Teva Pharmaceutical Industries Ltd (TEVA) 2025 Q2 法說會逐字稿

Hello, and welcome to the Teva Pharmaceutical Industries Limited Q2 2025 Earnings Conference Call. My name is Alex. I'll be coordinating the call for today. (Operator Instructions) I'll now hand it over to Chris Stevo, SVP, Investor Relations. Please go ahead.

您好，歡迎參加 Teva Pharmaceutical Industries Limited 2025 年第二季財報電話會議。我的名字是亞歷克斯。我將負責協調今天的電話會議。（操作員指示）我現在將其交給投資者關係高級副總裁 Chris Stevo。請繼續。

Thank you, Alex. Good morning and good afternoon, everyone. On this call, we'll be making forward-looking statements, and we disclaim any obligation to update those statements after today's call. If you have more questions about our forward-looking statements, please feel free to see our disclosures under SEC Forms 10-Q and 10-K.

謝謝你，亞歷克斯。大家早安，下午好。在本次電話會議中，我們將做出前瞻性陳述，並且我們不承擔在今天的電話會議後更新這些陳述的任何義務。如果您對我們的前瞻性陳述有更多疑問，請參閱我們根據美國證券交易委員會 10-Q 和 10-K 表格所做的揭露。

Also during today's call, will be often referring to sales growth in local currency as well as sales growth, excluding the prior year results of our recently divested Japanese business venture. So please bear that in mind. And with that, let me turn it over to Richard.

此外，在今天的電話會議中，我們經常提到以當地貨幣計算的銷售成長以及不包括我們最近剝離的日本業務的上一年業績的銷售成長。所以請記住這一點。現在，讓我把麥克風交給理查。

Thank you, Steve. Thank you, Chris even, and welcome, everybody. Good morning. Thank you for joining the call. I'll be joined today with Eric Hughes, my Head of R&D and CMO, who will be walking you through the pipeline and Eliyahu Kalif, CFO, will go through the financial update. So starting with, as I always do, the pivot to growth slide. Next slide, please.

謝謝你，史蒂夫。謝謝克里斯，歡迎大家。早安.感謝您參加此通話。今天我將與我的研發主管兼首席行銷長 Eric Hughes 一起向您介紹整個流程，而財務長 Eliyahu Kalif 將介紹財務最新情況。因此，正如我一直以來所做的那樣，首先從成長幻燈片開始。請看下一張投影片。

The four pillars of our pivot to both side. We've been executing this since 2023. And I'm pleased to say it's delivered continuous growth, and we enter our tenth consecutive quarter of growth. Now I'll give you an update on how we're doing on all of these pillars today, but you'll see on deliver on our growth engines, our innovative portfolio of AUSTEDO, UZEDY and AJOVY continues to perform really well. On step-up innovation, Eric will walk you through how excited we are by our late-stage pipeline and how we're progressing that very quickly.

我們的四大支柱向兩邊傾斜。我們從 2023 年起就一直在執行這項任務。我很高興地說，它實現了持續成長，我們進入了連續第十個季度的成長。現在我將向您介紹我們今天在所有這些支柱上的表現，但您會看到，在我們的成長引擎的推動下，我們的創新產品組合 AUSTEDO、UZEDY 和 AJOVY 繼續表現良好。在加強創新方面，艾瑞克將向您介紹我們對後期研發管線的興奮之情以及我們如何快速取得進展。

On sustained generics warehouse, you see that our Generics business is stable. I would remind you this is reflecting strong prior year comparisons, and some phasing, but I'll go into that in a bit more detail later on. And on focus the business, we'll give you an update on the Teva transformation programs, that we announced in Q1 and at our Capital Markets Day, and you'll see that we're well on track to deliver the savings that we committed to.

在持續仿製藥倉庫中，您會看到我們的仿製藥業務是穩定的。我想提醒你，這反映了與前幾年的強勁對比，以及一些階段性變化，但我稍後會更詳細地討論這一點。在關注業務方面，我們將向您介紹我們在第一季和資本市場日宣布的 Teva 轉型計劃的最新情況，您會發現我們正按計劃實現我們承諾的節約目標。

Now if you move to the next slide, revenues were up to $4.2 billion, up 1%. And I think not as is the tenth consecutive quarter of growth. But what I'm particularly pleased about is where this growth is coming from. And as you'll see throughout the deck, this is driven by innovative portfolio of AUSTEDO, AJOVY and UZEDY. And this has enabled us to have a good strong growth of adjusted EBITDA, up 7% and our non-GAAP EPS up 10%.

現在，如果你翻到下一張投影片，營收就高達 42 億美元，成長了 1%。我認為這不是連續第十個季度的成長。但讓我特別高興的是這種成長的來源。正如您將在整個簡報中看到的，這是由 AUSTEDO、AJOVY 和 UZEDY 的創新產品組合所推動的。這使得我們的調整後 EBITDA 實現了強勁成長，成長了 7%，非 GAAP EPS 成長了 10%。

And our net debt-to-EBITDA is just over [3%]. So if we go on to the next slide, a slide that I do like to show externally and internally because after many years of sales decline, we are in our tenth quarter of consecutive growth. It's also a good slide just to highlight that prior comparison year that we have. In Q2 '24, we had 11% growth.

我們的淨債務與 EBITDA 比率剛剛超過[3%]。因此，如果我們繼續看下一張投影片，我確實喜歡在內部和外部展示這張投影片，因為在經歷了多年的銷售下滑之後，我們正處於連續第十個季度的成長。這也是一張很好的投影片，可以凸顯我們之前的比較年份。2024 年第二季度，我們的成長率為 11%。

And so that's just worth noting. But we remain committed and confident that we're going to hit our mid-single-digit EBIT growth rate that we committed to our '27 targets and the average growth rate is between 2023 and 2027. So let's go into a bit more detail on the revenue. So the revenue, as I said, was up 1%. But if you look, I'm excited about where this is coming from. AUSTEDO just below $500 million, up 19%, UZEDY up 120% at $54 million and AJOVY very strong 31% at $155 million.

所以這是值得注意的。但我們仍然致力於並有信心實現我們承諾的 27 年目標中的中等個位數息稅前利潤增長率，平均增長率在 2023 年至 2027 年之間。那麼讓我們更詳細地了解一下收入。因此，正如我所說，收入增長了 1%。但如果你仔細觀察，你會發現我對它的來源感到很興奮。AUSTEDO 略低於 5 億美元，上漲 19%，UZEDY 上漲 120%，達到 5,400 萬美元，AJOVY 則表現強勁，上漲 31%，達到 1.55 億美元。

Our Global Generics business declined 2%. And just to reiterate what Chris said, this is excluding the Japan divestiture. and I'll go into a bit more details as what's driving this generics. But I would remind you of the strong comparison year that we had last year.

我們的全球仿製藥業務下降了 2%。重申一下克里斯所說的話，這不包括日本的資產剝離。我將更詳細地介紹推動這種仿製藥發展的因素。但我想提醒大家，去年我們的業績表現強勁。

Now TAPI is down 11%. And I'd say, in terms of Q2 results, I would say this is more of an anomaly and not indicative of TAPI's normal results. And there are several things that have impacted their seasonality and just timing of shipments, but we expect TAPI to grow for the full year. So now going into the innovative portfolio in a bit more detail. As you can see, AUSTEDO grew 22% in the US, our major market, up to $495 million.

目前TAPI已下跌11%。我想說，就第二季的業績而言，這更像是一種異常現象，並不代表 TAPI 的正常表現。雖然有多種因素影響了其季節性和出貨時間，但我們預計 TAPI 全年都會成長。現在我們來更詳細地介紹一下創新產品組合。如您所見，AUSTEDO 在我們的主要市場美國成長了 22%，達到 4.95 億美元。

And because of these strong results, we're in a position to narrow the range here, and we brought up the bottom part of the range to $2 billion. Now this performance was driven by good TRx growth and particularly growth of XR, which you'll see has been -- has fueled our growth in our milligrams, which is up 34%.

由於這些強勁的業績，我們可以縮小範圍，並將範圍的底部提高到 20 億美元。現在，這一業績是由良好的 TRx 成長和特別是 XR 的成長推動的，您會看到，這推動了我們毫克業務的成長，成長了 34%。

And this is important to understand because as we grow our XR which we see as very beneficial for patients and their compliance and their adherence. It does obviously change the dynamics around TRx. And that means the number of scripts, that will come through will be less because people move to XR, and we've explained that a number of times. I just wanted to reiterate that.

理解這一點很重要，因為隨著我們 XR 的成長，我們認為這對患者及其依從性和堅持性非常有益。它確實明顯改變了 TRx 周圍的動態。這意味著，由於人們轉向 XR，通過的腳本數量將會減少，我們已經解釋過很多次了。我只是想重申這一點。

Now as we move on to UZEDY, another strong performance. I would excited to be in a position to raise the guidance to $190 million to $200 million, up 120% year on year. And this just shows the good capability that we have in our US team to execute. but also the good product profile. As Eric and I often talk about the physicians do really like UZEDY, it's easy to use, it gets to therapeutic levels within 24 hours, subcutaneous, it isn't required to be kept in refrigerated, and it's in a prebuilt serines.

現在我們來看看 UZEDY，它又有出色的表現。我很高興能夠將指導金額提高到 1.9 億美元至 2 億美元，年增 120%。這不僅顯示了我們美國團隊具有良好的執行能力，而且產品形像也很好。正如 Eric 和我經常談論的那樣，醫生確實喜歡 UZEDY，它使用方便，24 小時內就能達到治療水平，皮下注射，不需要冷藏，而且是預製絲氨酸。

Now as you can see, we've made real progress in competing in the Risperidone market and in the long-acting market. but now to continue this impressive growth, we want to move to actually compete in the broader market of schizophrenia. So we'll be looking for patients to benefit from this on other molecules currently. Now this impressive performance of UZEDY, I think it's worth just reminding everybody that we will be finally in olanzapine and we'll be in a position to launch our long-acting olanzapine next year. And the capability we've built in this team, the knowledge of the patients, the physicians and the payers give us real optimism that we can develop a world-class long-acting franchise in schizophrenia.

現在，正如您所看到的，我們在利培酮市場和長效市場競爭中取得了真正的進展。但現在為了繼續這種令人印象深刻的成長，我們希望真正參與更廣泛的精神分裂症市場的競爭。因此，我們目前正在尋找能夠從其他分子中受益的患者。現在，UZEDY 的表現令人印象深刻，我認為值得提醒大家，我們最終將進入奧氮平領域，並將於明年推出長效奧氮平。我們在這個團隊中建立的能力，以及患者、醫生和付款人的知識讓我們真正有信心發展出世界一流的精神分裂症長效特許經營權。

And once again, I'd like to move on to AJOVY now, our third and final of our innovative portfolio. We've got a bit of a trend here. We've increased the guidance on AJOVY as well because of the strong performance. So we're up from $600 million to $630 million to $640 million, that range. And I often say this, but it is worth reiterated, I'm really impressed with our ability to execute in what is a very competitive market, not only are we facing all CGRPs, but it is a competitive injectable market as well. With the team, whether it's in the US, Europe or international markets, continue across many of these areas to grow our market share to show a level of competitiveness.

現在，我想再次介紹 AJOVY，這是我們創新產品組合中的第三個也是最後一個。我們在這裡發現了一些趨勢。由於 AJOVY 的強勁表​​現，我們也提高了對它的指導。因此，我們的金額從 6 億美元上升到 6.3 億美元，再上升到 6.4 億美元。我經常這麼說，但值得重申的是，我們在競爭激烈的市場中執行的能力給我留下了深刻的印象，我們不僅面對所有 CGRP，而且這也是一個競爭激烈的注射劑市場。與團隊一起，無論是在美國、歐洲或國際市場，我們都會在許多領域不斷擴大我們的市場份額，以展現一定的競爭力。

Now moving on to our second pillar, which is step up innovation. This is a slide that I will go into a lot more detail, so I'll just highlight a couple of things, which I'm particularly pleased about is one, the late stage of this pipeline. So we have products either come to the end of the Phase III and about to be filed or in the middle or we're about to start with duvakitug, what I'd also draw your attention to is to these products can be in multiple indications. So duvakitug is one and anti-IL-15 is another. But if you just take them with the indications we've listed here and take the totality of this pipeline will generate in peak sales over $10 billion of sales.

現在我們來談談第二個支柱，即加強創新。這張投影片上我將進行更詳細的介紹，因此我只想強調幾件事，其中我特別高興的是，這一管道處於後期階段。因此，我們的產品要么已經進入第三階段的尾聲，即將提交申請，要么正處於中期，或者我們即將開始 duvakitug 的研究，我還想提請您注意的是，這些產品可以有多種適應症。因此，duvakitug 是其中一種，而抗 IL-15 是另一種。但是，如果您按照我們在此列出的指示來服用它們，並且整個管道的峰值銷售額將超過 100 億美元。

So that is really exciting for any company, but a company and the transition to a biopharma company like Teva, I think that's particularly exciting. And if you go on to the next slide, that's where I think, I can really reiterate our confidence in hitting our 2027 numbers from an innovative point of view of $3.5 billion to $4 billion because obviously, we'll be launching olanzapine next year, and you've seen the momentum we have in UZEDY.

所以這對任何公司來說都是令人興奮的，但對於像 Teva 這樣的公司和向生物製藥公司的轉型，我認為這尤其令人興奮。如果您繼續看下一張投影片，我想，我可以真正重申我們對從創新角度實現 35 億美元至 40 億美元目標的信心，因為顯然，我們將在明年推出奧氮平，而且您已經看到了我們在 UZEDY 中的勢頭。

But as we get to 2030, we've said we'll have greater than $5 billion of innovative sales. I'd remind everybody that we expect to see a state to continue to grow to 2030 and beyond UZEDY. And there's also -- you've shown the performance of AJOVY, but that will be joined by olanzapine, Daridalaction rescue inhaler and duvakitug.

但到 2030 年，我們曾說過創新銷售額將超過 50 億美元。我想提醒大家，我們期望看到州在 2030 年及以後繼續發展。而且還有——您已經展示了 AJOVY 的性能，但它將與奧氮平、Daridalaction 救援吸入器和 duvakitug 一起加入。

Now the thing to remember as well is that as we drive this individual portfolio, we are changing our profitability because these are very different levels of profitability in our generics business. Now moving on to our third pillar, our generics powerhouse. So as you can see here, the generics business performed at 2% across our global business. And I remind every that there's a tough comparison year, where we had an 11% growth in the prior year.

現在還要記住的是，當我們推動這個單獨的產品組合時，我們正在改變我們的盈利能力，因為我們的仿製藥業務的盈利水平非常不同。現在我們來談談我們的第三個支柱，即我們的仿製藥動力源。正如您所看到的，仿製藥業務在我們的全球業務中的表現為 2%。我還要提醒大家，今年的對比結果很艱難，因為前一年我們的成長率為 11%。

And so I have put up here a two-year CAGR just to show that when we think about generics, we think about this on a multiyear period because obviously, some years we have more launches than others. But let me just give you a bit more detail here. So in the US, this was driven by two things, our prior year comparison where we launched Victoza, and we had a big launch with Victoza in the US in Q2 2024, as well as some phasing and time if shipments of generic REVLIMID.

因此，我在這裡提出了兩年的複合年增長率，只是為了表明，當我們考慮仿製藥時，我們會以多年期來考慮這個問題，因為顯然，有些年份我們推出的產品比其他年份多。但讓我在這裡向您提供更多細節。因此，在美國，這是由兩件事推動的：與去年相比，我們推出了 Victoza，我們在 2024 年第二季度在美國大規模推出了 Victoza，以及仿製 REVLIMID 的分階段和時間發貨。

Now if you exclude these, our US generic business grew, just -- so that just shows the healthiness of the business we have in the US. And from an EU point of view, we did actually grow the business 8% in the prior year, which is very high for such a big business. So although that growth has come down, it reflects, once again, just the phase of new product launches, some tenders which only happen on a two-year basis. and some competitive stock outs, which we took advantage of last year and they're no longer there.

現在，如果你排除這些，我們的美國仿製藥業務就會成長，這顯示了我們在美國的業務健康狀況。從歐盟的角度來看，我們去年的業務確實成長了 8%，對於這樣一家大企業來說，這個成長率非常高。因此，儘管成長率有所下降，但它再次反映了新產品發布階段、一些每兩年才發生一次的招標以及一些競爭性缺貨，我們去年利用了這些情況，但現在它們不再存在了。

But we remain very confident about growing our generics business going forward. And for the full year, we're just reiterating that our guidance by genetics business will be flat to low single digit. The confidence going forward is based on the fact that we have 15 complex generics to launch multiple other generics to launch across our EU, and international markets as well as eight biosimilars, which we'll be launching between now and 2027.

但我們對於未來仿製藥業務的成長仍然充滿信心。對於全年而言，我們只是重申，我們對遺傳學業務的預期將保持持平至低個位數。我們充滿信心，因為我們有 15 種複雜的仿製藥，可以在歐盟和國際市場上推出多種其他仿製藥，還有 8 種生物仿製藥，我們將在現在到 2027 年之間推出這些仿製藥。

Talking about biosimilars, let's move on to biosimilars now. And as you can see here, it's an exciting time for our biosimilars. We're seeing some really good sales momentum in the US and that's been driven by our established brands as well as our new launches with Soliris and SOLARIS to be generic (inaudible) that we launched in Q1 of this year.

說到生物相似藥，現在讓我們來談談生物相似藥。正如您所看到的，對於我們的生物相似藥來說，這是一個令人興奮的時刻。我們在美國看到了一些非常好的銷售勢頭，這得益於我們成熟的品牌以及我們在今年第一季推出的新產品 Soliris 和 SOLARIS 通用藥物（聽不清楚）。

And I'd like to remind you, we have a portfolio play here, and so we have more launches to come. In fact, we have five additional launches in the second half of '25 and to '27, so our ability to hit their goal of generating $400 million of additional sales by 2027, which we announced at our Capital Market Day, we remain very confident about. And it's good to see that our strategy of the portfolio play is starting to play out.

我想提醒大家，我們在這裡有一個投資組合，因此我們還有更多的產品即將推出。事實上，我們在 2025 年下半年和 2027 年還有 5 款新產品上市，因此，我們對於實現在資本市場日宣布的到 2027 年創造 4 億美元額外銷售額的目標的能力非常有信心。很高興看到我們的投資組合策略開始發揮作用。

Now moving on to the final pillar of our Pivot to Growth strategy on focusing the business. I just wanted to give you an update on where we are in the Teva transformation. As you know, we announced that we're transforming Teva. We had to become a world-class biopharma company. And to do that, we put together a modernization program, which will allow us to generate $700 million of net savings, and this is after the reinvestment in our innovative pipeline and our innovative portfolio.

現在我們來談談「轉向成長」策略的最後一個支柱，即專注於業務。我只是想向您介紹 Teva 轉型的最新進展。如你們所知，我們宣布將對 Teva 進行轉型。我們必須成為一家世界級的生物製藥公司。為了實現這一目標，我們制定了一項現代化計劃，這將使我們產生 7 億美元的淨節約，這是對我們的創新管道和創新組合進行再投資之後的成果。

We also committed to deliver two thirds of this by the end of '26. And as you can see by this slide, we're well on track. We already achieved 20% of this two third, showing you, we have good momentum, good execution and delivering on these savings.

我們也承諾在 26 年底前完成其中的三分之二。正如您在這張投影片中所看到的，我們的進展順利。我們已經實現了這三分之一中的 20%，這向你們表明，我們勢頭良好，執行力強，並且實現了這些節省。

Now moving on to TAPI. I do you want to give you a brief update on the deal here. The deal is still in active and advanced discussions. And while I'm disappointed that I don't have a definitive update to provide you at this time, my main focus on delivering the best outcome for our shareholders, and will reach the final decision in the third quarter. So before I hand the baton to Eric, I just wanted to give you an update on how we feel about the full year and our guidance for 2025.

現在轉到 TAPI。我確實想向您簡要介紹一下這筆交易的最新情況。該交易仍處於積極深入的討論中。雖然我很遺憾目前無法提供明確的最新消息，但我的主要重點是為股東帶來最好的結果，並將在第三季做出最終決定。因此，在我將接力棒交給 Eric 之前，我只想向您介紹我們對全年的感受以及對 2025 年的指導。

Now we're confident to hit our guidance in 2025. And when you think of it from a revenue point of view, the way we're going to get there is slightly changed. And I think it's changed in a positive way. As you can see by this slide, our innovative portfolio is going to over deliver on what we thought at the start of the year, and we've raised guidance across all of the products, AUSTEDO, UZEDY and AJOVY, totalling an additional $95 million for the year.

現在我們有信心在 2025 年實現我們的目標。當你從收入的角度考慮時，我們實現目標的方式略有改變。我認為它發生了積極的變化。從這張投影片中您可以看到，我們的創新產品組合將超出我們年初的預期，我們提高了所有產品（AUSTEDO、UZEDY 和 AJOVY）的指導價，全年總額將增加 9,500 萬美元。

Our GX business, as I've said, we predict believe to be flat or low single-digit growth. And because of that, we believe from a revenue point of view, we will hit mid or slightly below our midpoint of our revenue guidance. But Elie will go into a bit more detail on that and the confidence we still have in our EBITDA and EPS.

正如我所說，我們預測我們的 GX 業務將保持平穩或低個位數成長。正因為如此，我們相信，從收入的角度來看，我們的收入將達到或略低於我們的收入預期的中點。但 Elie 將更詳細地介紹這一點以及我們對 EBITDA 和 EPS 的信心。

So with that, I will hand over to Eric.

因此，我將把時間交給 Eric。

Thank you, Richard. As Richard mentioned, we are fortunate to have three Phase III programs with a relatively high probability success running right now with a large patient impact our schizophrenia program with Olanzapine LAI can approach a diagnosed patient population of 4.7 million. Our DARE program in asthma can potentially impact 39 million patients that are diagnosed with asthma. And finally, duvakitug our potential best in class TL1A molecule can it treat 4.1 million. So our Phase III program, which is running at full speed now can impact a large patient population.

謝謝你，理查。正如理查德所提到的，我們很幸運，目前有三個 III 期項目正在運行，成功機率相對較高，對患者的影響很大，我們採用奧氮平長效注射藥物的精神分裂症項目可以覆蓋 470 萬確診患者。我們的氣喘 DARE 計畫可能會影響 3900 萬名被診斷出患有氣喘的患者。最後，duvakitug 是我們潛在的最佳 TL1A 分子，它可以治療 410 萬人。因此，我們目前正在全速運行的第三階段計劃可以影響大量患者。

In addition, we have a burgeoning and strong Phase II program with emrusolmin and multiple system atrophy and Anti IL-15 in C disease in Vitiligo. So very exciting both Phase III and Phase II programs running at full speed. Our Olanzapine LAI program is on track with our expected submission in the fourth quarter of this year. We'll be presenting our full maintenance out to 48 weeks and our period two of this study with both the efficacy, and safety in the third quarter of this year. To date, we've seen no PDSS and we're pleased with the data maturity that we have now, and it's all on track.

此外，我們還有一個蓬勃發展且強大的 II 期項目，其中包括 emrusolmin 和多系統萎縮以及白斑症 C 病中的抗 IL-15。因此，第三階段和第二階段的專案都在全速運行，這非常令人興奮。我們的奧氮平 LAI 專案進展順利，預計今年第四季提交。我們將在今年第三季展示為期 48 週的全面維持研究以及研究的第二階段的功效和安全性。到目前為止，我們還沒有看到 PDSS，我們對現在的數據成熟度感到滿意，一切都在按計劃進行。

I'm excited that our dual action rescue inhaler program. It's a large asthma study. It's driven by asthma exacerbations and our enrolment is on track for the end of this year. Now duvakitug in partnership with Sanofi is right on track. Just to remind everyone, this is a large study, both indications will be over one year or testing two doses in the study, and there's over 1,000 patients for each indication, both ulcerative colitis and Crohn's disease.

我對我們的雙重作用救援吸入器計劃感到非常興奮。這是一項大型氣喘研究。這是由氣喘惡化引起的，我們的招生工作將在今年年底前完成。現在，duvakitug 與賽諾菲的合作進展順利。只是提醒大家，這是一項大型研究，兩種適應症都將持續一年以上或在研究中測試兩種劑量，每種適應症都有超過 1,000 名患者，包括潰瘍性結腸炎和克隆氏症。

And we are anticipated to be starting that Phase III program in the fourth quarter of this year. Our emrusolmin program is moving right on track. We started enrolment at the end of last year, and this is a robust Phase II study of placebo controlled, and I'm pleased to say that our enrolment is actually exceeding our expectations at this point. So we're looking to have this study fully enrolled in 2026.

我們預計今年第四季啟動第三階段計畫。我們的 emrusolmin 計劃正在順利推進。我們從去年年底開始招募患者，這是一項強有力的安慰劑對照 II 期研究，我很高興地說，目前我們的招募人數實際上已經超出了我們的預期。因此，我們希望這項研究能在 2026 年完成全部報名。

Now we did announce a partnership with Fosun Pharma. This is a strategic partnership where we're advancing our PD-1 IL-2 rapidly. We're capitalizing on the burgeoning infrastructure in China and the patient unmet medical need there. So this is a strategic partnership that really supports our [UZEDY] growth partnership strategy. Our anti IL-15 program is moving right on track.

現在我們確實宣布了與復星醫藥的合作。這是一個策略合作夥伴關係，我們正在快速推進我們的 PD-1 IL-2。我們正在利用中國蓬勃發展的基礎設施和患者未滿足的醫療需求。因此，這是一個真正支持我們 [UZEDY] 成長夥伴關係策略的策略夥伴關係。我們的抗 IL-15 計劃正在順利進行中。

We believe we have a differentiated anti IL-5 molecule with greater potency, great PK, low antidrug antibodies and we are excited to show some biomarker data at our Capital Markets Day, showing a potential impact on -- by a single dose of our molecule on the protection of the gut, as you can see in the graph on the right, where we protected the bump in this biomarker showing a protection of the gut lining with one dose of anti IL-15.

我們相信，我們擁有一種差異化的抗 IL-5 分子，它具有更強的效力、更好的 PK 和更低的抗藥抗體，而且，我們很高興在資本市場日圖表中展示一些生物標誌物數據，這些數據表明，單劑量的分子對腸道保護具有潛在影響，正如您在右側劑量所看到的，我們保護了該生物標誌物中的腫塊，表明使用一體內的腫塊，表明使用 IL-15 可以保護腸道內的 IL-15 腫塊。

So very exciting data. We're looking forward to more in the future. And finally, I just want to touch base on our anti-TSLP IL-13 program. This is an AI-generated antibodies with a novel dual specific activity for both a well-known [anti-TSLP IL-13] and anti-TSLP target. We think this is a very active way of treating type two driven diseases, and we're looking forward to bring, that into humans in the first half 2027.

這些數據非常令人興奮。我們期待未來有更多收穫。最後，我只想談談我們的抗 TSLP IL-13 計劃。這是一種 AI 生成的抗體，對眾所周知的 [抗 TSLP IL-13] 和抗 TSLP 標靶具有新穎的雙重特異性活性。我們認為這是治療二型疾病的一種非常有效的方法，我們期待在 2027 年上半年將其應用於人類。

And with that, I'm going to pass it off to Eli Kalif.

說完這些，我就要把它交給 Eli Kalif。

Thank you, Eric, and good morning and good afternoon to everyone. I would like to start today with the following key messages that demonstrate our consistent execution over the last few quarters, including Q2. First, Q2 came in with a solid performance driven by our fast-growing innovative portfolio despite tough year over year comparables of our generics business.

謝謝你，艾瑞克，大家早安，下午好。今天，我想先傳達以下幾個關鍵訊息，這些訊息反映了我們在過去幾季（包括第二季）的一致執行力。首先，儘管我們的仿製藥業務與去年同期相比表現不佳，但在快速成長的創新產品組合的推動下，第二季度仍取得了穩健的業績。

Second, we continue to improve and strengthen our balance sheet, more specifically, reduced our working capital days and leverage which was recognized by the leading credit rating agencies in their most recent upgrade to Teva's credit ratings.

其次，我們繼續改善和加強我們的資產負債表，更具體地說，減少了我們的營運資本天數和槓桿率，這得到了主要信用評級機構在最近對 Teva 信用評級升級時所認可。

Third, we remain confident in and on track for achieving our 30% operating margin target by 2027 and have already made tangible progress in implementing targeted programs to deliver approximately $700 million of net savings by 2027. And lastly, while we continue to wait for clarity around potential US tariffs on pharmaceuticals, including further details on what was announced earlier this week for Europe, we have absorbed the already confirmed tariffs into our 2025 guidance, which remains unchanged.

第三，我們仍然有信心並預計在 2027 年實現 30% 的營業利潤率目標，並且已經在實施有針對性的計劃方面取得了切實進展，到 2027 年可實現約 7 億美元的淨節約。最後，我們仍在等待美國對藥品徵收關稅的明確消息，包括本週早些時候宣布的針對歐洲的更多細節，我們已經將已經確認的關稅納入了 2025 年的指導方針中，該指導方針保持不變。

Now moving to Slide 30 to review our Q2 2025 financial results. Starting with our GAAP performance. Please note that throughout my remarks, I will refer to revenue growth in local currency terms unless I specify otherwise. I would also like to remind everyone that on March 31, 2025, we closed the divestitures of our business ventures in Japan, which marketed mainly generics products, along with some legacy innovative products.

現在轉到投影片 30 來查看我們 2025 年第二季的財務表現。從我們的 GAAP 表現開始。請注意，在我的整個發言中，除非另有說明，我都將以當地貨幣來表示收入成長。我還想提醒大家，2025 年 3 月 31 日，我們完成了在日本的業務剝離，這些業務主要銷售仿製藥產品，以及一些傳統的創新產品。

This divestiture was consistent with our strategy to focus on profitable growth as well as our capital allocation framework. During the presentation, I will be referring to certain results that exclude the contribution from this Japan business venture from Q2 2024 to provide you with a like-for-like comparison of our Q2 2025 financial results.

此次資產剝離符合我們專注於獲利成長的策略以及資本配置框架。在演示過程中，我將參考從 2024 年第二季度開始不包括這家日本企業貢獻的某些結果，以便為您提供我們 2025 年第二季度財務業績的同類比較。

For your reference, we have a slide in appending showing the contribution from the business venture from Q1 2024 through Q1 2025, the last quarter in which we consolidated the business. Our Q2 results were solid with revenue of approximately $4.2 billion, growing 2% in US dollars or 1% in local currency, excluding the Japan BV.

供您參考，我們附上了一張投影片，展示了從 2024 年第一季到 2025 年第一季（即我們合併業務的最後一個季度）該業務的貢獻。我們第二季的業績穩健，營收約 42 億美元，以美元計算成長 2%，以當地貨幣計算成長 1%（不包括日本 BV）。

As Richard highlighted earlier, this was our tenth consecutive quarter growth. driven by continued strong momentum in our key innovative products, AUSTEDO, AJOVY and UZEDY despite a tough prior year comparable in our generics revenue. GAAP net income and EPS were $282 million and $0.24, respectively. FX movements during the quarter, net of hedging effect, positively impacted revenue by $49 million, but had a minimal impact on operating income compared to the second quarter of 2024.

正如理查德之前強調的那樣，這是我們連續第十個季度實現成長。儘管去年我們的仿製藥收入表現不佳，但得益於我們的主要創新產品 AUSTEDO、AJOVY 和 UZEDY 持續強勁的成長勢頭。GAAP 淨收入和每股盈餘分別為 2.82 億美元和 0.24 美元。本季的外匯變動（扣除對沖效應）對收入產生了 4,900 萬美元的正面影響，但與 2024 年第二季相比，對營業收入的影響微乎其微。

Now looking at our non-GAAP performance. Our non-GAAP gross margin, excluding Japan, increased by 130 basis points year over year to 54.6%. This increase in gross margin was higher than our original expectation, driven by positive shift in portfolio mix, especially with AUSTEDO continued growth and impact of the sale of certain product rights in Europe, partially offset by lower revenue from legacy innovative products like COPAXONE.

現在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（不包括日本）年增 130 個基點，達到 54.6%。毛利率的成長高於我們最初的預期，這得益於產品組合的積極轉變，尤其是 AUSTEDO 的持續成長以及在歐洲銷售某些產品權利的影響，但 COPAXONE 等傳統創新產品的收入下降部分抵消了這一影響。

Non-GAAP operating margin increased by approximately 170 basis points year over year to 27.1% and benefited from lower R&D expenses in the second quarter of 2025, mainly due to a decrease in nonrecurring milestone payments for certain biosimilars collaboration. Overall, we ended the quarter with non-GAAP earnings per share of $0.66, an increase of $0.05 or 10% year over year. Total non-GAAP adjustment in the second quarter of 2025 were $486 million. This included approximately $154 million of restructuring costs mainly related to optimization of the Teva Global organization and operations in connection with our ongoing transformation program.

非公認會計準則營業利潤率年增約 170 個基點至 27.1%，受益於 2025 年第二季研發費用的降低，這主要歸因於某些生物相似藥合作的非經常性里程碑付款的減少。總體而言，本季末我們的非 GAAP 每股收益為 0.66 美元，年增 0.05 美元或 10%。2025 年第二季非公認會計準則調整總額為 4.86 億美元。其中包括約 1.54 億美元的重組成本，主要與我們正在進行的轉型計劃相關的 Teva Global 組織和營運的優化有關。

Our free cash flow grew strongly by 47% to $476 million, mainly driven by higher net income as well as working capital improvements. Turning to Slide 31. We continue to strengthen our balance sheet to support our pivot to growth strategy and the journey towards an investment-grade great ratings. During the second quarter, we refinanced approximately [$2.3 billion] of near-term debt maturities, mainly in 2026, 2027 and 2029 to better align them with our free cash flow generation.

我們的自由現金流強勁成長 47%，達到 4.76 億美元，主要得益於淨收入的增加以及營運資金的改善。翻到第 31 張投影片。我們將繼續加強資產負債表，以支持我們轉向成長策略並邁向投資級優秀評級。在第二季度，我們對約 [23 億美元] 的近期債務進行了再融資，主要在 2026 年、2027 年和 2029 年，以使其與我們的自由現金流產生更好地保持一致。

Importantly, we did that while keeping our cost refinancing cost of capital at similar levels, demonstrating our improved credibility and profile in the market. This significant ongoing improvements in our balance sheet is recognized by the leading credit rating agencies. All three major agencies have upgraded Teva credit ratings over the last 12 months, including two rating upgrades prior to the refinancing in the second quarter.

重要的是，我們這樣做的同時，將資本再融資成本保持在相似的水平，表明我們在市場上的信譽和形像有所提高。我們的資產負債表的持續顯著改善得到了主要信用評級機構的認可。三大評級機構在過去 12 個月內均上調了 Teva 的信用評級，其中包括在第二季再融資之前兩次上調評級。

Our gross debt reduced to $17.2 billion at the end of Q2 compared to $17.8 billion at the end of 2024, due to the repayments of $1.4 billion of notes at maturity, partially offset by exchange rate fluctuations. Our net debt was $15.1 billion, and the net debt to EBITDA remained just over 3 times. As I highlighted during our Capital Markets Day in May, we are on track to achieve 2 times net debt to EBITDA by 2027 and an investment-grade rating, while still making deliberate investment in the business to execute on the accelerated phase of our Pivot to Growth journey.

我們的總債務在第二季末降至 172 億美元，而 2024 年底為 178 億美元，這是由於到期償還了 14 億美元的票據，但部分被匯率波動所抵銷。我們的淨債務為 151 億美元，淨債務與 EBITDA 比率仍略高於 3 倍。正如我在 5 月的資本市場日上所強調的那樣，我們預計在 2027 年實現淨債務與 EBITDA 之比的 2 倍並獲得投資級評級，同時仍對業務進行有針對性的投資，以執行我們「轉向成長」之旅的加速階段。

Moving to Slide 32, as we announced last quarter, we are transforming Teva with the targeted programs to deliver sustainable margin improvements without compromising our ability to innovate, and invest in our long-term growth. These programs are expected to deliver approximately $700 million of net savings between 2025 and 2027.

轉到第 32 張投影片，正如我們上個季度宣布的那樣，我們正在透過有針對性的計劃對 Teva 進行轉型，以實現可持續的利潤率提高，同時又不損害我們的創新能力和對長期增長的投資能力。預計這些項目將在 2025 年至 2027 年間帶來約 7 億美元的淨節省。

These transformation programs together with the ongoing portfolio shift towards high-growth and margin innovative products, provide a clear path to achieving our 30% operating margin targeted by 2027. By expanding gross margin to be between 57% to 58%, while keeping operating expenses in the range of 27% to 28% of revenue, despite continuous investment in the business.

這些轉型計劃，加上正在進行的向高成長和高利潤創新產品的產品組合轉變，為我們實現 2027 年 30% 的營業利潤率目標提供了清晰的道路。透過將毛利率擴大至57%至58%之間，同時在持續對業務進行投資的情況下，將營運費用保持在收入的27%至28%之間。

We have kicked off these programs to transform our operation with a tangible progress already in place as of today. We expected roughly two third of the $700 million savings to be realized between '25 and '26 including approximately $70 million of initial savings in the second half of this year, the savings in the second half translated to an annualized run rate of approximately $140 million or about 20% of the overall net savings target.

我們已經啟動這些計劃來轉變我們的營運方式，截至目前為止已經取得了切實的進展。我們預計，7 億美元節省中的約三分之二將在 25 年至 26 年期間實現，其中包括今年下半年約 7,000 萬美元的初始節省，下半年的節省相當於年化運行率約為 1.4 億美元，約佔整體淨節省目標的 20%。

With a clear action plan of these program, along with our expected growth trajectory, led by our innovative portfolio, we are confident in growing adjusted EBITDA in 2026 and in 2027, both in US dollars and margin terms. In relation to these programs, we recorded approximately $150 million of restructuring costs in the second quarter and expected an overall cash outflow of $70 million to $100 million in 2025, both the expected savings in the second half and these cash outflows are already considered in our full year guidance range for 2025.

憑藉這些計劃的明確行動計劃，以及我們預期的成長軌跡（以我們的創新產品組合為主導），我們有信心在 2026 年和 2027 年實現調整後 EBITDA 的成長，無論是以美元還是以利潤率計算。就這些計劃而言，我們在第二季度記錄了約 1.5 億美元的重組成本，並預計 2025 年的總現金流出量為 7,000 萬至 1 億美元，下半年的預期節省和這些現金流出都已納入我們對 2025 年全年的指導範圍內。

Moving to the next slide to our 2025 non-GAAP outlook. As I mentioned earlier, our performance in Q2 and the first half has been solid, delivering the revenue growth despite a tough prior year comparable, and improving margins and cash flow while making significant progress on our transformation programs to achieve our 2027 financial targets.

下一張幻燈片展示了我們對 2025 年非 GAAP 的展望。正如我之前提到的，我們在第二季度和上半年的業績表現穩健，儘管去年同期業績不佳，但仍實現了收入增長，利潤率和現金流都有所提高，同時我們的轉型計劃也取得了重大進展，預計將實現 2027 年的財務目標。

Based on our year to date results, and the current view of the second half, we are reaffirming our 2025 outlook range for revenue, operating profit and adjusted EBITDA, while increasing the lower end of our EPS range by $0.05. Let me provide some color on the assumptions that we have factored into our guidance, starting with the revenue.

根據我們今年迄今的業績以及目前對下半年的展望，我們重申了2025年營收、營業利潤和調整後EBITDA的預期範圍，同時將每股收益預期下限上調了0.05美元。首先，我將就我們已納入指引的各項假設進行一些說明，首先是營收。

First of all, our innovative portfolio is delivering very well across our three core products. AUSTEDO, AJOVY and UZEDY. With a strong first half performance, we have increased our combined guidance for them by approximately $100 million at the midpoint with increased expectations of our combined 2025 revenue outlook for these three products, it's around $2.9 billion versus $2.3 billion in 2024, reflecting growth of approximately 23% year over year.

首先，我們的創新產品組合在三大核心產品中表現非常出色。AUSTEDO、AJOVY 和 UZEDY。由於上半年表現強勁，我們已將這三種產品的綜合預期中位數提高了約 1 億美元，同時提高了對這三種產品 2025 年綜合收入前景的預期，預計約為 29 億美元，而 2024 年為 23 億美元，同比增長約 23%。

Second, FX movements have favourably impacted our revenue since the beginning of Q2, mainly due to the weaker USD versus the euro. While our hedging programs offset some of these FX benefits, overall, we do see a net positive impact on our revenue guidance range as compared to our May guidance. However, as Richard discussed earlier, we expected our global generics revenue for a full year in 2025 to be flat to modestly growing in local currency as compared to 2024.

其次，自第二季初以來，外匯走勢對我們的收入產生了正面影響，主要是因為美元兌歐元走弱。雖然我們的對沖計劃抵消了部分外匯收益，但總體而言，與 5 月份的指引相比，我們的收入指引範圍確實受到了淨正面影響。然而，正如理查德之前所討論的那樣，我們預計 2025 年全年全球仿製藥收入以當地貨幣計算將與 2024 年持平或略有增長。

This is mainly due to the tough prior year comparables and increased competition on a par launches as well as the delay in timing of certain generic launches. Overall, with the pluses and minuses that I just talked about, we still expect our revenue to be in our 2025 guidance range of $16.8 million to $17.2 billion, although based on our current trajectory we're likely going to be around or slightly below the midpoint. Moving to the other elements of our financial outlook. We continue to expect our non-GAAP gross margin to be between 53% to 54% for the full year. Given our year to date gross margin performance, we expect our gross margin for the year to be above and at the midpoint of this range with a sequential improvement from Q3 to Q4.

這主要是由於去年同期的可比性較差、同類產品的競爭加劇以及某些仿製藥上市時間的延遲。總體而言，考慮到我剛才談到的優點和缺點，我們仍然預計我們的收入將在 2025 年的指導範圍內，即 1680 萬美元至 172 億美元，儘管根據我們目前的軌跡，我們可能會在中間點左右或略低於中間點。轉向我們財務前景的其他要素。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。鑑於我們今年迄今的毛利率表現，我們預計今年的毛利率將高於並處於該範圍的中點，並且從第三季到第四季將連續改善。

We're also reaffirming our non-GAAP outlook for adjusted EBITDA and operating income. As reflected by the increased revenue outlook, we expect to continue strengthen in our innovative portfolio in the second half, combined with expected savings of approximately $70 million from our transformation programs and the FX benefit. These factors are expected to offset the impact of relative softness in generics. Therefore, based on what we know today, we expect our non-GAAP operating income, adjusted EBITDA and EPS to be at the midpoint of our guidance range or above. Accordingly, we are raising the lower end of the EPS range by $0.05 and to the new range of $2.50 to $2.65.

我們也重申了對調整後 EBITDA 和營業收入的非 GAAP 展望。正如收入前景的成長所反映的那樣，我們預計下半年我們的創新產品組合將繼續加強，同時預計我們的轉型計劃和外匯收益將節省約 7000 萬美元。預計這些因素將抵消仿製藥相對疲軟的影響。因此，根據我們今天所了解的情況，我們預計我們的非 GAAP 營業收入、調整後的 EBITDA 和 EPS 將達到我們的指導範圍的中點或更高。因此，我們將每股收益範圍的下限提高 0.05 美元，至 2.50 美元至 2.65 美元的新範圍。

Our free cash flow guidance range remains the same, between $1.6 billion to $1.9 billion. Now let me provide some additional thoughts on the quarterly phasing for the rest of the year. Overall revenue is expected to ramp up through the rest of the year. Although Q3 faces a tough comparison, especially in generics, due to the power year new product launches, we expect sequential improvements in the fourth quarter, driven by an expected increase in our innovative product revenue as well as phasing of generics revenue.

我們的自由現金流指引範圍維持不變，介於 16 億美元至 19 億美元之間。現在，讓我為今年剩餘時間的季度分階段提供一些額外的想法。預計今年剩餘時間內總收入將會上升。儘管由於今年新產品的強勁推出，第三季面臨著艱難的比較，特別是在仿製藥方面，但我們預計第四季度將出現連續改善，這得益於我們創新產品收入的預期增長以及仿製藥收入的分階段增長。

We also continue to expect our operating expenses to be between 27% to 28% of revenue. Given the phasing of a certain investment in S&M and R&D, we expect OpEx to increase sequentially in Q3 before stepping down in Q4 to be consistent with our full year range.

我們也繼續預計我們的營運費用將佔收入的 27% 至 28% 之間。鑑於對銷售與行銷和研發的一定投資的分階段實施，我們預計營運支出將在第三季度環比增加，然後在第四季度下降，以與我們的全年預期保持一致。

Moving to the next slide. Our capital allocation strategy is consistent. It is clear and is designed to fuel our long-term growth, while strengthening our balance sheet. Our improving free cash flow generation and portfolio optimization position -- positioning us very well to achieve our net debt to EBITDA target for the 2 times by 2027. And to sustain that ratio after that.

移至下一張投影片。我們的資本配置策略是一致的。它很明確，旨在促進我們的長期成長，同時加強我們的資產負債表。我們不斷提高的自由現金流產生和投資組合優化狀況——使我們非常有希望在 2027 年實現淨債務與 EBITDA 比兩倍的目標。並在此之後維持該比例。

We believe reaching that leverage target and an investment-grade rating will allow us to review different ways returning capital to our shareholders. Finally, before I conclude my review of the second quarter results, I would like to reaffirm our 2027 financial targets. Based on the progress to date and our continued focus on execution, we are confident that we are on track to achieve these targets.

我們相信，達到槓桿目標和投資級評級將使我們能夠審查向股東返還資本的不同方式。最後，在結束對第二季業績的回顧之前，我想重申我們的 2027 年財務目標。根據迄今為止的進展和我們對執行的持續關注，我們有信心實現這些目標。

With that, I will now hand it back to Richard for his closing remarks.

現在，我將把發言時間交還給理查德，請他作最後發言。

Thank you, Eli. Thank you, Eric. Go on to the next slide. Thank you. So delivering on the acceleration phase of our Pivot got strategy. This is a slide that I like a lot, because it shows the potential that we have right in front of us here at Teva. As I've highlighted, our growth ambitions towards 2027 can be fueled by our innovative portfolio of AUSTEDO, [$82.5 billion], AJOVY continue to grow, and UZEDY continued to grow and joined by olanzapine, which allows us to have the ambition for a $1.5 billion to $2 billion peak sales of our long-acting franchise in schizophrenia, and we aim to double our biosimilar business.

謝謝你，伊萊。謝謝你，埃里克。繼續下一張投影片。謝謝。因此，我們實現了 Pivot 策略的加速階段。我非常喜歡這張投影片，因為它展示了 Teva 所擁有的潛力。正如我所強調的，我們創新的產品組合 AUSTEDO（825 億美元）、AJOVY 的持續增長以及 UZEDY 的持續增長以及奧氮平的加入可以推動我們實現 2027 年的增長目標，這使我們能夠實現精神分裂症長效特許經營權的 15 億美元至 20 億美元的銷售額銷售額，並且我們的精神分裂症長效特許經營權的 15 億美元至 20 億美元的峰值銷售額，並且我們的生物仿製藥業務將是生物翻倍。

But if you look beyond that, which I'd encourage you to do, when you look at Teva as a biopharmaceutical company, you can see that AUSTEDO will continue to grow beyond '28 as well our long-acting franchise as well our biosimilars. And it will be joined by a dual-action rescue inhaler, which we think is peak sales potential of $1 billion duvakitug and the indications that Eric has outlined as well as emrusolmin.

但如果你把眼光放得更遠一些，我鼓勵你這樣做，當你把 Teva 看作一家生物製藥公司時，你會發現 AUSTEDO 將在 28 年後繼續增長，我們的長效特許經營權以及我們的生物仿製藥也是如此。它還將與雙效急救吸入器結合使用，我們認為其峰值銷售潛力可達 10 億美元，並且符合 Eric 所概述的適應症以及 emrusolmin。

So the part to continued growth, I think, is clear for Teva. If you go to the next slide, let me bring it back to the thoughts around 2025 and beyond. We continue to deliver on our pivot to growth strategy and I'm really pleased to show that the 27% increase in revenue of our innovative portfolio shows the strength of the capability we have there.

因此，我認為，對於 Teva 來說，持續成長的部分是明確的。如果您翻到下一張投影片，讓我帶您回到對 2025 年及以後的思考。我們繼續實施我們的成長策略，我很高興地看到，我們的創新產品組合收入成長了 27%，這證明了我們在這方面的實力。

We highlighted a very clear path to 30% operating margins and the ability to hit our other 2027 targets. And this once again is through this good, strong innovative growth, our stable generics business and the ability to modernize and transform Teva in saving $700 million.

我們強調了實現 30% 營業利潤率的明確途徑以及實現其他 2027 年目標的能力。這再次得益於良好、強勁的創新成長、穩定的仿製藥業務以及 Teva 現代化和轉型的能力，從而節省了 7 億美元。

Our innovative pipeline shows we have near-term catalysts with olanzapine submission and the start of our duvakitug Phase III results, but also the pipeline shows with potential to continue to grow this company way into the future. Both Eli and I have highlighted, we're well on track for Teva's transformation. We've already achieved 20% of our $700 million of savings in the last few months that we've been executing this.

我們的創新管道表明，我們擁有奧氮平提交和 duvakitug 第三階段結果開始的近期催化劑，而且管道還顯示出潛力，可以繼續推動該公司在未來的發展。我和 Eli 都強調，Teva 的轉型進展順利。在過去幾個月的執行中，我們已經實現了 7 億美元節省的 20%。

So with that, thank you for your attention, and I'll hand it to the Q&A.

因此，感謝您的關注，我將把它交給問答環節。

(Operator Instructions) Umer Raffat, Evercore ISI.

（操作員指示）Umer Raffat，Evercore ISI。

Good morning, guys. This is JP for Umer Raffat. Congrats on good quarter. Our question is regarding AUSTEDO and the IRA negotiation. Is it possible to share any color on what's the range of discounts that you guys are expecting? How this compared to the first round and give you some details if possible?

大家早安。我是 Umer Raffat 的 JP。恭喜本季取得良好業績。我們的問題是關於 AUSTEDO 和 IRA 談判。您能否透露一下您預期的折扣範圍？這與第一輪相比如何？如果可以的話，請提供一些細節？

Hi, yeah, thanks for the call. Thanks for the question. Unfortunately, I'm going to give a very buoyant answer. We're not going to comment on anything to do with the IRA, because we are in the middle of negotiations with CMS. So you'll have to wait until we get to a conclusion of that before you make any announcement.

嗨，是的，謝謝你的來電。謝謝你的提問。不幸的是，我將給出一個非常樂觀的答案。我們不會對與 IRA 有關的任何事情發表評論，因為我們正在與 CMS 進行談判。因此你必須等到我們得出結論之後才能做出任何宣布。

Okay. And if I may, a second question. Do you guys expect any impact from the tariffs announced in Europe this year?

好的。如果可以的話，我想問第二個問題。你們預計今年歐洲宣布的關稅會產生什麼影響嗎？

So I'll hand that to Eli, but I would just remind you when we are on the Q1 earnings call, we talked about the work we had done in preparation for tariffs. And so the team have done very comprehensive work to understand how we can mitigate the impact on our business. That said, there's a lot of ambiguity about what has really occurred with these tariffs. And so we're very keen to understand the detail of what is included, what is not included, and then obviously, which one of those mitigation plans we can put in place.

所以我會把這個交給 Eli，但我只是想提醒你，當我們在第一季財報電話會議上時，我們談到了為關稅做準備的工作。因此，團隊做了非常全面的工作來了解如何減輕對我們業務的影響。儘管如此，這些關稅的真正後果仍有許多模糊之處。因此，我們非常渴望了解其中的細節，包括哪些內容，不包括哪些內容，然後顯然，我們可以實施哪一項緩解計劃。

But with that, I'll hand it to Elie, who will give you his perspective as well.

但有了這個，我將把它交給 Elie，他也會給你他的觀點。

Yes. Thanks, JP for the question. I just want to remind that more than 50% from the products that we're selling in the US is actually manufacturing in the US. We have eight sites and also our leading product AUSTEDO is manufacturing in the US. And as part of the rest of the world, we will have very limited exposures on China and India. And when we are actually looking on Europe and even if we were thinking about Israel, we -- as Richard mentioned, we are trying to really understand how this one is going to play in between generics or innovative.

是的。謝謝 JP 提出的問題。我只是想提醒一下，我們在美國銷售的產品中有 50% 以上實際上是在美國製造的。我們有八個工廠，而且我們的主要產品 AUSTEDO 在美國生產。作為世界其他地區的一部分，我們對中國和印度的接觸非常有限。當我們真正關注歐洲，甚至考慮以色列時，正如理查德所提到的，我們正試圖真正理解這將如何在通用和創新之間發揮作用。

I will say that we have a very, very flexible and full value chain in terms of our manufacturing and how we're able to manage this one. Most importantly, we're also trying to learn about the timing that this one will enable the companies to implement -- is it a one year or two year or three years? But overall, I think that we are positioning very well in terms of all the work we've done so far. And currently, we don't see any meaningful impact.

我想說的是，就我們的製造以及如何管理這價值鏈而言，我們擁有非常靈活和完整的價值鏈。最重要的是，我們也試著了解這項計畫能讓公司實施的時間──是一年、兩年還是三年？但總體而言，我認為就我們迄今為止所做的所有工作而言，我們的定位非常好。目前，我們還沒有看到任何有意義的影響。

Ash Verma, UBS.

瑞銀的 Ash Verma。

Yeah, good morning. Thanks for taking our questions. So just on AUSTEDO, like good to see the acceleration here. And I wanted to get a sense on the BID to XR conversion. So you're already seeing that more than 60% in new patients. But when can we see that type of share be replicated in all patients, not just new patients, that's one.

是的，早安。感謝您回答我們的問題。因此，僅在 AUSTEDO 上，很高興看到這裡的加速。我想了解 BID 到 XR 的轉換。因此，您已經看到新患者的比例超過 60%。但是，什麼時候我們才能看到這種共享在所有患者身上得到複製，而不僅僅是新患者，這就是其中之一。

And then secondly, yes, if you can provide a little bit more color on the tariff impact on US versus Europe. So you said that it's absorbed in your 2025 financial guidance. But how does that impact your P&L going forward? And I know they called out some exclusion of certain generics, if you can shed some light on what that constitutes? Thanks.

其次，是的，如果您可以提供更多關於關稅對美國和歐洲的影響的詳細資訊。所以您說它被納入了您的 2025 年財務指導中。但這對您未來的損益有何影響？我知道他們呼籲排除某些仿製藥，您能解釋一下這包括什麼嗎？謝謝。

Hi Ash. Thanks for the questions. So I'll tag team a bit with Eli on this again. But starting with AUSTEDO, I'm glad you've noticed the great performance of AUSTEDO of 22% in the US, as the team continues to execute very well, and showing our commercial capability. With regard to XR, yes, you're right, we are converting or patients -- new patients are moving on to XR.

你好，Ash。感謝您的提問。因此，我將再次與 Eli 合作進行這項工作。但從 AUSTEDO 開始，我很高興您注意到 AUSTEDO 在美國 22% 的出色表現，因為團隊繼續表現良好，並展示了我們的商業能力。關於 XR，是的，您說得對，我們正在轉換患者——新患者正在轉向 XR。

We have some patients who convert from BID, but this is one why I'd say the direction of travel is clear is AUSTEDO XR will become the predominant drug that's used. It just takes a bit of time. When patients are stable, obviously, there's no need to change them. But the desire to use that for new patients is very high amongst our physicians for the obvious reasons around compliance and adherence. And so we'll sort of give maybe interim updates on how that is progressing.

我們有一些患者從 BID 轉變而來，但這就是為什麼我要說發展方向很明確，AUSTEDO XR 將成為主要使用的藥物。只是需要一點時間。當病人的病情穩定時，顯然就沒有必要更換他們。但是，出於順應性和堅持性等顯而易見的原因，我們的醫生非常希望將這種方法用於新患者。因此，我們可能會提供一些關於進展的臨時更新。

But I think the line of sight to having the majority of the patients on XR in the future is clear. With regard to the tariffs, I think your question was, how do we see the impact of the tariffs over the longer term, and particularly with regard to Europe? Once again, I just reiterate that there's a lot of uncertainty about what has happened. I'll just highlight, for example, our generics in? Are they out or certain generics in? Are they out I think the way we've always played this on tariffs is to be very conservative.

但我認為，未來大多數患者接受 XR 治療的前景是明確的。關於關稅，我想你的問題是，我們如何看待關稅的長期影響，特別是對歐洲的影響？我再次重申，發生的事情存在著許多不確定性。我只想強調一下，例如，我們的仿製藥？它們出去了嗎或某些仿製藥進來了嗎？我認為我們在關稅問題上一貫採取非常保守的態度。

And so when we talked about the mitigation plans in Q1 and what Elie just mentioned, we think about this very comprehensively and probably with a more glass half empty approach is in -- let's plan our business so that we can manage the tariffs and not have them impact our P&L going forward, but there's a lot of uncertainty. So we need to see how that plays out.

因此，當我們談論第一季的緩解計劃以及 Elie 剛才提到的內容時，我們會非常全面地考慮這個問題，並可能採取更悲觀的態度——讓我們規劃我們的業務，以便我們能夠管理關稅，而不會讓它們影響我們未來的損益，但存在許多不確定性。所以我們需要看看結果如何。

But maybe I'll hand it back to Elie to reiterate some of the points you just made.

但也許我會把它交還給 Elie 來重申您剛才提出的一些觀點。

Yeah. So when you mentioned about our guidance, I want to repeat again, we have absorbed the already confirmed tariffs into our 2025. And currently, from what we heard this week on Europe, this one, it is something that we're still trying to understand, as I mentioned, because also the investigation around the [232] was not concluded yet, and we're waiting for like everyone that's when it will happen in the next few weeks.

是的。因此，當您提到我們的指導時，我想再次重申，我們已經將已經確認的關稅納入了 2025 年的計劃。目前，從我們本週聽到的有關歐洲的消息來看，正如我所提到的，我們仍在努力了解這件事，因為圍繞[232]的調查尚未結束，我們和所有人一樣，正在等待未來幾週內的結果。

But all in all, when we are looking on our supply chain, our ability to actually build inventories and to manage our manufacturing steps, we don't see here currently any meaningful impact for the short term. And as I mentioned, we will see how administration will manage the timing to implement those tariffs.

但總而言之，當我們審視我們的供應鏈、實際建立庫存和管理製造步驟的能力時，我們目前看不到短期內任何有意義的影響。正如我所提到的，我們將看到政府將如何安排時間來實施這些關稅。

Once those happen, that will allow us to actually managing it very thoughtfully.

一旦這些發生，我們就能真正非常周到地管理它。

And Ash, apologies. I forgot your last question.

還有 Ash，抱歉。我忘記了你的最後一個問題。

Just on the exclusion of certain generics, if you can shed some light on what that actually constitutes?

僅就排除某些通用名而言，您能否解釋一下這實際上構成了什麼？

What do you mean the exclusion of certain generics, sorry?

抱歉，排除某些仿製藥是什麼意思？

This is in the tariff announcement that certain...

這是關稅公告中提到的某些...

Okay. Sorry, [Ash] a bit confused there. Yes, I think it's just -- we don't fully understand the specificity of that. As I'm probably sure you've seen the same as us with the headlines, it's slightly confusing as to what is included and what's not and reiterate Elie's points. We just want more clarity on that just to understand what the impact is, what we can do to mitigate that and what does that look like over what time period.

好的。抱歉，[Ash] 有點困惑。是的，我認為只是──我們並不完全了解它的特殊性。我確信您和我們一樣看到了相同的標題，對於包含的內容和不包含的內容有點令人困惑，並重申了 Elie 的觀點。我們只是想更清楚地了解其影響是什麼，我們可以做些什麼來減輕影響，以及在什麼時間段內會是什麼樣子。

So a bit of uncertainty there, but we're hopeful, that we will have clarity in the not-too-distant future, and then we can make sure that we do our best to mitigate it, but a lot is unknown still.

因此存在一些不確定性，但我們希望在不久的將來能夠明確答案，然後我們可以確保盡最大努力減輕它，但仍然有很多未知數。

Matt Dellatorre, Goldman Sachs.

高盛的馬特‧德拉托雷 (Matt Dellatorre)。

Great, thanks for taking the question and congrats on the continued progress. Maybe starting with duvakitug, could you all share anything on the broader development program or when we might expect updates there, in particular, how competitor programs are informing your indication expansion strategy? And then will we see [Phase IIb IBD] maintenance data later this year? And if so, what do you want to see there? And then maybe just lastly, for the long-acting olanzapine, is there a possibility for a priority review there? thanks.

太好了，感謝您提出這個問題，並祝賀您不斷取得進展。也許從 duvakitug 開始，你們能否分享有關更廣泛的開發計劃的任何信息，或者我們何時可以期待更新，特別是競爭對手的計劃如何影響你們的適應症擴展策略？那麼我們會在今年稍後看到 [Phase IIb IBD] 維護資料嗎？如果是的話，你想在那裡看到什麼？最後，對於長效奧氮平，是否有可能獲得優先審查？謝謝。

Matt, thanks for the questions. I'll hand those straight over to Eric.

馬特，謝謝你的提問。我會直接把這些交給 Eric。

Sure. Thank you, Matt, for the question. So for duvakitug, we're working very closely with our partner, Sanofi, on choosing the indications we'll go into. To be clear, we'll announce those once we've initiated the study. So that's something that you have to stay tuned for.

當然。謝謝馬特提出的問題。因此，對於 duvakitug，我們正在與我們的合作夥伴賽諾菲密切合作，選擇我們將要研究的適應症。明確地說，一旦我們開始研究，我們就會宣布這些消息。所以這是你必須持續關注的事情。

Right now, we're super focused on getting the Phase III started, which I must say we've checked all the boxes. We've got all our ducks in a row and those studies will be starting right on time. So that's our main focus.

現在，我們非常專注於啟動第三階段，我必須說我們已經檢查了所有箱子。我們已經做好一切準備，這些研究將會準時開始。這就是我們的重點。

With regards to the Phase II data, that's actually something that's maturing right now. That's a 44-week follow-up from our Phase II study, that we'll be finishing up towards the end of this year, and we'll be presenting that data in the first half of 2026. And just to that point, that's important data. The maintenance of the effect in this patient population is very important. These patients suffer from a chronic disease that usually they start a therapy, they fail that therapy and have to move on to the next.

就第二階段的數據而言，這實際上是目前正在成熟的事情。這是我們第二階段研究的 44 週跟踪，我們將在今年年底完成，並將在 2026 年上半年公佈該數據。就這一點而言，這些都是重要的數據。維持該患者族群的療效非常重要。這些患者患有慢性疾病，通常他們開始接受一種治療，但該治療失敗，因此必須轉向下一種治療。

So durability will be very important, and we're looking forward to that data. For the olanzapine LAI, we don't anticipate having a priority review for that program. That's why it's important to get that study wrapped up and submitted as soon as possible. So that's what we're focused on right now, and we anticipate that approval in 2026.

因此耐用性非常重要，我們期待這些數據。對於奧氮平長效注射劑，我們預計不會對該項目進行優先審查。這就是為什麼盡快完成並提交該研究非常重要。這就是我們現在關注的重點，我們預計該法案將於 2026 年獲得批准。

Jason Gerberry, Bank of America.

美國銀行的 Jason Gerberry。

Hey guys, thanks for taking my question. So on AUSTEDO, revenue growth seems to be tracking volume growth but not reflecting the benefit of mix in the milligram shift. So I'm just wondering if you can speak directionally to how that is impacting gross to nets. And as we think about this IRA process, is it against the price point at the start of the year, such that if you are increasing your gross to nets effectively, that's sort of front-running any IRA discounts in the future?

嘿夥計們，謝謝你們回答我的問題。因此，就 AUSTEDO 而言，營收成長似乎追蹤了銷售成長，但並未反映毫克轉變中的組合效益。所以我只是想知道您是否可以具體談談這對總收入和淨收入有何影響。當我們思考這個 IRA 流程時，它是否與年初的價格點相悖，這樣如果您有效地將總收入提高到淨收入，這是否會在未來搶佔任何 IRA 折扣？

And then as it pertains to the tariffs and if it is a China-focused policy on national security, could you specifically outline what percent of key starting materials come from China? And if one and half years is sufficient time to move things around such that there is not a heightened reliance on China for key starting materials?

然後，關於關稅，如果這是一項以中國為重點的國家安全政策，您能否具體概述一下有多少百分比的關鍵起始材料來自中國？那麼，一年半的時間是否足以扭轉局面，不再過度依賴中國的關鍵原料呢？

Okay, Jason, thanks for your question. So with regard to AUSTEDO, I think the question was around the correlation between TRx milligrams and the revenue. So it's not a perfect sort of -- and there's timing issues around this. One thing -- so firstly, I would say is what we're seeing in the data we have is exactly what we expect to see with regard to the transition to XR, the transition to XR that has on TRx because there's less scripts and what that then also looks for in milligrams. So I think we see that as actually playing out exactly as we expected.

好的，傑森，謝謝你的提問。因此，關於 AUSTEDO，我認為問題在於 TRx 毫克和收入之間的相關性。所以這不是一種完美的——而且存在時間問題。有一件事 — — 首先，我想說的是，我們在現有數據中看到的正是我們期望看到的向 XR 的過渡，向 XR 的過渡對 TRx 有影響，因為腳本較少，而且也是以毫克為單位尋找的。所以我認為我們看到的情況實際上正如我們預期的那樣。

Now one thing that -- so I think we see it clearly, but just to sort of maybe help understand a bit of a nuance there, we did launch XR in Q2 2024 some doses. And because of that, there was a slight stock in to do that. So I think when you're thinking about prior year comparisons, that may be something you've picked up upon. But when we go into the detail that I've just emphasized, we see it playing out exactly as we thought. And because of that, we're very comfortable and confident.

現在有一件事——所以我認為我們看得很清楚，但只是為了幫助理解其中的一些細微差別，我們確實在 2024 年第二季度推出了一些 XR。正因為如此，才有理由這麼做。因此我認為，當您考慮與前幾年的比較時，您可能會注意到這一點。但當我們深入了解我剛才強調的細節時，我們發現事情就像我們想像的那樣發展。正因為如此，我們感到非常安心和自信。

So I think that's the way I think about it on that -- On the IRA question about pricing, I don't really want to go into any detail on that because we're still in negotiations with that. So I think once again, when it comes down to IRA, I think the best thing is we'll just make the announcement, when we have that finalized because I think that's the most prudent thing to do.

所以我想這就是我對此的看法——關於 IRA 定價問題，我真的不想詳細談論它，因為我們仍在就此進行談判。因此，我再次認為，當談到 IRA 時，我認為最好的辦法是，當我們最終確定後，我們就會宣布這一消息，因為我認為這是最謹慎的做法。

And Jason, I think the question you asked about China on the tariff. There is almost nothing that we are actually bringing from China. Four years ago, we closed and sell the API business there. We are really, really not depending on anything there. There is nothing there. So it's not -- I cannot even provide you a percent.

傑森，我認為你問的問題是關於中國關稅的。我們實際上幾乎沒有從中國帶來任何東西。四年前，我們關閉並出售了那裡的 API 業務。我們確實不依賴那裡的任何東西。那裡什麼也沒有。所以不是——我什至無法給你一個百分比。

And I think just to add on to that, Jason, I think that's why when Elie talks about the work we've done and the strength of our supply chain, sort of that's what we mean. I think we've taken some actions in the past to make sure we are not reliant on certain areas geographically. And obviously, we did that ahead of what has happened, but I think that has put us in a strong position, at least one where we can manage the future a lot better than we would if we hadn't done that.

我想補充一點，傑森，我認為這就是為什麼當 Elie 談到我們所做的工作和我們的供應鏈實力時，我們的意思就是這樣。我認為我們過去已經採取了一些行動來確保我們不依賴某些地理區域。顯然，我們在事情發生之前就做到了這一點，但我認為這使我們處於有利地位，至少我們可以比沒有這樣做時更好地管理未來。

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆、派珀·桑德勒。

Thanks. Two for me, one on generic Revlimid, one on UZEDY. First on generic Revlimid. I just wanted to clarify your comments on the total revenue guidance. How much of where revenue lands this year is a function of Revlimid being light in 4Q? And maybe just help us understand the dynamics as we move through the back half of the year regarding the product.

謝謝。我服用了兩種，一種是通用 Revlimid，一種是 UZEDY。首先介紹通用的 Revlimid。我只是想澄清您對總收入指導的評論。今年的營收有多少是由於第四季 Revlimid 銷售不佳造成的？也許可以幫助我們了解下半年產品的動態。

I understand that the situation is fluid but just help us understand how to think about generic Revlimid in 3Q and 4Q. And then secondly, on UZEDY, with the bumped-up guidance, would you say that even that is conservative just given the growth in prescription volumes, at least based on third-party data? And I understand that there's the Medicare Part D redesign. But just given how it's growing, what's your view on the extent to which even your new range is conservative here?

我知道情況瞬息萬變，但請幫助我們了解如何在第三季和第四季考慮通用 Revlimid。其次，對於 UZEDY，隨著指導的提高，您是否認為即使考慮到處方量的增長，這也是保守的，至少基於第三方數據？據我了解，醫療保險 D 部分正在重新設計。但考慮到它的成長方式，您認為即使是新的產品系列在多大程度上也是保守的？

Thanks.

謝謝。

Thanks for the question, David. Thanks for the question, David. So if I understand, the Revlimid question was also sort of built into the generics -- to the overall forecast and the generics forecast. So to give you a bit of context, obviously, when we think about our generics business going forward and we say flat to low single digit, that is based -- you've highlighted somewhat on generic Revlimid, but it's also based on launches we have coming up both in the US and in other markets.

謝謝你的提問，大衛。謝謝你的提問，大衛。因此，如果我理解正確的話，Revlimid 問題也被納入了仿製藥的整體預測和仿製藥預測中。因此，為了給您一些背景信息，顯然，當我們考慮未來的仿製藥業務時，我們說持平至低個位數，這是基於 - 您已經強調了仿製藥 Revlimid，但這也基於我們即將在美國和其他市場推出的產品。

So I think it's multifactorial, which is why we think we have that range. It's not contingent totally on Revlimid. I think we've had launches already in this quarter, and we'll have more launches coming towards the end of the year. We also have, as we've highlighted, good sales momentum in our biosimilar business in the US as well.

所以我認為這是多因素的，這就是我們認為我們有這個範圍的原因。這並不完全取決於 Revlimid。我認為我們本季已經推出了一些產品，並且我們將在今年年底推出更多產品。正如我們所強調的，我們在美國的生物相似藥業務也擁有良好的銷售動能。

So I say all of those things just to make sure people understand there's a robustness to our generics business, which means we have a lot less volatility is what we set out to do at the start of this strategy. But now to get specific on your question about Revlimid, the ordering patterns of this have changed. And so whereas we do maybe one large order a quarter and they were very predictable, as we used to because we're a global generic player and we know what -- how this plays out, that becomes shorter term as we get to the end of these sort of situations where more competition comes in. And so we're very used to that. So there's a change in those phasings. And so that means that as we've seen in Q2, it impacted our phasing, and that will probably have the potential to do that in Q3 and Q4.

所以我說這些只是為了確保人們了解我們的仿製藥業務的穩健性，這意味著我們的波動性要小得多，這正是我們在開始實施這項策略時所要做的。但現在，為了具體回答您關於 Revlimid 的問題，其訂購模式已經改變了。因此，儘管我們可能每個季度都會接到一筆大訂單，而且這些訂單非常可預測，就像我們以前一樣，因為我們是一家全球仿製藥企業，我們知道情況會如何發展，但隨著這種情況的結束，競爭會越來越激烈，這種情況的持續時間會越來越短。所以我們對此非常習慣。因此這些階段發生了變化。這意味著，正如我們在第二季度看到的那樣，它影響了我們的分階段實施，並可能在第三季和第四季產生影響。

We see that happening more in Q4 just because the basis that it gets -- the more competition comes in and towards the end of the year. But it's unpredictable, I think, is what I'm trying to highlight there. But also, hopefully, I've highlighted the fact that we have other factors growing our generics business and other factors that allow us to have a confidence in giving a guidance to flat to low single digit.

我們認為這種情況在第四季度會更多地發生，因為它獲得了基礎——競爭會變得更加激烈，並且會持續到年底。但我認為這是不可預測的，這就是我想強調的。但同時，我希望強調的是，我們還有其他因素推動著我們的仿製藥業務成長，還有其他因素讓我們有信心給予持平至低個位數的指引。

And then I just remind you of the fact that when you take out Revlimid in Q2 and the Victoza launch, we grew the generics business in the US And I just emphasize that because I know we've had lots of conversations over the years, and our aim was to take away the volatility of a generics business. We've actually been growing it very significantly. So even the fact that we are relatively flat, I think it shows the good work we've done.

然後，我只是想提醒你，當你在第二季拿出 Revlimid 並推出 Victoza 時，我們在美國擴大了仿製藥業務。我只是想強調這一點，因為我知道我們多年來已經進行了很多對話，我們的目標是消除仿製藥業務的波動性。事實上，我們已經取得了顯著的成長。因此，即使我們的業績相對平穩，我認為這也表明了我們所做的出色工作。

Now on UZEDY. So I appreciate your enthusiasm and your confidence in us and the US team in executing. I think what we're trying to highlight is and what we've always tried to do is to make sure that we set what we believe is possible. What I would reiterate on UZEDY, it's a great product profile, but we have really done a great job in becoming the long-acting risperidone of choice.

現在在 UZEDY 上。因此，我很欣賞您的熱情以及對我們和美國團隊執行能力的信心。我認為我們要強調的是，我們一直努力做的是，確保我們設定我們認為可能實現的目標。我想重申的是，UZEDY 是一款出色的產品，但我們在成為首選長效利培酮方面確實做得非常出色。

So now we have to venture into other parts of the schizophrenia market where other molecules are used. And so I think we see that as probably maybe slightly tougher to do, even though we have a great profile. You clearly think that's probably not the case and your confidence in us is appreciated.

因此，現在我們必須進軍精神分裂症市場的其他領域，在那裡使用其他分子。因此，我認為，儘管我們擁有出色的形象，但這可能仍然有點難做到。您顯然認為情況可能並非如此，我們很感謝您對我們的信任。

But that's what we're thinking about, a bit about how do we start to take UZEDY into other molecules in the long-acting schizophrenia market. We think we have the profile to do it, by the way. We have a lot of confidence in this product and where this product can go. But I think that's the thing that probably is we just want to see it play out a bit more in quarter three to understand. But I appreciate your support, and I appreciate the fact that you like that we've raised it to $190 million and $200 million as a range.

但這就是我們正在考慮的，關於如何開始將 UZEDY 融入長效精神分裂症市場中的其他分子。順便說一句，我們認為我們有能力做到這一點。我們對這款產品以及它的市場前景充滿信心。但我認為，這可能是因為我們只是想在第三季看到更多相關情況，以便更好地理解。但我感謝您的支持，我很高興您喜歡我們將其提高到 1.9 億美元和 2 億美元的範圍。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特。

Great, thanks so much. Just two for me. On the top line guidance, obviously, great to see the higher branded guidance. But just coming back to the slower generic growth, is there any read across as we think about 2026 and beyond for that generic business? Or is what you're talking about here just some more timing and shorter-term dynamics as we think about the -- again, the generic piece of the business?

太好了，非常感謝。對我來說只要兩個。在頂線指導方面，顯然很高興看到更高的品牌指導。但回到仿製藥成長放緩的問題，當我們考慮 2026 年及以後仿製藥業務的發展時，有什麼可以藉鏡的嗎？或者，您在這裡談論的只是一些時間和短期動態，就像我們思考業務的一般部分一樣？

And then second question for me was another one on guidance. Obviously, very strong gross margin performance this quarter. It sounds like part of that is mix, part of that's maybe more onetime. Can you just update us on expectations for second half gross margins given the new product mix? Just how should we be thinking about that progressing over the next few quarters? Thank you.

對我來說，第二個問題是關於指導的問題。顯然，本季的毛利率表現非常強勁。聽起來其中一部分是混合，一部分可能更多是一次性的。考慮到新的產品組合，您能否向我們介紹一下對下半年毛利率的預期？我們究竟該如何看待未來幾季的進展？謝謝。

Hi, Chris, thanks for the questions. Chris, thanks for the questions. So let me start to talk a bit about the generics, and I appreciate the fact you're seeing the good branded growth. I think it's important to reiterate, as we transform to a biopharma company to have a portfolio branded of our size growing at 27% is a great achievement and the momentum we have. But to answer your question on generics, I think it is worth just reiterating the prior year comparison. The full year growth we had in generics in '24 was 11%.

你好，克里斯，謝謝你的提問。克里斯，謝謝你的提問。因此，讓我開始談論仿製藥，我很高興看到品牌藥的良好成長。我認為有必要重申，隨著我們轉型為一家生物製藥公司，擁有與我們規模相當的品牌組合併實現 27% 的成長，這是一項偉大的成就，也是我們擁有的發展勢頭。但為了回答您關於仿製藥的問題，我認為有必要重申前一年的比較。2024 年全年仿製藥的成長率為 11%。

So when I talk about prior year comps, I think it's fair to say we had a great year in '24, and we're lapping that now. And if you take that down to the regional level, we had great performance across all of our regions in that quarter, 16% in the US, 8% in EU and 22% in IM. So those are real big comparative years. But to get to the heart of your question, Chris, is what does this mean for the long-term trajectory of our generics business.

因此，當我談論前幾年的業績時，我認為可以公平地說，24 年我們度過了美好的一年，而現在我們正在超越這一紀錄。如果將其擴大到區域層面，我們在該季度在所有地區都取得了出色的表現，其中美國為 16%，歐盟為 8%，印度為 22%。因此，這些是真正重要的比較年份。但克里斯，要回答你問題的核心，這對我們的仿製藥業務的長期發展意味著什麼。

I remain absolutely confident in what we need to achieve by 2027 for our generics business. And if you remember, at the Capital Markets Day, we started to communicate that where we wanted to get our generics business to in '27 was flat to where we ended it in '24, i.e., absorbing all of the generic Revlimid loss, which I know we all understand is a very big number.

我對我們的仿製藥業務到 2027 年要實現的目標充滿信心。如果你還記得的話，在資本市場日，我們開始溝通，我們希望在 27 年將仿製藥業務的水平與 24 年底的水平持平，即吸收所有仿製藥 Revlimid 的損失，我知道我們都明白這是一個非常大的數字。

So how do we do that? And how does this year, I think, is your question, impact our ability to do that? In no way does it change. And let me explain why. Our ability to keep driving our business, our generics business relies on a number of factors, our base generics business, which includes complex generics, our biosimilar business and our OTC business.

那我們該怎麼做呢？我認為，你的問題是，今年對我們實現這一目標的能力有何影響？它絲毫沒有改變。讓我來解釋一下原因。我們繼續推動業務發展的能力，我們的仿製藥業務依賴許多因素，我們的基礎仿製藥業務，其中包括複雜的仿製藥、我們的生物仿製藥業務和我們的非處方藥業務。

Now over this two year period to continue to get to where we need to in 2027, our base generic business needs to grow at roughly 2%, 2.5% CAGR. Across all of our regions, Europe, US and international, that is very achievable with the pipeline we have. We have a deep pipeline. We have a good manufacturing and supply chain. So I feel very confident about that.

現在，為了在 2027 年繼續達到我們需要的目標，我們的基礎仿製藥業務需要在這兩年內以大約 2%、2.5% 的複合年增長率成長。在我們所有的地區，包括歐洲、美國和國際，憑藉我們現有的管道，這一目標完全可以實現。我們擁有深厚的管道。我們擁有良好的製造和供應鏈。所以我對此非常有信心。

On our biosimilars, which we think -- which we believe is going to grow $400 million as well and contribute to our generics performance, as I've said, we've had a good start to this year. We see good momentum in the US And we are going to be launching generic STELARA, biosimilar STELARA in Europe in quarter three. And we have two more launches in the US. So I think we have good momentum there.

關於我們的生物相似藥，我們認為——我們相信它也將增長 4 億美元，並有助於我們的仿製藥業績，正如我所說，我們今年有一個良好的開端。我們在美國看到了良好的發展勢頭，我們將在第三季在歐洲推出仿製藥 STELARA 和生物相似藥 STELARA。我們在美國還有兩次發射。所以我認為我們在這方面有著良好的勢頭。

And the OTC performance we're looking for also is a continuation of what we performed in the past. So I have no concern about us hitting our '27 growth targets for generics. And I also don't see that this year is anything of other -- it's not a blip. I won't describe it as a blip, Chris. I describe it as a high prior year comparison, which I think we weathered actually very well because it shows the underlying strength of our generics business.

我們所期待的場外交易表現也是我們過去表現的延續。因此，我並不擔心我們能否實現 27 年仿製藥的成長目標。而且我也沒有發現今年有什麼特別之處——這不是曇花一現。我不會把它描述為一個小插曲，克里斯。我將其描述為與去年同期相比的較高水平，我認為我們實際上很好地度過了這一時期，因為它顯示了我們仿製藥業務的潛在實力。

So I see it as a sign of confidence in the work we've done to strengthen our generic business and also the fact that with our innovative business growing so well, we're a balanced company, and we can continue on this very predictable growth going forward.

因此，我認為這表明我們對加強仿製藥業務所做工作的信心，也表明我們的創新業務發展如此順利，我們是一家平衡的公司，我們可以繼續保持這種非常可預測的成長。

But with that, I'll hand for the gross margin questions to Elie. Over to you, Elie.

但有了這個，我會把毛利率問題交給 Elie。交給你了，艾利。

Okay. Chris, thanks for the question. So look, if we're looking on Q2 by itself, 54.6%, there is around 110 basis points inside that coming from three main elements. One, is we had a certain product right sale in Europe. Additionally, there is some tailwinds on FX, as I mentioned. And also, we need to remember that Japan business was dilutive to our gross margin by at least 30 basis points.

好的。克里斯，謝謝你的提問。因此，如果我們單獨看第二季度，即 54.6%，其中大約有 110 個基點來自三個主要因素。一是我們在歐洲有某種產品的銷售權。此外，正如我所提到的，外匯方面也存在一些順風因素。而且，我們需要記住，日本業務至少稀釋了我們的毛利率 30 個基點。

So if you actually backed out this 110 basis points, you come to a 53.5%. You look on Q2 -- sorry, Q1, which was 52.8%, you take that dilutive element on Japan, you see that we're actually moving by 52.5% to the level of 53.5% on the in-line basis, which is a sustaining business that we have.

因此，如果你實際撤回這 110 個基點，則達到 53.5%。你看第二季度——抱歉，第一季是 52.8%，考慮到日本的稀釋因素，你會發現我們實際上在線上成長了 52.5%，達到了 53.5% 的水平，這是我們的一項持續性業務。

That means that the innovative piece across all the elements that we're working on contributing to the expansion in organic gross margin. What you're going to see in the next quarter, we're going to be above the midpoint and very close to the 54%, which I believe that the full year, we're going to be at the higher range or like 54% at minimum. So this is one -- these are the main kind of dynamics inside.

這意味著我們正在努力的所有要素的創新都有助於提高有機毛利率。您將在下一季看到，我們的成長率將高於中點，非常接近 54%，我相信全年成長率將處於較高範圍，至少達到 54%。所以這是一個——這些是內部的主要動力。

Les Sulewski, Truist.

Les Sulewski，Truist。

Good morning. Thank you for taking my questions. A couple for me. So first, can you provide some puts and takes around the uptick in EBITDA margin in the second half? And is this level sustainable or a high watermark for the year? And then second, as you're progressing across the cost reduction initiative, are you finding additional opportunities for savings beyond the $700 million? And can you provide some cadence around the primary areas of focus.

早安.感謝您回答我的問題。對我來說是一對。那麼首先，您能否提供一些有關下半年 EBITDA 利潤率上升的利弊分析？這個水平是否可持續或是否是今年的最高水位？第二，隨著成本削減計劃的推進，您是否發現了除 7 億美元之外的其他節約機會？您能否提供一些圍繞主要關注領域的節奏？

And then lastly, how are you thinking about capital allocation, perhaps a share buyback opportunity? And then second around BD expansion and M&A? Thank you.

最後，您如何考慮資本配置，也許是股票回購機會？其次是關於 BD 擴張和併購？謝謝。

Thank you, Les. Thank you, Les. I tag team, some of those with Elie. And maybe I sort of give a quick overview on some of them, and then Elie can also chime in. I'm really pleased that you've seen the EBITDA performance. I think this is really important when we think about creating long-term shareholder value.

謝謝你，萊斯。謝謝你，萊斯。我和 Elie 一起組隊，其中一些也一起。也許我可以對其中一些做一個快速概述，然後 Elie 也可以加入進來。我很高興您看到了 EBITDA 的表現。我認為當我們考慮創造長期股東價值時這一點非常重要。

growing the top line is obviously critical, and we want to keep doing that. But when you do it in the right way as we've done with an innovative portfolio with strong growth, that will always help us change gross margin as Elie said, but also allow us to go down and hit EBITDA and ultimately EPS. And I think that direction of travel is clear. So our ability to keep growing our innovative portfolio add into it allows us to do that. So that's sort of at a high level.

顯然，增加營業收入至關重要，我們希望繼續這樣做。但是，當你以正確的方式去做，就像我們透過強勁成長的創新產品組合所做的那樣，這將始終幫助我們改變毛利率，正如 Elie 所說的那樣，同時也使我們能夠降低並達到 EBITDA 並最終達到 EPS。我認為前進的方向是明確的。因此，我們不斷擴大創新產品組合的能力使我們能夠做到這一點。所以這算是處於高水準。

I would say. On the cost reduction, I love these questions where we do so again, everybody sees if we can do a little bit more. So what I would say is the work we're doing is to modernize ever. is to make Teva a more agile place to work, whether we can do things quickly. We can make sure capital allocated to areas of best return to drive the company forward. That is continuous.

我想說。關於降低成本，我喜歡這些問題，我們再次這樣做，每個人都看看我們是否可以做得更多。所以我想說的是，我們正在做的工作是實現現代化，使 Teva 成為一個更敏捷的工作場所，無論我們是否能夠快速完成工作。我們可以確保將資本配置到回報最高的領域，以推動公司向前發展。那是連續的。

So we're continuously looking at that. Does that mean we change the number on $700 million. No, we're going after that, we see that we plan very carefully and thoughtfully financially. But our ability to make sure allocating capital to the right areas is a continuous process throughout this business.

所以我們一直在關注這個問題。這是否意味著我們要改變 7 億美元的數字？不，我們會追求這一點，我們會確保我們在財務上做出非常謹慎和周到的規劃。但我們確保將資本分配到正確領域的能力是整個業務過程中的持續過程。

So I would say we want to become a company that has a mentality that we look at this every year, almost every quarter. We don't have these periods where we go into restructuring or major changes. It's a continuous for us.

所以我想說，我們希望成為一家具有這種心態的公司，我們每年、幾乎每季都會關注這個問題。我們沒有經歷重組或重大變革的時期。對我們來說這是一個持續的過程。

On the capital allocation, with regard to as Elie said on capital allocation slide, we touched all of your points. Yes, we look at business development, and I'll go into a bit more detail, and we look at returning capital to shareholders as well. On the BD side, we have been very active in this area, looking for some time because we know that we want to add innovative products to what is a very capable team here at Teva. That said, we want to do that through in-licensing. We want to take products at the right time with the right risk profile to justify allocating capital to them.

關於資本配置，正如 Elie 在資本配置幻燈片中所說，我們觸及了您的所有觀點。是的，我們專注於業務發展，我會更詳細地講解，我們也會專注於向股東返還資本。在 BD 方面，我們一直非常活躍於這個領域，尋找一些時間，因為我們知道我們想要為 Teva 一支非常有能力的團隊添加創新產品。也就是說，我們希望透過授權來實現這一目標。我們希望在正確的時間購買具有正確風險狀況的產品，以證明為其配置資本是合理的。

And so those are not always easy to find at the right time, but we spend a lot of time on it. We have increased the capability to do assessments within our team here. So that is something we are looking at. So those are my views on those three questions, but I'll have -- I'll hand them over to Eli because I think he'd like to add as his perspective as well.

因此，這些並不總是能夠在正確的時間輕易找到，但我們卻花了大量的時間。我們已經提高了團隊內部進行評估的能力。這就是我們正在關注的事情。這就是我對這三個問題的看法，但我會把它們交給 Eli，因為我認為他也想補充他的觀點。

Yeah. So I think -- about the EBITDA, your question, the way that we view it and how we're actually looking on the second half and the full year, we will be above the midpoint up to the higher range. And the main dynamics there is coming from a few things. First of all, the three main products AUSTEDO, AJOVY and UZEDY, those are now yielding to a $2.9 billion revenue. This is the higher margin but if you compare it to last year with the $2.3 billion, the first half of this year is actually more meaningful in the year versus the first half last year.

是的。所以我認為 - 關於 EBITDA，您的問題，我們對其的看法以及我們對下半年和全年的實際看法，我們將高於中點，達到更高的範圍。那裡的主要動力來自於一些事情。首先，三大主要產品 AUSTEDO、AJOVY 和 UZEDY 目前已產生 29 億美元的收入。這是較高的利潤率，但如果與去年的 23 億美元相比，今年上半年實際上比去年上半年更有意義。

So we're actually progressing now to around 45% versus the full year. Last year, at that point, we were actually doing from that $2.3 billion like 40%, which will give us and the confidence that it's kind of starting to be more balanced in between first half and second half that's allowing already to bank profit. The other element you need to understand that as we move forward, we will keep investing in our OpEx which means we are not taking our OpEx down, we'll keep investing.

因此，與全年相比，我們現在實際上已經取得了 45% 左右的進展。去年，那時，我們實際上已經從 23 億美元中獲利 40%，這將給我們帶來信心，讓我們相信上半年和下半年之間的情況開始更加平衡，這已經讓我們獲得了利潤。您需要了解的另一個因素是，隨著我們前進，我們將繼續投資我們的營運支出，這意味著我們不會降低我們的營運支出，我們會繼續投資。

So in between, our EBIT to flow through profits to the bottom line and how we keep investing in those products mostly with AUSTEDO we will see a benefit in terms of the margin on EBITDA and OP, and we also reflected that this in the midpoint for the EPS coming from the innovative if you couple it with our savings from our programs, which currently we see a line of sight of $70 million, we are totally offsetting any softness on generics and with incremental profit.

因此，在這兩者之間，我們的 EBIT 將通過利潤流入底線，而我們如何繼續投資於這些產品（主要是 AUSTEDO），我們將看到 EBITDA 和 OP 利潤率方面的好處，並且我們還反映出，如果將其與來自創新的 EPS 的中點相結合，我們目前的節省仿額為 7000 萬美元，我們將獲得任何增量，並獲得完全疲軟，並獲得完全疲軟。

So I think that to sum it, we're going to be above the midpoint, close to the higher range. I think there is another point here that [Eric Hughes] mentioned on the capital allocation. I think this is about timing. Yes, we are constantly looking on BD and also to understand how those one can actually interpret higher multiples for us in terms of the total of the growth aligned with our strategy.

所以我認為，總而言之，我們將高於中點，接近較高範圍。我認為 [Eric Hughes] 也提到了關於資本配置的另一點。我認為這與時機有關。是的，我們一直在關注 BD，同時也在了解那些人如何從符合我們策略的成長總量的角度為我們解釋更高的倍數。

But most importantly, when we're talking about shareholder buybacks or any kind of capital return to our shareholders, we're still in a trajectory to enhance our free cash flow to make sure that we enable to fuel our business, managing our working capital growth as well allowing us the flexibility to do these types of things.

但最重要的是，當我們談論股東回購或任何形式的股東資本回報時，我們仍然處於提高自由現金流的軌道上，以確保我們能夠推動我們的業務，管理我們的營運資本成長，並讓我們能夠靈活地做這些事情。

So we're constantly (technical difficulty) that one. And once we'll have kind of some more information around that when we share with you.

因此，我們一直在解決（技術​​難題）這個問題。一旦我們獲得更多相關信息，我們就會與您分享。

Keonhee Kim, Morningstar.

Keonhee Kim，晨星公司。

Hey guys, thanks for taking my question and congrats on the good quarter. Just a quick one on the SOLARIS progress. Yes, I just wanted to ask how the product rollout is going. If the landscape is similar to what we saw with [Humira] where it will take some quarters before the biosimilar really ticks up? Or does this kind of space look a little differently? Thanks.

嘿，大家好，感謝你們回答我的問題，恭喜你們本季取得了良好的業績。簡單介紹一下 SOLARIS 的進展。是的，我只是想問一下產品推出的進度如何。如果情況與我們在 [Humira] 上看到的情況類似，那么生物仿製藥是否需要幾個季度才能真正流行起來？或者這種空間看起來有點不同？謝謝。

Great. Thanks for your question. So what I'd say to sort of step back is every biosimilar sort of can play out slightly differently. And we're aware of that. I think I've been communicating that for the last two years. [Humira's] different from biosimilars, STELARA, [biosimilar]. So -- and we're okay with that because I think we have a very agile team in the US here. I understand the different dynamics based on the different pathway to the physician, the different -- whether it's a pharmacy or not.

偉大的。謝謝你的提問。因此，我想說的是，退一步來說，每種生物相似藥的表現可能略有不同。我們意識到了這一點。我想我已經在兩年前就一直在強調這一點了。 Humira 不同於生物相似藥 STELARA，[生物相似藥]。所以——我們對此沒有意見，因為我認為我們在美國有一個非常敏捷的團隊。我了解基於不同的就醫途徑、不同的——無論是否是藥房——的不同動態。

That said, I think the team has started to execute as well because of that capability we have. And so I think we see this as a good opportunity. And that's one of the things that is fuelling our confidence in our revenue growth in our biosimilars. But I think the overarching is this is a portfolio play strategically. We aim to bring 20 biosimilars to the market.

話雖如此，我認為由於我們擁有這種能力，團隊也已經開始執行了。所以我認為我們認為這是一個很好的機會。這也是我們對生物相似藥收入成長充滿信心的因素之一。但我認為總體而言，這是一個策略性的投資組合遊戲。我們的目標是將 20 種生物相似藥推向市場。

I won't try and pick the ones that are going to be the superstars now because it's different. It's very dynamic. And as I said, we're okay with that because we are going to bring eight biosimilar to the market by 2027. We don't need all of those to be superstar. we'll work hard to make sure they are, but we don't, that's why we're confident in being able to double our revenue to $800 million for our biosimilars by 2027.

我現在不會試圖挑選那些將成為超級明星的人，因為情況不同。它非常有活力。正如我所說，我們對此沒有異議，因為我們將在 2027 年之前將八種生物相似藥推向市場。我們不需要所有這些都成為超級明星。我們會努力確保他們成為超級明星，但我們沒有，這就是為什麼我們有信心到 2027 年能夠將我們的生物仿製藥收入翻一番，達到 8 億美元。

So hopefully, that answers the question. Good start in one of our products. but also, good performance about others that we have in the US. So thanks for your question. And I think with that, I think we have gone over a bit.

希望這能回答這個問題。我們的一款產品開局良好，而且我們在美國的其他產品也表現良好。感謝您的提問。我認為，我們已經討論得有點多了。

So I apologize for that, but we wanted to make sure we had a chance to answer as many questions as we could. I appreciate your time and your interest in Teva, and I look forward to catching up with you, many of you over our road show. So thank you very much. Goodbye.

所以我對此表示歉意，但我們希望確保我們有機會回答盡可能多的問題。感謝您抽出時間對 Teva 表示關注，我期待在路演中與你們中的許多人交流。非常感謝。再見。

Thank you all for joining. You may now disconnect your lines.

感謝大家的加入。現在您可以斷開線路了。