Teva Pharmaceutical Industries Ltd (TEVA) 2011 Q1 法說會逐字稿

Greetings, and welcome to the Teva Pharmaceutical Industries Limited first-quarter 2011 results conference call.

大家好，歡迎來到 Teva Pharmaceutical Industries Limited 2011 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。

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

問答環節將在正式介紹之後進行。

(Operator Instructions).

（操作員說明）。

As a reminder, this conference is being recorded.

提醒一下，這次會議正在錄製中。

It is now my pleasure to introduce your host, Elana Holzman, Vice President of Investor Relations.

現在我很高興向您介紹主持人，投資者關係副總裁 Elana Holzman。

Thank you.

謝謝你。

You may begin.

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 2011 earnings conference call.

歡迎參加 Teva 2011 年第一季度收益電話會議。

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 release is available on our website at www.TevaPharma.com.

該新聞稿的副本可在我們的網站 www.TevaPharma.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; Dr.

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；博士

Gerard Van Odijk, President and CEO of Teva Europe; and Professor Yitzhak Peterburg, Group Vice President, Global Branded Products.

Teva Europe 總裁兼首席執行官 Gerard Van Odijk；以及全球品牌產品集團副總裁 Yitzhak Peterburg 教授。

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

Shlomo 和 Eyal 將首先概述我們的結果。

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

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

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

Eyal 將提供有關從我們的非 GAAP 結果中排除的項目的更多詳細信息。

We will then open the call for question-and-answer period.

然後我們將打開問答期。

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

在我們繼續通話之前，我想提醒大家，今天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 2011.

歡迎大家，並感謝你們今天加入我們，回顧 Teva 2011 年第一季度的業績。

During the first quarter, we enjoyed double-digit growth across the major financial parameters.

在第一季度，我們在主要財務參數上實現了兩位數的增長。

Net sales reached $4.1 billion, representing 12% growth over the first quarter of 2010.

淨銷售額達到 41 億美元，比 2010 年第一季度增長 12%。

Quarterly operating profit was $1.1 billion, with net income of $936 million.

季度營業利潤為 11 億美元，淨收入為 9.36 億美元。

This brought us to EPS of $1.04.

這使我們的每股收益為 1.04 美元。

As you can see, these results are in line with the guidance we shared with you in February, that 2011 would build gradually.

如您所見，這些結果符合我們在 2 月份與您分享的指南，即 2011 年將逐步建立。

We continue to expect that growth will accelerate in the second half of the year.

我們繼續預計下半年增長將加速。

I would like to share with you the highlights of the first quarter, a quarter which I believe provides a good demonstration of the power of our balanced business model, our global presence and the successful initiative we took to expand our presence in high-growth markets.

我想與大家分享第一季度的亮點，我認為該季度很好地展示了我們平衡的商業模式的力量、我們的全球影響力以及我們為擴大我們在高增長市場的影響力而採取的成功舉措.

Contributions from our branded and European businesses, as well as from Eastern Europe, Latin America and Asia, play exciting role in our long-term strategy.

我們的品牌和歐洲業務以及東歐、拉丁美洲和亞洲的貢獻在我們的長期戰略中發揮著令人興奮的作用。

In the US, generic sales totaled $952 million.

在美國，仿製藥銷售額總計 9.52 億美元。

As you know, the comparable quarter, Q1 2010, was a particularly strong quarter where we benefited from new launches in sales of key products, such as the generic equivalents of Mirapex, Eloxatin, Protonix, Adderall XR and Lotrel, which were absent or diminished in the first quarter of 2011.

如您所知，2010 年第一季度的可比季度是一個特別強勁的季度，我們受益於關鍵產品銷售的新推出，例如 Mirapex、Eloxatin、Protonix、Adderall XR 和 Lotrel 的仿製藥，這些產品不存在或減少2011年第一季度。

As expected, we had no major launches in the US during this first quarter.

正如預期的那樣，我們在第一季度沒有在美國進行重大發布。

In addition, quality issues in Irvine and Jerusalem led to a loss of approximately $100 million of sales versus 2010.

此外，爾灣和耶路撒冷的質量問題導致與 2010 年相比損失了約 1 億美元的銷售額。

To be clear, we do not view the challenges we face in the US during the quarter as representing a trend, and in fact, we anticipate an improving trend for the balance of the year.

需要明確的是，我們並不認為本季度我們在美國面臨的挑戰代表了一種趨勢，事實上，我們預計今年餘下時間會出現改善趨勢。

As you know, last month, we resumed production in Irvine, and I am very pleased to announce that on Monday, we released our first lot of Vincasar, which will be followed shortly by Zanosar.

如您所知，上個月，我們在爾灣恢復了生產，我很高興地宣布，週一我們發布了第一批 Vincasar，Zanosar 也將緊隨其後。

These steps, along with others we are working on with the FDA Drug Shortage, will ultimately improve availability of Teva products for the US injectable market.

這些步驟，連同我們針對 FDA 藥物短缺問題正在採取的其他措施，將最終提高 Teva 產品在美國註射劑市場的可用性。

This is the beginning of a process which will take the remainder of the year to complete.

這是一個需要今年剩餘時間才能完成的過程的開始。

Furthermore, we submitted a complete response to the FDA's warning letter related to our all-solid-dose facility in Jerusalem, after we completed the required corrective actions.

此外，在我們完成所需的糾正措施後，我們提交了對 FDA 關於我們在耶路撒冷的全固體劑量設施的警告信的完整回應。

We have requested that the FDA reinspect this facility.

我們已要求 FDA 重新檢查該設施。

Quality in Teva is Teva's number-one priority.

Teva 的質量是 Teva 的第一要務。

As CEO, it is my own top priority, and it is Teva's responsibility and it is our privilege to provide patients around the world with access to high-quality medications.

作為首席執行官，這是我自己的首要任務，也是 Teva 的責任，我們有幸為世界各地的患者提供高質量的藥物。

As you know, growing our generics business in Europe and high-growth generics market is a key element of our long-term strategy, and during the first quarter, our efforts in these regions bore fruit.

如您所知，在歐洲和高增長仿製藥市場發展我們的仿製藥業務是我們長期戰略的關鍵要素，在第一季度，我們在這些地區的努力取得了成果。

In fact, during the quarter, half of our generic sales came from these regions.

事實上，在本季度，我們一半的仿製藥銷售額來自這些地區。

In Europe, the acquisition and successful integration of ratiopharm and our [other] leadership position enabled us to grow our sales by 66%.

在歐洲，ratiopharm 的收購和成功整合以及我們的[其他]領導地位使我們的銷售額增長了 66%。

We grow organically in every key European market outside of Germany, with especially high double-digit growth in Spain, the UK and Italy.

我們在德國以外的每個主要歐洲市場都實現了有機增長，尤其是在西班牙、英國和意大利實現了兩位數的高增長。

Teva is the number one player in all of these markets, and poised for continued growth.

Teva 是所有這些市場中的頭號玩家，並有望持續增長。

We also experienced very nice growth in France and Poland.

我們在法國和波蘭也經歷了非常好的增長。

In Germany, sales declined in low teens on the back of price reforms that occurred in the second half of 2010.

在德國，由於 2010 年下半年發生的價格改革，銷售額出現了低十幾位的下降。

Despite these anticipated reforms, Teva's performance was markedly stronger than the competition.

儘管進行了這些預期的改革，但 Teva 的業績明顯強於競爭對手。

In terms of value, we narrowed the gap between Teva and the nearest competitor by six marketshare points, and we became the number one player in Germany by volume.

在價值方面，我們將 Teva 與最接近的競爭對手的差距縮小了 6 個市場份額點，我們成為德國銷量第一的玩家。

In addition, according to the preliminary results of the most recent AOK tender, Teva won 20% of the tender value, representing significant improvement over last year.

此外，根據最近一次AOK招標的初步結果，梯瓦中標了20%的投標金額，較去年有了顯著提升。

Given these results and our current momentum, we are optimistic about the second half of 2011 in Germany.

鑑於這些結果和我們目前的勢頭，我們對德國 2011 年下半年持樂觀態度。

I would like to point out that excluding Germany, Teva achieved organic growth of 7% in Europe, and we believe that we are very well-positioned for growth in our European business in the second half of this year.

我想指出，除德國外，Teva 在歐洲實現了 7% 的有機增長，我們相信我們在今年下半年的歐洲業務增長方面處於非常有利的位置。

During the first quarter, we also made good progress in our Eastern European business.

第一季度，我們在東歐業務也取得了良好進展。

For example, in Russia, we enjoyed record sales of generics, which increased by 52% over the first quarter of 2010.

例如，在俄羅斯，我們的仿製藥銷售額創下歷史新高，比 2010 年第一季度增長了 52%。

Organic generic growth was 25%.

有機通用增長為 25%。

We also had a very good quarter in Latin America, another high-growth region where Teva has established a strong position.

我們在拉丁美洲也有一個非常好的季度，梯瓦在另一個高增長地區建立了強大的地位。

We achieved organic growth of 16% over the first quarter of 2010.

我們在 2010 年第一季度實現了 16% 的有機增長。

In Mexico, we grew by 20%, and in Argentina by 29%.

在墨西哥，我們增長了 20%，在阿根廷增長了 29%。

Now, for the first time, I would like to discuss the progress we are making in Asia.

現在，我想第一次討論我們在亞洲取得的進展。

In Japan, the world's second-largest pharmaceutical market, we enjoyed 29% growth in local currency, or 43% in US dollars.

在世界第二大醫藥市場日本，我們以當地貨幣計算增長了 29%，以美元計算增長了 43%。

As you know, we regard Japan as a key growth driver, and we will continue to invest in building this important business.

如您所知，我們將日本視為主要的增長動力，我們將繼續投資建設這一重要業務。

To conclude my review of the highlights of our generics business, TAPI, Teva's API business, grew third-party sales by 32% over the first quarter of 2010.

總結一下我對我們仿製藥業務亮點的回顧，Teva 的 API 業務 TAPI 的第三方銷售額比 2010 年第一季度增長了 32%。

As you can see, Teva's global generics platform is enjoying growth in the high double digit, and we believe that in line with our long-term strategy growth, we will continue to see strong growth in these markets.

如您所見，Teva 的全球仿製藥平台正以兩位數的速度增長，我們相信，根據我們的長期戰略增長，我們將繼續看到這些市場的強勁增長。

Turning now to our branded business, let's start with our respiratory franchise, which grew by 19% globally.

現在轉向我們的品牌業務，讓我們從我們的呼吸系統特許經營權開始，該業務在全球範圍內增長了 19%。

In the US, our respiratory brands performed very well, with ProAir and Qvar solidifying their number one and number two positions in their respective markets.

在美國，我們的呼吸系統品牌表現非常出色，ProAir 和 Qvar 鞏固了各自市場的第一和第二位置。

ProAir crossed the 50% mark in [PRx] marketshare, an increase of two share points in the first quarter.

ProAir 在 [PRx] 市場份額中突破 50%，第一季度增加了兩個份額。

Qvar reached 22% [PRx] marketshare during the quarter, up more than three share points over Q1 2010.

Qvar 在本季度達到了 22% [PRx] 的市場份額，比 2010 年第一季度增長了三個多點。

In addition, we are on track to file our nasal BDP HFA, formerly known as Qnaze, with the FDA this quarter.

此外，我們正按計劃在本季度向 FDA 提交我們的鼻腔 BDP HFA（以前稱為 Qnaze）。

Sales of our respiratory products were especially strong in Europe, growing by 46% over the first quarter of 2010 and driven by strong sales of Qvar.

我們的呼吸系統產品在歐洲的銷售尤其強勁，在 Qvar 強勁銷售的推動下，2010 年第一季度增長了 46%。

Let's turn now to Azilect, in-market sales of which grew by 16% over the first quarter of 2010.

現在讓我們來看看 Azilect，其市場銷售額比 2010 年第一季度增長了 16%。

Total prescriptions of Azilect grew by more than 22%, and Azilect now is the leading branded product to treat Parkinson's disease in the US market.

Azilect 的總處方增長了 22% 以上，Azilect 現在是美國市場上治療帕金森病的領先品牌產品。

Finally, Copaxone.

最後，可帕松。

Copaxone continues to be the global leader among MS therapies, as its thick efficacy and its proven safety and tolerability profile continue to make it the first choice of physicians.

Copaxone 繼續成為 MS 療法的全球領導者，因為其強大的療效和經過驗證的安全性和耐受性繼續使其成為醫生的首選。

Copaxone global market share increased to 31%.

Copaxone全球市場份額增加到31%。

In-market sales of Copaxone grew 14% over the first quarter of 2010 to reach $907 million, outpacing the market growth of 9%.

Copaxone 的市場銷售額比 2010 年第一季度增長了 14%，達到 9.07 億美元，超過了 9% 的市場增長率。

Copaxone's share of [Pox] in the US was over 40%.

Copaxone 在美國 [Pox] 的份額超過 40%。

The first quarter of 2011 has been an active one for Teva in terms of business development.

2011 年第一季度對於 Teva 的業務發展來說是一個活躍的季度。

Last month, we announced a joint venture with Procter & Gamble that we expect will make us the leader in consumer health care.

上個月，我們宣布與寶潔公司成立合資企業，我們預計這將使我們成為消費者保健領域的領導者。

This unique alliance will enable Teva to participate in all three categories of pharmaceuticals care -- branded, generics and OTC.

這一獨特的聯盟將使 Teva 能夠參與所有三個類別的藥物治療——品牌藥、仿製藥和非處方藥。

And of course, our planned acquisition of Cephalon will confirm our branded business and will enable us to fulfill the second pillar of our long-term strategy, to expand our branded business into a diverse Specialty Pharmacy business and become a leading player in this area.

當然，我們計劃收購 Cephalon 將鞏固我們的品牌業務，並使我們能夠實現我們長期戰略的第二個支柱，將我們的品牌業務擴展到多元化的專業藥房業務，並成為該領域的領先者。

Before I turn the call over to Eyal, I would like to reiterate our guidance for 2011, which of course does not take into account Cephalon or any other acquisitions.

在我將電話轉給 Eyal 之前，我想重申我們對 2011 年的指導，這當然沒有考慮 Cephalon 或任何其他收購。

We continue to forecast sales to be in the range of $18.5 billion to $19 billion, and EPS in the range of $4.90 to $5.20.

我們繼續預測銷售額在 185 億美元至 190 億美元之間，每股收益在 4.90 美元至 5.20 美元之間。

We had a solid start to the year, and I would like to remind everyone that we continue to expect the second half of 2011 to be significantly stronger than the first half.

我們今年開局良好，我想提醒大家，我們繼續預計 2011 年下半年將明顯強於上半年。

Thank you very much for your attention, and now let's turn the call over to Eyal for a deeper financial review of the quarter.

非常感謝您的關注，現在讓我們將電話轉給 Eyal，以便對本季度進行更深入的財務審查。

Eyal.

埃亞爾。

Thank you, Shlomo, and good day to everyone.

謝謝你，Shlomo，祝大家有美好的一天。

I hope you have had the opportunity to review the press release, which we issued earlier this morning.

我希望您有機會閱讀我們今天上午早些時候發布的新聞稿。

We reported a solid first quarter for the year.

我們報告了今年第一季度的穩健表現。

Results for the most part, both the positive and negative, were in line with our expectations.

大多數結果，無論是正面的還是負面的，都符合我們的預期。

Despite the many challenges of the quarter, including the lack of significant new generic launches in the US, we delivered double-digit growth in sales, non-GAAP operating profit, net income and earnings per share.

儘管本季度面臨許多挑戰，包括在美國缺乏重要的新仿製藥上市，但我們在銷售額、非 GAAP 營業利潤、淨收入和每股收益方面實現了兩位數的增長。

We continued to generate strong cash flow, with cash flow from operations of $900 million and free cash flow of $513 million.

我們繼續產生強勁的現金流，運營現金流為 9 億美元，自由現金流為 5.13 億美元。

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

在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.

在我們的非 GAAP 演示文稿中，我們在本季度排除了以下項目。

Amortization of purchased intangible assets amounting to $158 million, of which $151 million are included in COGS, cost of goods sold, and the remaining $7 million in selling and marketing expenses.

所購無形資產的攤銷總額為 1.58 億美元，其中 1.51 億美元計入銷貨成本、銷售商品成本，其餘 700 萬美元計入銷售和營銷費用。

I would like to remind you that we started recording amortization of ratiopharm intangibles this quarter.

我想提醒您，我們本季度開始記錄 Ratiopharm 無形資產的攤銷。

An inventory stepup of $10 million relating to the acquisition of Theramex and Infarmasa.

與收購 Theramex 和 Infarmasa 相關的 1000 萬美元庫存增加。

Costs related to regulatory action taken in [facilities] of $50 million, related primarily to the remediation of quality issues in Irvine.

與 5000 萬美元 [設施] 採取的監管行動相關的成本，主要與爾灣質量問題的補救有關。

Restructuring and acquisition expense of $22 million, related primarily to the acquisition of ratiopharm.

重組和收購費用為 2200 萬美元，主要與收購 Ratiopharm 有關。

Impairment of assets of $11 million, mostly intangible assets related to the acquisition of Barr.

資產減值 1100 萬美元，主要是與收購 Barr 相關的無形資產。

These expenses were offset by income of $4 million in connection from a provision for legal settlement and a related tax effect of $72 million.

這些費用被與法律和解條款相關的 400 萬美元收入和 7200 萬美元的相關稅收影響所抵消。

You should note that the items excluded in arriving at our non-GAAP results for the first quarter of 2010 are not identical to those in the current quarter.

您應該注意到，在得出我們 2010 年第一季度的非 GAAP 業績時，排除的項目與本季度的不盡相同。

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

請查看我們的新聞稿和相關表格，以核對我們的 GAAP 數據和更完整的信息。

As indicated in the past, we will 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，我們將提供非 GAAP 數據，以向您展示我們、管理團隊和董事會如何看待我們的財務業績。

Second, foreign currencies, which played a minor role in our profit and loss result this quarter, with a greater influence on our balance sheet.

其次，外幣對我們本季度的損益結果影響較小，但對我們的資產負債表影響較大。

In the first quarter, foreign currency differences had a small positive impact of approximately $27 million on sales and $7 million on operating income as compared to Q1 2010.

與 2010 年第一季度相比，第一季度外幣差異對銷售額產生了約 2700 萬美元的積極影響，對營業收入產生了約 700 萬美元的積極影響。

Teva's diverse geographical presence continued to provide us with a good natural hedge that negates much of the 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，抵消了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。

Foreign currencies also had a positive impact on our equity.

外幣也對我們的權益產生了積極影響。

The weakness of the US dollar on March 31, primarily relative to the euro, increased our equity by approximately $940 million compared to December 31, 2010.

與 2010 年 12 月 31 日相比，3 月 31 日美元的疲軟，主要是相對於歐元的疲軟，使我們的權益增加了約 9.4 億美元。

Looking at our consolidated results for Q1, sales totaled $4.1 billion, an increase of 12% compared to Q1 last year.

從我們第一季度的綜合業績來看，銷售額總計 41 億美元，比去年第一季度增長 12%。

Sales in North America declined 11% due to weaker generic sales in the US.

由於美國仿製藥銷售疲軟，北美的銷售額下降了 11%。

US generics had a particularly soft quarter, primarily because several products that were major contributors to sales in the comparable quarter in 2010 had little or no sales this quarter, and this was one of those quarters in which we had no major launches to offset this.

美國仿製藥的季度特別疲軟，主要是因為在 2010 年同期銷售額中占主要貢獻的幾種產品本季度銷售額很少或沒有銷售額，而這是我們沒有推出重大產品來抵消這一影響的季度之一。

But as we said when we gave our guidance last quarter, we expect US generics to grow above this level in each of the next three quarters.

但正如我們在上個季度給出指導時所說的那樣，我們預計未來三個季度的每個季度美國仿製藥的增長都將超過這一水平。

Europe grew 66%, mainly due to consolidation of ratiopharm's results.

歐洲增長了 66%，主要是由於合併了 ratiopharm 的業績。

But it is important to note that we saw real organic growth in Europe on an organic basis as well; in other words, calculated as if ratiopharm and Theramex as being part of Teva already in Q1 2010.

但重要的是要注意，我們在有機基礎上也看到了歐洲真正的有機增長；換句話說，在 2010 年第一季度計算時，ratiopharm 和 Theramex 已成為 Teva 的一部分。

This is pro forma calculation.

這是備考計算。

Total sales in Europe grew organically by 3%, while sales excluding Germany grew 7%.

歐洲總銷售額有機增長 3%，而除德國外的銷售額增長 7%。

Given the price reforms in Germany in the second half of 2010, our performance was markedly stronger than the competition.

鑑於2010年下半年德國的價格改革，我們的表現明顯強於競爭對手。

We reduced the market share gap with the number one player on a pro forma basis from almost 10% in Q1 2010 to just over 4% in this quarter, and we believe that Germany will resume its contribution to European growth in the second half of this year.

我們在備考基礎上將與第一名的市場份額差距從 2010 年第一季度的近 10% 縮小到本季度的略高於 4%，我們相信德國將在本季度下半年恢復對歐洲增長的貢獻年。

Europe is a tough and dynamic market which provides great opportunities as our market leadership and our competence at managing complexity give us a real competitive advantage in Europe.

歐洲是一個艱難而充滿活力的市場，它提供了巨大的機會，因為我們的市場領導地位和我們管理複雜性的能力使我們在歐洲擁有真正的競爭優勢。

Sales in our emerging markets, Eastern Europe, Middle East and Africa, Latin America and Asia, grew by 26%, with significant growth in key markets such as Russia, with 25% organic growth for generic sales, Mexico 20%, and Japan 29% growth, all in local currencies.

我們在新興市場、東歐、中東和非洲、拉丁美洲和亞洲的銷售額增長了 26%，主要市場增長顯著，例如俄羅斯（仿製藥銷售額有機增長 25%）、墨西哥 20% 和日本 29 % 增長，全部以當地貨幣計算。

As a result, our sales are now significantly more diversified geographically, with North America accounting for 51% of sales, Europe for 33% and Eastern Europe, Middle East, Africa, Latin America and Asia combined for 16% of sales.

因此，我們的銷售額現在在地域上明顯更加多元化，北美佔銷售額的 51%，歐洲佔 33%，東歐、中東、非洲、拉丁美洲和亞洲合計佔銷售額的 16%。

Non-GAAP operating income reached $1.1 billion, up 11% compared to Q1 2010, and benefited from strong gross margin, tight expense control and the takeback of Copaxone royalty on North America sales from sanofi.

非 GAAP 營業收入達到 11 億美元，與 2010 年第一季度相比增長 11%，這得益於強勁的毛利率、嚴格的費用控制以及從賽諾菲收回北美銷售的 Copaxone 特許權使用費。

Non-GAAP net income reached $936 million, up 13% compared to Q1 2010.

非 GAAP 淨收入達到 9.36 億美元，比 2010 年第一季度增長 13%。

Non-GAAP fully-diluted earnings per share were at $1.04, up 14% compared to Q1 2010.

非 GAAP 全面稀釋每股收益為 1.04 美元，與 2010 年第一季度相比增長 14%。

The weighted average share count for the fully-diluted non-GAAP earnings per share was 902 million shares.

完全稀釋的非 GAAP 每股收益的加權平均股數為 9.02 億股。

As a result of the early redemption of the 1.75% convertible debentures, we had no addback this quarter, and this also reduced our share count by an additional 15 million shares.

由於提前贖回了 1.75% 的可轉換債券，我們本季度沒有回購，這也使我們的股票數量又減少了 1500 萬股。

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, inventory stepup and costs related to regulatory action taken in facilities, was 58.8% in the reported quarter compared to 58.4% in the quarter last year.

報告季度的非美國通用會計準則毛利率為 58.8%，而去年同期為 58.4%，不包括已購無形資產的攤銷、庫存增加和與設施採取的監管行動相關的成本。

Non-GAAP operating margin reached 27.3%, similar to the 27.4% recorded in Q1 2010.

非 GAAP 營業利潤率達到 27.3%，與 2010 年第一季度的 27.4% 相似。

Net R&D expenses were up 15% compared to Q1 2010, totaling $239 million, or 5.9% of sales.

與 2010 年第一季度相比，淨研發費用增加了 15%，總計 2.39 億美元，佔銷售額的 5.9%。

The growth in net R&D expenses over the comparable quarter last year is attributable primarily to greater investment in our branded R&D.

與去年同期相比，淨研發費用的增長主要歸因於我們對品牌研發的更多投資。

Gross R&D, which excludes participation of third parties, was 265 -- sorry -- which includes participation of third parties -- was $265 million, or 6.5% of total sales.

不包括第三方參與的研發總額為 265——對不起——包括第三方的參與——為 2.65 億美元，佔總銷售額的 6.5%。

Selling and marketing expenses, excluding amortization of purchased intangible assets, totaled $825 million this quarter, or 20.2% of sales, compared with 20.4% of sales in Q1 2010.

本季度銷售和營銷費用（不包括已購無形資產的攤銷）總計 8.25 億美元，佔銷售額的 20.2%，而 2010 年第一季度為 20.4%。

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

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，這在過去被記錄為銷售和營銷費用。

Also by a higher royalty payment in connection with certain generic products sold in the US and by the addition of ratiopharm's branded generic business.

還通過與在美國銷售的某些仿製藥相關的更高特許權使用費以及通過增加 ratiopharm 的品牌仿製藥業務。

Total G&A expenses this quarter were $221 million, or 5.4% of sales, compared with 5% of sales last year.

本季度總 G&A 費用為 2.21 億美元，佔銷售額的 5.4%，而去年佔銷售額的 5%。

We recorded $38 million of net financial expenses in Q1 2010 compared with $27 million in the comparable quarter of 2010.

我們在 2010 年第一季度錄得 3800 萬美元的淨財務費用，而 2010 年同期為 2700 萬美元。

The increase in net financial expense resulted primarily from higher interest expenses due to the debt incurred to finance the ratiopharm acquisition and, to a lesser degree, expenses incurred in connection with [hedging] activity.

淨財務費用的增加主要是由於為 ratipharm 收購融資而產生的債務導致利息費用增加，以及在較小程度上與[對沖]活動相關的費用。

The non-GAAP tax provision for the first quarter was $121 million of pretax non-GAAP income of approximately $1.1 billion.

第一季度的非 GAAP 稅收準備金為 1.21 億美元，稅前非 GAAP 收入約為 11 億美元。

Our current estimate of the non-GAAP annual tax rate for 2011 is 11% compared to 13% for 2010.

我們目前對 2011 年非 GAAP 年度稅率的估計為 11%，而 2010 年為 13%。

The low non-GAAP tax rate for 2011 resulted from a particular mix of products that are manufactured in geographies where Teva benefits from tax incentives.

2011 年的低非 GAAP 稅率是由於在 Teva 享受稅收優惠的地區生產的特定產品組合所致。

This is not a rate we currently expect in 2012 and beyond.

這不是我們目前預期的 2012 年及以後的增長率。

The estimated tax rate for 2011 GAAP results is 6%.

2011 年 GAAP 結果的估計稅率為 6%。

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 $900 million, up 2% compared to Q1 2010.

本季度運營產生的現金總計 9 億美元，比 2010 年第一季度增長 2%。

Our free cash flow, excluding gross capital expenditures of $234 million and dividend payments of $203 million, partially offset by proceeds from the sale of certain assets of $50 million, amounted to $513 million.

我們的自由現金流量為 5.13 億美元，不包括 2.34 億美元的總資本支出和 2.03 億美元的股息支付，部分被出售某些資產的 5000 萬美元收益所抵消。

Free cash flow was influenced by payments on account of the ratiopharm integration program accrued in previous quarter, couple by a higher dividend payment following the dividend increase we declared in February and higher capital expenses.

自由現金流受到上一季度應計的 ratiopharm 整合計劃付款的影響，加上我們在 2 月份宣布的股息增加後更高的股息支付和更高的資本支出。

During the quarter, we bought back approximately 7.9 million shares at an average price of $50.41 per share for a total of $400 million.

本季度，我們以每股 50.41 美元的平均價格回購了約 790 萬股，總計 4 億美元。

Since we started this buyback program, which our Board approved in December, 2010, we bought 9.8 million shares for a total of $500 million, reflecting an average price of $50.54 per share.

自從我們啟動這項回購計劃以來，我們的董事會於 2010 年 12 月批准了這項計劃，我們以總計 5 億美元的價格購買了 980 萬股股票，平均價格為每股 50.54 美元。

Let me remind you that we did not buy shares during Teva's blackout period, which started on March 22 and ends tomorrow.

讓我提醒您，我們沒有在 Teva 的禁售期購買股票，該禁售期從 3 月 22 日開始到明天結束。

At March 31, cash and marketable securities totaled $1.1 billion, down approximately $500 million from December 31, as we used to cash in the quarter to pay for the acquisitions of Theramex and Infarmasa, as well as to repurchase shares and continue to pay down our debt.

截至 3 月 31 日，現金和有價證券總計 11 億美元，比 12 月 31 日減少約 5 億美元，因為我們過去常常在本季度兌現以支付收購 Theramex 和 Infarmasa 的費用，以及回購股票並繼續支付我們的預付款債務。

Our total outstanding loan, bonds and convertible debentures stood at $6.8 billion, and financial leverage as of March 31 was 23%, slightly down from 24% at the end of December.

我們的未償還貸款、債券和可轉換債券總額為 68 億美元，截至 3 月 31 日的財務槓桿率為 23%，略低於 12 月底的 24%。

DSO, days sales outstanding, improved to 46 days this quarter compared to 53 days in Q1 2010.

DSO，銷售未完成天數，本季度從 2010 年第一季度的 53 天增加到 46 天。

We calculate DSO after netting out from the receivables our sales reserves and allowances.

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 DSO。

Inventory days stood at 195 days, up from 180 days in previous quarter, or 183 in Q1 2010, due mainly to foreign exchange differences.

庫存天數為 195 天，高於上一季度的 180 天，或 2010 年第一季度的 183 天，主要原因是匯兌差異。

Net capital expenditure reached $184 million this quarter compared to $208 million in Q4 2010, as we continued to invest in production capacity.

本季度淨資本支出達到 1.84 億美元，而 2010 年第四季度為 2.08 億美元，因為我們繼續投資於產能。

Dividend, Teva Board approved its quarterly net dividend amounting to approximately $207 million.

股息方面，Teva 董事會批准其季度淨股息總額約為 2.07 億美元。

On a per-share basis, our dividend, which is declared in Israeli Shekel, is 0.8 shekels per share.

按每股計算，我們以以色列謝克爾宣派的股息為每股 0.8 謝克爾。

Based on the rate of exchange on Monday -- on May 10, 2011 of the Shekel to the US dollar, this translates into approximately $0.232 per share.

根據 2011 年 5 月 10 日星期一謝克爾對美元的匯率，這相當於每股約 0.232 美元。

Thank you all for your time and attention today.

感謝大家今天的時間和關注。

And now we will be glad to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions) Louise Chen, Collins Stewart.

（操作員說明）Louise Chen，Collins Stewart。

The first question I had was with respect to Copaxone and Lovenox.

我的第一個問題是關於 Copaxone 和 Lovenox 的。

I wanted to understand how you would weigh your options with respect to what you could do with these products.

我想了解您將如何權衡您可以使用這些產品做什麼的選擇。

And are there any circumstances where you would consider settling with Momenta for these drugs, just because there has been a lot of discussion about that?

在任何情況下，您是否會考慮與 Momenta 就這些藥物達成和解，僅僅是因為對此進行了很多討論？

Bill will take it.

比爾會接受的。

Sure, sure.

一定一定。

Good morning, Louise.

早上好，露易絲。

How are you?

你好嗎？

Just wanted to let you know on the Momenta -- I should clear this up.

只是想讓你知道 Momenta——我應該把它弄清楚。

There have been and there are no settlement discussions at this time.

目前沒有進行和解討論。

We are really enthusiastic about our case, and we look forward to the upcoming trial.

我們對我們的案子充滿熱情，我們期待即將到來的審判。

With respect to Lovenox, our Lovenox file is alive and well, but as you know, we are not going to comment further on it until such time that we get the approval.

關於 Lovenox，我們的 Lovenox 文件仍然有效，但如您所知，在我們獲得批准之前，我們不會對此發表進一步評論。

Okay.

好的。

And then my follow-up question is just on generic competition for Copaxone in the EU.

然後我的後續問題只是關於歐盟 Copaxone 的仿製藥競爭。

Can you remind us also when you are going to get rights back from sanofi in the EU and the P&L impact of that?

您能否也提醒我們您何時要從歐盟的賽諾菲那裡收回權利以及這對損益的影響？

The take-back on generic competition --

對仿製藥競爭的反擊——

Generic competition EU, (inaudible).

通用競爭歐盟，（聽不清）。

We don't have -- while in the UK, you know what is happening in the EU, we don't feel there is any immediate threat to what we do in Copaxone.

我們沒有——在英國，你知道歐盟正在發生什麼，我們認為我們在 Copaxone 所做的事情沒有任何直接威脅。

There is one company that is moving forward with this, and we think that based on comparison on the -- what they are trying to do, we don't think it is really [a case].

有一家公司正在推進這項工作，我們認為，基於對他們正在嘗試做的事情的比較，我們認為這不是真正的[案例]。

Randall Stanicky, Goldman Sachs.

蘭德爾·斯坦尼基，高盛。

Eyal, just on the earnings progression into 2Q, just so there is no confusion this quarter, how should we think about that trajectory going forward?

Eyal，就第二季度的收益進展而言，本季度沒有混亂，我們應該如何考慮未來的發展軌跡？

How should we think about what?

我們應該怎麼想？

Can you repeat the question?

你能重複這個問題嗎？

How should we think about 2Q EPS progression going forward.

我們應該如何考慮未來第二季度每股收益的進展。

just so that there is no confusion in terms of the progression and trajectory throughout the rest of the year?

只是為了在今年餘下的時間裡在進展和軌跡方面沒有混淆？

Okay, got you.

好的，明白了。

I will just remind -- we don't provide specific quarterly guidance.

我只是提醒一下——我們不提供具體的季度指導。

However, we said very clearly at the beginning of the year we will provide guidance for the year, and so far I think we are on track, that the first half will be slower than the second half.

然而，我們在年初非常明確地表示，我們將為今年提供指導，到目前為止，我認為我們正在走上正軌，上半年將比下半年慢。

I think we said approximately 40% of EPS will come in the first half, and we definitely see it this way.

我想我們說過大約 40% 的 EPS 將在上半年出現，我們肯定是這樣看的。

Second half, we will see major improvement, and we will see that in all parts of the business.

下半年，我們將看到重大改進，我們將在業務的各個方面看到這一點。

And I think that there is no change to what we have guided originally.

我認為我們最初的指導沒有變化。

Okay, so just so that we are clear -- we should be looking, by that math, at a 2Q that is similar to 1Q.

好吧，為了讓我們清楚一點——我們應該通過數學來尋找類似於 1Q 的 2Q。

Would that be a fair statement?

這是一個公平的聲明嗎？

That is -- on the buyback, we will probably continue with the buyback program that we have, buying when the market allows us.

也就是說——在回購方面，我們可能會繼續執行現有的回購計劃，在市場允許的時候購買。

But remember, the buyback -- in the current quarter, you have to average this, and you don't -- never have the full effect; the full effect would only be in the next quarter.

但請記住，回購——在當前季度，你必須對此進行平均，而你沒有——永遠不會產生全部效果；全面的影響只會在下個季度出現。

Okay.

好的。

And then a follow-up for Bill.

然後是比爾的後續行動。

I heard you guys talk about $100 million impact from Irvine year-over-year.

我聽說你們談論爾灣每年產生 1 億美元的影響。

But if we just look at the generic and other line in the North American number, it looks like -- if my math is right -- it was down $330 million -- sorry, $338 million sequentially.

但如果我們只看北美數字中的通用和其他行，它看起來——如果我的數學是正確的——它下降了 3.3 億美元——抱歉，連續下降了 3.38 億美元。

Can you just help us understand what drove that sequential decline, understanding that you had a couple of facility issues and lack of generic launches?

你能否幫助我們了解是什麼導致了這種連續下降，了解你有幾個設施問題和缺乏仿製藥？

But was there anything else in there that we should think about?

但是還有什麼我們應該考慮的嗎？

Yes, Randall.

是的，蘭德爾。

Thanks for the question.

謝謝你的問題。

When you look at the year year-over-year, you were missing -- Mirapex, pramipexole, you're missing about $113 million.

當你看年復一年時，你錯過了——米拉佩克斯、普拉克索，你錯過了大約 1.13 億美元。

Protonix or the [empanto], we lost about $93 million in top-line sales, Lotrel about $45 million, and the oxaliplatin or Eloxatin, about $44 million.

Protonix 或 [empanto]，我們損失了約 9300 萬美元的頂級銷售額，Lotrel 損失了約 4500 萬美元，奧沙利鉑或 Eloxatin 損失了約 4400 萬美元。

And then what is really beginning to be a hangover for us is the first Q1 mixed amphetamine salts, the Adderall XR, about $97 million over the year.

然後對我們來說真正開始成為宿醉的是第一個 Q1 混合苯丙胺鹽 Adderall XR，這一年的銷售額約為 9700 萬美元。

And of course, sequentially, in the second quarter, where we're not getting sales.

當然，在第二季度，我們沒有獲得銷售。

Now, we expect that to even out over the next couple of quarters, but as you know, the DEA has been having some issues with quota and that continues to be a drag.

現在，我們預計在接下來的幾個季度內會出現平衡，但如您所知，DEA 在配額方面一直存在一些問題，這仍然是一個拖累。

Was there anything else, just thinking 4Q versus what you reported in 1Q, that would be driving that sequential downtick?

是否還有其他任何因素，僅考慮 4Q 與您在 1Q 中報告的情況，這將推動連續下降？

Or is there -- I'm just trying to think of -- it seems like a big number relative to the year-over-year impact.

或者是——我只是想想想——相對於同比影響來說，這似乎是一個很大的數字。

Well, sure.

嗯，當然。

The fact that there is no launches.

沒有發射的事實。

And again, you don't -- we don't have quite the same amount of venla being shipped quarter to quarter.

再一次，你沒有——我們每季度運送的文拉數量並不完全相同。

We are in the latter half of the exclusivity; our customers are beginning to wind down their inventory.

我們處於排他性的後半部分；我們的客戶開始減少庫存。

So we had significantly less sales in venlafaxine.

所以我們的文拉法辛銷量明顯減少。

Again, didn't pick up on our Adipex ER.

同樣，沒有接受我們的 Adipex ER。

We had some of the issues with respect to Jerusalem, and about $53 million that we did not get from Irvine.

我們有一些關於耶路撒冷的問題，以及我們沒有從爾灣獲得的大約 5300 萬美元。

So when you add it all together, it pretty much hits your number.

所以當你把它們加在一起時，它幾乎達到了你的數字。

Okay.

好的。

That's helpful.

這很有幫助。

Thanks, Bill.

謝謝，比爾。

David Amsellem, Piper Jaffray.

大衛·阿姆塞勒姆、派珀·杰弗瑞。

Just a couple.

只是一對。

Regarding Jerusalem, can you provide more color on the steps taken to address the FDA's issues?

關於耶路撒冷，您能否提供更多有關為解決 FDA 問題而採取的步驟的顏色？

And when you talk about the slowdown in that facility, can you quantify what the impact is and how that will impact the P&L as the year progresses?

當你談到該設施的放緩時，你能否量化影響是什麼以及隨著時間的推移這將如何影響損益？

With respect to Jerusalem, I think Shlomo's laid it out fairly well.

關於耶路撒冷，我認為 Shlomo 的安排相當好。

But let me say that our laboratories have been fully remediated.

但我要說的是，我們的實驗室已經得到了全面修復。

We've gone through them and they have been certified, and they are back online.

我們已經通過了他們，他們已經通過了認證，並且他們重新上線了。

It did create a slowdown for us, but we have addressed all issues and are very excited about asking the -- we have, in fact, asked the FDA to come back in, and we are looking forward to a reinspection.

它確實給我們帶來了放緩，但我們已經解決了所有問題，並且非常興奮地詢問 - 事實上，我們已經要求 FDA 回來，我們期待著重新檢查。

So we are getting back on an even path.

所以我們正在回到一條平坦的道路上。

What we don't know at this point in time is we've had no approvals from Jerusalem, although we've had none to have yet this year.

目前我們不知道的是我們沒有得到耶路撒冷的批准，儘管我們今年還沒有得到批准。

We would like to get that reinspection in so that we can get approvals.

我們希望進行重新檢查，以便獲得批准。

We assume at that point in time, approvals from Jerusalem will continue.

我們假設在那個時間點，耶路撒冷的批准將繼續。

Okay, and then a question on the Cephalon transaction, regarding the synergy target.

好的，然後是關於 Cephalon 交易的問題，關於協同目標。

Given that Cephalon had near $1.5 billion in operating expenses, a product portfolio that is maturing on the whole, is it possible -- conceivable that the $500 million synergy target is conservative, and also that the year three timing is also conservative?

鑑於 Cephalon 的運營費用接近 15 億美元，產品組合總體上正在成熟，是否有可能 - 可以想像 5 億美元的協同目標是保守的，而且第三年的時間也是保守的？

First of all, we believe it is very possible by year three.

首先，我們相信到第三年很有可能。

We have mapped as much as we had at the time, and we had time to do a pretty thorough due diligence on the Cephalon expense structure.

我們已經繪製了盡可能多的地圖，我們有時間對 Cephalon 費用結構進行非常徹底的盡職調查。

And we can clearly see us integrating company in an efficient way and extracting synergies of $500 million at least by the third year following the acquisition.

我們可以清楚地看到我們以有效的方式整合公司，並至少在收購後的第三年提取 5 億美元的協同效應。

And that is after we assume that we keep the product portfolio, without closing any major R&D projects.

那是在我們假設我們保留產品組合而不關閉任何主要研發項目之後。

It is mostly on the G&A side, we integrate two companies, and eliminating the expenses of the public company.

它主要是在 G&A 方面，我們整合了兩家公司，並消除了上市公司的開支。

The generic piece in Europe, the (inaudible) part, which will be fully integrated with our European generic activities and activities outside.

歐洲的通用部分，（聽不清）部分，將與我們的歐洲通用活動和外部活動完全整合。

Sales and marketing, combined with our sales and marketing forces both in Europe and in the US, which we have a nice sales team.

銷售和營銷，結合我們在歐洲和美國的銷售和營銷力量，我們擁有一支優秀的銷售團隊。

And all that leads us to believe that the 500 is a very, very reasonable assumption, even on the careful side.

所有這些都讓我們相信 500 是一個非常非常合理的假設，即使是謹慎的一面。

Just as a quick follow-up, what is the extent to which you are going to downsize the Cephalon US sales force?

作為快速跟進，您將在多大程度上縮減 Cephalon 美國銷售人員的規模？

I mean, how much of that infrastructure do you think you can pare back?

我的意思是，您認為您可以削減多少基礎設施？

David, we're not going to go into that level of detail at this point in time.

戴維，我們現在不打算深入到那種程度的細節。

Remember, we just announced the purchase.

請記住，我們剛剛宣布了購買。

But we've looked at the synergies, we're pretty confident there.

但我們已經研究了協同效應，我們對此非常有信心。

And I would always remind that, I think as Shlomo has well said before, when we think about synergies, the synergies aren't necessarily just on Cephalon's side.

而且我總是提醒，我認為正如 Shlomo 之前所說的那樣，當我們考慮協同作用時，協同作用不一定只在 Cephalon 方面。

When you think about what we've done in Europe with Ratio and that ratiopharm largely became our back end in Europe and that Teva became the front end, the synergies can come on both sides.

當你想想我們在歐洲用 Ratio 所做的事情時，ratiopharm 很大程度上成為了我們在歐洲的後端，而 Teva 成為了前端，雙方都會產生協同效應。

So we are very confident on the synergy side.

所以我們在協同方面非常有信心。

It is a great company.

這是一家偉大的公司。

We are very excited about getting it, and we think we got it at a very reasonable price for both the Cephalon shareholders and, of course, for our shareholders.

我們對獲得它感到非常興奮，我們認為我們以對 Cephalon 股東和當然對我們的股東來說都非常合理的價格獲得了它。

If I may add on that, David, you should bear in mind that Teva has a very long history -- a successful history of integrating companies in a very successful way.

如果我可以補充一點，大衛，你應該記住梯瓦有很長的歷史——以非常成功的方式整合公司的成功歷史。

Usually, we are conservative when it comes to how much synergies we are going to drive out of any acquisition, and usually we are exceeding the number that we are providing in the announcement.

通常，對於我們將從任何收購中獲得多少協同效應，我們是保守的，而且通常我們會超過我們在公告中提供的數字。

I know that this is a different kind of acquisition, but I would like to remind you that we have been there, we already integrated the respiratory product when we bought IVAX.

我知道這是一種不同類型的收購，但我想提醒你，我們已經在那裡，我們在收購 IVAX 時已經整合了呼吸產品。

We integrated the women's health business when we integrated Barr.

我們在整合 Barr 時整合了女性健康業務。

And we have a $4.5 billion business in branded business.

我們在品牌業務方面擁有 45 億美元的業務。

So we know something on that as well.

所以我們也知道一些事情。

So we are fully confident that we will do the integration the right way, and we will generate at least the number that we told the market on synergies.

因此，我們完全有信心以正確的方式進行整合，我們將至少產生我們告訴市場的協同效應數字。

Okay.

好的。

Thanks.

謝謝。

Chris Schott, JPMorgan.

摩根大通的克里斯肖特。

The first question was just looking at sales for the remainder of 2011.

第一個問題只是關注 2011 年剩餘時間的銷售額。

I guess if we take the low end of your top-line guidance, it looks like you need to average about $4.8 billion of quarterly revenue.

我想如果我們採用您的頂線指導的低端，看起來您需要平均每季度收入約 48 億美元。

That is $700 million higher than you just put up.

這比你剛才提出的要高出 7 億美元。

Can you just elaborate a little bit more on the drivers that we should think about to see that type of sales acceleration, and just how comfortable are you with your top-line range at this point?

您能否更詳細地說明我們應該考慮的驅動因素，以看到這種銷售加速，以及您目前對您的頂線範圍有多滿意？

Looking at where we are from now, I think we are very comfortable where we gave the guidance, as you have read it.

看看我們現在所處的位置，我認為我們在提供指導的地方非常自在，正如您所閱讀的那樣。

It is in the press release for the first time.

這是第一次出現在新聞稿中。

And we do see the US generic business recovering from the current Q1 level with some of the launches coming in the second half of the year, as we have already said.

正如我們已經說過的，我們確實看到美國仿製藥業務從目前的第一季度水平復蘇，一些藥物將在今年下半年推出。

Continued growth in Europe, and Europe is well-positioned for nice growth in Q2.

歐洲持續增長，歐洲為第二季度的良好增長做好了準備。

And definitely in the second half, as Germany will also contribute to the growth in Europe.

而且肯定是在下半年，因為德國也將為歐洲的增長做出貢獻。

Our emerging-market business is going on or progressing very, very nicely.

我們的新興市場業務正在進行或進展得非常非常好。

So when we look at all the parts -- and definitely, the branded business is doing well; the API, although small, is doing well.

因此，當我們審視所有部分時——當然，品牌業務表現良好； API，雖然很小，但做得很好。

So when we look at all the pieces, we are pretty confident at that level.

因此，當我們查看所有部分時，我們對這個級別非常有信心。

That, of course, subject -- we said that -- subject to foreign exchange.

那，當然，主題——我們說過——受外匯影響。

If the euro would reverse on the rate, that could have an impact on top line, but not so much on bottom line.

如果歐元匯率逆轉，那可能會對收入產生影響，但對利潤影響不大。

But as things look now, I think that guidance looks reasonable to us.

但從現在的情況來看，我認為該指導對我們來說似乎是合理的。

I just wanted to remind you that we still have Zyprexa coming for the back half of the year, products like Levaquin, Aricept, Nasacort.

我只是想提醒您，下半年我們仍有 Zyprexa 上市，產品包括 Levaquin、Aricept、Nasacort。

There is a variety of products left to launch for the balance of the year in the US market.

美國市場還有多種產品要在今年餘下時間推出。

Okay, great.

好，太棒了。

And just as a kind of follow-up, as we are talking about guidance -- and I know you've talked a little bit about this -- but can you comment on your 2012 targets and how the Ceph deal impacts that guidance, especially top line?

作為一種後續行動，當我們談論指導時——我知道你已經談了一點——但你能評論一下你的 2012 年目標以及 Ceph 交易如何影響該指導，尤其是頂線？

I guess what I'm looking at here is adding Cephalon to your 2011 range, I mean, it basically implies not a whole lot of organic growth going on here.

我想我在這裡看到的是將 Cephalon 添加到您的 2011 年產品系列中，我的意思是，這基本上意味著這裡沒有太多的有機增長。

So I just was trying to -- was just wanting to hear your latest thoughts about how 2012 is looking at this point.

所以我只是想 - 只是想听聽您對 2012 年在這一點上的最新看法。

One thing that we've done on 2012, you remember, last year we provided guidance and we believe that this [guidance is] definitely in place.

我們在 2012 年做過的一件事，你記得，去年我們提供了指導，我們相信這個 [指導] 絕對到位。

Probably will be (inaudible) to get to the 2012 summary and numbers.

可能會（聽不清）獲得 2012 年的總結和數字。

At that time, we will have more details on how Cephalon really integrates within our business, and we will provide more detail.

屆時，我們將更詳細地了解 Cephalon 如何真正融入我們的業務，我們將提供更多細節。

But right now, what we have provided originally a year ago -- or a little more than a year ago -- on 2012 definitely holds, and we will reserve the right to go back to that later on this year.

但現在，我們最初在一年前——或一年多前——2012 年提供的內容絕對有效，我們將保留在今年晚些時候返回的權利。

Thanks.

謝謝。

Shibani Malhotra, RBC Capital Markets.

Shibani Malhotra，RBC 資本市場。

Thanks for taking the question.

感謝您提出問題。

I just wanted to follow up on Chris's question.

我只是想跟進克里斯的問題。

I know you don't want to give us details on 2012 guidance.

我知道您不想向我們提供有關 2012 年指南的詳細信息。

But qualitatively, what -- I guess which segments of Teva's business do you see organic growth coming from in 2012 or even later half of this year?

但從質量上講，我猜您認為 Teva 業務的哪些部分在 2012 年甚至今年下半年實現了有機增長？

And then separately, does your guidance for 2012 assume further acquisitions, or could we pretty much get to the range with just Cephalon alone?

然後分別地，您對 2012 年的指導是否假設有進一步的收購，或者我們是否可以僅通過 Cephalon 就達到這個範圍？

Thanks.

謝謝。

First of all, you may expect us to grow significantly all the areas that I mentioned in my part, i.e.

首先，您可能希望我們在我提到的所有領域都有顯著增長，即

in Europe, where I believe that what I guided you for the long term, we may see -- and again, this is not a forecast for 2011; it is just looking for the long-range time -- an organic growth at the level of 7% to 9%.

在歐洲，我相信我對你們的長期指導，我們可能會看到——而且，這不是 2011 年的預測；它只是在尋找長期時間——7% 到 9% 的有機增長。

And I believe it will be in this number this year.

我相信今年會達到這個數字。

I do believe that in Eastern European, Latin America, Asia, you may expect high double-digit numbers, as this quarter presented in a very nice way.

我確實相信，在東歐、拉丁美洲和亞洲，您可能會期待高兩位數的數字，因為本季度以非常好的方式呈現。

And so all in all, from the generic parts, and of course the US has been -- just jumped in (inaudible) -- just remind the audience on the coming launches in North America in the second part of the year.

因此，總而言之，從通用部分開始，當然還有美國 - 剛剛加入（聽不清） - 只是提醒觀眾今年下半年即將在北美推出。

So all in all, there is a -- that is what you should expect for 2012 as well.

所以總而言之，這也是您對 2012 年應該期待的。

We are not referring today for potential next-year launches, but that will be taken care in a different time.

我們今天不是指明年可能推出的產品，但這將在不同的時間進行。

In addition to that, definitely our latest announced acquisition, Cephalon, will bring us very significant addition to our sales.

除此之外，我們最近宣布的收購 Cephalon 肯定會給我們的銷售額帶來非常可觀的增長。

I believe there is a potential there to grow sales in a very nice way.

我相信那裡有可能以非常好的方式增加銷售額。

You usually don't speak on sales synergies, but I believe that we have a proven track record that we know how to do that as well, and definitely this time we are going to do it in the branded part.

你通常不會談論銷售協同效應，但我相信我們有良好的記錄，我們也知道如何做到這一點，而且這次我們肯定會在品牌部分做到這一點。

So all in all, I am very optimistic about 2012.

所以總而言之，我對2012年非常樂觀。

Back to your question.

回到你的問題。

Okay.

好的。

So can you confirm you are not assuming additional acquisitions in your '12 guidance?

那麼您能否確認您在 12 年的指導方針中沒有假設額外的收購？

And then just a follow-up on potential new product launches at the end of this year or early 2012.

然後只是跟進今年年底或 2012 年初可能推出的新產品。

Any of those dependent on the Jerusalem facility passing reinspection?

那些依賴耶路撒冷設施的人中有任何人通過了重新檢查嗎？

First of all, let me be clear -- and I think I said it -- regarding 2011, the guidance is not including any acquisitions.

首先，讓我明確一點——我想我已經說過了——關於 2011 年，該指引不包括任何收購。

As for the future, I think that I would like to leave that when we will be there, and I don't want to comment on any future potential acquisitions.

至於未來，我想當我們在那裡時我會離開，我不想對任何未來的潛在收購發表評論。

When we do the acquisition, we will of course do the necessary update or change in guidance as is necessary due to the kind of the acquisition that we are going to have in the future.

當我們進行收購時，我們當然會根據我們未來將要進行的收購類型進行必要的更新或指南更改。

And for the second part of your question, Bill would like to take this one about future launches.

對於你問題的第二部分，Bill 想就未來的發布提出這個問題。

Yes, with respect to the future launches, I think the only ones we are really talking about for the US market right now are the Zyprexa, which you all know, and it should happen in the back half of the year, as well as Levaquin, donepezil, Aricept and the Nasacort HQ, to just name a few.

是的，關於未來的發布，我認為我們現在真正談論的是美國市場的 Zyprexa，你們都知道，它應該在今年下半年發布，以及 Levaquin 、多奈哌齊、Aricept 和 Nasacort HQ，僅舉幾例。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Marc Goodman, UBS.

馬克·古德曼，瑞銀。

Could you tell us what your current expectations are for Irvine sales for the full year?

您能告訴我們您目前對爾灣全年銷售額的預期嗎？

And second, can you help us understand this consolidation impact of Japan?

其次，您能幫助我們了解日本的整合影響嗎？

What was the impact in the quarter and how should we expect that to impact for the full year?

本季度的影響是什麼？我們應該如何預期它對全年的影響？

Bill, you take the first one, and then Eyal will take the Japan part.

Bill，你負責第一個，然後Eyal 負責日本部分。

The impact from Irvine -- or actually the future sales from Irvine are quite minimal, Marc, moving forward.

歐文的影響 - 或者實際上歐文的未來銷售量非常小，馬克，向前邁進。

We should get to about $100 million run rate.

我們應該達到大約 1 億美元的運行率。

That is a run rate -- by the end of the year.

這是一個運行率——到年底。

We just started to ship the Vincasar and the Zanosar.

我們剛剛開始運送 Vincasar 和 Zanosar。

We are hopefully going to be shipping sometime over the weekend.

我們希望在周末的某個時候發貨。

It is product by product, working hand-in-hand with the Agency.

它是一個產品一個產品，與原子能機構攜手合作。

So I really wish I could tell you more than that, but we are shipping what the Agency Drug Shortage is asking us to ship first.

所以我真的希望我能告訴你更多，但我們正在運送機構藥品短缺要求我們首先運送的東西。

And that is why we are bringing up the lines the way we are.

這就是為什麼我們要按照現在的方式提出問題。

It is really a hand-to-hand process with FDA.

這真的是一個與 FDA 的手拉手過程。

And so it is really -- I have to be a bit vague at this point in time.

所以它真的 - 我現在必須有點含糊。

However, we should be up to that $100 million run rate by the end of the year.

然而，到今年年底，我們應該達到 1 億美元的運行率。

Regarding Japan, the business there, we consolidate today a little over 50% of our sales, just a few tens of millions of dollars impact.

關於日本，那裡的業務，我們今天整合了我們 50% 多一點的銷售額，只有幾千萬美元的影響。

Hopefully one day, we will be able to consolidate everything, but right now it is just not possible.

希望有一天，我們能夠整合一切，但現在這是不可能的。

And just one other question.

還有一個問題。

You had mentioned earlier that there was a slowdown in Jerusalem as you were trying to fix some of the issues.

你之前曾提到，在你試圖解決一些問題時，耶路撒冷的發展速度有所放緩。

How much sales do you think that cost you in the quarter?

您認為本季度的銷售成本是多少？

Shlomo had put that in his speech; that was about $55 million that cost us for the quarter.

什洛莫在他的演講中提到了這一點；那是我們本季度損失的大約 5500 萬美元。

Thank you.

謝謝你。

Ken Cacciatore, Cowen and Company.

Ken Cacciatore, Cowen and Company。

Thanks.

謝謝。

And Bill, this question is not meant to annoy you in any way, so just -- I wanted to ask, on the settlement, Louise asked you a question about potential settlement.

比爾，這個問題無意以任何方式惹惱你，所以只是——我想問，關於和解，路易斯問你一個關於潛在和解的問題。

So I just wanted to ask you, have you been approached -- and this next part of the question may be naive -- but what would be a reason why you all wouldn't just compare terms -- not reach a settlement, but just compare terms to see if anyone is on the same page with each other?

所以我只是想問你，有沒有人接觸過你——問題的下一部分可能很天真——但你們不只是比較條款的原因是什麼——不是達成和解，而是只是比較術語以查看是否有人彼此在同一頁面上？

And then just lastly for my question, on BG-12, could you just describe what you all meant in your press release when you indicated that there may be different definitions of endpoints between BG-12, Laquinimod and other studies?

最後，關於我的問題，關於 BG-12，當你指出 BG-12、Laquinimod 和其他研究之間可能有不同的終點定義時，你能否描述一下你在新聞稿中的意思？

Thank you.

謝謝你。

Bill, you take this first and then Dr.

比爾，你先拿這個，然後是博士。

Peterburg the second one on BG.

彼得堡 BG 上的第二個。

Thanks for the question, Ken, and I'm not annoyed.

謝謝你的問題，肯，我並不生氣。

But there haven't been any discussions.

但一直沒有任何討論。

So really at this point in time, there have been no discussions.

所以實際上在這個時間點，還沒有討論。

So I guess there is no way to compare notes since there have been no discussions.

所以我想沒有辦法比較筆記，因為沒有討論過。

So that is the simple answer.

這就是簡單的答案。

We are enthusiastic about our case and we look forward to putting on a trial later part of the year.

我們對我們的案件充滿熱情，並期待在今年晚些時候進行審判。

So that is where we remain on that.

所以這就是我們堅持的地方。

So I will let Dr.

所以我會讓博士。

Peterburg take the second part of the question.

彼得堡回答問題的第二部分。

So regarding BG-12, there isn't anything I want to reiterate.

所以關於 BG-12，沒有什麼我想重申的。

You know that in the absence of (inaudible), it is -- and we are saying it each time -- it is very strongly advised not to compare between the clinical 12.

你知道，在沒有（聽不清）的情況下——我們每次都這麼說——強烈建議不要在臨床 12 之間進行比較。

And so we know there are differences.

所以我們知道存在差異。

There are differences that were on the primary endpoints between what we are looking and they were looking.

我們正在尋找的東西和他們正在尋找的東西在主要終點上存在差異。

There is a difference in the changing MS baseline patient population and even on the definition of EDSS.

不斷變化的 MS 基線患者群體存在差異，甚至 EDSS 的定義也存在差異。

But at the end, you know, it is coming back to the same issues that we say.

但最後，你知道，它又回到了我們所說的相同問題上。

We have a wonderful product, we really believe in it, we think it will (inaudible) the four pillars that are in total for any MS oral.

我們有一個很棒的產品，我們真的相信它，我們認為它將（聽不清）所有 MS 口語的四大支柱。

And we think that based on that, we are looking forward, after opening -- you know that we need still to look into Q3 and (inaudible) the double result at that time, and we are sure that we'll have a very good product (inaudible).

我們認為，基於此，我們很期待，在開幕之後——你知道我們仍然需要研究第三季度和（聽不清）當時的雙重結果，我們確信我們會有一個非常好的結果產品（聽不清）。

Ronny Gal, Bernstein.

羅尼加爾，伯恩斯坦。

Good morning, and thank you for taking my question.

早上好，謝謝你提出我的問題。

I actually have three of those.

我實際上有其中三個。

First, for Yitzhak Peterburg.

首先，對於 Yitzhak Peterburg。

Yitzhak, I am almost certain that you guys went back and recalculated the Laquinimod results using the endpoints as defined -- the primary endpoint that was defined for BG-12; that is, time to first relapse as they define it.

Yitzhak，我幾乎可以肯定你們回去並使用定義的終點重新計算了 Laquinimod 結果——為 BG-12 定義的主要終點；也就是說，他們定義的第一次復發的時間。

I was wondering if you wouldn't mind sharing that number with us.

我想知道你是否介意與我們分享那個號碼。

Second, to Bill.

第二，對比爾。

Bill, you guys are coming back to the market in the US or increasing your manufacturing capability.

比爾，你們正在重返美國市場或提高你們的製造能力。

Apotheek has just announced they can now ship back product to the United States.

Apotheek 剛剛宣布他們現在可以將產品運回美國。

There has been some stability in the market for a while, but are we really going to start facing more pricing pressure as two fairly large manufacturers come to the market?

市場已經穩定了一段時間，但隨著兩家相當大的製造商進入市場，我們真的會開始面臨更大的定價壓力嗎？

And third, on the biogenerics, I'm not quite sure -- biosimilars, I'm not sure who is going to take it.

第三，關於生物仿製藥，我不太確定——生物仿製藥，我不確定誰會服用它。

My understanding is there's a very nice uptick with G-CSF in Europe.

我的理解是歐洲的 G-CSF 有一個非常好的增長。

Can you confirm that and perhaps give us an idea about the run rate for the numbers there?

你能否證實這一點，或許可以讓我們了解一下那裡的數字運行率？

And can you confirm that you will be in the market by the end of 2013 on both your primary -- your first-generation G-CSF, as well as the albumin-aided competitor to Neulasta?

您能否確認您將在 2013 年底之前將您的主要藥物——您的第一代 G-CSF 以及 Neulasta 的白蛋白輔助競爭藥物上市？

You know, I would love to go back and do all these calculations, but first of all, I need to understand exactly what the competitors are doing.

你知道，我很想回去做所有這些計算，但首先，我需要準確了解競爭對手在做什麼。

You know the small issue of the way (inaudible), it is [masks] everything and we cannot [announce] anything to ourselves.

你知道道路上的小問題（聽不清），它[掩蓋]了一切，我們不能對自己[宣布]任何事情。

So I can only say again and again, we are waiting for (inaudible); it's in another several months.

所以我只能一遍又一遍地說，我們在等待（聽不清）；再過幾個月。

We are sure that (inaudible) we will have what we think a very good product and we are -- (inaudible) the most value will have product with a new mechanism of (inaudible) that could (inaudible).

我們確信（聽不清）我們將擁有我們認為非常好的產品，而且我們是——（聽不清）最具價值的產品將擁有一種新機制的（聽不清）可以（聽不清）的產品。

And most probably (inaudible) the most important thing that now we are going to make.

而且很可能（聽不清）現在我們要做的最重要的事情。

It is -- the question of how to get patients out of the (technical difficulty), let them go into it.

這是——如何讓患者擺脫（技術困難）的問題，讓他們進入其中。

So it is not enough information.

所以信息不夠。

We would love to hear more information about our competitors, but most probably there is (inaudible) we don't know all the information about it.

我們很想听到有關我們競爭對手的更多信息，但很可能（聽不清）我們不知道有關它的所有信息。

With respect to the Apotheek question, it's an open question.

關於 Apotheek 問題，這是一個懸而未決的問題。

They are going to come back to the market.

他們將重返市場。

It was a complete import ban, so I think they are going to probably come back to the market in some sort of orderly way.

這是一項全面的進口禁令，所以我認為它們可能會以某種有序的方式重返市場。

And I think the progress will be slow.

而且我認為進展會很緩慢。

I don't think customers will flock to them.

我認為客戶不會蜂擁而至。

And they are going to come back to our product.

他們會回來使用我們的產品。

But I would remind that only a small part of our product was really affected.

但我要提醒的是，我們的產品中只有一小部分真正受到了影響。

There was a slowdown; there was not an import ban on our product.

有一個放緩;我們的產品沒有進口禁令。

So I think that customers will be cautious as Apotheek moves back into the market.

因此，我認為隨著 Apotheek 重返市場，客戶會持謹慎態度。

I don't expect that price stability is going to be immediately upset.

我不認為價格穩定會立即受到破壞。

What was the third question regarding the G-CSF?

關於 G-CSF 的第三個問題是什麼？

I had a two-part.

我有兩部分。

First on -- and idea about the run rate in Europe.

首先 - 關於歐洲運行率的想法。

My guess is that you've taken -- at least based on the numbers I saw -- the leadership on G-CSF in Europe.

我的猜測是，您已經——至少根據我看到的數字——在歐洲的 G-CSF 方面處於領先地位。

Very quickly, can you comment about the run rate and how much did that influence the European growth this year, year-over-year?

很快，您能否評論一下運行率，以及這對今年歐洲經濟增長的影響有多大，與去年同期相比？

And in the United States, can you confirm you expect to be in the market at the latest by the time the composition of (inaudible) patent expires on both Neupogen and the albumin-aided G-CSF?

在美國，您能否確認最遲在 Neupogen 和白蛋白輔助 G-CSF 的（聽不清）專利成分到期時進入市場？

Gerard will take the European part and be followed by Bill on the US.

Gerard 將負責歐洲部分，隨後 Bill 將負責美國部分。

Thank you, Ronnie, for G-CSF question.

羅尼，謝謝你提出 G-CSF 問題。

Yes, we've seen gradually increasing penetration across Europe of G-CSF.

是的，我們已經看到 G-CSF 在歐洲的滲透率逐漸增加。

(inaudible) slow within the classical generics, you can imagine.

（聽不清）在經典泛型中很慢，你可以想像。

We see tender business across Europe, and even in the tenders, it is taking some time to get penetrated.

我們在整個歐洲看到招標業務，即使在招標中，也需要一些時間才能被滲透。

Still doctors need to prescribe actively.

仍然需要醫生積極開藥。

The business is nicely growing, and I think it is more than doubled year-on-year.

業務增長良好，我認為同比增長了一倍多。

But it is still a small number.

但這仍然是一個很小的數字。

So if you would like me to give you an indication on whether or not that has been the driver for our performance in Europe, the numbers are simply too small for our overall business to really move the dial.

因此，如果你想讓我給你一個指示，說明這是否是我們在歐洲表現的驅動力，那麼對於我們的整體業務而言，這些數字太小了，無法真正改變錶盤。

So it is moving in the right direction.

所以它正在朝著正確的方向發展。

It is moving slower, perhaps, in terms of penetration than one would have thought, but it's moving in the right direction across Europe, [but] a big number.

就滲透率而言，它的發展速度可能比人們想像的要慢，但它在整個歐洲都朝著正確的方向發展，[但]數量很大。

On the second part, there is -- the two G-CSFs, of course, are the regular G-CSF, which we call Neutroval, and that name will likely have to change.

在第二部分，有兩個 G-CSF，當然，是常規的 G-CSF，我們稱之為 Neutroval，這個名稱可能必須更改。

That product, we have a complete response letter.

那個產品，我們有完整的回复信。

We hope to respond to that in the third quarter and be in a position to launch that in 2013.

我們希望在第三季度對此做出回應，並能夠在 2013 年推出。

We also hope that by the end of this year -- and hope and anticipate that we will be able to file our albumin-fused G-CSF in the US by the fourth quarter of this year, putting us in a position, potentially, if all goes well, to be in market with both products in 2013.

我們還希望到今年年底 - 並希望並預計我們將能夠在今年第四季度之前在美國提交我們的白蛋白融合 G-CSF，使我們處於一個位置，如果一切順利，將在 2013 年將這兩種產品推向市場。

Great.

偉大的。

Thank you very much, guys.

非常感謝你們。

David Maris, Credit Agricole.

大衛·馬里斯，法國農業信貸銀行。

You've been on the road the last couple weeks post the Cephalon deal.

在與 Cephalon 交易後的最後幾週，你一直在路上。

And when you go on the road, all of us get the questions -- do you believe they said this and what do you think of that.

當你走在路上時，我們所有人都會遇到這樣的問題——你相信他們這麼說嗎？你怎麼看那句話。

So I want to turn it around a little bit and ask you, especially in light of where the stock price is, after you go on a road show like this, what are the takeaways or the concerns that you are hearing from investors?

所以我想稍微扭轉一下，問你，特別是考慮到股價，在你進行這樣的路演之後，你從投資者那裡聽到的收穫或擔憂是什麼？

And does it cause you to think about doing anything differently, either message-wise, management-wise, strategy-wise?

它是否讓您考慮以不同的方式做任何事情，無論是在消息方面、管理方面還是戰略方面？

Or do you just say, well, look, we are executing on how we've always executed and the stock goes up, the stock goes down -- this just happens to be an out of sync period?

或者你只是說，嗯，看，我們正在按照我們一直執行的方式執行，股票上漲，股票下跌——這恰好是一個不同步的時期？

Thanks.

謝謝。

Let me start, and then Shlomo would like to add a few things.

讓我開始，然後 Shlomo 想補充幾件事。

First of all, if you are asking if we take it for granted, our stock movement, no, we don't.

首先，如果你問我們是否認為我們的股票走勢是理所當然的，不，我們沒有。

We believe -- I don't want this to sound as a business cliche, but our major role is to create value for shareholders.

我們相信——我不希望這聽起來像是商業陳詞濫調，但我們的主要職責是為股東創造價值。

And as a public company, there is one way to measure this value.

作為一家上市公司，有一種方法可以衡量這一價值。

And when we get on the road and we meet with investors, we want -- what we want to do is to make them understand the Teva business model, the short and the long.

當我們上路並與投資者會面時，我們想要 - 我們想要做的是讓他們了解 Teva 商業模式，短期和長期。

The strategic direction that we are taking, why we are taking the steps that we are taking, what is the value and how we believe this is going to -- and these steps are going to impact the Teva share value.

我們正在採取的戰略方向，我們為什麼要採取我們正在採取的步驟，價值是什麼以及我們相信這將如何——這些步驟將影響 Teva 的股票價值。

We never talk about share price.

我們從不談論股價。

I don't think it is our role.

我認為這不是我們的角色。

The audience of this call has better understanding in share prices.

這次電話會議的聽眾對股價有更好的了解。

We talk about the business, but we don't ignore the fact that our share is traded out there, and it is our responsibility to make sure that more of you believe that there is a great opportunity in Teva shares we do, and would buy the share to benefit from future fruits.

我們談論業務，但我們不會忽視我們的股票在那裡交易的事實，我們有責任確保你們中的更多人相信我們做的 Teva 股票有很大的機會，並且會購買從未來的果實中受益的份額。

Shlomo, do you want to add?

Shlomo，你想添加嗎？

Let me try to answer your very --

讓我試著回答你的——

Sophisticated question.

複雜的問題。

-- different kind of question.

——不同類型的問題。

First of all, I think the first feedback we got from the market, that they think that we did the right move on with this acquisition.

首先，我認為我們從市場上得到的第一個反饋是，他們認為我們在這次收購中採取了正確的行動。

Some of them -- or some of your colleagues wanted to get more understanding on the strategic background of this acquisition, and we provided -- actually, we reiterate what we shared with you last year, when we explained our strategy, that this is about diversifying our business as we grow to the future.

他們中的一些人——或者你們的一些同事想要更多地了解這次收購的戰略背景，我們提供了——實際上，我們重申了去年我們在解釋我們的戰略時與你們分享的內容，這是關於隨著我們向未來發展，多元化我們的業務。

We took one step when we did the move in Europe, and we are doing right now the second step, which is taking care for diversifying our branded business.

當我們在歐洲採取行動時，我們邁出了第一步，我們現在正在邁出第二步，即註意實現品牌業務的多元化。

As a company that believes in growth and when we look into our future when we would like to maintain our growth and even to increase the pace, that was the true concern, that we had to make sure that we are taking care for that going to the future.

作為一家相信增長的公司，當我們展望未來時，我們希望保持增長甚至加快步伐，這是真正的擔憂，我們必須確保我們正在關注這一點未來。

And I think that as the ratiopharm, that we just proudly exclaim how well it has been integrated and how we can see the first fruits off of this move, I do believe that we're going to see the same from the Cephalon integration.

我認為，作為 ratiopharm，我們只是自豪地驚嘆它的整合程度以及我們如何看到這一舉措的第一批成果，我相信我們將從 Cephalon 整合中看到同樣的結果。

Second concern that we got was around whether we are able to generate the level of synergies at the 500, and whether we are able to integrate a different kind of a business.

我們得到的第二個擔憂是我們是否能夠在 500 強中產生協同效應水平，以及我們是否能夠整合不同類型的業務。

Everybody understands our track record in generics.

每個人都了解我們在仿製藥方面的業績記錄。

Some of them questioning our capability or ability to do it with an innovative company.

他們中的一些人質疑我們與創新公司合作的能力或能力。

Here, I have to tell you, first of all, that only time will tell.

在這裡，我必須首先告訴你，只有時間才能證明一切。

But I have to share with you also that we have the full confidence that we can do it and we can do it successfully.

但我也必須與大家分享，我們完全有信心能夠做到，而且我們能夠成功做到。

We did partially these kind of things in the past.

我們過去做過部分這類事情。

We have a long track record of doing integration in a different kind of way, and that is why we are so successful in doing integrations.

我們在以不同的方式進行集成方面有著長期的記錄，這就是我們在進行集成方面如此成功的原因。

We have the skills, we have the capabilities, and we will do it together with Cephalon.

我們有技能，有能力，我們會和 Cephalon 一起做。

And that is the recipe for successful integration.

這就是成功整合的秘訣。

So we are confident and we are looking forward for another successful move in Teva.

所以我們有信心，我們期待著 Teva 的又一次成功行動。

And that is basically, as I said, what we think and how we shared it with your colleagues in our road show, as you mentioned it, last week or the weeks before.

正如我所說，這基本上就是我們的想法以及我們如何在我們的路演中與您的同事分享它，正如您在上週或前幾週提到的那樣。

And that basically were the major takeaways of this short road show that we have done.

這基本上是我們所做的這次簡短路演的主要收穫。

All right.

好的。

Thank you very much.

非常感謝。

David Risinger, Morgan Stanley.

大衛瑞辛格，摩根士丹利。

Hi, this is Chris Caponetti for Dave Risinger.

嗨，我是 Dave Risinger 的 Chris Caponetti。

I have three questions, very brief.

我有三個問題，非常簡短。

First, what is your conviction level in the Jerusalem facility issues being behind you very soon?

首先，您對耶路撒冷設施問題的信念程度如何很快就會過去？

Two, do you expect Germany to return to constant currency growth in the second half due to the recent tender wins?

第二，由於最近中標，您是否預計德國下半年會恢復穩定的貨幣增長？

And finally, what should investors be assuming for the fully-diluted share count in the second quarter and later this year, given that you still have $500 million left on the buyback?

最後，考慮到你還有 5 億美元的回購資金，投資者應該如何看待第二季度和今年晚些時候的完全稀釋後的股票數量？

Thank you.

謝謝你。

Okay, let me take first your first question, and then Gerard will answer the European questions, to be followed by Eyal on the last question on the shares.

好的，讓我先回答你的第一個問題，然後 Gerard 將回答歐洲的問題，然後 Eyal 將回答關於股票的最後一個問題。

To answer your question on Jerusalem in a simple way, I believe it is behind us.

為了簡單地回答你關於耶路撒冷的問題，我相信它已經過去了。

We of course have to wait until the FDA officially comes to do the requested reinspection.

我們當然要等到FDA正式來做要求的複檢。

But to be very simple and very clear, I think we did all the corrective actions that I think we had to do and I think this is behind us.

但是非常簡單和非常清楚，我認為我們做了所有我認為我們必須做的糾正措施，我認為這已經過去了。

Gerard.

杰拉德。

Yes, thank you, Chris.

是的，謝謝你，克里斯。

Well, I think we were very happy with the Q1 in Europe, and it was across Europe true, and there were basically no surprises as far as the German market is concerned.

好吧，我認為我們對歐洲的第一季度非常滿意，整個歐洲都是如此，就德國市場而言，基本上沒有驚喜。

You heard about our growth year-on-year.

您聽說了我們逐年增長的情況。

It is very nice to also announce that our profitability went even further up; it quadrupled over the same quarter across Europe.

非常高興地宣布我們的盈利能力進一步提高；它在整個歐洲的同一季度翻了兩番。

So we had a wonderful quarter as far as that is concerned.

因此，就此而言，我們度過了一個美好的季度。

Germany was no surprise for us.

德國對我們來說並不奇怪。

We planned for that, we planned for that when we announced the ratiopharm deal, we planned for that when we announced our plans for the year.

我們為此做好了計劃，當我們宣布 ratiopharm 交易時，我們就計劃好了，當我們宣布今年的計劃時，我們就計劃好了。

Because we knew that on the back of price reforms last year in Germany, there would be a decline of the marketplace in the first six to seven, eight months of the year.

因為我們知道，在去年德國進行價格改革的背景下，今年前六七八個月的市場會出現下滑。

And that is happening as we speak.

就在我們說話的時候，這種情況正在發生。

Our decline, which is in the low teens, is about half of the decline that was reported by the number one player in the German market.

我們的跌幅是十幾歲左右，大約是德國市場第一大公司報告的跌幅的一半。

So relatively, we did very well.

所以相對來說，我們做得很好。

We became number one by volume and we are on track to become number one by value, if you look at the current trends that we see in the market.

如果你看看我們在市場上看到的當前趨勢，我們在數量上成為第一，我們有望在價值上成為第一。

And as Shlomo already alluded to, we are closing the gap quickly year-on-year.

正如 Shlomo 已經提到的那樣，我們正在逐年快速縮小差距。

So we know where we are going and we expect the German market to really come back to growth in the second half of the year.

所以我們知道我們要去哪裡，我們預計德國市場將在下半年真正恢復增長。

The second reason was -- so the market itself will recover, simply because you see an exhaustion of some of the measures that were taken in last year.

第二個原因是 - 所以市場本身將會復蘇，僅僅是因為你看到去年採取的一些措施已經用盡。

The second reason why we are optimistic is because the ingredients that we have in place, the revitalization, if I may say, of the dynamics around the ratiopharm company.

我們樂觀的第二個原因是因為我們擁有的成分，如果我可以說，ratiopharm 公司的活力正在復蘇。

Since they were, let's say, unleashed out of the selling process, we really see a reenergized group of people that are going after the wins in the German market; that's one.

比方說，由於他們從銷售過程中解脫出來，我們確實看到一群重新煥發活力的人正在追求德國市場的勝利；那是一個。

The second point is, of course, the AOK tender win that we did very well this time still needs to be implemented, but we believe it will help us tremendously in making a strategic position cemented on the shelves with every single pharmacy in Germany.

第二點，當然，我們這次做得很好的 AOK 中標仍然需要實施，但我們相信這將極大地幫助我們在德國的每一家藥店的貨架上鞏固戰略地位。

And you can build on the back of that business as well.

您也可以在該業務的支持下繼續發展。

So, we believe it should and can happen and it will happen.

所以，我們相信它應該並且能夠發生，而且它將會發生。

We have got all our ducks in a row to do so, so we are optimistic about Germany.

我們已經全力以赴，所以我們對德國持樂觀態度。

On the share count -- this is Eyal -- since this buyback is actually impacting in a weighted average, then you don't get the full impact in the quarter when you buy the shares.

在股票數量上——這是 Eyal——因為這次回購實際上影響了加權平均數，所以當你購買股票時，你不會在本季度獲得全部影響。

So -- and we also have to make assumption of how many shares we will buy in Q2, which is not -- which is never a final decision.

所以——我們還必須假設我們將在第二季度購買多少股票，這不是——這永遠不是最終決定。

(inaudible) that, I assume have seen that anywhere between 895 million to 897 million shares would be a good number on the share count.

（聽不清），我假設已經看到 8.95 億至 8.97 億股之間的任何地方在股票數量上都是一個不錯的數字。

So it's about 5 -- at least 5 million shares less than the 902 million we had at the end of Q1.

所以它大約是 5 - 至少比我們在第一季度末擁有的 9.02 億股少 500 萬股。

897 million will probably be a safe number.

8.97 億可能是一個安全的數字。

Great.

偉大的。

Thanks very much.

非常感謝。

Frank Pinkerton, SunTrust.

SunTrust 的弗蘭克·平克頓 (Frank Pinkerton)。

Thank you for taking the question, if I can ask one and then follow up later.

謝謝你提出這個問題，如果我可以問一個，然後再跟進。

The first one is on multiple sclerosis, and just generally in that category, as we are seeing more and more products come to market but price increases being taken, how does Teva ultimately look at managed care in that market?

第一個是關於多發性硬化症，而且通常屬於這一類別，因為我們看到越來越多的產品進入市場但價格正在上漲，Teva 最終如何看待該市場的管理式醫療？

And with more products coming, should some of the older-generation products ultimately be at a discount or does managed care have any way to kind of control pricing for some of those therapies?

隨著越來越多的產品問世，一些老一代產品最終是否應該打折，或者管理式醫療是否有任何方式來控制其中一些療法的定價？

And then a follow-up, please.

請進行後續跟進。

Frank, this is Bill Marth.

弗蘭克，這是比爾·馬斯。

You know, I think the key in the MS market right now is those patients treated versus non-treated and where the orals are having an impact here.

你知道，我認為目前 MS 市場的關鍵是那些接受治療的患者與未接受治療的患者，以及口服藥物在這裡產生影響的地方。

There is about 250,000 -- approximately 250,000 people that are treated and about 250,000 people that are, for one reason or another -- either needle phobic, in denial, have failed on other therapies -- and just aren't in treatment paradigms today.

大約有 250,000 人——大約 250,000 人接受了治療，還有大約 250,000 人出於某種原因——要么對針頭有恐懼症，要么拒絕承認，要么在其他療法上失敗了——而且只是不在今天的治療範例中。

And I think that those individuals, of course, are where the orals are likely to have an impact.

我認為這些人當然是口述可能產生影響的地方。

Managed care at this point in time has had very little impact with respect to treatment paradigm with Copaxone or versus with any multiple sclerosis therapy.

在這個時間點，管理式醫療對使用 Copaxone 的治療模式或與任何多發性硬化症治療相比的影響很小。

But over time, I think as the treatment options open up, there may be more pressure for prices to be somewhat mitigated.

但隨著時間的推移，我認為隨著治療選擇的開放，價格可能會有所緩和。

So in any case, I think right now the real trend is to get more patients into the treatment paradigm.

所以無論如何，我認為現在真正的趨勢是讓更多的患者進入治療模式。

Great.

偉大的。

And then just as a follow-up, with the Cephalon acquisition, assuming that closes -- kind of two parts.

然後作為後續行動，收購 Cephalon，假設交易結束——分為兩部分。

Number one, would Teva go to reporting segments, say, branded versus generic or something once that acquisition closes, given the size of the brand division at that point?

第一，考慮到當時品牌部門的規模，Teva 是否會去報告細分市場，例如，品牌與非專利或收購結束後的其他細分市場？

And then number two, can you just make any comments related to -- from a management standpoint, given that branded will be much larger, how does Teva feel about the management in place or does there need to be a bolstering in management for the branded division?

然後第二，你能不能發表任何相關的評論——從管理的角度來看，考慮到品牌會更大，Teva 對現有的管理有何看法，或者是否需要加強對品牌的管理分配？

Thank you.

謝謝你。

Okay, on the accounting questions, this has not been determined yet.

好的，關於會計問題，這還沒有確定。

We need to give it a close look and determine based on segment reporting.

我們需要仔細觀察並根據分部報告來確定。

Right now, we don't think that we have to, but we need to look at it.

現在，我們認為我們不必這樣做，但我們需要考慮一下。

And as for the management -- this is Shlomo, Frank -- I think that, first of all, as I pointed out when we announced the Cephalon acquisition, one of the major reasons that we were so attracted by the Cephalon is the Cephalon people or the Cephalon team.

至於管理層——我是 Shlomo，Frank——我認為，首先，正如我在宣布收購 Cephalon 時所指出的，我們被 Cephalon 如此吸引的主要原因之一是 Cephalon 人或 Cephalon 團隊。

We believe that they have an excellent management team, with a proven track record of bringing a product to the market.

我們相信他們擁有一支優秀的管理團隊，在將產品推向市場方面有著良好的記錄。

And we definitely, as we did always, we are going to take the best in breeds and to make decisions by marriage, and I believe that that will make part of the Cephalon -- or Cephalon will definitely help us to beef up the management that we need in order to have a successful leading specialty pharma business.

而且我們肯定，一如既往，我們將採用最好的品種並通過婚姻做出決定，我相信這將成為 Cephalon 的一部分 - 或者 Cephalon 肯定會幫助我們加強管理我們需要一個成功的領先專業製藥企業。

So we are optimistic and confident that together with the Teva people and the Cephalon great team, we will make it a great management that will take us to where we believe we are going to be.

因此，我們樂觀且有信心，與 Teva 人員和 Cephalon 偉大的團隊一起，我們將成為一個偉大的管理層，將我們帶到我們相信的地方。

Elliot Wilbur, Needham & Company.

Elliot Wilbur, Needham & Company。

Thank you, good morning.

謝謝你，早上好。

Just a couple of Copaxone-related questions.

只是幾個與 Copaxone 相關的問題。

First, on the O-US performance in the quarter, how much of that was related to sort of one-time bids, one-time tenders?

首先，關於本季度 O-US 的表現，其中有多少與一次性投標、一次性投標有關？

I know last year we saw a very strong performance of first-quarter ex-US and then it tapered off the next couple of quarters.

我知道去年我們看到第一季度美國以外的表現非常強勁，然後在接下來的幾個季度逐漸減少。

So I'm just trying to get a sense how much of that may be sustainable versus more of a one-time effect, this particular period?

所以我只是想了解在這個特定時期，其中有多少是可持續的，而不是更多的一次性效應？

And then, if you could, just remind us of sort of the timing of and current structure of the Copaxone ex-US royalty agreement and how that is going to impact the P&L.

然後，如果可以的話，請提醒我們 Copaxone 美國前特許權使用費協議的時間安排和當前結構，以及這將如何影響損益表。

And then for Bill, probably will be a couple months before we hear from you guys again, and I think in this time frame, there is an action [a] pending on your latest iteration of a citizen's petition regarding Copaxone and basically criteria for any potential ANDA applications.

然後對於 Bill，可能要過幾個月我們才能再次收到你們的消息，我認為在這個時間範圍內，有一項行動 [a] 正在等待您最近一次關於 Copaxone 的公民請願書以及任何基本標準潛在的 ANDA 應用。

And I'm wondering if just basically you think we should expect a repeat performance of what the FDA has done in the previous two occasions, which is basically to say simply can't grant you what you are asking, and move on from there.

我想知道基本上你是否認為我們應該期待 FDA 在前兩次場合所做的事情的重複表現，這基本上就是說不能滿足你的要求，然後繼續前進。

Yes, it's Bill Marth.

是的，是比爾·馬斯。

How about if we start with the last first and then we will flip back to AL.

如果我們先從最後一個開始，然後再翻回 AL，怎麼樣？

I think that -- and your question about the ex-US and the tender business.

我認為 - 以及你關於前美國和投標業務的問題。

Our Copaxone business ex-US was fairly flat this quarter, and there was very little tender action.

我們在美國以外的 Copaxone 業務本季度表現平平，幾乎沒有招標行動。

With respect to the citizen's petition, I think you got it about right.

關於公民的請願，我認為你是對的。

It is our anticipation at this point in time that we are likely to get that citizen's petition pretty much handed back to us without any activity on it, as we do not believe there is anyone close to approval at this point in time.

在這個時間點，我們預計我們很可能會在沒有任何活動的情況下將公民的請願書幾乎交還給我們，因為我們認為此時沒有任何人接近批准。

And I think the last part, Eyal (multiple speakers).

我認為最後一部分是 Eyal（多位發言人）。

(inaudible) the takeback in Europe, it is mostly European countries.

（聽不清）歐洲的回收，主要是歐洲國家。

This is -- the major -- the only major country currently that we took back from sanofi is the UK.

這是 - 主要 - 目前我們從賽諾菲收回的唯一主要國家是英國。

Gerard will correct me if I am wrong.

如果我錯了，杰拉德會糾正我。

He is nodding with his head.

他在點頭。

And the rest of the major market between the second half of this year and 2011, I think Germany is the [fourth] quarter.

而今年下半年到 2011 年之間的其他主要市場，我認為德國是 [第四] 季度。

And basically, it will have a positive impact both on sales, a little less than that on profit, but (inaudible) on profit.

基本上，它會對銷售產生積極影響，略低於對利潤的影響，但（聽不清）對利潤的影響。

As you have seen in our recent filing, there is a 6% royalty associated with that, so it is not a free lunch.

正如您在我們最近提交的文件中看到的那樣，有 6% 的特許權使用費與之相關，因此這不是免費的午餐。

But will definitely give us some backwind on the top line and a little on the bottom line also, with the takeback -- until it is completed; it will be completed by the end of 2012.

但肯定會給我們帶來頂線和底線上的一些逆風，隨著收回——直到它完成；將於2012年底完成。

Okay, but it's a pure revenue impact?

好的，但這是純粹的收入影響？

No impact on SG&A?

對 SG&A 沒有影響？

Yes, there is.

就在這裡。

It's very similar on a smaller scale to what has happened when we took it from sanofi in the US, but it is smaller.

在較小的規模上，它與我們從美國賽諾菲那裡拿走它時發生的情況非常相似，但它更小。

Overall, the total impact on revenue will probably be $150 million when we complete it.

總的來說，當我們完成它時，對收入的總影響可能是 1.5 億美元。

We will deliver higher gross profit as a result of that and higher sales and marketing, because we will be doing it ourselves.

我們將因此獲得更高的毛利潤以及更高的銷售和營銷，因為我們將自己做。

Overall, to the bottom line from those numbers, maybe half will stay at the bottom line or a little less than that, after the royalties and the sales and marketing expenses that we will have to fund ourselves.

總的來說，從這些數字來看，在我們必須自己承擔特許權使用費和銷售和營銷費用之後，可能有一半會留在底線或略低於底線。

Thank you.

謝謝你。

Ladies and gentlemen, we do not have any more time for questions.

女士們，先生們，我們沒有更多的時間提問了。

I will now turn the conference back 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, Diego, and thank you all for being with us today.

謝謝你，迭戈，感謝大家今天和我們在一起。

As you have heard, we took significant steps during this quarter to deliver on our long-term objectives, and we are looking forward to a significantly stronger second half of the year.

正如您所聽到的，我們在本季度採取了重大步驟來實現我們的長期目標，我們期待著今年下半年的表現更加強勁。

And again, thank you all for being with us today.

再次感謝大家今天與我們在一起。

Thank you.

謝謝你。

This concludes today's conference.

今天的會議到此結束。

All parties may now disconnect.

所有各方現在都可以斷開連接。