諾和諾德 (NVO) 2002 Q2 法說會逐字稿

Thanks for waiting ladies and gentlemen and welcome to today's Nova Nordisk update. I'll now hand you over to your Chairperson Mr. Lars Rebien Sorensen. Please go ahead Sir and I'll be standing by for questions.

感謝各位女士們先生們的等待，歡迎收看今天的 Nova Nordisk 更新。現在我將把您交給主席拉爾斯·雷比恩·索倫森 (Lars Rebien Sorensen) 先生。先生，請繼續，我將隨時準備回答問題。

Thank you. Welcome to this Novo Nordisk conference call regarding our first half 2002 result released earlier today. I'm Lars Rebien Sorensen the CEO of Novo Nordisk. With me, I have our Chief Financial Officer Jesper Brandgaard. Present also are our Investor Relations Officer

謝謝。歡迎參加本次諾和諾德電話會議，會議內容涉及我們今天早些時候發布的 2002 年上半年業績。我是諾和諾德執行長拉爾斯‧雷賓‧索倫森 (Lars Rebien Sorensen)。和我一起的還有我們的財務長 Jesper Brandgaard。我們的投資者關係官員也在場

and with us on the line from New York is

從紐約接到我們電話的是

.

。

Today's earnings release is available on our home page novodordisk.com along with the slides that we'll be using for this conference call. This conference call was scheduled to last approximately an hour. As usual we'll start with the presentation as outlined on slide one. The QANDA session will then follow in about 25 minutes. Before we move on with the presentation I'd like to start by saying that I'm very pleased that we today are able to deliver a second quarter result which is the best quarter ever for Novo Nordisk.

今天的收益發布以及我們將在本次電話會議中使用的幻燈片可在我們的主頁 novodordisk.com 上取得。這次電話會議原定持續約一個小時。像往常一樣，我們將從第一張投影片中概述的簡報開始。 QANDA 會議將在大約 25 分鐘後舉行。在我們繼續演講之前，我首先想說的是，我很高興我們今天能夠交付第二季的業績，這是諾和諾德有史以來最好的季度。

Both in terms of sales and profits and which confirms the figure of the sales total that we're seeing in first quarter were related to timing year two in particular, the lack of instant sales growth in Europe. I'm also very pleased that a swift and sensational cost containing program has enabled us to stick to the guidance of five to ten percent growth in operating profits for the year despite the significant depreciation of our main

無論是在銷售額還是利潤方面，這都證實了我們在第一季看到的銷售總額數據與第二年的時間安排有關，特別是歐洲缺乏即時銷售成長。我還非常高興的是，儘管我們的主要資產大幅貶值，但一項迅速而轟動的成本控制計劃使我們能夠堅持今年營業利潤增長 5％ 至 10％ 的指導方針。

currencies since our first quarter announcement in April and now on to the presentation of the results.

自從四月我們宣布第一季以來一直到現在公佈業績。

Please turn to slide number two - as always I need to alert you that this call will contain forward looking statements - forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations.

請翻到第二張投影片 - 一如既往，我需要提醒您，本次電話會議將包含前瞻性陳述 - 前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與預期有重大差異。

For further information on the risk factors - please see the earnings release and the slides prepared for this presentation.

有關風險因素的更多資​​訊 - 請參閱收益發布和為本次簡報準備的幻燈片。

Also, please note that this conference call is webcasted live and a replay will be made available on Novo Nordisk's web site after the conference call.

另請注意，本次電話會議是網路直播，電話會議結束後將在諾和諾德網站上重播。

Slide number three - our first half sales increased six percent Danish Krona and nine percent in local currencies - this is in line with revised expectations from April this year - the currency exchange rate has been

第三張投影片 - 我們上半年的丹麥克朗銷售額成長了 6%，以當地貨幣計算成長了 9% - 這與今年 4 月修訂後的預期一致 - 貨幣匯率

significantly against us but as mentioned primarily due to the swift implementations of our cost containment programs - we can expect to be able to grow operating profits for the full year by five to 10 percent.

這對我們來說非常不利，但正如所提到的，主要是由於我們成本控制計劃的迅速實施 - 我們預計全年營業利潤將增長 5％ 至 10％。

Slide number four - both

第四張投影片 - 兩者

and management have recovered significantly in the second quarter from a lower than expected growth in first quarter. Looking at the first half figures diabetes care was up six percent while

管理層在第二季度已從第一季低於預期的成長中顯著恢復。從上半年的數據來看，糖尿病照護增加了 6%，而

management increased by 15 percent.

管理水準提高了 15%。

Growth hormone sales increased by one percent compared to the first half last year. even the local sales in Japan increased from the first to the second quarter this year making the Danish Krona to decrease compared to last year due to the depreciation of Japanese Yen.

與去年上半年相比，生長激素銷售額成長了百分之一。甚至日本當地的銷售額從今年第一季到第二季都有所成長，導致丹麥克朗因日圓貶值而比去年下降。

Performance was also influenced by increasing competition and lack of market growth. We are in the process of implementing a number of corrective actions in Japan including a restructuring of our sales force. However, as mentioned in connection with the first quarter announcement the short term impact is expected to be limited.

業績也受到競爭加劇和市場成長不足的影響。我們正在日本實施一系列糾正措施，包括重組我們的銷售團隊。然而，正如第一季公告中所提到的，短期影響預計有限。

The

這

business has been negatively impacted by a parallel import and decreasing market growth in Europe. Overall leading to a decrease in the business area of one percent .

業務受到平行進口和歐洲市場成長放緩的負面影響。整體導致營業面積減少了百分之一。

Slide number five - growth in Europe returned in second quarter after a flat development in the first quarter. North America continues to grow

第五張投影片－歐洲在第一季表現平淡後，第二季恢復成長。北美持續成長

.

。

The sales development in Japan is not living up to expectations partly due to the depreciation of the Japanese Yen and partly because the market has proven to be increasingly challenging.

日本的銷售發展未達預期，部分原因是日圓貶值，部分原因是市場面臨的挑戰越來越大。

Sales in international operations increased by 20 percent in the first half - the acquisition of the local

上半年國際業務銷售額成長20%－收購本土企業

insulin manufacturer

胰島素生產商

amounted to approximately four percent of sales in international operations in the first half of 2002.

2002 年上半年，國際業務銷售額約佔 4%。

Slide number six - diabetes care sales increased nine percent in the second quarter

第六張投影片 - 第二季糖尿病照護銷售額成長 9%

Danish Krona. Growth was primarily released in international operations in North America followed by Europe.

丹麥克朗。成長主要來自北美的國際業務，其次是歐洲。

The roll out of Novo assets and Novo mix continues according to plan. Our first half insulin

Novo 資產和 Novo 組合的推出繼續按計劃進行。我們的上半年胰島素

sales increase was 171 percent and our worldwide share of rapid acting insulin

銷售額成長 171%，我們的速效胰島素在全球的份額

- continues to increase.

——持續增加。

Novo

諾沃

continues to gain market

繼續贏得市場

in Europe and in international operations.

在歐洲和國際業務中。

Slide seven - this well know slide provides an overview of the insulin market based on moving annual total figures at the end of Q1 2002.

幻燈片七 - 這張眾所周知的幻燈片根據 2002 年第一季末的移動年度總數提供了胰島素市場的概述。

As you can see there is still solid growth in all regions and and a stable worldwide market share for Novo Nordisk at 46 percent. So, world wide volume growth is just about six percent - continues to be somewhat above our long-term guidance of a five- percent volume growth.

正如您所看到的，諾和諾德在所有地區仍保持穩健成長，全球市佔率穩定在 46%。因此，全球銷量成長僅為 6% 左右，仍略高於我們 5% 銷量成長的長期指引。

Slide number eight - looking at the latest market statistics for the European market, we see solid growth in both volume and

幻燈片第八——看看歐洲市場的最新市場統計數據，我們看到銷量和銷量都在穩步增長。

. In addition to the data we've relied it in connection with the first quarter release, which are highlighted in orange. We now have the Q1 figure and the year to date number including May which are highlighted in yellow.

。除了我們依賴的與第一季發布相關的數據之外，這些數據以橙色突出顯示。現在，我們有了第一季的數據和包括 5 月在內的今年迄今為止的數據，這些數字以黃色突出顯示。

The figure confirms that our in market sales grows in Europe, there still at least in line with the market growth. The year to date May 2002 the European market increase by ten percent and so did Illinois. In terms of improving our sales to controlling systems for the European market we have implemented a profit, tighter on going central analysis and follow up on sales figures in our MS market data.

該數字證實了我們在歐洲的市場銷售成長，至少仍與市場成長保持一致。 2002 年 5 月至今，歐洲市場成長了 10%，伊利諾州也是如此。在提高歐洲市場控制系統的銷售方面，我們已經實現了盈利，更嚴格地進行集中分析並追蹤我們的 MS 市場數據中的銷售數據。

Based on the latest available data, we see no indication of any significant stock building or destocking having taken place from the intern market in the second quarter.

根據最新的可用數據，我們沒有看到第二季實習生市場出現任何重大庫存增加或去庫存的跡象。

sales increased by 20 percent in the second quarter compared to last year. The key growth driver remains unchanged. The confidence in the use of NovoSeven in connection with surgical procedure as in the fee increases, so does the use of NovoSeven.

第二季銷售額與去年同期相比成長了20%。主要成長動力保持不變。人們對使用 NovoSeven 進行外科手術的信心隨著費用的增加而增加，NovoSeven 的使用也隨之增加。

NovoSeven sales in Europe show solid growth in the second quarter, partly due to large single orders from a couple of countries. Again, please note that these large single orders to tend to cause variations from quarter to quarter. As mentioned in connection with our first quarter release, they have decided to go with the sales of Novo in Europe by establishing the ten European

第二季 NovoSeven 在歐洲的銷售額呈現穩健成長，部分原因是來自幾個國家的大量單筆訂單。再次請注意，這些大單訂單往往會導致季度與季度之間的差異。正如我們在第一季發布中提到的，他們決定透過建立十個歐洲公司來配合 Novo 在歐洲的銷售

business unit and this unit is non-safe.

業務單位，且該單位是不安全的。

More are now allocated full time to Nova. Additional sales represented has be recruited and central alignments of the marketing and sales resources is currently ongoing. Also, our clinical indication extension program is progressing according to plan and we still expect to report on two more of the phase two later this year.

現在更多的人被分配到 Nova 全職工作。已招募更多銷售代表，目前正在進行行銷和銷售資源的集中調整。此外，我們的臨床適應症擴展計劃正在按計劃進行，我們仍然希望在今年稍後報告另外兩個第二階段的情況。

This concludes my part of the update on sales performance. Next Mads Krogsgaard Thomsen, our Chief Science Officer will now provide you with an update on our R&D activities within diabetics.

我的銷售業績更新部分到此結束。接下來，我們的首席科學官 Mads Krogsgaard Thomsen 將向您介紹我們針對糖尿病患者的研發活動的最新情況。

Thank you Lars. Lets start with slide three. On the next slide you will see that we are expecting to submit the registration files for the long acting in

謝謝拉爾斯。讓我們從第三張投影片開始。在下一張投影片中，您將看到我們希望提交長期有效的註冊文件

at the turn of the year. As you know, the clinical development of the phase three project and 622 was suspended last month. We are now performing

歲末年初。大家知道，三期計畫和622的臨床開發已於上個月暫停。我們現在正在表演

starters aimed at determining whether the side effects we saw with

初學者的目的是確定我們看到的副作用是否

and rodents are relevant to humans also.

囓齒動物也與人類有關。

It's stopped go division on further developments which is expected by the first quarter of next year. Timing, we also have in phase three our second pre-mix analog of the development called Novomix 50 and 70. We expect to file for proof of this product in the second half of next year. In phase two, we currently have three acted by

它已停止對進一步開發的劃分，預計到明年第一季。時間上，我們也在第三階段開發了第二個預混合模擬產品，稱為 Novomix 50 和 70。我們預計在明年下半年提交該產品的證明。在第二階段，我們目前有三位演員

projects.

專案.

We expect to see the results of the second wave of these two

我們期待看到這兩波第二波的結果

of

的

and then 22 11 sometime during the first half of next year. These two

然後是明年上半年的某個時間 22 11。這兩個

are also ongoing within 2344 back up agent. However, even assuming that the result from these turn out to be positive, it will take some time before

2344內也正在進行備份代理。然而，即使假設這些結果是正面的，也需要一段時間才能實現

can be initiated since we have been giving high policies to the clinical development of an N622.

之所以能夠啟動，是因為我們一直對N622的臨床開發給予了高度的政策。

Regarding our last phase two project, we will be

關於我們最後一個二期項目，我們將

in 1998, it is still on track for starters phase three files in types one and two diabetics later this year. Finally, we'll give you an extensive scientific update on our diabetics RND program, that's next month

1998年，今年稍後仍有望針對一型和二型糖尿病患者啟動第三階段文件​​。最後，我們將在下個月為您提供有關糖尿病 RND 計劃的廣泛科學更新

in Budapest.

在布達佩斯。

That concludes my brief RND update and as I pass the word onto Jesper Brandgaard our Chief Financial Officer for financial update.

我簡短的 RND 更新到此結束，我將這一消息轉告給我們的財務長 Jesper Brandgaard，以獲取最新的財務資訊。

Thank you. May I please turn to slide number 13. As mentioned by Lars, our sales increased by six percent in the first half of the year. License fee in all operating income grew 30 percent, and total cost by eight percent. This lead to an increase in operating profit of four percent for the first half of the year.

謝謝。請翻到第 13 號投影片。正如 Lars 所說，今年上半年我們的銷售額成長了 6%。所有營業收入中的授權費增加了 30%，總成本增加了 8%。這導致今年上半年營業利潤成長了百分之四。

The financial increased to 99 million as in income, compared to 241 million in the first half of 2001. As Novo Nordisk in the first half of 2002 recorded lower foreign

財務收入增至 9,900 萬歐元，而 2001 年上半年為 2.41 億歐元。諾和諾德 2002 年上半年的外國收入下降。

compared to the significant Japanese

與重要的日本人相比

recorded in the first half of 2001, but also because net income was lower replacing lower average state interest bearing assets.

2001 年上半年錄得的收入，也是因為淨利較低，取代了較低的平均國有生息資產。

The flat rate for the first quarter of 2002, or sorry for the first part of 2002 was one percent lower than 2001, and

2002 年第一季的統一費率（或對 2002 年上半年表示遺憾）比 2001 年低 1%，且

in total our net profit increased by one percent to one billion 925 million. Please turn to the next slide for an update on our currency exposure.

我們的淨利潤總計成長了百分之一，達到 10 億 9.25 億。請翻到下一張投影片，了解我們貨幣風險的最新情況。

Changes in currency rates can have significant impact on our results. Positive movement in Japanese Yen, U.S. Dollar, and British Pound rates is estimated to all our things being equal, have an annual impact of operating profit of approximately 140 million, 110 million, and 50 million respectively. Since we are at the end of April this year updated our full year guidance, the mean currency rate has developed unfavorably highlighted by the depreciation of the U.S. Dollar of around eight percent. All other things being equal, the impact on our 2002 operating profit for this currency development is a reduction of approximately 150 million, assuming that the exchange rate remains at that present level for the rest of the year.

貨幣匯率的變動會對我們的業績產生重大影響。日圓、美元和英鎊匯率的正面變動預計在其他條件相同的情況下，每年對營業利潤的影響分別約為 1.4 億、1.1 億和 5,000 萬。自今年 4 月底我們更新全年指引以來，平均匯率發展不利，美元貶值約 8% 凸顯了這一點。在其他條件相同的情況下，假設匯率在今年餘下時間裡保持在目前的水平，這種貨幣開發對我們 2002 年營業利潤的影響將減少約 1.5 億美元。

This corresponds to an impact on our expected operating profit growth of close to three percent for the full year, relative to 2001. At the end of June this year,

與 2001 年相比，這對我們預期的全年營業利潤成長產生了近 3% 的影響。截至今年 6 月底，

had hit the future capital related to the U.S. Dollar and Japanese Yen, of 15 and 14 months ahead respectively, and for the British Pound, eight months ahead. At the current level of exchange rate, this will need to gain on foreign exchange hitting in the second half of 2002 of 150 million. Stock gains are recorded as financial income in the period when the cash flows are being realized.

美元和日圓的未來資本分別提前 15 個月和 14 個月，英鎊則提前 8 個月。依照目前的匯率水平，2002年下半年外匯收入將達1.5億美元。股票收益在現金流量實現期間記錄為財務收入。

We turn to the next slide for an updated outlook for 2002. Expectations to poorer sales measured in local currencies, are in line with the expectations provided in connection with the announcement of the first quarter release on 30th April, and given the current level of exchange rate, this translating to sales growth of six to eight percent measured in the

我們轉向下一張投影片，了解 2002 年的最新展望。以當地貨幣衡量的銷售狀況不佳的預期，與 4 月 30 日公佈的第一季發布的預期一致，並考慮到當前的匯率水準率，這意味著銷售額成長百分之六到百分之八

.

。

Operating profit is still expected to grow by five to 10 percent. Given the higher level of expected foreign exchange hedging gains, primarily related to the U.S. Dollar, we have increased our expectation of our financial income by 100 million to 250 million

營業利潤預計仍將成長 5% 至 10%。鑑於主要與美元相關的預期外匯對沖收益水準較高，我們將財務收入預期上調了1億至2.5億

. Our expectation for the average tax rate this year are unchanged. We still expect 35 percent, which is one percentage point below the tax rate in 2001.

。我們對今年平均稅率的預期不變。我們預計稅率仍為 35%，比 2001 年的稅率低 1 個百分點。

As for my expectations for investments for 2002, it also remains unchanged at quarter half billing. Finally, we have sales now for two billion Danish Kroner

至於我對2002年投資的預期，也維持季度減半不變。最後，我們現在的銷售額為 20 億丹麥克朗

repurchase program, which has been initiated to align our expected future capital structure to the expected development in future cash flow. As always, I need to remind you that our outlook is based on the assumption that the currency exchange rate remains at the current level for the rest of the year. This concludes our presentation of the first half release. Lars

回購計劃，該計劃的啟動是為了使我們預期的未來資本結構與未來現金流的預期發展保持一致。像往常一樣，我需要提醒您，我們的展望是基於貨幣匯率在今年剩餘時間內保持在當前水平的假設。我們對上半年版本的介紹到此結束。拉爾斯

instructions will now moderate the Q and A session.

現在將主持問答環節。

Thank you. Yes Steve. Please also note that this conference call again is taped and re-tape will be made available on our website, and we are now ready to take questions please.

謝謝。是的，史蒂夫。另請注意，本次電話會議再次錄音，並將在我們的網站上提供重新錄音，我們現在準備好回答問題。

Thank you Sir. Ladies and gentlemen if you do have any questions, please press the number one on your telephone, and the hash or pound sign to cancel you request. Once again, ladies and gentlemen, if you do have any questions please press the number one on your telephone now. Your first question comes from John Reed, go-ahead sir, clearly stating your company name.

謝謝你，先生。女士們、先生們，如果您有任何疑問，請按電話上的數字 1，然後按井號或井號來取消您的請求。女士們先生們，如果您有任何疑問，請立即撥打電話上的一號。你的第一個問題來自約翰·里德（John Reed），先生，他清楚地說明了你的公司名稱。

Yes its John Reed of BNP Paribas. Maybe a couple of questions. Firstly looking at the margins you've revealed for Q2. I just wondered how typical they are of what we should be looking for Q3 and Q4 particularly looking sales and distribution and R&D? Could we argue for instance that the margins are going to be benefiting from your cost saving program or maybe they can deteriorate at the sales and distribution level because of the foreign exchange movements and also because of the launch programs. And a second comment maybe on foreign exchange relating to your guidance. I was unclear the time lines the duration of the protection you were talking of I think was it a fourteen month - 15 month maybe against the US dollar. I wasn't sure where that time started, because clearly you're looking at current rates for 2003 the appreciation of the Krona against the US dollar looks to be about five percent on average. I'm wondering if you can make some comments on the outlook for '03 in terms of foreign exchange protection. Thank you.

是的，他是法國巴黎銀行的約翰·里德。也許有幾個問題。首先看看您透露的第二季的利潤率。我只是想知道它們對於我們應該尋找第三季和第四季的內容有多麼典型，特別是銷售、分銷和研發？例如，我們是否可以爭辯說，利潤將受益於您的成本節約計劃，或者由於外匯變動以及推出計劃，銷售和分銷層面的利潤可能會惡化。第二條評論可能是關於與您的指導相關的外匯。我不清楚你所說的保護期限的時間線，我想是針對美元的十四個月到十五個月。我不確定那段時間是從哪裡開始的，因為很明顯，您看到的是 2003 年的當前匯率，克朗兌美元的平均升值幅度約為 5%。請問您能否對03年外匯保護的展望發表一些看法？謝謝。

Thank you very much. Two questions which I would direct to Mr.

非常感謝。我想向先生提出兩個問題。

the question of margin development. He's looking at the margins rate in Q2. How is that going to develop over Q3 and Q4 given

利潤發展問題。他正在研究第二季的利潤率。鑑於第三季和第四季度，情況將如何發展

and given the cost container programs and the prices on currencies second question on

並考慮到成本容器計劃和貨幣價格的第二個問題

is also for you which is the question of where is the time line on hedging to start what's that intent on 2003.

也對你來說，問題是從 2003 年開始進行避險的時間軸是什麼？

Thank you Lars. First, covering margins, gross margins I stated for the year to be down compared to 2001 between half to one percentage point and that's reflecting that our call softer is in daily coming up primarily for production costs and we are influenced by our sales having impact on US dollar and US dollar related currencies, so a guidance for our gross margin would see a decline in between half and one percentage point.

謝謝拉爾斯。首先，關於利潤率，我表示今年的毛利率將比 2001 年下降半到一個百分點，這反映出我們每天的電話疲軟主要是因為生產成本，而且我們受到銷售的影響，這對美元和美元相關貨幣，因此我們的毛利率指導將下降半個到一個百分點。

The guidance for our inventory cost will be around 30 percent of sales for the year whereas R&D costs are still expected to be in the full part between 16 to 17 percent of sales, and admin costs will be around seven, seven and a half percent of sales, and then finally to the

我們的庫存成本指引將佔全年銷售額的 30% 左右，而研發成本預計仍將佔銷售額的 16% 至 17%，管理成本將佔銷售額的 7%、7%.5 左右。銷售，然後最後到

getting used to the EBIT line of the license and other operating income and licensed income and that will, previously we've given the guidance that an underlying level is about 125 per quarter that gives you approximately 500 million in income for the year but through that you have to add one operating items like signage and ethics stipolon and the save by different offer.

習慣了許可證的息稅前利潤線以及其他營業收入和許可收入，之前我們給出的指導是，基本水平約為每季度125，這將為您帶來約5 億的年度收入，但通過該指南您必須新增一項操作項目，例如標誌和道德條，並透過不同的報價進行保存。

A medical level and control the levature guidance at around 850 million for the year so that's what gives you reasonable guidance on the development also in the second half. These guidance's I gave you were our expected guidance for the full year, and then taking you on to the

醫療水準和今年的槓桿指導控制在8.5億左右，這樣就可以為下半年的發展提供合理的指導。我給您的這些指導是我們全年的預期指導，然後帶您進入

what I say is to make that very clear, we are firmly ahead 15 months ahead of the US dollar and 14 months ahead of the Japanese Yen. We have hold the last three to four months increased our hedging of the US dollar by approximately five months and that has been giving us hedging well into 2003. An element of that income is expected to be recorded under our financial items in the second half of 2002 and you see that as part of the background why we raised our expectations for the finance line to 250 million or as part of this hedging will also be realized in 2003 there will be an element of that income which will go into the year 2003.

我的意思是要明確表示，我們堅定地領先美元 15 個月，領先日圓 14 個月。在過去的三到四個月裡，我們對美元的對沖增加了大約五個月，這使我們能夠在2003 年進行對沖。預計收入的一部分將在2003 年下半年記錄在我們的財務項目下。2002 年，您將看到，作為我們將財務額度預期提高到 2.5 億美元的背景的一部分，或者作為這種對沖的一部分也將在 2003 年實現，該收入的一部分將進入 2003 年。

So the time-line is 14 to 15 months from now?

那麼時間表是從現在起 14 到 15 個月嗎？

Yeah.

是的。

OK. Thank you.

好的。謝謝。

Thank you. Next question please.

謝謝。請下一個問題。

OK. The next question comes from

好的。下一個問題來自

. Please go ahead Sir.

。請先生繼續。

Good afternoon, gentlemen. A few questions to your insulin markets, Europe, Japan and the U.S., I was wondering if you talk us through the sluggish development you are seeing in the Japanese insulin growth, of three percent growth in the first and the second quarter, and local currencies. Secondly in the U.S., I noticed that you have practiced only growth of 10 percent in this first half, still on local currencies. Whereas, I think in 2001, in some quarters, and 2000, you had growth in the 15 to 20 percent range, what's going on with the growth in U.S.? You have the launch of

下午好，先生們。關於歐洲、日本和美國胰島素市場的幾個問題，我想知道您是否能向我們介紹您所看到的日本胰島素增長（第一季和第二季度增長 3%）以及當地貨幣的緩慢發展情況。其次，在美國，我注意到今年上半年僅實現了 10% 的成長，而且仍然以當地貨幣計算。然而，我認為在 2001 年的某些季度以及 2000 年，成長幅度在 15% 到 20% 之間，那麼美國的成長情況如何呢？您已啟動

. Are there any rebates on what's drawing negatively on the growth rate in the U.S.? And thirdly, the European sales, I think that you mentioned that there was stocking or de-stocking, that would imply that there is no negative bearing on the second half from this 150 million build-up that you had in the fourth quarter of last year. Is that correct?

。對於對美國成長率產生負面影響的因素是否有任何回扣？第三，歐洲銷售，我認為您提到有庫存或去庫存，這意味著去年第四季增加的 1.5 億美元不會對下半年產生負面影響年。那是對的嗎？

Let me start by answering the question to the last, answer the last question. Yes, this is correct. There's no stocking

讓我從回答最後一個問題開始，回答最後一個問題。是的，這是正確的。沒有襪子了

carrying forward in the second half from Europe. Our information is that there was no effect significantly in the second quarter, and obviously should all have been washed out by now. With regard to the development of our insulin business in Japan. We had lost market share in Japan, which is why our development of our sales in Japan is unsatisfactory, and this is due to the launch of two of our sites in

下半年繼續從歐洲出發。我們的訊息是，第二季度沒有明顯影響，顯然現在應該已經全部消除了。關於我們在日本的胰島素業務的發展。我們失去了在日本的市場份額，這就是為什麼我們在日本的銷售發展不理想，這是由於我們在日本推出了兩個網站。

in 2001, and we have the result of that. We had lost some

2001年，我們得到了結果。我們失去了一些

market share points from around 80 percent down to 76 percent in Japan, and now with our own product launch of course we are hoping this development and it's at the risk, we saw the

日本的市佔率從 80% 左右下降到 76%，現在隨著我們自己的產品的推出，我們當然希望這種發展，但這是有風險的，我們看到了

however it is unlikely that with the current scenario would be able to gain those four percent back, that we have lost. Last year we had, with regard to the U.S. market, we had ramp up of some of the activities with Wal-Mart and they're concerned

然而，在目前的情況下，我們不太可能挽回我們失去的那百分之四。去年，我們在美國市場加強了與沃爾瑪的一些活動，他們擔心

was to deliver growth, so when you make the comparables there, it's not a margin issue, it's simply a volume gain due to the major contract of

是為了實現成長，所以當你在那裡進行比較時，這不是利潤問題，這只是由於主要合約而帶來的銷售成長

, and the growth right now that's being delivered by the local

，以及目前由當地帶來的成長

manufacturing in the U.S. market.

在美國市場進行製造。

And the

還有

is still on track to a second half launch?

仍有望下半年推出嗎？

Yes, but it's too early for us to give you any indication on how that's going other than we think it's going up

是的，但除了我們認為的上漲情況之外，現在向您提供任何有關情況的指示還為時過早

and until next year, we will start to give you some confident dates on

直到明年，我們將開始為您提供一些有把握的日期

.

。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question comes from

你的下一個問題來自

. Please go ahead.

。請繼續。

Hi

你好

at Dansk Securities. Two questions. Firstly, with record to

在丹麥證券公司。兩個問題。首先，記錄到

orders, were you in connection with the

訂單，您是否與

, and also in the first quarter, Evo said that you were lacking from tender orders in the first quarter. How many of these have you regained in the second quarter, if you've regained any? Then my second question, also in connection with the

，也是第一季度，Evo說你們第一季的招標訂單缺乏。如果你恢復了的話，你在第二季恢復了多少？然後是我的第二個問題，也與

, you said that the conversion from human insulin to inter airlocks being of course new rapid and new lock in the first quarter has been disappointing. How do you feel about the conversion rate that you've seen in the second quarter? Has this lived up to your expectations?

您說，第一季從人類胰島素到氣閘間的轉換當然是新的快速和新的鎖，但令人失望。您對第二季的轉換率有何看法？這是否達到了您的期望？

Thank you very much, this is

非常感謝，這是

here. With regard to the business in the International market, we would call it international operations, we have been able to execute some of those kind of businesses that we were expecting in the third quarter, so we see that as a process of development.

這裡。關於國際市場的業務，我們稱之為國際業務，我們已經能夠在第三季執行我們預期的一些業務，所以我們認為這是一個發展的過程。

However, we are continuing to see some in the second half of this year. However, the are placed quarterly, very discreetly so, there can be variations quarter to quarter on that. We are satisfied with the development of our

然而，我們在今年下半年繼續看到一些情況。然而，它們每季度放置一次，非常謹慎，因此每個季度可能會有變化。我們對我們的發展感到滿意

business. We have continued strong performance of our

商業。我們的業績持續強勁

business in the United States and we expect it was a launch of Novomix that that would be further supportive and we continue to roll out off the Novo record so that the

我們預計 Novomix 的推出將提供進一步的支持，我們將繼續推出 Novo record，以便

and

和

markets with mentioning.

市場提及。

So, the development of our

那麼，我們的發展

is not going well. You saw the growth rate of 171 percent. We see so figures but that fell through.

進展不順利。你看到了 171% 的成長率。我們看到了這樣的數字，但最終落空了。

Thank you. Next question please.

謝謝。請下一個問題。

Thank you. Your next question comes from

謝謝。你的下一個問題來自

. Please go ahead.

。請繼續。

Good afternoon. A few questions relating NovoSeven. Can you specify that the growth of NovoSeven in Europe and US market place and also, what is your latest estimate of the litigation use of NovoSeven and it's a risk that the market has already begun using NovoSeven for some of the indications on development. For indicational use?

午安.關於NovoSeven的一些問題。您能否具體說明 NovoSeven 在歐洲和美國市場的成長情況，以及您對 NovoSeven 訴訟使用的最新估計是什麼，以及市場已經開始使用 NovoSeven 進行某些開發適應症的風險。用於指示用途？

Thank you very much. With regard to the investigation use, let me

非常感謝。關於調查用途，讓我

on that. We believe that it is somewhere in the range of five to ten percent. It is very hard to estimate as we have stated before and with regard to the performance. The performance of our business in the United States is record. It is around

關於這一點。我們認為這個比例在百分之五到百分之十之間。正如我們之前所說的關於性能的那樣，很難估計。我們在美國的業務業績創紀錄。它是在附近

percent and just hang on a minute, our performance in Europe. I'll some back to the performance on the second quarter in Europe first conference in a minute.

等一下，我們在歐洲的表現。稍後我將回顧歐洲第一場會議第二季的表現。

We also are on ten percent so there is 12 roles in both Europe and the US market, however there are great variations as we have previously said and you know, the discussion we had after first quarter where we were slightly concerned whether the market had gone stale on NovoSeven and now we see a strong performance in the second quarter.

我們也佔 10%，因此歐洲和美國市場都有 12 個角色，但是正如我們之前所說，存在很大差異，您知道，我們在第一季後進行的討論中，我們有點擔心市場是否已經消失NovoSeven 已經過時，現在我們看到第二季度表現強勁。

In Europe?

在歐洲？

Yes in Europe. Thank you. More questions please.

是的，在歐洲。謝謝。更多問題請。

Sorry, one final question.

抱歉，最後一個問題。

OK.

好的。

The comment about investigation views, you don't see a risk that are being as they

關於調查觀點的評論，你沒有看到他們所面臨的風險

knew indicated on development?

知道發展指示嗎？

I just follow the question to

我只是按照問題

. That would be better for him to answer that.

。如果他回答這個問題會更好。

Yeah well first of all, it's not a risk as such because it is something that the doctors to a dental discretion as

是的，首先，這不是一個風險，因為這是醫生根據牙科判斷而決定的

is the cohesive reasons to be that even without it being on the legal this is what they should do to save the patient by. But it is something that since destructive fall anywhere, I mention otherwise we cannot commit anymore than

這是有凝聚力的理由，即使不合法，這也是他們應該採取的措施來拯救病人。但這是因為任何地方都會發生破壞性的事情，我提到否則我們不能再承諾了

has diluted to.

已稀釋至。

Obviously our feeling is that

顯然我們的感覺是

to fund progress in the clinical development program, then we might see a kind of not discontinuous but rather a continuous increase in interviews if we obtain positive data in the given areas and there's a promise

為了資助臨床開發計劃的進展，如果我們在給定領域獲得積極的數據並且有希望，我們可能會看到採訪的數量不是不連續的，而是持續的增加

I'll take you on a couple of indications within this year.

今年我將向您介紹一些跡象。

Thank you.

謝謝。

Thank you very much. Next question please.

非常感謝。請下一個問題。

Thank you, your next question comes from

謝謝，您的下一個問題來自

, please go ahead madam.

女士，請繼續。

. Going back to Novo Rapture last quarterly, you were so kind to give us a nice picture, where we could see the development, are you prepared to give us the market share, you know Novo Rapture market share of the short acting that came in as well as the Novo Nordisk share of the short acting analog segment, that is one question?

。回到上個季度的Novo Rapture，您非常友善地給我們提供了一張漂亮的圖片，我們可以在其中看到發展情況，您準備好給我們市場份額了嗎？您知道Novo Rapture 的短效市場份額為以及諾和諾德在短效模擬領域的份額，這是一個問題嗎？

Next question, if you could update us on the market share development in Germany, value and volume wide and how have Norditropin Simplex developed market share wide in Japan and outside Japan?

下一個問題，您能否向我們介紹德國市場份額發展、價值和銷售的最新情況，以及 Norditropin Simplex 如何在日本和日本以外地區發展廣泛的市場份額？

Norditropin Simplex in Japan and outside Japan, OK. Thank you this is Lars Rebien here. Yes, I will try to again rest ride some of the market share today of some of the key products, in particular is related to Analog introduction.

Norditropin Simplex 在日本和日本境外都可以。謝謝，我是拉爾斯‧雷比恩 (Lars Rebien)。是的，我會嘗試再次休息今天的一些關鍵產品的一些市場份額，特別是與模擬相關的介紹。

We are seeing continuous growth of penetration of Novo Records in the European markets, which now hold approximately 12 percent of the, of the soluble segment in Europe and with regards to the product introduction in the United States, where it's call Novo Nordisk now, approaching approximately five percent of the soluable segment in the U.S..

我們看到 Novo Records 在歐洲市場的滲透率持續成長，目前佔據歐洲可溶性市場約 12% 的份額，而在美國（現在被稱為 Novo Nordisk）的產品推出也正在接近這一階段。約占美國可溶部分的百分之五。

With regards to Analog, penetration in general, that we can see that Analog's are continuing to penetrate both in the European market and the American market as a result of our dealings with Aventis's activities.

關於 Analog 的整體滲透率，我們可以看到，由於我們與 Aventis 的活動打交道，Analog 正在繼續滲透到歐洲市場和美國市場。

So that now we see, a value penetration in the European market of Analog is up around 23 percent and we see a volume penetration of around 18 percent in the European market, with the much stronger value penetration in the U.S., because of the five sub sequential on Analog, so has a human interest in the U.S., so that we now have a value penetration of 45 percent with Analog in the U.S., however, the volume penetration is only around 27 percent.

現在我們看到，Analog 在歐洲市場的價值滲透率上升了 23% 左右，歐洲市場的銷售滲透率約為 18%，而美國的價值滲透率要強得多，因為這五個子市場Analog 的連續性，因此在美國引起了人們的興趣，因此我們現在Analog 在美國的價值滲透率為45%，但銷售滲透率僅27% 左右。

In Germany, our overall markets here is relatively stable of around 43 percent. Basically meaning that we have been able to compensate for some of the market share loss, that we have loss in the basis segment, was increased penetration of pre-

在德國，我們的整體市場相對穩定，約 43%。基本上意味著我們已經能夠彌補一些市場份額的損失，即我們在基礎細分市場的損失，是預售滲透率的增加。

, so that we are not impacted to very significantly on the overall market share.

，這樣我們的整體市佔率就不會受到很大的影響。

We can see that if we look at it from a volume point of view, that we have 43 percent and it has around 35 percent and

我們可以看到，如果我們從數量的角度來看，我們有 43％，它有大約 35％，

as the remaining 17 percent in the German Market.

德國市場剩餘 17% 的份額。

So I think, was that the answer? Then there was the question on Simplex avail in Japan and outside. Mentioned that the, that we were quite disappointed with the uptake of our product. Simplex, we did indeed improve more in Japan, we have not been able to see a gain in market share as a result of that. Unfortunately, as we have alluded to, we have seen an increasing competition and how we ever, we are seeing gains in market share in Europe and in the United States.

所以我想，這就是答案嗎？然後是關於 Simplex 在日本和國外的可用性的問題。提到我們對我們產品的採用感到非常失望。 Simplex，我們在日本確實取得了更多進步，但我們並沒有因此而看到市場份額的增加。不幸的是，正如我們所提到的，我們看到競爭日益激烈，我們看到歐洲和美國的市場份額不斷增加。

OK. Thank you.

好的。謝謝。

You are welcome. Next question please.

不客氣。請下一個問題。

Thank you. Your next question comes from

謝謝。你的下一個問題來自

, please go ahead.

， 請繼續。

Thank you two quick questions. First you talk about both the cost containment program and the slightly higher other operating income allowing you to reaffirm your expectations. I was wondering if you could just talk about the relative magnitude of those two items and which one played a more important role in your decision to reaffirm guidance, and secondly a very technical point on your share buy back program, have you offered a time line over what time frame you expect to repurchase those shares. Thank you.

謝謝你兩個簡單的問題。首先，您談論了成本控制計劃和略高的其他營業收入，使您能夠重申您的期望。我想知道您是否可以談談這兩項的相對重要性，以及哪一項在您重申指導的決定中發揮了更重要的作用，其次是關於您的股票回購計劃的非常技術性的一點，您是否提供了時間表您預計在什麼時間範圍內回購這些股票。謝謝。

Thank you very much yes can you give some guidance on the impact on cost containment program and other elements which interest your firm the guidance and what time line do you have for your shares repurchase program.

非常感謝您，您能否就對成本控制計劃的影響以及貴公司感興趣的其他因素提供一些指導，以及您的股票回購計劃的時間表。

First on the cost containment program I gave some instance as to how you would see our overall cost structure develop and there you would see that you have a positive development compared to where we were for example on S&D costs for the first half of the year, see where the full year will go and hence you will see growth rate for our S&D costs which will be slightly below sales in the second half you will also see growth rate for

首先，關於成本控制計劃，我舉了一些例子，說明您將如何看待我們的整體成本結構的發展，在那裡您會看到，與我們上半年的 S&D 成本相比，您有積極的發展，看看看全年將走向何方，因此您將看到我們的S&D 成本成長率，該成長率將略低於下半年的銷售額，您還將看到

costs which will be below the growth rate for sales whereas our R&D costs will go in line with sales, so there you have some kind of guidance as to how will the cost development be and that is where you see the effectiveness of the cost development program that we have

成本將低於銷售額的成長率，而我們的研發成本將與銷售額保持一致，因此您對成本開發將如何進行有某種指導，這就是您看到成本開發計劃有效性的地方我們有

and which is the most significant part of why we are able to reaffirm.

這是我們能夠重申的最重要的部分。

The second element of the question was referring to the share re-purchase program, the share research program has been opened now and we've no hard thing as to when they're completed. It is opened its a two billion program which is in line with the previous program that we have on the table. So thank you yes sir for that, thanks for the question, next question please.

問題的第二個要素是指股票回購計劃，股票研究計劃現已啟動，我們不難確定它們何時完成。它已經開放了一個20億的計劃，這與我們之前提出的計劃是一致的。所以謝謝你，是的，先生，謝謝你的問題，請下一個問題。

Thank you next question comes from Stuart Harris. Please go ahead.

謝謝你，下一個問題來自史都華哈里斯。請繼續。

Yeah good afternoon it's Stuart Harris, EBF Woolberg. A few quick questions. First one any additional preparations for the expected end of Q4 launch of Atlantis and I think its probably going to come in France the South of France or UK. Second question just to clarify the

是的，下午好，我是斯圖爾特·哈里斯 (Stuart Harris)，EBF 伍爾伯格 (EBF Woolberg)。幾個簡單的問題。首先，為預計第四季末推出的《亞特蘭提斯》做任何額外的準備工作，我認為它可能會在法國、法國南部或英國推出。第二個問題只是為了澄清

transaction, did you say that was four percent of international sales in the second quarter, and could you just give us some flavor of EBIT I know the press release you put out in December suggested it was making about 10 million a year, I just wondered if you were, how do you manage to address and find synergies with Novos own Brazilian business and is that something that will change over the course of the year.

交易，你是否說過這佔第二季度國際銷售額的4%，你能否給我們一些息稅前利潤的信息？我知道你在12 月發布的新聞稿表明它每年的收入約為1000 萬美元，我只是想知道如果是的話，您如何設法解決並找到與 Novos 自己的巴西業務的協同效應，這是否會在一年內發生變化。

Third question for Mads. Any comments at all on in the US in particular what sort of penetration we're seeing amongst the staturite inhibited patients, in elected, penetration, in elected surgery with these patients and also is there any home use as yet as

麥茲的第三個問題。關於在美國的任何評論，特別是我們在 statutite 抑制患者中看到什麼樣的滲透，在選舉中，滲透，在這些患者的選舉手術中，以及是否有任何家庭使用

. My final question, how much flex do you have in the cost space to make sure that we definitely see the five to 10 percent EBIT growth, without trying to be clever if you run the numbers through with the percentages that you gave yes month start at the six percent sales growth, you can actually get an EBIT growth of about two percent, so I'm just wondering if we're running at the bottom of the sales growth for the rest of the year, you know,

。我的最後一個問題是，你在成本空間上有多少靈活性，以確保我們確實看到5% 到10% 的EBIT 增長，如果你用你給的月份開始時的百分比來運行這些數字，而不是試圖變得聰明百分之六的銷售成長，實際上可以獲得約百分之二的息稅前利潤增長，所以我只是想知道今年剩餘時間我們是否處於銷售增長的底部，你知道，

how much flex in the cost place do you have to make sure you hit that five to 10 percent range. Thank you.

您必須在成本方面有多少彈性才能確保達到 5% 到 10% 的範圍。謝謝。

Thank you very much that was

非常感謝 那是

of questions

的問題

I'm sorry.

對不起。

No your welcome that's why we're here third one is to what

不，不客氣，這就是我們來這裡的原因第三個是

and preparations do we have for the continued loan out of

我們是否已做好繼續貸款的準備？

second one yes but there will be

第二個是的，但會有

impact match the penetration of NovoSeven and the

影響力與 NovoSeven 的滲透力和

and then fourthly the

然後第四

in the cost that we could target so that would be you - let me try to shortly answer the first one with obviously with regards to the roll out plans of

我們可以瞄準的成本是你 - 讓我嘗試簡短地回答第一個問題，顯然是關於推出計劃的

you'd have to ask Aventis how they plan to do this - as we know that there's a

你必須詢問安萬特他們打算如何做到這一點 - 因為我們知道有一個

resource now and we have clear indications that U.K. will come on in September.

現在資源，我們有明確的跡象表明英國將於 9 月推出。

So, for more details on that please refer to Aventis.

因此，有關更多詳細信息，請參閱安萬特。

Our short term stock

我們的短期股票

measure is the roll out of Novo Mix - we believe that Novo Mix - we believe Novo Mix offers an extremely good alternative to the - using

措施是推出 Novo Mix - 我們相信 Novo Mix - 我們相信 Novo Mix 提供了一個非常好的替代方案 - 使用

or therapy for

或治療

and therefore we think with the roll out which is taking place right now that this would be very nice to

因此，我們認為，隨著現在正在進行的推出，這將非常好

until we have 304 approved and we'll be able to launch that.

直到 304 獲得批准，我們才能啟動它。

Yes

是的

the impact from you

來自你的影響

Yes as you can also read from the release you see that we have actually

是的，您還可以從發布的版本中看到我們實際上已經

minority items of four million as positive in the first half so then you then you can read the impact on operating profit for the first half

上半年 400 萬的少數項目為正，因此您可以了解上半年對營業利潤的影響

is slightly negative and the

略為負值，且

impact for the

對的影響

on operating profit given the current environment in Brazil and given that the integration of the

考慮到巴西當前的環境以及考慮到營運利潤的整合

only in progress and we have not yet acquired all the

僅在進行中，我們尚未獲得所有

and are not able to fully integrate the

並且無法完全整合

in our operations - I do not expect it to have a positive impact on our operating profits in 2002 that will have to wait 'til 2003.

我預計這不會對我們 2002 年的營業利潤產生正面影響，而這必須等到 2003 年。

In terms of impact on sales - you should expect an impact of around 40 million in the first half in our insulin franchise and around 50 million in our OAD portfolio and in total it has impacted in the first half of close to 80 million the sales from

就對銷售的影響而言- 您應該預計上半年我們的胰島素特許經營權將受到約4000 萬美元的影響，我們的OAD 產品組合將受到約5000 萬美元的影響，總共影響了上半年近8000 萬美元的銷售額

- that should give you some kind of feeling for the impact on - from

- 這應該會給你帶來某種影響的感覺 - 來自

on our roll performance in first half.

關於我們上半場的表現。

And then that's

然後就是

and

和

Yes, you have the situation is that recently the use in electric surgery including a course of orthopedic surgery in the hemophilia there's no doubt that following the increased level of comfort among the Physician we are seeing increased in the consumption of NovoSeven for this usage all be it at a relatively as low incremental level this

是的，您遇到的情況是，最近在電動手術中的使用，包括血友病矯形外科手術的一個療程，毫無疑問，隨著醫生舒適度的提高，我們看到NovoSeven 的消耗量有所增加。它處於相對較低的增量水平

be the use of

是使用

number seven in hemophilia inhibitor patients this is not something that scientifically has been studied in prospect of studies we aware of reports that

第七，在血友病抑制劑患者中，這並不是經過科學研究的研究前景，我們知道有報告指出

seven does have a

七有一個

affect on the

影響到

in patients or boys for a soccer game or the likes of it.

給病人或男孩看一場足球比賽或類似的比賽。

However, it is something that would need to be started in

然而，這是需要開始的事情

before we can comment more as specifically on it of course wrong use in the

在我們可以對其進行更具體的評論之前，當然錯誤使用

mode is something that is already ongoing it's on the label in the - Europe and it's being used experimentally in the U.S. and of course the impact as we

模式已經在進行中，它在歐洲的標籤上，並且正在美國進行實驗性使用，當然，我們所產生的影響

to previously

到以前

something that would be

將會是的東西

And finally

最後

can you affirm our abilities to hit the target of five to 10 percent what leverage and what flexibility do we have in the cost base in the second half?

您能否確認我們有能力實現 5% 至 10% 的目標，下半年我們在成本基礎上的槓桿率和靈活性如何？

of course achieving our EBIT target will require a bit of hard work from our side, and dedication and focus on achieving the six percent to eight percent growth in sales, which is a

當然，實現我們的息稅前利潤目標需要我們付出一些努力，並專注於實現 6% 到 8% 的銷售成長，這是一個

for achieving it.

為了實現它。

In terms of flexibility on the cost structure, you've also got to bear in mind, when you think about the comparables that we actually completed, demanding of our U.S. sales force, by the second quarter of 2001. And hence in terms of relative comparison

就成本結構的靈活性而言，當您考慮到 2001 年第二季度我們實際完成的可比較項目時，您還必須牢記對我們美國銷售人員的要求。比較

costs in the second quarter will be slightly more favorable to us.

第二季的成本對我們來說會稍微有利一些。

Thank you very much indeed. Sorry I

確實非常感謝。對不起

so much.

非常。

No, no, no. Indeed thank you for all your questions. Next question please.

不不不。確實感謝您提出的所有問題。請下一個問題。

Thank you. Your next question comes from

謝謝。你的下一個問題來自

. Please go ahead madam.

。請繼續，女士。

.

。

Your HRT segment, you mentioned lower market growth is one of the reasons for the poor sales. Could you share with us what market growth you see in Europe and U.S.? And how your performance, or actual pharmacies performance have been in the U.S.?

在您的 HRT 細分市場中，您提到較低的市場成長是銷售不佳的原因之一。您能與我們分享一下您在歐洲和美國看到的市場成長嗎？你們在美國的業績或實際藥局表現如何？

And furthermore, have you seen any change in the prescription trends on back of the negative HRT studies that we have seen?

此外，由於我們看到的 HRT 研究結果呈現陰性，您是否發現處方趨勢發生了任何變化？

Thank you very much Annette. Could you elaborate on what you see overall, in terms of the impact of the U.S. study on the conjugated incline in

非常感謝安妮特。您能否詳細說明您所看到的整體情況，即美國研究對共軛傾斜度的影響？

and

和

, and how that translates into our business?

，以及這如何轉化為我們的業務？

Yes Lars. Well basically, as you know, the Women's Health Initiative Study that was terminated prematurely, due to the finding of, basically on average, seven to eight more cases per 10,000 women, regarding both

是的，拉斯。嗯，基本上，如你所知，婦女健康倡議研究提前終止，因為發現基本上平均每 10,000 名女性中增加了 7 至 8 例病例，這兩個方面

, breast cancer, strokes, and

、乳癌、中風和

. For each of these indications, there was a 20 to 30 percent increase

。對於每項指標，都有 20% 到 30% 的成長

.

。

This has actually taken a toll on the prescription rate in the U.S. for these compounds. Hence we've actually seen a drop of around 20 percent in the number of new scripts. Having said that, this is spread across the board, with Activelle actually suffering the smallest loss, to the tune of about 5.5 percent or so.

這實際上對美國這些化合物的處方率造成了影響。因此，我們實際上看到新腳本的數量下降了 20% 左右。話雖如此，這種情況是普遍存在的，Activelle 實際上遭受的損失最小，約為 5.5% 左右。

Obviously

明顯地

, which was the drug in question, that has suffered a loss, we believe, of more than 20 percent. It's most severely affected, in as much as we do not know to what extent neither of the fact that we are using lower doses with the Activelle, and the fact that we are using the

我們認為，這種藥物的損失已超過 20%。它受到的影響最為嚴重，因為我們不知道我們使用較低劑量的 Activelle 的事實，以及我們使用

as opposed to equine and other

與馬和其他動物相反

compounds, whether that actually means that the WHI results are applicable to

化合物，這是否實際上意味著 WHI 結果適用於

.

。

So, at least, what we have seen is a different

所以，至少我們看到的是不同的

scenario, where the

場景，其中

is harder

更難

than we have in between some of the other compounds from competition and then we believe that Activelle actually softened at least by approximately five to six percent.

與我們競爭的其他一些化合物相比，我們相信 Activelle 實際上至少軟化了大約百分之五到百分之六。

And overall, the market is decreasing, that is true, in the U.S. for now. And then, I guess we have to answer that

整體而言，目前美國的市場正在萎縮，這是事實。然後，我想我們必須回答這個問題

as we are seeing, as a result of the lower growth in the market, we are seeing increased competition. And we are also seeing, unfortunately I think, from our perspective in Europe, increased internal importation, which impacts our business.

正如我們所看到的，由於市場成長放緩，我們看到競爭加劇。不幸的是，我認為，從我們歐洲的角度來看，內部進口增加，這影響了我們的業務。

Thank you very much for that question. Next question please.

非常感謝你提出這個問題。請下一個問題。

Thank you. Next question comes from

謝謝。下一個問題來自

. Please go ahead.

。請繼續。

Hi, this is Vikram.

嗨，我是維克拉姆。

Lars, yes, a question for you. Share buyback, about three months ago when we chatted about that last, yes I distinctly remember you saying that you didn't want to add financial risk to operational risk. What's the thinking behind the buyback now? Aside from the obvious that the share price is where it is, and so I guess, is a signaling of value?

拉斯，是的，有個問題想問你。股票回購，大約三個月前，當我們最後討論這個問題時，是的，我清楚地記得您說過，您不想將財務風險添加到操作風險中。現在回購背後的想法是什麼？除了明顯的股價現況之外，我想，這是價值的訊號嗎？

Second question, and this is to Mads. NovoSeven, you know, addition indications, one of the concerns that I have is, have you possibly used too low a dose, in your trials for these additional indications? Because I remember the liver section people that we haven't cured one, sort of 10 to what they have seen, but, had used a high dosage probably would have statistical significance.

第二個問題，這是問麥茲的。 NovoSeven，你知道，額外的適應症，我擔心的一個問題是，你們在針對這些額外適應症的試驗中是否可能使用了太低的劑量？因為我記得肝科的人我們還沒有治癒一個，大約有10個，但是，用了高劑量可能會有統計學意義。

So, when you start getting the phase three data and I believe that these due trials, hopefully we will get an amount of this in future, but the data and short trend will amount to statistical significance, for the causes of the dose not being high enough.

因此，當您開始獲得第三階段的數據時，我相信這些適當的試驗，希望我們將來能夠獲得一定數量的數據，但數據和短期趨勢將具有統計顯著性，因為劑量不高的原因足夠的。

Thank you very much, and just on operating, in terms of discarding the time of the

非常感謝，就操作而言，就丟棄的時間而言

do you have any comments to the point, which we can compliment the business

您有什麼中肯的意見嗎，我們可以對這家企業表示讚揚

financial rates of business, at an important time, when we discard the short fall?

企業的財務利率，在一個重要的時刻，我們什麼時候放棄短暫的下跌？

If the comment there would be, our course we have to link our buy back program to the overall development in both the capital capex and also into the development in our investment program, and our expected cash flows, and as you can read from this, we are through the half way of our expansion, capacity expansion program, running from 2001 to 2003, and it's also beginning to see the end of this significant capacity expansion program and hence getting into a situation where we will increase the cash generating ability of our business, that makes us more confident at this point in time, initiating a share buy back program.

如果有評論的話，我們的課程必須將我們的回購計劃與資本支出的整體發展以及我們的投資計劃的發展以及我們的預期現金流量聯繫起來，正如您可以從中讀到的，從2001 年到2003年，我們的擴張、產能擴張計劃已經進行了一半，而且也開始看到這一重大產能擴張計劃的結束，因此我們將提高我們的現金產生能力。業務，這讓我們在此時更有信心，啟動了股票回購計畫。

Thank you, and that with the experience we had with the liver research, starting to implicate that we were conservative on the developing, is that implying that there is a risk that we have not chosen for our doses, for the additional start of

謝謝，根據我們在肝臟研究方面的經驗，開始暗示我們對發展持保守態度，這意味著我們有未選擇劑量、額外開始的風險。

?

？

Yeah, actually I have a few comments there, because, first of all, everyone should realize that the liver research study was the first ever conducted with a hemophilia agent outside the hemophilia sections, so, for this reason it was conducted as a relatively low dosed safety study in order to ensure that you did not seek promptly in producing the

是的，實際上我有一些評論，因為，首先，每個人都應該意識到，肝臟研究是有史以來第一個在血友病部分之外使用血友病藥物進行的研究，因此，因此，它是作為相對較低的水平進行的。劑量安全性研究，以確保您不會立即尋求生產

and as you know, we have forwarded a strong trend towards the

如您所知，我們已經推動了一個強勁的趨勢：

at doses at 40 and then 80 micrograms.

劑量為 40 微克，然後是 80 微克。

Having, said that, this is the only study where we do not explore the full dosage response range, implying for all the other indications that we'll start to reporting on, we will be showing you doses up to the full time rate, hence, I'm not afraid, that even when we were to decide on a

話雖如此，這是我們沒有探索完整劑量反應範圍的唯一研究，這意味著我們將開始報告的所有其他跡象，我們將向您展示高達全時率的劑量，因此，我不害怕，即使我們決定

trials, in what one of these indications, we will not have, lets say, the dose response rate explored to the extent that you know what doses to go for, having said that, I also should remind myself that this is also an area where it is not only a question of the doses you select, but the dosing time compared to either the surgery or the situation in question, because we are trading on

試驗，在這些適應症中的哪一個，我們不會有，比如說，劑量反應率探索到你知道要選擇什麼劑量的程度，話雖如此，我也應該提醒自己，這也是一個領域這不僅是您選擇的劑量的問題，而且是與手術或相關情況相比的給藥時間的問題，因為我們正在進行交易

territory, but I do feel comfortable, relatively speaking, that we for all other indications, having spoke through the response scripts, so that we can make conclusions on which doses to select.

領域，但相對而言，我確實感到放心，我們針對所有其他適應症，透過反應腳本進行了討論，以便我們可以就選擇哪些劑量做出結論。

On the liver section, obviously, it is the easiest to consider, that one just takes the dose up in a

顯然，在肝臟切片上，這是最容易考慮的，只需將劑量增加一倍即可。

difficult file, that were to follow.

接下來是困難的文件。

OK thanks, thank you Mads.

好的，謝謝，謝謝麥德斯。

And Lars, for a follow up question, finally, I seem to remember the possibility of the upper GI bleeds in the stem sale transplant theatre, being available to the

拉爾斯，對於後續問題，最後，我似乎記得在莖銷售移植手術室中上消化道出血的可能性，可供

sometime in the third quarter, if that's right, how will you deal with it, will you be putting out some sort of statement to the market, with some sort of headline conclusion from it, or would that be disclosed to the market at a proper science to the congress, are you going to balance the needs of the financial markets, versus the needs of your research, scientists at Novo?

在第三季的某個時候，如果這是正確的，你將如何處理它，你會向市場發布某種聲明，並從中得出某種標題結論，還是會在適當的時候向市場披露？向國會提交科學報告，Novo 的科學家們，你們會平衡金融市場的需求和研究的需求嗎？

Well obviously to the extent that we will find conclusive data from these studies that we have also an obligation to our shareholders to inform shareholders and also taken to potentially benefit from such conclusive results that we will see

顯然，我們將從這些研究中找到結論性數據，我們也有義務向股東通報情況，並從我們將看到的結論性結果中潛在受益。

to communicate as soon as we have a

一旦我們有一個溝通

as soon as we have

一旦我們有

correct and conclude of course a, our comment on what they mean and insert

更正並總結當然a，我們對它們的含義的評論並插入

come forward.

挺身而出。

Well we feel that informing the market as quickly as possible and then you saw the policy that we've been following with all of that and we saw

好吧，我們認為盡快通知市場，然後你看到了我們一直遵循的所有政策，我們看到了

in the first quarter and that will be our

在第一季度，這將是我們的

information.

資訊.

Thank you very much.

非常感謝。

Your welcome.

別客氣。

Next question please.

請下一個問題。

next question comes from

下一個問題來自

please go ahead.

請繼續。

Yes, Hello gentlemen, among the remaining questions one is the is payments from Aventis

是的，先生們您好，剩下的問題之一是安萬特的付款

in 2003 and 2004 I understand it's a one time payment but it is linked to the serve of length

在2003年和2004年，我知道這是一次性付款，但它與發球長度有關

or is it just a fixed amount and also could you just give us the sales number for

或者只是一個固定金額，您可以給我們銷售數量嗎？

this quarter,

本季度，

alone? Thanks very much.

獨自的？非常感謝。

Thank you very much. Jesper the question is about the payments so that you are expecting from

非常感謝。 Jesper，問題是關於付款的，以便您期望

2003 to 2004 I mean

我的意思是2003年到2004年

related any comments you'd care to make on that.

相關您想對此發表的任何評論。

It is

這是

payments which are linked to the performance of Aventis and they expect to generate income in 2003 and 2004 but the most significant element of the income related to 2003.

與 Aventis 的業績掛鉤的付款，他們預計在 2003 年和 2004 年產生收入，但收入中最重要的部分與 2003 年有關。

OK the second question was an approximation of the

好的，第二個問題是近似值

constitutes approximately 50 percent of

約佔50%

and a million more and some approximately 330 million in the second quarter.

第二季將增加 100 萬，約 3.3 億。

Thanks very much.

非常感謝。

Your welcome, next question please.

歡迎您，請下一個問題。

The next question comes from

下一個問題來自

please go ahead.

請繼續。

Good afternoon gentlemen, most of my questions have been answered, just a couple of financial one's for the

先生們下午好，我的大部分問題都已得到解答，只有幾個財務問題

. Just to confirm license income you said 125 million a

。只是為了確認你所說的授權收入 1.25 億美元

do that apply in '03 as well, a, should it be 500 million for the year and also I'm slightly puzzled that your guidance on transactional currency effects I'm thinking slide 12 is unchanged from what appeared in the last years annual report even though Japanese sales have got worse than you expected in U. S. slightly better, am I missing something there?

這也適用於 03 年嗎？a，今年應該是 5 億嗎？而且我對你們對交易貨幣影響的指導感到有點困惑，我認為幻燈片 12 與去年年度報告中出現的內容沒有變化儘管日本的銷售情況比您預期的要差，美國的銷售情況稍好一些，但我是否錯過了一些東西？

Thank you very much. Jesper this is your statement. Two questions license income will be 500 on a yearly basis and transactional encouraging effect lies without changing when the underline business

非常感謝。傑斯珀，這是你的聲明。兩問牌照收入每年500，下線業務不變時交易激勵作用

.

。

Thanks Peter in the first one license income, what I wanted to state was that you should expect around 125 third quarter and add to that if there are any significant one off elements like we've had in the first half of this year to the tune of 350 million so yes

感謝 Peter 在第一個許可證收入中，我想說的是，您應該預計第三季度約為 125，如果有像我們今年上半年那樣的重大一次性元素，請添加該收入3.5億所以是的

alone in 2002 is nothing.

光是2002年就不算什麼。

Unexpected occurs then it would be in that ball part of 125 million

意外的發生那麼它將在1.25億的那個球中

as income. The second question, as for the guidance on the currency impact from our business will that be, are we changing that, why are we changing during the year.

作為收入。第二個問題，至於我們業務對貨幣影響的指導，我們是否會改變這一點，為什麼我們在這一年要改變。

We would only change that if you see really significant change in the currency

只有當您看到貨幣發生真正重大變化時，我們才會改變這一點

of the currency, exposure of the business so it's what you can read for

貨幣的情況、業務的風險敞口，所以這是您可以閱讀的內容

changing it is that you do not see a changes in the exposure which are regarded as significance otherwise we would have to change the exposure on a quarter to quarter basis.

改變的是，您看不到風險敞口的變化，而這些變化被認為是重要的，否則我們將不得不逐季度地改變風險敞口。

OK. So the first question about licensing, when actually what I was asking was your guidance for next year 2003, not Q3.

好的。所以關於許可的第一個問題，實際上我問的是你們對明年 2003 年的指導，而不是第三季。

Oh sorry. Then the revised for 2003 that it will be a guidance of around again 500 million maybe a little positive from there, following that element in there is royalties from the penetration of our HRT products, and the additional comment would be that to that line in 2003 you will also see one timing from advances in 2003.

哦對不起。然後對 2003 年的修訂，這將是大約 5 億左右的指導，從那裡可能有點積極，其中的元素是我們 HRT 產品滲透的特許權使用費，附加評論是 2003 年的這一行您還將看到2003 年進展的一個時間安排。

OK, thanks very much.

好的，非常感謝。

OK, thanks for the question. Next question please?

好的，謝謝你的提問。請問下一個問題？

Thank you. Our next question comes from Geraldine O'Keeffe. Please go ahead.

謝謝。我們的下一個問題來自傑拉丁·歐姬芙。請繼續。

o'keeffe: Hello, good afternoon. I just have two short questions for you. One on the diabetes franchise in the U.S., and I think you have about 10 percent growth for this quarter, which as far as I can see, seems to be in line with the markets, and my question to you is are you going to continue to go in line with the market, or is there some

奧基夫：你好，下午好。我只有兩個簡短的問題想問你。一個關於美國的糖尿病特許經營權，我認為本季度的增長約為 10％，據我所知，這似乎與市場一致，我向您提出的問題是您是否會繼續是為了順應市場，還是有一些

or where can you, where can we expect to start seeing you gaining market share there? And my second question relates to NovoSeven. Just to clarify, I think you said earlier that you had growth of about 20 percent in this quarter in Europe, and growth of about the same 20 percent in the U.S., is that, did I misunderstand you there? And can we expect to see continued growth at this level for the rest of the year?

或者你可以在哪裡，我們可以期望在哪裡開始看到你在那裡獲得市場份額？我的第二個問題與NovoSeven有關。澄清一下，我想你之前說過，本季歐洲的成長率約為 20%，美國的成長率約為 20%，是不是，我誤解了你的意思？我們能否期望在今年剩餘時間內看到這一水準的持續成長？

Thank you very much. With regard to the American or U.S. diabetes business, we do expect to be able to continue the growth pattern that we are on, so that we should definitely hold our position, and we also hope that we will be able to expand our position in line with previous trends where we have gained market share with the launch of, and continue to a lot of

非常感謝。對於美國或美國的糖尿病業務，我們確實希望能夠繼續我們現在的成長模式，所以我們一定要保持我們的地位，我們也希望我們能夠擴大我們的地位。與之前的趨勢一樣，我們透過推出並繼續推出大量產品贏得了市場份額

, with

， 和

and with our new devices, I think we're in a very favorable position in the U.S. market to outgrow the market, so to speak, over the next quarter, given also the fact that we do believe that our sales growth in the U.S. is starting maybe to impact being able to get penetration to the position. With regard to the

憑藉我們的新設備，我認為我們在美國市場處於非常有利的位置，可以說，在下個季度超越市場，同時考慮到我們確實相信我們在美國的銷售成長開始可能會影響能否滲透到該位置。關於

business, the numbers that I gave you was, just hang on make sure that we give you the right number again. The number for the U.S. business was 20 percent in the first half, and the European business grew in the first half. I'm just going to look up, see if I can get the numbers right now. 25 percent is the correction here from what I said before, approximately 25 percent in the first half for the European business. And that is as a result of a very strong second quarter, so we are pleased with that.

業務，我給你的號碼是，請稍等，確保我們再次給你正確的號碼。上半年美國業務佔比為20%，歐洲業務上半年有所成長。我只是要查一下，看看我現在是否能得到數字。 25% 是我之前所說的修正，上半年歐洲業務約 25%。這是第二季非常強勁的結果，所以我們對此感到滿意。

o'keeffe: Sorry, in your press release, I think you said that the growth being primarily from the U.S. Is that right? Now you're saying that the stronger growth in Europe. Am I misunderstanding something?

奧基夫：抱歉，在您的新聞稿中，我認為您說過成長主要來自美國，對嗎？現在你說的是歐洲的成長更為強勁。我誤解了什麼嗎？

No, the reason why this is, is the press release says primarily coming from the U.S. is because around half of our sales from

不，之所以會這樣，是因為新聞稿稱主要來自美國，因為我們大約一半的銷售額來自美國

is coming from the U.S., so in absolute term, most of the growth is coming from the U.S. The relative growth from Europe in percentage point is largely

來自美國，因此從絕對值來看，大部分成長來自美國。來自歐洲的相對成長百分比主要是

was slightly higher in the first half.

上半年略高。

o'keeffe: OK, so does again sound that the NovoSeven market isn't saturated as you first thought, and we can expect to see extended growth?

奧基夫：好的，NovoSeven 市場是否像您最初想像的那樣已經飽和，我們可以期待看到進一步的成長？

Yes that's a good question. What we're seeing is very stable. Strong growth in the U.S. market was as I just told you, was by far the largest market, so then the many positive sign for the future for

是的，這是一個好問題。我們看到的是非常穩定的。正如我剛才告訴你的那樣，美國市場的強勁成長是迄今為止最大的市場，因此未來有許多積極的跡象

gone forward.

繼續前進。

In addition to that, we can see that when we look at the first half in Europe, we are too pessimistic when we discussed the threatening, however, again we need to caution here,

除此之外，我們可以看到，當我們回顧歐洲上半年的情況時，我們在討論威脅時過於悲觀，但是，我們在這裡再次需要警告，

can be relatively large, but so, it is a good sign, that we have growth in the first half and we hope that we can continue that trend, going forward in Europe as well.

可能相對較大，但是，這是一個好兆頭，我們在上半年取得了成長，我們希望我們能夠繼續這一趨勢，在歐洲也取得進展。

o'keeffe: Ok. Thank you.

奧基夫：好的。謝謝。

Two more questions please.

還有兩個問題請。

Thank you, next question comes from Ivan Gordon, please go ahead.

謝謝，下一個問題來自伊凡戈登，請繼續。

Yes no, it's Ivan Jordan from

是的，不，我是伊凡喬丹

, I have one question with out the

，我有一個問題沒有

. Can you tell us, would it be possible for you to do fast global launch, when you expect a launch incidental to here, that you can fast match lintels or should we expect the same launch pattern as with Novo Rapid, where it has taken several days for you to launch the product?

。您能否告訴我們，當您期望在此附帶發佈時，您是否可以進行快速的全球發布，您可以快速匹配門楣，或者我們是否應該期望與 Novo Rapid 相同的發布模式，它已經採取了幾次你們推出產品需要幾天？

And then I have a second question to Mads, could you please repeat when you expect to give six

然後我有第二個問題想問 Mads，當你期望給出 6 時，你能重複一遍嗎？

views on MM 2211?

對MM 2211的看法？

Thank you very much, the first question is about the date of launch,

非常感謝，第一個問題是關於發布日期，

, these launches have a couple of components to them. One is, of course, the ramping of manufacturing capacity to manufacture the product.

，這些發布有幾個組成部分。當然，其中之一就是產品製造能力的提升。

The second component is the pricing invasion, which unfortunately, the taking, increasing time in European Market, especially, so we can do a faster roll out if we are talking the impact on the manufacturing capacity, then we can do it faster then we did the roll out of Nova Rapid.

第二個組成部分是定價入侵，不幸的是，特別是在歐洲市場上花費的時間越來越長，因此如果我們談論對製造能力的影響，我們可以更快地推出，那麼我們可以做得更快Nova Rapid 的推出。

However, we are not in a position where we can determined the speed of the negotiation of the prices in Europe, unfortunately

然而，不幸的是，我們無法確定歐洲價格談判的速度

that.

那。

When we hear something on the

當我們在網路上聽到一些東西時

. Yes, as you know, you can, the first data from phase two studies were indeed on at the

。是的，如你所知，你可以，第二階段研究的第一個數據確實在

ending of California earlier this year. And as you know, they showed flatly, sore a block

加州今年早些時候結束。如你所知，他們表現得很平淡，痛徹心扉

effect without hypoglycemic and with our body weight changes.

降血糖效果不隨我們體重的變化而改變。

However, 2211 is a very interesting

然而2211是一個很有趣的

multi-pack module meaning that we have to really start in great detail, for those

多包裝模組意味著我們必須真正從細節開始，對於那些

and all these things that we have discussed before. And what I said a little bit earlier is that, we expect to give you, lets say the second weight of these two

以及我們之前討論過的所有這些事情。我之前說過的是，我們希望給你，比方說這兩個的第二個權重

from those in the first half of next year at the appropriate event.

來自明年上半年在適當活動中的那些。

They will of course include which substance that patients benefit the most and what is the absolute dose inreginamend that would be relevant for the type of patients that we called.

當然，它們將包括哪種物質對患者最有利，以及與我們所說的患者類型相關的絕對劑量是多少。

OK. Thanks a lot. Can I just come back and fill in

好的。多謝。我可以回來填寫嗎

, should I understand Jesper, as the launch would take several years, not.

，我是否應該理解 Jesper，因為發射需要幾年時間，不是。

Well again here, I was talking, the only thing I can tell you is, it will depend on how quickly we can get the negotiations with the authorities, completed. With addition to that, of course initially, we do not have the full capacity to roll out in all three trials, market the, so there will be some scale of events as well.

好吧，我再說一遍，我唯一能告訴你的是，這將取決於我們能多快完成與當局的談判。除此之外，當然最初我們還沒有完全能力在所有三個試驗中進行推廣和行銷，因此也會有一定規模的活動。

But we are better equipped then we were in reference to that, then we were with Nova Rapid.

但我們的裝備比我們之前提到的、然後我們與 Nova Rapid 的裝備更好。

OK. Thank you.

好的。謝謝。

OK. The final question please, before we close the phone conference.

好的。在我們結束電話會議之前，請先問最後一個問題。

OK. Thanks, they say your last question comes from Joe Walton, please go ahead.

好的。謝謝，他們說你的最後一個問題來自喬沃爾頓，請繼續。

I'm sorry to, a small issue here, in your outlook, you talked about local currency sales growth of you know six to 10 percent. You are now talking about six to eight percent sales growth measured in Danish Krona. Now given that the currency is going against you, that would suggest that on an underline basis you are doing better six to eight percent. And perhaps your guidance is actually raised interms of sales.

很抱歉，這裡有一個小問題，在您的展望中，您談到了當地貨幣銷售額的成長，您知道 6% 到 10%。您現在談論的是以丹麥克朗衡量的 6% 到 8% 的銷售額成長。現在考慮到貨幣對你不利，這表明你的表現比下劃線好 6% 到 8%。也許你的指導其實是在銷售方面提高的。

Secondly, and again this is just a small point here, you give the end user growth, in your in market sales growth, and here, we've seen, you know, 10 percent of sales growth, the actual ex factory growth, from you, still seems to be running lower than that at about seven percent, is there more, is there a continuing discrepancy, between the ex factory sales and your sales, the only thing that I can think of would be more de stocking, and that clearly isn't the answer?

其次，這只是這裡的一個小點，你給最終用戶增長，在你的市場銷售增長中，在這裡，我們已經看到，你知道，銷售增長的 10％，實際出廠時的增長，從你，似乎仍然低於百分之七左右，還有更多嗎，出廠銷售和你們的銷售之間是否存在持續的差異，我唯一能想到的就是更多去庫存，而且顯然不是答案嗎？

Thank you very much, but would you please clarify the uncertainties in the mind, about the forecast for the top line development, going forward compared to the guidance that we gave when we made the announcement on April 30th, for the first quarter release, where we said that we would grow seven to ten and now you are saying six to eight.

非常感謝，但請您澄清一下，與我們在 4 月 30 日宣布第一季度發佈時給出的指導相比，關於營收發展預測的不確定性，其中我們說過我們會增長七到十，現在你說六到八。

Yes. I thought it was seven to ten local currency, and now it's six to eight.

是的。本來以為是七到十當地幣，現在是六到八。

Let me just clarify, the guidance that we gave on 30th, April, was a guidance expected growth in reported sales between seven to 10 percent, and we are saying now that we think due to the currency development to be in the bulk part of six to eight, so, we are narrowing the range because we now have a proper yield built so we are more sure where we'll end up, and we are also saying very clearly now, statements that the sales expectation that we give now are totally in line with what we said at the 30th of April, so that the adjustment in the expected report, sales growth solely relates to currency, not to underline performance.

讓我澄清一下，我們在 4 月 30 日給出的指導意見是報告銷售額增長 7% 到 10% 之間的指導意見，我們現在說的是，我們認為由於貨幣發展將佔 6% 的大部分到八，所以，我們正在縮小範圍，因為我們現在已經建立了適當的收益率，所以我們更確定我們最終會在哪裡，而且我們現在也非常清楚地說，我們現在給出的銷售預期完全是與我們在4月30日所說的一致，因此預期報告中的調整，銷售成長僅與貨幣有關，而非強調績效。

And with regard to the speculations about our sales in term in the European markets, based on the differences where we had reported ex factory sales, and we had in markets sales, again, here we are using illustrations of in market data to show you that the European in term market is continuing to grow, and Novo Nordisk is growing with that market, however, the data do not have exactly the same time line and therefore we have to be careful on a month to month, quarter to quarter basis, to make too wide attractions on this.

關於我們在歐洲市場的銷售情況的猜測，基於我們報告的出廠銷售量和我們的市場銷售量的差異，這裡我們再次使用市場數據的插圖向您展示：歐洲定期市場持續增長，諾和諾德也隨著該市場的成長而成長，但是，數據沒有完全相同的時間線，因此我們必須逐月、逐季小心，對此產生了太廣泛的吸引力。

I mentioned in my presentation that we had an interim tracking system that tracks inventory sales restocking with wholesalers, and we have seen no indications of any inventory sales in the supply chains in passing on Novo, so we believe that we are growing with a market with Novo that we have reported.

我在演講中提到，我們有一個臨時追蹤系統，可以追蹤批發商的庫存銷售補貨情況，而且我們沒有看到供應鏈中任何庫存銷售的跡象傳遞給Novo，因此我們相信，我們正在與一個市場一起成長。我們已經報道過Novo。

Thank you.

謝謝。

Thank you very much, ladies and gentlemen, this concludes the conference call. We again, would like to reiterate to you that we have our investor relations stopped on the line to comment on the questions you may have, if you call them, I'm sure they will be happy to help and now I'd like to on behalf of the management and investor relations to thank you for attending this conference call, we will be back with third quarter announcements, if not sooner, should any material news occur around our company.

非常感謝各位，女士們、先生們，電話會議到此結束。我們想再次向您重申，我們的投資者關係部門已停止在線評論您可能遇到的問題，如果您致電他們，我相信他們會很樂意提供幫助，現在我想我謹代表管理層和投資者關係部門感謝您參加本次電話會議，如果我們公司出現任何重大新聞，我們將（如果不是更早）發布第三季公告。

Thank you very much.

非常感謝。