Teva Pharmaceutical Industries Ltd (TEVA) 2009 Q1 法說會逐字稿

Greetings and welcome to the Teva Pharmaceutical Industries first quarter 2009 results conference call.

歡迎來到 Teva Pharmaceutical Industries 2009 年第一季度業績電話會議。

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

此時，所有參與者都處於只聽模式。

A question and answer session will follow the formal presentation.

問答環節將在正式介紹之後進行。

(Operator Instructions).

（操作員說明）。

As a reminder, this conference is being recorded.

提醒一下，這次會議正在錄製中。

It is now my pleasure to introduce your host, Ms.

現在我很高興向大家介紹你們的主人，Ms.

Elana Holzman.

埃拉娜·霍爾茲曼。

Thank you.

謝謝你。

Ms Holzman, you may begin.

Holzman 女士，您可以開始了。

Good morning and good afternoon everyone.

大家早上好，下午好。

Welcome to Teva's first quarter 2009 earnings call.

歡迎來到 Teva 2009 年第一季度財報電話會議。

We hope you have had a chance to review our earnings press release, which we issued earlier this morning.

我們希望您有機會閱讀我們今天上午早些時候發布的收益新聞稿。

A copy of the press release is available on our website at www.tevapharm.com.

新聞稿的副本可在我們的網站 www.tevapharm.com 上獲取。

Additionally, we are conducting a live webcast of this call that is also available on our website.

此外，我們正在對本次電話會議進行網絡直播，我們的網站上也提供。

Today, we are joined by Shlomo Yanai, President and CEO, Eyal Desheh, Chief Financial Officer, Bill Marth, President and CEO of Teva North America, Moshe Manor, Group Vice President, Global Branded products, and Gerard Van Odijk, President and CEO of Teva Europe.

今天，Teva 總裁兼首席執行官 Shlomo Yanai、首席財務官 Eyal Desheh、Teva 北美總裁兼首席執行官 Bill Marth、全球品牌產品集團副總裁 Moshe Manor 和總裁兼首席執行官 Gerard Van Odijk 加入了我們的行列梯瓦歐洲公司。

Shlomo and Eyal will begin by providing an overview of our results.

Shlomo 和 Eyal 將首先概述我們的結果。

Please note that Shlomo will be referring in his prepared comments to non-GAAP gross margin, operating profit, net income, and EPS.

請注意，Shlomo 將在他準備好的評論中提到非 GAAP 毛利率、營業利潤、淨收入和每股收益。

Eyal will provide additional detail on the items excluded from our non-GAAP results.

Eyal 將提供有關從我們的非 GAAP 結果中排除的項目的更多詳細信息。

We will then open the call for a question and answer period.

然後，我們將開啟問答環節。

Before we proceed with the call, I would like to remind everyone that the Safe Harbor language contained in today's press release, also pertains to this conference call and webcast.

在我們繼續通話之前，我想提醒大家，今天新聞稿中包含的安全港語言也適用於本次電話會議和網絡廣播。

Shlomo?

什洛莫？

Thank you, Elana.

謝謝你，伊萊娜。

Welcome everyone, and thank you for joining us today, as we review Teva's results for the first quarter of 2009.

歡迎大家，並感謝您今天加入我們，因為我們回顧了 Teva 2009 年第一季度的業績。

I am very pleased to report that the year is off to a strong start for Teva.

我很高興地向大家報告，梯瓦今年開局良好。

In fact, we exceeded even our own expectations, and we did so despite the negative foreign exchange effect of approximately $200 million on our top line.

事實上，我們甚至超出了我們自己的預期，儘管我們的收入受到大約 2 億美元的負面外匯影響，我們還是做到了。

And as you will hear in a moment, this has had no impact on our operating income.

正如您稍後會聽到的那樣，這對我們的營業收入沒有影響。

The year is also off to a strong start strategically.

今年在戰略上也有一個良好的開端。

We are making great progress on the Barr integration, and we continue to run ahead of schedule, as we work to combine our two companies.

我們在 Barr 整合方面取得了很大進展，並且在我們努力合併兩家公司的過程中，我們繼續提前進行。

Teva's net sales in Q1 reached a record $3.1 billion, with gross margins of 58.4%.

Teva 第一季度的淨銷售額達到創紀錄的 31 億美元，毛利率為 58.4%。

Our operating profit was $826 million, with net income of $634 million, and all of this ultimately brought us to EPS of $0.71.

我們的營業利潤為 8.26 億美元，淨收入為 6.34 億美元，所有這些最終使我們的每股收益為 0.71 美元。

Our results in Q1 were driven by increased sales in all of our major businesses and across our many geographies, as well as by excellent progress we have made in the Barr integration.

我們第一季度的業績是由我們所有主要業務和我們許多地區的銷售額增加以及我們在 Barr 整合方面取得的出色進展推動的。

Once again in Q1, all of our global units continued to grow.

在第一季度，我們所有的全球部門再次繼續增長。

In North America, we had a very good quarter, with sales up 36% over Q1 '08.

在北美，我們有一個非常好的季度，銷售額比 08 年第一季度增長了 36%。

Led both by sales of our branded products, and by our US generics unit, which achieved total sales of approximately $1.1 billion.

由我們品牌產品的銷售額和我們的美國仿製藥部門帶動，該部門的總銷售額約為 11 億美元。

Despite the absence of any major product launches in the first three months of 2009, we enjoyed strong sales of products from Teva's and Barr's portfolios, and the progress we have made in the integration, enabled us to leverage Teva's marketing, sales, and distribution capabilities, to further enhance sales of Barr's products and files.

儘管 2009 年前三個月沒有推出任何重大產品，但我們的 Teva 和 Barr 產品組合的產品銷售強勁，而且我們在整合方面取得的進展使我們能夠利用 Teva 的營銷、銷售和分銷能力, 以進一步提高 Barr 產品和文件的銷售。

I would like to remind you that the comparable quarter, Q1 '08, was an exceptional quarter during which we delivered the balance of 2007's Pantoprazole launch, introduced alendronate and sold the balance of our OxyContin quota, all major products.

我想提醒您，可比季度，即 08 年第一季度，是一個特殊的季度，我們交付了 2007 年 Pantoprazole 發布的餘額，推出了阿崙膦酸鹽並出售了我們 OxyContin 配額的餘額，所有主要產品。

I would also like to note that we are especially pleased with the initial results of our recent launch of generic Adderall XL, which will be reflected in our Q2 results.

我還想指出，我們對最近推出的通用 Adderall XL 的初步結果特別滿意，這將反映在我們第二季度的結果中。

In just four weeks Teva has already captured 47% of the market share of this important product, and we anticipate growing our share significantly.

在短短四個星期內，Teva 就已經佔據了這一重要產品 47% 的市場份額，我們預計我們的份額將大幅增長。

In Europe, sales were up by 24% on a local currency basis over Q1 '08.

在歐洲，按當地貨幣計算，銷售額比 08 年第一季度增長了 24%。

I am speaking in terms of local currencies, because we believe that this is the proper way to measure business performance these days.

我說的是當地貨幣，因為我們認為這是當今衡量業務績效的正確方法。

When currencies are so volatile, it is difficult to get a true picture of operating results, which are naturally measured in local environment and in local currencies.

當貨幣波動如此之大時，很難真實地了解經營業績，而經營業績自然是根據當地環境和當地貨幣來衡量的。

Despite the slowdown in market growth, in certain European markets, such as France, Italy and Spain, we managed to increase our market share in major markets.

儘管市場增長放緩，但在某些歐洲市場，如法國、意大利和西班牙，我們設法增加了我們在主要市場的市場份額。

We increased our leading market share in the UK, in the important markets of France, Spain and Poland where we are now the #3 player, and in Germany where we are making significant progress.

我們增加了在英國的領先市場份額，在法國、西班牙和波蘭等重要市場我們現在排名第三，在德國我們正在取得重大進展。

This was an outstanding quarter for our international business which grew by 25% in local currencies, supported by especially strong results in Latin America, and our generics business in Russia, in Israel and in Croatia, a new market for Teva.

對於我們的國際業務來說，這是一個出色的季度，以當地貨幣計算增長了 25%，這得益於拉丁美洲特別強勁的業績，以及我們在俄羅斯、以色列和克羅地亞的仿製藥業務，這是 Teva 的一個新市場。

As you know, Pliva is Croatia's largest pharmaceutical company, and sales in that country are quite substantial.

大家知道，Pliva是克羅地亞最大的製藥公司，在克羅地亞的銷售額非常可觀。

Teva's innovative business began the year on an especially strong note, as in-market global sales of Copaxone grew 15% over the first quarter of 2008.

Teva 的創新業務今年開局特別強勁，Copaxone 的全球市場銷售額比 2008 年第一季度增長了 15%。

In the US, in-market sales increased by 38%, and Copaxone's market share reached over 27%, further widening the gap between Copaxone and the #2 product.

在美國，市場銷售額增長了38%，Copaxone的市場份額達到了27%以上，進一步拉大了Copaxone與#2產品的差距。

In terms of NRx, our market share reached 37%, and our TRx market share reached a new record high of just over 37%.

在NRx方面，我們的市場份額達到了37%，我們的TRx市場份額達到了剛剛超過37%的歷史新高。

Outside the US, despite continued unit growth, the foreign exchange effect resulted in a decline of 17% in in-market sales compared to Q1 '08.

在美國以外，儘管銷量持續增長，但外匯效應導致市場銷售額與 08 年第一季度相比下降了 17%。

We view this decline outside the US as an anomaly, and expect Copaxone to continue to outpace the market's growth and perform extremely well.

我們認為美國以外地區的這種下降是反常現象，並預計 Copaxone 將繼續超過市場的增長速度並表現出色。

In early March, FDA approved an expanded indication for Copaxone, to include the treatment of patients who have experienced a first clinical episode, and have MRI features consistent with MS.

3 月初，FDA 批准了 Copaxone 的擴展適應症，包括治療經歷過首次臨床發作且具有與 MS 一致的 MRI 特徵的患者。

The FDA's approval follows a similar decision by the MHRA in Europe, under which 24 EU member states have mutually recognized an expanded label for Copaxone.

FDA 的批准遵循歐洲 MHRA 的類似決定，根據該決定，24 個歐盟成員國相互承認了 Copaxone 的擴展標籤。

Based on the success of the Copaxone brand, we are continuing to advance our research, to ensure its position as the first line gold standard MS therapy well into the future.

基於 Copaxone 品牌的成功，我們正在繼續推進我們的研究，以確保其在未來成為一線金標準 MS 療法的地位。

I am pleased to announce that Teva is developing a number of product enhancements, aimed at improving the administration of Copaxone for our patients.

我很高興地宣布 Teva 正在開發一系列產品改進，旨在改善我們患者對 Copaxone 的管理。

Our latest formulation contains 20 milligrams of glatiramer acetate in much smaller injection volume.

我們最新的配方包含 20 毫克的醋酸格拉替雷，注射量要小得多。

In June, we will begin a study to assess whether decreasing the injection volume can improve the injection experience for patients.

6 月，我們將開始一項研究，以評估減少注射量是否可以改善患者的注射體驗。

This was also a strong quarter for Azilect.

這也是 Azilect 的強勁季度。

In-market sales of which grew 50% over Q1 '08, with growth in the US over 90%.

其市場銷售額比 08 年第一季度增長了 50%，其中在美國的增長超過 90%。

We are very optimistic about Azilect's future, and are excited about the promising results of the ADAGIO and tyramine studies, which may lead to Azilect's label being modified, and allow it to be more broadly prescribed.

我們對 Azilect 的未來非常樂觀，並對 ADAGIO 和酪胺研究的有希望的結果感到興奮，這可能會導致 Azilect 的標籤被修改，並允許更廣泛地處方。

Turning now to our global respiratory business, sales reached $185 million, up 9% over Q1 '08.

現在轉向我們的全球呼吸業務，銷售額達到 1.85 億美元，比 08 年第一季度增長 9%。

The increase was driven primarily by strong sales of ProAir in the US, while the conversion from CFC to HFA based inhalers is now complete.

增長的主要原因是 ProAir 在美國的強勁銷售，而從基於 CFC 的吸入器到基於 HFA 的吸入器的轉換現已完成。

ProAir maintained around 60% market share in Q1.

ProAir 在第一季度保持了 60% 左右的市場份額。

Meanwhile, our second respiratory brand in the US, QVAR, increased market share, and has now moved into the #2 position in the inhaled corticosteroid market.

與此同時，我們在美國的第二個呼吸品牌 QVAR 增加了市場份額，現在已在吸入皮質類固醇市場上排名第二。

As you know, we expanded our specialty pharma portfolio through the addition of Barr women's health business, where in Q1 sales grew 39% to reach $97 million.

如您所知，我們通過增加 Barr 女性健康業務擴大了我們的專業製藥產品組合，該業務在第一季度的銷售額增長了 39%，達到 9700 萬美元。

We believe that this unit has excellent prospects for growth, and have set our sights on growing it into a $1 billion business, and becoming the leader in women's health in the US.

我們相信該部門具有良好的發展前景，我們的目標是將其發展成為價值 10 億美元的企業，並成為美國女性健康領域的領導者。

As I mentioned earlier, we are continuing ahead of schedule in integrating Barr.

正如我之前提到的，我們正在繼續提前整合 Barr。

With each of Teva's acquisitions, we have become more and more effective at integration, so that when it came time to integrate Barr, we were able to hit the ground running.

隨著 Teva 的每一次收購，我們在整合方面變得越來越有效，因此當需要整合 Barr 時，我們能夠立即行動起來。

The integration has been going so well that after only one quarter, we are operating as one unified organization, in key markets such as the US, Germany, Poland, Russia, and Croatia.

整合進行得非常順利，僅僅一個季度後，我們就作為一個統一的組織在美國、德國、波蘭、俄羅斯和克羅地亞等主要市場運營。

As I told you in February, we now expect to realize cross-synergies from this acquisition of over $400 million in the third year, and we expect the acquisition to become accretive to GAAP earnings in the third quarter of this year, three quarters after closing.

正如我在 2 月份告訴您的那樣，我們現在預計在第三年通過此次超過 4 億美元的收購實現交叉協同效應，我們預計此次收購將在今年第三季度（即交易結束後的三個季度）增加 GAAP 收益.

Based on our strong start to the year, I am very optimistic about our results for 2009 and 2010.

基於我們今年的強勁開局，我對我們 2009 年和 2010 年的業績非常樂觀。

We expect net sales in 2009 to be between $14.1 billion and $14.6 billion, with non-GAAP EPS in the range of $3.20 to $3.40.

我們預計 2009 年的淨銷售額在 141 億美元至 146 億美元之間，非 GAAP 每股收益在 3.20 美元至 3.40 美元之間。

We expect the second half of 2009 to be stronger than the first half, with quarterly net sales and EPS results improving sequentially.

我們預計 2009 年下半年將強於上半年，季度淨銷售額和每股收益結果將環比改善。

Looking to 2010, we believe that EPS will increase 30% to 35% over our 2009 projected EPS, on the strength of venlafaxine, our generic version of Effexor XR launch, as well as additional launches in the US, the completion of the takeback of Copaxone from Sanofi-Aventis in North America, and synergies from Barr integration, both sales and cross-synergies.

展望 2010 年，我們認為 EPS 將比我們 2009 年的預計 EPS 增長 30% 至 35%，這得益於文拉法辛、我們推出的 Effexor XR 仿製藥以及在美國的更多上市、完成收回來自北美賽諾菲-安萬特的 Copaxone，以及來自 Barr 整合的協同效應，包括銷售和交叉協同效應。

And now, I would like to turn the call over to Eyal for a more detailed financial review.

現在，我想將電話轉給 Eyal 進行更詳細的財務審查。

Eyal?

埃亞爾？

Thank you very much, Shlomo, and good day to everyone.

非常感謝，Shlomo，祝大家有美好的一天。

I hope you have had the opportunity to review the press release we issued this morning.

我希望您有機會閱讀我們今天上午發布的新聞稿。

We are indeed off to a good start for the year.

今年我們確實有了一個良好的開端。

In fact, the results are better than our original expectation.

事實上，結果比我們最初的預期要好。

We presented strong sales and GAAP, as well as non-GAAP earnings.

我們展示了強勁的銷售額和 GAAP 以及非 GAAP 收益。

Results were driven by a good product mix, excellent expense control, and major progress made with our integration of Barr, which is ahead of plan and schedule.

結果是由良好的產品組合、出色的費用控制以及我們對 Barr 的整合取得的重大進展推動的，這比計劃和時間表提前。

We once again witnessed Teva's tremendous capability to identify an acquisition target, execute on our plans, and drive added value from this acquisition faster than expected.

我們再次見證了 Teva 在確定收購目標、執行我們的計劃以及以比預期更快的速度從這次收購中獲得附加值方面的巨大能力。

The devaluation of foreign currency relative to the US dollar reduced our top line by approximately $200 million compared to Q1 2008, and by approximately $70 million compared to Q4 2008.

與 2008 年第一季度相比，外幣相對於美元的貶值使我們的收入減少了約 2 億美元，與 2008 年第四季度相比減少了約 7000 萬美元。

However, unlike most of 2008, foreign currency's effect were neutral to operating income, which benefited from a very good currency balance.

然而，與 2008 年大部分時間不同的是，外匯對營業收入的影響是中性的，這得益於非常好的貨幣平衡。

I would like to reiterate what we initially said about Q1 and 2009 in general.

我想重申一下我們最初所說的關於第一季度和 2009 年的總體情況。

We did not expect this to be a linear year.

我們沒想到這是線性的一年。

Sales and synergies from the Barr integration are expected to improve from one quarter to the next, with most of the new product launches planned for the second half.

Barr 整合帶來的銷售和協同效應預計將在一個季度到下一個季度有所改善，大部分新產品計劃在下半年推出。

In light of this, we are very pleased with our good start of 2009.

有鑑於此，我們對 2009 年的良好開端感到非常高興。

Before I delve into the numbers, I would like to remind everyone that we are presenting GAAP and non-GAAP results for the first quarter.

在我深入研究這些數字之前，我想提醒大家，我們將公佈第一季度的 GAAP 和非 GAAP 業績。

In our non-GAAP presentation we have excluded the following items this quarter, which are primarily related to our acquisition of Barr, which was completed towards the end of December.

在我們的非 GAAP 報告中，我們在本季度排除了以下項目，這些項目主要與我們在 12 月底完成的 Barr 收購有關。

$220 million of inventory step-up, amortization of purchased intangible assets totaling $54 million, divided between cost of goods sold $46 million, and remaining $8 million in sales and marketing expenses, and $14 million in restructuring and impairment charges.

2.2 億美元的庫存增加，所購無形資產的攤銷總額為 5400 萬美元，分為銷售成本 4600 萬美元、剩餘的 800 萬美元銷售和營銷費用，以及 1400 萬美元的重組和減值費用。

In addition, the related tax effect of $105 million.

此外，相關稅收影響為 1.05 億美元。

You should note that the items excluded in arriving at our non-GAAP results in the first quarter of 2008, are not identical to those in the current quarter, as in Q1 2008 we excluded in-process R&D resulting from the acquisition of CoGenesys, and the write-down of auction rate securities that did not appear this quarter.

您應該注意到，在得出我們 2008 年第一季度的非 GAAP 結果時，排除的項目與本季度的結果不同，因為在 2008 年第一季度，我們排除了因收購 CoGenesys 而產生的進行中研發，以及本季度未出現的拍賣利率證券減記。

As indicated in the past, we present non-GAAP figures, to show you how we as management and our Board, look at our financial results.

正如過去所指出的，我們提供非 GAAP 數據，向您展示我們作為管理層和董事會如何看待我們的財務業績。

Before going into some more details, let me highlight two major elements that affected our results this quarter, foreign exchange differences, and our North American distribution of Copaxone.

在詳細介紹之前，讓我強調影響我們本季度業績的兩個主要因素，外匯差異和我們在北美的 Copaxone 分銷。

Foreign exchange differences continue to play a significant role throughout this quarter, impacting sales and our balance sheet, but not operating profit.

外匯差異在本季度繼續發揮重要作用，影響銷售額和我們的資產負債表，但不影響營業利潤。

Similar to Q4 last year, foreign currency differences continued to adversely affect sales this quarter by approximately 8%, or $200 million, as the dollar strengthened against certain foreign currencies, primarily the Euro, the British pound, the Hungarian forint, the Canadian dollar, and the Russian ruble, compared to the first quarter of 2008.

與去年第四季度類似，由於美元兌某些外幣（主要是歐元、英鎊、匈牙利福林、加元、和俄羅斯盧布，與 2008 年第一季度相比。

When we eliminate the foreign currency impact for the quarter, consolidated sales actually grew by 30%, with sales in Europe growing 24% in real terms, and sales in our international markets growing by 25%.

當我們消除本季度的外匯影響時，綜合銷售額實際上增長了 30%，其中歐洲銷售額實際增長 24%，國際市場銷售額增長 25%。

We managed the countries in the local functional currencies, and measured their sales and profits accordingly.

我們以當地功能貨幣管理這些國家，並相應地衡量他們的銷售額和利潤。

Operating profit on the other hand, was not impacted this quarter by foreign currencies.

另一方面，本季度營業利潤並未受到外幣影響。

As we mentioned in the past, Teva's diverse geographical presence, continues to provide us with a good natural hedge, that mitigates much of the risk involved in currency fluctuation, and minimizes the impact on our bottom line.

正如我們過去提到的，Teva 多元化的地理分佈繼續為我們提供良好的自然對沖，減輕了貨幣波動所涉及的大部分風險，並將對我們底線的影響降至最低。

Our well-balanced currency structure is also a part of our long-term and a jury review of creating a balanced business model, which protects our operating results.

我們平衡的貨幣結構也是我們長期和陪審團審查的一部分，以創建平衡的商業模式，保護我們的經營成果。

Now as for Copaxone, similar to the past three quarters, the change we made in the distribution of Copaxone in North America increased sales in this quarter compared to Q1 last year by $200 million, and was practically neutral to operating income.

現在對於 Copaxone，與過去三個季度類似，我們對 Copaxone 在北美的分銷所做的改變使本季度的銷售額與去年第一季度相比增加了 2 億美元，並且對營業收入幾乎沒有影響。

Now let's look at our consolidated results.

現在讓我們看看我們的綜合結果。

Sales totaled $3.1 billion, an increase of 22% compared to Q1 last year.

銷售額總計 31 億美元，比去年第一季度增長 22%。

Exclusive of the items detailed above, non-GAAP net income was strong, up 4% compared to Q1 2008, despite higher finance expenses, and higher tax rates as planned, both resulting from the acquisition of Barr.

排除上述詳細項目，非 GAAP 淨收入強勁，與 2008 年第一季度相比增長 4%，儘管財務費用增加，稅率按計劃提高，兩者均因收購 Barr 而產生。

Non-GAAP operating income was up 14% compared to Q1 2008, and benefited from strong gross margin and tight expense control.

與 2008 年第一季度相比，非 GAAP 營業收入增長了 14%，這得益於強勁的毛利率和嚴格的費用控制。

Non-GAAP gross profit margin which excludes amortization of intangible assets and inventory step-up was 58.4% in the reported quarter, compared to 54.9% in the comparable quarter of 2008.

報告季度的非美國通用會計準則毛利率（不包括無形資產攤銷和存貨增加）為 58.4%，而 2008 年同期為 54.9%。

The improvement in gross profit margin is attributable to many parts of our business.

毛利率的改善歸因於我們業務的許多部分。

But mostly, higher Copaxone sales, partially resulting from the fact that we now record 100% of Copaxone sales in North America, higher respiratory sales, especially ProAir, and the addition of Barr, whose generics' gross margin this quarter is a bit higher.

但主要是，Copaxone 銷售額增加，部分原因是我們現在在北美記錄了 100% 的 Copaxone 銷售額，呼吸系統銷售額增加，尤其是 ProAir，以及 Barr 的加入，其仿製藥本季度的毛利率略高。

Net R&D expenses reached $219 million, or 7% of sales, up 22% compared to Q1 last year.

淨研發費用達到 2.19 億美元，佔銷售額的 7%，比去年第一季度增長 22%。

As you know, the higher spending rate on R&D is consistent with our strategic plan to double R&D output, and in Q1 2009, we already more than doubled the number of our submissions.

如您所知，更高的研發支出率符合我們將研發產出翻番的戰略計劃，並且在 2009 年第一季度，我們的提交數量已經翻了一番以上。

Sales and marketing expenses excluding amortization of intangible assets totaled $596 million this quarter, or 19% of sales, compared with 13% of sales in Q1 2008.

本季度不包括無形資產攤銷的銷售和營銷費用總計 5.96 億美元，佔銷售額的 19%，而 2008 年第一季度為 13%。

The higher sales and marketing expenses are in-line with our plan, and resulted primarily from the termination of our distribution agreement with Sanofi-Aventis, regarding Copaxone in North America, as of April 1st, 2008.

較高的銷售和營銷費用符合我們的計劃，主要是由於我們與賽諾菲-安萬特公司於 2008 年 4 月 1 日終止了北美的 Copaxone 分銷協議。

The net impact of the termination of the distribution agreement on sales and marketing totaled $196 million in the first quarter.

分銷協議終止對第一季度銷售和營銷的淨影響總計 1.96 億美元。

We recorded $63 million of financial expenses in our Q1 2009 results, compared with $14 million of non-GAAP financial expenses in the comparable quarter of 2008.

我們在 2009 年第一季度的業績中記錄了 6300 萬美元的財務費用，而 2008 年同期的非 GAAP 財務費用為 1400 萬美元。

The higher finance expenses resulted from debt incurred in connection with the Barr acquisition.

較高的財務費用是由於與 Barr 收購有關的債務所致。

In Q1 this year, we adopted staff position number ABP 14-1.

今年第一季度，我們採用了員工職位編號 ABP 14-1。

Under this rule we are required to bifurcate the equity from the debt component within some of our convertible debentures.

根據這條規則，我們需要在我們的一些可轉換債券中將股權與債務部分分開。

This results in an increase in financial expenses, but with no impact to fully diluted earnings per share.

這導致財務費用增加，但對完全攤薄後的每股收益沒有影響。

The tax rate provided for in Q1 2009 was 17% of pretax non-GAAP income.

2009 年第一季度規定的稅率為稅前非 GAAP 收入的 17%。

This represents our current estimate of the annual tax rate for 2009, compared with a rate of 10% for the entire 2008.

這代表我們目前對 2009 年年度稅率的估計，而整個 2008 年的稅率為 10%。

The increase in tax rate resulted primarily from the fact that Barr's corporate tax is higher than Teva's.

稅率的增加主要是因為 Barr 的公司稅高於 Teva。

Now let's have a look at our cash flow.

現在讓我們來看看我們的現金流。

Cash generated from operations amounted to $733 million.

運營產生的現金為 7.33 億美元。

Our free cash flow, which includes $23 million received this quarter in connection with the sale of our veterinary business in Israel, less capital expenditure of $159 million, and cash dividend of $127 million, amounted to a total of $470 million in free cash flow.

我們的自由現金流，包括本季度因出售我們在以色列的獸醫業務而收到的 2300 萬美元，減去 1.59 億美元的資本支出和 1.27 億美元的現金股息，總計 4.7 億美元的自由現金流。

On March 31st, we had $2.5 billion in cash and financial investments.

3 月 31 日，我們擁有 25 億美元的現金和金融投資。

Our total loan, bonds and convertible debenture stood at $8.4 billion, similar to December 31st, 2008.

我們的貸款、債券和可轉換債券總額為 84 億美元，與 2008 年 12 月 31 日持平。

During the quarter, we paid down our bridge financing loan by approximately $350 million, and at the same time borrowed a six year $200 million loan from the European investment bank, as part of our effort to extend maturity of our borrowing portfolio.

在本季度，我們償還了大約 3.5 億美元的過橋融資貸款，同時從歐洲投資銀行借了六年期 2 億美元的貸款，作為我們努力延長借款組合期限的一部分。

During the second quarter, we plan to continue to pay down the bridge loan and other short-term borrowing by close to $1 billion.

第二季度，我們計劃繼續償還近 10 億美元的過橋貸款和其他短期借款。

Some of this has already happened.

其中一些已經發生了。

DSO, or Days Sales Outstanding, amounted to 51 days this quarter, unchanged from December, and down from 62 days in Q1 2008.

DSO，即銷售未清天數，本季度為 51 天，與 12 月持平，低於 2008 年第一季度的 62 天。

We have calculated the DSO as we always do after netting out from the receivable the sales reserve and allowances, so called SR&A, whereas our Accounts Receivable and SR&A did not materially change, the decline in DSO resulted primarily from higher sales.

在從應收賬款中扣除銷售準備金和津貼（即 SR&A）後，我們像往常一樣計算 DSO，而我們的應收賬款和 SR&A 沒有發生重大變化，DSO 的下降主要是由於銷售額增加。

Inventory days were 191, down from 206 in December 2008.

庫存天數為 191，低於 2008 年 12 月的 206。

Part of the decline is due to the sale of products which included inventory step-up from the Barr acquisition.

部分下降是由於產品銷售，其中包括收購 Barr 後庫存增加。

Capital expenditures reached $159 million this quarter, down from $181 million in Q1 2008.

本季度資本支出達到 1.59 億美元，低於 2008 年第一季度的 1.81 億美元。

As the acquisition of Barr reduces our needs to invest in plant and equipment.

由於收購 Barr 減少了我們對廠房和設備的投資需求。

And last, dividend.

最後，股息。

Yesterday, Teva's Board approved a quarterly dividend amounting to approximately $120 million.

昨天，Teva 董事會批准了總額約為 1.2 億美元的季度股息。

On a per share basis, our dividend, which is declared in Israeli sheqel, was 0.6 sheqels, based on the rate of exchange of May 4, 2008, of the sheqel to the US dollar, this translates into approximately $0.144 per share.

按每股計算，我們以以色列謝克爾宣布的股息為 0.6 謝克爾，根據 2008 年 5 月 4 日謝克爾對美元的匯率計算，這相當於每股約 0.144 美元。

Thank you all for your time and attention today, and now we will be glad to take your questions.

感謝大家今天的時間和關注，現在我們很樂意回答您的問題。

Operator please go ahead.

接線員請繼續。

Thank you.

謝謝你。

We will now be conducting the question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions).

（操作員說明）。

Our first question comes from Randall Stanicky with Goldman Sachs.

我們的第一個問題來自高盛的 Randall Stanicky。

Please state your question.

請說出你的問題。

Great, thanks guys.

太好了，謝謝大家。

Just a couple questions.

只是幾個問題。

First, more of a housekeeping.

首先，更多的是家務管理。

Should we think about the components of the guidance being generally intact, as we think about gross margin, SG&A and R&D?

當我們考慮毛利率、SG&A 和 R&D 時，我們是否應該考慮指南的組成部分總體上是完整的？

The thought here is that the gross margin performed obviously above trend, and it looks like there are some recent launches that could support that going forward, so how do we think about that?

這裡的想法是毛利率明顯高於趨勢，而且最近的一些發布似乎可以支持這一趨勢，那麼我們如何看待這一點？

You remember last quarter we said that the gross margin for the year, or the guidance that we get for the year, would be somewhere between 56 to 58%.

你還記得上個季度我們說過今年的毛利率，或者我們今年獲得的指導，將介於 56% 到 58% 之間。

We started the year with the high end of that range.

我們以該範圍的高端開始了這一年。

Let's not forget the full year ahead of us.

讓我們不要忘記我們面前的一整年。

I think that the range that we gave, and if you look at all of the numbers, they are all more or less around that range.

我認為我們給出的範圍，如果您查看所有數字，它們或多或少都在該範圍內。

That is the same thing for SG&A, sales and marketing is a little higher than that, than what we have guided, but again, there is a full year and more revenues to be gained, that impacted the margins.

這對 SG&A 來說也是一樣，銷售和營銷略高於我們所指導的水平，但同樣，還有一整年的時間和更多的收入，這影響了利潤率。

So I think that that structure is well in place.

所以我認為該結構已經到位。

Okay.

好的。

And then secondly, just as we look at European sales, can you help us think about the constant currency organic growth?

其次，就像我們看歐洲銷售一樣，你能幫我們考慮一下持續的貨幣有機增長嗎？

I assume obviously Bentley is in that number, and I assume you have some Pliva, at least Germany, if not some other countries in there.

我假設賓利顯然在那個數字中，我假設你有一些 Pliva，至少是德國，如果那裡沒有其他一些國家的話。

If we think about the 24% constant currency growth, if we were to think about that number on an organic basis, where would that be?

如果我們考慮 24% 的持續貨幣增長，如果我們在有機基礎上考慮這個數字，那會在哪裡？

Gerard, maybe you want to comment on that?

杰拉德，也許你想對此發表評論？

Could you say it again?

你能再說一遍嗎？

Sure.

當然。

How do we think about the organic constant currency growth for Europe?

我們如何看待歐洲貨幣的有機持續增長？

Obviously Bentley is in that number, that 24% growth number, and I assume that there is some Pliva contribution allocated to that.

顯然 Bentley 在這個數字中，即 24% 的增長數字，我認為 Pliva 對此做出了一些貢獻。

So if we were to think about the Teva legacy business over there, can you talk maybe about growth trends in that business?

因此，如果我們考慮那邊的 Teva 遺留業務，您能談談該業務的增長趨勢嗎？

Yes, I think in general what you could say of course it has been in our strategy to be inquisitive, so to a certain extent, whether organic or acquisitive, it is part of our strategy of growth in Europe anyway, so that is the first point of course.

是的，我認為總的來說，你當然可以說，好奇一直是我們的戰略，所以在某種程度上，無論是有機的還是收購的，無論如何，這是我們在歐洲增長戰略的一部分，所以這是第一個當然要點。

Second point, if you look at underlying growth outside of the markets where we have acquired sales through Bentley or Pliva, we are showing some nice performances as well in local currencies, whether you take UK or France, or other markets like Italy, we are doing relatively well.

第二點，如果你看看我們通過 Bentley 或 Pliva 獲得銷售的市場之外的潛在增長，我們也顯示出一些不錯的表現以及當地貨幣，無論你是英國或法國，還是意大利等其他市場，我們都是做得比較好。

The markets in these places of course has been less buoyant compared to last year, that is probably related to the economic pressure that is on the governments and on the payors.

與去年相比，這些地方的市場當然不那麼活躍，這可能與政府和付款人面臨的經濟壓力有關。

But within that concept, we are doing quite well, and without exception we are growing faster in those markets than the underlying market growth.

但在這個概念下，我們做得很好，毫無例外，我們在這些市場的增長速度快於潛在市場的增長速度。

So we are gaining share in virtually every market in the EU.

因此，我們幾乎在歐盟的每個市場都獲得了份額。

Are you growing across each country?

你在每個國家都在成長嗎？

Some places.

有一些地方。

Some places we grow very, very little, and some others we are growing very, very well.

有些地方我們的成長非常非常少，而在其他一些地方我們成長得非常非常好。

As I said, it's related to the dynamics of the market, and as I said, there is no market in Europe today in the first quarter, where we have not been able to follow the dynamics of the market, or beat it.

正如我所說，這與市場動態有關，正如我所說，今天第一季度歐洲沒有市場，我們無法跟隨市場動態或擊敗市場動態。

Okay.

好的。

And then just the last question.

然後是最後一個問題。

Can you give us a relative split on how much of the Pliva business in terms of allocation, revenue allocation, went into EU versus international?

您能否就 Pliva 業務在分配、收入分配方面有多少進入歐盟與國際市場進行相對劃分？

Maybe I can take that.

也許我可以接受。

Pliva basically added sales, by and large to four countries.

Pliva 基本上增加了四個國家的銷售額。

For instance, Croatia and Russia is part of our International business, Germany and Poland are part of our European business.

例如，克羅地亞和俄羅斯是我們國際業務的一部分，德國和波蘭是我們歐洲業務的一部分。

Croatia we had no, virtually no presence before, so this is almost full, and in addition, in the other countries, there is organic growth in addition to the Pliva in the three other countries, which Gerard had mentioned before.

克羅地亞我們以前沒有，幾乎沒有存在，所以這幾乎是滿的，此外，在其他國家，除了 Gerard 之前提到的其他三個國家的 Pliva 之外，還有有機增長。

Let me follow on on that, because I know where we are heading, and actually it is very difficult now to do this kind of analysis, due to the fact that as I said in my part, we are now operating as one organization, and it is very difficult to see what was contributed by Teva, or by Pliva, or what, because of the synergies between the two, and we have many nice examples, that have already worked through the first quarter.

讓我繼續說下去，因為我知道我們的前進方向，實際上現在很難進行這種分析，因為正如我所說的，我們現在作為一個組織運作，並且由於兩者之間的協同作用，很難看出 Teva 或 Pliva 貢獻了什麼，我們有很多很好的例子，這些例子已經在第一季度發揮了作用。

Having said that, I have can provide you with some numbers that will show you part of the contribution of the Pliva part to Teva operations in the international, and in the European regions.

話雖如此，我可以為您提供一些數字，這些數字將向您展示 Pliva 部分對國際和歐洲地區 Teva 業務的部分貢獻。

But first of all, I would like to touch base on the bottom line.

但首先，我想談談底線。

Pliva as you well know is a public Company, was a losing money company.

眾所周知，Pliva 是一家上市公司，是一家虧損的公司。

After the first quarter, we actually did a turnaround, and now the bottom line on Pliva is positive by $27 million.

第一季度之後，我們實際上實現了轉機，現在 Pliva 的底線是正的 2700 萬美元。

The growth contribution in each country where we had a previous Teva organization, and a Pliva, is better than it used to be before.

在我們之前擁有 Teva 組織和 Pliva 的每個國家/地區，增長貢獻都比以前更好。

Okay.

好的。

That is helpful.

這很有幫助。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

Our next question comes from Ken Cacciatore with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Ken Cacciatore。

Please state your question.

請說出你的問題。

Yes.

是的。

Thanks, guys.

多謝你們。

Earlier this quarter you mentioned that in your branded franchise, you are interested in maybe looking at the pain area.

本季度早些時候，您提到在您的品牌特許經營中，您可能有興趣關注疼痛區域。

So I wanted to know what steps you're taking right now at this point to expand that effort, or if you have started to expand that effort or would we be thinking about maybe acquisitions, and the follow-up on that would be also just from an R&D perspective, your R&D looks roughly as if flat quarter-over-quarter, and Barr was running about 60 million to $70 million in R&D spending per quarter.

所以我想知道你現在正在採取什麼步驟來擴大這項工作，或者你是否已經開始擴大這項工作，或者我們是否會考慮收購，後續行動也只是從研發的角度來看，你們的研發與上一季度相比大致持平，而巴爾每季度的研發支出約為 6000 萬至 7000 萬美元。

So I wanted to understand how you could have gotten that much leverage that quickly, and what should we be thinking about that line moving forward?

因此，我想了解您如何能夠如此迅速地獲得如此大的影響力，以及我們應該如何考慮這條線向前發展？

Thanks.

謝謝。

Bill, you want to take that?

比爾，你要拿那個嗎？

Bill?

賬單？

Yes.

是的。

Hey, how are you, Ken?

嘿，你好嗎，肯？

Just a couple of quick points.

只是幾個要點。

We are constantly evaluating different divisions.

我們不斷評估不同的部門。

One of the divisions that we talked about, as we talk about branching out our specialty pharma, and as Shlomo broke out, the Women's Health performed very well this quarter, and we are looking to grow that business into a $1 billion business here.

我們談到的一個部門，當我們談論分支我們的專業製藥時，隨著 Shlomo 的爆發，女性健康本季度表現非常好，我們希望將該業務發展成為一個價值 10 億美元的業務。

We are looking at other areas such as pain management, such as oncology.

我們正在研究其他領域，例如疼痛管理，例如腫瘤學。

All of those will come into review as we begin to think about acquisitions again.

當我們再次開始考慮收購時，所有這些都將受到審查。

Right now though, of course, the main emphasis for Teva will be looking essentially at getting Barr integrated as quickly as possible, and as Shlomo has said, we are doing such a good job, it is beginning to be difficult to decide what was Barr and what is Teva.

當然，現在 Teva 的主要重點基本上是盡快整合 Barr，正如 Shlomo 所說，我們做得很好，開始很難決定什麼是 Barr梯瓦是什麼。

With respect to the R&D spend, I think you can look at that very pragmatically.

關於研發支出，我認為你可以非常務實地看待它。

As we get going, and we start to integrate with Barr, the first thing you look at is the R&D, and you kind of have to freeze it a bit for a while, until you can decide which file to push forward, because you have a certain amount of overlap in the R&D.

隨著我們的進展，我們開始與 Barr 集成，您首先要看的是研發，您必須將其凍結一段時間，直到您可以決定推進哪個文件，因為您有一定程度的研發重疊。

So I think you will see the R&D numbers ramp up and normalize over time, so I just think that this is a bit of an anomaly right now.

所以我認為你會看到研發數字隨著時間的推移而增加並正常化，所以我認為現在這有點反常。

Just following up from Shlomo's comments about, or Eyal's comments in terms of guidance, if you take the Q1 revenue run rate here, and take your low end of your range, it looks like a recovery to about 3.6 to 3.7 on the top line, if I'm doing my math correctly, and I wanted to understand the components of that?

根據 Shlomo 的評論或 Eyal 在指導方面的評論，如果你在這裡採用第一季度的收入運行率，並採用你的範圍的低端，它看起來像是在頂線恢復到大約 3.6 到 3.7，如果我的數學計算正確，並且我想了解其中的組成部分？

Is it going to be US centric or is it going to be European/International centric or should we think kind of equal growth in both?

它是以美國為中心還是以歐洲/國際為中心，還是我們應該考慮兩者的平等增長？

And what from a European standpoint or an International standpoint, would drive such a dramatic recovery in the back half of the year?

從歐洲或國際的角度來看，什麼會在今年下半年推動如此劇烈的複蘇？

First of all, yes, we said this, if you remember, we said it already when we provided guidance for 2009 about three months ago.

首先，是的，我們說過這個，如果您還記得的話，我們在大約三個月前提供 2009 年的指導時就已經說過了。

We said exactly the same thing.

我們說的完全一樣。

Most of the large launches for the year, particularly in the US generic market, but also in European and International markets, which they are smaller by definition than a very large prior port.

今年大部分的大型上市，特別是在美國仿製藥市場，但也在歐洲和國際市場，根據定義，它們比非常大的先前端口要小。

In the US, our targeted to Q3 and Q4, and Bill maybe could add some information to that, give you some clarity and visibility as to why the second half is going to be so much stronger than the first.

在美國，我們的目標是第 3 季度和第 4 季度，Bill 可能會添加一些信息，讓您更清楚地了解為什麼下半年會比上半年強得多。

But remember that Q2 should be better than Q1.

但請記住，Q2 應該比 Q1 好。

There is also some sequential improvement quarter-over-quarter.

環比也有一些連續改善。

Bill, do you want to take that?

比爾，你要拿那個嗎？

Yes.

是的。

Just to follow up on that.

只是為了跟進。

Although in the first quarter we launched nine products, none were really significant.

雖然在第一季度我們推出了九款產品，但沒有一款真正意義重大。

The largest ones were Sumatriptan and Solodyn.

最大的是 Sumatriptan 和 Solodyn。

We are still looking at the potential to launch approximately 30 more additional products yet this year, with innovator value of about $25 billion.

我們仍在尋找今年推出大約 30 種額外產品的潛力，創新者價值約為 250 億美元。

We have got a number of cases outstanding.

我們有很多未決案件。

We are waiting for decisions.

我們正在等待決定。

Everything from [donepezil] to Montelukast, but we are also very excited about Oxaliplatin, Reloxifen is still out there, Tamidar, Ortho Tri-Cyclen, low there are a number of cases that are still awaiting decisions.

從 [donepezil] 到 Montelukast 的一切，但我們也對 Oxaliplatin 感到非常興奮，Reloxifen 仍然存在，Tamidar，Ortho Tri-Cyclen，還有許多病例仍在等待決定。

So we see quite a bit of opportunity especially though around the back half, and don't forget we are still talking about, there is still the discussion around enoxaparin, and regardless of what happens, Prevacid will launch in November, and that we expect to be a rather large market, along with the, again, that is lansoprazole, and the ODT will launch as well.

所以我們看到了很多機會，尤其是在後半段，不要忘記我們還在談論，關於依諾肝素的討論仍然存在，不管發生什麼，Prevacid 都將在 11 月推出，我們預計與蘭索拉唑一起成為一個相當大的市場，ODT 也將推出。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Rich Silver with Barclays Capital.

我們的下一個問題來自巴克萊資本的 Rich Silver。

Please state your question.

請說出你的問題。

Just a couple.

只是一對。

The respiratory revenues in the US appear to be down sequentially, and just wondering if you could comment on what drove the revenues on a sequential basis?

美國的呼吸系統收入似乎連續下降，只是想知道您是否可以評論是什麼推動了連續的收入增長？

Bill?

賬單？

Yes.

是的。

Hey, good morning, Rich.

嘿，早上好，里奇。

Hey, Bill.

嘿，比爾。

With respect to the respiratory, really we didn't see it as an issue at all.

關於呼吸，我們真的根本不認為它是一個問題。

It is actually performing quite well.

它實際上表現得很好。

Don't forget that you have two aspects with respect to respiratory.

不要忘記你有兩個方面的呼吸。

You have a seasonality aspect, and we had the conversion happening in the fourth quarter.

你有一個季節性方面，我們在第四季度發生了轉換。

So we saw some real buying that occurred in the fourth quarter, as most people didn't want to miss this conversion.

所以我們看到第四季度出現了一些真正的購買，因為大多數人不想錯過這種轉換。

They wanted to make sure that they didn't dispense CFC, so there was quite a bit of purchasing there.

他們想確保他們不分發 CFC，所以那裡有相當多的採購。

So the quarters look good.

所以宿舍看起來不錯。

Our share is sitting at almost 60%, although for the longer run I think that that is a bit aggressive, but we are doing very well with respiratory, and we are very pleased with the number.

我們的份額接近 60%，雖然從長遠來看我認為這有點激進，但我們在呼吸方面做得很好，我們對這個數字感到非常滿意。

Just one follow-up, which is back on to the gross margin.

只有一個後續行動，回到毛利率。

So can you maybe help us here?

那麼你能不能在這裡幫助我們？

It appears to us that perhaps the Euro to Hungarian foreign exchange rate played a role in the cost of goods, and maybe that had some outsized impact on the gross margin improvement from a cost of goods standpoint?

在我們看來，也許歐元對匈牙利的匯率在商品成本中發揮了作用，從商品成本的角度來看，這可能對毛利率的提高產生了巨大的影響？

Can you help us out a little bit on that?

你能幫我們解決一下嗎？

Yes.

是的。

Yes.

是的。

It is Eyal.

是埃亞爾。

Absolutely.

絕對地。

It is not just Hungarian forint, it is also the Israeli sheqel.

它不僅是匈牙利福林，也是以色列謝克爾。

Also the sheqel, yes, of course.

還有謝克爾，是的，當然。

Yes.

是的。

Between Israel and Hungary, that is more than half of our pharmaceutical and API production in the Company, and definitely two countries where we spend more than we sell, and the weakness of these two currencies had an impact on gross margins, as well as R&D expenses.

在以色列和匈牙利之間，這是我們公司製藥和 API 產量的一半以上，而且絕對是我們支出超過銷售的兩個國家，這兩種貨幣的疲軟對毛利率和研發產生了影響花費。

One of the earlier questions talked about expenses in R&D.

較早的問題之一涉及研發費用。

Don't forget that we also have R&D in these two countries, and the weakness of the currencies when you convert it to dollars, also reduce R&D expenses.

別忘了我們在這兩個國家也有研發，當你把它換算成美元時，貨幣的疲軟也減少了研發費用。

You can find it mostly in the growth, in the cost of sales, and R&D, and these two currencies were major in reducing expenses.

你可以發現它主要體現在增長、銷售成本和研發方面，這兩種貨幣在減少開支方面發揮了重要作用。

I want to reiterate the numbers.

我想重申一下這些數字。

I mean, it looks like magic, but the numbers are exactly identical.

我的意思是，它看起來很神奇，但數字完全相同。

There are $200 million of reduction in sales, and $200 million in reduction of expenses, both resulting from currencies, so exactly identical.

銷售額減少了 2 億美元，費用減少了 2 億美元，兩者都是貨幣造成的，所以完全相同。

Eyal, if that is the case, Eyal, if it remains constant, then shouldn't we assume that later in the year you have these launches, which are presumably higher margin products, because they are new, couldn't we expect the gross margin to actually exceed that guidance range?

Eyal，如果是這樣的話，Eyal，如果它保持不變，那麼我們不應該假設你在今年晚些時候推出這些產品，這些產品可能是利潤率更高的產品，因為它們是新的，我們不能期望總收入保證金實際上超過該指導範圍？

Can you promise me that it remains constant?

你能向我保證它保持不變嗎？

No, no, I am just saying if it did, obviously you are looking for margin improvement, all else equal, because of the new product introductions?

不，不，我只是說如果確實如此，顯然你正在尋求利潤率的提高，其他一切都一樣，因為新產品的推出？

Yes, it could have an impact.

是的，它可能會產生影響。

Our business is not to forecast currencies.

我們的業務不是預測貨幣。

We are trying to balance it.

我們正在努力平衡它。

It will have an impact on the top line as well.

它也會對頂線產生影響。

But let's not forget that.

但我們不要忘記這一點。

It is balanced.

它是平衡的。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Greg Gilbert with Bank of America-Merrill Lynch.

我們的下一個問題來自美國銀行-美林的格雷格吉爾伯特。

Please state your question.

請說出你的問題。

Thank you.

謝謝你。

My first one is on the new form of Copaxone.

我的第一個是新形式的 Copaxone。

What prompted that announcement today, and can you describe the steps and timeline between now and potential filing?

是什麼促成了今天的公告，您能描述一下從現在到可能提交申請之間的步驟和時間表嗎？

Yes.

是的。

This is Moshe.

這是摩西。

As we said, we are starting the low volume formulation, with the objective to improve the injection experience for patients.

正如我們所說，我們正在開始小容量配方，目的是改善患者的注射體驗。

So a patient, as we know, it is very important for Copaxone, being a daily injection.

因此，正如我們所知，對於患者來說，每日註射 Copaxone 非常重要。

We are planning to embark a starter study in June, and actually to conclude the study by year end, and based on the findings we will take it from there, based on the finding of the study, how to go about the data, around the finding of these new formulation results.

我們計劃在 6 月開始一項啟動研究，實際上在年底前完成研究，根據研究結果，我們將從那裡開始，根據研究結果，如何處理數據，圍繞發現這些新的配方結果。

And should we think about this as a potential complete replacement strategy for the current form of Copaxone?

我們是否應該將其視為當前形式的 Copaxone 的潛在完全替代策略？

I believe it is too early, or premature to comment on that.

我認為現在就此發表評論還為時過早或不成熟。

We are just embarking on the study, and we can discuss it probably when we see the results of the study.

我們才剛剛開始研究，大概等我們看到研究結果的時候再討論吧。

Okay.

好的。

My follow-up question is for Bill.

我的後續問題是給比爾的。

Bill, can you take out the crystal ball, and make any predictions about patent settlement legislation, and this a scenario in which Teva could be supportive, if certain things were changed or tweaked there?

Bill，你能拿出水晶球，對專利和解立法做出任何預測嗎？在這種情況下，如果某些事情發生了變化或調整，Teva 可能會提供支持？

Thanks.

謝謝。

Good morning, Greg.

早上好，格雷格。

Yes, I mean, I think that patent legislation is still a real hot issue in DC.

是的，我的意思是，我認為專利立法在華盛頓仍然是一個真正的熱點問題。

That said, you are now running into the Obama administration trying to move on healthcare.

也就是說，您現在遇到了試圖推進醫療保健的奧巴馬政府。

And so although the FTC really wants this, and there is a lot of talk about it, I am just not so sure with all of, with what needs to be done, what the Obama and administration wants to do around healthcare, whether it is really going to get traction or not this year.

因此，儘管聯邦貿易委員會真的想要這個，並且有很多關於它的討論，但我只是不太確定需要做什麼，奧巴馬和政府想圍繞醫療保健做什麼，無論是今年是否真的會受到關注。

And as I have said before, Greg, the way that this has had a chilling effect on settlements, I am not so sure that I would be afraid of a settlement bill at this point in time.

正如我之前所說，格雷格，這對和解產生了寒蟬效應，我不太確定此時我會害怕和解法案。

Because at least it would define I think in the context of how a Bill should be done, certain Safe Harbors for us to be able to settle.

因為至少它會定義我認為在應該如何制定法案的背景下，某些安全港讓我們能夠解決。

And we think that settlements between branded companies and generic companies like in all other businesses should be allowed.

我們認為應該允許品牌公司和仿製藥公司之間的和解，就像在所有其他行業中一樣。

Thanks.

謝謝。

Our next question comes from Chris Schott with JPMorgan.

我們的下一個問題來自摩根大通的 Chris Schott。

Please state your question.

請說出你的問題。

Great.

偉大的。

And just maybe following on to the kind of DC environment.

也許只是繼續關注那種 DC 環境。

Can you talk a little bit about where you see the state of follow-on biologic legislation in the US now, with this broader healthcare reform discussion we have seen emerge this quarter?

您能否談談您對美國後續生物立法的看法，以及我們在本季度看到的更廣泛的醫療改革討論？

From your perspective does that accelerate the follow-on of Biologic?

從您的角度來看，這是否會加速 Biologic 的後續發展？

Or is there risk that the legislation gets delayed, or lost in the mix with these broader healthcare reform discussions?

還是存在立法被推遲或與這些更廣泛的醫療改革討論混在一起的風險？

And just a quick follow-up from there.

並從那裡快速跟進。

I think this is actually something that might get tagged onto some other larger healthcare legislation, remember, it is a saver, and I think that most of the legislation designed around healthcare, could very likely become costers, or actually cost the system, and I think the Administration will be looking for areas to save money.

我認為這實際上可能會被貼上其他一些更大的醫療保健立法的標籤，請記住，它是一個節省者，而且我認為大多數圍繞醫療保健設計的立法很可能會成為成本成本，或者實際上會使系統付出代價，而且我認為政府將尋找省錢的地方。

So I think it is very likely, or very possible that this bill gets tagged onto something, along a broader healthcare discussion in the back half of the year, and we are hopeful that healthcare can pass.

因此，我認為隨著今年下半年更廣泛的醫療保健討論，這項法案很有可能或很有可能被貼上標籤，我們希望醫療保健能夠通過。

Great.

偉大的。

Thanks.

謝謝。

And then just a follow-up.

然後只是跟進。

Copaxone ex US, can you elaborate a little bit more on the sales timing issue that you referenced in the press release?

Copaxone ex US，您能否詳細說明您在新聞稿中提到的銷售時間問題？

How large of an impact was that in the quarter?

這對本季度的影響有多大？

This timing issue does that have any bump for second quarter sales, or was that just purely a first quarter issue?

這個時間問題對第二季度的銷售有任何影響，還是僅僅是第一季度的問題？

Thanks.

謝謝。

This is Moshe.

這是摩西。

As we said, two effects, one is the foreign exchange, and the other is the sales in some of the international markets, that are not equally spread across the year, due to the nature of the purchasing.

正如我們所說，有兩個影響，一個是外匯，另一個是一些國際市場的銷售，由於採購的性質，全年分佈不均。

Ordinarily, if you look at that, we see solid goals in units and based on the result and the trend in the market, we believe that the Copaxone outside the US will continue to grow in '09.

通常，如果你看一下，我們會看到堅實的單位目標，並且根據結果和市場趨勢，我們相信美國以外的 Copaxone 將在 09 年繼續增長。

Thank you.

謝謝你。

Our next question comes from Scott Hirsch with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Scott Hirsch。

Please state your question.

請說出你的問題。

Hi, there.

你好呀。

Just wanted to get a sense of what you guys are thinking about managing the risk exposure profile to potential damages.

只是想了解一下你們在考慮如何管理潛在損害的風險暴露狀況。

Clearly Solodyn was settled.

顯然，Solodyn 已經解決了。

Protonix questions still are out there.

Protonix 的問題仍然存在。

You noted that you planned to launch Evista at-risk if it came before the PI.

您指出，如果 Evista 出現在 PI 之前，您計劃推出有風險的 Evista。

What are your thoughts now with the overall profile?

您現在對整體情況有何看法？

Bill, would you like to take it and then I will follow on?

比爾，你願意接受它然後我會繼續嗎？

Yes, Scott.

是的，斯科特。

Thanks for the question.

謝謝你的問題。

I think that we have always taken risk with a very pragmatic approach.

我認為我們一直以非常務實的方式冒險。

We take a very stringent review of a product before we launch, and as you know, we previously have not launched where we believe that there would be an adverse court decision, and so even in the case of pantoprazole, the one you called out there, We did I wouldn't say win, a PI was not put in place, and we felt that that of course gives us the kind of coverage we need to go into the market, which is what we did.

我們在推出之前對產品進行了非常嚴格的審查，正如你所知，我們之前沒有推出過我們認為會有不利法院判決的產品，所以即使在泮托拉唑的情況下，你在那裡提到的那種，我們做了我不會說贏，PI 沒有到位，我們覺得這當然給了我們進入市場所需的那種覆蓋，這就是我們所做的。

All that aside, we have always reminded the market that we carry P4 insurance, and that is something that we think is very important for us to be able to continue the strategy.

除此之外，我們一直提醒市場我們有 P4 保險，我們認為這對我們能夠繼續該戰略非常重要。

Okay.

好的。

And then just one quick follow-up.

然後只是一個快速跟進。

You mentioned Duragesic was a contributor in the quarter.

你提到 Duragesic 是本季度的貢獻者。

Can you give us some color on your patch capabilities and the manufacturing scale at this point?

你能給我們一些關於你的補丁能力和製造規模的顏色嗎？

I think you are confusing the Fentanyl Citrate, which is actually the lollipop, if you will.

我認為你混淆了檸檬酸芬太尼，如果你願意的話，它實際上是棒棒糖。

Okay.

好的。

As opposed to the Fentanyl patch.

與芬太尼貼片相反。

Fentanyl patch is doing quite well, but we are still up to 6% of the market and we are growing, and we are doing it the way we had always said we would do it, which would be the slower Teva way, and we are trying not to affect price in the market, and gathering share when we can.

芬太尼貼片做得很好，但我們的市場份額仍然高達 6%，而且我們還在增長，我們正在按照我們一直說我們會做的方式做，這將是 Teva 的較慢方式，我們是盡量不影響市場價格，並儘可能收集份額。

Thank you.

謝謝你。

Our next question comes from Adam Greene with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Adam Greene。

Please state your question.

請說出你的問題。

Thanks, good morning.

謝謝，早上好。

Shlomo, your $1 billion women's healthcare goal, is that just for the branded women's healthcare, or does that include the generic side of the business, and does that also include acquisitions, or do you think you can hit that organically, and then I have a follow-up question?

Shlomo，你的 10 億美元女性醫療保健目標，是僅用於品牌女性醫療保健，還是包括業務的通用方面，是否也包括收購，或者你認為你可以有機地實現這一目標，然後我有後續問題？

It is too early to answer this question with practicalities.

現在用實用性來回答這個問題還為時過早。

I would say that we recognize the potential of this branded segment, and we believe that part of our future growth, could be heavily related on some of the specialties, which is a very interesting segment in the pharmaceutical business, and once we acquire the very interesting franchise which is doing very well, which is the Women's Health franchise, we believe that we could make it into a $1 billion market and of course we will have to draw our plans, and that will be probably a part of almost every tool that we are using, once we would like to grow our business, mainly organic, and of course if there is a relevant acquisition, we would consider it as well.

我想說的是，我們認識到這個品牌細分市場的潛力，我們相信我們未來增長的一部分可能與某些專業產品密切相關，這是製藥業務中一個非常有趣的細分市場，一旦我們收購了非常有趣的專營權，做得很好，這就是女性健康專營權，我們相信我們可以將它變成一個價值 10 億美元的市場，當然我們必須制定我們的計劃，這可能是幾乎所有工具的一部分我們正在使用，一旦我們想發展我們的業務，主要是有機的，當然如果有相關的收購，我們也會考慮。

Thanks.

謝謝。

And then a follow-up.

然後是跟進。

Perhaps for Bill on Actiq.

也許是為了 Actiq 上的比爾。

What is your understanding of your arrangement with Cephalon, in terms of supply agreement there?

就那裡的供應協議而言，你對你與 Cephalon 的安排有何理解？

When are you planning for that to I guess terminate?

你打算什麼時候結束？

Adam, we have supply through September.

亞當，我們可以供應到九月份。

They need to supply us through September, so that is clear.

他們需要在 9 月之前供應我們，所以這一點很清楚。

We have plenty of supply on hand, and we anticipate our approval any time.

我們手頭有充足的貨源，我們隨時期待獲得批准。

So the guidance assumes that you have it through September, then that is it, or you are assuming that you have approval?

因此，指南假設您在 9 月之前獲得批准，那麼就是這樣，或者您假設您已獲得批准？

No, no, no, no, no.

不，不，不，不，不。

We have supply that will take us past September now.

現在，我們的供應量可以讓我們度過 9 月。

So we don't feel any problem.

所以我們不覺得有什麼問題。

Right now, Cephalon has a requirement to supply us through September.

現在，Cephalon 需要在 9 月之前為我們供貨。

Okay.

好的。

Thank you.

謝謝你。

Our next question comes from Elliot Wilbur with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Elliot Wilbur。

Please state your question.

請說出你的問題。

Thank you.

謝謝你。

Maybe just shifting gears a little bit, wanted to just ask a couple of questions around Azilect.

也許只是稍微換檔，想問幾個關於 Azilect 的問題。

First, could you break down for us the sales split between US and ex US, and also if possible, if you could give us some idea of where you are seeing the greatest usage of the product, whether as monotherapy or combination therapy?

首先，您能否為我們分解美國和美國以外地區的銷售分配情況，如果可能的話，您能否告訴我們您在哪裡看到該產品的最大用途，無論是作為單一療法還是聯合療法？

And then with respect to the ADAGIO study, can you update us on the timing of the NDA submission for potential expanded indication?

然後關於 ADAGIO 研究，您能否向我們更新有關潛在擴展適應症的 NDA 提交時間？

And what should we think about that, if in fact you are successful in getting that approved, in terms of what it really does for the market potential of that product?

我們應該怎麼想，如果事實上你成功地獲得了批准，就它對該產品的市場潛力的真正作用而言？

Would it be essentially opening up more newly diagnosed patients, or would you expect to see greater utilization across the spectrum of all indications, if you were to able to get that label expansion?

如果您能夠擴大標籤範圍，它是否會從本質上開放更多新診斷的患者，或者您是否期望在所有適應症的範圍內看到更大的利用？

Thank you.

謝謝你。

This is Moshe.

這是摩西。

I will try to answer your questions.

我會盡力回答你的問題。

Based on the results of, when we announced the results of the ADAGIO, we already saw the trend, both in mono, and both in adjunct indications.

根據結果，當我們宣布 ADAGIO 的結果時，我們已經看到了單聲道和輔助適應症的趨勢。

Naturally, ADAGIO is supporting the mono indication more than the adjunct, but definitely we see the spillover for both, in adjunct and the mono.

自然地，ADAGIO 支持單聲道指示而不是輔助，但我們肯定看到了兩者的溢出，在輔助和單聲道中。

We believe that the result of ADAGIO, as well as the other activities that we are doing with Azilect, will continue to grow the business, both in the US and outside of the US.

我們相信，ADAGIO 的成果以及我們與 Azilect 開展的其他活動將繼續推動美國和美國以外的業務增長。

As far as the ADAGIO study and results, you have to remember this result is taking us into a new area, and when I say us, it means Teva and the FDA, and we are discussing that with the FDA, as we need to combine the data that we have from the ADAGIO study, as well the data from the Tempo you study on the mono, and based on that, based on the result of the discussions with the FDA, we will make a decision about the submission of the ADAGIO result to the authorities.

至於 ADAGIO 的研究和結果，你必須記住這個結果正在把我們帶入一個新的領域，當我說我們時，它指的是 Teva 和 FDA，我們正在與 FDA 討論，因為我們需要結合我們從 ADAGIO 研究中獲得的數據，以及您在單聲道上研究的 Tempo 的數據，並基於此，根據與 FDA 討論的結果，我們將決定是否提交 ADAGIO結果給當局。

Okay.

好的。

I mean, I guess in trying to get to the bottom of it.

我的意思是，我想是在試圖追根究底。

Do you see more usage in adjunct therapy, or you think greater usage as a monotherapy?

您是在輔助治療中看到更多的使用，還是認為作為單一療法使用更多？

All-in-all, I think it is on average I could say that it is around the 50/50 between mono and adjunct.

總而言之，我認為平均而言，我可以說它在單聲道和輔助之間大約為 50/50。

Definitely it varies market by market.

當然，它因市場而異。

Depends on the prescription pattern in every market.

取決於每個市場的處方模式。

But the growth, we definitely see the growth in both indications, mono and adjunct as well.

但是增長，我們肯定會看到單聲道和輔助這兩個適應症的增長。

And then if possible if you could give us some rough sense of what the sales split is between US and ex US?

然後，如果可能的話，您能否給我們一些粗略的了解美國和前美國之間的銷售分配情況？

Thanks.

謝謝。

The split between US and non-US, these are not numbers that we have provided in the past, so the product is still not at the level of providing that resolution, so we are not starting today.

美國和非美國之間的分裂，這些不是我們過去提供的數字，所以產品仍然沒有達到提供該分辨率的水平，所以我們今天沒有開始。

Thank you.

謝謝你。

Our next question comes from Dave Windley with Jefferies & Company.

我們的下一個問題來自 Jefferies & Company 的 Dave Windley。

Please state your question.

請說出你的問題。

Thanks for taking the questions.

感謝您提出問題。

A couple of clarifications.

一些澄清。

Today in your comments about synergies, from the Barr acquisition looking better, are you indicating that you now believe that synergies will be above $400 million, or are you reiterating the $400 million number, higher than the original 300 that you first commented on a few months ago?

今天，在您關於協同效應的評論中，從 Barr 的收購看起來更好，您是否表示您現在相信協同效應將超過 4 億美元，或者您是否重申 4 億美元的數字，高於您最初評論的最初的 300 美元幾個月前？

Let me say it in this way.

我這樣說吧。

First of all, we reiterate the numbers that we gave you in February, but it is my strong belief, even if I am not providing you a new number, that the more we dip into this integration, the better the number is going to be, and I believe that maybe next time we would come with another number, which probably will be higher.

首先，我們重申我們在 2 月份給你的數字，但我堅信，即使我沒有提供新的數字，我們對這種整合的投入越多，數字就會越好，我相信也許下次我們會帶來另一個數字，這個數字可能會更高。

Okay.

好的。

That is helpful.

這很有幫助。

Thank you.

謝謝你。

And in terms of the FX impact, I guess as I look at the differences between, say Copaxone in Europe and generic business in Europe, the FX impact seemed to be greater on the generic business.

就外匯影響而言，我想當我看到歐洲的 Copaxone 和歐洲的通用業務之間的差異時，外匯影響似乎對通用業務的影響更大。

Am I looking at that correctly?

我看得對嗎？

And is there a currency explanation for that, or is the explanation more the underlying constant currency performance of those different businesses, different products?

對此是否有貨幣解釋，或者更多的解釋是這些不同業務、不同產品的潛在恆定貨幣表現？

Well, the truth is, we didn't analyze this from that angle, whether the currency, an adverse currency impact both on Copaxone and on generic business in Europe, of course they are not sold in the same percentages in the same countries, so it varies based on different countries.

好吧，事實是，我們沒有從那個角度分析這個問題，貨幣，不利的貨幣是否對 Copaxone 和歐洲的仿製藥業務都有影響，當然它們在相同國家的銷售比例不同，所以它因不同的國家而異。

Again, this is not an educated answer based on a thorough analysis, but I think they were very similar inputs.

同樣，這不是基於全面分析的有根據的答案，但我認為它們是非常相似的輸入。

If I could just slip in one more.

要是我能再溜進去就好了。

Are you seeing, you indicate that the economy is having some effect, but the pursuit of generics is perhaps offsetting that.

你看到了嗎，你表明經濟正在產生一些影響，但對仿製藥的追求可能會抵消這種影響。

Can you put any color around economic effects on patients' filling of prescriptions, and are there differences in that by geography?

您能否在經濟影響對患者開具處方的影響上給出任何顏色，這是否因地域而異？

Yes, to a certain degree there are some impact of the current economy situation.

是的，當前的經濟形勢在一定程度上有一些影響。

But before I elaborate on that, generally speaking, as you well know, demand for pharmaceuticals are relatively stable.

但在我詳細說明之前，一般來說，眾所周知，對藥品的需求是相對穩定的。

People probably have to use their medicine, and this is probably one of the last things, besides food, that they would give up.

人們可能不得不使用他們的藥物，這可能是除了食物之外，他們最後會放棄的東西之一。

But having said all of that, in some European countries, we see that the market has actually flattened, or even to a certain degree we saw some decrease in consumption.

但話雖如此，在一些歐洲國家，我們看到市場實際上已經趨於平緩，甚至在某種程度上我們看到消費有所下降。

For example, France, to a certain degree, there is a cultural issue involved here as well.

比如法國，在一定程度上，這裡也涉及到文化問題。

But exactly as I mentioned in my part, we managed to grow our market share, in this decreasing or declining market so-to-speak.

但正如我在我的部分提到的那樣，我們設法增加了我們的市場份額，在這個可以說是下降或下降的市場中。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question comes from Michael Tong with Wachovia Securities.

我們的下一個問題來自 Wachovia Securities 的 Michael Tong。

Please state your question.

請說出你的問題。

Hi, good morning.

早上好。

Just a quick follow-up on, you mentioned $200 million in expense reduction offsetting the revenue hit.

只是快速跟進，你提到了 2 億美元的費用減少抵消了收入的影響。

Could you give us an idea of how much of that was attributable to COGS, and how much of that was attributable to R&D?

您能否告訴我們其中有多少可歸因於 COGS，有多少可歸因於研發？

Yes.

是的。

Absolutely the impact on COGS in terms of dollars and cents was higher, because it is a much bigger expense.

就美元和美分而言，對銷貨成本的影響絕對更高，因為這是一筆更大的費用。

But it wasn't just attributable to COGS and to R&D.

但這不僅僅歸因於銷貨成本和研發。

You can also find this in G&A and sales and marketing.

您還可以在 G&A 以及銷售和營銷中找到它。

Approximately 60% of our expenses are in non-dollar environments.

我們大約 60% 的開支發生在非美元環境中。

Exactly the opposite picture of our revenues, as you have seen from the press release.

正如您從新聞稿中看到的那樣，我們的收入情況恰恰相反。

60% of revenues are in dollars, 40% are in other currencies.

60% 的收入是美元，40% 是其他貨幣。

On expenses it is the opposite.

在費用上則相反。

And it is across all line items.

它涵蓋所有訂單項。

I don't think this is the right place to break it down by every line item.

我認為這裡不是按每個行項目細分的正確位置。

We have it of course analyzed, but it is across all line items.

我們當然對其進行了分析，但它涵蓋了所有訂單項。

Okay.

好的。

And quick follow-up on the Copaxone line extension product.

并快速跟進 Copaxone 系列擴展產品。

The study that you are starting in June, and expect to complete in December, what is the end point, or what are you looking for there?

您在 6 月開始並預計在 12 月完成的研究，終點是什麼，或者您在那裡尋找什麼？

And can it reasonably be done in six months?

能否在六個月內合理完成？

This is Moshe.

這是摩西。

Yes, it is a six month study.

是的，這是一項為期六個月的研究。

We are looking at improving the injection experience, mainly on looking at some empowerment of injection, site direction, and pain, and as we said all-in-all, a six month study, so we will have the result by year end.

我們正在著眼於改善注射體驗，主要是著眼於注射的一些授權、部位方向和疼痛，正如我們所說的，總而言之，這是一項為期六個月的研究，所以我們將在年底前得到結果。

Okay.

好的。

Thank you.

謝謝你。

Our next question comes from Tim Chiang with FTN Equity Capital.

我們的下一個問題來自 FTN Equity Capital 的 Tim Chiang。

Please state your question.

請說出你的問題。

Hi, thanks.

你好謝謝。

Just a follow-up on the Copaxone line extension.

只是 Copaxone 產品線延伸的後續行動。

Is it just a new needle system, or is it a much lower amount of active ingredient in the product?

它只是一種新的針頭系統，還是產品中的活性成分含量低得多？

Well, as we said, it is a lower volume formulation, and I guess that due to all of the reasons, competitive reasons, I don't think we need to get into more details at this point of time.

好吧，正如我們所說，這是一個較低體積的配方，我想由於所有原因，競爭原因，我認為我們現在不需要了解更多細節。

Just one quick follow-up for Bill.

只是比爾的一個快速跟進。

Bill, could you just comment quickly on Shire's aggressive rebating program on Adderall XR, how is that impacting your launch of Adderall XR generic?

Bill，你能否快速評論一下 Shire 在 Adderall XR 上的激進回扣計劃，這對你推出 Adderall XR 仿製藥有何影響？

Actually, it doesn't seem to be affecting at all our share at this point in time.

實際上，目前它似乎並沒有影響我們的份額。

We are four weeks in, we have 47% share.

我們已經四個星期了，我們有 47% 的份額。

As you know, this is a controlled release medication, generally used for children, and obviously, sometimes you won't see quite as much penetration in this.

如您所知，這是一種控釋藥物，通常用於兒童，顯然，有時您看不到它的滲透性。

We had only modeled this out to be a peak of around 75% or so.

我們只將其建模為大約 75% 左右的峰值。

But we are three-quarters of the way there already.

但我們已經完成了四分之三的路程。

And any thoughts on the Solodyn launch?

對 Solodyn 的發布有什麼想法嗎？

It seems like it is slowing.

它似乎正在放緩。

I mean, do you expect that to come back up, or is it just going to sit here?

我的意思是，你希望它重新出現，還是只是坐在這裡？

No, if you remember right, Tim, Solodyn was a launch and a settlement.

不，如果你沒記錯的話，Tim，Solodyn 是一個發射和解決方案。

So we put a certain amount of product into the environment, into the market, and then we stopped, and settled with Medisys for a later launch date.

所以我們將一定數量的產品投放到環境中，投放到市場中，然後我們停止了，並與 Medisys 商定了稍後的發布日期。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Our next question comes from John Newman with Oppenheimer.

我們的下一個問題來自約翰·紐曼和奧本海默。

Please state your question.

請說出你的問題。

Hi, guys.

嗨，大家好。

Thanks for taking the question On Adderall XR would you expect the CP to remain in place after the first six months of the launch, and if it does, would you expect just one additional competitor by the end of the year, or possibly two?

感謝您提出關於 Adderall XR 的問題，您是否希望 CP 在發布的前六個月後保持不變，如果是這樣，您是否希望到今年年底只增加一個競爭對手，或者可能是兩個？

Thanks.

謝謝。

Good morning, John.

早上好，約翰。

Just with respect to the XR, we know the Citizen's Petition is out there.

就 XR 而言，我們知道公民請願書就在那裡。

We know the Citizen's Petition doesn't affect us.

我們知道公民請願書不會影響我們。

Beyond that it is hard for us to say.

除此之外，我們很難說。

We would like to say that the FDA, or in case OGG, is going to resolve the Citizen's Petition, and that will open up the market, but we don't know if that will happen or not, and how that is related to other products, such as Concerta.

我們想說 FDA，或者 OGG，將解決公民的請願書，這將打開市場，但我們不知道這是否會發生，以及這與其他方面有何關係產品，如協奏曲。

If they answer XR, how are they going to answer with not answering Concerta, and other, or maybe they will answer them all at one time.

如果他們回答 XR，他們將如何回答而不回答 Concerta 和其他問題，或者他們可能會一次回答所有問題。

I don't know.

我不知道。

So as a concerned generic company, we would definitely like to see them obviously answer this Citizen's Petition.

因此，作為一家相關的仿製藥公司，我們絕對希望看到他們明確回應公民請願書。

To the extent that they don't, we don't know what will happen.

如果他們不這樣做，我們不知道會發生什麼。

I can't tell what happens with impacts, or whether Shire puts in another product.

我不知道影響會發生什麼，或者夏爾是否投入了另一種產品。

Those things are not part of an agreement that I would have details on.

這些事情不是我會詳細說明的協議的一部分。

Great.

偉大的。

Thanks.

謝謝。

Next question comes from John Boris with Citi.

下一個問題來自花旗的約翰鮑里斯。

Please state your question.

請說出你的問題。

Thanks for taking the questions.

感謝您提出問題。

Just on the gross margin improvement year-over-year of about 350 bips, can you just help us understand what percent of that improvement came from mix versus FX?

僅就毛利率同比增長約 350 個基點而言，您能否幫助我們了解該增長中有多少百分比來自混合與外匯？

And then on Copaxone, the lower volume formulation, I don't think I heard you mention anything about any intellectual property or patent that you might have on that formulation, if you could just give some commentary there?

然後是 Copaxone，體積較小的配方，我想我沒有聽到你提到任何關於該配方可能擁有的知識產權或專利，如果你可以在那裡發表一些評論？

Thanks.

謝謝。

On the gross margin improvement, now again, not exact formulated numbers that you guys are always expecting to see, but the FX impact on that was about 1.3%.

關於毛利率的提高，現在又一次，不是你們一直期望看到的確切公式化數字，但外匯對此的影響約為 1.3%。

And Q1 last year, exchange rate was 1.3% less.

而去年第一季度，匯率少了 1.3%。

So that was one major part.

所以這是一個主要部分。

We have of course the change in Copaxone that had an impact on that, and then a product mix.

我們當然對 Copaxone 的變化產生了影響，然後是產品組合。

This quarter we had more in terms of percentage.

本季度我們有更多的百分比。

We had more branded and innovative products in generics, and they come with higher gross margins.

我們在仿製藥方面擁有更多品牌和創新產品，它們的毛利率更高。

But just on the FX it was exactly a 1.3% impact.

但僅就外匯而言，它的影響正好是 1.3%。

And this is Moshe.

這是摩西。

Regarding the low volume formulation, your question, I think that again at this point of time, we can't get into more details due to competitive reasons.

關於低容量配方，你的問題，我認為在這個時候，由於競爭原因，我們無法了解更多細節。

Thank you.

謝謝你。

Our next question comes from David Steinberg with Deutsche Bank.

我們的下一個問題來自德意志銀行的 David Steinberg。

Please state your question.

請說出你的問題。

Thanks.

謝謝。

Couple of questions on your Multiple Sclerosis business.

關於您的多發性硬化症業務的幾個問題。

With regards to Copaxone, you have obviously had torrid growth in the US, in part supported by ample pricing.

關於 Copaxone，您顯然在美國取得了強勁的增長，部分原因是價格合理。

I was wondering if you think this type of pricing flexibility will continue going forward, as you have had in the recent past?

我想知道您是否認為這種定價靈活性會像您最近所做的那樣繼續前進？

And then secondly, in the near term there will be a couple filings for new oral medications collaborating from Merck KGA, and one from Novartis.

其次，在短期內，將有幾份與默克公司合作的新口服藥物申請，還有一份來自諾華公司。

I was wondering if these new products if approved, would have any impact on your Copaxone business, and if so, what type of impact?

我想知道這些新產品如果獲得批准，是否會對您的 Copaxone 業務產生任何影響，如果會，影響類型是什麼？

Bill, will you take the pricing issue and then we will talk from here on the oral product for MS?

Bill，你能解決定價問題嗎，然後我們將從這裡討論 MS 的口服產品？

Yes, David.

是的，大衛。

Good morning.

早上好。

With respect to the pricing environment here, pricing has continued to climb.

關於這裡的定價環境，定價繼續攀升。

We believe that there obviously is a ceiling here at some point in time.

我們認為，在某個時間點這裡顯然存在上限。

We have just tried to keep what is the leading therapy in the market.

我們只是試圖保持市場上領先的療法。

We have a 37% share, and in fact our 37.3% share this quarter was a new record high.

我們擁有 37% 的份額，事實上，本季度我們的 37.3% 份額創下歷史新高。

We feel that a product that is the leader in the market, what we believe is the standard of care shouldn't be at the bottom of the pricing rung.

我們認為，作為市場領導者的產品，我們認為的護理標準不應該處於定價梯級的底部。

So we have had to take action to effect that.

所以我們不得不採取行動來實現這一點。

Most of the pricing has been driven by our competitors.

大部分定價都是由我們的競爭對手推動的。

From this point again, I share the concern that pricing can't continue to go up like this.

再次從這一點出發，我也擔心定價不能繼續這樣上漲。

But I have been saying that for quite a while.

但我已經說了很長一段時間了。

On the future competitive arena, I think if you look at the some of the oral product that is being developed you now, one thing you can see is a lot of questions to see what is the right balance between the extra benefit, mainly on the convenience, versus the safety issues and concerns.

在未來的競爭舞台上，我想如果你看看你現在正在開發的一些口服產品，你可以看到的一件事是很多問題，看看額外好處之間的正確平衡是什麼，主要是方便，而不是安全問題和擔憂。

So as it looks now, I am not sure that this product will actually take a larger share in the market going forward.

所以現在看來，我不確定該產品未來是否會真正佔據更大的市場份額。

This of course is too early to determine, as there are a few products still in development.

當然，現在下定論還為時過早，因為還有一些產品仍在開發中。

As far as Copaxone, I think what Copaxone is offering for the patient is really a good combination of efficacy and safety.

就 Copaxone 而言，我認為 Copaxone 為患者提供的確實是療效和安全性的良好結合。

We believe it is extremely important, as it will be a major factor going forward as well.

我們認為這是極其重要的，因為它也將是未來的一個主要因素。

Okay.

好的。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question comes from [Robbie Neurotra] with Credit Suisse.

我們的下一個問題來自瑞士信貸的 [Robbie Neurotra]。

Please state your question.

請說出你的問題。

Thanks for taking my questions.

感謝您回答我的問題。

Specifically in the European and EMEA markets, a large number of acquisition targets have come available over the last year, of more sizable opportunity than has been around historically.

特別是在歐洲和 EMEA 市場，去年出現了大量收購目標，其中的機會比以往任何時候都多。

Do you see any of these targets?

你看到這些目標了嗎？

And obviously we are not getting into specifics as attractive strategically to get inorganic growth, rather than more greenfield progression, and the pricing of those targets, have they become more realistic?

顯然，我們並沒有詳細說明在戰略上具有吸引力的細節，以獲得無機增長，而不是更多的綠地進展，以及這些目標的定價，它們是否變得更加現實？

Thank you.

謝謝你。

Well, Teva as you well know is a global Company with a long record of acquisitions, is always exploring and the market opportunities, so generally speaking we are always looking for opportunities, including the time or the current time and as you said, it's about opportunity, which part of it of course is whether it's a fit to our strategic needs.

好吧，正如你所知，Teva 是一家具有長期收購記錄的全球公司，一直在探索和市場機會，所以一般來說，我們一直在尋找機會，包括時間或當前時間，正如你所說，它是關於機會，其中的哪一部分當然是它是否適合我們的戰略需求。

Part of our global strategic growth program.

我們全球戰略增長計劃的一部分。

And in addition of course what are the economics of the potential acquisition, and here as you stated it, we believe that under the current market situation, definitely prices exactly as our Company's prices should go down, and the right opportunity we definitely will be there.

此外，當然，潛在收購的經濟效益是什麼，正如您所說，我們相信在當前的市場形勢下，價格肯定會與我們公司的價格完全一致，我們肯定會出現合適的機會.

Okay.

好的。

As a follow-up to that, obviously large cap pharma companies have also expressed interest in strategically accelerating their pathway into some of the emerging markets.

作為後續行動，大型製藥公司顯然也表示有興趣從戰略上加快進入一些新興市場的步伐。

Does that put timing pressure on you guys, or do you see that world as separate from yours?

這會給你們帶來時間壓力，還是你們認為那個世界與你們的世界不同？

Could you repeat your last part?

你能重複你的最後一部分嗎？

I couldn't hear you.

我聽不見你。

Large cap pharma also obviously expressed a recent interest also in the emerging markets, in at least the branded generics fields.

大型製藥公司最近也明顯表達了對新興市場的興趣，至少在品牌仿製藥領域。

Do you see their new drive into the marketplace as accelerating your need to get into some of those, or strengthen your position in some of those markets, or do you see their strategic pathway as discretely different than yours in the EMEA markets?

您是否認為他們進入市場的新動力加速了您進入其中一些市場的需要，或者加強了您在其中一些市場中的地位，或者您是否認為他們的戰略路徑與您在 EMEA 市場中的戰略路徑截然不同？

Well, first of all, the big pharma companies or the innovative pharma companies, showed or expressed their interest, both in generics and emerging markets for many years.

嗯，首先，大型製藥公司或創新製藥公司多年來對仿製藥和新興市場表現出或表達了興趣。

I don't think it is a new phenomenon.

我不認為這是一個新現象。

We believe that there is room for many companies to act in this interesting emerging markets, and in generic as well.

我們相信，許多公司都有在這個有趣的新興市場採取行動的空間，在一般領域也是如此。

As a matter of fact, to be a generic company, as long as, as far as we can see from our experience, or from our humble point of view, it is a different model, and it is a different culture.

其實做一個通用的公司，只要從我們的經驗來看，或者從我們的淺薄角度來看，就是不一樣的模式，不一樣的文化。

But as you well know, there are some examples of innovative pharma companies, of having also some generic arms, or at least try to get into this business.

但正如你所知，有一些創新製藥公司的例子，它們也有一些仿製藥，或者至少試圖進入這個行業。

So I don't see anything changed in the longer term history in this regard.

所以我認為在這方面的長期歷史上沒有任何改變。

Thank you for taking my questions.

謝謝你回答我的問題。

Thank you.

謝謝你。

Ladies and gentlemen, there are no further questions at this time.

女士們，先生們，現在沒有其他問題了。

I will now turn the floor back over to Mr.

我現在將發言權轉回給先生。

Yanai for closing comments.

柳井結束評論。

Thank you.

謝謝你。

Thank you everyone for joining us today.

感謝大家今天加入我們。

As you have heard, 2009 is off to a very strong and exciting start for Teva, and we have many reasons to be optimistic about the rest of the year, and 2010 as well.

如您所知，2009 年對 Teva 來說是一個非常強勁和令人興奮的開端，我們有很多理由對今年餘下時間以及 2010 年持樂觀態度。

Thank you, and have a good day.

謝謝你，有一個美好的一天。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you all for your participation.

謝謝大家的參與。