Teva Pharmaceutical Industries Ltd (TEVA) 2010 Q3 法說會逐字稿

Greetings and welcome to the Teva Pharmaceutical Industries Ltd.

問候並歡迎來到 Teva Pharmaceutical Industries Ltd.

third-quarter 2010 results conference call.

2010年第三季度業績電話會議。

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

此時所有參與者都處於只聽模式。

A question-and-answer session will follow a formal presentation.

問答環節將在正式演講之後進行。

(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, Elana Holzman, Senior Director of Investor Relations.

現在我很高興向您介紹主持人，投資者關係高級總監 Elana Holzman。

Thank you, Ms.

謝謝你，女士。

Holzman, you may begin.

霍爾茲曼，你可以開始了。

Thank you, Diego.

謝謝你，迭戈。

Good morning and good afternoon, everyone.

大家早上好，下午好。

Welcome to Teva's third-quarter 2010 earnings conference call.

歡迎參加 Teva 2010 年第三季度收益電話會議。

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 Americas; and Gerard Van Odijk, President and CEO of Teva Europe.

今天，總裁兼首席執行官 Shlomo Yanai 加入了我們的行列； Eyal Desheh，首席財務官； Teva Americas 總裁兼首席執行官 Bill Marth； Teva Europe 總裁兼首席執行官 Gerard Van Odijk。

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

Shlomo 和 Eyal 將首先概述我們的結果。

Please note that Shlomo will be 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 details 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, Elena.

謝謝你，埃琳娜。

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

歡迎大家，並感謝你們今天加入我們，回顧 Teva 2010 年第三季度的業績。

This was an outstanding quarter for Teva, a quarter of record-breaking sales across all of our geographies and major businesses moving to record-breaking financial results across the board.

對於 Teva 來說，這是一個出色的季度，我們所有地區和主要業務的創紀錄銷售額的四分之一都轉向全面創紀錄的財務業績。

Net sales for quarter reached $4.3 billion representing 20% growth over Q3 2009.

本季度淨銷售額達到 43 億美元，比 2009 年第三季度增長 20%。

Quarterly operating profit reached $1.4 billion, a 44% increase over the third quarter of 2009.

季度營業利潤達到 14 億美元，比 2009 年第三季度增長 44%。

Net income in the quarter reached $1.2 billion, a 47% increase over Q3 2009.

本季度淨收入達到 12 億美元，比 2009 年第三季度增長 47%。

And all of this brought us to non-GAAP EPS of $1.30.

所有這些使我們的非 GAAP 每股收益為 1.30 美元。

We also had record cash generation during the quarter with $1.2 billion of operating cash flow, an increase of 16% over Q3 2009, and $866 million in free cash flow, an increase of 23% over Q3 2009.

本季度我們的現金產生量也創歷史新高，運營現金流為 12 億美元，比 2009 年第三季度增長 16%，自由現金流為 8.66 億美元，比 2009 年第三季度增長 23%。

The most important strategic achievement of the quarter was the closing of our acquisition of ratiopharm on August 10.

本季度最重要的戰略成就是我們於 8 月 10 日完成了對 ratiopharm 的收購。

And as you know, last week we signed an agreement to acquire Theramex.

如您所知，上週我們簽署了收購 Theramex 的協議。

I will elaborate on both of these a bit later.

稍後我將詳細說明這兩個方面。

It was an exceptional quarter for Teva in North America; gross sales reached $2.7 billion, up 22% over the third quarter of 2009.

對於 Teva 在北美來說，這是一個特殊的季度；總銷售額達到 27 億美元，比 2009 年第三季度增長 22%。

US generic sales reached approximately $1.6 billion, up 34% over Q3 2009 on the strength of our launch of Venlafaxine ER our generic version of Effexor XR, as well as strong sales of budesonide and mixed amphetamine salts, our generic version of Pulmicort Respules and Adderall XR.

美國仿製藥銷售額達到約 16 億美元，比 2009 年第三季度增長 34%，這得益於我們推出仿製藥 Effexor XR 的 Venlafaxine ER，以及布地奈德和混合苯丙胺鹽、我們的仿製藥 Pulmicort Respules 和 Adderall 的強勁銷售XR。

It has been an especially great year so far for Teva in the US where we have introduced 17 new generic products since January.

到目前為止，對於美國的 Teva 來說，這是特別偉大的一年，自 1 月以來，我們已經推出了 17 種新的仿製藥。

While we are on the topic of US generic, I would like to provide a quick update on the status of our pending generic Lovenox application.

當我們討論美國仿製藥的話題時，我想快速更新一下我們待處理的仿製藥 Lovenox 申請的狀態。

We recently met with representatives from the FDA to discuss the status of our ANDA.

我們最近會見了 FDA 的代表，討論我們的 ANDA 的狀態。

During the meeting we confirmed that our version of generic Lovenox meets the FDA's criteria to demonstrate chemical sameness, and accordingly that data related to immunogenicity are currently under review at the Office of Biological Products.

在會議期間，我們確認我們的仿製 Lovenox 版本符合 FDA 證明化學相同性的標準，因此生物製品辦公室目前正在審查與免疫原性相關的數據。

This was also an outstanding quarter for Teva in Canada where our ability to capture market share in a competitive landscape and our closing of the ratiopharm acquisition has made us the number one player in the Canadian generic market based on the dollar share of the market.

對於 Teva 在加拿大來說，這也是一個出色的季度，我們在競爭激烈的環境中佔據市場份額的能力以及我們完成對 ratiopharm 收購的交易使我們成為加拿大仿製藥市場的第一大參與者（按美元市場份額計算）。

Let's go now to Europe where following the closing of our acquisition of ratiopharm, sales crossed the $1 billion mark, up 21% over Q3 2009 or 33% in local currency terms.

現在讓我們來看看歐洲，在我們完成對 Ratiopharm 的收購後，銷售額突破 10 億美元大關，比 2009 年第三季度增長 21%，按當地貨幣計算增長 33%。

Sales were up in all major European markets on the strength both of the ratiopharm business and excellent growth of Teva's revenues in key markets like Italy, Spain, Poland, Portugal and Hungary.

由於比率藥業務的強勁增長以及 Teva 在意大利、西班牙、波蘭、葡萄牙和匈牙利等主要市場的收入的出色增長，所有主要歐洲市場的銷售額均有所增長。

In several other markets, including Germany and France, we experienced pricing pressure during the quarter.

在包括德國和法國在內的其他幾個市場，我們在本季度經歷了定價壓力。

In Germany, our largest market, certain reforms impacted our prices.

在我們最大的市場德國，某些改革影響了我們的價格。

Nevertheless, we are pleased to see continued growth of our Teva portfolio in Germany on top of the growth we experienced from the addition of ratiopharm's business.

儘管如此，我們很高興看到我們在德國的 Teva 產品組合在我們因 Ratiopharm 業務的增加而經歷的增長之上繼續增長。

The combination of the two businesses resulted in net growth in market share over Q3 2009.

兩項業務的合併導致 2009 年第三季度市場份額的淨增長。

Immediately upon our closing of ratiopharm on August 10, our integration teams were hard at work and I'm pleased to report that the integration is right on track.

在我們於 8 月 10 日關閉 ratiopharm 後，我們的整合團隊立即開始努力工作，我很高興地報告整合正在步入正軌。

The more deeply we get to know ratiopharm the more excited we are about what our combined company can accomplish.

我們對 ratiopharm 的了解越深入，我們對合併後的公司所能取得的成就就越興奮。

In addition to our leadership in Europe and all its key markets, we are very well positioned to compete in every important business segment from retail generics to OTC to hospital, to specialty and innovative niche areas and biosimilars.

除了我們在歐洲及其所有主要市場的領導地位外，我們在從零售仿製藥到非處方藥到醫院，再到專業和創新利基領域以及生物仿製藥的每個重要業務領域都處於有利地位。

We are confident that we will be able to achieve our objective of $400 million in synergies.

我們有信心能夠實現 4 億美元的協同效應目標。

In fact, we are already realizing synergies.

事實上，我們已經實現了協同效應。

Some of you joined me last month on a visit to ratiopharm's headquarters and I think that the experience of meeting the outstanding ratiopharm team, seeing the efficiency of the operations, and understanding the strength of ratiopharm's market position and brand into Europe makes it clear why we are so enthusiastic about the possibilities that lie ahead for us for our Company.

你們中的一些人上個月和我一起參觀了 Ratiopharm 的總部，我認為與傑出的 Ratiopharm 團隊會面、看到運營效率以及了解 Ratiopharm 在歐洲的市場地位和品牌實力的經歷清楚地表明了為什麼我們對我們公司未來的可能性充滿熱情。

Turning back now to our results, Q3 was another excellent quarter for our international business where sales reached $525 million, up 13% in local currencies over Q3 2009, driven by especially strong sales in Latin America, Israel and Russia.

現在回到我們的業績，第三季度是我們國際業務的另一個出色季度，銷售額達到 5.25 億美元，按當地貨幣計算比 2009 年第三季度增長 13%，這主要得益於拉丁美洲、以色列和俄羅斯的強勁銷售。

In Latin America every one of our local business units, including Argentina, Mexico and Chile, grew faster than the market contributing to a 20% increase in sales in local currencies.

在拉丁美洲，我們的每一個當地業務部門，包括阿根廷、墨西哥和智利，都比市場增長更快，以當地貨幣計算銷售額增長了 20%。

Once again it was a record-breaking quarter for Teva's innovative business.

對於 Teva 的創新業務而言，這又是一個破紀錄的季度。

Global in-market sales of Copaxone, the world's leading therapy for the treatment of multiple sclerosis, grew to over $800 million.

Copaxone 是世界領先的治療多發性硬化症的藥物，其全球市場銷售額增長到超過 8 億美元。

We enjoyed good unit growth in Europe and in the US Copaxone sales grew by 9%.

我們在歐洲取得了良好的單位增長，在美國，Copaxone 銷售額增長了 9%。

According to IMS data Copaxone continued to grow its leading market position in the US with a record share of TRx of 40.3% and a 39.1% market share of NRx.

根據 IMS 數據，Copaxone 繼續擴大其在美國的領先市場地位，TRx 的市場份額達到創紀錄的 40.3%，NRx 的市場份額達到 39.1%。

Clearly Copaxone's efficacy, its superior safety and tolerability profile and the fact that it is the only MS therapy on the market with compelling long-term data continue to make it the first choice of physicians.

顯然，Copaxone 的功效、其卓越的安全性和耐受性以及它是市場上唯一具有令人信服的長期數據的 MS 療法這一事實繼續使其成為醫生的首選。

The MS community values Copaxone and the many product innovations and services we regularly provide as the category leader.

MS 社區重視 Copaxone 以及我們作為類別領導者定期提供的許多產品創新和服務。

Teva is committed to continuously improving the patient treatment experience and continuously strengthening Copaxone's leadership position through ongoing clinical research.

Teva 致力於不斷改善患者治療體驗，並通過持續的臨床研究不斷加強 Copaxone 的領導地位。

As you know, we -- as you all are aware, our [sole] trial examined a lower volume 0.5 milliliter injection of Copaxone for which Teva submitted an [FMNDA].

正如你們所知，我們——你們都知道，我們的[唯一]試驗檢查了 Teva 提交的 [FMNDA] 的 0.5 毫升 Copaxone 注射液。

We have had recent communication with the FDA on this lower volume product and conclude that clinical data to establish similar efficacy of this new concentration and the currently marketed product will be required for approval.

我們最近與 FDA 就這種小批量產品進行了溝通，並得出結論，需要臨床數據來確定這種新濃度和目前上市產品的相似功效才能獲得批准。

To support the approval of our FMNDA we have supplemented clinical trial data from our fourth study which was designed to assess the efficacy, safety and tolerability of glatiramer acetate in the same concentration.

為了支持我們的 FMNDA 的批准，我們補充了第四項研究的臨床試驗數據，該研究旨在評估相同濃度的醋酸格拉默的療效、安全性和耐受性。

And I'm pleased to update you that recently we received a notice of allowance on our patent related to our 0.5 ml product.

我很高興地告訴你，最近我們收到了一份與我們的 0.5 毫升產品相關的專利許可通知。

Let's turn now to Azilect, sales of which grew 28% over Q3 2009 to reach a record $81 million.

現在讓我們來看看 Azilect，其銷售額比 2009 年第三季度增長了 28%，達到創紀錄的 8100 萬美元。

Sales were especially strong in the US where Azilect is the number one branded Parkinson disease therapy on the market.

Azilect 在美國的銷售尤其強勁，在那裡 Azilect 是市場上排名第一的帕金森病治療品牌。

Q3 was a great quarter for Teva's women's health franchise which grew 13% over Q3 2009 driven primarily by exceptional growth of our SEASONIQUE and ParaGard brands.

第三季度是 Teva 的女性健康特許經營的一個偉大季度，該特許經營比 2009 年第三季度增長了 13%，這主要是由於我們的 SEASONIQUE 和 ParaGard 品牌的非凡增長。

We also had strong sales of Plan B One-Step up 55% over the second quarter.

我們的 Plan B One-Step 銷售額也比第二季度增長了 55%。

Last week we were excited to announce another report in addition to our global women's health business.

上週，除了我們的全球女性健康業務之外，我們很高興地宣布了另一份報告。

Our acquisition of Theramex with its diversified product portfolio, seasoned sales force and promising pipeline will accelerate the exception of our global -- expansion, sorry, of our global women's health franchise and provide a strong platform for cross-selling of our existing product in key growth markets in Europe and the rest of the world.

我們對 Theramex 的多元化產品組合、經驗豐富的銷售隊伍和有前途的管道的收購將加速我們的全球擴張，抱歉，我們的全球女性健康特許經營權，並為我們現有產品在關鍵領域的交叉銷售提供一個強大的平台歐洲和世界其他地區的增長市場。

Theramex's main markets are France and Italy, two core markets in Teva's European strategy.

Theramex的主要市場是法國和意大利，這是Teva歐洲戰略中的兩個核心市場。

And as part of the agreement we will be taking over Theramex sales in a number of countries including Spain and Brazil which are also key markets in our long-term growth strategy.

作為協議的一部分，我們將接管 Theramex 在包括西班牙和巴西在內的許多國家/地區的銷售，這些國家也是我們長期增長戰略的關鍵市場。

By combining Theramex's products and pipeline with existing products and our strong R&D capabilities we will be creating a powerful new global women's health division and we are very excited about the prospects for this business.

通過將 Theramex 的產品和管道與現有產品和我們強大的研發能力相結合，我們將創建一個強大的新全球女性健康部門，我們對這項業務的前景感到非常興奮。

Our global respiratory sales reached $207 million, a decline of 15% compared to the third quarter of 2009.

我們的全球呼吸系統銷售額達到 2.07 億美元，與 2009 年第三季度相比下降了 15%。

It is important to recall that in Q3 2009 we benefited from earlier and greater sales due to the severity of H1N1 and seasonal flu viruses.

重要的是要記住，在 2009 年第三季度，由於 H1N1 和季節性流感病毒的嚴重性，我們從更早和更大的銷售中受益。

[Teva] continues to maintain its market leadership position with 49% market share and Qvar ended the quarter with a 20% share of new prescriptions in the inhaled steroid corticosteroid market, a new high solidifying our number two position in that category.

[Teva] 繼續以 49% 的市場份額保持其市場領導地位，而 Qvar 在本季度結束時在吸入類固醇皮質類固醇市場的新處方中佔有 20% 的份額，這一新高鞏固了我們在該類別中的第二位置。

We are excited about the future of our respiratory franchise and we are looking forward to sharing with you more details about our respiratory portfolio and R&D at our investor meeting this Thursday.

我們對我們呼吸系統特許經營的未來感到興奮，我們期待在本週四的投資者會議上與您分享有關我們呼吸系統產品組合和研發的更多詳細信息。

Before I pass the call over to Eyal I would like to provide you with an updated outlook for 2010 sales to reflect the inclusion of ratiopharm.

在我將電話轉給 Eyal 之前，我想向您提供 2010 年銷售的最新展望，以反映 ratiopharm 的納入。

We now project 2010 revenues to be approximately $16.4 billion.

我們現在預計 2010 年的收入約為 164 億美元。

We continue to expect that our 2010 EPS will be in a range of $4.50 to $4.60, which includes approximately $0.03 dilution from the ratiopharm acquisition.

我們繼續預計我們 2010 年的每股收益將在 4.50 美元至 4.60 美元之間，其中包括約 0.03 美元的 ratiopharm 收購攤薄。

The acquisition will become accretive on a non-GAAP basis in the first quarter of 2011.

此次收購將在 2011 年第一季度在非 GAAP 基礎上實現增值。

We are now developing our (inaudible) for 2011 and beyond and we are extremely enthusiastic about the many opportunities that lie ahead for Teva as we look forward to another year of continuous profitable growth.

我們現在正在製定 2011 年及以後的（聽不清），我們對 Teva 未來的許多機會充滿熱情，因為我們期待又一年的持續盈利增長。

Thank you for your attention and now let's turn the call over to Eyal for a more detailed financial update.

感謝您的關注，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 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 another excellent quarter with all-time highs in sales as well as gross profit, operating profit, net income and earnings per share on a GAAP and non-GAAP basis, completing a very strong first nine months and heading to an excellent 2010.

如您所見，我們報告了另一個出色的季度，銷售額以及毛利潤、營業利潤、淨收入和每股收益均創下歷史新高（按 GAAP 和非 GAAP 計算），前九個月表現非常強勁到出色的 2010 年。

We also reported record cash flow from operations of $1.2 billion and free cash flow of $866 million, both representing impressive record results.

我們還報告了創紀錄的 12 億美元運營現金流和 8.66 億美元的自由現金流，這兩者都代表了令人印象深刻的創紀錄業績。

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 quarters -- amortization of purchased intangible assets amounting to $144 million; amortization of ratiopharm intangibles will commence in Q1 2011; and we are -- we adjusted for an inventory step up of $54 million relating to the ratiopharm acquisition; non-cash impairment of long-lived assets and intangible assets of $27 million; restructuring and acquisition costs of $27 million related mainly to the ratiopharm acquisition.

在我們的非 GAAP 報告中，我們在本季度排除了以下項目——所購無形資產的攤銷金額為 1.44 億美元； ratiopharm 無形資產的攤銷將於 2011 年第一季度開始；我們是——我們調整了與 ratiopharm 收購相關的 5400 萬美元的庫存增加；長期資產和無形資產的非現金減值 2700 萬美元； 2700 萬美元的重組和收購成本主要與 Ratiopharm 的收購有關。

These expenses were offset primarily by financial income of $45 million related to hedging activities in connection with the acquisition of ratiopharm.

這些費用主要被與收購 ratiopharm 相關的對沖活動相關的 4500 萬美元財務收入所抵消。

And in addition, the related tax benefit of all of those items of $74 million in total.

此外，所有這些項目的相關稅收優惠總額為 7400 萬美元。

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

您應該注意到，在得出我們 2009 年第三季度的非 GAAP 結果時排除的項目與本季度的結果不同。

Please review our press release and related tables for reconciliation to our GAAP numbers and more complete information.

請查看我們的新聞稿和相關表格，以便與我們的 GAAP 數據和更完整的信息進行核對。

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的管理團隊和董事會如何看待我們的財務業績。

Second, foreign currency continued to play a significant role in our results with different impact on P&L and the balance sheet as I will detail below.

其次，外幣繼續在我們的業績中發揮重要作用，對損益表和資產負債表產生不同的影響，我將在下面詳述。

In the third-quarter foreign currency differences had a negative impact of approximately $122 million on sales as compared to Q3 2009.

與 2009 年第三季度相比，第三季度外匯差異對銷售額產生了大約 1.22 億美元的負面影響。

The impact from sales resulted primarily from the strength of the US dollar relative to most European currencies which was partially offset by a decline in the value of the US dollar relative to other currencies.

銷售的影響主要是由於美元相對於大多數歐洲貨幣的強勢，這部分被美元相對於其他貨幣的價值下降所抵消。

Nonetheless, the impact on operating profit continued to be negligible with a negative contribution of $6 million.

儘管如此，對營業利潤的影響仍然可以忽略不計，產生了 600 萬美元的負貢獻。

Teva's diverse geographical presence continues to provide us with a good natural hedge that mitigates much of the P&L risk 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良好的自然對沖，減輕了貨幣波動所涉及的大部分損益風險，並將對我們底線的影響降至最低。

Before I review the P&L in more detail, one more comment on the impact foreign exchange had on our balance sheet, namely on our equity which was a positive one.

在我更詳細地審查損益表之前，再評論一下外匯對我們資產負債表的影響，即對我們的權益的影響，這是積極的。

The weakness of the US dollar at September 30 primarily relative to the European currency increased our equity by approximately $1.5 billion compared to June 30 due to the impact of translation differences on long-term assets such as goodwill and other intangible assets as well as cash balances (inaudible).

由於換算差異對商譽和其他無形資產等長期資產以及現金餘額的影響，9 月 30 日美元相對於歐洲貨幣的疲軟使我們的權益比 6 月 30 日增加了約 15 億美元（聽不清）。

We expect that translation differences will continue to cause fluctuation in our equity as we have significant assets, mainly goodwill and intangible assets, in non-US currencies.

我們預計換算差異將繼續導致我們的權益波動，因為我們擁有大量非美元資產，主要是商譽和無形資產。

Looking at our consolidated results for Q3, sales totaled $4.3 billion, an increase of 20% compared to Q3 last year.

從我們第三季度的綜合業績來看，銷售額總計 43 億美元，比去年第三季度增長 20%。

In local currencies we delivered even a higher growth of 23%.

以當地貨幣計算，我們實現了 23% 的更高增長率。

About 55% of our growth was organic while the rest resulted from the first-time consolidation of ratiopharm.

我們約 55% 的增長是有機增長，而其餘增長來自 Ratiopharm 的首次整合。

North America, which grew 22%, delivered record generic product sales and strong profitability.

北美增長了 22%，實現了創紀錄的仿製藥銷售和強勁的盈利能力。

Europe grew by 21% in US dollars and by 33% in local currency terms due substantially to the first-time consolidation of ratiopharm results.

歐洲以美元計算增長了 21%，以當地貨幣計算增長了 33%，這主要歸功於 Ratiopharm 結果的首次合併。

Sales in the international markets grew by 7% in US dollars and by 13% in local currency terms.

國際市場的銷售額以美元計算增長了 7%，以當地貨幣計算增長了 13%。

Non-GAAP operating income reached $1.4 billion, up 44% compared to Q3 2009 benefiting from strong gross margin, tight expense control and the take back of the Copaxone royalties on North America sales from sanofi-aventis.

非美國通用會計準則營業收入達到 14 億美元，與 2009 年第三季度相比增長 44%，這得益於強勁的毛利率、嚴格的費用控制以及從賽諾菲-安萬特收回北美銷售的 Copaxone 特許權使用費。

Non-GAAP net income reached $1.2 billion, up 47% compared to Q3 2009.

非 GAAP 淨收入達到 12 億美元，比 2009 年第三季度增長 47%。

Non-GAAP fully diluted earnings per share were $1.3 per share, up 46% compared to Q3 2009.

非 GAAP 完全稀釋每股收益為 1.3 美元，與 2009 年第三季度相比增長 46%。

A few housekeeping points related to earnings per share calculations.

與每股收益計算相關的一些管理要點。

The weighted average share count 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 每股收益計算的增加為 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 purchased intangible assets, was 62.5% in the reported quarter compared to 58.2% in the quarter last year due primarily to favorable product mix.

報告季度的非美國通用會計準則毛利率（不包括已購無形資產的攤銷）為 62.5%，而去年同期為 58.2%，這主要歸功於有利的產品組合。

Gross margin continues to benefit from contribution from new and recently launched generic product in the US, solid gross margin of the US generic base business and a contribution to sales of our innovative and branded franchises.

毛利率繼續受益於新的和最近在美國推出的仿製藥產品的貢獻、美國仿製藥基礎業務的穩定毛利率以及對我們創新和品牌特許經營權銷售的貢獻。

Gross margins also benefited from our continued effort to improve efficiencies.

毛利率也受益於我們不斷努力提高效率。

Please note that this quarter's high gross margin is an exception to our long-term gross margin range of 57% to 60%.

請注意，本季度的高毛利率是我們 57% 至 60% 的長期毛利率範圍的一個例外。

Non-GAAP operating margin reached 33.9%, up 5.8% from 28.1% in Q3 2009, mainly contributing to the exceptional operating margin where high gross margin and the termination of payments made to sanofi-aventis over the past two years of 25% of Copaxone's in-market sales in the US and Canada.

非 GAAP 營業利潤率達到 33.9%，比 2009 年第三季度的 28.1% 增長了 5.8%，這主要是由於高毛利率和在過去兩年中終止向賽諾菲-安萬特支付的款項占 Copaxone 的 25%美國和加拿大的市場銷售。

Net R&D expenses were up 23% compared to Q3 2009, reaching a record of $239 million or 5.6% of sales.

與 2009 年第三季度相比，淨研發費用增長了 23%，達到創紀錄的 2.39 億美元，佔銷售額的 5.6%。

Gross R&D before reimbursement from third parties for certain R&D expenses and R&D investment in our partnership with (inaudible) and Lonza was $248 million or close to 6% of our sales.

在我們與（聽不清）和龍沙的合作夥伴關係中，第三方償還某些研發費用和研發投資之前的研發總額為 2.48 億美元，占我們銷售額的近 6%。

The gross and net R&D expenses over the comparable quarter last year is attributed to both our branded and generic R&D activities.

去年同期的總研發費用和淨研發費用歸因於我們的品牌研發活動和通用研發活動。

The increase and the branded R&D expenditure effects progress mainly in laquinimod related activities as well as biosimilars and respiratory projects.

增加和品牌研發支出主要影響拉喹莫德相關活動以及生物仿製藥和呼吸項目的進展。

We now expect that for the full year net R&D expenses will be approximately 6% of our net sales.

我們現在預計全年淨研發費用將約為我們淨銷售額的 6%。

Selling and marketing expenses, excluding amortization of purchased intangible assets, totaled $742 million this quarter or 17.5% of sales compared with 18.6% of sales in Q3 2009.

本季度銷售和營銷費用（不包括已購無形資產的攤銷）總計 7.42 億美元，佔銷售額的 17.5%，而 2009 年第三季度為 18.6%。

As already mentioned, the decline in selling and marketing expenses as a percentage of sales resulted primarily from the termination of payments to sanofi-aventis which were recorded as sales and marketing expenses.

如前所述，銷售和營銷費用佔銷售額的百分比下降主要是由於終止向賽諾菲-安萬特付款，這被記錄為銷售和營銷費用。

It was partially offset by a higher royalty payment in connection with new and recently launched generic products in the US.

它被與在美國新推出的和最近推出的仿製藥相關的更高特許權使用費部分抵消。

Total G&A expenses this quarter were $236 million or 5.5% of sales compared with 6% of sales in Q3 last year.

本季度總 G&A 費用為 2.36 億美元，佔銷售額的 5.5%，而去年第三季度佔銷售額的 6%。

The synergies from the Barr acquisition and tight expense control to continue to contribute to the decline in G&A expenses as a percentage of sales.

收購 Barr 的協同效應和嚴格的費用控制將繼續導致 G&A 費用佔銷售額的百分比下降。

We recorded $48 million of net financial expenses on a non-GAAP basis and Q3 compared with $52 million of non-GAAP financial expenses in the comparable quarter of 2009.

我們在非 GAAP 基礎上和第三季度記錄了 4800 萬美元的淨財務費用，而 2009 年同期的非 GAAP 財務費用為 5200 萬美元。

The lower financial expenses resulted from lower interest rates on our outstanding debt offset by higher levels of debt in the reported quarter following the acquisition of ratiopharm.

較低的財務費用是由於我們未償還債務的利率較低，被收購 ratiopharm 後報告季度的較高債務水平所抵消。

You should note that we excluded from our non-GAAP financial expenses in the quarter a gain of $45 million realized in connection with hedging the ratiopharm acquisition.

您應該注意到，我們在本季度的非 GAAP 財務費用中排除了與對沖 Ratiopharm 收購相關的 4500 萬美元收益。

Tax expense provided for the third quarter was $207 million on pretax non-GAAP income of $1.4 billion.

第三季度稅前非 GAAP 收入為 14 億美元，計提的稅費為 2.07 億美元。

Our current estimate of the non-GAAP annual rate for tax for 2010 on a whole is 15% compared to 16% for all of 2009.

我們目前對 2010 年全年的非美國通用會計準則年度稅率的估計為 15%，而 2009 年全年為 16%。

The estimated tax rate for 2010 on a GAAP basis is 12%.

根據公認會計原則，2010 年的估計稅率為 12%。

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 $1.2 billion, up 16% compared to Q3 2009.

本季度運營產生的現金總計 12 億美元，比 2009 年第三季度增長 16%。

Our free cash flow, excluding gross capital expenditure of $175 million and cash dividend of $167 million, partially offset by profit from the sale of certain assets of $14 million, amounted to a total of $866 million or 23% above Q3 2009.

我們的自由現金流，不包括 1.75 億美元的總資本支出和 1.67 億美元的現金股息，部分被出售某些資產的利潤 1400 萬美元所抵消，總計比 2009 年第三季度增加 8.66 億美元或 23%。

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

本季度強勁的銷售和收款推動了現金流的改善。

On September 30 cash and marketable securities totaled $1.2 billion, down approximately $4 billion from June 30 as we used more of the cash on hand to pay for ratiopharm.

9 月 30 日，現金和有價證券總額為 12 億美元，比 6 月 30 日減少了約 40 億美元，因為我們使用更多手頭現金來支付 ratiopharm。

Our total outstanding loans, bonds of convertible debentures stood at $7.1 billion, only slightly up from $7 billion as of the end of June.

我們的未償還貸款總額、可轉換債券債券為 71 億美元，僅略高於 6 月底的 70 億美元。

Our debt remains essentially unchanged as we incurred additional debt in connection with the acquisition of ratiopharm, but we paid off the debt incurred in connection with the acquisition of Barr completely as well as other bank debts.

我們的債務基本保持不變，因為我們因收購 ratiopharm 產生了額外債務，但我們還清了因收購 Barr 而產生的債務以及其他銀行債務。

The debt incurred in connection with our acquisition of Barr is now fully paid.

與我們收購 Barr 相關的債務現已全部清償。

Our financial leverage as of September 30, 2010 was just under 25%, down from 27% at June 30.

截至 2010 年 9 月 30 日，我們的財務槓桿率略低於 25%，低於 6 月 30 日的 27%。

DSO, days sales outstanding amounted to an exceptional 42 days this quarter as a result of very strong end of quarter collection compared to 50 days in the previous quarter.

DSO，與上一季度的 50 天相比，由於季度末收款非常強勁，本季度未完成銷售天數達到了異常的 42 天。

We calculated the DSO after netting out from the receivables our sales reserve and allowances and we always do this.

我們在從應收賬款中扣除我們的銷售準備金和津貼後計算了 DSO，我們總是這樣做。

Inventory days stood at 178 days compared with 172 days in the previous quarter or 195 days in Q3 2009.

庫存天數為 178 天，上一季度為 172 天，2009 年第三季度為 195 天。

Net capital expenditures reached $161 million this quarter compared to $90 million in Q2 2010.

本季度淨資本支出達到 1.61 億美元，而 2010 年第二季度為 9000 萬美元。

To remind you, in Q2 2010 net CapEx included proceeds of $46 million from servicers and assets versus $14 million which are included in the current quarter.

提醒您，2010 年第二季度淨資本支出包括來自服務商和資產的 4600 萬美元收益，而本季度包括 1400 萬美元。

And now for dividends.

現在是分紅。

Yesterday Teva's Board approved a quarterly net dividend amounting to approximately $173 million on a per share basis or dividend which was declared in Israeli shekels is 0.7 shekels per share.

昨天，Teva 董事會批准了每股約 1.73 億美元的季度淨股息，或者以以色列謝克爾宣布的股息為每股 0.7 謝克爾。

Mentioned on yesterday's rate of exchange of the shekel to the US dollar, this translates into approximately $0.193 per share.

提到昨天謝克爾對美元的匯率，這相當於每股約 0.193 美元。

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

感謝大家今天的時間和關注，現在我們很樂意回答您的問題。

Operator, please.

接線員，請說。

(Operator Instructions).

（操作員說明）。

Randall Stanicky, Goldman Sachs.

蘭德爾·斯坦尼基，高盛。

Great.

偉大的。

Hi, guys, thanks for the question.

嗨，伙計們，謝謝你的提問。

Just a quick one for Eyal and then a follow-up.

對 Eyal 來說只是一個快速的問題，然後是一個後續問題。

Eyal I know we can all do the math, but can you just -- for the 4Q implied EPS, that's $1.21 to $1.31 and that reflects the $0.03 of dilution from ratiopharm, is that correct?

Eyal 我知道我們都可以計算，但你能不能——對於第四季度的隱含每股收益，這是 1.21 美元到 1.31 美元，這反映了 ratiopharm 的 0.03 美元稀釋，這是正確的嗎？

Yes.

是的。

That was true for the first five months.

頭五個月也是如此。

Of course it's improving every month and, as Shlomo mentioned, Q1 2011 will already be accretive.

當然，它每個月都在改進，正如 Shlomo 所提到的，2011 年第一季度已經有所增長。

Okay, good.

好的。

And then, Gerard, can you just help us a little bit more with Europe.

然後，杰拉德，你能不能在歐洲多幫助我們一點。

Maybe just spell out a little more clearly what was the constant currency growth?

也許只是更清楚地說明什麼是持續的貨幣增長？

I know you talked about a 5% constant currency back half outlook and how are we tracking there?

我知道你談到了 5% 的固定貨幣後半期前景，我們如何追踪？

And then maybe which are the countries where you're seeing the most weakness versus where some of the offsets are coming from in terms of potential growth?

那麼，就潛在增長而言，與一些抵消來自的國家相比，您認為哪些國家最疲軟？

Thanks.

謝謝。

Gerard?

杰拉德？

Thank you, Randall.

謝謝你，蘭德爾。

I think what we've seen in the overall growth in Europe, we've seen no surprises, as I said before; we've seen some movement in some markets that were -- as well Shlomo mentioned it.

正如我之前所說，我認為我們在歐洲的整體增長中所看到的並不令人意外；我們已經看到一些市場出現了一些變化——Shlomo 也提到了這一點。

I think we saw in Germany and other markets a bit of pressure kicking in in August.

我認為 8 月份我們在德國和其他市場看到了一些壓力。

But all in all, I think if you go Southern Europe, it has shown what we expected it to be, the market that showed positive dynamics.

但總而言之，我認為如果你去南歐，它已經顯示出我們的預期，市場顯示出積極的活力。

It has been turbulent, but we believe that for us it's been quite relatively well done.

它一直動盪不安，但我們相信對我們來說它已經做得相當好。

I think if I look at ratiopharm itself, it's only two months after we just closed a deal and it's a bit early days to expect any positive sales synergies.

我認為，如果我看一下 ratiopharm 本身，我們剛剛完成交易僅兩個月，現在期待任何積極的銷售協同效應還為時過早。

But it's clear that, as Shlomo said, everything we see we like.

但很明顯，正如 Shlomo 所說，我們喜歡看到的一切。

And Germany reforms announced early this year started as expected in August, as I said.

正如我所說，德國今年年初宣布的改革如期於 8 月開始。

And despite that our Teva German business, core business developed well.

儘管我們的 Teva 德國業務，但核心業務發展良好。

And in addition, I would say that the combined market share of two companies we gained a little bit versus last year.

此外，我想說的是，與去年相比，我們兩家公司的市場份額總和有所增加。

Italy, Spain, but also Eastern Europe in markets like Hungary and Poland are growing quite well and we did very well in there.

意大利、西班牙以及匈牙利和波蘭等東歐市場的增長都非常好，我們在那裡做得很好。

And I think so if you add all of these things together, for us this was a solid quarter.

我認為，如果將所有這些因素加在一起，對我們來說這是一個穩健的季度。

It was not like Q2, but it's a very solid quarter and we're very happy to see the first very positive signs of having the ratiopharm business in there.

它不像第二季度，但它是一個非常穩定的季度，我們很高興看到那裡有 Ratiopharm 業務的第一個非常積極的跡象。

But, are you still tracking consistently with that sort of mid single digit constant currency growth rate going forward that you highlighted last quarter, is that fair to say?

但是，您是否仍在持續跟踪您上個季度強調的那種中等個位數的恆定貨幣增長率，可以這麼說嗎？

I think we haven't seen big movement versus that.

我認為我們還沒有看到與此相比的大動作。

If you look at the market in total without Germany it's in the low single digit.

如果你看一下不包括德國在內的整個市場，它的個位數很低。

If you include Germany -- or if you take, I'm sorry, if you take the market with Germany included it's in the low single digits.

如果你包括德國 - 或者如果你拿走，對不起，如果你把德國包括在內的市場是低個位數。

If you take excluding Germany it's in the higher single digits and that's still tracking very well.

如果你排除德國，它的個位數更高，而且仍然跟踪得很好。

If you look at our current performance year to date it's been quite well, it's in the double digit numbers, in the middle double digit numbers.

如果你看看我們今年迄今為止的表現，它已經相當不錯了，它是兩位數，在中間的兩位數中。

And you can perhaps do the math yourselves as well if you do the strategic plan outlook for us in 2015.

如果您在 2015 年為我們制定戰略計劃展望，您或許也可以自己計算。

We need to deliver roundabout -- after ratiopharm about 10% CAGR over the years and we're well on track of delivering that.

我們需要提供迴旋處——在 ratiopharm 多年來複合年增長率約為 10% 之後，我們正在順利實現這一目標。

So we're outperforming the market, the market is more or less in line with what we do.

所以我們的表現優於市場，市場或多或少與我們所做的一致。

Every quarter is different.

每個季度都不一樣。

In one quarter you have tenders kicking in, in another quarter you've got a price measurement kicking in, in other quarters we -- like you merge with another company.

在一個季度你有招標，在另一個季度你有價格測量，在其他季度我們 - 就像你與另一家公司合併一樣。

So there are a lot of moving parts in this quarter-on-quarter comparison, but the underlying current -- the underlying trend is exactly in line as I declared before.

因此，在這個季度比較中有很多變動的部分，但潛在的趨勢——潛在的趨勢與我之前宣布的完全一致。

Okay, great, that's helpful.

不錯不錯，很有用

Thanks a lot, guys.

非常感謝，伙計們。

Rich Silver, Barclays Capital.

Rich Silver，巴克萊資本。

Yes, first question is on the low volume Copaxone.

是的，第一個問題是關於低容量 Copaxone。

Can you just tell us what the timetable is for approval?

你能告訴我們審批的時間表嗎？

Whether this data submission, which you said the data has been submitted, changes the PDUFA date?

您所說的數據已提交的這次數據提交是否更改了 PDUFA 日期？

And then you have a notice of allowance on this patent.

然後你會收到一份關於這項專利的許可通知。

Assuming that it issues and it's listed in the orange book, what might that mean or not mean in terms of P4 filings 30 months, days, etc.?

假設它發行並且在橙皮書中列出，那麼就 P4 文件 30 個月、幾天等而言，這意味著或不意味著什麼？

The follow-up question is on the gross margin.

後續問題是關於毛利率。

Eyal, when would you expect the gross margin to be back in that 57% to 60% range?

Eyal，您預計毛利率何時會回到 57% 至 60% 的範圍內？

Could it be as early as the fourth quarter or is it more likely sometime in the first part of next year?

可能最早在第四季度，還是更有可能在明年上半年的某個時候？

Thanks.

謝謝。

Okay, Bill, will you take that Copaxone question and then Eyal will follow on the gross margins?

好的，Bill，你會回答 Copaxone 的問題，然後 Eyal 會跟進毛利率嗎？

Sure.

當然。

Rich, thanks for the question.

里奇，謝謝你的提問。

There's a lot to talk about on the Copaxone 0.5 sNDA.

關於 Copaxone 0.5 sNDA 有很多要談的。

I think a lot came out of our interaction.

我認為我們的互動產生了很多影響。

Several points are mutually agreed upon, that being the unknown method of action and the lack of PK measurement.

有幾點是雙方一致同意的，即未知的行動方法和缺乏 PK 測量。

And what we've concluded basically is there are no known shortcuts with glatiramer acetate.

我們得出的結論基本上是，醋酸格拉替雷沒有已知的捷徑。

So I think that's very, very important.

所以我認為這非常非常重要。

And I think when you think about this broadly, a clinical requirement for even a change of concentration has broad implications for any type of follow-on product or generic product.

我認為當你廣泛地考慮這一點時，即使是濃度變化的臨床要求也會對任何類型的後續產品或仿製藥產生廣泛的影響。

So, I think that's an important point to make.

所以，我認為這是一個重要的觀點。

And then, the fact that we're supplementing the file with clinical data from FORTE with over 1,100 patients, if accepted significantly improves the treatment experience of over 100,000 MS patients in the form of an enhanced product with the requisite three-year exclusivity would be likely.

然後，我們正在用 FORTE 的超過 1,100 名患者的臨床數據補充文件，如果被接受，以增強產品的形式顯著改善超過 100,000 名 MS 患者的治療體驗，並具有必要的三年獨占權，這將是可能。

So I think that those are all very positive things as we think about this sNDA.

所以我認為，當我們考慮這個 sNDA 時，這些都是非常積極的事情。

Your question on the notice, it generally takes a couple of months for the patent to be issued.

你關於通知的問題，專利通常需要幾個月才能頒發。

And I would remind that in a case on the 0.5 we could eventually use all the patents in litigation as well as the 0.5 ml patent.

我要提醒的是，在 0.5 的案例中，我們最終可以在訴訟中使用所有專利以及 0.5 毫升專利。

But what about the PDUFA date and the timeframe for approval, Bill?

但是 PDUFA 的日期和批准的時間表呢，比爾？

Well, there's really no change at this point, Rich.

嗯，在這一點上真的沒有變化，Rich。

I'm sorry (multiple speakers).

對不起（多位發言者）。

So additional data doesn't mean that the action that we would expect on January 1 would be any different than we'd expect -- we would have expected without that supplemental data?

因此，額外的數據並不意味著我們在 1 月 1 日預期的行動會與我們預期的有任何不同——如果沒有這些補充數據，我們會預期嗎？

No, no, good question.

不不不，問得好。

What we did is we've supplemented with this data, now the agency will look at this data, the completeness of this data, decide what they want with this data and they may reset that PDUFA clock, but they may not.

我們所做的是補充了這些數據，現在該機構將查看這些數據，這些數據的完整性，決定他們想要這些數據做什麼，他們可能會重置 PDUFA 時鐘，但他們可能不會。

So we'll have to wait and see; that's a dynamic we can't really do anything about.

所以我們必須拭目以待；這是一個我們真的無能為力的動態。

But hopefully this is -- this is a much better situation for us, we're very pleased with it.

但希望這對我們來說是一個更好的情況，我們對此感到非常滿意。

Okay, thank you.

好的謝謝你。

And the gross margin?

毛利率呢？

Rich, regarding gross margin, gross margin in Q4 is expected to be back below 60%.

Rich，關於毛利率，預計第四季度的毛利率將回到60%以下。

As you took Shlomo's focus for the year and extracted what we have done in the first three quarters you have a number for Q4.

當你關注 Shlomo 今年的重點並提取我們在前三個季度所做的事情時，你就有了第四季度的數字。

So sales are higher, but there is more ratiopharm in it which comes with a lower average gross margin debt than what we have delivered in a component inside between generic, (inaudible) generic launches and other products is a little different than in Q3.

因此銷售額更高，但其中有更多的比率藥物，平均毛利率債務低於我們在仿製藥、（聽不清）仿製藥發布和其他產品之間的組件中交付的，與第三季度略有不同。

But by and large we've got to be below 60, which is where our natural area is.

但總的來說，我們必須低於 60，這是我們的自然區域。

Ken Cacciatore, Cowen and Company.

Ken Cacciatore, Cowen and Company。

Thanks, guys.

多謝你們。

Bill, I don't want to dwell too much on your comments on Copaxone, but I guess maybe just circling back a little bit.

比爾，我不想過多地談論你對 Copaxone 的評論，但我想也許只是稍微回過頭來。

Can you just describe the low dose formulation and maybe a little bit more on your interactions with the agency?

你能描述一下低劑量的配方嗎？也許更多地描述一下你與該機構的互動？

What level of nuance did you get into?

你進入了哪個級別的細微差別？

I mean, were their discussions about the potential for doing biological assays, biochemical assays on your low dose?

我的意思是，他們討論的是對您的低劑量進行生物測定、生化測定的可能性嗎？

Were there discussions about doing PK specifically, inability to do the PK studies?

是否有關於專門進行 PK 的討論，無法進行 PK 研究？

I think you hit on it, but maybe just even a little bit more about that interaction so we have a better sense in thinking about a generic to Copaxone.

我想你是命中註定的，但也許只是更多地了解這種相互作用，這樣我們在考慮 Copaxone 的仿製藥時就有更好的感覺。

And then also -- well, why don't I let you answer that and then I'll have a follow-up?

然後 - 好吧，為什麼我不讓你回答這個問題，然後我會進行跟進？

Thanks.

謝謝。

Thanks, Ken, good morning.

謝謝，肯，早上好。

I think I pretty well said it, but I would just reiterate -- there are many points of discussion.

我想我說得很好，但我只想重申——有很多討論點。

We can't talk about all the discussion with the agency.

我們不能談論與該機構的所有討論。

But the conclusion, again, remains that we're similarly situated with unknown method of action.

但結論仍然是，我們同樣處於未知的行動方法中。

There again -- there's a lack of PK measurement.

再次 - 缺乏 PK 測量。

And so we can't conclude that there -- well, we can conclude that there are no known shortcuts for glatiramer and I think that's really -- with no known markers there's no other way to go other than a clinical requirement.

所以我們不能得出結論——好吧，我們可以得出結論，格拉替雷沒有已知的捷徑，我認為這確實是——沒有已知的標記，除了臨床要求外別無他法。

Okay, maybe on the litigation front, can you just give us an update of what's happening there following the summary motion in your favor.

好的，也許在訴訟方面，你能否向我們介紹一下在對你有利的簡易動議之後發生的事情的最新情況。

Can you talk about steps forward that you can take or are planning on taking?

你能談談你可以採取或計劃採取的前進步驟嗎？

Thank you.

謝謝你。

Yes, Ken, I think it would probably be helpful to kind of walk you through the process because I think there are maybe some misunderstandings out there.

是的，Ken，我認為引導您完成整個過程可能會有所幫助，因為我認為其中可能存在一些誤解。

Because we have an excellent understanding of the litigation process and thus far we are really pleased at where this litigation process is going.

因為我們對訴訟程序有很好的了解，所以到目前為止，我們對訴訟程序的進展感到非常高興。

Mylan and Momenta have been essentially consolidated for all purposes and trial.

Mylan 和 Momenta 已基本整合用於所有目的和試驗。

So I think probably the best way to do it would be to take you through the anticipated flow, right.

所以我認為最好的方法可能是帶你完成預期的流程，對吧。

So Mylan's claims construction hearing will be on January 12, after which some period of time Judge Jones would issue the claims construction.

因此，Mylan 的理賠結構聽證會將於 1 月 12 日舉行，此後一段時間，瓊斯法官將發布理賠結構。

We will then proceed to summary judgment.

然後我們將進行簡易判決。

Now a summary judgment is an undefined period, but it could be a substantial period of time of due course to go through summary judgment motions.

現在簡易判決是一個未定義的期限，但它可能是一段相當長的適當時間來通過簡易判決動議。

After the summary judgments are ruled on it's about a 30-day process, Judge Jones will bring us in for pretrial conferences.

在作出簡易判決後大約需要 30 天的時間，瓊斯法官將帶我們參加審前會議。

After that pretrial conference she'll set a trial date, after the trial -- we will begin the trial, we expect it to be about a two-week trial and then Judge Jones will render a decision at the appropriate time.

在審前會議之後，她將確定審判日期，在審判之後——我們將開始審判，我們預計將進行大約兩週的審判，然後瓊斯法官將在適當的時候做出決定。

So I mean, that's pretty much the course.

所以我的意思是，這幾乎就是課程。

But we feel really good about where we're at right now.

但我們對我們現在所處的位置感覺非常好。

Great, thank you very much.

太好了，非常感謝。

Chris Schott, JPMorgan.

摩根大通的克里斯肖特。

Great, just another follow-up on the low-dose Copaxone data.

太好了，只是對低劑量 Copaxone 數據的又一次跟進。

I think you mentioned 1,100 patients.

我想你提到了 1,100 名患者。

Can you just also remind us how long a duration of therapy we saw with that data set?

您能否也提醒我們我們使用該數據集看到的治療持續時間有多長？

And then the second question on Copaxone, can you just talk about your expectations for the growth of this product with the introduction of [Galinia]?

然後是關於Copaxone的第二個問題，你能談談你對這個產品隨著[Galinia]的引入而增長的預期嗎？

And as you discuss that then, do you just think Copaxone will remain at a price discount to Galinia over time?

當你討論這個問題時，你是否認為 Copaxone 會隨著時間的推移保持對 Galinia 的價格折扣？

Thanks.

謝謝。

Good morning, Chris.

早上好，克里斯。

Yes, thank you.

是的，謝謝。

Chris, with respect to the data, the FORTE data is a one-year study.

克里斯，關於數據，FORTE 數據是一項為期一年的研究。

And again, it's about 1,100 patients dosed on various of the 20 ml and 40 ml.

同樣，大約有 1,100 名患者服用了 20 毫升和 40 毫升的各種藥物。

And the second question was?

第二個問題是？

The growth dynamics for Copaxone with the new competition in the market and just thoughts around the price discount we see for Copaxone versus Galinia at this point?

Copaxone 的增長動力與市場上的新競爭以及我們目前看到的 Copaxone 與 Galinia 的價格折扣的想法？

Well, we still anticipate revenue growth for Copaxone in 2011.

那麼，我們仍然預計 2011 年 Copaxone 的收入會增長。

As far as the pricing flexibility on Copaxone because Galinia has come out with a relatively high price we really can't comment at this point in time.

至於 Copaxone 的定價靈活性，因為 Galinia 已經推出了相對較高的價格，我們目前真的無法評論。

We are much lower priced, we don't like to be too low.

我們的價格要低得多，我們不喜歡太低。

I've always said that being what I consider the standard of care in the MS market should not put us in third or fourth place on pricing.

我一直說，作為我認為的 MS 市場護理標準，我們不應在定價上排在第三或第四位。

So, we'll have to just wait and see how that works.

所以，我們只能拭目以待，看看它是如何運作的。

Great, thanks very much.

太好了，非常感謝。

David Amsellem, Piper Jaffray.

大衛·阿姆塞勒姆、派珀·杰弗瑞。

Thanks, just coming back to the Copaxone litigation, just so I'm clear.

謝謝，剛剛回到 Copaxone 訴訟，所以我很清楚。

Is it your expectation that the trial date will be some time in 2012?

您預計審判日期會在2012年的某個時候嗎？

And then as you review that, given the [retracted] process, is it your view that the FDA wouldn't necessarily have any sense of urgency in terms of reviewing the filings from Momenta and Mylan?

然後當你審查時，考慮到 [撤回] 過程，你是否認為 FDA 在審查 Momenta 和 Mylan 的文件方面不一定有任何緊迫感？

Good morning, David.

早上好，大衛。

Yes, I think to say that the trial, 2012, that is not unreasonable at all, that would be fine.

是的，我想說審判，2012，那一點也不無道理，那就可以了。

With respect to how fast the FDA moves on approving their product or processing their file, that's very difficult really to say, that's something that happens within the FDA.

關於 FDA 批准他們的產品或處理他們的文件的速度有多快，這真的很難說，這是 FDA 內部發生的事情。

But we know from our experience with enoxaparin that it took a very, very long time and the FDA didn't get tremendously motivated until litigation was done.

但我們從依諾肝素的經驗中知道，這需要非常非常長的時間，而且 FDA 在訴訟完成之前沒有得到極大的動力。

Okay, that's helpful.

好的，這很有幫助。

And then just one more question.

然後還有一個問題。

Can you just comment on your appetite for further presence in Brazil?

您能談談您對進一步進駐巴西的興趣嗎？

It's a hot market these days, it's attractive, a lot of interest in the space.

這幾天是一個熱門的市場，它很有吸引力，對這個領域很感興趣。

Can you talk about your thoughts on this market, how you're looking to further build your business there?

你能談談你對這個市場的看法，你希望如何進一步在那裡建立你的業務嗎？

Yes, this is Shlomo speaking.

是的，我是什洛莫。

As you know, we are active in generic and in branded as well.

如您所知，我們也活躍於仿製藥和品牌藥領域。

And as we said -- as I said when we presented our long-term strategy plan, we mentioned and I pointed out some key countries or key countries for our expanding or expansion for generics.

正如我們所說 - 正如我在介紹我們的長期戰略計劃時所說的那樣，我們提到並指出了一些關鍵國家或關鍵國家，以便我們擴大或擴大仿製藥。

And Brazil was on that list as well.

巴西也在該名單上。

So, Brazil definitely presents an opportunity, but there are others and some other countries are key generic markets that we are also excited of the opportunities that lay ahead for us.

因此，巴西無疑提供了一個機會，但還有其他國家和其他一些國家是關鍵的仿製藥市場，我們也為我們面前的機會感到興奮。

And as you know, in M&A activity it's a very opportunistic arena, so I cannot refer anything more specific on any given market or target.

正如你所知，在併購活動中，這是一個非常機會主義的領域，所以我不能就任何給定的市場或目標提出更具體的建議。

Okay, thanks.

好的謝謝。

Marc Goodman, UBS.

馬克·古德曼，瑞銀。

Yes, can you talk about this rest of world line a little bit -- Russia, Eastern Europe, Japan -- inputs that go into this line item and give us a sense of just what's the normalized growth rates there?

是的，你能談談世界其他地區——俄羅斯、東歐、日本——進入這個項目的投入，讓我們了解那裡的正常增長率是多少嗎？

We didn't have any acquisitions that impacted the number, so I would think this is all Teva.

我們沒有任何影響數字的收購，所以我認為這都是 Teva 的影響。

So give us a sense what's going on there please.

所以請告訴我們那裡發生了什麼。

And then, there was a comment that there was pricing pressure specifically in France and Germany.

然後，有評論說法國和德國尤其存在定價壓力。

I understand the German tender.

我了解德國招標。

Can you just talk about France and what kind pricing pressure you saw there and what we should expect there?

你能談談法國嗎？你在那裡看到了什麼樣的定價壓力以及我們在那裡應該期待什麼？

Thanks.

謝謝。

Let me first take the question on the -- let's call it the international arena or the rest of the world, if you skip North America and Europe.

讓我首先回答這個問題——如果你跳過北美和歐洲，我們稱之為國際舞台或世界其他地區。

I think that we are doing very well in that part of our business and I just said that roughly speaking this area is going by growing by 13% quarter over quarter.

我認為我們在業務的這一部分做得很好，我只是說粗略地說，這個領域比上一季度增長了 13%。

But I think if you did dive into the countries, then you may see or I may comment that Russia is doing very well for us.

但我認為，如果你真的深入了解這些國家，那麼你可能會看到或者我可能會評論說俄羅斯對我們來說做得很好。

On generics and OTC we have double-digit growth there and we're expecting continuous growth for the next years in this very important markets.

在仿製藥和 OTC 方面，我們有兩位數的增長，我們預計未來幾年在這個非常重要的市場中會持續增長。

As for Japan, this is an accounting issue, this is a JV and therefore we are not recognizing sales, but we are doing there very well.

至於日本，這是一個會計問題，這是一個合資企業，因此我們不確認銷售額，但我們在那裡做得很好。

Actually we are in a run rate of more than $200 million per year of sales.

實際上，我們每年的銷售額超過 2 億美元。

And if you add it to our international activities, then actually we are roughly speaking on the 16% growth, which is aligned with our long-term strategy expectation.

如果你把它加到我們的國際活動中，那麼實際上我們大致說的是 16% 的增長，這符合我們的長期戰略預期。

And of course this attractive part of our business, indefinitely (inaudible) are going to provide us growth, is in line with what we plan for the coming year.

當然，我們業務的這個有吸引力的部分，將無限期地（聽不清）為我們提供增長，這符合我們來年的計劃。

And your second question please?

你的第二個問題好嗎？

Oh, it was France.

哦，是法國。

Germany --.

德國 - 。

Pricing in France, Germany.

在法國、德國定價。

Yes, would you like to add to that, Gerard?

是的，你想補充一點嗎，杰拉德？

Yes, pleasure, thank you.

是的，很高興，謝謝。

Thank you very much, Mark.

非常感謝，馬克。

I think I'll start with Germany and then I'll hop over to France.

我想我將從德國開始，然後跳到法國。

So first of all, we talk about Germany, we need to distinguish with you what's happening in the innovative part of the market in Germany versus the off-patent market.

因此，首先，我們談論德國，我們需要與您區分德國市場創新部分與非專利市場的情況。

The German government has increased mandatory rebates for innovative products from 6% to 16%, and they also have installed a price freeze at a level of Q3 prices last year, August last year, for all -- and for the off-patent market we've seen an adjustment of maximum reimbursement prices in the marketplace, which is sort of a recalculation they used to do every couple of years and they've done this year twice.

德國政府已將創新產品的強制性退稅從 6% 提高到 16%，並且他們還在去年 8 月的第三季度價格水平上凍結了所有產品——以及我們的非專利市場已經看到市場上最高報銷價格的調整，這是他們過去每兩年進行一次的重新計算，今年已經進行了兩次。

So that's all.

就是這樣。

So, but despite all of that, the German growth generic market has grown 4% this year in any case.

因此，儘管如此，德國增長的仿製藥市場無論如何今年都增長了 4%。

In terms of net sales, and I think that's what you sometimes pick up when you listen to other people talking about the German market, it's very difficult to calculate the impact of all of that for each individual player in the market because rebates and portfolio diversity is very difficult to look at it.

就淨銷售額而言，我認為這就是當你聽其他人談論德國市場時有時會聽到的，很難計算所有這些對市場上每個參與者的影響，因為回扣和投資組合的多樣性很難看。

In our case, as I said, we've done reasonably well, we gained a bit of share in that.

就我們而言，正如我所說，我們做得相當不錯，我們在這方面獲得了一些份額。

In general the tender segment that is the low price segment has continued to grow, but it's not growing faster as we had forecasted before.

總的來說，低價部分的投標部分繼續增長，但增長速度並不像我們之前預測的那樣快。

And it has been a bit more stable, it has been more or less stable during 2010.

它變得更穩定了，在 2010 年期間或多或少地保持穩定。

We also expect it to expand during the next few years, but that's what we have modeled for anyway in all of our expectations, also when we acquired ratio.

我們還預計它會在未來幾年內擴大，但這就是我們在所有預期中所建模的，也是在我們獲得比率時。

In other segments like OTC, hospital or even the semi-branded products where ratiopharm and we are strong, we see an even much more stable market environment in Germany.

在 Ratiopharm 和我們強大的非處方藥、醫院甚至半品牌產品等其他領域，我們看到德國的市場環境更加穩定。

So, yes, you see price dynamics in Germany, they're moving in the same direction as we've seen it, but it's only in half of -- let's say of the market really significant to see.

所以，是的，你看到德國的價格動態，它們正朝著與我們所看到的相同的方向發展，但它只有一半 - 讓我們說市場真的很重要。

If you take France, in August last year the government decided to take out a serious price cut out of two different types of products, the protein pump inhibitors, the acid reducers and the statins, the cholesterol-lowering group.

如果你以法國為例，去年 8 月，政府決定對兩種不同類型的產品進行大幅降價，即蛋白質泵抑製劑、酸還原劑和他汀類降膽固醇藥物。

That had an impact of roundabout $100 million on the total market.

這對整個市場產生了大約 1 億美元的影響。

This year -- and that's now just thinking through whilst we go through the year.

今年 - 現在我們正在考慮這一年。

What you also see is that there was an announcement in end of summer by the French government to take some quite forceful measures into the budget of the healthcare system.

你還看到，法國政府在夏末宣布對醫療保健系統的預算採取一些相當有力的措施。

But after detailed study you will find out that only about $100 million of that is currently some sort of earmark as being a price decrease on the gross prices of generic pharmaceuticals in the French healthcare system.

但經過詳細研究後，您會發現其中只有大約 1 億美元目前是某種專項撥款，作為法國醫療保健系統中仿製藥總價格的降價。

How that is exactly going to be implemented is currently unclear, but it's clear that it's happening as we -- that there is series talk about that and we're waiting for that to play out further.

目前尚不清楚具體將如何實施，但很明顯它正在發生，因為我們有一系列的討論，我們正在等待它進一步發揮作用。

Thanks.

謝謝。

If I want -- if I may comment because I understand that Europe is getting a lot of [attraction].

如果我願意——如果我可以發表評論，因為我知道歐洲正在獲得很多[吸引力]。

The price pressure, and I'm going to comment in a very overall kind of a comment.

價格壓力，我將以非常全面的方式發表評論。

I think that when you are a market leader in generics, price pressure is something that is part of your business environment.

我認為當你是仿製藥市場的領導者時，價格壓力是你商業環境的一部分。

I used to say that in the United States this is a constant price pressure every year and it becomes part of the business environment that you guys are not even questioning it anymore.

我過去常說，在美國，這是每年持續不斷的價格壓力，它已成為商業環境的一部分，你們甚至不再質疑它。

Price erosion in generics is part of the business environment and it goes also with something which is called more market share.

仿製藥的價格下降是商業環境的一部分，它也伴隨著所謂的更多市場份額。

And as a market leader I believe that we know how to manage this kind of phenomenon and to increase our market share to exceed the impact of the price pressure.

作為市場領導者，我相信我們知道如何管理這種現象並增加我們的市場份額以克服價格壓力的影響。

And that's of course not relating to any specific quarter or market or countries, but I believe that that's one of the things that we are doing for many years and with a nice track record.

這當然與任何特定的季度、市場或國家無關，但我相信這是我們多年來一直在做的事情之一，並且有著良好的記錄。

Gregg Gilbert, Bank of America-Merrill Lynch.

Gregg Gilbert，美銀美林。

Thanks.

謝謝。

One for Bill, then one for Shlomo and/or Eyal.

一份給 Bill，一份給 Shlomo 和/或 Eyal。

First, good morning, Bill.

首先，早上好，比爾。

On gemcitabine in the US, are you confident that your tentative or go final on November 15 and are confident that your -- that FDA will be supportive of a CBE-30 approach to transfer the product and minimize the delay?

關於美國的吉西他濱，您是否有信心在 11 月 15 日進行試驗或最終確定，並且有信心您的 - FDA 將支持 CBE-30 方法來轉移產品並最大限度地減少延遲？

There is still a process that we've got to go through.

我們還有一個過程需要經歷。

You can never be sure that the FDA is going to convert you in a rapid manner.

您永遠無法確定 FDA 是否會迅速使您轉變。

We hope to get it converted, we have time, we know that the forfeiture rules leave us until January.

我們希望將其轉換，我們有時間，我們知道沒收規則要等到一月份。

So we'll do our best to make sure that we get it approved and hopefully out the door by then.

因此，我們盡最大努力確保我們獲得批准，並希望屆時能夠推出。

Okay.

好的。

And then I have a question for Shlomo and Eyal.

然後我有一個問題要問 Shlomo 和 Eyal。

I know that the Company believes that acquisitions are still the best way to maximize shareholder value.

我知道公司認為收購仍然是實現股東價值最大化的最佳方式。

But I have to ask has the thinking of you and the Board shifted at all to a more balanced approach of acquisitions plus a more aggressive dividend and/or share repurchase strategy?

但我不得不問，您和董事會的想法是否完全轉變為更平衡的收購方式以及更積極的股息和/或股票回購策略？

It seems to me that the absolute level of cash flow you're generating these days calls for at least a slightly different look at your cash deployment strategy unless of course you think you should just continue to do larger and larger acquisitions over time.

在我看來，您這些天產生的現金流量的絕對水平要求至少對您的現金部署策略略有不同，除非您當然認為您應該隨著時間的推移繼續進行越來越大的收購。

Thank you.

謝謝你。

Well, thank you for the question, it's very broad subject and I'll try to be short because it deserves more than just a quick Q&A session time.

好吧，謝謝你提出這個問題，這是一個非常廣泛的主題，我會盡量簡短，因為它不僅僅是一個快速的問答環節。

But [aptly] speaking, we are trying to follow our long-term strategy which we of course are reviewing every year and from time to time as we think there is a reason for that.

但是[恰當]地說，我們正在努力遵循我們的長期戰略，我們當然每年都會不時審查該戰略，因為我們認為這是有原因的。

And we still believe that the growth is the major value driver for our shareholders.

我們仍然相信增長是我們股東的主要價值驅動力。

And when it comes to the acquisition part, let me remind you that, as we said at about one-third of our growth will come from acquisition and two-thirds from organic growth.

關於收購部分，讓我提醒您，正如我們所說，我們增長的大約三分之一將來自收購，三分之二來自有機增長。

And we are active in looking for acquisitions in generics, which is more about increasing our market share in attractive markets.

我們正在積極尋找仿製藥的收購，這更多是為了增加我們在有吸引力的市場中的市場份額。

But also in the branded where we'd like to strengthen our branded part of the business and we have right now four interesting and attractive franchises.

而且在品牌方面，我們希望加強業務的品牌部分，我們現在擁有四個有趣且有吸引力的特許經營權。

Let me just highlight the last week announcement which is typically a branded kind of acquisition.

讓我只強調上週的公告，這通常是一種品牌收購。

And as for size, I don't think the size is the issue.

至於尺寸，我認為尺寸不是問題。

As you know, in our size and with the strong cash generation of Teva, when we will need we will have the needed resources.

如您所知，以我們的規模和 Teva 強大的現金生成能力，當我們需要時，我們將擁有所需的資源。

It's more about a strategic fit to our strategy and to our famous three criteria which one I already mentioned, strategic fit, that it should also of course be with the good -- associated with good economics and accretive within a year after the acquisition.

它更多的是與我們的戰略和我們著名的三個標準的戰略契合，我已經提到過，戰略契合，它當然也應該與良好的 - 與良好的經濟和收購後一年內的增長相關聯。

And that's where -- how we actually are managing this part of our business.

這就是我們實際管理這部分業務的方式。

Maybe one more comment on that.

也許對此有更多評論。

I think you are all seeing what we're doing with cash.

我想你們都看到了我們用現金做什麼。

We generated cash, we use it to pay back our debt, then we take that in order to finance acquisitions.

我們產生了現金，我們用它來償還我們的債務，然後我們用它來為收購融資。

The ROI of our acquisition, we have an excellent track record and the return on acquisition or return on investment.

我們收購的投資回報率，我們擁有出色的業績記錄和收購回報或投資回報。

And that will go around, generate more cash and pay back those debts.

這將會發生，產生更多現金並償還這些債務。

So, so far I think it works very well in generating value.

所以，到目前為止，我認為它在創造價值方面非常有效。

And I think that you asked about dividend, we're currently at a 1.5% dividend yield.

我想你問的是股息，我們目前的股息收益率為 1.5%。

We see ourselves as a growth company and we need to have the right balance between all the factors and how to create shareholder value and I think so far we're more or less in that balance.

我們將自己視為一家成長型公司，我們需要在所有因素和如何創造股東價值之間取得適當的平衡，我認為到目前為止我們或多或少處於這種平衡狀態。

Thanks.

謝謝。

David Buck, Buckingham Research Group.

大衛·巴克，白金漢研究小組。

Yes, thanks.

對了謝謝。

First a confirmation from Eyal.

首先是 Eyal 的確認。

I think you said that 55% of the growth was organic.

我想你說過 55% 的增長是有機的。

Using those numbers it looks like ratiopharm was about $315 million in contribution for the quarter.

使用這些數字，ratiopharm 在本季度的貢獻似乎約為 3.15 億美元。

Can you just confirm that and were there some seasonalities associated with it in the third quarter or weaker quarter?

您能否證實這一點，在第三季度或較弱的季度是否有一些與之相關的季節性因素？

And then for Bill, just can you give us an update on -- or some type of quantification or qualitative what the impact of Venlafaxine might have been in the quarter and a reminder of how competitive you expect that market to be after six months?

然後對於比爾，你能不能給我們一個更新——或者某種類型的量化或定性，文拉法辛在本季度可能產生的影響，並提醒你六個月後你預計該市場的競爭力如何？

Thanks.

謝謝。

I did confirm the numbers, 55% of the growth was organic and ratiopharm contributed 45%.

我確實確認了這些數字，55% 的增長是有機的，ratiopharm 貢獻了 45%。

Remember it was only a couple of months or a little short of a couple of months in the third quarter which seasonally is a low quarter.

請記住，第三季度只有幾個月或幾個月的時間，這是一個季節性的低季度。

So when we compared it to what we had in our plan it was right on the money and we're happy with the result.

因此，當我們將它與我們的計劃進行比較時，它是物有所值的，我們對結果很滿意。

Okay.

好的。

Hi, David.

嗨，大衛。

On the Venlafaxine, I guess the public record would suggest that there are likely to be not as many players in the first part of 2011.

關於文拉法辛，我猜公開記錄表明 2011 年上半年的參與者可能沒有那麼多。

But it's hard for us to really have visibility to the players that haven't settled.

但我們很難真正了解尚未安頓下來的球員。

So, that leaves it a bit unclear for us.

所以，這讓我們有點不清楚。

Other than that, we had an excellent quarter with Venlafaxine, it's just the conversion rate was tremendous.

除此之外，我們在文拉法辛方面表現出色，只是轉化率非常高。

And so -- but it's pretty much as you would expect it to be.

所以 - 但它幾乎就像你期望的那樣。

And just one follow-up also for Bill.

還有比爾的一項後續行動。

Any sense of timing of just when you might see Enoxaparin response?

您對依諾肝素反應的時間有任何感覺嗎？

No, I don't think we have any update from our prior comments.

不，我認為我們對之前的評論沒有任何更新。

But as we said, we did meet with management.

但正如我們所說，我們確實會見了管理層。

And we do know that we've established sameness and that we are with OPB, so that's very important and we're very pleased.

我們確實知道我們已經建立了相同性並且我們與 OPB 在一起，所以這非常重要，我們非常高興。

Okay, thank you.

好的謝謝你。

Tim Chiang, CRT Capital.

CRT Capital 的 Tim Chiang。

Hi, thanks.

你好謝謝。

Gerard, I had a question in terms of Europe.

杰拉德，我有一個關於歐洲的問題。

You've talked about market share gains, steady market share gains.

你談到了市場份額的增長，穩定的市場份額增長。

And with ratiopharm how will that accelerate your position in Germany?

有了 ratiopharm，這將如何加速您在德國的地位？

I mean, if you look out a year, I mean is the goal to become the number one pharmaceutical company there?

我的意思是，如果你展望未來一年，我的意思是目標是成為那裡的頭號製藥公司嗎？

Yes, but I'll let Gerard answer the question.

是的，但我會讓杰拉德回答這個問題。

Thank you, Shlomo, for teeing this one up.

謝謝你，Shlomo，為這一個開球。

First of all, yes, definitely we have the ambition to go after the leadership position in Germany.

首先，是的，我們絕對有雄心去追求德國的領導地位。

Actually know that we were very enthusiastic of the acquisition of ratiopharm because it would give us a critical mass and punching power in quite a few markets in Europe that would lift us up and that would allow us to fight for synergistic strength in our top-line generation.

實際上知道我們對收購 Ratiopharm 非常熱心，因為它會給我們在歐洲很多市場的臨界質量和衝擊力，這會提升我們，這將使我們能夠在我們的頂線中爭取協同力量一代。

And first of all, in Germany I believe the total consolidation of our portfolio, both of products and customers, will allow us to really take advantage of the size.

首先，在德國，我相信我們產品組合和客戶組合的全面整合將使我們能夠真正利用規模優勢。

Everything we seen within ratiopharm is making us enthusiastic there.

我們在 ratiopharm 中看到的一切都讓我們充滿熱情。

I'm spending myself quite a lot of time in Ulm and I can tell you it's a real enthusiastic and opportunity rich field for us over there.

我在烏爾姆度過了很多時間，我可以告訴你，那裡對我們來說是一個真正充滿熱情和機會豐富的領域。

Bringing together the Teva global strength and the strong reputation and brand equity value in Germany that ratio brings is clearly something that is going to deliver us much more than just maintaining the dynamics as they are.

將 Teva 的全球實力與比率帶來的德國強大聲譽和品牌資產價值結合在一起，顯然會給我們帶來更多的東西，而不僅僅是保持現狀。

There is a lot of potential for positive synergies there.

那裡有很大的積極協同作用的潛力。

But it's also true outside of Germany.

但在德國以外也是如此。

Take for instance markets like Italy and Spain where we will clearly separate ourselves from the pack in -- with this merger of these two companies we'll be number one in Spain, we are number one in Italy, we're not only number one on a national level but also in the different sub regions that are important in these markets.

以意大利和西班牙這樣的市場為例，我們將在這些市場中明顯脫穎而出——通過這兩家公司的合併，我們將成為西班牙第一，我們將成為意大利第一，我們不僅是第一在國家層面以及在這些市場中很重要的不同次區域。

As you know, it is sort of a default decision-making system.

如您所知，它是一種默認的決策系統。

And that should allow us also to take advantage of the strength and the knowledge of the different customers.

這也應該讓我們能夠利用不同客戶的力量和知識。

There's very little customer overlap so we can let's say take advantage of each position and enrich our position.

客戶重疊很少，所以我們可以說利用每個職位並豐富我們的職位。

If I take France, by now we can claim to have the broadest portfolio that we can offer to the marketplace for all of France, which is bigger and broader than number one in France who are my American colleagues.

如果我以法國為例，到現在為止，我們可以聲稱擁有我們可以為整個法國市場提供的最廣泛的產品組合，這比我在法國排名第一的美國同事更大、更廣泛。

So that should give us also some leverage there which should translate into very positive dynamics.

因此，這也應該給我們一些影響力，這應該轉化為非常積極的動力。

So that gives you just a few elements there.

因此，這只為您提供了一些元素。

On top of all of this you know that there is some sort of consolidation at European scale going on with our major buyers, our major let's say customers, the wholesalers with their retail chains.

最重要的是，你知道我們的主要買家，我們的主要客戶，批發商及其零售連鎖店正在歐洲範圍內進行某種整合。

They prefer to work with a company that has a broad and a strong presence in each of the key markets of Europe.

他們更願意與在歐洲每個主要市場都有廣泛而強大影響力的公司合作。

We have the exact right profile for that now.

我們現在有了完全正確的配置文件。

So that's also something that I have a lot of confidence in that it will bring extra value.

所以這也是我非常有信心的事情，它會帶來額外的價值。

Just a quick follow-up to that.

只是對此進行快速跟進。

I mean what role does vertical integration sort of play in this whole European market?

我的意思是垂直整合在整個歐洲市場中扮演什麼角色？

You guys have always been sort of viewed as the leader in being vertically integrated and I guess that should provide you some benefits longer term in terms of operating margins.

你們一直被視為垂直整合的領導者，我想這應該會在營業利潤率方面為你們提供一些長期利益。

Could you comment on that?

你能對此發表評論嗎？

Absolutely.

絕對地。

And you have touched a very important and good point.

你觸及了一個非常重要和好的觀點。

Part of our [to's], so to speak, how to do the job in the European arena is based on our advantage as back integrated.

我們[to's]的一部分，可以這麼說，如何在歐洲舞台上做好這項工作是基於我們作為後整合的優勢。

Many of the acquired companies have third party suppliers and then we are going to bring back home part of these products.

許多被收購的公司都有第三方供應商，然後我們將把這些產品的一部分帶回家。

So it's definitely one of the best ways of how to generate more value, improving our margins by taking the advantage of this back integration.

因此，這絕對是創造更多價值的最佳方式之一，通過利用這種反向整合來提高我們的利潤率。

Is it too soon to quantify what sort of benefit you can get on the operating margin side at this point?

現在量化您在營業利潤方面可以獲得什麼樣的收益是否為時過早？

Or do you think you'll be able to provide a little bit more color earlier next year on that?

或者你認為你能在明年早些時候提供更多的顏色嗎？

I don't think I can share with you our numbers on that.

我不認為我可以與你分享我們的數字。

It's a process.

這是一個過程。

As you well know, transferring product from suppliers, it takes time.

眾所周知，從供應商處轉移產品需要時間。

But it's not a long time and this is part of our integration, long-term planning in Europe while we're integrating the companies.

但這不是很長時間，這是我們在整合公司時在歐洲進行整合和長期規劃的一部分。

We did it with (inaudible), now we are doing it with ratiopharm.

我們用（聽不清）做到了，現在我們用 Ratiopharm 做到了。

And that is again part of the ways of how we are going to maintain our differentiation or how to differentiate ourselves in the market versus part of our competitors.

這又是我們如何保持差異化或如何在市場上與我們的部分競爭對手區分開來的方式的一部分。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Elliott Wilbur, Needham & Company.

Elliott Wilbur, Needham & Company。

Hi, just if at all possible we could drill down a little bit more on Copaxone ex-US trends.

嗨，如果可能的話，我們可以更深入地了解 Copaxone 美國以外的趨勢。

Was trying to get a sense of the negative impact of austerity measures versus timing of purchases and some of the other factors that were cited for the year-over-year decline.

試圖了解緊縮措施的負面影響與購買時間的對比，以及導致同比下降的其他一些因素。

And then secondly, maybe just for Bill, can you just give us an update on the Irvine injectable facility, kind of where you are in terms of reintroduction of products?

其次，也許只是為了比爾，你能不能給我們介紹一下爾灣注射設施的最新情況，比如你在重新引入產品方面的進展情況？

Okay, as for Copaxone, on the non-US, if you take out the FX impact and the fact that in part of the non-US countries we are turning our Copaxone by governmental tenders, which sometimes are not necessarily occurring in the same quarter, i.e.

好的，對於 Copaxone，在非美國，如果你排除外匯影響以及在部分非美國國家我們正在通過政府招標轉變我們的 Copaxone 的事實，這有時不一定發生在同一季度， IE。

there is a shift between the quarters, then actually we even grow the Copaxone market share in the non- -- sorry, the Copaxone grew in that quarter.

季度之間發生了變化，實際上我們甚至在非 - 抱歉，Copaxone 在那個季度增長了 Copaxone 市場份額。

These two elements that I mentioned, the FX and the tender shift, is why you see actually a negative growth year over year.

我提到的這兩個因素，外彙和招標轉移，就是為什麼你看到實際同比負增長的原因。

And to a very small degree is also some price that are in some countries, in those countries it we mentioned a price reduction in Europe.

在很小的程度上也是一些國家的一些價格，在這些國家我們提到了歐洲的降價。

But that major part of that decline is FX and the tender part.

但下降的主要部分是外彙和投標部分。

Bill, will you take the next question?

比爾，你會回答下一個問題嗎？

Yes.

是的。

Good morning, Elliott.

早上好，埃利奧特。

With respect to Irvine, there's probably not a lot new that I can add.

關於 Irvine，我可能無法添加太多新內容。

We anticipate start-up between now and the end of the year.

我們預計從現在到年底啟動。

At some point during that start-up process the FDA will come in and do one more inspection and we've discussed that with them.

在啟動過程中的某個時候，FDA 將介入並再進行一次檢查，我們已經與他們討論過。

We have released a number of products, as we've talked about before, that were in cooperation with the agency, most of which are medically necessary important products for the market.

正如我們之前談到的，我們已經發布了一些與該機構合作的產品，其中大部分是市場上醫療必需的重要產品。

So we're proceeding along with our plan.

所以我們正在按照我們的計劃進行。

John Boris, Citi Investment Research.

John Boris，花旗投資研究部。

Thanks for taking the questions and congratulations on the results.

感謝您提出問題並祝賀結果。

A question for Bill on Copaxone.

一個關於 Copaxone 的問題。

Can you just comment or give a little bit better clarity on the type of intellectual property that's going to be issued?

您能否就將要發布的知識產權類型發表評論或更清楚地說明一下？

Is there a device involved?

是否涉及設備？

Is there any competitive advantage that you'll have with using a device along with the half CC?

將設備與半 CC 一起使用是否有任何競爭優勢？

And then, have you started to build launch quantities on the half CC formulation in whatever device that you might be using?

然後，您是否開始在您可能使用的任何設備中建立基於半 CC 公式的發射數量？

Second question just has to do with the dialogue you're having with the FDA on Lovenox.

第二個問題與您與 FDA 就 Lovenox 進行的對話有關。

Where are you in that process on Lovenox?

您在 Lovenox 的那個過程中處於什麼位置？

Has it completed and you're just waiting for a final response from the FDA?

它完成了嗎，你只是在等待 FDA 的最終回應？

Any kind of update there would be helpful.

那裡的任何更新都會有所幫助。

Thanks.

謝謝。

Yes, John, thanks for the questions.

是的，約翰，謝謝你的提問。

I guess on the patent, we can just say that it's around a formulation of delivering the 0.5 ml, and that's really all we can say about that.

我想關於專利，我們只能說它是圍繞提供 0.5 毫升的配方，這就是我們能說的全部。

And again, that will be added to the other patent estate that we have and can be used in any further litigation when we get to the 0.5.

同樣，當我們達到 0.5 時，這將被添加到我們擁有的其他專利財產中，並且可以用於任何進一步的訴訟。

The other question about 0.5?

關於 0.5 的另一個問題？

Launch quantities.

發射數量。

Launch quantities we wouldn't comment on.

我們不會評論的發射數量。

But one would assume that Teva is always prepared.

但人們會認為 Teva 總是做好準備。

Anymore on the --?

還有關於--？

I guess on -- so always prepared meaning you're only about 60 days away from FDA action on January 1.

我猜是——所以總是做好準備，這意味著你距離 FDA 在 1 月 1 日採取行動只有大約 60 天的時間。

So, --?

所以， - ？

Well, again, I would remind, it was brought up earlier that we have supplemented with clinical data that -- I wouldn't be shocked if it took them more time to respond to this clinical data.

好吧，我再次提醒，之前有人提出我們已經補充了臨床數據——如果他們花更多時間來回應這些臨床數據，我不會感到震驚。

But again, you have to hedge your bets.

但同樣，你必須對沖你的賭注。

And although we're not saying that we've built launch quantities, we always tend to try to be prepared.

雖然我們並不是說我們已經建立了發射數量，但我們總是傾向於做好準備。

Got it.

知道了。

On the enoxaparin, there isn't a whole lot more color to add to enoxaparin, other than what I think is important is we achieved chemical sameness and we're in review with OPB and meeting with management helped us feel much better about the situation.

在依諾肝素上，依諾肝素沒有更多的顏色可以添加，除了我認為重要的是我們實現了化學相同，我們正在與 OPB 進行審查，與管理層會面幫助我們對這種情況感覺好多了.

Is it in your guidance for this year -- Lovenox?

它在你今年的指導中—— Lovenox 嗎？

I can't really say about the guidance whether it's in or not.

我真的不能說指南是否存在。

The fact of the matter is we hope -- we are still hopeful that we can see it yet this year.

事實是我們希望——我們仍然希望我們能在今年看到它。

In fact I'd be deeply disappointed if we didn't get the approval yet this year.

事實上，如果我們今年還沒有獲得批准，我會非常失望。

But I, again, can't be certain.

但我又不能確定。

Thanks for your candor.

謝謝你的坦率。

Corey Davis, Jefferies & Co.

科里戴維斯，傑富瑞公司

Thanks.

謝謝。

First question, just I think today and tomorrow there's an FDA advisory panel about biosimilars and looking down the agenda of the Who's Who of biotech pharma and generic companies and Teva has some representation there.

第一個問題，我認為今天和明天會有一個關於生物仿製藥的 FDA 顧問小組，並查看生物技術製藥和仿製藥公司名人錄的議程，Teva 在那裡有一些代表。

So, any thoughts about whether or not there's anything meaningful that's going to come out of this meeting or any updates you have in general about how you're feeling the regulatory path is proceeding with the FDA and getting biosimilars approved?

那麼，關於這次會議是否會產生任何有意義的結果，或者您對監管路徑如何推進 FDA 並獲得生物仿製藥批准的總體更新，有什麼想法嗎？

Bill, will you answer the question, please?

比爾，請你回答這個問題好嗎？

Sure.

當然。

Good morning, Corey.

早上好，科里。

Yes, the next couple of days I think will be very revealing.

是的，我認為接下來的幾天會非常有啟發性。

But I don't think we can make any real predictions just yet.

但我認為我們現在還不能做出任何真正的預測。

We do have Dr.

我們確實有博士。

(inaudible) [Creightman] down there who will be presenting and we know she'll do an excellent job of portraying our position.

（聽不清）[Creightman] 在那兒，誰將出席，我們知道她會很好地描繪我們的立場。

So it will be very interesting for us to hear the other's positions as well.

所以我們也很想听聽對方的立場。

And I think this really is about a forum for the agency to be able to get all the opinions and begin to -- I'm sure they've thought deeply about their own position, but they may want to think how they might alter their position or think differently.

我認為這真的是一個論壇，讓該機構能夠獲得所有意見並開始——我相信他們已經深入思考了自己的立場，但他們可能想考慮如何改變他們的立場立場或想法不同。

But I think it's a very, very good forum.

但我認為這是一個非常非常好的論壇。

So we're pretty excited with all the stuff that we see out of it.

因此，我們對從中看到的所有內容感到非常興奮。

And one last question just on Copaxone growth in looking at this quarter.

最後一個問題是關於本季度 Copaxone 增長的問題。

Without asking for specific guidance, but do you think the growth around 4% worldwide this quarter is predictive of where it's going to be over the next quarter, next couple quarters, or is this more of a downside anomaly?

無需具體指導，但您認為本季度全球 4% 左右的增長率是否可以預測下一季度、接下來幾個季度的增長情況，或者這更像是一個下行異常？

Well, I think Shlomo very well articulated earlier that you have bumps from quarter to quarter.

好吧，我認為 Shlomo 早些時候很好地闡明了你每個季度都有顛簸。

What we can say is if you look at the first nine months of the year, total boxes of Copaxone are up almost 10%.

我們可以說的是，如果你看看今年的前九個月，Copaxone 的總箱數增加了近 10%。

But it moves from quarter to quarter outside the United States based on all the governmental process, bids, tenders, etc.

但它根據所有政府程序、投標、招標等，逐季轉移到美國以外的地區。

So you just have to look -- right now the global growth trend is good.

所以你只需要看看 - 現在全球增長趨勢是好的。

Fair enough.

很公平。

Thanks, Bill.

謝謝，比爾。

Michael Tong, Wells Fargo.

Michael Tong，富國銀行。

Good morning.

早上好。

For Eyal, as you start to think about inclusion of ratiopharm, how should we start to think about the longer-term tax rate on an adjusted EPS basis maybe into 2011?

對於 Eyal，當您開始考慮納入 Ratiopharm 時，我們應該如何開始考慮可能到 2011 年調整後的 EPS 基礎上的長期稅率？

And then secondly, the recently announced acquisition of Theramex, is there any ability for you or is there any ability for that operation to enhance your manufacturing efficiency as it relates to the US women's health business?

其次，最近宣布的對 Theramex 的收購，您是否有能力或該業務是否有能力提高與美國女性健康業務相關的製造效率？

Thank you.

謝謝你。

Regarding tax rate, the acquisition of ratiopharm will not have a meaningful impact on our effective tax rate, which is, as we've guided, anywhere between 14% to 16%.

關於稅率，收購 ratiopharm 不會對我們的有效稅率產生重大影響，正如我們所指導的那樣，有效稅率在 14% 至 16% 之間。

I believe this is what we're going to see, at least for next year.

我相信這就是我們將要看到的，至少明年是這樣。

So we're pretty much in a stable environment despite the fact that ratiopharm was at profit next year coming from synergies bears a slightly higher tax rate than (inaudible) in Germany it's about 28%.

因此，儘管 ratiopharm 明年從協同效應中獲利，但我們幾乎處於穩定的環境中，其稅率略高於德國（聽不清），約為 28%。

We will absorb that.

我們會吸收它。

On Theramex, I can take the question.

在 Theramex，我可以回答這個問題。

Basically we're not talking about a [used] production facility, we're not going to move the products that we make for the US market to be produced over there right now.

基本上我們不是在談論[二手]生產設施，我們不會將我們為美國市場生產的產品轉移到那裡生產。

It's designed to support its own product portfolio.

它旨在支持自己的產品組合。

Thank you.

謝謝你。

Frank Pinkerton, SunTrust Robinson Humphrey.

弗蘭克平克頓，太陽信託羅賓遜漢弗萊。

Great, thank you all.

太好了，謝謝大家。

I might have missed it, but can you please just discuss your sales for your two follow-on biologic products in the quarter and the trends there?

我可能錯過了，但您能否談談本季度您的兩種後續生物製品的銷售額以及那裡的趨勢？

Thank you.

謝謝你。

I can give you the overall number also so you'll be able to see the detail.

我也可以給你總數，這樣你就可以看到細節。

There's another detail you'll see it on a (inaudible) it tells of biologic with just about $30 million this quarter compared to $25 million last quarter.

還有另一個細節，你會在一個（聽不清）上看到它，它告訴生物製品，本季度只有大約 3000 萬美元，而上一季度為 2500 萬美元。

So we're growing.

所以我們在成長。

Ratiopharma is adding and will add next quarter another dimension on biosimilars.

Ratiopharma 正在並將在下個季度增加生物仿製藥的另一個維度。

But other than that we don't provide any more details on what are we selling and by product by product.

但除此之外，我們沒有提供更多關於我們銷售的產品和產品的詳細信息。

Okay, great.

好，太棒了。

And then just as they follow-up, can you talk about in 2011 -- I think the proprietary pipeline has some data points coming out in the first half.

然後就像他們跟進一樣，你能談談 2011 年——我認為專有管道在上半年有一些數據點出來。

Can you give us anything on timing or conferences and presentations?

你能告訴我們任何關於時間安排或會議和演講的信息嗎？

I think laquinimod has got a couple of studies, StemEx has a study and you've also got I believe something on the perennial rhinitis for your HSA product.

我認為 laquinimod 已經進行了幾項研究，StemEx 進行了一項研究，我相信你們的 HSA 產品也有一些關於常年性鼻炎的研究。

Thank you.

謝謝你。

Well, part of the answer to your question is going to be given on Thursday when we will present the respiratory franchise.

好吧，你的問題的部分答案將在周四給出，屆時我們將介紹呼吸專營權。

We will provide more data on our pipeline and status of some of the product that we are developing.

我們將提供有關我們正在開發的某些產品的管道和狀態的更多數據。

Part of the -- other part of your question you'll have to be patient until we will provide more guidance regarding 2011 and laquinimod, as you know, is scheduled for the beginning of 2011 when we are going to end the first -- sorry, the third phase of clinical trial.

在我們將提供更多關於 2011 年和拉喹莫德的指導之前，你的問題的一部分 - 其他部分你必須耐心等待，正如你所知，計劃在 2011 年初結束第一個 - 抱歉，三期臨床試驗。

And that will definitely be a major milestone for laquinimod.

這絕對是拉喹莫德的一個重要里程碑。

Thank you.

謝謝你。

Ladies and gentlemen, there is no further time for questions.

女士們，先生們，沒有時間提問了。

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 and I thank you all for joining us today.

謝謝你，我也感謝大家今天加入我們。

As you have heard, this was another great quarter for Teva.

如您所知，這是 Teva 的又一個偉大季度。

And we are excited about how the rest of 2010 is shaping up.

我們對 2010 年剩餘時間的發展情況感到興奮。

Thank you all for joining us today and we hope you can join us again this Thursday for our respiratory opportunity meeting.

感謝大家今天加入我們，我們希望您能在本週四再次加入我們，參加我們的呼吸機會會議。

Thank you and have a good day.

謝謝你，有一個美好的一天。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

All parties may disconnect now.

各方現在可以斷開連接。

Thank you.

謝謝你。