Teva Pharmaceutical Industries Ltd (TEVA) 2009 Q4 法說會逐字稿

Greetings, and welcome to the Teva Pharmaceutical Industries, limited, fourth quarter 2009 results conference call.

您好，歡迎來到 Teva Pharmaceutical Industries, limited 2009 年第四季度業績電話會議。

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 of Teva.

Teva 的 Elana Holzman。

Please go ahead, ma'am.

請繼續，女士。

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 fourth quarter and full year 2009 earnings call.

歡迎參加 Teva 2009 年第四季度和全年收益電話會議。

We hope you have 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，Teva 北美公司總裁兼首席執行官 Shlomo Yanai、首席財務官 Eyal Desheh、Teva 北美公司總裁兼首席執行官 Bill Marth、全球品牌產品集團副總裁 Moshe Manor 和梯瓦歐洲。

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

Shlomo 和 Eyal 將首先概述我們的結果。

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

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

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

Eyal 將提供有關從我們的非 GAAP 結果中排除的項目的更多詳細信息。

We will then open the call for 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 fourth quarter and full year 2009.

歡迎大家並感謝你們今天加入我們，因為我們回顧了 Teva 2009 年第四季度和全年的業績。

2009 was an excellent year for Teva, a year in which our Company grew significantly, increased profits, and quarter after quarter delivered value for all our stakeholders.

2009 年對 Teva 來說是極好的一年，我們公司實現了顯著增長，增加了利潤，並且每個季度都為我們所有的利益相關者創造了價值。

It was a year of record breaking sales across all our geographies and in all our major businesses, leading to record-breaking financial results across the board.

這一年我們所有地區和所有主要業務的銷售額都創下了紀錄，導致全面創紀錄的財務業績。

This was also a year of major strategic achievements for Teva, including the successful integration of Barr, a process which was completed less than a year after closing, and from which we expect to continue to derive significant synergies for many years to come.

這也是 Teva 取得重大戰略成就的一年，包括 Barr 的成功整合，這一過程在關閉後不到一年就完成了，我們預計未來許多年將繼續從中獲得顯著的協同效應。

I believe that especially, against the backdrop of the troubled world economy, volatile market conditions, and unfavorable foreign exchange effects, our results this year provide an especially strong demonstration of how Teva's agility and the strength of our balanced business model enable us to deliver continuous profitable growth, even as market conditions change.

我相信，尤其是在世界經濟陷入困境、市場環境動盪和不利的外匯影響的背景下，我們今年的業績特別有力地證明了 Teva 的敏捷性和我們平衡的商業模式的優勢如何使我們能夠持續交付盈利增長，即使市場條件發生變化。

I would also like to mention that in mid-January, Moody's upgraded Teva to a credit rating of A3, reflecting Teva's commitment to executing its growth strategy while maintaining a strong balance sheet.

我還想提一下，在 1 月中旬，穆迪將 Teva 的信用評級上調至 A3，反映了 Teva 在維持強勁資產負債表的同時執行其增長戰略的承諾。

Before I describe the year in greater detail, let me briefly review our results for the fourth quarter.

在我更詳細地描述這一年之前，讓我簡要回顧一下我們第四季度的業績。

In a fitting end to the year, we had record-breaking results across every possible parameter in Q4.

恰逢年末，我們在第四季度的所有可能參數上都取得了破紀錄的成績。

Net sales reached $3.8 billion, with gross margins of 58.6%.

淨銷售額達到 38 億美元，毛利率為 58.6%。

Our operating profit for the first time reached the $1 billion mark, with net profit of $847 million, and a very strong cash flow from operations of $957 million.

我們的營業利潤首次突破 10 億美元大關，淨利潤為 8.47 億美元，運營現金流非常強勁，達 9.57 億美元。

And all of this ultimately brought us to EPS of $0.94, another record high for Teva.

所有這一切最終使我們的每股收益達到 0.94 美元，這是 Teva 的又一個歷史新高。

It is worth noting that these results were not driven by any one major launch in the US during the quarter, but rather, from contributions from across our Company.

值得注意的是，這些結果並非由本季度在美國推出的任何重大產品推動，而是來自我們公司的貢獻。

We benefited from especially strong performance in Latin America, in Eastern Europe, as well as record global sales of ProAir, Qvar and Azilect.

我們受益於拉丁美洲、東歐的強勁表現，以及 ProAir、Qvar 和 Azilect 創紀錄的全球銷售額。

In future quarters, the greatest contributions may come from a different mix of business, product and geographies.

在未來幾個季度，最大的貢獻可能來自不同的業務、產品和地域組合。

Whatever the mix, the important things to keep in mind is once again, the value we derive from our balanced business model.

無論是哪種組合，要牢記的重要事項再次是我們從平衡的商業模式中獲得的價值。

Let us turn now to the full year 2009.

現在讓我們轉到 2009 年全年。

A year in which, as I said earlier, we had record-breaking results across the board, including sales of $13.9 billion, which reflects 25% growth year-over-year, operating profit of $3.9 billion, up 35% over 2008, net income of $3 billion, up 22% over 2008, and record EPS of $3.37, up 11% over 2008.

正如我之前所說，這一年我們取得了全面創紀錄的業績，包括銷售額 139 億美元，同比增長 25%，營業利潤 39 億美元，比 2008 年增長 35%，淨利潤收入 30 億美元，比 2008 年增長 22%，每股收益創紀錄地達到 3.37 美元，比 2008 年增長 11%。

We also had record cash flow from operations of $3.4 billion, and strong free cash flow of $2.18 billion.

我們還擁有創紀錄的 34 億美元運營現金流和 21.8 億美元的強勁自由現金流。

Let me share with you some of the highlights of the year for each of our major businesses, beginning with our North American business which had an exceptional year, including record sales of $8.6 billion, up 34% over 2008.

讓我與您分享我們每項主要業務在這一年的一些亮點，首先是我們的北美業務，這一年表現非凡，包括創紀錄的 86 億美元銷售額，比 2008 年增長 34%。

$4.9 billion of these sales represent US generic sales, which grew 16% over 2008.

這些銷售額中有 49 億美元來自美國的仿製藥銷售額，比 2008 年增長了 16%。

Viewing the year, we introduced 19 new generic products which collectively represent branded sales of $14 billion.

縱觀這一年，我們推出了 19 種新的仿製藥，品牌銷售額總計 140 億美元。

These launches included one significant new generic product, Adderall XR, and the rare introduction of another Pulmicort.

這些發布包括一個重要的新通用產品 Adderall XR，以及罕見的另一種 Pulmicort 的介紹。

We were highly focused during the year on extracting the maximum value from all of our product launches, as well as on creating additional opportunities for the strength of our base business.

在這一年裡，我們高度專注於從我們所有的產品發布中獲取最大價值，並為我們的基礎業務的實力創造更多機會。

Our pipeline in the US grew to 260 product applications awaiting final FDA approval, including 89 first-to-files.

我們在美國的管道增加到 260 項等待 FDA 最終批准的產品申請，其中包括 89 項首次申請。

Collectively, the brand products covered by the entire pipeline had annual sales of over $113 billion.

總的來說，整個管道涵蓋的品牌產品的年銷售額超過 1130 億美元。

We expect these products to materialize over the next three to five years.

我們預計這些產品將在未來三到五年內實現。

In 2009, we expanded our leading market share in the US among all Pharmaceuticals companies, both generic and brand, to 16.3% of total prescriptions and 17% of new prescriptions.

2009 年，我們擴大了在美國所有製藥公司（包括仿製藥和品牌藥）中的領先市場份額，佔總處方的 16.3% 和新處方的 17%。

Among generic companies, Teva leads with 22% of total prescriptions.

在仿製藥公司中，Teva 以 22% 的總處方量領先。

That number is greater than the next two competitors combined.

這個數字比接下來的兩個競爭對手的總和還多。

By any measure.

通過任何措施。

2009 was a very good year for our European business, where we had record sales of $3.3 billion, representing 22% growth year-over-year in local currencies and 10% growth in US dollars.

2009 年對我們的歐洲業務來說是非常好的一年，我們的銷售額達到創紀錄的 33 億美元，按當地貨幣計算同比增長 22%，按美元計算同比增長 10%。

As you know, the effects of the financial crisis were especially apparent in Europe during this year.

眾所周知，今年金融危機對歐洲的影響尤為明顯。

With the market growing more slowly than expected.

隨著市場增長速度低於預期。

Despite this, Teva maintained or improved our market position in every one of our major European markets.

儘管如此，Teva 仍然保持或提高了我們在每個主要歐洲市場的市場地位。

Teva is a top three player in every major European market, except Germany.

Teva 在除德國以外的每個主要歐洲市場都位居前三。

We are the number one player in Italy, as well as in the fiercely competitive markets of UK and Netherlands where we extended our lead during the year.

我們在意大利以及競爭激烈的英國和荷蘭市場都是頭號玩家，我們在這一年擴大了領先優勢。

And we have by far the broadest pipeline in Europe with 3100 marketing authorization applications in 30 European countries.

我們擁有迄今為止歐洲最廣泛的管道，在 30 個歐洲國家有 3100 份營銷授權申請。

A key element of our integration of Barr during the year was the world integrate [Pleva].

這一年我們整合 Barr 的一個關鍵因素是世界整合 [Pleva]。

By leveraging Teva's global and European platform and know-how we have turned Pleva's European business into a profitable entity which will make significant contributions to our business in the years to come.

通過利用 Teva 的全球和歐洲平台和專業知識，我們已將 Pleva 的歐洲業務轉變為一個盈利實體，這將在未來幾年為我們的業務做出重大貢獻。

2009 was an especially strong year for our international business.

2009 年是我們國際業務特別強勁的一年。

For the first time, sales reached over $2 billion, up 32% over 2008 in local currencies and 20% in US dollars.

銷售額首次超過 20 億美元，按當地貨幣計算比 2008 年增長 32%，按美元計算增長 20%。

These results were driven by especially strong sales in Latin America, Russia, and other central eastern European countries and Israel.

這些業績是由拉丁美洲、俄羅斯和其他中東歐國家和以色列特別強勁的銷售推動的。

I would like to turn now to the Teva's branded business, beginning with Copaxone, which had a truly outstanding year.

我現在想談談 Teva 的品牌業務，從 Copaxone 開始，它的表現非常出色。

During 2009, Copaxone further solidified its position as the global leader among MS therapies.

2009 年期間，Copaxone 進一步鞏固了其作為 MS 療法全球領導者的地位。

Sales of Copaxone grew 25% over 2008 to reach a record-breaking $2.8 billion.

Copaxone 的銷售額比 2008 年增長了 25%，達到創紀錄的 28 億美元。

Throughout the year, Copaxone continued to demonstrate its unmatched safety and efficacy.

全年，Copaxone 繼續展示其無與倫比的安全性和有效性。

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

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

In Europe, the UK issued a similar approval, which was adopted by 24 other European countries.

在歐洲，英國也發布了類似的批准，其他 24 個歐洲國家也採用了該批准。

Teva remains strongly committed to the MS community and we are continuing to invest in a range of product enhancements, including new dosages, formulations and devices for Copaxone.

Teva 仍然堅定地致力於 MS 社區，我們將繼續投資於一系列產品改進，包括 Copaxone 的新劑量、配方和設備。

We are very pleased with the exciting results of our STRONG study which evaluated whether a new formulation would show improvement in the patient injection experience.

我們對 STRONG 研究的激動人心的結果感到非常高興，該研究評估了一種新配方是否會改善患者的注射體驗。

Based on the study's positive results, we plan to submit a file with the FDA by the end of this March.

基於研究的積極結果，我們計劃在今年 3 月底之前向 FDA 提交一份文件。

In addition, last month we announced that we will be kicking off a new study called GALA which will evaluate the benefits of less frequent higher dosing of Copaxone.

此外，上個月我們宣布我們將啟動一項名為 GALA 的新研究，該研究將評估較少服用高劑量 Copaxone 的益處。

The study will begin this April.

這項研究將於今年四月開始。

This was also an excellent year for Azilect, which had record end-market sales in 2009 of $243 million, up 39% over 2008.

這對 Azilect 來說也是非常出色的一年，它在 2009 年的終端市場銷售額達到創紀錄的 2.43 億美元，比 2008 年增長 39%。

The results of the ADAGIO study which was designed to test Azilect's efficacy in slowing the progression of Parkinson's disease were published in the New England Journal of Medicine.

ADAGIO 研究旨在測試 Azilect 在減緩帕金森病進展方面的功效，其結果發表在《新英格蘭醫學雜誌》上。

In January, we had a productive meeting with the FDA and will file a supplemental New Drug Application based on the ADAGIO study results by the end of the first quarter of 2010.

1 月份，我們與 FDA 舉行了富有成效的會議，並將在 2010 年第一季度末根據 ADAGIO 研究結果提交補充新藥申請。

Lastly, based on the results of our Taiwanese study, the FDA in December approved newly revised prescribing information for Azilect, which reduced medication and food restrictions, thus, removing a significant barrier for some patients and physicians.

最後，根據我們在台灣的研究結果，FDA 在 12 月批准了新修訂的 Azilect 處方信息，減少了藥物和食物限制，從而為一些患者和醫生消除了重大障礙。

Turning now to our respiratory business, 2009 was a record-breaking year in which global sales of our inhalers grew 15% over 2008, to reach $898 million.

現在談談我們的呼吸業務，2009 年是創紀錄的一年，我們吸入器的全球銷售額比 2008 年增長了 15%，達到 8.98 億美元。

In the US, sales grew 40% to reach $568 million.

在美國，銷售額增長了 40%，達到 5.68 億美元。

US revenues were driven by higher sales of ProAir, which maintained its market leadership in the HFA market and of Qvar, which captured the number two position in the ICS market.

美國的收入是由 ProAir 和 Qvar 的銷售額增加推動的，ProAir 保持了其在 HFA 市場的市場領導地位，而 Qvar 在 ICS 市場上佔據了第二的位置。

2009 was also a year of major strategic achievements for Teva, and we took many steps during the year to ensure that we solidified even further our strong leading positions both in generics and in the pharma industry overall.

2009 年也是 Teva 取得重大戰略成就的一年，我們在這一年採取了許多措施，以確保進一步鞏固我們在仿製藥和整個製藥行業的強大領先地位。

Let me share with you just a few of the highlights.

讓我與您分享其中的一些亮點。

First and foremost, of course, was the successful completion of the Barr integration.

當然，首要的是成功完成 Barr 整合。

We now expect to realize over $500 million in synergies by this acquisition by 2012.

我們現在預計到 2012 年通過此次收購將實現超過 5 億美元的協同效應。

As you have already heard today, we have a very productive year when it comes to developing our innovative business, and in addition to growth through our own R&D, we recently announced that Teva is licensing a Phase III product from OncoGenex, for multiple oncology indications.

正如您今天所聽到的那樣，我們在發展創新業務方面取得了豐碩的成果，除了通過我們自己的研發實現增長外，我們最近還宣布 Teva 正在授權 OncoGenex 的 III 期產品，用於多種腫瘤學適應症.

We regard biosimilars as one of our key growth drivers in the future and during 2009, we have made very good progress on our goal of becoming a leading player in this emerging field.

我們將生物仿製藥視為我們未來的主要增長動力之一，在 2009 年，我們在成為這一新興領域的領先企業的目標方面取得了長足的進步。

Earlier this month, the FDA accepted for filing Teva's first ever biologic license application for Neutroval, a G-CSF product.

本月早些時候，FDA 接受了 Teva 首次提交 G-CSF 產品 Neutroval 的生物許可申請。

This product has already been launched in several EU markets under the trade name TevaGrastim and will be launched in additional EU markets over time.

該產品已經以商品名 TevaGrastim 在多個歐盟市場推出，並將隨著時間的推移在其他歐盟市場推出。

Our long acting G-CSF product, Neugranin, has successfully completed Phase II trials and will begin Phase III trials during the first half of 2010.

我們的長效 G-CSF 產品 Neugranin 已成功完成 II 期試驗，並將於 2010 年上半年開始 III 期試驗。

In addition to adding diversity and balance through our product mix, we are expanding our geographic footprint.

除了通過我們的產品組合增加多樣性和平衡性之外，我們還在擴大我們的地理足跡。

Especially in markets where with high potential for growth and profitability, such as Japan, the world's second largest Pharmaceutical market.

特別是在具有高增長和盈利潛力的市場，例如世界第二大醫藥市場日本。

In late December, we announced the Teva-KOWA, our Japanese JV, was acquiring a majority interest in Taisho, an important step in realizing our strategic objective of becoming a leading player in the very important Japanese market.

12 月下旬，我們宣布我們的日本合資企業 Teva-KOWA 將收購 Taisho 的多數股權，這是實現我們成為非常重要的日本市場領先企業的戰略目標的重要一步。

Finally, as you know, during the year, we undertook a major review of our business and the industry, based on which we updated our long-term strategy.

最後，如您所知，在這一年中，我們對我們的業務和行業進行了重大審查，並在此基礎上更新了我們的長期戰略。

At the heart of our strategy is value creation based on four factors.

我們戰略的核心是基於四個因素的價值創造。

Continuous growth, high profitability, financial strength, and hedging risk through our diverse mix of businesses, products and geographies.

通過我們多元化的業務、產品和地域組合，實現持續增長、高盈利能力、財務實力和對沖風險。

I'm looking forward to continuing to share with you our progress towards realizing these strategic objectives in the quarters and years to come.

我期待著在未來幾個季度和幾年繼續與您分享我們在實現這些戰略目標方面取得的進展。

And now I would like to provide our current expectation for 2010.

現在我想提供我們目前對 2010 年的預期。

For the full year, we expect net sales of around $16 billion.

對於全年，我們預計淨銷售額約為 160 億美元。

It is important to bear in mind that in this uncertain economic and foreign exchange environment, exchange rate may have an impact on our revenues.

重要的是要記住，在這種不確定的經濟和外匯環境下，匯率可能會對我們的收入產生影響。

As for earnings per share, we expect non-GAAP EPS to be in the range of $4.40 to $4.60.

至於每股收益，我們預計非 GAAP 每股收益將在 4.40 美元至 4.60 美元之間。

Before I turn the call over to Eyal, I would like to take a moment on behalf of the entire Teva family to wish Eli Hurvitz, the Chairman of Teva's Board of Directors a very swift recovery.

在我將電話轉給 Eyal 之前，我想代表整個 Teva 家族花一點時間祝愿 Teva 董事會主席 Eli Hurvitz 早日康復。

As we announced yesterday, Eli's taking a three weeks leave of absence in order to focus his full attention and energy on recuperating from treatment for recently diagnosed illness.

正如我們昨天宣布的那樣，Eli 將請假三週，以便將他的全部注意力和精力集中在從最近診斷出的疾病的治療中恢復過來。

I'm happy to say that the treatment has been successful and we are all looking forward to Eli returning to work and most important, to excellent health very soon.

我很高興地說治療很成功，我們都期待著 Eli 重返工作崗位，最重要的是，很快就能恢復健康。

And now let's turn the call over to Eyal for a more detailed financial upstate.

現在讓我們將電話轉給 Eyal，以獲得更詳細的北部財務信息。

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。

As you can see, the fourth quarter completed an excellent year for Teva, and we are reporting today a record quarter and year.

如您所見，第四季度對 Teva 來說是出色的一年，我們今天報告的季度和年度均創紀錄。

It is a long list of records here, so please bear with me.

記錄清單很長，請耐心等待。

Q4 was a record quarter in terms of sales, gross margin, and operating income, net income and of course earnings per share, all on a non-GAAP basis.

第 4 季度的銷售額、毛利率、營業收入、淨收入，當然還有每股收益均創歷史新高，所有這些均按非公認會計原則計算。

2009 was our best year ever as we delivered records in sales, GAAP and non-GAAP gross profit, non-GAAP gross margin, GAAP and non-GAAP operating income, and GAAP and non-GAAP net income, as well as non-GAAP earnings per share and operating cash flow.

2009 年是我們有史以來最好的一年，因為我們在銷售額、GAAP 和非 GAAP 毛利、非 GAAP 毛利率、GAAP 和非 GAAP 營業收入、GAAP 和非 GAAP 淨收入以及非 GAAP 方面均創下歷史新高每股收益和經營現金流。

We also had record sales across all three geographies, and across all our branded franchises, Copaxone, Azilect, respiratory products and women's health products.

我們在所有三個地區以及我們所有的品牌特許經營權、Copaxone、Azilect、呼吸產品和女性保健產品的銷售額也創下了紀錄。

Cash flow and free cash flow remained strong as well.

現金流和自由現金流也保持強勁。

These results were driven by a good product mix, tight expense control, and successful integration of Barr.

這些結果得益於良好的產品組合、嚴格的費用控制以及 Barr 的成功整合。

In other words, all parts of the Teva machine worked together in perfect harmony.

換句話說，Teva 機器的所有部件都完美協調地協同工作。

Before we delve into the numbers, I would like to touch on two issues.

在我們深入研究這些數字之前，我想談談兩個問題。

First, I would like to remind everyone that we are presenting GAAP and non-GAAP results.

首先，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.

在我們的非 GAAP 演示文稿中，我們在本季度排除了以下項目。

Legal settlement of $379 million with $315 million relating both to settlement agreements and reserves in connection with drug pricing litigation, including a settlement we announced a couple of weeks ago, and the majority of the balance relating to settlement agreement with Novartis regarding Famciclovir.

法律和解金額為 3.79 億美元，其中 3.15 億美元涉及藥品定價訴訟的和解協議和準備金，包括我們幾週前宣布的和解協議，以及與諾華公司就泛昔洛韋達成和解協議的大部分餘額。

Amortization of purchased intangible assets and inventory step-up totaling $139 million, of which $129 million are included in cost of goods sold, and the remaining $10 million in sales and marketing.

已購無形資產的攤銷和庫存增加總計 1.39 億美元，其中 1.29 億美元計入銷售成本，其餘 1000 萬美元計入銷售和營銷。

Impairment of assets of $71 million, and restructuring expenses of $25 million, mainly in connection with Barr-related integration and rationalization activities.

資產減值 7100 萬美元，重組費用 2500 萬美元，主要與 Barr 相關的整合和合理化活動有關。

Purchased in process R&D of $23 million in connection with our investment in OncoGenex announced in December.

在我們於 12 月宣布的對 OncoGenex 的投資中購買了 2300 萬美元的過程研發。

Other net financial income of $8 million, and in addition, the related tax benefits of $161 million.

其他淨財務收入為 800 萬美元，此外，相關稅收優惠為 1.61 億美元。

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

您應該注意到，在計算我們 2008 年第四季度的非 GAAP 業績時排除的項目與本季度的不盡相同。

Also, the items excluded from our full year non-GAAP results are also not identical to those of the fourth quarter.

此外，從我們的全年非 GAAP 業績中排除的項目也與第四季度的業績不同。

Please review our press release and related tables for complete information.

請查看我們的新聞稿和相關表格以獲取完整信息。

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

正如過去所指出的，我們提供非 GAAP 數據以顯示我們、管理團隊和董事會如何看待我們的財務業績。

Foreign currencies continued to play a significant role in our results.

外幣繼續在我們的業績中發揮重要作用。

In the fourth quarter, foreign exchange trends were reversed, as the dollar weakened against most currencies, so in Q4 foreign currency differences contributed approximately $98 million, or 3% of total sales, as compared to Q4 2008.

第四季度，由於美元兌大多數貨幣走弱，外匯趨勢發生逆轉，因此與 2008 年第四季度相比，第四季度外匯差異貢獻了約 9800 萬美元，佔總銷售額的 3%。

The impact of sales resulted primarily from the decline in the value of the US dollar relative to certain other currencies, primarily the Euro, the Canadian dollar and the Hungarian forint, partially offset by the strengthening of the US dollar against the Russian ruble and the Argentinean peso.

銷售額的影響主要是由於美元相對於某些其他貨幣（主要是歐元、加元和匈牙利福林）的價值下降，部分被美元兌俄羅斯盧布和阿根廷貨幣的升值所抵消比索。

For the full year 2009, exchange rates still had an adverse effect on sales of approximately $572 million.

對於 2009 年全年，匯率仍然對大約 5.72 億美元的銷售額產生不利影響。

For a full year sales were impacted mostly by strengthening of the US dollar against the British pound, the Hungarian forint, the Euro, the Russian ruble, the Polish zloty and the Israeli shekel.

全年銷售額主要受到美元兌英鎊、匈牙利福林、歐元、俄羅斯盧布、波蘭茲羅提和以色列謝克爾走強的影響。

However, it is important to note that on operating income, foreign exchange had a negligible effect, close to zero in Q4 and approximately $37 million adverse effect for the full year.

然而，值得注意的是，外匯對營業收入的影響可以忽略不計，第四季度接近於零，全年的不利影響約為 3700 萬美元。

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

Teva 多元化的地域分佈繼續為我們提供了良好的自然對沖，減輕了貨幣波動所涉及的此類風險，並將對我們底線的影響降至最低。

Looking at consolidated results for Q4, sales totaled $3.8 billion, an increase of 33% compared to Q4 of last year.

從第四季度的綜合業績來看，銷售額總計 38 億美元，比去年第四季度增長 33%。

The Barr acquisition contributed to growth in sales in all Teva 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。

For the full year, sales reached $13.9 billion, an increase of 25% compared to 2008.

全年銷售額達到 139 億美元，比 2008 年增長 25%。

Non-GAAP operating income reached record high, topping $1 billion, and up 41% compared to Q4 2008, and benefiting from strong gross margin and tight expense control.

非 GAAP 營業收入創歷史新高，超過 10 億美元，與 2008 年第四季度相比增長 41%，這得益於強勁的毛利率和嚴格的費用控制。

For the full year, non-GAAP operating income was $3.9 billion, representing 35% gross compared to 2008.

全年非美國通用會計準則營業收入為 39 億美元，與 2008 年相比佔總收入的 35%。

Non-GAAP net income was strong at $847 million, up 28% compared to Q4 2008, despite the higher tax rate that resulted from the integration of the Barr business.

非 GAAP 淨收入強勁，達到 8.47 億美元，比 2008 年第四季度增長 28%，儘管 Barr 業務的整合導致稅率提高。

Non-GAAP net income for the full year was over $2 billion, up 22%.

全年非美國通用會計準則淨收入超過 20 億美元，增長 22%。

Non-GAAP fully diluted earnings per share were $0.94, up 18% compared to Q4 2008.

非美國通用會計準則每股完全攤薄收益為 0.94 美元，與 2008 年第四季度相比增長 18%。

Similar to the previous quarter, we had approximately 78 million more shares this quarter than in the fourth 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，在我們計算的每股收益中，本季度我們擁有的股票比 2008 年第四季度多大約 7800 萬股，這主要是由於與 Barr 收購相關的股票發行。

Two housekeeping points related to EPS calculation.

與 EPS 計算相關的兩個管理要點。

You will find share count details in the press release we issued today, and the add-back for the non-GAAP EPS calculation is $10 million for the quarter.

您可以在我們今天發布的新聞稿中找到股票數量的詳細信息，本季度非 GAAP 每股收益計算的增加額為 1000 萬美元。

For the full year, non-GAAP diluted EPS was $3.37 per share, 11% up from 2008.

全年，非 GAAP 稀釋每股收益為 3.37 美元，比 2008 年增長 11%。

Now let's discuss profit margins and operating expenses.

現在讓我們討論利潤率和運營費用。

Non-GAAP gross profit margin, which excludes amortization of intangible assets and inventory step-up, was 58.6% in the reported quarter, a record high compared to 57.4% in the comparable quarter of 2008.

報告季度的非美國通用會計準則毛利率（不包括無形資產攤銷和存貨增加）為 58.6%，創歷史新高，而 2008 年同期為 57.4%。

The improvement in gross profit margin is attributable to higher contribution to sales from our branded and innovative franchises, higher contribution in the quarter from new product launch in the US, as well as improved gross margin of our US generic based business.

毛利率的提高歸因於我們的品牌和創新特許經營權對銷售額的貢獻增加，本季度在美國推出新產品的貢獻增加，以及我們美國仿製藥業務的毛利率提高。

For the full year, non-GAAP gross profit margin was 58.4%.

全年非美國通用會計準則毛利率為 58.4%。

A side note on the US based business, the improvement in the gross margin of the US based business is the result of internal action to improve our cost structure and product mix as well as leveraging market conditions that have led to supply opportunities.

關於美國業務的旁注，美國業務毛利率的提高是內部行動改善我們的成本結構和產品組合以及利用市場條件帶來供應機會的結果。

Non-GAAP operating margin reached 27.6%, up from 26.2% in the comparable quarter last year, driven primarily from strong gross margin, lower G&A, and net R&D as a percentage of sales, primarily offset by higher royalty payments which are reflected in sales and marketing expenses.

非 GAAP 營業利潤率達到 27.6%，高於去年同期的 26.2%，這主要是由於強勁的毛利率、較低的 G&A 和淨研發佔銷售額的百分比，主要被銷售額中反映的較高特許權使用費所抵消和營銷費用。

For the full year, non-GAAP operating margin reached 27.7%, similar to the quarter.

全年，非 GAAP 營業利潤率達到 27.7%，與本季度相似。

Net R&D expenses reached $219 million or 5.8% of sales this quarter.

本季度淨研發費用達到 2.19 億美元，佔銷售額的 5.8%。

However, gross R&D before reimbursement from third parties for certain R&D (inaudible) expenses, primarily Teva joint venture with Lonza and purchased in process R&D was $276 million, or 7.3% of sales.

然而，在第三方償還某些研發（聽不清）費用之前的總研發費用，主要是 Teva 與 Lonza 的合資企業和購買的過程研發費用為 2.76 億美元，佔銷售額的 7.3%。

For the full year, net R&D expenses totaled $802 million, or 5.8% of sales.

全年淨研發費用總計 8.02 億美元，佔銷售額的 5.8%。

R&D expenses in 2009 were lower than originally expected, primarily because Barr's pipeline also enabled us to keep R&D expenses lower than we had originally anticipated and planned.

2009 年的研發費用低於原先預期，主要是因為 Barr 的管道也使我們能夠將研發費用保持在低於我們原先預期和計劃的水平。

I would like to provide some more details on total R&D spending done by the Teva Group.

我想提供更多有關 Teva Group 研發總支出的詳細信息。

When we add up all the R&D done by Teva that doesn't show up directly in our R&D income statement line items such as the Lonza JV, the Teva-KOWA JV, third party participation and innovative investments, total gross R&D for the year was $923 million, or 6.6% of sales.

當我們將 Teva 完成的所有未直接顯示在我們的研發損益表行項目（例如 Lonza JV、Teva-KOWA JV、第三方參與和創新投資）中的研發加起來時，當年的總研發總額為9.23 億美元，佔銷售額的 6.6%。

In addition, we invested approximately $35 million in equity investments in 2009, primarily through Teva's innovative ventures, as part of our effort to expand our innovative pipeline.

此外，我們在 2009 年投資了大約 3500 萬美元的股權投資，主要是通過 Teva 的創新企業，作為我們擴大創新渠道的努力的一部分。

As we discussed in our strategy update in early January, we view the breadth of our generic product portfolio as a core competitive advantage and we intend to continue investing in R&D in order to be first to market in every major opportunity and leverage our broad portfolio in the [United States] and elsewhere.

正如我們在 1 月初的戰略更新中所討論的那樣，我們將通用產品組合的廣度視為核心競爭優勢，我們打算繼續投資研發，以便在每一個重大機會中率先上市，並利用我們廣泛的產品組合[美國]和其他地方。

We also intend to expand our innovative and biologic R&D activity either in-house or through partnership, joint venture, as in the Lonza case, or licensing agreement as in the OncoGenex example.

我們還打算在內部或通過合作夥伴關係、合資企業（如 Lonza 案例）或許可協議（如 OncoGenex 案例）擴大我們的創新和生物研發活動。

Sales and marketing expenses, excluding amortization of intangible assets, totaled $742 million in the quarter, or 19.5% of sales, compared to 17.2% of sales in Q4 2008.

本季度銷售和營銷費用（不包括無形資產攤銷）總計 7.42 億美元，佔銷售額的 19.5%，而 2008 年第四季度為 17.2%。

These higher sales and marketing expenses are the result of two main factors.

這些較高的銷售和營銷費用是兩個主要因素的結果。

The contribution of Barr's business which is characterized by higher sales and marketing expenses and higher royalty payment in connection with Copaxone and other products, primarily the relaunch of Adenosine.

Barr 業務的貢獻在於更高的銷售和營銷費用以及與 Copaxone 和其他產品相關的更高特許權使用費，主要是重新推出腺苷。

For the full year, sales and marketing expenses totaled $2.6 billion, or 19% of sales.

全年，銷售和營銷費用總計 26 億美元，佔銷售額的 19%。

Total G&A expenses this quarter were $218 million or 5.7% of sales, compared with 6.4% of sales in Q4 last year.

本季度總 G&A 費用為 2.18 億美元，佔銷售額的 5.7%，而去年第四季度佔銷售額的 6.4%。

For the full year, G&A expenses totaled $823 million, or 5.9% of sales.

全年 G&A 費用總計 8.23 億美元，佔銷售額的 5.9%。

We recorded $34 million of financial expenses on a non-GAAP basis in Q4.

我們在第四季度記錄了 3400 萬美元的非 GAAP 財務費用。

This is $26 million on a GAAP basis.

按 GAAP 計算，這是 2600 萬美元。

Compared with $30 million of non-GAAP financial expenses in the comparable quarter in 2008.

與 2008 年同期的 3000 萬美元非 GAAP 財務費用相比。

A higher level of debt during the quarter compared to Q4 last year before the Barr acquisition were offset by lower interest rates.

與收購 Barr 之前的去年第四季度相比，本季度的債務水平較高，但被較低的利率所抵消。

Financial expenses were down $18 million from the third quarter of this year, as a result of a decrease in our debt over the first three quarters of 2009, and reduction in currency hedging cost.

由於 2009 年前三個季度我們的債務減少以及貨幣對沖成本的降低，財務費用比今年第三季度減少了 1800 萬美元。

The non-GAAP tax rate for the full year of 2009 was 16%, compared with the rate of 10% for 2008.

2009 年全年的非美國通用會計準則稅率為 16%，而 2008 年為 10%。

The increase in 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。

The tax rate for 2009 GAAP results was 8%.

2009 年 GAAP 結果的稅率為 8%。

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 totaled $957 million.

運營產生的現金總額為 9.57 億美元。

Our free cash flow, excluding net capital expenditure of $179 million and cash dividend of $141 million amounted to $637 million.

我們的自由現金流，不包括 1.79 億美元的淨資本支出和 1.41 億美元的現金股息，總計 6.37 億美元。

The strong cash flow was driven primarily by strong collection during the quarter.

強勁的現金流主要是由本季度強勁的收款推動的。

For the full year, cash flow from operations reached a record of $3.3 billion, strong collection throughout the year, more than offset significant Barr related integration and restructuring spending.

全年，運營現金流達到創紀錄的 33 億美元，全年收入強勁，足以抵消 Barr 相關的重大整合和重組支出。

Free cash flow for the year totaled $2.2 billion.

全年自由現金流總計 22 億美元。

On December 31st, our cash and marketable security was $2.5 billion, up $0.5 billion from September 30.

12 月 31 日，我們的現金和有價證券為 25 億美元，比 9 月 30 日增加了 5 億美元。

Our total outstanding loans, bonds and convertible debentures stood at $5.6 billion, down from $5.8 billion at the end of September.

我們的未償還貸款、債券和可轉換債券總額為 56 億美元，低於 9 月底的 58 億美元。

From December 2008, our debt has gone down by $2.8 billion, resulting primarily from paying back the bridge financing incurred in connection with the Barr acquisition, and a conversion of convertible debt of almost $1 billion.

自 2008 年 12 月以來，我們的債務減少了 28 億美元，這主要是由於償還了與 Barr 收購相關的過橋融資，以及近 10 億美元的可轉換債券的轉換。

Our financial leverage as of December 31st, 2009 was 23%, similar to September 30, and down from 34% in December 2008 following the Barr acquisition.

截至 2009 年 12 月 31 日，我們的財務槓桿率為 23%，與 9 月 30 日相似，低於 2008 年 12 月收購 Barr 後的 34%。

Our strong balance sheet and business results has led Moody's to raise Teva's rating to A3.

我們強勁的資產負債表和經營業績促使穆迪將 Teva 的評級上調至 A3。

The first ever A rating for a generic pharmaceutical company.

仿製藥公司首次獲得 A 評級。

DSO, days sales outstanding amounted to 48 days this quarter, compared to 50 days in Q3 2009, and 51 days in Q4 last year.

DSO，本季度未完成銷售天數為 48 天，而 2009 年第三季度為 50 天，去年第四季度為 51 天。

We calculate the DSO as we always do after netting out from the receivable the sales reserve and allowances.

我們一如既往地在從應收賬款中扣除銷售準備金和津貼後計算 DSO。

Inventory days were 182 days, down from 195 days in Q3, and down from 206 days in Q4 2008.

庫存天數為 182 天，低於第三季度的 195 天，低於 2008 年第四季度的 206 天。

Net capital expenditures reached $179 million this quarter, similar to the CapEx levels in Q4 2008, and $195 million in the previous quarter.

本季度淨資本支出達到 1.79 億美元，與 2008 年第四季度的資本支出水平相似，上一季度為 1.95 億美元。

Dividends.

股息。

Yesterday, Teva's Board approved an increase in our quarterly dividends from ILS0.6 per share to ILS0.7 per share.

昨天，Teva 董事會批准將我們的季度股息從每股 ILS0.6 增加到每股 ILS0.7。

As you know, our dividend is paid in shekels.

如您所知，我們的股息以謝克爾支付。

This is a 17% increase in our cash dividend, and completed more than 50% increase in dividend payment over the past two years.

這是我們現金分紅增加了17%，完成了過去兩年超過50%的分紅支付。

Based on the rate of exchange on February 15 of the shekel to the US dollar, this translates into approximately $0.19 per share or a quarterly dividend amounting to approximately $165 million.

根據 2 月 15 日謝克爾對美元的匯率，這相當於每股約 0.19 美元或季度股息約為 1.65 億美元。

Before opening the call to questions, let me repeat our guidance for 2010 and provide a few more data points regarding 2010.

在開始提問之前，讓我重複一下我們對 2010 年的指導，並提供更多關於 2010 年的數據點。

We expect sales of approximately $16 billion, as Shlomo indicated, this number is sensitive to foreign exchange volatility and could be impacted by future exchange rates.

正如 Shlomo 所指出的，我們預計銷售額約為 160 億美元，這個數字對外匯波動很敏感，並可能受到未來匯率的影響。

We expect non-GAAP earnings per share to be between $4.40, and $4.60 for the year, with significant variance between the first quarter and the rest of the year, resulting from the timing of our key business drivers during the year.

我們預計全年非 GAAP 每股收益在 4.40 美元至 4.60 美元之間，第一季度與今年剩餘時間之間存在顯著差異，這是由於我們在年內主要業務驅動因素的時間安排所致。

New launches of Paragraph IV products in the US market, the elimination of Copaxone royalty payment to Sanofi-Aventis, as well as our regular seasonality.

在美國市場推出新的 Paragraph IV 產品，取消向賽諾菲-安萬特支付 Copaxone 專利使用費，以及我們的常規季節性。

Now let me provide some specific guidance as to expenses and margin.

現在讓我提供一些關於費用和保證金的具體指導。

Our non-GAAP gross profit margin is expected to average between 59 to 60%, with lower rates in Q1.

我們的非 GAAP 毛利率預計平均在 59% 至 60% 之間，第一季度的利率較低。

This number does not include amortization of approximately $470 million for the year.

這一數字不包括當年約 4.7 億美元的攤銷。

Net R&D expenses with our joint venture and other investments, will be between 6 and 6.5% of net sales.

我們的合資企業和其他投資的淨研發費用將占淨銷售額的 6% 至 6.5%。

Sales and marketing expenses will be in the range of 16 to 18% for the year.

今年的銷售和營銷費用將在 16% 到 18% 之間。

This number does not include amortization of approximately $40 million.

這個數字不包括大約 4000 萬美元的攤銷。

In Q1, sales and marketing will be considerably higher as a percentage of sales, since the take-back of royalties from Sanofi-Aventis does not begin before April 1st.

在第一季度，銷售和營銷佔銷售額的百分比將大大提高，因為從賽諾菲-安萬特 (Sanofi-Aventis) 收回特許權使用費不會在 4 月 1 日之前開始。

G&A as a percentage of sales for the year is expected to be between 5 and 5.5%.

G&A 佔全年銷售額的百分比預計在 5% 到 5.5% 之間。

Final expenses are expected to be between $150 million to $170 million.

最終費用預計在 1.5 億美元至 1.7 億美元之間。

Tax rate on our non-GAAP numbers is expected to be between 13 and 15%.

我們的非 GAAP 數據的稅率預計在 13% 到 15% 之間。

In 2010, we expect to record share in losses of associated companies of approximately $40 million, primarily in our JV with Lonza.

2010 年，我們預計將分擔關聯公司約 4000 萬美元的虧損，主要是我們與龍沙 (Lonza) 的合資公司。

We believe that the fully diluted number of shares in 2010 should be approximately 925 million shares, and the add-back for earnings per share calculation will be $45 million for the year.

我們認為 2010 年完全攤薄後的股份數量應約為 9.25 億股，全年每股收益的增加將為 4500 萬美元。

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

感謝大家今天的時間和關注，現在我們很樂意回答您的問題。

Thank you.

謝謝你。

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

我們現在將進行問答環節。

(Operator Instructions).

（操作員說明）。

Our first question comes from Randall Stanicky with Goldman Sachs.

我們的第一個問題來自高盛的 Randall Stanicky。

Please state your question.

請說出你的問題。

Hi.

你好。

Thanks for the questions.

感謝您的提問。

Just one for you Eyal and one for Bill.

一個給你 Eyal，一個給 Bill。

Eyal, could you give us a sense of how much cost savings you realized from Barr last year and how do we think about that for 2010 on your path.

Eyal，您能否告訴我們您去年從 Barr 實現了多少成本節約，以及我們如何看待您在 2010 年實現的成本節約。

It's $500 million in savings.

節省了 5 億美元。

Secondly for Bill, could you just give us a sense of what's going on in women's health, how do we think about One-Step and the trajectory for that segment from here.

其次，對於 Bill，你能否讓我們了解一下女性健康方面的情況，我們如何看待 One-Step 以及該細分市場的發展軌跡。

Thanks for the question.

謝謝你的問題。

First, on 2009, we estimate the savings of synergies measurement is not nuclear science.

首先，在 2009 年，我們估計協同效應的節省量不是核科學。

We estimate the savings to be anywhere between $350 million and $400 million it will get to $500 million as Shlomo said.

我們估計節省的費用在 3.5 億美元到 4 億美元之間，正如 Shlomo 所說，它將達到 5 億美元。

It's factored into our numbers for 2010.

它已計入我們 2010 年的數字。

So it's already in there.

所以它已經在那裡了。

Okay.

好的。

Bill?

賬單？

Hey, good morning, Randall.

嘿，早上好，蘭德爾。

Thanks for the question.

謝謝你的問題。

With respect to women's health I think your biggest question is about Plan B One Step.

關於女性健康，我認為您最大的問題是關於 B 計劃一步。

We would have to say that was not the smoothest handoff that we would like.

我們不得不說這不是我們想要的最順暢的切換。

It wasn't as smooth as we would like.

它並不像我們想要的那麼順利。

But what's important is we're committed to the franchise and our expectations are still very good for growth moving forward.

但重要的是我們致力於特許經營權，我們對未來增長的期望仍然非常好。

We're going to be putting a lot of emphasis behind Plan B One-Step and that will be very, very helpful.

我們將非常重視 Plan B One-Step，這將非常非常有幫助。

Our thoughts about women's health is it continues to be a really good growth area for us and we're going to emphasize it a lot, especially in 2010.

我們對女性健康的看法是，它對我們來說仍然是一個非常好的增長領域，我們將非常重視它，尤其是在 2010 年。

Are there other products in that segment that we can think about adding growth in 2010?

我們可以考慮在該細分市場中增加 2010 年增長的其他產品嗎？

From this quarter, does it grow sequentially?

從這個季度開始，它是否連續增長？

Should we expect a ramp in One-Step?

我們應該期待 One-Step 的發展嗎？

How do we think about the level of growth going forward quarterly?

我們如何看待未來季度的增長水平？

I think the level of growth on Plan B One-Step is really more back-end loaded for sure.

我認為 Plan B One-Step 的增長水平確實更多地加載了後端。

When you think about the efforts, the DTC and some of the other efforts we have put on that.

當您考慮我們為此付出的努力、DTC 和其他一些努力時。

That's for sure.

這是肯定的。

The other -- we're also excited, when you look at all the promoted brands, they are all performing very well.

另一個——我們也很興奮，當你看到所有被推廣的品牌時，它們都表現得非常好。

Okay.

好的。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

Our next question comes from Marc Goodman with UBS.

我們的下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。

Yes, hi.

是的，嗨。

Could Gerard maybe give us a flavor for what's happening in Europe, what's been changing, what kind of the prospects are for 2010 and -- ?

Gerard 能否為我們介紹一下歐洲正在發生的事情、正在發生的變化、2010 年的前景如何以及——？

Yes.

是的。

My pleasure, Marc.

我的榮幸，馬克。

I think we -- and as Shlomo said, Europe had been a bit of a tough year in Europe in some places.

我認為我們 - 正如 Shlomo 所說，歐洲在某些地方度過了艱難的一年。

We've been hit by many aspects of the crisis.

我們受到了危機的許多方面的打擊。

We've seen sales picking up in the Southern European part in particular.

我們特別看到南歐地區的銷售回升。

We see some stabilization in the central European places.

我們看到中歐地區有所穩定。

We've done very well through the year, despite all the difficulties in the economy in markets like in the northern part of Europe, UK, Netherlands and what have you.

儘管歐洲北部、英國、荷蘭等市場的經濟存在種種困難，但我們今年的表現非常好。

So all in all, it seems as if the market is recovering from what was a very difficult year in 2009.

總而言之，市場似乎正在從 2009 年非常艱難的一年中復蘇。

In which we did very well, as Shlomo explained, we did very well in every market relative to our competitors and we expect also to be able to try from that this year to come.

正如 Shlomo 所解釋的那樣，我們在這方面做得很好，相對於我們的競爭對手，我們在每個市場都做得很好，我們希望今年也能嘗試這樣做。

In particular, markets like Spain and France are doing very well.

尤其是西班牙和法國等市場表現非常好。

We've launched a lot of products in the last 12 months which will bear a lot of fruit in the coming 12 months.

我們在過去 12 個月推出了很多產品，這些產品將在未來 12 個月結出碩果。

We've launched more than 200 products spread out for -- varying from almost 10 in Poland up to 30, 40 in markets like France, so we have a very good ability to grow our business on the back of that.

我們已經推出了 200 多種產品——從波蘭的近 10 種到法國等市場的 30、40 種不等，因此我們有很好的能力在此基礎上發展我們的業務。

So will those markets -- I mean, will France be a growth market for the whole market in general or is it just you're growing because of all the new launches?

那麼這些市場——我的意思是，法國會成為整個市場的增長市場，還是只是因為所有新產品的推出而增長？

If you look at what France -- France has been going through a bad year in 2009 in terms of growth, in the low single digits.

如果你看看法國——法國在 2009 年經歷了糟糕的一年，增長率低至個位數。

We see Q4 picking up again and going up to the low single digits.

我們看到第四季度再次回升並上升至較低的個位數。

So that's a good sign, for instance.

例如，這是一個好兆頭。

So the market itself will grow.

所以市場本身會增長。

And within that, we are doing better than the market.

在這方面，我們比市場做得更好。

Just give us the same sense on the UK as well?

只是讓我們對英國也有同樣的感覺？

The UK is low single digit growth.

英國是低個位數增長。

We are slowing -- growing a bit faster than the market.

我們正在放緩——增長速度比市場快一點。

Thanks.

謝謝。

Our next question comes from Richard Silver with Barclays Capital.

我們的下一個問題來自巴克萊資本的理查德西爾弗。

Please state your question.

請說出你的問題。

Good morning.

早上好。

Just on the pharmaceutical sales by geography, excluding API, can you provide those numbers as you have in previous quarters?

僅就按地域劃分的藥品銷售額（不包括 API），您能否提供前幾個季度的數字？

Yes, we combined this quarter all our sales together.

是的，我們將本季度的所有銷售額合併在一起。

But you could assume that the breakout of the API is similar to what we have provided in Q3.

但您可以假設 API 的突破與我們在第 3 季度提供的類似。

Okay.

好的。

[You want to plug it in the] model, that's the information.

[您想將其插入] 模型，這就是信息。

And then just on the gross margin, Eyal, you said 59 to 60 is the range for 2010.

然後就毛利率而言，Eyal，你說 59 到 60 是 2010 年的範圍。

Lower in the first quarter.

一季度走低。

Would that be lower than 59 or the low end of 59 to 60?

那會低於 59 還是 59 到 60 的低端？

No, it will be lower than 59.

不，它會低於 59。

59 to 60 is the average for the year.

59 到 60 是全年的平均值。

Right.

正確的。

And as I said, particularly the first quarter, given the fact that no major powerful launch and the seasonality impact that we always see in a neutral Q -- first quarter.

正如我所說，特別是第一季度，考慮到沒有重大的強大發布和我們總是在中性 Q 中看到的季節性影響 - 第一季度。

The gross margin in the first quarter is expected to be lower than the yearly average and later quarters, especially Q3, with expected venlafaxine launch.

預計一季度毛利率將低於年均水平，後幾個季度，尤其是三季度，預計文拉法辛上市。

We'll see higher gross margins.

我們將看到更高的毛利率。

It's not going to be even throughout the year.

它不會全年都是均勻的。

The range that I provided, is an average for the year.

我提供的範圍是一年的平均值。

One more on the gross margin.

再說毛利率。

You mentioned some reasons for the improvement in the US base business margin and you mentioned benefiting from supply disruption.

你提到了美國基礎業務利潤率提高的一些原因，你提到了從供應中斷中獲益。

Is that something that we've seen the full benefit from in the fourth quarter or would you expect some additional benefit to be seen?

這是我們在第四季度看到的全部好處，還是您希望看到一些額外的好處？

And then the second is in that 2010 plan, would you assume that that benefit is something that lasts throughout the year or would you expect as I assume the supply disruptions on the competitor side to change, that perhaps the benefit diminishes later in the year.

然後第二個是在 2010 年的計劃中，您是否會假設這種收益會持續一整年，或者您是否會預期，因為我假設競爭對手方面的供應中斷會發生變化，這種收益可能會在今年晚些時候減少。

Bill, you want to take that one?

比爾，你想拿那個嗎？

Sure, good morning, Rich.

當然，早上好，里奇。

Good morning, Bill.

早上好，比爾。

The supply disruptions have -- there's a lot of lumpiness to them.

供應中斷 - 他們有很多問題。

They haven't come in a smooth linear fashion.

它們並沒有以平滑的線性方式出現。

So what we've noticed is that people are giving awards to us that are occurring over time.

所以我們注意到，隨著時間的推移，人們正在給我們頒獎。

So we've got some benefit in Q4.

所以我們在第四季度獲得了一些好處。

We're going to get a little benefit in Q1.

我們將在第一季度獲得一些好處。

You're going to see a lot more benefit in Q2, Q3, Q4.

你會在第二季度、第三季度、第四季度看到更多的好處。

It really builds towards the end of the year.

它確實在年底前建立起來。

People are using up some their other supplies and have just decided that they're going to make a change.

人們正在用完他們的一些其他用品，並且剛剛決定他們要做出改變。

We think it's for the better.

我們認為這是為了更好。

And that's something you already know is going to be in the cards for the second, third, fourth quarter of 2010?

您已經知道 2010 年第二、第三、第四季度會出現這種情況嗎？

Yes, these are commitments that have already been made.

是的，這些都是已經做出的承諾。

And as far as the other reason for that base business improvement you mentioned some other I guess efficiencies.

至於基礎業務改進的另一個原因，你提到了其他一些我猜想的效率。

Can you elaborate on what else that is that's contributed?

您能否詳細說明還有哪些貢獻？

There have been another great -- there have been a number of really good initiatives and the Teva is always working on its API process to drive down its cost and its manufacturing to get in the right place with the lowest potential cost for us and so we've done a lot of that work.

還有另一個偉大的 - 有許多非常好的舉措，Teva 一直致力於其 API 流程，以降低其成本和製造，以對我們來說以最低的潛在成本到達正確的位置，所以我們已經做了很多這樣的工作。

We've done a little bit of pruning of the portfolio.

我們對投資組合做了一些修剪。

You might have noticed a little bit of share change this quarter.

您可能已經註意到本季度的一些份額變化。

That's because there were a couple of products that we just took out of the portfolio, because the margins were unacceptable and we turned that volume, used that API or that capacity, I should say, manufacturing capacity, for other more profitable products.

那是因為我們剛剛從產品組合中刪除了一些產品，因為利潤率是不可接受的，我們將那個數量、使用那個 API 或那個能力，我應該說，製造能力，用於其他更有利可圖的產品。

So I think movement around the portfolio has been very helpful.

所以我認為圍繞投資組合的變動非常有幫助。

Okay.

好的。

Thanks very much.

非常感謝。

Thanks.

謝謝。

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。

Good morning.

早上好。

Couple questions.

幾個問題。

First, on Lovenox, can you give us a sense of any movement with the agency.

首先，關於 Lovenox，您能否讓我們了解一下該機構的任何動向。

So an update there.

所以那裡有更新。

Also, although I'm sure you're not going to comment on anything surrounding ratiopharm for yourselves, could you give us a sense of why a Pfizer and taking that more broadly speaking, large pharma.

此外，雖然我確定你不會自己對 Ratiopharm 周圍的任何事情發表評論，但你能否告訴我們為什麼選擇輝瑞公司並採取更廣泛的大型製藥公司。

What you see as their actions on getting into the space in a broader way.

你所看到的是他們以更廣泛的方式進入該領域的行動。

It looks like a ratiopharm is not really a platform, it's more of an add-on for a Company like yourself so what they may be thinking.

看起來 ratiopharm 並不是一個真正的平台，它更像是像您這樣的公司的附加組件，所以他們可能在想什麼。

Finally, Eyal, some of the settlement costs this quarter were for Famvir.

最後，Eyal，本季度的一些結算費用是給 Famvir 的。

I was wondering if you're planning on setting up a reserve for settlement losses.

我想知道你是否打算為結算損失設立準備金。

You seem to be getting the benefit when you launch these products but keeping it off the P&L when you settle on them.

當你推出這些產品時，你似乎會從中獲益，但當你選擇這些產品時，它卻不在損益表中。

Although it was not a major cost to you how are you going to deal with that in the future so we can fully incorporate potential losses of these at risk launches?

儘管這對您來說不是主要成本，但您將來如何處理它，以便我們能夠充分考慮這些風險發射的潛在損失？

Bill, do you want to take the first one, also the last one?

比爾，你要第一個還是最後一個嗎？

Shlomo will take the one on the ratiopharm.

Shlomo 將採取 ratiopharm 上的那個。

Okay.

好的。

Go ahead, Bill.

來吧，比爾。

Good morning, Ken.

早上好，肯。

The issue on Lovenox is obviously who knows when.

Lovenox 的問題顯然是誰知道的。

We've seen some really nice flow of information coming back and forth from the FDA.

我們已經看到來自 FDA 的一些非常好的信息流。

We feel that this is a sign of more widely approval coming, but I can't ever tell exactly when.

我們認為這是獲得更廣泛認可的跡象，但我無法準確說出具體時間。

You never know what will happen.

你永遠不知道會發生什麼。

So I am more optimistic than I was a year ago because the data flow back and forth is very, very good but I can't really be more specific than that.

所以我比一年前更加樂觀，因為來回的數據流非常非常好，但我真的不能比這更具體了。

All I can say is that when that approval comes, we'll be ready.

我只能說，當批准到來時，我們會做好準備。

The one on the settlement.

定居點上的那個。

Oh, okay.

哦好的。

If you want me to roll right into the Famvir settlement, I think it's more important for Eyal to really discuss whether we want to set up a reserve.

如果你想讓我直接進入 Famvir 定居點，我認為 Eyal 更重要的是真正討論我們是否要建立一個保護區。

But honestly, our issue is whenever we can take a liability like this off the books, this is the right thing to do and we've done this very effectively.

但老實說，我們的問題是，無論何時我們都可以從賬面上免除這樣的責任，這是正確的做法，而且我們已經非常有效地做到了這一點。

This was an excellent settlement that we're really excited about.

這是一個非常棒的解決方案，我們對此感到非常興奮。

We're still -- we will still stay in the market and we think that makes a lot of sense.

我們仍然 - 我們仍將留在市場上，我們認為這很有意義。

This is the right kind of -- this is the right kind of settlement for both ourselves, for the brand Company, as well as the consumer in general.

這是正確的——這對我們自己、品牌公司以及一般消費者來說都是正確的解決方案。

One thing on the accounting treatment, you know, we can't reserve if we don't have high level of certainty on any kind of expense, even if we want to do that, the auditors will not allow us.

關於會計處理的一件事，你知道，如果我們對任何一種費用都沒有高度的確定性，我們就不能保留，即使我們想這樣做，審計師也不會允許我們這樣做。

All our reserves are done when we reach a level of certainty, when we look at the pricing settlement.

當我們達到一定程度的確定性時，當我們查看定價結算時，我們所有的準備金都會完成。

We didn't settle all our pricing litigation, but we -- once a major litigation was settled we could take provision for the rest of what we believe is open.

我們沒有解決我們所有的定價訴訟，但我們 - 一旦重大訴訟得到解決，我們就可以為我們認為開放的其餘部分做好準備。

Same approach on patent settlements.

專利和解的方法相同。

Ken, as for the (inaudible) auction or bid, let me say the following.

肯，關於（聽不清）拍賣或投標，讓我說一下。

First of all, as you may expect, I cannot say anything regarding any potential acquisition and I would prefer not to say anything regarding this one as well.

首先，如您所料，我不能就任何潛在收購發表任何評論，而且我也不想就此發表任何評論。

I can say only two things which I believe would help you a little bit to better understand the business environment or if you wish the background.

我只能說兩件事，我相信這會幫助你更好地了解商業環境，或者如果你希望了解背景的話。

One, Europe is one of our key strategy targets for the next five years.

第一，歐洲是我們未來五年的主要戰略目標之一。

If you remember, the presentation that Gerard gave very well, thoroughly went on the key European markets and definitely part of them are very attractive for our future growth.

如果你還記得，杰拉德的演講非常好，徹底地談到了主要的歐洲市場，其中肯定有一部分對我們未來的增長非常有吸引力。

And as for the big pharma stepping into this generic potential arena, well, first of all, this is not new news.

至於大型製藥公司涉足仿製藥領域，首先，這並不是什麼新鮮事。

I would like to pay your attention to the article in the New York times, if I will remember, that dealing with this phenomenon as a part of their probably let's call it remedies for their other issues or subjects.

我想請您注意紐約時報的文章，如果我還記得的話，將這種現像作為他們的一部分來處理，我們可以稱之為對他們的其他問題或主題的補救措施。

But I don't want to speculate more on that point of time.

但我不想對那個時間點進行更多推測。

Thank you, guys.

感謝你們。

Our next question comes from Ronny Gal with Bernstein Asset Management.

我們的下一個問題來自伯恩斯坦資產管理公司的 Ronny Gal。

Please state your question.

請說出你的問題。

Good morning and thank you for taking my questions.

早上好，謝謝你回答我的問題。

First question is when I look at your numbers for 2010, you can go up pretty broad range of outcomes in EPS.

第一個問題是，當我查看您 2010 年的數據時，您可以在 EPS 中獲得相當廣泛的結果。

Depends on longevity of products like Prevacid, [Oxali], Lotrel, and Adderall XR.

取決於 Prevacid、[Oxali]、Lotrel 和 Adderall XR 等產品的壽命。

It feels like you have been a little conservative here in where you decided to draw the outcome for the year.

感覺你在決定今年的結果時有點保守。

Can you give us a little bit more color about what assumptions you made about longevity on those products?

你能給我們更多關於你對這些產品的壽命所做的假設的顏色嗎？

I know you can't -- you won't discuss specific around products but overall essentially what was your philosophy in thinking about those products for this year?

我知道你不能——你不會討論具體的產品，但總的來說，你今年考慮這些產品的理念是什麼？

Bill?

賬單？

Yeah, I mean, Ronny, you've got to think about products like Adderall and Adderall is a product that there's been a lot of supply interruption or a lot of -- again, lumpiness around the API supply.

是的，我的意思是，Ronny，你必須考慮像 Adderall 這樣的產品，而 Adderall 是一種存在很多供應中斷的產品，或者 - 再一次，圍繞 API 供應的不穩定。

So although today we have a pretty good share on that product, I don't know -- we target more of about a 50 share but right now we're holding about a 60 share.

因此，儘管今天我們在該產品上佔有相當大的份額，但我不知道——我們的目標是大約 50 股，但現在我們持有大約 60 股。

That's going to change.

這將會改變。

(inaudible), we just got some competition coming in on (inaudible).

（聽不清），我們剛剛參加了一些比賽（聽不清）。

We see [Lonzo], although we took a lot of early share on Lonzo, and that's because we usually react and move very, very quickly.

我們看到了 [Lonzo]，雖然我們在 Lonzo 的早期分享了很多，那是因為我們通常反應和行動非常非常快。

We think our share's going to come down on that.

我們認為我們的份額會因此下降。

So I think we've got a pretty good handle on where this goes and I think our track record stands as being very appropriate at predicting this.

所以我認為我們已經很好地掌握了這件事的發展方向，而且我認為我們的往績記錄非常適合預測這一點。

You don't think you've been necessarily being conservative on those?

你不認為你在這些問題上一直很保守嗎？

No.

不。

Okay.

好的。

Second, I think in the press conference in Israel this morning you mentioned a target of about $800 million to $900 million for biosimilar revenue by 2015.

其次，我想在今天上午在以色列舉行的新聞發布會上，您提到了到 2015 年生物仿製藥收入約為 8 億至 9 億美元的目標。

One, if you can confirm that.

第一，如果你能確認的話。

And second, what would that entail in terms of building a sales and marketing infrastructure, primarily in Europe, where a lot of those folks have at least half of their sales?

其次，在建立銷售和營銷基礎設施方面需要什麼，主要是在歐洲，那裡的許多人至少有一半的銷售額？

Ronny, if your first question was regarding the biosimilars by 2015, I can confirm it.

羅尼，如果你的第一個問題是關於到 2015 年的生物仿製藥，我可以確認。

This is what we anticipate now.

這是我們現在所期待的。

Let's call it the first wave in the time frame of our next five years strategy plans.

讓我們稱之為我們未來五年戰略計劃時間框架內的第一波浪潮。

And we said it.

我們說了。

(multiple speakers) Yes, but that is why we can confirm it now.

（多位發言者）是的，但這就是我們現在可以確認的原因。

So I have no problem to tell -- to say it again for you, Ronny.

所以我可以毫無疑問地告訴你——羅尼，再為你說一遍。

And what was the second part of your question, please?

請問你問題的第二部分是什麼？

Yes, actually what will that entail in terms of investment in sales and marketing sales force primarily in Europe where a lot of the early entrants will take place?

是的，實際上，就主要在許多早期進入者所在的歐洲進行的銷售和營銷銷售人員投資而言，這意味著什麼？

Would you like to refer to that Gerard from your perspective?

你想從你的角度提到那個杰拉德嗎？

Yes, I will.

是的，我會。

First of all, we see different models in different European markets currently enrolling, if you look at the [demographic] roll-outs across Europe.

首先，如果您查看整個歐洲的 [人口統計] 推廣，我們會看到不同歐洲市場的不同型號目前正在註冊。

You may remember, Ronny, that we spoke about the launch in Europe on TevaGrastim as a small product that's not going to move the dial.

你可能還記得，Ronny，我們談到在歐洲推出 TevaGrastim 是一種不會移動錶盤的小產品。

But it's allowing us to understand much better what are the dynamics in the marketplace looking like if you look at the selling process of a product in the bio-G area.

但是，如果您查看生物 G 領域產品的銷售過程，它可以讓我們更好地了解市場動態是什麼樣的。

We see markets where it's a very concentrated hospital driven business where we have limited resources to invest.

我們看到的市場是一個非常集中的以醫院為主導的業務，我們的投資資源有限。

In other places you really have to go to out-clinics to generate prescription and we see all the variations in between.

在其他地方，你真的必須去門診開具處方，我們看到了兩者之間的所有差異。

I think currently it's very difficult to predict precisely how that is going to be developing and we have an existing sales force across Europe that's dealing with that.

我認為目前很難準確預測它將如何發展，而且我們在整個歐洲都有一支現有的銷售隊伍正在處理這個問題。

It's the right size and depending on the timing of the launches that will come through we will adjust that based upon the learnings that we're going through now.

它的大小合適，並且根據將要發布的發佈時間，我們將根據我們現在正在經歷的學習對其進行調整。

Thank you.

謝謝你。

Our next question comes from Gregg Gilbert with Banc of America Corporation.

我們的下一個問題來自美國銀行公司的 Gregg Gilbert。

Please state your question.

請說出你的問題。

Thank you.

謝謝你。

I have a couple questions on the good Copaxone news.

關於 Copaxone 的好消息，我有幾個問題。

Bill, what type of filing will be required to get that product to market and what's the FDA review time?

比爾，需要什麼類型的文件才能將該產品推向市場？FDA 的審查時間是什麼時候？

And if that product's approved, should we view your strategy as a quick replacement strategy or a gradual switch strategy?

如果該產品獲得批准，我們應該將您的策略視為快速更換策略還是逐步轉換策略？

Moshe, do you want to take that or do you want me to move?

Moshe，你是要拿走那個還是要我搬家？

You can start.

你可以開始了。

Okay.

好的。

Gregg, the (inaudible) we're very excited about those results and that will be going in in the first quarter.

格雷格，（聽不清）我們對這些結果感到非常興奮，這將在第一季度出現。

And as far as the review time on that, we're hopeful that that would be an expedited review, but it's more likely within a year.

至於審核時間，我們希望這將是一個加速審核，但更有可能在一年內完成。

And I think over time that one would expect that the low volume would replace the 1 ml because it's going to be a real -- it's really important for the patient.

而且我認為隨著時間的推移，人們會期望低體積會取代 1 毫升，因為它將成為真實的——這對患者來說非常重要。

The pain, the injection experience is better, any time you can inject less it's a good thing.

痛苦，注射體驗更好，任何時候你可以少注射是件好事。

So do you care to summarize any of the findings of the study or do we have to wait for a publication there?

那麼，您是否願意總結該研究的任何發現，還是我們必須等待那裡的出版物？

I think you're going to have to wait on that.

我認為你將不得不等待。

But again, we would -- I would just state that we were very pleased with the results that we saw.

但同樣，我們會 - 我只想說我們對我們看到的結果非常滿意。

Okay.

好的。

Just to add one sentence.

順便補充一句。

I think we're going to publish the results so can't get into the details but I think the fact that we have a positive outcome if we look at the 0.5 versus the 1 ml I think we all realize it's important definitely for an injectable product and specifically for Copaxone as a daily injectable product.

我想我們會公佈結果，所以不能透露細節，但我認為如果我們比較 0.5 毫升和 1 毫升，我們會得到積極的結果，我想我們都意識到這對注射劑來說絕對重要產品，特別是作為日常注射產品的 Copaxone。

I think for the patient it would be great news.

我認為這對患者來說是個好消息。

Would it be simple for an existing patient to move to the new formulation?

現有患者轉用新配方是否簡單？

I don't think we want to disclose any strategies at this point of time.

我認為我們現在不想透露任何戰略。

At the moment, we are concentrating on filing the data, submitting the data and we will be ready to provide more data later on, once we are ready and we make our choices there.

目前，我們正專注於歸檔數據、提交數據，一旦我們準備好並在那裡做出選擇，我們將準備好稍後提供更多數據。

Okay.

好的。

Then one other question on respiratory.

然後是另一個關於呼吸的問題。

Are there any new respiratory opportunities in your 2010 guidance or is that really a longer term opportunity?

您的 2010 年指南中是否有任何新的呼吸機會，或者這真的是一個更長期的機會嗎？

I realize the existing products are growing but do you have anything new dialed in for 2010.

我意識到現有產品正在增長，但你有什麼 2010 年的新產品嗎？

Gregg, this is Bill Marth.

格雷格，這是比爾·馬斯。

No.

不。

Right now 2010 is the existing products.

現在2010年是現有產品。

We are holding over a 50 share on ProAir, we're running between 52 and 53, and I would remind people that we've always guided that 50 share for us would be a really good thing and we've held that and that's been very good.

我們在 ProAir 持有超過 50 股，我們在 52 到 53 之間運行，我會提醒人們，我們一直指導我們，50 股對我們來說將是一件非常好的事情，我們一直持有，而且一直如此很好。

Where we're most excited though is Qvar.

不過，我們最興奮的地方是 Qvar。

We've had really good results with Qvar in the ICS space and that's growing.

我們在 ICS 領域與 Qvar 取得了非常好的成果，而且還在不斷增長。

No new opportunities in 2010.

2010年沒有新機會。

Thanks.

謝謝。

Our next question comes from John Newman with Oppenheimer.

我們的下一個問題來自約翰·紐曼和奧本海默。

Please state your question.

請說出你的問題。

Hi, guys.

嗨，大家好。

Thanks for taking the question.

感謝您提出問題。

Just wondered if you could give us some color on what we should expect this year in terms of M&A?

只是想知道您是否可以就我們今年在併購方面的預期給出一些顏色？

Should we expect that you focus more on the X-US opportunities?

我們是否應該期望您更多地關注 X-US 機會？

Let me give you time, and I apologize for not being prompt or specific here, in a kind more of a general answer.

讓我給你時間，我很抱歉在這裡沒有及時或具體地回答，更籠統的回答。

First of all, yes, acquisition is part of our growth path and we said it in the investors meeting that we held last month when we presented the five-year strategy plan.

首先，是的，收購是我們增長路徑的一部分，我們在上個月舉行的投資者會議上提出五年戰略計劃時就說過了。

Basically, what we are looking of acquisitions that are fitting to our strategy plan.

基本上，我們正在尋找適合我們戰略計劃的收購。

Either market share in the generic arena or more specific molecules or technologies that help us to grow and sustain our interesting branded franchise.

無論是在通用領域的市場份額，還是更具體的分子或技術，都可以幫助我們發展和維持我們有趣的品牌特許經營權。

As for example the licensing of the Phase III OncoGenex product that I just mentioned in my part in the presentation.

例如，我剛才在演示中提到的 III 期 OncoGenex 產品的許可。

And if you go back and read our strategy, you can easily find where we are going to concentrate our targeting efforts for acquisition for the next year.

如果你回去閱讀我們的戰略，你可以很容易地找到我們將在明年集中精力進行收購的目標。

Then to complete the answer, I would like to remind you the three (inaudible) areas that we are using in acquisitions.

然後為了完成答案，我想提醒您我們在收購中使用的三個（聽不清）區域。

One I already said which is it should fit our strategy and the second one of course, the economics, and last but not least, it should be accretive in the first year after the acquisition.

我已經說過，它應該符合我們的戰略，第二個當然是經濟學，最後但並非最不重要的一點是，它應該在收購後的第一年實現增長。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Our next question comes from Sebastien Berthon with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Sebastien Berthon。

Please state your question.

請說出你的問題。

Yes, hello, gentlemen.

是的，你好，先生們。

Two quick questions, one on Copaxone outside of the US and Europe, you had some delayed tender effects in Q4.

兩個簡短的問題，一個是關於美國和歐洲以外的 Copaxone，你在第四季度有一些延遲的招標效應。

Is it a catch up from a strong Q3 or should we see you catch up more in Q1 of next year.

這是對強勁的第三季度的追趕，還是我們應該在明年第一季度看到更多的追趕。

Secondly, could you provide us with your biosimilar sales in 2009, little bit of color behind the breakdown behind that?

其次，您能否向我們提供您在 2009 年的生物仿製藥銷售額，這背後的細分背後有一點色彩？

Also could you tell us what could be the design of the Phase III trial for (inaudible) please?

您還可以告訴我們（聽不清）的 III 期試驗設計是什麼嗎？

This is Moshe.

這是摩西。

I think as far as Copaxone and outside of the US, we see a very good and solid growth.

我認為就 Copaxone 和美國以外的地區而言，我們看到了非常良好和穩健的增長。

Some markets, the question of timing of the tender, really affects the sales in this quarter.

一些市場，招標時間的問題，確實影響了本季度的銷售。

But overall I think in Europe, we see strong double-digit growth about 15% in 2010 and 2009 and we see really increase in our share, market share in most of the markets in Europe.

但總的來說，我認為在歐洲，我們在 2010 年和 2009 年看到了大約 15% 的兩位數強勁增長，我們看到我們的份額確實增加了，在歐洲大部分市場的市場份額。

So all in all, I think the (inaudible) from the timing, all in all we are in a positive trend in Europe and in the international market.

因此，總而言之，我認為（聽不清）從時機來看，總而言之，我們在歐洲和國際市場上處於積極趨勢。

Those markets that we are not affected by -- I would say by tenders, we see a growth both in Latin and other markets (inaudible).

那些我們不受影響的市場——我想通過招標說，我們看到拉丁市場和其他市場（聽不清）都有增長。

Thank you.

謝謝你。

Our next question comes from David Amsellem with Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 David Amsellem。

Please state your question.

請說出你的問題。

Hi.

你好。

Thanks.

謝謝。

Just quick question on the Qvar intranasal formulation.

關於 Qvar 鼻內製劑的快速問題。

Any update on when you think you would be in a position to file on that?

關於您認為何時可以提交的任何更新？

Qvar, can you repeat your question, please.

Qvar，你能重複你的問題嗎？

Sure.

當然。

It's the internasal formulation of Qvar, when you think you may be in a position to file on that.

它是 Qvar 的內部配方，當您認為您可以提交時。

We are planning to file it in 2011.

我們計劃在 2011 年提交。

You're referring to the Qvar nasal.

你指的是 Qvar 鼻音。

Yes.

是的。

Secondly on the ADAGIO results for Azilect, can you give us a sense of which patient subgroups you expect to see greater usage with the inclusion of that data in the label and are you going to be asking for an expedited review as well?

其次，關於 Azilect 的 ADAGIO 結果，您能否讓我們了解您希望在標籤中包含該數據後看到更多使用的患者亞組，您是否也會要求加快審查？

I think the ADAGIO study was around the -- based on early patient and that's what we see the major benefit, definitely on early diagnosed patients, but we're seeing the physicians will start much earlier the treatment and in this segment we believe that we can increase significantly the share of Azilect and we see more and more physicians that are starting with Azilect versus other therapies or the traditional.

我認為 ADAGIO 研究是圍繞——基於早期患者，這就是我們看到的主要好處，絕對是對早期診斷的患者，但我們看到醫生會更早地開始治療，在這一部分我們相信我們可以顯著增加 Azilect 的份額，我們看到越來越多的醫生開始使用 Azilect，而不是其他療法或傳統療法。

We believe that we see a good effect based on the data that we have from our adjunct study on Azilect in more advanced patients and we believe that based on the result and based on the I would say health effect on the ADAGIO, we see more and more patients are getting Azilect as an adjunct therapy or the first adjunctive therapy to levodopa.

我們相信，根據我們在更晚期患者中對 Azilect 的輔助研究獲得的數據，我們看到了良好的效果，我們相信，基於結果和我想說的對 ADAGIO 的健康影響，我們看到更多和越來越多的患者將 Azilect 作為輔助療法或左旋多巴的第一種輔助療法。

As far as the second question, since we have already discussed the Azilect data and as Shlomo mentioned we met with the FDA, so we believe that the FDA will have all the information needed in order to look at the data and to come back with their response or their reaction to our file.

至於第二個問題，由於我們已經討論了 Azilect 數據，並且正如 Shlomo 提到的，我們會見了 FDA，所以我們相信 FDA 將擁有所有需要的信息，以便查看數據並返回他們的數據回應或他們對我們文件的反應。

Okay.

好的。

Thank you.

謝謝你。

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

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

Please state your question.

請說出你的問題。

First question for Eyal.

Eyal 的第一個問題。

On sales and marketing trends, expense trends in the quarter, I know you talked about this a little bit in your prepared commentary, but if you just look at 4Q, saw an uptick to around 19.5%, kind of the highest run rate for the year and I'm curious what may be underlying that sequential increase and anything you could provide that might help us thing about what could be some of the swing factors in terms of thinking about your 2010 guidance which I think implies roughly a 200 basis point swing between the high and low end of guidance.

關於本季度的銷售和營銷趨勢、費用趨勢，我知道你在準備好的評論中談到了這一點，但如果你只看第 4 季度，就會看到 19.5% 左右的增長，這是本季度最高的運行率年，我很好奇這種連續增長的背後可能是什麼，以及您可以提供的任何可能幫助我們思考在考慮您的 2010 年指導時可能出現的一些搖擺因素，我認為這意味著大約 200 個基點的搖擺指導的高端和低端之間。

I think I said that in my part, but there were two major factors as compared to last year, the growth in Copaxone which is driving royalties of Sanofi-Aventis.

我想我是這麼說的，但與去年相比有兩個主要因素，即 Copaxone 的增長推動了 Sanofi-Aventis 的特許權使用費。

Most of them are going to be eliminated in Q2 2010 which is a major factor as to how to look at it going forward and the other one is the relaunch of [odezenide], which according to our agreement drives royalties and we had a nice launch in Q4 and the level of royalties are reflected in our sales and marketing expenses as a percentage of sales.

他們中的大多數將在 2010 年第二季度被淘汰，這是如何看待它向前發展的一個主要因素，另一個是 [odezenide] 的重新推出，根據我們的協議，它推動了版稅，我們有一個很好的推出在第四季度，特許權使用費水平反映在我們的銷售和營銷費用佔銷售額的百分比中。

As I said, in 2010 in my guidance, we believe that the average for the year will be between 16 to 18%.

正如我所說，在我的指導中，我們認為 2010 年的平均水平將在 16% 到 18% 之間。

Majority of that results from the fact that we will no longer pay 25% of our sales in the US as royalty to Sanofi starting in the second quarter.

這主要是因為從第二季度開始，我們將不再向賽諾菲支付我們在美國銷售額的 25% 作為特許權使用費。

You can make a calculation.

你可以計算一下。

It's a pretty big number.

這是一個相當大的數字。

On some of of our other products, there will be less royalty.

在我們的一些其他產品上，版稅會減少。

It's mostly about royalty component, the run rate of our regular sales and marketing expenses, the sales and marketing activities is going to be more or less in line with sales, maybe a little less than sales growth because we've got to become more effective.

這主要是關於特許權使用費的部分，我們常規銷售和營銷費用的運行率，銷售和營銷活動將或多或少與銷售額保持一致，可能略低於銷售額增長，因為我們必須變得更加有效.

If I could ask additional question about 2011 as well.

如果我也可以問有關 2011 年的其他問題。

I know someone attempted this at your strategy review and you guys didn't really provide any color on EPS guidance for 2011, but I guess sort of thinking with kind of the big run-up in 2010, given the Copaxone royalty elimination, I guess there's increasing concern that you're facing a relatively flattish year in 2011.

我知道有人在你的戰略審查中嘗試過這個，你們並沒有真正提供 2011 年 EPS 指導的任何顏色，但我想考慮到 2010 年的大幅上漲，考慮到 Copaxone 特許權使用費的消除，我猜人們越來越擔心 2011 年您將面臨相對平淡的一年。

I guess wondering at this point if you could just provide some color commentary as to whether or not that's actually going to be a growth year for you.

我想現在想知道你是否可以提供一些顏色評論，說明那一年對你來說是否真的會是一個增長年。

I think Bill will be happy to answer that.

我認為 Bill 會很樂意回答這個問題。

Yes, Elliott, thanks for the question.

是的，埃利奧特，謝謝你的提問。

I think that really when you look at it, the answer is pretty simple.

我認為當你仔細觀察時，答案很簡單。

We are going to grow in 2011 over 2010.

我們將在 2011 年比 2010 年實現增長。

What people seem to miss is that -- and IMS alone, you've got about $64 million, $65 billion of innovator value coming off patent between that period of 2010, 2011, 2012 and our own data shows that we have targets, around 100 targets, worth about $70 billion within that same range.

人們似乎忽略了這一點——僅 IMS，在 2010 年、2011 年和 2012 年期間，你就有大約 6400 萬美元、650 億美元的創新者價值從專利中消失，而我們自己的數據顯示我們有目標，大約 100目標，在同一範圍內價值約 700 億美元。

So there's plenty of opportunity and the names you know, right.

所以有很多機會和你知道的名字，對吧。

There's [Ecordistatin], [Fenofibrin], Yaz, some people forget about Olanzapine, that will come in the same period.

有[Ecordistatin]、[Fenofibrin]、Yaz，有些人忘了奧氮平，它會在同一時期上市。

There's just a litany of products that are available.

只有一連串可用的產品。

And then one piece I would add to that too is remember what Shlomo had said in the beginning.

然後我要補充的一點是記住 Shlomo 一開始所說的話。

We are growing on our balanced business model, both geographically and by business segment.

無論是在地理上還是在業務領域，我們都在平衡的商業模式中成長。

If I could sneak in one more question here since we have Moshe on the line, you guys kind of underplayed the branded pipeline a bit at the strategy review day.

如果我可以在這裡再偷偷問一個問題，因為我們有 Moshe 在線，你們在戰略審查日有點低估了品牌管道。

Just wondering if there were any -- a such couple of particular events you would.

只是想知道是否有這樣的一些特定事件。

I think the activities that we presented on the different segments, starting with MS and definitely we see the potential with the, we believe this is a product that we can actually bring good value to patients based on as we see the competitive landscape and based on the I would say efficacy and the safety, ratio, good ratio for that.

我認為我們在不同細分市場上展示的活動，從 MS 開始，我們肯定看到了它的潛力，我們相信這是一個我們可以根據我們看到的競爭格局和基於我會說療效和安全性、比率、良好的比率。

We are now going full steam ahead with our neurology product, with the ALS programs.

我們現在正全力推進我們的神經病學產品和 ALS 項目。

So everything is going actually according to plan and I think that we don't have any additional news at this point in time.

所以一切實際上都在按計劃進行，我認為目前我們沒有任何其他消息。

As Shlomo mentioned the licensing with OncoGenex, that's what we are planning to continue to do that and to bring more product and to develop that other product all the way to the market and I think that the activity in is going as planned as part as we mentioned from, which is interesting, big potential for us and we are making progress in all of our antibodies products that we are developing.

正如 Shlomo 提到的與 OncoGenex 的許可一樣，這就是我們計劃繼續這樣做並帶來更多產品並開發其他產品一直推向市場的活動，我認為活動正在按計劃作為我們的一部分進行從中提到，這對我們來說很有趣，潛力巨大，我們正在開發的所有抗體產品都在取得進展。

So all in all I think we have in good shape to realize the numbers that we presented in our strategic strategy day.

因此，總而言之，我認為我們的狀態很好，可以實現我們在戰略戰略日提出的數字。

Let me add by saying -- this is Shlomo here -- that I can assure you that 2011 would be another year of growth for Teva, as we first of all committed our self to growth in the last time that we mentioned our five-year strategy.

讓我補充說——我是 Shlomo——我可以向你保證，2011 年將是 Teva 的又一個增長年，因為我們在上次提到我們的五年計劃時首先致力於增長。戰略。

So 2011 is not an exception there.

所以 2011 年也不例外。

And in more specific terms, besides what Bill already mentioned which is things that you can already based on the pipeline or pipeline projections or anticipation, we are working always on additional business initiatives and some other business ideas that in the size, diversity and our business expansion, geographical expansion, you may expect that from now to 2011, you are going to see more ideas other than what you can see just on looking into our future pipeline.

更具體地說，除了 Bill 已經提到的那些你已經可以基於管道或管道預測或預期的事情之外，我們一直致力於在規模、多樣性和我們的業務方面的其他業務計劃和一些其他業務想法擴張，地域擴張，你可能會期望從現在到 2011 年，你會看到更多的想法，而不是僅僅在展望我們未來的管道時看到的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from David Buck with Buckingham Research Group.

我們的下一個問題來自白金漢研究小組的大衛·巴克。

Please state your question.

請說出你的問題。

Yes, hi, it's Jim Dawson for David Buck.

是的，嗨，我是大衛·巴克的吉姆·道森。

Where do you stand on generic ODT and generic Chemidar as far as approval timing?

就批准時間而言，您對通用 ODT 和通用 Chemidar 的看法如何？

David, couple things on the -- with respect to the Chemidar, we expect that approval any time but there is continued court proceedings going on on right now that they've appealed to the -- we expect appeal to the federal circuit so that's going to delay us a little bit there.

大衛，關於 Chemidar 的一些事情，我們希望任何時候都能獲得批准，但是現在他們已經上訴到法院訴訟程序仍在繼續，我們希望上訴到聯邦巡迴法院，所以這會繼續在那裡耽誤我們一點時間。

Lonza ODT is also in the queue we think for approval relatively soon.

Lonza ODT 也在我們認為相對較快獲得批准的隊列中。

Okay.

好的。

Thanks.

謝謝。

What about organic growth in Europe, X acquisition or X Barr and what is your forecast for the whole year for 2010 and also just pricing outlook currently in 2010 for Europe and Asia?

歐洲的有機增長、X 收購或 X Barr 以及您對 2010 年全年的預測以及 2010 年歐洲和亞洲目前的定價前景如何？

Gerard, would you like to take the European part?

杰拉德，你願意參與歐洲的部分嗎？

Yes, I will.

是的，我會。

As you know, David, we do not give very specific information on that level.

如你所知，大衛，我們不會提供有關該級別的非常具體的信息。

But I can give you a few perspectives on it anyway.

但無論如何，我可以給你一些觀點。

I think if you look at what we've done in the markets where we were not accretive, we have shown some good performance through last year.

我認為，如果你看看我們在沒有增值的市場上所做的事情，我們去年就表現出了一些不錯的表現。

And we don't expect that to change in the coming year.

我們預計這種情況在來年不會改變。

There's one market I mentioned I think in the previous quarter which has been a bit difficult this year, which was the Italian market but that was across the the board.

我在上一季度提到了一個市場，我認為今年有點困難，那就是意大利市場，但這是全面的。

Despite that, we managed to keep our number one position there.

儘管如此，我們還是設法保持了那裡的第一位置。

We grew our business in Hungary to a number one position organically.

我們在匈牙利的業務有機地發展到第一的位置。

We grew our position in Germany to a number four position from number five organically.

我們在德國的排名從第五有機地上升到第四。

We grew our business in the Netherlands organically.

我們有機地發展了在荷蘭的業務。

We grew our business in France organically and in Spain.

我們在法國和西班牙有機地發展了我們的業務。

I think if I summit up, these were markets where we were not acquisitive last year or if you take Germany we were acquisitive, on top of that acquisition, we generated some good underlying growth.

我認為，如果我登頂，這些市場是我們去年沒有收購的市場，或者如果你拿德國來說，我們是收購的，除了收購之外，我們還產生了一些良好的潛在增長。

So the launches I mentioned before and our ability to wire our business well into the needs our major customers and our specific customer needs in countries have been bringing us the ability to grow faster than the markets on top of what we've done in terms of acquisitions.

因此，我之前提到的發布以及我們將我們的業務很好地滿足我們的主要客戶的需求以及我們在國家/地區的特定客戶需求的能力已經使我們能夠在我們所做的事情之上比市場更快地增長收購。

Okay.

好的。

How about just on pricing, could you just talk about that in Europe and Asia?

關於定價，你能談談歐洲和亞洲的定價嗎？

On Asia, I cannot comment but I can comment on Europe that the pricing compared to I think the second half versus the first half is, again, that it's widespread across Europe.

關於亞洲，我不能發表評論，但我可以評論歐洲，與我認為下半年和上半年相比，定價再次在整個歐洲普遍存在。

What's happening, we've seen reasonable stable price setting in the central Europe markets.

發生了什麼，我們已經看到中歐市場合理穩定的價格設定。

We've seen in segments of the German business, meaning the bit of the German business that was tender driven, we've seen price competition like we've seen in UK and in Netherlands.

我們已經在德國業務的各個部分看到，這意味著德國業務的一部分是由招標驅動的，我們已經看到了價格競爭，就像我們在英國和荷蘭看到的那樣。

In France and Italy we've seen strong much on prices but not as bad as expected in the second half at least.

在法國和意大利，我們看到價格強勁，但至少下半年沒有預期的那麼糟糕。

So it is moving and it goes up and down.

所以它在移動，它上下移動。

So we've also been able to in some places get some prices slightly improved or to stabilize that.

因此，我們也能夠在某些地方略微提高或穩定價格。

The nice bit about price push is that in many markets we also saw some good volume growth compensating for that.

價格推動的好處在於，在許多市場中，我們還看到了一些良好的銷量增長來彌補這一點。

So I think all in all, it's a good blend.

所以我認為總而言之，這是一個很好的融合。

Let me add on on the part of your question.

讓我補充一下你的問題。

As you well know, we have for the time being at least a relatively very minor business in Asia.

眾所周知，我們目前至少在亞洲擁有相對較小的業務。

With a few very limited volume of sales in China and Japan which as I mentioned in my presentation we are growing the business there faster by -- I believe that the acquisition of would definitely -- which boost our business and our sales in Japan, starting 2010.

正如我在演講中提到的那樣，在中國和日本的銷售量非常有限，我們在那裡的業務增長速度更快——我相信收購肯定會——這會促進我們在日本的業務和銷售，開始2010.

In other parts, it's still on the back burner for the time being, as I said.

在其他部分，正如我所說，它暫時仍處於次要地位。

But this is one of the long-term projects for Teva, once we will solidify our business in this part of the world.

但這是 Teva 的長期項目之一，一旦我們將鞏固我們在世界這一地區的業務。

By the way, interestingly to add, that talking about pricing or price pressure in part of the world that we all come used to, in the end of 2009 we see at least in one part of the world, which is Latin America, certain countries, price increase, whether it's going to be spur all our other regions in the world, this is still to be seen.

順便說一句，有趣的是，在 2009 年底，我們至少在世界的某個地方，即拉丁美洲，某些國家/地區看到了我們都習慣的在世界部分地區談論定價或價格壓力，價格上漲，是否會刺激我們在世界上所有其他地區，這還有待觀察。

Interesting to mention, talking about the pricing issue.

有趣的是，談論定價問題。

Our next question comes from Tim Chiang with CRT Capital.

我們的下一個問題來自 CRT Capital 的 Tim Chiang。

Please state your question.

請說出你的問題。

Hi.

你好。

Thanks.

謝謝。

I wanted to get some more detail on the GALA trial, how is that going to be different than the SONG study you recently completed?

我想了解有關 GALA 試驗的更多細節，這與您最近完成的 SONG 研究有何不同？

And -- I'll just stop right there.

而且 - 我就停在那裡。

Well, I think the GALA study is very different from the SONG study.

好吧，我認為 GALA 研究與 SONG 研究非常不同。

The GALA study is looking at Copaxone on the higher dose of Copaxone, less frequent dosing and will be looking at the result of this new dose regimen on Copaxone and while as you know the SONG is about the regimen going from 1 ml to 0.5 ml.

GALA 研究正在觀察 Copaxone 的高劑量 Copaxone、較低的給藥頻率，並將研究 Copaxone 的這種新劑量方案的結果，而正如您所知，SONG 是關於從 1 毫升到 0.5 毫升的方案。

We are very pleased with the fact that we have completed all our preparation and we are going to embark on the study shortly and we believe that we can execute it in a fast manner, actually.

我們很高興我們已經完成了所有的準備工作，我們將很快開始這項研究，我們相信我們實際上可以快速地執行它。

How long will the GALA trial be?

GALA 試用將持續多長時間？

Without going into the detail, I believe that based on our experience and execution, I believe that we can bring the product to the market by I would say 2013.

無需深入細節，我相信根據我們的經驗和執行力，我相信我們可以在 2013 年將產品推向市場。

Eyal, you mentioned 6 to 6.5% of R&D spending on total sales going for 2010.

Eyal，您提到 2010 年總銷售額的研發支出佔 6% 到 6.5%。

How much of that is -- do you expect to be going to the biologics?

其中有多少 - 您希望使用生物製劑嗎？

Looks like you will try to ramp up this whole Lonza JV.

看起來你會嘗試提升整個 Lonza JV。

I sort of want to get your thoughts on how much that's going to cost for you in the next couple years.

我有點想听聽你對未來幾年你要花多少錢的想法。

Most of the biologic is not in that number because it's done basically in the joint venture with Lonza, which we call TL Biopharmaceutical and it's not in there.

大多數生物製劑不在這個數字中，因為它基本上是在與 Lonza 的合資企業中完成的，我們稱之為 TL Biopharmaceutical 但它不在那裡。

That's why I differentiated in my talking points between the net R&D which this is the number, 6 or 6.5 and the gross R&D which you could add about $100 million to that so, to the total number, R&D which is done outside of the Teva reported P&L in the joint venture.

這就是為什麼我在談話要點中區分了淨研發，這是數字 6 或 6.5，總研發可以增加大約 1 億美元，因此，在梯瓦報告之外進行的研發總數合資企業的損益表。

All in all, for biologics, it's under $100 million for the next year.

總而言之，對於生物製品來說，明年的銷售額不到 1 億美元。

Okay.

好的。

Great.

偉大的。

Thanks, Eyal.

謝謝，埃亞爾。

You're welcome.

別客氣。

Our next question comes from John Boris with Citigroup.

我們的下一個問題來自花旗集團的約翰鮑里斯。

Please state your question.

請說出你的問題。

Thanks for taking the questions.

感謝您提出問題。

Just a question on Apotex.

只是一個關於 Apotex 的問題。

I think if you look at their product line from the two facilities in Canada they line up pretty well with yours.

我想如果你看看他們在加拿大的兩個工廠的產品線，它們與你的產品線非常吻合。

What are your assumptions about Apotex supply.

您對 Apotex 供應的假設是什麼。

Any kind of price firming and how long do you expect them to be out of the market?

任何形式的價格堅挺以及您預計它們會在多長時間內退出市場？

Bill, would you like to take it?

比爾，你願意接受嗎？

Sure.

當然。

Good morning, John.

早上好，約翰。

Good morning.

早上好。

Just it's really tough for us to comment on a competitor like that.

只是我們很難對這樣的競爭對手發表評論。

I mean, I don't know what they're dealing with with the agency.

我的意思是，我不知道他們在與該機構打交道。

We hope that they'll get through this fine and they'll get back into their position.

我們希望他們能熬過這次罰款，然後回到自己的位置。

I think where most people are concerned is that if comes back online, does everybody go and do a student body right and switch their product back to Apotex from Teva or Myland or whomever and that's really not the case.

我認為大多數人擔心的是，如果重新上線，是否每個人都去正確地做一個學生團體並將他們的產品從 Teva 或 Myland 或任何人切換回 Apotex，但事實並非如此。

Our customers have been very, very loyal.

我們的客戶一直非常非常忠誠。

They understand that we came to them when they were in need and filled the gap and so that's -- we feel very positive that that's not going to happen.

他們明白我們是在他們有需要時來找他們並填補了空白，所以我們非常肯定這不會發生。

My guess is that when comes back in, it will be a slow start for them.

我的猜測是，當他們回來時，這對他們來說將是一個緩慢的開始。

Okay.

好的。

And then a follow-up on Prevacid.

然後是 Prevacid 的後續行動。

Obviously the agency hasn't approved the additional generics.

顯然，該機構尚未批准額外的仿製藥。

What might be holding up the agency and what's your assumption around Prevacid.

是什麼阻礙了該機構的發展，您對 Prevacid 的看法是什麼。

On Lonzo ODT, we think we're, again, in the final -- in final preparation for that approval.

在 Lonzo ODT 上，我們認為我們再次進入決賽——為獲得批准做最後的準備。

That should come in the relatively near term and then we do have a period of exclusivity for that.

這應該在相對較近的期限內出現，然後我們確實有一段時間的排他性。

How about on the conventional formulation for that.

關於那個的常規公式怎麼樣。

Obviously there's others that haven't been approved.

顯然還有其他人沒有被批准。

If you go back to our earlier comments on this, a year ago, it's not an easy process and we know what we went through getting our approval and right now there's three competitors out there and the market's dividing up very well.

如果你回到我們一年前對此的早期評論，這不是一個簡單的過程，我們知道我們經歷了什麼才能獲得批准，現在有三個競爭對手，市場劃分得很好。

We've got a little bit more than 50% of the market today.

我們今天的市場份額略高於 50%。

We expect to hold maybe a bit under that 50% but, again, it's not an easy process.

我們預計可能會保持在 50% 以下，但同樣，這不是一個容易的過程。

I don't see a lot of people getting into the market immediately.

我沒有看到很多人立即進入市場。

However, you know, I don't know where all the files sit at the agency.

但是，你知道，我不知道該機構的所有文件在哪裡。

I can't really tell.

我真的不知道。

Then just one last follow-up question for Eyal.

然後是 Eyal 的最後一個後續問題。

Thanks for the color on 2010 but can you just provide some commentary on what your foreign exchange assumption is for 2010?

感謝您提供 2010 年的顏色，但您能否就 2010 年的外匯假設提供一些評論？

Thanks.

謝謝。

Well, we don't really have too many assumptions.

好吧，我們真的沒有太多的假設。

Our base model assumes that the exchange rate will be in the vicinity of where they are today.

我們的基本模型假設匯率將在今天附近。

Of course we know this is not going to be the case.

當然，我們知道情況不會如此。

As I said earlier and we've been discussing this for a long time, the impact on sales could jump right up or down.

正如我之前所說，我們已經討論了很長時間，對銷售的影響可能會上升或下降。

The impact on profit is minimal because of the balance between the different geographies and the different currencies.

由於不同地域和不同貨幣之間的平衡，對利潤的影響很小。

Thanks.

謝謝。

The last question coming from?

最後一個問題來自？

Thank you.

謝謝你。

Final question comes from Dave Windley with Jefferies & Company.

最後一個問題來自 Jefferies & Company 的 Dave Windley。

Please state your question.

請說出你的問題。

Thanks for sneaking me in under the wire.

謝謝你把我偷偷帶進了電線。

Dave?

戴夫？

(Operator Instructions)?

（操作員說明）？

Hello?

你好？

Okay, then, I think we're ready to conclude.

好的，那麼，我想我們可以結束了。

You want to conclude?

你想總結嗎？

Yes, sure.

是的，當然。

Thank you all very much for joining us today.

非常感謝大家今天加入我們。

As you have heard, 2009 was another excellent year for Teva and we are very excited about what lies ahead for us in 2010.

如您所知，2009 年對 Teva 來說又是出色的一年，我們對 2010 年的前景感到非常興奮。

And of course and beyond.

當然還有更多。

Thank you again and have a good day.

再次感謝你，祝你有美好的一天。

Thank you.

謝謝你。

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。