Teva Pharmaceutical Industries Ltd (TEVA) 2014 Q1 法說會逐字稿

Ladies and gentlemen, thank you all for standing by.

女士們，先生們，謝謝大家的支持。

Welcome to the Teva Pharmaceutical Q1 earnings conference call.

歡迎來到 Teva Pharmaceutical Q1 收益電話會議。

My name is Amy and I will be the operator for today's call.

我叫艾米，我將擔任今天電話的接線員。

(Operator Instructions)

（操作員說明）

Please note that this conference is being recorded.

請注意，此會議正在錄製中。

There is webcast available on Teva's website ir.tevapharm.com.

Teva 的網站 ir.tevapharm.com 上提供網絡廣播。

If you cannot connect to the webcast, copy of the slide deck is also available on the website.

如果您無法連接到網絡廣播，也可以在網站上獲得幻燈片的副本。

I will turn the call over to Kevin Mannix, Vice President, Head of Global Investor Relations.

我將把電話轉給副總裁兼全球投資者關係主管 Kevin Mannix。

Kevin, you may now begin.

凱文，你現在可以開始了。

Thank you.

謝謝你。

Good morning and good afternoon everyone.

大家早上好，下午好。

Thank you for joining us for our call to discuss Teva's first-quarter 2014 financial results.

感謝您加入我們討論 Teva 2014 年第一季度財務業績的電話會議。

I'm joined today by our President and CEO, Erez Vigodman; our Chief Financial Officer, Eyal Desheh; and additional members of the Teva Executive Committee.

今天，我們的總裁兼首席執行官 Erez Vigodman 加入了我的行列；我們的首席財務官 Eyal Desheh；以及 Teva 執行委員會的其他成員。

Erez will start with some brief opening remark, followed by Eyal, who will provide an overview of the highlights from the quarter.

Erez 將首先發表一些簡短的開場白，然後 Eyal 將概述本季度的亮點。

Then Erez will spend some time discussing his perspectives on the business and immediate priorities for Teva.

然後 Erez 將花一些時間討論他對 Teva 的業務和當務之急的看法。

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

然後，我們將開啟問答環節。

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

在我們開始之前，我想提醒您，我們在本次電話會議中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。

Factors that could cause actual results to differ are discussed in Teva's report on Form 20-F and Form 6-K.

Teva 的 20-F 表和 6-K 表報告中討論了可能導致實際結果不同的因素。

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, 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 that we cannot predict at this point.

這些是我們目前無法預測的數量。

We present these non-GAAP figures to show you how the Management team and our Board of Directors look at our financial data.

我們提供這些非 GAAP 數據是為了向您展示管理團隊和我們的董事會如何看待我們的財務數據。

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

有了這個，我現在將把電話轉給埃雷茲。

Erez, if you would, please.

埃雷茲，如果你願意，請發言。

Thank you Kevin.

謝謝凱文。

Good morning and good afternoon.

早上好，下午好。

I am delighted to be here today as the CEO of Teva.

我很高興今天作為 Teva 的首席執行官來到這裡。

I could give you the [status] speech about what I am doing as a new CEO in developing a deeper understanding of the Company and how I will unveil a new strategy in the not-so-distant future.

我可以給你 [狀態] 演講，講述我作為新任首席執行官正在做的事情，以加深對公司的了解，以及我將如何在不遠的將來推出新戰略。

Instead, I am going to share with you my key areas of focus in the short-term that will fix the foundation of Teva's core business, reorient our strategic direction, and ultimately solidify our position in the industry and return Teva to being a premier investment opportunity.

相反，我將與您分享我在短期內的重點關注領域，這些領域將鞏固 Teva 核心業務的基礎，重新定位我們的戰略方向，並最終鞏固我們在行業中的地位，並使 Teva 重新成為首選投資機會。

Before I do that, Eyal will review the quarter performance and touch briefly on our 2014 outlook, which we reaffirmed earlier this morning.

在我這樣做之前，Eyal 將回顧本季度的表現並簡要談談我們今天上午早些時候重申的 2014 年展望。

After Eyal is concluded, I will review with you how we plan to unlock additional value in our Business.

在 Eyal 結束後，我將與您一起回顧我們計劃如何在我們的業務中釋放額外價值。

Thank you, Erez.

謝謝你，埃雷茲。

Good morning and afternoon everyone.

大家早上好，下午好。

I'm happy to provide a detailed business and financial review for the quarter.

我很高興為本季度提供詳細的業務和財務審查。

As always, we are presenting most of our results on a non-GAAP basis, while our GAAP results appear in our quarterly press release as well as in the 6-K, which will be filed later today.

與往常一樣，我們在非 GAAP 基礎上展示大部分結果，而我們的 GAAP 結果出現在我們的季度新聞稿以及將於今天晚些時候提交的 6-K 中。

When we look at the highlights of the quarter, you can see that this was a solid quarter and a very good start for the entire year.

當我們查看本季度的亮點時，您會發現這是一個穩健的季度，也是全年的良好開端。

Most notable is the increase in net income and earnings per share of 8% and 9%, respectively, compared to last year.

最值得注意的是與去年相比，淨收入和每股收益分別增長了 8% 和 9%。

We also had good cash flow generation this quarter, with a strong focus of cash.

本季度我們也產生了良好的現金流，重點放在現金上。

The 2014 results do not include a $200 million payment following last year's settlement with Pfizer, as appear on this slide.

2014 年的結果不包括去年與輝瑞達成和解後的 2 億美元付款，如本幻燈片所示。

Moving on to slide number 6, regarding our guidance.

轉到第 6 張幻燈片，關於我們的指導。

We are reaffirming our 2014 guidance.

我們重申 2014 年的指導方針。

Just as a reminder, we have two scenarios for 2014, depending on the outcome of Copaxone generic introduction.

提醒一下，2014 年我們有兩種情況，具體取決於 Copaxone 仿製藥引入的結果。

Both scenarios are reaffirmed today.

這兩種情況今天都得到了重申。

Let's look at our revenue and revenue bridging.

讓我們看看我們的收入和收入橋接。

The improvement of our sales this quarter was nicely split between the generic and the specialty businesses.

本季度我們銷售額的增長在非專利藥和特種藥業務之間得到了很好的分配。

In generics, we experienced significant growth in the United States market, with 17% year-over-year growth to a total of $1 billion, with a number of new product launches.

在仿製藥方面，我們在美國市場經歷了顯著增長，同比增長 17% 至總額 10 億美元，並推出了許多新產品。

However, part of the growth was offset by weaker sales in Eastern Europe due to an exceptionally warm winter and political instability in Russia and Ukraine; Japan, due to a weak yen and continued quality issues, which we are handling; and our API business, which suffered from production issue.

然而，由於異常溫暖的冬季以及俄羅斯和烏克蘭的政治動盪，東歐的銷售疲軟抵消了部分增長；日本，由於日元疲軟和持續的質量問題，我們正在處理；以及我們的 API 業務，它遭遇了生產問題。

We believe that the second half of 2014 will show improved performance of these parts of our Business.

我們相信，2014 年下半年我們業務的這些部分將表現出更好的表現。

The specialty business continued to grow with Copaxone, which delivered another good quarter, even without a tender in Russia, which we believe will materialize in Q2.

Copaxone 的專業業務繼續增長，即使在俄羅斯沒有招標，Copaxone 又交付了一個好季度，我們相信這將在第二季度實現。

We also see increase in sales of other CNS and oncology product, as you can see in the details in our press release.

我們還看到其他中樞神經系統和腫瘤學產品的銷售額有所增加，您可以在我們的新聞稿中看到詳細信息。

The decline in OTC, the first since the formation of PGT [to] PGT joint venture was also impacted by the warm winter with very small cough and cold sales, as well as the conditions in Russia.

OTC 的下降是自 PGT [對] PGT 合資企業成立以來的首次下降，也受到暖冬咳嗽和感冒銷售量非常小以及俄羅斯條件的影響。

Let's look at profit by business segment on slide number 8. The profitability of our major business segment was driven by global generic, with 31% improvement resulting from the strong performance in the US market and higher profitability in Europe.

讓我們看一下幻燈片 8 中按業務部門劃分的利潤。我們主要業務部門的盈利能力受到全球仿製藥的推動，由於美國市場的強勁表現和歐洲更高的盈利能力，提高了 31%。

Profitability was affected by $51 million decline in Copaxone profit, despite a small increase in sales, as we invested a lot in the successful launch of the 40-milligram product.

盈利能力受到 Copaxone 利潤下降 5100 萬美元的影響，儘管銷售額略有增長，因為我們為成功推出 40 毫克產品投入了大量資金。

While we look at our overall non-GAAP income data, our non-GAAP P&L demonstrates a healthy gross margin.

當我們查看我們的整體非 GAAP 收入數據時，我們的非 GAAP 損益表顯示出健康的毛利率。

We increased R&D expenses as we continued to invest in the development of generic and specialty pipeline.

我們增加了研發費用，因為我們繼續投資於仿製藥和特種管道的開發。

This is resulting in the growing number of launches this year.

這導致今年的發射數量不斷增加。

Our effective tax rate is up to 18.7%, mostly due to the expiration last year of tax incentives in Israel and an increase in the local tax rate.

我們的有效稅率高達 18.7%，這主要是由於去年以色列的稅收優惠政策到期以及當地稅率提高所致。

Our fully diluted share count for the quarter benefited from share buyback conducted early last year, which was partially offset by an increase resulting from higher share price during the quarter, which cause many stock option to enter the money and become part of [said] fully diluted share count.

我們本季度完全稀釋的股票數量受益於去年初進行的股票回購，這部分被本季度股價上漲導致的增長所抵消，這導致許多股票期權進入資金並成為 [said] 的一部分完全稀釋股數。

When I will look at slide number 10, the non-GAAP reconciliation, what you can see that our GAAP earning per share at the bottom of this slide was $0.87 and grew by 18% from Q1 last year.

當我看幻燈片 10 時，非 GAAP 對賬，你可以看到這張幻燈片底部的 GAAP 每股收益為 0.87 美元，比去年第一季度增長了 18%。

Please look at the list of non-GAAP adjustments consisting mostly of amortization expenses.

請查看主要由攤銷費用組成的非 GAAP 調整清單。

In the next slide, you can view the GAAP income statement, and on slide number 12, we are looking at the impact of foreign exchange.

在下一張幻燈片中，您可以查看 GAAP 損益表，在第 12 張幻燈片中，我們正在研究外彙的影響。

Exchange rates continue to make an impact on top and bottom line, reducing sales by $30 million and operating profit by $27 million, compared to last year.

匯率繼續對收入和利潤產生影響，與去年相比，銷售額減少了 3000 萬美元，營業利潤減少了 2700 萬美元。

The good results are despite these negative impacts.

儘管有這些負面影響，但仍取得了良好的結果。

On slide 13, we look at the revenue breakdown by business segment.

在幻燈片 13 中，我們按業務部門查看收入明細。

While our revenue mix remained in line with last year, as you can see from the percentages, the profitability picture on slide 14 reflects a different view.

雖然我們的收入組合與去年保持一致，但正如您從百分比中看到的那樣，幻燈片 14 上的盈利能力圖反映了不同的觀點。

31% improvement in the profit of the global generic business, driven by the performance of the US market, improved the total generic share to 30% of total profit.

在美國市場表現的帶動下，全球仿製藥業務利潤增長 31%，仿製藥佔總利潤的比例提高到 30%。

Copaxone profits were down, as I mentioned before, by 6%, and are now 46% of our total profit, due to the cost of launching our 40-milligram product.

正如我之前提到的，由於推出 40 毫克產品的成本，Copaxone 的利潤下降了 6%，現在占我們總利潤的 46%。

Copaxone, however, continues to maintain its leadership position, as the US -- in the US and globally.

然而，與美國一樣，Copaxone 在美國和全球範圍內繼續保持其領先地位。

Erez will discuss Copaxone in more detail a bit later.

Erez 稍後將更詳細地討論 Copaxone。

When we look at cash flow on slide number 15, this was a good quarter for cash flow generation.

當我們查看幻燈片 15 上的現金流時，這是產生現金流的好季度。

The dotted parts on this slide represent settlement payment made during the last three quarters.

這張幻燈片上的虛線部分代表過去三個季度的結算付款。

We will continue to emphasize the importance of cash generation with a number of initiatives to convert working capital and non-core assets into cash that can be redeployed by creating more value.

我們將繼續強調現金產生的重要性，並採取多項舉措將營運資本和非核心資產轉化為現金，以便通過創造更多價值進行重新部署。

Our financial leverage is improving.

我們的財務槓桿正在改善。

We continue to pay down debt during the quarter and strengthen our balance sheet.

我們在本季度繼續償還債務並加強我們的資產負債表。

Debt-to-EBITDA ratio improved from 2.18 into Q1 2013, to 2.16 by the end of last year, to 2.04 in Q1 2014.

債務與 EBITDA 的比率從 2013 年第一季度的 2.18 改善到去年年底的 2.16，到 2014 年第一季度的 2.04。

Last, but not least, dividends on slide number 17, our Board of Directors approved a dividend of NIS1.21 per share for Q1 2014.

最後但同樣重要的是，第 17 號幻燈片的股息，我們的董事會批准了 2014 年第一季度每股 NIS1.21 的股息。

In today's exchange rate, this is approximately $0.35 per share.

按照今天的匯率，這大約是每股 0.35 美元。

I would like to thank you all for your attention and now I will turn the call over to Erez to discuss his views of our business opportunities.

感謝大家的關注，現在我將把電話轉給埃雷茲，討論他對我們商業機會的看法。

Erez, please.

埃雷茲，請。

Thank you, Eyal.

謝謝你，埃亞爾。

These are 2014 must wins for Teva: fixing the foundation, maintaining Copaxone franchise, solidifying the [edging] that will drive organic growth for us and position Teva for long-term value creation.

這些是 Teva 2014 年必須取得的勝利：鞏固基礎，維持 Copaxone 特許經營權，鞏固將推動我們有機增長的[優勢]，並為 Teva 創造長期價值創造條件。

There is a lot of value we can unlock from getting our house in order, by delivering on our cost reduction program, by accelerating operational network transformation and integration, and by strengthen our global generic leadership, while improving profitability.

通過實施我們的成本削減計劃，通過加速運營網絡轉型和整合，通過加強我們的全球通用領導地位，同時提高盈利能力，我們可以通過讓我們的房子井然有序來釋放很多價值。

We are fully committed and on track to deliver $1 billion reduction in gross expenses by the end of the year, $2 billion reduction in gross expenses by 2017, from which $500 million are falling to net profits by 2017.

我們完全致力於並有望在年底前實現總支出減少 10 億美元，到 2017 年總支出減少 20 億美元，到 2017 年淨利潤將減少 5 億美元。

I strongly believe that we can be more ambitious on net savings.

我堅信我們可以在淨儲蓄方面更加雄心勃勃。

Therefore, we have been assessing all the operational aspects of our Business in order to identify the relevant opportunities that will enable us to increase the net savings that will impact our net profits by 2017.

因此，我們一直在評估我們業務的所有運營方面，以確定相關機會，使我們能夠在 2017 年之前增加影響我們淨利潤的淨儲蓄。

We have been working out the details of these forces and later this year, once we [exhaust] the [cause] and once we are able to see the details of our next five-year plan, we will come back to you and update you on the revised targets.

我們一直在研究這些力量的細節，今年晚些時候，一旦我們[窮盡][原因]，一旦我們能夠看到下一個五年計劃的細節，我們就會回來告訴你最新情況關於修訂後的目標。

Teva shall transform its operation network.

Teva 將改造其運營網絡。

[Our] plan to close or divest 11 plants and this plan is already underway.

[我們的]計劃關閉或剝離 11 家工廠，並且該計劃已經在進行中。

16 additional plants are under evaluation.

另有 16 家工廠正在評估中。

We are in the process of reassigning significant capacity to low-cost facilities in our network.

我們正在將大量容量重新分配給我們網絡中的低成本設施。

We have launched operational excellence plan in a quest to dramatically increase the competitiveness of our plants and fully integrate them into the network.

我們啟動了卓越運營計劃，以尋求顯著提高我們工廠的競爭力並將它們完全整合到網絡中。

We are discovering and exploring all the consequences from Teva API business situation and [weet a] plan that is already in place in order to return to sustainable, solid growth in the course of the second half of the year.

我們正在發現和探索 Teva API 業務狀況的所有後果，並 [weet a] 已經制定的計劃，以便在今年下半年恢復可持續、穩健的增長。

We have been assessing markets and products, in order to terminate products and markets, which will not meet a minimum threshold of profitability.

我們一直在評估市場和產品，以終止不會達到最低盈利門檻的產品和市場。

I strongly believe that there is significant strategic and economic value in global generics leadership.

我堅信，全球仿製藥領導地位具有重要的戰略和經濟價值。

Teva must regain focus on its generic business, with strong emphasis on portfolio selection and management, on R&D and innovation, on markets and product profitability, with the target to improve our profitability by the end of 2017 by at least 600 basis points.

Teva 必須重新專注於其仿製藥業務，重點放在產品組合選擇和管理、研發和創新、市場和產品盈利能力上，目標是到 2017 年底將我們的盈利能力提高至少 600 個基點。

At the same time, we'll direct all the resources which are required in order to create a leading position in complex generics.

同時，我們將調動所有必要的資源，以在復雜的仿製藥領域建立領先地位。

We are fully aware of the opportunities and the importance of biosimilars in our industry as we go along.

隨著我們的發展，我們充分意識到生物仿製藥在我們行業中的機遇和重要性。

We [were] fairly in a good position to tap the opportunities in wave one of biosimilars.

我們 [were] 處於很好的位置，可以利用第一波生物仿製藥的機會。

We have missed wave two of biosimilars.

我們錯過了第二波生物仿製藥。

We will be accelerating the processes that will enable us to gain a leading position in wave three of biosimilars and by the same time, will be considering inorganic opportunities in order to be positioned better, also in wave two.

我們將加快進程，使我們能夠在生物仿製藥的第三波浪潮中獲得領先地位，同時，我們將考慮無機機會，以便在第二波浪潮中更好地定位。

You will see us in the course of the next two years start moving in emerging markets, in order to expand our footprint in key emerging markets.

您會看到我們在未來兩年內開始進軍新興市場，以擴大我們在主要新興市場的足跡。

Copaxone 40 milligram enables Teva to compete for the future.

Copaxone 40 毫克使 Teva 能夠在未來競爭。

It is not a battle over the past; it is a fight to build the future for Copaxone.

這不是過去的戰鬥；這是一場為 Copaxone 打造未來的戰鬥。

Copaxone 40 milligram offers a unique set of clinical, medical, and convenience benefits to patients.

Copaxone 40 毫克可為患者提供一套獨特的臨床、醫療和便利益處。

Together, with Teva's world-class Shared Solution patient service center and wide traction achieved with payers, over 90% of commercial lives, we were able to generate a very strong and rapid uptake since the launch of the product three months ago.

再加上 Teva 世界一流的共享解決方案患者服務中心和付款人的廣泛吸引力，超過 90% 的商業生活，自三個月前推出該產品以來，我們能夠產生非常強大和快速的吸收。

In three months on the market, there are 25 (sic -- see slides "25,000") patients on Copaxone 40 milligram.

在上市三個月內，有 25 名（原文如此——參見幻燈片“25,000”）服用 Copaxone 40 毫克的患者。

This slide manifests the position of Copaxone 40 milligrams in relation to the family on NRx basis, today, on [bayern] NRx, Copaxone 40 milligrams accounts for more than 50%.

這張幻燈片顯示了 Copaxone 40 毫克在 NRx 基礎上相對於家庭的位置，今天，在 [拜仁] NRx 上，Copaxone 40 毫克佔 50% 以上。

The next one tells us the story of the build-up of a new franchise from scratch, which is fully protected by IP until 2030, but the story is in the best manner by slides 27 and 28.

下一個告訴我們從頭開始建立新特許經營權的故事，該特許經營權在 2030 年之前完全受到知識產權保護，但幻燈片 27 和 28 以最佳方式講述了這個故事。

These are the slides that look at that the comparative landscape.

這些是查看比較景觀的幻燈片。

On slide 27, we can see that during the last three months, Copaxone 40 milligrams was able to reach a leading position on NRx basis and today, it is the leading therapy in the MS space on NRx basis.

在幻燈片 27 上，我們可以看到，在過去三個月中，Copaxone 40 毫克能夠在 NRx 基礎上達到領先地位，如今，它是 MS 領域在 NRx 基礎上的領先療法。

The next slide shows that during these three months, Copaxone 40 milligrams was able to reach a leading position among the leading therapies in the MS space and by the same time, to contribute to the stabilization(inaudible) of the entire family.

下一張幻燈片顯示，在這三個月中，40 毫克 Copaxone 能夠在 MS 領域的領先療法中達到領先地位，同時，有助於整個家庭的穩定（聽不清）。

Building a new future for Copaxone also means for us investing in lifecycle management initiatives, including the first personalized medicines in the MS space.

為 Copaxone 打造新的未來也意味著我們投資生命週期管理計劃，包括 MS 領域的第一個個性化藥物。

By the same time, Teva will do everything in its power to protect our intellectual property.

同時，Teva 將竭盡全力保護我們的知識產權。

US Supreme Court will hear appeal on Copaxone patent in fall 2014.

美國最高法院將於 2014 年秋季審理對 Copaxone 專利的上訴。

If generic filer is approved and decides to launch, such sales will be made at risk.

如果通用文件管理器獲得批准並決定啟動，則此類銷售將面臨風險。

We will aggressively defend our IP and seek all available damages.

我們將積極捍衛我們的知識產權並尋求所有可能的損害賠償。

This includes damages to both the 20-milligram and 40-milligram product for the full life of those products.

這包括 20 毫克和 40 毫克產品在其整個生命週期內的損壞。

We have patent protection on the 40-milligram product until 2030.

我們對 40 毫克產品的專利保護到 2030 年。

Any company launching at risk faces significant potential exposure in the billions of dollars before trebling.

任何處於風險中的公司在翻三倍之前都面臨著數十億美元的巨大潛在風險。

By the same time, Teva strongly believes that in order to defend patient safety, the FDA should require clinical trials from generic versions of Copaxone.

與此同時，Teva 堅信，為了保護患者安全，FDA 應該要求對 Copaxone 仿製藥進行臨床試驗。

In addition to everything I have shared with you that pertains to the processes we have been accommodating and with our generic business, including our initiatives that will drive organic growth in our generic business going forward, I am putting now here the focus on our specialty pipeline, which manifests an opportunity and potential that I strongly believe is not fully acknowledged by the market.

除了我與您分享的與我們一直在適應的流程和我們的仿製藥業務相關的所有內容，包括我們將推動仿製藥業務未來有機增長的舉措，我現在將重點放在我們的專業管道上，這體現了我堅信市場尚未完全認可的機會和潛力。

With 15 products in Phase 3 through approval, four product in Phase 2, and18 NTEs currently in development, from which in the course of 2014, if I take only three products, the DuoResp, the Zecurity, and the Adasuve, together with combined estimated peak sales of more than $1 billion, [just as] a manifestation for the potential that our specialty pipeline possesses, Teva will continue to direct the resources which are required in order to enhance the engines that will be generating for us organic growth going forward in the generic business and in the specialty business.

第 3 階段有 15 個產品通過批准，第 2 階段有 4 個產品，目前正在開發 18 個 NTE，在 2014 年期間，如果我只取三個產品，DuoResp、Zecurity 和 Adasuve，再加上估計的合併超過 10 億美元的峰值銷售額，[正如]我們的專業管道所具有的潛力的體現，Teva 將繼續引導所需的資源，以增強將為我們未來的有機增長產生的引擎通用業務和專業業務。

We understand that we need to create a single, powerful, and differentiated narrative with a clear direction for Teva.

我們明白，我們需要為 Teva 創造一個單一、強大和差異化的敘述，並有一個明確的方向。

What we see in the industry is a revolution.

我們在行業中看到的是一場革命。

It is the age of revolution.

這是革命的時代。

It is not a single shift.

這不是一個單一的班次。

It is a string of discontinuities and movement of continents in a quest to modify the direction in a way that builds on our unique strength.

這是一連串的不連續和大陸運動，以尋求以我們獨特的力量為基礎的方式改變方向。

We have initiated a process that will take us to reorient the business model as we go along.

我們已經啟動了一個流程，該流程將使我們在進行過程中重新調整業務模型。

Over time, and in the course of 2014, we will be able to share with you the way we see the reorientation of our business model in a quest to capitalize on the full investigation of the relevant discontinuities and the relevance of these discontinuities to Teva, alongside with all the measure that are designated to solidify the foundation of Teva and in a way which builds on Teva's unique strengths.

隨著時間的推移，在 2014 年期間，我們將能夠與您分享我們對業務模式重新定位的看法，以尋求利用對相關不連續性的全面調查以及這些不連續性與 Teva 的相關性，連同所有旨在鞏固 Teva 基礎並以 Teva 獨特優勢為基礎的措施。

I strongly believe that in this industry, with the huge changes that we have been undergoing, there is a huge opportunity for Teva to claim for a space which is unique and differentiated, a space that will enable us to generate value in the long term for our shareholders.

我堅信，在這個行業中，隨著我們一直在經歷的巨大變化，梯瓦 (Teva) 有巨大的機會要求一個獨特和差異化的空間，一個將使我們能夠長期創造價值的空間我們的股東。

I cannot conclude my remarks today without addressing, also, the M&A front.

如果不解決併購方面的問題，我就無法結束今天的發言。

While the focus remains on fixing the foundation and driving organic growth, we are aware of the opportunities around us, including potential larger transactions, as long as they meet clear criteria and we might engage in such a transaction once conditions are met.

雖然重點仍然是鞏固基礎和推動有機增長，但我們意識到我們周圍的機會，包括潛在的更大的交易，只要它們符合明確的標準，一旦條件滿足，我們可能會參與此類交易。

Thank you.

謝謝你。

Operator, we will now open the call for question-and-answer.

接線員，我們現在打開問答電話。

(Operator Instructions)

（操作員說明）

Liav Abraham, Citibank.

Liav Abraham，花旗銀行。

Good morning and good morning, Erez, great to have you on the call.

早上好，埃雷茲，很高興你能接聽電話。

A couple of questions, please.

請問幾個問題。

Firstly, regarding Copaxone, your 2014 guidance assumes a loss of 15,000 Copaxone patients to oral agents.

首先，關於 Copaxone，您的 2014 年指南假設有 15,000 名 Copaxone 患者因口服藥物而流失。

Yet as you've shown in the script data, this is not what we are seeing in the script data.

然而，正如您在腳本數據中所示，這不是我們在腳本數據中看到的。

We are not seeing such an aggressive decline, and in terms of market share, we are actually seeing a stabilization of Copaxone market share over recent months.

我們沒有看到如此劇烈的下降，就市場份額而言，我們實際上看到最近幾個月 Copaxone 的市場份額趨於穩定。

Can you comment on the upside to net income and EPS if the trends remains stable and if -- particularly if the deceleration to oral remains stable?

如果趨勢保持穩定，並且如果 - 特別是如果口服減速保持穩定，您能否評論淨收入和每股收益的上行空間？

That's my first question.

這是我的第一個問題。

My second question is on the differentiation of Copaxone 20 milligrams versus 40 milligrams.

我的第二個問題是關於 Copaxone 20 毫克與 40 毫克的區別。

Can you comment on any conversations that you've had with payers regarding the continued reimbursement of 40 milligrams following the entry of a generic?

您能否評論一下您與付款人就彷製藥進入後繼續報銷 40 毫克的任何對話？

And Michael, perhaps you can comment on the differentiation of 40 milligrams versus 20 milligrams over and above just the convenience factor.

邁克爾，也許你可以評論 40 毫克與 20 毫克的區別，而不僅僅是方便因素。

Then just lastly, and plants and supply chain rationalization, you put out some interesting numbers in terms of a larger number of plants that you plan to close or divest over time.

然後最後，以及工廠和供應鏈合理化，你提出了一些有趣的數字，這些數字是你計劃隨著時間的推移關閉或剝離的大量工廠。

Can you comment on the potential net savings per each plant that you plan on shutting down or divesting?

您能否評論一下您計劃關閉或剝離的每個工廠的潛在淨節省？

Thanks very much.

非常感謝。

On the third one, we are consolidating the holding sites from the investigation process we have been undergoing.

第三，我們正在整合我們一直在進行的調查過程中的控股地點。

We will come back to you and it is not confined just to the operation network transformation.

我們會回來告訴你，它不僅僅局限於運營網絡改造。

It goes also to other aspects in our operational -- in our operations which are under scrutiny now.

它還涉及我們運營的其他方面——我們現在正在接受審查的運營。

The target is to increase the net effect on bottom line.

目標是增加對底線的淨影響。

This is the target.

這就是目標。

But I want at this stage to be careful.

但我想在這個階段要小心。

I took over 2.5 months ago.

我在 2.5 個月前接手了。

We are is still in the process of investigation.

我們仍在調查中。

The quest is to increase the target and to be more ambitious and it then -- it encompasses a number of measures which are not confined only to the transformation of the operation network.

尋求的是增加目標並變得更加雄心勃勃，然後 - 它包含許多不僅限於運營網絡轉型的措施。

So we will come back to you.

所以我們會回來找你。

It will include, also, of course, reference to what might be extracted from the operation network transformation.

當然，它還將包括對可能從操作網絡轉換中提取的內容的引用。

On the first question, at this stage, three months only after the launch of 40 milligram, we want to be more careful before spelling out any message that pertains to potential IR guidance.

關於第一個問題，在現階段，即 40 毫克推出僅三個月後，我們希望在闡明與潛在 IR 指導相關的任何信息之前更加謹慎。

And also, that's set with -- [outside] -- the potential scenario that pertains to Copaxone in the course of 2014.

而且，這與 - [外部] - 2014 年期間與 Copaxone 相關的潛在情景有關。

So we prefer at this stage to maintain the guidance.

所以我們更願意在這個階段維持指導。

If we see in the course of the year that there is a strong reason to change the guidance, we will come back to you.

如果我們在這一年中發現有充分的理由改變指南，我們會回來找你。

And on the -- basic on Copaxone, let me just say first that, with the GLACIER study that was conducted with findings that were published yesterday, we have a very good, strong now background to come up to you and to the external world with very strong, I would say, inspiring findings that supports strongly the benefits that are provided by Copaxone 40 milligram -- clinical, medical, and convenience.

關於 Copaxone 的基礎知識，我首先要說的是，根據昨天發布的調查結果進行的 GLACIER 研究，我們現在有一個非常好的、強大的背景可以向你和外部世界展示非常強大，我想說，鼓舞人心的發現強烈支持 40 毫克 Copaxone 提供的好處——臨床、醫療和便利。

And I will ask Michael to address it.

我會請邁克爾解決這個問題。

Thank you, Erez, and thank you, Liav.

謝謝 Erez，也謝謝 Liav。

We presented yesterday top-line results of the GLACIER study at 2014 American Academy of Neurology in Philadelphia.

昨天，我們在費城 2014 年美國神經病學學會上公佈了 GLACIER 研究的主要結果。

The GLACIER was a Phase 3 study, open label, randomized, multi-center study to assess the safety and tolerability and patient experience of Copaxone 40 milligrams three times a week to 20 milligrams.

GLACIER 是一項開放標籤、隨機、多中心的第 3 期研究，旨在評估 Copaxone 40 毫克每週三次至 20 毫克的安全性和耐受性以及患者體驗。

The results were extremely interesting and provocative.

結果非常有趣和挑釁。

What we were able to show is a significant, a 50% reduction in injection-related adverse events on the 40 milligram, less pain, less redness, swelling, bruising, and warmth compared to Copaxone 20 milligrams that actually is a very safe drug in the first place.

我們能夠證明的是，與 20 毫克的 Copaxone 相比，40 毫克的注射相關不良事件顯著減少 50%，疼痛、發紅、腫脹、瘀傷和發熱更少，這實際上是一種非常安全的藥物第一名。

But the actual benefits, in terms of side effects were highly significant, mostly injection site reactions and overall reactions to 40 milligrams were significantly improved.

但就副作用而言，實際益處非常顯著，主要是注射部位反應和對 40 毫克的總體反應得到顯著改善。

This is important because this suggests that this is really like a new molecule.

這很重要，因為這表明這真的很像一個新分子。

It also suggests that it will be very important to keep patients on 40 milligrams, not switch them back to any other drugs, because there is significant medical benefit associated with it objectively assessed.

它還表明，讓患者保持 40 毫克的劑量非常重要，而不是將他們轉回任何其他藥物，因為客觀評估它具有顯著的醫療益處。

Also patients regarded this as certainly much more convenient in terms of quality of their lives.

患者也認為這在他們的生活質量方面肯定更方便。

So we believe that this will add to the stickiness and also talks about the differentiation of Copaxone 40 milligram three times a week compared to Copaxone 20, which is already a very safe and effective drug.

所以我們認為這會增加粘性，並且還談到每週 3 次 Copaxone 40 毫克與 Copaxone 20 相比的區別，後者已經是一種非常安全和有效的藥物。

This information will add to the stickiness and the importance of staying on Copaxone 40 milligrams.

此信息將增加堅持服用 Copaxone 40 毫克的粘性和重要性。

That will be apparent to the patients, the physicians, and the payers.

這對患者、醫生和付款人來說是顯而易見的。

Maybe, Rob, if you can add to it insights that are [exactly] from patients, physicians, and payers.

也許吧，Rob，如果你可以添加[完全]來自患者、醫生和付款人的見解。

Erez, a pleasure.

埃雷茲，很高興。

Liav, as you have seen, the uptake by both patients and physicians is really, really good with 25,000 patients currently on Copaxone 40.

Liav，正如您所見，目前有 25,000 名患者使用 Copaxone 40，患者和醫生的接受度都非常非常好。

We've seen, actually, the same sort of response from the payers.

實際上，我們已經看到付款人做出了同樣的反應。

90%, or close to 90% of insured lives in the US have access to Copaxone 40 milligrams and it's already 60% of the payers where actually Copaxone 40 has become the preferred MS therapy.

在美國，90% 或接近 90% 的受保人可以使用 Copaxone 40 毫克，並且已經有 60% 的付款人認為 Copaxone 40 已成為首選的 MS 療法。

So far -- I am not going to go into the future expectations in discussion with payers that we will have for tomorrow, but the uptake is really, really good and this is in an environment where both products are available.

到目前為止——我不打算與我們明天將要與付款人討論的未來期望，但吸收真的非常好，而且這是在兩種產品都可用的環境中。

It's all three stakeholders really see the benefit of our Monday, Wednesday, Friday injections of Copaxone 40 and we are really very pleased with the uptake.

所有三個利益相關者都真正看到了我們週一、週三、週五注射 Copaxone 40 的好處，我們對這種吸收非常滿意。

Maybe just to conclude, again, 25,000 patients, which account for more than 50% on NRx basis -- as something in the neighborhood of 31% by TRx -- and we are on track to achieve the targets that were set for the end of May and the end of the year.

也許只是再次得出結論，25,000 名患者在 NRx 基礎上佔 50% 以上——在 TRx 基礎上佔 31% 左右——我們有望實現為年底設定的目標五月和年底。

We, by the same time, and again, it is for us to fight for the future.

我們，同時，又一次，是為了我們的未來而奮鬥。

We are [compete here] for the future.

我們[在這裡競爭]是為了未來。

We are building a new IP-protected until 2030 franchise.

我們正在建立一個新的知識產權保護到 2030 年的特許經營權。

Thanks very much.

非常感謝。

Ken Cacciatore, Cowen and Company.

Ken Cacciatore, Cowen and Company。

Just a couple questions.

只是幾個問題。

First on the cost savings.

首先是節省成本。

Erez, just wanted some clarification.

埃雷茲，只是想澄清一下。

It sounds as if a net cost savings by 2017 you said was $500 million.

聽起來您說的到 2017 年淨成本節省為 5 億美元。

Just want to understand as I look at your current operating structure, it looks like about 8% of operating cost.

只是想了解一下我目前的運營結構，它看起來大約佔運營成本的 8%。

So just wanted to understand why we can't deliver more on the bottom line or is it already such a lead Organization?

所以只是想了解為什麼我們不能在底線上提供更多，或者它已經是這樣一個領先的組織了嗎？

Then also on M&A, there's clearly a whole lot of different assets out there, some could be near-term accretive, whereas others could be business development.

然後在併購方面，顯然有很多不同的資產，有些可能是短期增值，而另一些可能是業務發展。

Clearly, your neurology division is performing exceedingly well.

顯然，您的神經科表現非常出色。

There's a ton of business development assets there that look interesting.

那裡有大量看起來很有趣的業務開發資產。

Just want to understand, would you look at late stage assets versus just unmarketed products?

只是想了解一下，您會比較後期資產還是未上市的產品？

¶ Then, finally, maybe there could be a comment, with such good data, on the 40 versus the 20, about potentially removing the 20 from the marketplace?

¶ 然後，最後，也許會有關於 40 與 20 的評論，有如此好的數據，關於可能將 20 從市場上移除？

Thank you.

謝謝你。

Maybe before Eyal takes it over, I am sticking to the guidance that was provided to TheStreet during 2013 and the number suggested, $2 billion until the end of 2017, $1billion until the end of 2014, and by the end of 2017, $500 million falls to the bottom line.

也許在 Eyal 接手之前，我堅持 2013 年提供給 TheStreet 的指導和建議的數字，到 2017 年底為 20 億美元，到 2014 年底為 10 億美元，到 2017 年底為 5 億美元落到底線。

This was the guidance.

這就是指導。

My message today was we, and I, strongly believe that we can raise this guidance, but in order to do it, we have been now exploring all the operational aspects of the Business and will come back to.

我今天的信息是我們和我堅信我們可以提出這一指導，但為了做到這一點，我們現在一直在探索業務的所有運營方面，並將回歸。

Maybe against this, Eyal can take over.

也許反對這一點，Eyal 可以接管。

Yes.

是的。

I can.

我可以。

The answer is very simple.

答案很簡單。

We will reduce all the costs which are necessary to build the Business and to support the Business and to support high service levels and high level of quality in our product.

我們將減少建立業務和支持業務以及支持我們產品的高服務水平和高質量所需的所有成本。

Right now, the plan is that our total spending base will go down by $500 million by 2017, of course, assuming no transformational event to Teva, the current business model.

目前，我們的計劃是，到 2017 年，我們的總支出基數將減少 5 億美元，當然，假設當前的商業模式 Teva 沒有發生任何轉型事件。

But as Erez said, we will explore every possibility to take more of that cost saving and efficiency into the bottom line by additional efficiency measures in our production network, by becoming more and more active and aggressive on procurement, by reducing the level of headcount where people are not necessary, but we do have plans to build the Company.

但正如 Erez 所說，我們將探索各種可能性，通過在我們的生產網絡中採取額外的效率措施，通過在採購方面變得越來越積極和積極，通過減少員工人數，將更多的成本節約和效率納入底線。人不是必需的，但我們確實有建立公司的計劃。

We are investing in R&D; we're investing in selling and marketing; we're taking a new product to market, generic and specialty; we have an ambitious program of NTEs.

我們正在投資研發；我們正在投資於銷售和營銷；我們正在將一種新產品推向市場，包括通用產品和專業產品；我們有一個雄心勃勃的 NTE 計劃。

So the balance of this [addition] looks at least $500 million positive.

所以這個 [addition] 的餘額看起來至少有 5 億美元。

We will explore every possibility to do more.

我們將探索做更多事情的每一種可能性。

I'm not ruling out to -- looking again at that the resources of invested.

我不排除 - 再看看投資的資源。

It's part of the equation.

這是等式的一部分。

But, in this context, I urge you to look deeply into the pipeline, in the context of what we are doing now in 2014, and it was just an illustration what I shared with you, there are other launches in the course of 2014.

但是，在這種情況下，我敦促你深入研究管道，在我們現在正在做的 2014 年的背景下，這只是我與你分享的一個例子，2014 年還有其他發布。

These launches are coming in the pipeline, which again, I'm saying again, is not appreciated enough.

這些發布正在籌備中，我再說一遍，沒有得到足夠的讚賞。

Against that, of course, we are directing resources in order to even bolster further the innovation in the Company and R&D that will enable us to produce more new products.

當然，與此相反，我們正在分配資源，以進一步加強公司的創新和研發，使我們能夠生產更多新產品。

All in all, there are two sides of this equation.

總而言之，這個等式有兩個方面。

We need to reconsider the resources that are redirected, this is one thing, but by the same time, we need to be able to explain and sell to the market the value of our pipelines, at least the way it is started to be manifested in the course of 2014.

我們需要重新考慮被重定向的資源，這是一回事，但與此同時，我們需要能夠向市場解釋和銷售我們管道的價值，至少是它開始體現的方式2014年的課程。

On the third question, Michael, you'd like to take over?

關於第三個問題，邁克爾，你想接手嗎？

Michael?

邁克爾？

Late stage assets.

後期資產。

Just to say that this year, we are looking at six submissions and everybody may have read or heard recently of our outstanding results with ER hydrocodone.

只是說今年，我們正在查看六份提交的材料，每個人最近可能都讀過或聽說過我們在 ER 氫可酮方面取得的出色成果。

This is abuse potential abuse deterrent ER hydrocodone that really does fill a very important need.

這是一種具有潛在濫用威懾作用的緩釋氫可酮，它確實滿足了非常重要的需求。

It's going to be administered twice daily and we had outstanding results.

它將每天進行兩次，我們取得了出色的成績。

There are highly significant analgesic properties associated with this.

有與此相關的非常重要的鎮痛特性。

This will be, essentially, submitted before the end of the year.

基本上，這將在年底前提交。

If you look at 2014, in total, we're looking at a total of about eight to nine submissions.

如果您看看 2014 年，我們總共會看到大約八到九份提交。

We are also looking at four approvals.

我們還在考慮四項批准。

Importantly, Copaxone 40 milligrams; DuoResp, we just had approval from the US -- from Europe this week and we're looking at other approvals, some of the other potential approvals later.

重要的是，Copaxone 40 毫克； DuoResp，我們本周剛剛獲得美國 - 歐洲的批准，我們正在考慮其他批准，一些其他潛在的批准。

If you look at the whole pipeline and you look at how this is merging and leading to new submissions, too, this is going to be increasing over time.

如果你看看整個管道，看看它是如何合併並導致新提交的，那麼這將隨著時間的推移而增加。

We are expecting to have 12 submissions in 2015 and by 2018, we expect to have 17 submissions, which is going to be greater than we had in 2011, 2012, and 2013 combined.

我們預計在 2015 年有 12 項提交，到 2018 年，我們預計有 17 項提交，這將超過我們在 2011 年、2012 年和 2013 年的總和。

This talks a very robust pipeline that probably hasn't been fully appreciated, a pipeline that has impact both in our CNS and our [respi] franchise, as well as on the NTE front, we -- ER hydrocodone provides further benefits and further demonstration of the nature of the technology and also the strength and depth of our NTE program.

這是一個非常強大的管道，可能還沒有被完全理解，一個對我們的 CNS 和我們的 [respi] 特許經營以及 NTE 前沿都有影響的管道，我們 - ER 氫可酮提供了更多的好處和進一步的證明技術的性質以及我們 NTE 計劃的實力和深度。

On the late stage, I'll address it -- on the late stage versus other potential BD initiatives, we are considering a number of late stage acquisitions.

在後期階段，我將解決這個問題——在後期階段與其他潛在的 BD 計劃相比，我們正在考慮一些後期階段的收購。

In general, CNS is certainly one of the most attractive areas for us.

總的來說，CNS 無疑是對我們最有吸引力的領域之一。

In this respect, we strongly believe that we can use the capabilities and the assets we have in CNS in order to solidify further this TA.

在這方面，我們堅信我們可以利用我們在 CNS 中擁有的能力和資產來進一步鞏固此 TA。

We look also on potential acquisitions of the relevant technologies in the generic space and in the specialty space.

我們還關注通用領域和專業領域相關技術的潛在收購。

As I said before, we are not ruling out us being engaged in another transaction.

正如我之前所說，我們不排除我們正在進行另一筆交易。

There is a list of possibilities that we are considering and you might see us executing transactions on each one of these potential forms.

我們正在考慮一系列可能性，您可能會看到我們在這些潛在形式中的每一種上執行交易。

And on pulling off Copaxone 20-milligram, this is a question I would like to pose to Rob.

關於取出 20 毫克 Copaxone，這是我想向 Rob 提出的一個問題。

Thank you again, Erez.

再次感謝你，埃雷茲。

It's clear that what we are seeing -- the patients have been expressing a preference for Copaxone 40 with the fantastic feedback that we are getting from those patients that have transitioned and they are really overwhelmingly positive.

很明顯，我們所看到的——患者一直在表達對 Copaxone 40 的偏好，我們從那些已經轉變的患者那裡得到了極好的反饋，他們真的非常積極。

We continue to be committed to meeting the needs of our customers and will make decisions that hold the patient safety and welfare at the center, but at this moment -- and we will respond to market evolution -- at this moment, it's just not opportune to make that decision and I don't think I would want to make any statements going ahead, but we continue to really look at the welfare of patients and monitor very carefully what's happening.

我們將繼續致力於滿足客戶的需求，並將做出以患者安全和福利為中心的決策，但此時此刻——我們將對市場演變做出反應——此時此刻，時機不成熟做出那個決定，我不認為我想繼續發表任何聲明，但我們繼續真正關注患者的福利，並非常仔細地監測正在發生的事情。

Amy?

艾米？

Next question, please.

請下一個問題。

(Operator Instructions)

（操作員說明）

Jami Rubin, Goldman Sachs.

賈米魯賓，高盛。

Erez, I'm looking forward to meeting you in person.

埃雷茲，我期待著與你見面。

You emphasize the importance of regaining global generic leadership for Teva.

您強調了 Teva 重新獲得全球仿製藥領導地位的重要性。

I'm struggling to understand how you do that without pursuing a major transaction in the generic space.

我很難理解你是如何在不在通用領域進行重大交易的情況下做到這一點的。

In the earlier question, you rattled off a whole bunch of different companies, both in brands and generics.

在之前的問題中，你對一大堆不同的公司進行了喋喋不休的討論，包括品牌公司和仿製藥公司。

Are you happy with the mix of business is now or, it seems that what I'm hearing you say, is that you think Teva will probably move to emphasize or get bigger in generics versus brands, but I might be wrong about that.

你對現在的業務組合感到滿意嗎？或者，我聽到你說的似乎是你認為 Teva 可能會著重強調或擴大仿製藥與品牌，但我對此可能是錯誤的。

If you can clarify that, please?

如果你能澄清一下，好嗎？

Then secondly, do you see opportunities to divest assets such as API or slimming down R&D in areas that may not fit strategically, such as woman's health?

其次，您是否有機會剝離 API 等資產或縮減可能不符合戰略的領域（例如女性健康）的研發？

Is there an opportunity to actually break up the Business, so have a separate brands business from the generic business?

是否有機會真正拆分業務，從而將品牌業務與通用業務分開？

What are some of the possibilities that are on the table now that weren't with the previous Management team?

現在擺在桌面上的一些可能性是以前的管理團隊沒有的？

Thanks very much.

非常感謝。

Thanks, Jami.

謝謝，賈米。

I also look forward to touching base with you.

我也期待與你接觸。

On the scenario of breaking up the businesses, this scenario is not on the table.

關於拆分業務的場景，這種場景不在桌面上。

We strongly believe that weaving together the assets, capabilities, expertise from the two forms will enable Teva to possess a business model which is unique in this industry.

我們堅信，將兩種形式的資產、能力和專業知識結合在一起，將使 Teva 擁有該行業獨一無二的商業模式。

Yes, we need to reorient the business model as we go along.

是的，我們需要在前進的過程中重新定位商業模式。

I'll share it with you in the course of 2014 and before the end of the year, the way we believe we shall reorient the business model, but with the moving of continent in this industry and with all the discontinuities that we see, which are relevant for us, we see a huge opportunity in integrating much further the various components of our Business in a way that will generate a lot of value for Teva, a value that goes far beyond the value that can be generated for each one of the different parts.

我將在 2014 年期間和年底之前與您分享，我們相信我們將重新調整商業模式的方式，但是隨著這個行業大陸的移動以及我們看到的所有不連續性，與我們相關，我們看到了一個巨大的機會，可以進一步整合我們業務的各個組成部分，從而為 Teva 創造大量價值，這一價值遠遠超過每個組成部分所能產生的價值不同的部分。

On the question of potential divestitures, the answer is yes.

關於潛在資產剝離的問題，答案是肯定的。

We consider it and it is part of the reevaluation that we have been accommodating.

我們考慮它，它是我們一直在適應的重新評估的一部分。

On question number one, I strongly believe that we need two very strong legs -- one generic, another in specialty -- in order to be able to capture the benefits, to extract the benefits from the unique capabilities Teva possesses.

關於第一個問題，我堅信我們需要兩條非常強大的腿——一條是通用的，另一條是專業的——以便能夠獲得好處，從 Teva 擁有的獨特能力中提取好處。

Yes, it [entails us] put it before or a reorientation of the business model and another of changes that shall be entertained, but the two legs are important for what we will doing in the future.

是的，它 [需要我們] 把它放在前面或重新定位商業模式和另一個應該接受的變化，但這兩條腿對我們未來要做的事情很重要。

Teva today is the largest global generic company.

今天的 Teva 是全球最大的仿製藥公司。

Yes, we need that to regain the focus; yes, we need to transform the operation in a number of aspects; yes, we need to face reality of where the gaps in a number of aspects of our operation and also a number of geographies.

是的，我們需要它來重新獲得焦點；是的，我們需要在很多方面轉變操作；是的，我們需要面對現實，即我們在運營的多個方面以及多個地區存在差距。

So, we need to face reality and we need to act in a very aggressive manner in order to close the gaps that exist, but I still believe that what we have today and with the measure that will be conducted, we can, then, I would say, regain the leadership position, also not only by scale.

因此，我們需要面對現實，我們需要以非常積極的方式採取行動，以縮小存在的差距，但我仍然相信，我們今天所擁有的以及將採取的措施，我們可以，然後，我可以說，重新奪回領導地位，也不僅僅是靠規模。

If we need acquisitions in order to make it happen, we are considering every possible scenario.

如果我們需要收購才能實現這一目標，我們正在考慮每一種可能的情況。

We are not ruling out any possibility.

我們不排除任何可能性。

But I strongly believe that first we need to be much more focused on the way we close the gaps before we make a big transaction here, although, don't rule it out.

但我堅信，在我們在這裡進行大筆交易之前，首先我們需要更加關注我們縮小差距的方式，儘管不排除這種可能性。

Thank you.

謝謝你。

David Maris, BMO Capital Markets.

BMO 資本市場的 David Maris。

Two questions.

兩個問題。

First, Teva has a lot of experience launching at risk, so maybe you can give us some insight on how a generic Company might think about launching at risk.

首先，Teva 在風險上市方面有很多經驗，所以也許你可以給我們一些關於仿製藥公司如何考慮風險上市的見解。

If you are another generic company and had an FDA approval of generic Copaxone, how would you be thinking about it?

如果您是另一家仿製藥公司並且獲得了 FDA 批准的仿製藥 Copaxone，您會如何考慮？

Obviously, most of us think that the damages would prevent someone and plus one-half the profits, but how would you think about it?

顯然，我們大多數人認為損害賠償會阻止某人並增加一半的利潤，但您會怎麼想呢？

Then separately, you mentioned that Teva's goal is to regain the -- or reassert leadership in generics and back to basics and good execution.

然後，您提到 Teva 的目標是重新獲得——或重申在仿製藥領域的領導地位，回歸基礎和良好的執行。

What do think, though, of your competitors' moves into brands and attempts to move into brands in the US and EU?

但是，您如何看待您的競爭對手在美國和歐盟進軍品牌以及進軍品牌的嘗試？

Does that say something about the growth expectations of the generic market five years out, or no, you think it's just something -- just an anomaly?

這是否說明了五年後彷製藥市場的增長預期，或者不，你認為這只是某種——只是一種異常現象？

Thank you.

謝謝你。

I maybe address the second one and then I will ask Rich to address the first one.

我可能會解決第二個問題，然後我會請 Rich 解決第一個問題。

Very interesting question, David, and thank you for the question.

非常有趣的問題，大衛，謝謝你提出這個問題。

On the next one, let me say three things.

關於下一個，讓我說三件事。

One, the generic industry is going to double by 2020.

第一，仿製藥行業到 2020 年將翻一番。

If I look from, let's say, 2013 to 2020, generic industry doubles itself.

比方說，從 2013 年到 2020 年，仿製藥行業自身翻了一番。

But the rules of the game are changing, also in the generic industry, and it is a very industry in terms of [pagafour] opportunities, in terms of [FTFs] opportunities, in terms of technologies that are required, and also the [whole] biosimilars, although there is a question if it belongs to the generic, yes or no, but let's not discuss it now.

但遊戲規則正在改變，仿製藥行業也是如此，就 [pagafour] 機會、[FTF] 機會、所需技術以及 [整個] 生物仿製藥，雖然有一個問題是屬於仿製藥，是還是不是，但我們現在先不討論。

It means we need to shift the mindset in terms of what is needed in order to win in this industry going forward.

這意味著我們需要根據需要改變思維方式，以便在這個行業中取勝。

Teva will do everything which is needed in order to win.

Teva 將竭盡全力贏得勝利。

Everything that is needed in order to win.

為了獲勝所需要的一切。

We believe that we have today the assets, the capabilities, the global footprint, the operational network, the mindset, all the assets that are required, and we will be winning in the generic industry.

我們相信，我們今天擁有所需的資產、能力、全球足跡、運營網絡、思維方式和所有資產，我們將在仿製藥行業中取勝。

Yes, we need to look right in the eye.

是的，我們需要正視自己的眼睛。

Yes, there are gaps that we will be close and we will be closing the gaps.

是的，我們將縮小差距，我們將縮小差距。

We need to invest in complex generics, we need to take decisions, tough decisions on biosimilars.

我們需要投資於復雜的仿製藥，我們需要做出決定，對生物仿製藥做出艱難的決定。

We have assets, we missed second wave.

我們有資產，我們錯過了第二波。

We will do everything which is needed in order not to miss the third wave and there are also other measures that shall be conducted in order really to, I would say, to solidify our global leadership in generics.

我們將採取一切必要措施，以免錯過第三次浪潮，而且還應採取其他措施，以真正鞏固我們在仿製藥領域的全球領導地位。

I strongly believe that, one, there are opportunities to extract a lot of value from being the global leader in generics, one.

我堅信，第一，有機會從成為仿製藥領域的全球領導者中獲取大量價值，第一。

Second, I believe that in anything we do, it is a very important leg, very important leg, and capabilities are very relevant and the way we will be weaving together capabilities from the generic side, the specialty side, will take us to capture the opportunities in the changes the industry has been undergoing.

其次，我相信在我們所做的任何事情中，它都是一個非常重要的分支，非常重要的分支，能力是非常相關的，我們將通用方面、專業方面的能力編織在一起的方式將使我們捕捉到行業正在發生的變化中的機會。

From what I see, in the context of competitors, there are very interesting moves that are conducted by competitors.

據我所見，在競爭對手的背景下，競爭對手進行了非常有趣的舉動。

At least, to some extent, these are things that we started to do, maybe a number of years ago.

至少，在某種程度上，這些是我們開始做的事情，也許是幾年前。

Sometimes, maybe we didn't do it fast enough and we need to adjust to full technology and we need to accelerate the pace of the processes that we have been accommodating, but it's like maybe supporting things that we have been doing and just pushing us to run even faster, in order to extract all opportunities out there.

有時，也許我們做得不夠快，我們需要適應完整的技術，我們需要加快我們一直在適應的流程的步伐，但這就像支持我們一直在做的事情，只是推動我們跑得更快，以便抓住所有機會。

On the first question, I will ask Rich to address.

關於第一個問題，請Rich 回答。

David, thanks.

大衛，謝謝。

Good question.

好問題。

The first thing I would say is that we believe the Federal Circuit got it wrong.

我要說的第一件事是，我們認為聯邦巡迴法院弄錯了。

We expect that the Supreme Court will correct this and reverse the [invalidity] decision.

我們期待最高法院糾正這一點並推翻[無效]決定。

As you know, we probably have the most extensive experience in the industry with launches at risk and this one would give us serious pause.

如您所知，我們可能在業內擁有最豐富的風險發布經驗，而這一次會讓我們嚴重停頓。

That's mainly due to the size of the possible damages and the real prospect that a jury in this case would find willful infringement.

這主要是由於可能造成的損害賠償的規模以及陪審團在本案中認定故意侵權的真實前景。

The standard for willfulness is whether the act of infringement is objectively based and there are many factor here that a jury might weigh to find willfulness.

故意的標準是侵權行為是否具有客觀基礎，這裡有很多因素可供陪審團權衡以判定故意。

First off, is the Chief Justice's comments that we have shown a fair prospect of success on the merits.

首先，是首席大法官的評論，我們已經根據是非曲直展示了成功的公平前景。

The second is the Supreme Court's high reversal rate, particularly from Federal Circuit decisions in the patent area.

第二是最高法院的高撤銷率，特別是聯邦巡迴法院在專利領域的判決。

Also, I'd like to remind everybody the very detailed opinion that the lower court and the finding of infringement of both Sandoz and Mylan at the District Court, which was upheld on appeal.

另外，我想提醒大家下級法院非常詳細的意見，以及地方法院對山德士和邁蘭的侵權裁定，上訴時維持原判。

They were found to infringe.

他們被發現侵權。

As a reminder, I'd also like everybody to remember that when there is case like this of willfulness, it could lead up to a tripling of the damages exposure.

提醒一下，我還希望大家記住，當出現這種故意的情況時，可能會導致損失增加三倍。

So this is a case we would seriously pause on.

所以這是一個我們會認真暫停的案例。

Great.

偉大的。

Thank you very much.

非常感謝。

Marc Goodman, UBS.

馬克·古德曼，瑞銀。

Can you give us a little more color on the business overseas?

你能給我們更多關於海外業務的色彩嗎？

Can you talk about what's happening in some of your key countries?

你能談談你的一些主要國家正在發生的事情嗎？

Talk about, obviously, Western Europe, but also in Central Europe, Russia, some of the other key countries, just the fundamentals?

顯然，談論西歐，但也談論中歐、俄羅斯和其他一些主要國家，只是基本面？

Then second, I just want to make sure I understand.

其次，我只是想確保我理解。

On biosimilars, now, we've decided that this is going to be a very important part of the strategy and we are going to invest in biosimilars internally, or is it really externally we need to go out and acquire the biosimilars development?

關於生物仿製藥，現在，我們已經決定這將成為戰略的一個非常重要的部分，我們將在內部投資生物仿製藥，或者我們真的需要在外部進行生物仿製藥開發嗎？

Thanks.

謝謝。

I'll ask Dipankar first to address your first question.

我會先請 Dipankar 回答你的第一個問題。

Thank you very much, Erez, and thank you, Marc.

非常感謝 Erez，也謝謝 Marc。

As far as Europe is concerned, yes -- as far as Europe is concerned, the results that we have seen in this quarter confirms the strategy that we are executing of pursuing a sustainable and profitable business.

就歐洲而言，是的——就歐洲而言，我們在本季度看到的結果證實了我們正在執行的追求可持續和盈利業務的戰略。

We saw some underperformance in some countries like France and Germany, France due to contractions in the market, but, we also saw significant overperformance in markets like Italy, Netherlands, Switzerland, and many of our smaller markets.

由於市場收縮，我們在法國和德國等一些國家看到了一些表現不佳的情況，但是，我們也看到意大利、荷蘭、瑞士和許多較小的市場等市場的表現明顯超常。

Aligned to this, we are also seeing significant improvements in our operating profits and this confirms that the strategy that we had been pursuing is really paying off.

與此相一致的是，我們的營業利潤也有了顯著改善，這證實了我們一直追求的戰略確實奏效了。

Overall, we are pleased with the results.

總的來說，我們對結果感到滿意。

We have a geographic and a product portfolio which is really essential to succeed in Europe.

我們擁有地理和產品組合，這對於在歐洲取得成功至關重要。

It gives us scale and it gives us the ability to leverage our leadership in almost all our key markets.

它為我們提供了規模，並使我們能夠在幾乎所有主要市場中利用我們的領導地位。

Maybe I will add a few data points about Russia and the neighboring countries.

也許我會添加一些關於俄羅斯和鄰國的數據點。

First of all, it was a very, very warm winter.

首先，那是一個非常非常溫暖的冬天。

A lot of our business, both our OTC business, as well as our Rx business has suffered due to the warm weather, but, you can count on the weather to change.

我們的很多業務，包括我們的 OTC 業務和我們的 Rx 業務都因溫暖的天氣而受到影響，但是，您可以指望天氣會發生變化。

The other thing, that everybody is of course aware of is political issues in Russia, transforming a little bit due to economic uncertainties, which is never good of business, but it wasn't terrible.

另一件事，當然是每個人都知道的是俄羅斯的政治問題，由於經濟不確定性而發生了一些變化，這對企業來說從來都不是好事，但並不可怕。

The combination slowed down our OTC business in this area, some of our Rx business in this area, and we expect this to recover.

這一合併減緩了我們在這一領域的 OTC 業務，以及我們在這一領域的一些 Rx 業務，我們預計這將會恢復。

Also, the Copaxone tender, which can move from one quarter to another, it didn't happen this quarter in Q1 in Russia.

此外，可以從一個季度轉移到另一個季度的 Copaxone 招標在俄羅斯的第一季度沒有發生。

We expect this to materialize in the second quarter, so the Copaxone results were without Russia, which is not an insignificant piece.

我們預計這將在第二季度實現，因此 Copaxone 的結果不包括俄羅斯，這不是一個微不足道的部分。

Maybe to complete the picture on Europe with specialty, we had a record quarter in specialty medicines.

也許為了用專業來完成歐洲的圖片，我們在專業藥物方面創下了創紀錄的季度。

Copaxone is really doing well, gaining market share.

Copaxone 確實做得很好，獲得了市場份額。

Lonquex, our long-acting G-CSF is really performing as planned and we are all excited with the just recently received approval of DuoResp Spiromax, which will launch into the asthma and COPD space, which is really what we believed addressing a need for a much improved delivery device to help and address the issues that we see around adherence and compliance with those patients.

Lonquex，我們的長效 G-CSF 確實按計劃運行，我們都對最近獲得批准的 DuoResp Spiromax 感到非常興奮，它將進入哮喘和 COPD 領域，這確實是我們認為解決對大大改進的輸送裝置，以幫助和解決我們在這些患者的依從性和依從性方面看到的問題。

In Europe, specialty medicines is really doing well and had a fantastic quarter.

在歐洲，特種藥物確實做得很好，並且有一個很棒的季度。

And on biosimilars, we shall do it in a way that will enable us to contain the risks and to accelerate the pace of the implementation, which means that we seek the right partner in the right areas, in order to develop capabilities that are required for wave three and beyond in biosimilar.

在生物仿製藥方面，我們將以一種能夠讓我們控制風險並加快實施步伐的方式來做，這意味著我們在正確的領域尋求正確的合作夥伴，以發展所需的能力生物仿製藥的第三波及以後。

Is there a possibility to work with Lonza again?

是否有可能再次與龍沙合作？

No.

不。

No.

不。

Michael, you would like to add something to it?

邁克爾，你想添加一些東西嗎？

Thank you, Erez.

謝謝你，埃雷茲。

Certainly, we are, of course, looking very carefully in the biosimilar space.

當然，我們當然在生物仿製藥領域非常仔細地尋找。

As Erez has noted, we really have looking to, obviously, both grow organically, but also look at the inorganic growth in terms of potential partners in this space.

正如 Erez 所指出的，我們確實希望，顯然，既要有機增長，又要考慮該領域潛在合作夥伴的無機增長。

Even though those regulatory uncertainty and substitutability uncertainty, we see this as a very important area for us to be in, reflecting the hybrid integrated nature of Teva.

儘管存在監管不確定性和可替代性不確定性，但我們認為這是我們要進入的一個非常重要的領域，反映了 Teva 的混合整合性質。

In terms of our relationship with Lonza, we -- obviously, this is a relationship we have deep respect for.

就我們與龍沙的關係而言，我們——顯然，這是一種我們非常尊重的關係。

Lonza has been an outstanding manufacturing company and we haven't, obviously, as we go forward, we would include Lonza as well as many potential partners for engagement where we need outside help, in terms of manufacturing and operations.

Lonza 一直是一家傑出的製造公司，顯然，在我們前進的過程中，我們不會包括 Lonza 以及許多潛在的合作夥伴，以便我們在製造和運營方面需要外部幫助。

Amy, next question, please.

艾米，請問下一個問題。

Ronny Gal, AllianceBernstein.

AllianceBernstein 的 Ronny Gal。

Congratulations, Erez.

恭喜你，埃雷茲。

You are the first CEO in three whose first conference call is going through without technical problems.

你是三位首席執行官中第一位第一次電話會議沒有出現技術問題的人。

At least, in this respect, you are starting on the right foot (laughter).

至少，在這方面，你是從右腳開始的（笑聲）。

Don't jinx it?

不要惡作劇？

Three questions for you.

三個問題問你。

The first one is, you mentioned a little bit about personalized medicine and we have talked a little bit about the future of Copaxone.

第一個是，你提到了一些關於個性化醫療的問題，我們也談到了 Copaxone 的未來。

I wonder if you can just talk to us a little bit about the future of Copaxone beyond just maintaining the 40 milligrams?

我想知道您是否可以和我們談談 Copaxone 的未來，而不僅僅是維持 40 毫克？

How can this franchise further be develop?

這個特許經營權如何進一步發展？

You also -- some IP on potentially predictive markers for this product as a way to increase the benefit of patients.

你也——一些關於該產品潛在預測標記的知識產權，作為增加患者利益的一種方式。

If you can tell us a little bit about the progress of that effort?

你能告訴我們一些關於這項努力的進展嗎？

Second, capital expenses still are very high.

其次，資本支出仍然很高。

You're running at $1.5 billion annualized, about three times to four times your competitors.

你的年收入為 15 億美元，大約是競爭對手的三到四倍。

As part of the review, is there any chance we might be able to see that number coming down if you look at your development plans, what is the horizon for maintaining that kind of CapEx?

作為審查的一部分，如果您查看您的發展計劃，我們是否有機會看到這個數字下降，維持這種資本支出的前景如何？

Last on DuoResp, I'm not too familiar with Teva's capabilities in Europe in terms of launching new branded drugs in respiratory.

最後關於 DuoResp，我不太熟悉 Teva 在歐洲推出新品牌呼吸系統藥物的能力。

Can you just give us a quick review of our marketing capabilities?

您能否快速回顧一下我們的營銷能力？

Are you present in all countries, some of them?

您是否在所有國家/地區（其中一些國家/地區）開展業務？

Where do think you will be able to make inroads?

您認為您可以在哪裡取得進展？

Or with DuoResp, if you think about your two- to three-year targets, what would those be for product like this?

或者對於 DuoResp，如果您考慮您的兩到三年目標，對於這樣的產品，這些目標是什麼？

Thank you for the questions and I'll ask Rob to start with the third one.

謝謝你的問題，我會請 Rob 從第三個問題開始。

As you know, we have a -- in US, we have an extensive experience with respiratory.

如您所知，我們在美國擁有豐富的呼吸經驗。

DuoResp Spiromax is a device that is offering a lot of opportunities.

DuoResp Spiromax 是一種提供大量機會的設備。

It's a very intuitive device to use and we believe it has the potential to really address some of the adherence and compliance issues that we are seeing and patients are experiencing with current therapies.

這是一種使用起來非常直觀的設備，我們相信它有可能真正解決我們所看到的以及患者在當前療法中遇到的一些依從性和依從性問題。

We are selling respiratory products in some markets like in the UK and the Netherlands and we've built up capability in Germany, ourselves.

我們在英國和荷蘭等一些市場銷售呼吸產品，我們自己也在德國建立了能力。

As you know, in Europe, you are not launching in one continent all of a sudden, right?

如您所知，在歐洲，您不會突然在一個大陸上發射，對嗎？

It's subject to getting your price and reimbursement and the market authorization so that we can launch in sequence and also we are looking at making sure that we do it in the right way, in terms of pricing.

它取決於獲得您的價格和報銷以及市場授權，以便我們可以按順序啟動，而且我們正在考慮確保我們在定價方面以正確的方式進行。

We are confident that we can launch in the key markets, we have our feet on the ground trained and ready to go, and everyone is excited about the opportunity there.

我們有信心能夠在關鍵市場推出產品，我們已經腳踏實地，準備就緒，每個人都對那裡的機會感到興奮。

If we can look at the Symbicort sales in Europe, and we think about that as our target market, what percentage of that is addressable by your marketing and sales force?

如果我們可以查看 Symbicort 在歐洲的銷售情況，並將其視為我們的目標市場，那麼您的營銷和銷售人員可以解決其中的百分比是多少？

We would like to thank all of it, but not all of it in day one, right?

我們要感謝所有這些，但不是在第一天就感謝所有，對吧？

That's the moment we go and launch.

那是我們出發的那一刻。

Frankly, also the way we look at the market is not just exclusively on Symbicort.

坦率地說，我們看待市場的方式也不僅僅局限於 Symbicort。

As we note, it's quite a number of patients and doctors choose a device over the active ingredients, so we really believe that this is an interesting opportunity.

正如我們所注意到的，相當多的患者和醫生選擇一種設備而不是活性成分，所以我們真的相信這是一個有趣的機會。

I'm really reluctant to give a long-term opportunity, but it's in the hundreds of millions for us, so it's really important.

我真的不願意給一個長期的機會，但對我們來說是數以億計的，所以它真的很重要。

Thank you, Rob, and on the capital expenditures question, I will ask Eyal to address.

謝謝 Rob，關於資本支出問題，我會請 Eyal 解決。

Our run rate for CapEx right now its around $1 billion -- you mentioned $1.5 billion.

我們目前的資本支出運行率約為 10 億美元——你提到了 15 億美元。

Part of our efficiency measure, we are also looking at how much do we really need and whether by consolidating the footprint of our operation, that will open an opportunity to reduce this in the future.

作為我們效率措施的一部分，我們也在研究我們真正需要多少，以及通過整合我們的運營足跡是否會在未來提供減少這種足蹟的機會。

Michael, please let the first question of Ronnie.

邁克爾，請讓羅尼第一個問題。

Thank you, Ronny, for that very interesting question.

羅尼，謝謝你提出這個非常有趣的問題。

Of course, Teva has now created and established an outstanding group of scientists in the area of personalized medicine and pharmacogenomics.

當然，Teva 現在已經在個性化醫療和藥物基因組學領域培養並建立了一支傑出的科學家團隊。

As part of our lifecycle management, or for example Copaxone, we've essentially embraced those technologies to understand more about the defining features of those who respond versus those who not respond.

作為我們生命週期管理的一部分，或者例如 Copaxone，我們基本上已經接受了這些技術，以更多地了解響應者與不響應者的定義特徵。

Despite the outstanding success of Copaxone, there is a significant number of patients, maybe up to 30% who do not respond as well as the 70%, so we are able to divide the population into well-defined responders and non-responder.

儘管 Copaxone 取得了顯著成功，但仍有大量患者（可能高達 30% 和 70% 的患者）沒有反應，因此我們能夠將人群分為明確的反應者和無反應者。

Using whole genome and wide analysis and some clinical factors, we've been able to generate both initially discovery and then validate these particular parameters that we predict with very high certainty those people that would respond.

使用全基因組和廣泛分析以及一些臨床因素，我們已經能夠產生最初的發現，然後驗證我們以非常高的確定性預測那些會響應的人的這些特定參數。

Of course, when you look at that and then you look at that subpopulation of the responders, the effect on relapse rate becomes the best in the industry, greater than 70%, greater than Tysabri, for a drug that has outstanding [acceptability] for safety and as we shown in Glacier, a highly acceptable side effect rate and convenience for patients.

當然，當你看那個，然後你再看那個反應者的亞群時，對複發率的影響成為行業中最好的，大於 70%，大於 Tysabri，對於具有出色 [可接受性] 的藥物安全性，正如我們在 Glacier 中展示的那樣，為患者提供了高度可接受的副作用率和便利性。

We are using personalized medicine in all our portfolio.

我們在所有產品組合中都使用個性化醫療。

It's very much intrinsic to drug development in addition to -- and so this is in the CNS and our early oncology program.

它是藥物開發非常固有的——所以這是在中樞神經系統和我們的早期腫瘤學項目中。

All of our early oncology programs have personalized medicine components to it, to identify particular populations that may be particularly responsive to therapy so that we are able to have early failure or early indications of success.

我們所有的早期腫瘤學項目都有個性化的藥物成分，以確定可能對治療特別敏感的特定人群，以便我們能夠早期失敗或早期成功跡象。

In addition, as part of our lifecycle management, for example in the CNS and four sub-Q injection, we also are working with our device group -- we have an integrated device group serving both our generic and branded portfolio -- and looking at novel devices that truly enhance compliance, adherence, and convenience for patients.

此外，作為我們生命週期管理的一部分，例如在 CNS 和四個 sub-Q 注射中，我們也在與我們的設備組合作——我們有一個集成的設備組服務於我們的仿製藥和品牌產品組合——並著眼於真正提高患者依從性、依從性和便利性的新型設備。

We see our personalized medicine and our device group all as playing a role in ensuring quality for patients work.

我們認為我們的個性化醫療和我們的設備組都在確保患者工作質量方面發揮作用。

We are very committed to personalized medicine because we see ourselves as partners for the healthcare system.

我們非常致力於個性化醫療，因為我們將自己視為醫療保健系統的合作夥伴。

Teva is committed to [staying] sustainability for the healthcare system and if we have a way to identify those patients who are going to be best responders and those who would not, we would embrace that to enhance the quality and improve the cost-effectiveness of our medications.

Teva 致力於 [保持] 醫療保健系統的可持續性，如果我們有辦法確定哪些患者將成為最佳反應者，哪些患者不會，我們會接受它來提高質量並提高成本效益我們的藥物。

So the obvious question on Copaxone is what is the path from here to patient treatment?

所以關於 Copaxone 的明顯問題是從這裡到患者治療的路徑是什麼？

This is a process that we are undergoing.

這是我們正在經歷的一個過程。

Obviously, we have a plan in place.

顯然，我們已經制定了計劃。

I'm not ready yet to -- this is still being fully elaborated.

我還沒準備好——這仍在充分闡述中。

The data, this is protected and our intellectual property is very well protected.

數據，這是受到保護的，我們的知識產權也得到了很好的保護。

It's unique.

這是獨一無二的。

This would be the first personalized medicine in multiple sclerosis and we're working on our plan for unrolling this, but, it will be in the near future.

這將是多發性硬化症的第一個個性化藥物，我們正在製定我們的計劃，但是，它會在不久的將來。

We will be more public and transparent on exactly how we are going to unroll this and how we are going to bring this to enhance the benefits for patients.

我們將更加公開和透明地說明我們將如何展開這項工作以及我們將如何利用它來提高患者的利益。

Thank you very much.

非常感謝。

Just capitalizing on it, and against -- in the context of questions that were posed to before, Copaxone is a good manifestation of the huge benefits that stand from fully integrated business model that weaves together all the capabilities we have in all the fronts.

只是利用它，反對 - 在之前提出的問題的背景下，Copaxone 很好地體現了完全集成的業務模型所帶來的巨大好處，該模型將我們在所有方面的所有能力編織在一起。

Also, very strong, I would say, capabilities and benefits that stand from innovation around the molecule and not necessarily in the new chemical entities.

此外，我想說，非常強大的能力和好處來自圍繞分子的創新，而不一定是在新的化學實體中。

So when you look at the way we have been running the model now, it is -- it gives us some [foot photo] for what we might do as we go along in the reorientation of our business model.

因此，當您查看我們現在運行該模型的方式時，它是 - 它為我們提供了一些 [foot photo] 我們在重新調整業務模型時可能會做的事情。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Sumant Kulkarni, Bank of America.

Sumant Kulkarni，美國銀行。

The first one is, has anything changed in your thinking on the number of players that you expect that could be in a position to launch at risk on patent expiry in May?

第一個是，您對可能在 5 月專利到期時處於風險中的玩家數量的想法有什麼變化嗎？

A second for Erez, it's been us couple of months since you took over and, clearly, it must be an exciting time for you to build a new Teva going forward, but is there any opportunity to for you to look more like the old Teva on the tax side?

埃雷茲，自從你接手以來已經過去幾個月了，很明顯，這對你來說一定是一個激動人心的時刻，讓你在未來建立一個新的梯瓦，但有沒有機會讓你看起來更像舊梯瓦在稅收方面？

Thank you for the question.

感謝你的提問。

It's now 2.5 months, to be accurate.

準確地說，現在是 2.5 個月。

I will ask Eyal maybe to address it -- we are -- we look at any possible potential opportunity to generate value.

我會請 Eyal 來解決這個問題——我們正在——我們正在研究任何可能產生價值的潛在機會。

What I promise is to do everything in our power, everything, in order to -- not just [eating] the targets [free shape], but to do everything which is (inaudible) in order to carry out the efficiency measures, which will take us to really generate value and I'm not ruling out any measure.

我承諾的是盡我們所能，一切，為了 - 不僅僅是 [吃掉] 目標 [自由形狀]，而是為了執行效率措施而做的一切（聽不清），這將讓我們真正創造價值，我不排除任何措施。

Tax is under scrutiny, also.

稅收也在審查之中。

If we find opportunities in reducing our tax expenditures, we will of course accommodate it.

如果我們有機會減少稅收開支，我們當然會容忍。

Maybe Eyal will take another step forward.

也許 Eyal 會再向前邁出一步。

Yes.

是的。

We are sharpening the pencil.

我們正在削鉛筆。

We used to be the lowest taxpayer in the industry.

我們曾經是行業中納稅最低的。

This is not the case following a few inversions, things have changed when we look around.

幾次反轉後情況並非如此，當我們環顧四周時，情況發生了變化。

What happened in 2014 is very clear.

2014年發生的事情非常清楚。

It's something we have discussed and disclosed in many details before.

這是我們之前已經詳細討論和披露的內容。

We were riding on increased profit of Copaxone at zero tax for the past 10 years.

在過去的 10 年裡，我們一直依靠 Copaxone 的零稅率利潤增長。

That benefit expired December 31, 2013.

該福利於 2013 年 12 月 31 日到期。

Today, our tax rate here in Israel is around 9%.

今天，我們在以色列這裡的稅率約為 9%。

So that is a negative impact on the average tax rate.

所以這對平均稅率有負面影響。

However, we are not done.

然而，我們還沒有完成。

We are looking at every possibility to become more efficient on tax rate.

我們正在尋找提高稅率效率的各種可能性。

Everything, of course, within all the legal measures and the world of tax planning is wide and broad.

當然，所有法律措施和稅收籌劃領域內的一切都是廣泛而廣泛的。

We will see our tax rates decline in future years as some of our new product will be launched at more friendly tax rate environment.

我們將看到我們的稅率在未來幾年下降，因為我們的一些新產品將在更友好的稅率環境中推出。

So the 20% that we have guided for 2014, we started the year a little lower than that.

因此，我們為 2014 年設定的 20%，年初時略低於此。

I hope to be able to maintain it below 20%, but again, a lot of thinking is around this right now, because it does represent a lot of value.

我希望能夠將其保持在 20% 以下，但同樣，現在有很多想法圍繞著這個問題，因為它確實代表了很多價值。

And a number of competitors, with your permission, it is the only question that we will not be addressing today.

和一些競爭對手，如果您允許，這是我們今天不會解決的唯一問題。

With everything we said on Copaxone, we have exhausted all remarks.

對於我們在 Copaxone 上所說的一切，我們已經用盡了所有的評論。

The message is very clear on our end.

我們這邊的信息非常明確。

Very clear on our end.

我們這邊很清楚。

So I don't want now to speculate who is going to take this risk.

所以我現在不想猜測誰會承擔這個風險。

Thanks.

謝謝。

Tim Chiang, CRT Capital.

CRT Capital 的 Tim Chiang。

Erez, when you look at the personnel base at Teva, do you think that you have the right people in place to grow in the future?

埃雷茲，當你看看 Teva 的人員基礎時，你認為你是否有合適的人選在未來發展？

Do you need to bring in new people?

你需要引進新人嗎？

Do you think you have the right senior Management at this time?

你認為你現在有合適的高級管理人員嗎？

This is a question, maybe, not the only one, but it's just let alone -- this question is a question my answer should be you need to see what I do and not what I say.

這是一個問題，也許不是唯一的問題，但更不用說了——這個問題是一個問題，我的回答應該是你需要看看我做了什麼，而不是我說了什麼。

I'm not going to say anything before I do.

在我做之前我不會說什麼。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Louise Chen, Guggenheim.

路易絲·陳，古根海姆。

Under new leadership, I'm curious how your M&A strategy has changed.

在新的領導下，我很好奇你們的併購戰略發生了怎樣的變化。

Then also, how you think about prioritizing uses of cash for M&A, R&D repurchases, et cetera.

然後，您如何考慮優先使用現金進行併購、研發回購等。

How does it differ from the old Teva?

它與舊的 Teva 有何不同？

And then lastly, just how durable do you believe the switch to 3TW will be when generics enter the market.

最後，當仿製藥進入市場時，您認為轉向 3TW 的持久性如何。

Thanks.

謝謝。

Use of cash, Eyal?

使用現金，Eyal？

Okay.

好的。

I will start with the cash allocation.

我將從現金分配開始。

You probably noticed, we stopped -- or not stopped -- we suspended our buyback program.

你可能注意到，我們停止了——或者沒有停止——我們暫停了我們的回購計劃。

It's still open.

它仍然是開放的。

It is available for us in case we will see the opportunities, but we prefer to use the cash over the past few quarters, one on, increasing dividends, definitely in dollar terms and also in absolute shekel terms, our dividend coming up.

如果我們看到機會，我們可以使用它，但我們更願意使用過去幾個季度的現金，一個是，增加股息，絕對以美元計算，也以絕對謝克爾計算，我們的股息即將到來。

We'll reduce our financial leverage and our debt in order to create more capacity for additional.

我們將降低我們的財務槓桿和債務，以創造更多的額外能力。

We talked about M&A and potential acquisitions are looking to expand our portfolio and pipeline both of specialty and also biosimilar, also by external purchasing or acquisition of molecules so I'm not going to add on that.

我們談到了併購，潛在的收購正在尋求擴大我們的專業和生物仿製藥的產品組合和管道，也通過外部採購或收購分子，所以我不打算補充這一點。

But right now, all the options are open.

但現在，所有的選擇都是開放的。

We will consider every quarter and I believe that we are looking at a balanced cash allocation.

我們將考慮每個季度，我相信我們正在尋求平衡的現金分配。

Yes.

是的。

On the second sale question, it's clear for me that [we felt] shall unlock the valued that can emanate from all the measures that are designed to solidify -- to fix the foundation.

關於第二個銷售問題，我很清楚 [我們認為] 應該釋放所有旨在鞏固 - 修復基礎的措施所產生的價值。

It's clear that, that's first priority for me.

很明顯，這是我的首要任務。

But again, and I want to reiterate what I said before, while the focus remains on fixing the foundation and driving organic growth, we are aware of the opportunities around us.

但是，我想再次重申我之前說過的話，雖然重點仍然是鞏固基礎和推動有機增長，但我們意識到我們周圍的機會。

We cannot ignore what is going on in the industry nowadays.

我們不能忽視當今行業正在發生的事情。

We cannot ignore it.

我們不能忽視它。

We are fully aware the opportunities around us and there are opportunities for Teva.

我們充分意識到我們周圍的機會，Teva 也有機會。

So with I would say the right conditions, we might go to a transaction which is beyond the scope of just transactions that were conducted during the last 2 to 2.5 years.

因此，我會說在合適的條件下，我們可能會進行一項超出過去 2 到 2.5 年內進行的交易範圍的交易。

20 milligrams switch?

20毫克開關？

Rob, can you address the 40 milligrams switch?

Rob，你能解決 40 毫克開關的問題嗎？

What we see is a very, very good response from patients on the 40.

我們看到的是 40 歲患者的非常非常好的反應。

You also heard from Michael the clinical benefits being demonstrated in the Glacier.

您還從 Michael 那裡聽說了在 Glacier 中展示的臨床益處。

What we also know, is that when you ask patients and doctors alike, would they want to use a product that has never been really tested in man and has no safety and efficacy data, in other words, a so-called generic, there's a huge reluctance from them.

我們還知道，當你問病人和醫生時，他們是否願意使用一種從未在人體中真正測試過且沒有安全性和有效性數據的產品，換句話說，所謂的仿製藥，有一個他們非常不情願。

What I pick up from payers, as well, is they start to understand this, and there is a real threat that instead of saving money by forcing people to lower-priced generics, patients will opt out and switch, not only to 40, but it could also happen to other products, right?

我也從付款人那裡了解到，他們開始理解這一點，並且存在一個真正的威脅，即患者不會通過強迫人們使用價格較低的仿製藥來省錢，而是會選擇退出並轉向，不僅是 40，而且它也可能發生在其他產品上，對吧？

Payers start to understand that they should not just think about forcing people, at least from some of the payers I picked that up.

付款人開始明白，他們不應該只考慮強迫人們，至少從我了解到的一些付款人那裡是這樣。

All in all, what we see with the benefits of Copaxone 40, clinically relevant and proven safety and efficacy of Copaxone.

總而言之，我們看到了 Copaxone 40 的益處、Copaxone 臨床相關且已證實的安全性和有效性。

In general, patients reluctant to switch, per se, when they are doing well and many of those patients are really doing well, we feel confident that Copaxone 40 is going to hold.

總的來說，當患者身體狀況良好並且其中許多患者確實表現良好時，他們本身不願意更換藥物，我們相信 Copaxone 40 會持續下去。

But you also heard from Rich that clearly there is price pressure in the American market and there will be some impacts on the 40 and that's something that, not immediate short-term, but more long-term, is a factor that we are aware of.

但是你也從里奇那裡聽說，美國市場顯然存在價格壓力，這會對 40 美元產生一些影響，這是我們意識到的一個因素，不是短期的，而是更長期的.

Amy?

艾米？

David Risinger, Morgan Stanley.

大衛瑞辛格，摩根士丹利。

Congrats on the 40 milligram success to date.

祝賀迄今為止 40 毫克的成功。

With respect to my questions, I will keep it to two, as you asked.

關於我的問題，我會按照你的要求將其限制為兩個。

First, with respect to biosimilars, could you just frame for us how you define the three waves and then once again reiterate Teva's positioning for the three waves?

首先，關於生物仿製藥，您能否為我們描述一下您如何定義這三個浪潮，然後再次重申 Teva 對這三個浪潮的定位？

Then, second, with respect to personalized Copaxone, could you just frame for us what percentage of multiple sclerosis patients would likely be better candidates for Copaxone if there is a diagnostic test available?

然後，其次，關於個性化的 Copaxone，如果有可用的診斷測試，您能否為我們設定多少百分比的多發性硬化症患者可能更適合 Copaxone？

Then also, any comments on how that might cut both ways -- whether it would drive any current Copaxone patients off of therapy because the test isn't highly encouraging for them versus the opportunity to capture broader market share with a personalized medicine test?

然後，還有關於這可能如何雙管齊下的任何評論——它是否會因為測試對他們來說不是非常令人鼓舞而不是通過個性化藥物測試獲得更廣泛市場份額的機會而使任何當前的 Copaxone 患者停止治療？

Thank you.

謝謝你。

Michael, can you address the biosimilars question?

邁克爾，你能解決生物仿製藥問題嗎？

Also, the Copaxone question?

另外，Copaxone 問題？

The way we see the waves of biosimilars, the first wave being those that are more protein-based and Teva has had a great success in that area launching various proteins that are biosimilars or equivalent to that.

我們看到生物仿製藥浪潮的方式，第一波是那些更多基於蛋白質的浪潮，梯瓦在該領域取得了巨大成功，推出了生物仿製藥或等同物的各種蛋白質。

Some of them have had long-acting so they have being submitted as BLAs.

其中一些具有長效性，因此已作為 BLA 提交。

But, for example G-CSF, follicle-stimulating developments in growth hormones, some of those represent the first phase and the first wave.

但是，例如 G-CSF，生長激素中促卵泡的發育，其中一些代表第一階段和第一波。

The second wave would be the development of biosimilars for drugs that are really coming off market and reaching the end of their patent life between 2015 and 2020.

第二波浪潮將是為真正退出市場並在 2015 年至 2020 年之間達到專利壽命終點的藥物開發生物仿製藥。

This includes Humira, this includes a whole host of different drugs, Rituxan, and others that really are going to come to end of patent life in that phase.

這包括 Humira，這包括一整套不同的藥物、Rituxan 和其他真正將在那個階段結束專利壽命的藥物。

Then the third are those that are really coming to the end of their patent life in the 2020s.

然後第三個是那些真正在 2020 年代結束其專利壽命的專利。

Teva has significant efforts for those drugs that are coming off patent life in the 2020s.

Teva 為那些在 2020 年代專利期結束的藥物做出了重大努力。

We are not successful in developing, although we've made some progress, but in a whole, only a small number in terms of the second wave and we have been very successful in the first wave.

我們在發展上不是很成功，雖然我們取得了一些進展，但總體來說，第二波只是一小部分，我們在第一波中非常成功。

Many of these are already on the market.

其中許多已經上市。

That's how we see.

這就是我們的看法。

It's somewhat arbitrary, defined by the, essentially, by the patent life of these drugs and that's how we really defined it.

它有點武斷，基本上是由這些藥物的專利壽命定義的，這就是我們真正定義它的方式。

Certainly in the second wave, we are looking to both do some in-house development, as well as look to partner with those who might have products that we think are appropriate for our pipeline and some of the disease areas we want to be in.

當然，在第二波浪潮中，我們既希望進行一些內部開發，也希望與那些可能擁有我們認為適合我們管道和我們希望進入的一些疾病領域的產品的人合作。

In terms of the diagnostic test, again, we are -- this is early data.

就診斷測試而言，我們再次——這是早期數據。

I don't want to really start speculating to which proportion of the population, but rather just to say the test is highly significant.

我不想真正開始推測人口的比例，而只是說測試非常重要。

We will have a way to identify patients who are likely to respond.

我們將有辦法確定可能有反應的患者。

We are still working on how we would implement this within the population.

我們仍在研究如何在人群中實施這一點。

But we see overall net benefit.

但我們看到了整體淨收益。

And this -- not only -- one has to think about the open market for MS, and if you know that you are going to respond to a drug, we think this would be competitive, not in terms of just Copaxone, but people who are coming into the market, this will add to Copaxone, as well as people on other therapies who are having some side effects or not doing that well.

這 - 不僅 - 人們必須考慮 MS 的開放市場，如果你知道你將對一種藥物產生反應，我們認為這將具有競爭力，不僅僅是 Copaxone，而是那些進入市場，這將增加 Copaxone，以及那些有一些副作用或效果不佳的其他療法的人。

But the actual commercial implications of this are really being worked out and I don't think we want to comment on this at this stage.

但它的實際商業影響確實正在解決中，我認為我們現階段不想對此發表評論。

Thank you.

謝謝你。

Although the companion diagnostics is, we believe, is something which is really encouraging, the purpose at this stage was just to spell out the clear message to you, that by really building the future franchise, which is IP-protected, for many years to go, Teva will not confine itself just to the existing therapy, the existing drug, and will look for and pursue initiatives that will enable to work out the measures to take it just beyond the current state.

我們認為，雖然伴隨診斷確實令人鼓舞，但現階段的目的只是向您傳達明確的信息，即通過真正建立受知識產權保護的未來特許經營權，多年來去吧，Teva 不會將自己局限於現有的療法、現有的藥物，而是會尋找並採取能夠制定出超越當前狀態的措施的舉措。

The notion is, that we will not confine ourselves to what we did in the past with Copaxone.

我們的想法是，我們不會局限於過去對 Copaxone 所做的事情。

Lifecycle management initiatives, innovation around molecule, new technologies, everything will be exercised in order to [better] develop further, much further this therapy.

生命週期管理舉措、圍繞分子的創新、新技術，一切都將被運用，以便 [更好] 進一步發展這種療法。

Randall Stanicky, RBC Capital Markets.

RBC 資本市場的 Randall Stanicky。

Two questions.

兩個問題。

Is the opportunity for transformational M&A more on the generic side or on the brand side?

轉型併購的機會更多是在仿製藥方面還是在品牌方面？

Then, my second question is, there's been a lot of focus on fixing the platform, going back to the divestitures question, would you consider near-term divestitures that removed some EPS, but were better for the Business from a returns perspective longer terms?

然後，我的第二個問題是，人們非常關注修復平台，回到資產剝離問題，您是否會考慮近期資產剝離以去除一些每股收益，但從長期回報的角度來看對業務更好？

Thanks.

謝謝。

At this stage, we are not in a position to address your first question.

在這個階段，我們無法回答您的第一個問題。

We are -- we don't want to rule out any possibility.

我們 - 我們不想排除任何可能性。

Randall, could you repeat the second question?

蘭德爾，你能重複第二個問題嗎？

I just wanted to go back to the platform revisit and divestitures.

我只是想回到平台重新訪問和資產剝離。

Kevin, ultimately the question is, how significant could divestitures be as you look at some of these businesses that you are in?

凱文，最終的問題是，當你審視你所從事的其中一些業務時，資產剝離有多重要？

Could we be looking at exiting some sizable businesses and how do you balance that with wanting to grow EPS in 2015?

我們是否可以考慮退出一些規模龐大的業務，您如何平衡這與 2015 年每股收益增長的願望？

Eyal?

埃亞爾？

I will try to answer.

我會盡力回答。

Teva as a very well-integrated Company.

Teva 是一家高度整合的公司。

Our API business is producing a lot of the API used both by our generic business, but also by our specialty business.

我們的 API 業務正在生產大量 API，既供我們的通用業務使用，也供我們的專業業務使用。

Our specialty business is sold not in the US, but ex-US in many, many countries there is collaboration within the sales [theme] and the approach to regulators and payers.

我們的專業業務不在美國銷售，但在美國以外的許多許多國家/地區銷售 [主題] 以及與監管機構和付款人的方法。

We do believe we do believe at the broad portfolio of solutions to patients, which is very, very important to Teva.

我們確實相信我們確實相信針對患者的廣泛解決方案組合，這對 Teva 非常非常重要。

So when we look at our pieces, the major pieces of our Business, we believe they are integrated.

因此，當我們審視我們的部分，我們業務的主要部分時，我們相信它們是整合的。

There are some non-core assets, but the [well] Business, we are not going to discuss them one by one, that we are looking either to divest or even, possibly, to close, because we believe there is long-term value in it, but I believe that -- we will walk the talk and announced at each one when we do something.

有一些非核心資產，但[好]業務，我們不打算一一討論，我們正在考慮剝離甚至可能關閉，因為我們相信它具有長期價值在其中，但我相信——我們會言出必行，並在我們做某事時在每個人面前宣布。

But, again, there are pieces of the Business, but they are not at the heart of the Business.

但是，再一次，有一些業務，但它們不是業務的核心。

At this point, Eyal, should we expect EPS in 2015 to be higher than 2014?

在這一點上，Eyal，我們是否應該期望 2015 年的每股收益高於 2014 年？

Well, this is a little too early for guidance, but as we saw long-term plan, I believe, yes, we can improve.

嗯，這對於指導來說還為時過早，但正如我們看到的長期計劃，我相信，是的，我們可以改進。

But there is one open question that is still hanging above our ability to forecast and everybody's ability to forecast, which has to do with Copaxone.

但有一個懸而未決的問題仍然懸在我們的預測能力和每個人的預測能力之上，這與 Copaxone 有關。

Understood.

明白了。

Thank you.

謝謝你。

Amy, next question.

艾米，下一個問題。

Douglas Tsao, Barclays.

Douglas Tsao，巴克萊銀行。

Just in terms of Copaxone, you made a reference to seeking damages, both if generics do launch at risk for both the 20 milligram, as well as the 40 milligram product.

就 Copaxone 而言，您提到了尋求損害賠償，如果仿製藥確實有 20 毫克和 40 毫克產品的上市風險。

I was just curious, because I can obviously the rationale for that -- I was just curious if you could provide some perspectives on precedent for a case where somebody was awarded damages for a similar situation.

我只是很好奇，因為我顯然可以解釋其中的理由——我只是很好奇你是否可以提供一些關於某人因類似情況獲得損害賠償的案例的先例觀點。

It doesn't necessarily even have to be in the biopharma industry.

它甚至不一定非要在生物製藥行業。

But any perspective would be helpful?

但是任何觀點都會有所幫助嗎？

Rich, please.

有錢，請。

There is no one specific precedent I would like to speak about today since is pretty well settled under patent damages law that we would be able to explore always that the infringing behavior would alter our market for our protected product and we would be fully compensated for the lawsuits.

我今天不想談任何一個具體的先例，因為根據專利損害賠償法已經很好地解決了，我們將能夠始終探索侵權行為會改變我們受保護產品的市場，我們將得到全額賠償訴訟。

In this case, the generic 20 milligram would most certainly have an effect on the 40 milligram by slowing or permanently affecting the transition, so we would certainly seek to be compensated for those losses, as well.

在這種情況下，通用 20 毫克肯定會通過減緩或永久影響過渡而對 40 毫克產生影響，因此我們當然也會尋求對這些損失進行補償。

Okay.

好的。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

I'd now like to hand the conference back to our speaker today.

我現在想把會議交還給我們今天的發言人。

Thank you all for coming in and for just challenging us, asking the questions.

感謝大家的到來並向我們提出挑戰，提出問題。

I look forward to touching base with all of you in the course of the year.

我期待著在這一年中與大家接觸。

Ladies and gentlemen, that does conclude our conference call today.

女士們，先生們，我們今天的電話會議到此結束。

Thank you all for your participation and many thanks to all of our speakers.

感謝大家的參與，也非常感謝我們所有的演講者。

This conference was recorded today.

今天記錄了這次會議。

If you wish to review the presentation, then please dial 44-1452-550000 and quote 34735094.

如果您想查看演示文稿，請撥打 44-1452-550000 並引用 34735094。

Thank you all.

謝謝你們。

You may now disconnect.

您現在可以斷開連接。