Teva Pharmaceutical Industries Ltd (TEVA) 2025 Q1 法說會逐字稿

Hello, and welcome to the Q1 2025 Teva Pharmaceutical Industries Limited Earnings Conference Call. My name is Alex, and I'll be coordinating the call today. (Operator Instructions).

您好，歡迎參加 2025 年第一季 Teva Pharmaceutical Industries Limited 財報電話會議。我叫亞歷克斯，今天我將負責協調這場電話會議。（操作員指令）。

I'll now hand it over to your host, Christopher Stevo, Head of Investor Relations to begin. Please go ahead.

現在我會把時間交給主持人、投資人關係主管 Christopher Stevo。請繼續。

Thank you, Alex. Good morning everyone. In the course of this call, we are going to be making some forward-looking statements and any statements we make regard only as of today and we undertake no obligation to update them in the future. And if you have any additional questions on our forward-looking statements, you can see the relevant sections of our SEC filings and our Forms 10-K and 10-Q.

謝謝你，亞歷克斯。大家早安。在本次電話會議中，我們將做出一些前瞻性陳述，我們所做的任何陳述僅視為截至今天為止的陳述，我們不承擔將來更新這些陳述的義務。如果您對我們的前瞻性聲明有任何其他疑問，您可以參閱我們向美國證券交易委員會 (SEC) 提交的文件以及 10-K 和 10-Q 表格的相關部分。

Additionally, during today’s call all comments made to revenue growth year-over-year will be in local currency terms unless otherwise noted by one of us. And with that I will turn it over to Richard Francis.

此外，在今天的電話會議中，所有關於收入同比增長的評論都將以當地貨幣計算，除非我們另有說明。現在我將把發言權交給理查德·弗朗西斯。

Thank you, Chris and good morning, and good afternoon everybody. Thank you for joining the call. Looking forward to talking to you through this agenda today where myself, Eli Kalif my CFO, and Eric Hughes, the Head of R&D we are going to go through the business update for Q1, but also we are going to give you an insight into a path towards our 2027 targets and the confidence and the high level of confidence we have in achieving those.

謝謝你，克里斯，大家早安，下午好。感謝您參加此通話。期待今天透過這個議程與您交談，我本人、我的財務長 Eli Kalif 和研發主管 Eric Hughes 將討論第一季度的業務更新，同時我們還將讓您深入了解實現 2027 年目標的道路，以及我們對實現這些目標的信心和高度信心。

Now as you remember this all started in 2023 with a pivot to growth strategy being launched and this was to return the company to growth. And as you can now see this is our ninth consecutive quarter of growth and this is being driven by executing on our pillars, and deliver on our growth engines, step up innovation, sustaining Generics powerhouse, and focus the business.

現在，您還記得，這一切都始於 2023 年，當時啟動了一項以成長為重點的策略，目的是讓公司恢復成長。正如您所看到的，這是我們連續第九個季度實現成長，而這得益於我們執行支柱、發揮成長引擎、加強創新、維持仿製藥的強大動力以及專注於業務。

And as you’ll see throughout the presentation, delivering on our growth engines we continue to perform strongly with AUSTEDO, AJOVY, and UZEDY. Eric will give you some insight into the progress we've made on our pipeline and why we're excited about it, the filing of olanzapine in the second half of this year, and the progress to the Phase three trial for duvakitug.

正如您在整個演示過程中所看到的，憑藉我們的成長引擎，我們繼續在 AUSTEDO、AJOVY 和 UZEDY 方面表現強勁。Eric 將向您介紹我們在研發管道方面取得的進展以及我們對此感到興奮的原因、今年下半年奧氮平的提交以及 duvakitug 第三階段試驗的進展。

You'll see once again, our Generic business continues to grow and that will soon be supported by our Biosimilar launches, which I'll talk through later in the presentation. We're constantly focused on capital allocation, an allocator like capital to the highest areas of return to drive growth. As per TAPI, I can tell you that we are still in advanced discussions and I can't comment further until we make an announcement.

您會再次看到，我們的仿製藥業務持續成長，並且很快就會得到我們的生物仿製藥推出的支持，我將在稍後的演示中討論這一點。我們始終專注於資本配置，將資本配置到回報率最高的領域以推動成長。根據 TAPI，我可以告訴你，我們仍處於深入討論中，在我們發佈公告之前我無法進一步發表評論。

So now moving on to the results. So as you can see, revenue was up 5% to $3.9 billion. Adjusted EBITDA was up 3%, and our non-GAAP EPS was up to $0.52 up 8%. Good free cash flow for the quarter, and our net debt EBITDA is just above three. Now to move on to the next slide. As you can see and I've mentioned it already, but I will mention it again, this is our ninth consecutive quarter of growth. Reemphasizing the fact that the strategy and the focus and the prioritization we've put around in-of-two brands is driving growth on a ninth consecutive quarter.

現在來看看結果。如您所見，收入成長了 5%，達到 39 億美元。調整後的 EBITDA 成長了 3%，我們的非 GAAP EPS 成長了 8%，達到 0.52 美元。本季自由現金流良好，我們的淨債務 EBITDA 略高於 3。現在進入下一張投影片。正如你所看到的，我已經提到過，但我還要再提一次，這是我們連續第九個季度的成長。再次強調，我們圍繞兩個品牌制定的策略、重點和優先順序正在連續第九個季度推動成長。

Now, let me go into a bit more detail as to what is driving this and I think this is a really important slide and a really important time to show this slide. What you'll see is the growth was spearheaded by our innovative brands, but they reached $589 million sales, that's a 45% increase over last year. And this was led by AUSTEDO growing at 39% globally, AJOVY up 26% globally, and UZEDY doubling to $39 million.

現在，讓我更詳細地介紹一下推動這項進程的原因，我認為這是一張非常重要的投影片，也是展示這張投影片的重要時機。您會發現，這一成長是由我們的創新品牌推動的，其銷售額達到了 5.89 億美元，比去年增長了 45%。其中，AUSTEDO 全球成長 39%，AJOVY 全球成長 26%，UZEDY 成長一倍至 3,900 萬美元。

Now I'm pleased to show that our Generic business continues to grow in this quarter, up 3% and we have another quarter of growth for TAPI. But let me double-click now and go into some of the detail here. So starting with AUSTEDO, really good performance across the world, but this is primarily led by the US. And as you can see, the US business is up 40% so congratulations to the team here. And this is really driven by two factors. First, the combined effects of continues to grow our TRx, but also the continued penetration of a AUSTEDO XR.

現在我很高興地向大家展示，我們的仿製藥業務在本季度繼續成長，成長了 3%，而 TAPI 也實現了另一個季度的成長。但現在讓我雙擊並詳細介紹。從 AUSTEDO 開始，在全球的表現確實很好，但這主要由美國主導。如您所見，美國業務成長了 40%，因此向這裡的團隊表示祝賀。這實際上是由兩個因素驅動的。首先，我們的 TRx 持續成長以及 AUSTEDO XR 持續滲透的綜合效應。

And as you can see, we now have more than 60% of new patients on AUSTEDO XR. Now the benefits are clear, and I think Eric and I have talked about those quite a lot. It reduces pill burden, it creates an optimal dosing, and subsequently leads to better patient adherence and compliance. And as you can see here, the US milligrams growth is up 38%. And because of this good start to the year, we are narrowing the guidance here, we are just raising the bottom end by $50 million to $1.950 billion for the year.

如您所見，我們現在有超過 60% 的新患者使用 AUSTEDO XR。現在好處已經很明顯了，我想 Eric 和我已經談論過很多次了。它減少了藥丸負擔，創造了最佳劑量，從而提高了患者的依從性和順從性。正如您所看到的，美國毫克成長率為 38%。由於今年開局良好，我們正在縮小預期，只是將今年的底線提高 5000 萬美元至 19.5 億美元。

Now to move on to UZEDY. UZEDY continues with a strong momentum, and I'm pleased to show that the TRx continues to grow and up 177%. Now obviously this was on a small base. But I think what is pleasing to see here is that we've now gained over 60% of the share of the risperidone long-acting market.

現在轉到 UZEDY。UZEDY 繼續保持強勁勢頭，我很高興地看到 TRx 繼續增長並上漲了 177%。顯然，這只是小規模的。但我認為值得高興的是，我們現在已經佔據了利培酮長效市場 60% 以上的份額。

Now what this means is going forward, we need to start to compete more broadly in the long-acting market. So that's including patients not treated with the oral or the long-acting risperidone. Now we believe we have confidence in doing this because of the strong product profile we have, that Eric and I once again talk a lot about.

這意味著，我們需要開始在長效市場上進行更廣泛的競爭。因此這包括未接受口服或長效利培酮治療的患者。現在我們相信我們有信心做到這一點，因為我們擁有強大的產品形象，而艾瑞克和我再次對此進行了大量討論。

The fact that you can reach therapeutic dose within 24 hours without supplementary therapies is a very big positive for physicians, as well as the subcutaneous needle, and the fact that it doesn't have to be stored in a fridge. So good growth there from UZEDY.

無需輔助療法即可在 24 小時內達到治療劑量，這對於醫生以及皮下針來說都是非常有利的，而且它不必存放在冰箱中。UZEDY 的成長表現非常好。

Now moving on to AJOVY. AJOVY up 26%. We confirm in our on guidance for $600 million. And once again, what pleases me about this is it shows that we can execute on our innovative brands globally, not just in the US and good growth we're seeing in Europe and good growth in international markets. And some nice data points here that I just want to reference. We are the number one preventative CGRP injectable in the top US headache centers.

現在轉到 AJOVY。AJOVY 上漲 26%。我們在指導價中確認為 6 億美元。再次讓我感到高興的是，這表明我們可以在全球範圍內推行我們的創新品牌，而不僅僅是在美國，而且我們在歐洲和國際市場上都看到了良好的成長。這裡有一些很好的數據點，我只是想參考一下。我們是美國頂級頭痛中心排名第一的預防性 CGRP 注射。

And we are the number one preventative CGRP injectables in 28 markets across Europe and international. So these three products really show our ability to drive innovative brands when we bring them to the market. So congratulations to all the people that were responsible for this.

我們是歐洲和國際 28 個市場上排名第一的預防性 CGRP 注射。因此，這三款產品真正展現了我們將其推向市場時推動創新品牌的能力。因此，我向所有為此負責的人表示祝賀。

Now as I move on to our Generic business, as you can see we continue to grow our Generics business up 3% year-on-year, and as you can see we grew this across all of our regions, 5% in the US, 1% in Europe, and 2% in international markets. Now, this is a slower growth than we've had in previous years, and this was really because of the prior comparisons, where we had a number of launches across all of our markets, and in Europe we had a number of tenders, which were not re-repeated in Q1.

現在，我來談談我們的仿製藥業務，正如您所見，我們的仿製藥業務繼續同比增長 3％，並且正如您所見，我們在所有地區都實現了增長，其中美國增長了 5％，歐洲增長了 1％，國際市場增長了 2％。現在，我們的成長速度比前幾年要慢，這實際上是因為與前幾年相比，我們在所有市場都推出了一些產品，在歐洲我們也進行了一些招標，但這些招標在第一季沒有重複。

We also saw the slowdown in inflationary in many of our international and European markets, so that has also impacted us. Now, what I'd like to point out, Q1 represents the high-watermark, likely high-watermark for 2025, so just factor that in, as you consider our Generic business going forward.

我們也看到許多國際和歐洲市場的通膨放緩，這也對我們產生了影響。現在，我想指出的是，第一季代表最高水位，很可能是 2025 年的最高水位，因此，在考慮我們未來的通用業務時，請將這一點考慮在內。

Now, I'd like to take a moment to talk about our Biosimilar business, and we talked about this from a point of view that we have a portfolio strategy play, and we're going to bring multiple products to the market, and we're starting to see that happen now. As you can see in Q1, we launched two products in the United States, Biosimilar, Humira and Biosimilar Soliris.

現在，我想花點時間談談我們的生物相似藥業務，我們從投資組合策略的角度談論了這一點，我們將把多種產品推向市場，現在我們開始看到這種情況發生。正如您在第一季看到的，我們在美國推出了兩種產品，即生物相似藥 Humira 和生物相似藥 Soliris。

So congratulations to the team for bringing those to the market. But in 2025 to 2027, we have another five products to launch, and some of these depending on FDA approval, could actually come in 2025. But this just emphasizes the fact that we have a number of portfolio Biosimilars coming to the market, and this gives us a real chance to grow our Biosimilar business at a faster rate than we have in the past.

恭喜團隊將這些產品推向市場。但在 2025 年至 2027 年期間，我們還有另外五種產品要推出，其中一些產品取決於 FDA 的批准，實際上可能會在 2025 年推出。但這正是強調了這樣一個事實：我們有大量生物相似藥產品即將進入市場，這為我們提供了以比過去更快的速度發展生物相似藥業務的真正機會。

Now, I want to take a bit of time, that's Q1, and I focused on driving the business in Q1 and giving you an outlook on that. Now I want to take a moment to talk about why we are so confident about hitting our 2027 targets. And this really comes down to two areas of focus. One is how do we keep driving the top line. And the second is how do we manage our OpEx and capital allocation.

現在，我想花點時間，這是第一季度，我專注於推動第一季的業務並為您提供展望。現在我想花點時間談談為什麼我們對實現2027年目標如此有信心。這實際上可以歸結為兩個重點領域。一是我們如何持續推動營收成長。第二是我們如何管理我們的營運支出和資本配置。

So let me start with the first one. So as you can see here, we have multiple growth drivers for 2027. Touching upon some of the brands I've just spoken about, and our innovative portfolio of AUSTEDO and AJOVY, we see continued growth in these over this period, and we're confident about hitting $2.5 billion in sales for AUSTEDO in 2027.

那麼讓我從第一個開始。因此，正如您所看到的，2027 年我們有多個成長動力。談到我剛才提到的一些品牌，以及我們的創新產品組合 AUSTEDO 和 AJOVY，我們看到這些品牌在此期間持續成長，我們有信心在 2027 年 AUSTEDO 的銷售額達到 25 億美元。

But this will also be supported by UZEDY. As you've seen, good growth with UZEDY, and that will be joined by olanzapine in the second half of next year as that comes to the market. So we'll have a nice long-acting franchise in schizophrenia. Now as we think about our Generic business, we think about that being stable from 2025 to 2027. And in our Generic business, we include OTC and Biosimilars. But just like to point out, that means we'll be offsetting the Generics Revlimid impact by 2027.

但這也會得到 UZEDY 的支持。如您所見，UZEDY 的成長勢頭良好，而奧氮平也將在明年下半年上市，加入這一行列。因此，我們將在治療精神分裂症方面擁有良好的長效特許經營權。現在，當我們考慮我們的通用業務時，我們認為它在 2025 年到 2027 年期間會保持穩定。在我們的仿製藥業務中，包括非處方藥和生物相似藥。但需要指出的是，這意味著我們將在 2027 年之前抵消仿製藥 Revlimid 的影響。

And then if you factor in our legacy innovative brands like COPAXONE and BENDEKA, we anticipate they will continue their slow decline. What is worth pointing out on this slide is that this growth is predominantly driven by our innovative portfolio, which is a high-margin business.

如果將我們的傳統創新品牌如 COPAXONE 和 BENDEKA 考慮在內，我們預計它們將繼續緩慢下滑。這張投影片值得指出的是，這種成長主要由我們的創新產品組合推動，這是一項高利潤的業務。

Now if I move on to the next slide, I'd like to talk to you about how we're thinking about capital allocation and OpEx. But this is more fundamental than this. This is really about transforming Teva from a pure-play Generics company into a leading biopharmaceutical company. And we're going to do this by primarily focusing on three areas.

現在，如果我進入下一張投影片，我想和你們談談我們如何考慮資本配置和營運支出。但這比這更根本。這實際上是將 Teva 從純粹的仿製藥公司轉變為領先的生物製藥公司。我們將主要專注於三個領域來實現這一目標。

First is modernizing the organization, leveraging our regional hubs, driving more automation, reducing layers, and then prioritizing resource allocation, reducing costs in functions like G&A and TGO and making sure we allocate them to the growth drivers I just mentioned on the previous slide. And then optimizing our external spend. We have a lot of suppliers and that we have an opportunity to consolidate those and really optimize our procurement.

首先是實現組織現代化，利用我們的區域中心，推動更多自動化，減少層級，然後優先考慮資源分配，降低 G&A 和 TGO 等職能部門的成本，並確保將其分配給我在上一張幻燈片中提到的成長動力。然後優化我們的外部支出。我們有很多供應商，我們有機會整合這些供應商並真正優化我們的採購。

Now when we do that, we're going to end up with in 2027, $700 million of net savings. And that is after the reinvestment in our growth portfolio that I just mentioned and our pipeline, while offsetting the Generic Revlimid profit loss in 2026. So as you can see, we have a very clear path to achieving 30% operating margin in 2027.

當我們這樣做的時候，到 2027 年，我們將實現 7 億美元的淨儲蓄。這是在我剛才提到的對我們的成長投資組合和我們的管道進行再投資之後，同時抵消了 2026 年通用 Revlimid 的利潤損失。因此，正如您所看到的，我們有一條非常清晰的路徑來實現 2027 年 30% 的營業利潤率。

Now with that, I would like to hand over to Eli Kalif, who is going to walk you through the financials in a bit more detail on that 30% operating margin. Over to you, Eli.

現在，我想把時間交給 Eli Kalif，他將向大家更詳細地介紹 30% 營業利益率的財務狀況。交給你了，Eli。

Thank you, Richard and good morning and good afternoon to everyone. I really would like to start with the following key messages that I believe are important and I would like you to take away from our call today. Firstly, Q1 came with a solid performance, demonstrating our constant execution.

謝謝你，理查德，大家早安，下午好。我非常想從以下我認為很重要的關鍵訊息開始，我希望你們能夠從我們今天的通話中有所收穫。首先，第一季表現穩健，體現了我們持續的執行力。

Secondly, our continued improvements on strengthening our balance sheet and more specifically, our working capital and leverage. Third, our confidence in the targeted programs to deliver approximately $700 million of net savings in line with our Pivot to growth strategy, solidifying our 30% operating profit margin targeted by 2027. And lastly, the new confirmed US tariffs have been absorbed within our full year updated guidance for 2025.

其次，我們持續加強資產負債表，更具體地說，加強營運資本和槓桿率。第三，我們對目標計畫充滿信心，這些計畫將根據我們的「轉向成長」策略實現約 7 億美元的淨節約，鞏固我們到 2027 年實現 30% 的營業利潤率目標。最後，新確認的美國關稅已被納入我們 2025 年全年更新指南中。

Now moving to Slide 18 to review our Q1 2025 financial results. Starting with our GAAP performance please note that throughout my remarks, I will refer to revenue growth mainly in local currency terms unless I specify otherwise. Q1 was financially solid with a revenue of approximately $3.9 billion growing at 2% in US dollars or 5% in local currency net of negative FX impact of approximately $100 million after hedging.

現在轉到投影片 18 來回顧我們 2025 年第一季的財務表現。從我們的 GAAP 表現開始，請注意，在我的整個發言中，我將主要以當地貨幣來指收入增長，除非我另有說明。第一季財務狀況穩健，營收約 39 億美元，以美元計算成長 2%，以當地貨幣計算成長 5%，扣除對沖後約 1 億美元的負面外匯影響。

This is our ninth consecutive quarter of growth since we established our Pivot to Growth strategy in May 2023. We saw a strong momentum in our innovative products, particular on AUSTEDO, AJOVY, and UZEDY. For Generics, we saw broad-based growth across all the regions. GAAP net income and earnings per share were $240 million and $0.18, respectively.

自 2023 年 5 月制定「轉向成長」策略以來，這是我們連續第九個季度實現成長。我們的創新產品表現出強勁勢頭，尤其是 AUSTEDO、AJOVY 和 UZEDY。對於仿製藥，我們看到所有地區都出現了廣泛的成長。GAAP 淨收入和每股盈餘分別為 2.4 億美元和 0.18 美元。

Now let's look on our non-GAAP performance. Our non-GAAP gross margin grew by 140 basis points year-over-year to 52.8%. The main drivers of this increase were positive shift in the portfolio mix, especially AUSTEDO's strong continued growth, partially offset by negative FX impact. Our gross margin in Q1 were slightly better than our normal seasonality and our internal expectation for Q1 benefiting from favorable timing of shipments and improved product mix towards the end of the quarter.

現在讓我們來看看我們的非公認會計準則表現。我們的非公認會計準則毛利率年增 140 個基點，達到 52.8%。這一成長的主要驅動力是投資組合的積極轉變，尤其是 AUSTEDO 的強勁持續成長，但被外匯的負面影響部分抵消。由於有利的出貨時機和季末產品組合的改善，我們第一季的毛利率略高於正常的季節性和我們對第一季的內部預期。

About two thirds of that gross margin improved flow through to operating margins, which grew by 100 basis points year-over-year. We ended the quarter with non-GAAP earnings per share of $0.52, an increase of $0.04 or 8% year-over-year. Total non-GAAP adjustment in the first quarter of 2025 were $388 million.

約有三分之二的毛利率提高了營業利潤率，營業利潤率年增了 100 個基點。本季末，我們的非 GAAP 每股收益為 0.52 美元，年增 0.04 美元或 8%。2025 年第一季非公認會計準則調整總額為 3.88 億美元。

Turning to Slide 19. We have significantly transformed our balance sheet and cash generation capability over the last five years to enable growth. I'm really proud of our team's efforts across operational and commercial processes, which have led to improved net working capital as a percentage of revenue and reduced cash conversion days while, at the same time, creating a more [nimble] supply chain.

翻到幻燈片 19。過去五年來，我們顯著改變了資產負債表和現金創造能力，以實現成長。我為我們團隊在營運和商業流程中所做的努力感到非常自豪，這些努力提高了淨營運資本佔收入的百分比，減少了現金轉換天數，同時創建了更靈活的供應鏈。

These efforts have unlocked approximately $1.7 billion of capital since the end of 2021, which we have consistently deployed to reduce leverage and reinvest in the business. Our gross debt at the end of Q1 was $16.7 billion compared to $17.8 billion at the end of the year. This decrease in our gross debt was mainly due to a repayment of $1.4 billion of notes at maturity, partially offset by exchange rate fluctuations.

自 2021 年底以來，這些努力已經釋放了約 17 億美元的資本，我們一直在使用這些資本來降低槓桿率並對業務進行再投資。我們第一季末的總債務為 167 億美元，而年底的總債務為 178 億美元。我們總債務的減少主要是由於到期償還了 14 億美元的票據，但匯率波動部分抵消了這一減少。

Our net debt was $15 billion, and the net debt-to-EBITDA remained just over three times. As I mentioned in January, our free cash flow guidance represents a slight decrease compared to 2024, mainly due to our deliberate efforts to streamline our accounts receivable securitization program as well as taking into account higher scheduled legal settlement outflow this year.

我們的淨債務為 150 億美元，淨債務與 EBITDA 比率仍略高於三倍。正如我在一月份提到的那樣，我們的自由現金流指引與 2024 年相比略有下降，這主要是因為我們刻意努力簡化應收帳款證券化計劃，並考慮到今年預定的法律和解流出量更高。

I believe excluding such legal payments highlights the improvement in our underlying cash generation which has consistently led to a cash conversion in line with our long-term target of 80% or more. As we have moved into our growth acceleration phase of our strategy, we are now focusing on further enhancements to free up additional capital, which can reinvest in our business.

我認為，排除此類合法付款凸顯了我們基礎現金產生能力的提高，這始終使現金轉換率符合我們 80% 或更高的長期目標。隨著我們進入策略的成長加速階段，我們現在專注於進一步改進，以釋放更多資本，這些資本可以再投資於我們的業務。

On Slide 20, I know that all of you have questions about tariff, and I wanted to address this for you. While the situation regarding trade and tariffs remain dynamic, based on what we know today, and the tariffs that are already in place on China, we have absorbed this impact in our revised guidance for 2025, and we do not see any material impact on our business.

在第 20 張投影片上，我知道你們所有人都對關稅有疑問，我想為你們解答這個問題。雖然貿易和關稅情況仍在不斷變化，但根據我們目前所知以及對中國已經徵收的關稅，我們已在 2025 年修訂後的指引中吸收了這一影響，並且我們認為這不會對我們的業務產生任何重大影響。

Importantly, I want to remind everyone that Teva has a substantial US manufacturing footprint. A significant amount of the US innovative revenue is US manufactured, including AUSTEDO, our largest product. Our US manufacturing footprint includes eight manufacturing sites, the largest among the Generics players.

重要的是，我想提醒大家，Teva 在美國擁有大量製造基地。美國創新收入的很大一部分是美國製造的，包括我們最大的產品 AUSTEDO。我們的美國製造足跡包括八個製造基地，是仿製藥企業中最大的製造基地。

Teva is also uniquely positioned given our very limited exposure to China and India from a sourcing perspective. While we continue to closely watch on ongoing development, we are taking a proactive measures in our supply chain to mitigate potential risk. At this point, we feel well positioned in our ability to navigate the potential impact from the US tariffs.

從採購角度來看，Teva 對中國和印度的接觸非常有限，因此具有獨特的優勢。在我們繼續密切關注事態發展的同時，我們也在供應鏈中採取積極措施，以降低潛在風險。目前，我們認為自己有能力應對美國關稅的潛在影響。

Moving to Slide 21. As Richard mentioned earlier, we are transforming Teva with the targeted programs to become a world-class biopharma company. Our commitment remains clear, to deliver sustainable margin improvement without compromising our ability to innovate and to invest in our long-term growth.

移至投影片 21。正如理查德之前提到的，我們正在透過有針對性的計劃將 Teva 轉變為世界級的生物製藥公司。我們的承諾依然明確，即在不損害我們的創新能力和對長期成長進行投資的情況下實現可持續的利潤率提高。

What you see from this slide is that overall, these transformation programs will deliver approximately $700 million of net savings between 2025 and 2027 and provide us a clear path to our 30% operating margin targeted by expanding gross margin to be between 57% to 58% by 2027, while keeping operating expenses at the range of 27% to 28% of revenue despite continuous investment in growth and pipeline.

從這張投影片中您可以看到，總體而言，這些轉型計劃將在 2025 年至 2027 年期間實現約 7 億美元的淨節約，並為我們提供一條清晰的道路，以實現 30% 的營業利潤率，到 2027 年將毛利率擴大到 57% 至 58% 的營業利潤率，到 2027 年將毛利率擴大到 57% 至 58% 的營業利潤率，到 2027 年將毛利率擴大到 57% 至 58% 之間，儘管營業費用為 27% 至 27%。

On Slide 22, I really want to spend time and to show you the bridge between our current margins and our 30% target in 2027 and how savings from these transformation programs as well as the ongoing portfolio shift towards high-growth and margin innovative products are enabling us to achieve our operating margin goals.

在第 22 張投影片上，我非常想花些時間向您展示我們目前的利潤率與 2027 年 30% 的目標之間的差距，以及這些轉型計劃帶來的節省以及持續向高增長和高利潤創新產品的投資組合轉變如何使我們能夠實現營業利潤率目標。

Over the next couple of years, we expect to expand our operating margin by approximately 400 basis points. As we have communicated before, during this period, we'll experience the impact of revenue cliff from Generic Revlimid in 2026 as well as headwinds in 2027 related to IRA Medicare Part D negotiation for AUSTEDO.

在接下來的幾年裡，我們預計營業利潤率將提高約 400 個基點。正如我們之前所傳達的，在此期間，我們將在 2026 年感受到仿製 Revlimid 的收入懸崖的影響，以及 2027 年與 AUSTEDO 的 IRA Medicare Part D 談判相關的阻力。

While we are not providing specific revenue and operating profit guidance for 2026 and 2027 today, the transformation programs and our expected growth trajectory led by our innovative portfolio give us the confidence to grow EBITDA in 2026 and in 2027 both in dollars and margin terms.

雖然我們今天沒有提供 2026 年和 2027 年的具體收入和營業利潤指引，但轉型計劃和我們創新產品組合引領的預期增長軌跡使我們有信心在 2026 年和 2027 年實現 EBITDA 的增長，無論是美元還是利潤率。

We are transforming Teva into a structurally higher gross margin business through improvement in our portfolio mix and transforming of our manufacturing cost base, network simplification, and procurement optimization. With a significant gross margin expansion, our OpEx from transforming programs will allow us to keep OpEx as a percentage of revenue stable through 2027 as we redirect significant savings in our G&A towards our innovative portfolio and pipeline, which in turn enable us to drive both short-term and long-term growth.

我們正在透過改善產品組合、轉變製造成本基礎、簡化網路和優化採購，將 Teva 轉變為結構性更高毛利率的企業。隨著毛利率的大幅提高，我們轉型項目帶來的營運支出將使我們能夠在 2027 年之前保持營運支出佔收入的穩定百分比，因為我們將把一般及行政費用中的大量節省轉向創新的產品組合和管道，這反過來使我們能夠推動短期和長期增長。

With these dynamics, we expect to expand our operating margin in 2026 by 125 basis points to 200 basis points, more than offsetting profit headwinds related to Generic Revlimid within the same year and by another 125 basis points to 250 basis points in 2027. It is also important to note that our strong revenue growth and margin trajectory alongside our ongoing deleveraging during this period will allow us to achieve our target of two times net debt-to-EBITDA ratio by 2027.

憑藉這些動態，我們預計 2026 年的營業利潤率將擴大 125 個基點至 200 個基點，足以抵銷同年與仿製 Revlimid 相關的利潤阻力，並在 2027 年再擴大 125 個基點至 250 個基點。值得注意的是，我們強勁的營收成長和利潤率趨勢，加上我們在此期間持續的去槓桿，將使我們能夠在 2027 年實現淨債務與 EBITDA 比率兩倍的目標。

Now let's discuss our updated 2025 non-GAAP outlook on Slide 23. As I mentioned earlier, our performance in Q1 was solid, delivering revenue growth, improved margin, and cash flow while navigating the impact of macroeconomic headwinds, including negative FX movements. Before I get into the details of our revised guidance, you may recall from our Q4 call in January that 2025 guidance included a full year contribution from both Teva API and the Japanese Generics business. It excluded any milestone payments from Sanofi but did include Teva's 50% share of duvakitug R&D expenses.

現在讓我們在第 23 張幻燈片上討論一下我們更新後的 2025 年非 GAAP 展望。正如我之前提到的，我們在第一季的業績表現穩健，實現了收入成長、利潤率提高和現金流增加，同時克服了包括負面外匯波動在內的宏觀經濟逆風的影響。在我詳細介紹我們的修訂指南之前，您可能還記得我們 1 月的第四季度電話會議上，2025 年指南包括 Teva API 和日本仿製藥業務的全年貢獻。它不包括賽諾菲的任何里程碑付款，但包括了 Teva 的 50% duvakitug 研發費用份額。

While we are still in ongoing discussions on the sales of Teva API business, Teva concluded the divestiture of its business venture in Japan, as planned on March 31, 2025. Accordingly, we are revising our 2025 guidance today to reflect the inclusion of only the actual Q1 contribution from the Japan business venture and removing the nine months expected contribution from the divested business.

雖然我們仍在就 Teva API 業務的出售進行討論，但 Teva 已按計劃於 2025 年 3 月 31 日完成了其在日本的業務剝離。因此，我們今天修改了 2025 年指引，以反映僅納入日本業務第一季的實際貢獻，並刪除剝離業務預計的九個月貢獻。

For the rest of the year, we have now excluded approximately $250 million and $40 million for the revenue and operating profit, respectively, for the Japan business venture. Next to the 2024 actual results, we have included a 2024 Pro Forma, reflecting Japan contribution in the equivalent period to assist you with modeling a year-over-year comparison. In terms of the underlying changes in the guidance, as Richard highlighted earlier, with a strong Q1 performance, we have increased the low end of our expected revenue range by $50 million for AUSTEDO.

今年剩餘時間，我們目前已分別從日本業務的收入和營業利潤中扣除約 2.5 億美元和 4,000 萬美元。除了 2024 年的實際結果外，我們還提供了 2024 年的預測，以反映日本在同期的貢獻，從而幫助您進行同比建模。就指引中的根本變化而言，正如理查德先前強調的那樣，由於第一季的強勁表現，我們將 AUSTEDO 的預期收入範圍下限提高了 5000 萬美元。

With this element in mind, we now expect our 2025 revenue to be between $16.8 billion and $17.2 billion. This reflects a reduction of $200 million to the top end of our range or $100 million at the midpoint of our original revenue guidance from $17.1 billion to $17 billion. Our revised guidance reflects slightly higher growth of approximately 4% at the midpoint versus 2024 Pro Forma given the lower growth and margin profile of the divested Japan business.

考慮到這一因素，我們現在預計 2025 年的收入將在 168 億美元至 172 億美元之間。這反映出我們的預期上限減少了 2 億美元，或者說，我們最初的營收預期中位數從 171 億美元減少了 1 億美元，降至 170 億美元。由於剝離的日本業務的成長和利潤率較低，我們修訂後的指引反映出中點成長率略高於 2024 年預測，約為 4%。

While we are going to see a majority of the savings from our transformation programs materialize between 2026 and 2027, we do expect to start seeing the savings in the second half of 2025. Combining that with our Q1 performance and the visibility we have today, we are raising the lower end of our 2025 non-GAAP outlook for operating income and EBITDA by $200 million or by $100 million at the midpoint. Accordingly, our earnings per share guidance range is increased by $0.10 to between $2.45 and $2.65.

雖然我們轉型計畫的大部分節省將在 2026 年至 2027 年之間實現，但我們預計在 2025 年下半年將開始看到節省。結合我們第一季的業績和我們今天的可見度，我們將 2025 年非 GAAP 營業收入和 EBITDA 預期的下限上調 2 億美元，中位數上調 1 億美元。因此，我們的每股盈餘預期範圍上調 0.10 美元，至 2.45 美元至 2.65 美元之間。

Now let me double click on some thoughts on the quarterly phasing for the rest of the year, especially as it relates to Q2. We continue to expect our non-GAAP gross margin to be between 53% to 54% for the full year. Given that the timing of the shipments and our product mix helped our Q1 margins slightly, we expect flat to slightly higher gross margin in the second quarter when compared to the first with further progress expected in the second half of the year driven by revenue trajectory and portfolio mix.

現在，讓我雙擊一些關於今年剩餘時間季度分階段的想法，特別是與第二季相關的想法。我們繼續預計全年非公認會計準則毛利率將在 53% 至 54% 之間。鑑於出貨時間和產品組合略微提高了我們第一季的利潤率，我們預計第二季的毛利率將與第一季持平或略高，預計下半年在營收軌跡和產品組合的推動下將取得進一步進展。

As a reminder, our fourth quarter gross margins are expected to reflect a step down in the Generic Revlimid revenue, consistent with the quarterly cadence we have seen in recent years. In addition, we continue to expect our operating expenses to be between 27% to 28% of revenue for the full year with the second half being lower than the first, driven by operating leverage, in line with expected ramp-up in revenue.

提醒一下，我們第四季的毛利率預計將反映出仿製 Revlimid 收入的下降，這與我們近年來看到的季度節奏一致。此外，我們繼續預計全年營運費用將佔營收的 27% 至 28%，下半年的營運費用將低於上半年，這得益於營運槓桿的推動，與預期的收入成長一致。

Our guidance continued to excluded any contribution from potential development milestone payments from our partner, Sanofi, for the Phase III initiation of our [Anti-IL1A] program duvakitug. We will revise our guidance to include these milestone payments when they're earned. And also, as I just said earlier, the revised guidance already absorbed the immaterial impact of the confirmed tariff.

我們的指導繼續排除我們的合作夥伴賽諾菲為我們 [Anti-IL1A] 專案 duvakitug 的第三階段啟動提供的任何潛在開發里程碑付款的貢獻。我們將修改我們的指導意見，將這些里程碑付款納入。而且，正如我剛才所說，修訂後的指南已經吸收了已確認關稅的非物質影響。

Moving to Slide 24, we showcased our consistent capital allocation strategy, which is clear and designed to fuel our long-term growth and innovation while strengthening our balance sheet through a further deleveraging and meeting our financial commitments. And finally, before I conclude my review of the first quarter results and hand it over to Eric, I want to reconfirm our 2027 financial targets.

轉到投影片 24，我們展示了我們一致的資本配置策略，該策略明確且旨在推動我們的長期成長和創新，同時透過進一步去槓桿和履行我們的財務承諾來加強我們的資產負債表。最後，在我結束第一季業績的回顧並將其交給 Eric 之前，我想再次確認我們 2027 年的財務目標。

And based on what I just said on 2026 and 2027, we are laser focused on our execution and are on track to achieve these targets. With this, I will now hand it over to Eric to discuss our pipeline.

根據我剛才對 2026 年和 2027 年的評價，我們將全神貫注於執行，並有望實現這些目標。現在，我將把話題交給 Eric 來討論我們的管道。

Thank you, Eli. Let me start by going over our progress of our programs in development. So starting with olanzapine LAI, we're excited to be presenting the long-term safety data for our Period 2 of our Phase 3 study this month at the Psych Elevate meeting, and we're on track for our submission in the second half of this year.

謝謝你，伊萊。首先，讓我來回顧一下我們正在開發的專案的進度。因此，從奧氮平 LAI 開始，我們很高興能夠在本月的 Psych Elevate 會議上展示我們第 3 階段研究第 2 階段的長期安全數據，並且我們預計在今年下半年提交。

Our DARI program, our dual-action rescue inhaler program in asthma, I'm happy to say that the study is initiating around the globe. I've been on three different continents and racked up the frequent flyer miles. And I'm happy to see that we progressed above our targets on site initiations, and we're on target for full enrollment of the study by the end of this year with results in the second half of next year.

我們的 DARI 項目，即針對氣喘的雙重作用救援吸入器項目，我很高興地說這項研究正在全球啟動。我去過三個不同的大洲，累積了飛行常客里程。我很高興地看到，我們在現場啟動方面取得了超出預期的進展，我們的目標是在今年年底前完成全部研究註冊，並在明年下半年公佈結果。

Our duvakitug program is on target for a start of Phase 3 with our partner, Sanofi, in both ulcerative colitis and Crohn's disease. And finally, emrusolmin is a very important unmet medical need in multiple system atrophy. We believe we have a differentiated product, and we're actively enrolling that study now with a target of full enrollment by the second half of next year. And we're advancing our IL-15 and our anti-PD-1 IL-2 program in the clinic now. So a lot of great progress, good work by the team, and our programs in development.

我們的 duvakitug 計畫計劃與我們的合作夥伴賽諾菲一起開始針對潰瘍性結腸炎和克隆氏症的第三階段研究。最後，emrusolmin 是多系統萎縮症中一個非常重要的未滿足的醫療需求。我們相信我們擁有一款差異化的產品，我們正在積極進行這項研究，目標是在明年下半年實現全面招募。我們目前正在臨床上推進我們的 IL-15 和抗 PD-1 IL-2 計畫。因此，我們取得了許多重大進展，團隊工作出色，我們的專案也正在開發中。

Now development and clinical work doesn't end with approval of a drug. Our life cycle management is an active role of what we do here, and I'm very proud to talk about where we've come with AUSTEDO XR. As an illustration on the top here, I show what we have launched the product with, with a BID medication with multiple different pill sizes. And then on the bottom I show what we've achieved with AUSTEDO XR by introducing a titration kit and a one pill once-a-day presentation. So what does that mean?

現在，開發和臨床工作並不會隨著藥物的批准而結束。我們的生命週期管理是我們在這裡所做工作的積極作用，我很自豪地談論我們在 AUSTEDO XR 方面取得的進展。正如這裡頂部的插圖所示，我展示了我們推出的產品，其中有一種 BID 藥物，有多種不同藥丸大小。然後在底部，我透過引入滴定套件和每天一次的一片藥丸演示展示了我們透過 AUSTEDO XR 所取得的成就。那麼這意味著什麼？

So you can see with the AUSTEDO BID, to get the top dose, you have to write nine different prescriptions. With the titration kit and the single pill once-a-day XR, that just takes four prescriptions. So that's a reduction of five prescriptions to get to the top dose. That means it's a whole lot easier for a physician to get the patient at their optimal dose and also decreases the co-pays the patient has to deal with. So we've really made it a lot easier to get people started on AUSTEDO, and I think that that's a great benefit for patients.

因此，您可以看到，使用 AUSTEDO BID，為了獲得最高劑量，您必須開出九種不同的處方。使用滴定套件和每天一次的單片 XR，只需四張處方。因此，需要減少五張處方才能達到最高劑量。這意味著醫生可以更輕鬆地為患者提供最佳劑量，同時還可以減少患者需要承擔的共同支付費用。因此，我們確實讓人們更容易開始使用 AUSTEDO，我認為這對患者來說是一個很大的優勢。

AUSTEDO XR means a lot of other things, too. When depending on the dose you're on, you can have a 50% to 75% reduction in your pill burden, which is very meaningful for patients. Also what's very important that in our studies of our titration kit, we now get 95% of our patients up into the dose range according to our label greater than 24 milligrams.

AUSTEDO XR 還有很多其他意思。根據您服用的劑量，您的藥量可以減少 50% 到 75%，這對患者來說非常有意義。同樣非常重要的是，在我們對滴定試劑盒的研究中，我們現在讓 95％ 的患者達到標籤上標示的劑量範圍大於 24 毫克。

So that's a real benefit, making sure that the optimal dose based on the patient's experience is achieved and that, that helps with not only getting the best efficacy but also potentially improving their adherence. And finally, as one would expect, AUSTEDO XR is really easy to use as reported by our patients in 98% of them. So altogether, this means that for new prescriptions, greater than 60% of the patients are choosing AUSTEDO XR. We're very proud of this work we've done in life cycle management.

因此，這是一個真正的好處，確保根據患者的經驗實現最佳劑量，這不僅有助於獲得最佳療效，而且還可能提高他們的依從性。最後，正如人們所期望的那樣，98% 的患者都反映 AUSTEDO XR 確實很容易使用。總的來說，這意味著對於新處方，超過 60% 的患者選擇 AUSTEDO XR。我們對在生命週期管理方面所做的工作感到非常自豪。

Something else that we've been very proud of and there was a lot of excitement about was our duvakitug program. We presented our Phase 2 results at the ECHO Conference, and we actually just represented some of the data at the DDW conference this month. But back in ECCO, when Dr. Reynish and Dr. Jay presented the ulcerative colitis and Crohn's disease data and the late breakers, there was a lot of excitement.

另一件讓我們感到非常自豪並且令人興奮不已的事情是我們的 duvakitug 計劃。我們在 ECHO 會議上展示了第二階段的成果，實際上我們在本月的 DDW 會議上展示了部分數據。但回到 ECCO，當雷尼甚博士和傑伊博士介紹潰瘍性結腸炎和克隆氏症的數據和最新進展時，大家興奮不已。

It was really the talk of the town when it comes to new treatments in ulcerative colitis and Crohn’s disease. But I want to emphasize, we are on track for starting our Phase 3 program with Sanofi second half of this year, and we're in development of our strategy of new indications in the future.

當談到潰瘍性結腸炎和克隆氏症的新治療方法時，這確實成了人們熱議的話題。但我想強調的是，我們正按計劃於今年下半年與賽諾菲啟動第三階段計劃，並且我們正在製定未來新適應症的策略。

And finally, I just want to emphasize, olanzapine LAI, we believe this is a great new product in development that will build upon our franchise and long-acting injectables on top of UZEDY. UZEDY has been doing great, as Richard had progressed. And we're very happy with the activity of our olanzapine LAI, it is similar to oral olanzapine.

最後，我只想強調一下，我們相信奧氮平 LAI 是一款正在開發的優秀新產品，它將在 UZEDY 的基礎上，建立在我們的特許經營權和長效注射劑的基礎上。隨著理查德的進步，UZEDY 一直表現出色。我們對奧氮平長效注射劑的活性非常滿意，它與口服奧氮平相似。

As I mentioned, we'll be presenting the data at Psych Elevate with our Period 2 safety later this month. We had a productive meeting with the FDA for the pre-NDA meeting on April 9. And finally, we're on track for our NDA submission in the second half of this year. And with that, I'll pass it off to Richard for final comments.

正如我所提到的，我們將在本月稍後的 Psych Elevate 上展示第 2 期安全資料。4 月 9 日，我們與 FDA 舉行了富有成效的 NDA 前會議。最後，我們將在今年下半年提交 NDA。最後，我將把它交給理查德，請他發表最終評論。

Thank you, Eric and thank you, Eli. So I'd just like to remind everybody that the growth we've seen in Q1 in the last two years, we have plans to continue that as part of the Pivot to Growth strategy. As you can see, we're in the acceleration phase and this will be driven by AUSTEDO, AJOVY, UZEDY, olanzapine, as we've highlighted.

謝謝你，艾瑞克，謝謝你，伊萊。因此，我只想提醒大家，我們計劃將過去兩年第一季看到的成長作為「轉向成長」策略的一部分繼續下去。如您所見，我們正處於加速階段，正如我們所強調的，這將由 AUSTEDO、AJOVY、UZEDY、奧氮平推動。

And that will soon be supported by DARI, our asthma product. And then as you see beyond 2028, we have multiple opportunities to continue to drive growth in our innovative portfolio as well as it's being supported by the growth in Generics, which includes our Biosimilars business. So we have a clear target to hitting our 30% operating profit beyond 2027.

我們的氣喘產品 DARI 很快就會支持這一點。然後，正如您所看到的，在 2028 年以後，我們有多個機會繼續推動我們創新產品組合的成長，同時仿製藥業務（包括我們的生物仿製藥業務）的成長也將為其提供支持。因此，我們有一個明確的目標，在 2027 年後實現 30% 的營業利潤。

Now final thoughts. Q1, good solid start to the year. Revenue up 5%. Great contribution from our innovative portfolio. I think we've highlighted a very clear path towards 30% operating margin, and you'll see that start to come through next year and then finalized in 2027. And also the fact that we're on track for olanzapine submission and the start of our Phase 3 in duvakitug.

現在做最後的思考。第一季度，今年開局良好。收入增長5%。我們的創新產品組合做出了巨大貢獻。我認為我們已經明確了實現 30% 營業利潤率的路徑，你會看到這一目標在明年開始實現，並在 2027 年最終實現。事實上，我們正​​在按計畫提交奧氮平申請，並開始在杜瓦基圖格進行第三階段研究。

Now to close, I just wanted to invite everybody to attend the Accelerate and Innovation Strategy Day later this month in New York. This is where we'll highlight in even more detail this second phase of the Pivot to Growth strategy, where we accelerate growth. So I look forward to seeing many of you there in person. And with that, I'll hand it over for questions. Thank you.

最後，我只想邀請大家參加本月稍後在紐約舉行的加速和創新策略日。在這裡，我們將更詳細地強調「轉向成長」策略的第二階段，即加速成長。因此，我期待在那裡親自見到你們。說完這些，我就把時間交給大家提問。謝謝。

(Operator Instructions) David Amsellem, Piper Sandler.

（操作員指示）David Amsellem，Piper Sandler。

Thanks. So I wanted to take a step back from the details on the savings and how you get there in 2027 and ask a general question regarding what Teva wants to be, on one hand, you talk about being a Generics powerhouse, on the other hand, there's this transition to being a global biopharma company. And I realize it's not an either, or but can you help us better understand where your Generics business, particularly your oral solids business fits in with the overall strategy and particularly how you're thinking about Generics R&D as it relates to, again, this new Teva going forward?

謝謝。因此，我想暫時不談節省成本的細節以及如何在 2027 年實現目標，而是問一個關於 Teva 想要成為什麼樣的公司的一般性問題，一方面，您談到要成為仿製藥巨頭，另一方面，您要轉型成為一家全球生物製藥公司。我知道這不是非此即彼的問題，但您能否幫助我們更了解您的仿製藥業務，特別是口服固體藥物業務與整體策略的契合程度，以及您如何看待仿製藥研發與 Teva 新業務未來的關係？

So that's number one. And then number two, regarding the savings, is this sort of the beginning or sort of the destination, if you will, in terms of savings, in other words, is there the potential to extract even more efficiencies as we think longer term beyond 2027? Thanks.

這是第一點。然後第二個問題，關於節省，如果您願意的話，就節省而言，這算是開始還是目的地，換句話說，如果我們考慮 2027 年以後的長期發展，是否有可能進一步提高效率？謝謝。

Hi David, thanks for the question. So to answer the first question, when we started this Pivot to Growth journey, Teva was a pure-play Generics company. And now I think we've shown and this quarter is a great example of the amount of progress we've made on driving our innovative portfolio in the market as well as the pipeline, which Eric just highlighted.

你好，大衛，謝謝你的提問。因此，要回答第一個問題，當我們開始這段「轉向成長」之旅時，Teva 是一家純粹的仿製藥公司。現在我認為我們已經展示了這一點，本季度很好地證明了我們在推動市場創新產品組合和管道方面取得的進展，正如 Eric 剛剛強調的那樣。

So I think we're well on our way to becoming a leading biopharmaceutical company. But I would remind you that in Pivot to Growth, we have four pillars. And the third pillar on Pivot to Growth is a sustainable Generics powerhouse. And we think that's an important part of this journey that we're on.

所以我認為我們正朝著成為領先生物製藥公司的目標邁進。但我要提醒你，在「轉向成長」策略中，我們有四大支柱。「成長樞紐」的第三大支柱是永續發展的仿製藥強國。我們認為這是我們這趟旅程中的重要部分。

We see the benefits of having a powerhouse Generics in our company. It helps fuel our innovation, fuel discipline to our cost base. So we think they are complementary. So I hope that answers your question.

我們看到了在公司中擁有強大的仿製藥的好處。它有助於促進我們的創新，並幫助我們嚴格控製成本基礎。所以我們認為它們是互補的。我希望這能回答你的問題。

With regard to savings, is this $700 million a destination or is it a journey? It is a journey. I think what you've seen with the last two and half years at Teva, capital allocation is really important to us. And so we're always thinking about how do we fuel our long-term growth drivers. And to do that, we have to be very thoughtful about how we spend our money. And so I think this era of cost efficiency, harmonization, frugality will continue.

就儲蓄而言，這 7 億美元是目的地還是一段旅程？這是一趟旅程。我認為，正如你們在過去兩年半中所看到的，Teva 的資本配置對我們來說確實非常重要。因此，我們一直在思考如何推動我們的長期成長動力。為了做到這一點，我們必須非常慎重地考慮如何花錢。所以我認為這個成本效率、協調、節儉的時代將會持續下去。

Obviously, this is the first big step forward, but it's something which we'll constantly look at because we have so many opportunities to drive this company forward from a growth perspective, we have to think carefully about making sure we think about costs and their allocation specifically. So I hope that answers your question, David. Thank you for the question.

顯然，這是向前邁出的第一步，但我們會不斷關注這一點，因為從成長的角度看，我們有很多機會推動公司向前發展，我們必須仔細考慮，確保具體考慮成本及其分配。所以我希望這能回答你的問題，大衛。謝謝你的提問。

Jason Gerberry, Bank of America.

美國銀行的 Jason Gerberry。

Hey guys, thanks for taking my question. So Richard, one for you. Just when you read the Section 232 investigation into pharma, I'd love to get your perspective on sort of the core issue in that, which is an overreliance on critical medicines. There's an insinuation that, I guess, there's subsidies coming from the Chinese government regarding certain medicines.

嘿夥計們，謝謝你們回答我的問題。那麼理查德，給你一個。當您閱讀針對製藥業的第 232 條調查時，我很想聽聽您對其中的核心問題的看法，即對關鍵藥物的過度依賴。我猜這暗示著中國政府對某些藥品提供了補貼。

And so what do you think is a practical solution here because it's more expensive to make these products in the US and so do you think it requires governmental subsidies to truly achieve the solution that's desired here, I know it's probably not a question you want to answer but given you're the leader in the US Generics space, I think you offer some unique perspective here on an issue that's caused a lot of consternation in the markets?

那麼您認為這裡的實際解決方案是什麼，因為在美國生產這些產品的成本更高，所以您是否認為需要政府補貼才能真正實現這裡所需的解決方案，我知道這可能不是您想要回答的問題，但鑑於您是美國仿製藥領域的領導者，我認為您對這個引起市場極大恐慌的問題提供了一些獨特的見解？

And then so my second question is just with AUSTEDO. It is sold in Israel, which is an OECD country. So just curious what's the price there because under most favored nations, whatever that looks like, I just wonder if that price is meaningfully below the US price level? Thanks.

我的第二個問題是關於 AUSTEDO 的。該產品在經合組織國家以色列銷售。所以我只是好奇那裡的價格是多少，因為在最惠國待遇下，不管它是什麼樣子，我只是想知道那個價格是否明顯低於美國的價格水平？謝謝。

Hi Jason, thanks for the question. And so when we think about what could happen in the US, let me just reiterate what Eli said. As it currently stands when it comes down to the tariffs, I think we've mitigated what we currently see in front of us now, and we've worked hard to think about how we would adjust that if anything changes. And I think we've shown the agility in our organization to address certain macro changes like this. So I'd say that for one.

你好 Jason，謝謝你的提問。因此，當我們思考美國可能發生的事情時，讓我重申伊萊所說的話。就目前關稅情況而言，我認為我們已經減輕了目前面臨的壓力，並且我們已經努力思考如果發生任何變化我們將如何調整。我認為我們已經展現出組織應對此類宏觀變化的靈活性。所以我想說這一點。

The second, which is a slightly more philosophical question because what could happen, I rarely like to talk about what could happen. What I would say is where is Teva positioned within this world. Well, I think because we do not rely on China from a manufacturing point of view and we have a very limited exposure to India, I think that coupled with the fact that we have nine sites in the United States, and by the way AUSTEDO, which I'm going to talk a bit about later is manufactured in the United States, I think that footprint gives us, and that supply chain gives us a real strength in this dynamic market.

第二個問題，是一個稍微更具哲學性的問題，因為對於可能發生的事情，我很少喜歡談論可能發生的事情。我想說的是 Teva 在這個世界中處於什麼位置。嗯，我認為因為從製造的角度來看我們不依賴中國，而且我們在印度的業務非常有限，再加上我們在美國有 9 個工廠，順便說一下，AUSTEDO 是在美國製造的，我稍後會談到它，我認為這種足跡給了我們，而供應鏈給了我們在這個充滿活力的市場中的真正優勢。

But to your point, how should we think about medicines in the United States, how should we think about Generic medicines in the United States? I think there is a good opportunity for debate. I think we are one of the largest suppliers, one of 14 scripts in the United States is a Teva script. And I think we would like to definitely be part of that conversation, which we are, to make sure that the US does continue to benefit from our Generics portfolio. But it's very dynamic. So it's one that seems to be changing almost on a daily basis. But we are definitely in the conversation trying to help the administration on that.

但就您的觀點而言，我們應該如何看待美國的藥品，我們應該如何看待美國的仿製藥？我認為這是一個很好的辯論機會。我認為我們是最大的供應商之一，美國 14 種藥物中有一種是 Teva 藥物。我認為我們絕對願意參與這場對話，我們也確實在這樣做，以確保美國能夠繼續從我們的仿製藥產品組合中受益。但它非常有活力。所以它似乎幾乎每天都在改變。但我們確實在進行對話，試圖幫助政府解決這個問題。

With regard to AUSTEDO, I think it's just worth pointing out, we have very limited sales outside the United States. And so I think the pricing discussions there are really not going to impact us. Our focus is on driving the US business.

關於 AUSTEDO，我認為值得指出的是，我們在美國以外的銷售非常有限。所以我認為那裡的定價討論實際上不會對我們產生影響。我們的重點是推動美國業務。

I would like to point out, though, that as we do start to expand our innovative portfolio, it will go globally. But it will always start in the US, and we'll be very thoughtful about the dynamic situation when we come to launch in other markets. But thanks for your question, Jason.

不過，我想指出的是，隨著我們開始擴大創新產品組合，它將走向全球。但它總是從美國開始，當我們在其他市場推出時，我們會非常仔細地考慮動態情況。但謝謝你的提問，傑森。

Umer Raffat, Evercore ISI.

Umer Raffat，Evercore ISI。

Thanks for taking my questions guys. I have two, if I may. First, I just wanted to be super clear about 2026 and what you're saying. Should we be expecting a flattish EBITDA versus 2025 as our base case because I noticed you said the transformation cost cuts offset the Generic Revlimid. But when you spoke about 2027, you used the words, Generic Revlimid is compensated.

謝謝你們回答我的問題。如果可以的話，我有兩個。首先，我只是想非常清楚地了解 2026 年以及您所說的內容。我們是否應該預期 EBITDA 與 2025 年持平作為基本情況，因為我注意到您說轉型成本削減抵消了通用 Revlimid 的影響。但是當您談到 2027 年時，您使用了“通用 Revlimid 是得到補償的”這句話。

So presumably Generic Revlimid is only partially offset in 2026 and you need help from other stuff like AUSTEDO to offset the other half. So at best, is that a flattish EBITDA in 2026 as a base case? And then secondly, Eli, I noticed net debt went up by $500 million versus where it was in December. And I can see why it could be flattish because there wasn't a lot of free cash flow generated in 1Q. But why would it go up by $500 million? Thank you.

因此，推測通用 Revlimid 在 2026 年僅能部分抵消，而需要 AUSTEDO 等其他藥物的幫助來抵消另一半。那麼，在最好的情況下，2026 年的 EBITDA 是否會持平作為基準情況？其次，Eli，我注意到淨債務與 12 月相比增加了 5 億美元。我明白為什麼它會持平，因為第一季沒有產生很多自由現金流。但為什麼會漲5億美元呢？謝謝。

Hi Umer, thanks for the question. So I can be very clear on 2026. EBITDA will go up in absolute dollars and our OP will go up, so just to be very clear about that. And what I'd like to highlight is that some of these organizational effectiveness programs we're putting in place will move very rapidly on them. So a significant amount of those will hit in 2026.

你好，Umer，謝謝你的提問。所以我對 2026 年的情況非常清楚。EBITDA 的絕對金額將會上升，我們的 OP 也會上升，所以要非常清楚這一點。我想強調的是，我們正在實施的一些組織效能計畫將會非常迅速地取得進展。因此，其中很大一部分將在 2026 年實現。

And don't forget, we have the innovative business continue to show strong growth as that will play into it. But to be very clear, our EBITDA in absolute dollars will go up next year as it will in the percentage. Over to you, Eli, for the next question.

別忘了，我們的創新業務將繼續呈現強勁成長，這將發揮重要作用。但要明確的是，明年我們的 EBITDA（以絕對美元計算）將會上升，百分比也會上升。下一個問題交給你了，Eli。

Yes, Umer thank you for question. Yes, you're right. What we saw this quarter, mainly due to the close of Japan business, we actually as part of it, we need to share the cash between the [BC]. So if you actually refer to Slide 55 in the appendix, when you see the trend on the net debt and the component of that one, usually we are sitting on around $2 billion of cash balance.

是的，Umer，謝謝你的提問。是的，你說得對。我們本季看到的情況主要是由於日本業務的關閉，實際上作為其中的一部分，我們需要在[公元前]。因此，如果您實際上參考附錄中的第 55 張投影片，當您看到淨債務的趨勢及其組成部分時，通常我們擁有約 20 億美元的現金餘額。

This quarter, it went down to $1.7 billion because we distribute the residual cash that belong to the partner post the close as a dividend, around $380 million. And then if you think about how the Euro got kind of reevaluate by end of March, we actually also got kind of a $200 million of FX. So those elements versus how we end up year-end at 40.5 give us this $0.5 billion to the 15.

本季度，這一數字下降至 17 億美元，因為我們將交易結束後屬於合作夥伴的剩餘現金作為股息進行分配，約為 3.8 億美元。然後，如果您想想歐元在 3 月底如何重新評估，我們實際上也獲得了 2 億美元的外匯。因此，這些因素與我們年底達到的 40.5 相比，為我們帶來了 5 億美元到 15 億美元的收益。

Thank you.

謝謝。

Ash Verma, UBS.

瑞銀的 Ash Verma。

Yeah, hi, thanks for taking the questions. So maybe just on potential tariff scenario, can you talk about your ability to pass through potential price increases for Generics to PBMs and how does that vary for commercial versus government channel?

是的，你好，謝謝你回答這些問題。因此，也許只是在潛在的關稅情景下，您能否談談將仿製藥的潛在價格上漲轉嫁給 PBM 的能力，以及商業管道和政府管道有何不同？

And then secondly, on the cost optimization bucket that you talked about, can you expand a little bit on what sits within the second bucket here, prioritizing the resource allocation, just want to make sure that the investment in the business continues despite the initiatives?

其次，關於您談到的成本優化問題，您能否稍微擴展一下第二個問題的內容，優先考慮資源分配，只是想確保儘管採取了這些舉措，但對業務的投資仍能繼續？

Okay. Hi Ash, good to hear from you. I'm probably going to tag team this with Eli. So I think broadly speaking on the tariffs, probably the simplest way to think about this is we've had the ability to mitigate tariffs as they stand here. And we also, as I've said, contingency planned for any other eventuality that could happen. And I think that's an important aspect of it.

好的。你好，Ash，很高興收到你的來信。我可能會和 Eli 組隊做這件事。因此，我認為從廣義上講，關於關稅，可能最簡單的思考方式就是我們有能力降低目前的關稅。正如我所說，我們還為可能發生的任何其他意外情況制定了應急計劃。我認為這是一個重要方面。

Now the opportunity to pass through and have that as a simplistic approach is something that we've leveraged less. I think we need to think a bit more about the ability to leverage other aspects of our supply chain and the fact that we do have a significant footprint in the United States. So that's sort of once I'll start with that on the tariffs.

現在，我們很少利用這種機會，將其作為一種簡單的方法。我認為我們需要更多地考慮利用我們供應鏈的其他方面的能力以及我們在美國確實擁有重要影響力的事實。這就是我關於關稅的開始。

On the second part on the efficiency savings and the OpEx, what is really important to understand as we drive our Pivot to Growth strategy, we see the opportunity to drive significant revenue in our innovative business going forward. And to do that, we really need to think about how we allocate capital, where we drive efficiencies. So when you think about it, and I think your question was, are we cutting too much and are we not able to invest in our business? Absolutely not.

關於效率節約和營運支出的第二部分，在我們推動「轉向成長」策略時真正需要了解的是，我們看到了未來創新業務帶來可觀收入的機會。為了做到這一點，我們確實需要考慮如何分配資本，如何提高效率。所以當你考慮這個問題時，我認為你的問題是，我們是否削減了太多，我們是否無法投資我們的業務？絕對不是。

The reason why we've driven this, and we've driven this with such purpose is to make sure that we do think about capital allocation. And so the innovative portfolio that we have in the United States, that will also start to be launched in other European markets in the next couple of years. And the pipeline that Eric has will be resourced appropriately.

我們推動這項舉措的原因，以及我們如此有目的地推動這項舉措的原因，是為了確保我們確實考慮資本配置。因此，我們在美國擁有的創新產品組合也將在未來幾年內開始在其他歐洲市場推出。Eric 擁有的管道將獲得適當的資源。

That is why we're taking this action now to improve our capital allocation across the organization. But maybe, Eli, I can hand it to you to add any other comments.

這就是我們現在採取這項行動來改善整個組織的資本配置的原因。但是，Eli，也許我可以把它交給你來添加任何其他評論。

Yes. And I think, Ash, you mentioned into the second paragraph related to the prioritization resource allocation from a short slide. I think the main element there is that we are constantly looking on how we're able to rationalize our manufacturing footprint. And today, we're actually running the 35 sites, if I exclude the TAPI sites.

是的。我認為，Ash，您在第二段中提到了與優先資源分配相關的簡短幻燈片。我認為其中最主要的因素是我們一直在研究如何使我們的製造足跡合理化。今天，如果不包括 TAPI 站點，我們實際上正在運行 35 個站點。

And we're actually planning to get it below 30 sites by 2027. And then with this one coming a few other elements that's driving also our ability to run a more lean manufacturing activities and our ability to also structure some organizational elements in our manufacturing cost base. So all in all, according to what Richard mentioned, this is about our ability to really become a biopharma company and to react to actually any element related to cost.

我們實際上計劃在 2027 年將站點數量減少到 30 個以下。除此之外，還有一些其他因素也推動著我們進行更精實的製造活動的能力，以及我們在製造成本基礎中建立一些組織要素的能力。總而言之，根據理查德所提到的，這關係到我們真正成為一家生物製藥公司的能力，以及對任何與成本相關的因素做出反應的能力。

Yes. And I think maybe just to close out, I think the simplistic way I think about Ash is G&A and TGO down in costs, that allows us to invest more in R&D and sales and marketing. And because that TGO cost reduction impacts COGS, that also gives us a nice lift in our gross margin. Thanks for the question, Ash.

是的。最後我想說的是，我對 Ash 的簡單看法是 G&A 和 TGO 成本下降，這使我們能夠在研發、銷售和行銷方面投入更多資金。而且由於 TGO 成本的降低影響了 COGS，這也為我們的毛利率帶來了很大的提升。謝謝你的提問，Ash。

Chris Schott, J.P. Morgan.

摩根大通的克里斯·肖特。

Great, Yeah, great. Thanks so much for the questions and all the color on the restructuring details today. Maybe just building on some of the earlier comments on the timing of the $700 million as we think about 2026 versus 2027.

太好了，是的，太好了。非常感謝您今天提出的問題以及有關重組細節的詳細介紹。也許只是基於我們之前對 7 億美元時機的一些評論，我們來思考 2026 年與 2027 年之間的差異。

I guess, I was a bit surprised the magnitude of operating margin improvement in 2026 is so much similar to 2027 despite most of the Revlimid headwinds hitting next year. So can you maybe me help get my hands a little bit around the gating of the improvements there?

我想，儘管明年將遭遇大部分 Revlimid 不利因素，但 2026 年的營業利潤率改善幅度與 2027 年如此相似，這讓我有點驚訝。那麼，您能否幫助我稍微了解一下那裡的改進措施？

And then the second question, maybe on the same theme. On the net savings, I know there's some reinvestment. What's the gross number we're talking about here, so I guess, how much is being freed up to be reinvested, I know $700 million is flowing through, but what's the reinvestment kind of scale that we're thinking about here as well? Thanks so much.

然後是第二個問題，也許是同一主題。關於淨儲蓄，我知道有一些再投資。我們在這裡談論的總數是多少，所以我想，有多少被釋放出來進行再投資，我知道有 7 億美元正在流入，但我們在這裡考慮的再投資規模是多少？非常感謝。

Hi Chris, nice to hear from you. So I'll once again tag team this with Eli. So starting with the question on how we make such an impact in 2026. So I think it's best to think of this in three ways. We're driving this improvement in EBITDA and operating margin by three aspects.

你好，克里斯，很高興收到你的來信。因此我將再次與 Eli 合作。因此，首先要問的是我們如何在 2026 年產生這樣的影響。所以我認為最好從三個方面來考慮這個問題。我們透過三個面向推動 EBITDA 和營業利潤率的提高。

One is our revenue, one is our cost of goods, and one is our OpEx management. And so if you think about the revenue, as you've seen, our innovative revenue continues to perform really well, AUSTEDO, UZEDY and AJOVY. And we see no reason why we can't continue to grow those products well into 2026. And those are high gross margin products. It's important to remember that.

一個是我們的收入，一個是我們的商品成本，一個是我們的營運支出管理。因此，如果您考慮收入，如您所見，我們的創新收入繼續表現良好，AUSTEDO、UZEDY 和 AJOVY。我們認為沒有理由不能在 2026 年繼續維持這些產品的成長。這些都是高毛利率的產品。記住這一點很重要。

And then when we think about some of the impacts of what Eli has just mentioned about manufacturing and our improvement in the efficiencies there, that will reduce our cost of goods which, once again, will start to impact 2026. We do get more of that in 2027, but it does start to impact in 2026. So that improves our gross margin there.

然後，當我們考慮到 Eli 剛才提到的有關製造業以及我們在那裡提高效率的一些影響時，這將降低我們的商品成本，而這將再次開始對 2026 年產生影響。我們確實會在 2027 年獲得更多，但它會在 2026 年開始產生影響。這提高了我們的毛利率。

And then finally, the OpEx savings that we make, a significant amount of those do hit us in 2026. And don't forget, some of that does allow us to continue to invest in our innovative portfolio to make sure we can continue to grow that. So that sort of amplifies that. So we have a very clear plan on this Chris. It's very well laid out. We know exactly what we need to execute.

最後，在我們所節省的營運成本中，很大一部分將在 2026 年實現。別忘了，其中一些確實使我們能夠繼續投資於我們的創新產品組合，以確保我們能夠繼續發展。所以這在某種程度上放大了這一點。所以我們對克里斯有一個非常明確的計劃。佈局非常好。我們清楚地知道我們需要執行什麼。

And I think we have a high degree of confidence that we can do that in 2026 and definitely by 2027. But I hope that answers most of your question, but I'm going to hand it to Eli to maybe take that question around net savings. Over to you, Eli.

我認為我們非常有信心在 2026 年實現這一目標，並且肯定能在 2027 年實現這一目標。但我希望這能回答您的大部分問題，但我將把這個問題交給 Eli 來回答有關淨儲蓄的問題。交給你了，Eli。

Yes, Chris thanks for the question. So to make it kind of a bit simple, if you think about us growing the business, it means that we need to invest more in OpEx. What we are doing here is that part of those kind of savings allowing us to keep at the OpEx range between 27% to 28% as a percentage of revenue.

是的，克里斯，謝謝你的提問。因此，簡單來說，如果你考慮我們發展業務，那就意味著我們需要在營運支出上投入更多。我們在這裡所做的就是透過這種節省，我們可以將營運支出保持在收入的 27% 到 28% 之間。

Although from a dollar perspective, we are growing our OpEx numbers, but the percentage stay more or less the same because we are growing revenue, which means that element that's supposed to actually increase the OpEx is offset by those savings. And then optically what you will see, you will see that actually the gross profit is actually increasing at the range of around 400 basis points.

儘管從美元角度來看，我們的營運支出數字正在成長，但百分比基本上保持不變，因為我們的收入正在成長，這意味著實際上應該增加營運支出的因素被這些節省所抵消。然後從視覺上看，您會看到毛利實際上以約 400 個基點的幅度增長。

Now when you mentioned about phasing, I think that we try to be transparent as much as we can at this stage. And on the slide on the bridge, that I explained on the right side, we phase the 2025, 2026 and 2027 and provide a kind of a meaningful range of expansions on the basis points. At that point to go into kind of a more specific, I think that we will see it in our coming Capital Markets Day when you can get you kind of more color around the phasing.

現在，當您提到分階段時，我認為我們在此階段會盡可能保持透明。在右側我解釋過的橋樑幻燈片中，我們分階段實施 2025 年、2026 年和 2027 年，並在基點上提供一個有意義的擴展範圍。在這一點上，為了更具體地說明，我認為我們將在即將到來的資本市場日上看到它，屆時您將可以獲得有關分階段的更多詳細資訊。

Thanks you.

感謝您。

Yifei Lui, HSBC.

呂亦菲，匯豐銀行。

Thanks so much for taking my questions. Could you please comment on Biosimilar dynamics and what you've seen this year so far versus previous years and how are you thinking about the trend over this in the next couple of years?

非常感謝您回答我的問題。您能否評論一下生物相似藥的動態以及今年迄今為止與前幾年相比的情況，以及您如何看待未來幾年的趨勢？

And second, maybe is on your LAI portfolio. We hear some of the new emerging anti-cell therapeutics, a new mechanism action. How do you see this dynamic evolve in both the context of monotherapy and adjunctive therapy? Thanks.

其次，也許是在您的 LAI 投資組合中。我們聽說了一些新出現的抗細胞療法、新的作用機制。您如何看待這種動態在單一療法和輔助療法的背景下的發展？謝謝。

Thank you, Yifeng. So let me take those questions. The Biosimilar market, I think it was a broad question. I don't think we see any real difference in the dynamics of this. But I always remind people to think about the Biosimilar market as the US and Europe.

謝謝你，逸風。那麼請讓我來回答這些問題。生物相似藥市場，我認為這是一個廣泛的問題。我認為我們沒有看到這方面的動態有任何真正的差異。但我總是提醒人們將生物相似藥市場想像成美國和歐洲。

They're very different markets and how they operate and the ability to penetrate them. So as you've highlighted, we started to see our portfolio come to the market in the US as well as Europe over the next few years. So what I would say in the US, I think it's still a slow and steady.

它們的市場、運作方式和滲透能力都非常不同。正如您所強調的，我們將在未來幾年內看到我們的投資組合進入美國和歐洲市場。所以我想說，在美國，它仍然是一個緩慢而穩定的過程。

I think it depends on the product and it depends on the channel. But we're excited that we have two new Biosimilars in Q1. And I think the team in the US is very capable of navigating what is an emerging market. And then in Europe, we do have the opportunity to launch a Biosimilar product this year. We'll have more coming in the subsequent years, where the penetration and the uptake is a lot quicker based on the health care systems there and what you've seen with Biosimilars.

我認為這取決於產品，也取決於通路。但我們很高興在第一季推出了兩款新的生物相似藥。我認為美國團隊非常有能力駕馭新興市場。然後在歐洲，我們今年確實有機會推出生物相似藥產品。在接下來的幾年裡，我們將推出更多產品，根據當地的醫療保健系統以及生物相似藥的發展情況，產品的滲透和吸收將會更快。

But I think it's important to understand that our Biosimilar portfolio will become more global as the years go on. And it's an extensive Biosimilar portfolio, hence, the reason why we believe that can actually drive some good growth between now and 2027.

但我認為重要的是要明白，隨著時間的推移，我們的生物相似藥產品組合將變得更加全球化。這是一個廣泛的生物相似藥產品組合，因此，我們相信從現在到 2027 年它實際上可以推動一些良好的成長。

With regard to your LAI question, I'm going to answer a bit of it and then going to hand it over to Eric because I want to make sure he has one question to answer today. So with regard to the LAI question, I think what we've seen in the schizophrenia market is the need for efficacy and safety where they have a real history on that.

關於您關於 LAI 的問題，我將回答其中一部分，然後將其交給 Eric，因為我想確保他今天有一個問題需要回答。因此，關於 LAI 問題，我認為我們在精神分裂症市場看到的是對療效和安全性的需求，他們在這方面有著真正的歷史。

And so what we've seen when we launched UZEDY into the risperidone market, we've got really good traction, and the team have done a great job with UZEDY. And that's because we've developed a product, which is very position friendly and very patient-friendly. And the uptake into that compared to the LAI market has been really good. And we believe that we can expand into other molecules.

因此，當我們將 UZEDY 引入利培酮市場時，我們看到了非常好的吸引力，團隊在 UZEDY 方面做得非常出色。這是因為我們開發了一款非常適合定位且非常適合患者使用的產品。與 LAI 市場相比，該市場的吸收量確實很好。我們相信我們可以擴展到其他分子。

I think that history of efficacy and safety, physicians take very seriously when initiating any patient who has schizophrenia. I think with olanzapine, don't forget, olanzapine is considered the most efficacious treatment for schizophrenia. And the fact that there hasn't been a long-acting olanzapine available that's widely used, should I say.

我認為，醫生在為任何患有精神分裂症的患者進行治療時，都會非常重視療效和安全性的歷史。我認為奧氮平，別忘了，奧氮平被認為是治療精神分裂症最有效的藥物。事實上，目前還沒有廣泛使用的長效奧氮平。

I think there's real excitement about the product we're going to bring to market next year and we'll actually be bringing to the European market as well. So when it comes to new therapies entry, I think that is always looked out with enthusiasm. I think it's great for patients. But I think physicians with such a condition also want to have a certainty of efficacy and safety outcomes. But maybe I'll hand it on to Eric to comment more.

我認為我們明年將要推向市場的產品確實令人興奮，而且我們實際上也將把該產品推向歐洲市場。因此，當談到新療法的出現時，我認為人們總是充滿熱情地關注著它。我認為這對患者來說非常好。但我認為患有這種疾病的醫生也希望確定療效和安全性結果。但也許我會把它交給 Eric 來發表更多評論。

Yes. Thank you, Richard. Yes, there's a few things I just want to add to what Richard just said. So we've always welcomed new mechanism of actions for the treatment of schizophrenia. Schizophrenia has a wide need for new treatments. There's still a large unmet medical need for patients with schizophrenia.

是的。謝謝你，理查。是的，我只想補充理查剛才說的幾點。因此，我們一直歡迎治療精神分裂症的新作用機制。精神分裂症迫切需要新的治療方法。精神分裂症患者仍存在大量未滿足的醫療需求。

The good news with the treatments we have today, we can treat them. But the real value for long-acting injectables is addressing the adherence problem. That's the real reason that people still fail, they relapse, they get hospitalized and their disease progresses.

好消息是，透過我們今天所擁有的治療方法，我們可以治療這些問題。但長效注射劑的真正價值在於解決依從性問題。這就是人們仍然失敗、復發、住院和病情惡化的真正原因。

So new MOAs are welcome. But right now, getting a long-acting injectable and having a formulation that is easy to use as we've developed for UZEDY and we're submitting for olanzapine, this is using, as Richard said, a tried and true and tested MOA that people know.

因此，我們歡迎新的 MOA。但現在，我們已經獲得了一種長效注射劑，並且擁有一種易於使用的配方，就像我們為 UZEDY 開發的一樣，我們正在提交奧氮平，正如理查德所說，這是使用人們所知道的經過嘗試和測試的 MOA。

Now we're advancing it into a better way of giving it. And that really will impact what we need to do for patients. So we're very pleased with this franchise we're building and what we'll bring to the care of patients with schizophrenia.

現在我們正在將其改進為一種更好的提供方式。這確實會影響我們需要為患者做的事情。因此，我們對正在建立的這個特許經營權以及我們將為精神分裂症患者的護理帶來的幫助感到非常滿意。

Thanks, Eric. Thanks for the question.

謝謝，埃里克。謝謝你的提問。

Thank you. At this time, we currently have no further questions, so hand back to the management team for any further remarks.

謝謝。目前，我們沒有其他問題，因此請將問題交還給管理團隊以徵求進一步的意見。

So thank you, everybody who dialled in. Thank you for your interest in Teva and your questions today, and I look forward to updating you in person at our Capital Markets Day later this month in New York. Thank you.

所以，感謝所有撥入電話的人。感謝您對 Teva 的關注以及今天的提問，我期待在本月稍後於紐約舉行的資本市場日上親自向您報告最新情況。謝謝。

Thank you all for joining today's call. You may now disconnect your lines.

感謝大家參加今天的電話會議。現在您可以斷開線路了。