Teva Pharmaceutical Industries Ltd (TEVA) 2011 Q3 法說會逐字稿

Greetings, and welcome to the Teva Pharmaceuticals Industries Limited third quarter 2011results conference call.

大家好，歡迎來到 Teva Pharmaceuticals Industries Limited 2011 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 brief question-and-answer session will follow the formal presentation.

正式介紹後將進行簡短的問答環節。

(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, Kevin Mannix, 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 Kevin Mannix。

Thank you, Mr.

謝謝你，先生。

Mannix.

曼尼克斯。

You may begin.

你可以開始了。

Thanks, Rob.

謝謝，羅布。

Good morning, and good afternoon, everyone.

大家早上好，下午好。

Thank you for joining us today to review Teva's third quarter 2011 earnings results.

感謝您今天加入我們，回顧 Teva 2011 年第三季度的收益結果。

I'm joined today by our CEO, Shlomo Yanai, our Chief Financial Officer, Eyal Desheh, Bill Marth, President and CEO, of Teva Americas, Dr.

今天，我們的首席執行官 Shlomo Yanai、我們的首席財務官 Eyal Desheh、Teva Americas 總裁兼首席執行官 Bill Marth、Dr.

Gerard Van Odijk, President and CEO, Teva Europe.

Teva Europe 總裁兼首席執行官 Gerard Van Odijk。

Shlomo will begin by providing an overview of the third quarter performance.

Shlomo 將首先概述第三季度的業績。

Eyal will then provide additional details on our consolidated financial results before turning the call back to Shlomo, who will provide an updated outlook for 2011.

然後，Eyal 將提供有關我們綜合財務業績的更多詳細信息，然後再將電話轉回給 Shlomo，後者將提供 2011 年的最新展望。

We'll then open the call to question-and-answer period.

然後我們將打開電話問答期。

Before we start, I'd like to remind you that our discussions during this conference will include forward-looking statements.

在我們開始之前，我想提醒您，我們在本次會議期間的討論將包括前瞻性陳述。

Actual results could differ materially from those projected in the forward-looking statements.

實際結果可能與前瞻性陳述中預測的結果存在重大差異。

The factors that could cause actual results to differ, are discussed in Teva's 2010 report on Form 20-F, and in our report on Form 6-K.

Teva 2010 年的 20-F 表報告和我們的 6-K 表報告中討論了可能導致實際結果不同的因素。

Also the discussions during this conference call, will include certain financial measures that were not prepared in accordance with generally acceptable accounting principals.

此外，本次電話會議的討論將包括某些未根據普遍接受的會計原則制定的財務措施。

Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in Teva's earning release issued earlier this morning, which can be found on our website.

這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的對賬可以在 Teva 今天上午早些時候發布的收益報告中找到，該報告可以在我們的網站上找到。

I'll now turn the call over to Shlomo.

我現在將電話轉給 Shlomo。

Shlomo, if you would please?

Shlomo，你願意嗎？

Thank you, Kevin.

謝謝你，凱文。

Welcome, everyone, and thank you for joining us today to review Teva's results for the third quarter of 2011.

歡迎大家，並感謝您今天加入我們，回顧 Teva 2011 年第三季度的業績。

Overall, our efforts in the quarter yielded mixed results, against a backdrop of important strategic moves, both on the blended and generic fronts.

總體而言，在混合和通用方面的重要戰略舉措的背景下，我們在本季度的努力取得了喜憂參半的結果。

We saw sales increase by 2% year-over-year to 4.34 -- sorry -- $4.34 billion which produced quarterly operating profit and net income of $1.3 billion and $1.1 billion, respectively.

我們看到銷售額同比增長 2% 至 4.34——抱歉——43.4 億美元，季度營業利潤和淨收入分別為 13 億美元和 11 億美元。

This brought us to an EPS of $1.25.

這使我們的每股收益為 1.25 美元。

All of these metrics represent sequential growth, compared to the first and second quarter, as we have guided.

正如我們所指導的，與第一季度和第二季度相比，所有這些指標都代表了連續增長。

A combination of strong performances from multiple business units are what enabled us to exceed our guidance for the third quarter, despite reduced [sales] in the US generic business.

儘管美國仿製藥業務的[銷售額]有所下降，但多個業務部門的強勁表現相結合，使我們能夠超越我們對第三季度的指導。

There were positive contributions from the majority of our business units, especially from our branded franchises, but also from our generic businesses, in Europe and the emerging markets which continued to exhibit strong growths.

我們的大多數業務部門都做出了積極貢獻，尤其是我們的品牌特許經營權，但也來自我們在歐洲和新興市場的仿製藥業務，這些業務繼續呈現強勁增長。

Their performances were extremely important in providing balance, in the face of significantly reduced generic sales in our largest market, the United States.

面對我們最大的市場美國的仿製藥銷量大幅下降，他們的表現對於提供平衡極為重要。

Here, the business continued to struggle to replace, to replace expired 180 day exclusivity, from the year ago period, which as you know, were not only significant contributors to sales, but to our bottom line as well.

在這裡，企業繼續努力更換，更換一年前已過期的 180 天獨占權，如您所知，這不僅對銷售有重要貢獻，而且對我們的利潤也有重要貢獻。

I would like to discuss the US performance in greater detail than I normally do, because it is important to appreciate the difficult comparison.

我想比平時更詳細地討論美國的表現，因為重要的是要理解困難的比較。

If you look at 2010, our generic version of Effexor XR, Hyzaar, Cozaar, Mirapex, and [Yaz] generated revenues totaling almost $1.4 billion, including $560 million in the third quarter of that year alone.

如果你看看 2010 年，我們的 Effexor XR、Hyzaar、Cozaar、Mirapex 和 [Yaz] 的仿製藥創造了總計近 14 億美元的收入，其中僅當年第三季度就達到了 5.6 億美元。

Now, fast forward to 2011, and the combined sales of these same products, will total just $350 million, for the entire year, including $58 million in the third quarter.

現在，快進到 2011 年，這些相同產品的全年總銷售額僅為 3.5 億美元，其中包括第三季度的 5800 萬美元。

Replacing these sales from 2010 has proven to be a challenging task, one which has been compounded by the fact that we have been missing an important undisclosed launch, due to timing of the FDA approval.

從 2010 年開始取代這些銷售已被證明是一項具有挑戰性的任務，由於 FDA 批准的時間安排，我們錯過了一項重要的未公開發布，這一事實使這一任務更加複雜。

We are hopeful that this product will be launched in Q4.

我們希望這款產品能在第四季度推出。

The US remains a key market for Teva, and continues to be the largest generic business in the world.

美國仍然是 Teva 的主要市場，並且仍然是世界上最大的仿製藥企業。

The dynamics of the US generics market are changing, however, we still see great potential for growth, starting with the recent launch of Olanzapine, and continuing through next quarter which we expect to be a strong quarter for our US generics business.

美國仿製藥市場的動態正在發生變化，但是，我們仍然看到巨大的增長潛力，從最近推出的奧氮平開始，並持續到下個季度，我們預計這將是我們美國仿製藥業務的強勁季度。

We are pleased by the significant progress we made at both, the Irvine and Jerusalem infection facilities as we put the quality issues experienced at these facilities behind us.

我們對爾灣和耶路撒冷感染設施取得的重大進展感到高興，因為我們將這些設施中遇到的質量問題拋在腦後。

Quality is our top priority, and we are working diligently to take the system improvements we have made at these facilities, and implement them throughout our network of manufacturing facilities around the world.

質量是我們的重中之重，我們正在努力改進我們在這些工廠所做的系統改進，並在我們遍布全球的製造工廠網絡中實施它們。

And now, I would like to turn to some of the more positive highlights in the quarter.

現在，我想談談本季度的一些更積極的亮點。

Europe and emerging markets continue to display impressive growth, benefiting from a level of diversity that has eluded other operating in these regions.

歐洲和新興市場繼續表現出令人矚目的增長，受益於在這些地區開展業務的其他公司無法實現的多元化水平。

Europe was especially impressive, growing sales by 24% in local currency, to $1.344 billion.

歐洲尤其令人印象深刻，以當地貨幣計算銷售額增長了 24%，達到 13.44 億美元。

Our organic growth rate for the Europe business was 9%, while in our 5 major European markets, sales grew organically by an average of 14%.

我們歐洲業務的有機增長率為 9%，而在我們的 5 個主要歐洲市場，銷售額平均有機增長 14%。

And this September, for the first time, Teva became the number one generic pharmaceutical company in Germany, by both volume and value.

今年 9 月，Teva 首次成為德國銷量和價值第一的仿製藥公司。

We attribute the strength in this region, to our unique position as a true pan-European company.

我們將在該地區的優勢歸功於我們作為一家真正的泛歐公司的獨特地位。

We have diversity throughout the 27 countries, that make up this region, which reduces our dependency on any one country.

我們在構成該地區的 27 個國家/地區擁有多樣性，這減少了我們對任何一個國家的依賴。

In other ex-US regions, Latin America posted 22% organic growth, which is more than $200 million in sales.

在美國以外的其他地區，拉丁美洲實現了 22% 的有機增長，銷售額超過 2 億美元。

I am pleased with the progress we have made in EMEA, which as a business exceeded $350 million, with organic growth of 16% for the quarter.

我對我們在 EMEA 取得的進展感到滿意，該業務作為一項業務超過 3.5 億美元，本季度有機增長 16%。

This was largely due to record generic sales in Russia, which grew organically by 27%.

這主要是由於俄羅斯的仿製藥銷售創紀錄，有機增長了 27%。

In Japan, pharmaceutical sales reached $195 million for the third quarter, and I will provide additional information on that country shortly.

在日本，第三季度的藥品銷售額達到 1.95 億美元，我將很快提供有關該國家/地區的更多信息。

All of these markets and others are important to our long-term strategy, which includes growing our leadership position in the global generics market.

所有這些市場和其他市場對我們的長期戰略都很重要，其中包括提升我們在全球仿製藥市場的領導地位。

We strive to be the global dominant generic player, and we want to do this across the globe.

我們努力成為全球主導的仿製藥廠商，我們希望在全球範圍內做到這一點。

Whether it is in the [GGx], the generic -- generic market, the [BGx] markets, the [bena]-generic markets, and the [penda] markets or [governmental models], which ever model, Teva's size and scale, as the global generics market leader, represents a significant competitive advantage as we continue to diversify our generic business, not just by form, but also by geography.

無論是在 [GGx]、仿製藥——仿製藥市場、[BGx] 市場、[bena] 仿製藥市場，還是 [penda] 市場或 [政府模式]，無論哪種模式，Teva 的規模和規模，作為全球仿製藥市場的領導者，隨著我們繼續使我們的仿製藥業務多樣化，不僅在形式上，而且在地理上，它代表著顯著的競爭優勢。

Moving now to our blend of businesses, Copaxone led the way with a 26% increase in end market sales, with total, more than $1 billion.

現在轉向我們的業務組合，Copaxone 以 26% 的終端市場銷售額增長領先，總額超過 10 億美元。

Our flagship product continues to lead the US and global multiple sclerosis market in both sales and market share, including a 3.5% year-to-date growth in US prescriptions.

我們的旗艦產品在銷售額和市場份額方面繼續領先美國和全球多發性硬化症市場，其中美國處方藥今年迄今增長了 3.5%。

As patients and physicians seek treatment with proven medical efficacy and safety.

當患者和醫生尋求具有已證實的療效和安全性的治療時。

We believe this will sell the product well, even as the market awaits the introduction of additional therapies, which will certainly extend the market.

我們相信這會很好地銷售產品，即使市場正在等待引入其他療法，這肯定會擴大市場。

Last week, we held a meeting with FDA to discuss the NDA for Imiquimod.

上週，我們與 FDA 舉行了一次會議，討論咪喹莫特的 NDA。

Following the meeting we now believe that it would be premature to file an NDA at this time.

會議結束後，我們現在認為此時提交保密協議還為時過早。

We will continue to discover Imiquimod, and are pleased that FDA has offered to work with us to determine the best design for conducting an additional trial.

我們將繼續發現咪喹莫特，並且很高興 FDA 願意與我們合作以確定進行額外試驗的最佳設計。

Our product long-term strategy is to build on our blended and specialty pharmaceutical business, for diversification and expansion of our product portfolio and pipeline, while enhancing our position as the world-wide leader in generics.

我們的產品長期戰略是建立在我們的混合和專業製藥業務的基礎上，以實現我們的產品組合和管道的多樣化和擴展，同時加強我們作為全球仿製藥領導者的地位。

During this quarter, we saw 30% year-over-year growth in our US respiratory business.

本季度，我們的美國呼吸業務同比增長 30%。

The addition of Theramex to women's health helped to offset the loss of patent protection from Seasoninque in the US in this quarter.

Theramex 在女性健康領域的加入有助於抵消本季度美國 Seasoninque 失去的專利保護。

We expect to see continued growth in this area, over the coming years.

我們希望在未來幾年看到這一領域的持續增長。

We further expanded our specialty blended business on October 14, when we closed on the acquisition of Cephalon.

10 月 14 日，我們完成了對 Cephalon 的收購，進一步擴大了我們的特種混合業務。

Our new and expanded portfolio in CMS oncology, respiratory and women's health, together with our vast pipeline of more than 30 late stage product, position us as a leader in specialty pharma.

我們在 CMS 腫瘤學、呼吸系統和女性健康方面新的和擴展的產品組合，以及我們 30 多種後期產品的龐大管道，使我們成為專業製藥領域的領導者。

We are very excited about the opportunities that lay ahead.

我們對擺在面前的機會感到非常興奮。

As a result of the combination of our blended businesses, under the leadership of Kevin Buchi, who will be supported by Dr.

由於我們混合業務的合併，在 Kevin Buchi 的領導下，他將得到 Dr. 的支持。

Lesley Russell, head of Global Blended Research and Development, and [John Carmbazon], head of Global Blended Marketing.

全球混合研發主管 Lesley Russell 和全球混合營銷主管 [John Carmbazon]。

In fact, Kevin and Leslie are here in Israel this week, meeting with their staff, as we speak.

事實上，就在我們說話的時候，凱文和萊斯利本週在以色列與他們的員工會面。

Since the announcement of this acquisition in May, the work that was done by the integration teams, and the bonds that they formed were unlike anything I have seen before.

自 5 月宣布此次收購以來，整合團隊所做的工作以及他們形成的聯繫與我以前見過的任何事情都不一樣。

This positions us, to have our most successful integration to date.

這使我們能夠進行迄今為止最成功的整合。

2011 has been a challenging year for Teva, somewhat offsetting the excellent progress we have made on our strategic initiatives.

2011 年對 Teva 來說是充滿挑戰的一年，在某種程度上抵消了我們在戰略舉措方面取得的出色進展。

We have diversified our generic businesses by acquiring Taiyo and Teva-Kowa in Japan, the second largest market in the world, thereby laying the building blocks for our planned future growth in that country.

我們通過收購世界第二大市場日本的 Taiyo 和 Teva-Kowa 實現了仿製藥業務的多元化，從而為我們計劃在該國的未來增長奠定了基石。

These moves solidify our position, as the true leader in the top generic market in the world.

這些舉措鞏固了我們作為世界頂級仿製藥市場真正領導者的地位。

We're number one in North America, both United States and Canada.

我們在北美、美國和加拿大都排名第一。

Number 1 in Europe, and number 3, and widening in Japan.

在歐洲排名第一，在日本排名第三，並且在擴大。

As I discussed the earlier, the acquisition of Cephalon further positions Teva as a world-class specialty pharmaceutical business.

正如我之前討論的那樣，收購 Cephalon 進一步將 Teva 定位為世界級的專業製藥企業。

And our alliance with P&G, further expands our footprint in another dimension of pharmaceutical care.

我們與 P&G 的聯盟進一步擴大了我們在藥學服務另一個領域的足跡。

All these key pharmaceuticals are an important part of the healthcare system, not only in the US, but even more so throughout the world.

所有這些關鍵藥物都是醫療保健系統的重要組成部分，不僅在美國，在全世界更是如此。

Thank you for your attention.

感謝您的關注。

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

現在讓我們將電話轉給 Eyal，以獲得更詳細的財務更新。

Eyal?

埃亞爾？

Thank you, Shlomo, and good day, everyone.

謝謝你，Shlomo，祝大家有美好的一天。

I hope you have had an opportunity to review the press release we issued earlier today.

我希望您有機會閱讀我們今天早些時候發布的新聞稿。

The results for the quarter were dominated by strong performance in our European and international businesses, as well as our major branded businesses, which managed to offset another challenging quarter for US generic business.

本季度的業績主要得益於我們歐洲和國際業務以及主要品牌業務的強勁表現，這成功抵消了美國仿製藥業務又一個充滿挑戰的季度。

This demonstrates the strengths of Teva's balanced business model.

這證明了 Teva 平衡商業模式的優勢。

Before we delve into the numbers, I would like to touch on 2 topics.

在我們深入研究這些數字之前，我想談談兩個話題。

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

首先，我想提醒大家，我們正在展示 GAAP 和非 GAAP 結果。

In our non-GAAP presentation, we have excluded the following items this quarter, amortization of purchased intangible assets amounting to $161 million, of which $151 million is included in cost of goods sold, and the remaining $10 million, in selling and marketing expenses.

在我們的非 GAAP 報告中，我們在本季度排除了以下項目，即 1.61 億美元的已購無形資產攤銷，其中 1.51 億美元包含在已售商品成本中，其餘 1000 萬美元包含在銷售和營銷費用中。

I'd like remind you that we started recording amortization of ratiopharm intangibles in Q1 of this year.

我想提醒您，我們從今年第一季度開始記錄 ratiopharm 無形資產的攤銷。

Restructuring and acquisition expenses, and impairment of assets of $52 million related primarily to the acquisition of ratiopharm and Taiyo, costs related to regulatory action taken at facilities of $35 million, which relates primarily to quality issues in Irvine, and our animal health business, an inventory step-up of $19 million related to the acquisition of Taiyo, purchase of research and development in process of $15 million, income of 1 -- income of $1 million in connection with a provision for legal settlement and reserve, and a related tax effect of $86 million.

5200 萬美元的重組和收購費用以及資產減值主要與收購 ratiopharm 和 Taiyo 有關，與 3500 萬美元設施採取的監管行動相關的費用，這主要與爾灣的質量問題以及我們的動物保健業務有關與收購 Taiyo 相關的庫存增加 1900 萬美元，購買正在進行的研發 1500 萬美元，收入 1-100 萬美元的收入與提供合法結算和準備金以及相關稅收影響有關8600萬美元。

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

您應該注意到，在得出我們 2010 年第三季度的非 GAAP 業績時排除的項目與本季度的項目不同。

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

請查看我們的新聞稿和相關表格，以了解我們的 GAAP 數據和更完整的信息。

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

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

And second, foreign currencies continue to have an impact on our results this quarter, influencing our P&L as well as our balance sheet.

其次，外幣繼續對我們本季度的業績產生影響，影響我們的損益表和資產負債表。

In the third quarter, foreign currency differences had a positive impact of approximately $148 million on sales, and $15 million on non-GAAP operating income, as compared to Q3 2010.

與 2010 年第三季度相比，第三季度外幣差異對銷售額產生了約 1.48 億美元的積極影響，對非 GAAP 營業收入產生了 1500 萬美元的積極影響。

On the other hand, foreign currencies had a negative impact on our equity.

另一方面，外幣對我們的權益產生了負面影響。

The strength of the US dollar on September 30, compared to June 30, primarily relative to the Euro and other European currency, reduced our equity by approximately $1.3 billion.

與 6 月 30 日相比，9 月 30 日美元走強（主要是相對於歐元和其他歐洲貨幣而言）使我們的權益減少了約 13 億美元。

Looking at the consolidated results for Q3, sales totaled $4.3 billion, an increase of 2%, compared to Q3 last year, and an increase of 2% compared to Q2 this year.

從第三季度的綜合業績來看，銷售額總計 43 億美元，與去年第三季度相比增長 2%，與今年第二季度相比增長 2%。

Sales in North America declined 20% from Q3 2010.

與 2010 年第三季度相比，北美的銷售額下降了 20%。

Our US generics unit, which had another particularly soft quarter, because several -- several products that were major contributors to sales in the comparable quarter of 2010, most notably Venlafaxine had lower or no sales this quarter.

我們的美國仿製藥部門有另一個特別疲軟的季度，因為有幾種產品是 2010 年同期銷售額的主要貢獻者，最值得注意的是文拉法辛本季度的銷售額較低或沒有。

And at the same time, there were no significant launches in the quarter to offset this.

與此同時，本季度沒有重大發布來抵消這一點。

We continue to expect a -- the fourth quarter to be stronger than each of the first 3 quarters in 2010, following the launch of Olanzapine last week.

繼上週奧氮平上市後，我們繼續預計第四季度將強於 2010 年前三個季度的每一個季度。

Sales in Europe grew 34% in US dollars and 24% in local currency, due mainly to the consolidation of ratiopharm results.

歐洲的銷售額以美元計算增長了 34%，以當地貨幣計算增長了 24%，這主要是由於 Ratiopharm 業績的合併。

But it is important to note, that we again saw organic growth in generic sales in Europe, beyond the consolidation of ratiopharm, calculated as ratiopharm and Theramex were part of Teva in Q3 2010.

但值得注意的是，我們再次看到歐洲仿製藥銷售的有機增長，超出了 ratiopharm 的整合，計算為 ratiopharm 和 Theramex 在 2010 年第三季度是 Teva 的一部分。

Generic sales in Europe grew 7% organically, compared to Q3 2010.

與 2010 年第三季度相比，歐洲仿製藥銷售額有機增長 7%。

And Germany continued to perform well, with generic sales, growing 8% organically.

德國繼續表現良好，仿製藥銷售額有機增長 8%。

Sales in our emerging markets, Eastern Europe, Middle East, and Africa, Latin America and Asia grew 56% in US dollars and 49% in local currency, due to strong organic growths and the first time inclusion of sales of Taiyo.

我們在新興市場、東歐、中東以及非洲、拉丁美洲和亞洲的銷售額以美元計算增長了 56%，以當地貨幣計算增長了 49%，這要歸功於強勁的有機增長和 Taiyo 首次納入銷售額。

In addition, we continue to see double digit organic growth in Latin America and Russia.

此外，我們繼續看到拉丁美洲和俄羅斯的兩位數有機增長。

Now to the gross profit margin, which excludes amortization of purchased intangible assets, cost related to regulatory action taken at facilities and inventory step-up, was 56.4% in the reported quarter, compared to 62.5% in the quarter last year, resulting primarily from the significantly smaller contribution of high margin generic products in the US.

現在，報告季度的毛利率為 56.4%，而去年同期為 62.5%，這主要是由於美國高利潤仿製藥的貢獻明顯較小。

Non-GAAP operating income and non-GAAP operating margin were $1.3 billion and 30.3%, down from $1.4 billion and 33.9% in Q3 last year.

非美國通用會計準則營業收入和非美國通用會計準則營業利潤率為 13 億美元和 30.3%，低於去年第三季度的 14 億美元和 33.9%。

The decline in operating margin resulted from the decline in high margin generic products in the US, and was offset by significantly lower G&A expenses in the quarter.

營業利潤率的下降是由於美國高利潤仿製藥的下降，但被本季度大幅降低的 G&A 費用所抵消。

Non-GAAP net income was $1.1 billion, down 6% compared to $1.2 billion in Q3, 2010.

非 GAAP 淨收入為 11 億美元，與 2010 年第三季度的 12 億美元相比下降 6%。

Non-GAAP fully diluted earnings per share were $1.25, compared to $1.30 in Q3 last year.

非 GAAP 完全攤薄每股收益為 1.25 美元，而去年第三季度為 1.30 美元。

The weighted average share count used for calculating fully diluted non-GAAP earnings per share was 890 million shares.

用於計算完全稀釋的非 GAAP 每股收益的加權平均股數為 8.9 億股。

Now let's discuss operating expenses.

現在讓我們討論運營費用。

Net R&D expenses totaled $227 million or 5.2% of sales, slightly lower than the $239 million in Q3 last year.

淨研發費用總計 2.27 億美元，佔銷售額的 5.2%，略低於去年第三季度的 2.39 億美元。

The decline in net R&D expenses is attributable mostly to lower legal expenses, in connection with our generic R&D and timing of projects, and does not reflect a cut in R&D investment.

淨研發費用的下降主要是由於與我們的通用研發和項目時間安排相關的法律費用減少，並不反映研發投資的減少。

Gross R&D in Q3, which includes participation of third parties, totaled approximately $248 million or 5.7% of sales.

第三季度的研發總額（包括第三方的參與）總計約為 2.48 億美元，佔銷售額的 5.7%。

Selling and marketing expenses, excluding amortization of purchased intangible assets, totaled $796 million this quarter, or 18.3% of sales, compared with 17.5% of sales in Q3 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 7.96 億美元，佔銷售額的 18.3%，而 2010 年第三季度為 17.5%。

Higher selling and marketing expenses resulted from the consolidation of ratiopharm and Taiyo.

Ratiopharm 和 Taiyo 的合併導致銷售和營銷費用增加。

Further G&A expenses this quarter were $112 million or 2.6% of sales, compared to 5.5% of sales in Q3 last year.

本季度的其他 G&A 費用為 1.12 億美元，佔銷售額的 2.6%，而去年第三季度佔銷售額的 5.5%。

The significant decline in G&A expenses this quarter, resulted primarily from a gain recorded in connection with the acquisition Teva-Kowa, and of an additional interest acquisition in CureTech, totaling together $135 million.

本季度 G&A 費用大幅下降，主要是由於與收購 Teva-Kowa 相關的收益以及對 CureTech 的額外權益收購，總計 1.35 億美元。

In -- Q4, we expect G&A expenses to return to regular levels of approximately 5% of sales.

在--第四季度，我們預計 G&A 費用將恢復到約佔銷售額 5% 的正常水平。

We recorded $67 million in non-GAAP financial expenses in Q3 2011, compared with $48 million in the comparable quarter of 2010.

我們在 2011 年第三季度錄得 6700 萬美元的非 GAAP 財務費用，而 2010 年同期為 4800 萬美元。

Higher financial expenses resulted primarily from higher interest expenses due to the debt incurred to finance the Taiyo acquisition, and expenses incurred in connection with hedging activity.

較高的財務費用主要是由於為 Taiyo 收購融資而產生的債務導致的利息費用增加，以及與對沖活動有關的費用。

The non-GAAP tax expense for the third quarter was $119 million, of pre-tax GAAP income of $1.249 billion

第三季度非 GAAP 稅項支出為 1.19 億美元，稅前 GAAP 收入為 12.49 億美元

Our current estimate of the non-GAAP annual tax rate for 2011 is 10%, compared to 13% of pre-tax non-GAAP income for 2010.

我們目前對 2011 年非 GAAP 年度稅率的估計為 10%，而 2010 年的稅前非 GAAP 收入為 13%。

The lower non-GAAP tax rate for 2011 resulted from a particular mix of products that our manufacturers and geographies where Teva benefits from tax incentives.

2011 年較低的非 GAAP 稅率是由於我們的製造商和 Teva 受益於稅收優惠的地區的特定產品組合。

The estimated GAAP tax rate for 2011 is 4%.

2011 年的估計 GAAP 稅率為 4%。

Now, let's have a look at our cash flow.

現在，讓我們看看我們的現金流。

Cash flow in this quarter was not consistent with our typical run rate, and resulted from a combination of events which we do not expect to repeat.

本季度的現金流量與我們的典型運行率不一致，這是由我們預計不會重複的一系列事件造成的。

Cash generated from operations this quarter totaled $482 million, compared to $1.2 billion in Q3 2010, due to lower collections, inventory build up, and actual payment of legal settlement and restructuring expenses reserved in Q2.

本季度運營產生的現金總計 4.82 億美元，而 2010 年第三季度為 12 億美元，這是由於第二季度預留的收款、庫存增加以及實際支付的法律結算和重組費用減少所致。

Our free cash flow, excluding net of capital expenditure of $276 million, and dividend payment of $204 million, amounted to only $2 million.

扣除 2.76 億美元的資本支出和 2.04 億美元的股息支付後，我們的自由現金流僅為 200 萬美元。

Cash flow in Q3 was weak, relative to a record high Q2 of $1.3 billion in operating cash flow, and it is expected to revert to strong typical levels in Q4.

相對於創紀錄的第二季度 13 億美元的運營現金流，第三季度的現金流較弱，預計第四季度將恢復到強勁的典型水平。

During the quarter, we bought back 6.1 million shares at an average price of $42.30 per share, for a total of $254 million.

本季度，我們以每股 42.30 美元的平均價格回購了 610 萬股，總計 2.54 億美元。

Since we started this buyback program in December 2010, we have repurchased 17.9 million shares for a total of $848 million, reflecting an average price $47.47 per share.

自 2010 年 12 月啟動此回購計劃以來，我們已回購 1,790 萬股，總計 8.48 億美元，平均價格為每股 47.47 美元。

On September 30, cash and marketable securities totaled $1.3 billion, essentially flat compared to June 30.

9 月 30 日，現金和有價證券總額為 13 億美元，與 6 月 30 日基本持平。

Our total outstanding loan, bonds and convertible debenture totaled $8.2 billion, up approximately $1.8 billion, from $6.4 billion as of the end of June, as a result of the additional debt incurred primarily in connection with Taiyo.

由於主要與 Taiyo 相關的額外債務，我們的未償貸款、債券和可轉換債券總額從 6 月底的 64 億美元增加了約 18 億美元，達到 82 億美元。

Following the close of the Cephalon acquisition, our debt stood at $14.7 billion.

在 Cephalon 收購結束後，我們的債務為 147 億美元。

Our financial leverage as of September 30, 2011 was 26%, compared to 21% at the end of June.

截至 2011 年 9 月 30 日，我們的財務槓桿率為 26%，而 6 月底為 21%。

The increase resulted from additional debt incurred in connection with the acquisition of Taiyo, as well as the negative impact foreign exchange had on our equity.

增加的原因是與收購 Taiyo 相關的額外債務，以及外匯對我們權益的負面影響。

DSO, day sales outstanding declined to 36 days this quarter, compared to 41 days in the previous quarter, and 32 days in Q3 2011.

DSO，本季度未完成銷售天數下降至 36 天，而上一季度為 41 天，2011 年第三季度為 32 天。

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

我們在扣除應收賬款、銷售準備金和津貼後計算 DSO。

Inventory days stood at 198 days, up from 178 days in Q3 2010.

庫存天數為 198 天，高於 2010 年第三季度的 178 天。

The increase in inventory days, compared to last year resulted from foreign exchange differences, as well as preparing for volume growth in the US generics expected in Q4.

與去年相比，庫存天數增加的原因是匯率差異，以及為預計第四季度美國仿製藥銷量增長做準備。

Gross capital expenditures was $276 million this quarter, compared to $224 million in Q2, 2011.

本季度總資本支出為 2.76 億美元，而 2011 年第二季度為 2.24 億美元。

The increase in CapEx resulted from one-time expense in connection with a site purchase in the United States.

資本支出的增加是由於與在美國購買場地有關的一次性費用。

Dividend -- on Monday, Teva's Board approved the quarterly net dividend, amounting to approximately $194 million.

股息——週一，Teva 董事會批准了季度淨股息，總額約為 1.94 億美元。

On a per share basis, our dividend which is declared in Israeli shekel, is ILS0.8 per share.

按每股計算，我們以以色列謝克爾宣告的股息為每股 IL0.8。

Based on yesterday's rate of exchange, of the shekel to the US dollar, this translates into approximately $0.219 per share

根據昨天謝克爾對美元的匯率，這相當於每股約 0.219 美元

Before I return the call to Shlomo, to discuss guidance for Q4, I would like to say something about disclosing our information.

在我回電話給 Shlomo 討論第四季度的指導之前，我想談談披露我們的信息。

Following the acquisition of Cephalon, we intend to modify our presentation of information, and the level of detail to be provided.

在收購 Cephalon 之後，我們打算修改我們的信息呈現方式以及所提供的詳細程度。

We will provide more product level sales data for our branded business, as well as additional sales information by market.

我們將為我們的品牌業務提供更多產品級別的銷售數據，以及按市場劃分的額外銷售信息。

Shlomo, please continue.

什洛莫，請繼續。

Thank you, Eyal.

謝謝你，埃亞爾。

The closing of the Cephalon transaction provides us with an opportunity to update our guidance for the year to reflect its inclusion.

Cephalon 交易的結束為我們提供了一個機會來更新我們今年的指導以反映其納入。

The Company now projects 2011 full-year revenues to be approximately $18.3 billion to $18.6 billion, compared to the previous range of $18.5 billion to $19 billion.

公司現在預計 2011 年全年收入約為 183 億美元至 186 億美元，而之前的範圍為 185 億美元至 190 億美元。

The Company also expects non-GAAP earnings on a fully diluted per share basis, to be in the range of $4.92 to $5.02, compared to the previous estimated range of $4.90 to $5.20.

公司還預計，按完全攤薄後的每股收益計算，非 GAAP 收益將在 4.92 美元至 5.02 美元之間，而此前的估計範圍為 4.90 美元至 5.20 美元。

The new full-year estimate now include a non-GAAP EPS contribution of approximately $0.15 from the consolidation of the Cephalon acquisition.

新的全年估計現在包括約 0.15 美元的非 GAAP EPS 貢獻，來自對 Cephalon 收購的整合。

The full-year 2011 range implied fourth quarter performance of revenues of $5.7 billion to $6 billion, and non-GAAP EPS of $1.53 to $1.63.

2011 年全年範圍意味著第四季度的收入表現在 57 億美元至 60 億美元之間，非 GAAP 每股收益在 1.53 美元至 1.63 美元之間。

The range for the fourth quarter, primarily reflects the uncertainty about the timing of the regulatory approval and all the dynamics of commercial conditions of launching the undisclosed generic product in the US, that I referenced at the beginning of my remarks.

第四季度的範圍主要反映了監管批准時間的不確定性以及我在發言開頭提到的在美國推出未公開仿製藥的商業條件的所有動態。

Looking ahead to 2012, as we mentioned previously, we plan to provide updated guidance prior to the end of this year, once we have had more time to integrate Cephalon, and review our combined war plan.

展望 2012 年，正如我們之前提到的，一旦我們有更多時間整合 Cephalon 並審查我們的聯合戰爭計劃，我們計劃在今年年底之前提供更新的指南。

I would be happy to open the call for questions.

我很樂意打開問題電話。

Thank you.

謝謝你。

We'll now be conducting a question and answer session.

我們現在將進行問答環節。

(Operator Instructions).

（操作員說明）。

Thank you.

謝謝你。

Our first question this morning is coming from the line of Randall Stanicky of Canaccord Wealth Management.

我們今天早上的第一個問題來自 Canaccord Wealth Management 的 Randall Stanicky。

Please state your question.

請說出你的問題。

Thanks guys thanks very much for the question and the color.

謝謝大家，非常感謝您提出的問題和顏色。

Maybe Eyal and/or Bill, can you just help us to be clear on fourth quarter guidance, can you rank order the 2 or 3 key drivers sequentially we should be focusing on?

也許 Eyal 和/或 Bill，你能否幫助我們明確第四季度的指導，你能否按順序排列我們應該關注的 2 或 3 個關鍵驅動因素？

And then maybe help us, maybe reiterate with respect to the commercially sensitive product, exactly what is in and what is not in fourth quarter?

然後也許可以幫助我們，也許重申關於商業敏感產品，第四季度到底有什麼，什麼沒有？

And then I have a follow-up.

然後我有一個後續行動。

Okay.

好的。

Thanks, Randall.

謝謝，蘭德爾。

I'll start with some, some numbers and Bill will follow-up with the, with the business aspects.

我將從一些數字開始，Bill 將跟進業務方面的問題。

But as you said, on this quarter, is expected to be a different volume from Q, from Q3.

但正如您所說，本季度的銷量預計與第三季度不同。

We, we see basically growth in all the parts of our business.

我們，我們看到我們業務的所有部分基本上都在增長。

We -- of course, the US generic business -- with the Olanzapine launch which already started, and some other improvement.

我們——當然，美國仿製藥業務——已經開始推出奧氮平，以及其他一些改進。

Bill can shed some light on that.

比爾可以闡明這一點。

Europe, we believe it -- continue to grow with a stronger Q4.

我們相信，歐洲將隨著第四季度的強勁增長而繼續增長。

Same for our international market, we're beginning to take back, Copaxine in Germany this quarter, and a number of other smaller -- smaller country.

對於我們的國際市場，我們開始收回，本季度在德國的 Copaxine，以及其他一些較小的國家。

Respiratory business should have a stronger -- stronger fourth quarter, so basically, almost in every point in our business, you see addition.

呼吸業務應該有一個更強勁的第四季度，所以基本上，幾乎在我們業務的每一點上，你都會看到更多。

Of course, the addition of Cephalon as Shlomo mentioned, we expect to contribute $0.15 of sales.

當然，如 Shlomo 提到的 Cephalon 的加入，我們預計貢獻 0.15 美元的銷售額。

And then there's a product that we cannot disclose with an upside, that is an upside for the quarter, and Bill can provide more details on that.

然後有一個我們不能透露的產品有上行空間，這是本季度的上行空間，Bill 可以提供更多詳細信息。

Yes.

是的。

Thanks for the question, Randall.

謝謝你的問題，蘭德爾。

Just a couple of points, the fourth quarter, really is an opportunity, it's time when US generic division will return to an accelerating position, and begin to accelerate.

就幾點，第四季度，真的是一個機會，是美國仿製藥部門回到加速位置，開始加速的時候了。

It's led, of course, by the launch of Olanzapine, which should contribute about $300 million, which was shipped last week.

當然，這是由奧氮平的推出引領的，奧氮平應貢獻約 3 億美元，該產品已於上週發貨。

We'll also get a few other new products that should launch.

我們還將獲得一些應該推出的其他新產品。

I think the main one you will think of, would be Combivir.

我認為您會想到的主要藥物是 Combivir。

And then with the lifting now of the Jerusalem warning letter being behind us, it's really putting us in the position now, or the right position for us so seek share, and get share in volume and gain.

然後隨著耶路撒冷警告信的解除現在已經過去了，這真的讓我們現在處於這個位置，或者對我們來說是正確的位置，所以尋求份額，並獲得數量和收益的份額。

So if you want to think about the business in the fourth quarter, you think about this base business, that's about $850 million.

所以如果你想考慮第四季度的業務，你會考慮這個基礎業務，大約是 8.5 億美元。

With Olanzapine, it should be approximately $300 million.

加上奧氮平，應該是3億美元左右。

New products that -- other new products that will come in the quarter, about $100 million.

新產品——本季度將推出的其他新產品，約為 1 億美元。

And then we should get potentially an impact from the price increases that begin to roll through, as well some share gains.

然後我們應該從開始滾動的價格上漲以及一些股票收益中獲得潛在的影響。

And all of this, of course, what I just laid out, doesn't include this important undisclosed product.

當然，所有這一切，我剛剛列出的，不包括這個重要的未公開產品。

Which would be upside?

哪一個是好的？

Well, it is upside to the ones that I just gave you.

好吧，它比我剛剛給你的那些要好。

I think it, needs to be very clear with respect to the range, that the low end of that range reflects not having that product, the high end of that range reflects having some level of that product.

我認為，關於範圍需要非常清楚，該範圍的低端反映沒有該產品，該範圍的高端反映了該產品的某種水平。

Got you.

明白了

That's helpful.

這很有幫助。

And then let me just follow-up.

然後讓我跟進。

As we've looked the last couple of quarters, the US generic business has come down to probably where it's at its low watermark from here.

正如我們在過去幾個季度所看到的那樣，美國仿製藥業務可能已經從這裡降至低水位線。

We've seen gross margins come down with that, 100 to 150 basis points.

我們已經看到毛利率下降了 100 到 150 個基點。

So Eyal, directionally can you help us think about, as that US generics business picks up, should we think about the gross margin moving higher as well?

那麼，Eyal，您能否從方向上幫助我們思考，隨著美國仿製藥業務的回升，我們是否應該考慮毛利率也隨之上升？

Yes, if you remember Q2 last year, we generated a record high gross margin of over 62%.

是的，如果你還記得去年第二季度，我們的毛利率創下了 62% 以上的歷史新高。

I don't see us returning to that level.

我不認為我們會回到那個水平。

I am putting Cephalon aside, because Cephalon will have it's -- a positive impact on our gross margin, it comes with a branded gross margin.

我把 Cephalon 放在一邊，因為 Cephalon 會對我們的毛利率產生積極影響，它會帶來品牌毛利率。

And, of course, that will elevate the margin.

當然，這會提高利潤率。

But on the Teva stand-alone business as you know, today, our gross margin for, for the, fourth quarter should be anywhere between 59% to 60%.

但是，如您所知，在 Teva 獨立業務中，我們第四季度的毛利率應該在 59% 到 60% 之間。

As a result of the changes in the mix of product and the, the rebound in the US generic business, Olanzapine of course, is a paragraph IV exclusivity product, and a few other improvements, that's [what] I believe we'll see.

由於產品組合的變化以及美國仿製藥業務的反彈，奧氮平當然是第 IV 段獨家產品，以及其他一些改進，這就是我相信我們會看到的。

Thank you.

謝謝你。

Our next question is coming from the line of Gregg Gilbert with Banc of America.

我們的下一個問題來自美國銀行的 Gregg Gilbert。

Please state your question.

請說出你的問題。

Thank you.

謝謝你。

Firstly for Bill, understanding that comps were tough in the US generics business, is that business overall performing like you thought it would?

首先，對於 Bill，了解到美國仿製藥行業的競爭很艱難，該行業的整體表現是否像您想像的那樣？

Or is there some changing dynamic underneath that, that we should understand, again separate from sort of chunkiness of big launches?

或者在這背後是否有一些變化的動態，我們應該理解，再次與大型發布的塊狀分開？

And my follow up is for Shlomo.

我的跟進是針對 Shlomo 的。

Can you confirm and put some rumors to rest, that there are any changes in senior management and the Board being considered?

您能否證實並平息一些謠言，即高級管理層和正在考慮的董事會有任何變動？

And maybe separate from that, would you say there's more discussion these days at the Board level, about the prioritization of buybacks versus dividend versus business development?

也許與此分開，你會說這些天在董事會層面有更多討論，關於回購與股息與業務發展的優先次序嗎？

Thank you?

謝謝？

Gregg, this is Bill Marth.

格雷格，這是比爾·馬斯。

I'll start out.

我會開始的。

I think your reference to the US generic business, it is basically down to, it is down to the base business.

我認為你提到的美國仿製藥業務，基本上歸結為基礎業務。

If you think about what Shlomo said in his talk, about the $560 million of exclusive products that you're missing for the quarter, that's an extreme amount of money.

如果你想想 Shlomo 在他的談話中所說的話，關於你在本季度錯過的 5.6 億美元的獨家產品，那是一筆巨款。

What I think is also different is in 2010 alone, we had 1 point above, $1.4 billion in exclusive products in that plan.

我認為同樣不同的是，僅在 2010 年，我們就在該計劃中獲得了 1 點以上的 14 億美元獨家產品。

In the 2011 plan, we knew it would be sort of a dry year, but it has been a very dry year.

在 2011 年的計劃中，我們知道這將是乾燥的一年，但這是非常乾燥的一年。

And we only look at this point in time, and at this point in time, expect about $350 million of exclusive products.

我們只看這個時間點，在這個時間點，預計獨家產品約為 3.5 億美元。

So that's a real extreme change.

所以這是一個真正的極端變化。

But we are anticipating returns to some of our previous trends.

但我們預計會恢復到我們以前的一些趨勢。

As, as we begin to pick up share and do all those things that I mentioned earlier to Randall's question.

因為，當我們開始分享並做我之前針對蘭德爾問題提到的所有事情時。

And again, the launches in 2011, we had -- we've only had 13 in 2011 in total, and just 5 in Q3.

再一次，我們在 2011 年推出了——我們在 2011 年總共只有 13 個，而在第三季度只有 5 個。

So we've been light on the launches, light on the exclusives, and we had a bit of an impact because of the warning letter in Jerusalem.

因此，我們一直對發布、對獨家產品輕描淡寫，由於耶路撒冷的警告信，我們產生了一些影響。

And now we see we're putting that behind us.

現在我們看到我們正在把它拋在身後。

Okay.

好的。

And Gregg to your question about the buyback, let me say that, first of all, at this levels -- that Teva is a compelling value.

Gregg 關於你關於回購的問題，讓我說，首先，在這個層面上——Teva 是一個引人注目的價值。

And Teva is today, is a different Company.

而今天的 Teva 是一家不同的公司。

With the sales approaching almost $20 billion, we are evaluating what is the best way to create value for our shareholders, especially on the question of the total shareholder return or i.e.

隨著銷售額接近 200 億美元，我們正在評估什麼是為股東創造價值的最佳方式，尤其是在股東總回報或即

how much of cash we would like to return back to our shareholders.

我們希望將多少現金返還給股東。

And definitely this is -- on our -- we are considering, and we are discussing it.

這絕對是——在我們的——我們正在考慮，我們正在討論它。

But at this point in time, I prefer to stop here.

但此時此刻，我寧願就此打住。

Shlomo, maybe I can add some -- on returning shares to, returning cash to shareholders, over the past 12 months, we, we returned almost, almost $2.5 billion to shareholders, by way of dividend payments, share buyback redemption of our convertibles.

Shlomo，也許我可以補充一些——關於向股東返還股票，向股東返還現金，在過去的 12 個月裡，我們通過支付股息、股票回購贖回我們的可轉換債券，向股東返還了近 25 億美元。

And we will continue to evaluate the right way to allocate capital, without of course, ignoring the need to maintain strong balance sheet and accelerated debt service.

我們將繼續評估正確的資本配置方式，當然不會忽視保持強勁資產負債表和加速償債的必要性。

So all this is definitely the things that we are taking into consideration.

所以所有這些絕對是我們正在考慮的事情。

Thank you.

謝謝你。

And your last part about management changes, there's no management changes that I can tell you.

關於管理層變動的最後一部分，我無法告訴您任何管理層變動。

Thanks.

謝謝。

Our next question is from the line of Ken Cacciatore with Cowen and Company.

我們的下一個問題來自 Ken Cacciatore 與 Cowen and Company 的合作。

Please state your question.

請說出你的問題。

Hi thanks.

你好謝謝。

Just wondering, in Europe you seem to be gaining share and performing a little bit better versus your peer groups.

只是想知道，在歐洲，與同行相比，您似乎正在獲得份額並且表現更好一些。

Wonder if maybe Gerard would discuss some of the trends he's seeing there, and some of the thoughts as we move forward in 2012?

想知道 Gerard 是否會討論他在那裡看到的一些趨勢，以及我們在 2012 年前進時的一些想法？

Thanks.

謝謝。

Yes, thanks.

對了謝謝。

Sorry, Ken, there was a bottle falling over here.

對不起，肯，有一個瓶子掉在這裡。

Happy to do so.

很高興這樣做。

Listen, I think we had a great quarter.

聽著，我認為我們有一個很棒的季度。

Organic growth, and as you know, as Shlomo's alluded to, we had -- on a comparative base we grew 9% in our major 5 European markets or grow, 14 if you take it organically, which I think is really great.

有機增長，正如你所知，正如 Shlomo 所暗示的那樣，我們有——在比較基礎上，我們在主要的 5 個歐洲市場增長了 9% 或增長，如果你有機地採取它，我認為這真的很棒。

And with the exception of Poland perhaps Portugal, Hungary, and France, it was flat.

除了波蘭（也許是葡萄牙、匈牙利和法國）之外，它是持平的。

Every market was doing very, very well in Europe.

歐洲的每個市場都表現得非常非常好。

But as you also know, each quarter has its own dynamics.

但正如您所知，每個季度都有自己的動態。

The launches, [standards], trade dynamics or M&A activities, and that's why every quarter is slightly different.

發布、[標準]、貿易動態或併購活動，這就是每個季度略有不同的原因。

And I think for us in Europe, the quarterly fluctuation that we see in our 27 different European countries are there.

我認為對於我們在歐洲的人來說，我們在 27 個不同的歐洲國家看到的季度波動是存在的。

But we are so nicely spread, that as a net-net result, our European business is being positive quarter after quarter.

但我們分佈得非常好，作為淨淨結果，我們的歐洲業務每季度都呈正增長。

So it could be raining in one particular country in one quarter, but there's also range of other countries, where in that same quarter we have a lot of sunshine.

因此，某個特定國家/地區可能有一個季度在下雨，但也有許多其他國家/地區在同一季度有很多陽光。

You may remember that in Q1 we grew in every key European market, except in Germany where we declined.

您可能還記得，在第一季度，我們在每個主要歐洲市場都取得了增長，但德國除外，我們在德國有所下降。

And with this quarter, our major five including Germany, grew sales organically with an average of 14.

在本季度，包括德國在內的主要五個國家的銷售額有機增長，平均增長 14 個。

So it's just shows you that I think our business model is making us more resilient and more resistant to these -- let's say, different models and different dynamics we see in the European market.

所以它只是告訴你，我認為我們的商業模式讓我們更有彈性，更能抵抗這些——比方說，我們在歐洲市場看到的不同模式和不同動態。

I think we can stick to what we said at the beginning of the year, we expect every quarter a slightly better quarter than the quarter before, and I think we are seeing -- we continue to see that, if you compare quarter-on-quarter, year-on-year.

我認為我們可以堅持我們在年初所說的話，我們預計每個季度都會比前一季度略好，而且我認為我們正在看到 - 我們將繼續看到這一點，如果你比較季度 -季度，同比。

And as for next year, I believe that with all the price dynamics we are seeing in Europe, there will be a little more pressure.

至於明年，我相信鑑於我們在歐洲看到的所有價格動態，將會有更多的壓力。

But growth might be a little bit more under pressure, but we're still expecting mid, mid to high single digit growth numbers to be possible for the European business.

但增長可能面臨更多壓力，但我們仍然預計歐洲業務可能實現中、中到高個位數增長。

Thank you.

謝謝你。

Our next question is from the line of Jami Rubin of Goldman Sachs.

我們的下一個問題來自高盛的 Jami Rubin。

Please state your question.

請說出你的問題。

Thank you.

謝謝你。

I've got a couple questions.

我有幾個問題。

Bill, for you, I'm wondering if you could kind of take a step back, and help us to think about what you see as the organic growth rate of the North American generics business going forward, recognizing that this year was a particularly challenging year.

比爾，對你來說，我想知道你是否可以退後一步，幫助我們思考你認為北美仿製藥業務未來的有機增長率，認識到今年是特別具有挑戰性的一年年。

You've got obviously, some opportunities in 2012, but if you were to sort of take a step back and look at the long-term organic growth, can this business recover to the levels of growth to which investors have become accustomed?

很明顯，2012 年你有一些機會，但如果你退後一步，看看長期的有機增長，這項業務能否恢復到投資者已經習慣的增長水平？

Or should we all sort of recalibrate our expectations on that?

還是我們應該重新調整我們對此的期望？

And I also have a question for Shlomo.

我還有一個問題要問 Shlomo。

You were out with pretty aggressive long-term 2015 revenue and net income guidance, and just wondering just as it relates to the earlier capital allocation question, what is more important to you?

您出台了相當激進的 2015 年長期收入和淨收入指引，只是想知道這與之前的資本配置問題有關，什麼對您更重要？

Is it more important to you to hit those targets, which now seem even less achievable, given the revenue miss this quarter, or returning cash to shareholders?

考慮到本季度收入未達預期，還是向股東返還現金，實現這些目標對您來說更重要？

And just, apologies here, last question, relates to the gains that you took this quarter on the acquisitions of Teva-Kowa and CureTech.

只是，在這里道歉，最後一個問題，與您本季度在收購 Teva-Kowa 和 CureTech 時獲得的收益有關。

Just wondering, what the revenue impact was, revenue and earnings impact was, from those acquisitions this quarter?

只是想知道，本季度的這些收購對收入、收入和收益的影響是什麼？

Thanks.

謝謝。

Maybe I'll take that.

也許我會接受那個。

It is Eyal.

是埃亞爾。

I'll take the revenue question on Teva-Kowa.

我將回答有關 Teva-Kowa 的收入問題。

The (inaudible) addition of the revenue to Teva-Kowa in this quarter is marginal or hardly (inaudible), because we just closed the deal very close to the end of the quarter.

本季度 Teva-Kowa 收入的（聽不清）增加是微不足道的或幾乎（聽不清），因為我們剛剛在接近本季度末的時候完成了交易。

But going forward, it will add something like $25 million for -- to Q4, in the run rate, since we recognized part of the revenues.

但展望未來，由於我們確認了部分收入，因此第四季度的運行率將增加約 2500 萬美元。

We were 50/50, with such a unique Japanese structure, and we recognized something like two-thirds of the -- or 75% of the revenues, to begin with in, in our revenue recognition.

我們是 50/50，擁有如此獨特的日本結構，我們在收入確認中確認了大約三分之二或 75% 的收入。

So this is, not (inaudible).

所以這不是（聽不清）。

Jami, this is Bill Marth.

Jami，這是 Bill Marth。

You asked, I think, a really great question about the long term view of generics in the US.

我認為你問了一個關於美國仿製藥長期觀點的非常好的問題。

The way to think about Teva's generic business is, it's about a $5 billion business, that will move up and down on an annual basis, depending on exclusivities.

思考 Teva 的仿製藥業務的方式是，它是一項價值 50 億美元的業務，每年都會上下波動，具體取決於排他性。

It's a great business.

這是一項偉大的事業。

It's still remains the largest generic business in the world, and will still for quite some time, and so we're very excited about it.

它仍然是世界上最大的仿製藥企業，而且還會持續相當長的一段時間，因此我們對此感到非常興奮。

But there's changes happening in the US business.

但美國企業正在發生變化。

If you think about -- if you think about our ability to grow, you've got about a $300 billion generic, or branded business in the US.

如果你想一想——如果你想一想我們的增長能力，你就會在美國擁有大約 3000 億美元的仿製藥或品牌業務。

They attribute about $50 billion of it on IMS to, to generics.

他們將 IMS 上的大約 500 億美元歸因於仿製藥。

And then, there's about $40 billion reflected in IMS on -- if you think about biologics, which we're also chasing, we're chasing in a different way.

然後，IMS 上反映了大約 400 億美元——如果你考慮一下我們也在追逐的生物製品，我們正在以不同的方式追逐。

It leaves you about a core business of about $210 billion of branded value for us to go after.

它為您留下了約 2100 億美元品牌價值的核心業務，供我們追求。

And we're excited.

我們很興奮。

I mean, we're filed against $117 billion of that $210 billion.

我的意思是，我們提出反對 2100 億美元中的 1170 億美元。

The fact is Paragraph IV has changed.

事實是第 IV 段發生了變化。

The ability with more NTEs, the ability to get first to file for your exclusive or semi-exclusive is much less.

擁有更多 NTE 的能力，首先為您的獨占或半獨占申請的能力要少得多。

So we see value coming from the more complex products.

因此，我們看到了來自更複雜產品的價值。

Products like our budesonide, and other, other products that are -- (inaudible) ODT that we marketed for a while, products like that, that have complexity.

像我們的布地奈德這樣的產品，以及其他產品——（聽不清）我們銷售了一段時間的 ODT，這些產品具有復雜性。

And we see more value coming from that.

我們看到更多的價值來自於此。

We see a bit more commoditization happening, with, and more volume coming with, with strengthening of managed care, but a great business.

隨著管理式醫療的加強，我們看到更多的商品化正在發生，而且數量越來越多，但這是一項偉大的業務。

A little tougher to get some of that sustainable value, but we believe we have the edge to be able to do that.

獲得一些可持續價值有點困難，但我們相信我們有能力做到這一點。

But again, when you think about the business, think about that $5 billion base business kind of moving up and down, largely on those exclusivities and those technically challenging products.

但同樣，當你考慮業務時，想想價值 50 億美元的基礎業務上下波動，主要是因為那些獨家經營權和那些技術上具有挑戰性的產品。

Jami, Shlomo speaking.

賈米，Shlomo 說話。

Again, I would like to thank you for the question, and giving me actually the opportunity to pour some light on our long-term thinking.

再次感謝你提出這個問題，讓我有機會闡述我們的長期想法。

So let me first remind you that in 2007, we came with a long-term strategy or plan which was called at that time, the 20 20 which actually said by 2012, we're going to be a $20 billion Company, and at 20% net profit.

所以讓我首先提醒你，在 2007 年，我們提出了一個當時稱為 20 20 的長期戰略或計劃，實際上是說到 2012 年，我們將成為一家價值 200 億美元的公司，並在 20 ％ 淨利。

And I remember that time, not many people believed that we could do that.

我記得那個時候，沒有多少人相信我們能做到。

In 2010, and I don't have to be long here, because you see the numbers, and you see where we are going to be next year, even without giving you the guidance for next year now.

2010 年，我不必在這裡待太久，因為你會看到數字，你會看到我們明年的目標，即使現在還沒有給你明年的指導。

My point is that, long-term plans are actually giving you a kind of a road map, and kind of growth that you like to achieve and to make sure that the Company, especially a big Company like Teva, everybody understand where are we heading.

我的觀點是，長期計劃實際上是給你一張路線圖，以及你希望實現的增長，並確保公司，尤其是像 Teva 這樣的大公司，每個人都明白我們要去哪裡.

But we are doing it in a smart way, and we are not going to do anything, just because we put the number there.

但我們正在以一種聰明的方式來做，我們不會做任何事情，只是因為我們把數字放在那裡。

We believe that this is achievable target and a reasonable target.

我們認為這是一個可以實現的目標，也是一個合理的目標。

And I can, I'd be more than happy in a separate occasion, to show you the full business environment, and the full reasons why we believe there is a huge opportunity out there.

我可以，我會非常高興在一個單獨的場合向您展示完整的商業環境，以及我們相信那裡存在巨大機會的全部原因。

At the center of that is about, it is actually about one rule, which is diversify.

其核心是關於，它實際上是關於一個規則，那就是多樣化。

We need to diversify Teva's business in the coming year.

我們需要在來年實現 Teva 的業務多元化。

We just talked to Bill about the US generics, part of the long term strategy is to take the generic business to the global part of the world, where we have more opportunities for growth and for generating the growth, same goes for our specialty pharma business.

我們剛剛與 Bill 討論了美國仿製藥，長期戰略的一部分是將仿製藥業務推向世界的全球部分，在那裡我們有更多的增長機會和產生增長，我們的專業製藥業務也是如此.

We have [one] Copaxone, we have to diversify our specialty business, and this is what is the rationale on the Cephalon acquisition.

我們有 [一個] Copaxone，我們必須使我們的專業業務多樣化，這就是收購 Cephalon 的理由。

Now talking about your more specific questions on, on returning cash to the shareholders.

現在談談你關於向股東返還現金的更具體的問題。

In the coming year from now on, we are expecting to generate about $15 billion in cash.

從現在開始的未來一年，我們預計將產生約 150 億美元的現金。

So first of all, we have the source, but I do also believe, but I also do believe that we have all the assets.

所以首先，我們有資源，但我也相信，但我也相信我們擁有所有資產。

So as far as I see it now, we don't need a mega or big additional acquisition.

因此，就我現在看來，我們不需要大型或大型的額外收購。

And as a matter of fact, we would like to talk with, especially in the coming year, in integrating and digesting the, the 2011 acquisition, the Cephalon, the Taiyo.

事實上，我們希望與 2011 年收購的 Cephalon 和 Taiyo 進行整合和消化，尤其是在來年。

And of course, to drive more value through the partnership with P&G and some other activities that we're focusing on right now.

當然，通過與寶潔的合作以及我們目前關注的其他一些活動來推動更多價值。

By the way, the OTC idea or the OTC joint venture, which I believe it is a unique opportunity for Teva's future was not on the radar screen, which we announced the 2015.

順便說一下，OTC 想法或 OTC 合資企業，我認為這對 Teva 的未來來說是一個獨特的機會，但並未出現在我們宣布的 2015 年的雷達屏幕上。

Just to show, that we are living in a dynamic changing world.

只是為了表明，我們生活在一個動態變化的世界中。

Sometimes we are going to come with additional creative or initiate new business ideas.

有時我們會帶來額外的創意或發起新的商業想法。

Sometimes we're going to get bad news, as we had in the Laquinimod, but this is, the world we live in.

有時我們會收到壞消息，就像我們在 Laquinimod 時遇到的那樣，但這就是我們生活的世界。

And we believe we have enough shapes, and enough business segments that we can at the end of the day, create what we believe is a balanced growing business model.

我們相信我們有足夠的形狀和足夠的業務部門，最終我們可以創造出我們認為是平衡增長的商業模式。

Most specific on the cash, as I said before, let me repeat, we understand that as a $20 billion Company, we have to think different, we aren't the same Company.

最具體的現金，正如我之前所說，讓我重複一遍，我們明白作為一家價值 200 億美元的公司，我們必須有不同的想法，我們不是同一家公司。

And part of it is of course, how much of cash we would like to return to our shareholder.

當然，其中一部分是我們希望將多少現金返還給我們的股東。

Management and Board both are considering and discussing it.

管理層和董事會都在考慮和討論它。

At that point of time, I don't want to elaborate more on that.

在那個時候，我不想詳細說明這一點。

But it's definitely part of our thinking and part of our overall question, of what is the total way, of the total shareholders return and what is likely to be.

但這絕對是我們思考的一部分，也是我們整體問題的一部分，即總的方式、股東的總回報以及可能的回報。

So to sum up, I don't see a big acquisition on my radar screen, unless we, we talk about some complementary, few hundred million dollars, in growing parts of the world.

所以總而言之，我沒有在我的雷達屏幕上看到大的收購，除非我們在世界發展中的地區談論一些互補的、幾億美元的收購。

Cash is under consideration, cash returns under consideration.

正在考慮現金，正在考慮現金回報。

And, and we, we strongly believe that we can make this number.

而且，我們堅信我們可以達到這個數字。

And time will tell

時間會證明一切

Thank you.

謝謝你。

Our next question is coming from the line of Louise Chen with Collins Stewart.

我們的下一個問題來自 Louise Chen 和 Collins Stewart 的台詞。

Please state your question.

請說出你的問題。

Hi, thanks for take my questions.

你好，謝謝你回答我的問題。

I just had a few.

我只有幾個。

First question I had is on the undisclosed product opportunity.

我的第一個問題是關於未公開的產品機會。

Is this something that has been discussed as one of your general opportunities before in the past, or is this something we've never heard of before?

這是過去曾作為您的一般機會之一討論過的事情，還是我們以前從未聽說過的事情？

And then second question is just on the Cephalon pipeline.

然後第二個問題是關於 Cephalon 管道的。

I don't know if it's too early, but could you give us any sense of, what are some of the key products that you're excited about in the pipeline?

我不知道現在是否為時過早，但您能否告訴我們您對即將推出的哪些關鍵產品感到興奮？

And then lastly, just on BG-12 now all that the data is out there, do you still confident about our previous comments about Copaxone's ability to maintain market share, and why do you feel confident about that?

最後，就在 BG-12，現在所有數據都在那裡，您對我們之前關於 Copaxone 保持市場份額的能力的評論是否仍然有信心，為什麼您對此有信心？

Thanks.

謝謝。

(Inaudible).

（聽不清）。

Can you repeat the first one please?

你能重複第一個嗎？

The first one was on the undisclosed product opportunity?

第一個是關於未公開的產品機會？

I was just curious if it's something that's been mentioned before as one of your general product opportunities, or is it something that's going to be completely new, if it is announced?

我只是很好奇它是否是之前作為您的一般產品機會之一提到的東西，或者它是否會是全新的東西，如果它被宣布？

Okay.

好的。

So Bill will take the first half of your question.

所以 Bill 將回答你問題的前半部分。

Yes, Louise, let me start with the last part, BG-12.

是的，路易絲，讓我從最後一部分開始，BG-12。

I think the way, when I think about this, absent a cure, the best thing you can do to, is to provide patients with options in the MS space.

我認為，當我想到這一點時，如果沒有治愈方法，你能做的最好的事情就是為患者提供 MS 領域的選擇。

We believe that oral therapies are important for patients.

我們認為口服療法對患者很重要。

And some of the data we see thus far, the MS market is expanding, so we're happy with that.

到目前為止，我們看到的一些數據表明，MS 市場正在擴大，因此我們對此感到滿意。

And orals appear to be helping that.

口頭表達似乎對此有所幫助。

And we are bringing patients either into the market, or they're bringing them back to the market.

我們正在將患者帶入市場，或者他們正在將他們帶回市場。

So either way they come to the market, we're excited that we're growing Copaxone, and we're being able to share in the patients that come into that market.

因此，無論他們以何種方式進入市場，我們都很高興我們正在種植 Copaxone，並且我們能夠分享進入該市場的患者。

With respect to BG-12's results, I think it's premature, and it's a bit difficult from my vantage point to evaluate the results of define or confirm.

關於 BG-12 的結果，我認為現在還為時過早，從我的角度來看，評估 define 或 confirm 的結果有點困難。

But again, we think that, that orals do have a place in therapy.

但是，我們再次認為，口服確實在治療中佔有一席之地。

Your other question was with respect to the -- the undisclosed product.

你的另一個問題是關於——未公開的產品。

I will just reference you to our last call where we, we did talk about commercially sensitive opportunities.

我只想向您介紹我們上一次通話，我們確實討論了商業敏感機會。

And I think that we will probably not want to say anymore on that.

我認為我們可能不想再談這個了。

And then there was the third question that --

然後是第三個問題——

The Cephalon pipeline.

Cephalon 管道。

Cephalon pipeline.

中樞管道。

The Cephalon pipeline, what I would tell you right now is, we're right in the middle of that evaluation right now.

Cephalon 管道，我現在要告訴你的是，我們現在正處於評估的中間。

Kevin and his team is doing extensive work.

凱文和他的團隊正在做大量的工作。

We actually put the two pipelines together.

我們實際上把兩條管道放在一起。

I think we have a lot of exciting thing in that pipeline, from those that are more challenging such as [Revascor] that have potential to really be transformational in the marketplace, to products like hydrocodone, that we think are maybe a little bit easier to get into the market, although they're very important products to get into, to market.

我認為我們在這條管道中有很多令人興奮的東西，從那些更具挑戰性的東西，如 [Revascor] 有潛力真正改變市場，到氫可酮這樣的產品，我們認為可能更容易一些進入市場，儘管它們是進入市場非常重要的產品。

So there's a lot there.

所以那裡有很多。

There's a lot for us to go through.

我們要經歷很多事情。

I think at this time, we would reserve discussion of that pipeline, and potentially we'll be able to talk to you sometime in 2012 about how we see the whole pipeline for Teva.

我想在這個時候，我們會保留對該管道的討論，並且我們可能會在 2012 年的某個時候與您討論我們如何看待 Teva 的整個管道。

Thank you.

謝謝你。

Our next question is from the line of Elliott Wilbur of Needham & Company.

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

Please state your question.

請說出你的問題。

Thank you.

謝謝你。

And I guess first question for, perhaps you Bill.

我想第一個問題可能是比爾。

With respect to Copaxone and growth trends in the US, certainly, no secret, that historically pricing leverage has been one of key drivers of growth of that franchise.

關於 Copaxone 和美國的增長趨勢，當然，這已經不是什麼秘密了，歷史上的定價槓桿一直是該特許經營權增長的主要驅動力之一。

And it's been quite a while since you guys have taken a price increase on that product.

自從你們對該產品提價以來已經有一段時間了。

I'm just sort of curious, what you think may have, may have changed about that market, despite the obviously transition with newer therapies that may, in fact, curtail your ability to grow the product, the price increases alone going forward.

我只是有點好奇，你認為可能有什麼，可能已經改變了那個市場，儘管新療法的明顯轉變實際上可能會削弱你發展產品的能力，價格只會在未來上漲。

And then as a follow-up question for you Bill, and all the members of the team, just stepping back and taking a look at, at Teva and specifically the US generic business, I mean, one can't help but sort of opine that, if anything, has changed over the last couple of years, certainly I think it's fair to say that the Company's risk aversion, with respect to Paragraph IV product launches, seems to have increased.

然後作為你的後續問題，比爾和團隊的所有成員，只是退後一步，看看梯瓦，特別是美國仿製藥業務，我的意思是，人們不禁有點意見如果說在過去幾年中有任何變化的話，我認為可以公平地說，公司對第 IV 段產品發布的風險規避似乎有所增加。

And it seems to sort of coincide around the Protonix launch.

這似乎與 Protonix 的發布有些吻合。

So maybe going forward, we shouldn't be thinking about probability of success on a lot of these P IV launches, as being so high, relative to historical norms.

因此，也許展望未來，我們不應該考慮許多 P IV 發射的成功概率，因為相對於歷史規範而言，成功概率如此之高。

And I know each one, sort of has to be judged on its own merits, but maybe you guys can just sort of comment on that general observation?

而且我知道每一個，有點必鬚根據自己的優點來判斷，但也許你們可以對一般觀察發表評論？

Thanks.

謝謝。

Elliott, this is Bill Marth.

Elliott，這是 Bill Marth。

But let me start off with that last part first.

但是讓我先從最後一部分開始。

With the US generic market, you're right, it is transforming.

對於美國仿製藥市場，你是對的，它正在發生變化。

And there are, you said probably a lot of paragraph IVs, but you find a lot of MCEs, so the desire for me to necessarily bring that litigation to the finish line, only to share that exclusivity with half a dozen other generic companies is -- there certainly from an economic standpoint, there isn't a great value for me to do that.

還有，你說可能有很多第 IV 段，但你發現了很多 MCE，所以我希望將訴訟帶到終點，只是為了與其他六家仿製藥公司分享這種排他性是 - - 從經濟的角度來看，我這樣做並沒有太大的價值。

But I think that you're, I think you're making a connection, that just because of the Protonix decision, which isn't a final decision at this point in time -- that, that for some reason we wouldn't want launch at-risk.

但我認為你，我認為你正在建立聯繫，這只是因為 Protonix 的決定，這在目前還不是最終決定——出於某種原因我們不希望發射有風險。

And I would just point you to a couple of products that we actually launched after Protonix, with respect into where we're at, for at-risk launches.

我只想向你指出我們在 Protonix 之後實際推出的一些產品，關於我們所處的風險發射。

I think they are still part of our business.

我認為他們仍然是我們業務的一部分。

What you find that is different, is we're not getting the cases that get us to that point that put us in a position for an at-risk launch.

你發現的不同之處在於，我們沒有得到讓我們達到那個讓我們處於風險發射位置的案例。

So if the situation is right -- and every drug is different, and every litigation is different.

因此，如果情況合適——每種藥物都是不同的，每起訴訟都是不同的。

If the situation's right and the litigation is right, we think we're on the right side of the law, certainly we would still with reasonable review within Teva because we're not reckless.

如果情況正確且訴訟正確，我們認為我們站在法律的正確一邊，當然我們仍然會在 Teva 內部進行合理的審查，因為我們並不魯莽。

We're certainly -- we are cautious, but we are careful and we are calculated.

我們當然——我們很謹慎，但我們很小心，我們是有計劃的。

If the opportunity presents itself, we will still do it.

如果機會出現，我們仍然會去做。

With respect to Copaxone, the point I would make there, the year-to-date prescriptions are up 3.5%.

關於 Copaxone，我要指出的一點是，年初至今的處方藥增加了 3.5%。

And we're doing very well there, we are 2.5% over the same year -- same point in 2010.

我們在這方面做得很好，同年增長 2.5%——與 2010 年相同。

So we're doing very well, and that market's growing, and we're enjoying that, and we're the leading share, of course, at 40.5%.

所以我們做得很好，那個市場在增長，我們很享受，我們是領先的份額，當然，佔 40.5%。

So the share's growing.

所以這個份額在增長。

And we did take a price increase earlier in the year.

我們確實在今年早些時候提價了。

Now I don't want to signal, obviously, on this call or on any call, when our next price increase will be, but we're always reflective of what's going on in the market.

顯然，現在我不想在這次電話會議或任何電話會議上發出信號，我們的下一次提價時間是什麼時候，但我們總是反映市場上正在發生的事情。

So if the price increases in the market begin to slow down, we obviously will consider that.

因此，如果市場價格上漲開始放緩，我們顯然會考慮這一點。

What I don't want to do is, is like I've said many times before, we are the leading therapy in, in this particular area in multiple sclerosis.

我不想做的是，就像我之前說過很多次，我們是多發性硬化症這一特定領域的領先療法。

And I believe our pricing should be reflecting, reflective of our place, as the standard of care.

而且我相信我們的定價應該反映我們的位置，作為護理標準。

So when I see the opportunity for a price increase, and I see that it's appropriate for the business and for our shareholders, we will certainly recommend that.

因此，當我看到提價的機會時，而且我認為這對企業和我們的股東來說都是合適的，我們當然會推薦。

One other point, is that the franchise continues to expand.

另一點是特許經營權繼續擴大。

And we are, we are still looking at [Gala] and [lots] of the LTI opportunity, so we look for the Copaxone franchise to last a long time.

而我們，我們仍在尋找 [Gala] 和 [很多] LTI 機會，因此我們希望 Copaxone 特許經營權能夠持續很長時間。

Thanks.

謝謝。

Our next question is from the line of Shibani Malhotra, with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Shibani Malhotra。

Please state your question.

請說出你的問題。

Hi, guys.

嗨，大家好。

So I've got a few.

所以我有一些。

But the first one is your original guidance for 2011 did not include Cephalon.

但是第一個是您對 2011 年的原始指導不包括 Cephalon。

And now you've seem to added $0.15 of Cephalon, yet you are guiding to the very low end of your original range.

現在您似乎已經添加了 0.15 美元的 Cephalon，但您正在引導至原始範圍的極低端。

And if I back out Cephalon, I guess at the top end, with your kind of mystery product would be 487.

如果我退出 Cephalon，我猜在最高端，你那種神秘產品將是 487。

Can you just explain to us how, I guess what, what was not here, maybe as you entered the year, that made you bring down guidance this quarter so drastically?

您能否向我們解釋一下，我猜是什麼，可能在您進入這一年時不在這裡，這使您如此大幅度地降低了本季度的指導？

And then I have a follow-up?

然後我有一個跟進？

Hi, Shibani, how are you?

嗨，希巴尼，你好嗎？

I just wanted to, with respect to your question the, the guidance change is reflective of the fact, that certain things didn't, didn't happen within the business, and, and caused us to make this change.

我只是想，關於你的問題，指導變化反映了一個事實，即某些事情沒有，沒有發生在業務中，並且導致我們做出這一改變。

This particular product that we're talking about, which was another commercially sensitive, and today it's an un-yet launched important product, actually was much contemplated, much earlier in the year.

我們正在談論的這個特定產品，這是另一個商業敏感產品，今天它是一個尚未推出的重要產品，實際上在今年早些時候就已經考慮了很多。

In fact, we thought an opportunity where we could have launched this product as early as early Q3.

事實上，我們認為有機會早在第三季度初就可以推出該產品。

And that would have made a substantial change to this year's plan.

這將對今年的計劃做出重大改變。

That plus some of the (inaudible) launches, of course, was in the generic business, and we did that, and because of the slow down, because of the warning letter in Jerusalem, all of those types of things, led to the situation that we have today.

那加上一些（聽不清）發射，當然，是在通用業務中，我們做到了，並且由於減速，由於耶路撒冷的警告信，所有這些類型的事情導致了這種情況我們今天擁有的。

Okay.

好的。

And then second, when we, when you first announced the Cephalon acquisition.

其次，當我們第一次宣布收購 Cephalon 時。

And we're all trying to work on the accretion for next year.

我們都在努力為明年的增長工作。

I think the best kind of estimate we were getting is $0.25.

我認為我們得到的最佳估計是 0.25 美元。

Would, would it be different now, given you've done $0.15 for the quarter, would it be fair to extrapolate that quarter, and make it higher for 2012?

現在會有所不同嗎，鑑於您在該季度完成了 0.15 美元，推斷該季度並使其在 2012 年更高是否公平？

Shibani, it's Eyal.

Shibani，是 Eyal。

When we announced the acquisition of Cephalon, we said that in Q4 we see $0.10 to $0.15 contribution.

當我們宣布收購 Cephalon 時，我們說過在第四季度我們看到 0.10 美元到 0.15 美元的貢獻。

And we also said next year we see $0.20 to $0.25.

我們還表示，明年我們將看到 0.20 美元至 0.25 美元。

And in 2012, Cephalon is completely different from Q4 of 2011.

而在 2012 年，Cephalon 與 2011 年 Q4 完全不同。

And this may be the reason for the differences.

這可能是造成差異的原因。

So you can't take the run rate from Q4, and apply it to 2012.

所以你不能把第四季度的運行率應用到 2012 年。

Okay.

好的。

And again just to squeeze one in, when you say the line is behind you, does that mean the issues are resolved, or is it product by product, and is it going on track as you planned?

再次只是擠進一個，當你說線在你身後時，這是否意味著問題已經解決，或者它是一個產品一個產品，它是否按照你的計劃進行？

Hi, Shibani, it's Bill Marth again.

嗨，Shibani，我又是 Bill Marth。

Irvine is making great progress, in (inaudible) it's operation.

爾灣在（聽不清）它的運作方面取得了很大進展。

By the end of 2011, all 18 products on our line 6, will be manufactured, and that represents about 44% of our oncology products.

到 2011 年底，我們第 6 條生產線上的所有 18 種產品都將生產出來，占我們腫瘤產品的 44%。

A second line does also come up by the end of the year, and we, the other final 2 lines come up by March of 2012.

第二條線也會在年底出現，而我們，其他最後兩條線會在 2012 年 3 月出現。

We anticipate full operation, by April to May of 2012, but remember, we're back at -- we're back at the full run rate, we'll be back at full run rate of about $100 million on an annual basis at the end the year.

我們預計到 2012 年 4 月至 5 月全面運營，但請記住，我們回到了——我們回到了全速運行，我們將以每年約 1 億美元的全速運行速度恢復年末。

And again, full operations should be in May of 2012.

同樣，全面運營應該在 2012 年 5 月。

And of course, this relates only to the injectables that are out of Invine, because that's all (inaudible) injectables.

當然，這僅與 Invine 之外的注射劑有關，因為這就是所有（聽不清）注射劑。

And I think the last point is that we continue to work diligently with the FDA, drug shortage division to alleviate issues wherever we can be helpful.

我認為最後一點是，我們將繼續與 FDA 藥物短缺部門努力合作，以在我們可以提供幫助的任何地方緩解問題。

Thank you.

謝謝你。

Our next question is from the line of Ronny Gal of Sanford Bernstein

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

Good morning and thank you for taking my question.

早上好，謝謝你提出我的問題。

First, Bill, just can you clarify a little bit about $100 million.

首先，Bill，你能澄清一下關於 1 億美元的問題嗎？

We can see a nice ramp up in the (inaudible).

我們可以在（聽不清）中看到一個很好的提升。

When you say $100 million, do you mean 120 at the end of this year or next year?

你說1億美元，是指今年年底還是明年120個？

If it's not by the end of next year, by May when you're fully ramped up, what kind of a run rate are you thinking there, injectable business can generate?

如果不是到明年年底，到 5 月，當你完全提升時，你認為註射業務可以產生什麼樣的運行率？

And second, I don't know if Lesley is on the call, but can you give us a little run down on the branded Phase III programs, where they stand today, and where do you expect the key products to come to market over the next year and a half?

其次，我不知道 Lesley 是否在電話中，但你能給我們介紹一下品牌 III 期項目嗎？它們目前的進展情況，以及你預計關鍵產品將在哪些地方上市？明年半？

Ronny, this is Bill Marth.

羅尼，這是比爾·馬斯。

With -- let's do your second question first, Lesley isn't here, and so we're not in a situation today where we're ready to talk about the pipeline, because we're really we talked earlier about some the things that we think are exciting, but we're not really here to talk with the individual products that we do actually have that -- Lesley and the whole team are going through that right now.

有了——讓我們先回答你的第二個問題，Lesley 不在，所以我們今天沒有準備好討論管道，因為我們真的很早就討論了一些事情我們認為這很令人興奮，但我們並不是真的來這裡談論我們實際擁有的個別產品——萊斯利和整個團隊現在正在經歷這些。

And hopefully, we can get some time after the first of 2012, we can get back and do more of an innovative pipeline review.

希望我們能在 2012 年第一天之後抽出一些時間，回去做更多的創新管道審查。

So we'll see what we can do there.

所以我們會看看我們能在那裡做些什麼。

On the Irvine question, that's $100 million run rate starting at the end of 2012.

關於 Irvine 問題，從 2012 年底開始，這是 1 億美元的運行率。

There is a lot of products to get up here, there was 51 products manufactured at that site.

這裡有很多產品，該站點生產了 51 種產品。

About 10 of those products have been discontinued.

其中約有 10 種產品已停產。

That continues 41 to run on 4 lines, and we don't get you up to full speed until May.

這繼續 41 在 4 條線上運行，我們要到 5 月才能讓您全速運行。

Thank you.

謝謝你。

Our next question is from the line of David Risinger with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 David Risinger。

Please state your question.

請說出你的問題。

Yes, thanks very much.

是的，非常感謝。

A number of my questions have been asked already, but regarding your expectation for a strong US fourth quarter, Eyal, I was just hoping that you could sort of frame what type of year-over-year growth you expect?

我的一些問題已經被問到，但關於你對美國第四季度強勁表現的預期，Eyal，我只是希望你能大致說明你預期的同比增長類型是什麼？

Whether that's -- if strong means double digit year-over-year revenue growth, excluding that product, that may or may not launch in the fourth quarter?

這是否 - 如果強勁意味著兩位數的同比收入增長，不包括該產品，該產品可能會或可能不會在第四季度推出？

And then, Eyal I was just hoping you could frame for us your one-time item accounting policy for non-GAAP EPS.

然後，Eyal 我只是希望你能為我們制定非 GAAP EPS 的一次性項目會計政策。

At least I wasn't aware that the one-time gain was going to subtract from G&A in the quarter.

至少我不知道一次性收益會從本季度的 G&A 中扣除。

So if you could just comment on your accounting policy, and also whether your fourth quarter EPS guidance for non-GAAP EPS includes any, any one-time items that we should be aware of?

因此，如果您可以評論一下您的會計政策，以及您的第四季度非 GAAP EPS 每股收益指南是否包括我們應該注意的任何一次性項目？

Okay.

好的。

Well maybe I should start from the last question.

好吧，也許我應該從最後一個問題開始。

It's Eyal, and start from the end of your questions.

我是 Eyal，請從你的問題結尾開始。

We're currently don't have anything like that in, in our guidance.

在我們的指導中，我們目前沒有類似的內容。

But these things, these transactions are come and go, and they might, we might have something like this, not of the size within this quarter.

但是這些事情，這些交易來來去去，他們可能，我們可能會有這樣的事情，而不是本季度的規模。

But basically, yes, you're right.

但基本上，是的，你是對的。

This is indeed included in our G&A line, and it is accounting treatment which reflect the value created, as a result of this transaction.

這確實包含在我們的 G&A 系列中，它是反映此次交易所創造價值的會計處理。

It's a regular accounting practice to include it in G&A.

將其包含在 G&A 中是一種常規的會計做法。

In fact, in the past, we included capital gains, and (inaudible) to our G&A.

事實上，在過去，我們將資本收益和（聽不清）計入我們的 G&A。

And but given the size, we gave particular note in our press release for complete disclosure of that.

但考慮到規模，我們在新聞稿中特別說明了這一點的完整披露。

Given our business model, we will see more of these in the future.

鑑於我們的商業模式，我們將來會看到更多這樣的東西。

Our Teva portfolio of projects shared by the investment in company, in one molecule companies, and the several in the portfolio, we'll have more of those in the future.

我們的 Teva 項目組合由對公司、一個分子公司的投資以及投資組合中的幾個項目共享，我們將來會有更多這樣的項目。

So this is not one-time, and probably not the last time.

所以這不是一次，也可能不是最後一次。

Thank you.

謝謝你。

Yes, David, just to answer your question.

是的，大衛，只是為了回答你的問題。

Frankly I don't remember the 2010 generic numbers off the top of my head.

坦率地說，我不記得 2010 年的通用數字。

But let me just take you through the way to think about it, one more time.

但是，讓我再一次帶您思考一下。

If you think about our base business, which is about $850 million, I would think about an Olanzapine launch, it's in the range of $3 million.

如果你考慮我們的基礎業務，大約 8.5 億美元，我會考慮奧氮平的上市，它在 300 萬美元的範圍內。

Additional new product launches, opportunities about $100 million.

額外的新產品發布，機會約 1 億美元。

And then there's some contribution from price increase.

然後是價格上漲的一些貢獻。

And all of this, of course, does not, and does not -- our share gain right, and all of this does not include what we talk about as this important undisclosed product.

當然，所有這一切都沒有，也沒有——我們的份額獲得了權利，所有這些都不包括我們所說的這個重要的未公開產品。

Thank you.

謝謝你。

Our next question is from the line of Chris Schott from JPMorgan.

我們的下一個問題來自摩根大通的 Chris Schott。

Please state your question.

請說出你的問題。

Yes, great.

對，很好。

Thanks.

謝謝。

The first question is for Shlomo.

第一個問題是給 Shlomo 的。

And thanks for some of comments on the long-term guidance earlier.

並感謝您早些時候對長期指導的一些評論。

Just following up on that.

只是跟進。

You have a $31 billion top line target, for 2015, that obviously includes future business development.

您有 2015 年 310 億美元的收入目標，這顯然包括未來的業務發展。

Can you just comment how close you will be to that 2015 target, based on the assets you have in-house today?

根據您目前的內部資產，您能否評論一下您與 2015 年目標的差距？

I guess, are we fairly close it that number, if we're just kind of use that today, and go forward up 2015?

我想，如果我們今天只是使用它並在 2015 年繼續前進，我們是否已經接近這個數字？

And following up on that, is there any thought on providing longer term guidance that does not include future business development, just to help investors better understand your expectations on the core business and the assets you have in-house today, and leaving business development, share repo et cetera, more as an upside driver?

接下來，有沒有考慮提供不包括未來業務發展的長期指導，只是為了幫助投資者更好地了解您對核心業務和您今天擁有的資產的期望，並離開業務發展，分享回購等，更像是一個上行驅動力？

Let me start with the first one.

讓我從第一個開始。

As I said before, I think that right now, we have the basic, let's call it - assets to make our future numbers.

正如我之前所說，我認為現在，我們擁有基本的，讓我們稱之為 - 資產來創造我們未來的數字。

If you escape what I call, complementary acquisitions of -- of market share in attractive growing parts of the world, or the (inaudible) some small molecules to enhance or strengthen our specially pharma, which is the two type of kind of complementary kind of acquisition.

如果你逃避我所說的，互補收購——在世界上有吸引力的增長地區的市場份額，或者（聽不清）一些小分子來增強或加強我們的特殊製藥，這是兩種類型的互補獲得。

And when I think about complementary, and talk about a few hundred million dollars at most, so just to make sure we're on the same measurement of scale.

當我考慮互補時，最多談論幾億美元，所以只是為了確保我們處於相同的規模衡量標準。

Like any other things, acquisitions and things are very opportunistic kinds of types.

與任何其他事物一樣，收購和事物都是非常機會主義的類型。

So if in the future, we see something which is very attractive on the business, from the strategy point of view, making a lot of sense on the economics, which are the two major criteria for Teva acquisitions, then of course, we will follow this rationale.

因此，如果在未來，我們看到一些對業務非常有吸引力的東西，從戰略的角度來看，在經濟上很有意義，這是 Teva 收購的兩個主要標準，那麼我們當然會遵循這個道理。

But as we see it now, we're not expecting it, we're not expecting more of that in the coming year, that means we can get there by the current assets that we acquired, that we should add to that something as I mentioned before, that was not in our plan, which is the (inaudible)very attractive new business segment for Teva, which I believe will take Teva to a different type of business, with a different numbers and level.

但正如我們現在所看到的，我們並不期待它，我們不期待在來年有更多這樣的東西，這意味著我們可以通過我們獲得的現有資產到達那裡，我們應該像我一樣添加一些東西之前提到過，這不在我們的計劃中，這是 Teva 非常有吸引力的（聽不清）新業務部門，我相信這將使 Teva 進入不同類型的業務，具有不同的數量和水平。

So all in all I feel that we are equipped for that -- that kind of exceptions as I mentioned, regarding potential future acquisitions.

因此，總而言之，我覺得我們已經做好了準備——正如我提到的那種關於未來潛在收購的例外情況。

And what was the second part of your question?

你問題的第二部分是什麼？

I guess you've kind of answered that.

我想你已經有點回答了。

But it was -- is there any thought of providing, maybe a longer term guidance number that is not inclusive of future business development, share repo, et cetera, and leaving those more upside drivers to numbers, versus a current target today that kind of includes that briefing?

但它是——是否有任何想法提供，也許是一個不包括未來業務發展、股票回購等的長期指導數字，並將那些更多的上行驅動因素留給數字，而不是今天的當前目標包括那個簡報？

I don't think that right now we're going to give more, more long-term.

我認為現在我們不會提供更多、更長期的資金。

I think that this is, as far as I know, the only company in our industry that is giving you this kind of long-term projection or guidance.

據我所知，我認為這是我們行業中唯一一家為您提供這種長期預測或指導的公司。

It's not the guidance, it's actually, it's as I said before, it's growth, and (inaudible) and how to go there -- how to get there.

這不是指南，實際上，正如我之前所說，它是增長，以及（聽不清）以及如何去那裡——如何去那裡。

But we try our best to share with our investors where we're heading, and what is the rationale beyond our exclusivities and our operations.

但我們盡力與我們的投資者分享我們的前進方向，以及我們的排他性和運營之外的理由是什麼。

So we come to the conclusion, that that deserves these kind of long term perspective.

所以我們得出結論，這值得這種長期觀點。

(Inaudible), but definitely we'll share with you, I believe that the more you understand our business and where we are heading, the better for our shareholders as well.

（聽不清），但我們肯定會與您分享，我相信您對我們的業務和我們的發展方向了解得越多，對我們的股東也越好。

Okay.

好的。

Great.

偉大的。

Thanks very much.

非常感謝。

And then, just a quick question for Bill.

然後，請問比爾一個簡短的問題。

Can you just give us a little more flavor on what the rate limiting factor is on this undisclosed product for 2011?

你能給我們更多關於 2011 年這個未公開產品的速率限制因素的信息嗎？

Is this something you're dealing with a competitor blocking an approval.

這是您正在與阻止批准的競爭對手打交道的事情嗎？

Is this a legal issue with FDA?

這是 FDA 的法律問題嗎？

Is it some complexity with the product obtaining approval, just anymore color on that?

產品獲得批准是否有一些複雜性，只是顏色？

Chris, I appreciate the question, but we really can't provide any further clarity than we have.

克里斯，我很欣賞這個問題，但我們真的無法提供比我們更清楚的信息。

Okay.

好的。

Thanks very much.

非常感謝。

Thank you.

謝謝你。

Our next question is from the line of David Buck of Buckingham Research Group.

我們的下一個問題來自 Buckingham Research Group 的 David Buck。

Please state you question.

請陳述你的問題。

Yes, thanks for taking the question.

是的，謝謝你提出這個問題。

I just wanted first to clarify, just some of the expectations for fourth quarter that you're implying.

我只是想首先澄清一下，您所暗示的對第四季度的一些期望。

For Bill, if I look at your different drivers, it looks like you're targeting, without the mystery product of your undisclosed product, of $1.25 billion, so kind of flattish US generics business, and then maybe the new product adds to that.

對於 Bill 來說，如果我看看你的不同驅動程序，看起來你的目標是 12.5 億美元，沒有你未公開產品的神秘產品，所以有點平淡的美國仿製藥業務，然後也許新產品會增加它。

For Gerard, could you talk about what type of the pricing and volume growth you're expecting in the European business in the fourth quarter?

對於杰拉德，您能否談談您對第四季度歐洲業務的定價和銷量增長的預期類型？

And then, if we look at just the, the Cephalon acquisition, can you just confirm that the [Revascor] and [Mesoblast] Cynquil molecules are still in the pipeline, thank?

然後，如果我們只看 Cephalon 的收購，你能確認 [Revascor] 和 [Mesoblast] Cynquil 分子仍在管道中，謝謝？

David, I'll try to take a couple parts of that.

大衛，我將嘗試其中的幾個部分。

First of all, with Cephalon, I think you said Mesoblast, and you broke up there, and I am not sure what

首先，關於 Cephalon，我想你說的是 Mesoblast，你在那里分手了，我不確定是什麼

Yes, the Mesoblast, Revascor product opportunities, that's still part -- you said you were excited about.

是的，Mesoblast、Revascor 產品機會，這仍然是一部分——你說你很興奮。

But is it, I assume it's still part of pipeline, and actively being developed?

但是，我認為它仍然是管道的一部分，並且正在積極開發中嗎？

Yes.

是的。

That is still part of the pipeline at this time.

目前這仍然是管道的一部分。

The comments about the US generic piece, Bill, I think I've been about as specific of what I expect as I can be, for the fourth quarter, which I think is a growth and improvement -- we're -- we are moving in the right directions, and all the -- what I talked about the base, the Olanzapine, the new products, price increase -- all of that puts us in a great position for Q4 and a nice acceleration.

關於美國仿製藥的評論，比爾，我想我對第四季度的預期盡可能具體，我認為這是一個增長和改進——我們——我們是朝著正確的方向前進，所有這些——我談到的基礎、奧氮平、新產品、價格上漲——所有這些都使我們在第四季度處於有利地位，並實現了良好的加速。

And that will contribute significantly to our guidance.

這將對我們的指導做出重大貢獻。

And I guess the last question then would be for Gerard?

我猜最後一個問題是 Gerard？

Right, just the European expectations in the fourth quarter.

對，就是歐洲對第四季度的預期。

Yes.

是的。

Thank you for the question.

感謝你的提問。

It's difficult to be precise on the quarter, but I'll give you the dynamics there.

很難準確地說出這個季度，但我會告訴你那裡的動態。

As you know as I described before, some markets go up, some go down, in terms, we've got launches.

正如我之前所描述的那樣，一些市場上漲，一些市場下跌，換句話說，我們已經發布了。

We've got products leaving the market, so that's why it's a bit difficult to give you the overall.

我們有產品離開市場，所以很難給你整體。

But let me tell you the following in the numbers that we're currently expecting.

但讓我告訴您以下我們目前預期的數字。

Price erosion in Europe on average, ranges between minus three and minus eight through the year, through the month and it depends a bit on what government takes what action, at what time.

平均而言，歐洲的價格下降幅度在一年中的負三到零八之間，整個月，這在一定程度上取決於政府在什麼時間採取什麼行動。

So that's roughly you what you see happening.

這就是你所看到的大致情況。

On average, we're sitting somewhere at around 5%, yes.

平均而言，我們坐在 5% 左右，是的。

But you have, some are up -- just above 5%, but rounded it's 5%.

但是你有，有些上升了——略高於 5%，但四捨五入後是 5%。

And the volume growth was 7% on, on existing products, and 3% on, on launches.

現有產品銷量增長 7%，新品銷量增長 3%。

And there are no dynamics in scope today, that make me think that these sort of numbers are going to be much different in the coming quarter, or in the running quarter as we speak.

今天範圍內沒有任何動態，這讓我認為這些數字在下個季度或我們所說的運行季度會有很大不同。

So I think the overall market should be growing somewhat between net-net between 3% and 5%.

所以我認為整個市場應該在 3% 到 5% 之間淨增長。

Great.

偉大的。

So you're looking at this quarter, for the September quarter, you actually have some acquisition benefit, but you still should still see some, call it low to mid single digit revenue growth, it sounds like is what the expectation is?

所以你在看這個季度，對於 9 月這個季度，你實際上有一些收購收益，但你仍然應該看到一些，稱之為低到中個位數的收入增長，這聽起來像是預期是什麼？

Yes we continue like we did, if you normalize the acquisition -- so you would assume that it wouldn't been part of our business for the full quarter, the ratiopharm and the Theramex, and what have you, then our numbers are described in the paper as -- and in the press releases as organic growth, that's in Europe 7% to -- or 8%, to 14% for the major markets.

是的，如果您將收購正常化，我們會像以前一樣繼續 - 所以您會假設它不會成為我們整個季度業務的一部分，ratiopharm 和 Theramex，以及您有什麼，那麼我們的數字描述在報紙作為 - 在新聞稿中作為有機增長，在歐洲是 7% 到 - 或 8% 到主要市場的 14%。

And we do not expect to see, at least for the overall European number, a different number for the quarter.

而且我們預計，至少對於整個歐洲數字而言，本季度不會出現不同的數字。

Great.

偉大的。

Thanks very much.

非常感謝。

David, this is Bill Marth.

大衛，這是比爾·馬斯。

I just want to make sure you got what you needed, growth (inaudible) on this side, that if it wasn't clear, with respect to our guidance.

我只想確保你得到了你需要的東西，這方面的增長（聽不清），如果不清楚，就我們的指導而言。

Again, with US generics heading in the right direction, we're very -- we're very, we are very sure we will be on our low end of our guidance, if we are not to get our important undisclosed product.

同樣，隨著美國仿製藥朝著正確的方向前進，我們非常——我們非常非常肯定，如果我們不獲得我們重要的未公開產品，我們將處於我們指導的低端。

And what will cause us to get in the upper range of our guidance, would be those certain conditions under which of the launch of that important undisclosed product.

什麼會讓我們進入我們指導的上限，將是那些重要的未公開產品發布的特定條件。

Thank you.

謝謝你。

Our next question is from the line of Marc Goodman of UBS.

我們的下一個問題來自瑞銀的馬克古德曼。

Please state your questions.

請陳述您的問題。

Two questions.

兩個問題。

First Bill, can you elaborate on one of the comments you made earlier which was in the US generics business, you said the paragraph IV business is not as good going forward?

首先，Bill，你能否詳細說明你之前在美國仿製藥業務中發表的評論之一，你說第 IV 段業務未來發展不佳？

I was a little confused by that.

我對此有點困惑。

That's number one.

這是第一。

And number two, I'm curious in the emerging markets, just over the past month or 2, as things have really slowed, and a lot of these markets are out of pocket to pay for drugs, if you've noticed the business slowing since the end of the third quarter, just October really just the past month is what I'm asking about?

第二，我對新興市場很好奇，就在過去的一兩個月裡，事情真的變慢了，如果你注意到業務放緩的話，很多這些市場都自掏腰包來支付藥品費用自第三季度末以來，剛剛過去的 10 月真的是我要問的嗎？

And then the third question is for Eyal, and there's 2 of them.

然後第三個問題是給 Eyal 的，有兩個。

One is, I'm a little confused on the comments you made about Cephalon, why would you have $0.10 to $0.15 of accretion in the four quarter, but only $0.20 to $0.25 for the full-year of 2011.

一是，我對你對 Cephalon 的評論有點困惑，為什麼你在第四季度有 0.10 美元到 0.15 美元的增長，但 2011 年全年只有 0.20 美元到 0.25 美元。

And then second question has to do with this $135 million gain.

然後第二個問題與這 1.35 億美元的收益有關。

I'm still not, I don't quite understand what exactly happened.

我還沒有，我不太明白到底發生了什麼。

And maybe you can point to a few times in the past, where this has happened before, and exactly what's going on here?

也許你可以指出過去幾次，以前發生過這種情況，這裡到底發生了什麼？

Thank you.

謝謝你。

Hi, Marc, it's Shlomo speaking.

嗨，馬克，我是什洛莫。

I'm going to take first the emerging markets, and then Bill will the October question.

我將首先回答新興市場問題，然後比爾將回答 10 月份的問題。

And Eyal will close with the third part of your question We are not seeing any problem in the emerging market, of let's say, Teva's emerging markets countries, where we are operating.

Eyal 將以你的問題的第三部分結束我們在新興市場沒有看到任何問題，比方說，在我們開展業務的 Teva 新興市場國家。

We don't see any payment or collection matters.

我們沒有看到任何付款或收款事宜。

The business that we see including, the beginning of this quarter is, is as used to be before.

我們看到的業務，包括本季度初，與以前一樣。

And I can tell you at least from our point of view, there's not any problem in that area, that respect.

我可以告訴你，至少從我們的角度來看，在那個領域、那個方面沒有任何問題。

Of course, in certain countries that you see right now, probably because they are not operating there.

當然，在您現在看到的某些國家/地區，可能是因為他們沒有在那裡開展業務。

And part of it is because we are in a different segment in their industry, or in the normal macro economic situation in a given country.

還有一部分是因為我們在他們的行業中處於不同的細分領域，或者在特定國家的正常宏觀經濟形勢下。

But to make a long story short, we are not having any problem in that respect as we see it now.

但長話短說，我們現在在這方面沒有遇到任何問題。

Bill?

賬單？

Yes, let me just make a couple of comments.

是的，讓我發表一些評論。

On the paragraph IV, I think what you really -- what you want to think about on paragraph IV, is it is more challenging today than it has been in the past.

關於第 IV 段，我想你真正想要思考的是第 IV 段，今天它是否比過去更具挑戰性。

When you have large amounts of NCE's and you can have multiple first filers on it, the desire for us as a Company to want to necessarily press that case all the way to the finish line, often times, it's just, it's not there.

當你有大量的 NCE 並且你可以有多個第一申報人時，作為一家公司，我們希望必須將這種情況一直推到終點線，通常情況下，它只是，它不存在。

And so we'll take a settlement, or we'll, or we'll exit the case.

所以我們會達成和解，或者我們會，或者我們會退出這個案子。

It's just one of those issues that -- paragraph IV has been a great opportunity.

這只是其中一個問題——第 IV 段是一個很好的機會。

But there's been fundamental changes, more NCEs, more difficult patents.

但是已經發生了根本性的變化，更多的 NCE，更難的專利。

In the years past, we were able to enter oftentimes by filing a secondary patent.

在過去的幾年裡，我們經常可以通過申請二級專利進入。

But now, the secondary patent has gotten a lot more difficult.

但是現在，二級專利變得更加困難了。

We are challenging compound patents, and the compound patents themselves are very robust.

我們正在挑戰化合物專利，化合物專利本身非常強大。

And so to get a win there, is much more difficult.

因此，要在那裡取得勝利要困難得多。

So that doesn't mean paragraph IV goes away, it just means paragraph IV begins to change.

所以這並不意味著第 IV 段消失了，它只是意味著第 IV 段開始改變。

There's not as many opportunities.

沒有那麼多機會。

There's a lot of opportunities in more technically challenging products.

在更具技術挑戰性的產品中有很多機會。

There are absolutely a ton of products to pursue, as I mentioned earlier, about $210 billion of innovator value, and we're filed on about $17 billion of that.

正如我之前提到的，絕對有大量的產品需要追求，大約 2100 億美元的創新者價值，我們已經申請了其中的大約 170 億美元。

And we still pursue paragraph IVs, where they makes sense.

我們仍在繼續討論第 IV 段，在它們有意義的地方。

And to our, to our knowledge, we've got the largest portfolio paragraph IVs, and first to files in the market, worth $55 billion.

據我們所知，我們擁有最大的投資組合段落 IV，並且首先在市場上提交，價值 550 億美元。

But again, it's different from, than what it was, just 5 years ago, and so you seek value in different ways.

但同樣，它與 5 年前不同，因此您以不同的方式尋求價值。

And that's what we're doing.

這就是我們正在做的。

And I think, of all the things we should capture, was the beauty of, of what Shlomo put together, with respect to our strategy, because you needed to diversify from US markets -- because we don't like the US market, we don't want to be in the US market?

我認為，在我們應該抓住的所有事情中，Shlomo 將其與我們的戰略相結合，因為你需要從美國市場實現多元化——因為我們不喜歡美國市場，我們不想進入美國市場？

No it's a great business, a $5 billion business that will grow, and go up and down, in that range.

不，這是一項偉大的業務，一項價值 50 億美元的業務將在該範圍內增長並上下波動。

One year, it will be 6, maybe it will be a bit less, all depending on technically challenging products, and paragraph IVs when we can get them.

一年，會是6個，可能會少一點，全看技術上有難度的產品，什麼時候能拿到第四段。

So it's great.

所以這很棒。

But to diversify away from the US and into Western Europe, and then to Japan and into Latin America, becoming a global concern, is an excellent strategy.

但從美國轉向西歐，然後轉向日本和拉丁美洲，成為全球關注的焦點，是一個極好的戰略。

And I think that often, what's not appreciated, when can you think about Teva being the number one generic player in North America, the number one player in western Europe.

而且我經常認為，不被欣賞的東西，你什麼時候能想到 Teva 是北美第一大仿製藥公司，西歐第一大公司。

And soon, hopefully, we will be the number one player in Japan, the largest market in the world.

希望很快，我們將成為世界上最大的市場日本的頭號玩家。

And then having substantial positions in high growth markets like Latin America and Russia.

然後在拉丁美洲和俄羅斯等高增長市場佔據重要地位。

I think those things have been absolutely tremendous, and that's been driven by Shlomo's strategy.

我認為這些事情絕對是巨大的，這是由 Shlomo 的戰略推動的。

Okay.

好的。

Marc, it's Eyal.

馬克，是埃亞爾。

On the Cephalon, Q4, our $0.10 to $0.15 estimate of contribution to profit, Cephalon in Q4 2011, is running full steam ahead.

在 Cephalon 上，我們對 2011 年第四季度 Cephalon 的利潤貢獻估計為 0.10 美元至 0.15 美元，正在全速前進。

Next year, in April we are losing [Provigil], our cost synergies will take time, it takes time to build, to build up.

明年 4 月，我們將失去 [Provigil]，我們的成本協同效應需要時間，需要時間來建立、建立。

There are some sale synergies, negative sale synergies of business that we are losing.

有一些銷售協同效應，我們正在失去業務的負面銷售協同效應。

Of course, the financial expenses right now, we're in a bridge loan, but we're going to replace it long-term which will cost more.

當然，現在的財務費用，我們處於過橋貸款狀態，但我們將長期取代它，這將花費更多。

All in all, that is how we calculated this to about $0.20 to $0.25 contribution to profit next year.

總而言之，我們就是這樣計算出明年對利潤的貢獻約為 0.20 美元至 0.25 美元。

The follow year, this number, of course, could double.

第二年，這個數字當然會翻一番。

On the $135 million in G&A.

關於 1.35 億美元的 G&A。

Let me try to explain, how it's -- what is the accounting treatment if I understood your question.

讓我試著解釋一下，如果我理解你的問題，會計處理是怎樣的。

And basically when, when a company gains control, and the company that it owns a part of, which has a minority interest, the accounting treatment requires you to reflect the value of the company being acquired as a P&L entry.

基本上，當一家公司獲得控制權，而它擁有一部分的公司擁有少數股權時，會計處理要求您將被收購公司的價值反映為損益分錄。

This is the accounting practice, it's a new standard for a little over 2 years ago.

這是會計慣例，它是兩年多前的新標準。

And that's what every company in the market is doing, but not always provided -- providing all the disclosure.

這就是市場上的每家公司都在做的，但並不總是提供——提供所有的披露。

We chose to disclosures it, because it's a low, it's a little large and notable.

我們選擇披露它，因為它很低，有點大而且值得注意。

And this is why we had with CureTech, we executed -- exercised an option, that moved us from 20% or 19%, to 75% ownership.

這就是為什麼我們擁有 CureTech，我們執行了 - 行使了一個選擇權，將我們的所有權從 20% 或 19% 提高到 75%。

And the value there was very, very conservatively calculated.

那裡的價值是非常非常保守地計算出來的。

At Teva-Kowa, our moving from 50% to 100% ownership requires us to report a gain.

在 Teva-Kowa，我們從 50% 的所有權轉變為 100% 的所有權要求我們報告收益。

And this is what we've done.

這就是我們所做的。

These two deals, were original planned for the year.

這兩筆交易，原計劃於當年進行。

We just didn't know when this is going to happen, and it happened in Q3.

我們只是不知道這會在什麼時候發生，而它發生在第三季度。

And I hope that clarifies.

我希望這能澄清。

Thank you.

謝謝你。

Our next question is from -- our next question is coming from the line of Tim Chiang from CRT Capital Group.

我們的下一個問題來自——我們的下一個問題來自 CRT Capital Group 的 Tim Chiang。

Please state your question.

請說出你的問題。

Thanks.

謝謝。

Shlomo, could you talk more about additional trial for Laquinimod?

Shlomo，你能談談更多關於 Laquinimod 的額外試驗嗎？

I know you mentioned that earlier in the call, that you talked with the FDA about that product?

我知道你早些時候在電話中提到過，你與 FDA 討論過該產品？

Hi Tim, I'll ask Bill to provide more on that.

嗨，蒂姆，我會請比爾提供更多相關信息。

Yes.

是的。

I think at this point in time, we will just want it say that, we're going to continue study Laquinimod, as we believe it is important for patients to have a therapy option that's positively impacts disability with a high degree of safety.

我認為在這個時間點，我們只想說，我們將繼續研究拉喹莫德，因為我們認為，對於患者來說，擁有一種對殘疾產生積極影響且高度安全的治療選擇很重要。

It's got a great profile, and so I think that, that profile yet needs to be explored.

它有一個很好的形象，所以我認為，這個形像還需要探索。

We can, we will do that.

我們可以，我們會這樣做。

We, we believe that the, that the FDA is, is as enthused about looking into this disability issue as we are.

我們相信 FDA 和我們一樣熱衷於研究這個殘疾問題。

And so therefore, they're going to help us, as we look forward on looking at a design.

因此，他們將幫助我們，因為我們期待著看設計。

Okay.

好的。

Great.

偉大的。

And just a follow-up for Eyal.

只是 Eyal 的後續行動。

Eyal, is there any sort of free cash flow guidance you can provide for the fourth quarter, given the variability that we've seen on free cash flow, the last couple of quarters?

Eyal，考慮到我們在過去幾個季度看到的自由現金流的變化，您是否可以為第四季度提供任何形式的自由現金流指導？

Yes.

是的。

We, no, we don't provide cash flow projection or guidance, but basically Q4 will be in line with Q1, Q2 cash flow.

我們，不，我們不提供現金流預測或指導，但基本上 Q4 將與 Q1、Q2 現金流一致。

The quarter already, a month into the quarter, has started very strong, so we're going to get back to those levels about $1.2 billion, $1.3 billion in (inaudible) operations.

本季度已經開始一個月了，已經開始非常強勁，所以我們將回到大約 12 億美元的水平，13 億美元的（聽不清）業務。

And Eyal, one last question, you mentioned the debt, post the closing of the Cephalon deal around $14.7 billion.

Eyal，最後一個問題，你提到了債務，Cephalon 交易完成後約為 147 億美元。

What's the average cost of debt for you right now?

你現在的平均債務成本是多少？

Right now, we're -- most of this is on a bridge loan at LIBOR plus 1 or so.

現在，我們 - 其中大部分是 LIBOR 加 1 左右的過橋貸款。

But we'll go to the bond market, and we'll pay whatever the market will charge us with, but given the current rates, we hope to get a good deal on the bond market.

但我們會去債券市場，我們會支付市場向我們收取的任何費用，但鑑於目前的利率，我們希望在債券市場上達成一筆好交易。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Thank you.

謝謝你。

Our next question is from the line of David Amsellem from Piper Jaffray.

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

Please state your question.

請說出你的問題。

Thanks.

謝謝。

Just a couple.

只是一對。

First, you mentioned lower receivable collections.

首先，你提到了較低的應收賬款。

I just want to clarify, are you seeing any issues with customers, and particularly as you grow in emerging markets, should we be more concerned about collections?

我只想澄清一下，您是否發現客戶存在任何問題，尤其是隨著您在新興市場的發展，我們是否應該更加關注產品系列？

Or is this more of a, a timing issue in the third quarter?

或者這更像是第三季度的時間問題？

And then the second question is, just back to your 2015 goals, you previously mentioned several billion dollars worth of revenue from additional acquisitions needed, in order to get the $31 billion top line target in 2015.

然後第二個問題是，回到你的 2015 年目標，你之前提到需要通過額外收購獲得價值數十億美元的收入，才能在 2015 年實現 310 億美元的收入目標。

So I guess the question here is, if you're targeting more dividends and buybacks, how can you be able to make the kind of acquisition to hit the long-term target?

所以我想這裡的問題是，如果你的目標是更多的股息和回購，你怎麼能通過這種收購來實現長期目標呢？

And what does that mean for your debt levels longer term?

這對您的長期債務水平意味著什麼？

Thanks.

謝謝。

Okay.

好的。

So I'll take the first one on the collection.

因此，我將選擇收藏中的第一個。

The lower collection we had, basically suffered from very strong collection we had in the previous quarter.

我們擁有的較低的收藏品基本上受到了上一季度我們擁有的非常強勁的收藏品的影響。

And we're not seeing any slow down in the emerging markets, or the other parts of the world collection there is fine.

而且我們沒有看到新興市場有任何放緩，或者世界其他地區的情況很好。

We extended some payment terms, and in Q2 and during the beginning of Q3, that cross a little bit, the time line of the quarter.

我們延長了一些付款條件，在第二季度和第三季度開始時，與本季度的時間線略有交叉。

And it was -- by and large, collected in the beginning of Q4.

總的來說，它是在第四季度初收集的。

So I -- it's really a one-time singled out event.

所以我——這真的是一次性的單獨活動。

And it's nothing to do with market conditions.

這與市場狀況無關。

Can you repeat your second part of your question?

你能重複你問題的第二部分嗎？

Sure.

當然。

So on the aspirational target of $31 billion of revenue for 2015, the question here is, I think you had mentioned previously that you needed roughly, I think $4 billon to $5 billion of acquired additional revenue to get to that target in 2015.

所以關於 2015 年 310 億美元收入的理想目標，這裡的問題是，我想你之前提到過你需要大約 40 億美元到 50 億美元的額外收入才能在 2015 年實現該目標。

I think you had said that early this year, so the question is, with the additional buybacks, or dividend that you're contemplating, how are you able to do both, and what does that imply for your debt levels over the long-term?

我想你今年早些時候說過，所以問題是，隨著你正在考慮的額外回購或股息，你如何能夠做到這兩點，這對你的長期債務水平意味著什麼？

First of all, I don't remember that we said, that we want -- we need more acquisitions (inaudible) to get there.

首先，我不記得我們說過，我們想要——我們需要更多的收購（聽不清）才能實現目標。

I think in 2011 after acquiring Cephalon, Taiyo, and after acquiring the [British Ratsio], we are -- we have the assets we need, in order to go forward.

我認為在 2011 年收購 Cephalon、Taiyo 和收購 [British Ratsio] 之後，我們 - 我們擁有前進所需的資產。

And therefore, as, if you take what I mentioned, as what I called complementary acquisitions for both segments of business, we don't see anymore big acquisition on our radar screen going forward.

因此，如果你把我提到的，作為我所說的兩個業務部門的互補收購，我們未來不會在雷達屏幕上看到任何大的收購。

So we believe with these assets and with organic growth and with creative business initiatives like the P&G and Teva JV, we can get there.

因此，我們相信憑藉這些資產、有機增長以及寶潔和 Teva JV 等創新業務計劃，我們可以實現目標。

And for the rest of your question, what, or we're going what we're going to do with the cash generation, I think that I covered it all in my previous questions.

對於你剩下的問題，什麼，或者我們將如何處理現金生成，我想我在之前的問題中已經涵蓋了所有內容。

We are considering, we are definitely at that size, as a growing and dynamic company, when you wish to (inaudible) $20 billion, you should think different, when we're a $10 billion company, on how you should get back your, your shareholders cash.

我們正在考慮，我們肯定是那個規模，作為一家不斷發展和充滿活力的公司，當你希望（聽不清）200 億美元時，你應該有不同的想法，當我們是一家 100 億美元的公司時，你應該如何收回你的，你的股東現金。

And for that respect, we are considering it, and in due time, we'll of course, we'll share it with you.

出於這方面的考慮，我們正在考慮，在適當的時候，我們當然會與您分享。

Thank you.

謝謝你。

Our next question is from the line of Frank Pinkerton of SunTrust.

我們的下一個問題來自 SunTrust 的 Frank Pinkerton。

Please state your question.

請說出你的問題。

Hi.

你好。

Thank for taking the question.

感謝您提出問題。

The first question, I think, is for Gerard.

我認為第一個問題是給杰拉德的。

Gerard, because I am really kind of ignorant of the European business, overall sometimes, could you please just run through the scenario, that if the current situation we have with the European union disintegrates, and that become multiple countries, or maybe multiple geographic areas, how does that ultimately impact Teva's business across Europe?

杰拉德，因為我對歐洲業務真的有點無知，總的來說，有時候，你能不能簡單地回顧一下這個場景，如果我們目前與歐盟的關係解體，那就變成多個國家，或者可能是多個地理區域，這最終將如何影響 Teva 在歐洲的業務？

Whoa, Frank, that's a big one.

哇，弗蘭克，好大一個。

It's a question that many people are trying to answer today.

這是今天許多人試圖回答的問題。

I think, the monetary system under which Europe is running, is to a certain extent, an environmental factor for the healthcare.

我認為，歐洲正在運行的貨幣體系在某種程度上是醫療保健的環境因素。

Healthcare is being organized at a European level and a country level, and there is very little European integrative work going on there, other than regulatory compliance elements that are being steered from Brussels.

醫療保健正在歐洲層面和國家層面進行組織，除了布魯塞爾指導的監管合規要素外，歐洲幾乎沒有進行整合工作。

Most of the implementation of the economic arguments, that you see in managing healthcare budgets in Europe is local policy.

您在歐洲管理醫療保健預算中看到的大多數經濟論點的實施都是地方政策。

That has always been anchored like this, in the European treaty, and that hasn't changed in the last 10, 12 years since this signing of the treaty of [Maastricht].

在歐洲條約中，這一點一直是這樣固定的，並且自簽署 [馬斯特里赫特] 條約以來的過去 10 年、12 年裡都沒有改變。

So the effect of all of the economic turmoil in Europe, is all going to be indirect through austerity or other measures, that may be taken by governments to, to manage their deficits in their budgets, and when they do that -- and when they look at healthcare budgets.

因此，歐洲所有經濟動蕩的影響都將通過緊縮或其他措施間接產生，政府可能會採取這些措施來管理預算中的赤字，以及何時這樣做 - 以及何時看看醫療保健預算。

Within that, Teva is pretty well positioned to take advantage of that.

在這方面，Teva 完全有能力利用這一點。

Our portfolio of products allows us to be part of the solution, rather than part of their problem.

我們的產品組合使我們能夠成為解決方案的一部分，而不是他們問題的一部分。

And if prices are lowered and it's prices are lowered on the branded, on the reimbursed level of it, they're never on the level of transaction that we are having with our customers for our generics products, that's 1.

如果價格降低，並且品牌價格降低，在報銷水平上，它們永遠不會達到我們與客戶就彷製藥產品進行的交易水平，即 1。

And 2, it's -- you see that very often when price interventions are taken, or other interventions are taken, it stimulates the utilization of generic products across Europe.

2，它是——你經常看到，當採取價格干預措施或採取其他干預措施時，它會刺激仿製藥在整個歐洲的使用。

And I think those two elements, if you see these austerity and these savings measures being rolled out in Europe, have so far in every incident, proven to be net-net in our advantage.

我認為這兩個要素，如果你看到這些緊縮措施和這些儲蓄措施正在歐洲推出，到目前為止在每一個事件中，都被證明對我們有利。

So there is no connection one-on-one, with the economic turmoil in Europe with healthcare.

因此，歐洲的經濟動盪與醫療保健沒有一對一的聯繫。

But it's -- as a fall out of that, you'll see austerity measures.

但它——作為失敗的結果，你會看到緊縮措施。

And within that, I believe generic companies of the size and the presence at Teva will benefit more from it, than they will suffer from it.

在這方面，我相信具有 Teva 規模和存在的仿製藥公司將從中受益，而不是遭受損失。

Great.

偉大的。

Thank you.

謝謝你。

And just as my follow-up question, and I'll throw this one out.

就像我的後續問題一樣，我會把這個問題扔掉。

But could you please quantify for me a dollar impact on management compensation, that the shutting of the Irvine facility and in the delays in manufacturing at Jerusalem had?

但是，您能否為我量化對管理薪酬的美元影響，即爾灣工廠的關閉和耶路撒冷製造的延誤？

And if there's no actual dollar impact, what's the lesson ultimately, that Teva taken away from those 2 facilities, and the steps that have gone into making sure this doesn't happen in other facilities in the future?

如果沒有實際的美元影響，梯瓦從這兩個設施中吸取的最終教訓是什麼，以及為確保未來其他設施不會發生這種情況而採取的步驟是什麼？

Thank you.

謝謝你。

Frank, this is Bill Marth.

弗蘭克，這是比爾·馬斯。

I didn't get the first part of the question, but I got the part about what are we doing.

我沒有聽懂問題的第一部分，但我聽懂了關於我們在做什麼的部分。

I think that, what have we learned -- I think Shlomo said it well, in his discussion, where he said it, that quality for Teva is the number one.

我認為，我們學到了什麼——我認為 Shlomo 在他的討論中說得很好，他說的是 Teva 的質量是第一位的。

It absolutely is.

絕對是。

And we seek to pursue it in that fashion.

我們試圖以這種方式追求它。

And whenever we get a 483, is that -- in any facility, we take that 483 and we respond to it.

每當我們收到 483 時，在任何設施中，我們都會收到 483 並做出回應。

And those responses aren't just for that facility, those responses are for the Teva network.

這些響應不僅針對該設施，還針對 Teva 網絡。

And that's a very large network.

這是一個非常大的網絡。

So, we've taken this to the level that all facilities need to be compliant, and we need to share the best practices in the industry, and that's what we are implementing.

因此，我們已經將其提升到所有設施都需要合規的水平，我們需要分享行業中的最佳實踐，這就是我們正在實施的。

There absolutely are no short cuts with respect to quality.

在質量方面絕對沒有捷徑可走。

And with our lessons learned here, is that we have to stay vigilant and proactive, because with this many sites, it's something to keep up with.

根據我們在這裡吸取的教訓，我們必須保持警惕和積極主動，因為有這麼多網站，這是需要跟上的。

And I think, that's our lesson learned.

我認為，這是我們吸取的教訓。

And let me follow on to Bill, this is Shlomo.

讓我繼續講比爾，這是什洛莫。

If you use the word, lesson learned, our lessons learned is that we, as the largest pharmaceutical producer on earth, next year is going to be almost about [$88 billion] (inaudible), just to understand the volume, that we are talking here -- in more than 65 around the world.

如果你使用“吸取教訓”這個詞，我們吸取的教訓是，作為地球上最大的製藥生產商，明年我們將接近 [880 億美元]（聽不清），只是為了了解我們正在談論的數量在這裡 - 在世界各地超過 65 個。

When you have such a big infrastructure, and such a big responsibility, you have to live in that area as well.

當你擁有如此龐大的基礎設施和如此重大的責任時，你也必須住在那個地區。

And what we are really doing is finding out (inaudible) turn around.

我們真正在做的是找出（聽不清）轉機。

As Bill said, after every inspection, whether it is FDA, NEA, or other regulatory agencies in the world, we try to (inaudible) implement it around the world in all facilities to create the highest quality (inaudible) that we can.

正如 Bill 所說，在每次檢查之後，無論是 FDA、NEA 還是世界上其他監管機構，我們都會嘗試（聽不清）在世界各地的所有設施中實施它，以創造我們所能達到的最高質量（聽不清）。

We believe that this is our first obligation, and there is not anything that is stopping us to do that, besides the time that is needed to implement in such a huge infrastructure around the world.

我們認為這是我們的首要義務，除了在全球如此龐大的基礎設施中實施所需的時間之外，沒有什麼能阻止我們這樣做。

This is our commitment to our patients, to the FDA, and we are going to do it as our first priority.

這是我們對患者和 FDA 的承諾，我們將把它作為我們的首要任務。

Bob?

鮑勃？

Thank you.

謝謝你。

Our final question comes from John Boris of Citigroup.

我們的最後一個問題來自花旗集團的約翰鮑里斯。

Please state your question.

請說出你的問題。

Thanks for taking the questions.

感謝您提出問題。

For Bill, just a couple residual questions.

對於比爾，只有幾個遺留問題。

On the Olanzapine, $300 million that you called out, does that include sales of the 20 milligram?

關於奧氮平，你說的 3 億美元，這包括 20 毫克的銷售額嗎？

I think you have an agreement in place with [Rambassy].

我認為您與 [Rambassy] 達成了協議。

The 20 milligram accounts for a significant portion of revenue.

20 毫克佔收入的很大一部分。

And then, with the [Anthistar] and Watson, preliminary injunction in place, can we get an update on the regulatory status on your generic Lovenox application, and is this still an opportunity for you?

然後，有了 [Anthisstar] 和 Watson，初步禁令到位，我們能否獲得有關您仿製 Lovenox 申請的監管狀態的最新信息，這對您來說仍然是一個機會嗎？

And then I have one follow up for Shlomo.

然後我對 Shlomo 進行了跟進。

Thanks for your question, John.

謝謝你的問題，約翰。

With respect to the Olanzapine, the value I gave is all strengths, so that includes the 20 milligram as well.

關於奧氮平，我給出的值是所有強度，因此也包括 20 毫克。

With respect to, [Anthistar] and their situation, I really can't comment too much on [Anthistar].

關於，【Anthistar】和他們的處境，我真的不能對【Anthistar】做太多評論。

And as far as the update on our product, we are continuing the situation where we would say, there is no update, until we produce an update.

至於我們產品的更新，我們將繼續我們所說的沒有更新的情況，直到我們產生更新。

That said, I think that Enoxaparin still provides a compelling value.

也就是說，我認為依諾肝素仍然具有令人信服的價值。

We still are excited about the product, and so we are continuing to pursue.

我們仍然對產品感到興奮，因此我們繼續追求。

Thanks for that.

感謝那。

And Shlomo, certainly through the acquisition strategy over the last 24 months, ratiopharm, Cephalon, Taiyo, and the P&G joint venture, geographically you diversified the business, however, I think your Form 20-F clearly indicates that on a product basis you don't want to be heavily concentrated in any one product.

而 Shlomo，當然是通過過去 24 個月的收購戰略，ratiopharm、Cephalon、Taiyo 和寶潔合資企業，在地理上你實現了業務多元化，但是，我認為你的 20-F 表格清楚地表明，在產品基礎上你沒有想要高度集中在任何一種產品上。

You certainly lessened the dependence on Copaxone pretty significantly.

您當然大大減少了對 Copaxone 的依賴。

We estimate that it accounts for mid 20%s to upper 20%s of your earnings in 2012.

我們估計它佔您 2012 年收入的 20% 到 20%。

Is that a satisfactory level for you, or is there a certain level of product diversification that you would like to see going forward for Copaxone to be, or be contributing as far as less of your earnings, and how do you plan on doing that?

這對你來說是一個令人滿意的水平，還是你希望看到 Copaxone 的產品多樣化程度達到一定程度，或者貢獻的收入盡可能少，你打算如何做到這一點？

Well, every (inaudible) of the global level, we would like to be in the blended business as well.

好吧，全球層面的每個（聽不清），我們也希望參與混合業務。

And by the acquisition of Cephalon, which is the triggering reason for that, was exactly to diversify our blended business.

通過收購 Cephalon，這是觸發原因，正是為了使我們的混合業務多樣化。

And if you only a pro forma, before and after the acquisition, you see immediately the impact on the [building] of the Copaxone share in our overall sales of blended portfolio.

如果你只是一個備考，在收購之前和之後，你會立即看到 Copaxone 在我們混合投資組合整體銷售中的份額對[建設]的影響。

So we believe, as I said in my script, that about -- right now, we have a great, interesting pipeline of about 30 products in the late stages, phase 2, phase 3, in different area, in (inaudible) areas, that some of those products -- of course, not all of them.

所以我們相信，正如我在我的劇本中所說，關於 - 現在，我們有大約 30 種產品在後期階段，第 2 階段，第 3 階段，在不同領域，在（聽不清）領域，其中一些產品——當然，不是全部。

You will notice the likelihood of getting product to the market, but I believe these are going to provide very good future for the Teva specialty pharma business.

你會注意到將產品推向市場的可能性，但我相信這些將為 Teva 專業製藥業務提供非常好的未來。

We believe that -- if we -- actually having all the (inaudible) in this area, right now, pro forma wise, in 2010 numbers, the [global] business is $7 billion.

我們相信——如果我們——實際上擁有這個領域的所有（聽不清），現在，從形式上看，在 2010 年的數字中，[全球] 業務為 70 億美元。

We targeted by 2015, $9 billion, so I believe that we have all the needed assets here to get there.

我們的目標是到 2015 年達到 90 億美元，所以我相信我們擁有實現目標所需的所有資產。

Of course, this is also an opportunistic area, and if we see a kind of very attractive molecule, we will go for it right away.

當然，這也是一個機會主義的領域，如果我們看到一種非常有吸引力的分子，我們就會馬上去做。

Just in Q3, we have a very good example for that.

就在第三季度，我們有一個很好的例子。

We acquired a stake in CureTech, a small company, a very interesting and very great future in a breakthrough kind of molecule.

我們獲得了 CureTech 的股份，這是一家小公司，在一種突破性的分子方面有著非常有趣和非常美好的未來。

Of course, it will take a long time to develop, but at least that's why we went there.

當然，開發需要很長時間，但至少這就是我們去那裡的原因。

So if we see there are some other attractive opportunities, on that level, we will proceed.

因此，如果我們看到在那個層面上還有其他一些有吸引力的機會，我們就會繼續。

But all in all, as I said, I think that we are telling the (inaudible), we need in order to do the diversification in our blended business.

但總而言之，正如我所說，我認為我們正在告訴（聽不清），我們需要在我們的混合業務中實現多元化。

And please bear in mind, that besides these 2 business segments, the generics and the blended, we also have another 2 [pillars] that are relatively young, but have a very interesting future, which completes the overall strategy.

請記住，除了這兩個業務部門，仿製藥和混合業務，我們還有另外兩個相對年輕但有非常有趣的未來的[支柱]，它們完成了整體戰略。

One is the OTC, and the first one is the biosimilar that we are going to see, of course, in the longer term, longer than the (inaudible) time, on [Mystrom], but definitely part of our future.

一個是 OTC，第一個是我們將要看到的生物仿製藥，當然，從長遠來看，比 [Mystrom] 上的（聽不清）時間更長，但絕對是我們未來的一部分。

Thank you.

謝謝你。

I would now like to turn the call back to management for closing comments.

我現在想把電話轉回管理層以徵求意見。

Thank you very much for being with us today, and I wish you a good day.

非常感謝你今天和我們在一起，祝你有美好的一天。

Thank you.

謝謝你。

Ladies and gentlemen, a replay of this -- of today's teleconference will be available on Teva's website at www.tevapharm.com.

女士們，先生們，今天電話會議的重播將在 Teva 的網站 www.tevapharm.com 上提供。

This does conclude today's teleconference.

今天的電話會議到此結束。

You may now disconnect your lines at this time.

此時您可以斷開線路。

We thank you for your participation.

我們感謝您的參與。