Teva Pharmaceutical Industries Ltd (TEVA) 2015 Q3 法說會逐字稿

Good morning.

早上好。

Good morning, everyone.

大家，早安。

My name is Kevin Mannix, Senior Vice President of Investor Relations for Teva.

我是 Teva 投資者關係高級副總裁 Kevin Mannix。

I would like to welcome you to Teva's third quarter 2015 investor meeting.

歡迎大家參加 Teva 2015 年第三季度投資者會議。

And I would also like to welcome everyone who is joining us remotely by phone and on the web.

我還要歡迎所有通過電話和網絡遠程加入我們的人。

A copy of the slides, as well as this morning's press release can be found on our website, tevapharm.com under the Investor Relations section, as well as on the Teva investor relations app.

可以在我們的網站 tevapharm.com 的“投資者關係”部分以及 Teva 投資者關係應用程序上找到幻燈片的副本以及今天上午的新聞稿。

Discussions during today's event will include certain financial measures that were not prepared -- discussions during today's event will include certain financial measures that were not prepared in the accordance with generally accepted accounting principles.

今天活動中的討論將包括某些未準備好的財務措施——今天活動期間的討論將包括某些未根據公認會計原則準備的財務措施。

Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in this morning's press release.

這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的調節可以在今天上午的新聞稿中找到。

We'd ask that you take a moment to read the forward-looking statement on slide 2, regarding our projections and our presentation, as well as in our earnings release.

我們希望您花點時間閱讀幻燈片 2 中關於我們的預測和演示文稿以及我們的收益發布的前瞻性聲明。

During today's presentation and Q&A, management will make projections or other forward-looking statements which are dependent upon future matters or events.

在今天的演示和問答中，管理層將根據未來的事項或事件做出預測或其他前瞻性陳述。

Before we kick things off, I would like to take just a quick moment to run through this morning's line-up of speakers which can also be found on slide 3. Including a review of the third quarter results, we will have approximately an hour of presentations from Erez Vigodman, Teva's President and CEO, Eyal Desheh, our CFO, Siggi Olafsson, President and CEO of Global Generic Medicine, Dr. Michael Hayden, President of Global R&D and Chief Scientific Officer.

在我們開始之前，我想花點時間快速瀏覽一下今天上午的演講者陣容，也可以在幻燈片 3 上找到。包括對第三季度業績的回顧，我們將有大約一個小時的時間Teva 總裁兼首席執行官 Erez Vigodman、我們的首席財務官 Eyal Desheh、全球仿製藥總裁兼首席執行官 Siggi Olafsson、全球研發總裁兼首席科學官 Michael Hayden 博士的演講。

We will then spend the rest of the available time, taking any of your questions, ending no later than 10 AM.

然後，我們將利用剩餘的可用時間回答您的任何問題，最遲在上午 10 點結束。

Also joining us for the Q&A session is Dr. Rob Koremans, President and CEO of Global Specialty Medicines, Dr. Carlo De Notaristefani, President and CEO of Teva Global Operations, David Stark, General Counsel for Global Markets, and Mike Derkacz, Senior Vice President, Head of Global CNS.

參加我們問答環節的還有全球特種藥物總裁兼首席執行官 Rob Koremans 博士、Teva 全球運營總裁兼首席執行官 Carlo De Notaristefani 博士、全球市場總法律顧問 David Stark 和高級副總裁 Mike Derkacz總裁，全球 CNS 負責人。

And now I would like to turn it over to our CEO, Erez Vigodman to begin this morning's meeting.

現在我想把它交給我們的首席執行官 Erez Vigodman 來開始今天上午的會議。

Erez?

埃雷茲？

Thank you, Kevin.

謝謝你，凱文。

Good morning.

早上好。

I am delighted to touch base with you.

我很高興與你接觸。

This morning, we thought it's important nowadays to touch base, face to face with you in order to discuss our Q3 results, first nine months of 2015.

今天早上，我們認為現在重要的是與您面對面接觸，以便討論我們 2015 年前九個月的第三季度業績。

Also to show and share with you, the way we are delivering on all the promises, since the beginning of 2014, in a way which gains more and more momentum as we go along.

還要向您展示和分享自 2014 年初以來我們兌現所有承諾的方式，這種方式在我們前進的過程中獲得越來越多的動力。

And also to address all the questions that you might pose to us, again especially nowadays.

還要解決您可能向我們提出的所有問題，尤其是現在。

So we are here, management team of Teva in order to address all the questions that you might have that pertain to our performance, pertain to the Allergan deal, to the Rimsa, to the way we see 2015, the way we see Copaxone, the way we see -- even first signs that pertain to 2016.

Teva 的管理團隊，我們來這裡是為了解決您可能提出的所有問題，這些問題與我們的業績、Allergan 交易、Rimsa、我們對 2015 年的看法、我們對 Copaxone 的看法、我們的看法——甚至是與 2016 年相關的初步跡象。

So let's start with the numbers.

因此，讓我們從數字開始。

And what Q3 tell us is the continuous momentum that we have been building and accelerating since the beginning of 2014.

第三季度告訴我們的是我們自 2014 年初以來一直在建立和加速的持續勢頭。

$4.8 billion versus $5 billion quarter over quarter minus 5%.

48 億美元對 50 億美元，環比下降 5%。

On a constant currency basis, Q3 2015 possesses 3% growth.

按固定匯率計算，2015 年第三季度增長 3%。

Operating income plus 2%, on constant currency basis plus 7%.

營業收入加 2%，按固定匯率計算加 7%。

Net income plus 1%, EPS plus 2%, with $1.35 per share.

淨收入增加 1%，每股收益增加 2%，每股 1.35 美元。

Cash flow from operations, $2 billion excluding the modafinil payment, $1 billion including the modafinil payment versus $1.6 [billion] and $1.4 [billion] before and after one-time settlement litigation payments quarter over quarter.

來自運營的現金流量為 20 億美元，不包括莫達非尼付款，10 億美元包括莫達非尼付款，而一次性和解訴訟付款前後分別為 16 億美元和 14 億美元。

EBITDA for $1.6 billion 2% higher compared to Q3 at 2014.

與 2014 年第三季度相比，EBITDA 為 16 億美元，增長 2%。

Three months, tell the same story in a very consistent fashion, and even underscore further the momentum that Teva has been gaining here.

三個月，以非常一致的方式講述同一個故事，甚至進一步強調 Teva 在這裡獲得的勢頭。

With minus 2% on top revenues year-over-year, but 6% on constant currencies basis, 9% increase of operating income, 11% on a constant currencies basis, 9% increase of net income of EPS and EBITDA, and a very strong cash flow from operations and a free cash flow, before and after modafinil and other litigation settlements.

最高收入同比下降 2%，但按固定匯率計算為 6%，營業收入增長 9%，按固定匯率計算增長 11%，EPS 和 EBITDA 淨收入增長 9%，並且非常在莫達非尼和其他訴訟和解之前和之後，強勁的運營現金流和自由現金流。

So basically the very strong Q3 results, together with the performance during the last nine months and Q4 outlook, has taken us to raise for the third time during 2015 our full-year guidance from $5.15 to $5.40 range to $5.40 to $5.45 range.

因此，基本上非常強勁的第三季度業績，加上過去九個月的業績和第四季度展望，使我們在 2015 年第三次將全年指導範圍從 5.15 美元至 5.40 美元提高到 5.40 美元至 5.45 美元。

Or to put it another way, we are raising today midpoint range by $0.15.

或者換句話說，我們將今天的中點區間上調 0.15 美元。

And that's the third time Teva is doing it during 2015.

這是 Teva 在 2015 年第三次這樣做。

So the purpose of the next 10 minutes is to basically share with you the way we see Teva delivering on all the promises, all the promises financial promises, operational promises, strategic promises since the beginning of 2014.

因此，接下來 10 分鐘的目的是與大家分享我們看到 Teva 兌現自 2014 年初以來的所有承諾、所有財務承諾、運營承諾和戰略承諾的方式。

We started 2014 with a promise to get our house in order first, to solidify the foundation of Teva.

2014 年伊始，我們承諾先整頓我們的房子，鞏固 Teva 的基礎。

In generics, that's a totally entirely different business today.

在仿製藥中，這是今天完全不同的業務。

Siggi is going to share with you.

Siggi 將與您分享。

That is a entirely different business today on an standalone basis.

這在今天是一個完全不同的獨立業務。

Specialty, we now only focus, three TAs, we change profoundly the way we think and act in specialty.

專業，我們現在只專注，三位助教，我們深刻改變專業的思維方式和行為方式。

Strong focus on core TAs, where we were able to establish strength, and where we are positioned to claim for global leadership, and that's the way we think today.

強烈關注核心 TA，我們能夠在其中建立實力，並且我們有能力宣稱全球領導地位，這就是我們今天的想法。

We are going to today share with you, how we have been evolving and bolstering our pipeline in each one of these TAs.

我們今天將與您分享我們如何在這些 TA 中發展和加強我們的管道。

Cost reduction program which is on track to deliver, after the $600 million of net revenues, of cost measures that were delivered during 2014.

在淨收入達到 6 億美元後，成本削減計劃有望實現 2014 年實施的成本措施。

We are on track to deliver on the promise to generate $500 million of net cost reduction in 2015.

我們有望兌現 2015 年淨成本削減 5 億美元的承諾。

Operational [network], we have been transforming the operational core of Teva, and we are on track to own -- one of the most competitive operation network in our space.

運營[網絡]，我們一直在改造 Teva 的運營核心，我們有望擁有 - 我們領域最具競爭力的運營網絡之一。

Quality, we are elevating the quality bar consistently, making quality more and more of core competency for Teva and strong focus on cash flow, strong focus on cash flow.

質量，我們不斷提高質量標準，使質量越來越成為 Teva 的核心競爭力，並高度關注現金流，高度關注現金流。

That is something that is critical today.

這是今天至關重要的事情。

That's something that will be critical after the -- we close the deal with Allergan.

在我們與 Allergan 完成交易之後，這將是至關重要的。

Eyal will provide you with much more details there, but we are improving continuously the cash flow we generate -- operate -- our cash flow from operations, free cash flow quarter after quarter.

Eyal 將在那里為您提供更多詳細信息，但我們正在不斷改善我們產生的現金流——運營——我們的運營現金流，一個又一個季度的自由現金流。

Then based on that, and in conjunction with all the measures that were designated in order to solidify the foundation of Teva, we also did everything that was required in order to maintain the Copaxone franchise.

然後在此基礎上，結合為鞏固 Teva 的基礎而指定的所有措施，我們還做了一切必要的事情來維持 Copaxone 的特許經營權。

I think Q3 2014 provides the evidence, maybe the most compelling evidence that one could have expected.

我認為 2014 年第三季度提供了證據，也許是人們可以預期的最令人信服的證據。

A number of figures which are relevant here.

這裡有一些相關的數字。

40 milligram market share today for the entire MS space is 22.6%.

今天整個 MS 領域的 40 毫克市場份額為 22.6%。

That's today the leading medication in the MS space.

這是當今 MS 領域的領先藥物。

The 40 milligram, together with the 20 milligram account for 94.5% of the Copaxone space together with the Glatopa.

40 毫克和 20 毫克與 Glatopa 一起佔 Copaxone 空間的 94.5%。

The 40 milligram today accounts on a standalone basis for 72.5% of the entire MS space -- Copaxone space including Glatopa.

如今，40 毫克單獨占整個 MS 空間的 72.5%——包括 Glatopa 在內的 Copaxone 空間。

These are -- and the entire Copaxone family accounts today for very close to 30% of the total MS space.

這些是 - 整個 Copaxone 系列今天佔 MS 總空間的近 30%。

These are very compelling numbers.

這些都是非常引人注目的數字。

And Q3 is an important milestone in the process of maintaining the Copaxone franchise.

而 Q3 是維持 Copaxone 特許經營權過程中的一個重要里程碑。

Once we got the house in order, and once all the measures that we conducted in order to maintain the Copaxone franchise started to deliver, we have taken the offensive.

一旦我們把房子整理好，一旦我們為維持 Copaxone 特許經營權而採取的所有措施開始發揮作用，我們就會採取攻勢。

Here in December 2014, we promised that [BD] will play a much bigger role for us in 2014.

2014 年 12 月，我們承諾 [BD] 將在 2014 年為我們發揮更大的作用。

We promised that Teva in 2014 is taking the offensive, and we started to deliver against that.

我們承諾 Teva 在 2014 年會採取攻勢，並且我們開始兌現這一承諾。

With -- basically we have five main buckets that were specified by the end of 2014, on the generic side, on the specialty side.

隨著 - 基本上我們有五個主要桶，這些桶在 2014 年底之前指定，在通用方面，在專業方面。

And also, we said that if the right large transaction shows itself, we might entertain such a transaction, if it delivers the targets that we aspire to generate.

而且，我們說過，如果合適的大型交易出現，我們可能會接受這樣的交易，如果它實現了我們渴望產生的目標。

We worked very hard, in order to make the right one showing itself.

我們非常努力地工作，以便讓正確的人脫穎而出。

But at the end of the day, Teva was able from the second half of 2014, and in the course of 2015 to deliver here also on all the promises, on all the promises.

但最終，Teva 能夠從 2014 年下半年開始，並在 2015 年期間兌現所有承諾，兌現所有承諾。

We started with Labrys on the specialty side, a growth enhancing deal.

我們從專業方面的 Labrys 開始，這是一項促進增長的交易。

We proceeded with Auspex, again another specialty deal, growth enhancing deal for us, which provides us not only with a very attractive pipeline assets, but also with close enough to market pipeline assets.

我們繼續進行 Auspex，這又是另一項專業交易，對我們來說是促進增長的交易，它不僅為我們提供了非常有吸引力的管道資產，而且還為我們提供了足夠接近市場的管道資產。

And then we signed the agreement which is not even mentioned here, with Eagle in the January of 2015, in order to also to protect the vast majority of net revenues and profits that emanating from Treanda.

然後我們在 2015 年 1 月與 Eagle 簽署了這裡甚至沒有提到的協議，以保護來自 Treanda 的絕大部分淨收入和利潤。

And just recently, we announced the very large Actavis -- we call it Actavis generic -- that is how we were asked to call the -- basically the company acquired from Allergan.

就在最近，我們宣布了非常大的 Actavis——我們稱之為 Actavis 通用——這就是我們被要求調用的方式——基本上是從 Allergan 收購的公司。

So Actavis generics, this transaction is transforming Teva.

所以 Actavis 仿製藥，這筆交易正在改造 Teva。

Siggi will shed more light on that, but the Actavis generic transaction transforms Teva.

Siggi 將對此進行更多闡述，但 Actavis 仿製藥交易改變了 Teva。

We were able also during the last number of months to announce another deal which is fully in line with the promises and the strategic direction that we have embarked upon, in a quest to reach out to billions of patients, to the billions in key growth markets, we executed the transaction in Mexico.

在過去的幾個月裡，我們還能夠宣布另一項完全符合承諾和我們已經著手的戰略方向的交易，以尋求接觸數十億患者，接觸關鍵增長市場中的數十億患者, 我們在墨西哥執行了交易。

And there were a number of smaller transactions that were also executed during the course, over the course of 2015, [Immuneering], Gecko Health, [AmWell] and IBM Watson, a number of transactions that provide Teva with unique technologies that reinforce further the strategy that we have been accommodating.

在 2015 年期間，[Immuneering]、Gecko Health、[AmWell] 和 IBM Watson 也執行了一些較小的交易，這些交易為 Teva 提供了獨特的技術，進一步加強了我們一直在適應的策略。

Basically, the conjunction of all the measures Teva has been conducting, changing profoundly Teva.

基本上，Teva 一直在採取的所有措施的結合，深刻地改變了 Teva。

We are changing Teva.

我們正在改變 Teva。

We are basically solidifying the foundation of the Company, unlocking value from existing assets.

我們基本上是在鞏固公司的基礎，釋放現有資產的價值。

And we are, with all the measures that were conducted, and with of course, the work that we shall yet to execute pertaining to the Allergan deal and the Rimsa deal in the course of Q1 2016, we will be able to enhance significantly the financial profile of Teva, to enhance significantly the financial profile of Teva.

我們已經採取了所有措施，當然還有我們將在 2016 年第一季度期間執行的與艾爾建交易和 Rimsa 交易相關的工作，我們將能夠顯著增強財務Teva 的個人資料，以顯著提升 Teva 的財務狀況。

To diversify net revenues and profit streams, to bolster even further our specialty pipeline, and to position the company to continue the transformation journey we have embarked upon since the beginning of 2014.

使淨收入和利潤流多樣化，進一步加強我們的專業管道，並使公司能夠繼續我們自 2014 年初以來開始的轉型之旅。

And to put it another way, what we are generating here, what we are generating here is a diversified growth platform, with balanced portfolio of durable product that offers very attractive, very attractive growth prospects bottom line and top line, or top line and bottom line.

換句話說，我們在這裡創造的，我們在這裡創造的是一個多元化的增長平台，具有均衡的耐用產品組合，提供非常有吸引力、非常有吸引力的增長前景底線和頂線，或頂線和底線線。

And we believe that over time, it offers also the opportunity to increase re-rate the multiple of Teva.

而且我們相信，隨著時間的推移，它也提供了增加重新評估 Teva 倍數的機會。

So when you look at what we have been generating in here that's a compelling attractive platform that offers growth prospect top line, bottom line, and over time also the opportunity to re-rate the multiple.

因此，當您查看我們在這裡生成的內容時，這是一個引人注目的有吸引力的平台，它提供了增長前景的頂線、底線，並且隨著時間的推移還有機會重新評估倍數。

Going forward, we will put strong focus on two key areas in terms of future BDs, areas that marked here by the two circles.

展望未來，我們將重點關注未來 BD 的兩個關鍵領域，即此處用兩個圓圈標記的領域。

One is to continue bolstering our specialty pipeline, in order to drive even further the growth prospect, in order to drive even further the uniqueness of the product portfolio, and in order to drive even further the EPS multiple.

一是繼續加強我們的專業管道，以進一步推動增長前景，進一步推動產品組合的獨特性，並進一步推動 EPS 倍數。

By the same time, we'll continue to look actively at potential transaction in key growth markets after the acquisition of Rimsa in Mexico.

與此同時，在收購墨西哥的 Rimsa 後，我們將繼續積極關注主要增長市場的潛在交易。

I -- we decided that, given all the questions that were posed to us by most of you, especially after the decision of the Patent Office to institute the IPR on three Orange Book patents out of four, questions that relate to how we see 2017 with generic competition to 40 milligram, we decided although we strongly believe that we will be able to prevail, we would strongly believe that the decision of the Patent Office to institute the IPR on three Orange Book patents is far from a ringing endorsement on claims against the validity of the 40 milligram patents.

我——我們決定，考慮到你們大多數人向我們提出的所有問題，尤其是在專利局決定對四項橙皮書專利中的三項實施知識產權保護之後，與我們如何看待 2017 年相關的問題由於仿製藥競爭達到 40 毫克，我們決定儘管我們堅信我們能夠獲勝，但我們堅信專利局對三項橙皮書專利實施知識產權保護的決定遠非對索賠的有力支持40毫克專利的有效性。

We strongly believe that we will prevail at the end of the process.

我們堅信，我們將在進程結束時獲勝。

But our role is to be prepared for different scenarios, and Teva is preparing itself for different scenarios.

但我們的角色是為不同的場景做好準備，梯瓦也在為不同的場景做準備。

And everything that we have been doing the last 20 months is in a quest to be fully prepared for different scenarios.

過去 20 個月我們所做的一切都是為了為不同的情況做好充分準備。

And in order to share with you here first time, how we see 2017, with -- under 2017 -- under a different scenario which is a generic competition to 40 milligram, that's basically the way we are seeing it impacting us.

為了第一次在這裡與大家分享，我們如何看待 2017 年，以及 - 在 2017 年 - 在一種不同的情況下，即 40 毫克的通用競爭，這基本上就是我們看到它影響我們的方式。

So 2017, a conservative estimate of full-year impact of generic competition to Copaxone is $1.2 billion in net revenues.

因此，2017 年，仿製藥競爭對 Copaxone 全年影響的保守估計為 12 億美元的淨收入。

So less $1.2 billion of net revenues from Copaxone 2017, and [$0.65] in EPS post Actavis generic close, which means basically that it is based on share count, after we close the deal with Actavis.

因此，Copaxone 2017 年的淨收入減少了 12 億美元，Actavis 仿製藥關閉後的每股收益 [0.65 美元]，這基本上意味著它是基於我們與 Actavis 完成交易後的股份數量。

By the way, before based on the share count, before we close the deal that's something in the board of $0.80.

順便說一句，在我們完成交易之前，根據股票數量，董事會的價格為 0.80 美元。

So before we close the deal, $0.80, after we close the deal $0.65.

所以在我們結束交易之前，0.80 美元，在我們結束交易之後 0.65 美元。

That's the number.

就是這個數字。

Estimates include expenses reduction in [COGS], [SG&A] and tax, and it assumes two generic competitors.

估計包括 [COGS]、[SG&A] 和稅收的費用減少，並假設有兩個通用競爭對手。

So when you look at a number, and you put it in the right perspective, I think it tells a very compelling story.

所以當你看一個數字，並把它放在正確的角度時，我認為它講述了一個非常引人注目的故事。

When we will be able to share with you the guidance for 2016, and maybe even beyond 2016, after we close the Allergan deal, and we plan to do that early next year after we close the Allergan deal, we will provide of course, all the relevant numbers that pertain to that, including EPS numbers that we are not able to share at this stage.

當我們能夠與您分享 2016 年甚至 2016 年以後的指導時，在我們完成與 Allergan 的交易後，我們計劃在明年初完成與 Allergan 的交易後這樣做，當然，我們將提供所有與此相關的相關數字，包括我們現階段無法分享的 EPS 數字。

At this stage, we believe that the [$0.65] per share tells and spells out the most important message to our investors.

在現階段，我們認為每股 [0.65 美元] 向我們的投資者傳達並闡明了最重要的信息。

With that, I am handing over to Eyal.

有了這個，我將交給 Eyal。

Thank you.

謝謝你。

Thank you very much, Erez.

非常感謝，埃雷茲。

Very happy to provide the financial review for yet another very good quarter for Teva.

很高興為 Teva 提供又一個非常好的季度的財務審查。

We have been [building] and raising our results for quite some time, and we do it this quarter, we're not taking this for granted.

我們已經 [建立] 並提高我們的業績已有一段時間了，我們在本季度這樣做，我們並不認為這是理所當然的。

A lot of work been invested in making these results happen, which is our obligations to you.

為了取得這些成果，我們投入了大量工作，這是我們對您的義務。

So, review this quarter, revenues were 5% down, due to currency impact which I will show in a couple of sides, but they were 3% up in real terms.

因此，回顧本季度，由於我將在幾個方面展示的貨幣影響，收入下降了 5%，但實際增長了 3%。

A very strong gross margin, very good cost control, very strong cash flow which I will review in more detail, and see how our cash flow picture is really supporting our ability to [grow] with the inorganic growth and business development transactions.

非常強勁的毛利率、非常好的成本控制、非常強勁的現金流，我將對此進行更詳細的審查，看看我們的現金流情況如何真正支持我們通過無機增長和業務發展交易 [增長] 的能力。

When we look at the year to date results, very, very strong, on minus [2]% revenue but 6% gross in real terms.

當我們查看年初至今的結果時，非常非常強勁，收入為負 [2]%，但實際毛利率為 6%。

We have very, very strong results to deliver, 9% in all line items, 9% increase year-over-year.

我們要交付非常非常強勁的結果，所有訂單項的增長率為 9%，同比增長 9%。

In real terms, constant currency -- this is 11% of gross that were delivered -- delivering for operating income, net income, and earning per share, and our strong cash flow for the year.

實際上，不變的貨幣——這是交付總額的 11%——交付了營業收入、淨收入和每股收益，以及我們今年強勁的現金流。

I will show a forecast of how we believe our cash flow is going to end -- to end the year.

我將展示我們認為我們的現金流將如何結束——到今年年底的預測。

And last but not least, EBITDA, a lot of focus on EBITDA these days around Teva.

最後但並非最不重要的是，EBITDA，這些天圍繞 Teva 的 EBITDA 得到了很多關注。

$5 billion year to date for the first three quarters of EBITDA, very strong, supporting our credit, supporting our cash flow and supporting our results.

今年前三個季度的 EBITDA 為 50 億美元，非常強勁，支持我們的信用，支持我們的現金流並支持我們的業績。

Foreign exchange.

外匯。

We continue to see headwind, compared to last year.

與去年相比，我們繼續看到逆風。

Most of the decline of major international currencies against the dollar happened in Q4 last year to remind you.

主要國際貨幣兌美元的跌幅大多發生在去年Q4，給大家提個醒。

So when we compare Q3 to Q3, we see a real decline which is resulting in $370 million impact on sale, $72 million impact operating profit.

因此，當我們將第三季度與第三季度進行比較時，我們看到真正的下降，導致 3.7 億美元的銷售額影響，7200 萬美元的營業利潤影響。

For the three quarters, it's almost $1.1 billion impact on our revenues, and $120 million impact on operating profits.

在這三個季度中，這對我們的收入產生了近 11 億美元的影響，對營業利潤產生了 1.2 億美元的影響。

So results were achieved, despite this headwind in exchange rates which made them even a bit stronger.

因此，儘管匯率的逆風使它們更加強勁，但還是取得了成果。

EBITDA.

EBITDA。

Here is our annual EBITDA.

這是我們的年度 EBITDA。

CAGR here is about 8%, or from 2013.

這裡的 CAGR 大約是 8%，或者從 2013 年開始。

We estimate -- this is an estimate, first three quarter plus an estimate to Q4, we estimate our EBITDA to be $6.6 billion in 2015 in total.

我們估計 - 這是一個估計，前三個季度加上對第四季度的估計，我們估計 2015 年我們的 EBITDA 總額為 66 億美元。

Just to remind you, this is a non-GAAP EBITDA, which is based on our non-GAAP EBIT plus depreciation.

提醒您，這是非 GAAP EBITDA，它基於我們的非 GAAP EBIT 加上折舊。

Liquidity.

流動性。

We are using the cash flow in order to improve our liquidity ratios in preparation for the funding of the Allergan acquisition or the Actavis generic acquisition that -- we are not acquiring Allergan -- don't jump, that I will review towards the end of my presentation.

我們正在使用現金流來提高我們的流動性比率，為收購 Allergan 或 Actavis 仿製藥的收購做準備——我們不會收購 Allergan——不要跳，我將在年底進行審查我的演說。

Our leverage has improved to 34%.

我們的槓桿率已提高到 34%。

Our debt to EBITDA from 1.85 last quarter to 1.75, so credit metrics are improving, and total debt is down from $12.5 billion to $11.7 billion.

我們對 EBITDA 的債務從上一季度的 1.85 降至 1.75，因此信用指標正在改善，總債務從 125 億美元降至 117 億美元。

When we look at cash flow, and we did have an event of a large legal settlement of about $1 billion, which happened earlier this year, but was paid in Q3.

當我們查看現金流時，我們確實發生了約 10 億美元的大額法律和解事件，發生在今年早些時候，但在第三季度支付。

So when we exclude that, our cash flow for 2015, and again what you see here is a forecast for the year, first three quarters plus our estimate for Q4, is over $6.2 billion in operating cash flow.

因此，當我們排除這一點時，我們 2015 年的現金流量，以及您在這裡看到的今年的預測，前三個季度加上我們對第四季度的估計，運營現金流量超過 62 億美元。

And what you can also see, when you look at this slide, is how we are becoming more and more efficient at capital expenditure.

當您查看這張幻燈片時，您還可以看到我們如何在資本支出方面變得越來越高效。

So basically from over $900 million in CapEx investment in 2013, we estimate a little bit above $500 million in 2015.

所以基本上從 2013 年超過 9 億美元的資本支出投資來看，我們估計 2015 年略高於 5 億美元。

Let's look at our business by geographies and segment in a few slides.

讓我們在幾張幻燈片中按地域和細分來看我們的業務。

So first a few -- first of all, revenue by geographies.

首先是幾個——首先，按地區劃分的收入。

Not much of a change., compared to last year, our sales in the US have gone up as percentage of total to 57%.

變化不大。與去年相比，我們在美國的銷售額佔總銷售額的百分比上升到 57%。

This is mostly because foreign exchange is impacting most of our ex US business.

這主要是因為外匯影響了我們在美國以外的大部分業務。

So today with the update currency, US is 57%, Europe is 25%, and the rest of the world mostly emerging gross market is 80% of our total sales.

所以今天使用更新貨幣，美國是 57%，歐洲是 25%，世界其他主要新興市場占我們總銷售額的 80%。

And we see what drove our revenue up.

我們看到是什麼推動了我們的收入增長。

We see that it is coming from almost all segments of our business.

我們看到它幾乎來自我們業務的所有部門。

Copaxone, our specialty products, our other specialty -- other than Copaxone, which will be called specialty OTC, and some others.

Copaxone，我們的特色產品，我們的其他特色產品——除了 Copaxone，將被稱為特色 OTC 和其他一些產品。

Some decline in generic, as Q3 last year was very strong in the US market.

仿製藥有所下降，因為去年第三季度美國市場非常強勁。

And then $371 million foreign exchange headwind that is reducing that.

然後是 3.71 億美元的外匯逆風正在減少這一點。

A few words about Copaxone.

關於 Copaxone 的幾句話。

Copaxone continued to demonstrate amazing strength against [oral] competition, now also against generic competition.

Copaxone 繼續在 [口服] 競爭中表現出驚人的實力，現在也對抗仿製藥競爭。

You see the numbers, you see the green line is market share of 40 milligram, the biggest selling MS therapy in the world today, it was over 22% market share in the United States, and we are seeing growth in market share in the ex-US territories, as we introduce 40 milligram.

你看數字，你看綠線是 40 毫克的市場份額，這是當今世界上最暢銷的 MS 療法，它在美國的市場份額超過 22%，我們看到前市場份額在增長-美國領土，因為我們介紹了 40 毫克。

And wherever we introduced 40 milligram, we see it picking up and really gaining market share in every country.

無論我們在哪裡推出 40 毫克，我們都會看到它在每個國家都在回升並真正獲得市場份額。

So Copaxone in total, a strong quarter, actually a record quarter in the United States, just a little bit above Q2 at $878 million.

因此，Copaxone 總體上是一個強勁的季度，實際上是美國創紀錄的季度，僅略高於第二季度的 8.78 億美元。

All in all, a very, very strong quarter with $[1.080] billion in total sales, or a little over that.

總而言之，這是一個非常非常強勁的季度，總銷售額 [10.80] 億美元，或者略高於此。

So Copaxone, very, very durable, and so what we believe is going to be the impact in certain scenarios starting 2017.

所以 Copaxone，非常非常耐用，所以我們認為從 2017 年開始在某些情況下會產生影響。

Some more words about a breakdown of revenues by business segment.

關於按業務部門劃分的收入細分的更多信息。

Not much of a change here.

這裡沒有太大變化。

As you can see from last quarter, our generics 46% of the total, mostly impacted by the currency -- by the currency effect, which hits generics in OTC more than the other parts of the business.

正如你從上個季度看到的那樣，我們的仿製藥佔總數的 46%，主要受貨幣影響——貨幣效應對 OTC 仿製藥的影響大於業務的其他部分。

Copaxone the same, 22% of total.

Copaxone 相同，佔總量的 22%。

Our specialty products are up in all areas.

我們的特色產品遍及各個領域。

Respiratory, CNS, Treanda had a very good quarter to 23%, and OTC and other, 9% similar to last quarter.

呼吸系統、中樞神經系統、Treanda 有一個非常好的季度，達到 23%，而 OTC 和其他，與上一季度相似，為 9%。

And in parallel, the profit, again, very similar picture, 31% of our operating profit is coming from our generic business, with improved profitability from the beginning of the year, 47% from Copaxone, a little lower than in percentage last year, 19% from specialty, a little higher from what we've seen last year.

與此同時，利潤再次非常相似，我們 31% 的營業利潤來自我們的仿製藥業務，從年初開始盈利能力有所提高，47% 來自 Copaxone，略低於去年的百分比， 19% 來自專業，比我們去年看到的略高。

And what is driving this operating income improvement is coming from all our businesses.

推動營業收入改善的因素來自我們所有的業務。

Generics was a $54 million improvement, Copaxone was $53 million improvement, specialty was $[17] million, and negative mostly FX business creates a [gross] in operating profit and drives also the bottom lines up.

Generics 有 5400 萬美元的改進，Copaxone 有 5300 萬美元的改進，專業是 [17] 萬美元，主要是負面的 FX 業務創造了[毛]營業利潤，也推動了底線。

So our business outlook.

所以我們的商業前景。

So you have here, the detailed ranges by line items, as how do we see this.

所以你在這裡，按行項目的詳細範圍，我們如何看待這一點。

I'd remind you, I believe this is the 5th quarter in a row that we are beating and raising.

我想提醒你，我相信這是我們連續第五個季度擊敗和提高。

So what happened to our forecast from the original one that you see on the left-hand side that we've guided in December, in December last year.

那麼我們去年 12 月在左側看到的原始預測發生了什麼變化。

First of all, sales are up of -- to a range of $19.4 billion to $19.6 billion.

首先，銷售額上升到 194 億美元至 196 億美元。

So mid point here, it's about $300 million increase in sales.

所以這裡的中點，銷售額增加了大約 3 億美元。

Gross profit, a very nice improvement as you can see in the range, in the mid point here.

毛利潤，一個非常好的改善，正如你在範圍內看到的那樣，在中間點。

We are spending more money on R&D, which is a good thing, building a future.

我們在研發上投入了更多資金，這是一件好事，可以建設未來。

And we are keeping SG&A at the original plan that we had when we started the year.

我們將 SG&A 保持在我們年初時的原始計劃。

So all in all, a range of $5.40 to $5.45, a pretty tight range for the year, since it's only one quarter, and the results are looking very good.

所以總而言之，範圍在 5.40 美元到 5.45 美元之間，今年的範圍非常狹窄，因為它只有一個季度，而且結果看起來非常好。

Now we are getting a lot of questions on the financing of Actavis generics acquisition, and I want to use is opportunity to provide the details.

現在我們收到很多關於 Actavis 仿製藥收購融資的問題，我想藉此機會提供詳細信息。

Nothing new here.

這裡沒有什麼新鮮事。

You've seen this before, but I want to go through the details, and take a couple of minutes to do that.

你以前見過這個，但我想過一遍細節，並花幾分鐘時間來做這件事。

First of all, one piece of equity, $6.75 billion will go to Allergan.

首先，一份股權，67.5億美元將歸艾爾建所有。

The ratios were already fixed, so this is approximately 100 million shares -- to be exact 100.5 million shares, at a price that was fixed at $67.30 per share.

比率已經確定，所以這大約是 1 億股——準確地說是 1.005 億股，價格固定為每股 67.30 美元。

$33.75 billion additional cash consideration.

額外現金對價 337.5 億美元。

First of all, it is fully backed by committed bank bridge financing from two years from drawdown, with 10 banks --10 major banks sharing equally this financial secured facility.

首先，它得到了提款後兩年內承諾的銀行過橋融資的全力支持，10 家銀行 -- 10 家主要銀行平均分享這一金融擔保設施。

So how are we going to finance the range?

那麼我們如何為該系列提供資金呢？

I will start on the rest -- I will talk from the right hand side, approximately $7 billion in common equity and mandatory convertible preferred.

我將從其餘部分開始——我將從右側開始，大約 70 億美元的普通股和強制性可轉換優先股。

We plan to do it, as soon as we have the audited financial statement for the carve-out of the Actavis generic business that we are buying.

我們計劃在獲得我們正在購買的 Actavis 仿製藥業務分拆的經審計財務報表後立即執行此操作。

Again, given market conditions and market looks reasonable today, to do that, we plan to do it as soon as practicable, hopefully before the end of this year, or before the holiday season.

同樣，鑑於今天的市場狀況和市場看起來合理，為此，我們計劃在可行的情況下盡快完成，希望在今年年底或假期之前完成。

But we still have to make a decision when we get closer.

但我們還是要在接近的時候再做決定。

The rest, $27 billion in bond and term loans, $5 billion term loans for three years and five years are syndicated to a group of banks.

其餘的 270 億美元的債券和定期貸款、50 億美元的三年期和五年期定期貸款由銀團提供給一組銀行。

The process were already kicked off, and now we're putting the group of banks together.

該流程已經啟動，現在我們正在將銀行集團整合在一起。

And then a multi-tranche multi-currency $22 billion bond offering, in dollars primarily, but also in euros, the British pound, that we are going to split in different markets.

然後是多批多幣種 220 億美元的債券發行，主要以美元計價，但也以歐元、英鎊計價，我們將在不同的市場進行拆分。

For all these financial activities, underwriter has been assigned, and all the plans are very actively underway.

對於所有這些財務活動，已指定承銷商，並且所有計劃都在非常積極地進行中。

Last, dividend payment, our Board and his -- in its meeting this week approved $0.34 dividend per share, similar to last quarter which will be distributed to our shareholders.

最後，股息支付，我們的董事會和他的——在本週的會議上批准了每股 0.34 美元的股息，與上一季度類似，將分配給我們的股東。

Thank you very much.

非常感謝。

And I would like now to invite Sig Olafsson to discuss generics, and update on the Actavis acquisition.

我現在想邀請 Sig Olafsson 討論仿製藥，並更新 Actavis 的收購。

Siggi?

西吉？

Thank you, Eyal, and good morning, everybody.

謝謝 Eyal，大家早上好。

Great to be here.

很高興來到這裡。

As you've seen from the number, really the generic business and third quarter continued to drive growth.

正如您從數字中看到的那樣，真正的通用業務和第三季度繼續推動增長。

What wasn't in third quarter, which we obviously had in first and second quarter, was there was hardly any exclusive products in the US.

我們在第一季度和第二季度顯然擁有的第三季度沒有的是美國幾乎沒有任何獨家產品。

It's clearly impacted our overall profitability of the generic business, but that is to be expected.

這顯然影響了我們仿製藥業務的整體盈利能力，但這是可以預料的。

That is the nature of it.

這就是它的本質。

The beauty is, in the new Teva, when we close the transaction with Actavis generics, we will have 110 of these one-offs to work with.

美妙的是，在新的 Teva 中，當我們完成與 Actavis 仿製藥的交易時，我們將有 110 個這樣的一次性藥物可以使用。

So the first to files.

所以首先要歸檔。

But clearly, I think all the businesses are improving the profit margin.

但顯然，我認為所有企業都在提高利潤率。

You will see the launches, which are on time.

您會看到準時發布。

So I'm really pleased with what we're seeing in the third quarter, and a very good indication for the fourth quarter.

所以我對我們在第三季度看到的情況感到非常滿意，這對第四季度來說是一個非常好的跡象。

So where is the business?

那麼業務在哪裡呢？

We really have been improving the profitability over time.

隨著時間的推移，我們確實一直在提高盈利能力。

You see it, on the right-hand side, where we were at 16.8% in 2013, 22.1% in 2014, and year to date number is about 28.9%.

你看，在右側，我們在 2013 年為 16.8%，2014 年為 22.1%，年初至今的數字約為 28.9%。

Remember, our guidance for the year was a midpoint of 27% operating profit from the generics.

請記住，我們今年的指導是仿製藥營業利潤的中點為 27%。

I think we will make that.

我想我們會做到的。

This might go down a little bit, because it's skewed towards first and second quarter, because there's no exclusive product in the fourth quarter.

這可能會下降一點，因為它偏向於第一季度和第二季度，因為第四季度沒有獨家產品。

But overall, we will be in the range of 28% operating profit from the generics, which really is first class with the countries we're operating in today.

但總的來說，我們將從仿製藥中獲得 28% 的營業利潤，這對於我們今天開展業務的國家來說確實是一流的。

Europe is doing extremely well.

歐洲做得非常好。

US is doing well.

美國做得很好。

And it's down to the people in Teva, the employees of Teva that have been executing extremely well on this strategy.

這要歸功於 Teva 的員工，Teva 的員工在這一戰略上執行得非常好。

The second point here is about the successful launches.

這裡的第二點是關於成功的發射。

It is not easy in the competition today, and when we are investing in R7D like we do, we need to have success on the other end in launching the product, 350 launches with $1.4 billion in revenue.

今天的競爭並不容易，當我們像現在這樣投資 R7D 時，我們需要在推出產品的另一端取得成功，推出 350 次產品，帶來 14 億美元的收入。

Some of them are very small in small markets, but really the key launches we hit.

其中一些在小市場中非常小，但確實是我們擊中的關鍵發布。

We had the home run on the key launches.

我們在關鍵發射上取得了本壘打。

But in the new Teva, in the combined Teva of Actavis generics and Teva, we will have between 1,000 and 1,500 launches every year.

但在新的 Teva 中，在 Actavis 仿製藥和 Teva 合併後的 Teva 中，我們每年將推出 1,000 至 1,500 次。

So the execution is so crucial, but that's also the key to the growth of the new company.

所以執行力非常重要，但這也是新公司成長的關鍵。

We really have the tools.

我們真的有工具。

We have the pipeline to grow this business.

我們有發展這項業務的渠道。

We are really changing the business model.

我們真的在改變商業模式。

I decided to put in the third bullet around the litigations.

我決定圍繞訴訟提出第三點。

You see, this is really part of our business, is the IP litigations.

你看，這確實是我們業務的一部分，是知識產權訴訟。

So 120 litigations, and that has, either we have won in court or we have settled.

所以有 120 起訴訟，我們要么在法庭上贏了，要么我們已經和解了。

That's about 90% success rate.

這大約是 90% 的成功率。

That's not easy.

這並不容易。

There's a lot of hard work.

有很多艱苦的工作。

I think, we have the strongest IP department in the industry.

我認為，我們擁有業內最強大的知識產權部門。

Because on one hand, we are defending Copaxone for the (inaudible) generic companies, and on the other hand we are obviously challenging the IP of the specialty companies.

因為一方面，我們正在為（聽不清）仿製藥公司捍衛 Copaxone，而另一方面，我們顯然正在挑戰專業公司的知識產權。

So I think we have the best of both world, and really they have done an outstanding work for us.

所以我認為我們兩全其美，他們確實為我們做了出色的工作。

The R&D pipeline, important.

研發管道，很重要。

I think we're excited to see what we get from Allergan.

我想我們很高興看到我們從 Allergan 那裡得到什麼。

But also on the Teva side, we have been executing extremely well.

但在 Teva 方面，我們的表現也非常出色。

With one exception, I want to mention EpiPen.

除了一個例外，我想提一提 EpiPen。

We have an action day on EpiPen from the FDA before the end of the year.

我們在年底前有一個來自 FDA 的 EpiPen 行動日。

And based on the review today, we really expect to get a Complete Response Letter by the year end.

根據今天的審查，我們真的希望在年底前收到一份完整的回复信。

Which to all of you mean that, the delay in launch will be until probably second half of 2016.

對你們所有人來說，發射延遲可能要到 2016 年下半年。

Simply, we are not far along in the review of EpiPen that we can expect approval by year end.

簡而言之，我們對 EpiPen 的審查已經不遠了，我們可以期待在年底前獲得批准。

Nothing new has happened.

沒有新的事情發生。

There is no negative feedback.

沒有負面反饋。

But simply based on the review, the status of the review, our assumption is that we will get a Complete Response Letter, which will mean at least a six-month delay into 2016.

但僅僅基於審查，審查的狀態，我們的假設是我們將收到一份完整的回复函，這意味著 2016 年至少會延遲六個月。

The last point there, we talk about is Rimsa.

我們談論的最後一點是 Rimsa。

It is exciting.

這很令人興奮。

It's the execution of the strategy of coming into the growth market.

這是進入增長市場戰略的執行。

It's a great market, 120 million people.

這是一個巨大的市場，1.2 億人。

But really is an opportunity for a company like Teva, which is both in the generics and specialty, to have a platform to sell in that market.

但對於像 Teva 這樣的公司來說，這確實是一個機會，它既是仿製藥又是專業公司，擁有一個在該市場銷售的平台。

And I will talk about that a little bit later.

我稍後會談到這一點。

So what are we getting from the Actavis acquisition?

那麼我們從 Actavis 的收購中得到了什麼？

Obviously, it's highly synergetic and accretive, but it's not only the money.

顯然，這是高度協同和增值的，但不僅僅是金錢。

It's highly synergetic in terms of commercial presence.

它在商業存在方面具有高度協同作用。

Top three companies, top three pharmaceutical company in over 40 markets around the world, with our own presence in 100 markets, 100 markets.

全球 40 多個市場的前三名公司、前三名製藥公司，我們在 100 個市場、100 個市場都有自己的業務。

We offer a solution in specialty and generics in all these markets around the world, and we haven't put a value on it.

我們在全球所有這些市場中提供專業和仿製藥的解決方案，但我們沒有對其進行估價。

We haven't put a dollar value on it -- because all of you, and even us, we don't take the revenue synergies seriously.

我們沒有給它一個美元價值——因為你們所有人，甚至我們，都沒有認真對待收入協同效應。

But at the end of the day, when it comes down to execution, it's important to remember that there is a real opportunity to grow the business.

但歸根結底，當涉及到執行時，重要的是要記住存在發展業務的真正機會。

It really will transform the generic space.

它真的會改變通用空間。

And what I mean by that is, you saw even yesterday, how the consolidation of our customer base is.

我的意思是，你甚至在昨天就看到了我們客戶群的整合情況。

There is a constant consolidation.

有一個不斷的合併。

The top three customers in terms of value are 83%.

價值前三的客戶佔比為83%。

The top four customers are 91% in the US.

前四大客戶91%在美國。

In Europe, the top three customers are 65%.

在歐洲，前三名客戶為65%。

So there has been such a transformation on our customers side, I think this move will change the generic space, in terms of product supply, in terms of pipeline, in terms of offering what our customers are looking for.

所以在我們的客戶方面發生了這樣的轉變，我認為這一舉措將改變通用空間，在產品供應方面，在管道方面，在提供我們客戶正在尋找的東西方面。

Enhanced financial profile is important, because also we are very clear, with a generic business, we want to continue to invest in the specialty business.

增強財務狀況很重要，因為我們也很清楚，有了通用業務，我們希望繼續投資於專業業務。

We are not changing into a generic company.

我們不會變成一家通用公司。

We are a Company with generic and specialty, and we really want to improve and increase the R&D spending in specialty, and the opportunity of doing this together between the two, that's really where the opportunity is.

我們是一家兼具通用和專業的公司，我們真的很想改善和增加專業的研發支出，並且有機會在兩者之間一起做這件事，這才是真正的機會所在。

We are creating a business model with this [between], and we see this over and over again.

我們正在用這種 [between] 創建一種商業模式，我們一遍又一遍地看到這一點。

I mentioned the opportunity for biosimilars.

我提到了生物仿製藥的機會。

Some of you have seen the numbers on Granix, where we launched Granix -- our specialty group launched Granix --we got approximately 25% market share against Neupogen.

你們中的一些人已經看到了 Granix 上的數字，我們在那裡推出了 Granix——我們的專業團隊推出了 Granix——我們獲得了大約 25% 的市場份額，超過了 Neupogen。

But it's where the specialty group and the generic groups work together.

但這是專業組和通用組一起工作的地方。

We managed to take the space, and we're really I think transforming the business concept together between us.

我們設法佔據了空間，我認為我們真的在共同轉變我們之間的商業理念。

And last but not least, obviously it has to create value for the shareholders.

最後但同樣重要的是，顯然它必須為股東創造價值。

But let's not take that as given, it is all about the execution.

但是，我們不要以為這是給定的，這全都與執行有關。

So what has happened with the Actavis generics?

那麼 Actavis 仿製藥發生了什麼？

Basically, we are working hand-in-hand with preparation for integration.

基本上，我們正在攜手為整合做準備。

Obviously, we cannot start the integration.

顯然，我們無法啟動集成。

We're competing with them in the market on a day-to-day business.

我們在日常業務中與他們在市場上競爭。

But we really have a plan in place what needs to be on day one, what needs to be on day 30, on day 100.

但我們確實有一個計劃，第一天、第 30 天、第 100 天需要做的事情。

We have started to work on the leadership team.

我們已經開始在領導團隊上工作。

We intend to have at least the first three levels of the company ready and announced on closing, hopefully more.

我們打算至少準備好公司的前三個級別並在關閉時宣布，希望更多。

And in some of the key business unit, we've already announced, pending closing who will be the leaders of the business.

在一些關鍵業務部門，我們已經宣布，等待關閉誰將成為業務的領導者。

The synergy targets are confirmed by the team.

協同目標由團隊確認。

They are working that bottom up.

他們正在自下而上地工作。

You understand, when you do a due diligence, you don't have all the data to confirm it.

你明白，當你做盡職調查時，你沒有所有的數據來確認它。

So one key issue in the integration, was really to confirm these synergy targets, and the teams are doing that together.

因此，整合中的一個關鍵問題是真正確認這些協同目標，並且團隊正在共同努力。

We really think that we have a good relationship with the anti-trust authorities.

我們真的認為我們與反托拉斯當局的關係很好。

We have had multiple meetings with the FTC, with the European Commission.

我們與 FTC 和歐盟委員會舉行了多次會議。

We are moving forward.

我們正在前進。

The review is in line with what we explained to you before.

該評論與我們之前向您解釋的內容一致。

It's a review of product by product, competition like that.

這是一個產品一個產品的審查，這樣的競爭。

We don't foresee anything now, for a delay, but obviously we need to focus on it.

我們現在沒有預見到任何延遲，但顯然我們需要關注它。

The European commission started a little bit later, due to vacation time in Europe.

由於在歐洲休假，歐盟委員會開始得有點晚。

But overall, we have had a very good interaction, and this is really moving forward.

但總的來說，我們進行了非常好的互動，這確實在向前發展。

And last but not least, we have signed the [CDA] with over 40 companies that want to buy any divestiture we need to do.

最後但同樣重要的是，我們已經與 40 多家想要購買我們需要進行的資產剝離的公司簽署了 [CDA]。

So we don't think that will be a delaying factor in the execution of the deal.

因此，我們認為這不會成為交易執行的延遲因素。

Quickly on Rimsa, a key growth market, really amazing company.

快速進入關鍵增長市場 Rimsa，這家公司真是太棒了。

They have 920 sales reps around Mexico.

他們在墨西哥有 920 名銷售代表。

They are really a specialty company, well-known brand.

他們真的是一家專業公司，知名品牌。

They have OTC business.

他們有場外交易業務。

But they also have a little bit branded generics, but off their overall revenue, only 6% is generics.

但他們也有一些品牌仿製藥，但在他們的總收入中，只有 6% 是仿製藥。

The rest of specialty and OTC.

其餘專科和非處方藥。

There is a very strong brand equity, but also but what we use this for, is the platform into the rest of Latin America.

有非常強大的品牌資產，但我們使用它的目的是進入拉丁美洲其他地區的平台。

We have a strong business in Chile.

我們在智利有強大的業務。

We have a strong business in Peru.

我們在秘魯有強大的業務。

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

我們在巴西有一家相對較小的企業，我們希望將其發展壯大。

But this is really an opportunity for us to take it to the next level.

但這確實是我們將其提升到一個新水平的機會。

So, what's on our mind for 2016?

那麼，2016 年我們的想法是什麼？

First of all, it is the integration.

首先是整合。

We can not fail on this transaction, and we are not going to fail.

我們不能在這筆交易上失敗，我們也不會失敗。

I think we have everything in hand.

我想我們已經掌握了一切。

We need to execute on the strategy, we need to execute on the launches.

我們需要執行戰略，我們需要執行發布。

If you think about 1,500 launches, there is five new launches in Teva, every day of the year next year.

如果你考慮 1,500 次發射，Teva 有五次新發射，明年的每一天。

So there will be a lot of people busy.

所以會有很多人忙。

But this is the key to the growth of the company, because otherwise we cannot grow the business, which leads into the launches.

但這是公司發展的關鍵，否則我們無法發展業務，而這會導致產品發布。

So with that, I want to hand it over to Dr. Michael Hayden.

因此，我想把它交給邁克爾海登博士。

Thank you, Siggi.

謝謝你，西吉。

Delighted to see everybody here.

很高興在這裡見到大家。

And also, so pleased to give you just some visibility into our pipeline and our products, although a bigger and deeper visibility will come in a more extensive discussion, once following the closure of Actavis generics.

而且，很高興讓您對我們的管道和我們的產品有一些了解，儘管在 Actavis 仿製藥關閉後，更大更深入的可見性將在更廣泛的討論中出現。

So just to give you a perspective about our pipeline, these were some of the things we spoke about as the milestones that were important for 2015.

因此，為了讓您對我們的管道有一個看法，這些是我們所說的一些對 2015 年很重要的里程碑。

We have had three approvals as you can see.

如您所見，我們已經獲得了三項批准。

Importantly our first specialty product for migraine approved Zecuity recently, Copaxone in Japan.

重要的是，我們的第一個偏頭痛專業產品最近在日本獲得批准，即 Copaxone。

And I will tell you little bit about some of the open boxes here, Vantrela just in a moment.

Vantrela 稍後，我會告訴你一些關於這裡打開的盒子的信息。

Major submissions, of course, reslizumab, SD-809 and also for FS Spiromax for asthma in Europe.

當然，主要提交的是 reslizumab、SD-809 以及歐洲用於治療哮喘的 FS Spiromax。

And we had presented some of the clinical results of this year, and mostly, and outstanding year.

我們已經介紹了今年的一些臨床結果，而且大部分是傑出的一年。

Great results in migraine, good results in tardive dyskinesia.

偏頭痛效果很好，遲發性運動障礙效果很好。

I will show you the results today in Tourettes But as in any drug development portfolio, we had two failures, one for the Nav 1.7 antagonist in osteoarthritis, and Qvar BAI for asthma, and I will talk about that in a moment.

我今天將向您展示妥瑞氏症的結果，但與任何藥物開發組合一樣，我們有兩次失敗，一次是治療骨關節炎的 Nav 1.7 拮抗劑，一次是治療哮喘的 Qvar BAI，我稍後會談及。

We are waiting, and looking forward to results in the very near future about FS RespiClick for asthma in Phase III, and also FP RespiClick in the United States.

我們正在等待並期待在不久的將來關於 FS RespiClick 治療哮喘的 III 期結果，以及 FP RespiClick 在美國的結果。

When you look at our pipeline, it's a pipeline filled with promise.

當您查看我們的管道時，它是一個充滿希望的管道。

We had 32 programs in Phase I to registration, and this is going to lead to between 35 and 40 submissions between 2015 and 2019.

我們在第一階段有 32 個項目要註冊，這將在 2015 年至 2019 年期間提交 35 至 40 個項目。

As you can see, the portfolio is focused our key specialty areas, migraine, pain in the dark green, movement disorders, and neurodegeneration and respiratory disease, as the key components, and the key central focus in our core areas, where we hope to become, and are becoming world leaders in these areas.

如您所見，產品組合集中於我們的關鍵專業領域，偏頭痛、深綠色疼痛、運動障礙、神經退行性疾病和呼吸系統疾病，作為關鍵組成部分，以及我們希望在核心領域的關鍵中心焦點成為並正在成為這些領域的世界領導者。

I want to share with you what I am excited about in the pipeline.

我想與您分享我在管道中感到興奮的事情。

So I'm just going to give you some highlights around the areas in terms of migraine, movement disorders, pain and respi, just to give you some visibility about what excites me about this.

所以我只想給你一些關於偏頭痛、運動障礙、疼痛和呼吸的領域的亮點，只是為了讓你了解是什麼讓我興奮。

Of course, our Labrys compound after the first anti CGRP antagonist which has demonstrated remarkable effectiveness both in chronic and episodic migraine.

當然，在第一個抗 CGRP 拮抗劑之後，我們的 Labrys 化合物已在慢性和發作性偏頭痛中表現出顯著的療效。

We looked at many doses across two conditions, and all of these achieved outstanding significance, primary and secondary endpoints were met, and not only at three months, but also at one month of therapy.

我們研究了兩種情況下的許多劑量，所有這些都達到了顯著的意義，主要和次要終點都得到了滿足，不僅是在三個月時，而且在治療一個月時也是如此。

We are the only monoclonal antibody that is separated from placebo across the entire duration of study for both primary and secondary, and [we're the only] company that has reported results for chronic migraine.

我們是唯一在整個初級和二級研究期間與安慰劑分離的單克隆抗體，並且 [我們是唯一] 報告了慢性偏頭痛結果的公司。

Thus far, no safety concerns have emerged for us, or any other of the products in this space.

到目前為止，我們或該領域的任何其他產品都沒有出現安全問題。

When you look at this particular product, there is the potential, the race is not over.

當你看這個特定的產品時，有潛力，比賽還沒有結束。

We are at mile 20 of a 26 mile marathon, but it's looking good thus far.

我們正處於 26 英里馬拉鬆比賽的第 20 英里，但到目前為止看起來還不錯。

We achieve the best results in terms of decrease in migraine at month three, the primary endpoint, placebo subtracted.

我們在第三個月減少偏頭痛方面取得了最佳結果，主要終點是減去安慰劑。

We had good results also in month one, and in fact, the effect and efficacy was seen at one week after therapy.

我們在第一個月也取得了很好的效果，事實上，效果和功效在治療後一周就可以看到。

And if you look at the number of patients who had actually 50% improvement, it was 44%.

如果你看一下實際上有 50% 改善的患者人數，則為 44%。

Importantly, and not able to be predicted, we had essentially no immunogenicity, very important.

重要的是，而且無法預測，我們基本上沒有免疫原性，這非常重要。

And this may be the reason, that we saw improved efficacy with this particular compound.

這可能就是我們看到這種特殊化合物的療效提高的原因。

So these all are exciting results, exciting for us, but typically important for patients who suffer from episodic in chronic migraine.

所以這些都是令人興奮的結果，對我們來說是令人興奮的，但對於患有慢性偏頭痛的發作性患者來說通常很重要。

When you look at the disability from episodic migraine, half patients lives, 40 million in the United States individuals, are actually their lives are lost due to missing work, missing school, missing a family occasion as a result of episodic migraine.

當你看一下發作性偏頭痛造成的殘疾時，美國有一半的患者，即 4000 萬人，實際上是因為發作性偏頭痛而失去工作、失學、錯過家庭機會而喪生。

We've seen major impact on disability, improving these patients lives, and making them feel better.

我們已經看到了對殘疾的重大影響，改善了這些患者的生活，並讓他們感覺更好。

Current status is that we have an outstanding end of Phase II meeting with the FDA.

目前的狀態是我們與 FDA 的第二階段會議尚未結束。

There was agreement and support for the CMC plan, the dose, the Phase III clinical plan and strategy, total alignment with the regulatory authorities.

對於 CMC 計劃、劑量、III 期臨床計劃和策略以及與監管機構的完全一致，各方達成一致並給予支持。

We will be starting both single trials, pivotal trials in chronic and episodic migraine in early 2016, and our target for BLA submission is 2018.

我們將於 2016 年初開始針對慢性和發作性偏頭痛的單一試驗、關鍵試驗，我們的 BLA 提交目標是 2018 年。

We are making great progress with this particular program.

我們在這個特定項目上取得了很大進展。

Importantly for us, it is the product that is innovative and important that is crucial.

對我們來說重要的是，創新且重要的產品至關重要。

But around this product, we also are providing services and solutions.

但是圍繞這個產品，我們也在提供服務和解決方案。

We've already started this with Zecuity, and we believe that providing services and supports for patients 24/7 enhances, improves their quality of life.

我們已經開始與 Zecuity 合作，我們相信為患者提供 24/7 全天候服務和支持可以增強和改善他們的生活質量。

And really is critical as we've seen shared solutions for MS, we have learned from that.

這真的很關鍵，因為我們已經看到了針對 MS 的共享解決方案，我們從中吸取了教訓。

And we've now established migraine support solutions as a key part of our therapeutic strategy to enrich and enhance the quality of life of patients.

我們現在已經將偏頭痛支持解決方案作為我們治療策略的關鍵部分，以豐富和提高患者的生活質量。

Let me share with you where we are.

讓我與您分享我們的位置。

So in migraine, we have the potential for being a world leader in this very important underserved space.

因此，在偏頭痛領域，我們有潛力成為這個非常重要的服務不足領域的世界領導者。

That's one of our goals.

這是我們的目標之一。

We have Zecuity already on the market, and we are looking at deepening this portfolio, and also improving this particular product and other indications in the area of migraine and headache for the future.

我們已經在市場上推出了 Zecuity，我們正在考慮深化這一產品組合，並在未來改進這一特定產品以及偏頭痛和頭痛領域的其他適應症。

When we looked movement disorders and neuro degeneration, here again the Auspex portfolio gave us the first product that already has been accepted for an NDA with the FDA just recently.

當我們研究運動障礙和神經退化時，Auspex 產品組合再次為我們提供了第一個最近已被 FDA 接受的新藥申請的產品。

Important to understand of course, that how this works, and this deuteration, this deuterium substitution for hydrogen, it slows down the metabolism of key products, in key parts of the metabolic pathway.

當然，重要的是要了解它是如何工作的，以及這種氘化，這種用氫代替氫，它會減緩代謝途徑關鍵部分中關鍵產物的代謝。

And what you can see here, for example, if you just look at this, what you see here, is that here's the active metabolite.

你在這裡可以看到，例如，如果你只看這個，你在這裡看到的是活性代謝物。

And the metabolite is broken down into these products.

代謝物被分解成這些產物。

These products, cause some of the side effects.

這些產品會引起一些副作用。

If you slow down the product breakdown into these products, what you would expect by the hydrogen substitution with deuterium here, you would expect to see some decrease in side effects.

如果你減慢產品分解成這些產品的速度，你會期望在這裡用氘代替氫，你會看到副作用有所減少。

It would not have been predictable, that deuterium substitution at this particular point would do this.

無法預料的是，在這個特定點的氘替代會做到這一點。

It was not obvious.

這並不明顯。

It was not predictable.

這是不可預測的。

It was even surprising.

這甚至令人驚訝。

But the results that have been seen have really been remarkable.

但已經看到的結果確實非常了不起。

The FDA has accepted the NDA for SD-809 for treatment in Huntington disease.

FDA 已接受 SD-809 用於治療亨廷頓病的 NDA。

And in fact, when you look at this, this is really been associated with significant improvement in the side effect profile associated with tetrabenazine The potential to improve the quality of life for patients.

事實上，當你看這個時，這確實與丁苯那嗪相關的副作用的顯著改善有關，並有可能改善患者的生活質量。

This would be the only the second drug in history to be approved by the FDA for this particular important condition.

這將是歷史上唯一被 FDA 批准用於治療這一特殊重要病症的第二種藥物。

When we look at another drug, just to mention, we have pridopidine The results for Pridopidine will be in the early part of 2016, a drug that we already know has impact on the movement disorder associated with this condition.

當我們看另一種藥物時，我們有 pridopidine。Pridopidine 的結果將在 2016 年初公佈，我們已經知道這種藥物對與這種情況相關的運動障礙有影響。

And when you see here -- these are total motor score which is our endpoint, we have two Phase III studies that actually demonstrated already highly significant results, important other features, including dystonia, with no impact on chorea.

當你看到這裡——這些是總運動評分，這是我們的終點，我們有兩項 III 期研究實際上已經證明了非常重要的結果，其他重要的特徵，包括肌張力障礙，對舞蹈病沒有影響。

So the tetrabenazine would be for the chorea, the Pridopidine would be for other movement disorders associated with this particular condition.

因此，丁苯那嗪適用於舞蹈病，普利多匹定適用於與該特定病症相關的其他運動障礙。

This is now in a Phase II clinical trial.

該藥物目前正在進行 II 期臨床試驗。

We have enrollment is over.

我們已經報名結束了。

We are expecting results in early 2016.

我們期待 2016 年初的結果。

And if we reach certain endpoints, this will be allowed to be submitted in 2016, as part of an agreement with the FDA.

如果我們達到某些終點，這將被允許在 2016 年提交，作為與 FDA 達成的協議的一部分。

This is again, our philosophy and our commitment to become world leaders in the spaces that we are.

這再次體現了我們的理念和我們致力於成為我們所在領域的世界領導者的承諾。

And we are currently the world leader in this particular disorder, with three programs in the clinic significantly above any other company.

我們目前是這一特殊疾病領域的世界領先者，在診所開展的三個項目明顯高於任何其他公司。

When we look at SD-809 in tardive dyskinesia, we have reported on the ARM-TD study where it has been completed, and now the AIMS study is also ongoing, and in the middle of its phase.

當我們在遲發性運動障礙中觀察 SD-809 時，我們已經報告了已經完成的 ARM-TD 研究，現在 AIMS 研究也在進行中，並且處於中期階段。

And we're looking to the results for this study in 2016.

我們期待 2016 年這項研究的結果。

The primary endpoint for the ARM study was achieved.

達到了 ARM 研究的主要終點。

It was superior, all the secondary endpoints favored SD-809 was well-tolerated.

它是優越的，所有支持 SD-809 的次要終點都具有良好的耐受性。

Importantly, because this is a disorder affecting maybe up to 700,000 people in the United States, we will be targeting maybe 140,000 of the most severe.

重要的是，由於這是一種影響美國多達 700,000 人的疾病，我們將針對可能最嚴重的 140,000 人。

And we've seen really some very encouraging results associated with this.

我們確實看到了一些與此相關的非常令人鼓舞的結果。

Importantly, as would be predicted, that both for the first study in HD, and the ARM study as we noted, the side effect profile for tetrabenazine, deutetrabenazine was just like placebo.

重要的是，正如所預測的那樣，對於 HD 的第一項研究和我們注意到的 ARM 研究，丁苯那嗪的副作用概況，deutetrabenazine 就像安慰劑一樣。

Placebo, like safety, now confirmed in two studies.

安慰劑與安全性一樣，現已在兩項研究中得到證實。

So providing confidence that this is really going to create significant value for patients, deriving the benefits from this therapy without some of the alarming side effects.

因此，請相信這真的會為患者創造巨大的價值，從這種療法中獲益，而不會出現一些令人擔憂的副作用。

Of course, there is another product in development in tardive dyskinesia and from Neurocrine.

當然，還有一種針對遲發性運動障礙和 Neurocrine 的產品正在開發中。

And it's very hard to compare these compounds, but what we know, we have provided the data on SD-809 with pharmacokinetics, its uniform metabolism.

很難比較這些化合物，但據我們所知，我們已經提供了 SD-809 的藥代動力學數據，即它的均勻代謝。

We've provided data on safety and tolerability.

我們提供了有關安全性和耐受性的數據。

The PK profile in metabolism of the Neurocrine product have not been disclosed yet, and the safety data has not been disclosed.

Neurocrine 產品代謝的 PK 曲線尚未公開，安全數據也未公開。

In the clinical signs, as the design of the study were really quite different and are not comparable in that particular way.

在臨床症狀方面，由於研究的設計確實非常不同，因此在特定方面無法進行比較。

So we will wait with interest to see additional data on the Neurocrine product.

因此，我們將饒有興趣地等待查看有關 Neurocrine 產品的更多數據。

In Tourette syndrome, an other important disorders, there is only one drug approved in the United States, aripiprazole.

在另一種重要疾病圖雷特綜合徵中，美國祇有一種藥物阿立哌唑獲得批准。

It has been approved, but aripiprazole, again has a very significant side effect profile.

它已被批准，但阿立哌唑再次具有非常顯著的副作用。

For a group of patients to have abnormal movements, often have neuropsychiatric signs associated with that.

對於一組有異常運動的患者，往往有與之相關的神經精神症狀。

Big impact in children, but really seen throughout adult life.

對兒童的影響很大，但在整個成人生活中都能看到。

We have now completed a Phase I study as one Phase Ib would be.

我們現在已經完成了 Ib 期研究。

This was not controlled, not placebo controlled, so very important not to overemphasize these results, 23 patients in adolescence.

這不是對照，不是安慰劑對照，所以不要過分強調這些結果非常重要，23 名患者處於青春期。

Important for us, because this is the first time this has been given to people under children 12 to 18.

對我們來說很重要，因為這是第一次將其提供給 12 至 18 歲以下的兒童。

And the key efficacy parameters in our Tourette syndrome study were the total tic severity, as well as also the clinical global impression, and also the patient global impression of change.

在我們的 Tourette 綜合症研究中，關鍵療效參數是總抽動嚴重程度、臨床整體印像以及患者對變化的整體印象。

Let me just give you a quick insight into some of these.

讓我讓您快速了解其中的一些。

These are just the total tic score of the time, eight week endpoint What you can see here, it is oral and the two endpoints are motor and vocal tic, the motor being the movement, the vocal being the utterances, often inappropriate.

這些只是時間的總抽動分數，八週終點你在這裡看到的，它是口頭的，兩個終點是運動和聲音抽動，運動是運動，聲音是話語，通常不合適。

You see a significant decrease at eight weeks with this drug.

您會看到這種藥物在八週後顯著減少。

And when you combine the total tic score in green here, what you see is a highly significant result associated with this, with a P value that is highly significant.

當你在這裡結合綠色的總抽動分數時，你看到的是與此相關的非常顯著的結果，具有非常顯著的 P 值。

So this gives us encouragement.

所以這給了我們鼓勵。

It is early.

還早呢。

It is not placebo controlled, important.

它不是安慰劑對照的，重要的。

But it gives us confidence to now develop the strategy, and develop and go into Phase III for this particular study, and this particular indication which will be part of our strategy for 2016.

但它讓我們有信心現在製定戰略，並製定並進入這項特定研究的第三階段，這一特定適應症將成為我們 2016 年戰略的一部分。

We will be a leader, therefore both in movement disorders and neurodegeneration from Huntington disease to tardive dyskinesia to Tourette's.

因此，我們將成為領導者，無論是運動障礙還是神經退化，從亨廷頓病到遲發性運動障礙再到圖雷特氏症。

And of course, we'll be looking at other movement disorders where we can use these particular drugs where they may confer significant benefit for patients.

當然，我們將研究其他運動障礙，我們可以在這些疾病中使用這些特殊藥物，它們可能會給患者帶來顯著益處。

In pain we also have a major program, and a major -- to solve a major problem in the United States.

在痛苦中，我們還有一個重大計劃，一個重大計劃——解決美國的一個重大問題。

As you all know, last year in the United States, there were more people who died of opioid abuse than all motor vehicle accidents combined, an epidemic.

眾所周知，去年在美國，死於阿片類藥物濫用的人數超過了所有機動車事故的總和，這是一種流行病。

And in fact, people are using various opioids.

事實上，人們正在使用各種阿片類藥物。

They are crushing them into powders, they are extracting them and injecting, dose dumping with alcohol to get higher levels, and our particular proprietary abuse deterrent technology really prevents all of that.

他們將它們粉碎成粉末，提取並註射，用酒精進行劑量傾倒以獲得更高的水平，而我們特殊的專有濫用威懾技術確實可以防止所有這一切。

We look at Vantrela, which will be our first abuse deterrent opioid, what this actually prevents all of these particular properties.

我們看看 Vantrela，這將是我們的第一個濫用威懾阿片類藥物，它實際上阻止了所有這些特殊特性。

It has robust abuse deterrent properties, and also [oro-milling], which is really grinding it up and taking it orally, it is able to prevent all of these particular properties in a profound way, also snorting.

它具有強大的濫用威懾特性，還有 [oro-milling]，它實際上是將其磨碎並口服，它能夠以深刻的方式防止所有這些特殊特性，也可以吸食。

So it is a very significant abuse deterrence capability.

所以這是一個非常重要的濫用威懾能力。

When we look at Vantrela, the NDA review, this would be important.

當我們查看 NDA 審查 Vantrela 時，這很重要。

We are now at the labeling review stage.

我們現在正處於標籤審查階段。

We are expecting approval in the very near future.

我們期待在不久的將來獲得批准。

And so, this is exciting, exciting because this will be a drug for patients who suffer from abuse, but also importantly, this will be validation of an important program.

因此，這是令人興奮的，令人興奮的，因為這將是一種用於遭受濫用的患者的藥物，但同樣重要的是，這將是對一個重要程序的驗證。

And beyond Vantrela, we have a whole host of programs that we are developing using this abuse deterrence technology.

除了 Vantrela，我們還有一大堆正在使用這種濫用威懾技術開發的程序。

Particularly focusing on the area which causes most problems, the immediate release hydrocodone and opioids are the major cause of opioid abuse.

特別關注引起最多問題的領域，速釋氫可酮和阿片類藥物是阿片類藥物濫用的主要原因。

And so we have developed, and we're developing additional products in the space, and our programs here in immediate release hydrocodone with APAP or oxycodone with APAP, this will provide an immediate release and an analgesic profile when the prescribed dose is ingested.

因此，我們已經開發，並且正在開發該領域的其他產品，我們的項目是立即釋放氫可酮與 APAP 或羥考酮與 APAP，這將在攝入規定劑量時提供立即釋放和鎮痛作用。

But importantly, it limits the rapidly toxic drug release when a super therapeutic dose is taken, either accidentally or intentionally preventing abuse and potentially preventing suicide.

但重要的是，它限制了服用超級治療劑量時毒性藥物的快速釋放，無意或有意地防止濫用並可能防止自殺。

So where we are with us in 2015, we are now in Phase III.

所以我們在 2015 年與我們在一起，我們現在處於第三階段。

We plan to submit the first immediate release hydrocodone APAP, with some unique abuse deterrent properties as I've described you.

我們計劃提交第一個速釋氫可酮 APAP，它具有我向您描述的一些獨特的濫用威懾特性。

We plan and will be a leader in the pain space going forward from here.

從這裡開始，我們計劃並將成為痛苦領域的領導者。

And respiratory disease, we also are making tremendous progress in our pipeline.

和呼吸系統疾病，我們也在我們的管道中取得了巨大的進步。

Uniquely, Teva has the opportunity to have novel molecules against unprecedented targets.

獨特的是，Teva 有機會針對前所未有的目標開發新分子。

We also have novel technology.

我們也有新技術。

And just to share with you, this is the Gecko that we just spoke about.

與您分享，這就是我們剛剛談到的 Gecko。

This is a unique device that goes onto Spiromax for example, links your to iPhone.

這是一個獨特的設備，可以連接到 Spiromax，例如，將您的設備鏈接到 iPhone。

It links to your computer.

它鏈接到您的計算機。

It remind you we needed to take the particular dose.

它提醒您我們需要服用特定劑量。

It tells you if you have taken it appropriately, and also calls can be linked to the doctor's office in an effort to really provide additional information to the caregivers associated with that, a simple device that is now being incorporated to enhance the connectivity of our respiratory devices.

它會告訴您是否採取了適當的措施，並且可以將電話與醫生的辦公室聯繫起來，以便真正向與之相關的護理人員提供更多信息，這是一種簡單的設備，現在被合併以增強我們呼吸系統的連通性設備。

And of course, we have AB rated generics also in development.

當然，我們也在開發 AB 級仿製藥。

When you look at uncontrolled asthma as you know, importantly, a significant number of patients with asthma have high [esinophil] count.

如您所知，當您查看不受控制的哮喘時，重要的是，相當多的哮喘患者 [嗜酸性粒細胞] 計數很高。

And we then developing a product now that is focused on this particular area of severe asthma, inhibitization of IL-5.

然後我們現在開發了一種產品，專注於嚴重哮喘這一特定領域，抑制 IL-5。

This of course is a target that is also other companies have developed against.

這當然是其他公司開發的目標。

Our particular product, humanized monoclonal antibody has proven efficacy.

我們的特殊產品人源化單克隆抗體已被證明有效。

We met all the primary endpoints in our Phase III study, decreases exacerbations, and importantly, the aspects of lung function improves control and quality of life were enhanced.

我們在 III 期研究中達到了所有主要終點，減少了惡化，重要的是，肺功能方面改善了控制，生活質量得到提高。

We submitted this in March 2015.

我們於 2015 年 3 月提交了此文件。

We have an ADCOM scheduled for December 9, and a PDUFA date in March 2016.

我們計劃在 12 月 9 日召開 ADCOM，在 2016 年 3 月召開 PDUFA。

So you can see this is a program -- and each of the programs that I shared with you coming to maturity, getting to the market, and providing opportunities for significant leadership in these areas.

所以你可以看到這是一個項目——我與你分享的每個項目都在走向成熟，進入市場，並為在這些領域發揮重要領導作用提供機會。

These are the current status.

這些是目前的狀態。

We have [Durarest] launched, we have ProAir RespiClick launched, we have fluticasone, salmeteral, spiromax in the EU.

我們推出了 [Durarest]，我們推出了 ProAir RespiClick，我們在歐盟推出了氟替卡松、沙美特林和 spiromax。

And in the fourth quarter, we're expecting results for the US for FP and FS RespiClick for the US, and these will be submitted again in the first quarter of 2016.

在第四季度，我們預計美國的 FP 和 FS RespiClick 的結果將在 2016 年第一季度再次提交。

So this represents again culmination of a lot work over a longer period and playing significant role in enhancing our leadership in the respi space.

因此，這再次代表了長期大量工作的高潮，並在增強我們在 respi 領域的領導地位方面發揮了重要作用。

As we look into 2016, it is going to be an exciting year for R&D, as we see additional approvals deutetrabenazine for HD, reslizumab, the Bendamustine rapid infusion, important to enhance the delivery of treanda.

展望 2016 年，對於研發來說，這將是激動人心的一年，因為我們看到更多批准用於 HD 的 deutetrabenazine、reslizumab、Bendamustine 快速輸液，這對增強 treanda 的遞送很重要。

We'll have major submissions for asthma, a lot in the respi space in FP RespiClick, FS RespiClick, tardive dyskinesia.

我們將提交有關哮喘的主要內容，其中有很多是在 FP RespiClick、FS RespiClick、遲發性運動障礙的呼吸領域。

As I've told you about hydrocodone IR, which is the major problem in abuse.

正如我已經告訴過你氫可酮 IR，這是濫用的主要問題。

And we're beginning clinical results in a whole host of conditions here, Pridopidine, our postherpetic neuralgia study towards the end of the year.

我們在這裡開始了一系列條件的臨床結果，Pridopidine，我們的帶狀皰疹後遺神經痛研究將在今年年底進行。

Also some others that are looking at long-acting injectables for schizophrenia, and a whole most of abuse deterrent products that are already enhancing our program, and will enhance our leadership in this particular space.

還有其他一些正在研究治療精神分裂症的長效注射劑，以及已經在加強我們計劃的大部分濫用威懾產品，並將加強我們在這一特定領域的領導地位。

And now just before I end, just one more thing, I haven't mentioned laquinimod, and that doesn't mean that I'm not excited about this particular product, but laquinimod is not going to have major milestones in 2016.

現在就在我結束之前，還有一件事，我沒有提到 laquinimod，這並不意味著我對這個特定產品不感興趣，但 laquinimod 在 2016 年不會有重大里程碑。

Laquinimod's time for really talking about this in great detail will be in 2017.

Laquinimod 真正詳細討論這個問題的時間將在 2017 年。

But it's important to note, Concerto is fully enrolled.

但需要注意的是，Concerto 已完全註冊。

We're looking at forward to those pre-results.

我們期待著那些預先的結果。

Laquinimod has a chance, and is the first study in relapsing remitting multiple sclerosis where the endpoint here, is in fact confirmed disease progression and not relapse rate where Laquinimod has significant opportunities.

Laquinimod 有機會，並且是第一項關於復發緩解型多發性硬化症的研究，這裡的終點實際上是確認疾病進展，而不是 Laquinimod 有重要機會的複發率。

We will also get some results for Huntington's towards the end of 2017.

我們還將在 2017 年底獲得亨廷頓舞蹈症的一些結果。

So now I'd like to ask and hand the microphone to Erez to provide the final remarks.

所以現在我想請埃雷茲發表最後的講話，並將話筒交給埃雷茲。

So 65 minutes which were designated in a quest to share with you why we are really excited about the present and future of Teva.

因此，指定的 65 分鐘是為了與您分享為什麼我們對 Teva 的現在和未來感到非常興奮。

We are strongly committed to continue delivering on all the promises, to continue executing in a similar fashion, to exhaust all the new possibilities that emanate from everything we have done during the last 20, 20 months since the beginning of 2014.

我們堅定地致力於繼續兌現所有承諾，繼續以類似的方式執行，用儘自 2014 年初以來過去 20、20 個月我們所做的一切所產生的所有新可能性。

And to continue allocating capital in a way that will enable us to accelerate the transformation even further, in a quest to continue delivering significant value to our shareholders.

並繼續以一種使我們能夠進一步加速轉型的方式分配資本，以尋求繼續為我們的股東創造重要價值。

And we plan to meet you next time, in the course of Q1 2016 after we close the Allergan deal.

我們計劃在 2016 年第一季度與 Allergan 交易完成後與您見面。

And until then, and until then, until February maybe March 2016, these are important milestones that we shall deliver on.

直到那時，直到那時，直到 2 月或 2016 年 3 月，這些都是我們要實現的重要里程碑。

Execution of Actavis generics financing, Rimsa deal closing, FTC and EC clearance of the Actavis generics acquisition, Actavis generics deal closing and integration, and combined company guidance which we plan to deliver here in the course of Q1 2016.

Actavis 仿製藥融資的執行、Rimsa 交易的完成、Actavis 仿製藥收購的 FTC 和 EC 批准、Actavis 仿製藥交易的完成和整合，以及我們計劃在 2016 年第一季度期間在此發布的合併公司指南。

On key product pipeline milestones, in a way that is fully associated with all the messages that were conveyed to you by Michael, Vantrela ER FDA action date and launch, bendamustine rapid infusion FDA action date and launch, Reslizumab BLA FDA action date and launch, Pridopidine Phase II results early next year, commencement of TEV-84125 Phase III trial an important milestone for us, FS and FP RespiClick Phase III results.

關於關鍵產品管道里程碑，以與邁克爾傳達給您的所有信息完全相關的方式，Vantrela ER FDA 行動日期和發布，苯達莫司汀快速輸注 FDA 行動日期和發布，Reslizumab BLA FDA 行動日期和發布， Pridopidine II 期結果明年初開始，TEV-84125 III 期試驗的開始對我們來說是一個重要的里程碑，FS 和 FP RespiClick III 期結果。

These are not basically milestones, or relevant milestones for 2016, these are milestones until we meet you next time early 2016.

這些基本上不是里程碑，也不是 2016 年的相關里程碑，這些都是我們在 2016 年初與您見面之前的里程碑。

And in summary, we have made significant progress in 2015, and are delivering on our promises.

總而言之，我們在 2015 年取得了重大進展，並且正在兌現我們的承諾。

A combination of organic growth of strategic business development moves, positions Teva for a new era of growth and leadership.

戰略業務發展舉措的有機增長相結合，將 Teva 置於增長和領導地位的新時代。

2016 is an important year for Teva with the integration of Actavis generics, important specialty pipeline milestones, and product launches.

2016 年對於 Teva 來說是重要的一年，包括 Actavis 仿製藥的整合、重要的專業管線里程碑和產品發布。

Combined company business outlook and strategy overview will be delivered in Q1 2016 after closing of the Actavis generics deal.

在 Actavis 仿製藥交易完成後，將在 2016 年第一季度發布合併後的公司業務展望和戰略概覽。

We together, we are building a new future growth for Teva.

我們在一起，正在為 Teva 打造新的未來增長點。

Thank you very much.

非常感謝。

We're going to start.

我們要開始了。

We're going to start the Q&A right now.

我們現在將開始問答環節。

Gentlemen, if you could just join us on stage, and they're going to be a couple of people walking around with mics.

先生們，如果你們能加入我們的舞台，他們將是幾個拿著麥克風走來走去的人。

Let's get everybody settled.

讓我們把每個人都安頓下來。

Liav?

利亞夫？

Thanks, good morning.

謝謝，早上好。

Liav Abraham from Citi.

來自花旗的 Liav Abraham。

Firstly, on the Actavis generics transaction.

首先，關於 Actavis 仿製藥交易。

Siggi, can you just remind us what, if anything could derail the transaction?

Siggi，你能不能提醒我們，如果有什麼事情會破壞交易？

And this -- is it a 100% go, is there anything that could stop it from happening?

這是否是 100% 成功，有什麼可以阻止它發生的嗎？

Secondly, for you on EpiPen, you spoke about a second half 2016 launch.

其次，對於 EpiPen，您談到了 2016 年下半年的發布。

Can you talk about your confidence level in a second half 2016 approval, any additional commentary on your interactions with the FDA?

您能否談談您對 2016 年下半年批准的信心水平，以及您與 FDA 互動的任何其他評論？

And then thirdly, perhaps for Michael or Erez, I'm interested in your capacity for incremental branded deals, given your success with Labrys and Auspex, and to what extent this is a focus and feasible from a balance sheet perspective over the next twelve months, also given the dynamics -- in terms of asset prices at the moment?

第三，也許對於 Michael 或 Erez，鑑於你們在 Labrys 和 Auspex 上的成功，我對你們增量品牌交易的能力感興趣，以及在未來十二個月內，從資產負債表的角度來看，這在多大程度上是一個重點和可行性，也考慮到動態——就目前的資產價格而言？

Thanks very much?

非常感謝？

I'll start with number three, we modeled that $5 billion of capacity for additional bidding transactions until the end of 2016.

我將從第三點開始，我們模擬了到 2016 年底的額外投標交易的 50 億美元容量。

Rimsa, basically occupies $2 billion out of $5 billion.

Rimsa，基本上佔據了50億美元中的20億美元。

The rest is going to be dedicated for specialty deals until the end of 2016.

其餘的將用於專業交易，直到 2016 年底。

And as we go along with the integration, and basically generate a cash flow from the business combination, we will very rapidly be able, 2017 onwards to continue directing our resources toward the specialty deals, in order to bolster further the specialty pipeline.

隨著我們進行整合，基本上從業務合併中產生現金流，我們將很快能夠，從 2017 年開始，繼續將我們的資源用於專業交易，以進一步加強專業管道。

So we have question one around the deal, the deal with Actavis is fully sealed.

所以我們有一個關於交易的問題，與 Actavis 的交易是完全密封的。

You can read it from the MDA, obviously the MDA is available online.

您可以從 MDA 中讀取它，顯然 MDA 可以在線獲得。

The only thing is the customary antitrust issue that needs to be reviewed before closing.

唯一的問題是在關閉之前需要審查的慣例反托拉斯問題。

So no other transaction can derail our acquisition of Actavis generics.

因此，沒有其他交易可以破壞我們對 Actavis 仿製藥的收購。

With regards to the EpiPen, my comfort, and I think I will comment on that, when or if I see the Complete Response Letter, because it's important to not -- I really don't know what the issues are.

關於 EpiPen，我的安慰，我想我會對此發表評論，當我看到完整的回复信時，或者如果我看到完整的回复信，因為重要的是不要——我真的不知道問題是什麼。

At this point in time, the reason why I am making this statement is, having been in this industry for 22 years, I know that we are not at the point of getting approval.

在這個時候，我發表此聲明的原因是，在這個行業工作了 22 年，我知道我們還沒有到獲得批准的地步。

There's an action date before the end of the year.

年底前有行動日期。

So we felt it was important to inform you that we expect a Complete Response Letter With regards to my comfort, I think let's leave to see what the FDA comes up with in December, and then happy to talk about my comfort.

因此，我們認為有必要通知您，我們期待收到一份完整的回复信關於我的舒適度，我想讓我們看看 FDA 在 12 月提出的建議，然後很高興談論我的舒適度。

So Liav, I want to underscore, there is no way out from the Allergon Actavis -- no way out.

所以 Liav，我想強調，Allergon Actavis 沒有出路——沒有出路。

We sealed it in the agreement with Allergan.

我們在與 Allergan 的協議中將其密封。

It's clear, I am underscoring it, given the basically, the noises around us.

很明顯，鑑於基本上我們周圍的噪音，我正在強調這一點。

No way out.

沒有出路。

The deal is sealed.

交易已經敲定。

Randall.

蘭德爾。

Randal Stanicky, RBC Capital Markets.

RBC 資本市場的 Randal Stanicky。

I just want to follow up on that.

我只想跟進。

Siggi, does the fact that you have a CRL make you more confident that you are looking at a AB-rated approval versus a non-interchangeable approval, number one.

Siggi，您擁有 CRL 的事實是否讓您更有信心查看 AB 級批准而不是不可互換的批准，排名第一。

Number two, we published some work this week, that suggested that the average target action date as a percent of overall backlog for companies was 7% in June, and now is 30% to 60% of the overall backlog for most companies.

第二，我們本週發布了一些工作，表明平均目標行動日期占公司總積壓工作的百分比在 6 月份為 7%，現在佔大多數公司總積壓工作的 30% 至 60%。

Can you confirm where you're at, with respect to that?

就此而言，你能確認你的位置嗎？

And then the follow-ups that would be, what's your best guess on the hit rate there?

然後是後續行動，您對那裡的命中率的最佳猜測是什麼？

Obviously, you can get a proposal, a tentative, or a Complete Response Letter -- and it's early, I don't think we know, but is it 50-50?

顯然，您可以獲得提案、暫定或完整的回复信——而且還早，我認為我們不知道，但它是 50-50 嗎？

I mean, how are you think about the potential for, I guess an approval bump off of these target action dates?

我的意思是，你如何看待這些目標行動日期的批准可能性？

So if we take the target action day, so we are getting them, quite a few of them for our backlog.

因此，如果我們採取目標行動日，那麼我們就會得到它們，其中相當一部分用於我們的積壓工作。

We are probably -- I don't know the exact number, but we are probably close to the average you mentioned in your question.

我們可能 - 我不知道確切的數字，但我們可能接近你在問題中提到的平均值。

In terms, of what actually we get, I think really the FDA has stepped up.

就我們實際得到的而言，我認為 FDA 確實加強了。

I told some of you that FDA was disappointing, in first quarter where the backlog even increased.

我告訴過你們中的一些人，FDA 令人失望，在第一季度，積壓甚至增加了。

I think now, we have started to sit down to negotiate a new PDUFA, which somehow has impacted, I think the acceleration at the FDA.

我想現在，我們已經開始坐下來談判一個新的 PDUFA，這在某種程度上影響了，我認為是 FDA 的加速。

The FDA has also presented to us the -- how many new reviewers they have working on it.

FDA 還向我們介紹了他們有多少新審評員在研究它。

And really, I think, that's the FDA has also stepped up in terms of communication and working with us.

我認為，實際上，這就是 FDA 在與我們的溝通和合作方面也加強了。

So in terms of the action dates, we feel that they pretty much, they meet them so far.

所以就行動日期而言，我們覺得他們差不多，到目前為止他們已經滿足了。

But you either to get the Complete Response Letter or an action on your application.

但是您要么獲得完整的回复信，要么對您的申請採取行動。

With regards to the comfort, as I said before, our EpiPen was 505(b)(a) application, and it doesn't automatically switch into a 505(b)(2) overnight.

關於舒適度，正如我之前所說，我們的 EpiPen 是 505(b)(a) 應用程序，它不會在一夜之間自動切換到 505(b)(2)。

There's no magic that can happen down in Washington.

華盛頓沒有魔法可以發生。

So my assumption is, and we still think we are going for a AB rated EpiPen, that's our strategy.

所以我的假設是，我們仍然認為我們正在尋求 AB 評級的 EpiPen，這是我們的策略。

And until I see what I get in the Complete Response Letter, I don't think -- I can't even speculate.

在我看到完整回复信中的內容之前，我不認為——我什至無法推測。

But our application is for AB rated, not for non-AB rated.

但是我們的申請是針對 AB 評級的，而不是針對非 AB 評級的。

But the back and forth so far with the FDA suggests that you are on the path for an interchangable -- ?

但到目前為止與 FDA 的來回交流表明你正在尋找一種可互換的——？

We have had multiple interactions with the FDA, and so far there's no roadblock, but basically the review isn't far enough to get action of approved or declined.

我們與 FDA 進行了多次互動，到目前為止沒有障礙，但基本上審查還不夠遠，無法獲得批准或拒絕的行動。

Doug, can we get a microphone?

道格，我們能拿個麥克風嗎？

Go ahead.

前進。

You're next.

你是下一個。

Please go ahead.

請繼續。

Thanks for taking my question.

感謝您提出我的問題。

So I had a few here.

所以我在這裡有一些。

First question I had was, are your thoughts on a generic [Restasis], and if you will acquire something like that through the Actavis deal?

我的第一個問題是，你是否對通用 [Restasis] 有想法，你是否會通過 Actavis 交易獲得類似的東西？

And then secondly, any update on how we should think about divestitures needed to actually close the deal?

其次，關於我們應該如何考慮實際完成交易所需的資產剝離的任何更新？

And then last thing here, is just on your thoughts on the budget, debt ceiling proposal, and the potential limit to generic price increases?

然後這裡的最後一件事就是您對預算、債務上限提案以及仿製藥價格上漲的潛在限制的看法？

All right.

好的。

So let's start on generic [revlimid].

因此，讓我們從通用 [revlimid] 開始。

Of course, I love that asset.

當然，我喜歡那個資產。

There's only one filer, and that will be coming with the transaction.

只有一個文件管理器，這將與交易一起出現。

The challenge there -- just keep in mind, the challenge there is not the formulation of the product itself.

那裡的挑戰——請記住，那裡的挑戰不是產品本身的配方。

It has to do with the availability of the RLD of the product.

它與產品 RLD 的可用性有關。

I have said it before.

我以前說過。

I think [Celgene] is at the high tide of settling this issue, because who knows what comes up from discovery.

我認為 [Celgene] 正處於解決這個問題的高潮，因為誰知道發現會帶來什麼。

So I think it would be an opportunity at some point in time to sit down.

所以我認為這將是一個在某個時間點坐下來的機會。

I obviously, from my previous life, I know the application, I know the status of it, but somehow I managed to forget that world when I signed my CDA, and left Actavis to join Teva.

顯然，從我的前世開始，我知道申請，我知道它的狀態，但不知何故，當我簽署 CDA 並離開 Actavis 加入 Teva 時，我設法忘記了那個世界。

But I think we have a great comfort in the asset that we are getting over, and it is a good opportunity.

但我認為我們對正在克服的資產感到非常欣慰，這是一個很好的機會。

The brand has been growing extremely well.

該品牌一直發展得非常好。

And what we have in hand here is I think something -- it's probably not 2016, but going forward I think it's a great opportunity for the new Teva.

我們手頭的是我認為的東西——可能不是 2016 年，但展望未來，我認為這對新的 Teva 來說是一個很好的機會。

No question about it.

毫無疑問。

In terms of the proposed legislation on pricing control on generics, first of all, we don't really know what is going to be.

就彷製藥價格控制的擬議立法而言，首先，我們真的不知道會發生什麼。

But let me give you examples.

但是讓我給你舉個例子。

So Teva has the largest portfolio on the US market.

因此，Teva 擁有美國市場上最大的產品組合。

We are offering approximately 275 products.

我們提供大約 275 種產品。

And we have told you that overall on our whole portfolio, we have a decline in price.

我們已經告訴過你，總體而言，我們的整個投資組合的價格都有所下降。

The talk about the inflation in generics, when you have a big portfolio it is really not there.

談到仿製藥的通貨膨脹，當你有一個大的投資組合時，它真的不存在。

95% of our portfolio is declining, due to the consolidation of the customers I talked about.

由於我談到的客戶整合，我們 95% 的投資組合正在下降。

There might be [5]% of the portfolio that is either flat or increasing in pricing, due to some abnormalities in the market.

由於市場異常，可能有 [5]% 的投資組合價格持平或上漲。

The proposal on the table now, is that you cannot increase prices for more than inflation of generics.

現在擺在桌面上的建議是，你不能以超過仿製藥通貨膨脹的方式提高價格。

But it doesn't take into account that I am declining on 95% of my portfolio, because they want to look at it molecule by molecule.

但這並沒有考慮到我正在減少 95% 的投資組合，因為他們想逐個分子地研究它。

That's number one.

這是第一。

And then secondly, from what time point will you look at the price?

其次，你會從什麼時間點看價格？

Will you look at the price from when the generic launched, which would be fair.

你會看看仿製藥上市時的價格嗎，這很公平。

Or do you looked at the low point, after four or five quarters, when you have a fierce competition in the market?

還是你看低點，四五個季度之後，市場競爭激烈的時候？

I think this could easily lead to shortages in the market, because there is product out there, if you cannot take a price increase, you simply go off the market.

我認為這很容易導致市場短缺，因為那裡有產品，如果你不能接受價格上漲，你就退出市場。

Secondly, it doesn't take into account that API increases are not according to inflation.

其次，它沒有考慮到 API 的增加不是根據通貨膨脹。

So not that you don't notice, but I'm quite excited about this.

所以不是你沒有註意到，但我對此感到非常興奮。

And really I think it's in unfair proposal.

我真的認為這是不公平的提議。

And I think the government is shooting their self in the foot, in terms of shortages in the market.

就市場短缺而言，我認為政府是搬起石頭砸自己的腳。

And how unfair this will be -- I think to the patients at the end of the day, because when the patients don't get their drugs, I think that will really be when people speak up.

這將是多麼不公平——我認為最終對患者來說是這樣，因為當患者得不到藥物時，我認為那才是人們大聲疾呼的時候。

And your third question, you have to say it again?

還有你的第三個問題，你要再說一遍？

The divestitures.

資產剝離。

So as we told you in the beginning, in our modeling we were very conservative in our modeling, which we showed you when we announced the deal.

所以正如我們一開始告訴你的那樣，在我們的建模中，我們的建模非常保守，我們在宣布交易時向你展示了這一點。

So far, we are well within that conservative, so it doesn't affect the model.

到目前為止，我們完全處於保守範圍內，因此它不會影響模型。

But it's too early.

但現在還為時過早。

Basically the decision on the divestiture comes at the last moment.

基本上，資產剝離的決定是在最後一刻做出的。

I think today we have a very healthy discussion both with the European Commission and the US FTC.

我認為今天我們與歐盟委員會和美國聯邦貿易委員會進行了非常健康的討論。

No surprises, really no surprises.

沒有驚喜，真的沒有驚喜。

I think in Europe, just to keep in mind, the main divestiture would be in UK and Ireland, and then the US.

我認為在歐洲，請記住，主要資產剝離將在英國和愛爾蘭，然後是美國。

We are moving along.

我們正在前進。

But it's exactly as we expected in the beginning, and within the limit of the business model we put forward of impact of divestitures.

但這完全符合我們一開始的預期，並且在我們提出的剝離影響的商業模式範圍內。

Okay, Sorry, can you just comment on -- ?

好的，抱歉，你能評論一下嗎？

Doug, and then Chris.

道格，然後是克里斯。

Kevin.

凱文。

Kevin, speaker please?

凱文，請發言？

Could you just follow up, Siggi, on what your pricing trends are here in the US for the generic business and abroad?

Siggi，你能跟進一下你在美國和國外的仿製藥業務的定價趨勢嗎？

Certainly, I think there's a lot of questions that we get about, how sustainable pricing trends are in the generic business?

當然，我認為我們有很多問題，仿製藥行業的可持續定價趨勢如何？

And then secondly, on the Complete Response Letter for EpiPen that you think you will get, do you think it would be unreasonable for the FDA to ask you to do a head-to-head study versus EpiPen?

其次，在你認為你會得到的 EpiPen 完整回复信中，你認為 FDA 要求你與 EpiPen 進行頭對頭研究是不合理的嗎？

So on the pricing, I think pricing is obviously based on the competition.

所以關於定價，我認為定價顯然是基於競爭。

We have talked about that the overall pricing trend is down.

我們已經談到整體定價趨勢是下降的。

What will change that obviously, there is different things.

什麼會改變，顯然，有不同的事情。

I think the consolidation of the customers affect pricing.

我認為客戶的整合會影響定價。

I think the backlog, when the FDA releases the backlog of 3,000 NDA affect pricing.

我認為積壓，當 FDA 發布 3,000 NDA 的積壓影響定價時。

I still think the pricing environment has been quite favorable for generics versus six years ago.

我仍然認為與六年前相比，定價環境對仿製藥非常有利。

But it's impossible for me to guess, how, what will happen.

但我不可能猜測，如何，會發生什麼。

For me to guess what the FDA is thinking, I think it's highly unlikely a head-to-head study, because first of all is an injectable product.

讓我猜猜 FDA 在想什麼，我認為這不太可能是一項面對面的研究，因為首先是一種可注射產品。

So it's not the bioavailability of the product we're talking about here, it's an epinephrine that is injected into the body.

所以我們在這裡談論的不是產品的生物利用度，而是注射到體內的腎上腺素。

So it's not be bioavailability.

所以它不是生物利用度。

So I think that's highly unlikely, but obviously I can't comment on what the FDA is going to do.

所以我認為這是極不可能的，但顯然我不能對 FDA 將要做什麼發表評論。

Just really quickly, there have been other BX rated epinephrine injections made available in the US market, but never an AB rated version.

很快，美國市場上出現了其他 BX 級腎上腺素注射劑，但從來沒有 AB 級版本。

And I think the question the market has is what is the hurdle that you think you have to cross to get that AB rating?

我認為市場的問題是你認為要獲得 AB 評級必須跨越的障礙是什麼？

That is exactly I hope to tell you, when I see the Complete Response Letter.

當我看到完整的回复信時，這正是我希望告訴你的。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Go ahead.

前進。

Thank you.

謝謝你。

Doug Tsao from Barclays.

來自巴克萊銀行的 Doug Tsao。

So Siggi, maybe a first question for you, in terms of how you see durability of Granix, given the fact that we now have [Zarzio], a true biosimilar to the Nupogen product approved?

所以 Siggi，考慮到我們現在擁有 [Zarzio]，一種真正的 Nupogen 產品批准的生物仿製藥，就您如何看待 Granix 的耐用性而言，也許是您的第一個問題？

And then, also maybe for Rob, a comment in terms of Copaxone 40 milligram, sort of what you seen in the 20 milligram market with the competition from Glatopa, in terms of what you've learned in the durability of that franchise thus far that gives that you sort of more confidence when we sort of think ahead to 2017 and 2018 or whenever you potentially have competition there, sort of on the ground what you're seeing, that is enabling you to use keep that share instead?

然後，也許對於 Rob，關於 Copaxone 40 毫克的評論，有點像你在 20 毫克市場上看到的來自 Glatopa 的競爭，就你迄今為止在該特許經營權的耐久性中學到的知識而言當我們提前考慮 2017 年和 2018 年時，或者當您可能在那裡進行競爭時，您會更有信心，就像您所看到的那樣，這使您能夠使用保留該份額？

So I think probably Rob is the best one on both these questions.

所以我認為 Rob 可能是這兩個問題上最好的人。

So when we talk about Copaxone, what we're seeing is really an incredible durability.

因此，當我們談論 Copaxone 時，我們看到的是真正令人難以置信的耐用性。

Basically patients, doctors continue to stick with the products.

基本上患者、醫生繼續堅持使用產品。

They feel confident.

他們感到自信。

They trust this product, and it is very important, and they have been on it for many years, right?

他們信任這個產品，這很重要，他們已經用了很多年，對吧？

And it's a combination of our patient solutions, the way we interact with our patients, the trust they have in the brand itself, and also doctors and really also payers supporting it in full.

它結合了我們的患者解決方案、我們與患者互動的方式、他們對品牌本身的信任，以及醫生和完全支持它的付款人。

And the dynamics at the moment are better than we could have predicted two years ago, and we're seeing that going forward.

目前的動態比我們兩年前預測的要好，而且我們正在看到這種情況向前發展。

We expect like -- this is not going to change dramatically.

我們預計 - 這不會發生巨大變化。

So Copaxone really is an incredible product in that respect.

因此，在這方面，Copaxone 確實是一款令人難以置信的產品。

And the way we bring it to market with the shared solutions, our sales force, the medical force, and the relationship we have with the payers is working quite nicely.

我們通過共享解決方案將其推向市場的方式、我們的銷售團隊、醫療團隊以及我們與付款人的關係運作得非常好。

And we don't see that going forward, going to be changed dramatically at all.

而且我們看不到這種情況會發生巨大變化。

Copaxone 40 also really offers a value over Copaxone 20.

Copaxone 40 的價值也確實高於 Copaxone 20。

A three times a week injection, it really make a difference for the patients.

每週注射 3 次，對患者來說確實有所不同。

And what you see in Europe, where we are now launching the products as well, in fact in Germany we've taken the largest number of new patients on the market, beating Tecfidera and taking new patients in there.

你在歐洲看到的，我們現在也在那裡推出產品，事實上，在德國，我們已經接受了市場上最多的新患者，擊敗了 Tecfidera 並在那裡接受了新患者。

So when you bring Copaxone 40 in those markets, you see an altogether new dynamic which is really good.

因此，當您將 Copaxone 40 引入這些市場時，您會看到一種全新的動態，這非常好。

I think it's important to remember, because in the statements, there's also volume goes down a little bit, but Copaxone 40, you use less volume than on Copaxone 20.

我認為記住這一點很重要，因為在聲明中，音量也有所下降，但是 Copaxone 40，你使用的音量比 Copaxone 20 小。

So there's an automatic impact of that when you switch and you convert.

因此，當您切換和轉換時，它會自動產生影響。

And going forward, we feel very confident that we understand what's happening, and don't see any major changes in that.

展望未來，我們非常有信心了解正在發生的事情，並且不會看到任何重大變化。

The dynamics are just very, very favorable.

動態非常非常有利。

Granix.

格蘭尼克斯。

Granix, is really at the moment, it's close to 25% going forward.

Granix，目前確實如此，未來接近 25%。

We don't expect also major impacts there.

我們預計那裡也不會產生重大影響。

It's really doing well.

它真的做得很好。

It's holding and we expect that it will hold its ground there, it is a combination of being -- different dynamics in the market, the clinics and hospitals have different buying patterns.

它正在持有，我們預計它會在那里站穩腳跟，它是存在的結合——市場上不同的動態，診所和醫院有不同的購買模式。

We have a fairly high share in the hospital part, and we expect that we'll be able to do that.

我們在醫院部分佔有相當高的份額，我們希望我們能夠做到這一點。

And what Siggi alluded to before, the ability to deal with the hospitals on a bigger level from the generics, and very specifically on the customers, the deal with the [DCFs] that combination works out really well.

Siggi 之前提到的，從仿製藥在更大層面上與醫院打交道的能力，特別是在客戶方面，與 [DCFs] 的交易這種組合非常有效。

So we're confident in that field as well.

所以我們對那個領域也很有信心。

Do you see an opportunity to pick up some additional share through any sort of additional contracting with IDNs and hospital chains?

您是否認為有機會通過與 IDN 和連鎖醫院簽訂任何類型的額外合同來獲得一些額外的份額？

We expect that it will stay stable.

我們預計它將保持穩定。

We've obviously have tried to get better, but in our forecast models, everything is more like -- more stable market share there.

我們顯然已經努力變得更好，但在我們的預測模型中，一切都更像是——那裡更穩定的市場份額。

Should I go?

我應該去嗎？

Okay, thanks.

好的謝謝。

Mark Goodman at UBS.

瑞銀的馬克古德曼。

Siggi, can you talk about a little more detail in some of the key OUS markets?

Siggi，你能談談一些關鍵的 OUS 市場的更多細節嗎？

Japan seems to be a continued weak area what are you going to do to kind of fix Japan?

日本似乎是一個持續的薄弱地區，你打算做什麼來修復日本？

And then secondly on the margins, you had a very aggressive goal over several years to improve margins.

其次，在利潤率方面，你在幾年內製定了一個非常積極的目標來提高利潤率。

Can you talk about like where you are on that, and if you need to re-up those goals, because you have met them so easily?

你能談談你在這方面的進展嗎，以及你是否需要重新設定這些目標，因為你很容易就實現了這些目標？

And where you can move there?

你可以搬到哪裡？

And then just lastly, on the OTC business -- we haven't talked a lot about that.

最後，關於場外交易業務——我們還沒有談太多。

But it seems like it's going really well.

但它似乎真的很順利。

Can you to talk about what's going so well, and why?

你能談談進展順利的原因嗎？為什麼？

Thanks.

謝謝。

Yes.

是的。

So I think if I go quickly through the markets outside of US, with regards to the Europe, our European business is really going well.

所以我認為，如果我快速瀏覽美國以外的市場，就歐洲而言，我們的歐洲業務確實進展順利。

I think the top three markets in Europe for us now are UK, Germany and Italy.

我認為目前我們在歐洲的前三大市場是英國、德國和意大利。

All of them are really firing on all cylinders, mainly also due to very successful launches.

他們所有人都在全力以赴，這主要也歸功於非常成功的發射。

[Pridopidine] was a big launch for us in Germany.

[Pridopidine] 對我們來說是在德國的一次重大發布。

The UK team, I think the supply chain in UK has improved significantly, and we've taken opportunity when there are shortages from all the companies.

英國團隊，我認為英國的供應鏈有了顯著改善，當所有公司都出現短缺時，我們抓住了機會。

And in Italy, we have been steadily building out business in Italy.

在意大利，我們一直在穩步擴大在意大利的業務。

There are challenges of course in pricing in Germany and Italy, but I think the breadth of the portfolio we are offering, and also really the leadership team we have in these markets, have made this a very good market.

德國和意大利的定價當然存在挑戰，但我認為我們提供的產品組合的廣度，以及我們在這些市場擁有的領導團隊，使這個市場成為一個非常好的市場。

And don't know if you saw earlier this week, but the Spanish government changed the discount policies.

而且不知道你是否看到本週早些時候，西班牙政府改變了折扣政策。

So I think this will be a fairer discount policies for generics going forward.

所以我認為這將是未來仿製藥的更公平的折扣政策。

So overall for Western Europe, it is going well.

因此，總體而言，西歐進展順利。

With regards to Japan, it is still a challenge.

對於日本來說，這仍然是一個挑戰。

We have committed, and we're still really much of the -- focusing on improving our business in Japan.

我們已經承諾，而且我們仍然非常重視 - 專注於改善我們在日本的業務。

We have an action plan in place, with regards to how we can improve it.

我們有一個行動計劃，關於我們如何改進它。

And we hope really that, with in a short period of time we can explain to you how we see the Japanese business.

我們真的希望，在很短的時間內，我們可以向您解釋我們如何看待日本業務。

The reason why we are enthusiastic about Japan, it is the second biggest market in the world, and you can't ignore it.

我們之所以看好日本，是因為它是全球第二大市場，不容忽視。

But also I've been very open about it previously, it is important to have the right profitability in Japan.

但我之前也對此持開放態度，在日本擁有適當的盈利能力很重要。

And as of now, our profitability is about half of our competitors in the Japanese market.

截至目前，我們的盈利能力約為日本市場競爭對手的一半。

Just quickly on the rest of the world, we have a strong presence in Russia.

在世界其他地區，我們很快就在俄羅斯擁有強大的影響力。

Russia is growing year-over-year.

俄羅斯正在逐年增長。

But overall, the impact of the FX has overshadowed that.

但總的來說，外彙的影響掩蓋了這一點。

I think the ruble a year ago was in the [30s] where the ruble now is in the [50s], close to [60s].

我認為一年前的盧佈在 [30 年代]，而現在盧佈在 [50 年代]，接近 [60 年代]。

So really has had the major (inaudible) in volume, in terms of launches we have really been doing well there.

因此，就發布而言，我們確實在那裡做得很好。

Quickly on the OTC business, I am very pleased with the joint venture with P&G.

快上OTC業務，我對與寶潔的合資非常滿意。

The underlying growth has been approximately 9% on the bottom line, which is quite amazing.

底線的基礎增長約為 9%，這非常驚人。

The challenge that the OTC has, they have all their revenues in non-US dollars, and they report in US dollars.

場外交易所面臨的挑戰是，他們的所有收入均以非美元計價，並以美元報告。

So they have been worst hit of any of our businesses.

因此，它們是我們所有業務中受打擊最嚴重的。

So when you see a decline on top line in OTC, it's really all FX, and they have been doing extremely well.

因此，當您看到場外交易的收入下降時，實際上都是外匯，而且他們一直做得非常好。

They have been, obviously the cough and cold, the Vicks and the line extension of Vicks has been doing well.

他們一直以來，顯然咳嗽和感冒，維克斯和維克斯的延伸線一直表現良好。

But also we have introduced for example, in Russia, a line of products under the [Tayla Brunte] which is a real opportunity in Russia.

但我們也在俄羅斯推出了 [Tayla Brunte] 旗下的一系列產品，這在俄羅斯是一個真正的機會。

We are taking that into other markets.

我們正在將其帶入其他市場。

And the last thing in the OTC is, we've recently launched the Swiss [Veakamin] line in Singapore.

OTC 的最後一件事是，我們最近在新加坡推出了瑞士 [Veakamin] 系列。

And just a week ago we launched Swiss in UK, a big launch.

就在一周前，我們在英國推出了 Swiss，這是一次重大發布。

I think it is already in approximately 500 food stores in the UK, a huge (inaudible) line and an opportunity to grow the business.

我認為它已經在英國的大約 500 家食品商店中銷售，這是一條巨大的（聽不清）線路，也是發展業務的機會。

So I think overall, the OTC business is doing very well.

所以我認為總體而言，場外交易業務做得很好。

They have more of an FX issue than anyone else, but really good down to earth business that we are really fond of, and want to grow further.

他們比其他任何人都有更多的外匯問題，但確實是我們真正喜歡並希望進一步發展的腳踏實地的好生意。

Good morning, and thank you for taking the time to speak to us today.

早上好，感謝您今天抽出時間接受我們的採訪。

Ronny Gal from Bernstein.

來自伯恩斯坦的羅尼加爾。

I got three questions I want to ask.

我有三個問題想問。

The first one on the respiratory side.

第一個在呼吸方面。

We are seeing pressure in the respiratory market, and we are also seeing you taking some interesting steps to kind of enhance the value of your branded, reformulations of existing products.

我們看到了呼吸市場的壓力，我們也看到你們採取了一些有趣的步驟來提高你們品牌的價值，重新制定現有產品的配方。

Can you talk a little bit more about it?

你能多談談嗎？

If you kind of think about your going to market strategy, how you will differentiate from the generic on one side, and the established brands on the other?

如果你考慮一下你的上市策略，你將如何區分一方面的仿製藥，另一方面的知名品牌？

And when do what you expected your branded fluticasone formoterol, the same as Actavis Advair to come to market, versus the entry of the generics, especially your generic?

您預期什麼時候您的品牌氟替卡松福莫特羅（與 Actavis Advair 一樣上市）與仿製藥的進入相比，尤其是您的仿製藥？

Second, around Copaxone retention.

其次，圍繞 Copaxone 保留。

You've mentioned the doctors and patient supporting it.

你提到了支持它的醫生和病人。

The concern is that some of the payers will simply get over time, a better and better offer from the generics, and begin to shift market share to those.

令人擔憂的是，隨著時間的推移，一些付款人會簡單地從仿製藥中獲得越來越好的報價，並開始將市場份額轉移到仿製藥上。

Can you comment on this?

你能對此發表評論嗎？

What you seeing?

你在看什麼？

And also can you to discuss the role that your hub services center plays in the retention of patients?

您還可以討論一下您的樞紐服務中心在保留患者方面的作用嗎？

Any numbers you can provide there about number of patients, you have people to contact and so forth would be useful?

您可以提供有關患者數量、您有聯繫人等的任何數字是否有用？

And third, on the anti-CGRP.

第三，關於反 CGRP。

The class looks fantastic in headache.

班級看起來很頭疼。

What you planning about introducing that class in other pain indication?

您打算在其他疼痛適應症中引入該課程嗎？

Is there a broader plan to use the anti-CGRP class, and where you stand in this area versus your competition?

是否有更廣泛的計劃使用反 CGRP 類，以及您在該領域與競爭對手的立場？

(Multiple Speakers) Let me maybe, Ron, first take the Copaxone question, what we're seeing there.

（多位發言者）羅恩，讓我先回答 Copaxone 問題，我們在那裡看到了什麼。

So we have our in house specialty pharmacy which delivers the -- first delivery typically it's 0.05% the Copaxone business in total And it's really there to make sure that patients when they are initiated by a doctor get on therapy real fast.

所以我們有我們的內部專業藥房，它提供 - 第一次交付通常是 Copaxone 業務總數的 0.05% 而且它確實是為了確保患者在醫生啟動時能夠真正快速地接受治療。

It's fully -- all those claims go 100% through the adjudicated payer network, so that it's very, very transparent.

它是完全的——所有這些索賠都是 100% 通過裁定的付款人網絡進行的，因此它非常、非常透明。

There's no issue whatsoever there.

那裡沒有任何問題。

But it really is to serve to get patients on their therapy.

但它確實是為了讓患者接受治療。

But typically before-- this could take well over a month, and you know that this is been very difficult.

但通常之前——這可能需要一個多月的時間，而且你知道這非常困難。

And we try to do and we've successfully managed to do, is that a patient gets the product, gets the autoinjector needed for the injection, and the training on how to do the real best way of injecting your product, simultaneously and it doesn't appear in three -- and far away from each other.

我們嘗試做並且我們已經成功地做到了，患者獲得產品，獲得注射所需的自動注射器，以及關於如何以真正最好的方式註射產品的培訓，同時它沒有'出現在三個——而且彼此相隔很遠。

So far that really, really works well.

到目前為止，這確實非常有效。

So the role that this pharmacy plays there is really make sure that all the logistics work, and patients get started on therapy really fast.

因此，這家藥房在那裡扮演的角色是真正確保所有後勤工作，並確保患者能夠快速開始治療。

The shared solutions, they really helping to two things and do -- first of all, make sure that patients have financial access, work with patients, and help them to address their questions with their individual plans really well.

共享的解決方案，他們真正幫助了兩件事——首先，確保患者有經濟能力，與患者合作，並幫助他們很好地解決他們的個人計劃問題。

And that really works.

這確實有效。

And then second, they are there with nurses to help and coach.

其次，他們和護士一起提供幫助和指導。

What you have to remember I think for MS, those patients they start on therapy, they don't feel a benefit immediately.

您必須記住的是，我認為對於 MS，那些開始接受治療的患者不會立即感受到益處。

The benefit is far out.

好處就差遠了。

But they have an opportunity to feel side effects.

但他們有機會感受到副作用。

And the injection, even if it's three times a week, is something that is not necessarily pleasant for them.

而打針，哪怕是一周三次，對他們來說也未必是件愉快的事情。

So helping them through that journey, over all those years, with patients on the product for 20 years, and some of many are there for 10 years, that service it really helps them to deal with the disease, deal with the injections, coach them, and that is creating a huge value.

所以幫助他們度過這段旅程，在所有這些年裡，患者使用該產品 20 年，其中一些已經使用該產品 10 年，該服務確實幫助他們應對疾病、應對注射、指導他們，這正在創造巨大的價值。

To your questions on payers pushing back, we have not seen that.

對於您關於付款人推遲的問題，我們還沒有看到。

We have 98% coverage.

我們有 98% 的覆蓋率。

There really isn't anything happening at the moment, no dynamics, no, nothing coming from patients -- payers in that respect.

目前確實沒有發生任何事情，沒有動力，不，沒有來自患者的任何東西 - 在這方面的付款人。

That -- everything in that Copaxone franchise, the entire effort since 20 years really has been, serving the patients as good and as fast as possible, and demonstrating the value that we have in that franchise.

那——Copaxone 特許經營權中的一切，20 年來的全部努力確實是，盡可能快地為患者服務，並展示我們在該特許經營權中的價值。

Just to comment on the CGRP.

只是評論 CGRP。

So of course, what we've learned, what's really the big breakthrough here, is understanding that excessive CGRP induces pain.

所以當然，我們所學到的，這裡真正的重大突破是理解過度的 CGRP 會引起疼痛。

Migraine, but also other forms of pain, and this also includes visceral pain, abdominal pain.

偏頭痛，還有其他形式的疼痛，這還包括內臟痛、腹痛。

So we are looking at a whole host -- choices have not yet been made.

所以我們正在尋找一個完整的主機 - 尚未做出選擇。

The planning, looking at the various indications.

計劃，看各種跡象。

Of course, without saying, we will or won't go in to these indications.

當然，不用說，我們會或不會進入這些適應症。

Cluster headache, the Lilly products have gone into that.

叢集性頭痛，禮來公司的產品已經解決了。

We see cluster headache is an important indication particularly, because it is the most severe, leads to suicide in some patients.

我們特別看到叢集性頭痛是一個重要的指徵，因為它最嚴重，導致一些患者自殺。

So this is really a tremendous need.

所以這真的是一個巨大的需求。

We also see So we hope to be able to announce our new indications at our meeting in the first quarter, after the closure with Allergan -- with Actavis generics, where we will be able to give you much more visibility.

我們也看到 所以我們希望能夠在第一季度的會議上宣布我們的新適應症，在與 Allergan 關閉之後 - 與 Actavis 仿製藥，我們將能夠為您提供更多的知名度。

But we are committed to CGRP and its role in pain, not only in migraine.

但我們致力於 CGRP 及其在疼痛中的作用，而不僅僅是在偏頭痛中。

And there will be other indications that we will be prosecuting in the new future.

並且會有其他跡象表明我們將在新的未來起訴。

And maybe on your respiratory question.

也許是關於你的呼吸問題。

So there is a group of patients, it's a huge market, right.

所以有一群患者，就是一個巨大的市場，對吧。

Michael showed you the figures, there is a huge unmet need.

邁克爾給你看了數據，有一個巨大的未滿足的需求。

And two out of three patients don't use their devices accurately, which leads to morbidity, mortality costs end to end.

三分之二的患者沒有準確使用他們的設備，這導致了發病率和死亡率的端到端成本。

But there's a fairly big group of patients who do fairly well.

但是有相當多的患者做得很好。

They have a moderate asthma or mild asthma, they are well-controlled.

他們有中度哮喘或輕度哮喘，他們控制得很好。

For those patients, adding -- coming with a very connected expensive and extensive service around it, those will make a lot of sense.

對於那些患者來說，加上——圍繞它提供非常相關的昂貴和廣泛的服務，這些將很有意義。

The generic is a fantastic offering.

仿製藥是一個很棒的產品。

That's why we continue develop.

這就是我們繼續發展的原因。

It will be much more in the masses.

在群眾中會更多。

But there is a small group, 15% to 20% of patients -- and that's still significant in terms of numbers out there -- that really drive almost all of the cost.

但有一小部分患者，即 15% 到 20% 的患者——就數字而言仍然很重要——真正推動了幾乎所有的成本。

They are really expensive.

它們真的很貴。

They are hospitalized frequently.

他們經常住院。

And where we -- with small changes showed for instance, something like a dose counter on Qvar, we have been able to demonstrate in an controlled clinical study that the hospitalization rates reduced by 50% 5, 0. This makes a huge impact.

在我們的地方 - 例如顯示的小變化，比如 Qvar 上的劑量計數器，我們已經能夠在一項對照臨床研究中證明住院率降低了 50% 5, 0。這產生了巨大的影響。

And improving it further, with what we've seen with the Gecko and the new devices, making sure that those severe patients that are really badly controlled, that drive the majority of costs in asthma and afterwards also COPD, that's where the more elaborate devices, the e-connected devices that give feedback and make sure that you use your product in the right way, that's where we see a role for them.

並進一步改進它，我們在 Gecko 和新設備上看到的，確保那些真正控制不佳的重症患者，導致哮喘和 COPD 的大部分費用，這就是更精細的設備，提供反饋並確保您以正確的方式使用您的產品的電子連接設備，這就是我們看到它們的作用的地方。

And in our portfolio we believe, and also reslizumab for the very severe asthmatics, with the high eosinophilic, we have an offering that is basically there to -- just through the severity of the disease, and a tailored offering to patients, rather than one solution for everyone.

在我們的產品組合中，我們相信，對於非常嚴重的哮喘患者，reslizumab 和高嗜酸性粒細胞，我們提供的產品基本上可以滿足疾病的嚴重程度，並為患者提供量身定制的產品，而不是一個每個人的解決方案。

And that our go to market model.

那就是我們的上市模式。

We believe that we can claim a space which is unique.

我們相信我們可以擁有一個獨一無二的空間。

We believe that when you look end-to-end, Teva is really positioned very nicely.

我們相信，當你端到端地看時，Teva 的定位確實非常好。

We changed, even the organizational structure of our respiratory business.

我們甚至改變了呼吸業務的組織結構。

We are running today basically end to end, generic, specialty, devices, technologies and services.

我們今天運行的基本上是端到端的、通用的、專業的、設備、技術和服務。

And we believe that with a number of anchor products, innovation that base centers on devices, and on unique technologies, we -- and with capabilities we have on the two ends of the spectrum here, we believe that we can target a unique space here.

我們相信，憑藉許多主打產品、以設備為中心的創新和獨特的技術，我們——以及我們在頻譜兩端的能力，我們相信我們可以在這裡瞄準一個獨特的空間.

A space that will enable us to generate compelling value for Teva from that franchise.

一個空間，將使我們能夠從該特許經營權中為 Teva 創造引人注目的價值。

Chris?

克里斯？

Great.

偉大的。

Chris Schott from JPMorgan.

摩根大通的克里斯肖特。

So a couple questions there.

所以有幾個問題。

First on Rimsa, can you just talk about the multiple paid for that asset, relative to putting top capital to work into other specialty deals, or even just reducing the equity associated with the Allergan deal?

首先在 Rimsa 上，你能談談為該資產支付的倍數，相對於將頂級資本用於其他專業交易，或者甚至只是減少與 Allergan 交易相關的股權嗎？

I guess, just help us understand how quickly, can you take advantage of the platform there, because it does seem like the multiple on the current business seemed high relative to maybe some historic comps there?

我想，只是幫助我們了解你能多快地利用那裡的平台，因為相對於那裡的一些歷史公司來說，當前業務的倍數似乎確實很高？

Second question, is on the timing of synergies from Allergan.

第二個問題，是關於艾爾建協同效應的時機。

I think originally, you kind of roughly talked maybe a third, a third, a third, in terms of how quickly you can achieve those.

我認為最初，就您實現這些目標的速度而言，您大致談到了三分之一、三分之一、三分之一。

Now you've done some more time with the integration planning, is there any ability to pull that forward faster?

現在您已經在整合規劃上花費了更多時間，是否有能力更快地推進整合規劃？

And then my final question, was just a bigger picture one.

然後我的最後一個問題，只是一個更大的問題。

I think we've had some questions about pricing, we had -- on the generic side.

我認為我們對定價有一些疑問，我們有 - 在通用方面。

I mean, how do you respond to the questions -- because we hear this quite often now, just in the generic industry is at its peak now.

我的意思是，你如何回答這些問題——因為我們現在經常聽到這種說法，只是仿製藥行業現在正處於鼎盛時期。

You guys are creating -- a clear dominant player in that space, but it's a space that is best days are behind it.

你們正在創造 - 一個在該領域明顯占主導地位的球員，但這是一個最好的日子已經過去的領域。

And just I think we're are all struggling with the multiple stock, et cetera, of just can you keep growing this business even with the platform you have?

而且我認為我們都在為多種股票而苦苦掙扎，等等，即使您擁有的平台，您能否繼續發展這項業務？

And just any thoughts you have on that front, would be appreciated.

如果您對此有任何想法，我們將不勝感激。

Yes, so let me start on the first question.

是的，讓我開始第一個問題。

No, on the last question first, in terms of the generic industry.

不，首先是關於仿製藥行業的最後一個問題。

So we have talked about it -- with many of you over of -- for all the 22 years I've been doing this, this has been the peak of the generic industry, and we are still going up.

所以我們已經討論過了——和你們中的許多人——在我從事這項工作的所有 22 年裡，這是仿製藥行業的頂峰，而且我們仍在上升。

It really has been -- the first to files were (inaudible)10 years ago.

確實是——第一個文件是（聽不清）10 年前的。

And I should definitely go into the big pharma, and this was not the right move for me.

而且我絕對應該進入大型製藥公司，這對我來說不是正確的選擇。

It's still going pretty strong.

它仍然很強勁。

When you look the pipeline, when you have [300 NDA] pending, when you have 110 first to files, when you operating in all these markets, there is still a significant growth in it.

當您查看管道時，當您有 [300 個 NDA] 待定時，當您有 110 個首先提交文件時，當您在所有這些市場中運營時，它仍然有顯著的增長。

But not only in the generics, and this is I think what investors need to understand is, we are in the whole space -- from generics, from volume and value generics, which is so important in some of the growth market, in the emerging markets, to go to more complex generics, where complex technology, small proteins.

但不僅是仿製藥，我認為投資者需要了解的是，我們在整個領域——從仿製藥，從數量和價值仿製藥，這在一些成長型市場中非常重要，在新興市場市場，去更複雜的仿製藥，複雜的技術，小蛋白質。

You go to more complex generics which nobody has challenged.

你去更複雜的泛型，沒有人挑戰過。

Where are the [problem] of [pellerin] and all these product [after gel] -- these are products that are still not challenged by the generics.

[pellerin] 和所有這些產品 [凝膠後] 的 [問題] 在哪裡——這些產品仍然沒有受到仿製藥的挑戰。

And who can challenge these generics?

誰能挑戰這些仿製藥？

There's at least 15 products like that.

至少有 15 種這樣的產品。

You go into the middle space between specialty and generics, in terms of biosimilars, in terms of some special technology.

就生物仿製藥和某些特殊技術而言，你進入了專業藥和仿製藥之間的中間地帶。

You go into the specialty phase, where you have a new devices with known molecules, and then you go into the innovation space, like our Labrys, like our anti-CGRP, really, are we are playing in the whole space.

你進入專業階段，在那裡你有一個帶有已知分子的新設備，然後你進入創新領域，比如我們的 Labrys，比如我們的抗 CGRP，真的，我們在整個領域都在玩。

So to say, maybe the volume value generics is challenging, that's absolutely right.

所以說，也許體積價值仿製藥具有挑戰性，這是完全正確的。

But I think with the infrastructure we have, we still have a lot of growth to do in the whole space.

但我認為，憑藉我們擁有的基礎設施，我們在整個領域仍有很大的發展空間。

And that's really what's exciting.

這才是真正令人興奮的地方。

If you are a small company with one product or two products, it's much more challenging

如果你是一家只有一種或兩種產品的小公司，那就更具挑戰性了

So maybe on that one, just to add two or three insights.

所以也許在那一個上，只是添加兩三個見解。

One, the world is not confined to the United States.

第一，世界並不局限於美國。

There are huge opportunities in the United States, but the world is not confined to the United States.

美國有巨大的機會，但世界並不僅限於美國。

We see huge opportunities that stem from a much more focused government all over the world put and more and more, so on generics.

我們看到巨大的機會源於世界各地更加專注的政府，並且越來越多地投入仿製藥。

In general, in the United States when we see a new set of possibilities, from basically the way we will be able to create a conjunction between volume generics and high value generics.

總的來說，在美國，當我們看到一組新的可能性時，基本上我們將能夠在批量仿製藥和高價值仿製藥之間建立結合。

And then the intersection between generics and specialty, the way it was articulated by Siggi.

然後是仿製藥和專業之間的交集，這是 Siggi 闡述的方式。

So that's point number one.

所以這是第一點。

Point number two, I just -- Siggi put it one way, I want to put it another way.

第二點，我只是——Siggi 換一種說法，我想換一種說法。

From the NDA until and all the way to lifecycle management, basically we have developed, I believe, end to end capabilities which are unparalleled.

從 NDA 一直到生命週期管理，我相信基本上我們已經開發了無與倫比的端到端功能。

So when you look at it, when you look at it, I believe over time that's the direction, the entire space will embark upon.

所以當你看它的時候，當你看它的時候，我相信隨著時間的推移，這就是方向，整個空間都會開始。

Yes, we will see products on the right-hand side of the spectrum.

是的，我們會看到光譜右側的產品。

We'll see products on the left-hand side of the spectrum, i.e.

我們將在頻譜的左側看到產品，即

volume generics, (inaudible) of the spectrum, high risk, apparently high return products, okay?

大量仿製藥，（聽不清）頻譜，高風險，顯然是高回報產品，好嗎？

We will see more and more TAs converted to all of the kind of to the middle ground, and Teva is positioned to capture, to target that space, in a way which will be unparalleled.

我們將看到越來越多的 TA 轉變為所有類型的中間立場，而梯瓦（Teva）定位於以無與倫比的方式捕獲、瞄準該空間。

And let me just add one point to that.

讓我再補充一點。

In the area of innovation using existing molecules, what's very exciting about the Actavis generics acquisition, together with our own portfolio, the largest portfolio in the world from which we can then think about novel formulations, new ways to deliver.

在使用現有分子的創新領域，Actavis 仿製藥的收購以及我們自己的產品組合非常令人興奮，這是世界上最大的產品組合，我們可以從中思考新的配方、新的交付方式。

Our whole abuse deterrent platform is based on two things.

我們整個濫用威懾平台基於兩件事。

Firstly, the ability to have these generic drugs already manufactured, plus a unique proprietary technology platform.

首先，能夠生產這些仿製藥，加上獨特的專有技術平台。

You put them together, you now have specialty products that can be leading in the world.

你把它們放在一起，你現在就有了可以領先世界的特色產品。

There will be many opportunities in this middle space that build on the pillars that are already there, with novel technology that will take us in many different areas.

這個中間空間將有許多機會建立在已經存在的支柱之上，新技術將帶我們進入許多不同的領域。

And just as you see, we go from a Phase I to a Phase III much quicker, lower risk in terms of development, the technology is in place, no CMC risk, no manufacturing risk, the ability to go from concept actually to submission, the time is shortened, the risk is less with significant returns on these products.

正如你所看到的，我們從 I 期進入 III 期的速度要快得多，開發風險更低，技術到位，沒有 CMC 風險，沒有製造風險，從概念到提交的能力，時間縮短了，風險降低了，這些產品的回報也很可觀。

With all that, Chris you have to remind me the first two questions again?

儘管如此，Chris 你還要再提醒我前兩個問題嗎？

Timing of synergies.

協同作用的時機。

So if we think about Rimsa, we obviously, didn't give -- well, we gave the revenue in 2014.

因此，如果我們考慮 Rimsa，我們顯然沒有提供——好吧，我們在 2014 年提供了收入。

And obviously, the acquisition price of $2.3 billion.

顯然，收購價格為 23 億美元。

First of all, the multiples in the growth market are significantly higher than in the Western markets, simply because the opportunity is greater.

首先，成長型市場的倍數明顯高於西方市場，原因很簡單，因為機會更大。

The going price in Latin America, in markets that are growing double-digit like Mexico, there is a higher multiple, that's number one.

拉丁美洲的現行價格，在像墨西哥這樣以兩位數增長的市場中，有更高的倍數，這是第一。

Secondly, what we're doing here is a specialty platform.

其次，我們在這裡做的是一個專業平台。

Their infrastructure is like [NTE-505B2] specialty products on the [liquid] branded generics in OTC.

他們的基礎設施就像 OTC 中 [liquid] 品牌仿製藥上的 [NTE-505B2] 特色產品。

So really, they are running a specialty operation in terms of sales force, all the things like that.

所以真的，他們在銷售人員方面進行專業操作，諸如此類。

That's number two.

這是第二點。

Number three, is with the Actavis generics acquisition, we get approximately 30 to 40 products in Mexico which we needed a platform to sell.

第三，通過收購 Actavis 仿製藥，我們在墨西哥獲得了大約 30 到 40 種產品，我們需要一個平台來銷售這些產品。

Teva was undersized in this market significantly before.

Teva 之前在這個市場上的規模明顯不足。

What we have now is a platform to take these products to the market.

我們現在擁有的是一個將這些產品推向市場的平台。

And the fourth point is around the Teva strategy around Mexico.

第四點是圍繞墨西哥的 Teva 戰略。

What we have done is basically, we have over-invested in Mexico.

我們所做的基本上是，我們在墨西哥過度投資。

What I mean by that is, we have treated Mexico as a key market, even though we didn't have really the sales infrastructure to take advantage of that.

我的意思是，我們將墨西哥視為一個關鍵市場，儘管我們並沒有真正的銷售基礎設施來利用這一點。

So we have overfilled in a way too many products in that market, and the same applies on the specialty side which gives us a significant growth.

所以我們在那個市場上以某種方式過度填充了太多的產品，這同樣適用於專業方面，這給我們帶來了顯著的增長。

So we haven't given out the growth, we might do that because this is not -- we're not giving guidance here.

所以我們沒有給出增長，我們可能會這樣做，因為這不是——我們沒有在這裡提供指導。

But there will be a significant growth off this platform going forward with all these pillars, and we're really excited about this opportunity, because it's a well-known brand, and will take us to the next market and the fast-growing.

但隨著所有這些支柱的發展，這個平台將會有顯著的增長，我們對這個機會感到非常興奮，因為它是一個知名品牌，並將帶我們進入下一個市場和快速增長的市場。

Maybe again, to maybe underscore another dimension.

也許再次強調另一個方面。

A number of the markets in the world, Teva will -- aims at generating anything between $700 [million] to $1 billion net revenues, in a way which is very profitable.

Teva 將在世界上的許多市場——旨在以一種非常有利可圖的方式產生 700 [百萬] 至 10 億美元的淨收入。

And when we say growth market, we are talking about those markets.

當我們說增長市場時，我們指的是那些市場。

Okay, so these are growth markets.

好的，所以這些是增長市場。

And includes -- it encompasses also Japan.

並且包括——它還包括日本。

And at least apparently, Japan is not -- it is a mature market, but when you look at the penetration of generics within Japan, you see the opportunity.

至少顯然，日本不是——它是一個成熟的市場，但當你看看仿製藥在日本的滲透時，你就會看到機會。

That's why we are committed, we promised it, we are committed, and we'll deliver on it.

這就是為什麼我們承諾，我們承諾過，我們承諾過，我們會兌現它。

Japan will transform the business we have in Japan, sooner than later.

日本遲早會改變我們在日本的業務。

And again, when you look it, day one of the market, where we aim at generating a [$700 million] to [$1 billion] at least of net revenues in a very profitable fashion.

再一次，當你看到它時，市場的第一天，我們的目標是以非常有利可圖的方式至少產生 [7 億美元] 到 [10 億美元] 的淨收入。

Okay.

好的。

Mexico, is eye on that list So it include Japan, it includes Mexico, it includes Brazil, it includes China, which is a much longer term play here, but China is on our list also.

墨西哥正在關注這個名單 所以它包括日本，它包括墨西哥，它包括巴西，它包括中國，這是一個長期的遊戲，但中國也在我們的名單上。

And we are basically aiming at markets where we can generate these numbers, top line and bottom line.

我們基本上瞄準了我們可以產生這些數字、頂線和底線的市場。

And on the synergies finally.

最後是協同效應。

I think for now, I think it's the right thing to do one third, one third, one third.

我認為現在，我認為做三分之一，三分之一，三分之一是正確的事情。

I think when we give guidance, we will give more details around the synergies, but what I mentioned is we have validated, we get to it, but I think we leave it to the guidance to talk how they kick in in the first year.

我認為當我們提供指導時，我們將提供有關協同作用的更多細節，但我提到的是我們已經驗證，我們已經開始，但我認為我們將其留給指導來討論它們在第一年如何發揮作用。

Thanks.

謝謝。

It's Gregg Gilbert from DB.

我是來自 DB 的 Gregg Gilbert。

On Copaxone, first, could you remind us of the key exclusivity periods that expire outside of the US?

關於 Copaxone，首先，您能否提醒我們在美國以外到期的關鍵獨占期？

And them, within the US, I can understand why you would want to quantify very negative scenario in 2017, but I see David falling asleep over here.

而他們，在美國，我能理解為什麼你想量化 2017 年非常消極的情況，但我看到大衛在這裡睡著了。

Maybe you can tell us what would have to happen legally to actually see generics in 2017?

也許你可以告訴我們在 2017 年真正看到仿製藥必須合法發生什麼？

Because I think folks are assuming that's a likely case, as opposed to a worst case?

因為我認為人們假設這是一種可能的情況，而不是最壞的情況？

And on Bendamustine, Rob, can you share some commercial strategy at this phase, given how close it is, and how important it is?

關於 Bendamustine，Rob，考慮到它有多接近以及它有多重要，你能否分享現階段的一些商業策略？

And whether or not [Eagle's] launch of a different Benda product in 2016 factors into your thinking at all?

[Eagle's] 在 2016 年推出不同的 Benda 產品是否會影響您的想法？

So let me maybe start, and Robert will take over.

那麼讓我開始吧，羅伯特將接手。

We spelled out in a very consistent manner during the last two years that we strongly believe in our 40 milligram IP.

在過去的兩年裡，我們以非常一致的方式闡明了我們堅信我們的 40 毫克 IP。

And there were a lot of questions that were posed to us during, and questions that especially after the Patent Office has instituted the IPR.

期間向我們提出了很多問題，尤其是在專利局製定知識產權之後。

And we decided that, we're open enough to discuss with Street a scenario area which is different.

我們決定，我們足夠開放，可以與 Street 討論一個不同的場景區域。

For us, it is a less likely scenario.

對我們來說，這是不太可能發生的情況。

It's a scenario that we need also to prepare ourselves for such a scenario, and we believe we are fully prepared.

這是我們也需要為這種情況做好準備的情況，我們相信我們已經做好了充分的準備。

Look at everything we have done during the last two years, in a quest to diversify net revenues and profit [stream] away from -- diversify in general away from Copaxone in particular, okay.

看看我們在過去兩年中所做的一切，以尋求使淨收入和利潤[流]多樣化——尤其是從 Copaxone 中多樣化，好吧。

Now at the end of the day, when we come with a scenario which is very conservative, $1.2 billion 2017 is a very conservative scenario.

現在歸根結底，當我們提出一個非常保守的情景時，2017 年 12 億美元是一個非常保守的情景。

And it ends up with [$0.68], and you put in the context of Teva, let alone Teva after the business combination Allergon, we will be generating in 2017 onward, I believe it, we put everything within the right context.

最後是 [0.68 美元]，你把 Teva 的背景放在一起，更不用說在業務合併 Allergon 之後的 Teva，我們將在 2017 年以後產生，我相信，我們把一切都放在正確的背景下。

$0.68, okay?

0.68 美元，好嗎？

Now it is too early for us to deliver EPS 2017, ex 2016, 2017 onward, we will do it one way or another during our early 2016.

現在我們交付 2017 年、前 2016 年、2017 年以後的 EPS 還為時過早，我們將在 2016 年初以某種方式進行。

But you have all the relevant ingredients in the recipe here, and you just look at the number, look at the $0.68.

但是你這裡有食譜中的所有相關成分，你只要看看數字，看看 0.68 美元。

I believe it spells out a very strong message to the investment community.

我相信它向投資界發出了一個非常強烈的信息。

And maybe on Bendamustine, so what we expect the registration, the FDA approval by the end of this year in December.

也許在 Bendamustine 上，所以我們期望註冊，在今年 12 月底獲得 FDA 批准。

And then, it is a product that only needs 10 minutes for infusion, versus up to an hour for the current forms, both the lypholized and the liquid form.

然後，它是一種只需要 10 分鐘輸注的產品，而目前的形式（凍乾和液體形式）最多需要一個小時。

There are some customers who will go for a much cheaper, if that would be available generic version, and we know more or less where to expect them.

如果通用版本可用，有些客戶會選擇便宜得多的產品，我們或多或少知道他們會去哪裡。

But there are many customers also who really value that offer that you can make to a patient, where you just spend 10 minutes, instead of that hour in getting your infusion.

但也有許多客戶非常重視您可以為患者提供的服務，您只需花 10 分鐘，而不是花一個小時來輸液。

And that's what we expect going forward.

這就是我們對未來的期望。

We will see a drop in the numbers in the volumes versus the current Treanda, but it still going to be quite significant and an important product, with an opportunity to prolong it for a couple of years.

與當前的 Treanda 相比，我們將看到銷量數字有所下降，但它仍然非常重要，並且是一個重要的產品，並有機會將其延長幾年。

So we're excited about it.

所以我們對此感到興奮。

It looks good.

這看起來不錯的樣子。

The FDA -- it's done by [Eagle], but everything we've seen so far, we are optimistic to expect this in December.

FDA——它是由 [Eagle] 完成的，但到目前為止我們所看到的一切，我們樂觀地預計在 12 月會出現這種情況。

And then we want to do the introduction of the rapid infusion bendamustine as soon as possible.

然後我們想盡快推出快速輸液苯達莫司汀。

It will take a couple of weeks, but we'll do it sooner -- as soon as we can.

這將需要幾週的時間，但我們會盡快完成——盡快完成。

Thank you.

謝謝你。

You spoke about the respiratory business a little bit, but what stood out in the third quarter results was the rapid growth of both ProAir and Qvar, up 34% and 44%.

你稍微談到了呼吸業務，但第三季度業績中最引人注目的是 ProAir 和 Qvar 的快速增長，分別增長了 34% 和 44%。

Could you elaborate a little bit more on why those products are growing so rapidly, what the benefit is, and what your medium to long-term outlook is for those products?

您能否詳細說明為什麼這些產品增長如此迅速，有什麼好處，以及您對這些產品的中長期前景如何？

So I think, both ProAir and Qvar, you see there is a little bit of an uptick as well in net sales, due to we have a conversion.

所以我認為，ProAir 和 Qvar，由於我們進行了轉換，您會看到淨銷售額也略有上升。

So there is the clawbacks that come, and there is -- it's not related to prescription.

所以有回扣，而且有 - 它與處方無關。

But both products continue to do really, really well.

但是這兩種產品都繼續做得非常非常好。

There is a real growth in just about 10% or so.

實際增長只有 10% 左右。

We've -- in Qvar, we have introduced a dose counter, with the benefits that I had discussed before.

我們 - 在 Qvar 中，我們引入了劑量計數器，具有我之前討論過的好處。

This is really helping patients, and you see the uptake there is very good.

這確實在幫助患者，您會看到那裡的接受度非常好。

People see it, and it's continued to stay.

人們看到它，它就繼續存在。

We expect that it will continue to grow steadily, going forward.

我們預計它將繼續穩步增長，向前發展。

ProAir, we have the RespiClick form in on the market as well, which is (inaudible )0since we really started launching in June, there's a lot of education that still needs to happen around that product.

ProAir，我們在市場上也有 RespiClick 表格，這是（聽不清）0 自從我們真正在 6 月開始推出以來，仍然需要圍繞該產品進行大量教育。

It's different.

這不一樣。

It's not an NDI, but a multi-dose dry powder inhaler with all the benefits that we can see, in terms of intuitive use and really delivering into the lungs much better.

它不是 NDI，而是一種多劑量乾粉吸入器，在直觀使用和真正更好地輸送到肺部方面具有我們可以看到的所有好處。

It's also something the patients feel different.

這也是患者感覺不同的地方。

The aerosol, you feel in your mouth often.

氣溶膠，你經常在嘴裡感覺到。

So we went to really explain this and educate patients, and that's going to take a bit of time.

所以我們真正地解釋了這一點並教育了患者，這需要一些時間。

So far, we still need to up there on the RespiClick.

到目前為止，我們仍然需要在 RespiClick 上進行操作。

ProAir, it's the overall product brand is doing really well, and going forward.

ProAir，它的整體產品品牌做得非常好，而且還在向前發展。

It's a beautiful opportunity into 2016, and we're happy with that.

這是進入 2016 年的絕佳機會，我們對此感到高興。

But the focus is going forward on, the promotion will be on the RespiClick form, which has a longer life, a better protection, offers benefits to patients.

但重點是在前進，推廣將在 RespiClick 形式上，它具有更長的壽命、更好的保護、為患者提供好處。

Good morning.

早上好。

This is Sumant Kulkami from Bank of America Merrill Lynch.

我是美銀美林的 Sumant Kulkami。

I have three quick questions.

我有三個簡單的問題。

First, how quickly does Teva need to move in terms of biosimilar business development to build to get to where it wants to be, on it wants to achieve on that front?

首先，Teva 在生物仿製藥業務發展方面需要以多快的速度進行建設，以達到它想要達到的目標，以及它想要在這方面實現的目標？

Second, do you want to gain more scale in generic injectables?

其次，你想擴大仿製藥注射劑的規模嗎？

And third, do you have any target rates for switches on Copaxone 40 milligrams outside the US?

第三，您是否有在美國以外地區轉換為 40 毫克 Copaxone 的任何目標率？

Yes, so let me take the first two.

是的，所以讓我拿前兩個。

Biosimilar is a very good question.

生物仿製藥是一個很好的問題。

Remember, that we have today revenue of approximately $350 million from biosimilars.

請記住，我們今天的生物仿製藥收入約為 3.5 億美元。

These are all the Wave one, plus Granix in the US with [Tenessent], is a biosimilar, but registered under the BLA.

這些都是 Wave one，加上美國的 Granix 和 [Tenessent]，是一種生物仿製藥，但在 BLA 下註冊。

We have the strategy in place for wave two with Lonza (inaudible) which we walked away from.

我們已經制定了第二波與我們離開的龍沙（聽不清）的戰略。

We currently have in our pipeline three biosimilars, but with a focus on wave three.

我們目前正在研發三種生物仿製藥，但重點是第三波。

I think -- and we have said it previously, we are looking at some kind of partnership, it is important to us.

我認為 - 我們之前已經說過，我們正在尋找某種合作夥伴關係，這對我們很重要。

We have a lot of offer to the partnership in terms of R&D.

我們在研發方面為合作夥伴提供了很多優惠。

I think our biologic R&D, which is obviously doing the specialty products in reslizumab and Labrys.

我認為我們的生物研發，顯然是在做 reslizumab 和 Labrys 的專業產品。

But also [biobetters] and biosimilars.

還有 [生物改良劑] 和生物仿製藥。

So we think about it as a whole package is really, really good and strong.

所以我們認為它是一個整體，真的非常好而且很強大。

I think the second thing is our commercial infrastructure, where we talk about the space between specialty and generics are essential to sell the biosimilars.

我認為第二件事是我們的商業基礎設施，我們在這裡談論專業和仿製藥之間的空間對於銷售生物仿製藥至關重要。

So I think, we clearly, are looking for partnership in this field.

所以我認為，我們顯然正在尋找該領域的合作夥伴關係。

There is an opportunity.

有機會。

The time is ticking on us for sure.

時間肯定在流逝。

But we really will be a player in the space.

但我們真的會成為這個領域的參與者。

The question is, how do you select to come into this space again?

問題是，你如何選擇再次進入這個空間？

Do you want to play in the wave two space, or should we focus on wave three more than anything else?

你想在第二波空間中發揮作用，還是我們應該更關注第三波？

In terms of injectables, it's a fair question because 2010, and 2009 Teva was one of a leader in injectables.

就注射劑而言，這是一個公平的問題，因為 2010 年和 2009 年 Teva 是注射劑領域的領導者之一。

There was a quality incident around that time, that took our revenue down.

那段時間發生了一起質量事故，導致我們的收入下降。

The good thing now is, with the operation (inaudible) strategies that [Carlo] and his team have been doing, we really have done an amazing job in both relaunching products, but also moving into a different plants around the world.

現在的好事是，通過 [Carlo] 和他的團隊一直在做的運營（聽不清）策略，我們在重新推出產品和轉移到世界各地的不同工廠方面確實做得非常出色。

So slowly we're growing our share.

所以我們正在慢慢增加我們的份額。

Also exciting is, with the Actavis generics, there comes a big pipeline of generic products into that field.

同樣令人興奮的是，隨著 Actavis 仿製藥的出現，該領域出現了大量仿製藥產品。

So I think going forward, we will be a much, much stronger player in injectables, than we are today.

所以我認為展望未來，我們將成為比今天更強大的注射劑公司。

And it was the?

那是？

On the Copaxone --

在 Copaxone 上——

Copaxone, right.

可帕松，對吧。

So the uptake, it is now in Europe in 14 markets.

所以吸收，它現在在歐洲的 14 個市場。

And frankly, in a country like Germany, the uptake of Copaxone 40 and conversions from the 20 daily to the three times weekly, 40 is even faster than what we've seen in the US.

坦率地說，在德國這樣的國家，Copaxone 40 的吸收和從每天 20 次到每週 3 次的轉換，40 甚至比我們在美國看到的還要快。

So it's really doing well.

所以它真的做得很好。

And what's also very striking, and for us very encouraging, is the fact that we're picking up not just switches from Copaxone 20, but also new patients.

同樣非常引人注目，對我們來說非常鼓舞人心的是，我們不僅接受了 Copaxone 20 的轉換，而且接受了新患者。

And is actually the number one product in new patients in the German market for instance.

例如，實際上是德國市場新患者中排名第一的產品。

In Europe, it typically takes about a year before its rolled out, and this is a product that was registered many, many years ago, before there were centralized procedures.

在歐洲，它通常需要大約一年的時間才能推出，而且這是一種在很多很多年前就已經註冊的產品，當時還沒有集中程序。

So there are three or four waves of registration procedures going in.

所以有三四波的註冊程序在進行。

So we expect it to be launching in Europe over the next 18 months really.

所以我們預計它真的會在未來 18 個月內在歐洲推出。

And that's the time lines that are related to getting the registrations and getting the prices.

這就是與獲得註冊和獲得價格相關的時間線。

We just got the registration in Russia, which is a tendered market.

我們剛剛在俄羅斯註冊，這是一個招標市場。

Now we have to get into those tenders, and we are racing to be there.

現在我們必須進入那些招標，我們正在競相參加。

Clearly, it will have to compete also with the 20 in the same tenders.

顯然，它還必須在同一招標中與 20 家公司競爭。

The opportunity short term in Russia is probably smaller than what we've seen traditionally with the 20, but we are excited to get this opportunity as well, adding it to our 20 offering.

俄羅斯的短期機會可能比我們傳統上看到的 20 小，但我們也很高興能獲得這個機會，並將其添加到我們的 20 產品中。

And it really strengthens our franchise position there.

它確實加強了我們在那裡的特許經營地位。

And that's what we've seen, not just in the US, we're seeing it in every country where we're launching.

這就是我們所看到的，不僅僅是在美國，我們在我們推出的每個國家都看到了它。

It really helps us in -- continue to be the leading product in the MS space.

它確實幫助我們——繼續成為 MS 領域的領先產品。

25% today, that's the average

今天 25%，這是平均水平

Today.

今天。

Yes, adoption rate.

是的，採用率。

The uptake is impressive.

接受度令人印象深刻。

Last question over here.

最後一個問題在這裡。

Thanks very much.

非常感謝。

Andrew Finkelstein from Susquehanna.

來自 Susquehanna 的 Andrew Finkelstein。

I was hoping on, the generic side, since we have perspectives here that look at the [Barr] deal internally and from an external perspective, what were learnings from that transaction, that could be applied to buying the Allergan business, which you know is driven by first to file opportunities in US, and how that can be sustained as an engine going forward?

我希望在通用方面，因為我們在這裡有從內部和外部角度看待 [Barr] 交易的觀點，從該交易中學到了什麼，可以應用於購買 Allergan 業務，你知道的是由第一個在美國申請機會的驅動，以及如何將其作為向前發展的引擎持續下去？

Then on the branded side, if you could talk in any more detail about how the Copaxone net pricing looks, the impact having Glatopa on the market?

然後在品牌方面，如果你能更詳細地談談 Copaxone 的淨定價如何，Glatopa 對市場的影響？

What that means in terms of the net price you're getting on the 20 milligram and 40 milligram?

就 20 毫克和 40 毫克的淨價而言，這意味著什麼？

And also from the patient's perspective, how the economics look, in terms of what's out of pocket for them?

而且從病人的角度來看，從他們的口袋裡掏錢的角度來看，經濟學是怎樣的？

And then finally, in emerging markets, if you could review how you do due diligence for transactions like that, to make sure that you can operate as successfully in those markets as a domestic company, with the compliance that's needed from your perspective?

最後，在新興市場，您是否可以回顧如何對此類交易進行盡職調查，以確保您可以像國內公司一樣在這些市場上成功運營，並從您的角度來看需要合規？

Thanks.

謝謝。

Yes.

是的。

So I take one and three.

所以我拿一和三。

I think first of all, the beauty is Teva has done multiple transactions through the period, I think been very successful, especially successful in delivering synergies.

我認為首先，美的是 Teva 在此期間完成了多項交易，我認為非常成功，尤其是在實現協同效應方面非常成功。

The company has always delivered the synergies.

該公司始終提供協同效應。

And on, in terms of integration, there are lessons to be learned.

此外，在整合方面，也有值得吸取的教訓。

Some things were done extremely well, and some things we could have done better, especially around people and retaining people.

有些事情做得非常好，有些事情我們可以做得更好，尤其是在人和留住人方面。

I think also, maybe I bring to the table, the experience of having bought the Actavis generic business twice before.

我還認為，也許我會把之前兩次收購 Actavis 仿製藥業務的經驗帶到談判桌上。

So buying it for a third time (laughter) I think gives little bit of a comfort, in that we understand how to integrate the business.

所以第三次購買它（笑聲）我認為這有點安慰，因為我們了解如何整合業務。

But the key in the integration is people, because people are the one thing that delivers the numbers at the end of the day.

但整合的關鍵是人，因為人是最終提供數字的唯一因素。

It's not the tableting presses, it's not the manufacturing plants, it's not the offices, it's the people, and we really have been careful in selecting the people.

關鍵不是壓片機，不是製造工廠，不是辦公室，而是人，我們在選擇人時真的很謹慎。

The best of both worlds I think we have a fair process and this has been a key.

兩全其美我認為我們有一個公平的過程，這是一個關鍵。

And this is why we're going early with announcing the organization.

這就是為什麼我們要提前宣布該組織的原因。

That's one of the learnings from the previous acquisitions.

這是從之前的收購中學到的教訓之一。

I think in terms of how we get comfort in the growth market, it's a very good question.

我認為就我們如何在增長市場中獲得安慰而言，這是一個很好的問題。

For us, first of all, Rimsa was in a process.

對於我們來說，首先，Rimsa 處於一個過程中。

They had prepared their process extremely well.

他們的流程準備得非常好。

They had open books, they were very well (inaudible).

他們有打開的書，他們很好（聽不清）。

As you have read in the media, we obviously don't know it was a closed process.

正如您在媒體上看到的那樣，我們顯然不知道這是一個封閉的過程。

But there were many big pharma companies in this process.

但在這個過程中有很多大型製藥公司。

There was an opportunity for a very thorough due diligence, on compliance, on finances, on registration, because that sometimes has been an issue where the registrations are not done in the right way.

有機會在合規性、財務、註冊方面進行非常徹底的盡職調查，因為這有時是註冊不正確的問題。

On their sales practices, on their numbers overall, and on their forecasts.

關於他們的銷售實踐、他們的總體數字以及他們的預測。

So we got comfortable.

所以我們很舒服。

The sellers were very open, very good people.

賣家很開放，人很好。

They thought about their employees very much in this process.

他們在這個過程中非常為員工著想。

But we really have a superior opportunity to get a full access, both to management, the numbers, and all the data in the company, because it was in the process, have been preparing itself, probably for over two years to make this transaction happen.

但我們確實有一個絕佳的機會來獲得對公司管理層、數字和所有數據的完全訪問權限，因為它在這個過程中，一直在準備自己，可能需要兩年多的時間才能完成這筆交易.

Copaxone.

可帕酮。

So the product is competitively priced per se.

因此，該產品本身的價格具有競爭力。

The -- we really want to make sure that patients have access to this product, no matter what plan they are on, no matter what part of the health insurance coverage they are in the US.

- 我們真的想確保患者能夠使用該產品，無論他們參加什麼計劃，無論他們在美國的醫療保險範圍是哪一部分。

Copaxone 40 doesn't have any copay, and on 20 it really depends on their plans, but we really make sure that people have access to this product.

Copaxone 40 沒有任何共付額，而在 20 上，這實際上取決於他們的計劃，但我們確實確保人們可以使用該產品。

Obviously, the gross to net, the discounts have increased a little bit on Copaxone 20 with generics, but nothing that wasn't unexpected or foreseen by us.

顯然，從毛額到淨額，使用仿製藥的 Copaxone 20 的折扣有所增加，但我們沒有出乎意料或預見到。

And so far, we don't see any signs that this is changing.

到目前為止，我們沒有看到任何跡象表明這種情況正在發生變化。

So maybe -- something that I would like to add there.

所以也許-- 我想在這裡添加一些內容。

We are very responsible to in everything that pertains to prices, on the generic side and on the specialty side.

我們對與價格有關的一切都非常負責，無論是在通用方面還是在專業方面。

And I will even put in another way, all the improvement you see in margins is not driven by price.

我什至會換一種說法，你看到的利潤率的所有提高都不是由價格驅動的。

It is driven by quantities, and by mix, and by efficiency measures, not by price, 2014, 2015.

2014 年和 2015 年，它是由數量、組合和效率措施驅動的，而不是由價格驅動的。

And that's a very important message.

這是一個非常重要的信息。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you for joining us today.

感謝您今天加入我們。

If you have other questions, we will be available to answer them.

如果您有其他問題，我們將隨時為您解答。

Thank you.

謝謝你。

So just, we thank you for joining us today, and have a good day.

所以，我們感謝您今天加入我們，祝您有美好的一天。

Thank you.

謝謝你。