推進和產品發布方面持續投資的成果。

During 2006, a number of exciting compounds moved into late stages of development. These included RIVAROXABAN for the prevention of venous thromboembolism and more recently for stroke prevention and atrial fibrillation and also an anti-epileptic carisbamate. We also filed doripenem for two indications ahead of schedule. Several compounds moved from discovery and advanced into early phases of clinical development.

2006 年，許多令人興奮的化合物進入了開發後期。其中包括用於預防靜脈血栓栓塞的利伐沙班，以及最近用於預防中風和心房顫動的利伐沙班，以及一種抗癲癇的卡瑞斯氨酯。我們還提前提交了多利培南的兩個適應症。幾種化合物從發現進入臨床開發的早期階段。

Meanwhile, we completed a number of product licensing deals during the year, including Macugen from MGI Pharma, a treatment for myelodysplastic syndromes, two diabetes compounds for metabolics and VX-950 from Vertex for hepatitis C, which we are calling Telaprevir.

同時，我們在這一年完成了多項產品許可交易，包括 MGI Pharma 的 Macugen，一種治療骨髓增生異常綜合徵的藥物，兩種用於代謝的糖尿病化合物和 Vertex 的用於丙型肝炎的 VX-950，我們稱之為 Telaprevir。

Our growth strategy for Pharmaceuticals is straightforward. We are working to enhance leadership positions we already have in CMS, in mediated inflammatory disease, pain management and anemia. Meanwhile, we are expanding our presence in new areas where the science is dynamic and evolving and where innovative products can drive growth. This includes the fields of virology, anti-bacterials, oncology, cardiovascular disease and metabolics.

我們的製藥增長戰略很簡單。我們正在努力加強我們在 CMS、介導性炎症疾病、疼痛管理和貧血方面已經擁有的領導地位。與此同時，我們正在擴大我們在科學充滿活力和不斷發展以及創新產品可以推動增長的新領域的影響力。這包括病毒學、抗菌劑、腫瘤學、心血管疾病和代謝領域。

Turning to 2006 results, sales reached $23.3 billion, representing operational growth of 3.9%. As you can see, we achieved strong double-digit growth with key products such as RISPERDAL and RISPERDAL CONSTA, REMICADE, TOPAMAX and CONCERTA.

談到 2006 年的業績，銷售額達到 233 億美元，運營增長 3.9%。如您所見，我們憑藉 RISPERDAL 和 RISPERDAL CONSTA、REMICADE、TOPAMAX 和 CONCERTA 等關鍵產品實現了強勁的兩位數增長。

As we have previously discussed, generics impacted our sales for 2006. Excluding the one-year impact of generics, our operational growth in Pharmaceuticals would have been in the 8% range.

正如我們之前所討論的，仿製藥影響了我們 2006 年的銷售額。排除仿製藥一年的影響，我們在製藥領域的運營增長將在 8% 範圍內。

Let's turn to business highlights and future growth strategies in some of our core areas. Our CMS franchise serves an important therapeutic area and continued to achieve excellent growth in 2006. RISPERDAL, a leading treatment for psychosis, has long been a strong growth driver. That continued in 2006 with $4.2 billion in sales, which represents an operational growth rate of 18%.

讓我們轉向一些核心領域的業務亮點和未來增長戰略。我們的 CMS 特許經營權服務於一個重要的治療領域，並在 2006 年繼續實現出色的增長。RISPERDAL 是一種領先的精神病治療藥物，長期以來一直是強勁的增長動力。這種情況在 2006 年繼續保持，銷售額為 42 億美元，運營增長率為 18%。

In October, we received approval from the FDA to market an additional indication for RISPERDAL for the treatment of children with autistic disorder and in the fourth quarter, we submitted data to the FDA to obtain pediatric exclusivity. FDA's approval of INVEGA at the end of 2006 reinforces our leadership position in the psychiatric market. INVEGA launched this month and it is the first new treatment for schizophrenia approved by the FDA in three years.

10 月，我們獲得了 FDA 的批准，將 RISPERDAL 用於治療自閉症兒童的額外適應症上市，並在第四季度，我們向 FDA 提交了數據以獲得兒科排他性。 2006 年底 FDA 對 INVEGA 的批准鞏固了我們在精神病學市場的領導地位。 INVEGA 本月推出，這是三年來 FDA 批准的第一個精神分裂症新療法。

Paliperidone palmitate, a long-acting injectable, continues to advance in the late stages of development and we expect to file later this year. We are excited about carisbamate, our new first-in-class anti-epileptic, which we expect to file in 2008. These will all be important compounds in helping our CMS franchise offset future loss of exclusivity for RISPERDAL and TOPAMAX.

Paliperidone palmitate 是一種長效注射劑，在開發後期繼續推進，我們預計將在今年晚些時候提交申請。我們對 carisbamate 感到興奮，這是我們預計在 2008 年提交的新的一流抗癲癇藥。這些都將是幫助我們的 CMS 特許經營權抵消未來對 RISPERDAL 和 TOPAMAX 的排他性損失的重要化合物。

Immune-mediated inflammatory diseases remain an area of significant unmet need spanning from rheumatoid arthritis to inflammatory bowel disease to psoriasis. Treatments in this area remain one of our key business and growth drivers. REMICADE continues to be our lead product in this field, with 2006 growth approaching 20%. The label in the U.S. was expanded ulcerative colitis and psoriatic arthritis, as well as for two new indications, pediatric Crohn's and psoriasis.

從類風濕性關節炎到炎症性腸病再到銀屑病，免疫介導的炎症性疾病仍然是一個重要的未滿足需求領域。該領域的治療仍然是我們的主要業務和增長動力之一。 REMICADE 繼續是我們在該領域的主導產品，2006 年增長率接近 20%。美國的標籤是擴大的潰瘍性結腸炎和銀屑病關節炎，以及兩個新的適應症，小兒克羅恩病和銀屑病。

Our pipeline of compounds in this area is strong and includes two important near-term products, CNTO 148, a follow-on to REMICADE, a fully-human, highly-potent anti-TNF that will allow for monthly subcutaneous dosing. It will also be available in an IV infusion. This dual formulation will be unique in the anti-TNF category. We expect to file CNTO 148 in early 2008.

我們在該領域的化合物產品線很強大，包括兩個重要的近期產品 CNTO 148，REMICADE 的後續產品，REMICADE 是一種全人高效抗 TNF，可以每月皮下給藥。它也將在靜脈輸液中提供。這種雙重配方在抗 TNF 類別中將是獨一無二的。我們預計在 2008 年初提交 CNTO 148。

We are also enthusiastic about CNTO 1275, a first-in-class anti IL-12 and IL-23 inhibitor that is initially in development for psoriasis and expected to be filed in the US and Europe later this year. Virology is an area where we are dedicated to developing clinical products and an area where we are poised to realize growth.

我們也對 CNTO 1275 充滿熱情，這是一種一流的抗 IL-12 和 IL-23 抑製劑，最初正在開髮用於治療銀屑病，預計將於今年晚些時候在美國和歐洲提交申請。病毒學是我們致力於開發臨床產品的領域，也是我們準備實現增長的領域。

2006 was highlighted by U.S. approval and launch of PREZISTA, a potent protease inhibitor that has demonstrated significant activity against important drug-resistant strains of HIV. We're looking to expand the label and have initiated trials in naive and moderately experienced HIV-1 infected patients. In December we received a positive CHMP recommendation in the EU, and we anticipate marketing approval in Europe this year.

2006 年的亮點是美國批准並推出了 PREZISTA，這是一種強效蛋白酶抑製劑，對重要的耐藥性 HIV 菌株具有顯著的活性。我們正在尋求擴大標籤，並已在幼稚和中等經驗的 HIV-1 感染患者中啟動試驗。 12 月，我們在歐盟收到了積極的 CHMP 推薦，我們預計今年在歐洲獲得上市批准。

TMC 125, our second anti-HIV compound, is anticipated to be best in class. It is the first sequentiable NNRTI for resistant HIV patients. It is on track to be filed this year. TMC 278 is a novel NNRTI with a number of parameters that may make it an interesting first-line treatment for naive patients. We anticipate a U.S. filing in 2010.

TMC 125 是我們的第二種抗 HIV 化合物，預計將是同類產品中最好的。這是第一個針對 HIV 耐藥患者的可測序 NNRTI。它有望在今年提交。 TMC 278 是一種新型的 NNRTI，具有許多參數，可能使其成為天真的患者有趣的一線治療。我們預計在 2010 年向美國提交申請。

Rounding out our lineup of near-term products, growth products in virology, is Telaprevir. Under an agreement with Vertex, Janssen has acquired commercial rights to Telaprevir in markets outside the United States. Telaprevir is a first-in-class oral protease inhibitor being studied initially for treatment naive patients with chronic hepatitis C. Vertex expects to initiate Phase III studies this year, and we anticipate making a submission in Europe in the second half of 2009. Telaprevir is a first step in our efforts to improve the diagnosis and treatment of HCV, a serious public health concern affecting 170 million patients.

Telaprevir 是我們近期產品系列的補充，即病毒學中的增長產品。根據與 Vertex 的協議，楊森已獲得 Telaprevir 在美國以外市場的商業權利。 Telaprevir 是一種一流的口服蛋白酶抑製劑，最初被研究用於治療初治慢性丙型肝炎患者。Vertex 預計今年將啟動 III 期研究，我們預計將於 2009 年下半年在歐洲提交申請。 Telaprevir 是這是我們努力改善 HCV 診斷和治療的第一步，這是一個影響 1.7 億患者的嚴重公共衛生問題。

Moving to oncology. In 2006, we expanded our relationships with Millennium to co-promote VELCADE in the United States. We are excited about co-promoting VELCADE in the U.S. as it is a highly complementary addition to our existing oncology portfolio. Outside the U.S., VELCADE continues to grow. In Japan it was approved for relapsed and refractory multiple myeloma, and we are continuing to collaborate with Millennium on new indications, including front-line therapy for multiple myeloma, non-Hodgkin's lymphoma, and non-small cell lung cancer.

轉向腫瘤學。 2006 年，我們擴大了與 Millennium 的關係，共同在美國推廣 VELCADE。我們對在美國共同推廣 VELCADE 感到興奮，因為它是對我們現有腫瘤學產品組合的高度補充。在美國以外，VELCADE 繼續增長。在日本，它被批准用於復發和難治性多發性骨髓瘤，我們將繼續與 Millennium 合作開發新的適應症，包括多發性骨髓瘤、非霍奇金淋巴瘤和非小細胞肺癌的一線治療。

We also have three oncology products in late-stage development for indication where patients have few or no treatment options. YONDELIS is in Phase III for ovarian cancer and on track for a 2008 submission. We will not file for STS in the U.S. in 2007. We are currently in discussions with Pharmamor regarding next steps in development for small tissue sarcoma.

我們還有三種處於後期開發階段的腫瘤產品，用於適應症患者很少或沒有治療選擇的情況。 YONDELIS 正處於卵巢癌的 III 期，並有望在 2008 年提交。我們不會在 2007 年在美國申請 STS。我們目前正在與 Pharmamor 討論小組織肉瘤的下一步開發。

ZARNESTRA's AML Phase III trial is proceeding, and we plan to re-file it this year. We hold global rights outside North America for DACOGEN, which is in Phase III in Europe for myelodysplastic syndromes. This year, we expect to submit it for approvals in several Asian and Latin American countries, and we expect to complete a major submission in Europe in 2008.

ZARNESTRA 的 AML III 期試驗正在進行中，我們計劃在今年重新提交。我們擁有 DACOGEN 在北美以外的全球權利，該藥物在歐洲處於骨髓增生異常綜合徵的 III 期。今年，我們預計將在幾個亞洲和拉丁美洲國家提交批准，我們預計將在 2008 年完成歐洲的主要提交。

DOXIL for patients with progressed ovarian cancer increased its share in the second-line ovarian cancer market during 2006. The FDA has just accepted our sNDA for the combination use of DOXIL and VELCADE, the second-line treatment for patients with multiple myeloma. For the longer term, we are investigating the effectiveness of DOXIL in the treatment of breast cancer.

用於進展性卵巢癌患者的 DOXIL 在 2006 年期間增加了其在卵巢癌二線市場的份額。FDA 剛剛接受了我們的 sNDA，用於聯合使用 DOXIL 和 VELCADE，這是多發性骨髓瘤患者的二線治療。從長遠來看，我們正在研究 DOXIL 在治療乳腺癌中的有效性。

In Pharmaceuticals, we will maintain our leadership in current markets and build leadership in new markets. The many products emerging from our pipeline will drive our future growth.

在製藥方面，我們將保持在當前市場的領先地位，並在新市場建立領先地位。我們管道中出現的許多產品將推動我們未來的增長。

As we step back from our individual business segments and look across all of Johnson & Johnson, you can see why we are exceptionally well-positioned for growth in one of the most dynamic businesses in the world. We will drive good growth by identifying and participating in the most promising, fastest-growing business segments in human health. We will build and sustain leadership positions in these segments by employing our superior capabilities by bringing science-based innovations to the market.

當我們從各自的業務部門退後並縱觀強生的所有業務時，您就會明白為什麼我們在世界上最具活力的業務之一中處於非常有利的發展位置。我們將通過識別和參與人類健康領域最有前途、增長最快的業務領域來推動良好的增長。我們將利用我們的卓越能力，將基於科學的創新推向市場，從而在這些領域建立並保持領先地位。

It is the people of Johnson & Johnson, their creativity and resolve, that have always been the fuel that powers this Company. So much change is occurring everywhere in the world, but think about the qualities that our people bring to their work, expertise, character, tenacity and a commitment to our credo responsibilities. The people of Johnson & Johnson are what really ensure the growth of our business. Most importantly, they ensure that we keep delivering important innovations to our customers and patients. Thank you very much for your support of Johnson & Johnson.

強生的員工，他們的創造力和決心，一直是這家公司的動力。世界各地都在發生如此巨大的變化，但想想我們的員工為他們的工作帶來的品質、專業知識、性格、堅韌和對我們信條責任的承諾。強生員工是我們業務增長的真正保障。最重要的是，它們確保我們不斷為客戶和患者提供重要的創新。非常感謝您對強生公司的支持。

Many of you have already had an opportunity to meet our new CFO, Dominic Caruso. Dominic joined us as part of the Centocor acquisition in 1999 where he was Vice President of Finance and a key contributor to the growth of that organization. At Johnson & Johnson, Dominic most recently was head of our group finance function. He has proven to be very effective in leading growth throughout the many facets of our business and I am sure you will come to value your association with Dominic just as much as I have. Now, let me turn to Dominic for some additional comments.

你們中的許多人已經有機會見到我們的新任首席財務官多米尼克·卡魯索。 Dominic 於 1999 年作為 Centocor 收購的一部分加入我們，當時他擔任財務副總裁，並為該組織的發展做出了重要貢獻。在強生，多米尼克最近擔任我們集團財務部門的負責人。事實證明，他在引領我們業務的各個方面的增長方面非常有效，我相信您會像我一樣重視您與多米尼克的關係。現在，讓我請多米尼克補充一些意見。

Thank you, Bill and good morning, everyone. We are pleased with our solid financial results for the year as Bill and Louise highlighted for you. In particular, we are pleased that in the fourth quarter, we were able to achieve strong earnings growth while absorbing the 2006 piece of the Pfizer Consumer Healthcare integration costs.

謝謝你，比爾，大家早上好。正如比爾和路易絲為您強調的那樣，我們對今年穩健的財務業績感到滿意。特別是，我們很高興在第四季度，我們能夠在吸收 2006 年輝瑞消費者保健整合成本的同時實現強勁的盈利增長。

That said, I would like to provide some comments for you to consider as you refine your models for 2007, including of course the impact of the acquisition of the Pfizer Consumer Healthcare business.

也就是說，我想提供一些意見供您在完善 2007 年模型時考慮，當然包括收購輝瑞消費者保健業務的影響。

My comments initially will not include the impact of the pending acquisition of Conor Medsystems, but I will provide you a brief update on that transaction at the conclusion of my remarks.

我最初的評論將不包括即將收購 Conor Medsystems 的影響，但我將在我的評論結束時向您提供有關該交易的簡要更新。

Let's start with a discussion of cash and interest expense. During 2006, the Company continued to generate strong cash flows from operations. As Bill showed you earlier, our free cash flow or cash from operations after expenditure for capital improvements, was $11.6 billion or greater than our net earnings of approximately $11 billion reflecting another year of strong cash flow generation by our businesses.

讓我們從現金和利息費用的討論開始。 2006 年，公司繼續產生強勁的經營現金流。正如比爾早些時候向您展示的那樣，我們的自由現金流或運營現金（扣除資本改進支出後）為 116 億美元或高於我們約 110 億美元的淨收益，這反映了我們業務又一年產生了強勁的現金流。

At year-end 2006, the Company was in a net debt position of approximately $2.5 billion. For your information, that is $4.1 billion of cash investments and $6.6 billion of debt. This reflects the issuance of approximately $4 billion of commercial paper in connection with the closing of the acquisition of the Pfizer Consumer Healthcare business.

2006 年底，公司的淨債務約為 25 億美元。供您參考，這是 41 億美元的現金投資和 66 億美元的債務。這反映了在完成收購輝瑞消費者保健業務時發行了約 40 億美元的商業票據。

For purposes of your models and assuming no additional major acquisition or general share repurchase program, I suggest that you consider net interest expense for 2007 in the range of approximately $50 million to $100 million.

就您的模型而言，假設沒有額外的重大收購或一般性股票回購計劃，我建議您將 2007 年的淨利息支出考慮在大約 5000 萬美元到 1 億美元之間。

Turning to other income and expense. As a reminder of the nature of this account, this is the account where we record royalty income, as well as one-time gains on losses arising from such items as litigation, gains or losses from investments by our development corporation or asset sales. In addition, this is the account where we will record the gains associated with the divestiture of certain products, as well as the restructuring charges we will incur in connection with the Pfizer Consumer Healthcare acquisition.

轉向其他收入和支出。提醒一下這個賬戶的性質，這是我們記錄特許權使用費收入的賬戶，以及因訴訟、我們的開發公司投資或資產銷售等項目產生的損失的一次性收益。此外，我們將在該賬戶中記錄與剝離某些產品相關的收益，以及我們將因收購輝瑞消費者保健品而產生的重組費用。

In the first quarter of 2007, we will record a net pretax gain related to these items of approximately $150 million. During the remainder of the year, the balance of the restructuring charges will more than offset this gain for the full year. This account is difficult to forecast, but assuming no other major one-time gains or losses, I would recommend that you consider modeling other income and expense for 2007 as a net gain ranging from approximately $50 million to $100 million.

在 2007 年第一季度，我們將記錄與這些項目相關的大約 1.5 億美元的稅前淨收益。在今年餘下的時間裡，重組費用的餘額將超過全年的這一收益。這個賬戶很難預測，但假設沒有其他重大的一次性收益或損失，我建議您考慮將 2007 年的其他收入和支出建模為大約 5000 萬美元到 1 億美元的淨收益。

A word on our taxes. For 2006, the Company's effective tax rate, excluding special items, was 23.3%. As a reminder, during 2006 in the second quarter, we recorded an adjustment to a previously recorded tax reserve reflecting the approval of PREZISTA and our confidence in the operations of our Tibotec subsidiary to generate earnings from this and other products in the [royalty] space. For 2006, excluding this adjustment, our effective tax rate would have been 24.2%.

關於我們的稅收的一句話。 2006年，公司扣除特殊項目後的實際稅率為23.3%。提醒一下，在 2006 年第二季度，我們記錄了對先前記錄的稅收儲備的調整，這反映了 PREZISTA 的批准以及我們對 Tibotec 子公司的運營的信心，以從[特許權使用費]領域的該產品和其他產品中產生收益. 2006 年，若不計此項調整，我們的有效稅率為 24.2%。

As you know, the R&D tax credit has been reinstated. I suggest that you consider for now modeling our effective tax rate with the inclusion of the Pfizer Consumer Healthcare business in the range of 24% to 24.5%. As always, we will continue to pursue opportunities to further improve upon this rate as the year unfolds.

如您所知，研發稅收抵免已恢復。我建議您現在考慮將輝瑞消費者保健業務納入 24% 至 24.5% 範圍內的有效稅率模型。與往常一樣，隨著時間的推移，我們將繼續尋找機會進一步提高這一比率。

Turning to operational sales growth and of course including the addition of the Pfizer Consumer Healthcare brands to our Consumer business, we would be comfortable with your models reflecting operational sales growth for the full year between 11.5% and 12.5%. The addition of the Pfizer Consumer Healthcare brands represents approximately 7% of that annual sales growth. As a reminder, we divested several brands in connection with the Pfizer Consumer Healthcare acquisition and those brands amounted to approximately $0.25 billion in sales.

談到運營銷售增長，當然包括將輝瑞消費者保健品牌添加到我們的消費者業務中，我們會對反映全年運營銷售增長 11.5% 至 12.5% 的模型感到滿意。輝瑞消費者保健品牌的加入約佔年銷售額增長的 7%。提醒一下，我們在收購輝瑞消費者保健品時剝離了幾個品牌，這些品牌的銷售額約為 2.5 億美元。

When constructing your models for the first quarter of 2007, I recommend that you consider modeling somewhat lower sales growth in the first quarter than for the full year. During the first quarter, while we expect continued growth in many of our products, we will be impacted by difficult comparisons to the prior year due to the softness in the drug-eluting stent market, as well as the impact of generics in our Pharmaceutical business during 2006. We would be comfortable therefore with your modeling our operational sales growth for the first quarter, including the Pfizer Consumer Healthcare brands, at approximately 10% to 11%.

在構建 2007 年第一季度的模型時，我建議您考慮為第一季度的銷售增長建模比全年略低。在第一季度，雖然我們預計我們的許多產品將繼續增長，但由於藥物洗脫支架市場疲軟以及仿製藥對我們製藥業務的影響，我們將受到與上一年難以比較的影響2006 年期間。因此，如果您對我們第一季度的運營銷售增長（包括輝瑞消費者保健品牌）建模，我們會感到滿意，大約 10% 到 11%。

Regarding currency, we cannot predict the impact that currency movements will have on our sales growth and we are not providing a forecast on currency, but to give you a sense of possible currency impacts, if currency were to remain where it is today, currency would have a positive impact to our full-year growth of approximately half a point and the impact in the first quarter is expected to be 1 to 1.5 points.

關於貨幣，我們無法預測貨幣變動將對我們的銷售增長產生的影響，我們也沒有提供貨幣預測，但為了讓您了解可能的貨幣影響，如果貨幣保持在今天的水平，貨幣將對我們全年增長約0.5個百分點的積極影響，預計第一季度的影響為1至1.5個百分點。

Now turning to earnings. When I last checked, the First Call mean estimate for our EPS for 2007 was $4.05 per share and this was from our business excluding the impact of Pfizer Consumer Healthcare. We are comfortable with that estimate and suggest that you consider EPS estimates for our business, again excluding the impact of Pfizer Consumer Healthcare, in the $4.05 to $4.10 per range or growth of approximately 8% to 9%. I suggest that at this early stage in the year, you plan towards the middle of this range.

現在轉向收益。當我上次檢查時，我們對 2007 年每股收益的首次調用平均估計為每股 4.05 美元，這是來自我們的業務，不包括輝瑞消費者保健的影響。我們對這一估計感到滿意，並建議您考慮我們業務的每股收益估計，再次排除輝瑞消費者保健的影響，每個範圍為 4.05 美元至 4.10 美元或增長約 8% 至 9%。我建議在今年的這個早期階段，你計劃在這個範圍的中間。

I would like to now turn to earnings for the full year of 2007, including the addition of the Pfizer Consumer Healthcare business. Now let me be clear, not reflecting the impact of the pending acquisition of Conor Medsystems, which I will comment on separately.

我現在想談談 2007 年全年的收益，包括輝瑞消費者保健業務的增加。現在讓我說清楚，不反映即將收購 Conor Medsystems 的影響，我將單獨評論。

We were very pleased to have closed the Pfizer Consumer Healthcare acquisition at the end of 2006 as we expected. This is an important strategic acquisition for our Consumer business and for our Company as it provides a strong source of growth creating sustainable leadership positions in exciting areas of consumer healthcare.

正如我們預期的那樣，我們很高興在 2006 年底完成了對輝瑞消費者保健品的收購。這對我們的消費者業務和我們公司來說是一項重要的戰略收購，因為它提供了強大的增長來源，在令人興奮的消費者醫療保健領域創造了可持續的領導地位。

As you know, we have been thoughtful in our pursuit of growth through acquisitions and we fully expect this acquisition to join a string of successful acquisitions achieving exceptional performance over time. The acquisition provides us a unique opportunity to achieve meaningful growth synergies from the combination of complementary capabilities and strong brands. While we expect the primary value of the transaction to be delivered from the ongoing growth of the business, we also expect to achieve savings from efficiencies gained in areas of overlap.

如您所知，我們在通過收購追求增長方面一直深思熟慮，我們完全希望此次收購能夠加入一系列成功的收購，隨著時間的推移取得卓越的業績。此次收購為我們提供了一個獨特的機會，可以通過互補能力和強大品牌的結合實現有意義的增長協同效應。雖然我們預計交易的主要價值將來自業務的持續增長，但我們也希望通過在重疊領域獲得的效率來實現節約。

In our prior guidance to you, we indicated potential cost synergies in the range of $500 million to $600 million per year, which we expect to achieve gradually and to fully implement by 2009. I am happy to report that as a result of the efforts of the team of dedicated individuals working on the integration, we are comfortable with these initial estimates.

在我們之前給您的指導中，我們指出了每年 5 億美元到 6 億美元的潛在成本協同效應，我們預計到 2009 年將逐步實現並全面實施。我很高興地報告，由於致力於整合的專業團隊，我們對這些初步估計感到滿意。

As we have refined the valuation work and progressed in the integration work, I would like to update you on our latest thinking regarding dilution. On a cash basis, that is excluding the impact of non-cash charges consisting of amortization and inventory step-up, we expect the transaction to be dilutive in 2007 and 2008 by $0.12 and $0.03 per share respectively and to be accretive thereafter. This is consistent with our previous guidance in this part.

隨著我們完善估值工作並在整合工作中取得進展，我想向您介紹我們關於稀釋的最新想法。在現金基礎上，不包括包括攤銷和庫存增加在內的非現金費用的影響，我們預計該交易將在 2007 年和 2008 年分別攤薄每股 0.12 美元和 0.03 美元，並在此後增加。這與我們之前在這部分的指導一致。

On a GAAP basis, we now expect the transaction to be dilutive to earnings in 2007 by $0.17 and dilutive to earnings in 2008 by $0.06 and to be breakeven or modestly accretive to earnings starting in 2009, one full year earlier than our previous guidance in this regard. This represents an improvement to our previous estimates of the dilutive effect of the transaction of $0.05 in '07 and $0.04 in '08. The improvement from the estimates we previously provided are largely due to the completion of the valuation work I mentioned earlier.

根據公認會計原則，我們現在預計該交易將攤薄 2007 年的收益 0.17 美元，攤薄 2008 年的收益 0.06 美元，並從 2009 年開始實現盈虧平衡或適度增加收益，比我們之前在本報告中的指導提前一年。看待。這比我們之前對 07 年 0.05 美元和 08 年 0.04 美元的交易攤薄效應的估計有所改善。我們之前提供的估計的改善主要是由於我之前提到的估值工作的完成。

Non-cash charges consist principally of ongoing amortization expense, which is now estimated at $0.03 per share per year versus our previous estimate of $0.06 per share. This amortization expense is now based on the allocation of $3.7 billion of the purchase price to intangible assets, which are being amortized over an average 30-year period. The change from our previous estimates in this regard relates to the charge for in-process research and development we recorded in the fourth quarter of 2006 as Louise described and the allocation of a greater portion of the purchase price through assets that have longer estimated useful lives.

非現金費用主要包括持續攤銷費用，現在估計為每年每股 0.03 美元，而我們之前估計為每股 0.06 美元。該攤銷費用現在基於將購買價格中的 37 億美元分配給無形資產，這些資產在平均 30 年的期間內攤銷。在這方面，與我們先前估計的變化有關，如 Louise 所述，我們在 2006 年第四季度記錄的正在進行的研發費用以及通過具有更長估計使用壽命的資產分配購買價格的大部分.

Additionally, the 2007 impact of the step-up in inventory value is now estimated to be approximately $0.02 per share versus our previous estimate of $0.03 per share and there is no longer any step-up in property plant and equipment values as a result of the valuation work. Therefore, including the impact of the addition of the Pfizer Consumer Healthcare business, we suggest that you consider GAAP EPS estimates for 2007 in the range of $3.88 to $3.93 per share. However, by way of reminder, given this early stage in the year, I recommend that you plan towards the middle of this range. I look forward to updating you throughout the year.

此外，現在估計 2007 年庫存價值上升的影響約為每股 0.02 美元，而我們之前估計為每股 0.03 美元，並且由於估價工作。因此，包括增加輝瑞消費者保健業務的影響，我們建議您將 2007 年的 GAAP EPS 估計值考慮在每股 3.88 美元至 3.93 美元的範圍內。但是，提醒一下，鑑於今年的早期階段，我建議您計劃在這個範圍的中間進行。我期待著全年更新你。

Regarding the first quarter of 2007, I want to remind you that although our sales growth may be somewhat softer than the full-year growth rate, we will have the benefit of the gain on divested assets partially offset by restructuring charges as I discussed previously.

關於 2007 年第一季度，我想提醒您，儘管我們的銷售增長可能會比全年增長率略低，但正如我之前所討論的，我們將受益於被剝離資產部分抵消的重組費用。

Given this net positive after-tax impact of approximately $0.03 per share, which will be more than offset during the remainder of the year by the impact of the remaining restructuring charges, we recommend that you consider slightly higher EPS ranges for the first quarter of 2007 than in the remaining quarters of the year. EPS estimates in the range of $1.04 to $1.06 per share for the first quarter of 2007 would seem reasonable.

考慮到每股約 0.03 美元的淨正稅後影響，剩餘的重組費用的影響將在今年剩餘時間內完全抵消，我們建議您考慮稍微提高 2007 年第一季度的每股收益範圍比今年剩餘的幾個季度。 2007 年第一季度每股收益預計在 1.04 美元到 1.06 美元之間似乎是合理的。

Finally, a word about the planned $1.4 billion acquisition of Conor Medsystems, which we announced in November. We have received FTC clearance for the transaction and the vote by the Conor Medsystems' shareholders is expected to take place on January 31. We continue to expect that we will close this transaction during the first quarter of 2007.

最後，談談我們在 11 月宣布的以 14 億美元收購 Conor Medsystems 的計劃。我們已收到 FTC 對該交易的批准，預計 Conor Medsystems 股東的投票將於 1 月 31 日進行。我們繼續預計我們將在 2007 年第一季度完成這項交易。

Financial returns from this transaction will flow from accelerated growth of products already on the market and also more importantly the application of this unique technology to future products. By way of reminder, when we announced the transaction in November, we indicated that we expected the transaction to be modestly dilutive to 2007 earnings and breakeven in 2008. By way of reminder, our guidance at that time was additional 2007 dilution related to this acquisition estimated at $0.24 of which $0.21 is associated with a charge of approximately $600 million for in-process research and develop them.

此次交易的財務回報將來自於已經上市的產品的加速增長，更重要的是這種獨特技術在未來產品中的應用。提醒一下，當我們在 11 月宣布該交易時，我們表示我們預計該交易將適度攤薄 2007 年的盈利和 2008 年的盈虧平衡。提醒一下，我們當時的指導是與此次收購相關的 2007 年額外攤薄估計為 0.24 美元，其中 0.21 美元與大約 6 億美元的研發費用相關。

Again, my comments earlier did not include the impact of this pending acquisition. We will continue to refine our estimates for this transaction and we will provide you a further update on the impact of our 2007 EPS after the completion of the closing of the transaction.

同樣，我之前的評論並未包括此次收購的影響。我們將繼續完善我們對此次交易的估計，並在交易完成後向您提供有關我們 2007 年每股收益影響的進一步更新。

That concludes my remarks on matters we trust are helpful for you as you refine your estimates, including the addition of the extraordinary brands we acquired in the Pfizer Consumer Healthcare transaction. I look forward to updating you throughout the year at our quarterly earnings calls. Thank you, and Louise, back to you.

我對我們相信對您有幫助的事情的評論到此結束，因為您可以完善您的估計，包括增加我們在輝瑞消費者保健交易中收購的非凡品牌。我期待在我們的季度收益電話會議上全年向您更新。謝謝你，路易絲，回复你。

We will now open the floor to your questions. As Bill is our host for today's meeting, we encourage you to address your questions to him on more strategic issues and if you could wait until you get a microphone because it is being webcast.

我們現在開始回答您的問題。由於比爾是我們今天會議的主持人，我們鼓勵您就更具戰略性的問題向他提出問題，以及您是否可以等到拿到麥克風，因為它正在網絡直播。

It's Rick Wise, Bear Stearns. Two questions, Bill. First on the SG&A cost cutting side, we are seeing other large companies like Pfizer announced major cost cutting issues. Obviously, Johnson & Johnson has been focused on cost reductions for years. Does this send some new signal to you all that you feel like you have to make some extraordinary cost reduction efforts incrementally to be competitive? I'd appreciate your perspective there.

是瑞克·懷斯，貝爾斯登。兩個問題，比爾。首先在 SG&A 成本削減方面，我們看到輝瑞等其他大公司宣布了重大的成本削減問題。顯然，強生公司多年來一直專注於降低成本。這是否向您發出了一些新的信號，您覺得您必須逐步做出一些非凡的成本降低工作才能具有競爭力？我很欣賞你的觀點。

And second, we've seen General Electric make a foray, aggressive foray to diagnostics. How does that change your strategic vision of what is happening in the device industry and are you likely to respond on that side?

其次，我們看到通用電氣在診斷領域大舉進軍。這將如何改變您對設備行業正在發生的事情的戰略願景，您可能會對此做出回應嗎？

On the first one, I think as you mentioned and I think as you saw this year, we have always had a focus on trying to keep our costs under control and maintain our attention in that area. I think there has been a lot of attention yesterday on salesforce size and we have continued to keep that in place. I think Chris could speak better than I could to this, but I know we are actually down well below the highest number of sales reps that we have had before and that is because it's a continual as I said.

關於第一個，我認為正如你提到的那樣，我認為正如你今年所看到的那樣，我們一直專注於努力控製成本並保持我們對該領域的關注。我認為昨天有很多關於銷售人員規模的關注，我們繼續保持這一點。我認為克里斯可以比我說得更好，但我知道我們實際上遠低於我們以前擁有的最高銷售代表數量，這是因為正如我所說的那樣，這是一個持續的。

I talked about the paring of our businesses, but we do the same in our organization and try and leverage it. So we try and keep our costs under control so we don't have to go through any major initiatives in these areas, but the salesforce -- we focus not in these large [JP] areas, but more in the specialized areas. So I think we're in good shape and really positioned well for the future. So Chris, I don't know if you want to comment any more on that.

我談到了我們的業務配對，但我們在我們的組織中做同樣的事情並嘗試利用它。所以我們努力控製成本，這樣我們就不必在這些領域採取任何重大舉措，但銷售人員——我們不關注這些大型 [JP] 領域，而是更多地關注專業領域。所以我認為我們的狀態很好，對未來的定位也很好。所以克里斯，我不知道你是否想對此發表更多評論。

I do think we have to -- we try and do that as a basic part of our business so we don't have to go through that -- hopefully, we don't have to go through that unless a catastrophic event hits.

我確實認為我們必須 - 我們嘗試將其作為我們業務的基本部分，所以我們不必經歷那個 - 希望我們不必經歷那個，除非發生災難性事件。

As far as diagnostics, I think that GE coming into this space is just the change of one competitor to another one. One thing that was interesting is that one of the things that did not move, as I talked to earlier, is the whole area of the diabetes, diabetes monitoring and delivery, and that is something that is very important to us. So I think it is just changing from one competitor to another and we will still keep our strategic focus in the diabetes -- in the diagnostics area.

就診斷而言，我認為通用電氣進入這個領域只是一個競爭對手的變化。有趣的一件事是，正如我之前談到的，其中一件事沒有改變，那就是糖尿病、糖尿病監測和交付的整個領域，這對我們來說非常重要。所以我認為它只是從一個競爭對手變為另一個競爭對手，我們仍將把我們的戰略重點放在糖尿病——診斷領域。

Also I think very importantly and I continue to go back to being broadly based, I do think that the convergence of technologies and looking at genetic makeup of people and other things is going to allow us to really have a leg up over time as these technologies develop and as we're able to move forward.

此外，我認為非常重要的是，我繼續回到廣泛的基礎上，我確實認為技術的融合以及對人和其他事物的基因構成的研究將使我們隨著時間的推移真正獲得優勢，因為這些技術發展，因為我們能夠前進。

Glenn Reicin, Morgan Stanley. In 2006, you got some benefit I would assume, especially in your CMS franchise, from the implementation of MMA. I am curious when you think we annualize or if we annualize those benefits, whether we will see a decline in growth and so I would love you just to quantify that and when those numbers would start to kick in.

Glenn Reicin，摩根士丹利。在 2006 年，我認為你會從 MMA 的實施中獲得一些好處，尤其是在你的 CMS 特許經營權中。當您認為我們將這些收益年化或將這些收益年化時，我很好奇，我們是否會看到增長下降，所以我希望您能量化一下，以及這些數字何時開始生效。

The impact of MMA for us on our entire business was actually very minor and was not at all a significant impact to our sales for 2006 and therefore, I don't see it as a major factor in comparing our '07 to '06 sales growth.

MMA 對我們整個業務的影響實際上非常小，對我們 2006 年的銷售額根本沒有顯著影響，因此，我不認為它是比較我們 07 年和 06 年銷售額增長的主要因素.

Is there any way also that you can quantify what the generic impact is on RISPERDAL in 2007 overseas?

還有什麼方法可以量化 2007 年海外對 RISPERDAL 的一般影響？

As you know, we don't provide specific forecasts with any one particular product for the year, but, Chris, if you have any other comments on that.

如您所知，我們不提供任何一種特定產品今年的具體預測，但是，克里斯，如果您對此有任何其他意見。

The effect in 2007 for generics will probably be not much more than what we saw in '06. Generic cessation has not hit all of Europe and as you know, generic cessation in Europe takes on a very different dynamic than here in the United States. So right now, it is areas like Spain, Portugal, areas up in the Nordic that have been hit. We don't see the major impact until 2008.

2007 年對仿製藥的影響可能不會比我們在 06 年看到的大多少。通用戒菸並未影響整個歐洲，如您所知，歐洲的通用戒菸與美國的情況截然不同。所以現在，受到打擊的是西班牙、葡萄牙等北歐地區。直到 2008 年，我們才能看到重大影響。

Bill, if we look back the last 10 years, 10 years ago, you had about almost 30% of your sales from the Consumer business and over the last decade, the growth of the Pharmaceutical business and Device business (inaudible) part through acquisitions as well, maybe the Consumer business would drop to under 20%, but then you pulled the trigger on this large deal last year, which shifts the balance making Consumer a bigger piece again of the Company.

比爾，如果我們回顧過去 10 年，即 10 年前，您的銷售額中有近 30% 來自消費者業務，而在過去十年中，製藥業務和設備業務（聽不清）的增長部分是通過收購實現的好吧，也許消費者業務會下降到 20% 以下，但去年你扣動了這筆大筆交易的扳機，這改變了平衡，使消費者再次成為公司更大的一部分。

When you announced the transaction, there seemed to be a view on the street that in part you were making a statement about the attractiveness of the Consumer business versus the drug business and one, do you think people should be interpreting it that way as if the Consumer business is a more attractive business throughout the business longer term?

當您宣布交易時，在大街上似乎有一種觀點認為，您在一定程度上是在就消費者業務與藥品業務的吸引力發表聲明，並且您認為人們應該這樣解釋它，就好像從長遠來看，消費者業務是一個更具吸引力的業務嗎？

And two, how would you think investors should be evaluating J&J. We tend to think of the Company as a hybrid, but value it with pharmaceutical stock. And you have just completed this big transaction in Consumer. Do you think people should be evaluating you more as a conglomerate because Consumer stocks traded 20 times, [livestocks] traded about that, if not more, the pharma stock are a lot lower? Thanks.

第二，您認為投資者應該如何評估強生。我們傾向於將公司視為混合型公司，但將其與醫藥股相提並論。而你剛剛在 Consumer 中完成了這一大筆交易。您是否認為人們應該更多地將您評估為一個企業集團，因為消費類股票交易了 20 倍，[牲畜] 交易了大約 20 倍，如果不是更多，製藥類股票要低得多？謝謝。

Let me take the first one on the Pfizer Consumer acquisition. Our Consumer business, as I stated earlier, has done remarkably well. Our Pharmaceutical business has done remarkably well and our medical devices businesses have. I wouldn't view this as a deemphasis of anything else as much as there is -- there was this extraordinary opportunity of iconic brands and products and if you look at the sustainability of the Consumer business, we have often described it almost as an annuity. If you treat it well and you continue to invest in it, you see it really moving in a spectacular way that continues to be fuel for the business growth in that area. [Colleen] is here where we launched 400 new products last year, but also to feed the growth in the other areas where you see a much more volatility.

讓我以第一個關于輝瑞消費者的收購為例。正如我之前所說，我們的消費者業務做得非常好。我們的製藥業務做得非常好，我們的醫療器械業務也做得很好。我不會認為這是對其他任何事物的貶低——標誌性品牌和產品有這個非凡的機會，如果你看看消費者業務的可持續性，我們經常將其描述為一種年金.如果您善待它並繼續對其進行投資，您會看到它確實以驚人的方式發展，並繼續為該領域的業務增長提供動力。 [Colleen] 在這裡，我們去年推出了 400 種新產品，同時也為您看到波動更大的其他領域的增長提供了動力。

I think the other thing that was really exciting about it and we talked about was the geographical side of it where we have seen areas where Pfizer had great strengths where we were not as strong and areas where we had extraordinary strengths where they were not as strong to be able to leverage that and when you look at the global opportunities around the world, they are truly extraordinary and I think the penetration in many of those markets is very low.

我認為另一件真正令人興奮的事情是我們談到的它的地理方面，我們看到輝瑞有很大優勢但我們不那麼強大的領域，以及我們有非凡優勢但他們不那麼強大的領域為了能夠利用這一點，當你看到世界各地的全球機遇時，它們確實非同尋常，我認為其中許多市場的滲透率非常低。

I think the other side of it is the whole attention of I think third-party pay, people taking interest in their own health is causing a lot more attention in the Consumer area. But if you also look at gum disease, for examples, smoking cessation, the movement of ZYRTEC into the OTC area, I think that there is a lot of synergies that can be gained through our businesses in these areas.

我認為它的另一面是我認為第三方支付的全部關注，人們對自己的健康感興趣正在消費領域引起更多關注。但如果你也看看牙齦疾病，例如戒菸、ZYRTEC 進入 OTC 領域，我認為通過我們在這些領域的業務可以獲得很多協同效應。

So I wouldn't look at it all as a deemphasis of any of our business or more of an emphasis in Consumer; I would say it is a rebalancing of our portfolio. It took some risk out because it doesn't have the volatility of others, but it also just enhances our opportunities as we go further into the future, which is one of the basic cornerstones of Johnson & Johnson, being broadly based and we will continue to look for great opportunities, whether they are in pharm, Medical Devices and Diagnostics or the Consumer business to advance ourselves.

所以我不會把這一切都看作是對我們任何業務的淡化，或者更多的是對消費者的重視；我會說這是對我們投資組合的重新平衡。它承擔了一些風險，因為它沒有其他人的波動性，但它也增加了我們未來的機會，這是強生的基本基石之一，基礎廣泛，我們將繼續尋找巨大的機會，無論是在醫藥、醫療器械和診斷領域還是消費者業務領域，以提升自己。

As far as the best way to look at J&J, I think you have to look at it that it has three great business segments. It has I think synergies that are -- or opportunities to share knowledge, to share skills, to share people across businesses that can enhance the value, enhance the value of all of them that actually brings greater growth. I think as you fast forward into the future and you start looking at some of the areas where you do see a lot of convergence, I think it is really looking into the future where you're going to see biotechnology products enhancing the orthopedic implant area, that you're going to start to see areas of personalized medicine, where you're going to see genetic makeup and genomics starting to play or the genetic makeup of people playing roles in pharmaceuticals. You see all of these things happening and I think you will see some devices that are going to start playing the role of where pharmaceutical products have failed in the past.

至於看待強生的最佳方式，我認為你必須看看它擁有三個偉大的業務部門。我認為協同效應是——或者是分享知識、分享技能、在企業之間分享人員的機會，可以提高價值，提高所有這些實際上帶來更大增長的價值。我認為，隨著您快進到未來並開始關註一些您確實看到很多融合的領域，我認為您確實在展望未來，您將看到生物技術產品增強骨科植入物領域，您將開始看到個性化醫療領域，您將看到基因構成和基因組學開始發揮作用，或者人們在藥物中扮演角色的基因構成。你會看到所有這些事情的發生，我想你會看到一些設備將開始扮演過去醫藥產品失敗的角色。

So I think you're going to see a convergence in these areas and we are going to get a breadth of opportunities that no one else has the opportunity to benefit from. I don't know Dominic or Chris or Louise, if you all want to comment on that.

因此，我認為您將看到這些領域的融合，我們將獲得廣泛的機會，其他人沒有機會從中受益。如果你們都想對此發表評論，我不認識 Dominic、Chris 或 Louise。

The only thing I would say is -- obviously the valuation of our Company is something that you -- that's all in your hands as you derive your models, but I know that many of you do sum of the parts analysis and in looking at that, it is up to you whether you pick the median PE of the sector we operate in or those towards the higher end given the strength and breadth of our business, especially our Consumer business, which as you know has outpaced the industry for several years now and we expect to do so in the future now being the premier consumer healthcare company in the industry.

我要說的唯一一件事是——顯然我們公司的估值是你——在你推導出模型時，這一切都在你手中，但我知道你們中的許多人都會做部分分析的總和，並在查看, 鑑於我們業務的實力和廣度，尤其是我們的消費者業務，您知道選擇我們所經營行業的中值 PE 還是較高端的 PE，由您決定我們希望在未來成為業內首屈一指的消費者保健公司。

It's Matt Dodd, Citigroup. Bill, if you look at M&A on the pharma biotech side, I would say some of the competition paid some pretty rich prices recently. What is your view there in terms of what is being paid in the competitive area in pharma biotech? You are pretty tough on ROIC, things like that.

我是花旗集團的馬特·多德。比爾，如果你看看製藥生物技術方面的併購，我會說一些競爭者最近付出了相當高昂的代價。您對製藥生物技術競爭領域的薪酬有何看法？你在ROIC上相當強硬，諸如此類。

The other area I wanted to look at was Japan. My understanding is in May, the M&A laws may actually get a little less restrictive for outsiders making acquisitions in Japan. I was just wondering maybe from your comment or Chris's comment is that still a very attractive market in terms of generics maybe taking a little longer there. I mean how do you view the Japanese market as an opportunity?

我想看的另一個地區是日本。我的理解是，在 5 月份，併購法實際上可能對在日本進行收購的外來者的限制有所減少。我只是想知道，也許從您的評論或 Chris 的評論來看，就彷製藥而言，這仍然是一個非常有吸引力的市場，可能需要更長的時間。我的意思是您如何看待日本市場的機會？

I think as far as price, I think that is kind of in the eyes of the beholder. Not to tease a cliche, but the way we look at things and I think you all know this is that if we don't see the price bringing value to our shareholders or the risk reward potential, we are not going to make the investment.

我認為就價格而言，我認為這是旁觀者的看法。不是開玩笑，而是我們看待事物的方式，我想你們都知道，如果我們沒有看到價格為我們的股東帶來價值或風險回報潛力，我們就不會進行投資。

So I think our strategy has always been to look for opportunities that we see out there to be able to bring great technology, great products, great people into Johnson & Johnson if you look at it in the M&A area and I think we will continue to look at it that way. Others may have different approaches to it.

因此，我認為我們的戰略一直是尋找我們看到的機會，以便能夠將偉大的技術、偉大的產品、偉大的人才帶入強生，如果你在併購領域來看的話，我認為我們將繼續那樣看。其他人可能有不同的方法。

Same thing with licensing of compounds or licensing of products. We have to see value that we are going to gain over the long term. If we don't see the value that is associated with it, we are not going to pay the price. So I think everybody has to use their own models, look at it their own way but our is always what is the return we are going to be able to give to our shareholders over time and if we don't feel it is there, we are not going to make the investment. So I think things have gotten more expensive. We all recognize that, but it all has to go into the assessment and we have to look at it in that way.

化合物許可或產品許可也是如此。我們必須看到我們將在長期內獲得的價值。如果我們看不到與之相關的價值，我們就不會付出代價。所以我認為每個人都必須使用自己的模型，以自己的方式看待它，但我們始終是我們能夠隨著時間的推移給股東的回報，如果我們覺得它不存在，我們不會進行投資。所以我覺得東西變得更貴了。我們都認識到這一點，但這一切都必須進入評估，我們必須以這種方式看待它。

As far as Japan, I think Japan is a very attractive market. I will let Chris talk to it in her views, but there are challenges in Japan as there are every place in the world, but I think there are opportunities that are going on there. I think the whole area of generics, as you mentioned, is an area that allows you to have -- it is harder to get your projects registered and approved in Japan, but once you've got them there, you feel you are in pretty good shape. And I think that holds true for both Medical Devices and Diagnostics, as well as Pharmaceuticals. Chris, I know you have been there recently. I don't know if you want to --.

就日本而言，我認為日本是一個非常有吸引力的市場。我會讓 Chris 用她的觀點來談論它，但日本也存在挑戰，因為世界各地都有，但我認為那裡正在發生機遇。我認為仿製藥的整個領域，正如你所提到的，是一個允許你擁有的領域——在日本註冊和批准你的項目更難，但一旦你把它們拿到那裡，你會覺得自己很漂亮好身材。我認為這適用於醫療設備和診斷，以及製藥。克里斯，我知道你最近去過那裡。我不知道你是否願意——。

Yes. Japan is the second largest market for pharmaceutical. So it is an important and strategic market. You may know that about six years ago, we bought out our piece of the joint venture with our partner and then put a lot of effort into our R&D pipeline. We had something like six approvals last year in Japan and we are geared up for another six approvals or filings again this year in Japan. So we feel that the pipeline that we have invested in and the R&D organization over there is just extraordinary. And so we don't feel a compelling reason now to do anything other than what we have always done, which is we continue to look for strategic opportunities there.

是的。日本是第二大醫藥市場。因此，它是一個重要的戰略市場。您可能知道，大約六年前，我們與合作夥伴收購了我們的合資企業，然後在我們的研發管道上投入了大量精力。去年我們在日本獲得了六項批准，今年我們準備在日本再次獲得六項批准或申請。所以我們覺得我們投資的管道和那裡的研發組織是非凡的。因此，除了我們一直在做的事情之外，我們現在沒有任何令人信服的理由去做任何事情，那就是我們繼續在那裡尋找戰略機會。

That being said, we are still a very small player in Japan. I think we are maybe number 24 in Japan. So we will continue to look at strategic opportunities, whether that is in partnering, licensing and product acquisitions.

話雖如此，我們在日本仍然是一個很小的參與者。我想我們在日本可能排在第 24 位。因此，我們將繼續關注戰略機遇，無論是在合作、許可和產品收購方面。

Catherine Arnold from Credit Suisse. On your schizophrenia franchise, can you tell us whether or not you have filed the pediatric exclusivity filing and if not, if you think you're still on track to get that in for a 10-month review prior to the original patent expiry?

來自瑞士信貸的凱瑟琳·阿諾德。關於您的精神分裂症專營權，您能否告訴我們您是否已提交兒科專營權申請，如果沒有，您是否認為您仍有望在原始專利到期前進行 10 個月的審查？

Also could you give us more color on palmitate in terms of the injectable form and if you will be filing that by the end of this year? And then on the stent numbers you gave for international markets, could you just give us the split between Japan and rest of world?

另外，您能否就可注射形式給我們更多關於棕櫚酸酯的顏色，如果您將在今年年底之前提交該文件？然後關於你為國際市場提供的支架數量，你能告訴我們日本和世界其他地區之間的差異嗎？

We no longer break out the growth of our CYPHER stent. We only give the two numbers, U.S. and O.U.S. and we actually adopted that at the beginning of this year.

我們不再打破 CYPHER 支架的生長。我們只給出兩個數字，U.S. 和 O.U.S.我們實際上在今年年初就採用了這一點。

As far as the pediatric exclusivity for RISPERDAL, that has already gone in. That was applied for last year and I don't know if you want to make any comments on palmitate.

至於 RISPERDAL 的兒科獨占性，已經進入。這是去年申請的，我不知道您是否想對棕櫚酸酯發表任何評論。

Palmitate is still on track for filing this year.

Palmitate 仍有望在今年提交申請。

Bruce Nudell from Bernstein. Chris and Bill, we looked at the script growth in U. S. pharma for identified drugs. It looked like price was important this year. Given Part D exposure and stuff, do you expect to be able to -- first of all, were we in error in some way and secondly, do you believe that you will be able to take price to the extent you took it this year or next year?

來自伯恩斯坦的布魯斯·努德爾。克里斯和比爾，我們研究了美國製藥公司針對已識別藥物的腳本增長情況。看來今年價格很重要。鑑於 D 部分的曝光率和其他內容，您是否期望能夠——首先，我們是否在某種程度上犯了錯誤，其次，您是否相信您能夠將價格降低到今年的程度，或者明年？

The second question is has CONSTA moved from Part B status to some other status. It didn't show up in the Medicare formulary?

第二個問題是 CONSTA 是否從 B 部分狀態轉移到其他狀態。它沒有出現在醫療保險處方集中？

So on CONSTA, CONSTA is still on Part B status as a buy and bill product and on price, irrespective of what happened with the MMA issues, I think our price is -- our prices have been fairly nominal increases over the last few years and we don't expect any big change from that.

因此，在 CONSTA 上，CONSTA 仍處於 B 部分狀態，作為購買和計費產品和價格，無論 MMA 問題發生了什麼，我認為我們的價格是 -- 我們的價格在過去幾年中一直是相當名義上的增長，並且我們預計不會有任何大的變化。

Scott Braunstein, JPMorgan Asset Management. Can you talk a little bit about the INVEGA launch, specifically how we should think about new anti-psychotic in terms of formulary acceptance, how long that should take? I am also curious about the pricing strategy, at lease talking to a few clinicians out there. I haven't really got the exact price, but it sounds like you are going to really be at parity to your RISPERDAL franchise and the decision to do that versus to discount it (indiscernible) with the Lexapro launch. (inaudible). So I was just wondering if you could talk about those issues.

Scott Braunstein，摩根大通資產管理公司。您能否談談 INVEGA 的推出，特別是我們應該如何考慮新的抗精神病藥物在處方接受方面，這需要多長時間？我也對定價策略感到好奇，至少與那裡的一些臨床醫生交談。我還沒有真正得到確切的價格，但聽起來你真的會與你的 RISPERDAL 特許經營權和決定這樣做而不是在 Lexapro 推出時打折（聽不清）相提並論。 （聽不清）。所以我只是想知道你是否可以談談這些問題。

Sure. As you know, we got the approval late last year right before the holidays for INVEGA. Our reps have already been out in the field promoting and last week, we were together for a final training and sales meeting. So it is early days. I think if anecdotes are truth, people have been pretty pleased with the formulary acceptance already. I heard anecdotally that we have already gotten on the New York State Medicaid formulary, which we weren't expecting to do that for probably another 90 to 120 days. So I think so far so good.

當然。如您所知，我們在去年年底的 INVEGA 假期前獲得了批准。我們的代表已經在現場進行宣傳，上週，我們一起參加了最後的培訓和銷售會議。所以現在還為時過早。我認為，如果軼事是事實，人們已經對處方集的接受感到非常滿意。我聽說我們已經加入了紐約州醫療補助計劃，我們預計可能還要再過 90 到 120 天。所以我認為到目前為止一切都很好。

The acceptance from the physicians has been terrific. They understand the efficacy profile. They understand the tolerability and safety profile and from a pricing standpoint, we are at just a slight discount to RISPERDAL.

醫生的接受度非常好。他們了解功效概況。他們了解耐受性和安全性，從定價的角度來看，我們只比 RISPERDAL 稍有折扣。

(inaudible) respect to everybody's time, we have time for two more questions.

（聽不清）尊重大家的時間，我們還有時間再回答兩個問題。

Bob Hopkins from Lehman Brothers. Just two quick questions. First for Bill, we have talked a lot about M&A, but some of your competitors have also been divesting assets, mainly [AVID] and Medtronic, and I was wondering if you could comment on your portfolio of assets as you look forward over the next 12 to 24 months and whether we should perhaps expect some parsing of the portfolio if you will.

來自雷曼兄弟的鮑勃霍普金斯。只是兩個簡單的問題。首先是比爾，我們談了很多關於併購的事情，但你的一些競爭對手也一直在剝離資產，主要是 [AVID] 和美敦力，我想知道你是否可以在展望下一個時評論你的資產組合12 到 24 個月，如果您願意，我們是否應該期待對投資組合進行一些解析。

And then just a very quick question for Dominic. I was surprised to see a negative currency impact for the device business. Could you just explain how that happened? I was surprised. I would have expected about --.

然後是多米尼克的一個非常簡短的問題。我很驚訝地看到設備業務對貨幣的負面影響。你能解釋一下這是怎麼發生的嗎？我很驚訝。我本來預計--。

As far as the M&A and divestitures, we continue to look of our portfolio. We review it all the time and I wouldn't build in anything. That is not to say there is nothing that we would be doing. We wouldn't comment if we were. But basically we feel we are in pretty good shape moving forward and we will continue to assess it as we go forward and if we feel like there's products that don't bring as much value, we will divest them or opportunities or businesses, but there is nothing that I would comment on that and I'll let Dominic speak to the --.

至於併購和資產剝離，我們將繼續關注我們的投資組合。我們一直在審查它，我不會建立任何東西。這並不是說我們不會做任何事情。如果是，我們不會發表評論。但基本上我們覺得我們在前進中的狀態非常好，我們將在前進的過程中繼續評估它，如果我們覺得有些產品沒有帶來那麼多價值，我們將剝離它們或機會或業務，但有沒什麼我會對此發表評論的，我會讓多米尼克與--說話。

Bob, you were referring to the negative impact of currency for the Medical Devices for the -- you mentioned the quarter, but it is actually slightly negative for the year in the Medical Device business, about 2/10 of a point. Now in the quarter, the Medical Device had a currency benefit of 2.4 points.

鮑勃，您指的是貨幣對醫療器械的負面影響——您提到了本季度，但實際上對醫療器械業務的這一年略有負面影響，約為 2/10 個百分點。現在在本季度，醫療器械的貨幣收益為 2.4 個百分點。

That's got to be the last question.

這應該是最後一個問題。

Larry Biegelsen, Prudential. Questions on INVEGA and CONCERTA. Regarding INVEGA, Chris, could you talk about your goal for converting the oral franchise to INVEGA by June 2008? And secondly, how much of a handicap do you think the QT warning in the label will be? Has it changed your expectations for the product and then just lastly on CONCERTA, Dominic, could you please, or Chris, tell us if that -- what your assumptions are for 2007 regarding generic CONCERTA? Thank you.

拉里·比格爾森，保誠。關於 INVEGA 和 CONCERTA 的問題。關於 INVEGA，Chris，您能否談談您在 2008 年 6 月之前將口述特許經營權轉換為 INVEGA 的目標？其次，您認為標籤中的 QT 警告會有多大的障礙？它是否改變了您對產品的期望，最後是對CONCERTA 的期望，Dominic，能否請您或Chris 告訴我們——您對2007 年通用CONCERTA 的假設是什麼？謝謝你。

So on CONCERTA, we are still cautiously optimistic with our citizens petition we will hold and I think as you know we recently filed additional patents around CONCERTA. So again, we are cautiously optimistic with that product.

因此，在 CONCERTA 上，我們仍然對我們將持有的公民請願書持謹慎樂觀態度，我認為如您所知，我們最近圍繞 CONCERTA 提交了額外的專利。因此，我們再次對該產品持謹慎樂觀態度。

On INVEGA, on the QTc, I think you know that INVEGA was the first product approved since the FDA has asked for the so-called thorough QTc studies and we have been extraordinarily thorough in our studying of this effect, both in our Phase III programs, but also in some Phase I head-to-head studies versus Seroquel. We Seroquel thinking that it seems to have a profile that would be good to compare it to.

關於 INVEGA，關於 QTc，我想你知道 INVEGA 是自 FDA 要求進行所謂的徹底 QTc 研究以來第一個獲批的產品，我們在我們的 III 期項目中都非常徹底地研究了這種效應，而且在與 Seroquel 的一些 I 期頭對頭研究中。我們 Seroquel 認為它似乎有一個可以與之比較的配置文件。

On the head-to-head comparisons with Seroquel, we filed that study data with the FDA within the last 30 days. I would just tell you that the results of that data validate our belief that there is comparability between the INVEGA profile for QTc and Seroquel. So I think more will be coming over the next six months as the FDA evaluates that date. But it has not -- because we absolutely have confidence in the profile of this product, it has not changed our belief of what this product can be.

在與 Seroquel 的頭對頭比較中，我們在過去 30 天內向 FDA 提交了該研究數據。我只想告訴你，這些數據的結果證實了我們的信念，即 QTc 和 Seroquel 的 INVEGA 配置文件之間存在可比性。因此，我認為隨著 FDA 評估該日期，未來六個月將會有更多的情況出現。但它沒有——因為我們對這款產品的形象絕對有信心，它並沒有改變我們對這款產品的信念。

On the conversion rate and also whether CONCERTA is in the guidance, the assumption for the guidance is that it does not go generic in 2007.

關於轉化率以及 CONCERTA 是否在指南中，指南的假設是它在 2007 年不通用。

The last is correct and as you know, we don't project sales for INVEGA.

最後一個是正確的，如您所知，我們不預測 INVEGA 的銷售。

I would like to thank everyone for coming today and I would like to remind you that June 7th, we are planning another meeting where we will be reviewing our Consumer and Pharmaceutical. Spend a whole day on the business. So thank you once again.

我要感謝大家今天的光臨，我想提醒大家，6 月 7 日，我們計劃召開另一次會議，審查我們的消費者和藥品。花一整天的時間做生意。所以再次感謝你。