Teva Pharmaceutical Industries Ltd (TEVA) 2009 Q2 法說會逐字稿

Greetings and welcome to the Teva Pharmaceuticals Industries second quarter 2009 results conference call.

歡迎來到 Teva Pharmaceuticals Industries 2009 年第二季度業績電話會議。

(Operator Instructions) A question-and-answer section will follow the formal presentation.

（操作員說明）問答部分將在正式演示之後。

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, Ms.

謝謝你，女士。

Holzman, you may begin.

霍爾茲曼，你可以開始了。

Thank you, Diego.

謝謝你，迭戈。

Good morning and good afternoon, everyone.

大家早上好，下午好。

Welcome to Teva's second quarter 2009 earnings call.

歡迎來到 Teva 2009 年第二季度財報電話會議。

We hope you've had a chance to review our 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 Odrijk, President and CEO of Teva Europe.

今天，總裁兼首席執行官 Shlomo Yanai 加入了我們的行列； Eyal Desheh，首席財務官；梯瓦北美公司總裁兼首席執行官 Bill Marth； Moshe Manor，全球品牌產品集團副總裁； Teva Europe 總裁兼首席執行官 Gerard Van Odrijk。

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 profits, 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 question-and-answer period.

然後我們將打開問答期。

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，今天的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 second quarter of 2009.

歡迎大家，並感謝你們今天加入我們，回顧 Teva 2009 年第二季度的業績。

This was a very good quarter for Teva with record-breaking results, including record sales, gross margin, operating profit, net income and EPS.

對於 Teva 來說，這是一個非常好的季度，取得了創紀錄的業績，包括創紀錄的銷售額、毛利率、營業利潤、淨收入和每股收益。

Teva's net sales in Q2 reached a record $3.4 billion, with a gross margin of 58.5%.

梯瓦第二季度淨銷售額達到創紀錄的 34 億美元，毛利率為 58.5%。

Our operating profit was $981 million, with net income of $742 million.

我們的營業利潤為 9.81 億美元，淨收入為 7.42 億美元。

And all of this ultimately brought us to EPS of $0.83.

所有這一切最終使我們的每股收益達到 0.83 美元。

Eyal will provide the rest of the details and the numbers.

Eyal 將提供其餘的詳細信息和數字。

I would just like to add that we are especially pleased with our growth in sales in Q2, despite the ongoing negative foreign exchange attack, which in Q2 took nearly $0.25 billion from our pipeline.

我只想補充一點，我們對第二季度的銷售額增長感到特別高興，儘管持續的負面外匯攻擊在第二季度從我們的管道中損失了近 2.5 億美元。

Overall, I believe our results this quarter provide quite a clear demonstration of the strength of Teva's growth momentum.

總的來說，我相信我們本季度的業績清楚地證明了 Teva 的增長勢頭。

Our growth in Q2 was driven by a contribution from across our many businesses and geographies, as well as by the excellent progress we are continuing to make in the Barr integration.

我們在第二季度的增長得益於我們眾多業務和地區的貢獻，以及我們在 Barr 整合方面繼續取得的出色進展。

In North America, we had a very good quarter with sales of $2.1 billion, up 36% over Q2 '08, led both by our sales of branded products and by our US generics units.

在北美，我們有一個非常好的季度，銷售額為 21 億美元，比 08 年第二季度增長 36%，這主要得益於我們的品牌產品銷售額和我們的美國仿製藥部門。

We are especially pleased with the results of our exclusive launch of generic Adderall XR, which has already 68% market share and is continuing to grow.

我們對獨家推出仿製藥 Adderall XR 的結果感到特別滿意，它已經擁有 68% 的市場份額，並且還在繼續增長。

Our product offering in the US is the strongest it has ever been.

我們在美國提供的產品是有史以來最強大的。

We are continuing to enjoy strong sales of products from both Teva and Barr generics portfolio.

我們繼續享受 Teva 和 Barr 仿製藥產品組合的強勁銷售。

And we have made great progress in integrating the two portfolios and in leveraging Teva's marketing, sales and distribution capabilities to further enhance the performance of the combined portfolio.

我們在整合這兩個產品組合以及利用 Teva 的營銷、銷售和分銷能力進一步提高合併產品組合的性能方面取得了巨大進展。

In Europe, sales were up by 20% in local currencies over Q2 '08, to reach $732 million.

在歐洲，以當地貨幣計算的銷售額比 08 年第二季度增長了 20%，達到 7.32 億美元。

Sales were especially strong in Germany, Spain and Poland.

德國、西班牙和波蘭的銷售尤其強勁。

Despite the turbulence that we are experiencing this quarter in individual European markets, such as Italy and France, as we look to the future, we remain very optimistic about our Europe business.

儘管本季度我們在意大利和法國等個別歐洲市場經歷了動盪，但展望未來，我們對歐洲業務仍然非常樂觀。

Our growth strategy is focused on achieving market leadership and we believe that Teva is uniquely well positioned to succeed in Europe, which has a total population of over 490 million and where there is still relatively low generic penetration in many markets.

我們的增長戰略專注於取得市場領先地位，我們相信 Teva 在歐洲取得成功具有獨特的優勢，歐洲總人口超過 4.9 億，而且在許多市場仿製藥滲透率仍然相對較低。

For Teva international business, Q2 was another excellent and record-breaking quarter, with sales growing by 35% in local currency to reach $481 million.

對於 Teva 國際業務，第二季度又是一個出色且破紀錄的季度，銷售額以當地貨幣計算增長了 35%，達到 4.81 億美元。

Results were especially strong in Russia and Latin America.

俄羅斯和拉丁美洲的業績尤為強勁。

Teva's International business is a major growth driver and I believe that our strong results, quarter after quarter, give us good reason to be extremely optimistic about the potential and the future of this business.

Teva 的國際業務是主要的增長動力，我相信我們每個季度的強勁業績讓我們有充分的理由對該業務的潛力和未來極為樂觀。

Teva's innovative business continued to grow in Q2, once again achieving record-breaking sales.

Teva的創新業務在Q2持續增長，再次創下銷售記錄。

Copaxone grew 21% over the second quarter of 2008.

與 2008 年第二季度相比，Copaxone 增長了 21%。

In the US, in-market sales increased by 32%, further widening the gaps between Copaxone and the number two product.

在美國，市場銷售額增長了 32%，進一步拉大了 Copaxone 與排名第二的產品之間的差距。

According to IMS data, our market share in [ForEx] reached a new record high of just over 38%.

根據 IMS 數據，我們在 [ForEx] 的市場份額達到了 38% 以上的歷史新高。

Outside the US, Copaxone grew by 5% or in terms of local currency by 26% over Q2 of '08.

在美國以外，Copaxone 比 08 年第二季度增長了 5%，或以當地貨幣計算增長了 26%。

We expect Copaxone to continue to outpace the market's growth and perform extremely well.

我們預計 Copaxone 將繼續超越市場增長並表現出色。

And of course, Teva remains strongly committed to continuous research and development of our innovative neurology portfolio.

當然，Teva 仍然堅定地致力於持續研究和開發我們的創新神經病學產品組合。

In June, we announced completion of patient enrollment in the BRAVO trial, in the second Phase III clinical trial to evaluate the effects of oral Laquinimod on the treatment of multiple sclerosis.

6 月，我們宣布完成 BRAVO 試驗的患者招募，這是第二項 III 期臨床試驗，旨在評估口服拉喹莫德對多發性硬化症治療的影響。

Oral Laquinimod is a level once-daily oral immunomodulateral, that if successful, has the potential to become the preferred therapy for relaxing MS patients, offering the best benefit to risk ratio in terms of efficacy, safety and tolerability.

口服 Laquinimod 是一種每日一次的口服免疫調節劑，如果成功，它有可能成為緩解 MS 患者的首選療法，在療效、安全性和耐受性方面提供最佳的風險收益比。

This was also an exciting quarter for Azilect, which had in-market sales of $55 million, growing 31% over Q2 '08.

這也是 Azilect 令人興奮的一個季度，其市場銷售額為 5500 萬美元，比 08 年第二季度增長 31%。

Turning now to our global respiratory business.

現在轉向我們的全球呼吸業務。

Sales reached $189 million, up 13% over Q2 '08.

銷售額達到 1.89 億美元，比 08 年第二季度增長 13%。

The increase was driven primarily by strong sales of ProAir in the US, which maintained its market leadership position with 58% market share.

這一增長主要是由 ProAir 在美國的強勁銷售推動的，它以 58% 的市場份額保持了市場領導地位。

We are continuing to work very hard on developing mobile brands for our global respiratory franchise to further strengthen our position in this key area.

我們將繼續努力為我們的全球呼吸特許經營開發移動品牌，以進一步加強我們在這一關鍵領域的地位。

Later this year, we plan to begin Phase III trials for nasal beclomethasone dipropionate HFA for the treatment of allergic rhinitis, the most common allergic disease in the US and abroad.

今年晚些時候，我們計劃開始 III 期鼻用倍氯米松二丙酸酯 HFA 試驗，用於治療過敏性鼻炎，這是美國和國外最常見的過敏性疾病。

As you know, we extended our specialty pharma portfolio through the addition of vast women's health business, where in Q2, sales grew 4% to reach $80 million.

如您所知，我們通過增加龐大的女性健康業務擴展了我們的專業製藥產品組合，該業務在第二季度的銷售額增長了 4%，達到 8000 萬美元。

During the quarter, we introduced our extended pack and oral contraceptive LoSEASONIQUE.

本季度，我們推出了擴展包裝和口服避孕藥 LoSEASONIQUE。

And just this month, we introduced the one pill emergency contraceptive Plan B one-step.

而就在這個月，我們推出了一粒緊急避孕藥Plan B one-step。

We believe that this business has outstanding prospects for growth.

我們相信該業務具有出色的增長前景。

We are targeting various means by which we can extend our offerings, both in the area of oral contraceptives and in other areas of women's health.

我們的目標是通過各種方式來擴展我們在口服避孕藥領域和其他女性健康領域的產品。

And also plan to leverage Teva's global footprint to take much of this franchise to Europe and to our international markets.

並且還計劃利用 Teva 的全球足跡將大部分特許經營權帶到歐洲和我們的國際市場。

I am pleased to report that our integration of Barr is continuing to run ahead of schedule and as I previously reported, we are realizing more synergies from this combination than we had initially focused.

我很高興地報告，我們對 Barr 的整合繼續提前進行，正如我之前報導的那樣，我們從這一合併中獲得了比我們最初關注的更多的協同效應。

And we are realizing them more quickly than we expected.

我們實現它們的速度比我們預期的要快。

Rather than $300 million of synergies, which we initially announced or the $400 million, which we announced in February, we now expect to realize closer to $500 million in cost synergies in the third year.

我們現在預計在第三年實現近 5 億美元的成本協同效應，而不是我們最初宣布的 3 億美元或 2 月份宣布的 4 億美元。

I am also pleased to report that in the second quarter, the acquisition became accretive.

我也很高興地報告，在第二季度，收購變得增值了。

Before turning to our outlook for 2009 and 2010, I would like to say a word about Teva's financial strength.

在談到我們對 2009 年和 2010 年的展望之前，我想先談談 Teva 的財務實力。

During the second quarter, we improved our financial position by paying down approximately $1 billion of our debt.

在第二季度，我們通過償還大約 10 億美元的債務改善了我們的財務狀況。

In addition, holders of our convertible debt elected to convert over $700 million of those convertible bonds during the quarter.

此外，我們的可轉換債券持有人選擇在本季度轉換超過 7 億美元的可轉換債券。

This brought our financial leverage down from 34% to 27%.

這使我們的財務槓桿率從 34% 降至 27%。

And we expect by the end of the year to reach the same financial leverage that we had before the bond acquisition or even better.

我們預計到今年年底將達到與債券收購之前相同的財務槓桿，甚至更好。

Finally, I would like to review our outlook for the remainder of 2009, 2010 and beyond.

最後，我想回顧一下我們對 2009 年剩餘時間、2010 年及以後的展望。

As you know, of course, legal and regulatory complexities make the timing of all product launches somewhat uncertain.

如您所知，當然，法律和監管的複雜性使得所有產品發布的時間有些不確定。

That said, we are extremely pleased with the results of the first half of this year, which have yielded revenues of more than $6.5 billion and EPS of $1.54.

也就是說，我們對今年上半年的業績感到非常滿意，其收入超過 65 億美元，每股收益為 1.54 美元。

And we continue to be excited about the potential launch of [Procuretine] in the second half of this year.

我們繼續對今年下半年 [Procuretine] 的潛在推出感到興奮。

Therefore, we are reaffirming our guidance for 2009, which we provided at the beginning of the year.

因此，我們重申我們在年初提供的 2009 年指引。

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

我們繼續預計 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。

We expect EPS in 2009 to be in the range of $3.20 to $3.40.

我們預計 2009 年的每股收益將在 3.20 美元至 3.40 美元之間。

Looking forward to 2010.

期待2010年。

Last quarter, we provided guidance of EPS of 40% 45% over our 2009 projected guidance.

上個季度，我們提供的 EPS 指引比我們 2009 年的預測指引高出 40% 和 45%。

Now that we have greater visibility to 2010, we believe that we will be at the higher end of this range and that EPS will increase at least 35%.

現在我們對 2010 年有了更大的了解，我們相信我們將處於該範圍的較高端，每股收益將至少增長 35%。

This is on the strength of a number of factors, including our launch of Venlafaxine, our generic version of Effexor XR; as well as additional launches in the US; the completion of the take back of Copaxone from Sanofi Aventis in North America; and enhanced synergies from the Barr integration, which as I just mentioned, we now expect to be approximately $500 million.

這是基於多種因素的力量，包括我們推出文拉法辛，我們的通用版 Effexor XR；以及在美國的其他發射；完成從北美賽諾菲安萬特公司回收Copaxone；以及 Barr 整合的增強協同效應，正如我剛才提到的，我們現在預計約為 5 億美元。

But our goals do not stop there.

但我們的目標不止於此。

Later this year, we intend to provide you with an updated long-term outlook for the Company.

今年晚些時候，我們打算為您提供公司的最新長期展望。

We are looking forward to the opportunity not only to update the 2012 outlook we provided in February 2008 but to take a different look at the year 2013 to 2015.

我們期待有機會不僅更新我們在 2008 年 2 月提供的 2012 年展望，而且以不同的眼光看待 2013 年至 2015 年。

A significant amount of analysis and planning, already been conducted by all of our units, gives us great confidence that Teva will continue its growth momentum.

我們所有部門都已經進行了大量的分析和規劃，這讓我們對 Teva 將繼續保持增長勢頭充滿信心。

Thank you very much.

非常感謝。

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, Shlomo and good day to everyone.

謝謝你，Shlomo，祝大家有美好的一天。

I hope you have had an opportunity to review the press release we issued earlier today.

我希望您有機會閱讀我們今天早些時候發布的新聞稿。

Following a strong first quarter, the positive momentum in our business continues and we are reporting today a record quarter for Teva in terms of sales and non-GAAP operating income, net income and earnings per share.

在第一季度表現強勁之後，我們業務的積極勢頭仍在繼續，我們今天報告 Teva 在銷售額和非 GAAP 營業收入、淨收入和每股收益方面創下了創紀錄的季度。

Similar to the first quarter, results were driven by a good product mix, tight expense control and continued progress with our integration of Barr.

與第一季度類似，良好的產品組合、嚴格的費用控制以及我們對 Barr 的整合持續取得進展推動了業績。

During this quarter, we strengthened the balance sheet and improved financial leverage with the reduction of our debt by $1.7 billion.

本季度，我們通過減少 17 億美元的債務加強了資產負債表並提高了財務槓桿。

Note that this reduction was achieved by paying down approximately $1 billion in short-term debt and by conversion of $719 million of convertible debentures to equity.

請注意，這一減少是通過償還大約 10 億美元的短期債務和將 7.19 億美元的可轉換債券轉換為股權實現的。

This brings our financial leverage down to approximately 27%.

這使我們的財務槓桿率降至約 27%。

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

在我深入研究這些數字之前，我想提醒大家，我們正在展示 GAAP 和非 GAAP 結果。

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

在我們的非 GAAP 報告中，我們在本季度排除了以下主要與收購 Barr 有關的項目。

$76 million of inventory step-ups.

7600 萬美元的庫存升級。

Amortization of purchased intangible assets totaling $151 million, of which $143 million are included in costs of goods sold and the remaining $8 million in sales and marketing.

已購無形資產的攤銷總額為 1.51 億美元，其中 1.43 億美元計入銷售成本，其餘 800 萬美元計入銷售和營銷成本。

$42 million in legal settlements.

4200 萬美元的法律和解。

$10 million in restructuring charges.

1000 萬美元的重組費用。

And in addition, the related tax effect of $58 million.

此外，相關稅收影響為 5800 萬美元。

You should note, that the items excluded in arriving at our non-GAAP result in the second quarter of 2008 are not identical to those in the current quarter.

您應該注意到，我們 2008 年第二季度的非公認會計原則結果中排除的項目與本季度的不相同。

On the one hand in Q2, 2008, we did not have a inventory step-up expense and we had a lower level of amortization.

一方面，在 2008 年第二季度，我們沒有庫存增加費用，攤銷水平也較低。

While on the other hand, we wrote down auction rate securities.

另一方面，我們減記了拍賣利率證券。

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 數據是為了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。

Let me begin by highlighting how foreign exchange differences continue to play a significant role in our results throughout this quarter.

首先讓我強調外匯差異如何繼續在我們整個季度的業績中發揮重要作用。

Similar to Q1, foreign currency differences greatly affected sales.

與第一季度類似，外匯差異極大地影響了銷售額。

This quarter, it was by $256 million or 9%, as the dollar strengthened against certain foreign currencies, primarily the euro, the Hungarian Forint, the British pound and the Polish zloty, the Russian ruble, the Israeli shekel and the Canadian dollar.

本季度，由於美元兌某些外幣（主要是歐元、匈牙利福林、英鎊和波蘭茲羅提、俄羅斯盧布、以色列謝克爾和加元）走強，增加了 2.56 億美元或 9%。

All compared to the second quarter of 2008.

全部與 2008 年第二季度相比。

When we eliminate the foreign currency impact for the quarter, consolidated sales actually grew by 29%, which [in-market] sales in Europe growing by 20% in local currencies and pharmaceutical sales in our international markets growing by 35% in local currencies.

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 29%，其中歐洲 [in-market] 銷售額以當地貨幣計算增長了 20%，我們國際市場的藥品銷售額以當地貨幣計算增長了 35%。

As I mentioned to you last quarter, we believe that this is an important measure of our business as we manage the countries either in local currency and measure those sales and profits accordingly.

正如我在上個季度向您提到的那樣，我們認為這是衡量我們業務的一個重要指標，因為我們以當地貨幣管理國家並相應地衡量這些銷售額和利潤。

However, it is important to note that foreign currency has a negligible impact, less than 1%, on operating profits.

然而，值得注意的是，外匯對營業利潤的影響可以忽略不計，不到 1%。

Teva's diverse geographical presence continued to provide with us a good natural hedge that mitigates much of the work involved in currency fluctuations and minimizes the impact on our bottom line.

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工作，並將對我們底線的影響降至最低。

Looking at consolidated results in US dollars.

查看以美元計算的綜合結果。

Sales totaled $3.4 billion, an increase of 20% compared to Q2 last year.

銷售額總計 34 億美元，比去年第二季度增長 20%。

Non-GAAP operating income was up 44% compared to Q2 2008 and benefited from strong growth margin and tight expense control.

與 2008 年第二季度相比，非 GAAP 營業收入增長了 44%，這得益於強勁的增長利潤率和嚴格的費用控制。

Excluding the items mentioned above, non-GAAP net income was strong, up 25% compared to Q2, 2008, despite higher [integration] expenses and higher tax rates, as planned, (Inaudible) resulting from the acquisition of Barr.

排除上述項目，非 GAAP 淨收入強勁，與 2008 年第二季度相比增長 25%，儘管 [整合] 費用和稅率更高，按計劃，（聽不清）因收購 Barr 而導致。

Non-GAAP fully diluted earnings per share were at $0.83, up 15% from Q2 2008.

非 GAAP 完全攤薄每股收益為 0.83 美元，比 2008 年第二季度增長 15%。

In the second quarter of 2009, we had approximately 75 million more shares than in the second quarter of 2008, which are part of our earnings per share calculation, grew primarily through the issues in connection with the Barr acquisition.

在 2009 年第二季度，我們擁有的股票比 2008 年第二季度多了大約 7500 萬股，這是我們計算每股收益的一部分，主要是通過與 Barr 收購有關的問題而增長的。

Now let's discuss profit margins, which were directly level this quarter, and operating expenses.

現在讓我們討論本季度直接持平的利潤率和運營費用。

Non-GAAP profit gross margin, which includes amortization of intangible assets and the inventory step-up was 58.5% in the reported quarter, compared with 54.7% in the comparable quarter of 2008 but similar to the non-GAAP gross profit in Q1 this year.

報告季度的非美國通用會計準則利潤毛利率（包括無形資產攤銷和庫存增加）為 58.5%，而 2008 年同期為 54.7%，但與今年第一季度的非美國通用會計準則毛利潤相似.

The improvement in gross profit margin is attributable to the successful launch of generic Adderall XR and a higher contribution to sales from our branded and innovative franchises, including, Copaxone, Azilect respiratory sales, especially ProAir, and women's health products.

毛利率的提高歸因於仿製藥 Adderall XR 的成功上市以及我們的品牌和創新特許經營權（包括 Copaxone、Azilect 呼吸系統銷售，尤其是 ProAir 和女性保健產品）對銷售額的貢獻增加。

Operating margins reached 28.9%, up from 24.2% in the comparable quarter last year.

營業利潤率達到 28.9%，高於去年同期的 24.2%。

The increase resulted from three main factors; strong gross margin, as I just discussed; positive effect of foreign currencies; and lower R&D expenses.

增加是由三個主要因素造成的；正如我剛才所討論的，強勁的毛利率；外幣的積極影響；和較低的研發費用。

Sticking with R&D.

堅持研發。

Net R&D expenses reached $169 million or 5% of sales.

淨研發費用達到 1.69 億美元，佔銷售額的 5%。

The low net R&D number this quarter resulted from reimbursements of approximately $40 million from our joint venture with Lonza.

本季度較低的淨研發數量是由於我們與 Lonza 的合資企業償還了大約 4000 萬美元。

We announced a joint venture with Lonza earlier this year to develop, manufacture and market a portfolio of biosimilars.

今年早些時候，我們宣布與龍沙 (Lonza) 成立合資企業，以開發、製造和銷售一系列生物仿製藥。

This joint venture became operational during the second quarter.

該合資企業於第二季度開始運營。

And as part of the agreement, related to R&D expenses incurred by Teva prior to the finalization of the agreement, were contributed and reimbursed by the joint venture.

並且作為協議的一部分，梯瓦在協議最終確定之前產生的相關研發費用，由合資公司出資和報銷。

Despite the design in net R&D, gross R&D expenses this quarter increased compared to Q2 last year and we remain committed to a plan to double R&D output from its 2007 level by 2012.

儘管在淨研發方面進行了設計，但本季度的總研發費用與去年第二季度相比有所增加，我們仍然致力於到 2012 年將研發產出從 2007 年的水平翻一番的計劃。

For the full year, factoring out the reimbursement from the joint venture, Teva's R&D expenses are at the run rate of approximately 7% of sales.

全年，除去合資企業的報銷，Teva 的研發費用約為銷售額的 7%。

I would also like to point out that Teva's share in the joint venture expenses, approximately $20 million is reflected in the line item called "share in losses from associated companies," which is below the operating profit line.

我還想指出，Teva 在合資企業費用中的份額約為 2000 萬美元，反映在名為“分擔關聯公司損失”的項目中，該項目低於營業利潤線。

Sales and marketing expenses, including the amortization of intangible assets, totaled $641 million in the quarter or 18.9% of sales, compared to 17.5% of sales in Q2, 2008.

本季度銷售和營銷費用（包括無形資產攤銷）總計 6.41 億美元，佔銷售額的 18.9%，而 2008 年第二季度為 17.5%。

And a similar percentage in the first quarter of this year.

今年第一季度也有類似的百分比。

Similar to the higher gross margin, these higher sales and marketing expenses, are the result of higher contribution to sales of our innovative and branded franchises.

與更高的毛利率類似，這些更高的銷售和營銷費用是對我們創新和品牌特許經營權的銷售貢獻更高的結果。

Total SG&A expenses this quarter were $197 million or 5.8% of sales, compared with 6% of sales in Q2 last year.

本季度 SG&A 總費用為 1.97 億美元，佔銷售額的 5.8%，而去年第二季度佔銷售額的 6%。

We recorded $61 million of financial expenses in our Q2, 2009 results, compared with $9 million of non-GAAP financial expenses in the comparable quarter of 2008.

我們在 2009 年第二季度的業績中記錄了 6100 萬美元的財務費用，而 2008 年同期的非 GAAP 財務費用為 900 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。

Similar to Q1, the tax rate provided in Q2, 2009 was 17% of pretax non-GAAP income.

與第一季度類似，2009 年第二季度提供的稅率為稅前非 GAAP 收入的 17%。

We continue to estimate our annual tax rate for 2009 at 17%, compared with a rate of 10% in 2008.

我們繼續估計 2009 年的年稅率為 17%，而 2008 年為 10%。

The increase in the tax rate resulted primarily from the fact that Barr's Corporate tax rate is higher than Teva's and in 2008, we did not include Barr.

稅率的增加主要是由於 Barr 的公司稅率高於 Teva，而在 2008 年，我們未將 Barr 包括在內。

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

現在，讓我們看看我們的現金流。

Cash generated operations amounted to $658 million.

現金產生的業務達到 6.58 億美元。

Our free cash flow, excluding capital expenditure of $148 million and cash dividend of $134 million, amounted to $376 million.

我們的自由現金流量為 3.76 億美元，不包括 1.48 億美元的資本支出和 1.34 億美元的現金股息。

The lower cash flow from operations was driven by two main factors.

經營活動產生的現金流量減少是由兩個主要因素造成的。

First, timing of significant US launches versus collection, which will come in the third quarter.

首先，美國重要的發佈時間與收集時間，後者將在第三季度進行。

And second, during the second quarter, we paid approximately $80 million of Barr integration related expenses, which we provided for as part of the Barr purchase price accounting and were not reflected in the income statement.

其次，在第二季度，我們支付了大約 8000 萬美元的 Barr 整合相關費用，我們將這些費用作為 Barr 購買價格核算的一部分提供，但並未反映在損益表中。

On June 30, we had approximately $2 billion in cash and marketable securities.

6 月 30 日，我們擁有大約 20 億美元的現金和有價證券。

Our total outstanding loans and convertible debenture was at $6.7 billion, down from $8.4 billion at the end of March.

我們的未償還貸款和可轉換債券總額為 67 億美元，低於 3 月底的 84 億美元。

During the quarter, we paid approximately $1 billion of our debt, approximately $800 million of our bridge financing loan and approximately $200 million in other short and long-term debt.

本季度，我們支付了約 10 億美元的債務、約 8 億美元的過橋融資貸款和約 2 億美元的其他短期和長期債務。

As of June 30, the remaining bridge loan amounted to $630 million.

截至 6 月 30 日，剩餘過橋貸款為 6.3 億美元。

We remain committed to paying down the full amount of the bridge loan by the end of the year and expect to pay down most of it by the end of the third quarter.

我們仍然致力於在今年年底前全額償還過橋貸款，並預計在第三季度末償還大部分貸款。

During the quarter, the 0.5% and 0.25% convertible debenture, issued in 2004, passed a conversion window.

本季度，2004 年發行的 0.5% 和 0.25% 可轉換債券通過了一個轉換窗口。

Through June 30, approximately $354 million of the 0.5% bond and $365 million of the 0.25% bond were converted.

截至 6 月 30 日，大約 3.54 億美元的 0.5% 債券和 3.65 億美元的 0.25% 債券被轉換。

Leaving the principal amount of these bonds at approximately $350 million, combined for the two series.

這兩個系列的債券本金約為 3.5 億美元。

Subsequent to the end of the quarter, an additional $90 million were converted.

到本季度末，又轉換了 9000 萬美元。

So now, it's below $300 million, which is left to be converted.

所以現在，它低於 3 億美元，還有待轉換。

I would like to remind you again, that a conversion did not impact the fully diluted share count and earnings per share calculation.

我想再次提醒您，轉換不會影響完全攤薄的股份數量和每股收益的計算。

And these shares were already included in the diluted share count calculation.

這些股票已經包含在稀釋後的股票數量計算中。

In total, we reduced debt by $1.7 billion during the quarter, improving our financial leverage for 34% at the end of March, to 27% at June 30.

總的來說，我們在本季度減少了 17 億美元的債務，將我們的財務槓桿率從 3 月底的 34% 提高到 6 月 30 日的 27%。

We now believe that by the end of the year, our financial leverage may stand at 23%, lower than our pre-Barr position, which was 24%.

我們現在認為，到今年年底，我們的財務槓桿可能會達到 23%，低於我們在 Barr 之前的 24%。

Days sales outstanding amounted to 47 days this quarter, compared to 51 days in Q1, 2009 and 54 days in Q2, 2008.

本季度銷售未完成天數為 47 天，而 2009 年第一季度為 51 天，2008 年第二季度為 54 天。

This small sequential decline does not reflect significant differences in collection levels.

這種小幅環比下降並未反映收款水平的顯著差異。

Rather, our DSO is impacted by foreign currency changes resulting in these small changes from one quarter to another.

相反，我們的 DSO 受到外幣變化的影響，導致這些小的變化從一個季度到另一個季度。

We have calculated DSO, as we always do, after netting out from the receivables, the sales reserve and allowances.

在扣除應收賬款、銷售準備金和津貼後，我們一如既往地計算了 DSO。

Whereas, our accounts receivables and SR&A did not change materially, the decline in DSO resulted primarily from higher sales.

然而，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 188 days, down from 191 days in March 2009 and down from 228 days in December.

庫存天數為 188 天，低於 2009 年 3 月的 191 天和 12 月的 228 天。

Similar to DSO, there isn't a demonstratable difference in inventory level, rather the sequential decline, which [streamed] in the past two quarters, in inventory base resulting from the sale of Barr inventory, which was recorded in our books at market value rather than cost.

與 DSO 類似，庫存水平沒有明顯差異，而是在過去兩個季度 [streamed] 庫存基礎連續下降，這是由於出售 Barr 庫存而導致的，這在我們的賬簿中以市場價值記錄而不是成本。

Known as the inventory step-up.

稱為庫存遞增。

Gross capital expenditures reached $151 million this quarter, compared with $180 million in Q2, 2008 and down to $160 million in Q1, 2009.

本季度資本支出總額達到 1.51 億美元，而 2008 年第二季度為 1.8 億美元，2009 年第一季度降至 1.6 億美元。

The acquisition of Barr add productive capacity and reduced investment in capital expenditures compared to the 2008 levels.

與 2008 年的水平相比，收購 Barr 增加了生產能力並減少了資本支出投資。

Dividends.

股息。

Yesterday Teva's Board approved a quarterly dividend amounting to approximately $144 million.

昨天，Teva 董事會批准了總額約為 1.44 億美元的季度股息。

On a per share basis, our dividend, which is declared in Israeli shekels, was ILS0.6 per share.

按每股計算，我們以以色列謝克爾宣布的股息為每股 IL0.6。

On the rate of exchange on July 27, which was yesterday of the shekel to the US dollar, this translates into approximately $0.157 per share.

根據 7 月 27 日謝克爾對美元的昨天匯率，這相當於每股約 0.157 美元。

That concludes my comments.

我的評論到此結束。

Thank you all for your time and attention today.

感謝大家今天的時間和關注。

Now, we'll be glad to take your questions.

現在，我們很樂意回答您的問題。

Thank you.

謝謝你。

(Operator Instructions) Our first question comes from Randall Stanicky with Goldman Sachs.

（操作員說明）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 very much, guys, for the question.

太好了，非常感謝，伙計們，提出這個問題。

Just on, the Barr synergies have been a lot more than even you initially expected.

剛好，Barr 的協同作用比你最初預期的要多得多。

Can you maybe comment on an additional acquisition that you've been talking about?

您能否評論一下您一直在談論的額外收購？

If it's not on the generic side, can you talk about maybe where those synergies would come from, your ability to drive top line and we should think of about any potential cost synergies?

如果它不在通用方面，你能談談這些協同效應可能來自哪裡，你推動頂線的能力，我們應該考慮任何潛在的成本協同效應嗎？

And then, I have a follow-up.

然後，我有一個後續行動。

Randall, hi, it's Shlomo.

蘭德爾，嗨，我是什洛莫。

I am not sure if I understand the second part of your question.

我不確定我是否理解你問題的第二部分。

Could you be so kind to make it more clear?

你能不能說得更清楚一點？

Sure.

當然。

First, is your interest still -- the update is on where your interest from the acquisition perspective is?

首先，您的興趣是否仍然——更新是從收購的角度來看您的興趣在哪裡？

And then, how should we think about any possible accretions from a deal if it happens to be on the branded side versus the generic side?

然後，如果交易恰好是在品牌方面而不是通用方面，我們應該如何考慮交易的任何可能增長？

Randall, I think your question is centered more about; Are we going to continue bouncing around the generic space or will we move more towards specialty or some other area?

蘭德爾，我認為您的問題更多地集中在；我們是要繼續圍繞通用空間彈跳，還是會更多地轉向專業或其他領域？

And I think what Shlomo has much clearly said before is that we believe that the same type of capabilities that we have developed in the generic markets, we can also apply to specialty or some other area that we might go after.

我認為 Shlomo 之前已經很清楚地說過，我們相信我們在仿製藥市場開發的相同類型的能力，我們也可以應用於我們可能追求的專業或其他領域。

Now, this doesn't mean that Teva is going to necessarily run out tomorrow and chase down specialty companies.

現在，這並不意味著 Teva 明天一定會跑出去追逐專業公司。

We've always said that we're going to be looking at products, technologies and companies.

我們一直說我們將關注產品、技術和公司。

But I think as you think of companies moving forward, you should not limit your thinking to just generic companies.

但我認為，當你想到公司向前發展時，你不應該將你的想法局限於普通公司。

And then so -- on that, if you think about the new outlook for [generics,] which is now better than 35%.

然後 - 就此而言，如果你考慮一下 [generics] 的新前景，它現在好於 35%。

Is there anything for deals factored into that number or is that still organic?

是否有任何交易因素計入該數字或仍然是有機的？

Nope.

沒有。

Still organic?

還是有機的？

Yes, it's still organic.

是的，它仍然是有機的。

And just my final question.

還有我的最後一個問題。

Should we still think of the current or your previous revenue range for the year, I think it was $14.1 billion to $14.6 billion, as the appropriate range as we think about top line?

我們是否仍應考慮當前或您之前的年度收入範圍，我認為是 141 億美元至 146 億美元，作為我們考慮頂線的適當範圍？

Well, first of all, as I went through our guidance at the beginning of the year, it, of course, referred to the guidance.

好吧，首先，當我在年初閱讀我們的指南時，它當然指的是指南。

But what we should and what you should try to look for, of course, is how we are going to see the foreign exchange in the coming six months.

但是，我們應該以及您應該嘗試尋找的當然是我們將如何看待未來六個月的外匯交易。

With the uncertainties that are related to foreign exchange, this is where we are heading and that's what we should adjust in case things are going to be changed in our turbulent world today.

由於與外匯相關的不確定性，這就是我們前進的方向，也是我們應該調整的方向，以防當今動蕩的世界發生變化。

But I'd like also to add to your previous question and just to make sure we are on the same page.

但我還想補充你之前的問題，只是為了確保我們在同一頁上。

Teva's strategy is consistent and we are going to continue with our strategy as we see, it's now a focused strategy.

Teva 的戰略是一致的，我們將繼續我們所看到的戰略，它現在是一個重點戰略。

And we actually have a very balanced model, which we tried to, of course, enhance in coming years with continuing momentum of growth in sales.

我們實際上有一個非常平衡的模型，當然，我們試圖在未來幾年隨著銷售的持續增長勢頭而加強這種模型。

And with that, we are exploring and we are examining many different possible opportunities.

為此，我們正在探索並研究許多不同的可能機會。

But as I always used to say when it comes to acquisitions, Teva acquires companies only if it fits our strategies.

但正如我在收購時常說的那樣，Teva 只有在符合我們戰略的情況下才會收購公司。

Okay and I'll jump out.

好的，我會跳出來。

But there's been no change then, to your previous stated areas of interest for possible deals then?

但是到那時您之前聲明的可能交易的興趣領域沒有變化嗎？

This is exactly as I said.

這正是我所說的。

We are sticking to our strategy and when we are going to have some modification, we'll definitely let you know.

我們堅持我們的策略，當我們要進行一些修改時，我們一定會通知您。

And I just said toward the end of the year, we are going to add the few on our strategy for the coming years.

我剛剛在年底前說過，我們將在未來幾年的戰略中增加一些。

So, we'll have another opportunity to dive into the strategy of Teva for the coming nears.

因此，我們將有另一個機會深入研究 Teva 在即將到來的時候的戰略。

Okay, great.

好，太棒了。

Thanks, Shlomo

謝謝，什洛莫

Thank you.

謝謝你。

Our next question comes from Ronny Gal with Bernstein.

我們的下一個問題來自 Bernstein 的 Ronny Gal。

Please state your question.

請說出你的問題。

Good morning and thank you for taking my question.

早上好，謝謝你提出我的問題。

A couple of quick ones on the branded side.

品牌方面的幾個快速的。

And just to follow-on on Randall's point.

只是為了跟進蘭德爾的觀點。

On the branded side, I know you guys can pretty much can handle any kind of a proposition on the generics side.

在品牌方面，我知道你們幾乎可以處理仿製藥方面的任何類型的提議。

But when you think about branded side, which is an area where did not make a large acquisition before, how big of an acquisition do you think is appropriate for you, just in terms of the amount of money you're willing to put at risk in one deal?

但是當你想到品牌方面，這是一個以前沒有進行過大規模收購的領域，你認為多大的收購對你來說是合適的，就你願意承擔風險的金額而言在一筆交易中？

Is this essentially as big as the generic businesses or would you be looking to do something smaller?

這基本上與通用業務一樣大，還是您希望做一些更小的事情？

Well, first of all, I think that part of our balanced business model is the current ratio.

嗯，首先，我認為我們平衡的商業模式的一部分是流動比率。

It could, of course, move a little bit here and there but generally speaking, the 70%/30% or the 65%/35% doesn't matter.

當然，它可以在這里和那裡移動一點點，但一般來說，70%/30% 或 65%/35% 並不重要。

The real [baking] point on section point, that's how we see the business of Teva.

切點上的真正[烘烤]點，這就是我們如何看待 Teva 的業務。

This is our strength.

這是我們的優勢。

This is our competence.

這是我們的能力。

Having said that one of or core competence is acquisitions and integration and the knowhow of how to do things.

話雖如此，核心競爭力之一是收購和整合以及做事的訣竅。

And I believe that we can do the same that we did for so many years in so-called generic companies, also in specialties and some other businesses that we would be interested in.

而且我相信，我們可以像多年來在所謂的仿製藥公司、特種藥品和我們感興趣的其他一些業務中所做的那樣。

Okay.

好的。

And a quick follow-on regarding 2011 and 2012.

以及關於 2011 年和 2012 年的快速跟進。

I know that you are still working on your numbers but one of the things that I was -- when I talk to investors is, if you're going to have such a wonderful growth in 2010, will it not be exceedingly hard to get a better number in say 2011?

我知道你仍在研究你的數字，但我曾經 - 當我與投資者交談時，其中一件事是，如果你要在 2010 年取得如此驚人的增長，那麼獲得一個比方說 2011 年的數字更好？

We saw a similar instance a few years ago after the wonderful development in '06, there were a lot of concerns about 2007.

我們在幾年前看到了類似的例子，在 06 年的精彩發展之後，人們對 2007 年有很多擔憂。

I don't know if you can at this point comment about this?

我不知道你現在是否可以對此發表評論？

That's why we would -- the differentiation will come with the whole big whole picture and we'll give you an holistic overview on how we see the coming years.

這就是為什麼我們會 - 差異化將伴隨著整個大局，我們將為您提供我們如何看待未來幾年的整體概述。

And this is more than one subject to refer to and we will be more than happy to do it toward the end of the year.

這不僅僅是一個要參考的主題，我們將非常樂意在年底前完成。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

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

我們的下一個問題來自美國銀行 - 美林證券的 Greg Gilbert。

Please state your question.

請說出你的問題。

Thank you, guys.

感謝你們。

I wasn't going to ask an M&A question but your comments have piqued my interest, in that you talked about interest in generics and specialty and potentially other areas.

我不打算問併購問題，但你的評論激起了我的興趣，因為你談到了對仿製藥和專業以及其他潛在領域的興趣。

What are the so-called other areas that would you consider other than biologic?

除了生物學之外，您還會考慮哪些所謂的其他領域？

Well, for the time being I think it's about generic, specialties and biosimilars, first off.

好吧，目前我認為首先是仿製藥、專業藥和生物仿製藥。

Okay.

好的。

Thanks for that clarification.

謝謝你的澄清。

For Eyal, first of all, do you have a number for sales growth for the total Company, excluding the Barr acquisition, at this point for the quarter?

對於 Eyal，首先，您是否有整個公司的銷售增長數字，不包括 Barr 的收購，在這個季度的這個時候？

No but I'm sure you can the exercise with last year's base but we don't measure the Teva part separate from the Barr part.

不，但我確定您可以使用去年的基礎進行練習，但我們不會將 Teva 部分與 Barr 部分分開進行測量。

It's fully integrated six months into the closing of the production.

它在生產結束後的六個月內完全整合。

It's almost hard to distinguish between the different companies.

幾乎很難區分不同的公司。

So there are no two parts.

所以沒有兩部分。

If you want to take the base for last year, don't forget to add -- to reduce from that base about $100 million, which included products that we stopped selling as a result of the transaction and at one-time $53 million that Barr had into the future of 2008.

如果您想採用去年的基數，請不要忘記添加——從該基數中減少約 1 億美元，其中包括我們因交易而停止銷售的產品，以及 Barr 一次性銷售的 5300 萬美元已經進入了2008年的未來。

And then, of course, add the impact of foreign exchange for the comparison.

然後，當然還要加上外彙的影響進行比較。

That's an easier compare.

這樣比較容易。

But as to the two parts, there are no parts.

但是對於兩個部分，沒有部分。

It's one Company.

這是一家公司。

And on the Lonza JV, given this is a new part of the model going forward.

而在 Lonza JV 上，鑑於這是未來模型的新部分。

First, why wasn't the $40 million reimbursement excluded from non-GAAP?

首先，為什麼 4000 萬美元的報銷沒有被排除在非 GAAP 之外？

And is the $20 million loss below a line the good run rate to use in the next few quarters?

低於一條線的 2000 萬美元虧損是否是未來幾個季度使用的良好運行率？

All right, well, first of all, for the $40 million, we declined when we moved into our, what you guys call the [cash-and-carry] model, we defined very clearly what we were going to exclude for the non-GAAP results.

好吧，好吧，首先，對於 4000 萬美元，當我們進入你們所謂的 [現購自運] 模式時，我們拒絕了，我們非常清楚地定義了我們要排除的非-公認會計原則結果。

And we followed this very strictly.

我們非常嚴格地遵循了這一點。

So these kind of one-time pluses or minuses are not included and we will continue to report them in our non-GAAP results.

所以這些一次性的優點或缺點不包括在內，我們將繼續在我們的非 GAAP 結果中報告它們。

As to the number, it's a one-time item.

至於數量，那是一次性的。

In the future, -- most of the R&D was done in Teva and that will belong to the combined joint venture was already contributed.

未來，——大部分研發都在 Teva 完成，屬於合併後的合資企業的研發已經投入。

We might have a few more millions down the road but not as many.

未來我們可能還會有幾百萬，但不會那麼多。

But you see below the line, the $20 million our share and associate companies that were not consolidated, that is a direct result of this one time.

但是你看到線下，我們的 2000 萬美元的股份和聯營公司沒有合併，這是這一次的直接結果。

This is our 50% part of that $40 million.

這是我們在這 4000 萬美元中的 50%。

In the future, at least for the rest of 2009, we're not going to see these kind of numbers.

在未來，至少在 2009 年剩下的時間裡，我們不會看到這些數字。

The numbers that will be our share of the extent of the joint venture are going to be significantly lower.

我們在合資企業中所佔份額的數字將大大降低。

Now, if accounting treatment was not a little crazier, these numbers could be included -- to be acquired of Teva R&D expenses and that's how you have to look at it.

現在，如果會計處理不是有點瘋狂，這些數字可以包括在內——從 Teva 研發費用中獲得，這就是你必須如何看待它。

Okay, thanks, guys.

好的，謝謝，伙計們。

Our next question comes from rich Silver with Barclay's.

我們的下一個問題來自富銀與巴克萊銀行。

Please state your question.

請說出你的問題。

Hi, just a couple.

嗨，只是一對。

Back on R&D, Eyal, to make sure I heard correctly.

回到研發，Eyal，確保我沒聽錯。

Did you say going forward that a 7% of revenue ratio was the correct number?

您是否說過 7% 的收入比率是正確的數字？

Yes, you heard me correctly.

是的，你沒聽錯。

Approximately -- again, it could be 6.8% or 7.2% because it is not rocket science but this is where we believe our average will be for the year.

大約——同樣，它可能是 6.8% 或 7.2%，因為這不是火箭科學，但這是我們認為我們今年的平均水平。

Okay.

好的。

And then, you mentioned certain areas of Europe, Spain and Italy there have been some challenges.

然後，你提到了歐洲的某些地區，西班牙和意大利存在一些挑戰。

Can you elaborate and provide a little bit more of an outlook for those countries?

您能否詳細說明並提供更多關於這些國家的前景？

Gerard, would you take this one?

杰拉德，你要這個嗎？

Yes, I am happy to do so.

是的，我很樂意這樣做。

Across Europe, you've seen that the governments have been trying to counter the impact of some of the economic crisis by pushing on their health care budgets.

在整個歐洲，您已經看到各國政府一直在努力通過增加醫療保健預算來應對某些經濟危機的影響。

You also see consumers holding back on their spend in particular markets where co-payment is a relevant issue.

您還會看到消費者在共同支付是一個相關問題的特定市場中抑制支出。

And on top of that, we've seen quite aggressive and active competition from our competitors.

最重要的是，我們已經看到來自競爭對手的激烈競爭。

So, to be specific on Spain and what we see there is that the growth of the generic market has been less because of some competitive elements in there and some pressure on price, both from government and competition.

因此，具體到西班牙，我們所看到的是，由於那裡存在一些競爭因素以及來自政府和競爭的一些價格壓力，仿製藥市場的增長有所放緩。

It you look at Italy, the government has implemented on the 30 of April a whole new way of discount schemes and controlling the dynamics of the Italian market, which has made everybody very unsecure in the market.

你看看意大利，政府在 4 月 30 日實施了一種全新的折扣計劃和控制意大利市場動態的方式，這讓市場上的每個人都非常不安全。

In France, there is fierce competition between the top five companies.

在法國，排名前五的公司之間競爭激烈。

In the UK, going relatively well.

在英國，進展相對順利。

In Germany, you are aware of the business that's kicking in now.

在德國，您知道現在正在開展的業務。

So, just to give you the flavor of that.

所以，只是為了給你那種味道。

Central Europe has a lot of impact from the crisis as well.

中歐也受到危機的很大影響。

Within all of that, we've done very well.

在所有這些方面，我們做得很好。

We've grown our share, despite all the pressure on prices and from competition, we've grown our share and we held our share in many of these places.

我們已經擴大了我們的份額，儘管價格和競爭帶來了所有壓力，但我們已經擴大了我們的份額，並且我們在許多這樣的地方保持了我們的份額。

We are growing our top line but of course, it's in an environment that is slightly less [pliant] than it was previewed to be about 12 months ago.

我們正在增加我們的收入，但當然，它所處的環境比大約 12 個月前的預覽略微 [pliant]。

In terms of recovery, we believe that in Italy it will take a few months before it's all cleared out and then, I'll be in a better position to comment and that and really happened.

在恢復方面，我們相信在意大利需要幾個月的時間才能全部清除，然後我才能更好地發表評論，而且這確實發生了。

As a matter of fact, given the situation in Italy, it can only improve.

事實上，鑑於意大利的情況，它只能改善。

The penetration of generics is so low that there must be a way out forward in getting more generics in the market.

仿製藥的滲透率如此之低，以至於必須有一條出路才能在市場上獲得更多的仿製藥。

The same story applies for Spain.

同樣的故事也適用於西班牙。

To these two markets are very optimistic that they will recover.

對這兩個市場都非常樂觀，認為它們會復蘇。

And in France, outside of the competition on which, I course, I cannot comment, is saying that these things happen.

在法國，在比賽之外，當然，我不能評論，說這些事情發生了。

The underlying demand for the generics in that market is still very healthy, so we should expect it to pick up as well.

該市場對仿製藥的潛在需求仍然非常健康，因此我們應該預計它也會回升。

So when you're talking about competition in France, are you referring to some price competition that could continue?

所以當你談到法國的競爭時，你指的是一些可能持續的價格競爭嗎？

Yes, the question is about whether it will continue or not.

是的，問題是它是否會繼續下去。

That would be speculative.

那將是推測性的。

But there are a few companies that are -- and there some launch molecules that are coming on site and it's about the share income.

但是有一些公司 - 並且有一些發射分子正在現場進行，這與分享收入有關。

I think there are four or five companies currently competing for the share.

我認為目前有四五家公司在爭奪份額。

We're clearly number three.

我們顯然是第三名。

We overtook number three about six months ago and we stayed there.

大約六個月前，我們超過了第三名，我們留在那裡。

We are increasing the gap and after a local player in Ireland, we are number three.

我們正在擴大差距，在愛爾蘭本土球員之後，我們排名第三。

So it's difficult to predict whether this technique of gaining share will stay in place.

因此很難預測這種獲取份額的技術是否會繼續存在。

I don't expect that but it's a bit unpredictable to speculate on the strategies and tactics of our competitors, of course.

我不希望這樣，但當然，推測我們競爭對手的戰略和戰術有點不可預測。

Just one last one on women's health.

最後一篇關於女性健康的文章。

It seems like quarter to quarter there was a decline.

似乎每個季度都在下降。

Is that a function of buying patterns, which we had previously seen when Barr was a stand-alone company?

這是我們之前在 Barr 還是一家獨立公司時看到的購買模式的功能嗎？

Rich, it's Bill Marth.

Rich，我是 Bill Marth。

With respect to it being a decline, no, we don't really see it that way.

關於它的下降，不，我們真的不這麼看。

There was a little bit of destocking with respect to some of the nonpromoted grams, a small amount.

一些非促銷克有一點去庫存，少量。

And we did slow down Plan B a bit because of the anticipated launch of Plan B one-step.

我們確實放慢了 B 計劃，因為 B 計劃的預期啟動是一步到位的。

But other than that, there was a gain year-over-year.

但除此之外，還有同比增長。

Thank you.

謝謝你。

Rich, if I may add on Europe because I think it's important.

Rich，如果我可以添加歐洲，因為我認為它很重要。

Europe is the greatest potential for growth for the future of both because of the size of this region and for the lower level of generic penetration.

歐洲是未來最大的增長潛力，因為該地區的規模和仿製藥滲透率較低。

It is important to look at it from an overall perspective.

重要的是要從整體的角度來看待它。

If you look on our position in Europe, we are right now the number one player.

如果你看看我們在歐洲的地位，我們現在是頭號玩家。

Out of the seven or eight key countries of Europe, we are the number one in UK, Italy and Netherlands.

在歐洲七八個主要國家中，我們是英國、意大利和荷蘭的第一。

We are number three, as Gerard just said, in France, Spain, Poland and lately also in Hungary.

正如杰拉德剛才所說，我們在法國、西班牙、波蘭以及最近在匈牙利排名第三。

So we are strengthening and enhancing our position market share-wise in this important region of the world.

因此，我們正在加強和提高我們在世界這個重要地區的市場份額地位。

And at the end of the day, the economy is going to recover and generics will prevail there because of the same attachment that we see in every developed country and Europe is not excluded.

最終，經濟將復蘇，仿製藥將在那裡盛行，因為我們在每個發達國家都看到了同樣的依戀，歐洲也不排除在外。

So we believe that we are strengthening and we're gaining market share and definitely the future for growth there is there and we are going to grab it.

因此，我們相信我們正在加強，我們正在獲得市場份額，並且肯定會有增長的未來，我們將抓住它。

Thank you.

謝謝你。

Thank you.

謝謝你。

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

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

Please state your question.

請說出你的問題。

Great, thanks.

太謝謝了。

I just had a question on the Adderall XR Citizens Petition.

我剛剛對 Adderall XR Citizens Petition 有疑問。

If there's been any new communications between yourself and the FDA?

你和 FDA 之間是否有任何新的溝通？

Any thoughts you can give us and whether you've included or not included it in the 2010 guidance?

您有什麼想法可以給我們，您是否已將其包含在 2010 年指南中？

And Shire has publicly talked about maybe divesting the product.

Shire 已經公開談論可能剝離該產品。

Maybe thoughts you can add to that or maybe any of your interests?

也許您可以添加一些想法或者您的任何興趣？

And then, also, if you can comment on -- your Fentanyl share seems to be remaining relatively low and some thoughts on when you might see some further penetration in that market?

然後，如果你能評論 - 你的芬太尼份額似乎仍然相對較低，以及你什麼時候可以看到該市場進一步滲透的一些想法？

Yes, Ken, just a quick one.

是的，肯，只是一個快速的。

With respect Adderall, of course, we're really happy with the share.

當然，關於 Adderall，我們對分享感到非常高興。

I think for the last weeklies I saw, which are now two weeks old, are about 58.6% share on its to the 70% share.

我認為在我看到的最近兩週的周刊中，其份額約為 58.6% 至 70%。

So I think that's exactly where we want it to be.

所以我認為這正是我們想要的。

With respect to the Citizens Petition, we really don't want to comment on the Citizens Petition.

關於公民請願書，我們真的不想評論公民請願書。

I don't really have any more knowledge on the Citizens Petition that you do or anyone else does at that this point in time.

在這個時間點，我對你或其他任何人所做的公民請願書的了解並不多。

And with -- the other question was --?

並且 - 另一個問題是 -？

The Fentanyl.

芬太尼。

The Fentanyl, as we've been telling you, we're going to move up that share.

芬太尼，正如我們一直告訴你的那樣，我們將提高這一份額。

We have so far business at the [Captain] and Rite Aid.

到目前為止，我們在 [船長] 和 Rite Aid 有業務。

We also are pursuing some other business currently.

我們目前也正在從事其他一些業務。

I don't have it secured yet.

我還沒有保護它。

I wish I had it in the numbers but I don't have it secured yet.

我希望我有它在數字中，但我還沒有得到它的保護。

But I believe we will we will be there at the shares we said we would be.

但我相信我們會按照我們說的那樣去那裡。

And then, for Gerard, as you talk about the different various countries, there's different competitors in each country and it still seems like a pretty fragmented market.

然後，對於杰拉德來說，當你談到不同的國家時，每個國家都有不同的競爭對手，而且它看起來仍然是一個相當分散的市場。

Can you -- it sounds a bit like the US in the mid-90's and eventually that -- the marketplace got consolidated.

你能不能——這聽起來有點像 90 年代中期的美國，最終——市場得到了鞏固。

Should we just be continuing to assume you're going to be selective in how you put together your European strategy?

我們是否應該繼續假設您將有選擇性地制定歐洲戰略？

We might see quite a bit more consolidation and smaller players fall out or how should we look five years forward in this European market?

我們可能會看到更多的整合和較小的參與者退出，或者我們應該如何展望這個歐洲市場的五年？

Yes, I think it will be unavoidable to see some of the smaller players disappear or being eaten by the bigger players.

是的，我認為看到一些小玩家消失或被大玩家吃掉是不可避免的。

What you will end up seeing in five years in Europe is three or four main players.

五年後，你最終會在歐洲看到三到四名主要球員。

You'll see a handful of more [uniform] players that are specialized in a few markets or that are specialized into a few sort of specific technologies.

你會看到一些更[統一]的玩家，他們專注於一些市場或專注於幾種特定技術。

And so that will take, which has a lot in common of what you've seen in the US.

所以這將需要，這與你在美國看到的有很多共同點。

I think the main element of time influence here is the fact that the unification and the harmonization of markets across Europe is just taking its time.

我認為這裡時間影響的主要因素是整個歐洲市場的統一和協調只是在慢慢來。

So, we're still dealing with products that were, as I said before, the change of the century.

所以，正如我之前所說，我們仍在處理那些改變了世紀的產品。

And therefore, there's a lot of diverged way of filings and stuff going on.

因此，有很多不同的申請方式和事情正在發生。

Since the late 90's, early this century, you see that there is much more stratification and comparability and discipline on how the legislation has been implemented in terms of regulatory procedure.

自上世紀 90 年代末、本世紀初以來，您會看到在監管程序方面如何實施立法方面存在更多的分層、可比性和紀律性。

So, you will see much more of that coming together in the next few years.

所以，在接下來的幾年裡，你會看到更多的東西聚集在一起。

And people will, therefore, either stop selling or they will sell their business to someone else or you will see people specializing and surviving the cut.

因此，人們要么停止銷售，要么將他們的業務賣給其他人，或者你會看到人們專攻並倖免於難。

Thank you.

謝謝你。

(Operator Instructions) Our next question comes from Elliot Wilbur from Needham and Company.

（操作員說明）我們的下一個問題來自 Needham and Company 的 Elliot Wilbur。

Please state your question.

請說出你的問題。

Thanks, good morning.

謝謝，早上好。

Maybe just following up on the acquisition team here and specifically for Bill.

也許只是跟進這裡的收購團隊，特別是比爾。

You've talked in the past about basically expanding your women's health care business to roughly a $1 billion sales market.

您過去曾談到基本上將您的女性保健業務擴展到大約 10 億美元的銷售市場。

I'm just wondering maybe if you could just give us a little bit color in terms of how you plan to get there?

我只是想知道你是否可以就你計劃如何到達那裡給我們一些顏色？

Is this more of an organic or inorganic target?

這更像是一個有機目標還是無機目標？

You're talking about expanding your therapeutic footprint across women's health and does this include sort of a combination of brand and generic initiatives?

您是在談論擴大您在女性健康領域的治療足跡，這是否包括某種品牌和通用計劃的結合？

Well, it doesn't include generic initiatives.

好吧，它不包括通用計劃。

It's really branded.

真的是名牌

Elliot.

埃利奧特。

I think the issue really is about developing with a broad basket across the market.

我認為問題實際上是關於在整個市場上開發一個廣泛的籃子。

And in that market segment, when you're thinking of women's health care and you have a GYN's office, there are many areas for us to look into besides just contraception.

在那個細分市場中，當您考慮女性醫療保健並且您有 GYN 辦公室時，除了避孕之外，我們還有很多領域需要研究。

Hormone replacement therapy and you can go farther afield into fertility.

激素替代療法，您可以在生育方面走得更遠。

You can also think about urinary incontinence and a variety of other areas that are in this particular basket.

您還可以考慮尿失禁和這個特定籃子中的各種其他領域。

Women, in general, will use their OBGYN as their, per se, general practitioner.

一般來說，女性會將她們的 OBGYN 用作她們本身的全科醫生。

So, I think we can get broader reach with our reps in that particular division.

因此，我認為我們可以通過該特定部門的代表獲得更廣泛的影響。

Okay.

好的。

And then a follow-up question and probably for you as well, Bill.

然後是一個跟進問題，可能也是給你的，比爾。

Recently, we've seen more and more occurrences of systemic G&P issues across the generic industry.

最近，我們看到越來越多的仿製藥行業出現系統性 G&P 問題。

And obviously, in certain product situations, you're kind of a direct beneficiary there.

顯然，在某些產品情況下，您是那裡的直接受益者。

But in thinking about the customer base, do you think that there is -- has been a shift or is there potentially going to be a shift in terms of the supply chain focusing more on quality and reliability vis-a-vis price?

但是在考慮客戶群時，您認為供應鍊是否已經發生了轉變，或者是否有可能發生轉變，供應鏈更多地關注質量和可靠性而不是價格？

And we might actually see sort of a reflection of the quality per unit?

我們實際上可能會看到單位質量的某種反映？

Yes, I think the only thing you can say is that quality is issue.

是的，我認為你唯一能說的就是質量問題。

Price has been a predominant factor for quite some time.

很長一段時間以來，價格一直是一個主導因素。

But we've always talked about the fact that you need to have price combined with the ability to supply and quality.

但我們一直在談論這樣一個事實，即您需要將價格與供應能力和質量相結合。

And I think that all of our purchasers today are really thinking about all those aspects, when they're making their purchases.

而且我認為我們今天所有的購買者在購買時都在考慮所有這些方面。

Thank you,

謝謝，

Our next question comes from Mark Goodman with UBS.

我們的下一個問題來自瑞銀集團的 Mark Goodman。

Please state your questions.

請陳述您的問題。

Bill, could you please give us a sense of US new product launches that we should expect in the second half?

Bill，你能給我們介紹一下下半年我們應該期待的美國新產品發布嗎？

And could you give us a sense of what to look for?

你能告訴我們要尋找什麼嗎？

And then secondly, just respiratory pipeline, can you give us a sense of how many products are in the pipeline?

其次，就呼吸管線而言，您能告訴我們有多少產品在管線中嗎？

You mentioned one, which is really the first time you've kind of mentioned something, which actually started my interest in the respiratory.

你提到了一個，這真的是你第一次提到一些東西，這實際上引起了我對呼吸系統的興趣。

And so, is there a pipeline of 10 products across the board that we should expect to be launching in the next five years?

那麼，我們是否應該期望在未來五年內全面推出 10 種產品？

Or just give us a sense of the magnitude of what's going on in the respiratory pipeline.

或者只是讓我們了解呼吸管道中發生的事情的嚴重性。

Okay.

好的。

Well, let's start off, of course, with the generic launches.

好吧，當然，讓我們從通用發布開始。

Of course, I can't and won't list for you all the products.

當然，我不能也不會為你列出所有的產品。

When you think about the total launches that remain that we can potentially launch in 2009, you still have about 25 that we can do, worth about $23 billion of innovative value.

當你考慮我們在 2009 年可能推出的剩餘產品總數時，你仍然有大約 25 個我們可以做，價值約 230 億美元的創新價值。

About 10 of which are active Paragraph 4, so never know exactly when they're going to come.

其中大約有 10 個在第 4 段中處於活動狀態，因此永遠不知道它們何時會出現。

Some of the things you absolutely know, the enoxaparins.

有些事情你絕對知道，依諾肝素。

The enoxaparin, of course, is not a Paragraph 4 but that is situation where everyone is waiting for the FDA to act.

依諾肝素當然不是第 4 段，但這是每個人都在等待 FDA 採取行動的情況。

But there's products in litigation like gemcitabine.

但是訴訟中有一些產品，例如吉西他濱。

Other products like lansoprazole that are not in litigation that we know, only of the date certain of November 10.

其他產品，如蘭索拉唑，我們知道不在訴訟中，僅在 11 月 10 日確定的日期。

We also know the ODT, of course, is in litigation and that we expect --we hope to get a ruling before that.

當然，我們也知道 ODT 正在訴訟中，我們希望能夠在此之前做出裁決。

We also hope to get through oxaliplatin before then.

我們也希望在那之前打通奧沙利鉑。

Montelukast sodium is out there, [nazerapine].

孟魯司特鈉在那裡，[nazerapine]。

There's a whole bunch of others, Relaxane and [selanene] out there.

還有一大堆其他藥物，Relaxane 和 [selanene]。

And we still believe there's a number of launches that are still very likely within 2009.

而且我們仍然相信在 2009 年內仍然很有可能推出一些產品。

The second question with respiratory.

第二個問題與呼吸有關。

I don't think we're going to go out and disclose coming Phase III's yet.

我認為我們不會出去透露即將到來的第三階段。

We've disclosed one.

我們已經披露了一個。

We've told you they're there.

我們已經告訴過你他們在那裡。

We are going to do this one at a time.

我們將一次做一個。

All right, thank you.

好噠。謝謝你們。

Thank you.

謝謝你。

Our next question comes from John Boris with Citi.

我們的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 question.

感謝您提出問題。

Along the lines of the M&A team and the balanced business model that you're looking to create, Shlomo, going forward.

沿著併購團隊的路線和您希望創建的平衡商業模式，Shlomo，向前邁進。

The question may be more directed towards Bill and America.

這個問題可能更針對比爾和美國。

As far as your percent of branded sales, can you just comment on what percent of your products come from branded sales?

至於品牌銷售額的百分比，您能否評論一下您的產品中有多少百分比來自品牌銷售額？

And then, is a certain percent of your business going forward that you would like to see coming from branded products going forward?

然後，您是否希望看到未來一定比例的業務來自品牌產品？

Also on the North American revenue, can you provide any color as far as the percent of generic sales that were sold in the quarter and the growth on generics in North America?

另外，關於北美收入，您能否提供有關本季度銷售的仿製藥銷售額百分比和北美仿製藥增長的任何顏色？

On then, on the international side of the business, Gerard, can you speak at all to the breakout of the international sales and the growth in some of those markets in constant currency?

那麼，在業務的國際方面，杰拉德，你能否談談國際銷售的突破以及其中一些市場以固定匯率計算的增長？

Thanks.

謝謝。

Yes, John, I think they're going to limit to you 12 questions.

是的，約翰，我想他們會限制你 12 個問題。

So, we'll start -- I think Shlomo wants to start here and then we will move along.

所以，我們將開始——我認為 Shlomo 想從這裡開始，然後我們將繼續前進。

Before I turn to Bill, I think it's important to get back to our fundamentals, what I call the Teva balanced business model.

在我轉向比爾之前，我認為回到我們的基本面很重要，我稱之為 Teva 平衡商業模式。

When it comes to segments of business, it's about 75 generics, including the API business that we have and 25 branded business where we have, of course, now our own brand of Copaxone.

談到業務領域，大約有 75 個仿製藥，包括我們擁有的 API 業務和我們擁有的 25 個品牌業務，當然，現在我們擁有自己的 Copaxone 品牌。

But we also developed some other brands regarding our respiratory and women's health businesses.

但我們還開發了一些與我們的呼吸系統和女性健康業務相關的其他品牌。

And we look at this ratio on the business because we believe the business is a good balance between the two different business models that actually have synergies and more than that in between.

我們之所以關注這個業務比率，是因為我們相信該業務是兩種不同業務模式之間的良好平衡，這兩種業務模式實際上具有協同效應，而且比兩者之間的協同效應還要多。

When it comes to geography, as you know, 60% of our business is, roughly speaking, coming from North America.

說到地理，如您所知，我們 60% 的業務大致上來自北美。

And we have about 15% from Europe.

我們有大約 15% 來自歐洲。

And we've developing the international business, as we see this as our growth -- or one of the most successful growth drivers of the future.

我們正在發展國際業務，因為我們認為這是我們的增長——或者是未來最成功的增長動力之一。

So you may expect that our international business should grow and take more part of the pie in the coming years.

因此，您可能會期望我們的國際業務在未來幾年內增長並佔據更大份額。

And with that, I would return to Bill.

有了這個，我會回到比爾。

Yes, John, we're not going to necessarily break out the numbers here on the branded business for North America.

是的，約翰，我們不一定要在這裡打破北美品牌業務的數字。

I think that Shlomo has said it well in the sense that our brand of business is -- we are about a 75%/25% business today.

我認為 Shlomo 在我們的業務品牌的意義上說得很好——我們今天大約有 75%/25% 的業務。

The larger portion of the sales today in the US are definitely generic.

今天在美國的大部分銷售額絕對是仿製藥。

That's for sure.

這是肯定的。

But I don't think, as Shlomo has said, we want to look at this as a North American thing.

但我不認為，正如 Shlomo 所說，我們想將其視為北美的事情。

As we move forward, whether the ratio for Teva is 70%/30% or 65%/35%, it really doesn't matter.

隨著我們的前進，Teva 的比例是 70%/30% 還是 65%/35%，這真的無關緊要。

We need to expand it not just to North America.

我們不僅需要將其擴展到北美。

It's not just a North American business.

這不僅僅是一家北美企業。

It's a global business.

這是一項全球性業務。

Thank you.

謝謝你。

Our next question comes from Corey Davis with Natixis.

我們的下一個問題來自 Natixis 的 Corey Davis。

Please state your question.

請說出你的問題。

Thanks.

謝謝。

First, on Copaxone, what I"m seeing for the quarter was 15% volume growth and if revenue grew -- is just viewed as revenue grew 21%, that would 6% on price.

首先，在 Copaxone 上，我在本季度看到的是 15% 的銷量增長，如果收入增長——僅被視為收入增長 21%，那麼價格將增長 6%。

A, is that close?

A，那很近嗎？

And B, is that similar in Europe?

B，歐洲也一樣嗎？

And C, tying into the last question, is the contribution from Copaxone to net income in this quarter above or below the revenue contribution at about 20%?

C，關於最後一個問題，Copaxone 對本季度淨收入的貢獻是高於還是低於收入貢獻約 20%？

Yes, Corey , you were saying that you were looking at the growth on Copaxone at being about 15% on a -- are you looking at a unit basis, dollar basis, what were you

是的，科里，你是說你看到 Copaxone 的增長率大約是 15%——你是在看一個單位，以美元為基礎，你是什麼

Sorry.

對不起。

I'm trying to build up the components of the revenue growth in the US of 21%.

我正試圖建立 21% 的美國收入增長的組成部分。

And from volume growth, it looks it's like around 15%, which would leave 6% on price.

從銷量增長來看，它看起來大約 15%，這將在價格上留下 6%。

Is that correct?

那是對的嗎？

No.

不。

The units were -- units shipped were about 10.8% up.

這些單位是 - 出貨量增長了約 10.8%。

If you look at GRX, that's about 11% up.

如果你看看 GRX，那大約上漲了 11%。

So the rest is on price?

那麼剩下的就是價格了？

The rest is price, the balance would be price.

剩下的就是價格，餘額就是價格。

And is it similar in Europe?

歐洲也一樣嗎？

In Europe, actually this is more so.

在歐洲，實際上更是如此。

Most of the growth is units.

大部分增長是單位。

But we don't see any effect on the prices other than the FX, of course.

但當然，除了外匯之外，我們看不到對價格有任何影響。

Yes, there's a 20% headwind on FX.

是的，外匯有 20% 的逆風。

And then, a lot of -- most of the increase was on the quantity and not on price.

然後，很多 - 大部分增長是數量而不是價格。

In Europe, we grow by unit by 28% in Europe.

在歐洲，我們在歐洲的銷量增長了 28%。

The gist of the question is how much longer is the price growth sustainable as all the MS therapies come closer to Tysabri in price?

問題的要點是，隨著所有 MS 療法的價格都接近 Tysabri，價格增長還能持續多久？

Well, Corey, I think the answer to that question is that we can't answer that.

好吧，科里，我認為這個問題的答案是我們無法回答。

And at this point in time, we have always been a price follower and not price leader and so we continue to do that.

在這個時候，我們一直是價格跟隨者而不是價格領導者，所以我們繼續這樣做。

We have the number one therapy, both globally and of course, in North America.

我們擁有全球第一的療法，當然，在北美也是如此。

So, we don't think it is appropriate that we'd be the lowest priced product.

因此，我們認為我們成為價格最低的產品是不合適的。

So, we'll continue to follow where the market goes.

因此，我們將繼續關注市場走向。

And then, the last part of that question is combination to yet income versus revenue.

然後，該問題的最後一部分是收入與收入的組合。

Is it higher or lower?

它是更高還是更低？

Yes, Corey, you know that we do not provide separate product line by their profitability or contribution for commercial reasons.

是的，科里，你知道我們不會根據商業原因的盈利能力或貢獻來提供單獨的產品線。

But you could assume, obviously, that our branded business, and that includes Copaxone and Azilect is more profitable than the generic business.

但顯然，您可以假設我們的品牌業務（包括 Copaxone 和 Azilect）比仿製藥業務更有利可圖。

So, its contribution to profit is higher than its contribution to sales and as we said before, it's about 25%/75% in sales.

因此，它對利潤的貢獻高於對銷售額的貢獻，正如我們之前所說，它對銷售額的貢獻約為 25%/75%。

The proportion in the profit during operating profit leans little more towards the branded in day to day.

營業利潤在利潤中所佔的比例越來越傾向於日常品牌。

But we're not breaking the numbers out precisely.

但我們並沒有準確地分解出這些數字。

And presumably, that will go up as the Sanofi royalty goes down over time?

據推測，隨著賽諾菲特許權使用費的下降，這一數字會隨著時間的推移而上升嗎？

Can you say is again, please?

你能再說一次嗎？

Can you repeat?

你可以重複嗎？

Well, the profitability presumably will go up as payments to Sanofi will go down?

那麼，隨著向賽諾菲支付的款項減少，盈利能力可能會上升？

Well next year, as you know, there is a paid back from Sanofi Aventis and we stop paying their royalties in the US market, of course, that will improve profitability of Copaxone.

明年，如你所知，Sanofi Aventis 將支付一筆款項，我們將停止支付他們在美國市場的特許權使用費，當然，這將提高 Copaxone 的盈利能力。

2011 and 2012, our agreement in them, in the Azilect territories comes to an end.

2011 年和 2012 年，我們在 Azilect 地區的協議到期。

And that will again improve the profitability.

這將再次提高盈利能力。

But this is something that you can calculate.

但這是你可以計算的。

We're paying them in the US today 25% royalties on sales.

我們今天在美國向他們支付 25% 的銷售特許權使用費。

And sales we have disclosed and they're published.

我們已經披露並公佈了銷售額。

This exactly the number, of course, it's 2010 numbers, not 2008.

這正是數字，當然，這是 2010 年的數字，而不是 2008 年的數字。

Great, that helps.

太好了，這有幫助。

Thank you.

謝謝你。

You're welcome.

別客氣。

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。

What are your thoughts on the future of settlements a la [Soladine] this past quarter?

您對過去一個季度 [Soladine] 定居點的未來有何看法？

Are we going to see more creative solutions in the future?

我們將來會看到更多創造性的解決方案嗎？

Hi, Scott.

嗨，斯科特。

This is Bill Marth.

我是比爾·馬斯。

With respect to settlements, again, we're just reacting to the market.

關於和解，我們只是對市場做出反應。

There are many settlement bills that exist today within both the Senate and the House.

今天參議院和眾議院都存在許多和解法案。

Considering the settlement, which has had a chilling effect on settlements today.

考慮到定居點，它對今天的定居點產生了寒蟬效應。

All of the settlements that we have just recently done, being [Udethanide,] Soladine and now [Ortho-trilo] have all been gate of entry settlements, which of been -- would be legal within the toughest of the provisions that are offered out there there today.

我們最近完成的所有定居點，如 [Udethanide、] Soladine 和現在的 [Ortho-trilo] 都是入境定居點的大門，其中 - 在所提供的最嚴格的規定範圍內是合法的今天在那裡。

So, the answer -- it's kind of long answer to simply to be say that whatever the rules that are put in place by the government or the FTC, the market will adapt to that.

所以，答案——這是一個很長的答案，只是說無論政府或 FTC 制定什麼規則，市場都會適應它。

And that's what we're doing.

這就是我們正在做的。

Okay.

好的。

And then, just secondly, is there any update on the (Inaudible) versus file status, and if not, what are your thoughts on brands just going forward to be listing patents.

然後，其次，是否有任何關於（聽不清）與文件狀態的更新，如果沒有，您對即將上市專利的品牌有何看法。

Yes, I think you know that we argued that rather recently and we feel pretty good about the argument.

是的，我想你知道我們最近爭論過這個問題，我們對這個爭論感覺很好。

We think the judge understood the issues very, very well.

我們認為法官非常非常了解這些問題。

I think the judge understands the brand's tactics here.

我認為法官在這裡了解品牌的策略。

So, we feel pretty good about that argument and we hope to get a response fairly quickly.

所以，我們對這個論點感覺很好，我們希望能很快得到回應。

Okay.

好的。

Thank you.

謝謝你。

Our next question comes from Tim Chiang with FTN Equities.

我們的下一個問題來自 FTN Equities 的 Tim Chiang。

Please state your question.

請說出你的問題。

Hi, thanks.

你好謝謝。

I wanted to ask you about the Singulair patent challenge case.

我想問你有關 Singulair 專利挑戰案的問題。

When do you expect a decision out of that court?

您預計該法院何時做出決定？

Your guess is as good as ours.

你的猜測和我們的一樣好。

At this point in time, there's no way of telling.

在這個時間點，沒有辦法告訴。

Okay.

好的。

And then, just one follow-up.

然後，只有一個跟進。

I wanted to get your thoughts on this whole exclusivity with biologics.

我想了解您對生物製劑的整個排他性的看法。

Looking back at the exclusivity periods for just pharmaceuticals, it took a long time to sort of work out all the details.

回顧僅針對藥品的獨占期，我們花了很長時間才弄清所有細節。

What inning do you guys think we're in with this whole exclusivity debate for biologics?

你們認為我們對生物製劑的整個排他性辯論處於哪一局？

Well, I would say to that that I think we're still very much in the early innings.

好吧，我要說的是，我認為我們仍處於早期階段。

This was the first bill that came out and so, there are several other bills and junctures for us pass.

這是出台的第一份法案，因此還有其他幾項法案和關鍵時刻需要我們通過。

The White House over over the weekend, again, advocated seven years.

白宮週末再次主張七年。

Waxman is out there with five years.

韋克斯曼在那裡待了五年。

FTC says zero.

FTC 說零。

And of course, we got out of the Senate Health Committee at 12.

當然，我們在 12 點離開了參議院衛生委員會。

So, I think there's a lot of the balancing act yet to occur but I think it's early in the game.

所以，我認為還有很多平衡行為尚未發生，但我認為這是遊戲的早期階段。

Great.

偉大的。

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。

Thanks.

謝謝。

Just a quick question following up on that patent settlement discussion earlier.

只是在之前的專利和解討論之後提出一個簡短的問題。

From an industry perspective, does the prospect of patent settlement legislation slow down near term settlement activity, accelerate near term activity or usually have no impact?

從行業角度來看，專利和解立法的前景是減緩近期和解活動、加速近期活動還是通常沒有影響？

And I just have a quick follow-up from there.

我只是從那裡快速跟進。

Well, Chris, I think the answer to that is kind of what I said in the sense that the industry will adopt whatever standard is set.

好吧，克里斯，我認為這個問題的答案就是我所說的，即行業將採用任何設定的標準。

If the rules say, with a bright line, with date of entry settlement, it almost seems like Teva will be about the only company that can settle because we can launch at risk.

如果規則明確規定進入結算日期，Teva 似乎將成為唯一一家可以結算的公司，因為我們可以冒著風險啟動。

We do launch at risk.

我們確實冒著風險發射。

And then, we get to a point of a date of entry settlement.

然後，我們到達了進入結算日期的時間點。

So, that almost doesn't seem like a pretty good place to go.

所以，這似乎不是一個很好的去處。

And again, we're looking for a settlement bill that is really rights for the American consumer.

再一次，我們正在尋找真正適合美國消費者的和解法案。

And we don't think a bright line bill is right for the American consumer.

而且我們認為明確的法案不適合美國消費者。

Great.

偉大的。

And just a quick follow-up.

并快速跟進。

Just on the new formulation for Copaxone you mentioned on the last quarter's call, can you give just us a sense of where that study is in terms of enrollment?

就您在上個季度的電話會議上提到的 Copaxone 新配方而言，您能否讓我們了解一下該研究在註冊方面的進展情況？

And are you on track to sell data with that by year end?

您是否有望在年底前銷售數據？

Thanks.

謝謝。

Yes, we had mentioned in our previous quarter, we embarking to the study of Copaxone at 25 ML.

是的，我們在上一季度提到過，我們著手研究 25 ML 的 Copaxone。

And things are going as planned and we are planning to conclude it in the coming months and to expose it to the market in 2010.

事情正在按計劃進行，我們計劃在接下來的幾個月內完成，並在 2010 年將其推向市場。

Thank you.

謝謝你。

Our next question comes from David Risinger with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 David Risinger。

Please state your question.

請說出你的問題。

Sorry about that.

對於那個很抱歉。

Thank you very much.

非常感謝。

Could you just discuss your gross margin trend in the United States?

你能談談你在美國的毛利率趨勢嗎？

You mentioned 58% is the gross margin this quarter for the total Company but could you talk about US trends?

你提到 58% 是本季度整個公司的毛利率，但你能談談美國的趨勢嗎？

And then, for the total Company, I don't know if you provide this but if you could provide some perspective in your generics business, so excluding the branded side of the Company, what the medium term outlook is for the gross margin?

然後，對於整個公司，我不知道你是否提供了這個，但如果你能提供一些關於你的仿製藥業務的觀點，那麼不包括公司的品牌方面，毛利率的中期前景是什麼？

Thank you.

謝謝你。

We -- I can refer to our consolidated overall gross margin.

我們——我可以參考我們的綜合總毛利率。

We don't break it on a geographical basis or we don't break it, as we said before, on a product line basis.

正如我們之前所說，我們不會在地理基礎上打破它，或者我們不會在產品線基礎上打破它。

But I could give you some some information regarding the gross margin.

但我可以給你一些關於毛利率的信息。

The combined gross margin was 58.5%, which is the highest that we have reported, in the past few years at least.

綜合毛利率為 58.5%，這是我們報告的最高水平，至少在過去幾年是這樣。

Resulting mostly from a very good product mix.

主要來自非常好的產品組合。

We had more branded, innovative and new launches as part of our product mix, which we've created higher gross margin.

作為我們產品組合的一部分，我們推出了更多品牌、創新和新產品，我們創造了更高的毛利率。

There was some impact of foreign exchange where we -- we produce -- many of our products are being produced in on non-seller environment.

我們生產的外匯對我們產生了一些影響，我們的許多產品都是在非賣方環境中生產的。

But on a gross margin, that input was relatively small.

但就毛利率而言，這一投入相對較小。

But it's mostly driven by the right product mix and by efficiency measures that we've been taking from the middle of last year.

但這主要是由正確的產品組合和我們從去年年中開始採取的效率措施推動的。

Many of them are general and of course, the Barr integration with all the actions that we have taken is helping us also to reduce our costs of sales.

其中許多是一般性的，當然，Barr 與我們採取的所有行動的整合也幫助我們降低了銷售成本。

But, again, specifically for your geography, this is -- we are not breaking that out.

但是，再一次，特別是對於你的地理位置，這是 - 我們沒有打破它。

And, therefore, could refer to how we see the generic business in the US but not in terms of the gross margin.

因此，可以參考我們如何看待美國的仿製藥業務，而不是毛利率。

Yes, David.

是的，大衛。

It's really tough for us to comment on that.

我們真的很難對此發表評論。

And we don't want to be coy here because the issue really becomes, we have a good solid base business but we also have a very active Paragraph 4 business, which carries with it a disproportionate margin.

我們不想在這裡含糊其辭，因為問題真的變成了，我們有一個良好的堅實基礎業務，但我們也有一個非常活躍的第 4 段業務，它帶來了不成比例的利潤。

And it's really dependent on how successful we are in a particular year, in a particular quarter on our Paragraph 4 business.

這實際上取決於我們在特定年份、特定季度在第 4 段業務中的成功程度。

So there is -- as Eyal rightly said there are mix issues.

因此，正如 Eyal 正確所說的那樣，存在混合問題。

There are mix with engineering.

有混合與工程。

And it's not always just Paragraph 4's.

並不總是只有第 4 段。

It may be those that are difficult or complex products.

它可能是那些困難或複雜的產品。

Recently, we came to market with Ursodiol tablets.

最近，我們推出了 Ursodiol 片劑。

We happened to get there first, ahead of other people.

我們碰巧先到那裡，領先於其他人。

And so, that helped us on the margin side.

因此，這在利潤方面幫助了我們。

If we were to get a more difficult product like enoxaparin, that we hope at some point in time it is approved.

如果我們要獲得像依諾肝素這樣更困難的產品，我們希望它能在某個時間點獲得批准。

We think the margins there are more favorable.

我們認為那裡的利潤率更有利。

So, it is a balancing act and it is definitely a mix.

因此，這是一種平衡行為，絕對是一種混合。

Thank you.

謝謝你。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

I will now turn the conference over to Mr.

我現在將會議轉交給先生。

Yanai for some concluding remarks.

Yanai 作一些總結性發言。

Thank you.

謝謝你。

Thank you, Diego and thank you all very much for joining us today.

謝謝你，迭戈，非常感謝大家今天加入我們。

Thanks.

謝謝。

Ladies and gentlemen, this concludes today's teleconference.

女士們，先生們，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。