Teva Pharmaceutical Industries Ltd (TEVA) 2014 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Teva reports third-quarter 2014 results conference call.

女士們，先生們，感謝你們的支持，歡迎來到 Teva 報告 2014 年第三季度業績電話會議。

(Operator Instructions)

（操作員說明）

I must advise you the conference is being recorded today on Thursday, the 30th of October 2014.

我必須告訴你，今天是 2014 年 10 月 30 日，星期四，會議正在錄製。

I would now like to hand the conference over to your speaker today, Mr. Kevin Mannix, Vice President, Head of Global Investor Relations.

我現在想把會議交給您今天的發言人，副總裁兼全球投資者關係主管凱文·曼尼克斯先生。

Please go ahead.

請繼續。

Thank you, Tracy.

謝謝你，特蕾西。

Good morning and good afternoon, everyone.

大家早上好，下午好。

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

感謝您加入我們討論 Teva 2014 年第三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; Siggi Olafsson, President and CEO of Global Generics Medicines Group; Dr. Rob Koremans, President and CEO, Global Specialty Medicines; Dr Michael Hayden, President of Global R&D and Chief Scientific Officer; Carlo de Notaristefani, President and CEO, Global Operations; David Stark, Senior VP and General Counsel, Global Specialty Medicines; and Mike Derkacz, Vice President and General Manager of 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；全球仿製藥集團總裁兼首席執行官 Siggi Olafsson； Global Specialty Medicines 總裁兼首席執行官 Rob Koremans 博士；全球研發總裁兼首席科學官 Michael Hayden 博士； Carlo de Notaristefani，全球運營總裁兼首席執行官；全球特種藥物高級副總裁兼總法律顧問 David Stark； CNS 副總裁兼總經理 Mike Derkacz。

Erez will start by discussing highlights of the quarter as well as perspectives on the business and outlook.

Erez 將首先討論本季度的亮點以及對業務和前景的看法。

Eyal will then provide additional details on our financial results.

然後，Eyal 將提供有關我們財務結果的更多詳細信息。

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

然後，我們將開始電話問答環節，一直持續到東部時間上午 9 點左右。

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 在 20-F 表和 6-K 表的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, legal settlements, reserves and impairment, and related tax effects.

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、法律和解、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，如果你願意的話。

Thank you, Kevin.

謝謝你，凱文。

Good morning and good afternoon.

早上好，下午好。

I'm delighted to open the call today and to share with you the main highlights of the quarter and also the progress we have been making in all the components of our 2014 Must Wins.

我很高興今天開始電話會議，並與您分享本季度的主要亮點，以及我們在 2014 年必勝項目的所有組成部分中取得的進展。

Q3 was a solid quarter for Teva.

第三季度對 Teva 來說是一個穩定的季度。

Significant improvement in all profit margins.

所有利潤率都有顯著改善。

Generic profitability improved substantially.

通用盈利能力大幅提高。

A vast cash flow from operation and free cash flow.

來自運營和自由現金流的大量現金流。

Copaxone 40 milligram switch on track for year-end goal of 65%.

Copaxone 40 毫克有望實現 65% 的年終目標。

Strong focus on our pipeline.

高度關注我們的管道。

Therapeutic area decision.

治療區域決定。

Solid uptake of certain important recent launches.

對最近發布的某些重要產品的深入了解。

Good progress in clinical trials.

臨床試驗進展良好。

On track to deliver $650 million in net cost savings in 2014.

有望在 2014 年實現 6.5 億美元的淨成本節約。

Resume and increase share repurchase program.

恢復並增加股票回購計劃。

$3 billion in total available funds.

可用資金總額為 30 億美元。

Net revenues were flat quarter over quarter, plus 2% in local currencies.

淨收入環比持平，按當地貨幣計算增長 2%。

Operating income increased by 13% to $1.5 billion, a 29.7% operating margin.

營業收入增長 13% 至 15 億美元，營業利潤率為 29.7%。

Net income increased by 6% on the back of higher effective tax rate to $1.134 billion with 22.4% margin.

由於有效稅率提高，淨收入增長 6% 至 11.34 億美元，利潤率為 22.4%。

EPS increased by 4% to $1.32.

每股收益增長 4% 至 1.32 美元。

We generated $1.4 billion of cash flow from operating activities and $924 million of free cash flow.

我們從經營活動中產生了 14 億美元的現金流和 9.24 億美元的自由現金流。

Year to date, net revenues are up by 1%.

今年迄今為止，淨收入增長了 1%。

Operating income increased by 10%.

營業收入增長 10%。

Net income increased by 6% to $3.226 billion.

淨收入增長 6% 至 32.26 億美元。

Cash flow from operations increased by 39% to $3.375 billion.

來自運營的現金流增長了 39%，達到 33.75 億美元。

And we have almost got free cash flow to $1.9 billion.

我們的自由現金流幾乎達到 19 億美元。

We solidified the foundation of Teva, streamlining the organization, creating a sound, stronger, more equipped competitive base for the near future.

我們鞏固了 Teva 的基礎，精簡了組織，為不久的將來創造了一個健全、更強大、更有競爭力的基礎。

We'll share with you today tangible outcomes through the five main pillars I specified shortly after taking charge.

今天，我們將通過我上任後不久指定的五個主要支柱與您分享具體成果。

Cementing our global leadership in generics, while improving profitability and driving organic growth.

鞏固我們在仿製藥領域的全球領先地位，同時提高盈利能力並推動有機增長。

Fully executing our cost reduction program.

全面執行我們的成本削減計劃。

Significantly improving our operational network to drive efficiency and optimize capacity.

顯著改善我們的運營網絡，以提高效率和優化容量。

Strong focus on cash and cash flow generation.

高度重視現金和現金流的產生。

Quality as a competitive advantage.

質量作為競爭優勢。

We are on track to fully execute on our cost reduction program.

我們有望全面執行我們的成本削減計劃。

In 2013, which was the first year of the program, we generated $430 million of cost savings with $940 million of reinvestments.

2013 年是該計劃的第一年，我們通過 9.4 億美元的再投資節省了 4.3 億美元的成本。

Net cost savings were negative $510 million.

淨成本節省為負 5.1 億美元。

In 2014, we will generate $930 million of gross savings, offset by $280 million of reinvestment, generating $650 million of net savings.

2014 年，我們將產生 9.3 億美元的總儲蓄，被 2.8 億美元的再投資抵消，產生 6.5 億美元的淨儲蓄。

In 2014 COGS has generated $450 million of cost savings, with $250 million of reinvestments.

2014 年，COGS 節省了 4.5 億美元的成本，並進行了 2.5 億美元的再投資。

R&D generating $1 million of cost savings, with $70 million of reinvestments.

研發節省了 100 萬美元的成本，並進行了 7000 萬美元的再投資。

And SG&A generating $380 million of cost savings, with $60 million of reinvestments.

SG&A 產生了 3.8 億美元的成本節約，以及 6000 萬美元的再投資。

We are on track to deliver the $800 million of net savings until the end of 2017.

我們有望在 2017 年底之前實現 8 億美元的淨節省。

It implies that from the beginning of 2014 until the end of 2017, Teva will extract $1.3 billion of net savings.

這意味著從 2014 年初到 2017 年底，Teva 將提取 13 億美元的淨儲蓄。

We continue to transform our operational network.

我們繼續改造我們的運營網絡。

Optimizing network footprint continues as planned with six plants closed or divested.

優化網絡足跡繼續按計劃關閉或剝離六家工廠。

Already nine plants are in process of being closed or divested, and we made progress on the review of additional five sites restructuring starts in 2015.

已有九家工廠正在關閉或剝離，我們在審查 2015 年開始的另外五個工廠重組方面取得了進展。

10 plants are included already in our operational excellence program, yielding significantly higher efficiency and reduced cost and CapEx.

10 家工廠已包含在我們的卓越運營計劃中，顯著提高了效率並降低了成本和資本支出。

The strong focus on procurement and supply chain optimization has been yielding the cost savings we have indicated before.

對採購和供應鏈優化的強烈關注已經產生了我們之前指出的成本節約。

On product portfolio consolidation, we have released 3 billion oral solid dosage capacity to date, and will continue to drive up this number going forward.

在產品組合整合方面，我們迄今已釋放 30 億口服固體製劑產能，並將繼續推動這一數字向前發展。

We make good progress with our product robustness plan and we are on track on our inventory reduction target, from $5.2 billion of inventory by the end of Q3 2013 to $4.6 billion 12 months later.

我們在產品穩健性計劃方面取得了良好進展，我們正朝著減少庫存的目標邁進，從 2013 年第三季度末的 52 億美元庫存減少到 12 個月後的 46 億美元。

Together with capital expenditures containment and improved margins, we are able to see a clear improvement trend of our cash flow from operations, yellow line, and free cash flow which is denoted by the green line.

加上資本支出的控制和利潤率的提高，我們能夠看到我們的運營現金流、黃線和綠線表示的自由現金流有明顯的改善趨勢。

Our strong focus on quality has yielded significant achievements in 2014 year to date.

我們對質量的強烈關注在 2014 年迄今取得了重大成就。

35 regulatory agencies conducted 76 inspections in 52 Teva sites with no critical observations.

35 個監管機構在 52 個 Teva 工廠進行了 76 次檢查，沒有發現任何關鍵意見。

Zero sites to repeat regulatory inspection observations.

零站點重複監管檢查意見。

71%, 10 out of 14 of FDA inspections, concluded without any observations.

71%，14 次 FDA 檢查中有 10 次在沒有任何觀察結果的情況下結束。

Substantial 25% reduction in recalls year over year, but we continue to focus on this area to further reduce the level.

召回數量同比大幅減少 25%，但我們繼續關注這一領域以進一步降低水平。

We will be further solidifying quality as a core competitive competency of Teva.

我們將進一步鞏固質量作為 Teva 的核心競爭力。

I ask now Siggi Olafsson to share with you how we have been cementing our global leadership in generics.

我現在請 Siggi Olafsson 與您分享我們如何鞏固我們在仿製藥領域的全球領導地位。

Thank you, Erez, and good morning, everyone.

謝謝 Erez，大家早上好。

It was a very busy quarter for Global Generics.

對於 Global Generics 來說，這是一個非常繁忙的季度。

First we initiated a review of all the markets we are operating in today to prioritize them where we want to play going forward, and how we want to play in different markets.

首先，我們對我們今天經營的所有市場進行了審查，以確定我們希望在哪些市場上發揮作用以及我們希望在不同市場中發揮作用的優先順序。

What are the key therapeutic areas and dosage forms we want to offer, and how we can differentiate from our competition.

我們希望提供哪些關鍵治療領域和劑型，以及我們如何從競爭中脫穎而出。

We also continued ongoing effort on efficiency.

我們還繼續努力提高效率。

As I've mentioned before, Teva Generic's focus is on the bottom line and the growth of the bottom line.

正如我之前提到的，Teva Generic 的重點是底線和底線的增長。

We can improve the operating profit in three different ways: COGS, where it is already in progress through our savings program; efficiency in sales and marketing; and last but not least, the product mix, which includes new product launches.

我們可以通過三種不同的方式提高營業利潤：銷貨成本，通過我們的儲蓄計劃已經在進行中；銷售和營銷效率；最後但同樣重要的是產品組合，其中包括新產品發布。

We saw a significant improvement in third quarter, and we have a very aggressive target to improve further the profitability of the generic business over the next three years.

我們在第三季度看到了顯著改善，我們有一個非常積極的目標，即在未來三年內進一步提高仿製藥業務的盈利能力。

Global Generic Medicines has worked closely with R&D to direct the Generic R&D effort to match the strategy of the business.

Global Generic Medicines 與研發部門密切合作，指導仿製藥研發工作與業務戰略相匹配。

The Generic organization was established in the quarter and key positions filled.

Generic 組織在本季度成立，並填補了關鍵職位。

The goal is simple: to regain focus on Generic with global operating model.

目標很簡單：通過全球運營模式重新關注仿製藥。

Two key areas, global portfolio and commercial excellence.

兩個關鍵領域，全球投資組合和商業卓越。

Global portfolio focus is to align the product selection with the strategic objectives.

全球投資組合的重點是使產品選擇與戰略目標保持一致。

And the commercial excellence is centering on the current business opportunities and efficiency.

而商業卓越是以當前的商業機會和效率為中心的。

Our growth markets, which are the markets other than North America and Europe, are going through an in-depth strategy exercise to define its core markets, short- and long-term goals, and steps needed to reach them.

我們的增長市場，即北美和歐洲以外的市場，正在通過深入的戰略練習來定義其核心市場、短期和長期目標以及實現這些目標所需的步驟。

This was a very strong quarter for the Generic business.

對於仿製藥業務而言，這是一個非常強勁的季度。

Operating profit before G&A was up 40% year on year, and there was a strong profitability in most of our countries.

G&A 前的營業利潤同比增長 40%，我們大多數國家的盈利能力都很強。

Sales and profit was negatively impacted with the FX changes, especially from Russia.

銷售額和利潤受到匯率變化的負面影響，尤其是來自俄羅斯的變化。

But also to highlight that the efficiency targets were delivered, especially in Europe, where the profitability of the European Generic business is significantly better than a year ago.

但也要強調效率目標已經實現，尤其是在歐洲，歐洲仿製藥業務的盈利能力明顯好於一年前。

Our new launches are on track both in the US and the rest of the world.

我們的新產品在美國和世界其他地區都按計劃推出。

In US, we have launched 14 products year to date, including 4 relaunches of injectables.

在美國，我們今年迄今已推出 14 款產品，其中包括 4 款重新推出的注射劑。

That's a very important milestone for us.

這對我們來說是一個非常重要的里程碑。

We are bringing more injectables and other hospital products to the market and see a significant growth in that part of the business in 2015 and onward.

我們正在將更多注射劑和其他醫院產品推向市場，並在 2015 年及以後看到這部分業務的顯著增長。

But we have a very busy fourth quarter.

但是我們有一個非常繁忙的第四季度。

We still have seven US launches and multiple international launches before the end of the year.

到今年年底，我們還有七次美國發射和多次國際發射。

We submitted Generic Byetta to the FDA recently.

我們最近向 FDA 提交了 Generic Byetta。

That submission is a great example of the capabilities of Teva in developing complex generic product, including both peptide and device.

該提交是 Teva 在開發複雜的通用產品（包括肽和設備）方面能力的一個很好的例子。

This was an integrated development effort across all functions of R&D, both specialty and generics.

這是一項跨越所有研發職能的綜合開發工作，包括專科和仿製藥。

It's been an exciting four months since I joined Teva.

自從我加入 Teva 以來，這是令人興奮的四個月。

Multiple opportunities have been identified and more opportunities will come from integrating our business further.

已經確定了多個機會，更多機會將來自進一步整合我們的業務。

There is a close working relationship between the generic business and the specialty business.

通用業務和專業業務之間存在密切的工作關係。

Local country organizations are responsible for both specialty and generic sales.

當地國家組織負責專業和通用銷售。

And respiratory is just one example where we work closely together on the global strategy.

呼吸只是我們在全球戰略上密切合作的一個例子。

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.

謝謝西吉。

Copaxone 40 milligram has gained already 10% market share in the MS space, and it accounts for 57.4% of the entire family based on mostly [CTIMS] data updated to October 2014.

Copaxone 40 毫克在 MS 領域已經獲得了 10% 的市場份額，根據更新至 2014 年 10 月的主要 [CTIMS] 數據，它佔整個家族的 57.4%。

Copaxone 40 milligram was launched also in Argentina and Israel, approved in Chile, pending in Russia, Brazil, and EMEA.

Copaxone 40 毫克也在阿根廷和以色列上市，在智利獲得批准，在俄羅斯、巴西和 EMEA 等待批准。

We thought it is also important to share with you relevant TRx data that demonstrates the durability of the Copaxone versus the other competition.

我們認為與您分享相關的 TRx 數據也很重要，這些數據證明了 Copaxone 與其他競爭產品的耐用性。

Copaxone total Rx in the quarter pre-Tecfidera launch was 172,000 scripts.

Copaxone 在 Tecfidera 發布前的季度總 Rx 為 172,000 個腳本。

Copaxone total Rx in Q3 2014 was 171,780 scripts.

Copaxone 2014 年第三季度的總 Rx 為 171,780 個腳本。

Copaxone total Rx in the three quarters following Tecfidera launch was 496,133 scripts.

在 Tecfidera 推出後的三個季度中，Copaxone 的 Rx 總數為 496,133 個腳本。

Copaxone total Rx in the three quarters following 40 milligram launch was 187,227 scripts.

Copaxone 在 40 毫克發布後的三個季度中總 Rx 為 187,227 個腳本。

As you know, we appealed to the US Supreme Court in our Copaxone patent litigation.

如您所知，我們在 Copaxone 專利訴訟中向美國最高法院提出上訴。

Arguments were heard on October 15.

辯論於 10 月 15 日舉行。

We raised a strong argument, which basically focused on the total standard of review to be applied in patent claim construction.

我們提出了一個強有力的論點，主要集中在專利權利要求構建中適用的總審查標準。

While it is not possible to predict how the Supreme Court will decide things, we are optimistic that the Supreme Court will rule in our favor and overturn the decision of the Federal Circuit.

雖然無法預測最高法院將如何裁決，但我們樂觀地認為最高法院將作出對我們有利的裁決並推翻聯邦巡迴法院的裁決。

If the Supreme Court rules in our favor, it will probably send the case back to the Federal Circuit to decide it again based on correct standards.

如果最高法院做出對我們有利的裁決，它可能會將案件發回聯邦巡迴法院，根據正確的標準再次作出裁決。

There is no set time for the Supreme Court decision, but we generally expect it to come late this year or Q1.

最高法院的決定沒有固定時間，但我們通常預計它會在今年晚些時候或第一季度到來。

FDA decision on our most recent CP, citizen petition, expected by late November 2014.

預計 2014 年 11 月下旬，FDA 將對我們最近的 CP、公民請願做出決定。

I would like to ask now Mike Derkacz, Vice President and General Manager US Teva CNS, to share with us why we believe we are on track to achieve 65% conversion rate by year-end with our generic Copaxone.

我現在想請美國 Teva CNS 副總裁兼總經理 Mike Derkacz 與我們分享為什麼我們相信我們有望在年底前通過仿製藥 Copaxone 實現 65% 的轉化率。

Thank you, Erez.

謝謝你，埃雷茲。

It is my pleasure to report that the Copaxone 40 milligram conversion continues to progress as planned.

我很高興地報告 Copaxone 40 毫克轉化繼續按計劃進行。

As of October 17, Copaxone 40 milligram is 57.4% of TRxs of the Copaxone franchise.

截至 10 月 17 日，40 毫克 Copaxone 佔 Copaxone 特許經營權 TRxs 的 57.4%。

And even more importantly, 40 milligram new-to-brand prescriptions now account for 80% of the Copaxone franchise.

更重要的是，40 毫克新品牌處方現在佔 Copaxone 特許經營權的 80%。

This is a very important leading indicator and a very reliable metric, as it truly represents new-to-brand patients.

這是一個非常重要的領先指標和非常可靠的指標，因為它真正代表了品牌新患者。

Another important early indicator for us are enrollments of shared solutions.

對我們來說，另一個重要的早期指標是共享解決方案的註冊。

I'm happy to report that 85% of shared solutions enrollments are at 40 milligram.

我很高興地報告，85% 的共享解決方案登記量為 40 毫克。

We continually monitor 40 milligram performance across various health plans across the country.

我們持續監測全國各種健康計劃中 40 毫克的表現。

In one national health plan in particular, that provided Copaxone 40 milligram unrestricted day one of launch, now has a Copaxone market share TRxs of over 80%.

特別是在一項國家健康計劃中，在推出的第一天就提供了 40 毫克不受限制的 Copaxone，現在 Copaxone 的市場份額 TRxs 超過 80%。

So this is what happens when you take a product with a clear patient benefit and put it in the hands of an exceptional team, in this case the Teva neuroscience sales and marketing team.

所以這就是當您將具有明顯患者益處的產品交給一個傑出團隊（在本例中為 Teva 神經科學銷售和營銷團隊）手中時會發生的情況。

And couple that with a world-class patient support provided by shared solutions and our clinical nurse educators.

並將其與共享解決方案和我們的臨床護士教育者提供的世界級患者支持相結合。

In fact, it is this team that gives us the utmost confidence that we will continue to execute according to plan, especially when you consider that as of October 1, Copaxone 40 milligram now has access to 94% of lives nationwide.

事實上，正是這個團隊給了我們最大的信心，我們將繼續按計劃執行，尤其是當你考慮到截至 10 月 1 日，40 毫克的 Copaxone 現在已經可以用於全國 94% 的生命。

Now it's important to note that these prescriptions will not manifest for about two months in TRxs.

現在需要注意的是，這些處方在 TRx 中大約兩個月內不會出現。

That's due to the fact that on average it takes about three weeks for patients to go through the benefits enrollment process.

這是因為患者平均需要大約三週的時間才能完成福利登記流程。

In addition, 20 milligram patients will work down their existing inventory.

此外，20 毫克患者將減少他們現有的庫存。

So thank you very much Erez, and it's back to you.

非常感謝 Erez，現在已經回复給您了。

Thank you, Mike.

謝謝你，邁克。

On the Q2 call, I shared with you how we plan to drive organic growth in our specialty franchise.

在第二季度的電話會議上，我與您分享了我們計劃如何推動專業特許經營的有機增長。

I mentioned how we'll defend potential LOEs, loss of exclusivities: the focus on successful execution of near-term launches, narrowing the focus on therapeutic areas, deliver on the promise in our pipeline, develop unique patient-centric strategies in our key TAs.

我提到了我們將如何捍衛潛在的 LOE、排他性的喪失：專注於成功執行近期發布、縮小對治療領域的關注、兌現我們管道中的承諾、在我們的關鍵 TA 中製定獨特的以患者為中心的策略.

Today, we'd like to provide you with tangible outcomes from the measures we have been taking.

今天，我們想向您介紹我們一直在採取的措施所取得的切實成果。

I would like first to ask Dr. Rob Koremans to discuss our 2014 launches performance.

我想首先請 Rob Koremans 博士討論我們 2014 年的發射性能。

Thank you, Erez.

謝謝你，埃雷茲。

I'm happy to report that it's not only Copaxone 40 that is really doing very well in terms of launches.

我很高興地報告，不僅是 Copaxone 40 在發布方面確實做得很好。

We are extremely pleased with all of our key launches that we've undertaken this year so far, with all of the key launches being significantly over plan.

我們對今年迄今為止進行的所有關鍵發布感到非常滿意，所有關鍵發布都大大超出了計劃。

I'm also here to share Adasuve, where we see less uptake as initially planned.

我也在這里分享 Adasuve，我們看到最初計劃的吸收率較低。

The lessons we've learned from that quite clearly show that for Adasuve we were too optimistic in the time needed for formularies to take this fantastic product on board.

我們從中吸取的教訓非常清楚地表明，對於 Adasuve，我們對處方藥需要的時間過於樂觀，無法採用這種出色的產品。

We remain optimistic for the product and we continue to believe that this is a fantastic product for patients, and will give us up to $250 million of sales.

我們仍然對該產品持樂觀態度，我們仍然相信這對患者來說是一個了不起的產品，並將為我們帶來高達 2.5 億美元的銷售額。

But clearly the performance so far has not been as good as we had planned.

但很明顯，到目前為止的表現並沒有我們計劃的那麼好。

This is not true for all of the other launches.

並非所有其他發布都是如此。

They are very much on track to deliver.

他們非常有望交付。

Plan B One, now the 75% market share in the emergency contraception in the US.

Plan B One，現在美國緊急避孕藥市場佔有率75%。

Granix with over 10% of the short-acting GCSF in the 12 months of launch.

Granix 在推出的 12 個月內擁有超過 10% 的短效 GCSF。

Lonquex, which is in Germany now almost 12 months on the market, and has also achieved over 10% of the long-acting GCSF.

在德國上市近12個月的Lonquex，也取得了超過10%的長效GCSF。

And our DuoResp Spiromax launch, which is now in seven countries early in launch performing extremely well, and also benchmarks with other launches in this therapeutical area.

我們的 DuoResp Spiromax 推出，目前在七個國家推出初期表現非常好，並且還與該治療領域的其他推出進行了比較。

So all in all, we are well on track to deliver, and this makes us very optimistic going forward.

所以總而言之，我們正在順利交付，這讓我們對未來非常樂觀。

Back to you, Erez.

回到你身邊，埃雷茲。

Thank you, Rob.

謝謝你，羅布。

On the promise to focus our therapeutic areas, our strategic review of therapeutic areas included an extensive evaluation of our current and future capabilities to address unmet patient needs.

承諾專注於我們的治療領域，我們對治療領域的戰略審查包括對我們當前和未來解決未滿足患者需求的能力的廣泛評估。

The competitive landscape dynamics, barriers to entry and profitability with the purpose of crafting the winning strategy to a achieve global leadership in each goal TA.

競爭格局動態、進入壁壘和盈利能力，旨在製定制勝戰略，在每個目標 TA 中實現全球領先地位。

The goal TAs on which Teva will focus are CNS, including MS, neurodegenerative diseases and pain, and respiratory, including asthma and COPD.

Teva 將關注的目標 TA 是 CNS，包括 MS、神經退行性疾病和疼痛，以及呼吸系統，包括哮喘和 COPD。

We are committed to being a world leader in CNS and respiratory, both areas underpinned by significant and growing unmet patient needs.

我們致力於成為中樞神經系統和呼吸系統領域的世界領導者，這兩個領域都受到重要且不斷增長的未滿足患者需求的支持。

We strongly believe that the conjunction of our existing portfolio, integrated global R&D, buy plan assets, patient intervention infrastructure and capability, sales force platforms and innovation capabilities, positions us to deliver true value for patients and payers, and to generate significant financial value for our shareholders.

我們堅信，結合我們現有的產品組合、綜合全球研發、購買計劃資產、患者乾預基礎設施和能力、銷售隊伍平台和創新能力，我們能夠為患者和付款人提供真正的價值，並為我們的股東。

[In a moment] as an oncology, where we have a significant commercial presence and capabilities, we'll focus on market-ready or close-to-market assets to maximize sustainable profitability.

[一會兒]作為腫瘤學，我們擁有重要的商業存在和能力，我們將專注於市場準備或接近市場的資產，以最大限度地提高可持續盈利能力。

And we will actively value the opportunities for commercial activity and collaborations.

我們將積極重視商業活動和合作的機會。

Innovation around existing molecules will focus on core TAs, and we'll continue into other TAs as well, where we can bring substantial value to patients and payers, targeting the unique space in the industry at the intersection of novel products and off-patent products.

圍繞現有分子的創新將集中在核心 TA 上，我們也將繼續進入其他 TA，我們可以為患者和付款人帶來可觀的價值，瞄準行業中新產品和非專利產品交叉點的獨特空間.

In this process, we've also identified five planned projects for discontinuation, divestment, or partnerships.

在此過程中，我們還確定了五個計劃中止、撤資或合作的項目。

I would like to ask Dr Michael Hayden to share with you relevant details pertaining to assets designated for discontinuation, divestment, or partnerships.

我想請 Michael Hayden 博士與您分享有關指定用於終止、撤資或合伙的資產的相關詳細信息。

And also to share with you how we plan to deliver on the promise in our pipeline.

並與您分享我們計劃如何在我們的管道中兌現承諾。

Thank you, Erez.

謝謝你，埃雷茲。

Good morning to everybody.

大家早上好。

As Erez has explained, we have numerous assets that are exciting but not core relative to our focused therapeutic areas.

正如 Erez 所解釋的那樣，我們擁有許多令人興奮但與我們專注的治療領域相關的資產。

These include assets in oncology, gastroenterology, and immunology.

其中包括腫瘤學、胃腸病學和免疫學方面的資產。

In terms of our early-stage oncology programs, including two in clinical development, these provide significant and first- or best-in-class opportunities and have unique utility against multiple cancer types.

就我們的早期腫瘤學項目而言，包括兩個臨床開發項目，這些項目提供了重要的一流或一流的機會，並且對多種癌症類型具有獨特的效用。

In addition, in our assets in gastroenterology and immunology, we have two assets, including a first-in-its-class.

此外，在我們在胃腸病學和免疫學方面的資產中，我們有兩項資產，包括同類首創。

And these assets also provide potential for significant improvement to current therapies in areas of significant unmet need.

這些資產還提供了在重大未滿足需求領域顯著改進當前療法的潛力。

In addition, we are looking for structured financing and alternate funding for late-stage assets where there are three programs that are not in our core therapeutic areas.

此外，我們正在為後期資產尋找結構化融資和替代資金，其中有三個項目不在我們的核心治療領域。

These also offer significant commercial potential.

這些也提供了巨大的商業潛力。

In all of these programs, we've had a process now that has been evolved in talking to the community, the community of investors, both the biotech and the pharma community.

在所有這些項目中，我們現在已經有了一個與社區、投資者社區、生物技術和製藥社區對話的過程。

There's been a tremendous response and tremendous interest in numerous of these assets.

許多這些資產都引起了巨大的反響和極大的興趣。

We would expect, over the coming months, to be able to report on progress with regard to divestment of some of these assets, and also opportunities for partnering, structured approaches to partnering, that allow for further development of some of our late-stage assets.

我們預計，在接下來的幾個月裡，能夠報告有關剝離其中一些資產的進展情況，以及合作機會、結構化合作方法，從而進一步開發我們的一些後期資產.

Now as a result of this focus, we've been able to, on next slide, our focused pipeline.

現在，由於這種關注，我們已經能夠在下一張幻燈片上展示我們的重點管道。

You can see here with green being CNS and pain, yellow in respi, you can see that the vast majority of our portfolio and our pipeline is now focused to build strength and great promise in those three areas, the CNS and pain, and respi.

你可以在這裡看到綠色是 CNS 和疼痛，黃色是呼吸，你可以看到我們的大部分產品組合和我們的管道現在專注於在這三個領域建立實力和巨大希望，即 CNS 和疼痛，以及呼吸。

You can see also from this particular slide that our focus is not only on innovation using existing molecules, such as the exciting abuse-deterrent ER hydrocodone, that essentially will be in registration by the end of this year.

您還可以從這張特定的幻燈片中看到，我們的重點不僅在於使用現有分子進行創新，例如令人興奮的防濫用 ER 氫可酮，它基本上將在今年年底註冊。

But also, innovation against novel targets such as NAV1.7 where we have a program in osteoarthritis, as well as programs that would start in neuropathic pain.

而且，針對 NAV1.7 等新目標的創新，我們有一個骨關節炎項目，以及從神經性疼痛開始的項目。

In our respi portfolio, we are expecting to have significant launches also in this area.

在我們的 respi 產品組合中，我們預計也會在該領域推出重要產品。

And we again have a platform of different inhalers that have really -- including the Spiromax now approved in Europe, the breath activator, the inhaler, and the meter dosing inhaler, which offer opportunities to improve compliance and adherence for patients in our respi business.

我們再次擁有一個包含不同吸入器的平台——包括現在在歐洲獲得批准的 Spiromax、呼吸激活器、吸入器和計量吸入器，它們為我們的 respi 業務提供了提高患者依從性和依從性的機會。

I would also draw attention to the abuse-deterrents in terms of ER hydrocodone, which we are now submitting this year.

我還要提請注意 ER 氫可酮方面的濫用威懾，我們今年正在提交。

This again, gives validation to our novel abuse-deterrence technology, which has allowed further development not only of extended release hydrocodone, but other products in earlier development using the same technology, but that are focused more on immediate release products.

這再次驗證了我們的新型防濫用技術，該技術不僅允許進一步開發緩釋氫可酮，還允許進一步開發使用相同技術的早期開發的其他產品，但更側重於立即釋放產品。

In addition, you can see here that Copaxone is submitted for registration in numerous other parts of the world, including Europe, Russia, Australia, South Africa, and has now also been approved in Israel and Chile.

此外，您可以在這裡看到，Copaxone 已在世界許多其他地區提交註冊，包括歐洲、俄羅斯、澳大利亞、南非，現在也已在以色列和智利獲得批准。

As we look at the next slide, what you can see that 2015 is a very important year in terms of our specialty pipeline.

當我們看下一張幻燈片時，您可以看到 2015 年對於我們的專業管道而言是非常重要的一年。

And that this is a year that some of the focus, and strategic approaches that we've taken, will bear fruit.

今年是我們採取的一些重點和戰略方法將取得成果的一年。

We're looking at four target approvals including an sNDA for QNASL for pediatric use.

我們正在尋找四個目標批准，包括用於兒科使用的 QNASL 的 sNDA。

As mentioned, the extended release for abuse-deterrent hydrocodone, and an NDA also for ProAir for asthma.

如前所述，用於防止濫用的氫可酮的延長釋放，以及用於治療哮喘的 ProAir 的新藥申請。

We're also looking for some important submissions.

我們也在尋找一些重要的意見書。

Our novel drug and biologic against IL-5 for asthma reslizumab is targeted for submission next year.

我們針對 IL-5 治療哮喘的新型藥物和生物製劑 reslizumab 計劃於明年提交。

As well as numerous other respi products, Qvar BAI, fluticasone propionate and fluticasone salmeterol for asthma and COPD.

以及許多其他 respi 產品、Qvar BAI、丙酸氟替卡松和用於治療哮喘和慢性阻塞性肺病的氟替卡松沙美特羅。

This will also be an important year for some results that are important clinically.

對於一些在臨床上很重要的結果，今年也將是重要的一年。

We expect the results of our phase 2 study for the product licensing from Labrys for both chronic and episodic migraine.

我們期待 Labrys 對慢性和發作性偏頭痛產品許可的第 2 階段研究結果。

We are expecting the results of the TV-45070, which is the product being NAV1.7 for osteoarthritis.

我們期待 TV-45070 的結果，該產品是治療骨關節炎的 NAV1.7。

In addition, we expect to see some results for pridopidine for Huntington's Disease, a model neurodegenerative disorder, and also our results in pediatrics for growth hormone deficiency.

此外，我們希望看到普利多匹定治療亨廷頓舞蹈症（一種典型的神經退行性疾病）的一些結果，以及我們在兒科治療生長激素缺乏症的結果。

So 2015 will be a pivotal year for our specialty milestone.

因此，2015 年將是我們專業里程碑的關鍵一年。

Back to you, Erez.

回到你身邊，埃雷茲。

Thank you, Michael.

謝謝你，邁克爾。

With a unique patient-centric integrated strategy, we believe we can turn our respiratory and CNS pain core therapeutic areas into a $2.5 billion and $2 billion franchises, respectively by 2019 on a combined franchise of $1.2 billion today.

憑藉獨特的以患者為中心的綜合戰略，我們相信我們可以將我們的呼吸系統和中樞神經系統疼痛核心治療領域的特許經營權分別轉變為 25 億美元和 20 億美元的特許經營權，到 2019 年，今天的特許經營權總額為 12 億美元。

Full winning strategy to deliver substantial growth is also developed for the other core therapeutic areas in MS, neurodegeneration and migraine.

還為 MS、神經退行性疾病和偏頭痛等其他核心治療領域制定了實現實質性增長的全面製勝戰略。

Our 2014 overall performance, including strong cash flow from operations and free cash flow as it is manifested by this slide, 31% leverage by end of September 2014 and 1.76 debt to EBITDA ratio, together with the progress in our transformation process, created trigger for us to resume and increase our share buyback program, so that $3 billion are now available for repurchase.

我們 2014 年的整體業績，包括本幻燈片所示的強勁運營現金流和自由現金流、截至 2014 年 9 月底的 31% 槓桿率和 1.76 的債務與 EBITDA 比率，以及我們轉型過程中的進展，為我們將恢復並增加我們的股票回購計劃，以便現在有 30 億美元可用於回購。

In parallel, we continue to pursue and assess BD opportunities in all sizes, subject to assessment criteria that we've already shared with you.

與此同時，我們將繼續尋求和評估各種規模的 BD 機會，具體取決於我們已經與您分享的評估標準。

Over time, Teva will move from unlocking value by solidifying the foundation in our generic business and in our specialty business, to generate value from capturing the synergies between the two, and pursuing more and more integration in a way which will enable us to target a unique space in our industry.

隨著時間的推移，Teva 將從通過鞏固仿製藥業務和特種業務的基礎來釋放價值，轉變為通過捕捉兩者之間的協同效應來創造價值，並以一種使我們能夠瞄準目標的方式進行越來越多的整合。我們行業中獨一無二的空間。

I would like now to ask Eyal Desheh to review the for the financial reports with more granularity.

我現在想請 Eyal Desheh 更詳細地審查財務報告。

Thank you, Erez.

謝謝你，埃雷茲。

Good morning and good afternoon, everyone.

大家早上好，下午好。

I'm happy to provided some details of the business and financial results for the third quarter of 2014.

我很高興提供 2014 年第三季度業務和財務業績的一些細節。

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

與往常一樣，我們在非 GAAP 基礎上表示我們的大部分結果，而我們的 GAAP 結果出現在我們的季度新聞稿中，以及我們將在今天晚些時候提交的 6K 中。

As you have seen and heard from Erez, from Siggi, Mike, Rob and Michael, this was a very good quarter.

正如您從 Erez、Siggi、Mike、Rob 和 Michael 那裡看到和聽到的那樣，這是一個非常好的季度。

At the end of June this year, we divested two OTC plants which contributed about $250 million in annual sales with no profit, and we no longer carry these sales.

今年 6 月底，我們剝離了兩家 OTC 工廠，這些工廠貢獻了約 2.5 億美元的年銷售額，但沒有利潤，我們不再進行這些銷售額。

Excluding the divestment of these OTC plants and negative foreign exchange impact, we delivered 2% revenue growth in real terms.

排除這些 OTC 工廠的撤資和不利的外匯影響，我們實現了 2% 的實際收入增長。

At the same time, we saw operating income increase by 13% year-over-year, or 15% in real terms.

與此同時，我們看到營業收入同比增長 13%，或實際增長 15%。

Excellent margins, cost reduction and strong cash flow are the financial highlights for this quarter.

出色的利潤率、成本降低和強勁的現金流是本季度的財務亮點。

Foreign exchange fluctuation has, again, a small negative impact on our results.

外匯波動再次對我們的業績產生了小的負面影響。

As you can see, it reduced revenues by $57 million from Q3 last year, or about 1% and operating income was reduced by $26 million.

如您所見，與去年第三季度相比，它的收入減少了 5700 萬美元，即約 1%，營業收入減少了 2600 萬美元。

The two currencies with the most significant impact on the profit was the Russian ruble and the Israeli shekel.

對利潤影響最大的兩種貨幣是俄羅斯盧布和以色列謝克爾。

We are running an ongoing currency hedging program which partially mitigates foreign exchange impact.

我們正在運行一項持續的貨幣對沖計劃，該計劃可部分減輕外匯影響。

Looking at the year-to-date results, we can see that Q3 was not a one-off good quarter.

從年初至今的業績來看，我們可以看出第三季度並不是一個一次性的好季度。

We've consistently delivered improved results from the beginning of the year, highlighted by 39% increase in cash flow from operations.

從年初開始，我們的業績一直在不斷改善，運營現金流量增長了 39%。

As you know, we have two possible scenarios for profits and EPS in our guidance this year.

如您所知，我們今年的指導中有兩種可能的利潤和每股收益情景。

Depending on the outcome of generic competition to Copaxone, we are raising today our guidance.

根據與 Copaxone 的仿製藥競爭的結果，我們今天提高了我們的指導。

We see revenues for the exclusive Copaxone scenario, which is presented here, at the range of $20 billion to $20.3 billion, and earnings per share at the range of $5 to $5.10.

我們看到此處介紹的獨家 Copaxone 方案的收入在 200 億美元至 203 億美元之間，每股收益在 5 美元至 5.10 美元之間。

These numbers include the forecast of about $1 billion in Copaxone sales for the fourth quarter.

這些數字包括預計第四季度 Copaxone 銷售額約為 10 億美元。

We've also increased our forecast flow from operations for this year to $4.5 billion in total.

我們還將今年的運營預測流量總額增加到 45 億美元。

Introduction of an AB-rated generic competition to Copaxone before the end of this year could reduce operating income by $40 million to $50 million per month.

在今年年底前向 Copaxone 引入 AB 級仿製藥競爭可能會使每月營業收入減少 4000 萬至 5000 萬美元。

And depending on a possible entrant.

並取決於可能的參賽者。

When we compared 2013 to 2014 as we are seeing the results for the year, we see consistent improvement in operating profit, but with higher tax rates and more shares influencing our EPS.

當我們比較 2013 年和 2014 年的結果時，我們看到營業利潤持續改善，但更高的稅率和更多的股份影響了我們的每股收益。

In Q4 last year, the tax rate was especially low at 7%, which is not going to repeat this year and influences the forecast.

去年第四季度，稅率特別低，為 7%，今年不會重複，影響了預測。

Cost reductions.

降低成本。

You've seen this slide already in Erez's presentation.

您已經在 Erez 的演示文稿中看到了這張幻燈片。

A few more details.

更多細節。

Our cost reduction and efficiency program is one of the most important goals for Teva management team.

我們的成本降低和效率計劃是 Teva 管理團隊最重要的目標之一。

As we told you in the past, not all our cost reductions will hit the bottom line as we continue to invest out of these savings.

正如我們過去告訴您的那樣，隨著我們繼續從這些節省下來的資金中進行投資，並非所有的成本削減都會達到底線。

But we estimate that our net year-over-year cost reduction for 2014 could be as high as $600 million.

但我們估計，我們 2014 年的同比淨成本削減可能高達 6 億美元。

This is higher than what we had in our original guidance when we started the year, as we are seeing the results in all our line items, as you can see on this slide.

這高於我們年初時的原始指導，因為我們在所有項目中都看到了結果，正如您在這張幻燈片上看到的那樣。

The Q3 results represent significant improvement in gross margin, as we already noted, resulting from cost reduction and mix of product sales.

正如我們已經指出的那樣，第三季度的結果表明毛利率顯著提高，這是由於成本降低和產品銷售組合所致。

While R&D was modestly up, SG&A was down year-over-year, representing cost savings and focused activities.

雖然研發略有上升，但 SG&A 同比下降，代表成本節約和重點活動。

Tax rate was up to 21% this quarter, due to the mix of profits' origins and the countries where they are being generated.

由於利潤來源和產生利潤的國家/地區的混合，本季度的稅率高達 21%。

And financing expenses increased slightly due to foreign exchange fluctuation.

受匯率波動影響，財務費用略有增加。

All in all, a 4% year-over-year increase in earnings per share, which was better than market expectations.

總而言之，每股收益同比增長4%，好於市場預期。

When we look at the GAAP results, our GAAP P&L also shows meaningful improvement with earnings per share up 21% year over year.

當我們查看 GAAP 結果時，我們的 GAAP P&L 也顯示出有意義的改善，每股收益同比增長 21%。

In the non-GAAP reconciliation items, as we do every quarter, we had a number of non-GAAP adjustments, mostly routine.

在非 GAAP 對賬項目中，正如我們每個季度所做的那樣，我們進行了許多非 GAAP 調整，大部分是例行調整。

The most significant one is $122 million of income, rather than another expense from our paragraph 4 insurance policy, as we began to settle our claim with the insurance companies, and collect from them.

最重要的是 1.22 億美元的收入，而不是我們第 4 段保險單的另一筆費用，因為我們開始與保險公司結算索賠，並從他們那裡收取費用。

We expect the total insurance reimbursement will exceed the $300 million, as we already informed earlier.

正如我們之前告知的那樣，我們預計保險報銷總額將超過 3 億美元。

When we look at revenues, and we see the bridge, what went up and what went down, basically revenues were flat year over year.

當我們查看收入時，我們看到了橋樑，什麼上升了，什麼下降了，基本上收入同比持平。

When we compare Q3 2013 and the results of this quarter, the results of this quarter do not include the sale of the divested OTC plant, which I mentioned earlier, which was divested at the end of June.

當我們比較 2013 年第三季度和本季度的結果時，本季度的結果不包括我之前提到的已剝離的場外交易工廠的出售，該工廠於 6 月底剝離。

As noted, the deed sale did not have any impact on profit.

如前所述，契約銷售對利潤沒有任何影響。

While having no impact on profit, this plant generated annual sales of approximately $250 million.

雖然對利潤沒有影響，但該工廠的年銷售額約為 2.5 億美元。

It was about $64 million in the parallel quarter and it's not included in our year-end sales.

平行季度約為 6400 萬美元，不包括在我們的年終銷售額中。

Copaxone sales.

可帕松銷售。

We delivered a very good quarter in Copaxone sales.

我們在 Copaxone 銷售方面取得了非常好的季度業績。

Results show an improvement in the US, resulting from some inventory buildup following a weak Q2, as we all remember.

正如我們都記得的那樣，結果顯示美國有所改善，這是由於第二季度疲軟後庫存增加所致。

And the impact of the tender in Russia, which was delivered in Q3.

以及第三季度交付的俄羅斯招標的影響。

While we look at revenue breakdown by the different business segments, what you see, revenues split -- there was an improvement in almost every line item here.

當我們查看不同業務部門的收入細分時，你所看到的，收入分配——這裡幾乎每個項目都有所改善。

Other than generics, which was mostly impacted by foreign exchange.

除了主要受外匯影響的仿製藥。

And in real terms, had a very small decline year over year.

實際上，同比下降非常小。

The geographical split, we can see a 9% improvement coming from emerging markets, and not any material changes in the other geographies.

從地域劃分來看，我們可以看到新興市場帶來了 9% 的改善，而其他地區沒有任何實質性變化。

Profitability, which is our measure for segment operating income without G&A allocation, improved through all segments.

所有部門的盈利能力均有所改善，這是我們衡量沒有 G&A 分配的部門營業收入的指標。

Mostly for the generic segment, with 40% improvement year over year, as you have heard from Siggi.

正如您從 Siggi 那裡聽到的那樣，主要針對仿製藥細分市場，同比增長 40%。

The improvement is due to better gross margins, lower sales and marketing expenses and Copaxone revenue, which grew year over year.

這一改善是由於毛利率提高、銷售和營銷費用降低以及 Copaxone 收入同比增長。

Moving to some more details, as you can see on the next slide.

轉到更多細節，如您在下一張幻燈片中所見。

We can see a very healthy quarterly trends in margin improvement for specialty and for generic.

我們可以看到專業和仿製藥利潤率改善的非常健康的季度趨勢。

And a more detailed slide on the generic improvement can be seen on the next slide.

在下一張幻燈片中可以看到關於通用改進的更詳細的幻燈片。

We can see the gross profit margin over the full year improved from 39.5% to 44.3%.

我們可以看到全年的毛利率從 39.5% 提高到 44.3%。

Total profitability operating profit from 15.9% to almost 23%, an improvement of 7 full points.

總盈利能力營業利潤率從 15.9% 提高到近 23%，提高了 7 個百分點。

Cash flow trends.

現金流趨勢。

Cash flow continued to improve, creating additional financial resources, with $1.4 billion in cash flow from operations, and over $900 million in free cash flow delivered this quarter alone.

現金流繼續改善，創造了額外的財務資源，僅本季度就有 14 億美元的運營現金流和超過 9 億美元的自由現金流。

We expect cash flow from operations to be at the level of $4.5 billion for the entire year, and free cash flow will be close to $3 billion for 2014.

我們預計全年運營現金流量將達到 45 億美元的水平，2014 年的自由現金流量將接近 30 億美元。

You've seen this slide before.

您以前看過這張幻燈片。

Just as a recap, with our financial strength and liquidity, all credit metrics continue to improve.

回顧一下，憑藉我們的財務實力和流動性，所有信用指標都在持續改善。

Total debt is down to $10.6 billion and debt to EBITDA ratio is down to 1.76%.

總債務降至 106 億美元，債務與 EBITDA 之比降至 1.76%。

The strong balance sheet combined with improved cash flow generation creates additional liquidity capacity for Teva.

強勁的資產負債表與改善的現金流量相結合，為 Teva 創造了額外的流動性能力。

And the last slide, our dividend history and story.

最後一張幻燈片，我們的紅利歷史和故事。

Our Board approved a quarterly dividend payment of NIS1.21 per share or $0.32 per share, similar to last quarter.

我們的董事會批准了每股 NIS1.21 或每股 0.32 美元的季度股息支付，與上一季度類似。

So thank you all very much for listening to our presentation.

非常感謝大家收聽我們的演講。

We will now open the call for questions.

我們現在將開始提問。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions)

（操作員說明）

[Yuma Rafak], ISI Group.

[Yuma Rafak]，ISI 集團。

Thank you very much.

非常感謝。

I had two questions actually, both R&D specific perhaps.

實際上我有兩個問題，可能都是針對研發的。

First, Michael, I noticed there's -- have you guys examined Copaxone above 40 milligram doses?

首先，邁克爾，我注意到有——你們檢查過 40 毫克劑量以上的 Copaxone 了嗎？

And perhaps potential for less frequent dose administrations?

也許可以降低給藥頻率？

It's unclear to what extent it's been studied at that dose level.

目前尚不清楚在該劑量水平下對其進行了多大程度的研究。

And number two, I think there's a lot of activity in MS on the next-gen fumarate side.

第二，我認為 MS 在下一代富馬酸鹽方面有很多活動。

You guys clearly have the strongest capabilities, both on the formulation and legal.

你們顯然在製定和法律方面擁有最強的能力。

So, Michael, when I look at that slide on R&D, I'm curious, is there any internal fumarate program you guys are looking into as well?

所以，邁克爾，當我看那張關於研發的幻燈片時，我很好奇，你們是否也在研究任何內部富馬酸項目？

Thank you.

謝謝你。

Thank you for that question.

謝謝你提出這個問題。

On the 40 milligram, and higher dose than 40 milligram, of course as part of our lifecycle management, we are interested in different approaches to further extend the life of the safe and highly effective drug.

對於 40 毫克和高於 40 毫克的劑量，當然作為我們生命週期管理的一部分，我們對進一步延長安全高效藥物壽命的不同方法感興趣。

And of coarse as part of the lifecycle management, we're also doing additional work to define sub-populations within MS who might have a particular favorable response to Copaxone.

作為生命週期管理的一部分，我們還在做額外的工作來定義 MS 中可能對 Copaxone 有特別有利反應的亞群。

Because not every patient, just as with every drug, responds equally to this.

因為並非每個患者，就像對每種藥物一樣，對此都有同樣的反應。

That work is ongoing and proving to be very exciting in terms of the opportunity to stratify patients to improve the outcome for giving patients the right drug who will respond.

這項工作正在進行中，事實證明，它有機會對患者進行分層，以改善為患者提供會產生反應的正確藥物的結果。

And so as part of lifecycle management, we are looking at different approaches to Copaxone.

因此，作為生命週期管理的一部分，我們正在研究 Copaxone 的不同方法。

These include all kinds of approaches, which I can't really go into here.

這些包括各種方法，我不能在這裡詳細介紹。

But obviously this is different formulations, different approaches, that really can further extend the lifecycle of this particularly important product.

但顯然，這是不同的配方、不同的方法，確實可以進一步延長這一特別重要產品的生命週期。

Tracy next question?

下一個問題？

(Operator Instructions)

（操作員說明）

Ken Cacciatore, Cowen & Co.

Ken Cacciatore, Cowen & Co.

Hi, thanks.

你好謝謝。

First question is, as you see the consolidation of the customer base on the generic side, I was wondering you all could provide your perspective in consolidation on the generic side.

第一個問題是，當你看到通用方面的客戶群整合時，我想知道你們都可以提供你對通用方面整合的看法。

And maybe discuss if there's any FTC restrictions, why there couldn't be further consolidation of the major players.

也許討論是否有任何 FTC 限制，為什麼不能進一步整合主要參與者。

And then second question is, on slide 29 you give stringent assessment criteria in terms of things that you would want to buy.

然後第二個問題是，在幻燈片 29 中，您對想要購買的東西給出了嚴格的評估標準。

And you list EPS accretion ahead of generate long-term value to Teva shareholders.

你在為 Teva 股東創造長期價值之前列出了 EPS 增長。

So it doesn't make a ton of sense to me, given that there's a lot of late-stage de-risked assets out there that, on the branded side, that could really leverage your commercial footprint if you're willing to be patient.

所以這對我來說沒有多大意義，因為那裡有很多後期去風險資產，在品牌方面，如果你願意耐心等待，這真的可以利用你的商業足跡.

It wouldn't be accretive in the near term, but could be very value creating.

它在短期內不會增值，但可能會創造很大的價值。

So if you can discuss exactly how stringent that assessment criteria is.

因此，如果您可以確切地討論該評估標準的嚴格程度。

Does it have to hit all four before you would make an acquisition?

在你進行收購之前，它是否必須同時滿足這四個條件？

Thank you.

謝謝你。

Hey, Ken, it's Siggi.

嘿，肯，我是西吉。

I will take the consolidation.

我會合併。

I think as you rightly said, there's been a significant consolidation both globally but especially in the US, over 60% of the generic business, I think overall, is with the top three customers.

我認為正如你所說的那樣，在全球範圍內，尤其是在美國，已經進行了重大整合，我認為總體而言，超過 60% 的仿製藥業務屬於前三大客戶。

I think it's difficult for us to say if there's any FTC impact on the consolidation going forward.

我認為我們很難說 FTC 是否會對未來的整合產生任何影響。

But we know that as of today it's 60% of the businesses are with these three customers.

但我們知道，截至今天，60% 的業務都與這三個客戶有關。

I think in that situation, it's good to be strong and a large Company.

我認為在那種情況下，強大的大公司是件好事。

We have the largest offering of any generic Company in the US.

我們擁有美國最大的仿製藥公司。

We also have the largest offering in Europe where they have a global presence.

我們在歐洲也有最大的產品，他們在全球都有業務。

So I think we don't see that as a negative to have a strong global customers to work with.

所以我認為我們不認為與強大的全球客戶合作是不利的。

We work extremely well with all three of the big customers.

我們與所有三個大客戶的合作都非常順利。

We can offer them, I think, a portfolio that nobody else can.

我認為，我們可以為他們提供其他人無法提供的投資組合。

But a question about further consolidation, I think it would be a guess on my behalf to take that any further.

但是關於進一步合併的問題，我認為代表我的猜測是進一步進行。

And Kevin, on my end, with the right opportunity on the specialty side, we might use more longer-term approach in basically looking at the values measures that we have specified.

凱文，就我而言，在專業方面有合適的機會，我們可能會使用更長期的方法來基本上研究我們指定的價值衡量標準。

And if I could add that a good example is Labrys, where this was a program that's of course not immediately accretive to EPS, but is a strong and solid strategic feature to have in terms of pain and migraine, and has the potential, again, for a very novel target to generate very significant long-term value.

如果我可以補充一點，一個很好的例子是 Labrys，這是一個當然不會立即增加 EPS 的程序，但是在疼痛和偏頭痛方面是一個強大而堅實的戰略特徵，並且有潛力，再次，一個非常新穎的目標，以產生非常重要的長期價值。

So it depends on the opportunity.

所以要看機會。

Each of these criteria are important, but each asset or each business relationship, may have different features that are stronger than others.

這些標準中的每一個都很重要，但每項資產或每項業務關係可能具有比其他標準更強的不同特徵。

Thank you, next question.

謝謝，下一個問題。

Ken, the answer is clear on the second one?

肯，第二個答案很清楚？

Gregg Gilbert, Deutsche Bank.

Gregg Gilbert，德意志銀行。

Yes, thanks.

對了謝謝。

Kind of a follow-up on that, Erez.

有點跟進，埃雷茲。

Teva is making clearly good progress on solidifying the foundation.

Teva 在鞏固基礎方面取得了明顯的良好進展。

Should investors expect Teva to be active on the acquisition front in the near term?

投資者是否應該期望 Teva 近期在收購方面表現活躍？

And what are your key acquisition priorities at this point?

在這一點上，您的主要收購優先事項是什麼？

And my second question is for Siggi.

我的第二個問題是關於 Siggi 的。

You mentioned injectables as a key growth area.

你提到注射劑是一個關鍵的增長領域。

Are you satisfied with Teva's capabilities and portfolio in injectables in the hospital channel more broadly?

您對 Teva 在更廣泛的醫院渠道注射劑方面的能力和產品組合是否滿意？

Or do think you need to supplement that externally?

還是認為您需要從外部補充？

Thanks.

謝謝。

So Gregg, maybe I'll take that question first.

所以格雷格，也許我會先回答這個問題。

I think first of all, the good thing about Teva, obviously there was an upset in Teva business a few years back, when we had the qualification in the Irvine plant.

我認為首先是 Teva 的好處，顯然幾年前 Teva 的業務出現了動盪，當時我們在 Irvine 工廠獲得了資格。

Clearly that has been addressed very significantly.

顯然，這已經得到了非常重要的解決。

We identified that site on the slide previously as being under divestiture at the moment.

我們之前確定幻燈片上的那個網站目前正在剝離。

But we also have a very strong international site for the injectable business.

但我們也有一個非常強大的注射劑業務國際網站。

I think overall we need to supplement; we are looking for further opportunity in injectables.

我認為總體上我們需要補充；我們正在尋找注射劑的更多機會。

But also keep in mind as we are, I said it on the last call and I'll say it again.

但也要記住我們的現狀，我在上次電話會議上說過，我會再說一遍。

I feel Teva is the world leader on complex injectable development on the long acting injectables.

我覺得 Teva 在長效注射劑的複雜注射劑開發方面處於世界領先地位。

So I'm pleased when those come to market.

所以當這些產品上市時我很高興。

There's still a little bit of gaps in the portfolio we are looking for, but overall I'm pleased with where we are to date.

我們正在尋找的投資組合中仍然存在一些差距，但總的來說，我對我們目前所處的位置感到滿意。

And on my end, we have been assessing actively potential opportunities in the market.

在我這邊，我們一直在積極評估市場上的潛在機會。

We look for technologies; Michael gave us with just one illustration of the notion.

我們尋找技術； Michael 只給了我們一個例子來說明這個概念。

We look for attractive pipeline assets and Labrys, although there is another illustration of what we might look at.

我們尋找有吸引力的管道資產和 Labrys，儘管我們可能會看到另一個例子。

We might pursue generic businesses in the emerging markets and in complex generic arena if we find the right one.

如果我們找到合適的，我們可能會在新興市場和復雜的仿製藥領域追求仿製藥業務。

And we might also look at potential attractive specialty assets in the United States or in Europe.

我們也可能會關注美國或歐洲潛在的有吸引力的專業資產。

We don't rule out that the possibility of also a transformation transaction if the right one manifests itself.

如果合適的交易出現，我們不排除進行轉換交易的可能性。

Thank you.

謝謝你。

Liav Abraham, Citi.

利亞夫·亞伯拉罕，花旗銀行。

Good morning.

早上好。

First question for Erez.

Erez 的第一個問題。

You mentioned, I think on the last call, that you were conducting a full review of the Company's cost base.

你提到，我想在最後一次電話會議上，你正在對公司的成本基礎進行全面審查。

I was wondering if this has been completed and whether you can provide at least some additional initial thoughts following this review.

我想知道這是否已經完成，以及您是否可以在這次審查後至少提供一些額外的初步想法。

And the second question for Michael.

邁克爾的第二個問題。

Two parts.

兩部分。

On Copaxone firstly, I understand that some form of generic Copaxone was approved in Argentina a couple months ago.

首先關於 Copaxone，據我所知，某種形式的通用 Copaxone 幾個月前在阿根廷獲得批准。

Was wondering if you have gotten a hold of this and conducted any tests versus the brand of Copaxone, and anything you can share with us.

想知道您是否掌握了這一點並針對 Copaxone 品牌進行了任何測試，以及您可以與我們分享的任何內容。

And also on your progress for genetic biomarker test for Copaxone high responders, where this stands and potential timing for this coming to the market.

以及您對 Copaxone 高反應者的遺傳生物標誌物測試的進展情況，以及它進入市場的潛在時間。

Thank you.

謝謝你。

Michael, please start.

邁克爾，請開始。

Yes, thank you, Liav, good morning.

是的，謝謝你，利亞夫，早上好。

With regard to the [paluminol], or the Synthon product in Argentina, just to say that we have obtained that particular product and have done detailed analysis.

關於[paluminol]，或者阿根廷的Synthon產品，我只是說我們已經拿到了那個特定的產品，並且做了詳細的分析。

This will be part of -- as you know we have an open citizens petition and the FDA has chosen the citizens petition and advised us this is the appropriate place for a discussion of the different attributes of Copaxone and purported generics.

這將是——如您所知，我們有一份公開的公民請願書，FDA 已經選擇了公民請願書，並建議我們這是討論 Copaxone 和聲稱的仿製藥的不同屬性的合適場所。

And we will plan to submit additional data before the end of November on the results of those particular studies.

我們將計劃在 11 月底之前提交有關這些特定研究結果的更多數據。

So that's just a heads up on that, this will be coming in the very near future.

所以這只是一個提醒，這將在不久的將來出現。

With regard to the genetic biomarkers, we are continuing genetic validation studies.

關於遺傳生物標誌物，我們正在繼續進行遺傳驗證研究。

And have now completed the validation studies in our cohorts that we had announced from our own studies.

現在已經完成了我們從我們自己的研究中宣布的隊列驗證研究。

These have continued to provide strong support for the ability to identify a sub-population of patients.

這些繼續為識別患者亞群的能力提供強有力的支持。

Could be between 40% to 60% of patients who actually can be predicted to have an outstanding response to Copaxone.

實際上可以預測 40% 到 60% 的患者對 Copaxone 有顯著反應。

We are continuing this work by using also outside cohorts, and we wait to see development of the large derived test.

我們也通過使用外部隊列來繼續這項工作，我們等待著看大型衍生測試的發展。

It was in one of milestones for 2016 and this has all been unrolled.

這是 2016 年的里程碑之一，這一切都已展開。

Of course this is an ongoing process of getting additional information from other cohorts to further validate the highly predictive findings that we have thus far.

當然，這是一個從其他隊列獲取更多信息的持續過程，以進一步驗證我們迄今為止的高度預測性發現。

Yes, maybe, Liav, just one comment on my end that pertains to your second question.

是的，也許，Liav，就我而言，只有一條關於你的第二個問題的評論。

We shall refrain until we submit our response to the -- to refrain from providing more details on the analysis that we have conducted on Synthon in Argentina.

在我們提交回復之前，我們將避免提供更多關於我們在阿根廷對 Synthon 進行的分析的詳細信息。

The Street will be able to basically understand what is our view and what are the findings in the analysis that was conducted in the course of November after we submit our response.

在我們提交回復後，華爾街將能夠基本了解我們的觀點以及 11 月份進行的分析的結果。

And on your first question, we are providing here for the first time, much more granularity that relates to our cost reduction program.

關於你的第一個問題，我們首次在這裡提供與我們的成本削減計劃相關的更詳細的信息。

You see clear association between gross savings and net savings and how the savings relate to the relevant P&L items.

您可以清楚地看到總儲蓄和淨儲蓄之間的關聯，以及儲蓄與相關損益項目的關係。

Basically, what you can learn from the numbers that were provided, is that from the beginning of 2014 until the end of 2017, Teva is committed to generate $1.3 billion of net savings.

基本上，您可以從所提供的數字中了解到，從 2014 年初到 2017 年底，Teva 承諾產生 13 億美元的淨儲蓄。

And from now on, by the way, we'll put all the focus on net savings only, which is the relevant number.

從現在開始，順便說一句，我們將把所有的注意力都放在淨儲蓄上，這是相關的數字。

This is what really matters for you.

這才是對你真正重要的。

So from the beginning of 2014, on the back of negative net savings in 2013 of $500 million, in order to generate the $800 million, we need to deliver and we are committed to it, $1.3 billion of net savings.

因此，從 2014 年初開始，在 2013 年 5 億美元的負淨儲蓄的支持下，為了產生 8 億美元，我們需要交付並承諾實現 13 億美元的淨儲蓄。

Now you will be able to basically monitor and track how the progress, which means that Teva is committed to delivering a number which was not discussed until now with the Street.

現在你將能夠基本上監控和跟踪進展情況，這意味著 Teva 致力於提供一個直到現在才與華爾街討論過的數字。

Over time we'll continue the assessment and evaluation in order to try to extract more potential savings as we go along.

隨著時間的推移，我們將繼續進行評估和評估，以便在我們進行的過程中嘗試提取更多的潛在節省。

That's great, Erez, thank you.

太好了，埃雷茲，謝謝你。

Chris Schott, JPMorgan.

摩根大通的克里斯肖特。

Great, thanks very much.

太好了，非常感謝。

Just two questions here.

這裡只有兩個問題。

First on transformational acquisitions.

首先是轉型收購。

A question for Erez, do believe Teva is ready for such a transaction if it were available?

Erez 的問題是，如果可以的話，是否相信 Teva 已經準備好進行這樣的交易？

You're obviously making very good progress on solidifying your foundation.

顯然，您在鞏固基礎方面取得了很大進展。

But it seems like you've got a number of significant initiatives on your core business that you're in the midst of.

但看起來您已經在您的核心業務中採取了許多重大舉措。

I guess my question is, if a transaction were available, is this the right time for that?

我想我的問題是，如果交易可用，現在是合適的時間嗎？

My second question was on the Board decision to resume and increase the buyback.

我的第二個問題是關於董事會恢復和增加回購的決定。

Could you give us come more color of what drove that decision?

你能給我們更多關於推動該決定的因素嗎？

Thanks very much.

非常感謝。

Okay.

好的。

So on the first one, Chris, the progress that we have been witnessing on a day-by-day basis with the transformation of the Company.

因此，關於第一個，克里斯，我們每天都在見證公司轉型的進展。

In other forms, according to 2014 that we all shared with the Street, I feel more and more comfortable with the level of readiness for acquisitions in general.

在其他方面，根據我們與華爾街分享的 2014 年，我對總體上的收購準備水平感到越來越滿意。

And all the time I believe also for a transformation transaction.

而且我一直相信也可以進行轉換交易。

Basically everything we do creates a platform that is much more solid, much more equipped to deliver growth in the future, based on organic growth than on inorganic growth.

基本上，我們所做的一切都創建了一個平台，該平台更加穩固，更有能力在未來實現增長，基於有機增長而不是無機增長。

And that's the main purpose of the sequence of measures that were specified and were shared with you.

這就是指定並與您分享的一系列措施的主要目的。

On the other front, I think I said it.

另一方面，我想我已經說過了。

I just maybe need to reiterate the notion that on the back of the performance in 2014, the rate of progress in the transformation process, and all the measures that are conducted.

我可能需要重申這樣一個觀點，即在 2014 年的表現、轉型過程的進展速度以及所採取的所有措施的支持下。

And there's very strong cash flow that we have been generating.

我們一直在產生非常強勁的現金流。

We felt that that's the right time to resume the buyback program without deviating from the quest to pursue also acquisitions.

我們認為現在是恢復回購計劃而不偏離追求收購的正確時機。

David Maris, BMO Capital Markets.

BMO 資本市場的 David Maris。

Hi, a couple questions.

嗨，幾個問題。

First on the facility installation (technical difficulty) at least stepping down by the end of the year.

首先在設施安裝（技術難度）上至少在年底前下台。

If you could update us on how the search is going and whether or not the Board's leading for an internal candidate, an external candidate.

如果你能告訴我們有關搜索進展情況以及董事會是否領導內部候選人、外部候選人的最新信息。

What that might mean for the rate of progress that you're making with the margin improvement story and the new rollouts.

這對您在提高利潤率和新產品推出方面取得的進展速度可能意味著什麼。

That being, an external candidate may need more time to get up to speed versus an internal candidate.

也就是說，與內部候選人相比，外部候選人可能需要更多時間來加快速度。

Separately, building on the buyback question, is there anything to read into the increase of the buyback now, given you have a long list of acquisition candidates.

另外，在回購問題的基礎上，考慮到你有一長串收購候選人，現在回購的增加有什麼值得解讀的嗎？

Is it more a reflection of how expensive yields are out there?

它是否更多地反映了那裡的收益率有多高？

Or that you're really not looking, you may be ready for a transformational acquisition, but it's really not high-priority.

或者你真的不看，你可能已經準備好進行轉型收購，但它真的不是高優先級。

Or is it that you're looking into 2015 and you think the shares are excessively inexpensive?

還是您正在展望 2015 年並且您認為這些股票過於便宜？

Because with a lot of acquisitions on your list, it would seem just keeping more cash would be something that you'd consider.

因為在你的清單上有很多收購，你似乎會考慮保留更多現金。

Thank you.

謝謝你。

On the second one, I'll start and maybe I'll ask Eyal enforce it.

在第二個，我會開始，也許我會要求 Eyal 強制執行。

But that's, David, about the right balance between, I'd say different dimensions in it.

但是，大衛，關於兩者之間的正確平衡，我會說其中的不同維度。

And we need to find the right balance.

我們需要找到合適的平衡點。

I need to be tuned to also, I would say, needs and desires of our shareholders.

我還需要調整，我會說，我們股東的需求和願望。

It's also important for us, we believe, at this level, to spell out a strong message that is around the faith we have in the future of Teva and basically the share price that is prevailing today.

對我們來說，我們認為，在這個層面上，圍繞我們對 Teva 未來的信念以及今天普遍存在的股價發出強烈的信息，這對我們也很重要。

And by the same time, it doesn't mean that we'll not be pursuing acquisitions.

同時，這並不意味著我們不會進行收購。

That's something that was basically conveyed more than once during the call, and I am just underscoring it now again.

這基本上是在通話期間不止一次傳達的內容，我現在再次強調。

It's about the balance.

這是關於平衡。

It's about the balance between different dimensions in the capital allocation strategy of the Company.

關乎公司資本配置策略中不同維度之間的平衡。

Eyal, you'd like to add something?

Eyal，你想補充點什麼嗎？

You said most of it.

你說了大部分。

Strong cash flow.

強勁的現金流。

Strong balance sheet.

強勁的資產負債表。

Significantly improved liquidity position and the ability to load more debt on the balance sheet if we need it.

顯著改善流動性狀況，並在需要時能夠在資產負債表上承擔更多債務。

We are going into the market as we wrote promptly, with no further delay we believe that this is the right time to do it and the stock price represented.

正如我們及時寫的那樣，我們將進入市場，不再拖延，我們認為現在是正確的時機，股票價格也代表了這一點。

We can always stop if an interesting acquisition comes along, which is way above the $3 billion that we have in the current plans.

如果出現有趣的收購，我們總是可以停下來，這遠遠超過我們當前計劃中的 30 億美元。

And we will continue to execute it day in and day out.

我們將日復一日地繼續執行它。

And on your first question, David, the Board is committed to improve the governance and to conduct all the measures that were communicated, and just about time.

關於你的第一個問題，大衛，董事會致力於改善治理並實施所有已傳達的措施，而且時間剛剛好。

You'll see important measures before year-end, you'll see other measures in the course of 2015 in the quest to transform also the governance.

你會在年底前看到重要的措施，你會在 2015 年看到其他旨在改變治理的措施。

Okay.

好的。

Shibani Malhotra, Sterne Agee.

Shibani Malhotra，Sterne Agee。

Hi, guys, thanks for taking the question.

嗨，伙計們，謝謝你提出這個問題。

I've got a couple, the first is for Siggi.

我有兩個，第一個是給 Siggi 的。

Having been at Teva for a few months right now, can you talk about the cost-cutting initiatives?

現在已經在 Teva 工作了幾個月，你能談談削減成本的舉措嗎？

Where do you see room for further streamlining?

您認為進一步精簡的空間在哪裡？

And where do you see opportunities for divestitures?

您在哪裡看到資產剝離的機會？

Or areas in generics in particular that you would like to invest in versus your previous experience?

或者與您以前的經驗相比，您特別想投資的仿製藥領域？

and then the second is around the hydrocodone ER product.

然後第二個是圍繞氫可酮 ER 產品。

Can you talk about how this product will be differentiated in the market?

您能談談這款產品在市場上將如何脫穎而出嗎？

And then how you're thinking about the opportunity in IR that you talked about going forward as well.

然後你如何看待你談到的 IR 中的機會。

Thank you.

謝謝你。

Hi, Shibani, let me take the cost.

嗨，Shibani，讓我來承擔費用。

I think overall there's been enormous progress in Teva.

我認為總體而言，Teva 取得了巨大進步。

If you see at the end of fourth quarter 2013, the profitability was 19.2%.

2013 年第四季度末，盈利率為 19.2%。

We're just over 22% now.

我們現在剛剛超過 22%。

I have communicated that I want to improve this even further.

我已經傳達了我想進一步改進這一點。

I think we should be on par with our significant competition out there.

我認為我們應該與我們的重要競爭對手相提並論。

So I think by the end of 2017 we should have improved from the beginning of this year or end of last year.

所以我認為到 2017 年底我們應該比今年年初或去年年底有所改善。

We should have improved to the profitability of the generic business by about 600 basis points.

我們本應將仿製藥業務的盈利能力提高約 600 個基點。

So we should be about between 25% and 26% profitability.

所以我們的盈利率應該在 25% 到 26% 之間。

Where that comes from, part of it will come from cost of goods sold.

從哪裡來，其中一部分將來自所售商品的成本。

We clearly have a strong initiative there.

我們顯然在這方面有很強的主動性。

We have a contract supply chain.

我們有合同供應鏈。

We are working hand-in-hand with the operation of supply chain to simplify our operation to lower our cost of goods.

我們正在與供應鏈的運營攜手合作，以簡化我們的運營以降低我們的商品成本。

We also are looking for a different product mix.

我們也在尋找不同的產品組合。

The introduction of complex generics, they have a higher margin in the market.

複雜仿製藥的推出，它們在市場上有更高的利潤。

There's less competition.

競爭少了。

I mentioned a new product that we are submitting.

我提到了我們正在提交的新產品。

There's much more in the pipeline of these products.

這些產品的管道中還有更多。

But also if we look at the cost, sales and marketing and G&A, we are always looking for opportunities in that.

但如果我們看看成本、銷售和營銷以及 G&A，我們也一直在尋找機會。

This is our efficiency program.

這是我們的效率計劃。

Where can we get the best return on our investment?

我們在哪裡可以得到最好的投資回報？

And what I initiated, as I mentioned, was a review of all the markets.

正如我所提到的，我發起的是對所有市場的審查。

Teva today is in 60 markets.

Teva 今天在 60 個市場。

We are top three Company in close to 30 out of the 60 markets.

在 60 個市場中的近 30 個中，我們是前三名的公司。

We are reviewing each of these markets on prioritizing them, where we want to invest, what markets we need to turn around, and where we might want to look for alternative scenarios.

我們正在審查這些市場中的每一個，以確定它們的優先級、我們想要投資的地方、我們需要轉向的市場以及我們可能想要尋找替代方案的地方。

And that doesn't have to be a divestiture of the market, that could be a different business model.

這不一定是市場剝離，也可以是不同的商業模式。

That could be a specialty model going forward.

這可能是未來的專業模型。

This work is ongoing.

這項工作正在進行中。

I hope to share some of this with investors soonish.

我希望盡快與投資者分享其中的一些內容。

The team is working hard.

團隊正在努力工作。

But I think we have a good understanding how we can move and improve the profitability of the generic business going forward.

但我認為我們對如何推動和提高仿製藥業務的盈利能力有了很好的了解。

And Shibani, if I could just add to that then provide some transparency on our abuse-deterrent ER hydrocodone.

Shibani，如果我可以補充一點，那麼就我們的濫用威懾 ER 氫可酮提供一些透明度。

As part of the efficiency measures within Teva, we are also looking at improving our efficiency in our R&D organization.

作為 Teva 內部效率措施的一部分，我們也在考慮提高我們研發組織的效率。

And of course that includes our generic R&D.

當然，這包括我們的通用研發。

And that also includes prioritization of sites, including making sure we have critical mass and economies of scale to truly yield additional benefits in sites.

這還包括站點的優先級排序，包括確保我們擁有臨界質量和規模經濟，以真正在站點中產生額外的好處。

All of the efficiency measures also looking at various sites in our generic R&D organization.

所有效率措施還著眼於我們通用研發組織中的各個站點。

Now with regard to the abuse-deterrent ER Hydrocodone, we have performed and had positive results from numerous abuse-deterrent studies, including the oral [cross] human abuse liability study.

現在關於防濫用 ER 氫可酮，我們已經進行了許多防濫用研究，包括口服 [交叉] 人類虐待傾向研究，並取得了積極的結果。

And also as we reported in a recent press release, from a nasal human abuse liability study.

正如我們在最近的新聞稿中報導的那樣，來自鼻部人類虐待傾向研究。

Now these are both category 3 studies, which would support an FDA abuse-deterrence claim of tier 3. That is, the product would be expected to result in a meaningful reduction in abuse.

現在這些都是第 3 類研究，它們將支持 FDA 的第 3 層濫用威懾聲明。也就是說，該產品有望顯著減少濫用。

And this would be the highest that you could expect at this stage, with a tier 4 claim only when the products truly demonstrate in the market reduced abuse in the community.

這將是您在現階段可以預期的最高級別，只有當產品在市場上真正證明減少了社區濫用時，才會有第 4 級聲明。

So of course we are pleased.

所以我們當然很高興。

Our abuse-deterrent technology appears validated.

我們的濫用威懾技術似乎得到了驗證。

And we are most interested to also apply this for other products, recognizing that the real epidemic of abuse in the United States.

我們最感興趣的是也將此應用於其他產品，認識到美國確實存在濫用行為。

But now extensively more in other parts of the world, the major abuse is occurring with immediate release products, with maybe 80% of all the abuse in those immediate release opioids.

但現在在世界其他地區更廣泛地，主要的濫用發生在速釋產品上，其中可能有 80% 的濫用發生在那些速釋阿片類藥物中。

Now we're directing this very novel technology to development of products that would provide added advantage in safety and improve value to patients and the communities in which they live, using this technology.

現在，我們正在將這項非常新穎的技術用於開發產品，這些產品將使用這項技術為患者及其居住的社區提供額外的安全優勢並提高價值。

Great, thank you.

太好了謝謝。

Michael, maybe to add to that, this is Rob.

Michael，也許要補充一點，我是 Rob。

Shibani, maybe to add on that is also our ER hydrocodone abuse-deterrent formulation is not only the only one to have positive clinical trials.

Shibani，也許要補充一點，我們的 ER 氫可酮濫用威懾製劑不僅是唯一具有積極臨床試驗的製劑。

But it's going to be twice-daily form, which is exactly what our paying customers would ask for in managing this complex pain disease.

但這將是每天兩次的形式，這正是我們的付費客戶在管理這種複雜的疼痛疾病時所要求的。

So our product is really very, very different from that of our competitors.

所以我們的產品與競爭對手的產品真的非常非常不同。

Thanks.

謝謝。

Ronny Gal, Sanford Bernstein.

羅尼加爾，桑福德伯恩斯坦。

Good morning and congratulations on a very nice quarter.

早上好，祝賀你度過了一個非常美好的季度。

A couple of questions, the first one is about Europe.

幾個問題，第一個是關於歐洲的。

You got a couple of really nice launches in Europe around DuoResp and you list a follow-on product.

您在歐洲圍繞 DuoResp 進行了幾次非常不錯的發布，並列出了後續產品。

Can you describe them a little bit more in details?

你能更詳細地描述一下嗎？

And for some reason when we look at the revenue line for Europe generics it seems flat.

出於某種原因，當我們查看歐洲仿製藥的收入線時，它似乎持平。

So can you describe the trends a little bit?

那麼你能描述一下趨勢嗎？

What is going down that makes the overall line not going up?

到底是什麼東西在下跌，使得整體線不在上漲？

And second, Erez, you discussed in the past, keeping the earning lines flat through 2015 and 2016.

其次，埃雷茲，你過去曾討論過，在 2015 年和 2016 年保持收入線持平。

Now that you got a pretty nice couple of quarters behind you and the numbers begin to look a little bit better, any more thoughts?

既然你落後了好幾個季度，而且數字開始看起來好一點，還有什麼想法嗎？

We think about this as the floor and with some buybacks and nice product trends, we could potentially see better numbers.

我們將此視為底線，並通過一些回購和良好的產品趨勢，我們可能會看到更好的數字。

You're not committing yourself to long-term guidance here, but just in terms of how do you think about it?

您在這裡並沒有承諾要接受長期指導，而只是就您如何看待它而言？

I'll start with the second one, Ronny.

我將從第二個開始，羅尼。

We provide more visibility into 2015, at least 2015, during our guidance call in December.

我們在 12 月的指導電話會議上提供了 2015 年的更多可見性，至少是 2015 年。

If I talk about the generic revenue in Europe, I think overall you can see that the generic revenue in Europe is flat to a little bit declining.

如果我談論歐洲的仿製藥收入，我認為總體而言，您可以看到歐洲的仿製藥收入持平甚至略有下降。

But overall the reason we are doing that is we are focusing on the bottom line.

但總的來說，我們這樣做的原因是我們關注底線。

We are participating in fewer tenders in Germany, and we are running the business for a bottom line.

我們在德國參加的招標越來越少，我們經營業務是為了底線。

We have new launches, we have a good business, but overall there's a slight decline, even though the profitability in Europe is significantly up over last year.

我們推出了新產品，我們的業務很好，但總體而言略有下降，儘管歐洲的盈利能力比去年大幅提高。

Maybe, Rob, you talk about the DuoResp and [ulesta].

也許，Rob，你談到了 DuoResp 和 [ulesta]。

With pleasure.

榮幸。

So the DuoResp Spiromax is now recently launched.

因此，最近推出了 DuoResp Spiromax。

It's in seven countries.

它在七個國家。

It's the first of launches with our fantastic device that will allow really much better delivery of products to patients and in their lungs, a very intuitive device.

這是首次推出我們出色的設備，它將真正更好地向患者和他們的肺部輸送產品，這是一種非常直觀的設備。

It's in seven countries in the market.

它在七個國家的市場上。

And this is a product that we expect slow penetration, but ultimately it's going to reach $450 million to -$500 million in sales, which is a very important launch.

這是我們預計滲透率較低的產品，但最終銷售額將達到 4.5 億至 -5 億美元，這是一個非常重要的發布。

And it's tracking well ahead of plan.

而且它的跟踪進度遠超計劃。

Lonquex, our long-acting GCSF is competing, as you said, with Amgen's.

Lonquex，正如您所說，我們的長效 GCSF 正在與 Amgen 競爭。

We're doing really well.

我們做得很好。

It's now in 20 countries in the market.

它現在在20個國家上市。

Its tracking nicely over plan.

它的跟踪很好地超過了計劃。

And again, this is a product also with quite significant potential in sales.

而且，這也是一種具有相當大的銷售潛力的產品。

What you see and that makes me really proud, and I'm glad for the question, very confident going forward.

你所看到的讓我感到非常自豪，我很高興提出這個問題，對未來充滿信心。

It's good to see that we're not only successful with our launches in the US, but also doing really well now ex US, like in Europe.

很高興看到我們不僅在美國的發布取得了成功，而且現在在美國以外的市場也做得很好，比如在歐洲。

Going forward, launches are going to be imposed and we are really nicely on track with those two products ex US as well.

展望未來，我們將推出新產品，我們在美國以外的這兩款產品也進展順利。

The best part is brings up the question of mix versus unit cost.

最好的部分是提出混合與單位成本的問題。

You've been discussing moving facilities to lower-cost locations, but you also have a little bit of a mix affecting your tail right now, from both Europe and the United States.

你一直在討論將設施轉移到成本較低的地方，但你現在也有一些來自歐洲和美國的混合影響你的尾巴。

You've got those of launches in the second quarter.

你已經在第二季度獲得了發射。

So when we think about your cost structure, and I think most people talk about cost per thousand pills, can you just give us a feel?

所以當我們考慮你的成本結構時，我想大多數人都在談論每千顆藥丸的成本，你能給我們一個感覺嗎？

You look at this number internally, I'm sure.

你在內部查看這個數字，我敢肯定。

How will your cost per thousand decreasing over time?

隨著時間的推移，您的每千人成本將如何降低？

I think it already decreased from, let's call it, the beginning of this year.

我認為它已經從今年年初開始減少了。

How much?

多少錢？

If you look at 2015, what are we looking at here?

如果你看看 2015 年，我們在看什麼？

That is, what is the effects of the cost versus mix effect in your business?

也就是說，成本與混合效應對您的業務有何影響？

Carlo, maybe you take it over.

卡洛，也許你接手了。

Yes, thank you, Erez, and thank you, Ron, for the question.

是的，謝謝 Erez，也謝謝 Ron 提出的問題。

We track our cost per thousand tablets like every one does.

我們像每個人一樣跟踪每千台平板電腦的成本。

We are starting here, in fact, of the migration of our product.

事實上，我們從這裡開始遷移我們的產品。

But most importantly, the effect we're seeing is from the effect of our procurement initiatives, which are bringing meaningful reduction in our cost of goods.

但最重要的是，我們看到的效果來自我們採購計劃的效果，這些計劃正在顯著降低我們的商品成本。

We are targeting the 2% to 3% reduction in actual cost of our material.

我們的目標是將材料的實際成本降低 2% 到 3%。

We are seeing that falling through the bottom line.

我們看到它跌破了底線。

And the other aspect is having an impact is our operational excellence program.

另一方面產生影響的是我們的卓越運營計劃。

The typical lean-seek activity on our strategic sites, where we are concentrating our powers.

在我們集中力量的戰略地點進行典型的精益求精活動。

So we have a plan to reduce our solid cost of goods of about 10% over the next three years in conversion costs.

因此，我們計劃在未來三年內將轉換成本的固體商品成本降低約 10%。

That's complemented by the procurement impact on the materials.

這是對材料的採購影響的補充。

Okay.

好的。

Thank you.

謝謝你。

Ronny, I believe that during 2015, maybe before the end of the year, we'll be able to share and to provide you with more granularity in terms of competitiveness of our different facilities versus the competition.

羅尼，我相信在 2015 年期間，也許在年底之前，我們將能夠分享並為您提供我們不同設施與競爭對手的競爭力方面的更多信息。

And also there is an intention which is not yet manifested, and wasn't presented to you until now, to invest in direct sources to establish operations also in local countries, some of which is not yet in the equation.

還有一個尚未體現的意圖，直到現在才向您展示，即投資直接來源以在當地國家/地區建立業務，其中一些尚未在等式中。

But we started to move and I believe that during 2015 we'll be able to share with you our progress also on this one.

但我們開始行動，我相信在 2015 年期間，我們也能夠與您分享我們在這方面的進展。

Douglas Tsao, Barclays.

Douglas Tsao，巴克萊銀行。

Two questions.

兩個問題。

First, perhaps Michael Hayden, provide an update on the NTE program.

首先，也許邁克爾·海登 (Michael Hayden) 提供了 NTE 計劃的最新情況。

It hasn't been talked about in terms of update in terms of the renewed R&D focus.

就更新的研發重點而言，還沒有談到更新。

And then my second question is for Eyal.

然後我的第二個問題是關於 Eyal 的。

If you could provide us with a bridge in terms of the revenue guidance adjustment that we saw with a slight takedown in terms of the top end.

如果您能在收入指導調整方面為我們提供一座橋樑，我們看到在高端方面略有下降。

I think much of that is FX, but curious (technical difficulty) what other factors that might be involved there.

我認為其中大部分是外匯，但好奇（技術難度）可能涉及哪些其他因素。

Thank you.

謝謝你。

Thank you so question on the NTE program or the way we like to refer to it now, is the innovation using the existing molecules.

謝謝你對 NTE 程序或我們現在喜歡引用它的方式提出的問題，是使用現有分子的創新。

This still remains a very important source of new products for our pipeline.

這仍然是我們管道中非常重要的新產品來源。

We have now 18 products approved for development.

我們現在有 18 種產品獲准開發。

These include, obviously using innovations for example, using our abuse-deterrent technology, the opportunity to do formulations that combine drugs.

這些包括，顯然使用創新，例如，使用我們的濫用威懾技術，有機會製作結合藥物的配方。

And still we're making great progress.

而且我們仍在取得很大進展。

We're seeing tremendous synergy between -- this was built on our, of course, large generic portfolio.

我們看到了巨大的協同作用——當然，這是建立在我們龐大的通用產品組合之上的。

But there's been tremendous synergy and creativity coming out of the interaction between the specialty, the medical perspective, the clinical perspective and our group in the generic space.

但是，專業、醫學觀點、臨床觀點和我們團隊在通用空間中的相互作用產生了巨大的協同作用和創造力。

In addition to that, as we think about innovation using the existing molecules, it's not just about the pill.

除此之外，當我們考慮使用現有分子進行創新時，它不僅僅是關於藥丸。

But it's also about novel modes of delivering, novel modes of enhancing patient compliance.

但它也與新的交付模式、增強患者依從性的新模式有關。

It's using different approaches to digital health that will help in this approach.

它使用不同的方法來實現數字健康，這將有助於這種方法。

So it's been well of many new ideas.

因此，許多新想法都很好。

And this will be the first year that we actually have an NTE already approved.

這將是我們實際上已經批准了 NTE 的第一年。

And what we're excited about, and it's living up to its potential, as announced about a year ago, we are now seeing programs actually enter into clinical development.

正如大約一年前宣布的那樣，我們感到興奮的是，它正在發揮其潛力，我們現在看到項目實際上進入了臨床開發。

And again, this will be an accelerated development, fulfilling the promise of accelerated ramp, getting to the market from the time we start of less than six years.

再一次，這將是一個加速發展，實現加速爬坡的承諾，從我們開始不到六年的時間就進入市場。

And the cost of development, again, will be significantly less than other products because it's built on portfolio know how, a tremendous knowledge in the product.

同樣，開發成本將大大低於其他產品，因為它建立在產品組合知識的基礎上，即對產品的豐富知識。

Often the API is in place and we're able to look at novel approaches to improve.

通常，API 已經到位，我們能夠尋找新的改進方法。

And this is mostly in our core areas, but we are of course also looking at significant opportunities outside core areas, where there is a tremendous patient need.

這主要是在我們的核心領域，但我們當然也在尋找核心領域以外的重要機會，那裡有巨大的患者需求。

And Teva has the ability to service that need.

Teva 有能力滿足這種需求。

And in terms of the 18 programs you mentioned, Michael, will those largely be ones that were discussed last year?

邁克爾，就你提到的 18 個項目而言，這些項目主要是去年討論過的嗎？

There are new ones of course, and we haven't -- but we will be planning a time to share this with the market so that people can gain confidence about, not only the announcement of a proof of development, but real milestones in the clinical development pathway on the road to approval.

當然有新的，我們還沒有——但我們將計劃一個時間與市場分享這些，這樣人們就可以獲得信心，不僅是對發展證明的宣布，而且是真正的里程碑臨床開發路徑正在獲批。

We look forward to sharing more transparency on details about that program in the upcoming year.

我們期待在來年分享有關該計劃細節的更多透明度。

Okay, great, thanks.

好的，太好了，謝謝。

And, Eyal, if you could provide some details on terms of the guidance.

Eyal，能否提供有關指南條款的一些詳細信息。

Yes, sure.

是的，當然。

When we're looking at Q4, you can extract it from the annual guidance, we're looking at over $5 billion in top line.

當我們查看第四季度時，您可以從年度指導中提取它，我們正在尋找超過 50 億美元的收入。

When compared to Q4 last year, which was very, very strong on sales, we're probably see Copaxone at about $140 million.

與去年第四季度的銷售額非常非常強勁相比，我們可能會看到 Copaxone 的銷售額約為 1.4 億美元。

Less than last year, this is all compared to Q4 last year.

比去年少，這都是和去年四季度相比。

FX impact could be as high as $100 million.

外匯影響可能高達 1 億美元。

The sales of our OTC plants included about $60 million in the sales of Q4 last year.

我們 OTC 工廠的銷售額包括去年第四季度銷售額中的約 6000 萬美元。

This is the majority of the difference in top line.

這是頂線的主要差異。

All of this will now have an income on operating profit.

所有這些現在都會有營業利潤收入。

Our operating profit is expected to be higher than in Q4 last year.

我們的營業利潤預計將高於去年第四季度。

As I mentioned earlier, we are going to have higher taxes.

正如我之前提到的，我們將徵收更高的稅。

We paid 7% effective tax rate in Q4 last year, and this quarter is going to be anywhere between 19 % to 20%.

去年第四季度我們支付了 7% 的有效稅率，本季度將在 19% 到 20% 之間。

So in line with what we've guided for 2014.

所以與我們 2014 年的指導一致。

Those are the big pieces.

那些是大件。

Cost reduction, improved efficiency, good mix in sales, improvement in generics that we've seen throughout the year.

我們全年都看到了成本降低、效率提高、銷售的良好組合、仿製藥的改進。

But at the top line foreign exchange impact, the sales of the OTC.

但在頂線外匯影響下，場外交易的銷售。

And Copaxone could be lower than what we had in Q4 last year, which was one of our biggest quarters ever.

Copaxone 可能低於我們去年第四季度的水平，這是我們有史以來最大的季度之一。

So maybe I would like you to maybe to reinforce the message on the bottom line.

所以也許我希望你能加強底線的信息。

Among tax expenses, number of shares and final expenses we have $0.20 to $0.25.

在稅收費用、股份數量和最終費用中，我們有 0.20 美元到 0.25 美元。

Higher in Q4 2014 versus 2013 just on the back of these three components.

2014 年第 4 季度高於 2013 年僅在這三個組成部分的支持下。

Before the impact of $100 million net revenues, less in Copaxone Q4 2014 versus Q3 2013.

在 1 億美元淨收入的影響之前，Copaxone 2014 年第四季度與 2013 年第三季度相比有所減少。

So if you take all these components, you understand basically also the bridge of the EPS between the quarter.

因此，如果你考慮所有這些組成部分，你基本上也會了解季度之間 EPS 的橋樑。

$0.20 to $0.25 final expenses, number of shares and tax expenses, $0.20 to $0.25 before $100 million net revenues that determinated for Copaxone, okay?

0.20 到 0.25 美元的最終費用、股份數量和稅收費用，在確定 Copaxone 的 1 億美元淨收入之前 0.20 到 0.25 美元，好嗎？

So you can understand that basically what we plan to generate in terms of at least operating profit Q4 2014.

所以你可以理解，基本上我們計劃在 2014 年第四季度至少產生營業利潤。

Yes.

是的。

Which means that the rest of the business, the generic business both US, Europe, the rest of the world, and all the other specialty business that we are running globally, is going to show improved results and compensate for the mostly non-operating profit items that are having a negative impact.

這意味著其餘業務，美國、歐洲、世界其他地區的仿製藥業務，以及我們在全球範圍內運營的所有其他專業業務，將顯示出更好的結果並彌補大部分非營業利潤產生負面影響的項目。

Okay, great.

好，太棒了。

Thank you very much.

非常感謝。

[Mark Toplin], UBS.

[馬克·托普林]，瑞銀。

Morning.

早晨。

Siggi, could you talk about generics a little bit in the US?

Siggi，你能談談美國的仿製藥嗎？

Xeloda, Lovaza, Baraclude, obviously.

很明顯，希羅達、洛瓦扎、巴拉克魯德。

Those were the big drivers.

這些是主要的驅動因素。

If you can talk about how much revenue did you get from them?

如果你能談談你從他們那裡獲得了多少收入？

Then the rest of the base and one of those price increases in some of your base business.

然後是基礎業務的其餘部分以及其中一些基礎業務的價格上漲。

And whether that impacted some of it.

以及這是否影響了其中的一些。

You talked a little bit about Europe, but can you talk about the rest of the world a little bit with generics.

你談了一點歐洲，但你能談談世界其他地區的仿製藥嗎？

Some of the important regions for you and the growth drivers there?

一些對您來說重要的地區以及那裡的增長動力？

And then one question in the branded portfolio.

然後是品牌組合中的一個問題。

There's a drug called Albutropin, which is obviously a growth hormone.

有一種藥物叫 Albutropin，顯然是一種生長激素。

There's many growth hormones on the market, co I'm curious what the hook is for this product.

市場上有很多生長激素，我很好奇這個產品的鉤子是什麼。

Thanks.

謝謝。

Hey, Mark.

嘿，馬克。

Let me talk a little bit about the US business.

讓我談談美國業務。

I think overall we have a good revenue off the new launches this year.

我認為總體而言，我們今年新推出的產品帶來了可觀的收入。

[Capasida] being the generic Lovaza omega 3 ANDA Entecavir.

[Capasida] 是仿製藥 Lovaza omega 3 ANDA 恩替卡韋。

Entecavir was a new launch for us in the quarter.

恩替卡韋是我們在本季度推出的新產品。

I think all these three products have been very significant contributors through the year.

我認為所有這三種產品在這一年中都做出了非常重要的貢獻。

I think in fourth quarter, the big launch in fourth quarter, I mentioned seven launches, but I there's an expectation of the launch of celecoxib sometime in December.

我認為在第四季度，第四季度的重大發布，我提到了七次發布，但我預計塞來昔布會在 12 月的某個時候發布。

I think it's December 10.

我認為是 12 月 10 日。

I think the pricing, I've said it before, there's never a price increase on the base business as a whole.

我認為定價，我之前說過，整個基礎業務的價格從來沒有上漲過。

Like any other business, if there's a pricing opportunity that comes in the market, we look for that.

與任何其他企業一樣，如果市場上有定價機會，我們就會尋找。

But the base business itself has been eroding overall because of the consolidation of the customers.

但由於客戶的整合，基礎業務本身一直在整體上受到侵蝕。

When there is an opportunity, when there is a shortage in the market, we obviously look for pricing like any other business.

當有機會時，當市場出現短缺時，我們顯然會像其他任何業務一樣尋找定價。

But overall, as I've said many times before, the base business itself is slowly eroding the overall of the base business.

但總的來說，正如我之前多次說過的，基礎業務本身正在慢慢侵蝕基礎業務的整體。

If we look at the rest of the world, we have very significant generic business in Russia.

如果我們看看世界其他地區，我們在俄羅斯擁有非常重要的仿製藥業務。

It's a good business.

這是一門好生意。

We are improving the pipeline in Russia, we are building it up.

我們正在改善俄羅斯的管道，我們正在建設它。

Obviously we also have a good Russian business due to the Copaxone tender that Eyal mentioned in his presentation.

顯然，由於 Eyal 在他的演講中提到的 Copaxone 招標，我們在俄羅斯也有很好的業務。

We see that business growing going forward.

我們看到該業務在不斷發展。

We see a double-digit growth in the business even though the market is growing high single-digits.

儘管市場正在以高個位數增長，但我們看到該業務實現了兩位數的增長。

Obviously the FX has impacted us.

顯然，FX 影響了我們。

The effect of the ruble has affected us in third quarter and we expect to see that in fourth quarter.

盧布的影響在第三季度影響了我們，我們預計會在第四季度看到。

For the rest of the world, Latin America is still a significant contributor.

對於世界其他地區，拉丁美洲仍然是一個重要的貢獻者。

We're a strong player in Chile, in Peru.

我們在智利和秘魯都是強大的參與者。

We have a growing business in Argentina.

我們在阿根廷的業務不斷增長。

We have a relatively small business in Brazil, which we want to grow further.

我們在巴西的業務相對較小，我們希望進一步發展。

And the same applies to Mexico.

這同樣適用於墨西哥。

So these are the key growth markets that we want to focus on.

因此，這些是我們想要關注的關鍵增長市場。

There's multiple opportunities.

有多種機會。

We have a significant portfolio that we haven't introduced in these markets and really see a good opportunity.

我們有一個重要的投資組合，我們還沒有在這些市場上推出過，我們真的看到了一個很好的機會。

I expect the growth markets to be the fastest-growing region off the tail of it that's going forward with the exercise we're doing today.

我預計增長市場將成為我們今天正在進行的活動中增長最快的地區。

I'll just comment on the Albutropin product.

我只會評論 Albutropin 產品。

That's the product in development in our pipeline.

這是我們管道中正在開發的產品。

Of course it's the 100 milligram once-weekly liquid formulation with a unique and comparative -- (technical difficulty) Can you hear me?

當然是每週一次的 100 毫克液體製劑，具有獨特且比較——（技術難度）你能聽到我嗎？

(technical difficulty) I'm sorry, we'll be with you shortly.

（技術難度）對不起，我們很快就會和你在一起。

Okay, Tracy.

好的，特蕾西。

Thank you all very much for attending our call today and look forward to touching base with you in the near future.

非常感謝大家今天參加我們的電話會議，並期待在不久的將來與您聯繫。

Thank you.

謝謝你。

That does conclude our conference for today.

我們今天的會議到此結束。

For those of you wishing to review this conference, the replay facility can be accessed by dialing within the UK (technical difficulty) --

對於那些希望回顧本次會議的人，可以通過在英國境內撥打電話訪問重播設施（技術難度）——

10845-245-5205 or alternatively, on country code, press 44-1452-55-00-00.

10845-245-5205 或者，按國家代碼，按 44-1452-55-00-00。

The reservation number is 13650976.

預約號為13650976。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。