Teva Pharmaceutical Industries Ltd (TEVA) 2012 Q4 法說會逐字稿

Welcome to the Teva Pharmaceutical's fourth-quarter and full-year 2012 results call.

歡迎參加 Teva Pharmaceutical 2012 年第四季度和全年業績電話會議。

My name is Dawn.

我的名字是黎明。

I will be your operator for today's call.

我將是您今天電話的接線員。

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。

Later, we will conduct a question-and-answer session.

稍後，我們將進行問答環節。

Please note that this conference is being recorded.

請注意，此會議正在錄製中。

I will now turn the call over to Kevin Mannix, Head of Investor Relations.

我現在將把電話轉給投資者關係主管 Kevin Mannix。

Kevin, you may begin.

凱文，你可以開始了。

Thank you, operator.

謝謝你，運營商。

Good morning and good afternoon, everyone.

大家早上好，下午好。

I'm joined today by our President and CEO, Dr Jeremy Levin; our CFO, Eyal Desheh; Dr Michael Hayden, President Global R&D and Chief Scientific Officer; Allan Oberman, President and CEO of Teva Americas Generics; Rob Koremans, President and CEO of Teva Europe; and Jon Congleton, Senior Vice President Global Medicines.

今天，我們的總裁兼首席執行官 Jeremy Levin 博士加入了我的行列；我們的首席財務官 Eyal Desheh；全球研發總裁兼首席科學官 Michael Hayden 博士； Teva Americas Generics 總裁兼首席執行官 Allan Oberman； Teva Europe 總裁兼首席執行官 Rob Koremans；和全球藥品高級副總裁 Jon Congleton。

Jeremy will begin by providing an overview of the highlights from the quarter and year, followed by Eyal who will then provide additional details on our consolidated financial results.

Jeremy 將首先概述本季度和年度的亮點，然後 Eyal 將提供有關我們綜合財務業績的更多詳細信息。

We will then open the call for a question-and-answer period, which will run until approximately 9 AM.

然後，我們將開始電話問答環節，一直持續到上午 9 點左右。

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

在我們開始之前，我想提醒您，我們在電話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 as a result of foreign currency translation effects, macroeconomic trends, interruptions in our supply chain, and other factors that could cause actual results to differ as discussed in Teva's report on Form 20-F and Form 6-K.

由於外幣換算效應、宏觀經濟趨勢、我們供應鏈的中斷以及其他可能導致實際結果與 Teva 表 20 報告中討論的不同的因素，實際結果可能與前瞻性陳述中預測的結果存在重大差異-F 和表格 6-K。

Also, we are presenting non-GAAP data, which excludes the amortization of purchased intangible assets, costs related to certain regulatory actions, inventory step-up, legal settlements, and reserves and impairment, and related tax effects.

此外，我們還提供非 GAAP 數據，其中不包括已購無形資產的攤銷、與某些監管行動相關的成本、庫存增加、法律結算、準備金和減值以及相關的稅收影響。

These are amounts we cannot predict at this point.

這些是我們目前無法預測的數量。

As mentioned in the past, we present these non-GAAP figures to show you how we, the Management team and our Board of Directors look at our financial data.

正如過去所提到的，我們提供這些非 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數據。

With that, I will now turn the call over to Jeremy.

有了這個，我現在將把電話轉給傑里米。

Jeremy, if you would, please?

傑里米，你願意嗎？

Thank you, Kevin.

謝謝你，凱文。

Good morning, everyone in the USA.

早上好，在美國的每個人。

Good afternoon, for those of you in Europe.

下午好，你們這些在歐洲的人。

Thank you for joining the call today to discuss Teva's fourth-quarter and year-end 2012 results.

感謝您參加今天的電話會議，討論 Teva 2012 年第四季度和年底的業績。

2012 was a year in which we assessed our business, identified key areas of opportunity, and built an important new business strategy.

2012 年是我們評估業務、確定關鍵機遇領域並製定重要的新業務戰略的一年。

We enter 2013 enthusiastically, with a refined business model, an expanded and engaged leadership team and a culture which encourages and rewards innovation.

我們以完善的商業模式、擴大和參與的領導團隊以及鼓勵和獎勵創新的文化熱情地進入 2013 年。

We are constantly, of course, mindful of our commitment to patients, customers and shareholders.

當然，我們始終謹記我們對患者、客戶和股東的承諾。

We're optimistic and dedicated to deliver on these commitments.

我們樂觀並致力於兌現這些承諾。

I'm particularly pleased to announce today that Teva's Board of Directors elected to increase the Company's quarterly dividend by 15%.

我今天特別高興地宣布，Teva 董事會選擇將公司的季度股息提高 15%。

This increase in our dividend reflects the Board's and Management's optimism about the future of our business and Teva's commitment to reward our shareholders.

股息的增加反映了董事會和管理層對我們業務未來的樂觀態度以及 Teva 對回報股東的承諾。

Additionally, as you may have noticed, we repurchased approximately $0.5 billion of our stock in the fourth quarter, for a total of approximately $1.2 billion in 2012.

此外，您可能已經註意到，我們在第四季度回購了大約 5 億美元的股票，2012 年回購總額約為 12 億美元。

Overall, we returned over $2 billion or 58% of our free cash flow to our shareholders in 2012 through dividends and share repurchases.

總體而言，我們在 2012 年通過股息和股票回購向股東返還了超過 20 億美元或自由現金流的 58%。

Teva remains committed to invest in the future of our Company.

Teva 仍然致力於投資於我們公司的未來。

Today, as part of our reshape program announced late last year, we're announcing our intention to sell our injectable manufacturing facility in Irvine, California.

今天，作為我們去年底宣布的重塑計劃的一部分，我們宣布打算出售我們在加利福尼亞州歐文市的注射劑製造工廠。

Our desire is to supply more of our products from our most cost effective locations; thereby, beginning to optimize our entire network.

我們的願望是從最具成本效益的地點供應更多我們的產品；從而開始優化我們的整個網絡。

We currently have five FDA approved sterile manufacturing sites from which to supply product, including our new state of the art facility in Godollo, Hungary.

我們目前有五個 FDA 批准的無菌生產基地供應產品，包括我們在匈牙利戈多洛的新設施。

Our goal is to sell the Irvine plant to a buyer with a strategic long-term interest in the facility, who will continue to manufacture for Teva as we work towards moving these products to other locations in our network.

我們的目標是將 Irvine 工廠出售給對該工廠具有戰略性長期利益的買家，他們將繼續為 Teva 生產，同時我們努力將這些產品轉移到我們網絡中的其他地點。

Looking ahead, we will leverage our strengths, which provide an unprecedented geographical reach, world class manufacturing and distribution capabilities, and pricing flexibility with a balanced and integrated approach in both generic and patent-protected medicines.

展望未來，我們將利用我們的優勢，提供前所未有的地理覆蓋範圍、世界級的製造和分銷能力，以及定價靈活性，在仿製藥和受專利保護的藥物中採用平衡和綜合的方法。

Teva is and will continue to be an integral part of the global healthcare system.

Teva 現在並將繼續成為全球醫療保健系統不可或缺的一部分。

Today, as we report our fourth-quarter and year-end 2012 results, we have a stronger, more competitive and differentiated R&D pipeline.

今天，當我們報告 2012 年第四季度和年底的業績時，我們擁有更強大、更具競爭力和差異化的研發渠道。

This exemplifies our commitment to both short-term and long-term growth.

這體現了我們對短期和長期增長的承諾。

Our strategy emphasizes management of our business for profitability and sustainable, profitable growth.

我們的戰略強調管理我們的業務以實現盈利和可持續的盈利增長。

We will use an aggressive business development strategy as a key driver to build a robust pipeline and expand and extend our core franchises.

我們將使用積極的業務發展戰略作為關鍵驅動力來建立強大的管道並擴大和擴展我們的核心特許經營權。

In addition, we have a firm commitment to returning shareholder value.

此外，我們堅定地致力於回報股東價值。

I strongly believe these components provide a platform for Teva's growth in the short term, as well over the next decade.

我堅信這些組件為 Teva 在短期內以及未來十年的增長提供了平台。

With our strategy in place, we have a very intense focus on execution, excellence and performance.

憑藉我們的戰略，我們非常注重執行、卓越和績效。

Now, let's move on to our financial results.

現在，讓我們繼續討論我們的財務結果。

Overall, we had a strong revenue performance and are pleased to report our revenues of $20.3 billion and non-GAAP earnings per share of $5.35 for the year.

總體而言，我們的收入表現強勁，並很高興地報告我們今年的收入為 203 億美元，非 GAAP 每股收益為 5.35 美元。

Both in line with the guidance we provided in May 2012.

兩者都符合我們在 2012 年 5 月提供的指南。

Our performance for 2012 was driven by several factors.

我們 2012 年的業績受到多個因素的推動。

Copaxone continues to lead the market in sales and market share, with $4 billion in annual sales and approximately $1.1 billion for the fourth quarter.

Copaxone 繼續在銷售額和市場份額方面領先市場，年銷售額為 40 億美元，第四季度銷售額約為 11 億美元。

While we anticipate a potential approval and launch of a competitive product in the MS space, we expect Copaxone with its well-established safety record, efficacy, favorable side effect profile, and deep clinical experience to maintain its market leadership position in relapsing remitting multiple sclerosis.

雖然我們預計在 MS 領域可能會批准和推出具有競爭力的產品，但我們預計 Copaxone 憑藉其良好的安全記錄、療效、良好的副作用概況和豐富的臨床經驗，能夠保持其在復發緩解型多發性硬化症方面的市場領導地位.

We continue to enhance and expand the Copaxone franchise with our 3TW, otherwise known as a 3 times a week, 40-milligram dosing, with a submission planned for March of this year with the FDA.

我們繼續通過我們的 3TW 增強和擴大 Copaxone 特許經營權，也稱為每週 3 次，40 毫克劑量，計劃於今年 3 月向 FDA 提交。

Year-over-year, US generic sales increased $424 million, supported by the launch of 23 generic products in 2012.

在 2012 年推出 23 種仿製藥的支持下，美國仿製藥銷售額同比增長 4.24 億美元。

We expect to launch a similar number of products in 2013.

我們預計在 2013 年推出類似數量的產品。

I'm excited about our US generic business, as its overall performance and market share continues to improve in 2012 following a decline in 2010 through 2011.

我對我們的美國仿製藥業務感到興奮，因為其整體業績和市場份額繼 2010 年至 2011 年下滑後，在 2012 年繼續改善。

Europe performed well and in line with our expectations, as it executed on our selective approach to win and maintain sustainable business.

歐洲表現良好，符合我們的預期，因為它執行了我們有選擇的方法來贏得和維持可持續的業務。

Despite pricing pressure and destocking in 2012, the vast majority of the markets have maintained or increased their performance.

儘管 2012 年存在價格壓力和去庫存，但絕大多數市場的表現都保持或有所提高。

Our full year oncology revenues increased by $592 million from 2011 to $860 million for 2012.

我們的全年腫瘤學收入從 2011 年增加了 5.92 億美元，到 2012 年達到了 8.6 億美元。

We also saw strong year-over-year total prescription growth for both ProAir and QVAR versus 2011.

與 2011 年相比，我們還看到 ProAir 和 QVAR 的總處方藥同比增長強勁。

During the fourth quarter of 2012, Teva respiratory achieved the number two position of dispensing scripts amongst branded respiratory companies in the US.

2012 年第四季度，Teva 呼吸系統在美國品牌呼吸系統公司中排名第二。

Additionally, in 2012, Teva launched QNASL, Synribo, ProAir dose counter and Clozapine ODT.

此外，在 2012 年，Teva 推出了 QNASL、Synribo、ProAir 劑量計數器和氯氮平 ODT。

Teva's OTC business is important to our future.

Teva 的 OTC 業務對我們的未來很重要。

Given global trends and demographics, we strongly believe this is a growth engine for the Company.

鑑於全球趨勢和人口統計數據，我們堅信這是公司的增長引擎。

We see our partnership with Procter & Gamble, through our joint venture, PGT Healthcare, as a key enabler and are very pleased with the performance it's demonstrated to date.

我們將通過我們的合資企業 PGT Healthcare 與寶潔公司的合作視為一個關鍵的推動因素，並對迄今為止所展示的業績感到非常滿意。

During 2012, we also continued to advance our biologics program, both internally and through our alliance with Lonza.

2012 年期間，我們還通過內部和與龍沙的聯盟繼續推進我們的生物製劑計劃。

We look forward to building on this area in a careful and focused fashion.

我們期待以謹慎和專注的方式在這一領域進行建設。

In 2012, our business in Eastern Europe, Middle East, Israel and Africa provided record sales with strong growth in all business units, including MS, OTC and brands.

2012 年，我們在東歐、中東、以色列和非洲的業務創造了創紀錄的銷售額，所有業務部門（包括 MS、OTC 和品牌）都實現了強勁增長。

Additionally, we are committed to aggressively competing in Japan and in South Korea, with our business venture with Handok.

此外，我們致力於通過與 Handok 的業務合資在日本和韓國積極競爭。

We continue to strengthen our capabilities in these regions, underlying our commitment to provide our medicines to patients in these markets.

我們繼續加強我們在這些地區的能力，這是我們向這些市場的患者提供藥品的承諾的基礎。

We will utilize and build on Teva's core capabilities and geographic reach to drive the future growth of Teva.

我們將利用並依托 Teva 的核心能力和地理覆蓋範圍來推動 Teva 的未來發展。

At the same time, we will address unmet patient needs in a highly differentiated way with novel programs of product development.

同時，我們將通過新穎的產品開發計劃，以高度差異化的方式解決未滿足的患者需求。

To do this, we're committed to a selective and disciplined approach to business development, as well as pursuing innovative R&D programs including New Therapeutic Entities.

為此，我們致力於對業務發展採取有選擇性和有紀律的方法，並追求包括新治療實體在內的創新研發計劃。

I'm very pleased to say our NTE program has progressed well.

我很高興地說我們的 NTE 項目進展順利。

Thus far, we've identified four products for development in therapeutic areas including HIV, anti-psychotics, pain and metabolic diseases.

到目前為止，我們已經確定了四種用於治療領域開發的產品，包括 HIV、抗精神病藥物、疼痛和代謝疾病。

We expect to have 10 NTEs approved for development by the end of 2013.

我們預計到 2013 年底將有 10 個 NTE 獲批開發。

These NTEs target unmet medical needs in large and expanding global markets with billions of dollars of potential.

這些 NTE 的目標是具有數十億美元潛力的龐大且不斷擴大的全球市場中未滿足的醫療需求。

We are very excited about the differentiated R&D and clinical capabilities we brought together.

我們對我們匯集在一起的差異化研發和臨床能力感到非常興奮。

Our focused therapeutic strategy, combined generic and patent-protected R&D, with a broadly enhanced team under the leadership of Dr Michael Hayden.

我們專注於治療策略，將仿製藥和受專利保護的研發相結合，並在 Michael Hayden 博士的領導下擁有一支得到廣泛加強的團隊。

This includes Dr Jon Isaacsohn in the newly created position of Chief Medical Officer.

這包括 Jon Isaacsohn 博士擔任新設立的首席醫療官職位。

Jon has successfully overseen hundreds of clinical trials and provides Teva with an outstanding clinical development capability.

喬恩成功監督了數百項臨床試驗，並為 Teva 提供了出色的臨床開發能力。

We will use all these strengths to identify and develop products that change healthcare for patients and customers around the globe and continue to provide long-term shareholder value.

我們將利用所有這些優勢來確定和開發改變全球患者和客戶醫療保健的產品，並繼續為股東提供長期價值。

As part of our commitment to build a focused pipeline of novel medicine in select areas of medical need, I'm delighted with the initial progress we've made in our business development efforts to bring new opportunities into Teva's pipeline through our constellation strategy.

作為我們在特定醫療需求領域建立重點新藥管道的承諾的一部分，我很高興我們在業務發展方面取得了初步進展，通過我們的星座戰略為 Teva 的管道帶來了新的機會。

I'm excited by our recently established collaboration with Xenon to address CNS and pain disorders and our purchase of Huntexil for the treatment of Huntington's Disease.

我對我們最近與 Xenon 建立的合作解決中樞神經系統和疼痛障礙以及我們購買 Huntexil 用於治療亨廷頓舞蹈症感到興奮。

These programs are merely the beginning of securing innovative science within our CNS constellation.

這些計劃僅僅是在我們的 CNS 星座中確保創新科學的開始。

Our commitment to enhance our pipeline through disciplined and strategic business development will generate many exciting compounds to build on this and other constellations.

我們致力於通過有紀律和戰略性的業務發展來增強我們的管道，這將產生許多令人興奮的化合物，以建立在這個和其他星座上。

In addition to this, we note that laquinimod continues to be an exciting potential therapy for patients with relapsing remitting multiple sclerosis.

除此之外，我們注意到拉喹莫德仍然是複發緩解型多發性硬化症患者令人興奮的潛在療法。

In addition, we are encouraged by the data we've seen in other therapeutic areas where we've used laquinimod such as Crohn's Disease.

此外，我們在使用拉喹莫德的其他治療領域（例如克羅恩病）中看到的數據令我們感到鼓舞。

Teva continues to identify innovative ways to build our pipeline in addition to our business development.

除了我們的業務發展之外，Teva 繼續尋找創新方法來建立我們的產品線。

This includes unique ways of working with academia.

這包括與學術界合作的獨特方式。

Last week, we formally launched Teva's National Network of Excellence in neuroscience, or NNE, encompassing all Israeli universities and medical centers.

上週，我們正式啟動了 Teva 的全國神經科學卓越網絡 (NNE)，其中包括以色列所有大學和醫療中心。

This unprecedented partnership between Teva and this academic community holds the potential to generate research, which will lead to new and important medicines.

Teva 與該學術界之間前所未有的合作關係具有產生研究的潛力，這將導致新的重要藥物的產生。

As we enter 2013, the hard work and diligence to reshape the Company has positioned Teva extremely well to bring new medicines to patients in need.

在我們進入 2013 年之際，重塑公司的辛勤工作和努力使 Teva 處於非常有利的地位，可以為有需要的患者提供新藥。

I look forward with great expectation and enthusiasm into 2013 and the years beyond.

我懷著極大的期望和熱情期待著 2013 年和未來的歲月。

We believe our 2012 results demonstrate a strong and disciplined business focus and our significant accomplishments, considering that they were achieved in the midst of extensive planning to reshape the Company, an uncertain global economy and an ever-shifting healthcare landscape, and while we assembled and integrated a new Management team.

我們認為，我們 2012 年的業績表明我們的業務重心強而有紀律，我們取得了重大成就，考慮到這些是在重塑公司的廣泛計劃、不確定的全球經濟和不斷變化的醫療保健格局中取得的，同時我們集結和整合了一個新的管理團隊。

It's quite obvious to any who see us that the Teva Management and organization are energized, focused, and excited about Teva's future and the opportunities ahead.

對於任何看到我們的人來說，很明顯，Teva 的管理層和組織對 Teva 的未來和未來的機會充滿活力、專注和興奮。

But it's not just the Management.

但這不僅僅是管理層。

I would like to recognize particularly the dedication and contribution of the 46,000 employees around the world who work to reshape Teva.

我要特別感謝全球 46,000 名致力於重塑 Teva 的員工的奉獻精神和貢獻。

I am extremely confident, the course we have set is the right one and will yield real value for patients, customers and shareholders, while ensuring the long-term, sustainable growth of our Company.

我非常有信心，我們制定的路線是正確的，將為患者、客戶和股東帶來真正的價值，同時確保我們公司的長期可持續發展。

I'll now turn the call over to Eyal, who will take you through the details of our financial results.

我現在將電話轉給 Eyal，他將向您詳細介紹我們的財務業績。

After that, we'll open the call for Q&A.

之後，我們將打開問答環節。

Eyal, over to you.

Eyal，交給你了。

Thank you, Jeremy, and good morning, everyone.

謝謝你，傑里米，大家早上好。

We're pleased to share with you today our financial results for the fourth quarter and full year 2012.

今天，我們很高興與您分享我們 2012 年第四季度和全年的財務業績。

As we're committed on doing, we've provided expanded information in our press release, which I hope you have all had a chance to read this morning.

正如我們承諾的那樣，我們在新聞稿中提供了更多信息，我希望你們今天早上都有機會閱讀。

I'm therefore going to touch on the highlights, mainly as they relate to the fourth quarter and then some brief comments on 2013.

因此，我將重點介紹重點，主要是因為它們與第四季度有關，然後是對 2013 年的一些簡短評論。

Looking at our consolidated results for 2012, revenues reached an all-time high of $20.3 billion, an increase of 11% compared to 2011, while our non-GAAP earnings per share rose 8% to $5.35.

看看我們 2012 年的綜合業績，收入達到 203 億美元的歷史新高，比 2011 年增長 11%，而我們的非 GAAP 每股收益增長 8% 至 5.35 美元。

Our results this year benefited from the inclusion of a full year of Cephalon sales, as well as strong performance by our US and Rest Of the World generic Copaxone franchise and OTC business.

我們今年的業績得益於 Cephalon 的全年銷售，以及我們在美國和世界其他地區的通用 Copaxone 特許經營權和 OTC 業務的強勁表現。

This was achieved despite a very challenging year-over-year comparison for the fourth quarter of 2011, which was very unique.

儘管 2011 年第四季度的同比比較非常具有挑戰性，但這一點還是實現了，這是非常獨特的。

Before delving into the numbers, I would like to touch on two items.

在深入研究這些數字之前，我想談兩點。

First, I would like to highlight that this quarter we made relatively high number of one-time charges totaling $822 million after tax, which we adjusted to our non-GAAP results.

首先，我想強調的是，本季度我們進行了相對較多的一次性費用，稅後總計 8.22 億美元，我們根據非 GAAP 結果進行了調整。

This includes the impairment of $495 million, of which $145 million or $109 million net of minority interest resulting from the termination of the agreement with CureTech, as part of the ongoing review of our R&D portfolio, as well as various impairment of other research and development projects and manufacturing facilities, of which $98 million with regards to our facility in Irvine that we are planning to divest.

這包括 4.95 億美元的減值，其中 1.45 億美元或 1.09 億美元因與 CureTech 的協議終止而導致的少數股東權益淨額，作為我們研發組合持續審查的一部分，以及其他研發的各種減值項目和製造設施，其中 9800 萬美元與我們計劃剝離的歐文工廠有關。

These charges represent initial steps into our new strategy.

這些費用代表了我們新戰略的初步步驟。

Our adjustments also include the completion of the restructuring of Cephalon in France, which is the last portion of the Cephalon integration.

我們的調整還包括在法國完成Cephalon的重組，這是Cephalon整合的最後一部分。

Furthermore, we've excluded in our non-GAAP presentation of results, amortization of purchased intangible assets totaling $284 million.

此外，我們在非 GAAP 業績報告中排除了總計 2.84 億美元的已購無形資產攤銷。

Accordingly, non-GAAP net income and non-GAAP earnings per share for the quarter are adjusted to exclude these and certain other items outlined in our press release.

因此，本季度的非 GAAP 淨收入和非 GAAP 每股收益進行了調整，以排除這些以及我們新聞稿中概述的某些其他項目。

Second, exchange rate differences had a negative impact on revenue this quarter and for the full year of 2012, compared to the respective period in 2011, these differences reduced our revenues by $50 million this quarter and $572 million for the year, while having a minor positive impact on operating income.

其次，匯率差異對本季度和 2012 年全年的收入產生了負面影響，與 2011 年同期相比，這些差異使我們本季度的收入減少了 5000 萬美元，全年減少了 5.72 億美元，同時有輕微的影響營業收入產生積極影響。

The reduction in revenue resulted from the weakening of certain currencies, primarily the Euro relative to the US dollar.

收入減少是由於某些貨幣走弱，主要是歐元兌美元走弱。

Moving on now to our fourth-quarter results.

現在繼續我們的第四季度業績。

We are reporting net revenues of $5.25 billion, a decrease of 8% compared to the fourth quarter of 2011.

我們報告的淨收入為 52.5 億美元，與 2011 年第四季度相比下降了 8%。

This decrease and the overall challenging quarter-over-quarter comparison was largely driven by the anticipated effect of Provigil going off patent, coupled with the significant launches we had in the fourth quarter of 2011, primarily of the generic version of Zyprexa and our agreement with Ranbaxy relating to its launch of generic Lipitor.

這一下降和整體具有挑戰性的季度環比比較主要是由於 Provigil 專利到期的預期影響，以及我們在 2011 年第四季度推出的重大產品，主要是仿製藥的再普樂以及我們與Ranbaxy 與其推出仿製藥立普妥有關。

If we eliminate the effect of Provigil, organic sales were flat compared to the fourth quarter of 2011.

如果我們剔除 Provigil 的影響，有機銷售額與 2011 年第四季度持平。

Let me move on now to review our revenues by product line and geography.

現在讓我繼續按產品線和地理位置回顧我們的收入。

Several generic medicines this quarter were approximately $2.7 billion, including API sales, the third party of $202 million, a decrease of 11% compared to the fourth quarter of 2011.

本季度幾種仿製藥的銷售額約為 27 億美元，其中 API 銷售額為 2.02 億美元，與 2011 年第四季度相比下降了 11%。

This decrease is mainly the result of exchange rates impact as well as the significant launches we had in the US in the fourth quarter of 2011, which were only partially offset by new launches we had during 2012 and in the fourth quarter in particular.

這一下降主要是由於匯率影響以及我們在 2011 年第四季度在美國推出的大量產品，但僅部分被我們在 2012 年特別是第四季度推出的新產品所抵消。

Overall, we had 23 new generic launches in the US throughout the year.

總體而言，我們全年在美國推出了 23 種新仿製藥。

Turning now to our specialty business.

現在轉向我們的專業業務。

We had $2.1 billion of revenues this quarter, a decrease of 7% compared to $2.3 billion in the fourth quarter of 2011.

本季度我們的收入為 21 億美元，與 2011 年第四季度的 23 億美元相比下降了 7%。

This decrease resulted from the loss of exclusivity on Provigil, which was more than offset by strong sales of some of our other specialty medicines, mainly Copaxone, Treanda and AZILECT.

這一下降是由於失去了 Provigil 的獨家經營權，這被我們其他一些專科藥物（主要是 Copaxone、Treanda 和 AZILECT）的強勁銷售所抵消。

Finally, to our OTC business, in which we see significant progress made.

最後，我們的場外交易業務取得了重大進展。

Net revenues in the quarter were $269 million, an increase of 24% compared to $217 million in the fourth quarter of 2011.

本季度淨收入為 2.69 億美元，與 2011 年第四季度的 2.17 億美元相比增長 24%。

This growth is primarily due to strong revenues and share gain in all key markets, including Europe, Russia, Latin America and Israel.

這一增長主要歸功於所有主要市場的強勁收入和份額增長，包括歐洲、俄羅斯、拉丁美洲和以色列。

The successful launch of Vicks in several of these markets, as well as sales of OTC product in the US to Procter & Gamble.

Vicks 在其中幾個市場的成功上市，以及在美國向 Procter & Gamble 銷售 OTC 產品。

Turning next to profit margin and operating expenses.

接下來轉向利潤率和運營費用。

Non-GAAP gross profit margin was 58.7% in the quarter, compared to 60.7% in the fourth quarter of 2011, a decline, also attributable to the loss of Provigil and certain US generic products.

本季度非 GAAP 毛利率為 58.7%，與 2011 年第四季度的 60.7% 相比有所下降，這也歸因於 Provigil 和某些美國仿製藥產品的虧損。

As we started doing when we last provided guidance for 2013 on November 30, we have included in our press release tables breaking down gross profit margin and other margins by our major product lines, which we are certain you will find useful.

正如我們在 11 月 30 日上一次提供 2013 年指導時所開始做的那樣，我們在新聞稿中包含了按主要產品線細分毛利率和其他利潤率的表格，我們相信您會發現這些表格很有用。

For our operating expenses, we saw relatively minor increases in our overall spend in all three major expense lines, which I will walk you through.

對於我們的運營支出，我們看到所有三個主要支出項目的總體支出增長相對較小，我將向您介紹。

Non-GAAP net research and development expenses totaled $374 million or 7.1% of revenues, compared to $371 million or 6.5% of revenues in the fourth quarter of 2011.

非 GAAP 淨研發費用總計 3.74 億美元，佔收入的 7.1%，而 2011 年第四季度為 3.71 億美元，佔收入的 6.5%。

The increase in R&D spending primarily reflects the progress in development activities by our new integrated R&D organization.

研發支出的增加主要反映了我們新的綜合研發組織在開發活動方面的進展。

Non-GAAP selling and marketing expenses total $1.043 billion, or 19.9% of revenues in the quarter, a modest increase in spend of $18 million compared to $1.025 billion or 18.1% of revenues in the fourth quarter of 2011.

非 GAAP 銷售和營銷費用總計 10.43 億美元，佔本季度收入的 19.9%，與 2011 年第四季度的 10.25 億美元或收入的 18.1% 相比，支出略有增加 1800 萬美元。

The increase was primarily due to the take-back of Copaxone in Europe, as all sales and marketing costs are now paid by us, partially offset by exchange rate differences and lower royalty payment made on generic medicines in the US.

這一增長主要是由於 Copaxone 在歐洲的回收，因為所有銷售和營銷成本現在都由我們支付，部分被匯率差異和美國仿製藥的特許權使用費支付減少所抵消。

G&A expenses totaled $318 million this quarter or 6.1% of revenues, a small increase in spend compared to the fourth quarter of 2011.

本季度 G&A 費用總計 3.18 億美元，佔收入的 6.1%，與 2011 年第四季度相比支出略有增加。

Moving on to our non-GAAP operating income, for the fourth quarter, which totaled $1.35 billion or 25.6% of revenues, a decline of 22% compared to the fourth quarter of 2011.

接下來是我們的非 GAAP 營業收入，第四季度總計 13.5 億美元，佔收入的 25.6%，與 2011 年第四季度相比下降了 22%。

The decrease is primarily the result of a loss of exclusivity on Provigil, coupled with lower revenues from new generic launches in the United States and partially offset by higher sales of Copaxone.

下降的主要原因是 Provigil 失去了獨家經營權，加上美國新仿製藥上市帶來的收入減少，部分被 Copaxone 的銷售額增加所抵消。

The overall split of operating profit before G&A expenses between our main lines of business for the quarter is as follows -- global generics, 30%; multiple sclerosis, 44%; other specialty brands, 21%; OTC and other businesses, 5%.

本季度我們主要業務線之間扣除 G&A 費用前營業利潤的總體分配如下：全球仿製藥，30%；多發性硬化症，44%；其他專業品牌，21%； OTC及其他業務，5%。

For the full year of 2012, this split is as follows -- global generics, 30%; multiple sclerosis, 42%; other specialty brands, 25%; OTC and other businesses, 3% of total Company operating profits before G&A.

對於 2012 年全年，這一比例如下——全球仿製藥，30%；多發性硬化症，42%；其他專業品牌，25%； OTC 和其他業務，佔 G&A 前公司營業利潤總額的 3%。

The provision for non-GAAP tax in the fourth quarter of 2012 was $80 million on pretax, non-GAAP income of $1.2 billion.

2012 年第四季度的非 GAAP 稅收撥備為稅前 8000 萬美元，非 GAAP 收入為 12 億美元。

This compared to $239 million in pretax non-GAAP income of $1.7 billion in the fourth quarter of 2011.

相比之下，2011 年第四季度的稅前非 GAAP 收入為 2.39 億美元，為 17 億美元。

For the full year of 2012, our annual tax rate is 12.3%, slightly higher than the one for 2011.

2012年全年，我們的年稅率為12.3%，略高於2011年。

Our tax rate for the quarter and the year was primarily affected by the type and location of production of our product mix.

我們本季度和本年度的稅率主要受我們產品組合的生產類型和地點的影響。

Non-GAAP net income and fully diluted earnings per share for the fourth quarter were $1.14 billion and $1.32 per share respectively, down 19% and 17% compared to the fourth quarter of 2011, affected by the same reasons I mentioned before.

第四季度非美國通用會計準則淨收入和完全稀釋後每股收益分別為 11.4 億美元和 1.32 美元，與 2011 年第四季度相比分別下降 19% 和 17%，受我之前提到的相同原因的影響。

Cash flow from operations and free cash flow for the fourth quarter and the year were at a all-time high.

第四季度和全年的運營現金流和自由現金流均創歷史新高。

During the quarter, cash flow increased by 10% to $1.6 billion.

本季度，現金流量增長 10% 至 16 億美元。

For the full year of 2012, cash flow from operations increased 11% to $4.6 billion.

2012 年全年，運營現金流增長 11% 至 46 億美元。

Free cash flow, which excludes capital expenditures and dividends, also increased this quarter by 8% to approximately $1 billion.

不包括資本支出和股息的自由現金流在本季度也增長了 8%，達到約 10 億美元。

For the full year, it increased 16% to $2.7 billion.

全年增長 16% 至 27 億美元。

The increase in cash flow in the fourth quarter mainly reflects strong collection, resulting in a decrease in the level of receivables.

第四季度現金流量的增加主要反映了強勁的收款，導致應收賬款水平下降。

Cash and marketable securities on December 31, 2012, amounted to $3.1 billion, including $1 billion used for redemption of notes in January.

截至 2012 年 12 月 31 日，現金和有價證券總計 31 億美元，其中 10 億美元用於贖回 1 月份的票據。

During the quarter, share repurchases totaled approximately 12.7 million shares for an aggregate cost of approximately $0.5 billion.

本季度，股票回購總額約為 1270 萬股，總成本約為 5 億美元。

In 2012, we repurchased 28.1 million shares for approximately $1.2 billion, as part of a $3 billion share repurchase plan that was authorized in December 2011.

2012 年，我們以約 12 億美元的價格回購了 2810 萬股股票，這是 2011 年 12 月批准的 30 億美元股票回購計劃的一部分。

During 2012, we have returned approximately $2.1 billion in cash to our shareholders, representing 46% of our cash flow from operations or 58% of free cash flow before dividends.

2012 年，我們向股東返還了約 21 億美元現金，占我們運營現金流的 46% 或派息前自由現金流的 58%。

Furthermore, we announced today a 15% increase in our quarterly dividend to ILS1.15 per share or approximately $0.31 per share.

此外，我們今天宣布將季度股息增加 15% 至每股 ILS1.15 或每股約 0.31 美元。

All this put together strongly demonstrates our ongoing commitment to rewarding our shareholders.

所有這些加在一起有力地證明了我們對回報股東的持續承諾。

Looking to 2013, we remain confident with the full year 2013 guidance, which we gave on November 30.

展望 2013 年，我們對 11 月 30 日發布的 2013 年全年指引充滿信心。

The quarterly development during the year will have more sales in the second half than in the first half of the year.

年內季度開發，下半年銷量會比上半年多。

Expenses will be more front-loaded, as we continue to build and enhance our R&D investment and in addition, invest in sales and marketing in preparation for launches of new products later in the year.

隨著我們繼續建立和加強我們的研發投資，此外，投資於銷售和營銷以為今年晚些時候推出新產品做準備，費用將更多地放在前期。

We expect the expense level of R&D and SG&A in Q1 2013 to be similar to those of Q4 2012.

我們預計 2013 年第一季度的研發和 SG&A 費用水平與 2012 年第四季度相似。

We will, of course, continue to update you on our progress throughout the year.

當然，我們會繼續向您通報我們全年的進展情況。

This concludes my prepared remarks.

我準備好的發言到此結束。

Thank you all for your time and attention this morning.

感謝大家今天早上的時間和關注。

I would you now like to open the call for Q&A.

我想你現在想打開問答的電話。

(Operator Instructions)

（操作員說明）

Elliot Wilbur, Needham & Company.

Elliot Wilbur, Needham & Company。

First question is with respect to the top line outlook in 2013 for Copaxone sales specifically.

第一個問題是關於 2013 年 Copaxone 銷售收入的展望。

Obviously, a lot of movement and new dynamics in that marketplace, but I guess given the strong performance of the product over the past couple of quarters and what we've seen thus far in 2013, with respect to the uptake of the new oral agents, anything you can say in terms of maybe providing a little bit more of a tilt one way or the other in terms of the previously provided guidance range of $3.7 billion to $3.9 billion?

顯然，該市場出現了很多變化和新動態，但我想考慮到該產品在過去幾個季度的強勁表現以及我們在 2013 年迄今為止所看到的新口服藥物的使用情況，就先前提供的 37 億美元至 39 億美元的指導範圍而言，你能說些什麼來提供更多的傾斜嗎？

Certainly, it would seem like at it's very early juncture, the bias would be more towards the top end of the range.

當然，似乎在很早的時候，偏差會更傾向於範圍的頂端。

I'm just wondering if, in fact, from what you're seeing if you would feel similarly?

我只是想知道，事實上，從您所看到的情況來看，您是否會有類似的感覺？

Then as a follow-up, with respect to the Irvine facility, I'm assuming that's just basically disposition of probably what is your highest cost facility in the whole system.

然後作為後續行動，關於 Irvine 設施，我假設這只是對整個系統中成本最高的設施的基本配置。

But is there anything that disposition says with respect to your ongoing commitment to the US injectable generic market?

但是，關於您對美國註射劑仿製藥市場的持續承諾，有什麼傾向表明嗎？

Thanks.

謝謝。

Elliot, good morning.

艾略特，早上好。

This is Jeremy.

這是傑里米。

Thanks for the questions, I'll take them both.

謝謝你的問題，我會回答他們兩個。

What I'd like to do is just touch on Copaxone, first of all.

我想做的就是首先接觸 Copaxone。

Then secondly, I'll then hand that over to Jon Congleton, who's on the line with you.

其次，我會把它交給 Jon Congleton，他正在和你通話。

Then what I'll do is, I'll talk about Irvine.

然後我要做的是，我會談談爾灣。

So with regard to our guidance for 2013, we're confident of our guidance.

因此，關於我們 2013 年的指引，我們對我們的指引充滿信心。

It's very difficult to read into how the orals will play out through the FDA, but we are extremely confident of the safety and efficacy of Copaxone.

很難了解口服藥物將如何通過 FDA 發揮作用，但我們對 Copaxone 的安全性和有效性非常有信心。

We know the patients speak to us about this and from our perspective this is a great medicine.

我們知道患者向我們談到了這一點，從我們的角度來看，這是一種很好的藥物。

So we're confident of our franchise.

所以我們對我們的特許經營權充滿信心。

With regard to -- Jon, in a minute, would you come back and just flesh that out a bit for Elliott?

關於-- 喬恩，請過一會，你會回來為 Elliott 充實一下嗎？

With regard to Irvine.

關於歐文。

As you know, we committed to a $1.5 billion to $2 billion savings over the next four years.

如您所知，我們承諾在未來四年內節省 15 億至 20 億美元。

My view on this is, this program has been initiated.

我對此的看法是，這個計劃已經啟動。

We are doing this in a very systematic and thoughtful fashion.

我們正在以非常系統和深思熟慮的方式進行這項工作。

We are very encouraged by what we've seen.

我們對所看到的感到非常鼓舞。

We've mapped out where we'd like to start.

我們已經規劃好我們想要開始的地方。

We're not necessarily picking on the highest cost or the lowest cost.

我們不一定選擇最高成本或最低成本。

We're picking on the most effective steps.

我們正在挑選最有效的步驟。

We hold to the guidance that we've given to the Street on that.

我們堅持我們在這方面給華爾街的指導。

With regard to the commitment to the injectables arena, we have a complete commitment.

關於對注射劑領域的承諾，我們有完整的承諾。

This is not something that has changed one bit.

這一點都沒有改變。

So can I just ask you, Jon, to make a couple comments on Copaxone?

喬恩，我可以請你對 Copaxone 發表一些評論嗎？

Yes, Jeremy, I'd be happy to.

是的，傑里米，我很樂意。

Jeremy, as you noted, the profile of Copaxone is what has really propelled it to the market leading position that it holds right now.

傑里米，正如你所指出的，Copaxone 的形象真正推動了它目前在市場上的領先地位。

We saw our exit share in the United States in the fourth quarter still at the 40% mark, which speaks very significantly to how the customer base, patients, physicians and even payers are valuing that profile of really unsurpassed long-term efficacy and safety.

我們看到第四季度我們在美國的退出份額仍保持在 40% 的水平，這非常重要地說明了客戶群、患者、醫生甚至付款人如何重視真正無與倫比的長期療效和安全性。

We're obviously still committed to the brand with significant investment behind that, both in the commercial support of it as well as focused on patient needs to ensure that if they and the physician choose Copaxone as their therapy, we do everything in our powers to help them do that.

我們顯然仍然致力於該品牌，並在其背後進行了大量投資，無論是在其商業支持方面，還是在關注患者需求方面，以確保如果他們和醫生選擇 Copaxone 作為他們的治療方法，我們將竭盡所能幫助他們做到這一點。

As Jeremy said, we don't have any reason to change the guidance.

正如傑里米所說，我們沒有任何理由更改指南。

We're obviously planning conservatively.

我們顯然在保守地計劃。

Elliott, as you noted, it's a very dynamic time in the MS space.

Elliott，正如您所指出的，這是 MS 領域中一個非常動態的時期。

But what hasn't changed is what patients are looking for and that is to safely manage this disease and give them a sense of predictability.

但沒有改變的是患者正在尋找的東西，那就是安全地控制這種疾病並讓他們有一種可預測的感覺。

Copaxone certainly does that.

Copaxone 確實可以做到這一點。

We're excited to continue to offer that asset to the MS community.

我們很高興繼續向 MS 社區提供該資產。

Ken Cacciatore, Cowen and Company.

Ken Cacciatore, Cowen and Company。

Just a couple questions.

只是幾個問題。

First, Jeremy, I don't think I've been able to ask you, why such an aggressive citizen's petition against BG12?

首先，傑里米，我想我還沒來得及問你，為什麼一個如此激進的公民對 BG12 請願？

It was just interesting, we haven't seen a Company kind of go after so-to-speak another filer on an NDA.

這很有趣，我們還沒有看到一家公司在 NDA 上追求所謂的另一個文件管理器。

So I just wanted to understand some of the internal thinking as why you didn't just have private interaction with the FDA.

所以我只是想了解一些內部想法，比如為什麼你不只是與 FDA 進行私下互動。

Then also at the investor day, you mentioned that there could be a publication for a comparison of Copaxone versus a purported generic, where Copaxone down-regulates where the purported generic up-regulates.

然後也是在投資者日，你提到可能會有一份出版物將 Copaxone 與所謂的仿製藥進行比較，其中 Copaxone 下調而聲稱的仿製藥上調。

I was wonder where that stands?

我想知道那站在哪裡？

If you're now willing to tell us, who that generic is?

如果您現在願意告訴我們，那個仿製藥是誰？

Or if all of the generics maybe have that same component?

或者如果所有的泛型都可能具有相同的組件？

Thank you.

謝謝你。

Ken, with pleasure.

肯，很高興。

What I'd like to do is, first of all, I'll just quickly touch on the citizen's petition.

我想做的是，首先，我將快速談談公民的請願書。

Then secondly, Michael Hayden will comment on the generic publication.

其次，Michael Hayden 將對通用出版物發表評論。

With regard to the citizen's petition, it's not really specific to any one particular medicine.

關於市民的請願書，它並不是真正針對任何一種特定藥物。

It's actually, as you will note in that, we're actually quite open ourselves to having a review of our product.

實際上，正如您會注意到的那樣，我們實際上非常願意對我們的產品進行審查。

Of course, we have several which are coming along.

當然，我們有幾個即將推出。

So the fact of the matter is, we've noticed in the past, every time a product has been launched, there have been subsequent problems with the product.

所以事實是，我們過去注意到，每次推出產品時，產品都會出現後續問題。

Now, what we're concerned about is that we know, having had a very, very substantial interaction over the last 20 years with patients, we know about the safety of our product.

現在，我們關心的是，我們知道，在過去 20 年中與患者進行了非常、非常實質性的互動，我們知道我們產品的安全性。

We know about the efficacy of our patient.

我們知道我們病人的療效。

Physicians know the same.

醫生們都知道。

In order to assess similar safety, we believe the appropriate fashion and appropriate approach for any of these new orals or other types of therapy coming onto the marketplace, they need to go through in a very appropriate type of review.

為了評估類似的安全性，我們認為，對於進入市場的任何這些新的口服或其他類型的療法，適當的方式和適當的方法需要通過非常適當的審查。

I think you have seen the results when in fact some of these products have come to the market and there have been subsequent problems.

我想您已經看到了結果，但實際上其中一些產品已經投放市場並且出現了後續問題。

It's a question of taking something from a clinical trial and then walking it into a public setting where you have thousands of patients who actually now face exposure to the medicine.

這是一個從臨床試驗中獲取一些東西，然後將其帶入公共環境的問題，在公共環境中，你有成千上萬的患者現在實際上面臨著接觸藥物的風險。

So from our perspective, that's one.

所以從我們的角度來看，這是一個。

The second point is, citizen's petitions are a normal process.

第二點，公民上訪是一個正常的過程。

I suggest that if anybody were to look at this, you'd find that there are many, many, many such applications.

我建議，如果有人看這個，您會發現有很多很多這樣的應用程序。

The FDA has been kind enough to provide a mechanism whereby we can all of us, provide them with information that we see as appropriate.

FDA 非常友好地提供了一種機制，我們所有人都可以通過這種機制向他們提供我們認為合適的信息。

Now, can I just hand over to Michael to talk about the publications.

現在，我能不能讓 Michael 來談談出版物的問題。

Michael?

邁克爾？

Yes.

是的。

Thank you.

謝謝你。

This publication is submitted and under final review.

本出版物已提交並正在接受最終審查。

We expect it to be accepted for publication in a well-established journal the next few weeks.

我們預計它會在接下來的幾週內被一家知名期刊接受發表。

As we alerted to you on the Investor Day, this highlights the differences in the activation of certain genes with Copaxone compared to some other generic products.

正如我們在投資者日提醒您的那樣，這凸顯了 Copaxone 與某些其他仿製藥相比在激活某些基因方面的差異。

More details on the manuscript will be readily available once the manuscript is in print.

手稿印刷後，將隨時提供有關手稿的更多詳細信息。

Louise Chen, Guggenheim.

路易絲·陳，古根海姆。

My first question is on your GCSF launch in November.

我的第一個問題是關於您在 11 月推出的 GCSF。

Are you expecting authorized generic?

您是否期待獲得授權的仿製藥？

Then just secondly on the sale of your generic injectables business, what is the timing behind that?

其次是出售仿製藥注射劑業務，這背後的時機是什麼時候？

How much do you plan to sell that facility for?

您打算將該設施賣多少錢？

Thanks.

謝謝。

Good morning, Louise.

早上好，露易絲。

I think what I'd like to do is ask Allan Oberman, if you could perhaps respond?

我想我想問問 Allan Oberman，你是否可以回應？

Yes.

是的。

Good morning.

早上好。

Thank you very much for the question.

非常感謝你的提問。

I think it's important to clarify that we're not selling our business.

我認為澄清我們不會出售我們的業務很重要。

What we are doing is looking for a buyer for the facility.

我們正在做的是為該設施尋找買家。

We have five other FDA sterile injectable facilities within the Teva network.

我們在 Teva 網絡內還有五個其他 FDA 無菌注射設施。

During the remediation process of Irvine, we've been developing products in many of those sites.

在 Irvine 的修復過程中，我們一直在為其中許多站點開發產品。

We'll commercialize products for the US market from those sites.

我們將從這些站點為美國市場商業化產品。

So as Jeremy said earlier, we are fully committed to the generic injectable sterile business here in the US.

因此，正如傑里米早些時候所說，我們完全致力於美國這裡的仿製藥注射無菌業務。

We will remain as leaders in that market.

我們將繼續作為該市場的領導者。

All we are doing at this particular moment is looking for someone to buy the facility, continue to supply us during a transition period and perhaps longer than that, as we continue to develop our business here in the US.

我們在這個特定時刻所做的一切就是尋找購買該設施的人，在過渡期間繼續為我們提供服務，也許更長的時間，因為我們將繼續在美國發展我們的業務。

Randall Stanicky, Canaccord.

蘭德爾·斯坦尼基，Canaccord。

Jeremy, can you just help us with how the Board came up with 15% in terms of the dividend hike being the right number.

傑里米，你能幫我們看看董事會是如何提出 15% 的股息增長是正確的數字嗎？

I think many were still hoping for something a little bit more substantial.

我認為許多人仍然希望獲得更實質性的東西。

Is that still on the table as we think about your ongoing review going forward?

當我們考慮您正在進行的審查時，它是否仍然在桌面上？

Then secondly, can you just maybe for Allan, can you help us -- how do we think about Pulmicort on the generic side?

其次，你能不能只為艾倫，你能幫助我們——我們如何看待通用方面的 Pulmicort？

Is that still in guidance?

那還在指導中嗎？

Then should we be thinking about a decision here I guess before the end of March?

那麼我猜我們是否應該在 3 月底之前考慮在這裡做出決定？

Thanks.

謝謝。

Hi, Randall.

嗨，蘭德爾。

Good to hear from you.

很高興聽到你的消息。

Look, a couple things.

看，有幾件事。

Number one, the Board reviewed this very thoughtfully, very appropriately and of course, we review every year and constantly throughout the year our dividend's based on our performance.

第一，董事會非常周到、非常恰當地審查了這一點，當然，我們每年都會根據我們的表現審查我們的股息。

We will continue to do that.

我們將繼續這樣做。

In addition to which, we remain committed to our share buyback.

除此之外，我們仍然致力於我們的股票回購。

So we are very much aligned with the thinking that we want to and will support our shareholders as appropriate throughout the year and the years to come.

因此，我們非常認同我們希望並會在全年和未來幾年適當地支持我們的股東的想法。

Allan?

艾倫？

Yes, Randall, thank you for the question on Pulmicort.

是的，蘭德爾，謝謝你對 Pulmicort 的提問。

We continue to model Pulmicort as the current number of competitors in the market.

我們繼續將 Pulmicort 建模為市場上當前的競爭對手數量。

You do know that Watson has received approval and there is a court case underway.

您確實知道 Watson 已獲得批准，並且正在審理案件。

We understand that case -- final arguments will be heard sometime in March and the judge will render a decision after that and we will wait and see what happens based on that decision.

我們了解該案——最終辯論將在 3 月的某個時候進行，法官將在此之後做出決定，我們將拭目以待根據該決定會發生什麼。

Okay.

好的。

Great.

偉大的。

You still see a royalty step-up, right?

你仍然看到版稅增加，對吧？

It's a gross margin step-up, should we see additional competition come in?

這是毛利率的提升，我們應該看到更多的競爭嗎？

This is a product where we are paying a royalty and if additional competition were to enter, the royalty rate does change.

這是我們支付專利使用費的產品，如果要進入額外的競爭，專利使用費率確實會改變。

Marc Goodman, UBS.

馬克·古德曼，瑞銀。

I was hoping you could give us some color on European generics?

我希望你能給我們一些關於歐洲仿製藥的顏色？

Just, what was the underlying kind of market dynamics versus what was the impact of your new strategy with respect to revenues?

只是，潛在的市場動態是什麼，你的新戰略對收入的影響是什麼？

Then can you talk about Treanda a little bit?

那你能談談Treanda嗎？

It was flat quarter-to-quarter, but we know there's growth there.

季度環比持平，但我們知道那裡有增長。

So I was just curious, what happened in the third quarter versus what happened in the fourth quarter with respect to that product?

所以我很好奇，第三季度與第四季度該產品發生了什麼？

Thanks.

謝謝。

Good morning, Marc.

早上好，馬克。

We've got Rob online.

Rob 在線。

He'll handle the European.

他會處理歐洲問題。

Then I'll ask Jon to handle Treanda.

然後我會請 Jon 處理 Treanda。

Is that okay?

可以嗎？

So Rob, why don't you kick off with Europe, please.

那麼 Rob，為什麼不從歐洲開始呢？

My pleasure.

我的榮幸。

Thanks for the question, Marc.

謝謝你的問題，馬克。

Actually very pleased to see that fully in line with our strategy in the quarter four of 2012.

實際上很高興看到這完全符合我們 2012 年第四季度的戰略。

We had very marked increased profitability, both compared to the quarter before of 2012 and to quarter four of 2011 and is really well into double-digits.

與 2012 年之前的一個季度和 2011 年第四季度相比，我們的盈利能力有了非常顯著的提高，而且確實達到了兩位數。

We are fully executing on our strategy of focusing on the right business and not just any business and sustainable profitability.

我們正在全面執行我們的戰略，即專注於正確的業務，而不僅僅是任何業務和可持續的盈利能力。

Quarter four of last year was -- in terms of overall European sales was a record quarter, per se.

就歐洲整體銷售額而言，去年第四季度本身是一個創紀錄的季度。

We have really very stable market positions.

我們擁有非常穩定的市場地位。

We're still by far the leader in Europe in terms of generic sales, but our strategy that we put in place the second half of 2012 is really nice, on track and is delivering what we expect it to do.

到目前為止，我們在仿製藥銷售方面仍然是歐洲的領導者，但我們在 2012 年下半年制定的戰略非常好，步入正軌並且正在實現我們的預期。

So we're really quite content and pleased with that.

所以我們對此非常滿意。

Can you talk about Italy, Spain and Germany specifically since you mentioned that in the press release?

既然你在新聞稿中提到了意大利、西班牙和德國，你能具體談談嗎？

Okay.

好的。

So our market share in Germany has actually increased a little bit in the last quarter.

所以我們在德國的市場份額實際上在上個季度有所增加。

Spain has also increased market share, but the overall market in Spain has really declined because of very strong pricing cuts that we've seen in the Spanish market overall.

西班牙的市場份額也有所增加，但由於我們在西班牙市場整體上看到的非常強勁的降價，西班牙的整體市場確實有所下降。

In Italy, the market in the last couple of months is really increasing nicely with more than 20%.

在意大利，過去幾個月的市場確實增長超過 20%。

So our market share has been over the entire year gone down slightly with less than 1%.

所以我們的市場份額在全年略有下降，不到 1%。

We're still the number one in that market.

我們仍然是該市場的第一名。

What we have been doing is really build also on the selectively there.

我們一直在做的事情實際上也是建立在有選擇的基礎之上的。

One of the issues that we have seen and that's affecting our net sales in those countries over the year -- what we have been seeing is a pressure on stock levels.

我們已經看到的一個問題影響了我們過去一年在這些國家的淨銷售額——我們一直看到的是庫存水平的壓力。

We have not given any counter-pressure, if you like.

如果您願意，我們沒有給出任何反壓力。

So overall, stock levels in the market as we reported before, have come down which affected our net sales but not our end market performance.

因此，總體而言，正如我們之前報導的那樣，市場庫存水平已經下降，這影響了我們的淨銷售額，但沒有影響我們的終端市場表現。

I just found it interesting that you're increasing revenues in Germany and yet you're trying to be more profitable which would imply you're not going to do as many tenders as before.

我剛剛發現有趣的是，您正在增加德國的收入，但您正試圖獲得更多利潤，這意味著您不會像以前那樣進行那麼多的招標。

How are you increasing in Germany?

您在德國的增長情況如何？

Maybe it also shows that some of the tenders in Germany really do not generate any real revenues, right?

也許這也說明德國的一些招標確實沒有產生任何實際收入，對吧？

Especially, in Germany, also our profitability has really increased very, very markedly.

特別是在德國，我們的盈利能力也確實非常非常顯著地增加了。

We're really in line with that, we're still at well over 20% market share.

我們確實符合這一點，我們的市場份額仍然遠遠超過 20%。

We are launching better than any other company in Europe, outperforming our competitors.

我們的推出比歐洲任何其他公司都好，優於我們的競爭對手。

We had, overall in Europe, we had about $200 million -- more than $200 million of sales of launches.

總的來說，在歐洲，我們有大約 2 億美元——超過 2 億美元的發射銷售額。

Notably, also in Germany, we really, really do well.

值得注意的是，在德國，我們也確實做得很好。

So, our strategy is not to go for any tender but just selectively.

因此，我們的策略不是進行任何招標，而是有選擇地進行。

With the strong Ratiopharm's brands, we pick up the business that is not in the tender very, very well.

憑藉強大的 Ratiopharm 品牌，我們非常非常好地接手了未在招標中的業務。

This is working excellently.

這工作得很好。

We also have the question on Treanda.

我們也有關於 Treanda 的問題。

Jon?

喬恩？

Yes.

是的。

Marc, thanks for the question.

馬克，謝謝你的提問。

Actually, Treanda had really significant growth in 2012 versus 2011 of about 20%.

實際上，Treanda 在 2012 年與 2011 年相比增長了約 20%。

If you look at Q4 relative to prior quarter, had significant growth as well.

如果你看一下與上一季度相比的第四季度，也有顯著增長。

It's driven a lot by the team in the United States, coupled with some nice data that came out of ASCO in June of 2012, where we really saw the latter half pretty significantly outperform the first half of 2012.

美國團隊在很大程度上推動了這一進程，再加上 2012 年 6 月 ASCO 發布的一些不錯的數據，我們確實看到下半年的表現明顯優於 2012 年上半年。

We continue to see great value with Treanda.

我們繼續看到 Treanda 的巨大價值。

The market is certainly welcoming its use.

市場當然歡迎它的使用。

Anticipate it continuing to grow going forward.

預計它會繼續增長。

Were you able to increase price on that product?

你能提高那個產品的價格嗎？

We have not taken any significant pricing actions.

我們沒有採取任何重大的定價行動。

Marc, I'd have to get back with you.

馬克，我得回去陪你了。

I think we maybe did a minor one in the first quarter, but it's really been driven more by volume.

我認為我們可能在第一季度做了一個小的，但它實際上更多地是由數量驅動的。

(Operator Instructions)

（操作員說明）

Jami Rubin, Goldman Sachs.

賈米魯賓，高盛。

Just a follow-up question.

只是一個後續問題。

I don't think you -- I know it was sort of asked.

我不認為你——我知道有人問過這個問題。

But I'm not sure if you answered it.

但我不確定你是否回答了。

On Pulmicort, does your guidance in 2013 contemplate any generic competition for Pulmicort?

關於 Pulmicort，您在 2013 年的指導意見是否考慮了 Pulmicort 的仿製藥競爭？

Can you remind us what the contribution was in terms of revenues last year?

您能否提醒我們去年的收入貢獻是多少？

Then just a question for you, Jeremy, on capital allocation.

傑里米，關於資本配置的問題就問你了。

Obviously, the dividend increase is certainly a step in the right direction.

顯然，增加股息無疑是朝著正確方向邁出的一步。

I think not as big a step as some of us would like to see.

我認為邁出的步伐不會像我們中的一些人希望看到的那麼大。

But if you could just remind us how you and the Board are thinking generally about returning cash to shareholders.

但是，如果你能提醒我們你和董事會一般是如何考慮向股東返還現金的。

You bought back $1.2 billion in stock this year out of $3 billion.

你今年從 30 億美元中回購了 12 億美元的股票。

Should we expect that sort of rate of buybacks going forward?

我們是否應該期待未來出現這種回購率？

Is there room to step that up substantially?

是否有大幅提升的空間？

Certainly, according to our numbers there is.

當然，根據我們的數字，是有的。

I'm just wondering if you can comment on that especially in light of your comments related to being aggressive with business development.

我只是想知道您是否可以對此發表評論，尤其是考慮到您對積極進取業務發展的評論。

That seemed to be a new emphasis on the word aggressive.

這似乎是對侵略這個詞的新強調。

If you can kind of provide a little bit more color on that, that would be great.

如果你能在上面提供更多的顏色，那就太好了。

Thanks.

謝謝。

Good morning, Jami.

早上好，賈米。

Quite a broad set of questions --

相當廣泛的問題——

I'm sorry, Jeremy.

對不起，傑里米。

No, no, please.

不，不，請。

I get this opportunity four times a year.

我一年有四次這樣的機會。

I get it.

我得到它。

Before I even answer you, just let me apologize to Louise, who I think we missed her second question.

在我回答你之前，讓我向 Louise 道歉，我想我們錯過了她的第二個問題。

The second question really was that -- related to authorized generics.

第二個問題確實是——與授權仿製藥有關。

Louise, we have an agreement with Amgen.

路易絲，我們和安進公司有協議。

We'll launch against that agreement.

我們將根據該協議啟動。

I can't really comment on any other authorized generics at this stage or other types of products that are coming in.

在這個階段，我無法真正評論任何其他已獲授權的仿製藥或即將上市的其他類型的產品。

Jami, let me return to -- I think on the Pulmicort.

Jami，讓我回到——我想在 Pulmicort 上。

I'm going to ask Allan to deal with that.

我要請 Allan 來處理這個問題。

I'll deal with the capital allocation, if that's okay?

我會處理資本分配，如果可以的話？

Great.

偉大的。

Thank you, Jami.

謝謝你，賈米。

On Pulmicort, we have said that clearly it's in our guidance of the $4.3 billion to $4.7 billion range.

關於 Pulmicort，我們已經明確表示，它在我們 43 億美元至 47 億美元的指導範圍內。

We have said that we have in that guidance assumed that there are no further competitors entering the market.

我們已經說過，我們在該指南中假設沒有更多的競爭對手進入市場。

To be clear, including Watson.

需要明確的是，包括沃森。

So I think you should look at that range depending on ultimately what the outcome is of the decision of the case, as to whether we would migrate to the lower end or the higher end of that range.

因此，我認為您應該根據案件判決的最終結果來查看該範圍，以及我們是否會遷移到該範圍的低端或高端。

But does the lower end include competition from Watson?

但低端是否包括來自 Watson 的競爭？

I think we would be closer to the lower end if there was competition.

我認為如果有競爭，我們會更接近低端。

Okay.

好的。

Than we would be anywhere else in that range.

比我們在該範圍內的任何其他地方都要多。

That is correct.

那是對的。

Okay.

好的。

Then Jami, I'm going to take the questions in reverse order.

然後 Jami，我將以相反的順序回答問題。

What do I mean by aggressive business development?

積極的業務發展是什麼意思？

Then we'll get to the capital allocation.

然後我們將進行資本配置。

Aggressive business development really requires that you have in place, number one, a very clear strategy for what you're trying to accomplish.

積極的業務發展確實需要您為要實現的目標制定一個非常清晰的戰略。

That strategy was laid out and refined as we started in December 2011.

我們在 2011 年 12 月開始時就制定並完善了該戰略。

So we're now basically primed to take exactly the steps we wanted to do.

所以我們現在基本上已經準備好採取我們想做的步驟了。

When I say aggressive, it doesn't mean size wise.

當我說侵略性時，這並不意味著規模明智。

It means activity wise.

這意味著明智的活動。

Our interests are to secure an appropriate and clear set of transactions whether they be expanding into other parts of the world or in fact acquiring product, licensing product, or what I'd call small to mid-size acquisitions.

我們的利益是確保一組適當和明確的交易，無論它們是擴展到世界其他地區，還是實際上是收購產品、許可產品，或者我稱之為中小型收購。

Our goal now is to proceed to build both the near-term and long-term sustainable growth profile of our portfolio and our market access.

我們現在的目標是繼續建立我們的投資組合和市場准入的近期和長期可持續增長概況。

So aggressive doesn't mean anything other than the pace of activity should be stepping up as we launch into this year.

如此積極進取並不意味著我們在今年推出時應該加快活動步伐。

With regard to the capital allocation, I think a couple things.

關於資本配置，我認為有幾件事。

First of all, the Board is committed to shareholders and to return to them.

首先，董事會致力於股東並回報他們。

Overall, we paid about 58% of free cash flow this year out with a dividend yield which is now up to about 3.3%.

總體而言，我們今年支付了約 58% 的自由現金流，股息收益率目前高達 3.3% 左右。

We think this is a pretty clear demonstration of our intent.

我們認為這非常清楚地表明了我們的意圖。

We intend to continue with the same focus.

我們打算繼續保持同樣的重點。

I think you can feel comfortable that the Board and the Company as a whole have this very much in front of us.

我認為您可以放心，董事會和整個公司都將這些擺在我們面前。

Chris Schott, JPMorgan.

摩根大通的克里斯肖特。

Just two questions here.

這裡只有兩個問題。

First, coming back to the Irvine facility.

首先，回到爾灣工廠。

I understand your desire to optimize your network, but how are you thinking about the incremental competition, selling this facility to another industry participant, brings into the injectable market?

我理解您希望優化您的網絡，但您如何看待增量競爭，將此設施出售給另一個行業參與者，從而進入註射劑市場？

Then the second question touching back on Copaxone.

然後是第二個問題，回到 Copaxone。

I know there's a lot of moving parts, but to the extent that Copaxone forecast proves conservative in 2013, should we think about that upside flowing through the P&L?

我知道有很多變動因素，但就 Copaxone 預測在 2013 年被證明是保守的程度而言，我們是否應該考慮通過損益表流動的上行空間？

Or is that upside something you might reinvest elsewhere in the business.

或者是你可以在業務的其他地方再投資的好處。

Thank you.

謝謝你。

Chris, good morning.

克里斯，早上好。

I'll take the Copaxone.

我會服用Copaxone。

What I think I'll ask you -- if that's okay with you, Allan, to respond to the Irvine facility.

我想我會問你 - 艾倫，你是否可以回應爾灣工廠。

Why don't you start with the Irvine facility.

你為什麼不從爾灣工廠開始。

Great.

偉大的。

Thank you, Chris.

謝謝你，克里斯。

The Irvine facility has already seen much interest from a number of players who would be open to looking at this facility, taking a walk through it and potentially talking to us about it.

歐文設施已經引起了很多玩家的極大興趣，他們願意參觀這個設施，在裡面走走，並可能與我們談論它。

Clearly, it's in our best interest to align with somebody that mutually would be beneficial for our respective businesses and that would clearly be our objective as this unfolds.

顯然，與對我們各自的業務都有利的人結盟符合我們的最大利益，並且隨著這一切的展開，這顯然是我們的目標。

Chris, with regard to Copaxone, it's always very difficult to predict as to what's going to happen over the next year.

克里斯，關於 Copaxone，總是很難預測明年會發生什麼。

I would say to you that depending upon the types of new launches that occur, the impact, the changes in the marketplace.

我會告訴你，這取決於新發布的類型、影響和市場變化。

But by and large, we would look to be -- we would hope that this would largely be falling through the P&L.

但總的來說，我們看起來是——我們希望這在很大程度上會下降到損益表中。

I would also just like to add a little bit on the Irvine facility.

我還想補充一點爾灣設施。

We're extremely cognizant of drug shortages and the opportunity they present.

我們非常了解藥物短缺及其帶來的機會。

From our perspective, the marketplace should know that we're completely committed to ensuring that those shortages do not occur.

從我們的角度來看，市場應該知道我們完全致力於確保不會發生這些短缺。

Ronny Gal, Sanford Bernstein.

羅尼加爾，桑福德伯恩斯坦。

I've got two essentially on the pipeline.

我基本上有兩個在籌備中。

First, laquinimod in Europe, we should be right now approaching the 220 day mark for EMA.

首先，歐洲的拉喹莫德，我們現在應該接近 EMA 的 220 天大關。

If we're basing your interactions so far, does the product look approvable without an additional trial?

如果我們目前基於您的交互，該產品在沒有額外試用的情況下看起來是否值得認可？

I think your patent publications on the combo data were put out a couple weeks ago.

我認為您關於組合數據的專利出版物是在幾週前發布的。

Looks some nice animal data models.

看起來不錯的動物數據模型。

Can you tell us, where the combo trial testing the product together with Copaxone stands?

你能告訴我們，與 Copaxone 一起測試產品的組合試驗在哪裡？

Ronny, we've got Michael here, he can answer both of those for you.

羅尼，這裡有邁克爾，他可以為你回答這兩個問題。

Thank you.

謝謝你。

On the EMA response, we believe that -- there are always concerns expressed.

關於 EMA 的回應，我們相信——總是有人表達擔憂。

We believe those adverse concerns are answerable.

我們相信這些不利的擔憂是有責任的。

We're getting ready to submit our response to the EMA.

我們正準備向 EMA 提交我們的回复。

So we're hopeful that the response will be sufficient to allow approval of laquinimod in Europe.

因此，我們希望反響足以讓拉喹莫德在歐洲獲得批准。

With regard to the combo studies, these are very exciting.

關於組合研究，這些非常令人興奮。

We're looking at laquinimod in combination not only with Copaxone.

我們正在研究 laquinimod 不僅與 Copaxone 的組合。

The design of that trial is currently being undertaken as we speak.

在我們說話的時候，該試驗的設計目前正在進行中。

But we're also looking at laquinimod in combination with other oral drugs.

但我們也在研究拉喹莫德與其他口服藥物的組合。

We're defining the right partner drug for that.

我們正在為此定義合適的伴侶藥物。

We're looking at a host of different drugs, a few, two or three and these are also in discussion.

我們正在研究許多不同的藥物，有幾種，兩種或三種，這些也在討論中。

But we believe both the combo trial with Copaxone and laquinimod essentially will start this year.

但我們相信，與 Copaxone 和 laquinimod 的聯合試驗基本上將於今年開始。

They'll be moving towards full design of the combination with laquinimod and other oral drugs, also to be announced and take place towards the end of this year.

他們將著手全面設計與拉喹莫德和其他口服藥物的組合，也將在今年年底宣布並實施。

Those will be -- those will be registration trials or do you need to do some more work before that?

那些將是 - 那些將是註冊試驗，或者您需要在此之前做更多的工作嗎？

It depends what we're in combination with, but it's highly likely that these will be registration trials.

這取決於我們結合的是什麼，但這些很可能是註冊試驗。

Gregg Gilbert, Bank of America-Merrill Lynch.

Gregg Gilbert，美銀美林。

I have two.

我有兩個。

First for Jeremy and Eyal, a philosophical question back on the capital deployment.

首先是 Jeremy 和 Eyal，這是一個關於資本部署的哲學問題。

At the Analyst Day, you were kind enough to project the $1 billion to $2 billion that would be returned over each of the next several years.

在分析師日，您非常友善地預測了未來幾年每年將返還的 10 億至 20 億美元。

So my question is, are you willing to be flexible and perhaps put more back to shareholders, for example, given that the stock is down 10% or more since that day.

所以我的問題是，你是否願意保持靈活性，也許會更多地回報股東，例如，考慮到該股自那天以來下跌了 10% 或更多。

So curious on your thinking on how much goes into that bucket?

很好奇你對那個桶裡有多少東西的想法？

Whether that's a Board decision, a Management decision or a combination of both?

這是董事會的決定、管理層的決定還是兩者的結合？

Then for Jon, on Copaxone, I think you made a pretty bold prediction at the Analyst Day, that the Company could switch up to half of Copaxone to the new form within a year or two.

然後對於 Jon，Copaxone，我認為你在分析師日做出了一個非常大膽的預測，即公司可以在一兩年內將 Copaxone 的一半轉換為新形式。

So can you walk us through the logistics of how that would occur?

那麼您能否向我們介紹一下這將如何發生的後勤工作？

It certainly suggests that existing patients would have to switch, because there aren't a ton of new patient starts in a given year.

這肯定表明現有患者將不得不轉換，因為在給定年份沒有大量新患者開始。

I ask because it has such important implications for the duration of the franchise and the value of the franchise.

我問是因為它對特許經營權的持續時間和特許經營權的價值具有如此重要的影響。

That's a pretty bold prediction to say that half can be moved over and generics would obviously have to reformulate and potentially take several years from there.

這是一個相當大膽的預測，可以說一半可以轉移，而仿製藥顯然必須重新制定，並且可能需要幾年的時間。

Please, put some more meat on the bones there if you could.

如果可以的話，請在骨頭上多放些肉。

Thanks.

謝謝。

Good morning, Gregg.

早上好，格雷格。

Yes.

是的。

You've probably heard enough of me on capital allocation, but I'm happy to respond.

你可能已經聽夠了我關於資本配置的看法，但我很樂意回應。

Alternatively, let me hand it over for a moment here to Eyal.

或者，讓我暫時將其交給 Eyal。

Then we'll get Jon to put some meat on the bones around how we're looking at the new -- the 3 times a week.

然後，我們將讓 Jon 詳細介紹我們如何看待新產品 — 每週 3 次。

Hi, Gregg.

嗨，格雷格。

Let me elaborate a little bit more and in line with what we showed in the Investor Day.

讓我根據我們在投資者日展示的內容詳細說明一下。

We are balancing the cash.

我們正在平衡現金。

We have very nice cash generation this year so far.

到目前為止，我們今年的現金產生非常好。

We used a lot of it to return to shareholders, probably more than the Street expected.

我們用了很多錢來回報股東，可能比華爾街預期的要多。

I think the balance is right.

我認為平衡是正確的。

We're looking at buyback every quarter again on the opportunities and we're using it.

我們每個季度都會再次考慮回購機會，我們正在使用它。

We are also retaining cash for business development activities, which Jeremy has referred to earlier in this conference call.

我們還保留現金用於業務發展活動，傑里米在本次電話會議早些時候已經提到了這一點。

So I believe that with the cash that we are generating, with a very open eye towards shareholders and shareholder return, this is how we continue to manage it.

因此，我相信，憑藉我們產生的現金，對股東和股東回報持開放態度，這就是我們繼續管理它的方式。

With regard to decisions on how this is accomplished, it's really obviously, the Board makes the decisions, but it's done in concert with Management.

關於如何實現這一點的決定，很明顯，董事會做出決定，但它是與管理層共同完成的。

Jon, can you respond on the Copaxone 3TW.

喬恩，你能在 Copaxone 3TW 上回應嗎？

Yes.

是的。

I'd be happy to.

我很樂意。

Gregg, thanks for the question.

格雷格，謝謝你的提問。

In December, I had said what we're modeling right now is about one-third, 30% to 33% of the existing patients as well as new ones will come over to the 3TW.

去年 12 月，我說過我們現在正在建模的是大約三分之一、30% 到 33% 的現有患者以及新患者將來到 3TW。

That's based on talking to customers, talking to patients.

那是基於與客戶交談，與患者交談。

There's some thought that it could get to 50% within that time frame, but we're modeling about 30%.

有人認為它可以在那個時間範圍內達到 50%，但我們正在模擬大約 30%。

What leads us to believe that will happen is just the patients' experience with the product, as well as what we can basically do to support those patients who are interested in making 3TW their choice of Copaxone.

讓我們相信這會發生的只是患者對該產品的體驗，以及我們基本上可以做些什麼來支持那些有興趣讓 3TW 選擇 Copaxone 的患者。

We'll have both available in the marketplace.

我們將在市場上提供這兩種產品。

Obviously, with shared solutions we can address patients specifically if they have questions about wanting to go from a daily to 3 times a week.

顯然，通過共享解決方案，如果患者對想要從每天一次增加到每週 3 次有疑問，我們可以專門解決他們的問題。

We can certainly facilitate that.

我們當然可以促進這一點。

We'll be introducing a new injector, new autoject device with the 3TW as well.

我們將推出一款新的注射器，以及帶有 3TW 的新自動注射裝置。

So again, just if those patients want to continue with their daily, we'll continue to obviously support that.

因此，再次重申，如果這些患者想要繼續他們的日常工作，我們顯然會繼續支持這一點。

But we'll also make it very easy for patients to transition to the 3TW if they're looking for that kind of experience.

但如果患者正在尋找那種體驗，我們也會讓他們很容易過渡到 3TW。

So it's based on really our deep understanding of the patients, the patient support that we have with our shared solution program that really makes us believe that in a conservative sense that one-third of that population will find a 3TW the choice they want to use of Copaxone.

因此，它真正基於我們對患者的深刻理解，以及我們對共享解決方案計劃的患者支持，這讓我們相信，在保守的意義上，三分之一的人會找到他們想要使用的 3TW 選擇科帕松。

David Buck, Buckingham Research.

大衛·巴克，白金漢研究中心。

A couple of quick ones for Allan and then Eyal.

Allan 和 Eyal 的幾個快速的。

Allan, at the Analyst Day, you had talked about being aggressive in terms of getting value for some of the US generics and implying being aggressive on price increases.

艾倫，在分析師日，你曾談到在獲得一些美國仿製藥的價值方面要積極進取，並暗示在價格上漲方面要積極進取。

Can you talk a little bit about whether you've seen reception to that point of view from the trade?

你能談談你是否從交易中看到了對這種觀點的接受嗎？

Whether that is in fact still the outlook?

那是否實際上還是前景呢？

Then on one drug that's a driver of growth, it seems for this year, but could go away next year, the generic version of Adderall XR.

然後是一種驅動增長的藥物，它似乎是今年的，但明年可能會消失，即 Adderall XR 的仿製藥。

Have you had any talks about extending the authorized generic arrangement beyond 2014?

你們有沒有討論過將授權的仿製藥安排延長到 2014 年以後？

Then just a quick one for Eyal.

然後是 Eyal 的一個快速的。

Can you talk about whether we'll see any benefits still from take-back of rights to Copaxone through 2013?

您能否談談在 2013 年之前我們是否會看到收回 Copaxone 權利的任何好處？

Thanks.

謝謝。

Great.

偉大的。

Okay.

好的。

I'll start with the first two before kicking it over to Eyal.

我將從前兩個開始，然後再交給 Eyal。

I guess I want to start with 2013 and the view of 2013.

我想我想從 2013 年和 2013 年的觀點開始。

Our guidance of $4.3 billion to $4.7 billion relative to what we're talking about that we achieved last year.

相對於我們去年實現的目標，我們的指引為 43 億美元至 47 億美元。

As was reported by Eyal and Jeremy last year, we launched 23 products with a brand value of $27 billion, approximately.

正如 Eyal 和 Jeremy 去年報導的那樣，我們推出了 23 款產品，品牌價值約為 270 億美元。

In our line of sight, we see a similar number of launches in 2013, albeit with a brand value that's in the $18 billion range.

在我們的視線中，我們看到 2013 年推出類似數量的產品，儘管品牌價值在 180 億美元左右。

So if you just begin to think about the comparables relative to our guidance, we're going to be down somewhat on comparable new products; therefore, to get back to where we are guiding, pricing plays an important component of that.

因此，如果您只是開始考慮與我們的指導相關的可比產品，我們將在可比新產品上有所下降；因此，要回到我們指導的地方，定價是其中的重要組成部分。

Market share gains play an important component of that.

市場份額的增加是其中的重要組成部分。

Our improved service levels with our customers is a key contributor to that.

我們提高客戶服務水平是其中的一個關鍵因素。

The continued development of our market share is supportive of that.

我們市場份額的持續發展對此提供了支持。

So all of those aspects of how we will look to develop the business are under way.

因此，我們將如何發展業務的所有這些方面都在進行中。

We're working with our customers in all aspects of that.

我們正在與我們的客戶在各個方面進行合作。

Early on, we're seeing very positive responses from our customers.

早期，我們看到了來自客戶的非常積極的回應。

Gregg, could you touch on the Copaxone question?

Gregg，你能談談 Copaxone 的問題嗎？

Could you --

您可以...嗎 -

The 2013 Copaxone question again?

2013 Copaxone 問題又來了？

Gregg, this is Jeremy.

格雷格，這是傑里米。

Could you be kind enough just to repeat that question on Copaxone?

您能再重複一下關於 Copaxone 的問題嗎？

Yes.

是的。

On Copaxone -- it's David Buck, actually.

在 Copaxone 上——實際上是 David Buck。

I'm sorry, David.

對不起，大衛。

The question is, you had benefited in the fourth quarter internationally from the take-back of Copaxone.

問題是，您在第四季度國際上受益於收回 Copaxone。

Can you remind us when you anniversary the take-backs?

你能在收回的周年紀念日提醒我們嗎？

Whether there is a benefit in 2013 as well?

2013年是否也有福利？

Thanks.

謝謝。

Yes.

是的。

The anniversary was actually in Q4 this year.

週年紀念日實際上是在今年第四季度。

Basically, our last take-back happened last year.

基本上，我們最後一次收回發生在去年。

When you look at 2013, this is already the same run rate that you've seen in Q4 2012.

當您查看 2013 年時，這已經與您在 2012 年第四季度看到的運行率相同。

It was all taken back.

都被收回了。

It's all in the hands of Teva now -- posts -- the top line which is higher and the expenses which are higher.

現在一切都在 Teva 的手中——帖子——更高的收入和更高的費用。

As we discussed in the past, the benefit to the bottom line is incremental.

正如我們過去所討論的，對底線的好處是遞增的。

Got it.

知道了。

Just for Allan, the Adderall XR generic question for 2014, any chance of extending that?

僅針對 Allan，2014 年的 Adderall XR 通用問題，是否有機會擴展它？

We clearly want to remain in the Adderall XR business and are looking at a number of options to continue to do that.

我們顯然希望繼續從事 Adderall XR 業務，並且正在尋找多種選擇來繼續這樣做。

Shibani Molhotra, RBC Capital.

RBC Capital 的 Shibani Molhotra。

This question I guess is for Michael and Jeremy.

我想這個問題是給邁克爾和傑里米的。

During the Analyst Day, you talked about your new strategy of NTEs.

在分析師日期間，您談到了 NTE 的新戰略。

I think while that sounded very interesting, many investors were left confused as to what specifically Teva was focused on and the time frame around some of the products and why Teva had an advantage over other companies that seemed to be doing very similar things.

我認為雖然這聽起來很有趣，但許多投資者對 Teva 的具體關注點和某些產品的時間框架以及為什麼 Teva 比其他似乎在做非常相似的事情的公司有優勢感到困惑。

So I'd really appreciate it if you could articulate that again and just focus on Teva's differentiation and the products you're most excited about in the near-term.

因此，如果您能再次闡明這一點並專注於 Teva 的差異化和您近期最感興趣的產品，我將不勝感激。

Thank you.

謝謝你。

Good morning, Shibani.

早上好，希巴尼。

I think Michael will have to take this.

我認為邁克爾必須接受這個。

I will take it and say, we are, just to be clear, we're extremely excited about what looks like and is in fact emerging as an extraordinary pipeline of very differentiated products that essentially address markets which we think are enormous.

我會接受它並說，我們是，只是為了清楚，我們對看起來非常興奮，實際上正在成為一個非常差異化產品的非凡管道，這些產品基本上解決了我們認為巨大的市場。

What I'd like Michael to do is perhaps make that quite clear and walk you through how we're thinking about it.

我希望 Michael 做的可能是非常清楚地說明這一點，並向您介紹我們是如何考慮它的。

Michael?

邁克爾？

Thank you, Shibani.

謝謝你，希巴尼。

Of course, the question of why?

當然，問題是為什麼？

Why NTEs?

為什麼是 NTE？

Why is Teva's particularly suited for that?

為什麼 Teva 特別適用於此？

I think the answer is the unique structure of R&D at Teva.

我認為答案是 Teva 獨特的研發結構。

This needs -- to really do this on an industrial scale, it needs very deep understanding about a large portfolio, the ability to reformulate and the ability to have the analytics together on the one side, together with the clinical input on the other about understanding unmet patient needs.

這需要 - 要真正在工業規模上做到這一點，它需要對大型產品組合有非常深刻的理解，一方面需要重新制定的能力和將分析結合在一起的能力，另一方面需要臨床投入以了解理解未滿足的患者需求。

Where Teva has a unique and distinct advantage is that, it's the only pharma in the world that has an integrated [R&D], generic and branded.

Teva 的獨特優勢在於，它是世界上唯一一家擁有綜合 [R&D]、仿製藥和品牌藥的製藥公司。

In fact, the formulation experience that actually comes from our generic R&D is informing a lot of this -- at influencing the medical knowledge that's coming from our branded side.

事實上，實際上來自我們仿製藥研發的配方經驗在很大程度上影響了我們品牌方面的醫學知識。

So it's the unique structure and capabilities of Teva that gives us this opportunity.

因此，正是 Teva 獨特的結構和能力為我們提供了這個機會。

Then also what's unique is, in fact, the large product portfolio that Teva has.

事實上，Teva 擁有的龐大產品組合也是獨一無二的。

We have branded and of course the largest product portfolio in the generic business and the opportunity to take from each of those, to consider other opportunities.

我們擁有品牌，當然還有仿製藥業務中最大的產品組合，並有機會從每一個產品中汲取靈感，考慮其他機會。

Unique opportunities for combination, represents another distinct advantage.

獨特的組合機會，代表了另一個鮮明的優勢。

Thirdly, there's a major commitment at Teva to this.

第三，Teva 對此做出了重大承諾。

We have [stocked] this.

我們已經[儲備]了這個。

We have people in commercial, regulatory, clinical, formulatory, chemical, analytics that's really coming together.

我們在商業、監管、臨床、配方、化學和分析方面的人員真正走到了一起。

We have approved now at least five or six for development this year.

今年我們已經批准了至少五六個項目進行開發。

To come to five or six, you really have to have 60 or 70 that come through the actual process.

要達到 5 或 6，你真的必須有 60 或 70 個來自實際過程。

The ones that are most interesting are, for example, in the area of HIV where we're looking at multiple combinations.

例如，最有趣的是在我們正在研究多種組合的 HIV 領域。

I'm not at liberty to tell you which ones at this moment.

我現在不能隨意告訴你是哪些。

We're also looking in the nearest psychiatry space in areas like schizophrenia.

我們也在尋找精神分裂症等領域最近的精神病學空間。

Also what excites us is that, we're not just dependent on our organic growth.

同樣讓我們興奮的是，我們不僅僅依賴於我們的有機增長。

From the current products that we're putting in the market or putting in development today, these will be on the market, earliest by 2016 with a low clinical risk, low regulatory, low hurdle.

從目前我們投放市場或正在開發的產品來看，這些產品最早將於 2016 年投放市場，臨床風險低、監管少、門檻低。

The clinical time for development will be significantly shortened with a much greater likelihood of success.

開發的臨床時間將大大縮短，成功的可能性也會大大增加。

Fourthly, of course, we have major business development activities in this space.

第四，當然，我們在這個領域有主要的業務發展活動。

It's surprising to us how many companies actually have single NTEs that fit this particular -- our particular focus.

令我們驚訝的是，有多少公司實際上擁有適合這一特定——我們特定關注點的單一 NTE。

We're in intense discussion with a few of these in terms of bringing some NTEs potentially that would actually reach the marketplace in 2013.

我們正在與其中一些人就潛在的 NTE 進行激烈討論，這些 NTE 可能會在 2013 年真正進入市場。

So we will have to unfold as this actually gets closer, but I would say it's an area of significant and exciting activity for Teva.

因此，隨著這實際上越來越近，我們將不得不展開，但我想說這對 Teva 來說是一個重要而令人興奮的活動領域。

Okay.

好的。

Just to clarify.

只是為了澄清。

So when you're talking about an NTE, we should be thinking about products like Risperdal Consta and Impax's Rytary, which is taking current products and just changing the formulation and addressing an unmet need; correct?

因此，當您談論 NTE 時，我們應該考慮像 Risperdal Consta 和 Impax 的 Rytary 這樣的產品，它們採用當前產品，只是改變配方並解決未滿足的需求；正確的？

Yes, those are examples.

是的，這些都是例子。

But it's much broader than that.

但它比這更廣泛。

That's I would say the simplest.

這是我想說的最簡單的。

What we're looking at is taking a branded product and mixing it those with a generic product.

我們正在研究的是採用品牌產品並將其與通用產品混合。

We're taking a unique product that somebody else has, licensing that and then creating a novel combination that really deals with the unmet need.

我們正在採用其他人擁有的獨特產品，獲得許可，然後創建一個真正滿足未滿足需求的新穎組合。

The unmet need is efficacy and also which is often associated with increased adherence and then also decreased side effects.

未滿足的需求是療效，而且通常與依從性增加和副作用減少有關。

Many drugs have side effects that other drugs may be able to obviate.

許多藥物具有其他藥物可能能夠避免的副作用。

We're looking at some unique combinations that really address all of that too.

我們正在研究一些真正能解決所有這些問題的獨特組合。

Thank you.

謝謝你。

That was great clarification.

這是很好的澄清。

Thank you.

謝謝你。

I will now turn the call back to Jeremy Levin for closing remarks.

我現在將電話轉回 Jeremy Levin 以作結束語。

Thank you all for joining us.

謝謝大家加入我們。

This is obviously the first call of the year.

這顯然是今年的第一個電話。

I just want to reiterate the Management team and Board of Directors and the entire 46,000 people in our Company are very dedicated and incredibly charged up.

我只想重申管理團隊和董事會以及我們公司的全部 46,000 名員工都非常敬業並且充滿活力。

This looks like a year we're excited by.

這看起來是我們興奮的一年。

This looks like a future that we're very excited by.

這看起來是一個讓我們非常興奮的未來。

I want to just -- I look forward to the discussions with you throughout the year.

我只想——我期待著全年與您進行討論。

Obviously, for the rest of the day, if any of you have additional questions, we're available to you.

顯然，在今天剩下的時間裡，如果你們還有其他問題，我們隨時為您服務。

Again, my thanks to you on behalf of myself and the team.

再次，我代表我自己和團隊感謝你。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's conference.

今天的會議到此結束。

This conference is available for digital playback at 888-843-7419 or 630-652-3042.

此會議可通過 888-843-7419 或 630-652-3042 進行數字回放。

The passcode is 34121499.

密碼是 34121499。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。