Teva Pharmaceutical Industries Ltd (TEVA) 2014 Q2 法說會逐字稿

Welcome to the Teva second-quarter results conference call.

歡迎參加 Teva 第二季度業績電話會議。

(Operator Instructions)

（操作員說明）

I'll advise you this conference is being recorded today on Thursday, 31 of July 2014.

我會通知您今天在 2014 年 7 月 31 日，星期四錄製這次會議。

I'd now like to turn the conference over to your speaker for today, Mr. Kevin Mannix.

我現在想把會議轉交給今天的發言人，凱文·曼尼克斯先生。

Please go ahead, sir.

請繼續，先生。

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 this call to discuss Teva's second-quarter 2014 financial results.

感謝您加入我們的電話會議，討論 Teva 2014 年第二季度的財務業績。

I'm joined today by our President and CEO, Erez Vigodman; our Chief Financial Officer, Eyal Desheh; Dr. Michael Hayden, President of Global R&D and Chief Scientific Officer; Siggi Olafsson, President and Chief Executive Officer - Global Generic Medicines Group; Rich Egosi, Group Executive Vice President, Chief Legal Officer, and Company Secretary; Larry Downey, President - North American Specialty Medicines; and Jon Congleton, Senior Vice President and Head of Global CNS.

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；全球研發總裁兼首席科學官Michael Hayden博士；全球仿製藥集團總裁兼首席執行官 Siggi Olafsson； Rich Egosi，集團執行副總裁、首席法務官兼公司秘書； Larry Downey，北美特種藥物總裁；和全球 CNS 高級副總裁兼負責人 Jon Congleton。

Eyal will start by providing a review of our financial results from the quarter, then Erez will spend some time discussing his perspectives on the business and outlook.

Eyal 將首先回顧我們本季度的財務業績，然後 Erez 將花一些時間討論他對業務和前景的看法。

We will then open the call for questions.

然後我們將打開問題電話。

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，我們提供的非 GAAP 數據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'll now turn the call over to Erez.

有了這個，我現在將電話轉給埃雷茲。

Erez, if you would, please?

埃雷茲，你願意嗎？

This is Eyal Desheh, good morning and good afternoon, everyone.

我是 Eyal Desheh，大家早上好，下午好。

I will start with a financial review, it will be followed by Erez with his view of our business and division.

我將從財務回顧開始，然後是 Erez 對我們業務和部門的看法。

So, I'm happy to provide the details on the business and financial results for the second quarter of 2014.

因此，我很高興提供 2014 年第二季度業務和財務業績的詳細信息。

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 we will file 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我們將在今天晚些時候提交的 6-k 中。

I hope you can all view the slides, which is are accompanying this presentation.

我希望你們都能觀看本演示文稿隨附的幻燈片。

As you can see from the results highlight, this was another good quarter, which followed a solid Q1.

正如您從結果亮點中看到的那樣，這是繼穩健的第一季度之後的又一個好季度。

We delivered 2% increase in revenues, we drove an 8% year-over-year improvement in our operating profit, 4% increase in net income, and 3% increase in earnings per share.

我們的收入增長了 2%，營業利潤同比增長 8%，淨收入增長 4%，每股收益增長 3%。

Cash flow generation for the quarter was also very strong.

本季度產生的現金流量也非常強勁。

As you know, we have two possible scenarios for profits and earnings per share this year, depending on the outcome of generic competition to Copaxone.

如您所知，我們今年的利潤和每股收益有兩種可能的情況，具體取決於與 Copaxone 的仿製藥競爭的結果。

We are improving our guidance for both scenarios today.

今天，我們正在改進對這兩種情況的指導。

For the non-generic Copaxone scenario, we see revenues at a range of $19.8 billion to $20.8 billion, and earnings per share at a range of $4.90 to $5.10.

對於非仿製藥 Copaxone 情景，我們預計收入在 198 億美元至 208 億美元之間，每股收益在 4.90 美元至 5.10 美元之間。

This represented an improvement of $0.05 to the main point of our guidance.

這比我們的指導要點提高了 0.05 美元。

For the generic Copaxone scenario we are updating the EPS model to $4.50 to $4.80, assuming a generic introduction in August this year.

對於仿製藥 Copaxone 情景，我們將 EPS 模型更新為 4.50 美元至 4.80 美元，假設仿製藥在今年 8 月推出。

Please note that this is a model only, and it does not represent any prediction for a near-term generic launch.

請注意，這只是一個模型，並不代表對近期仿製藥上市的任何預測。

When we look at the year compared to our original plan, we anticipate an improvement in sale of Copaxone, which will be offset by higher R&D expenses, weakness in our API business, and some weakness in our business in Japan.

當我們將這一年與我們的原計劃相比時，我們預計 Copaxone 的銷售將有所改善，這將被更高的研發費用、我們的 API 業務疲軟以及我們在日本的業務的一些疲軟所抵消。

Our full non-GAAP P&L represents a small decline in gross margin, due to the mix of products sold.

由於銷售的產品組合，我們的完整非 GAAP 損益表顯示毛利率小幅下降。

Less Copaxone compared to Q2 last year, and more generic products.

與去年第二季度相比，Copaxone 更少，通用產品更多。

A slight increase in R&D, and a reduction in SG&A.

研發略有增加，SG&A 減少。

We are seeing the benefits of our cost reduction program, which resulted in an improvement in operating margin from 25.6% to 27.1% this quarter.

我們看到了成本削減計劃的好處，這導致本季度的營業利潤率從 25.6% 提高到 27.1%。

As we have seen from the beginning of 2014, our effective tax rate is up from 13.7% last year to 18.6% as a result of the expiration last year of some of our tax incentives in Israel.

正如我們從 2014 年初看到的那樣，由於去年我們在以色列的一些稅收優惠到期，我們的有效稅率從去年的 13.7% 上升到 18.6%。

Our fully diluted share count, which impacts EPS, was up from 850 million shares to 857 million shares, as a result of higher share prices compared to last year, which caused many stock options to enter the money, and become part of the fully diluted count.

我們影響 EPS 的完全稀釋股數從 8.5 億股增加到 8.57 億股，這是由於股價比去年更高，這導致許多股票期權進入資金，並成為完全稀釋的一部分數數。

GAAP earnings per share was $0.87 per share, same as Q1 this year.

GAAP 每股收益為 0.87 美元，與今年第一季度相同。

This was significantly higher than in Q2 last year, in which we reported a loss due to the one-time legal settlement expenses.

這明顯高於去年第二季度，我們在去年第二季度報告了由於一次性法律和解費用而造成的虧損。

Please see the list of the non-GAAP adjustment, consisting mostly of the amortization expenses on the next slide.

請參閱非 GAAP 調整列表，其中主要包括下一張幻燈片中的攤銷費用。

Revenues.

收入。

The improvement in sales this quarter was driven by the growth of our global generic business, primarily in the US.

本季度銷售額的增長是由我們全球仿製藥業務的增長推動的，主要是在美國。

This increase resulted mainly from a full quarter of sales of Capecitabine, generic Xeloda, which was launched exclusively in March 2014, and the launch of Omega-3, generic Lovaza, for which we are first to market.

這一增長主要歸因於 2014 年 3 月獨家推出的仿製藥希羅達卡培他濱整個季度的銷售額，以及我們率先上市的仿製藥 Lovaza 的 Omega-3 的上市。

Our specialty business other than Copaxone delivered strong growth as well, with good performance of Azilect, Treanda and ProAir.

除了 Copaxone 之外，我們的特種業務也實現了強勁增長，其中 Azilect、Treanda 和 ProAir 的表現良好。

Sales of Copaxone were $131 million lower than last year and the entire variance came from the US market, while Copaxone sales in Europe demonstrated nice growth.

Copaxone 的銷售額比去年減少了 1.31 億美元，全部差異來自美國市場，而 Copaxone 在歐洲的銷售額則表現出良好的增長。

So let me review Copaxone.

所以讓我回顧一下Copaxone。

As you can see on the next slide, Copaxone sales in the US, this is a US business only, Copaxone sales in the US this quarter were mostly impacted by inventory levels, while the sequential improvements in TRx, and we can see that on the right side of the slide, had a positive impact on demand, a decline in channel inventory, reduced US sales compared to last year and compared to the first quarter of this year.

正如您在下一張幻燈片中看到的那樣，Copaxone 在美國的銷售，這只是一項美國業務，本季度 Copaxone 在美國的銷售主要受到庫存水平的影響，而 TRx 的連續改善，我們可以在幻燈片的右側，對需求產生了積極影響，渠道庫存下降，與去年和今年第一季度相比美國銷售額減少。

In the next slide, you can see a demonstration and a bridge of what has happened compared to Q1 this year.

在下一張幻燈片中，您可以看到與今年第一季度相比發生的事情的演示和橋樑。

When we compare Q1 to Q2 this year, in Q1, we benefited from the build-up of 40-milligram inventory due to the launch, which did not repeat in Q2.

當我們比較今年第一季度和第二季度時，在第一季度，我們受益於由於推出而增加的 40 毫克庫存，而第二季度沒有重複。

In addition, due to uncertainties regarding a possible launch of generic Copaxone in Q2, which as you know did not happen, we saw a decline in 20-milligram inventory, as our customers continued to sell and not refill their inventory.

此外，由於第二季度可能推出仿製藥 Copaxone 的不確定性（如您所知並沒有發生），我們看到 20 毫克庫存下降，因為我們的客戶繼續銷售而不是補充庫存。

The growth in generic sales made it 50% of our total sales, Copaxone, as you can see on the next slide accounted for 19% of total sales, and other specialties now selling more than Copaxone accounted for 21% of total sales.

仿製藥銷售額的增長使其占我們總銷售額的 50%，Copaxone，正如您在下一張幻燈片中看到的那樣，佔總銷售額的 19%，而現在銷量超過 Copaxone 的其他專科藥物佔總銷售額的 21%。

When we look at the revenue break down by geography, the market mix remains stable, US accounting for about 50% of our total sales, Europe for 30%, and the rest of the world 20%.

當我們按地域查看收入細分時，市場組合保持穩定，美國約占我們總銷售額的 50%，歐洲佔 30%，世界其他地區佔 20%。

Looking at what impacted profitability this quarter, the improvement of operating profit and profitability was driven by strong results of our global generic business, with profit improvement of 41% compared to last year.

從影響本季度盈利能力的因素來看，營業利潤和盈利能力的改善是由我們全球仿製藥業務的強勁業績推動的，與去年相比利潤提高了 41%。

Launch of generic Xeloda in March and generic Lovaza this quarter in the US market, together with improvements in profitability in Europe, led to the better results.

3 月份在美國市場推出仿製藥 Xeloda 和仿製藥 Lovaza，加上歐洲盈利能力的改善，帶來了更好的業績。

Copaxone profit contribution was down following the decline in sales, and our other specialty products, especially Azilect, Treanda, ProAir, showed good improvement contributing to $57 million to the improvement in operating profit.

隨著銷售額的下降，Copaxone 的利潤貢獻有所下降，而我們的其他專業產品，尤其是 Azilect、Treanda、ProAir，表現出良好的改善，為營業利潤的改善貢獻了 5700 萬美元。

So when we look at profitability by segment this quarter, profit contribution of the generic business increased from 24% last year to 32% of total this year.

因此，當我們查看本季度各部門的盈利能力時，仿製藥業務的利潤貢獻從去年的 24% 增加到今年的 32%。

While Copaxone contribution was down from 51%, it was more than half of our profit last year, to 42% this year.

雖然 Copaxone 的貢獻從去年的 51% 下降到今年的 42%，但它占我們去年利潤的一半以上。

Foreign exchange, the impact of foreign exchange rate was minimal this quarter, improving sales by $16 million and reducing our non-GAAP operating income by $16 million.

外匯，本季度外匯匯率的影響很小，銷售額增加了 1600 萬美元，我們的非 GAAP 營業收入減少了 1600 萬美元。

Cash flow generation in Q2 this year was strong, and demonstrated continuous improvements, quarter after quarter after quarter.

今年第二季度的現金流產生強勁，並且逐季持續改善。

Cash flow from operations before legal settlement payment was $1.25 billion, an increase of 43% compared to Q2 of last year.

法律和解付款前的運營現金流為 12.5 億美元，比去年第二季度增長 43%。

And finally, our financial ratios continued to improve.

最後，我們的財務比率繼續改善。

Total debt was down to $11.2 billion.

總債務降至 112 億美元。

Financial leverage declined to 32%, and debt to EBITDA ratio is now under 2, in fact, 1.89 times.

財務槓桿下降至 32%，債務與 EBITDA 的比率現在低於 2，實際上是 1.89 倍。

Our Board approved its quarterly dividend payment of NIS1.21 per share, or $0.35 per share in US dollars.

我們的董事會批准了每股 NIS1.21 的季度股息支付，或每股 0.35 美元的美元。

This is similar to last year.

這與去年相似。

So I'd like to summarize, thank you all very much for your attention, and I would now like to turn the call over to Erez discuss the business outlook and his vision.

所以我想總結一下，非常感謝大家的關注，現在我想把電話轉給埃雷茲，討論業務前景和他的願景。

Erez?

埃雷茲？

Thank you, Eyal.

謝謝你，埃亞爾。

Good morning, good afternoon.

早上好，下午好。

We make progress on all our most wins for 2014, getting first our house in order, solidifying the foundation of Teva, maintaining our Copaxone franchise, implementing organic growth initiatives, and by the same time, exercising the efforts which are required for differentiating Teva, and for the introduction of new advantages to the industry.

我們在 2014 年所有最成功的事情上都取得了進展，首先讓我們的公司井井有條，鞏固 Teva 的基礎，維持我們的 Copaxone 特許經營權，實施有機增長計劃，同時努力使 Teva 與眾不同，並為行業引入新的優勢。

We are committed and on track to deliver gross savings of $1 billion by the end of 2014, and $2 billion by the end of 2017, with our revised target of $800 million flowing to our bottom line by 2017.

我們承諾並有望在 2014 年底實現總節省 10 億美元，到 2017 年底實現 20 億美元，我們修改後的目標是到 2017 年實現淨利潤 8 億美元。

The additional net savings emanates from being more efficient and effective in leveraging our sources and focusing effort and investments on TAs, R&D, sales, and marketing.

額外的淨節省來自於更有效地利用我們的資源並將精力和投資集中在 TA、研發、銷售和營銷方面。

During the quarter, we have reconfigured our organizational structure.

在本季度，我們重新配置了組織結構。

This slide manifests the previous organizational structure with five business units, three core processes, and seven enabling processes.

這張幻燈片展示了以前的組織結構，包括五個業務部門、三個核心流程和七個支持流程。

This is the new organizational structure.

這就是新的組織結構。

As of July 1, we are implementing our new lean, simplified, and more effective organizational structure, spear-headed by two fully integrated business units, the global specialty medicine group headed by Dr. Rob Koremans, and the global generic medicine group, headed by Siggi Olafsson.

自 7 月 1 日起，我們正在實施我們新的精簡、簡化和更有效的組織結構，由兩個完全整合的業務部門牽頭，一個是 Rob Koremans 博士領導的全球專業醫學集團，一個是領導全球仿製藥集團西吉·奧拉夫森 (Siggi Olafsson) 著。

The global integration of all our generic businesses under one roof, with clear direction, set of targets, priorities and under the right leadership will enable us to cement our global leadership position, and to unlock the significant value that stems from such a position.

將我們所有的仿製藥業務整合到一個屋簷下，在明確的方向、一系列目標、優先事項和正確的領導下，將使我們能夠鞏固我們的全球領導地位，並釋放源自這一地位的重要價值。

Maintaining the Copaxone franchise.

維持 Copaxone 特許經營權。

Copaxone 40-milligram has exceeded our goals and expectations.

Copaxone 40 毫克超出了我們的目標和預期。

TRx volume rate at 51%, NRx volume rate at 52%.

TRx 體積率為 51%，NRx 體積率為 52%。

Copaxone 40-milligram TRx share of the US MS market is 16.9%.

Copaxone 40 毫克 TRx 在美國 MS 市場的份額為 16.9%。

Copaxone family US TRx trend stabilizing post 40-milligram launch, Copaxone still outsells the number-two RRMS therapy 2 to 1 in the US.

Copaxone 系列美國 TRx 趨勢在 40 毫克上市後趨於穩定，Copaxone 在美國的銷量仍以 2 比 1 超過排名第二的 RRMS 療法。

One slide tells the entire story.

一張幻燈片講述了整個故事。

This is the competitive landscape without Copaxone and Tecfidera.

這是沒有 Copaxone 和 Tecfidera 的競爭格局。

The very impressive uptake of Tecfidera since its launch in 2013 has made it the second leading therapy in the space.

自 2013 年推出以來，Tecfidera 的使用量令人印象深刻，使其成為該領域的第二大領先療法。

Its emergence came at the expense of most of the other therapies, including Copaxone, that went down from 40% market share to 30% market share until the launch of 40 milligrams, which has gained in five months 16.9% market share, and has been stabilizing the entire Copaxone family around 33 plus market share at this stage.

它的出現是以犧牲大多數其他療法為代價的，包括 Copaxone，從 40% 的市場份額下降到 30% 的市場份額，直到推出 40 毫克，在五個月內獲得了 16.9% 的市場份額，並且一直在此階段將整個 Copaxone 系列穩定在 33 以上的市場份額。

I would like to ask Rich Egosi to provide us with a very short focused status on the legal front.

我想請 Rich Egosi 向我們簡要介紹一下法律方面的情況。

Thank you, and hello, everybody.

謝謝大家，大家好。

Just a brief update.

只是一個簡短的更新。

The Supreme Court here on our appeal has now been set for Wednesday, October 15, and we expect a decision later this Fall or early next year.

最高法院對我們的上訴已定於 10 月 15 日星期三，我們預計將在今年秋季晚些時候或明年初作出決定。

We are pleased that the Court agreed to hear our case, and we are confident in our position.

我們很高興法院同意審理我們的案件，我們對自己的立場充滿信心。

We believe the correct legal standard is deference to the District Court in claims construction cases, and I remind you that the Chief Justice specifically noted that we've shown a fair prospect of success on the merits.

我們認為正確的法律標準是在理賠案件中尊重地方法院，我提醒您，首席大法官特別指出，我們已經顯示出在案情方面取得成功的公平前景。

In addition, our position has received significant support from third parties that have filed Amicus briefs to date with the court.

此外，我們的立場得到了第三方的大力支持，這些第三方迄今已向法院提交了非當事人意見陳述。

I'd also like to remind everyone that any Company that chooses to launch a purported generic of Copaxone at this point, assuming regulatory approval, with the Supreme Court decision still pending, would be doing so at risk and could potentially subject to treble damages in the billions of dollars.

我還想提醒大家，任何選擇在此時推出所謂的 Copaxone 仿製藥的公司，假設監管機構批准，最高法院的決定仍在進行中，這樣做將面臨風險，並可能在數十億美元。

I'm also pleased that the court in India has agreed to consider our request for a preliminary injunction of the Natco product, which would prevent export from India.

我也很高興印度法院同意考慮我們對 Natco 產品的初步禁令的請求，這將阻止從印度出口。

The hearing is scheduled for August 6 or 7, and we believe that the Natco Mylan process infringes our Indian patents, and we are pleased the court will finally hear our case on the merits.

聽證會定於 8 月 6 日或 7 日舉行，我們認為 Natco Mylan 工藝侵犯了我們的印度專利，我們很高興法院最終將根據案情審理我們的案件。

Finally, I will mention that we are expecting a response from the FDA by the deadline of December 1 on our most recent Citizen's Petition, which include our gene expression data, and Michael will provide further comment on the importance of that data.

最後，我要提到的是，我們期待 FDA 在 12 月 1 日截止日期前對我們最近的公民請願書做出回應，其中包括我們的基因表達數據，Michael 將就該數據的重要性提供進一步的評論。

Thank you, Richard.

謝謝你，理查德。

At the request of the FDA on July 2, we submitted another Citizen's Petition which contains significant new data that represents the analysis of the entire genome 45,000 genes, and looked at the expression relative to Copaxone and other purported generics in mouse, human and patient cells.

應 FDA 的要求，我們於 7 月 2 日提交了另一份公民請願書，其中包含代表對整個基因組 45,000 個基因的分析的重要新數據，並研究了小鼠、人類和患者細胞中與 Copaxone 和其他據稱仿製藥相關的表達.

The analysis was undertaken using validated and very standard but stringent robust methodologies, with high numbers of replicates, conditions, and time points, and the end result was this, that the expression analysis revealed that none of the purported generics that we analyzed, including that from Natco in India, showed similarity to all aspects of the gene expression patent with Copaxone.

分析是使用經過驗證的非常標準但嚴格的穩健方法進行的，具有大量的重複、條件和時間點，最終結果是這樣的，表達分析表明我們分析的所有所謂的仿製藥都沒有，包括來自印度的 Natco，顯示了與 Copaxone 的基因表達專利的所有方面的相似性。

Furthermore, we were able to analyze one purported generic, Probioglat, which is on the market in Mexico, which also showed significant changes, including up regulation of genes that would increase inflammation, and down regulation of genes that would prevent inflammation.

此外，我們能夠分析一種據稱是仿製藥 Probioglat，它在墨西哥市場上銷售，它也顯示出顯著的變化，包括上調會增加炎症的基因，以及下調會預防炎症的基因。

This was supplemented by clinical data, that since the introduction of Probioglat in Mexico, has indicated a three times increase in adverse events following the administration of Probioglat, and a six times increase in relapse rate, compared to Copaxone.

這得到了臨床數據的補充，自從在墨西哥引入 Probioglat 以來，與 Copaxone 相比，Probioglat 給藥後的不良事件增加了三倍，復發率增加了六倍。

So the importance of this data talks to the necessity, very clear biological understanding, pathways, markers, and in light of this, the FDA has welcomed this new discussion, and has actually put forward a new funding opportunity and new approach for people outside companies and academic groups to provide funding for the characterization and development of new models for characterization of complex molecules.

因此，這些數據的重要性與必要性、非常清晰的生物學理解、途徑、標記有關，鑑於此，FDA 對這一新討論表示歡迎，並實際上為公司外部人員提出了新的資助機會和新方法和學術團體為複雜分子表徵的新模型的表徵和開發提供資金。

Thank you.

謝謝你。

Thank you, Michael, thank you, Rich.

謝謝邁克爾，謝謝里奇。

Driving organic growth, it is clear to us that we should start shifting the focus from conversion to switch, and from maintenance to organic growth.

推動有機增長，我們很清楚，我們應該開始將重點從轉換轉移到轉換，從維護轉移到有機增長。

This is why driving organic growth is an important focus earlier for us, going forward.

這就是為什麼推動有機增長是我們早期和未來的一個重要重點。

I would like to now to ask Siggi Olafsson to share with you the way he sees our opportunities in the generic space.

我現在想請 Siggi Olafsson 與您分享他如何看待我們在通用領域的機會。

Thanks, Erez.

謝謝，埃雷茲。

First of all, I'm really pleased to be on this call today.

首先，我很高興今天能參加這個電話會議。

I have to say for a brief moment, this fall I thought I would take a break from earnings calls this summer, but life wouldn't be the same without speaking to all of you, and have these calls.

我不得不說一下，今年秋天我想我會在今年夏天的財報電話會議上休息一下，但如果不和你們所有人交談，沒有這些電話，生活就會不一樣。

Driving organic growth and improving our operation margin in the generic business are the key focus areas for me in next few years.

推動有機增長和提高仿製藥業務的運營利潤率是我未來幾年的重點關注領域。

As many of you have heard before, bottom line is the best measure of generic business performance, and we focus on profitable growth.

正如你們中的許多人以前聽說過的那樣，底線是衡量一般業務績效的最佳指標，我們專注於盈利增長。

As an example, we are and will be more selective in participating in tenders in Europe and we will be more selective in what are the key markets we invest in, in the future.

例如，我們現在和將來都會更有選擇性地參與歐洲的招標，而且我們將來會更有選擇性地投資我們投資的主要市場。

We have a very strong pipeline, both in US and internationally to grow our business, pipeline challenge is a part of our business model and Teva is very good at it.

我們在美國和國際上都有非常強大的管道來發展我們的業務，管道挑戰是我們商業模式的一部分，而 Teva 非常擅長。

We can further use our scale and size.

我們可以進一步使用我們的比例和尺寸。

Remember, Teva is top-three position in 21 of the 36 markets in Europe, and Teva is top-three in 30 out of the 62 markets we are operating in today.

請記住，Teva 在歐洲 36 個市場中的 21 個市場中排名前三，而在我們今天運營的 62 個市場中，Teva 在 30 個市場中排名前三。

We have the largest product offering of any generic Company, we are offering over 1,000 different products globally, and with that, we need to capture pricing opportunities around the world.

我們擁有所有仿製藥公司中最大的產品供應，我們在全球範圍內提供 1,000 多種不同的產品，因此，我們需要抓住全球的定價機會。

The right R&D pipeline is key to our growth going forward.

正確的研發渠道是我們未來發展的關鍵。

We select and prioritize the generic development pipelines through global portfolio Management, identifying the right opportunities for the right markets with the right returns for the business.

我們通過全球投資組合管理選擇通用開發管道並確定其優先級，為正確的市場確定正確的機會，為企業帶來正確的回報。

We have great opportunities in complex generics.

我們在復雜的仿製藥方面有很大的機會。

Remember, Teva already has a significant pipeline in complex ingestibles, multiplied release formulation and respiratory product, and there are many more opportunities we already have the expertise and the infrastructure to capture.

請記住，Teva 已經在復雜的可攝取物、多次釋放配方和呼吸產品方面擁有重要的管道，而且我們已經擁有更多的機會，我們已經擁有了專業知識和基礎設施來捕捉。

Biosimilars are key for portfolio in five-plus years, and we need to make the right investment.

生物仿製藥是未來五年投資組合的關鍵，我們需要做出正確的投資。

Remember, estimated about 50 products will be valued at more than $500 million annually in the year 2018 and no Company can develop a full pipeline due to the cost of development.

請記住，估計 2018 年約有 50 種產品的年價值將超過 5 億美元，而且由於開發成本，沒有一家公司可以開發完整的產品線。

That's why global portfolio selection is the key to our decision.

這就是為什麼全球投資組合選擇是我們決策的關鍵。

Teva has a significant growth potential in the emerging market.

Teva 在新興市場具有巨大的增長潛力。

We have the ideal business model, offering both specialty medicines and branded generics, having portfolio, pipeline and manufacturing infrastructure to serve these markets well.

我們擁有理想的商業模式，提供專科藥和品牌仿製藥，擁有產品組合、管道和製造基礎設施，可以很好地服務於這些市場。

I have to say I'm joining Teva at a really, really good time, based on the good results of the generic business showed in the second quarter and I'm excited to take the Company forward.

我不得不說，基於第二季度仿製藥業務的良好業績，我加入 Teva 的時機非常非常好，我很高興能帶領公司向前發展。

With that, I hand it back over to Erez.

有了這個，我把它交還給埃雷茲。

Thank you, Siggi.

謝謝你，西吉。

On the specialty front, we'll exercise all of the [OFOs] which are required in order to defend all potential LOEs going forward.

在專業方面，我們將行使所有必要的 [OFO]，以捍衛未來所有潛在的 LOE。

We will successfully execute all our near term launches, and just referring to 2014, beginning of 2015 only, we're talking about DuoResp, Spiromax, Adasuve, Zecuity, Lonquez, Copaxone 40-milligram, Granix, Vantrela, and Plan B One-Step.

我們將成功執行所有近期發布，僅指 2014 年，僅指 2015 年初，我們談論的是 DuoResp、Spiromax、Adasuve、Zecuity、Lonquez、Copaxone 40 毫克、Granix、Vantrela 和 Plan B One-步。

These are specialty launches that are planned for 2014, beginning of 2015, all launches that were carried out already.

這些是計劃於 2014 年和 2015 年初推出的專業產品，所有產品均已實施。

We will deliver on the promise in our pipeline with 15 products in Phase III through approval, with 9 products in Phase II, and with 18 NTEs approved for development.

我們將在我們的管道中兌現承諾，15 種產品進入 III 期，9 種產品進入 Phase II，18 種 NTE 獲批開發。

We will complete until the end of the year and we will share it with you by year-end, or in the course of first quarter 2015, a comprehensive review of all our TAs, in the quest to take decisions on where to compete, and to craft our unique patient-centric strategy for each one of our future focus areas.

我們將在年底前完成，我們將在年底前或在 2015 年第一季度期間與您分享對我們所有 TA 的全面審查，以尋求決定在哪裡競爭，以及為我們未來的每一個重點領域制定我們獨特的以患者為中心的戰略。

This process has already enabled us to identify more net savings going forward.

這個過程已經使我們能夠確定未來更多的淨節省。

We are not yet in a position to share with you the final complete outcome of this process, but we have decided to share relevant insight that pertains to 2 TAs, in the way of manifestation of how we plan to grow organically and unlock value in our specialty business, and how we have been shaping our strategic direction as we move along.

我們尚無法與您分享此過程的最終完整結果，但我們已決定分享與 2 個 TA 相關的見解，以體現我們計劃如何有機增長和釋放價值的方式專業業務，以及我們如何在前進的過程中塑造我們的戰略方向。

Within our strategic CNS franchise, I would like to focus today on pain.

在我們的戰略性 CNS 專營權中，我今天想重點關注疼痛。

Our goal here is to become a global leader in pain by 2020.

我們的目標是到 2020 年成為全球疼痛領域的領導者。

To go from 4 products in 2014 to 10-plus products in 2020, to increase our annual net sales from $0.5 million in 2014 to more than $2 billion in 2020, to shift our geographic scope from US to global, and to become one of the three leading global players in this space.

從 2014 年的 4 種產品到 2020 年的 10 多種產品，將我們的年淨銷售額從 2014 年的 50 萬美元增加到 2020 年的超過 20 億美元，將我們的地理範圍從美國轉移到全球，並成為該領域的三個全球領先企業。

We strongly believe that Teva is uniquely positioned to succeed in pain care.

我們堅信 Teva 在疼痛護理方面具有獨特的優勢。

Why pain care?

為什麼要疼痛護理？

Number one reason for loss of health globally, strong projected global markets growth by 2020, significant unmet medical need, combination of reformulation and new mechanism of action and technology.

全球健康損失的第一大原因，預計到 2020 年全球市場增長強勁，醫療需求未得到滿足，重新制定與新的行動機制和技術相結合。

Why Teva?

為什麼選擇梯瓦？

Existing integrated capabilities and portfolio of assets, unique abuse deterrent technology and generics formulation expertise, and industry-leading patient services and specialty distribution channel.

現有的綜合能力和資產組合、獨特的濫用威懾技術和仿製藥配方專業知識，以及行業領先的患者服務和專業分銷渠道。

How we will be doing it?

我們將如何做？

By combining generic and specialty capabilities with unique technological and formulation expertise, by innovative to create unique solutions, to address patient unmet needs in all pain segments, and by developing or acquire differentiated pain medicine, like Labrys, is a good manifestation of the notion.

通過將通用和專業能力與獨特的技術和配方專業知識相結合，通過創新創造獨特的解決方案，解決所有疼痛領域患者未滿足的需求，以及通過開發或收購差異化的止痛藥，如 Labrys，是這一理念的良好體現。

We have already a strong patient-centric pipeline to support the goals, and going forward, we plan to launch at least one product on each and every year going forward.

我們已經擁有強大的以患者為中心的管道來支持這些目標，並且展望未來，我們計劃在未來每年至少推出一種產品。

The second TA under the spotlight today is our respiratory franchise.

今天聚光燈下的第二個 TA 是我們的呼吸專營權。

Our vision here is to become one of the top three global players by providing unique fully-integrated products and solutions of superior quality and value that improve the everyday lives of patients.

我們的願景是通過提供獨特的完全集成的產品和具有卓越品質和價值的解決方案來改善患者的日常生活，從而成為全球三大參與者之一。

Teva is currently the fifth largest respiratory player globally, with a broad-based R&D strategy in diseases, drug classes, devices and technology, one of the strongest pipelines in the industry.

Teva 目前是全球第五大呼吸系統公司，在疾病、藥物類別、設備和技術方面擁有基礎廣泛的研發戰略，是業內最強大的管道之一。

We have been developing a fully integrated approach to address unmet patient needs for novel molecules to innovative devices and technologies, to generic products, and also to services.

我們一直在開發一種完全集成的方法來解決患者對新分子、創新設備和技術、仿製藥以及服務的未滿足需求。

We are in a process of developing products in all major categories and diseases, and this slide demonstrates basically the breadth of the pipeline and product portfolio that we will be creating going forward.

我們正在開發所有主要類別和疾病的產品，這張幻燈片基本上展示了我們將在未來創建的管道和產品組合的廣度。

Our pipeline will enable us to grow organically, organically, from $1 billion in 2014 to $2.5 billion by 2019, and again, this slide provides you with relevant insights that pertains to the processes going forward.

我們的管道將使我們能夠有機地、有機地增長，從 2014 年的 10 億美元增長到 2019 年的 25 億美元，並且這張幻燈片再次為您提供與未來流程相關的相關見解。

This example creates also the context for the strategic direction discussion, which we will hold with you early next year.

這個例子還為我們將於明年初與您舉行的戰略方向討論創造了背景。

Teva will transform its business model, transformation don't emerge fully formed.

Teva 將轉變其商業模式，轉型不會完全成型。

We will start by unlocking the value from our two newly formed business units.

我們將從釋放我們兩個新成立的業務部門的價值開始。

That's Horizon 1. So in Horizon 1, the notion is to unlock the value that we can generate in each one of our business units, the generic business units, and the specialty business units.

那是地平線 1。因此，在地平線 1 中，概念是釋放我們可以在我們的每個業務部門、通用業務部門和專業業務部門中產生的價值。

In Horizon 2, we will capture the synergies between the units, and in Horizon 3, we will create full long-term value from integration between the generics and specialty, focusing on relevant TAs that this strategy, pursuing beyond the peer solutions.

在 Horizon 2 中，我們將捕捉部門之間的協同效應，在 Horizon 3 中，我們將通過仿製藥和專業之間的整合創造完整的長期價值，專注於該戰略的相關 TA，追求超越同行的解決方案。

M&A will be used in order to support this direction.

併購將用於支持這一方向。

We are actively assessing relevant opportunities in all forms.

我們正在積極評估各種形式的相關機會。

Thank you.

謝謝你。

Operator, we'll take questions now.

接線員，我們現在開始提問。

(Operator Instructions)

（操作員說明）

Your first question today comes from the line of David Maris from BMO Capital markets.

您今天的第一個問題來自 BMO Capital markets 的 David Maris。

My question is for Siggi.

我的問題是給 Siggi 的。

Siggi, obviously, most of the institutional investors know that your track record is fantastic.

Siggi，很明顯，大多數機構投資者都知道你的業績記錄非常棒。

I'm interested your perspective on what do you think as the new Head of Teva's most important business, that you need to do to get the edge back?

我很想知道您對作為 Teva 最重要業務的新負責人的看法，您需要做些什麼才能恢復優勢？

And what I mean by that is that a lot of investors think that Teva has lost a little bit of its edge or leadership in generics at the margin, and first, do you think that characterization is wrong, and what do you think you need to do to get that back?

我的意思是，很多投資者認為 Teva 在邊緣仿製藥領域失去了一點優勢或領導地位，首先，你認為這種描述是錯誤的嗎，你認為你需要做什麼做回來？

And what do you need from the CEO in order to achieve that, if anything?

為了實現這一目標，您需要 CEO 提供什麼（如果有的話）？

David, good to hear from you again.

大衛，很高興再次收到你的來信。

First of all, Teva's a very exciting Company.

首先，Teva 是一家非常令人興奮的公司。

Teva basically throughout my career, been in the generic industry for about 20 years.

Teva 基本上在我的整個職業生涯中，在仿製藥行業工作了大約 20 年。

Teva has been the winner the whole time.

梯瓦一直是贏家。

Teva was the Yankees, the Manchester United of the sports world.

Teva 是洋基隊，體育界的曼聯。

They have the most first to file, and recently the focus shifted a little bit to the specialty business.

他們最先提出申請，最近重點轉移到了專業業務上。

But the infrastructure and the knowledge, the enthusiasm, and the culture is in the Company.

但基礎設施、知識、熱情和文化都在公司。

I really was impressed when I joined the Company, what we want to do, and I'm working very closely with my colleagues to build up more of a first to file pipeline, we do launches at risk in the international markets better than anyone else.

當我加入公司時，我們想做的事情給我留下了深刻的印象，我正在與我的同事密切合作，以建立更多的第一個申請渠道，我們在國際市場上的風險發布比任何人都好.

We want to get the edge again on the US side.

我們希望在美國方面再次取得優勢。

We also, I think, what we want to do is to identify what are our key markets going forward.

我認為，我們還想做的是確定我們未來的主要市場是什麼。

We are operating today in between 60 and 70 markets around the world and some of our markets don't have the opportunity for growth, significant growth.

我們今天在全球 60 到 70 個市場開展業務，我們的一些市場沒有增長機會，顯著增長。

But in other markets, we grow significantly and I mentioned before we are top three in 30 markets out of the 62 and that really gives us an edge which I want to take more advantage on.

但在其他市場，我們增長顯著，我之前提到我們在 62 個市場中的 30 個市場中排名前三，這確實給了我們一個優勢，我想更多地利用這一優勢。

Working with Erez, he basically put on me to grow the business organically, also to look at the margin, how can we get to the same or similar margin as our competitors.

與 Erez 一起工作時，他基本上讓我有機地發展業務，同時還要考慮利潤率，我們如何才能達到與競爭對手相同或相似的利潤率。

It's a little bit unfair comparison because our competitors in the industry, some of them count biosimilars as part of generics, others count respiratory as part of generics, and we count that within the specialty line.

這是一個有點不公平的比較，因為我們在行業中的競爭對手，他們中的一些將生物仿製藥視為仿製藥的一部分，其他人將呼吸仿製藥視為仿製藥的一部分，而我們將其視為專業線。

But overall, I really feel with the right investment and the right focus, we have the infrastructure to be the winning team again.

但總的來說，我真的覺得通過正確的投資和正確的關注，我們擁有再次成為獲勝團隊的基礎設施。

Great, well thank you very much.

太好了，非常感謝你。

David, we see an economic and strategic -- significant economic and strategic value in global industry position in generics, so we'll do everything in our power in order to assume the basically global leadership position by a large margin and by the same time, we do everything which is fully in line with the way I have outlined the process is going forward, in terms of value creation from the generic business, as well as for the specialty business, before starting to capture synergies, and pursue more integration between the two.

大衛，我們看到了仿製藥全球行業地位的經濟和戰略價值——重要的經濟和戰略價值，所以我們將竭盡所能，以大幅度佔據全球領先地位，同時，我們所做的一切都完全符合我所概述的流程前進的方式，在通用業務和專業業務的價值創造方面，在開始捕捉協同效應之前，並尋求兩者之間的更多整合二。

Great, thank you.

太好了謝謝。

Your next question comes from the line of Gregg Gilbert from Deutsche Bank.

你的下一個問題來自德意志銀行的 Gregg Gilbert。

Yes, thanks.

對了謝謝。

First for Erez, you suggested that you would announce which therapeutic areas are going to stay versus go, if I could say that late this year or early next year but are there other large initiatives or corporate actions you're considering that would also be announced along those lines?

首先是埃雷茲，你建議你宣布哪些治療領域將保留或離開，如果我可以在今年年底或明年初說，但是否還有其他你正在考慮的大型舉措或公司行動也將宣布沿著這些路線？

And as part of that, Erez, I think investors assume that Teva would not consider redomiciling the Company for tax reasons, even if it could create significant shareholder value.

作為其中的一部分，Erez，我認為投資者認為 Teva 不會考慮出於稅收原因重新註冊公司，即使它可以創造重要的股東價值。

Do you agree with that?

你同意嗎？

And for Siggi, do you feel there are technical capabilities you need to bolster or add at Teva on the generic side?

對於 Siggi，您是否覺得梯瓦在仿製藥方面需要加強或增加技術能力？

Thank you.

謝謝你。

I'm not sure that I understand the question.

我不確定我是否理解這個問題。

The question wasn't on the basically on our tax level.

問題基本上不在我們的稅收水平上。

The first part of my question is do you plan to announce which therapeutic areas are core and non-core late this year and early next year, and as part of that analysis are there any other announcements about corporate structure or anything else?

我的問題的第一部分是您是否計劃在今年年底和明年初宣布哪些治療領域是核心和非核心，作為該分析的一部分，是否還有關於公司結構或其他任何其他公告？

That's the first part of the question.

這是問題的第一部分。

The second part is, would Teva consider redomiciling for tax purposes?

第二部分是，Teva 會考慮出於稅收目的重新註冊嗎？

I think investors assume you would not, but I would like some opinions from you on that subject.

我認為投資者認為你不會，但我想听聽你對這個問題的一些看法。

Thank you.

謝謝你。

Yes, thanks so yes, basically we will announce, and maybe Michael can shed more light on it, we'll announce the main focus area in terms of TAs going forward.

是的，謝謝，所以是的，基本上我們會宣布，也許 Michael 可以闡明更多，我們將宣布未來 TA 的主要關注領域。

It is important because it is very strongly associated with the strategic direction of Teva going forward, which will be also shared with the Street early next year.

這很重要，因為它與 Teva 未來的戰略方向密切相關，明年初也將與華爾街分享。

By the way, internally, we have exhausted the cores but we are learning now all of the relevant pieces, in order to be fully equipped before we share it to the market.

順便說一句，在內部，我們已經用盡了核心，但我們現在正在學習所有相關部分，以便在我們將其分享給市場之前做好充分準備。

And also, the notion is that there is a lot of value that we can analog from solidifying the foundation in the generic business, in the specialty business, so there is no action there.

而且，這個概念是我們可以通過鞏固通用業務、專業業務的基礎來模擬很多價值，所以那裡沒有任何行動。

But the full conjunction of key elements that converge before the end of year or early next year, in terms of our strategic direction and one of them is TA focused, but there are others, in order to create a business model which is different from the one that you'll see today.

但在年底或明年初之前匯聚的關鍵要素的完全結合，就我們的戰略方向而言，其中一個是 TA 重點，但還有其他一些，以創建一個不同於你今天會看到的。

So that is the process and we'll share it with you early next year, TA discussion and decisions are important, but there are other elements which will become part of the equation.

這就是流程，我們將在明年初與您分享，TA 討論和決定很重要，但還有其他因素將成為等式的一部分。

On the tax question, I would like to refer it to Eyal.

關於稅收問題，我想將其提交給 Eyal。

Hi, Gregg.

嗨，格雷格。

Well we don't believe that Teva needs to redomicile in order to improve its tax structure or tax rate.

好吧，我們不認為 Teva 需要重新註冊以改善其稅收結構或稅率。

The tax rate in Israel, despite the fact that it has increased at the beginning of this year, our tax rate today is around 9% to 10% here in Israel, where most of our business is driven from, and it's still one of the best tax rates in the world today, so redomiciling or doing an inversion would not create the advantage that you see most US companies looking for today, not for Teva.

以色列的稅率，儘管它在今年年初有所增加，但我們今天在以色列這裡的稅率約為 9% 至 10%，我們的大部分業務都來自那裡，它仍然是其中之一當今世界上最好的稅率，因此重新註冊或進行倒置不會創造您今天看到的大多數美國公司所尋求的優勢，Teva 則不然。

And Gregg on the technical capabilities in Teva, I have to say I'm pleased to see the technical capabilities that the R&D function has.

Gregg 關於 Teva 的技術能力，我不得不說我很高興看到研發部門所具有的技術能力。

This has been the benefit of combining the specialty and generic R&D.

這是將專業研發和通用研發相結合的好處。

Where I want to see probably more investment is in the biosimilar area.

我希望看到更多投資的地方可能是生物仿製藥領域。

I think we have investment going on.

我認為我們正在進行投資。

We have a great knowledge in-house, I think we need to decide what we want to do, especially for the third wave of products.

我們內部擁有豐富的知識，我認為我們需要決定我們想做什麼，尤其是第三波產品。

We have an active program, good going.

我們有一個活躍的計劃，進展順利。

With regard to like past technology the Company really has built up a capability in R&D and I was very pleased to see that, and hopefully that will deliver opportunities going forward.

關於過去的技術，公司確實已經建立了研發能力，我很高興看到這一點，並希望這將帶來未來的機會。

The only two therapeutic areas are dosage forms which we don't cover, which has a value in it, would be ophthalmology and dermatology.

僅有的兩個治療領域是我們未涵蓋的劑型，它們具有價值，即眼科和皮膚科。

These are therapeutic areas where we work with partners, instead of doing it in house.

這些是我們與合作夥伴合作的治療領域，而不是在內部進行。

I think looking at the portfolio going forward, and the return on the investment, that decision will be taken if we want to invest further in these therapeutic areas.

我認為，看看未來的投資組合和投資回報，如果我們想在這些治療領域進一步投資，就會做出這個決定。

But overall, I think the technical capability within Teva is strong, based on the close cooperation between specialty and generic developments.

但總的來說，我認為 Teva 的技術能力很強，這是基於專科和仿製藥開發之間的密切合作。

Thank you.

謝謝你。

And your next question comes from the line of Ken Cacciatore from Cowen and Company.

你的下一個問題來自 Cowen and Company 的 Ken Cacciatore。

Hi, thanks.

你好謝謝。

Just had a question on Copaxone.

剛剛有一個關於 Copaxone 的問題。

Clearly, you all are doing a great job from a scientific perspective and a legal perspective, but I'm just wondering, as you stare at the conversion rates here, it looks like its flattened out, and the folks that are going to move to the three times weekly have done, and now we're at folks that probably are conformable with the daily.

顯然，從科學的角度和法律的角度來看，你們都做得很好，但我只是想知道，當你盯著這裡的轉換率時，它看起來已經變平了，而那些將要轉移到每週三次已經完成，現在我們在那些可能與每日一致的人那裡。

So just wondering what level of urgency you have internally, understanding the good defenses, but why wouldn't you, or what would possibly move these patients that haven't moved, and why wouldn't you seek now to do a hard conversion to this, what is potentially a better medication, given the convenience benefits?

所以只是想知道你內部有什麼緊迫感，了解良好的防禦措施，但你為什麼不這樣做，或者什麼可能會移動這些沒有移動的患者，你為什麼現在不尋求進行硬轉換考慮到方便的好處，什麼是可能更好的藥物？

Thank you.

謝謝你。

I'll address it and then I'll ask also Jon to shed more light on that.

我會解決這個問題，然後我還會請 Jon 進一步說明這一點。

Basically, on out switch it is a delicate dance and more patients [pay] the FDA, given also the uncertainty around the 2015 patent validity.

基本上，在轉換過程中，這是一場微妙的舞蹈，更多患者向 FDA 支付費用，同時考慮到 2015 年專利有效性的不確定性。

So with the revised conversion rate target of 65% by year-end, we continue to evaluate carefully when the magic moment is, and that's a process that we have been undergoing, and in the course of 2014, beginning of 2015.

因此，根據修改後的年底轉化率目標 65%，我們繼續仔細評估神奇時刻何時到來，這是我們一直在經歷的過程，在 2014 年和 2015 年初。

Jon, you'd like to add something to that?

喬恩，你想補充點什麼嗎？

Yes, I'll just add a little bit.

是的，我只是補充一點。

Hi, Ken.

嗨，肯。

Erez having spoken very well to it, we're obviously very pleased with the conversion to date.

Erez 說得很好，我們顯然對迄今為止的轉換感到非常滿意。

I know you've seen the recent numbers now approaching 51% of the Copaxone family being fulfilled by the 40-milligram.

我知道您已經看到最近的數字，現在接近 51% 的 Copaxone 家族被 40 毫克滿足。

Obviously, we're thrilled with how the patients and physicians have had a great experience with the 40-milligram.

顯然，我們對患者和醫生對 40 毫克的良好體驗感到非常興奮。

The ability to take the best characterized market-leading asset like Copaxone and provide it in a three times a week, 60% less injections, 50% less adverse events, has been received extremely well by the market.

能夠採用像 Copaxone 這樣最具特色的市場領先資產並每週提供三次，注射次數減少 60%，不良事件減少 50%，市場對此非常滿意。

As you would expect at this point in the launch, about 22 weeks post launch, the rate of conversion is slowing but it continues to grow.

正如您在發布的此時所期望的那樣，大約在發布後 22 週，轉化率正在放緩，但仍在繼續增長。

As Erez said, we're targeting roughly 65% by the end of this year.

正如 Erez 所說，我們的目標是到今年年底達到大約 65%。

Right now, just because of the disruption it would represent for patients, the hard switch is not something that we're looking to do immediately, but there will come a point in time where there will be enough of a conversion over that we'll certainly entertain that, just from a logistic and simplicity standpoint.

現在，僅僅因為它會對患者造成乾擾，硬轉換並不是我們希望立即做的事情，但總有一天會有足夠的轉換，我們將從後勤和簡單的角度來看，當然會接受這一點。

Thank you.

謝謝你。

Your next question comes from the line of Douglas Tsao from Barclays.

你的下一個問題來自巴克萊銀行的 Douglas Tsao。

Thanks, good morning.

謝謝，早上好。

Perhaps Siggi, I just wanted to hear your perspectives in terms of how you see Teva positioned today, given the consolidation we've seen, in terms of your key customers in the generic segment on the purchaser side, all through M&A as well as alliances.

也許是 Siggi，我只是想听聽您對 Teva 今天定位的看法，考慮到我們已經看到的整合，就您在仿製藥領域的主要客戶而言，通過併購和聯盟，在買方方面.

And the differences from some of your prior companies as well, in terms of how the Company might be positioned to capitalize on that opportunity, as well as some of the risks?

在公司如何定位以利用該機會以及一些風險方面，與您之前的一些公司有何不同？

Doug, yes.

道格，是的。

I think Teva is in a different position.

我認為 Teva 處於不同的位置。

What I mean by that is, overall, we are such a large supplier and the large customers are looking for strategic partners, and Teva is a really strategic partner.

我的意思是，總的來說，我們是一個如此大的供應商，大客戶正在尋找戰略合作夥伴，而 Teva 是一個真正的戰略合作夥伴。

We touch them at all of their point of location.

我們在他們所有的位置接觸他們。

Overall if you think about it, we supply the market close to 70 billion tablets annually.

總體而言，如果您考慮一下，我們每年向市場供應近 700 億片平板電腦。

These are significant numbers, and with the pipeline we have in place, we have managed, and we will manage going forward, with these strong customers to build a strategic partnership which in the end will be a win-win.

這些都是重要的數字，隨著我們已經到位的管道，我們已經管理，並且我們將繼續管理，與這些強大的客戶建立戰略合作夥伴關係，最終將是雙贏的。

The difficulties in the markets are companies that only are local in one market or have a limited exposure in the international markets.

市場上的困難是那些只在一個市場上本地化或在國際市場上的曝光度有限的公司。

Teva clearly, with being top three in 21 markets in Europe, we are really top three in all of the markets where Alliance Boots are operating more or less, and also the same as [Alessio] so we can manage the customer relationship to the best of our ability with the product offering.

Teva 顯然，在歐洲 21 個市場中排名前三，我們在 Alliance Boots 或多或少運營的所有市場中確實排名前三，而且與 [Alessio] 一樣，因此我們可以最好地管理客戶關係我們提供產品的能力。

Also, over the last two years, the service level of Teva has increased significantly.

此外，在過去兩年中，Teva 的服務水平顯著提高。

We are coming with new products in the market, so I feel that we are in the ideal position to build a win-win relationship with these customers, and I'm positive on this, how this has moved forward over the last two years, because the market needs strong customers, and strong companies to serve it.

我們在市場上推出了新產品，所以我覺得我們處於與這些客戶建立雙贏關係的理想位置，我對此持積極態度，這在過去兩年中取得了進展，因為市場需要強大的客戶，需要強大的公司來服務。

Okay, great and then just one follow-up on Copaxone, perhaps I think Jon can chime in here.

好吧，太好了，然後只是關於 Copaxone 的後續行動，也許我認為 Jon 可以在這裡插話。

I know that you have seen since the launch, some improvement in terms of the managed care coverage for the 40-milligram formulation.

我知道自推出以來，您已經看到 40 毫克配方在管理式醫療覆蓋範圍方面有所改善。

Just curious in terms of an update in terms of where you are, and how you can see that playing out in the course of the year.

只是想知道你在哪裡的更新，以及你如何看待這一年的進展。

Do you see some further gains?

你看到一些進一步的收穫嗎？

Thank you.

謝謝你。

Yes, Doug, actually, I've got Larry Downey here who heads up our North American specialty business.

是的，道格，實際上，我有拉里·唐尼，他負責我們的北美專業業務。

I'll let him address that.

我會讓他解決這個問題。

We have made great progress early on with payers in terms of our access in managed markets, and we're now in our second round of discussions with those payers that have not put 40 on the formulary, and I think that's going to be a real key for us going forward in terms of our continued growth and conversion.

就我們進入託管市場而言，我們在早期與付款人取得了很大進展，現在我們正在與那些尚未將 40 列入處方集的付款人進行第二輪討論，我認為這將是一個真正的就我們的持續增長和轉變而言，我們前進的關鍵。

And if we're successful in these discussions I think the fact that a generic has not come on the market for the 20-milligram, that's going to put pressure on these payers to come to the 40-milligram, put it on their formularies.

如果我們在這些討論中取得成功，我認為市場上還沒有 20 毫克的仿製藥，這將對這些付款人施加壓力，使其達到 40 毫克，並將其列入他們的處方集。

And is it your experience that given the passage of time, that they are increasingly accepting that they are going to have to ultimately put this on?

根據你的經驗，隨著時間的推移，他們越來越接受他們最終將不得不穿上它嗎？

Yes, that's our position.

是的，這就是我們的立場。

Okay, great, thank you.

好的，太好了，謝謝。

Your next question comes from the line of Liav Abraham from Citigroup.

你的下一個問題來自花旗集團的 Liav Abraham。

Good morning.

早上好。

A couple of questions.

幾個問題。

Firstly, Erez, you mentioned a Copaxone conversion target, an updated target of 65%.

首先，Erez，你提到了 Copaxone 轉化目標，更新後的目標為 65%。

Can you provide some additional commentary on how you plan to get there?

您能否就您計劃如何實現目標提供一些額外的評論？

Currently you're around 50%.

目前你大約有 50%。

What mechanisms are in place to accelerate the switch outside of a hard switch?

有哪些機制可以加速硬開關之外的開關？

Is it data from the recent Citizen's Petition?

是最近的Citizen's Petition的數據嗎？

Is it reimbursement tactics?

是報銷戰術嗎？

If you can provide some additional color there.

如果你能在那裡提供一些額外的顏色。

The second question is on cost savings.

第二個問題是關於成本節約。

You indicated increased net cost savings.

您表示淨成本節省有所增加。

I was wondering whether you are still evaluating incremental gross cost savings over and above those that have already been identified.

我想知道您是否仍在評估已經確定的增量總成本節約。

The last time you addressed the Street, you mentioned that you're evaluating incremental rationalization of Teva's supply network, and the potential shutdown of manufacturing plants.

你上次在華爾街發表講話時提到你正在評估 Teva 供應網絡的漸進合理化，以及製造工廠的潛在關閉。

Where are you in this process and when can we expect an update?

您在這個過程中處於什麼位置，我們什麼時候可以期待更新？

And then thirdly, for Siggi, I'd be interested your thoughts on Teva's positioning in the biosimilar space?

第三，對於 Siggi，我想知道您對 Teva 在生物仿製藥領域的定位有何看法？

And your strategy for augmenting your presence there, particularly inorganically.

以及您在那裡增強存在感的策略，尤其是無機的。

Thanks very much.

非常感謝。

Hi, Liav.

嗨，利亞夫。

First on the gross cost savings, I will provide more insights before year-end.

首先關於總成本節省，我將在年底前提供更多見解。

We are still evaluating all of the operational aspects and dimensions, and then we will provide more insights by year-end.

我們仍在評估所有運營方面和維度，然後我們將在年底前提供更多見解。

On Copaxone with 1.2 to 1.6 conversion run rate today, we basically have been exercising all commercial efforts, looking at basically commercial opportunity, and at the same time, of course sharing with payers and physicians, all of the relevant insight from our GLACIER study.

對於今天轉化率為 1.2 至 1.6 的 Copaxone，我們基本上一直在進行所有商業努力，尋找基本的商業機會，同時當然與付款人和醫生分享我們 GLACIER 研究的所有相關見解。

So we believe that with all these elements, we will be able to hit the target by the 31st of December 2014, and we will also do everything in our power in order to deliver more than that.

所以我們相信，有了所有這些因素，我們將能夠在 2014 年 12 月 31 日之前實現目標，我們也將竭盡全力實現更多目標。

That's basically at this stage, that's the most realistic assumption, and it's based on all of these biomeasures.

這基本上是在這個階段，這是最現實的假設，它基於所有這些生物測量。

And Liav, maybe if I take the biosimilar question, I think overall, through the acquisitions Teva did in the past, we are participating in Wave 1. We have a Company knowledge of the biosimilar development, we have a team in Germany, we have a team in Israel that really knows this space quite well, but there has been limited focus.

Liav，如果我提出生物仿製藥的問題，我認為總體而言，通過 Teva 過去的收購，我們正在參與第一波。我們對生物仿製藥的發展有公司的了解，我們在德國有一個團隊，我們有以色列的一個團隊非常了解這個領域，但關注的焦點有限。

We don't have a large pipeline to any means, but we have products, obviously Wave 1 products we already have, Wave 2 we have been very selective what products we are developing, and then obviously we need to look at the third wave of biologic products that are out there.

我們沒有任何手段的大型管道，但我們有產品，顯然我們已經擁有第 1 波產品，第 2 波我們非常有選擇性地開發我們正在開發的產品，然後顯然我們需要看看第三波那裡的生物製品。

I think in terms of inorganic growth, we are open to all kinds of relationships.

我認為就無機增長而言，我們對各種關係持開放態度。

It could be a joint venture, it could be a co-development venture, it could be an acquisition.

它可以是合資企業，可以是共同開發企業，也可以是收購。

I think what Teva offers is a very strong scientific base, both based on the biosimilars and biologics knowledge we have in the similar space, but also in terms of the specialty development and all of the expertise that has been built within the Company around the Copaxone franchise and other things like that.

我認為 Teva 提供的是一個非常強大的科學基礎，既基於我們在類似領域的生物仿製藥和生物製劑知識，也基於專業發展和公司內部圍繞 Copaxone 建立的所有專業知識特許經營權和其他類似的東西。

So I think we want to invest wisely.

所以我認為我們要明智地投資。

This is something important to us, especially for the long term growth of the Company.

這對我們很重要，尤其是對公司的長期發展而言。

I have been quoted previously to say I wouldn't like to be a General Manager in the Year 2020 for any generic Company if there would be no biosimilars available in my pipeline, so we need to get this right.

之前曾有人引用我的話說，如果我的管道中沒有可用的生物仿製藥，我不想在 2020 年擔任任何仿製藥公司的總經理，所以我們需要把這件事做好。

We are working very diligently, but we are open to all kinds of business models to make this a reality.

我們正在非常努力地工作，但我們對各種商業模式持開放態度，以實現這一目標。

Thank you.

謝謝你。

Liav?

利亞夫？

The 1.2 to 1.6 conversion run rate that I mentioned before tends to basically our weekly run rate, so that's clear.

我之前提到的 1.2 到 1.6 的轉化運行率基本上是我們的每週運行率，所以很清楚。

Yes.

是的。

Okay.

好的。

Your next question comes from Sumant Kulkami from Merrill Lynch.

你的下一個問題來自美林證券的 Sumant Kulkami。

Thanks for taking my question.

感謝您提出我的問題。

The first one is a clarification on Copaxone.

第一個是對 Copaxone 的澄清。

The 65% switch rate target by year-end, is that the same for the exclusive Copaxone scenario and the generic Copaxone scenario?

到年底 65% 的轉換率目標，對於獨家 Copaxone 方案和通用 Copaxone 方案是否相同？

And we've seen a lot of talk on established product divisions being either divested or potentially divested by major pharma companies.

我們已經看到很多關於成熟產品部門被大型製藥公司剝離或可能剝離的討論。

Would that be something that Teva is interested, or is your scale, does your scale make that unnecessary?

那是 Teva 感興趣的東西，還是您的規模，您的規模是否使它變得不必要？

Basically the 65% conversion rate by year-end is applied on both analyses.

基本上年底前 65% 的轉化率適用於這兩種分析。

And maybe if I take the established product, I think, there's a selected opportunistic, we would, for example, overall, if it would be established products only in Europe or only in the US, I think that wouldn't appeal to us as much, because of our relative strength, but overall, I think this is not a bad business.

也許如果我採用成熟的產品，我認為，有一個選擇的機會主義，例如，總體而言，如果它僅在歐洲或僅在美國成為成熟產品，我認為這不會吸引我們，因為很多，因為我們的相對實力，但總的來說，我認為這是一個不錯的生意。

This is a slow, declining business.

這是一個緩慢的、衰退的行業。

We have to keep that in mind, so it needs to be managed in the right way.

我們必須牢記這一點，因此需要以正確的方式進行管理。

But it's the opportunity, especially in the branded generic market, where we have a sales force in place, this would be something we would look at for sure, but overall, in the non-branded generic market, it's not the most appealing thing to look at this point in time.

但這是機會，尤其是在品牌仿製藥市場，我們有銷售隊伍，這將是我們肯定會考慮的事情，但總的來說，在非品牌仿製藥市場，這不是最吸引人的事情看看這個時間點。

Thanks.

謝謝。

The next question comes from the line of Jami Rubin from Goldman Sachs.

下一個問題來自高盛的 Jami Rubin。

Thank you.

謝謝你。

First, I just want to say that I'm hoping that you, Erez, and the members of the management team and Teva employees are safe and your loved ones are safe, and hoping that the conflict ends quickly.

首先，我只想說，我希望你，Erez，以及管理團隊的成員和 Teva 的員工安全，你所愛的人安全，希望衝突盡快結束。

But Erez, just have a couple of questions for you.

但是埃雷茲，有幾個問題要問你。

On the issue of cost savings, and I know that you will provide more granularity on that later in the year, but you did say that you expect an additional $300 million net to the bottom line.

關於節省成本的問題，我知道你會在今年晚些時候提供更多細節，但你確實說過你希望淨利潤增加 3 億美元。

I think it was $500 million, now you expect 800 million.

我認為它是 5 億美元，現在你期望 8 億美元。

Can you just, where is that coming from?

你能不能，那是從哪裡來的？

Is that R&D expenses that you are going to cut now, or just give us a sense from where that's coming from?

您現在要削減的是研發費用，還是只是讓我們了解它的來源？

And just generally on the $2 billion cost cutting program, is that $2 billion being applied evenly across the organization?

就一般而言，在 20 億美元的成本削減計劃中，這 20 億美元是否在整個組織中平均應用？

Are you targeting lower growth areas, are you targeting lower performance employees?

您是否針對增長較低的領域，是否針對績效較低的員工？

Just generally speaking how are you going about this?

一般而言，您將如何處理？

And then secondly, on the issue of corporate governance, which is obviously of great concern to investors, we've seen some improvement, which is great, the Board size reduced from 15 to 13.

其次，在投資者顯然非常關心的公司治理問題上，我們看到了一些改善，這很好，董事會規模從 15 人減少到 13 人。

Just wondering what other corporate governance changes are being contemplated, and related to Dr. Frost's retirement from the Board by the end of the year, what candidates are you considering for his replacement?

只是想知道正在考慮進行哪些其他公司治理變革，以及與 Frost 博士年底前從董事會退休相關的問題，您正在考慮哪些人選來接替他？

Are you looking externally as well as internally?

你是在向外看還是向內看？

And just asking the question because press reports are saying that the current Vice Chairman, Amir Elstein has been selected for that role.

之所以問這個問題，是因為媒體報導說現任副主席 Amir Elstein 已被選中擔任該職務。

Thanks very much.

非常感謝。

Thanks, Jami, basically for your opening notes, and we appreciate it.

謝謝，Jami，基本上是你的開場白，我們很感激。

Just on governance, I'm not in a position to nominate the Chairman, it's the role of the Board, but maybe just after the General Assembly yesterday, there is a message that I would like to spell out, and although the Board prevailed in the proxy fight, the message the Board has received from shareholders is clear, which means that the Board is committed to continue and accelerate its efforts to address matters that are important to our shareholders and to improve corporate governance, and you'll see before the next General Assembly other measures that the Board will be accommodating.

就治理而言，我無法提名主席，這是董事會的角色，但也許就在昨天的大會之後，我想表達一個信息，儘管董事會在在代理權爭奪戰中，董事會從股東那裡收到的信息很明確，這意味著董事會致力於繼續並加快努力解決對我們股東重要的問題並改善公司治理，你會在下一屆大會董事會將採取的其他措施。

That's on governance.

那是關於治理。

On cost savings, a vast majority of cost savings portend to our generic business, a vast majority.

在成本節約上，絕大多數成本節約預示著我們的通用業務，絕大多數。

On the $300 million additional net savings, I mentioned this, but maybe to put it another way.

關於 3 億美元的額外淨節省，我提到了這一點，但也許換一種說法。

As it pertains to the strategic direction process that we have been entertaining, and it is clear to us that we shall put much more focus on less TAs, in a way that will enable us to generate a strategy that will differentiate Teva, on the one hand, and by the same time, will enable us to exhaust the capabilities we have in the generic space, in the specialty space, in the way that treats future TAs.

因為它與我們一直在娛樂的戰略方向過程有關，而且我們很清楚，我們將更多地關注較少的 TA，以一種使我們能夠制定使 Teva 與眾不同的戰略的方式，一方面手，同時，將使我們能夠以對待未來助教的方式用盡我們在通用領域、專業領域的能力。

And that process has enabled us to come to conclusions that we are able to leverage much better resources that are directed towards R&D, sales and marketing and there are a few other forms and that's the formal trigger for the additional $300 million net savings.

這個過程使我們得出結論，我們能夠利用更好的資源，這些資源用於研發、銷售和營銷，還有一些其他形式，這是額外 3 億美元淨節省的正式觸發因素。

Operator, next question?

接線員，下一個問題？

Your next question comes from Michael Faerm from Wells Fargo.

你的下一個問題來自富國銀行的 Michael Faerm。

Thanks for taking the question.

感謝您提出問題。

Could you provide any color on how you think about capital allocation broadly, and what I mean by that is, how you think about the relative place in your strategy of M&A, share repurchase, potential dividend increases, and so on?

您能否提供您對資本配置的廣泛看法的任何顏色，我的意思是，您如何看待併購、股票回購、潛在股息增加等戰略中的相對位置？

Thank you.

謝謝你。

Eyal will start.

埃亞爾將開始。

I'll then add a number of a few more insights.

然後，我將添加一些更多的見解。

Okay, Michael, thank you for the question.

好的，邁克爾，謝謝你的提問。

When we look at capital allocation, first of all the good news we are beginning to generate more cash, which we have, as you have seen recently, used to reduce our debt level, make room for additional borrowing, if need be.

當我們看資本配置時，首先是我們開始產生更多現金的好消息，正如您最近看到的那樣，我們已經將這些現金用於降低我們的債務水平，並在需要時為額外借款騰出空間。

We have solidified our dividend policy, we're looking at it.

我們已經鞏固了我們的股息政策，我們正在研究它。

Our Board is looking at a dividend policy.

我們的董事會正在研究股息政策。

Every quarter at the end of last year we increased dividend faster than the growth in net income, and in fact we have been doing this for the past few years, so we believe that Teva is currently has a solid dividend policy, which will continue to be evaluated, also at the second half of this year.

去年年底的每個季度，我們增加股息的速度都快於淨收入的增長，事實上我們過去幾年一直在這樣做，所以我們相信 Teva 目前有穩健的股息政策，將繼續評估，也是在今年下半年。

We have right now suspended our buyback program, the stock price has appreciated nicely.

我們現在暫停了我們的回購計劃，股價升值很好。

Erez talked in his opening comments about the role of M&A.

埃雷茲在開場白中談到了併購的作用。

We do believe that substantial value can be created in Business Development activities, whether this is by acquiring the next big blockbuster, or a footprint in markets, or expanding our generic business.

我們確實相信，無論是通過收購下一個重磅炸彈、在市場上佔據一席之地，還是通過擴展我們的通用業務，業務發展活動都可以創造巨大的價值。

So we'll probably look at these possibilities as well, together with the current dividend policy.

因此，我們可能還會考慮這些可能性，以及當前的股息政策。

And just to really maybe underscore the notion that pertains to M&A, we are basically actively assessing today relevant opportunities in all the dimension and forms that we have shared with you.

為了真正強調與併購相關的概念，我們今天基本上正在積極評估我們與您分享的所有維度和形式的相關機會。

On portfolio and pipeline assets, and again, the Labrys acquisition manifests a good technology, the way we look at potential, relevant, interesting attractive pipeline analysis for us.

在投資組合和管道資產方面，Labrys 的收購再次體現了一項很好的技術，即我們看待潛在的、相關的、有趣的有吸引力的管道分析的方式。

Technologies here also, there are a number of potential candidates that we have been assessing, microdoses that was conducted is another manifestation of the notion in the way it reinforces the strategic direction that I've started to outline with you.

這裡的技術，我們一直在評估許多潛在的候選人，進行的微劑量是這一概念的另一種體現，它加強了我已經開始與你概述的戰略方向。

We need to take the time in order to exhaust the discussion with you, but that's just the manifestation of the notion, how we are creating the full constellation between generic products, novel products, devices, services, with technologies that might be acquired.

我們需要花時間來完成與您的討論，但這只是概念的體現，我們如何在通用產品、新產品、設備、服務與可能獲得的技術之間創建完整的星座。

Microdose is an example and we have been looking actively on a number of other targets.

Microdose 就是一個例子，我們一直在積極尋找其他一些目標。

A geographic expansion basically, something that is a priority for us.

基本上是地理擴張，這是我們的首要任務。

There are measures of uncertainty, we should be careful, but we look at opportunities also.

有不確定性的措施，我們應該小心，但我們也看機會。

And we are, as we said it in the past, we might engage in a larger acquisition, as well.

正如我們過去所說，我們也可能會進行更大規模的收購。

Thank you.

謝謝你。

Your next question comes from the line of Randall Stanicky from RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Randall Stanicky。

I just have two follow-ups to that last comment.

對於最後一條評論，我只有兩個跟進。

Erez, would you be open to pipeline deals if they weren't necessarily immediately accretive?

埃雷茲，如果他們不一定會立即增值，你會對管道交易持開放態度嗎？

Because I know one of the hurdle rates you've thrown out there is that M&A that you would pursue would be accretive to non-GAAP earnings.

因為我知道你拋出的障礙率之一是你將進行的併購將增加非 GAAP 收益。

So is that an option for you?

那是你的選擇嗎？

And then I have one quick follow-up.

然後我有一個快速跟進。

Labrys, I think, addresses the question, the answer is yes.

我認為，Labrys 解決了這個問題，答案是肯定的。

And Labrys is a demonstration of it.

Labrys 就是一個示範。

Okay, good and then maybe for Eyal, as you look at acquisition targets, how can we think about the tax rate of some of those targets?

好的，然後也許對於 Eyal，當您查看收購目標時，我們如何考慮其中一些目標的稅率？

Most of your peers are now foreign companies, or domiciled overseas, with low tax footprints.

你的大多數同行現在都是外國公司，或者在海外註冊，稅收足跡很低。

As you pursue M&A and particularly large scale M&A, is there an opportunity for you to reduce the tax rate of some of those targets, based on either your Israel footprint or your broader tax structure?

當您進行併購，特別是大規模併購時，您是否有機會根據您在以色列的足跡或更廣泛的稅收結構降低其中一些目標的稅率？

Thanks.

謝謝。

First of all I think we got the question earlier, and I said that just to take care of tax rate in our effective tax rate right now, just under 20%, and our Israeli tax rate is between 9% to 10%, just for that, we would not pursue a transaction that is a motivation for many companies in our industry today.

首先，我想我們之前得到了這個問題，我說只是為了注意我們現在有效稅率的稅率，略低於 20%，而我們以色列的稅率在 9% 到 10% 之間，只是為了也就是說，我們不會追求對我們行業中的許多公司來說是一種激勵的交易。

This is not a motivation of Teva; however, as we did in the past, we will try to make any deal that we look at the most tax efficient as possible, in terms of where the assets are held, where the transaction is conducted.

這不是 Teva 的動機；然而，正如我們過去所做的那樣，我們將嘗試在資產持有地和交易進行地方面進行我們認為最節稅的任何交易。

But to be frank, the major driver is how we can create maximum value from a deal and not what is the tax structure of the deal.

但坦率地說，主要的驅動因素是我們如何從交易中創造最大價值，而不是交易的稅收結構是什麼。

Eyal, understood.

埃亞爾，明白了。

My question is more specific to if we're acquiring a US Company with a 30%-plus tax rate, do you have an opportunity to take that tax rate down based on your current structure over time?

我的問題更具體地說，如果我們要收購一家稅率超過 30% 的美國公司，您是否有機會根據您目前的結構隨著時間的推移降低該稅率？

In other words, is there an opportunity based on either your current footprint or tax planning strategies, that can make you more competitive on a relative basis?

換句話說，是否有機會基於您當前的足跡或稅務規劃策略，使您在相對基礎上更具競爭力？

Thanks.

謝謝。

Yes, the answer to that of course is yes, but it takes time and as you move the IP and the intellectual property assets, which is where most of the tax should be accumulated to a lower tax rate jurisdiction, and Teva has a number of them in our universe, including Israel, including Europe, and other places.

是的，答案當然是肯定的，但這需要時間，而且隨著您轉移 IP 和知識產權資產，大部分稅收應該累積到較低稅率的司法管轄區，Teva 有許多他們在我們的宇宙中，包括以色列，包括歐洲，以及其他地方。

But as usual these things take time, if you do it all once right on start, it usually drives a huge tax event, and it's so specific, deal by deal, Company by Company, that I can only read very high level in general.

但像往常一樣，這些事情需要時間，如果你一開始就做對了，它通常會引發一場巨大的稅收事件，而且它是如此具體，一個交易一個交易，一個公司一個公司，我一般只能閱讀非常高的水平。

But the answer is that generally yes, but it takes time.

但答案是一般是可以的，只是需要時間。

Understood, thank you.

明白了，謝謝。

Your next question comes from the line of David Buck from Buckingham Research.

你的下一個問題來自 Buckingham Research 的 David Buck。

Yes, thanks for the question.

是的，謝謝你的提問。

Three quick ones.

三個快速的。

First, for Siggi, can you talk a little bit, in about your brief tenure in the Teva generics business, talk a little bit about the role of pricing that you saw globally and in the US, and your view on sustainability of that?

首先，對於 Siggi，你能談談你在 Teva 仿製藥業務的短暫任期，談談你在全球和美國看到的定價的作用，以及你對可持續性的看法嗎？

Secondly, can you talk about whether there are any markets that you might look to exit, particularly in Western Europe, that's been obviously a strategy in your former company, as you look to improve profitability.

其次，你能談談是否有任何市場你可能希望退出，特別是在西歐，這顯然是你以前公司的一項戰略，因為你希望提高盈利能力。

And then finally for Erez, since about 64% of profitability is still coming from MS and other specialty, should we be expecting capital allocation for M&A to be more protecting that branded business, and why wouldn't we want to strengthen that branded footprint, particularly with Copaxone competition in Europe and other geographies, going forward?

最後對於 Erez，由於約 64% 的盈利能力仍來自 MS 和其他專業，我們是否應該期望併購的資本配置能夠更好地保護該品牌業務，為什麼我們不想加強該品牌足跡，特別是在歐洲和其他地區的 Copaxone 競爭中，未來會怎樣？

Thanks.

謝謝。

David, yes first of all on pricing, I think as I mentioned in my introduction, pricing is very important today maybe five, six, seven years ago, there was never a pricing crisis, especially in the US, in the industry, and I think the Company, due to the consolidation and due to the environment, Company take pricing actions whenever they can.

大衛，是的，首先是定價，我認為正如我在介紹中提到的那樣，定價在今天非常重要，也許五、六、七年前，從來沒有定價危機，尤其是在美國，在這個行業，我認為公司，由於整合和環境，公司會盡可能採取定價行動。

The same applies a little bit outside now.

現在外面也一樣。

We have taken the decision that in some of our markets, we look at the portfolio and we take a pricing decision, and see if we stay for this molecule or not.

我們已經做出決定，在我們的一些市場中，我們會查看產品組合併做出定價決定，看看我們是否會繼續使用這種分子。

So I think the size of Teva helps us, and this is very important part of the commercial execution going forward, to keep this in mind.

所以我認為 Teva 的規模對我們有幫助，這是未來商業執行的非常重要的部分，要記住這一點。

There has to be a balance in the whole thing, but we being the largest Company, being probably [14 post] of the overall generic business, this is a very important tool today to maximize the value of the business.

整個事情必須保持平衡，但我們是最大的公司，可能是整個通用業務的 [14 個職位]，這是當今實現業務價值最大化的非常重要的工具。

And on top of that obviously, we need to have the same service level, good quality, the right pipeline to be able to take these actions.

顯然，最重要的是，我們需要具有相同的服務水平、良好的質量和正確的管道才能採取這些行動。

But clearly, it's important and Teva is probably in better position than any other Company to explore this possibility.

但顯然，探索這種可能性很重要，Teva 可能比任何其他公司都處於更有利的位置。

The market exit, I think in my previous Company, I think that the reason was that exit was, the market was a weakness in the market.

市場退出，我認為在我以前的公司，我認為退出的原因是，市場是市場的弱點。

The Company wasn't big enough to operate profitably in the markets chosen.

公司規模不夠大，無法在所選市場中盈利。

On the other hand, for Teva, I think Teva is top three in all those markets that my previous company exited previously, so I see that now that my theory to be profitable and have a good business you have to be in top three in those markets is coming through, based on what I see within Teva.

另一方面，對於 Teva，我認為 Teva 在我之前的公司之前退出的所有市場中排名前三，所以我現在看到我的理論要盈利並擁有良好的業務，你必須在這些市場中排名前三根據我在 Teva 內部看到的情況，市場正在走向成熟。

So overall, western European markets are in strong position, we grow the markets for bottom line.

所以總體而言，西歐市場處於強勢地位，我們發展市場是為了底線。

It's difficult in many of these markets to grow the top line, but bottom line growth is our focus.

在許多這些市場中很難增加收入，但利潤增長是我們的重點。

I mentioned the tenders in Germany, huge impact on top line, but sometimes when you walk out of these you can grow the bottom line.

我提到了德國的招標，對收入產生巨大影響，但有時當你走出這些招標時，你可以增加利潤。

With regards to other markets, I mentioned previously we want to have key focus on markets.

關於其他市場，我之前提到過我們希望重點關注市場。

It doesn't mean that I will have an open-ended commitment to all of the markets around the world and we wouldn't consider moving away from a single market or two, but overall, there's no change in the strategy in Western Europe.

這並不意味著我將對全球所有市場做出無限制的承諾，我們也不會考慮離開一兩個單一市場，但總的來說，西歐的戰略沒有改變。

I think we have a very good business, and our strength, the size and scale in these markets helps us enormously to have a profitable business.

我認為我們的業務非常好，我們在這些市場的實力、規模和規模極大地幫助我們開展了有利可圖的業務。

And on my end, with the right opportunity, we might pursue a blended business or assets acquisition, that's one.

在我看來，如果有合適的機會，我們可能會進行混合業務或資產收購，僅此而已。

Number two, I think we need to work out the process with the Street in order to -- I would say, to unlock the value that we see in our pipeline today, and to get here recognition, which we deserve.

第二，我認為我們需要與華爾街一起制定流程，以便——我想說，釋放我們今天在管道中看到的價值，並獲得我們應得的認可。

Yes, we have shared a number of -- we still have a number of gaps where we want to basically to look for potential acquisitions, but we believe that the opportunities that we have already, and the value that is embedded in our specialty pipeline is something that shall be much better recognized.

是的，我們已經分享了一些——我們仍然有一些差距，我們基本上想尋找潛在的收購，但我們相信我們已經擁有的機會，以及我們專業管道中嵌入的價值是應該得到更好認可的東西。

And just in this respect, it's maybe the right context to I have shared with you today two TAs, so it's not of course the complete picture.

就這方面而言，這可能是我今天與你們分享的兩個 TA 的正確背景，所以這當然不是完整的畫面。

The complete picture will be shared with you early next year, when we will discuss the strategic direction going forward with you.

明年初我們會與大家分享全貌，屆時我們將與大家共同探討未來的戰略方向。

But you know just look at the 2 TAs that I've shared with you, and that's, I believe a good manifestation of the notion.

但是你知道只要看看我與你分享的 2 個助教，我相信這是這個概念的一個很好的體現。

And number three, in everything that we will be doing going forward, the foremost driver is to create and unlock value for our shareholders.

第三，在我們未來所做的一切中，最重要的驅動力是為我們的股東創造和釋放價值。

Michael?

邁克爾？

I'd just add, just to give you a flavor of the strength of the pipeline, in the first seven months of this year, we've had six approvals, five submissions, and the approvals have been for some very important products, including Copaxone of course, 40 milligrams three times a week.

我想補充一點，為了讓您了解管道的實力，在今年的前七個月中，我們獲得了六項批准，五項提交，並且批准了一些非常重要的產品，包括當然是 Copaxone，每週 3 次，每次 40 毫克。

But in Europe, the DuoResp/Spiromax that essentially was approved or received marketing authorization received in April.

但在歐洲，基本上獲得批准或獲得上市許可的 DuoResp/Spiromax 是在 4 月份收到的。

And then in terms of our submissions, again when you look at Albuterol, which is using the same technology now called Respiflex in the United States, where this is going to be very significant, NDA submitted in May, accepted for filing for treatment of asthma and exercise-induced bronchospasm.

然後就我們提交的文件而言，當你再次查看沙丁胺醇時，它使用的是相同的技術，現在在美國稱為 Respiflex，這將非常重要，NDA 於 5 月提交，用於治療哮喘的申請被接受和運動引起的支氣管痙攣。

So tremendous strength in both the CNS and respiratory franchises, in the way that Erez has outlined.

正如 Erez 概述的那樣，在中樞神經系統和呼吸系統方面都有如此巨大的優勢。

And then of course some of the really exciting data in terms of clinical results, our ER Hydrocodone Phase III results looks very good, we're on track to file this year, this will be first demonstration of our abuse deterrents in terms of Hydrocodone and there will be many more products to follow using this technology.

當然還有一些關於臨床結果的真正令人興奮的數據，我們的 ER 氫可酮 III 期結果看起來非常好，我們有望在今年提交申請，這將是我們在氫可酮和將會有更多的產品使用這項技術。

Your next question comes from David Risinger from Morgan Stanley.

你的下一個問題來自摩根士丹利的 David Risinger。

Yes, thanks very much.

是的，非常感謝。

Well first of all, I wanted to just thank you for the detailed slides and more perspectives on your longer term vision.

首先，我只想感謝您提供詳細的幻燈片和對您的長期願景的更多觀點。

I have a number of questions.

我有很多問題。

I wanted to start with cost cutting, so with respect to the cost cutting, the $2 billion gross remains unchanged, the net cost cutting has been stepped up from $500 million to $800 million on more efficient reinvestment.

我想從削減成本開始，所以關於削減成本，20 億美元的毛額保持不變，淨成本削減從 5 億美元增加到 8 億美元，以提高再投資效率。

But I'm just curious that given that the cost cutting guidance is through 2017, whether those cost cutting plans already reflect cost cuts associated with potential competition to ProAir, Nuvigil, and Treanda going generic, or whether those cost cuts would be on top of the $800 million.

但我很好奇，考慮到成本削減指導將持續到 2017 年，這些成本削減計劃是否已經反映出與 ProAir、Nuvigil 和 Treanda 的仿製藥潛在競爭相關的成本削減，或者這些成本削減是否會超過8億美元。

The second question is with respect to the $210 million reduction in Copaxone in the quarter, I was hoping that you could characterize that a little bit further.

第二個問題是關於本季度 Copaxone 減少 2.1 億美元的問題，我希望你能進一步說明這一點。

It says on the slide, channel inventory and launch quantities.

它在幻燈片上說，渠道庫存和啟動數量。

I didn't understand the launch quantities.

我不明白髮射數量。

Also, there was no generic in May, and so I would have thought that the wholesalers would have restocked in June, but obviously that didn't happen.

另外，5 月份沒有仿製藥，所以我原以為批發商會在 6 月份補貨，但顯然沒有發生。

So should we expect the $210 million number to basically come into the third quarter instead?

那麼我們是否應該期望 2.1 億美元的數字基本上進入第三季度？

Assuming that there are no generics in the third quarter.

假設第三季度沒有仿製藥。

And then finally, have you filed with the FDA to stop manufacturing of the once-daily Copaxone, and if not, when you do later this year, should we just assume that standard six-month clock?

最後，你是否已向 FDA 申請停止生產每日一次的 Copaxone，如果沒有，當你今年晚些時候這樣做時，我們是否應該假設標準的六個月時鐘？

Thank you.

謝謝你。

David, this is Eyal.

大衛，這是埃亞爾。

Let me try to take the first two.

讓我嘗試採取前兩個。

First of all on cost cutting, Erez explained before, and I'll try to reiterate.

首先是關於削減成本，埃雷茲之前解釋過，我會試著重申一下。

Our plans for the gross cost cutting cost reduction right now remains unchanged until 2017, which is about $2 billion.

我們目前的總成本削減計劃在 2017 年之前保持不變，約為 20 億美元。

This is happening mostly in our manufacturing network, in procurement, but also in increasing efficiency throughout our activities in G&A, and sales and marketing, and also to a lesser extent, more efficiency in R&D.

這主要發生在我們的製造網絡、採購中，但也發生在提高我們在 G&A、銷售和營銷活動中的效率，以及在較小程度上提高研發效率。

So that's where the plan is coming from.

這就是計劃的來源。

When we look at our long range plan and what are the resources that we will need to grow the business, we're taking another look, and we now believe that we will need to reinvest less, meaning if we plan to reinvest $1.5 billion of debt before, I'm looking now at $1.2 billion of reinvestment in R&D and sales and marketing, in order to continue and leverage capabilities and grow the business.

當我們審視我們的長期計劃以及發展業務所需的資源時，我們正在重新審視，我們現在相信我們需要減少再投資，這意味著如果我們計劃再投資 15 億美元債務之前，我現在正在尋找 12 億美元的研發、銷售和營銷再投資，以繼續和利用能力並發展業務。

This has nothing to do with the loss of exclusivities that are coming mostly end of 2015, 2016 and 2017, which you mentioned are other plans of course, to try to minimize the impact of LOEs versus the legal side, and the science side.

這與主要在 2015 年、2016 年和 2017 年底即將到來的排他性喪失無關，你提到的當然是其他計劃，試圖盡量減少 LOE 對法律方面和科學方面的影響。

But this is unrelated to our cost reduction plan, which is in place, and we are executing.

但這與我們的成本削減計劃無關，該計劃已經到位，我們正在執行。

The net impact, which was mentioned, relates to how we see our plan going forward.

提到的淨影響與我們如何看待未來的計劃有關。

Regarding Copaxone and the inventory in the channel.

關於 Copaxone 和渠道中的庫存。

So the slide that I showed is just comparing Q1 and Q2, in order to try to understand this year, in order to try to understand the run rate.

所以我展示的幻燈片只是比較 Q1 和 Q2，以便嘗試了解今年的運行率。

So what you see in that slide, the first thing is that there was an increase in demand, and basically, which was resulted in an increase of close to $60 million, and you can see this also on the slide that preceded it, with the growth in TRxs that was translated into demand increase for the product.

所以你在這張幻燈片上看到的，首先是需求增加，基本上，這導致了近 6000 萬美元的增加，你也可以在它之前的幻燈片上看到這一點，隨著TRx 的增長轉化為產品需求的增長。

For the entire family of products, both 20 and 40.

對於整個產品系列，20 和 40。

Now in anticipation to a generic introduction in May, we've seen the 20-milligram channel inventory reduce, people continue to sell out of inventory, and then buy from the Company, in order to fill those vacancies, not knowing when generic is going to come.

現在期待 5 月份仿製藥的推出，我們看到 20 毫克渠道庫存減少，人們繼續賣完庫存，然後從公司購買，以填補那些空缺，不知道仿製藥什麼時候去來。

The result is that today, our wholesalers are operating on very low level of inventory in terms of days, lower than what we have traditionally seen, and we will see next quarter what is the dynamic of inventory going to look like, again, depending on how they see the expectation for the generic launch.

結果是，今天我們的批發商的庫存天數非常低，低於我們傳統上看到的水平，我們將在下個季度看到庫存動態如何，再次取決於他們如何看待對通用發布的期望。

But it was a big impact resulting from that, as people, so to speak, did not want to get stuck with inventory, if there is a generic in the market.

但這是由此產生的巨大影響，因為可以說，如果市場上有仿製藥，人們不想陷入庫存困境。

When we compare to Q1, we also had in Q1 which naturally was a quarter of launch of the 40-milligram, so people build up inventory, a reasonable level which are going to stay, so we believe that the inventory level in Q3 are going to normalize, going back to the same days inventory level that we've seen in the past.

當我們與第一季度進行比較時，我們在第一季度也有，自然是 40 毫克的四分之一，所以人們建立了庫存，一個合理的水平將保持不變，所以我們相信第三季度的庫存水平將會正常化，回到我們過去看到的同一天的庫存水平。

It might take another quarter because of the uncertainties in the market and the switch rates between 20-40.

由於市場的不確定性和 20-40 之間的轉換率，可能還需要一個季度。

All this is having an impact on the moving parts.

所有這些都對運動部件產生影響。

I really hope that this explains, but by and large, if I look at the big piece, yes in terms of inventory level, when we compare the Q1 and Q2, there's a $200 million switch that had an impact, a direct impact on sales.

我真的希望這能解釋，但總的來說，如果我看大塊，是的，就庫存水平而言，當我們比較第一季度和第二季度時，有一個 2 億美元的轉換產生了影響，直接影響了銷售.

This -- most of it is one-time, so we expect to see higher sales in the next quarter.

這——大部分是一次性的，所以我們預計下一季度的銷售額會更高。

Thank you.

謝謝你。

And the third one, our assumption is that pulling off 20-milligram is subject to six months notice, and we have not yet filed with the FDA to stop the 20-milligram manufacturing.

第三個，我們的假設是生產 20 毫克需要六個月的通知，我們還沒有向 FDA 申請停止生產 20 毫克。

Your next question comes from Elliott Wilbur from Needham & Company.

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

Thanks, good morning, just a quick question for Siggi, and I apologize if this has been asked already, but on the recent approval of Enoxaparin, can you just give a sense of when you'll be in a position to launch that product, and whether or not you think it will be a meaningful contributor for Teva's generic business?

謝謝，早上好，我只是想問 Siggi 一個簡短的問題，如果已經有人問過這個問題，我深表歉意，但是根據最近批准的依諾肝素，您能否大致了解一下何時可以推出該產品，您是否認為它會對 Teva 的仿製藥業務做出有意義的貢獻？

Obviously the innovator has done a very good job of retaining share in the institutional marketplace and I'm wondering if you think there's an opportunity to crack that, or you're going to be more focused on retail, just what you think the potential benefit can be.

顯然，創新者在保持機構市場份額方面做得非常好，我想知道您是否認為有機會打破這一局面，或者您將更加專注於零售，這正是您認為潛在的好處可。

And then just going back to another question on the switch dynamics between the 20 and 40-milligram Copaxone formulation, given the relatively high refill rate.

然後回到另一個關於 20 和 40 毫克 Copaxone 配方之間轉換動力學的問題，考慮到相對較高的再填充率。

I'm assuming at this point most patients have already cycled through, and if they were on the 20 have been prescribed 20 again.

我假設此時大多數患者已經循環通過，如果他們在 20 上，則再次開出 20。

I'm just wondering if it's possible, or if you've been able to obtain granularity on why that may in fact be occurring, is it just physicians just not writing it for whatever reason, or is it more tied to formulary restriction?

我只是想知道這是否可能，或者您是否已經能夠詳細了解為什麼實際上會發生這種情況，只是醫生出於某種原因不寫它，還是更依賴於處方限制？

thanks.

謝謝。

Okay, I think first of all, it's on Enoxaparin, it's still an opportunity.

好的，我認為首先，它在依諾肝素上，它仍然是一個機會。

This was a hard nut to crack for the FDA, and for Teva to get approval on this product.

對於 FDA 和 Teva 來說，這是一個難以破解的難題，該產品要獲得批准。

It's been a long time coming.

好久不見了。

We are excited about this.

我們對此感到興奮。

We are currently building up enough inventory to launch the product.

我們目前正在建立足夠的庫存來推出該產品。

We expect to launch it in the second half, so it will have some effect.

我們預計下半年推出，所以會有一些效果。

I think not material to the results, but we feel good about it.

我認為對結果並不重要，但我們對此感覺良好。

I think we will not limit ourselves to the institutional or retail.

我認為我們不會將自己局限於機構或散戶。

We will take the opportunity as they come.

我們會抓住機會。

We are a strong supplier to the market and we feel good that we can get our fair market share for this product.

我們是市場上的強大供應商，我們很高興能夠為該產品獲得公平的市場份額。

The prices are clearly lower than they were two years ago, when Teva originally wanted to launch the product, but still, this is a very valuable product that, in fact, there's only three/four players in the market, and we feel we have a good chance to take a fair market share.

價格明顯低於兩年前，當時 Teva 最初想推出該產品，但仍然是一個非常有價值的產品，實際上市場上只有三/四個玩家，我們覺得我們有獲得公平市場份額的好機會。

But overall it will not impact the overall results of fourth quarter or third quarter.

但總體而言，不會影響四季度或三季度的整體業績。

Jon?

喬恩？

Yes, Elliott to your question, if I understood it right, your question is for patients who are on the 20-milligram and still on the 20, why is that, is it access, is it preference?

是的，Elliott 回答你的問題，如果我理解正確的話，你的問題是針對服用 20 毫克且仍在服用 20 毫克的患者，這是為什麼，它是可及性，它是偏好嗎？

And it's really a little bit of both.

兩者兼而有之。

We've seen great response to the 40-milligram, as I mentioned before, so the refill rate on that is exceptionally high, very pleased with that.

正如我之前提到的，我們已經看到對 40 毫克的反應非常好，因此補充率非常高，對此非常滿意。

Patients are enjoying the reduction of the injection site reactions.

患者正在享受注射部位反應的減少。

Some of this is market cycling.

其中一些是市場循環。

We know some patients are a little bit slower to adopt.

我們知道有些患者的接受速度有點慢。

There's a real attachment to the Copaxone daily, in that patients want to eventually get comfortable with that.

每天對 Copaxone 有一種真正的依戀，因為患者希望最終能夠適應它。

They talk to their physicians, they talk to other patients that have made that change.

他們與他們的醫生交談，與其他做出這種改變的患者交談。

And there is some access element to this as well, as Larry Downey had spoke to, we are continuing to dialogue with payers, and because of the dynamics going on in the marketplace and the uncertainty around a follow-on Copaxone, we're going to continue to work.

正如拉里·唐尼所說，這也有一些准入因素，我們正在繼續與付款人對話，並且由於市場上的動態以及後續 Copaxone 的不確定性，我們將繼續工作。

And believe that we can create some additional access, so those patients who may have been blocked to the 40 will have access to it.

並且相信我們可以創建一些額外的訪問權限，因此那些可能被阻止訪問 40 的患者將可以訪問它。

Okay, I'd like to thank you all for attending our conference call today and I look forward to touching base with you.

好的，我要感謝大家今天參加我們的電話會議，我期待著與您接觸。

Thank you, bye-bye.

謝謝，再見。

Ladies and gentlemen, that does conclude today's conference.

女士們，先生們，今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now all disconnect.

您現在可能會全部斷開連接。

For those wishing to review this conference, the replay facility can be accessed by dialing within the UK on 0845-245-5205 or alternatively on country code 00-44-1452-5500-00.

對於那些希望回顧這次會議的人，可以通過在英國境內撥打 0845-245-5205 或國家代碼 00-44-1452-5500-00 來訪問重播設施。

The reservation number is 65239352.

預約號為65239352。