Teva Pharmaceutical Industries Ltd (TEVA) 2010 Q1 法說會逐字稿

Greetings and welcome to the Teva Pharmaceutical Industries Limited first quarter 2010 results conference call.

歡迎來到 Teva Pharmaceutical Industries Limited 2010 年第一季度業績電話會議。

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

此時，所有參與者都處於只聽模式。

The 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) As a reminder, this conference is being recorded.

（操作員說明）提醒一下，正在錄製此會議。

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

現在我很高興向大家介紹你們的主人，Ms.

Elana Holzman.

埃拉娜·霍爾茲曼。

Thank you, Ms.

謝謝你，女士。

Holtzman, you may begin.

霍爾茲曼，你可以開始了。

Thank you, Diego.

謝謝你，迭戈。

Good morning and good afternoon, everyone.

大家早上好，下午好。

Welcome to Teva's first quarter 2010 earnings call.

歡迎來到 Teva 2010 年第一季度財報電話會議。

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

我們希望您有機會閱讀我們今天上午早些時候發布的新聞稿。

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

新聞稿的副本可在我們的網站 www.tevapharm.com 上獲取。

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

此外，我們正在對本次電話會議進行網絡直播，我們的網站上也提供。

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

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

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 a question and answer period.

然後，我們將開啟問答環節。

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

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

Shlomo.

什洛莫。

Thank you, Elana.

謝謝你，伊萊娜。

Welcome, everyone, and thank you for joining us today as we review Teva's results for the first quarter of 2010.

歡迎大家，並感謝你們今天加入我們，回顧 Teva 2010 年第一季度的業績。

I'm pleased to report that the year is off to a great start for Teva.

我很高興地向大家報告，今年對 Teva 來說是一個良好的開端。

Net sales in Q1 reached $3.7 billion with gross margins of 58.4%.

第一季度淨銷售額達到 37 億美元，毛利率為 58.4%。

And I'd like to point out that this 16% growth over the first quarter of 2009 represents pure organic growth.

我想指出，2009 年第一季度 16% 的增長代表了純有機增長。

Once again, we past the $1 billion mark in quarterly operating profit at 21% increase over Q1 '09.

我們的季度營業利潤再次突破 10 億美元大關，比 09 年第一季度增長 21%。

Our quarterly cash flow from operations was $886 million with net income in the quarter reaching $830 million, a 31% increase over Q1 '09.

我們的季度運營現金流為 8.86 億美元，本季度淨收入達到 8.3 億美元，比 09 年第一季度增長 31%。

And all of this ultimately brought us to EPS of $0.91.

所有這一切最終使我們的每股收益達到 0.91 美元。

Teva gross in the first quarter in both the top and bottom-line was driven by contributions from across our diverse businesses and geographies, demonstrating once again the great value we derive from our balanced business model.

Teva 第一季度的營收和利潤均受到來自我們多元化業務和地區的貢獻的推動，再次證明了我們從平衡的商業模式中獲得的巨大價值。

In North America, we had an excellent quarter with record sales of $2.3 billion, up 20% over the first quarter of 2009.

在北美，我們有一個出色的季度，銷售額達到創紀錄的 23 億美元，比 2009 年第一季度增長 20%。

We had a record breaking sales of more than $1.3 billion in U.S.

我們在美國的銷售額超過 13 億美元，創下歷史新高

generics, up 28% over the first quarter of 2009, and strong sales of our blended products.

仿製藥，比 2009 年第一季度增長 28%，我們的混合產品銷售強勁。

We achieved these results with only one major launch during the quarter, that of generic Mirapex.

我們在本季度僅通過一次重大發布即通用 Mirapex 取得了這些成果。

We are pleased with the excellent performance of our base portfolio, which not only grew very nicely but also improved its profitability.

我們對我們的基礎投資組合的出色表現感到滿意，它不僅增長非常好，而且還提高了盈利能力。

In Canada, sales of generics grew 32% over Q1 '09 on the strength of two first to market launches.

在加拿大，仿製藥的銷售額比 09 年第一季度增長了 32%，這得益於兩款首次上市的藥物。

2010 is also off to a solid start for our European business, where sales reached $812 million, representing 10% growth over the first quarter of '09.

2010 年我們的歐洲業務開局良好，銷售額達到 8.12 億美元，比 09 年第一季度增長 10%。

Despite increased competition we have maintained or improved our market share.

儘管競爭加劇，我們仍保持或提高了市場份額。

Sales were especially strong in Italy, in Poland and in the central and eastern countries where we are now enjoying the full benefits of the successful integration of PLIVA into Teva.

意大利、波蘭以及中東部國家的銷售尤其強勁，我們現在正在這些國家享受 PLIVA 成功整合到 Teva 的全部好處。

Of course, the major event in Europe this past quarter was our agreement to acquire ratiopharm, which will make Teva the leading generic pharmaceutical Company in Europe, a subject I will elaborate on a bit more later.

當然，上個季度在歐洲發生的重大事件是我們同意收購 ratiopharm，這將使 Teva 成為歐洲領先的仿製藥公司，稍後我將詳細闡述這個主題。

Q1 was a very good quarter for Teva's international business.

第一季度是 Teva 國際業務的一個非常好的季度。

Sales reached $532 million, up 10% over Q1 '09.

銷售額達到 5.32 億美元，比 09 年第一季度增長 10%。

We enjoyed especially strong sales in Russia, one of the fastest growing markets where we continue to strengthen our market position, as well as in Israel, Chile and Argentina.

我們在俄羅斯以及以色列、智利和阿根廷的銷售尤其強勁，俄羅斯是我們繼續鞏固市場地位的增長最快的市場之一。

Teva's innovative business continued to grow in Q1, once again achieving record breaking sales of Copaxone, the world's leading therapy for the treatment of multiple sclerosis.

Teva的創新業務在第一季度繼續增長，全球領先的多發性硬化症治療藥物Copaxone再次創下銷售記錄。

Copaxone global market share reached 30% in revenue terms.

按收入計算，Copaxone 全球市場份額達到 30%。

Global in-market sales of Copaxone grew by 28% over the first quarter of 2009 to reach $796 million.

Copaxone 的全球市場銷售額比 2009 年第一季度增長了 28%，達到 7.96 億美元。

Outside the U.S.

美國以外

sales of Copaxone hit a new high of $283 million.

Copaxone 的銷售額創下 2.83 億美元的新高。

In the U.S.

在美國。

in-market sales for the first time crossed the $0.5 billion mark and IMS reported that Copaxone (inaudible) reached a record of 39.2% in March.

市場銷售額首次突破 5 億美元大關，IMS 報告稱，Copaxone（聽不清）在 3 月份達到了創紀錄的 39.2%。

With over 1 million patient years of experience, Copaxone track record for safety and efficacy is unmatched and we are continuously researching new ways to enhancing the experience of patients of Copaxone.

憑藉超過 100 萬患者年的經驗，Copaxone 在安全性和有效性方面的記錄是無與倫比的，我們正在不斷研究新的方法來增強 Copaxone 患者的體驗。

Just as we bought prefilled syringes and the 29 gauge needle to market, we have now developed a lower volume 0.5-milligram injection of Copaxone at the currently approved dose.

正如我們向市場購買預裝注射器和 29 號針頭一樣，我們現在已經開發出一種體積更小的 0.5 毫克 Copaxone 注射劑，目前批准的劑量。

And now I would like to share with you great news.

現在我想和大家分享一個好消息。

Based on the positive results of the SONG study to evaluate this new combination, we submitted an SMDA, which was yesterday was accepted for filing by the FDA.

基於評估這種新組合的 SONG 研究的積極結果，我們提交了 SMDA，昨天已被 FDA 接受備案。

I am also pleased to report that patient enrollment for GALA, our 40-milligram reduced frequency trial begins next month.

我也很高興地報告 GALA 的患者登記，我們的 40 毫克減少頻率試驗將於下個月開始。

And, of course, we are also very enthusiastic about Laquinimod, now in phase III trials with results due in 2011.

當然，我們也非常熱衷於 Laquinimod，目前正處於 III 期試驗階段，結果將於 2011 年公佈。

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

現在讓我們來看看 Azilect，它在第一季度表現出色。

Global in-market sales grew 40% over Q1 '09, led by strong sales in major European markets and the U.S.

在主要歐洲市場和美國的強勁銷售帶動下，全球市場銷售額比 09 年第一季度增長了 40%。

In the U.S.

在美國。

Azilect has benefited from newly revised prescribing information, reinforcing its selectivity.

Azilect 受益於新修訂的處方信息，增強了其選擇性。

This mean that there are fewer food and medication restrictions, which was previously a barrier to some for prescribing.

這意味著食物和藥物限制減少了，這在以前是一些人開處方的障礙。

Turning now to our global respiratory business where we have another piece of a great news.

現在轉向我們的全球呼吸業務，我們有另一個好消息。

I am pleased to report that we have successfully completed our phase III study of betamethasone dipropionate HFA for the treatment of seasonal and allergic rhinitis, the most common allergic disease both in the U.S.

我很高興地報告，我們已經成功完成了倍他米松二丙酸酯 HFA 用於治療季節性和過敏性鼻炎的 III 期研究，這是美國最常見的過敏性疾病。

and globally.

和全球。

We will be initiating the remaining phase III trial by Perineal allergic rhinitis in the second quarter.

我們將在第二季度啟動會陰過敏性鼻炎的剩餘 III 期試驗。

We are on track to submit our MDA in early 2011 and anticipate having the product on the market in 2012.

我們有望在 2011 年初提交我們的 MDA，並預計在 2012 年將產品投放市場。

By the way, this is a $1.9 billion market.

順便說一下，這是一個價值 19 億美元的市場。

During Q1, sales of respiratory products reached $193 million, up 4% over Q1 '09.

第一季度，呼吸產品的銷售額達到 1.93 億美元，比 09 年第一季度增長 4%。

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

這一增長主要是由 ProAir 和 Qvar 在美國的銷售推動的。

S.

S.

ProAir HFA remains the leading short acting beta agonist with over 50% share of the market.

ProAir HFA 仍然是領先的短效 β 受體激動劑，市場份額超過 50%。

And Qvar continues to grow because now the solid number two in the inhaled steroid segment, with 19% market shared in NRx.

Qvar 繼續增長，因為現在在吸入類固醇領域排名第二，在 NRx 中佔有 19% 的市場份額。

Turning to our women health business, sales during the first quarter was $79 million, down 19% over Q1 '09.

談到我們的女性健康業務，第一季度的銷售額為 7900 萬美元，比 09 年第一季度下降 19%。

This is largely due to weak sales of Plan B One-Step.

這主要是由於 Plan B One-Step 的銷售疲軟。

However, I'm pleased to report that the measures we put in place at the end of 2009 to recapture our share of the emergency contraceptive market have begun to bear fruit and we look forward to continued improvement and growth in 2010.

不過，我很高興地向大家報告，我們在 2009 年底為奪回緊急避孕藥市場份額而採取的措施已經開始見效，我們期待 2010 年繼續改善和增長。

Turning to other women health products, we continue to experience double-digit growth in key franchises during the first quarter, led by the Seasonique franchise, which grew by 10% over Q1 2009 and ParaGard, which grew by 17% over Q1 '09.

談到其他女性保健產品，我們在第一季度的主要特許經營權繼續實現兩位數的增長，其中以 Seasonique 特許經營權為首，該特許經營權比 2009 年第一季度增長了 10%，而 ParaGard 比 09 年第一季度增長了 17%。

Seasonique continues to reach all time highs in weekly prescriptions and we are pleased with the Nevada's courts ruling which found our Seasonique patent to be valid and enforceable.

Seasonique 的每周處方量繼續創下歷史新高，我們對內華達州法院的裁決感到高興，該裁決認定我們的 Seasonique 專利有效且可執行。

As you know, 2010 was also off to an exciting start for Teva strategically.

如您所知，2010 年對於 Teva 來說也是一個令人興奮的戰略開端。

In January, we presented our long-term strategic plan to reach revenues of $31 billion and net project of $6.8 billion by 2015.

一月份，我們提出了到 2015 年實現收入 310 億美元和淨項目 68 億美元的長期戰略計劃。

Two months later we took the first major step in delivering on this ambitious plan with the announcement of our agreement to acquire ratiopharm.

兩個月後，我們宣布同意收購 ratiopharm，邁出了實現這一雄心勃勃計劃的第一個重要步驟。

This acquisition would enabled Teva to extend our global leadership to Europe, providing us a leading presence in all key European markets.

此次收購將使 Teva 能夠將我們的全球領導地位擴展到歐洲，使我們在所有主要歐洲市場處於領先地位。

It will also provide us with significant additional capabilities in biosimilars and in both in future growth engine for us.

它還將為我們提供生物仿製藥和我們未來增長引擎方面的重要額外能力。

Teva has a long track record of successfully integrating companies, something we saw once again in the integration of Barr and in our ability to deliver significantly more synergies from the acquisitions than we had originally anticipated.

Teva 在成功整合公司方面有著長期的記錄，我們在 Barr 的整合中再次看到了這一點，並且我們能夠從收購中提供比我們最初預期更多的協同效應。

We are very much looking forward to working together with the ratiopharm team to implement the integration process as soon as the deal closes and I'm confident that the integration process will be a smooth and a successful one.

我們非常期待與 Ratiopharm 團隊合作，在交易完成後儘快實施整合過程，我相信整合過程將是順利和成功的。

I'd like to take a moment to provide you with an update on Pantoprazole.

我想花點時間為您提供有關泮托拉唑的最新信息。

As you know on April 23rd following a jury trial in the patent case, the jury upheld the Pantoprazole patent as valid.

如您所知，在 4 月 23 日陪審團審理專利案後，陪審團裁定泮托拉唑專利有效。

However, we still strongly believe in the merits of our arguments and on May 6 we will meet with the court to discuss the post-trial briefing schedule on the many issues that we believe remain for the judge to decide.

然而，我們仍然堅信我們的論點是對的，5 月 6 日，我們將與法院會面，就我們認為仍有待法官決定的許多問題討論審後簡報時間表。

Because appropriate that this called at risk launches, as there is obviously always some risk involved, but we have developed highly effective tools and capabilities to analyze and mitigate the risk before we bring any product to market.

因為這被稱為風險發布是適當的，因為顯然總是存在一些風險，但我們已經開發出高效的工具和功能來分析和降低風險，然後再將任何產品推向市場。

This is integral part of our business model and we will continue to launch new products based on an analysis of all relevant factors, including the strength of our patent challenge.

這是我們商業模式不可或缺的一部分，我們將繼續根據對所有相關因素的分析推出新產品，包括我們的專利挑戰的強度。

Before I turn the call over to Eyal, I want to reiterate our guidance for the year of approximately $16 billion in sales and non-GAAP EPS of $4.40 to $4.60.

在我將電話轉給 Eyal 之前，我想重申我們對今年銷售額約為 160 億美元和非 GAAP 每股收益為 4.40 美元至 4.60 美元的指導。

We had an excellent start to the year.

我們今年開局不錯。

And I would like to remind everyone that we expect the second half of the year, which will be kicking off on July 1st with our exclusive launch of generic Effexor, to be significantly stronger than the first half.

我想提醒大家，我們預計今年下半年（將於 7 月 1 日以我們獨家推出仿製藥 Effexor 拉開序幕）將明顯強於上半年。

I would like to clarify that when we provided guidance to 2010 this past February, we had already anticipated and factored in the impact of healthcare legislation in the U.S., both for our generic and branded business.

我想澄清一下，當我們在今年 2 月為 2010 年提供指導時，我們已經預計並考慮了美國醫療保健立法對我們的仿製藥和品牌業務的影響。

So the impact, which included $20 million in the first quarter, has no bearing on our 2010 guidance.

因此，這一影響（包括第一季度的 2000 萬美元）與我們 2010 年的指引無關。

Looking ahead we believe that the benefits of this complex multifaceted legislation will far out weight its cost for Teva and we expect the legislation to have a positive impact for us.

展望未來，我們相信這項複雜的多方面立法的好處將遠遠超過梯瓦的成本，我們預計該立法將對我們產生積極影響。

However, we have not factored this positive impact into our numbers, as much of the implementation and timing of the healthcare plan is yet to be determined.

但是，我們沒有將這種積極影響計入我們的數字，因為醫療保健計劃的大部分實施和時間尚未確定。

And one last clarification, our 2010 guidance does not include ratiopharm, as we expect the closing to occur towards the end of the year.

最後需要澄清的是，我們的 2010 年指南不包括 ratiopharm，因為我們預計將在年底前完成交易。

In the event that the transaction should close earlier, we will of course provide you with unload update guidance.

如果交易應該提前結束，我們當然會為您提供卸載更新指導。

As you have heard, 2010 is off to a great start.

如您所知，2010 年開局良好。

And when I think about the strength of our generic business, continued growth in Copaxone, the good news about low dose, coupled with strong (inaudible) franchise, growing women health business and the addition of the ratiopharm to our family, I believe we are uniquely position to achieve our 2010 growth, as well as laying the foundation for our $31 billion sales target for 2015.

當我想到我們仿製藥業務的實力、Copaxone 的持續增長、關於低劑量的好消息、強大的（聽不清）特許經營權、不斷增長的女性健康業務以及我們家族中 ratiopharm 的加入時，我相信我們是實現我們 2010 年增長的獨特地位，並為我們 2015 年 310 億美元的銷售目標奠定基礎。

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

現在讓我們將電話轉給 Eyal 以獲得更詳細的財務更新。

Eyal.

埃亞爾。

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

非常感謝，Shlomo，祝大家有美好的一天。

I hope you have had 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, we reported this morning a good first quarter and a strong beginning for 2010.

如您所見，我們今天上午報告了良好的第一季度和 2010 年的強勁開局。

It is important to note that we reported record GAAP results this quarter in terms of operating profit, net income and earning per share.

值得注意的是，本季度我們在營業利潤、淨收入和每股收益方面報告了創紀錄的 GAAP 結果。

As Shlomo already discussed, our strongest performance for the quarter were in the U.S., particularly for the U.S.

正如 Shlomo 已經討論過的那樣，我們本季度最強勁的表現是在美國，尤其是美國。

generics business, as well as in Canada, Russia, Israel and Poland.

仿製藥業務，以及加拿大、俄羅斯、以色列和波蘭。

We had record Copaxone sales with very strong sales outside the U.S.

我們的 Copaxone 銷售額創下歷史新高，美國以外的銷售額非常強勁

and record sales for Azilect.

並為 Azilect 創下銷售記錄。

Cash flow from operations and free cash flow delivered strong growth compared to Q1 last year.

與去年第一季度相比，運營現金流和自由現金流實現了強勁增長。

Before we delve into the numbers I would like to touch on two technical topics.

在我們深入研究這些數字之前，我想談談兩個技術主題。

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 -- amortization of purchase and tangible assets amounting to $130 million, of which $122 million are included in COGS and the remaining $8 million in sales and marketing expenses; legal settlements of $17 million; acquisition and restructuring expenses of $17 million related primarily to the acquisition of ratiopharm, as we now have to expense it through our P&L; $4 million purchase of R&D in process; and, in addition, the related tax benefit of $51 million.

在我們本季度的非 GAAP 報告中，我們排除了以下項目——採購和有形資產的攤銷總額為 1.3 億美元，其中 1.22 億美元包含在 COGS 中，其餘 800 萬美元包含在銷售和營銷費用中； 1700 萬美元的法律和解； 1700 萬美元的收購和重組費用主要與收購 ratiopharm 相關，因為我們現在必須通過損益表將其支出； 400 萬美元的研發採購正在進行中；此外，還有 5100 萬美元的相關稅收優惠。

You should note that the items excluded in arriving to our non-GAAP results for the first quarter of 2009 are not identical to those in the current quarter.

您應該注意到，我們 2009 年第一季度的非公認會計原則結果中排除的項目與本季度的不相同。

Most notably, Q1 2009 included an inventory step-up in connection with the Barr acquisition and low amortization of purchased intangible assets.

最值得注意的是，2009 年第一季度包括與 Barr 收購相關的庫存增加和所購無形資產的低攤銷。

Please review our press release and related tables for the 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 you how we, the management team and our board, look at our financial results.

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

Foreign currency 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。

As you all know, the U.S.

眾所周知，美國

dollar has been strengthening against other currencies for (inaudible) Euro and the British pound during the course of the last six months.

在過去六個月中，美元兌（聽不清）歐元和英鎊的其他貨幣一直在走強。

Nevertheless, when comparing first quarter average rates in 2010 versus 2009, the U.S.

然而，在比較 2010 年和 2009 年第一季度的平均利率時，美國

dollar declined in value.

美元貶值。

Therefore, in the first quarter foreign currency differences contributed approximately $98 million to sales as compared to Q1 2009.

因此，與 2009 年第一季度相比，第一季度外幣差異對銷售額的貢獻約為 9800 萬美元。

The impact on sales resulted primarily from the decline in the value of the U.S.

對銷售的影響主要是由於美國的價值下降。

dollar relative to certain other currencies, primarily the Euro, the Canadian dollar, the Hungarian forint and the Russian ruble, the Polish zolty and the British pound.

美元相對於某些其他貨幣，主要是歐元、加元、匈牙利福林和俄羅斯盧布、波蘭佐蒂和英鎊。

However, the continued strengthening of the U.S.

然而，美國的不斷加強

dollar from Q4 2009 to Q1 2010 had a negative impact on sales of $69 million in Q1 compared to Q4 last year.

與去年第四季度相比，2009 年第四季度至 2010 年第一季度的美元對第一季度的銷售額產生了 6900 萬美元的負面影響。

Nonetheless, the impact on operating profit was insignificant.

儘管如此，對營業利潤的影響微乎其微。

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

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

Looking at consolidated results for Q1, sales totaled $3.7 billion, an increase of 16% compared to Q1 last year.

從第一季度的綜合業績來看，銷售額總計 37 億美元，比去年第一季度增長 16%。

North America, which grew 20%, experienced growth in its major businesses, generics, Copaxone, Azilect and respiratories.

北美增長了 20%，其主要業務、仿製藥、Copaxone、Azilect 和呼吸系統均實現增長。

Europe grew 10% in U.S.

歐洲在美國增長了 10%

dollars and 1% in local currency terms.

美元和以當地貨幣計算的 1%。

Sales in the international markets grew 10% in U.S.

在美國，國際市場的銷售額增長了 10%。

dollars and 7% in local currency terms.

美元和以當地貨幣計算的 7%。

Non-GAAP operating income reached $1 billion, up 21% compared to Q1 2009, benefiting from strong gross margin and tight expense control.

非 GAAP 營業收入達到 10 億美元，比 2009 年第一季度增長 21%，這得益於強勁的毛利率和嚴格的費用控制。

Non-GAAP net income reached $830 million, up 31% compared to Q1 2009, and non-GAAP fully diluted earning per share were $0.91, up 28% compared to Q1 of 2009.

非美國通用會計準則淨收入達到 8.3 億美元，比 2009 年第一季度增長 31%，非美國通用會計準則完全攤薄每股收益為 0.91 美元，比 2009 年第一季度增長 28%。

Two housekeeping points related to earning per share calculations.

與每股收益計算相關的兩個管理要點。

The weighted-average share counts for the fully diluted non-GAAP EPS was 921 million shares and the add back for the non-GAAP EPS calculation was $11 million.

完全稀釋的非 GAAP 每股收益的加權平均股數為 9.21 億股，非 GAAP 每股收益計算的加回為 1100 萬美元。

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 purchase intangible assets, was 58.4% in the reported quarter, similar to the first quarter last year.

報告季度的非美國通用會計準則毛利率（不包括購買無形資產的攤銷）為 58.4%，與去年第一季度相似。

Gross margin continued to benefit from contributions to sales of our innovative and branded franchises, contributions from new and recently launched generic product in the U.S.

毛利率繼續受益於我們創新和品牌特許經營權的銷售貢獻，以及最近在美國推出的新仿製藥的貢獻。

market, as well as improved gross margin of U.S.

市場，以及改善美國的毛利率

generic based business.

基於通用的業務。

Non-GAAP operating margin reached 27.4%, up from 26.2% in the comparable quarter last year.

非美國通用會計準則營業利潤率達到 27.4%，高於去年同期的 26.2%。

Similar to previous quarters, the improvement in operating margin were driven primarily from strong gross margin, lower G&A and net R&D as a percentage of sales partially offset by higher royalty payment, which are reflected in sales and marketing expenses.

與前幾個季度類似，營業利潤率的提高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被較高的特許權使用費部分抵消，這反映在銷售和營銷費用中。

Net R&D expenses reached $207 million or 5.7% of sales.

淨研發費用達到 2.07 億美元，佔銷售額的 5.7%。

Gross R&D, before reimbursement from third parties for certain R&D expenses, was $217 million or 5.9% of sales.

在第三方償還某些研發費用之前，研發總額為 2.17 億美元，佔銷售額的 5.9%。

We remain committed to our 2010 R&D plan and the low R&D expenses in Q1 reflects timing of certain expenses.

我們仍然致力於我們的 2010 年研發計劃，第一季度的低研發費用反映了某些費用的時間安排。

For the full year, we expect net R&D expenses to be between 6% and 6.5% of net sales, as we guided last quarter.

對於全年，我們預計淨研發費用將在淨銷售額的 6% 至 6.5% 之間，正如我們上個季度所指導的那樣。

Sales and marketing expenses, excluding amortization of purchase intangible assets, totaled $744 million in the quarter, or 20.4% of sales compared to 18.9% of sales in Q1 2009.

本季度銷售和營銷費用（不包括購買無形資產的攤銷）總計 7.44 億美元，佔銷售額的 20.4%，而 2009 年第一季度佔銷售額的 18.9%。

These higher sales and marketing expenses are the results of two main factors, higher royalty payment in connection with new and recently launched generic products in the U.S.

這些較高的銷售和營銷費用是兩個主要因素的結果，與美國新近推出的仿製藥相關的特許權使用費較高。

and higher payments to sanofi-aventis in connection with Copaxone higher sales in the U.S.

以及與 Copaxone 在美國更高的銷售額相關的向賽諾菲-安萬特支付的更高款項

Let me remind you that this is the last quarter in which we paid sanofi-aventis 25% of in-market sales in the U.S.

讓我提醒您，這是我們向賽諾菲-安萬特支付美國市場銷售額 25% 的最後一個季度。

Total G&A expenses this quarter were $182 million or 5% of sales compared with 6.2% of sales in Q1 last year.

本季度總 G&A 費用為 1.82 億美元，佔銷售額的 5%，而去年第一季度佔銷售額的 6.2%。

The Barr acquisition synergies contributed to the decline in G&A expenses.

Barr 的收購協同效應導致 G&A 費用下降。

We recorded $27 million of net financial expenses on a GAAP basis in Q1 compared with $63 million of GAAP financial expenses in the comparable quarter of 2009.

根據 GAAP，我們在第一季度記錄了 2700 萬美元的淨財務費用，而 2009 年同期的 GAAP 財務費用為 6300 萬美元。

The decrease in financial expenses resulted primarily from lower level of debt, which it consistently reduces the acquisition of Barr, compared to the first quarter of 2009, as well as lower interest rates and lower costs of hedging activity.

財務費用的減少主要是由於債務水平較低，與 2009 年第一季度相比，它持續減少了對 Barr 的收購，以及較低的利率和較低的對沖活動成本。

In anticipation of closing the ratiopharm acquisition later this year, we accumulated the cash generated during this quarter and didn't apply most of it towards that repayment.

由於預計將在今年晚些時候完成對 ratipharm 的收購，我們積累了本季度產生的現金，並且沒有將其中的大部分用於還款。

Furthermore, we began to acquire the Euros required for the acquisition consideration and entered into certain hedging contracts to reduce the risk of the strengthening of the Euro.

此外，我們開始獲取收購對價所需的歐元，並簽訂了某些對沖合同以降低歐元走強的風險。

This may result in either finance income or expenses the second quarter, which we will adjust in our non-GAAP results.

這可能會導致第二季度的財務收入或支出，我們將在我們的非 GAAP 業績中進行調整。

The tax rate provided for the first quarter was 14% of free tax non-GAAP income.

第一季度的稅率為免稅非 GAAP 收入的 14%。

This represents our current estimate of the annual tax rate for 2010 compared to 16% of pretax non-GAAP income for all of 2009.

這代表了我們目前對 2010 年年度稅率的估計，而 2009 年全年的稅前非 GAAP 收入為 16%。

The estimated tax rate for 2010 GAAP results is 11%.

2010 年 GAAP 結果的估計稅率為 11%。

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 this quarter totaled $886 million, up 21% compared to Q1 2009.

本季度運營產生的現金總計 8.86 億美元，比 2009 年第一季度增長 21%。

Our free cash flow, excluding net capital expenditures of $164 million and cash dividends of $165 million, amounted to $557 million in free cash flow.

我們的自由現金流，不包括 1.64 億美元的淨資本支出和 1.65 億美元的現金股息，自由現金流為 5.57 億美元。

The improved cash flow was driven by strong collection in the quarter.

現金流的改善是由本季度強勁的收款推動的。

On March 31, cash and marketable securities totaled $3 billion, up approximately $550 million from December 31, 2009.

截至 3 月 31 日，現金和有價證券總額為 30 億美元，比 2009 年 12 月 31 日增加了約 5.5 億美元。

Our total outstanding loan, bonds and convertible debentures stood at $5.4 billion, down from $5.6 billion as of the end of December.

我們的未償還貸款、債券和可轉換債券總額為 54 億美元，低於 12 月底的 56 億美元。

During the quarter we reduced our debt by approximately $175 million by repaying some debt and through the continued conversion of senior convertible debentures.

本季度，我們通過償還部分債務和繼續轉換高級可轉換債券，減少了約 1.75 億美元的債務。

As a result, our financial leverage as of March 31, 2010, was 22%, down 1% from year-end and down 12% from March last year.

因此，截至 2010 年 3 月 31 日，我們的財務槓桿率為 22%，比年底下降 1%，比去年 3 月下降 12%。

Moody's raised Teva rating to A3 in January and Standard & Poor's followed with raising our credit rating from Triple B plus to A minus minus on March 19th, immediately following the announcement on the acquisition of ratiopharm.

穆迪在 1 月份將 Teva 評級上調至 A3，標準普爾緊隨其後，在宣布收購 ratiopharm 後，於 3 月 19 日將我們的信用評級從 Triple B+ 上調至 A---。

Moody's also affirmed its A3 rating after the ratiopharm announcement.

在 ratiopharm 宣布後，穆迪還確認了其 A3 評級。

Moody's upgrade had a immediate positive impact on our finance expense, as the interest rates charged on the floating rate debt assumed in the Barr acquisition was cut by 25 basic points.

穆迪的升級對我們的財務費用產生了直接的積極影響，因為在 Barr 收購中承擔的浮動利率債務的利率降低了 25 個基點。

Days sales outstandings, the DSO, amounted to 53 days this quarter compared to 51 days in Q1 last year, because of the DSO after netting out from the receivables, our failed reserve and allowances.

天數銷售欠款，DSO，本季度為 53 天，而去年第一季度為 51 天，因為 DSO 在扣除應收賬款，我們的失敗準備金和津貼之後。

Inventory days stood at 183 days, down from 191 days in Q1 2009.

庫存天數為 183 天，低於 2009 年第一季度的 191 天。

Capital expenditure reached $164 million this quarter, compared to $136 million in Q1 2009.

本季度資本支出達到 1.64 億美元，而 2009 年第一季度為 1.36 億美元。

As for dividend, yesterday Teva's board approved its quarterly dividend amounting to approximately $175 million.

至於股息，Teva 董事會昨天批准了總額約為 1.75 億美元的季度股息。

On a per share basis our dividend, which is declared in Israeli shekels is 0.7 shekels per share.

按每股計算，我們以以色列謝克爾宣布的股息為每股 0.7 謝克爾。

Based on yesterday rate of exchange of the shekel to the U.S.

根據昨天謝克爾對美國的匯率

dollar, this translates into approximately $0.19 per share.

美元，這相當於每股約 0.19 美元。

I thank you all for your time and attention today.

我感謝大家今天的時間和關注。

Now we will be glad to take your questions.

現在我們很樂意回答您的問題。

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

（操作員說明）我們的第一個問題來自高盛的 Randall Stanicky。

Please state your question.

請說出你的問題。

Great, thanks, guys.

太好了，謝謝，伙計們。

I just wanted to follow-up on the strength of the U.S.

我只是想跟進一下美國的實力

business and specifically your comment on the improved base business profitability.

業務，特別是您對提高基礎業務盈利能力的評論。

Can you just maybe talk about what's driving that and then are you seeing some of the delays out of FDA that some of your peers have pointed to?

你能不能談談是什麼推動了這一點，然後你是否看到了一些同行指出的 FDA 的一些延誤？

Bill, you want to take it.

比爾，你想拿走它。

Good morning, Randall, and thanks for the question.

早上好，蘭德爾，謝謝你的提問。

A good couple of points.

有幾點很好。

As far as -- let's take the delays.

至於——讓我們考慮一下延遲。

We haven't really seen a delay on first to market products.

我們還沒有真正看到首次上市產品的延遲。

We've been saying this for a long time, unless there is something new in the labeling or some other mitigating factors.

我們已經這麼說了很長時間，除非標籤中有新內容或其他一些緩解因素。

So we really haven't seen a delay with first to markets.

因此，我們真的沒有看到首先進入市場的延遲。

We thinking the FDA is doing an excellent, and especially ODD, doing an excellent job there.

我們認為 FDA 做得很好，尤其是 ODD，在那裡做得很好。

There are complex products that cannot appear and there are a different story, but that you understand.

有些複雜的產品無法出現，也有不同的故事，但你明白。

So we are not seeing that.

所以我們沒有看到。

With maybe the tenth product, the tenth or the 15th, the ten will all, obviously, those are slowed.

也許第十個產品，第十個或第十五個，十個都會，顯然，這些都變慢了。

But we think the FDA is doing a good job at least pacing themselves with -- versus they have, we would love to see them have more resource.

但我們認為 FDA 至少在調整自己的節奏方面做得很好——與他們相比，我們希望看到他們有更多的資源。

With respect to our base business, we've got a variety of lifecycle management initiatives going on.

關於我們的基礎業務，我們正在進行各種生命週期管理計劃。

Lifecycle management initiatives aren't only for branded products.

生命週期管理計劃不僅適用於品牌產品。

We do -- we are doing things to lower our costs, lower our A.P.I.

我們確實 - 我們正在做一些事情來降低我們的成本，降低我們的 A.P.I.

costs.

費用。

Various ways that we look to sell more of the products with better margins.

我們希望通過各種方式以更高的利潤率銷售更多的產品。

Eliminate products, prune from products from our portfolio such as Sertraline, and a few other where you've seen some prescription loss.

消除產品，從我們的產品組合中刪除產品，例如舍曲林，以及其他一些您已經看到一些處方損失的產品。

We saw a prescription gain this quarter, but not as much as we've had in the past and that was due to very purposeful pruning of our portfolio around profitability.

本季度我們看到了處方收益，但沒有過去那麼多，這是由於我們圍繞盈利能力非常有目的地修剪了投資組合。

And then, Bill, I think you kind of alluded to it, but I know we've been talking a lot about generic Lovenox and the timing and you obviously had, you guys have had some discussions with FDA.

然後，比爾，我想你有點提到了它，但我知道我們一直在談論仿製藥 Lovenox 和時機，你顯然有，你們已經與 FDA 進行了一些討論。

Is there anything that we should be thinking about differently in terms of that product and can we still expect that to come out this year in terms of the way you are viewing it.

就該產品而言，有什麼我們應該以不同方式考慮的嗎？我們是否仍然可以期望它在今年以您的方式出現？

Yes, our view hasn't changed.

是的，我們的觀點沒有改變。

We are still very hopeful for something yet this year and we are prepared for it.

今年我們仍然對某些事情充滿希望，我們已經為此做好了準備。

So let's hope for the best.

所以讓我們抱最好的希望吧。

Great, thanks, guys.

太好了，謝謝，伙計們。

Thank you.

謝謝你。

Our next question comes from Gregg Gilbert with Bank of America/ Merrill Lynch.

我們的下一個問題來自美國銀行/美林證券的 Gregg Gilbert。

Please state your question.

請說出你的問題。

Thank you.

謝謝你。

First for Bill, should we continue, expect continued shipments of Pantoprazole as normal and on the new Copaxone, what's the action date for that and can you provide any color on the commercial strategy there and whether we should view that as a switch or a transition?

首先是比爾，我們是否應該繼續，預計泮托拉唑會像往常一樣繼續出貨，而新的 Copaxone 的出貨日期是什麼時候？你能提供有關商業戰略的任何顏色嗎？我們是否應該將其視為轉換或過渡？

Good morning, Greg, the Pantoprazole at this point in time we are not shipping further product in an abundance of caution.

早上好，格雷格，此時的泮托拉唑我們不會謹慎運輸更多產品。

The second part was.

第二部分是。

The action date on the new Copaxone and any commercial color you can plan, switch versus transition or anything else you could offer on that strategy, it's not so far away any more.

新 Copaxone 的行動日期以及您可以計劃的任何商業顏色、轉換與過渡或您可以根據該策略提供的任何其他內容，它不再那麼遙遠。

Well, on the new Copaxone our action date would now be out till December, so we would be looking for in-market hopefully with all the right caveats for caution.

好吧，對於新的 Copaxone，我們的行動日期現在將持續到 12 月，因此我們希望在市場上尋找有希望的所有正確警告以保持謹慎。

We would hope to be in the market in the first quarter early 2011.

我們希望在 2011 年初第一季度上市。

And can you share anything strategically about whether it will replace Copaxone in its entirety.

您能否從戰略上分享任何關於它是否會完全取代 Copaxone 的信息。

No.

不。

We can not, we won't share.

我們不能，我們不會分享。

Okay.

好的。

Thank you.

謝謝你。

So a question for Gerard, in conjunction with the ratiopharm deal, you indicated that the tender portion of the market in Germany is about 25% and you said at the time you thought that would shrink rather than grow and I think some other companies have been seeing other things.

因此，關於 Ratiopharm 交易，Gerard 的問題是，您表示德國市場的招標部分約為 25%，您當時表示您認為這會縮小而不是增長，我認為其他一些公司一直在看到其他東西。

So can you just update us on your thinking with that.

那麼你能不能告訴我們你的想法。

And lastly for Shlomo, any update on the Irvine quality issues and are you confident that that's behind you as a Company?

最後，對於 Shlomo，關於 Irvine 質量問題的任何更新，您是否有信心作為一家公司支持您？

Thank you.

謝謝你。

This is Gerard.

這是杰拉德。

Thanks, Greg, good morning.

謝謝，格雷格，早上好。

Well, first of all let me say that what we see the German market is, of course, still subject to what the government is currently contemplating.

好吧，首先讓我說，我們對德國市場的看法當然仍然取決於政府目前正在考慮的事情。

But what we've seen so far we don't expect our views to change dramatically.

但就我們目前所見，我們不希望我們的觀點發生巨大變化。

First of all, as you know the pure tender one product wins all kind of the marketplace.

首先，如您所知，純正的一種產品贏得了各種市場。

It is only a quarter of the total market in terms of value and I think it won't move far away from that.

就價值而言，它僅佔整個市場的四分之一，我認為它不會遠離這一點。

More importantly, that the other part of the market is about 75%, is quite a complex bit of business.

更重要的是，市場的另一部分約為 75%，這是一項相當複雜的業務。

You see, on one hand you see the hospital business, you see OTC products and new generic launches that are not subject to that.

你看，一方面你看到醫院業務，你看到非處方藥產品和不受此限制的新仿製藥上市。

They will become subject maybe in the future, but they are not today and there are no clear plans to do so.

他們將來可能會成為主體，但現在不是，也沒有明確的計劃。

Two, we see that a lot of the insurers don't like the one product takes all kind of tend to business.

第二，我們看到很多保險公司不喜歡一種產品需要所有的業務。

They have portfolio agreements or they have three, four, five players who win the business, which is a total different concept and there you see different price developments as well.

他們有投資組合協議，或者他們有三個、四個、五個贏得業務的參與者，這是一個完全不同的概念，你也會看到不同的價格發展。

And therefore that business is also not as dramatic as the pure tender business.

因此，該業務也不像純粹的招標業務那樣引人注目。

And thirdly, we see that pharmacist and doctor still have a substitution freedom.

第三，我們看到藥劑師和醫生仍然有替代自由。

They claim it or they get it and doctors can take a box on the prescription by which they basically prevent any substitution to happen.

他們聲稱或得到它，醫生可以在處方上放一個盒子，基本上可以防止任何替代發生。

And on top of that you have private insurer that still have a large chunk of the business in Germany that are not tendering at all.

最重要的是，你有私人保險公司，它們在德國仍有很大一部分業務根本沒有招標。

So you see that besides the tender business of about 25%, you see 75% is sort of a mixture of different types of policies and the problem there is that it won't be easy for anybody in the German market to attack that chunk of business with one measure.

所以你看到除了約 25% 的招標業務外，你看到 75% 是不同類型政策的混合體，問題在於德國市場上的任何人都不容易攻擊這一塊一項措施的業務。

You will have to have all sorts of different policy changes to take them one by one.

您將必須進行各種不同的政策更改才能一一進行。

So that's why we are quite confident that the marketplace in Germany will be having much more profile of a branded generics type of a market than a pure generic generics market.

因此，這就是為什麼我們非常有信心，德國市場將擁有比純仿製藥市場更多的品牌仿製藥類型的市場。

Thank you.

謝謝你。

What was your last question, again.

你最後一個問題是什麼？

The FDA issues in the Irvine facility?

爾灣工廠的 FDA 問題？

Have they been addressed.

他們是否得到解決。

Are you confident that those issues are behind the Company.

您是否相信這些問題是公司的幕後黑手？

Well, first of all let me say in a more bolder scope that quality for Teva is the first priority.

好吧，首先讓我更大膽地說，Teva 的質量是第一要務。

And that we are seeing the raising the bar by the FDA is for Teva (inaudible) is something which is good, not only for patients but also for Teva as well.

我們看到 FDA 提高標準是為了 Teva（聽不清），這是一件好事，不僅對患者而且對 Teva 也是如此。

Having said that, we are working with the FDA to fix the problems that we have in Irvine and I believe that we will be over with that hopefully very soon.

話雖如此，我們正在與 FDA 合作解決我們在歐文市遇到的問題，我相信我們很快就會解決這個問題。

Right now I cannot give you a specific date for that, but I can assure you that we are doing utmost effort to get it done as soon as we can and to raise the bar for quality in Teva as much we can.

現在我不能給你一個具體的日期，但我可以向你保證，我們正在盡最大努力盡快完成它，並儘可能提高 Teva 的質量標準。

Thank you.

謝謝你。

Bill, you wanted to add to that.

比爾，你想補充一點。

Greg and if I could just add to that.

格雷格，如果我可以補充一下。

I just wanted to let you know that we responded to the warning letter in January, as was appropriate, and the FDA right now is performing a follow-up inspection at the facility.

我只是想讓你知道，我們在 1 月份對警告信作出了適當的回應，FDA 現在正在對該設施進行後續檢查。

So until they close out we really can't comment any further on that.

因此，在他們結束之前，我們真的無法對此發表任何進一步評論。

But as Shlomo said, quality is an absolute concern.

但正如 Shlomo 所說，質量絕對是一個問題。

We are working with the agency and we support the agency completely on their efforts in order to make sure that all facilities are in compliance.

我們正在與該機構合作，我們完全支持該機構的努力，以確保所有設施都符合規定。

Thank you, gentlemen.

謝謝你們，先生們。

Our next question comes from Richard Silver with Barclays Capital, please state your question.

我們的下一個問題來自巴克萊資本的 Richard Silver，請說出你的問題。

A couple, first for Gerard.

一對，首先是杰拉德。

Well, actually Gerard and anyone else on Europe and international, so year-over-year growth in the quarter was approximately 10% for both Europe and international.

好吧，實際上杰拉德和歐洲和國際上的任何其他人，所以本季度歐洲和國際的同比增長率約為 10%。

And at least relative to our estimate seemed a little bit lower than we would have expected.

至少相對於我們的估計，似乎比我們預期的要低一點。

Can you comment on how we should think about growth going forward, whether this is a reasonable run rate or whether you think that there were things maybe in the quarter that might have led to a sort of below average growth rate.

您能否評論一下我們應該如何考慮未來的增長，這是否是一個合理的運行率，或者您是否認為本季度可能有一些事情可能導致某種程度的低於平均增長率。

And just a little bit more detail than what you provided in the prepared remarks on the drivers and the outlook aside from your commentary on Germany.

除了你對德國的評論之外，你在準備好的關於車手和前景的評論中提供的內容更詳細一點。

And I do have a follow-up.

我確實有後續行動。

Thank you.

謝謝你。

Gerard, you take Europe and I will follow with international.

杰拉德，你負責歐洲業務，我負責國際業務。

Very good, thank you very much, Richard, good morning.

很好，非常感謝你，理查德，早上好。

Good morning.

早上好。

Well, Europe is not one market, it's a heterogenous bunch of geographies.

好吧，歐洲不是一個市場，它是一組異質的地理區域。

There are 400 million people with the same demand for high quality healthcare and therefore growth for generics, but there are months that one market is doing better than the other.

有 4 億人對高質量的醫療保健有相同的需求，因此對仿製藥的需求也在增長，但有幾個月一個市場的表現優於另一個市場。

Overall one could say that the market that had been slightly less attractive over the last quarter has been the UK.

總體而言，可以說上一季度吸引力略微下降的市場是英國。

We've seen that the impact on pricing and competition has been quite aggressive and, as you know, we are a leader in the UK market.

我們已經看到對定價和競爭的影響非常大，而且如您所知，我們是英國市場的領導者。

We are almost twice as big as number two and then you have got a long time nothing and then you have got the few other players.

我們幾乎是第二名的兩倍，然後你很長一段時間什麼都沒有，然後你就得到了其他幾個球員。

Therefore, it means that we focused on the leadership rather than and our profitability of that.

因此，這意味著我們專注於領導力而不是我們的盈利能力。

So we didn't go and bid for all sorts of deals that were not worthwhile going after and that meant that -- and that one of the reasons, by the way, was that the sterling has been as it has been therefore our cost of goods had been influenced a bit.

所以我們沒有去競標各種不值得追求的交易，這意味著 - 順便說一下，其中一個原因是英鎊一直如此，因此我們的成本貨物受到了一點影響。

So, you bend it a little like that and continue to keep your market leadership on a profitable base than differently.

因此，您可以像那樣稍微彎曲一下，並繼續在盈利基礎上保持市場領先地位。

So that's on the UK.

這就是英國。

So all in all, with that policy, despite us holding back we grew our share a little bit in the UK over that period.

因此，總而言之，根據這項政策，儘管我們有所保留，但在那段時間我們在英國的份額有所增加。

So, yes, it's not a great number but that explains it.

所以，是的，這不是一個很大的數字，但這可以解釋它。

If you would take out the UK from our retail business, our overall growth in Europe would have been 10%.

如果您將英國從我們的零售業務中剔除，我們在歐洲的整體增長將達到 10%。

If you would look at our hospital specialty business it would be over 20%.

如果你看看我們的醫院專科業務，它會超過 20%。

So I think beyond the line occurrence of our business in Europe is very healthy.

所以我認為我們在歐洲業務的線外發生是非常健康的。

We did excellent business in Italy and Poland.

我們在意大利和波蘭做得很好。

And central Eastern Europe we benefited also a lot from the PLIVA integration and we are really reaping the benefits of that.

在中東歐，我們也從 PLIVA 整合中受益匪淺，我們確實從中受益。

And we are also very enthusiastic about the deal that was signed in Germany because it will give us an even more balanced business across Europe.

我們也對在德國簽署的協議充滿熱情，因為它將使我們在整個歐洲的業務更加平衡。

So all in all I think the indicators are good.

所以總的來說，我認為指標是好的。

We had a bit of an issue in one market, but that is basically telling the story for Europe.

我們在一個市場上遇到了一些問題，但這基本上是在講述歐洲的故事。

Good morning, Richard.

早上好，理查德。

Good morning.

早上好。

As per the international business, I would like to say first of all that no doubt that this is not a trend.

根據國際業務，我想首先說毫無疑問這不是趨勢。

The international business for Teva is a growth driver and I believe it will be so in the coming quarters and the coming years as well.

Teva 的國際業務是一個增長動力，我相信在未來幾個季度和未來幾年也會如此。

Actually if you take the results, which is a 10% growth on the first quarter, from pharma sales point of view it's 14%, 1 4%.

實際上，如果你看一下第一季度增長 10% 的結果，從藥品銷售的角度來看，它是 14%、1 4%。

The reason that it's 10% is due to the weak sales of API that we are allocating into the international (inaudible) is allocated in the international which is mainly the weak sales for third-parties of APIs and it's too early to the say whether it's a trend or not regarding the API.

它是 10% 的原因是由於我們分配給國際的 API 銷售疲軟（聽不清）是在國際上分配的，這主要是第三方 API 的銷售疲軟，現在說它是否是還為時過早關於 API 的趨勢與否。

So to make it short, this is not a trend and international sales of Teva will be going in the coming years and a seven quarters win.

所以簡而言之，這不是一種趨勢，Teva 的國際銷售將在未來幾年持續增長，並在七個季度內取得勝利。

So just to recap both of your comments, are you saying that the growth rate we saw in Europe and the growth rate international is expected to accelerate on a year-over-year basis in the coming quarters.

因此，回顧一下您的評論，您是說我們在歐洲看到的增長率和國際增長率預計在未來幾個季度將同比加速。

Can you say that?

你能這麼說嗎？

I can say so for the international, as per Europe I would like to be, to take a more cautious approach as we first have to better understand the impact of the current economic trouble into Europe.

我可以這樣說，國際上，就像我希望的歐洲一樣，採取更謹慎的態度，因為我們首先必須更好地了解當前經濟問題對歐洲的影響。

I don't think it would be a -- make a big difference, but just to be on the safe side let's just see during the coming quarter what is the impact there and -- but as Gerard well stated it, Richard, at the end of the day you have to understand that these are the great region of a great potential growth for Teva, as there are 400 million inhabitants that exactly as Gerard said, they are wealthy, they are looking for healthcare and they are suffering from looming healthcare budget.

我認為這不會 - 產生很大的不同，但為了安全起見，讓我們在下一個季度看看那裡的影響是什麼 - 但正如杰拉德所說的那樣，理查德，在歸根結底，您必須了解這些是 Teva 具有巨大增長潛力的重要地區，因為正如 Gerard 所說，那裡有 4 億居民，他們很富有，他們正在尋求醫療保健，而且他們正在遭受迫在眉睫的醫療保健預算。

So whether it will take a few more quarters, nevertheless I'm sure that Europe is a great potential source for growth.

因此，無論是否還需要幾個季度，我確信歐洲是一個巨大的潛在增長來源。

And just one for Eyal on the R&D spending.

Eyal 的研發支出只有一個。

Appreciate there's a, as you pointed out, a timing issue.

正如您所指出的，感謝您指出的時間問題。

That said, going from 5% of sales, which on a sales number that's supposed to be lower than the sales in the coming quarters and then still coming out with an average of 6% to 6.5% is a pretty sharp step up.

也就是說，從銷售額的 5% 開始，這個銷售額應該低於未來幾個季度的銷售額，然後平均仍然達到 6% 到 6.5%，這是一個相當大的進步。

Can you provide some detail as to what it is that's going to drive that number or do you think that maybe it's actually at the lower end of that range of 6% to 6.5%.

您能否提供一些詳細信息，說明推動該數字的因素是什麼，或者您認為它實際上可能處於 6% 至 6.5% 範圍的下限。

If you can give us a little bit more color there?

如果你能給我們多一點顏色？

Thank you.

謝謝你。

Thanks, Richard.

謝謝，理查德。

I will start from the end.

我會從頭開始。

No, we are not targeting the lower end of that range.

不，我們的目標不是該範圍的下限。

We are targeting the range and it depends on a lot of our R&D activity that sometimes are impacted by timing issues.

我們的目標是范圍，這取決於我們的許多研發活動，這些活動有時會受到時間問題的影響。

I mean, things have to be right for the next phases and sometime you move into that and spend a lot of money in one quarter.

我的意思是，下一階段的事情必須是正確的，有時你會進入那個階段並在一個季度內花費很多錢。

So, when we look at our plan and our overall budget for the year was approximately $1 billion and we have all the plans in place to spend that money and we believe that we will do it in a timely manner.

因此，當我們查看我們的計劃時，我們今年的總體預算約為 10 億美元，我們已經制定了所有計劃來花費這筆錢，我們相信我們會及時完成。

We also looked at and analyzed that not just the expenses but the activities of R&D this quarter and believe that all our plans are in place for submissions and other R&D fruits that result from all these activities.

我們還查看並分析了本季度的支出和研發活動，並相信我們所有的計劃都已到位，以提交所有這些活動產生的研發成果。

So, yes, the number will grow up and you know that in R&D all the non-people based (inaudible) at almost a half can be very, very quickly accelerated when the time comes.

所以，是的，這個數字會增長，而且你知道在研發中，所有非基於人的（聽不清）在時機成熟時可以非常非常迅速地加速。

And just one last one on load volume Copaxone, even though you are not sharing your strategy, can you just perhaps reiterate or add to comments before on disclosure of that data?

最後一個關於負載量 Copaxone，即使您沒有分享您的策略，您能否在披露該數據之前重申或添加評論？

I think before you said it would be likely or might be possible in a peer-reviewed publication as opposed to a maybe a medical meeting but then maybe more recently you said there was a possibility of the data being disclosed at a medical meeting before the end of the year.

我想在你說這很可能或可能在同行評審的出版物而不是醫學會議之前，但也許最近你說有可能在結束前的醫學會議上披露數據的一年。

So, can you give us some sense of when we might actually see that data in a public forum other than just a press release?

那麼，您能告訴我們什麼時候我們可以真正在公共論壇上看到這些數據，而不僅僅是新聞稿嗎？

Would you like to take this one?

你想要這個嗎？

Yes, thank you.

是的，謝謝。

Richard, we are going to publish the data actually in May or June timeframe in the MS Congress.

理查德，我們實際上將在 MS 大會的 5 月或 6 月的時間範圍內發布數據。

As you know, the data study was about looking at the low volume versus the product in the market (inaudible) looking at the pain and pain associated with the injection and we are very pleased with the data and we are going to share the data and has been mentioned by the end of the year we are getting the (inaudible) from the FDA and if everything goes as we planned we plan something that in the beginning of 2011.

如您所知，數據研究是關於查看低容量與市場上的產品（聽不清）查看與註射相關的疼痛和疼痛，我們對數據非常滿意，我們將分享數據和已經提到我們將在今年年底從 FDA 獲得（聽不清），如果一切按我們的計劃進行，我們將在 2011 年初計劃一些事情。

And what was the said, you said an MF Congress.

說的是什麼，你說的是 MF 大會。

Yes.

是的。

When is that again.

什麼時候又這樣。

In May -- in June.

五月——六月。

That's June, the MS Conference in June.

那是六月，六月的 MS 大會。

We are going to publish the data.

我們將發布數據。

Okay.

好的。

Thank you.

謝謝你。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

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

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

Please state your question,.

請說出你的問題，。

Thanks, good morning, guys.

謝謝，早上好，伙計們。

Bill, I was wondering if you could help us and maybe if you won't speak specific to Protonix speak a bit hypothetically about how you all do manage risk at a at-risk launch in terms of maybe pricing, your kind of tactics you take in terms of shipping an amount and maybe you could speak to is there insurance on a per product basis or is this general portfolio of products or do you actually go per product in terms of how you get insurance and then I have a follow-up question on Lovenox as well as.

Bill，我想知道你是否可以幫助我們，也許你不會具體針對 Protonix 說話，假設性地談談你們如何在可能定價、你們採取的策略方面管理風險發射的風險就運費而言，也許你可以談談是否有基於每個產品的保險，或者是這個一般的產品組合，或者你實際上是在如何獲得保險方面針對每個產品，然後我有一個後續問題在 Lovenox 上以及。

Ken, thanks for the question and good morning to you.

肯，謝謝你的提問，早上好。

First of all I think it's a bit premature to be speaking about insurance as we think that there's quite a ways for us to go yet on protonic.

首先，我認為現在談論保險還為時過早，因為我們認為我們還有很多方法可以繼續使用質子。

As I'd said earlier, we are not shipping at this point in time in abundance of caution.

正如我之前所說，我們在這個時間點並沒有非常謹慎地發貨。

But that's where we have to leave that right now.

但這就是我們現在必須離開的地方。

With respect to when we launch at-rick, I think Shlomo has said it well, that Protonix, although at this point is disappointing, we hope to turn that around.

關於我們何時推出 at-rick，我認為 Shlomo 說得很好，Protonix，雖然在這一點上令人失望，但我們希望扭轉局面。

This isn't going to effect the way Teva acts in the marketplace.

這不會影響 Teva 在市場上的行為方式。

We take risks with a great deal of concern and consideration before we launch and we will continues to do that.

在我們發布之前，我們會帶著極大的關注和考慮來承擔風險，我們將繼續這樣做。

I don't think you will see the practices of Teva change at all.

我認為您根本不會看到 Teva 的做法發生變化。

So with respect to Protonix I really can't say a whole lot more than that.

所以關於 Protonix，我真的不能說更多。

Okay.

好的。

On Lovenox and I am going to try to link two things that are probably completely separate, but you just had a meeting, a bioequivalency meeting on what is considered probably more simple products, although the deliveries are a little bit different.

在 Lovenox 上，我將嘗試將可能完全不同的兩件事聯繫起來，但你剛剛開了一個會議，一個關於被認為可能更簡單的產品的生物等效性會議，儘管交付有點不同。

So Concerta was discussed and the agency has been chewing on this for about six years, but yet we are still optimistic about Lovenox, a much more complex product, understanding that it has a lot different issues.

因此，我們討論了 Concerta，該機構已經考慮了大約六年，但我們仍然對 Lovenox 持樂觀態度，這是一種複雜得多的產品，我們知道它有很多不同的問題。

Can you help us square these things?

你能幫我們解決這些問題嗎？

You are continuing to say you are confident in Lovenox, it is very complex, so maybe talk about the interaction with the agency and square the agency's inability to approve what could be considered more simple products like Concerta and Adderall XR and help us try to understands why you think Lovenox could come soon or should we maybe start anticipating this is a bit of a delay.

你繼續說你對 Lovenox 有信心，它非常複雜，所以也許可以談談與該機構的互動，並解決該機構無法批准 Concerta 和 Adderall XR 等更簡單產品的問題，並幫助我們嘗試理解為什麼您認為 Lovenox 可能會很快推出，或者我們是否應該開始預計這會有點延遲。

Well, I think the first thing you have to think about here is those are much different issues and we look at Concerta where there's absolutely no action with the FDA, between us and the FDA, or between our product with the FDA.

好吧，我認為你在這裡必須考慮的第一件事是這些是非常不同的問題，我們看 Concerta 與 FDA 、我們與 FDA 之間或我們的產品與 FDA 之間絕對沒有採取任何行動。

That product actually being impacts product.

該產品實際上正在影響產品。

As opposed to Lovenox or an Oxyparen, where we are getting continual dialogue as the file progresses and the questions are very specific and very narrow and they are pretty minor the types of things we see with the normal review.

與 Lovenox 或 Oxyparen 不同，隨著文件的進展，我們會不斷進行對話，問題非常具體且非常狹窄，與我們在正常審查中看到的事情類型相比，它們非常小。

So those things lead us to believe that we are still down the right path with an oxyparen and I think it is extremely unlikely that after six years in the agency they are going to come back to us and ask for something as elaborate as a clinical study and I say that because that is probably your next question.

所以這些事情讓我們相信，我們仍然在使用奧昔布林的正確道路上，我認為在該機構工作六年後，他們極不可能回到我們這裡並要求像臨床研究這樣詳盡的東西我這麼說是因為這可能是你的下一個問題。

We just don't believe that that's going to happen.

我們只是不相信那會發生。

Again, all the questioning we get from the FDA leads us to be fairly confident that this will come.

同樣，我們從 FDA 那裡得到的所有質疑使我們相當有信心這會到來。

I will remind you, I've made no predictions on timing.

我會提醒你，我沒有對時間做出任何預測。

I think others have.

我認為其他人有。

We are just hopeful that it comes soon and as we see the questioning it just lends us to believe that we are farther down the path.

我們只是希望它很快就會到來，當我們看到質疑時，它只會讓我們相信我們已經走得更遠了。

Okay.

好的。

Thank you very much.

非常感謝。

Our next question comes from Chris Schott with JPMorgan.

我們的下一個問題來自摩根大通的 Chris Schott。

Please state your question.

請說出你的問題。

Great.

偉大的。

Just first question is following up on the U.S.

第一個問題是跟進美國

based business.

基礎業務。

Can you just elaborate a little bit more on what you are assuming in terms if what kind of volume and price dynamics when we see some of your competitors who are having some issues return to the market?

如果當我們看到您的一些有問題的競爭對手重返市場時，會有什麼樣的數量和價格動態，您能否更詳細地說明您的假設？

I guess basically what I'm asking here is do you feel the healthier environment you are currently experiencing is sustainable longer term?

我想基本上我要問的是，您是否覺得您目前正在經歷的更健康的環境可以長期持續下去？

And then a second question on respiratory growth in the quarter, it was a bit lower than we've seen recently.

然後是關於本季度呼吸增長的第二個問題，它比我們最近看到的要低一些。

Is this just an issue of seasonal timing or is there something else we should be watching there?

這只是季節性時間問題，還是我們應該在那里關注其他事情？

Thanks.

謝謝。

Chris, this is Bill Marth and I will just answer the second one first.

Chris，我是 Bill Marth，我先回答第二個問題。

The issue there was respiratory.

那裡的問題是呼吸。

It's just -- it's seasonal.

它只是 - 它是季節性的。

We've seen this before.

我們以前見過這個。

It's just a seasonal issue.

這只是一個季節性問題。

We are very happy with our ProAir and it's over 50 share and I would remind people, by the way, that when we launched ProAir as a brand, and it is a brand, that we had always guided to about a 45 to a 50 share and we'd achieved higher than that and, of course, we need to balance managed care pain and profitability and so match -- we are managing both our P, our price and our volume.

我們對我們的 ProAir 非常滿意，它有超過 50 的份額，順便提一下，當我們將 ProAir 作為一個品牌推出時，它是一個品牌，我們總是引導大約 45 到 50 的份額我們已經取得了更高的成就，當然，我們需要平衡管理式醫療的痛苦和盈利能力，因此匹配——我們同時管理我們的 P、我們的價格和我們的數量。

And so we are keeping it, we think, in the right place and we are very pleased, of course, with the growth in Qvar, which has done excellent over the last year or so.

因此，我們認為，我們將其保留在正確的位置，當然，我們對 Qvar 的增長感到非常高興，它在過去一年左右的時間裡表現出色。

So we are pretty enthused about the respiratory business.

所以我們非常熱衷於呼吸業務。

The first part about your question is where -- will we see some of the competitors who may come back, I assume you allude to the Caracos of the world, or the Apotexs of the world, and we wish them well and we are sure that at some point in time they will come back to the market.

關於你的問題的第一部分是——我們會看到一些可能回來的競爭對手嗎，我想你指的是世界上的 Caracos，或者世界上的 Apotexs，我們希望他們一切順利，我們確信在某個時間點，它們會回到市場。

But as we wish them well we also -- we will compete and we will compete effectively with those companies, as well as we believe our partners, who we came to the rescue and helped and did many things turning our plants around in order to supply their needs in their time of need will return the favor to us with respect to keeping us in these markets.

但正如我們希望他們好，我們也 - 我們將競爭，我們將與這些公司有效競爭，我們相信我們的合作夥伴，我們前來救援並幫助他們，並做了很多事情來扭轉我們的工廠以供應他們在需要時的需求將使我們在這些市場中保持優勢。

So we don't really think we have a -- I don't think there's going to be a rush to switch to these companies as soon as they come back to the market.

所以我們真的不認為我們有 - 我不認為一旦他們回到市場就會急於轉向這些公司。

We -- our conversations with our trading partners don't show that to be a very likely event.

我們——我們與貿易夥伴的對話並未表明這是一個很有可能發生的事件。

Thanks very much.

非常感謝。

Our next question comes from Ronnie Gal with Bernstein.

我們的下一個問題來自伯恩斯坦的 Ronnie 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。

I have two.

我有兩個。

First, just (inaudible), it says it applies to all products previously approved either at NDAs or BLAs.

首先，只是（聽不清），它說它適用於以前在 NDA 或 BLA 上批准的所有產品。

And I was wondering if either you, or sanofi for that purpose, are likely to raise that issue with the FDA and ask the FDA to regulate Copaxone as a biosimilar to regular Copaxone generics are essentially biosimilars.

我想知道您或為此目的的賽諾菲是否有可能向 FDA 提出這個問題，並要求 FDA 將 Copaxone 作為生物仿製藥進行監管，而不是常規的 Copaxone 仿製藥本質上是生物仿製藥。

Second question is can you just take us a little bit through the branded pipeline , what products are currently potentially could be approved by

第二個問題是，您能否帶我們了解一下品牌渠道，目前哪些產品可能獲得批准？

Do you want to take this one on the Copaxone -- ?

你想把這個放在 Copaxone 上嗎？

On the Copaxone, Ron, your question is why are we essentially petitioning the FDA to call Copaxone or to put it in the same area as, in the same realm as a biosimilar.

關於 Copaxone，Ron，你的問題是為什麼我們基本上請求 FDA 將 Copaxone 稱為 Copaxone 或將其放在與生物仿製藥相同的領域。

And I just really can't comment on what may or may not be part of a future citizens petition.

我真的無法評論未來公民請願書可能包含或不包含的內容。

So we really don't want to say much more on that at this point in time.

所以我們真的不想在這個時候多說。

And second question?

第二個問題？

Second question was around the branded pipeline.

第二個問題是關於品牌管道。

I know you got the internasal product coming in somewhere around the end of this year, sloted for PDUFA by the end of this year.

我知道你在今年年底左右得到了鼻內產品，在今年年底前為 PDUFA 安排了時間。

But I was wondering what other products you think you might be able to get to the market on the branded side before year-end 2012.

但我想知道在 2012 年年底之前，您認為還有哪些其他產品可以在品牌方面進入市場。

Moshe

摩西

Ronny, this is Moshe.

羅尼，這是摩西。

I think as we mentioned other than the 0.5 milligram Copaxone, by the 2012 of course we expect to launch the Betadine nasal product to the market.

我想正如我們提到的，除了 0.5 毫克的 Copaxone，到 2012 年我們當然希望將 Betadine 鼻腔產品推向市場。

And (inaudible) we expect to launch Laquinimod in 2010, 2012 in the beginning of 2010 (inaudible) U.S.

而且（聽不清）我們預計將在 2010 年、2012 年和 2010 年初（聽不清）美國推出 Laquinimod。

and later in the year in the rest of the world.

並在今年晚些時候在世界其他地區。

So these are being, I would say, the major product that we expect in the relatively short-term to launch from the branded pipeline.

因此，我想說，這些是我們預計在相對短期內從品牌管道推出的主要產品。

Ronnie, I would also follow-up, Moshe, that there is one women's health product that we have not disclosed yet that should launch prior to 2012.

Ronnie，我還要跟進，Moshe，有一種女性保健產品我們尚未披露，應該會在 2012 年之前推出。

That includes the TVR rings and so forth.

這包括 TVR 環等。

We can't really say any more at this time.

這個時候我們真的不能再多說了。

Thank you very much.

非常感謝。

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。

Thanks, two quick ones.

謝謝，兩個快速的。

First on the generic Protonix case, can you give some level of what you think the risk might be in terms of quantification of either your sales since 2007 or what you think damages may be if it gets to that point?

首先，在通用的 Protonix 案例中，您能否給出某種程度的風險，即您認為從 2007 年以來的銷售額量化方面的風險，或者您認為如果達到這一點可能造成的損害？

And one for Gerard on Europe, taking the commentary on what sales growth would have been ex the UK issue, there is still obviously currency fluctuations for the remainder of the year.

杰拉德 (Gerard) 對歐洲發表了評論，評論英國問題之前的銷售增長情況，今年餘下時間顯然仍存在貨幣波動。

So I guess why should we be expecting the European business to get better.

所以我想我們為什麼要期待歐洲業務變得更好。

And can you talk a little bit about the pricing actions and how they affect your view on Europe?

你能談談定價行為以及它們如何影響你對歐洲的看法嗎？

Thanks.

謝謝。

David, let me first take the one on the Protonix and the impact on our business.

大衛，讓我先談談關於 Protonix 的問題以及對我們業務的影響。

As I said when I reiterate the guidance for 2010 that include all the subjects, issues, concerns, challenges and other thing that we are dealing with or we believe that we will have to deal with during this year.

正如我在重申 2010 年指南時所說的那樣，其中包括我們正在處理的所有主題、問題、擔憂、挑戰和其他事情，或者我們認為我們將在今年必須處理的事情。

And so without getting into the Protonix specifics because we are still in court, what I can say that that answer actually give you in an indirect way that we are a strong believer in our guidance, in our results for 2010.

因此，由於我們仍在法庭上，所以沒有進入 Protonix 的細節，我可以說的是，這個答案實際上以間接的方式給你，我們堅信我們的指導，我們 2010 年的結果。

As I said, it is going to be a strong year for Teva, another strong year for Teva.

正如我所說，今年對 Teva 來說將是強勁的一年，對 Teva 來說又是強勁的一年。

And the second part of your question, please, again?

還有你問題的第二部分，請再說一遍？

Sure, looking at Europe and the first quarter growth rate just being about 1% ex-currency, why should we be expecting it to get better and can you talk about how some of the other government pricing actions might impact the outlook?

當然，看看歐洲和第一季度的增長率僅為 1%（不含貨幣），我們為什麼要期待它會好轉，你能談談其他一些政府定價行動可能如何影響前景嗎？

Gerard, please?

杰拉德，好嗎？

Yes, well, first of all as I told you, the main explanation for the constant exchange rate related numbers is the slow down in the UK market.

是的，首先，正如我告訴過你的那樣，與匯率相關的固定數字的主要解釋是英國市場的放緩。

And without that we would have been doing in the range of the 10% in retail and 20% in the hospital business.

如果沒有它，我們將在零售業 10% 和醫院業務 20% 的範圍內開展業務。

So just to give you a flavor there.

所以只是為了給你一個味道。

And there's no reason for us to assume that that will change through the rest of the year.

我們沒有理由認為這種情況會在今年餘下時間發生變化。

However, the UK market is continuing to be an aggressive market.

然而，英國市場仍然是一個激進的市場。

There are possible, as you are rightfully asking, for interventions of governments, but there is no sign of anything concrete happening.

正如你所要求的那樣，政府有可能進行干預，但沒有任何具體發生的跡象。

We see a change of government in Hungary.

我們看到匈牙利政府更迭。

We see clear -- we see a government in Germany making plans.

我們看得很清楚——我們看到德國政府正在製定計劃。

But basically, as I told you before, not really pushing into a direction that is making us nervous at this stage.

但基本上，正如我之前告訴過你的那樣，並沒有真正推動一個讓我們在這個階段感到緊張的方向。

We seen a change of policies of government in Spain, which should basically be positive for us rather than negative.

我們看到西班牙政府政策發生了變化，這對我們來說基本上是積極的而不是消極的。

Not per se in top-line but definitely in profitability.

本身不是收入，但絕對是盈利能力。

We see stabilization in the French market, meaning it continues to grow but the system seems to be bedding down in a good way.

我們看到法國市場趨於穩定，這意味著它繼續增長，但係統似乎正在以良好的方式穩定下來。

Italy we had a good quarter and we are on the right track there.

意大利我們有一個很好的季度，我們在那裡走在正確的軌道上。

So if you look overall it's going to be like every year in Europe, a roller coastal with different solutions in different markets, but the undercurrent is giving us confidence that we should be able to close the year in a good spirit here.

因此，如果你從整體上看，它就像歐洲的每一年一樣，在不同的市場有不同的解決方案，但暗流給了我們信心，我們應該能夠在這里以良好的精神結束這一年。

Okay.

好的。

And just a follow-up, I guess one more time on Europe, I mean, is the constant currency growth rate a good indicator of what you expect for the year, low single-digits?

只是一個後續行動，我想再一次關於歐洲，我的意思是，恆定的貨幣增長率是否是您對今年預期的良好指標，低個位數？

I think said what I said and I think the number that I mentioned should be the number looking forward.

我想說的是我說的，我想我提到的數字應該是期待的數字。

And as I said, the sterling and the Euro are moving a lot versus the dollar to each other.

正如我所說，英鎊和歐元兌美元的匯率波動很大。

So that's a big uncertainty on which I wouldn't want to speculate.

所以這是一個很大的不確定性，我不想推測。

But the underlying volume growth and value growth in local currencies without this is still at the high-end of that.

但如果沒有這個，當地貨幣的潛在數量增長和價值增長仍處於高端。

Okay, thank you.

好的謝謝你。

David, this is Bill Marth, let me just follow-up on one point on the Protonix just to make sure everyone understands that on May 6th we have another meeting with the court and we believe that Teva defense is on the obviousness type double patenting.

大衛，我是 Bill Marth，讓我就 Protonix 的一點進行跟進，以確保每個人都明白我們將在 5 月 6 日與法院舉行另一次會議，我們相信 Teva 的辯護是顯而易見的雙重專利。

We believe our questions have walked through the court and the court has reserved the proper legal standard for determination in these defenses and they will decide that at a later time.

我們相信我們的問題已經通過法庭審理，法庭保留了適當的法律標準來確定這些辯護，他們將在稍後決定。

We think it is quite premature to discuss damages.

我們認為現在討論損害賠償還為時過早。

Okay.

好的。

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。

Bill, obviously we know about the key T4 launches this year with Mirapex and Cozaar and Hyzaar, Effexor [genser], can you talk about some of the ones we are not so focused on and what you'd highlight as potential stuff over the next let's just say year, year and a half?

Bill，顯然我們知道今年與 Mirapex、Cozaar 和 Hyzaar、Effexor [genser] 一起推出的關鍵 T4，你能談談我們不太關注的一些，以及你會在接下來強調的潛在產品嗎就說一年，一年半？

Well, I think, Marc, the key is for this year, we have as many as 39 launches that are potentially possible worth about $20 billion worth of innovator value and, of course, the ones that we do not launch in this year would flow into 2011 and maybe some even into 2012.

好吧，我認為，Marc，關鍵是今年，我們有多達 39 次發布，可能價值約 200 億美元的創新者價值，當然，我們今年沒有發布的那些將會流動進入 2011 年，甚至可能進入 2012 年。

I think the big product that everybody thinks about for 2011, probably more likely 2012, of course is atorvastatin and so that's and that's an absolutely huge launch and we will have to see where we get there.

我認為每個人都在考慮 2011 年，可能更有可能是 2012 年的大產品，當然是阿托伐他汀，所以這是一個絕對巨大的發布，我們將不得不看看我們到達那裡。

There is no shortage of products through the 2010, 2011 and 2012 period.

在 2010 年、2011 年和 2012 年期間，產品並不短缺。

Thank you.

謝謝你。

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。

Hi, guys, thanks for taking the questions.

嗨，伙計們，感謝您提出問題。

First question just has to do with Europe and in particular for Gerard in the Spanish market in particular, you have a very solid market share following the Bentley acquisition there.

第一個問題只與歐洲有關，特別是對於西班牙市場的 Gerard，在收購 Bentley 之後，您擁有非常穩固的市場份額。

I think the Spanish government has indicated that they do want to reduce its annual drug budget by a little over $2 billion with an unfair burden placed on generic companies.

我認為西班牙政府已經表示他們確實希望將其年度藥物預算減少 20 億美元多一點，同時給仿製藥公司帶來不公平的負擔。

How do you think about what percent of that burden is going to be allocated to your Spanish affiliates' business there?

您如何看待該負擔中有多少百分比將分配給您在西班牙的附屬公司的業務？

And then I just have one follow-up question for Shlomo.

然後我只有一個後續問題要問 Shlomo。

Yes, the Spanish business, as I said before when the previous question was asked we believe that the measurement that are being taken by the Spanish government could be beneficial.

是的，正如我之前在被問及上一個問題時所說的那樣，西班牙企業相信西班牙政府正在採取的措施可能是有益的。

Yes, the gross price that will be, let's say, paid by the insurers and by the patients will go down.

是的，比方說，由保險公司和患者支付的總價格將會下降。

But as you also know is that in the same measurement from the Spanish government there is a limitation in the discounts that could be given to pharmacies.

但正如您也知道的那樣，在西班牙政府的相同衡量標準中，可以給藥店的折扣是有限制的。

So the margin between the gross sales and the net sales will decrease in top-line, but the overall discount that will be given will be limited, meaning that the pharmacists are the ones that are probably going to pay the highest chunk of that $2 billion.

因此，總銷售額與淨銷售額之間的利潤率將下降，但總體折扣將是有限的，這意味著藥劑師可能會支付這 20 億美元中的最高部分.

So for us the way we look at that is that if you look at our net business, it could be very beneficial.

所以對我們來說，我們看待這個問題的方式是，如果你看看我們的淨業務，它可能會非常有益。

It tells us that our multi-branded strategy, which we have in place there, is even more important to have that.

它告訴我們，我們在那裡實施的多品牌戰略更為重要。

So we are actually well-positioned to take advantage of the change of situation.

因此，我們實際上處於有利地位，可以利用形勢的變化。

And after we get together with ratiopharm it make us even stronger, because as you know we will be by far the largest Company in Spain with some very strong brands in the retail and in the doctors offices and this whole change of governmental change will play to our strength rather than to our weakness.

在我們與 ratiopharm 合併之後，它使我們變得更加強大，因為如您所知，我們將成為迄今為止西班牙最大的公司，在零售和醫生辦公室擁有一些非常強大的品牌，而政府變革的整個變化將發揮作用我們的力量而不是我們的弱點。

So we are optimistic.

所以我們很樂觀。

We need to see how it lands in reality.

我們需要看看它是如何在現實中落地的。

In Spain, it's announced, so we need to see how the final, final version will look like.

在西班牙，它已經宣布，所以我們需要看看最終的最終版本會是什麼樣子。

But the way it's presented today should be seen as a positive news for us.

但它今天呈現的方式對我們來說應該被視為一個積極的消息。

Okay, thanks.

好的謝謝。

And for Shlomo, I guess if we think about accumulated risk on at-risk launches like a barometer, obviously this is something that your board must look at and take issue with.

對於 Shlomo，我想如果我們像晴雨表一樣考慮風險發布的累積風險，顯然這是您的董事會必須關注並解決的問題。

If we do look at it as a barometer and based on the amount of accumulated risk Protonix and certainly other products that you have launched at-risk on, is this leading, at least that barometer, to be at a level where you are becoming more conservative on at-risk launches or will you continue to be fairly aggressive on the at-risk launch area based on that accumulated risk?

如果我們確實將其視為一個晴雨表，並根據 Protonix 的累積風險量以及您推出的其他風險產品，這個領先的，至少是那個晴雨表，是否處於您變得越來越多的水平？對有風險的發射採取保守態度，還是您會根據累積的風險繼續在有風險的發射區域相當激進？

Well, I would say, if I would understand the question and you rightly said that the broader question is whether we are going to change Teva behavior or let's call it Teva appetite for risk.

好吧，我會說，如果我能理解這個問題，你說得對，更廣泛的問題是我們是否要改變 Teva 的行為，或者我們稱之為 Teva 的風險偏好。

And the answer is no.

答案是否定的。

We will continued to do the same thing that we have done in the previous years going forward as well.

我們將繼續做我們在前幾年所做的同樣的事情。

Launches at-risk is part of our business, part of our activities.

有風險的發射是我們業務的一部分，是我們活動的一部分。

And as I said before, we are fully analyze any launch at-risk because we do believe that this is something that during the year we found that the way how to do these things including the Pantoprazole launch that was launched at-risk and we, part of it is, of course, is seeing the big picture or the overall accumulated risk.

正如我之前所說，我們正在全面分析任何有風險的發射，因為我們確實相信這是在這一年中我們發現如何做這些事情的方式，包括有風險發射的泮托拉唑發射，我們，當然，其中一部分是看到大局或整體累積風險。

So we think that it is manageable and we do it in a way that will continue Teva's future growth and the level of risks we are taking into account in any given launch at-risk.

因此，我們認為它是可控的，我們這樣做的方式將繼續 Teva 的未來增長和我們在任何給定的風險發射中考慮的風險水平。

Thank you.

謝謝你。

Our next question comes from David Maris with CLSA.

我們的下一個問題來自 CLSA 的 David Maris。

Please state your question.

請說出你的問題。

Good morning, sorry if I missed it.

早上好，對不起，如果我錯過了。

On plan B., it seems like demand year-over-year would be the same.

在 B 計劃中，年同比需求似乎是一樣的。

What caused the big swing in Plan B.?

是什麼導致了B計劃的大搖擺？

The other is going back to the bioequivalency changes in the FDA on a broader basis, what do you think the implications from that meeting are for the industry and for Teva?

另一個是在更廣泛的基礎上回到 FDA 的生物等效性變化，你認為那次會議對行業和 Teva 有什麼影響？

And then lastly, on India, a lot of your peers are, U.S.

最後，在印度，你的很多同行都是美國。

peers are moving production to India as fast as they can.

同行正在盡快將生產轉移到印度。

What do you think -- I don't think with your tax rate and your API cost basis it really matters, but what do you think the implications are for these kinds of moves?

你怎麼看——我不認為你的稅率和你的 API 成本基礎真的很重要，但你認為這對這些舉措有什麼影響？

Bill, take the first two and I'll take the India.

比爾，拿前兩個，我拿印度。

Okay.

好的。

David, good morning, it is Bill Marth.

大衛，早上好，我是比爾·馬斯。

The question about Plan B.

關於B計劃的問題。

I think is a great question.

我認為這是一個很好的問題。

Unfortunately it was a timing issue.

不幸的是這是一個時間問題。

We got off to a late start, once this product got improved.

一旦該產品得到改進，我們起步較晚。

We did not get approved as quickly and get the transition from our original Plan B.

我們沒有盡快獲得批准，也沒有從我們最初的 B 計劃過渡。

to our Plan B.

到我們的B計劃。

One-Step effectively.

一步有效。

Just didn't get it done in the right timing.

只是沒有在正確的時間完成它。

And it was unfortunate for us and cost us share.

這對我們來說很不幸，讓我們付出了代價。

That said, we put together our marketing program, have done a great job and actually the volume in the last quarter it was gone up 16% in volume and grown more than 6 share points.

也就是說，我們制定了營銷計劃，做得很好，實際上上個季度的銷量增長了 16%，增長了 6 個以上的份額。

So we are putting that -- we are putting Plan B.

所以我們正在製定 - 我們正在製定 B 計劃。

back on track and we've committed and we will have Plan B.

回到正軌，我們已經承諾，我們將有 B 計劃。

back on track.

回到正軌。

We expect to have it before the end of the year with growth, with considerable growth.

我們希望在今年年底之前實現增長，並實現可觀的增長。

So we feel pretty good about Plan B.

所以我們對 B 計劃感覺很好。

The second question was more about what happened with the discussions with the FDA around bioequivalence, what are the standards.

第二個問題更多是關於與 FDA 圍繞生物等效性的討論發生了什麼，標準是什麼。

I thought we were going to get something tougher out of that.

我以為我們會從中得到一些更艱難的東西。

I really thought we might get to an area where bioequivalence -- where we would have to run bios on individual strength within controlled substances and some guidances like that.

我真的認為我們可能會進入一個生物等效性領域——我們必須在受控物質和類似的指導下根據個人力量運行 bios。

We didn't get any of that.

我們什麼都沒有。

We did get that the agency is going to be a bit tougher on bioequivalence in general tightening the ranges.

我們確實了解到，該機構將在總體上收緊範圍的情況下對生物等效性採取更嚴厲的措施。

We at Teva believe that's a good plan.

我們 Teva 相信這是一個好計劃。

We think that anything that builds the confidence of consumers in generics is absolute a good thing.

我們認為任何能夠建立消費者對仿製藥信心的事情絕對是好事。

So we are very supportive of it.

所以我們非常支持它。

These are things that we can do and we are happy to comply with whatever changes they want to effect.

這些是我們可以做的事情，我們很樂意遵守他們想要實現的任何改變。

As for your question about moving production to India, I would say the following.

至於你關於將生產轉移到印度的問題，我會說以下內容。

That there is probably a more, a longer time to answer a full answer on that, but let me try to be short.

可能需要更多、更長的時間來回答這個問題的完整答案，但讓我盡量簡短。

First of all, Teva made a strategic decisions after looking at that many times that we are not going to base our production in India or we are not going to move major part of our production to India due to the cost of labor, because we think in a different way and we prefer to concentrate our production in Israel, Europe and United States of America.

首先，Teva 在考慮了很多次我們不會將生產基地設在印度，或者由於勞動力成本的原因，我們不會將大部分生產轉移到印度後做出了戰略決策，因為我們認為以不同的方式，我們更願意將我們的生產集中在以色列、歐洲和美利堅合眾國。

We, of course, have some plants in some other parts of the world, but that's mainly where we would like to see our future major part or the significant part of our production.

當然，我們在世界其他一些地方也有一些工廠，但那主要是我們希望看到我們未來的主要部分或我們生產的重要部分的地方。

And that because we believe that scale, technology and expertise matters in this respect more than the cost of a wage in a given country.

這是因為我們相信，在這方面，規模、技術和專業知識比特定國家的工資成本更重要。

You ask about what does it takes to move, let me take you to one kind of a different argument or consideration that sometimes people are not so tuned or following it.

你問移動需要什麼，讓我帶你到一種不同的論點或考慮，有時人們並沒有那麼調整或遵循它。

There is a learning curve that it's take times and a lot of resources when you are moving a production from one plant to other plant regardless to what the country in the world.

有一個學習曲線，當您將生產從一個工廠轉移到另一個工廠時，無論在世界哪個國家/地區，都需要時間和大量資源。

And sometimes companies are not aware that this is, could be a very significant not only cost but a risk when they are doing so.

有時公司並沒有意識到，這樣做不僅會帶來巨大的成本，而且會帶來風險。

So we prefer to strengthen our hubs and our production sites based on what I said.

因此，我們更願意根據我所說的加強我們的樞紐和生產基地。

The scale, better technology and the very qualified highly experienced people that are doing that and excelling that for the last 60, 50 years, which is a strong advantage or competitive advantage.

在過去的 60 年、50 年裡，規模、更好的技術和非常合格、經驗豐富的人員一直在做這件事，並且做得很好，這是一個強大的優勢或競爭優勢。

And just as a follow-up, how are you engaging with your customers about that approach and is that resonating especially with the recent disruptions.

作為後續行動，您如何與客戶就這種方法進行互動，尤其是與最近的中斷產生共鳴。

Well I can tell you the customers first of all like it.

好吧，我可以告訴你顧客首先喜歡它。

More and more customers more worry while producing your API and I see it as one of our great competitive advantages that we are focusing and that we are producing our API in those places that I mentioned.

越來越多的客戶在生產您的 API 時更加擔心，我認為這是我們關注的巨大競爭優勢之一，我們正在我提到的那些地方生產我們的 API。

Thank you very much.

非常感謝。

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

我們的下一個問題來自 Elliot Wilbur 和 Needham and Company。

Please state your question.

請說出你的問題。

Thanks.

謝謝。

Just back on the subject of Copaxone and various pending citizens petitions.

剛剛回到 Copaxone 和各種未決公民請願的主題。

I believe that the six-month date for the second citizens petition you filed on Copaxone or the refiling, I guess, of the first petition is approaching.

我相信您在 Copaxone 上提交的第二份公民請願書的六個月日期或我猜第一份請願書的重新提交日期正在臨近。

And I'm wondering -- basically the question is, should we be surprised if the FDA just simply denies that as we saw the first time around?

我想知道——基本上問題是，如果 FDA 像我們第一次看到的那樣只是簡單地否認這一點，我們應該感到驚訝嗎？

That's the first question.

這是第一個問題。

Then the second, I guess, is for Bill.

然後第二個，我想，是給比爾的。

You specifically highlighted the performance of Accutane in the quarter as a year-over-year growth driver.

您特別強調了 Accutane 在本季度的表現是同比增長的推動力。

I guess looking at the numbers that's gone from being a nondescript base product to being your third or fourth largest product, at least according to IMS sales.

我想看看從一個不起眼的基礎產品變成第三或第四大產品的數字，至少根據 IMS 的銷售額是這樣。

I'm just wondering if you could maybe shed a little light on the dynamics there, talk about how much do you think that is sustainable given part of it is due to [Grand Baxe's] issues, but also looks like Roche has, either had some issues or dropped out of the market entirely.

我只是想知道你是否可以闡明那裡的動態，談談你認為有多少是可持續的，因為它的一部分是由於 [Grand Baxe 的] 問題，但看起來羅氏也有，或者有一些問題或完全退出市場。

Thanks.

謝謝。

Thanks, Elliot, for the question.

謝謝，Elliot，提出這個問題。

With respect to the citizens petition, I guess that you're right, I believe our date is coming up in mid-May.

關於公民請願，我想你是對的，我相信我們的約會日期將在五月中旬。

And you know with the FDA's policy that if there is not a product that is close or pending approval that they will likely essentially return the citizens petition to us.

你知道 FDA 的政策是，如果沒有接近批准或待批准的產品，他們可能會基本上將公民請願書退還給我們。

So we fully hope and anticipate that they will return that citizens petition to us.

因此，我們完全希望並期待他們會將公民請願書退還給我們。

Or, in your term, deny it.

或者，用你的話來說，否認它。

So that's pretty much -- I wouldn't be surprised if that happens.

所以這幾乎是 - 如果發生這種情況我不會感到驚訝。

The second question was with respect to Claravis and, I believe it was Claravis, and that has been a great product for us.

第二個問題是關於 Claravis 的，我相信是 Claravis，這對我們來說是一個很棒的產品。

It happens in the markets and we talked a bit about this in the beginning when you look at your base, where products at some point or some times the prices fall way below the values that one would expect for them to fall to.

它發生在市場上，我們在一開始就談到了這一點，當你查看你的基礎時，產品在某個時候或某些時候價格會遠低於人們預期的價格。

It's not necessarily logical and you need to correct that and bring value back.

這不一定合乎邏輯，您需要糾正它並恢復價值。

And that's exactly what we did with Claravis.

這正是我們對 Claravis 所做的。

I think that market remains pretty well divided at this point between us and Mylan.

我認為目前市場在我們和 Mylan 之間仍然存在相當大的分歧。

And to my knowledge Roche is not shipping at this point in time.

據我所知，羅氏目前不發貨。

Thank you.

謝謝你。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the conference back over to Mr.

我現在將會議轉回給先生。

Shlomo Yanai for closing remarks.

Shlomo Yanai 致閉幕詞。

Thank you.

謝謝你。

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, we had a great quarter and we are very excited about what lies ahead for us in the rest of 2010.

正如您所聽到的，我們有一個很棒的季度，我們對 2010 年餘下時間的前景感到非常興奮。

Thank you very much and have a good day.

非常感謝，祝你有美好的一天。

Thank you, ladies and gentlemen, this concludes today's teleconference.

女士們先生們，謝謝你們，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。