Teva Pharmaceutical Industries Ltd (TEVA) 2009 Q3 法說會逐字稿

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

歡迎來到 Teva Pharmaceutical Industries 2009 年第三季度業績電話會議。

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, you may begin.

謝謝，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 third quarter 2009 earnings call.

歡迎來到 Teva 2009 年第三季度財報電話會議。

We hope you 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 Odijk, 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 Odijk。

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 refer in his prepared comments to non-GAAP gross margins, operating profit, net income, and EPS.

請注意，Shlomo 將在他準備好的評論中提及非 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.

然後我們將開放問答環節。

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.

歡迎大家。

Thank you for joining us today as we review Teva's results for the third quarter of 2009.

感謝您今天與我們一起回顧 Teva 2009 年第三季度的業績。

This was a superb quarter for Teva with record breaking results across-the-board, including record sales, growth and operating profit, net income, cash flow, and EPS.

對於 Teva 來說，這是一個出色的季度，其全面創紀錄的業績，包括創紀錄的銷售額、增長和營業利潤、淨收入、現金流和每股收益。

Teva's net sales in Q3 reached a record $3.6 billion with gross margin of 68.2%.

梯瓦第三季度淨銷售額達到創紀錄的 36 億美元，毛利率為 68.2%。

We approached the $1 billion mark in quarterly operating profit, reaching $997 million, a 32% increase over the third quarter of 2008, and for the first time we crossed the $1 billion mark in quarterly cash flow from operations.

我們的季度營業利潤接近 10 億美元大關，達到 9.97 億美元，比 2008 年第三季度增長 32%，而且我們的季度運營現金流量首次突破 10 億美元大關。

Net income through the quarter reached $806 million, and all of this ultimately brought us to EPS of $0.89.

本季度淨收入達到 8.06 億美元，所有這些最終使我們的每股收益達到 0.89 美元。

Teva's growth in both the top and bottom line in Q3 was driven by contributions from the [cross-sell] of diverse businesses and geographies as well as by the continued speed and efficiency of the Barr integration, a subject that we will say more about after a quick review of the performance of our major businesses during the quarter.

Teva 在第三季度的收入和利潤增長是由不同業務和地區的 [交叉銷售] 的貢獻以及 Barr 整合的持續速度和效率推動的，我們將在後面詳細討論這個主題快速回顧本季度我們主要業務的表現。

In North America, we had an excellent quarter with pharma sales of $2.2 billion, up 34% over the third quarter of 2008.

在北美，我們有一個出色的季度，藥品銷售額為 22 億美元，比 2008 年第三季度增長 34%。

Sales were lead by our US generic business, which benefited from the launch of generic Ortho Tri-Cyclen Lo and generic Elotaxin and as well as by continued sales of the generic version of Lotrel and Adderall XR and a solid performance from our base business.

銷售額由我們的美國仿製藥業務引領，這得益於仿製藥 Ortho Tri-Cyclen Lo 和仿製藥 Elotaxin 的推出，以及仿製藥 Lotrel 和 Adderall XR 的持續銷售以及我們基礎業務的穩健表現。

Since the start of the year, we have launched 17 new products in the US, representing annual brand sales of $11.5 billion.

自年初以來，我們在美國推出了 17 款新產品，年品牌銷售額達 115 億美元。

This has increased our product portfolio to a level in excess of 400 molecules.

這使我們的產品組合增加到超過 400 個分子的水平。

Our pipeline now totals 210 files, representing $113 billion of brand sales.

我們的管道現在共有 210 個文件，代表 1130 億美元的品牌銷售額。

83 of these files are certified, representing brand sales of [$67 million].

其中 83 個文件已通過認證，代表品牌銷售額 [6700 萬美元]。

The unparalleled breadth of our product portfolio and pipeline is a great strategic advantage for Teva, enabling us to offer our customers by far the largest number of products under one roof.

我們無與倫比的產品組合和管道廣度是 Teva 的一大戰略優勢，使我們能夠為客戶提供迄今為止數量最多的單一產品。

In Europe, pharma sales in local currency were up by 28%, and in US dollars by 15% over Q3 of 2008, reaching a record $787 million.

在歐洲，以當地貨幣計算的藥品銷售額比 2008 年第三季度增長了 28%，以美元計算增長了 15%，達到創紀錄的 7.87 億美元。

Sales were especially strong in Germany, Spain, Poland, and countries in Central and Eastern Europe.

德國、西班牙、波蘭以及中歐和東歐國家的銷售額尤其強勁。

The European market remains a turbulent one -- something you can see, for instance, when it comes to market growth.

歐洲市場仍然是一個動蕩的市場——例如，當談到市場增長時，你可以看到這一點。

Major markets like France, Spain, and Italy were exceptions that had grown by 15%.

法國、西班牙和意大利等主要市場是例外，增長了 15%。

In actuality, they grew only around 5%.

實際上，它們僅增長了 5% 左右。

Despite this challenging condition in Europe, Teva managed the overall market share in key markets, and I'm pleased to report that our portfolio of products in Europe continues to strengthen and grow.

儘管歐洲形勢嚴峻，但 Teva 在主要市場佔據了整體市場份額，我很高興地向大家報告，我們在歐洲的產品組合繼續加強和增長。

As of September 30, we have received 880 generic approvals in Europe during 2009.

截至 9 月 30 日，我們在 2009 年期間在歐洲獲得了 880 項仿製藥批准。

Q3 was another excellent quarter for Teva's international business, with sales in local currencies growing by 33% or 17% in US dollar, to reach $463 million.

第三季度是 Teva 國際業務的又一個出色季度，以當地貨幣計算的銷售額增長了 33% 或以美元計算增長了 17%，達到 4.63 億美元。

Results were especially good in Russia, where we enjoyed gross sales of product from Teva and Barr combined portfolios, and in Latin America, while sales of seasonal medication were very strong.

俄羅斯的業績特別好，我們享受了 Teva 和 Barr 組合產品組合的產品總銷售額，而在拉丁美洲，季節性藥物的銷售非常強勁。

Teva's innovative business continued to grow in Q3, once again achieving record breaking sales of Copaxone, the world's leading therapy for the treatment of multiple sclerosis.

Teva 的創新業務在第三季度繼續增長，全球領先的多發性硬化症治療藥物 Copaxone 再次創下銷售記錄。

Global in market sales of Copaxone grew by 38% over the third quarter of 2008, reaching $776 million.

Copaxone 的全球市場銷售額比 2008 年第三季度增長了 38%，達到 7.76 億美元。

Over 50% of this growth came from an increase in unit sales.

超過 50% 的增長來自單位銷售額的增長。

Our global market share reached 30% in revenue terms, and the gap between Copaxone and the next closest competitor has risen to 8 percentage points.

按收入計算，我們的全球市場份額達到 30%，而 Copaxone 與緊隨其後的競爭對手之間的差距已上升至 8 個百分點。

In the US, in market sales increased by 53%.

在美國，市場銷售額增長了 53%。

Outside the US, Copaxone grew by 23% in local currency over Q3 2008.

在美國以外，以當地貨幣計算，Copaxone 在 2008 年第三季度增長了 23%。

Copaxone has demonstrated unsurpassed efficacy, safety, and tolerability over more than 930,000 patient years of exposure, and we continue to advance our research to insure Copaxone's position is the first line growth stand up MS therapy ready for the future.

Copaxone 在超過 930,000 患者年的暴露中展示了無與倫比的療效、安全性和耐受性，我們將繼續推進我們的研究，以確保 Copaxone 的地位是為未來做好準備的第一線生長站立 MS 療法。

I know many of you have questioned about the possibility of a generic version of Copaxone.

我知道你們中的許多人都質疑過仿製 Copaxone 的可能性。

We remain confident that Copaxone [with] generic competition of the product's life cycle is minimal.

我們仍然相信 Copaxone [與] 產品生命週期的通用競爭是最小的。

To begin with, Copaxone is protected by multiple patents that will not expire until 2014 and 2015.

首先，Copaxone 受到多項專利的保護，這些專利將在 2014 年和 2015 年到期。

As you know, Copaxone is an extremely complex drug, the active ingredients of which are difficult to fully characterize.

如您所知，Copaxone 是一種極其複雜的藥物，其活性成分很難完全表徵。

We therefore believe that just like biology, any potential generic version of Copaxone must be evaluated in placebo controlled clinical trials with clinical endpoints for multiple sclerosis patients to establish the efficacy and safety to measure immunogenicity.

因此，我們認為，就像生物學一樣，任何潛在的 Copaxone 仿製藥都必須在具有多發性硬化症患者臨床終點的安慰劑對照臨床試驗中進行評估，以確定衡量免疫原性的有效性和安全性。

Let's turn now to Azilect, which had an excellent sales quarter.

現在讓我們來看看 Azilect，它的銷售季度非常出色。

Sales in Azilect grew 39% over Q3 2008, led by strong sales in the US and major European markets.

在美國和主要歐洲市場的強勁銷售帶動下，Azilect 的銷售額比 2008 年第三季度增長了 39%。

Global in market sales grew by 45% in local currency.

按當地貨幣計算，全球市場銷售額增長了 45%。

In September, the New England Journal of Medicine published results from the ADAGIO trial, and the article also concluded that the benefits of early start treatment with Azilect, benefits were not achieved when the start of treatment was delayed, and 1 milligram per day of Azilect may have a disease modifying effect.

9月，《新英格蘭醫學雜誌》發表了ADAGIO試驗的結果，文章還得出結論，早期開始使用Azilect治療的好處，延遲開始治療時無法獲得好處，每天1毫克Azilect可能具有改善疾病的作用。

We will be working with the FDA and [footprint] and in view of these findings and other results in the study, we expect to file a supplemental NDA with the FDA in 2010.

我們將與 FDA 和 [足跡] 合作，鑑於這些發現和研究中的其他結果，我們預計將在 2010 年向 FDA 提交補充 NDA。

Of course, the [quote] and timing of any notification to Azilect's label is subject to the FDA review and the proven process.

當然，Azilect 標籤的任何通知的 [引用] 和時間都取決於 FDA 的審查和經過驗證的流程。

Turning now to our global respiratory business, sales reached a record $243 million, up 37% over Q3 2008.

現在轉向我們的全球呼吸業務，銷售額達到創紀錄的 2.43 億美元，比 2008 年第三季度增長 37%。

The increase was driven primarily by strong sales of ProAir and Qvar in the US.

增長的主要原因是 ProAir 和 Qvar 在美國的強勁銷售。

As the US [served] market continues to grow, growing by 7% in Q3, ProAir maintains its leadership position with a 56% share of its market.

隨著美國 [服務] 市場繼續增長，第三季度增長了 7%，ProAir 以 56% 的市場份額保持其領先地位。

We're also excited about Qvar's worldview in 2009.

我們也對 Qvar 在 2009 年的世界觀感到興奮。

Qvar achieved the number two market position in its class, with the market share in NRx of 17%, up from 13% to 2008.

Qvar 在同類產品中排名第二，NRx 的市場份額從 2008 年的 13% 上升到 17%。

And I am pleased to report that in October, we began Phase III trial of nasal beclomethasone dipropionate HSA for the treatment of allergic rhinitis, the most common allergic disease in the US and abroad.

我很高興地報告，在 10 月份，我們開始了鼻用倍氯米松二丙酸酯 HSA 的 III 期試驗，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。

Teva's women's health business reached sales of $103 million, a decrease of 10% over [Barr] comparable sales in the third quarter of 2008, supported by our introduction of Plan B One Step in July.

Teva 的女性保健業務銷售額達到 1.03 億美元，比 2008 年第三季度 [Barr] 的可比銷售額下降 10%，這得益於我們在 7 月推出的 B 計劃 One Step。

As I mentioned earlier, we are continuing to make great progress in the integration of Barr, a transaction that closed only 10 months ago.

正如我之前提到的，我們在 Barr 的整合方面繼續取得重大進展，這項交易僅在 10 個月前完成。

At the outset of the quarter, we set very ambitious goals including an ambitious timetable for the integration.

在本季度開始時，我們設定了非常雄心勃勃的目標，包括雄心勃勃的整合時間表。

Thanks to the outstanding work of the combined Teva and Barr teams, we are exceeding many of these goals -- working more quickly, more efficiently, and ultimately realizing even more synergies than we had targeted.

由於 Teva 和 Barr 團隊的出色工作，我們正在超越其中的許多目標——工作更快、更高效，並最終實現比我們的目標更多的協同效應。

As of close of last quarter, we now expect to realize $500 million in annual synergies on the acquisition by 2011.

截至上季度末，我們現在預計到 2011 年通過收購實現 5 億美元的年度協同效應。

We have made great progress in integrating Barr's supply chain and many geographies into Teva's global supply chain, something that is also enabling us to eliminate production overlap and streamline operation.

我們在將 Barr 的供應鍊和許多地區整合到 Teva 的全球供應鏈方面取得了巨大進展，這也使我們能夠消除生產重疊並簡化運營。

As the Barr integration and our other successful acquisitions although the years demonstrate, business development is one of Teva's core competencies.

正如 Barr 整合和我們其他成功的收購，雖然多年來證明，業務發展是 Teva 的核心競爭力之一。

I know that there has been a great deal of speculation about what Teva's next move might be when it comes to merger acquisitions.

我知道關於 Teva 在併購方面的下一步行動可能有很多猜測。

So I would like to take a moment to address the question that I think lies at the heart of this speculation, and thus that is -- what is Teva's approach for acquisitions today?

因此，我想花點時間來解決我認為處於這種猜測核心的問題，即 Teva 今天的收購方法是什麼？

The short answer is that our approach has not changed.

簡短的回答是我們的方法沒有改變。

As always, we continue to see opportunities to enhance Teva's growth and improve our competitive position -- whether it's through expanding our existing activities or through entering the new geographies, businesses, or market segments, or offering new products.

一如既往，我們繼續看到促進 Teva 增長和提高我們競爭地位的機會——無論是通過擴展我們現有的活動，還是通過進入新的地區、業務或細分市場，或者提供新產品。

And a new acquisition, our criteria remains true.

對於新的收購，我們的標準仍然適用。

Any acquisition must be outstanding strategic fit supporting our leadership position.

任何收購都必須非常適合支持我們的領導地位的戰略。

It must contribute to positive growth.

它必須有助於積極的增長。

It must offer opportunities of significant synergies.

它必須提供顯著協同作用的機會。

And most importantly, any acquisition must have strong financial justification and must become accretive to EPS within a reasonable time, which for Teva means by the end of the first year after closing.

最重要的是，任何收購都必須有充分的財務理由，並且必須在合理的時間內增加每股收益，對於 Teva 而言，這意味著在交易完成後的第一年年底。

Our expertise in targeting, acquiring, and integrating companies has been a key driver of our success and will continue to be so in the future.

我們在瞄準、收購和整合公司方面的專業知識一直是我們成功的關鍵驅動因素，並將在未來繼續如此。

Finally today, I would like to review our financial outlook.

最後，今天，我想回顧一下我們的財務前景。

We are very proud of the results of the first nine months of the year, which have yielded the revenues of more than $10 billion and EPS of $2.43.

我們對今年前九個月的業績感到非常自豪，這些業績產生了超過 100 億美元的收入和 2.43 美元的每股收益。

Based on our performance during the first three quarters and our outlook for the fourth quarter, we now expect 2009 EPS in the range of $3.30 to $3.40 compared to the previous range of $3.20 to $3.40.

根據我們前三個季度的業績和我們對第四季度的展望，我們現在預計 2009 年每股收益在 3.30 美元到 3.40 美元之間，而之前的範圍是 3.20 美元到 3.40 美元。

Looking forward to 2010, we expect EPS to be between $4.40 to $4.60.

展望 2010 年，我們預計每股收益將在 4.40 美元至 4.60 美元之間。

This is on the strength of a number of factors including our generic launches in the United States which will kick off on January 1 with the launch of generic Imitrex.

這是基於許多因素的力量，包括我們將於 1 月 1 日在美國推出仿製藥，同時推出仿製藥 Imitrex。

The most visible generic launch opportunity as you know is the exclusive launch of venlafaxine, our generic version of Effexor XR, which is scheduled for July 1.

如您所知，最明顯的仿製藥上市機會是文拉法辛的獨家上市，這是我們的 Effexor XR 仿製藥，定於 7 月 1 日上市。

Other important drivers for 2010 will be the completion of the takeback of Copaxone from some North America and enabling synergies from the Barr integration.

2010 年的其他重要推動因素將是完成從北美部分地區收回 Copaxone 以及實現 Barr 整合的協同效應。

And last but not least, I would like to take this opportunity to invite you to join us in New York on January 5, where we will be discussing our updated strategic outlook.

最後但並非最不重要的一點是，我想藉此機會邀請您於 1 月 5 日在紐約加入我們，我們將在那裡討論我們最新的戰略前景。

We are very excited about what both the near and long term future holds for Teva and are looking forward to sharing our vision with you.

我們對 Teva 近期和長期的未來感到非常興奮，並期待與您分享我們的願景。

Thank you very much and now I will turn the call over to Eyal for a more detailed financial review.

非常感謝，現在我將把電話轉給 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 mentioned earlier today.

我希望您有機會閱讀今天早些時候提到的新聞稿。

As you can see, the positive momentum in our business continues into the third quarter of the year and we have another record quarter for Teva in terms of sales, GAAP and non-GAAP operating income, net income, and non-GAAP EPS.

如您所見，我們業務的積極勢頭一直持續到今年第三季度，Teva 在銷售額、GAAP 和非 GAAP 營業收入、淨收入和非 GAAP 每股收益方面再創紀錄。

That's a lot of records.

這是很多記錄。

Equally important, cash flow and free cash flow reached record highs.

同樣重要的是，現金流和自由現金流均創歷史新高。

These results were driven by a good product mix, tight expense control, and continued progress in our integration with Barr.

這些結果得益於良好的產品組合、嚴格的費用控制以及我們與 Barr 整合的持續進展。

During the quarter, we also worked to strengthen the balance sheet and to improve our financial leverage even further.

在本季度，我們還努力加強資產負債表並進一步提高我們的財務槓桿。

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

在我們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 -- amortization of purchase intangible assets and inventory set up step up totaling $147 million, of which $138 million are included in COGS and the remaining $9 million are in sales and marketing; $37 million in restructuring costs, partially reflecting the integration of our facilities in Germany with Barr's operation in Germany.

在我們的非 GAAP 演示文稿中，我們本季度排除了以下項目——購買無形資產攤銷和庫存增加總計 1.47 億美元，其中 1.38 億美元包含在 COGS 中，其餘 900 萬美元用於銷售和營銷; 3700 萬美元的重組成本，部分反映了我們在德國的設施與 Barr 在德國的業務的整合。

Since we moved our operations into Barr and closed down our offices and reduced headcount of the Teva employees, these expenses are part of the P&L and not part of the EPA as we do when we closed down the Barr facility.

由於我們將我們的業務轉移到巴爾並關閉了我們的辦公室並減少了 Teva 員工人數，這些費用是損益表的一部分，而不是我們關閉巴爾工廠時所做的 EPA 的一部分。

$37 million in impairment of assets, and these amounts result primarily from the write-off of product rights; $13 million in legal settlement in connection with the [Paragraph 4] litigation; and in addition, the related tax benefits of $87 million.

3700 萬美元的資產減值，這些金額主要來自產品權利的註銷；與 [第 4 段] 訴訟有關的 1300 萬美元法律和解；此外，還有 8700 萬美元的相關稅收優惠。

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

您應該注意到，在我們 2008 年第三季度的非 GAAP 業績中排除的項目與本季度的不相同。

On the one hand, in Q3 2008 we did not have legal settlement, impairment and restructuring expenses, and we had a lower level of amortization.

一方面，2008 年第三季度我們沒有法定結算、減值和重組費用，攤銷水平較低。

But on the other hand, we excluded a payment of $100 million we received as a settlement from an institution, which was offset by acquisitions of in process R&D and the writedown of option rate securities.

但另一方面，我們排除了我們從一家機構收到的 1 億美元的和解款項，這筆款項被正在進行的研發的收購和期權利率證券的減記所抵消。

As indicated in the past, we presented non-GAAP figures to show you how we, the management team and our board, look at our financial results.

正如過去所指出的，我們提供了非 GAAP 數據，以向您展示我們、管理團隊和董事會如何看待我們的財務業績。

Looking at consolidated results, sales of $3.55 billion, an increase of 25% compared to Q3 last year.

從綜合業績來看，銷售額為 35.5 億美元，比去年第三季度增長 25%。

The Barr acquisition contributed to growth in sales in all of Teva's geographies, particularly in the US, Russia, Poland, Germany, and Croatia.

對 Barr 的收購促進了 Teva 所有地區的銷售額增長，尤其是在美國、俄羅斯、波蘭、德國和克羅地亞。

Similar to the first six months of the year, foreign currency differences grossly affected sales this quarter by $160 million or 6% as the dollar strengthens against certain foreign currency compared to the third quarter of 2008, primarily the Hungarian forint, the Russian ruble, the Euro, the British pound, the Polish zloty, and the Israeli shekel.

與今年前六個月類似，由於美元兌某些外幣與 2008 年第三季度相比走強，主要是匈牙利福林、俄羅斯盧布、歐元、英鎊、波蘭茲羅提和以色列謝克爾。

When we eliminate the foreign currency impact for the quarter, consolidated sales actually grew by 31% in local currency.

當我們消除本季度的外幣影響時，合併銷售額按當地貨幣計算實際上增長了 31%。

Pharmaceutical sales in Europe grew 16% in US dollars and 28% in local currency, while pharmaceutical sales in our international markets grew 17% in US dollars and 33% in local currency.

歐洲的藥品銷售額以美元計算增長 16%，以當地貨幣計算增長 28%，而我們國際市場的藥品銷售額以美元計算增長 17%，以當地貨幣計算增長 33%。

Non-GAAP operating income was up 42% compared to Q3 2008, reaching $1 billion, and benefited from strong gross margin and tight expense controls.

與 2008 年第三季度相比，非 GAAP 營業收入增長了 42%，達到 10 億美元，這得益於強勁的毛利率和嚴格的費用控制。

This quarter, foreign currency differences, also had an adverse effect on operating profit of approximately $25 million.

本季度，外匯差異也對大約 2500 萬美元的營業利潤產生了不利影響。

The negative impact on operating profit resulted primarily from the strengthening of the US dollar relative to the Russian ruble, the British pound, and the Polish zloty geographies in which we have higher sales than expenses, partially offset by modest devaluation of the Israeli shekel against the US dollar, where we have higher expenses than sales.

對營業利潤的負面影響主要是由於美元相對於俄羅斯盧布、英鎊和波蘭茲羅提地區的走強，我們的銷售額高於支出，部分被以色列謝克爾對美元的適度貶值所抵消美元，我們的費用高於銷售額。

Non-GAAP net income was up 28% compared to Q3 2008, despite higher finance expenses and a higher tax rate, which was planned, both resulting from the acquisition of Barr.

與 2008 年第三季度相比，非 GAAP 淨收入增長了 28%，儘管更高的財務費用和更高的稅率是計劃中的，兩者均因收購 Barr 而產生。

Non-GAAP fully diluted EPS were $0.89 per share, up 16% compared to Q3 2008.

非 GAAP 完全稀釋每股收益為 0.89 美元，比 2008 年第三季度增長 16%。

Similar to the previous quarter, we had approximately 78 million more shares this quarter than in the third quarter of 2008 in our earnings per share calculation, due primarily to shares issued in connection with the Barr acquisition.

與上一季度類似，在計算每股收益時，本季度我們擁有的股票比 2008 年第三季度多約 7800 萬股，這主要是由於與 Barr 收購相關的股票發行。

Some housekeeping points related to the EPS calculation.

與 EPS 計算相關的一些管理要點。

You will find share count detailed in the press release we issued today and the addback for the non-GAAP EPS calculation is $10 million.

您會在我們今天發布的新聞稿中找到詳細的股票數量，非 GAAP EPS 計算的增加為 1000 萬美元。

Now let's discuss corporate margins and operating expenses.

現在讓我們討論公司利潤率和運營費用。

Non-GAAP gross profit margin, which excludes amortization of intangible assets and the inventory step up of 58.2% in the reported quarter compared to 54% in the comparable quarter of 2008, but similar to non-GAAP gross profit and the first two quarters this year.

不包括無形資產攤銷和存貨的非美國通用會計準則毛利率在報告季度增長 58.2%，而 2008 年同期為 54%，但與非美國通用會計準則毛利潤和前兩個季度相似年。

The improvement in gross margin was attributable to higher contribution of sales from our branded and Teva [rented] franchises as well as the improved gross margin in the US generic base business.

毛利率的提高歸因於我們的品牌和 Teva [租用] 特許經營權的銷售額貢獻增加以及美國仿製藥基礎業務的毛利率提高。

Non-GAAP operating margin reached 28.1%, up from 24.6% in the comparable quarter last year, driven primarily from strong gross margin and partially offset by higher sales and marketing expenses.

非 GAAP 營業利潤率達到 28.1%，高於去年同期的 24.6%，這主要是由於毛利率強勁，部分被較高的銷售和營銷費用所抵消。

Net R&D expenses reached $195 million or 5.5% of sales.

淨研發費用達到 1.95 億美元，佔銷售額的 5.5%。

Despite lower net R&D expenses as percent of sales, the number of our generic [class] submissions has substantially grown this year compared to 2008 in the US as well as in Europe and international markets.

儘管淨研發費用佔銷售額的百分比較低，但與 2008 年相比，我們今年在美國以及歐洲和國際市場上提交的仿製藥 [類別] 數量大幅增加。

However, this is not just volume, but also value.

然而，這不僅僅是數量，還有價值。

A year ago, we had 58 Paragraph 4 with the FDA, which we believe to be first to file, representing a value of $42 billion.

一年前，我們向 FDA 提交了第 58 段第 4 段，我們認為這是第一個提交的文件，價值 420 億美元。

Today, we have 82 submissions of Paragraph 4s which we believe to be first to file, representing brand value of $54 billion.

今天，我們收到了 82 份第 4 段的提交，我們認為這是第一個提交的，代表著 540 億美元的品牌價值。

The pipeline has also enabled us to keep R&D expenses lower than we had originally anticipated, when we committed to a plant we double our generic R&D input and output for 2007 levels by 2012 and we expect Q4 R&D investment to be higher than in the past two quarters.

該管道還使我們能夠將研發費用保持在低於我們最初預期的水平，當我們承諾到 2012 年我們將我們的一般研發投入和產出比 2007 年的水平翻一番時，我們預計第四季度的研發投資將高於過去兩年宿舍。

Sales and marketing expenses excluding amortization of intangible assets totaled $662 million in the quarter or 18.6% of sales compared to 17.1% of sales in Q3 2008.

本季度不包括無形資產攤銷的銷售和營銷費用總計 6.62 億美元，佔銷售額的 18.6%，而 2008 年第三季度為 17.1%。

These higher sales and marketing expenses are the results of two main factors -- a contribution of Barr business which is characterized by higher sales and marketing expenses, and higher contribution to sales of Copaxone, which resulted in higher payment with Sanofi-Aventis.

這些較高的銷售和營銷費用是兩個主要因素的結果——Barr 業務的貢獻，其特點是較高的銷售和營銷費用，以及對 Copaxone 銷售的較高貢獻，這導致賽諾菲-安萬特 (Sanofi-Aventis) 的付款增加。

Further G&A expenses this quarter were $212 million or 6% of sales compared to 5.5% of sales in Q3 last year.

本季度的其他 G&A 費用為 2.12 億美元，佔銷售額的 6%，而去年第三季度佔銷售額的 5.5%。

The increase in cases resulted primarily from litigation expenses.

案件的增加主要是由於訴訟費用。

The reported $52 million of financial expenses in Q3 compared with $17 million in non-GAAP financial expenses in the comparable quarter of 2008.

報告的第三季度財務費用為 5200 萬美元，而 2008 年同期的非 GAAP 財務費用為 1700 萬美元。

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

財務費用源於與 Barr 收購相關的債務。

Financial expenses were down $9 million from the second quarter this year as the result of decrease in our debt over the past two quarters.

由於過去兩個季度我們的債務減少，財務費用比今年第二季度減少了 900 萬美元。

The non-GAAP tax expense provided for Q3 is $136 million compared to $52 million in the third quarter of 2008.

與 2008 年第三季度的 5200 萬美元相比，為第三季度提供的非 GAAP 稅收支出為 1.36 億美元。

We now estimate our annual rate of tax for 2009 on a non-GAAP basis to reach 16%, compared with the rate of 10% in 2008.

我們現在估計 2009 年的年稅率在非 GAAP 基礎上達到 16%，而 2008 年為 10%。

The increase in the tax rate from 2008 to 2009 resulted primarily from the fact that Barr's effective tax rate is higher than Teva's.

2008 年至 2009 年稅率的增加主要是由於 Barr 的有效稅率高於 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 exceeded $1 billion for the first time.

經營產生的現金首次超過 10 億美元。

Our free cash flow, excluding capital expenditures of $195 million and cash dividends of $126 million, amounted to a record of $704 million.

我們的自由現金流，不包括 1.95 億美元的資本支出和 1.26 億美元的現金股息，達到創紀錄的 7.04 億美元。

The strong cash flow was driven by a reduction in working capital.

營運資金的減少推動了強勁的現金流。

On September 30, our cash remained unchanged from three months ago at about $2 billion in cash and marketable securities.

9 月 30 日，我們的現金與三個月前相比保持不變，仍為約 20 億美元的現金和有價證券。

Our total outstanding loans, bonds, and convertible debentures were $5.8 billion, down $1 billion from the balance as of the end of June.

我們的未償還貸款、債券和可轉換債券總額為 58 億美元，比 6 月底的餘額減少了 10 億美元。

During the quarter, we repaid approximately $800 million of debt, including the remaining balance of the bridge loan we took from the Israeli Bank to finance the acquisition of Barr.

本季度，我們償還了大約 8 億美元的債務，包括我們從以色列銀行獲得的用於收購 Barr 的過橋貸款餘額。

This quarter, an additional $168 million of of our 0.5% and 0.25% of convertible debenture doing 2024 converted, given the principal amount of these bonds at approximately $182 million.

本季度，鑑於這些債券的本金約為 1.82 億美元，我們在 2024 年轉換的 0.5% 和 0.25% 可轉換債券中的額外 1.68 億美元。

I would like to remind you again that a conversion did not impact the fully diluted share count and earnings per share calculation, and these shares were already included in the diluted share count calculation before.

我想再次提醒您，轉換不會影響完全稀釋股數和每股收益的計算，這些股票之前已經包含在稀釋股數計算中。

The $1 billion debt reduction during the quarter, together with our equity growth, includes our financial leverage from 34% as of December 31, 2008 to 23% as of September 30, a level that is lower than our leverage as of September 30 last year, which was prior to the acquisition of Barr.

本季度 10 億美元的債務減少以及我們的股權增長，包括我們的財務槓桿率從 2008 年 12 月 31 日的 34% 到 9 月 30 日的 23%，這一水平低於我們截至去年 9 月 30 日的槓桿率，這是在收購 Barr 之前。

DSO, days sales outstanding, amounted to 60 days this quarter compared with 47 days in Q2 2009 and 55 days in Q3 2008.

DSO，銷售未完成天數，本季度為 60 天，而 2009 年第二季度為 47 天，2008 年第三季度為 55 天。

We calculate DSO as we always do -- after netting out from the receivables, the sales reserves and allowance provision.

我們一如既往地計算 DSO——在扣除應收賬款、銷售準備金和備抵準備金之後。

Inventory days were 195 days, similar to the comparable quarter last year.

庫存天數為 195 天，與去年同期相似。

The June 2009 figure of 188 inventory days was distorted by the inventory step up release.

2009 年 6 月的 188 個庫存天數因庫存增加發布而失真。

Net capital expenditures reached $195 million this quarter compared with $170 million in Q3 2008 and $148 million in the previous quarter.

本季度淨資本支出達到 1.95 億美元，而 2008 年第三季度為 1.7 億美元，上一季度為 1.48 億美元。

During this quarter, we executed on a number of plans to expand [service] utilities, especially in Israel and the Czech Republic.

在本季度，我們執行了多項擴展[服務]公用事業的計劃，尤其是在以色列和捷克共和國。

We continuously evaluate our facilities, moving production from one location to another, closing down inefficient and expensive facilities, and expanding others to maximize production efficiency and profitability.

我們不斷評估我們的設施，將生產從一個地點轉移到另一個地點，關閉效率低下和昂貴的設施，並擴大其他設施以最大限度地提高生產效率和盈利能力。

For example, during the quarter we announced closing the facility in Ireland and the Barr facility in the Czech Republic, while investing in the others I just mentioned.

例如，在本季度，我們宣布關閉愛爾蘭的設施和捷克共和國的 Barr 設施，同時投資我剛才提到的其他設施。

And last but not least, dividends, yesterday Teva's Board approved a quarterly dividend amounting to approximately $140 million.

最後但並非最不重要的一點是股息，Teva 董事會昨天批准了總額約為 1.4 億美元的季度股息。

On a per share basis, our dividend, which is declared in Israeli shekel, was ILS0.6 per share, and based on the rate of exchange yesterday of the shekel to the US dollar, this translates into approximately $0.0159 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，根據昨天謝克爾對美元的匯率，這相當於每股約 0.0159 美元。

That concludes my comments.

我的評論到此結束。

Thank you all for your time and attention today and now we'll 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。

Thank you.

謝謝你。

(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.

偉大的。

Thanks guys.

多謝你們。

Just one question and a follow-up.

只有一個問題和一個跟進。

Shlomo, based on your comments today around M&A, should we read that to see any change in your interest in either a generic versus brand deal or the size of potential deal?

Shlomo，根據你今天關於併購的評論，我們是否應該閱讀它以了解你對仿製藥與品牌交易或潛在交易規模的興趣有何變化？

No, my message was actually nothing has been changed.

不，我的信息實際上沒有任何改變。

Our strategy is, as I explain many times, that our major business is in the generic arena.

正如我多次解釋的那樣，我們的戰略是，我們的主要業務是仿製藥領域。

This is where we see more potential to grow.

這是我們看到更多增長潛力的地方。

We have in addition a very interesting and very profitable branded business, which we are going to grow as well, and a lot of important things of how we are evaluating and how we are targeting and later how we are integrating the acquisition.

此外，我們還有一項非常有趣且利潤豐厚的品牌業務，我們也將繼續發展，以及我們如何評估、如何定位以及後來如何整合收購等許多重要事項。

And Teva is an accretive company.

Teva 是一家增值型公司。

We continue to acquire companies in due time, so I don't want to raise any speculation on any other kinds of misunderstanding about the Teva future.

我們會在適當的時候繼續收購公司，所以我不想對 Teva 未來的任何其他誤解提出任何猜測。

And then a follow-up for Eyal.

然後是 Eyal 的跟進。

On the lines of R&D spending, how do you think about the JV investment and the reimbursement, that line items that ran from the last quarter to this quarter, so as we think about modeling for the next several quarters, how should we think about the contribution from those two angles?

在研發支出方面，您如何看待 JV 投資和報銷，即從上個季度到本季度的項目，所以當我們考慮未來幾個季度的建模時，我們應該如何考慮這兩個角度的貢獻？

This quarter, we had a much smaller reimbursement.

本季度，我們的報銷要少得多。

It was about $8 million, which reduced our R&D expenses quarterly.

這大約是 800 萬美元，這使我們每季度的研發費用都減少了。

And as far as I know, there's nothing much left for reimbursement and everything in the future will be done jointly by the contribution for the two companies equally.

而且據我所知，報銷的已經不多了，以後的一切都是由兩家公司平攤出資共同完成。

The last of the two statements.

兩個聲明中的最後一個。

So how much should we expect you to contribute to the JV going forward on a quarterly basis?

那麼，我們應該期望您每季度為合資企業做出多少貢獻？

In terms of our investment and our share in the investment?

就我們的投資和我們在投資中的份額而言？

Correct.

正確的。

I don't think that we ever communicated on a product line by product line level, but on an annual basis we're talking about tens of millions of dollars, not hundreds.

我不認為我們曾經按產品線級別就產品線進行過溝通，但每年我們談論的是數千萬美元，而不是數百美元。

Okay, thank you.

好的謝謝你。

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。

First, you noted that in the gross margin expansion or in the gross margin in general you saw at least partly -- part of that was driven by better gross margin in the US based generic business and I'm curious how the pricing situation is overall.

首先，您注意到在毛利率擴張或總體毛利率中，您至少看到了部分 - 部分原因是美國仿製藥業務的毛利率更高，我很好奇整體定價情況如何.

Bill, will you take this?

比爾，你會接受這個嗎？

Sure, thanks for the questions, Scott.

當然，斯科特，謝謝你的提問。

Right now, the base business has been very strong.

目前，基礎業務非常強勁。

Obviously you do know that some of our competitors have had issues in the market, so we have been able to pick up some of those products and we've picked those up in our pricing and not at previous pricing.

顯然你知道我們的一些競爭對手在市場上遇到了問題，所以我們已經能夠挑選其中的一些產品並且我們已經在我們的定價中挑選了這些產品而不是以前的定價。

So we're looking for both share growth as well as some positive pricing trend, as well as the things that Teva does every day with driving down its API cost and driving up the sufficiency.

因此，我們正在尋找份額增長和一些積極的定價趨勢，以及 Teva 每天在降低 API 成本和提高充足率方面所做的事情。

So all of those have combined to make the base a little bit more profitable.

所以所有這些都結合起來使基地更有利可圖。

And what is your flexibility in pricing for Copaxone compared to I guess Avonex and Betaseron, Rebif?

與 Rebif Avonex 和 Betaseron 相比，你們對 Copaxone 定價的靈活性如何？

Is there still more room for pricing flexibility?

定價是否還有更大的靈活性空間？

Well, I think at this point in time that we are priced competitively.

好吧，我認為目前我們的定價具有競爭力。

We don't want to be the lowest price in the market nor are we necessarily the highest, so we'll wait and take our time and see what happens with the market.

我們不想成為市場上的最低價，也不一定是最高價，所以我們會耐心等待，看看市場會發生什麼。

And then just lastly, does settlement legislation here change the way you think about at risk launches, post 30 month stays?

最後，這裡的和解立法是否會改變您對 30 個月後的風險發布的看法？

Does this model change in the future in any way?

這種模式在未來會以任何方式改變嗎？

The thing about the legislation that's currently out there is it almost favors Teva in the situation that we are able to launch our product at risk, and at that point in time all of the settlements we have recently entered, you go back to [edethenine, soledine], Ortho Tri-Cyclen Lo, they had been the same sort of settlement which is totally appropriate within the current legislation, which is a date of entry settlement.

關於目前立法的事情是，在我們能夠冒著風險推出我們的產品的情況下，它幾乎有利於 Teva，在那個時間點，我們最近進入的所有和解，你回到 [edethenine， soledine]，Ortho Tri-Cyclen Lo，它們是同一種定居點，在現行立法中是完全合適的，這是入境定居點的日期。

So in a strange sort of way, if the settlement bill goes through, I'm pretty well convinced the only people who will be able to settle will be Teva.

因此，以一種奇怪的方式，如果和解法案獲得通過，我非常確信唯一能夠和解的人將是 Teva。

Interesting.

有趣的。

Okay, thank you.

好的謝謝你。

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 on Copaxone, it seems like it's increasingly difficult to forecast, at least for us -- year-over-year we're looking at 11% growth and you reported 53% year-over-year growth and there was only about a 10% price increase.

就 Copaxone 而言，似乎越來越難以預測，至少對我們來說是這樣——我們預計同比增長 11%，而你們報告同比增長 53%，而只有大約 10% ％ 價格上漲。

Can you help us reconcile the script in the sales growth and what might account for this other than price?

你能幫助我們協調銷售增長的腳本以及除了價格之外的其他原因嗎？

And I have one follow-up.

我有一個後續行動。

Hi, Rich.

嗨，里奇。

First of all, you should see that a different quarter of 50% of the Copaxone growth came from quantity, not from price.

首先，您應該看到 Copaxone 增長的另一個季度 50% 來自數量，而不是價格。

And I think that this is a very good example to show the quality of the Copaxone in the long term with more holistic point of looking.

我認為這是一個很好的例子，可以從更全面的角度展示 Copaxone 的長期質量。

And I think that Copaxone, we'll continue to increase the gap as to safety which is a very important part, again and again by different products to certain patients.

而且我認為 Copaxone，我們將繼續增加安全性方面的差距，這是一個非常重要的部分，一次又一次地通過不同的產品向某些患者提供。

And now on the other hand, I don't think that you should take this quarter, which we are very proud of as the kind of quarter that will give you a newer VAR of our growth rate for Copaxone.

現在另一方面，我認為你不應該把這個季度作為一個季度，我們對此感到非常自豪，因為這個季度會給你一個更新的 VAR，我們對 Copaxone 的增長率。

I think Copaxone has continued to grow, but sometimes and again as you will know a quarter is not the right way to measure Copaxone future.

我認為 Copaxone 一直在持續增長，但有時你會知道，四分之一併不是衡量 Copaxone 未來的正確方法。

Moshe if you would like to add-on to that, please jump in.

Moshe，如果您想對此進行補充，請加入。

I think the growth in Copaxone as we see it in the US and also in Europe is mainly driven by quantities and share growth, and I think Copaxone has the uniqueness.

我認為我們在美國和歐洲看到的 Copaxone 的增長主要是由數量和份額增長推動的，我認為 Copaxone 具有獨特性。

We believe Copaxone will continue to grow and continue to outpace market growth in all of the rest of the year and in 2010 as well.

我們相信 Copaxone 將繼續增長，並在今年剩餘時間和 2010 年繼續超過市場增長。

And historically, the inventory levels have been relatively low, so can we still assume that again, this difference which doesn't seem to be accounted for by price has nothing to do with any inventory changes?

而且從歷史上看，庫存水平一直相對較低，那麼我們是否仍然可以再次假設，這種似乎沒有被價格解釋的差異與任何庫存變化無關？

Yes, Rich, this is Bill Marth.

是的，Rich，我是 Bill Marth。

No, we haven't seen any inventory changes.

不，我們沒有看到任何庫存變化。

Right now we're in the 20 days area and 21 to 22 days in inventories out there that's remained fairly constant, so we're pretty happy with that.

現在我們處於 20 天的區域和 21 到 22 天的庫存，那裡的庫存保持相當穩定，所以我們對此非常滿意。

Just one follow-up on R&D.

只是關於研發的一項後續行動。

Eyal, on the last call, when R&D spending seemed to come in a little lower because of the longer reimbursement, you said for the year a 6.8% to 7.2% range for full year R&D spend, net R&D spend as a percentage of revenues was a good number.

Eyal，在上次電話會議上，由於報銷時間延長，研發支出似乎略有下降，你說全年研發支出的範圍為 6.8% 至 7.2%，淨研發支出佔收入的百分比是一個很好的數字。

Is that still the case?

現在還是這樣嗎？

No, I don't think so.

不，我不這麼認為。

And I think -- I mentioned that in my opening comments what we have done during the year, we looked at R&D and the throughput of R&D and what we got from the Barr acquisition, the level of performance that we have, how can we deliver more without expanding resources.

而且我認為 - 我在開場白中提到了我們在這一年中所做的事情，我們研究了研發和研發的吞吐量以及我們從 Barr 的收購中獲得了什麼，我們擁有的績效水平，我們如何交付在不擴展資源的情況下更多。

And I think that the 7% average we predicted for the year, our strategic plan we are planning to peak at around this time and I think we peaked a little earlier and the number is good but could be somewhat lower.

而且我認為我們今年預測的平均 7%，我們的戰略計劃我們計劃在這個時候達到頂峰，我認為我們達到頂峰的時間稍早一些，這個數字不錯，但可能會低一些。

And having said that, Q4 is going to be definitely higher than Q3 in absolute numbers and probably also in percentage of sales because we have, we're planning a lot of activity both on the generic and beyond generic part for Q2, but we do not make up to 7% R&D.

話雖如此，第四季度的絕對數量和銷售額百分比肯定會高於第三季度，因為我們已經計劃在第二季度的通用部分和非通用部分開展大量活動，但我們確實做到了不超過 7% 的研發。

And for next year do you think that that would be still at 7% or below that number?

對於明年，您認為該比例仍會保持在 7% 或以下嗎？

We are not yet on the 2010 because we are in a planning process.

我們還沒有進入 2010 年，因為我們正在規劃過程中。

But let me jump in here by emphasizing one thing that I believe that it's important to say when we are talking about Teva's R&D.

但是，讓我在這裡強調一件事，我認為在我們談論 Teva 的研發時要說的很重要。

We remain committed to our plan to double our generic R&D out groups from the 2007 level when we initially launched our strategy for the next years.

當我們最初啟動未來幾年的戰略時，我們仍然致力於我們的計劃，將我們的仿製藥研發團隊從 2007 年的水平增加一倍。

And as for this year, I can assure you that we doubled the number of our submissions and what counts or what really counts is the output and not the expense.

至於今年，我可以向你們保證，我們的提交數量翻了一番，重要的或真正重要的是產出，而不是費用。

As the out put, part of the Barr pipeline has enabled us to keep the R&D expenses lower.

作為輸出，Barr 管道的一部分使我們能夠保持較低的研發費用。

Now to a certain degree in the R&D, we will double the output of our R&D so our future is safe and actually even bright, but when it comes to the other part of our R&D, that could ramp up the level of investment or expenses in R&D because as Eyal said, we have also innovative R&D part and biology part and some specialty R&D activities as well.

現在研發在一定程度上，我們會把研發的產出翻一倍，所以我們的未來是安全的，實際上甚至是光明的，但是當涉及到我們研發的另一部分時，這可能會增加投資或支出水平研發因為正如 Eyal 所說，我們也有創新研發部分和生物學部分以及一些專業研發活動。

Thank you.

謝謝你。

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。

Great.

偉大的。

Thanks.

謝謝。

First question -- can you offer a little bit on the trends you're seeing in your western European business?

第一個問題——您能否介紹一下您在西歐業務中看到的趨勢？

I know you said a bit of turbulence in the French market, and specifically what are you looking at to turn these markets around for Teva?

我知道你說法國市場有點動盪，特別是你在尋找什麼來為 Teva 扭轉這些市場？

And I had a follow-up from there.

我從那裡進行了跟進。

Eyal, would you take this question please?

Eyal，你能回答這個問題嗎？

Yes, it's a pleasure.

是的，很高興。

First of all, let me say if you look at what the role European dynamics has been has been turbulent, but there's a clear spot of good news in there as well.

首先，讓我說，如果你看看歐洲動態一直動盪不安的作用，但也有明顯的好消息。

Altogether we could say that we're very happy with the performance as mentioned of our business in Poland, which is by the way the only European market that hasn't gone into recession.

總而言之，我們對波蘭業務的表現感到非常滿意，波蘭是唯一沒有陷入衰退的歐洲市場。

We are very happy with what's happening in Germany.

我們對德國發生的事情感到非常高興。

We're growing our business there and we're seeing our position in around about the number five position in the marketplace being cemented there.

我們正在那裡發展我們的業務，我們看到我們在市場上大約排名第五的位置正在那裡鞏固。

Three, we see our Central European business taking up extremely well, the branded part of that business, branded generics markets, we are really performing very well and growing our share in places like Hungary.

第三，我們看到我們的中歐業務非常好，該業務的品牌部分，品牌仿製藥市場，我們確實表現非常好，並且在匈牙利等地的份額不斷增長。

But in many other markets in that area we are doing extremely well.

但在該地區的許多其他市場，我們做得非常好。

And although there is a slowdown of the economy in some places, even a bad situation with negative growth, we continue to grow our share there.

雖然有些地方經濟放緩，甚至出現負增長的糟糕情況，但我們在那裡的份額仍在繼續增長。

We are continuing to build on the success of the acquisition last year in Spain of Bentley and we're growing our business there, and although the total market is slightly behind our expectations, we expect that to pick up because there is a clear growing demand for the medicine that we bring to the market.

我們將繼續在去年在西班牙收購賓利的成功基礎上再接再厲，我們正在那裡發展我們的業務，儘管總體市場略低於我們的預期，但我們預計這一情況會好轉，因為需求明顯增長對於我們推向市場的藥物。

The generics market is clearly under developed there.

那裡的仿製藥市場顯然欠發達。

But then turn to markets like the UK and the Netherlands where there is much more of price competition.

但隨後轉向英國和荷蘭等價格競爭更加激烈的市場。

We see in these markets that in particular in the trade and the wholesale there is a lot of tension and there's a lot of margin being squeezed out.

我們在這些市場中看到，特別是在貿易和批發方面，存在很多緊張局勢，並且有很多利潤被擠出。

And in those circumstances, we are doing very well.

在那種情況下，我們做得很好。

We're growing our share in both of these countries because our offer to the market is exactly the right blend between pure commodity and more specialty products and our customers' share in all of these markets is going up.

我們在這兩個國家的份額都在增長，因為我們向市場提供的產品恰好是純商品和更多專業產品的完美結合，而且我們的客戶在所有這些市場中的份額都在上升。

Our pharmacy share is going up and our overall market share is growing.

我們的藥房份額正在上升，我們的整體市場份額也在增長。

France is a case where the market has gone down, has not been growing as fast as we hoped it would be.

法國就是一個市場下滑的案例，增長速度沒有我們希望的那麼快。

We expect some changes in the next year from the government, which would give more focus to growth there again.

我們預計明年政府會做出一些改變，這將再次更加關注那裡的增長。

And in that circumstance, we have taken a very firm number three position now where we have been pitching for that for the last 1.5 years.

在這種情況下，我們現在已經採取了非常堅定的第三立場，過去 1.5 年我們一直在為此努力。

We took it, we've taken it, and we are now stable on the number three position and are looking up for the next on.

我們拿下了，我們拿下了，我們現在穩定在第三的位置，正在尋找下一個。

And we finally we will take the market which is the most difficult one to assess at this stage which is Italy.

最後，我們將採用現階段最難評估的市場，即意大利。

In April, there was a change of policy.

4月，政策發生了變化。

Before April there was very turbulent, unmanageable, and unpredictable situation in the Italian market and since April, there has been a fix of discount regimens and retail and there's also been a low penetration of generics and where it is today is good in terms of stability of the market.

4 月之前，意大利市場非常動盪、難以控制和不可預測，自 4 月以來，折扣方案和零售已經得到修復，仿製藥的滲透率也很低，就穩定性而言，今天的情況很好的市場。

We have captured our market share back to about 17%.

我們的市場份額已經回到了 17% 左右。

We're the number one position although is very fluctuating month by month, and we expect from that position onward that the Italian government should set out clear direction for the future of those markets, and we're in a good position to benefit from that when that market goes and picks up again.

我們是第一位，儘管每個月的波動都很大，我們預計從這個位置開始，意大利政府應該為這些市場的未來製定明確的方向，我們可以從中受益當那個市場再次回升時。

All in all, you can say on the European business that we have the good combination of our commercial presence in all of these places I just mentioned to capture the changes, but we also have the R&D machine that is helping us to launch at a high frequency yield needed product, and I think that's one of the main drivers for our success in doing it better than our competitors.

總而言之，你可以說在歐洲業務上，我們在我剛才提到的所有這些地方都有很好的商業存在，以捕捉變化，但我們也有研發機器幫助我們在高位啟動頻率產量需要的產品，我認為這是我們成功地比競爭對手做得更好的主要驅動力之一。

Great, thank you.

太好了謝謝。

And just a follow-up on just the US side, on the US generic business, can you comment specifically, did you see any benefit from EpiDex supply interruptions with the Q3 results or is that more of an opportunity we should think about in Q4 and beyond?

只是美國方面的後續行動，關於美國仿製藥業務，您能否具體評論一下，您是否看到 EpiDex 供應中斷對第三季度結果有任何好處，或者我們應該在第四季度和第四季度考慮更多的機會超過？

Thanks for the question, Chris.

謝謝你的問題，克里斯。

The EpiDex share, you don't see it show up in our share right now.

EpiDex 份額，您現在看不到它出現在我們的份額中。

EpiDex did have products in the market.

EpiDex 確實有產品上市。

They were blocked in bringing further products into the market.

他們被阻止將更多產品推向市場。

And we overlapped on 60 some different products, and we did pretty well there -- I think you'll see gains in the future.

我們在 60 種不同的產品上重疊，我們在那裡做得很好——我認為你會在未來看到收益。

And we're now looking to drive our share in the US generic market around 25%, up from where it currently is, so we think that we've done pretty well with that.

我們現在希望將我們在美國仿製藥市場的份額從目前的水平提高到 25% 左右，因此我們認為我們在這方面做得很好。

Great, thank you.

太好了謝謝。

Our next question comes from Gregg Gilbert from Banc of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Gregg Gilbert。

Please state your question.

請說出你的問題。

Thanks.

謝謝。

First for Eyal and Shlomo, to avoid any speculation, can you tell us which financial metrics and time periods you will specifically be discussing on January 5?

首先是 Eyal 和 Shlomo，為避免任何猜測，您能否告訴我們您將在 1 月 5 日具體討論哪些財務指標和時間段？

Yes, we talk about our strategic plan between January 6 and the end of 2016.

是的，我們討論了從 1 月 6 日到 2016 年底的戰略計劃。

And in terms of financial metrics, I'm afraid we're not going to be very innovative.

就財務指標而言，恐怕我們不會非常創新。

We're going to talk about sales, expenses, profit, business drivers, how the company is going to look like, engines of growth, and everything you talk about when you discuss strategy.

我們將討論銷售、費用、利潤、業務驅動因素、公司的面貌、增長引擎以及您在討論戰略時談論的所有內容。

I hope that answered.

我希望回答。

Yes, certainly and then my follow-up is about Copaxone.

是的，當然，然後我的後續行動是關於 Copaxone 的。

Do you have any update on the high concentration Copaxone, and if not, when will we get that?

您有關於高濃度 Copaxone 的最新消息嗎？如果沒有，我們什麼時候能拿到？

And Shlomo, you talked about Copaxone patents in 2014 and 2015.

Shlomo，你談到了 2014 年和 2015 年的 Copaxone 專利。

The 2014 ones are in the Orange Book -- can you expound on the patent or patents that go to 2015 and are those non-Orange Book patents or patents in other countries?

2014 年的專利在橙皮書中——您能否詳細說明 2015 年的專利，以及那些非橙皮書專利或其他國家/地區的專利？

Thanks.

謝謝。

Moshe, would you lend a voice on the patent issue in 2014 and 2015 and then we'll get back to the rest of your question.

Moshe，你能否就 2014 年和 2015 年的專利問題發表意見，然後我們將回到你的其餘問題。

So the question on the patent outside the US, that's for 2010 and 2015 and there was another question on the (inaudible).

所以關於美國以外專利的問題，那是 2010 年和 2015 年的，還有另一個關於（聽不清）的問題。

I'm sorry I was just making sure there were no patents in the US that you were alluding to that go past 2014, is that correct?

抱歉，我只是想確保美國沒有您提到的 2014 年以後的專利，對嗎？

Yes.

是的。

Definitely and above the injection volume, actually, we already completed the enrollment of the study with 15 patients and we'll have the results at the end of this year or the beginning of next year, and based on the results we'll make a decision out and move forward with the project as well.

絕對和注射量以上，實際上，我們已經完成了 15 名患者的研究招募，我們將在今年年底或明年年初得出結果，並根據結果我們將做出決定並繼續推進該項目。

Thanks.

謝謝。

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 questions.

感謝您提出問題。

First question just back to M&A.

第一個問題回到併購。

I think in your criteria, Shlomo, that you laid out one of them was to offer new products.

我認為在你的標準中，Shlomo，你列出的其中一項是提供新產品。

Can you be a little bit more specific?

你能更具體一點嗎？

You had indicated a preference for branded products relative to generic products, so is that a bit of a change from your last commentary and can you provide any insight into the size of the deal -- you've in the past collared the size of the type of the deal you'd like to do but can you provide any insight into that?

相對於普通產品，您表示了對品牌產品的偏好，所以這與您上次的評論有所不同，您能否提供對交易規模的任何見解——您過去曾了解過交易的規模你想做的交易類型，但你能提供任何見解嗎？

And then I have a follow-up for Bill.

然後我有比爾的後續行動。

Can you be so kind and repeat the first part of the question, because we hear the call very badly.

你能不能這麼好心地重複問題的第一部分，因為我們聽到的電話非常糟糕。

Sure.

當然。

It has to do with M&A, the criteria that you outlined as far as your approach to acquisitions, I think you indicated, Shlomo, to offer new products.

它與併購有關，你就收購方法概述的標準，我想你指出，Shlomo，是為了提供新產品。

Can you be a bit more specific about your preference for branded products relative to generic products?

您能否更具體地說明您對品牌產品相對於普通產品的偏好？

And again your former statement you've indicated you wanted to drive your branded share as a percent of total sales higher.

你之前的聲明再次表明你想提高你的品牌份額佔總銷售額的百分比。

And then on size of deal, you've collared the size of the type of the deal that you're interested in doing.

然後在交易規模上，你已經了解了你有興趣進行的交易類型的規模。

Can you provide any commentary as to whether your previous statement about size of deal is still intact or whether you've changed that?

您能否就您之前關於交易規模的聲明是否仍然完好無損或者您是否已經改變發表任何評論？

And then I have a follow-up for Bill Marth.

然後我要跟進 Bill Marth。

Okay, first of all, the criteria mentioned are the same criteria for buying or acquiring the companies or acquiring products, and they are the same -- the rationale is the same rationale.

好的，首先，提到的標準是購買或收購公司或收購產品的相同標準，它們是相同的——理由是相同的理由。

As I said, we are going to discuss more about our strategy on the January meeting and we will cover of course an update, a strategic vision for the timetables, the time range that Eyal just said, i.e.

正如我所說，我們將在 1 月份的會議上更多地討論我們的戰略，我們當然會涵蓋更新、時間表的戰略願景、Eyal 剛才所說的時間範圍，即

to 2015.

到 2015 年。

But generally speaking I can say that we see even in the non-current future, Teva major business, the generic business will grow in percentage and we're obviously keeping the same ratio of the blended business.

但總的來說，我可以說，即使在非當前的未來，Teva 的主要業務、仿製藥業務的百分比也會增長，而我們顯然會保持混合業務的相同比率。

In the blended business, we will have more focus on what we call the specialty segment, where we believe that there is a good future for Teva, and because we maintain our growth strategy and I'm sure that we will enhance and do some enhancement in both parts of the business.

在混合業務中，我們將更多地關注我們所謂的專業領域，我們相信 Teva 有一個美好的未來，並且因為我們保持我們的增長戰略，我相信我們會加強並做一些改進在業務的兩個部分。

But this is generally what I can comment on acquisition now.

但這通常是我現在對收購的評論。

Regarding the size, the size is not a real issue.

關於大小，大小不是真正的問題。

The real issue is the strategic fit and the economics and the accretion element as I mentioned before, these are the three major components that we are looking for, and definitely based on our capabilities and our strategy, we will hit or try to stick to these criteria.

正如我之前提到的，真正的問題是戰略契合度、經濟和增長要素，這是我們正在尋找的三個主要組成部分，並且絕對基於我們的能力和戰略，我們將達到或嘗試堅持這些標準。

Okay, thanks and for Bill, on Prevacid, how are you thinking about that opportunity, how it's shaping up in terms of how you're going to capitalize on not only the capsule formation but an update on the legal situation around the OTT formulation?

好的，謝謝 Bill，關於 Prevacid，你如何看待這個機會，它在你將如何利用膠囊形成以及圍繞 OTT 製劑的法律狀況更新方面如何形成？

Yes, as you may know, right now on the OTT, that is still before the Judge and we have not heard from her yet, so we are hopeful that we will hear before November 10, and that's probably about all we can say on that.

是的，你可能知道，現在在 OTT 上，這仍在法官面前，我們還沒有收到她的消息，所以我們希望我們能在 11 月 10 日之前聽到，這可能是我們能說的全部.

With respect to the capsules of course, we do expect it will launch on November 10.

當然，關於膠囊，我們預計它會在 11 月 10 日推出。

We have the tentative at this point in time.

我們在這個時間點有暫定的。

Of course we have heard that Sandos is going to be the AG.

當然我們聽說山度士要成為AG了。

That's about all we've heard, so it's a very fluid situation.

這就是我們所聽到的全部，所以這是一個非常不穩定的情況。

We hope it will be favorable for us and we're cautiously optimistic.

我們希望這對我們有利，我們持謹慎樂觀的態度。

Thank you.

謝謝你。

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。

Hi, guys, thanks.

嗨，伙計們，謝謝。

Bill, can you comment on the Shire litigation concerning Adderall XR, if you can put context around that -- seems like you aren't satisfied with the amount of product you're getting.

Bill，你能評論關於 Adderall XR 的 Shire 訴訟嗎，如果你能圍繞它提供背景——你似乎對你得到的產品數量不滿意。

And also could you give us a regulatory update on Lovenox for both you and you if you're aware of anything surrounding your competitor.

如果你知道你的競爭對手周圍的任何事情，你也可以為你和你向我們提供關於 Lovenox 的監管更新。

And Eyal I believe original revenue guidance was $14.1 billion to $14.6 billion in 2009, and that clearly seems like -- if you're falling below the range, can you just give us some sense as to why that is?

Eyal 我相信 2009 年的原始收入指導是 141 億美元到 146 億美元，這顯然是——如果你低於這個範圍，你能告訴我們為什麼會這樣嗎？

I think that was even currency adjusted -- did we just miss a launch you thought you would have in your numbers or maybe put a little context around that?

我認為這甚至是經過貨幣調整的——我們是否只是錯過了您認為在您的數字中會有的發布，或者可能會圍繞它提供一些背景信息？

Thank you.

謝謝你。

Maybe we'll start with the revenue.

也許我們將從收入開始。

Shlomo, do you want to take that one?

Shlomo，你要拿那個嗎？

Ken, let me first take the one on the top line forecast.

肯，讓我先看頂線預測。

I'm sure as you know this has been and continues to be a very volatile year, especially when it comes to a foreign exchange rate.

我敢肯定，如您所知，今年一直並將繼續是非常動蕩的一年，尤其是在涉及外匯匯率方面。

As you'vejust seen just the first three quarters of this year, we experienced a negative effect of our top line of $670 million, only this quarter we said $160 million negative impact, so this volatility makes it very difficult to provide a precise projection regarding the top line this year.

正如您剛剛看到的，今年前三個季度，我們的收入受到了 6.7 億美元的負面影響，僅在本季度，我們才表示有 1.6 億美元的負面影響，因此這種波動性使得很難提供準確的預測今年的頂線。

But back to your question, I would say that we expect to be in the neighborhood of $14 billion and definitely we do our best even though the Dow is moving [to zero] and FX and others as you mentioned that would be our numbers.

但回到你的問題，我會說我們預計將達到 140 億美元左右，而且我們肯定會盡力而為，即使道瓊斯指數正在 [趨於零] 而外彙和其他如你提到的那樣將是我們的數字。

Great, and then maybe Bill's question maybe?

太好了，然後也許是 Bill 的問題？

Yes, Ken, good morning.

是的，肯，早上好。

On the Adderall, right now, obviously we don't like to comment on ongoing litigation.

關於 Adderall，現在，顯然我們不想對正在進行的訴訟發表評論。

But what I would say is that it's a very simple situation of we think the agreement is quite clear that Shire needs to supply us what we've requested and we don't think they're doing a very good job at that.

但我要說的是，這是一個非常簡單的情況，我們認為協議非常明確，Shire 需要向我們提供我們所要求的，我們認為他們在這方面做得不是很好。

So I think I'll leave it at that.

所以我想我會保留它。

And your second question was with respect to Lovenox, and again I wish I had a crystal ball and could tell you exactly when that approval will come and I can't really comment too much for the other players in the market.

你的第二個問題是關於 Lovenox 的，我再次希望我有一個水晶球，可以準確地告訴你批准何時到來，我不能對市場上的其他參與者發表太多評論。

I'm not sure where Momenta is right now and I'm not sure about Amphastar.

我不確定 Momenta 現在在哪裡，我也不確定 Amphastar。

What I do know is that we see application progressing very nicely.

我所知道的是，我們看到申請進展非常順利。

We're getting very normal questions back around labeling and all of the typical stuff, so we do see activity and very positive activity.

我們收到了關於標籤和所有典型內容的非常正常的問題，因此我們確實看到了活動和非常積極的活動。

Thank you.

謝謝你。

Our next question comes from Ronny Gal with Sanford Bernstein.

我們的下一個問題來自 Ronny Gal 和 Sanford Bernstein。

Please state your question.

請說出你的問題。

Good morning.

早上好。

Thank you for taking my question.

謝謝你提出我的問題。

First, I'm looking at my model and looking at your range for 2010 of the $4.40 to $4.60 and thank you very much for providing it.

首先，我正在查看我的模型並查看 2010 年 4.40 美元至 4.60 美元的範圍，非常感謝您提供。

But there seems to be a lot still in litigation and I was wondering if this is essentially your best guess now, but if obviously litigation cases work their way through the court in 2010, the possible range of outcome is much wider than $4.40 to $4.60 and I do have a follow-up.

但似乎還有很多訴訟仍在進行中，我想知道這是否基本上是你現在最好的猜測，但如果訴訟案件在 2010 年通過法庭，可能的結果範圍遠遠超過 4.40 美元到 4.60 美元，並且我確實有後續行動。

Good morning, again, to apologize, we hear your voice very turbulent, so if you can be so kind and repeat your question?

早上好，再次向您道歉，我們聽到您的聲音非常急促，所以請問您是否可以友好地重複您的問題？

Sure.

當然。

I mentioned that you gave us the nice guidance of $4.40 to $4.60 next year, but there seems to be a lot more that is still in some of the courts right now.

我提到你給了我們明年 4.40 美元到 4.60 美元的不錯指導，但現在某些球場似乎還有更多。

And I was wondering if this is a number you're willing to commit to now, and if things work through the courts obviously your guidance will have to change.

我想知道這是否是您現在願意承諾的數字，如果事情在法庭上奏效，顯然您的指導將不得不改變。

That would be very well, it's Eyal, I'll take that and Bill, you may jump in and add -- you're on the call in the United States.

那就太好了，我是 Eyal，我會接受，Bill，你可以插進來補充一下——你正在美國接聽電話。

But it's a simple standard answer.

但這是一個簡單的標準答案。

We tried to risk adjust our business plan.

我們試圖冒險調整我們的商業計劃。

We know that we are not going to win every case, but we know we are going to win some.

我們知道我們不會贏得所有案件，但我們知道我們會贏得一些。

We try to bring everything into consideration and be sure that we know we are predicting, they're moving parts, there's no doubt.

我們試圖將所有事情都考慮在內，並確保我們知道我們正在預測，它們是移動部件，這是毫無疑問的。

And it could go a little higher and even a little lower, but there are other parts in our business which are not intended for litigation.

它可能會更高甚至更低，但我們業務中還有其他部分不適合訴訟。

So that's where we are, and this time of year we are all busy and finalizing our work plan, working out the details, and making sure that what we predicted early this year is still valid and they are in the middle of the evaluation.

這就是我們現在的處境，每年的這個時候我們都在忙著敲定我們的工作計劃，制定細節，並確保我們今年年初的預測仍然有效，並且他們正在進行評估。

Bill, do you want to add something on the litigation part?

Bill，你想在訴訟部分添加一些內容嗎？

Yes, Ronny, just a couple of follow-ups.

是的，羅尼，只是一些後續行動。

I mean of course and we talked over and over again about the venlafaxine and people know that.

我的意思是當然，我們一遍又一遍地談論文拉法辛，人們都知道這一點。

But there's a lot of other cases out there such as we feel pretty good about Gemzar, Angiomax -- we've already talked about Mirapex comes at the beginning of the year, we're very hopeful on the appeal on Vista, and Temodar is -- just to name a few is an exciting opportunity for 2010.

但還有很多其他案例，比如我們對 Gemzar、Angiomax 感覺很好——我們已經討論過 Mirapex 在今年年初問世，我們對 Vista 的吸引力非常有希望，而 Temodar 是-- 僅舉幾例是 2010 年令人興奮的機會。

And second, I guess this is more of a global question, you -- it was a nice discussion earlier about potentially pushing up the R&D a little bit towards the 7% rate year throughout, and looking at your business model once they're branded, two-thirds generic and looking at the branded R&D of around 15%, and I know you want to keep your R&D level low.

其次，我想這更像是一個全球性問題，你 - 早些時候的討論很不錯，關於可能將全年的研發率略微提高到 7%，並在品牌化後審視你的商業模式，三分之二的仿製藥和大約 15% 的品牌研發，我知道你想保持較低的研發水平。

But thinking about the investment rate, shouldn't that R&D line be closer to 10% as opposed to closer to 7% two or three years out?

但是考慮到投資率，研發線不應該接近 10% 而不是兩三年後接近 7% 嗎？

No, I don't think so.

不，我不這麼認為。

I think that the more we look into our future and you'll remember that we are willing to maintain the ratio roughly speaking to be the current ratio between the branded business and the generic business, we believe that we will be more than okay in the current numbers.

我認為，我們對未來的展望越多，您就會記得，我們願意維持品牌業務與非專利業務之間大致的比率，即目前的比率，我們相信我們會在當前數字。

It's important to emphasize that from my perspective, [expenditures] is the means, not the end.

需要強調的是，在我看來，[支出]是手段，而不是目的。

The end is where we are willing to go, what are the products we would like to develop, and we come to the conclusion that it is the products or this is what we would like to be in, then we will dedicate the funds or whatever is needed in order to be there.

最後就是我們願意去的地方，我們想開發什麼產品，我們得出的結論是產品或者這就是我們想做的，那麼我們就投入資金什麼的需要才能在那裡。

Right now, we think that we are doing, we are achieving our target without the R&D, and we have a different kind of R&D in Teva, so you should not expect us to go into the [finish] with numbers.

現在，我們認為我們正在做，我們在沒有研發的情況下實現了我們的目標，而且我們在 Teva 有不同類型的研發，所以你不應該期望我們通過數字進入[完成]。

So do you believe your current branded pipeline is wide enough to support your growth in three to five years out?

那麼，您認為您當前的品牌渠道是否足以支持您未來三到五年的增長？

Generally speaking to where we would like to be, I believe so, and definitely part of our future or long term future would be not only organic R&D, but also to a certain degree some acquisitions that will complement our portfolio to support our future projected sales in our branded part of the business.

一般來說，我相信是這樣，我們未來或長期未來的一部分肯定不僅是有機研發，而且在一定程度上還會進行一些收購，這些收購將補充我們的產品組合，以支持我們未來的預計銷售在我們的品牌業務中。

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。

Good morning and a question for Shlomo.

早上好，請問 Shlomo。

If you could just comment on performance trends in the TAPI business in the quarter.

如果您能對本季度 TAPI 業務的績效趨勢發表評論。

I know during your last strategic review you talked about this being roughly $1 billion business by 2012, but sales have continued to remain relatively soft.

我知道在您上次的戰略回顧中，您談到到 2012 年這將是大約 10 億美元的業務，但銷售額繼續保持相對疲軟。

And I still think that we're tracking roughly around 2006 levels.

而且我仍然認為我們大致在追踪 2006 年左右的水平。

So I'm just sort of puzzled frankly given the strength in the overall generic business worldwide, why we're not seeing stronger performance trends in that segment.

因此，坦率地說，鑑於全球通用業務的整體實力，我有點困惑，為什麼我們沒有看到該領域更強勁的業績趨勢。

And then maybe just a follow-up question for Bill, if you could just give us your latest read on where exactly we are with respect to biologics legislation and what we should be looking for there.

然後也許只是 Bill 的一個後續問題，如果你能給我們你的最新閱讀，了解我們在生物製劑立法方面的確切位置以及我們應該在那裡尋找什麼。

And just maybe some color commentary on the notion that 12 years is a significant setback for the generic industry, and the thinking there is that while obviously for longer period of time than what you hope, the reality is that at least economically, you could be looking at products that are multiples above where they are in the seventh year in the life and 12th year, so I'm wondering how damaging you really think that is, thanks.

也許只是對 12 年對仿製藥行業來說是一個重大挫折這一概念的一些顏色評論，並且那裡的想法是，雖然顯然比你希望的時間更長，但現實是至少在經濟上，你可以查看比生命中第七年和第 12 年高出數倍的產品，所以我想知道你真的認為這有多大的破壞性，謝謝。

Let me first answer the TAPI part of your question.

讓我先回答您問題的 TAPI 部分。

You have to be aware that when we acquire companies, actually, we also acquire part of our customers.

大家要知道，我們收購公司的時候，實際上我們也收購了一部分客戶。

So from that point of view, the Barr acquisition actually took a third party or external customer and make it an internal one.

所以從這個角度來看，Barr 的收購實際上是把第三方或外部客戶變成了內部客戶。

So what you see in the TAPI numbers is actually the third party business or the external business part of the business, and I'm just giving it as an example because as we grow the business, TAPI is more busy with supplying Teva's internal needs, and definitely in the same time we would like to grow our external business and part of the number that we see because we actually move part of our customers into our internal universe.

所以你在 TAPI 數字中看到的實際上是第三方業務或業務的外部業務部分，我只是舉個例子，因為隨著我們業務的發展，TAPI 更忙於滿足 Teva 的內部需求，當然，與此同時，我們希望發展我們的外部業務和我們看到的部分數字，因為我們實際上將部分客戶轉移到了我們的內部領域。

So TAPI will continue to grow the business.

因此 TAPI 將繼續發展業務。

TAPI is the largest API producer in global terms, and that's basically what I can say on TAPI.

TAPI 是全球最大的 API 生產商，這基本上就是我對 TAPI 的看法。

Bill?

賬單？

Thanks for the question, Elliott.

謝謝你的問題，埃利奧特。

There was a couple perspectives here on biogenerics.

這裡有一些關於生物仿製藥的觀點。

First as the Chairman of the Association, I have to say that you probably did see the letter we sent to the White House asking the current biologics legislation is stripped from healthcare reform, because we think with 12 years of exclusivity and really the troubles around the evergreen, it's just not helpful.

首先，作為協會主席，我不得不說，您可能確實看到了我們發給白宮的信，要求將當前的生物製劑立法從醫療改革中剝離，因為我們認為 12 年的排他性以及圍繞萬年青，就是沒用。

It doesn't really create any competitive situation for the generic industry, so that's my Chairman of GPHA.

它並沒有真正為仿製藥行業創造任何競爭局面，所以這就是我的 GPHA 主席。

That said, from a Teva position, we're going after these products whether we have to do it through an ADLA or a DLA, and we've talked a lot about our filing of GCSF and again, we are hopeful that we will get that accomplished yet this year.

也就是說，從 Teva 的立場來看，我們正在追求這些產品，無論我們必須通過 ADLA 還是 DLA 來做，我們已經談了很多關於我們提交 GCSF 的事情，我們希望我們能得到今年還沒有完成。

And we are hopeful about products like Neugranin, which is the Albumin fusion GCSF.

我們對像 Neugranin 這樣的產品充滿希望，它是白蛋白融合 GCSF。

So we're going to go after these products one way or another as Teva.

所以我們將像 Teva 一樣以一種或另一種方式追求這些產品。

So as I've commented many times to the press, don't feel bad for Teva.

因此，正如我多次向媒體評論的那樣，不要為 Teva 感到難過。

Teva is going to be in these markets regardless.

梯瓦無論如何都會進入這些市場。

What I would feel bad for unfortunately is for the American consumer, because I think they're getting a bad deal.

不幸的是，我會為美國消費者感到難過，因為我認為他們的交易很糟糕。

Thank you.

謝謝你。

Our final question comes from Marc Goodman with UBS.

我們的最後一個問題來自瑞銀的馬克古德曼。

Please state your question.

請說出你的問題。

Two questions.

兩個問題。

First, Bill, you talked about Adderall XR a little bit, but I guess I'm just a little confused.

首先，Bill，你稍微談到了 Adderall XR，但我想我只是有點困惑。

Was last quarter a big quarter of Adderall XR in this quarter?

上一季度是本季度 Adderall XR 的重要季度嗎？

Was it a very light quarter because of supply issues?

由於供應問題，這是一個非常輕的季度嗎？

Is that the way we should think about it and we're hoping to get it back together in the fourth quarter?

這是我們應該考慮的方式嗎？我們希望在第四季度將其恢復原狀嗎？

Yes Marc, I think you need to think about the supply issues as post-180 day issues.

是的，馬克，我認為您需要將供應問題視為 180 天后的問題。

This is going to be a tough market as far as supply I think.

就供應而言，我認為這將是一個艱難的市場。

The way the situation is worked out right now, there's -- supply is tight.

目前情況的解決方式是——供應緊張。

There's not a lot of inventory out there.

那裡的存貨不多。

Supply is tight, so right now, we are hopeful that our litigation will shake some things loose.

供應緊張，所以現在，我們希望我們的訴訟能夠擺脫困境。

Okay, and then the other question has to do with the innovative business, some of the products, we seen a lot of press releases over the past three or four months.

好的，然後另一個問題與創新業務有關，一些產品，我們在過去三四個月裡看到了很多新聞稿。

Can you talk about just some milestones and things that we should watch for, and on the innovative side when will we see products hit the market whether it's Europe or US, maybe over the next 12 months give us a flavor for what we should see?

你能談談我們應該關注的一些里程碑和事情嗎？在創新方面，我們什麼時候會看到產品進入市場，無論是歐洲還是美國，也許在接下來的 12 個月內，我們應該看到什麼？

Yes, I think first of all as we discussed near term opportunities on Copaxone and the 0.5 M&A, and we talk about the Azilect and the ADAGIO study, and then the goals going forward.

是的，我認為首先我們討論了 Copaxone 和 0.5 併購的近期機會，我們討論了 Azilect 和 ADAGIO 研究，然後是未來的目標。

And in addition, if you look at the innovative on the branded pipeline, I think that we have a few interesting products, definitely Laquinimod.

此外，如果你看一下品牌管道的創新，我認為我們有一些有趣的產品，絕對是 Laquinimod。

We believe that is a huge potential there for us.

我們相信這對我們來說是一個巨大的潛力。

And looking at the MS competitive landscape in the coming years, we have the [private loan] product that we're going to see results in next year, and this is a very interesting opportunity for us and other indications that we are developing with Laquinimod.

看看未來幾年 MS 的競爭格局，我們有 [私人貸款] 產品，我們將在明年看到結果，這對我們來說是一個非常有趣的機會，其他跡象表明我們正在使用 Laquinimod 開發.

So all in all, it's all relatively I think midterm opportunity and on the innovative side.

所以總而言之，我認為這是相對的中期機會和創新方面。

We need to remember that on the other segment as well, we are developing our other franchises, and respiratory as well.

我們需要記住，在其他領域，我們也在開發我們的其他特許經營權，以及呼吸系統。

We're developing a few products on respiratory and we have a good development plan for our women's health business going forward, and definitely the biology is one of our growth engines let's say beyond 2010 in 2013 or 2014 timeframe.

我們正在開發一些呼吸產品，我們有一個很好的女性健康業務發展計劃，生物學絕對是我們的增長引擎之一，比方說 2010 年之後的 2013 年或 2014 年時間框架。

So all in all if you look at the respect of the branded activities, which means that we have a good pipeline and an interesting and robust growth going forward.

所以總而言之，如果你看一下品牌活動的尊重，這意味著我們有一個很好的渠道和一個有趣而強勁的增長。

Thank you.

謝謝你。

I would like to turn the floor back over to Shlomo Yanai for closing comments.

我想將發言權轉回給 Shlomo Yanai 以發表結束評論。

Thank you, all, very much, for joining us today and I look forward to seeing you in New York on January 5.

非常感謝大家今天加入我們，期待 1 月 5 日在紐約見到你們。

Have a good day.

祝你有美好的一天。

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。