Teva Pharmaceutical Industries Ltd (TEVA) 2025 Q3 法說會逐字稿

Hello, and welcome to the Q3 2025 Teva Pharmaceutical Industries Limited earnings conference call. My name is Alex, and I'll be coordinating today's call. (Operator Instructions)

大家好，歡迎參加梯瓦製藥工業有限公司2025年第三季財報電話會議。我叫亞歷克斯，我將負責協調今天的電話會議。（操作說明）

I'll now hand over to Chris Stevo, SVP, Investor Relations. Please go ahead.

現在我將把麥克風交給投資人關係高級副總裁克里斯‧史提沃。請繼續。

Thank you, Alex. Good morning and good afternoon, everyone. In a moment, I'll hand the call over to my CEO, Richard Francis. But before I do that, it is my duty and my honor to remind you of our forward-looking statements. Today on this call, we'll be making forward-looking statements, and we undertake no obligation to update those statements after today's call.

謝謝你，亞歷克斯。各位早安/下午好。稍後我會把電話轉給我的執行長理查德·弗朗西斯。但在此之前，我有責任和榮幸地提醒各位注意我們的前瞻性聲明。在今天的電話會議上，我們將發表一些前瞻性聲明，但我們不承擔在今天的電話會議之後更新這些聲明的義務。

If you have any questions regarding forward-looking statements, please feel free to see our SEC filings under Forms 10-Q and 10-K in the relevant sections. And with that, Richard Francis.

如果您對前瞻性陳述有任何疑問，請隨時查看我們向美國證券交易委員會提交的 10-Q 表格和 10-K 表格的相關章節。就這樣，理查德‧法蘭西斯說。

Thanks, Chris, and good morning, good afternoon, everybody. Thank you for joining the call today. On the call today, I will be joined by Dr. Eric Hughes, Head of R&D and Chief Medical Officer; and Eli Kalif, the CFO of Teva Pharmaceuticals. So starting with, as I always do, the pivot to growth strategy.

謝謝克里斯，大家早安，下午好。感謝您今天參加電話會議。今天，我將與梯瓦製藥研發主管兼首席醫療官埃里克·休斯博士和首席財務官伊萊·卡利夫一起參加電話會議。首先，像往常一樣，我要談談轉向成長策略。

This is a strategy that have guided Teva for the last three years, a strategy based on the four pillars: deliver on our growth engines, which is all about driving AUSTEDO, UZEDY and AJOVY, our innovative portfolio, stepping up innovation, which Eric will talk to you about, with the great progress we're making across our innovative pipeline, sustained generics powerhouse and the work we've done to stabilize our generics business and then focus the business, and I'll give you an update on where we are with our transformation of Teva, our $700 million cost savings programs as well as an update on TAPI.

這是過去三年來指導梯瓦發展的策略，該策略基於四大支柱：實現我們的成長引擎，即推動我們的創新產品組合AUSTEDO、UZEDY和AJOVY的發展；加大創新力度，埃里克將向大家介紹我們在創新產品線方面取得的巨大進展；保持強大的仿製藥實力約

Now moving on to the actual results. Pleased to say this is our 11th quarter of consecutive growth, up 3% in revenue to $.5 billion, and adjusted EBITDA up 6% and our non-GAAP EPS up 14%. These all compared to Q3 2024. And our free cash flow is just above $0.5 billion. I'm really pleased to say that our net debt to EBITDA is now below 3 times for the first time since 2016.

現在來看實際結果。令人欣慰的是，這是我們連續第 11 個季度實現成長，營收成長 3% 至 5 億美元，調整後 EBITDA 成長 6%，非 GAAP 每股盈餘成長 14%。以上數據均與 2024 年第三季相比。我們的自由現金流略高於 5 億美元。我很高興地宣布，自 2016 年以來，我們的淨負債與 EBITDA 的比率首次低於 3 倍。

Now moving on to the next slide, one of my favorite slides, I have to admit. This is our 11th quarter of consecutive growth after many years of sales decline. And it's worth noting that Q3 '24 was a particularly difficult comparison year where we had growth of 15%.

現在來看下一張投影片，我不得不承認，這是我最喜歡的投影片之一。這是我們連續第11個季度實現成長，此前我們經歷了多年的銷售下滑。值得注意的是，2024 年第三季是一個比較特別的年份，我們實現了 15% 的成長。

And so to grow 3% over that comp, I think, is a testament to the work we've done on our portfolio and a testament to the teams. Now this puts us on track for our growth targets we set for 2027 to have mid-single-digit growth. So congratulations to the whole team that have made this happen over the last 11 quarters.

因此，能夠比同業成長 3%，我認為，這證明了我們在投資組合方面所做的工作，也證明了團隊的實力。現在，這讓我們朝著2027年設定的中位數成長目標邁進了一步。所以，恭喜過去11季以來為此付出努力的整個團隊。

Now going down a bit more detail, what's behind this $4.5 billion revenue and 3% growth. This growth was spearheaded by our innovative products, and I'm really pleased to say that they are now worth over $800 million for the quarter, and the growth is 33% year on year.

現在讓我們更詳細地了解一下，這 45 億美元的收入和 3% 的成長背後是什麼。這項成長主要得益於我們的創新產品，我很高興地宣布，本季這些產品的價值已超過 8 億美元，年增 33%。

AUSTEDO grew an impressive 38%, reaching $618 million. UZEDY performed strongly, up 24%, reaching $43 million and AJOVY performed well, up 19% to $168 million. Global generics revenues was up 2% and TAPI was down 4%, reflecting some seasonal volatility.

AUSTEDO 實現了令人矚目的 38% 的成長，達到 6.18 億美元。 UZEDY表現強勁，成長 24%，達到 4,300 萬美元；AJOVY 表現良好，成長 19%，達到 1.68 億美元。全球仿製藥收入成長 2%，而 TAPI 收入下降 4%，這反映了一些季節性波動。

So now I'm going to double-click and go into a bit more detail on all of these areas, starting with AUSTEDO. Now as you know, AUSTEDO was selected earlier this year for CMS for the 2027 price negotiation.

現在我要雙擊並更詳細地介紹所有這些領域，首先從 AUSTEDO 開始。如您所知，AUSTEDO 於今年稍早被選中代表 CMS 參與 2027 年的價格談判。

And I'm pleased to say that agreement that we've concluded is consistent with our midterm expectations for AUSTEDO that we first laid out back in May 2023. And this means that we can confirm with confidence our 2027 revenue target of $2.5 billion and our peak sales target of over $3 billion.

我很高興地說，我們達成的協議與我們在 2023 年 5 月首次提出的 AUSTEDO 中期預期是一致的。這意味著我們可以自信地確認 2027 年的營收目標為 25 億美元，高峰銷售目標超過 30 億美元。

Now let's talk a bit more about AUSTEDO in Q3. It was another strong quarter for AUSTEDO, where the team continues to perform incredibly well. The US reached $601 million in Q3 '25, growing at 38% year over year. And this is the first time we have passed $600 million.

現在讓我們更詳細地談談 AUSTEDO 在第三季的情況。對於AUSTEDO來說，這又是一個強勁的季度，團隊繼續表現出色。2025年第三季度，美國達到6.01億美元，年增38%。這是我們首次突破 6 億美元大關。

So congratulations to the team for all their hard work in making this happen, and it really reflects the understanding this team has of the market. We grew TRx 11%, and we continue to see the increasing penetration of AUSTEDO XR. And it's worth reminding everybody again that AUSTEDO XR requires fewer scripts compared to the original AUSTEDO, and that's why it's equally important to look at the milligrams dispensed. And as you can see, these were up 25%.

所以，祝賀團隊為實現這一目標所付出的辛勤努力，這真正體現了團隊對市場的理解。TRx 成長了 11%，我們繼續看到 AUSTEDO XR 的滲透率不斷提高。值得再次提醒大家的是，AUSTEDO XR 需要的處方比原版 AUSTEDO 少，因此查看配藥毫克數同樣重要。正如你所看到的，這些數字上漲了 25%。

Now as you see on this slide, we've highlighted that with 2026 approaching, we have a good sense of AUSTEDO's 2026 formulary position, and we continue to reflect the balance between preserving value and maintaining access. So based on these strong results in Q3, we can increase our revenue outlook for AUSTEDO to $2.05 billion to $2.15 billion for the year.

正如您在這張投影片上看到的，我們已經強調，隨著 2026 年的臨近，我們對 AUSTEDO 2026 年的藥品目錄立場有了很好的了解，我們將繼續體現在保持價值和維持可及性之間的平衡。因此，基於第三季強勁的業績，我們可以將AUSTEDO全年的營收預期提高到20.5億美元至21.5億美元。

Now moving on to UZEDY, another exciting member of our innovative family. UZEDY continues to perform well. Momentum remains strong as we continue to address the needs of the mild-to-moderate patients and those beyond who take risperidone. Revenues were up 24% year over year, and TRx was up a strong 119%.

接下來介紹 UZEDY，我們創新家族的另一位令人興奮的成員。UZEDY 的表現持續良好。我們持續滿足服用利培酮的輕度至中度患者及其他患者的需求，發展動能依然強勁。營收年增 24%，交易量更強勁成長 119%。

It is worth noting that revenue growth was partially impacted by a onetime Medicaid gross to net adjustment. Now this does not impact our long-term LAI franchise expectations, and we reiterate our peak sales target of $1.5 billion to $2 billion for the franchise.

值得注意的是，收入成長部分受到一次性醫療補助總額與淨額調整的影響。這不會影響我們對 LAI 特許經營的長期預期，我們重申該特許經營的高峰銷售目標為 15 億美元至 20 億美元。

Now this confidence is rooted in the data. UZEDY's NBRx is significantly above the TRx. As you know, in Q3, we also had an expanded indication for bipolar I disorder. Now to give you more guidance on how to forecast UZEDY going forward, the Q4 implied guidance of $55 million to $65 million provides a cleaner run rate for forecasting going forward due to that gross to net adjustment in Q3.

如今，這種自信是有數據支撐的。UZEDY 的 NBRx 明顯高於 TRx。如您所知，在第三季度，我們也擴大了雙相情感障礙 I 型的適應症。為了進一步引導您如何預測 UZEDY 的未來發展，由於第三季毛利淨利調整，第四季隱含的 5,500 萬美元至 6,500 萬美元的業績指引為未來的預測提供了更清晰的運行速度。

But I want to take a couple of slides just to talk about the excitement we have around our LAI, our long-acting franchise in schizophrenia. And why do we think this $1.5 billion and $2 billion is achievable? Well, it really comes down to the great work that's been done with UZEDY already. The team here has created great traction, as you can see, with 119% TRx growth.

但我只想用幾張投影片來談談我們對 LAI（長效注射劑）的興奮之情，這是我們治療精神分裂症的長效產品。我們為什麼認為這15億美元到20億美元的目標能夠實現？其實，這主要歸功於 UZEDY 已經完成的出色工作。正如你所看到的，該團隊取得了巨大的成功，交易量增加了 119%。

We have a great product profile with UZEDY, and we anticipate having a similar strong product profile with olanzapine. But more importantly, the capabilities and the knowledge that has been built here, we have the same people in front of key payers, the same people in front of these key physicians, these key nurse practitioners, health care providers, patient associations, the people who look after the formulary committees. That puts us in a very strong position. And we know and believe there's a significant unmet need in the olanzapine for long-acting treatment.

UZEDY 擁有良好的產品形象，我們預期奧氮平也將擁有類似的強大產品形象。但更重要的是，憑藉這裡累積的能力和知識，我們能夠與主要支付方、主要醫生、主要執業護士、醫療保健提供者、患者協會以及負責藥品目錄委員會的人員進行溝通。這讓我們處於非常有利的地位。我們知道並相信，奧氮平長效治療方面存在著巨大的未滿足需求。

And if you put those two together on this slide, we have the ability with UZEDY and our long-acting olanzapine to treat up to 80% of patients who suffer from schizophrenia, whether that's mild to moderate with UZEDY or moderate to severe with long-acting olanzapine.

如果將這兩點放在這張投影片上，我們就能利用 UZEDY 和我們的長效奧氮平治療高達 80% 的精神分裂症患者，無論是使用 UZEDY 治療輕度至中度精神分裂症，還是使用長效奧氮平治療中度至重度精神分裂症。

And just to highlight, unfortunately, 4.7 million people suffer from schizophrenia in the US and Europe. So the opportunity for both brands is significant. That's hence the reason why our confidence in the $1.52 billion remains strong.

另外要指出的是，不幸的是，美國和歐洲有 470 萬人患有精神分裂症。因此，這兩個品牌都面臨著巨大的機會。正因如此，我們對這15.2億美元的信心依然強勁。

Now moving on to AJOVY. I do love AJOVY. It continues to grow strongly across all regions in what is still a very competitive market. And there's some nice data points here. We are the number one preventative CGRP injectable in new prescriptions among the top US headache centers, and we are the number one preventative CGRP injectable in 30 countries across Europe and international. And so we confirm our guidance of $630 million to $640 million.

接下來是 AJOVY。我真的很喜歡AJOVY。在競爭依然非常激烈的市場中，它在所有地區都持續保持強勁成長。這裡有一些不錯的數據點。在美國頂級頭痛中心的新處方中，我們的預防性 CGRP 注射劑排名第一；在歐洲和國際上的 30 個國家，我們的預防性 CGRP 注射劑排名第一。因此，我們確認先前給出的預期為 6.3 億美元至 6.4 億美元。

Now staying on innovation. I'm going to touch briefly upon the innovative pipeline, as I know Eric will talk to you about this later, but I'm super excited about this. Why? Because it's near term. These are late-stage assets.

接下來我們繼續探討創新。我先簡單提一下這個創新流程，我知道艾瑞克稍後會跟你們談到這一點，但我對此感到非常興奮。為什麼？因為這是近期的事。這些都是後期資產。

Olanzapine, I'll talk to you about the filing of that this year. DARI, the good recruitment that we're seeing to bring that to the market in '27. Duvakitug, starting our Phase 3 study. Emrusolmin, great recruitment there. But then I look across the right-hand side of the slide, and I see the potential of peak sales, and it's over $11 billion.

奧氮平，我今年會跟你談談它的申請事宜。DARI，我們看到良好的招募情況，將在 2027 年將其推向市場。Duvakitug，啟動我們的3期研究。Emrusolmin公司，你們的招募工作做得非常出色。但當我看向投影片的右側時，我看到了銷售高峰的潛在值，超過 110 億美元。

And I'll remind you, that's just for the indications on this slide. We know that duvakitug and anti-IL-15 will be pursued in multiple indications. So we really have strong growth drivers for the future for Teva.

我還要提醒各位，這只是指這張投影片上的指示。我們知道 duvakitug 和抗 IL-15 將在多種適應症中進行研究。因此，Teva 未來確實擁有強勁的成長動力。

Now moving on to our generics business. Our generics business grew 2% over 2024, and this is fueled by launches as well as the growth of our biosimilar and our OTC business. Now as I reminded you before, we tend to look at this business over a two-year CAGR just because of the inherent timing of new launches that we have in this business.

接下來我們來談談仿製藥業務。到 2024 年，我們的仿製藥業務成長了 2%，這得益於新產品的上市以及生物相似藥和非處方藥業務的成長。正如我之前提醒過你們的，由於我們這個行業新產品上市時間的固有特點，我們傾向於以兩年複合年增長率來衡量這項業務。

Now looking at the regions, we had a very strong quarter for the US. It grew 7% in Q3, and that was driven by several launches and particularly strong performance of biosimilars as well as some phasing patterns for our generic Revlimid, which I would like to point out, these will not be repeated to the same magnitude in Q4.

現在來看各個地區，美國本季表現非常強勁。第三季成長了 7%，這主要得益於幾款新產品的上市，以及生物相似藥的強勁表現，還有我們仿製藥瑞復美的一些階段性銷售模式。我想指出的是，這些成長在第四季不會以同樣的幅度重現。

Europe declined 5%, mainly due to some tough comparisons to the prior year where we had a number of launches and a number of tender wins, which are for two-year periods. So it's a 1% CAGR for the two years. International markets grew at 3% or 12% on a two-year CAGR.

歐洲市場下滑了 5%，主要是因為與前一年相比，今年的業績比較艱難。上一年，我們推出了一系列新產品，並贏得了一些為期兩年的招標項目。所以這兩年的複合年增長率是 1%。國際市場兩年複合年增長率分別為 3% 及 12%。

But now I'd like to talk to you a bit about our biosimilars because we're entering an exciting period for our biosimilars portfolio. We have -- now have 10 in-line assets globally and the potential to launch 6 more through 2027.

但現在我想和大家談談我們的生物相似藥，因為我們的生物相似藥產品組合正進入一個令人興奮的時期。我們目前在全球擁有 10 個在建項目，到 2027 年仍有潛力再推出 6 個項目。

So we're well on track to add another $400 million by 2027 as we forecasted back at the start of the year. And I want to remind you that today, we're growing strongly in biosimilars without substantial launches or revenues in Europe, which is the largest region in the biosimilar market. And our European pipeline will start to convert into launches and revenues and biosimilars will be a more significant driver for Teva overall after 2027.

因此，我們預計在 2027 年實現年初預測的 4 億美元的成長目標。我想提醒各位，如今，我們在歐洲（生物相似藥市場最大的地區）並沒有推出大量新產品或獲得大量收入，但我們的生物相似藥業務卻實現了強勁增長。2027 年後，我們的歐洲產品線將開始轉化為上市和收入，生物相似藥將成為梯瓦整體業務更重要的驅動力。

Now moving on to the fourth pillar, focus our business. We made significant progress with the Teva transformation program, and this is something we started at the start of this year. And we made a commitment to realize two-thirds of the $700 million by the end of 2026. And I can tell you we're on track to do that.

現在進入第四個支柱，聚焦我們的業務。我們在 Teva 轉型計劃方面取得了重大進展，這是我們今年年初啟動的專案。我們承諾在 2026 年底實現 7 億美元目標的 2/3。我可以告訴你，我們正朝著這個目標穩步前進。

The reason why I can tell you that is because we're on schedule to hit our 2025 goals, and that sets us up well for the start of next year. But I'll leave Eli to go into a bit more detail later on in this presentation.

我之所以能這樣告訴你們，是因為我們正按計畫實現 2025 年的目標，這為明年的開始奠定了良好的基礎。但我稍後會請 Eli 在本次演講中更詳細地介紹一下。

Now before I hand it over to Eric, I wanted to give you an update on how we're tracking for the 2027 targets, which we are reiterating today. So from a revenue point of view, with the IRA negotiations now finalized, our upcoming launches and the stabilization of our generic business, we estimate that 2025 will end the year with a 3% to 4% growth range, consistent with our '23 to '27 mid-single-digit average growth.

在將發言權交給艾瑞克之前，我想向大家報告我們實現 2027 年目標的進展情況，我們今天再次重申這些目標。因此，從收入的角度來看，隨著 IRA 談判的完成、我們即將推出的產品以及我們仿製藥業務的穩定，我們預計 2025 年將以 3% 至 4% 的成長範圍結束，這與我們 2023 年至 2027 年的個位數中段平均成長率一致。

On OP, because of the work we've done of driving our innovative portfolio, I remind you, up 33% as well as the progress we made on organizational effectiveness, we are on track to our 30% margin. And this year, we will end around the 27% margin overall. And the net debt-to-EBITDA dropped below 3 times, as I mentioned earlier.

在OP方面，由於我們推動創新產品組合的工作，我提醒您，成長了33%，加上我們在組織效率方面取得的進展，我們正朝著30%的利潤率目標穩步前進。今年，我們整體利潤率將達到 27% 左右。正如我之前提到的，淨債務與 EBITDA 的比率已降至 3 倍以下。

By the end of this year, we should be around 2.8 times, well on track to hit the 2 times by 2027. And with that, I will hand over to my colleague, Eric Hughes.

到今年年底，我們應該可以達到 2.8 倍左右，很有希望在 2027 年達到 2 倍的目標。接下來，我將把麥克風交給我的同事艾瑞克‧休斯。

Thank you, Richard. Now as Richard said, we have a healthy late-stage development programs in our innovative medicines. And we're doubling down on our efforts to execute these studies on time and efficiently. Now beginning with olanzapine LAI, we're on track for our FDA submission later in this quarter. Our DARI program for both adults and pediatric patients is on target for enrollment by the end of this year.

謝謝你，理查。正如理查德所說，我們在創新藥物方面擁有健康的後期研發項目。我們將加倍努力，確保這些研究按時且有效率地完成。現在，我們正按計畫推進奧氮平長效注射劑的上市申請，預計將於本季稍後提交給FDA。我們的 DARI 計畫面向成人和兒童患者，預計將於今年年底前完成招生。

Our duvakitug program in partnership with Sanofi has now initiated both our ulcerative colitis and Crohn's disease Phase 3 studies. Our emrusolmin program has now enrolled the 100 patients that we'll need for our futility analysis by the end of next year, and then enrollment continues to do very well.

我們與賽諾菲合作的 duvakitug 計畫現已啟動潰瘍性結腸炎和克隆氏症的 3 期研究。我們的 emrusolmin 計畫目前已招募了 100 名患者，我們將在明年年底前完成無效性分析，之後招募工作將繼續進行，進展非常順利。

And finally, our anti-IL-15 program, very exciting program with multiple potential indications in the future, where be reading out our celiac and our vitiligo studies, proof of concepts in the first half of next year. So exciting late-stage programs.

最後，我們的抗IL-15項目是一個非常令人興奮的項目，未來有多種潛在適應症，我們將在明年上半年公佈我們的乳糜瀉和白斑症研究結果，作為概念驗證。令人興奮的後期項目。

But before I go on to those in more specific detail, I do want to have a celebration for the UZEDY team for bipolar I disorder. We had an approval and an expansion of our label, which we're very proud of.

但在我更詳細地介紹這些內容之前，我想先慶祝一下 UZEDY 團隊在治療 I 型雙相情感障礙方面所取得的成就。我們的品牌獲得了批准並得以擴展，我們為此感到非常自豪。

This is an innovative approach by the team using the known and well-characterized pharmacology of UZEDY plus the safety database that we have in conjunction with efficacy using a modeling and simulation approach to expand that label for patients suffering from bipolar I disorder. So a great innovative approach, very efficient execution and a great opportunity for patients to get treatment for their bipolar disease.

這是團隊採用的一種創新方法，利用 UZEDY 已知的、特徵明確的藥​​理學特性以及我們擁有的安全數據庫，結合療效，透過建模和模擬方法，擴大了該藥物的適應症範圍，使其適用於患有 I 型雙相情感障礙的患者。所以，這是一種極具創新性的方法，執行非常高效，為雙相情感障礙患者提供了絕佳的治療機會。

Now on to olanzapine LAI. As we've mentioned, we've actually presented the data, both the safety and efficacy of the full program in Phase 3 at the 2025 Psych Congress Annual Meeting. It was very well received. Both the safety and efficacy was right where we expected it. And most importantly, we had no cases of PDSS.

接下來是奧氮平長效注射劑。正如我們之前提到的，我們已經在 2025 年精神病學大會年會上展示了 3 期臨床試驗中整個計畫的安全性和有效性數據。它受到了非常熱烈的歡迎。安全性和有效性都符合我們的預期。最重要的是，我們沒有出現PDSS病例。

And that submission is planned for the late half of this quarter. So on track and exciting opportunity for patients in the future. Moving on to our dual action rescue inhaler program for asthma, our ICS/SABA Phase 3 program. This is the largest study we've run at Teva to date. Right now, we're on track for full enrollment of our adults and our pediatric patients at the end of this year.

該提案計劃於本季後半段提交。所以一切進展順利，未來對患者來說將是一個令人振奮的機會。接下來介紹我們的氣喘雙效急救吸入器計劃，即我們的 ICS/SABA 第三階段計劃。這是梯瓦製藥迄今為止所進行的最大規模的研究。目前，我們正按計劃推進，爭取在今年年底前完成成人和兒童患者的全面招募。

And remember, the real value here is the fact that in our label, we anticipate to get the pediatrics included, which is 25% of the market. And also, we'll have a dry powder inhaler, which is a simple device to use, simply open, inhale and close. This makes it much more convenient for both adults and particularly the pediatric patients. So a great program right on track.

請記住，真正的價值在於，我們預計我們的標籤將涵蓋兒科市場，而兒科市場佔市場份額的 25%。此外，我們還會配備一個乾粉吸入器，這是一個使用簡單的裝置，只需打開、吸氣、關閉即可。這使得成人患者，尤其是兒科患者，就醫更加方便。所以，這是一個很棒的項目，一切都很順利。

And as I mentioned before, we're very excited to announce that we have now initiated both the ulcerative colitis and Crohn's disease Phase 3 programs with our partner, Sanofi, for our duvakitug program. This is a very exciting program, very large effort by many people.

正如我之前提到的，我們非常激動地宣布，我們現在已經與合作夥伴賽諾菲啟動了 duvakitug 計畫的潰瘍性結腸炎和克羅恩病 3 期臨床試驗計畫。這是一個非常令人興奮的項目，凝聚了許多人的心血。

The ulcerative colitis study is called SUNSCAPE and the Crohn's disease program is called STARSCAPE. And what we're really excited about with this program is the way we've designed Phase 3. It includes an open label feeder arm that will enroll patients very rapidly since it's open label and they know they get treatment, but that gets to our safety numbers very rapidly in the maintenance.

潰瘍性結腸炎研究計畫名為 SUNSCAPE，克隆氏症計畫名為 STARSCAPE。我們對這個專案真正感到興奮的是第三階段的設計方式。它包含一個開放標籤的供體組，由於是開放標籤的，患者知道自己會接受治療，因此可以非常迅速地招募患者，但這也能非常迅速地達到維持治療中的安全指標。

We have a favorable randomization ratio for the patients to active. We have a rerandomization design, which is really a more feasible or favorable design for multiple doses and is more reflective of clinical practice. And finally, but possibly most important of all, the entire program is based on subcutaneous injections. That's loading dose, induction rate and then maintenance throughout the entire program.

我們為患者分配到活性治療組制定了有利的隨機分組比例。我們採用了重新隨機化設計，這對於多劑量給藥來說是一種更可行或更有利的設計，也更能反映臨床實踐。最後，但或許也是最重要的一點，整個療程都是基於皮下注射的。包括負荷劑量、誘導劑量以及整個療程的維持劑量。

So it's a really patient-friendly program, and it's designed to execute quickly. I would add, we were the fastest to transition this MOA from Phase 2 to Phase 3. So it's all about execution now with a great program. So kudos to the team.

所以這是一個非常人性化的治療方案，而且旨在快速執行。我還要補充一點，我們是將該諒解備忘錄從第二階段過渡到第三階段速度最快的。所以現在關鍵在於如何出色地執行這個計劃。所以，要給團隊按讚。

And on to emrusolmin. I always like to start by saying emrusolmin is enrolling a patient population that is a real unmet medical need. This is multiple system atrophy. And our differentiated molecule is targeting the very beginning of the alpha-synuclein aggregates. We have a very efficient design.

接下來是emrusolmin。我總是喜歡先說，emrusolmin 正在招募的病患群體真正滿足了未被滿足的醫療需求。這是多系統萎縮。我們研發的這種差異化分子標靶的是α-突觸核蛋白聚集體的起始部分。我們的設計非常有效率。

Here, you can see it's a 48-week design against placebo. And I mentioned enrollment is going very well, and we've already got the first 100 that will be involved in the futility analysis at the end of next year. So we're right on track, and it's going quickly. We're proud that this has received fast track designation, and we've already got the orphan designation. So more to come.

在這裡，你可以看到這是一個為期 48 週的安慰劑對照試驗設計。我之前提到過，招生工作進展非常順利，我們已經有前 100 名學生將參與明年年底的無效性分析。所以一切都在按計劃進行，而且進展很快。我們很自豪這個計畫獲得了快速通道資格，而且我們已經獲得了孤兒計畫資格。敬請期待更多內容。

And finally, I just want to touch base on the anti-IL-15 program. This is another great homegrown antibody and program from the Teva laboratories. Right now, we've got it in proof-of-concept studies in celiac disease and importantly, also in vitiligo, which will read out in the first half of next year.

最後，我想簡單談談抗IL-15計畫。這是梯瓦實驗室自主研發的又一款優秀的抗體和專案。目前，我們已經在乳糜瀉和白斑方面進行了概念驗證研究，更重要的是，研究結果將於明年上半年公佈。

But the upside possibility here is multiple different indications. Remember, IL-15 is a key cytokine in the activation and proliferation of NK cells and T cells that's believed to be involved in many different indications that you can see here.

但這裡存在著多種不同的上漲潛力。請記住，IL-15 是 NK 細胞和 T 細胞活化和增殖的關鍵細胞因子，據信與你在這裡看到的許多不同症狀有關。

So a lot to go with IL-15, but very exciting program, and that also received fast track designation. And with that, I'm going to pass it off to my colleague, Eli Kalif.

所以IL-15還有很多工作要做，但這是一個非常令人興奮的項目，而且該項目還獲得了快速通道資格。接下來，我將把麥克風交給我的同事伊萊‧卡利夫。

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 in Q3. First, Q3 results were above solid, driven once again by our fast-growing innovative portfolio.

謝謝你，艾瑞克，也祝大家早安/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（包括第三季）的持續執行力。首先，第三季業績表現穩健，這再次得益於我們快速成長的創新產品組合。

As Richard said earlier, this was our 11th consecutive quarter of revenue growth. Second, we continue to strengthen our balance sheet and specifically reduced our net debt to below $15 billion and expanded our EBITDA, leading to the net debt-to-EBITDA of below 3 times for the first time since Q3 2016.

正如理查德之前所說，這是我們連續第 11 個季度實現營收成長。其次，我們繼續加強資產負債表，特別是將淨負債減少到 150 億美元以下，並擴大了 EBITDA，使得淨負債與 EBITDA 的比率自 2016 年第三季以來首次低於 3 倍。

Third, we have made significant progress in our transformation programs with approximately half of our planned savings of $70 million for 2025 already achieved by Q3. We are on track to deliver approximately $700 million of net savings by 2027 and achieve our 30% operating margin targets.

第三，我們的轉型計畫取得了重大進展，到第三季度，我們已實現 2025 年計畫節省的 7,000 萬美元目標的大約一半。我們預計在 2027 年前實現約 7 億美元的淨節省，並實現 30% 的營業利潤率目標。

And lastly, the outcome of the IRA negotiation for AUSTEDO is largely in line with our model expectation and further emphasize our conviction in achieving our revenue target of $2.5 billion in 2027 and more than $3 billion at peak for AUSTEDO.

最後，AUSTEDO 的 IRA 談判結果基本上符合我們的模型預期，進一步強調了我們對實現 2027 年 25 億美元收入目標以及 AUSTEDO 高峰超過 30 億美元的信心。

Now moving to slide 30 to review our Q3 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 otherwise specified.

現在轉到第 30 張投影片，回顧我們 2025 年第三季的財務業績，首先是我們的 GAAP 業績。請注意，除非另有說明，否則我在接下來的演講中將以當地貨幣計算收入成長。

Similar to the last quarter, I will also refer to certain results from Q3 2024 that exclude any contribution from the Japan business venture, which we divested on March 31, 2025, to help you with the like-to-like comparison of our financial results. Our Q3 revenue were approximately $4.5 billion, growing 5% in US dollars or 3% in local currency.

與上一季類似，我還會提及 2024 年第三季的某些業績，這些業績不包括我們於 2025 年 3 月 31 日剝離的日本業務合資企業的任何貢獻，以幫助您對我們的財務業績進行同類比較。我們第三季的營收約為 45 億美元，以美元計算成長 5%，以當地貨幣計算成長 3%。

Revenue growth was mainly driven by continued strong momentum in our key innovative products, AUSTEDO, AJOVY, and UZEDY as well as our generics products in the US, including biosimilars. This was partially offset by some softness in European generics as well as lower proceeds from the sale of certain product rights compared to Q3 2024.

營收成長主要得益於我們重點創新產品 AUSTEDO、AJOVY 和 UZEDY 以及我們在美國的仿製藥（包括生物類似藥）的持續強勁成長勢頭。歐洲仿製藥市場疲軟以及某些產品權利出售所得收入較 2024 年第三季有所下降，部分抵銷了上述利多因素。

GAAP net income and EPS were $433 million and $0.37, respectively. FX movement during the quarter, including hedging effects positively impacted revenue by $106 million and operating income by $21 million compared to the third quarter of 2024.

GAAP淨利和每股盈餘分別為4.33億美元和0.37美元。本季外匯波動（包括對沖效應）對收入產生了積極影響，與 2024 年第三季相比，收入增加了 1.06 億美元，營業收入增加了 2,100 萬美元。

Now looking at our non-GAAP performance. Our non-GAAP gross margin increased by 120 basis points year over year to 55.3%. This increase was slightly higher than our expectation, driven mainly by strong growth in AUSTEDO leading to an ongoing positive shift in our portfolio mix.

現在來看我們的非GAAP業績。我們的非GAAP毛利率年增120個基點，達到55.3%。這一成長略高於我們的預期，主要得益於 AUSTEDO 的強勁成長，導致我們的投資組合結構持續向好轉變。

Gross margin also benefited, although to a lesser extent from a shift in ordering patterns for generics Revlimid in our US generics business, leading to some volume shift from the second quarter to the third quarter as well favorable FX.

毛利率也受益，儘管程度較小，這得益於我們美國仿製藥業務中仿製藥瑞復美（Revlimid）的訂購模式轉變，導致銷量從第二季度轉移到第三季度，以及有利的匯率。

This strong performance in non-GAAP gross margin largely carried through the non-GAAP operating margin, which increased by approximately 70 basis points year over year to 28.9%. This was partially offset by higher planned investment in OpEx and impact from foreign exchange movements. Overall, we ended the quarter with a non-GAAP earnings per share of $0.78, an increase of $0.10 or 14% year over year.

非GAAP毛利率的強勁表現很大程度上也反映在非GAAP營業利潤率上，營業利潤率年增約70個基點，達到28.9%。營運支出計畫投資增加以及外匯波動的影響部分抵消了上述影響。整體而言，本季非GAAP每股收益為0.78美元，比上年同期成長0.10美元或14%。

Total non-GAAP adjustment in the third quarter of 2025 were $478 million. Our free cash flow in Q3 was $515 million compared to $922 million in Q3 2024. This decrease was mainly due to timing of sales and collection as well as higher legal settlement payments, which we have planned for this year and is reflected in our full year free cash flow guidance.

2025 年第三季非 GAAP 調整總額為 4.78 億美元。我們第三季的自由現金流為 5.15 億美元，而 2024 年第三季則為 9.22 億美元。這一下降主要是由於銷售和收款的時間安排以及更高的法律和解付款，我們已為今年做好了計劃，並反映在我們的全年自由現金流預期中。

Moving to slide 31. We are making significant progress in our Teva transformation programs through a well-defined and targeted efforts to deliver sustainable margin improvements without compromising our ability to innovate and invest in our long-term growth.

切換到第31張投影片。我們透過明確而有針對性的努力，在 Teva 轉型計劃中取得了重大進展，以實現可持續的利潤率提升，同時又不損害我們的創新能力和對長期成長的投資能力。

These programs are expected to deliver approximately $700 million of net savings between 2025 and 2027, with roughly two-thirds of these savings to be realized between 2025 and 2026. We are well on track to achieve approximately $70 million of initial savings in 2025 with half of it already achieved by end of Q3, demonstrating solid momentum and execution.

這些計畫預計將在 2025 年至 2027 年間帶來約 7 億美元的淨節省，其中約三分之二的節省將在 2025 年至 2026 年間實現。我們預計在 2025 年實現約 7,000 萬美元的初步節省目標，其中一半已在第三季末實現，這表明我們擁有強勁的發展勢頭和執行力。

It's important to remember that the transformation we are driving is not just about reducing the spend. It's part of the journey to transform and modernize Teva into an innovative biopharma company and prioritizing resources towards areas that drive growth and innovation.

重要的是要記住，我們正在推動的變革不僅僅是減少支出。這是梯瓦轉型升級為創新生物製藥公司，並將資源優先投入到能夠推動成長和創新的領域的一部分。

These transformation efforts, along with the ongoing portfolio shift towards high-growth and high-margin innovative products provide a clear and credible path to achieving our 30% operating margin target by 2027, even as we continue to invest in the business.

這些轉型舉措，以及持續向高成長、高利潤的創新產品組合轉變，為我們在 2027 年實現 30% 的營業利潤率目標提供了清晰可靠的路徑，即使我們繼續投資於該業務。

In relation to these programs, we have recorded approximately $190 million year to date in restructuring costs and expected an overall cash outflow of $70 million to $100 million in 2025. Our guidance for 2025 already incorporated the impact of both expected savings and this cash outflow.

就這些項目而言，我們今年迄今已記錄了約 1.9 億美元的重組成本，預計到 2025 年將產生 7,000 萬至 1 億美元的現金流出。我們對 2025 年的預測已經包含了預期節省和這筆現金流出的影響。

Now moving to the next slide for an update regarding our strategic intent and the progress and the process to divest TAPI. As we have consistently and transparently shared with you all, we have been in exclusive discussions with a selected buyer for the sale of TAPI.

現在進入下一張投影片，介紹我們的策略意圖、TAPI剝離進度和流程的最新情況。正如我們一直以來向大家公開透明地分享的那樣，我們一直在與一位選定的買家就出售TAPI進行獨家洽談。

At this time, we have decided not to move forward with those discussions as we were unable to reach an agreement aligned with Teva long-term priorities and interest of our shareholders. While this process did not result in a sale with this initial buyer, recent shift in the geopolitical environment and market conditions reinforce TAPI attractiveness for potential buyers. We continue to view TAPI as a valuable asset, but it's nonstrategic to our pivot to growth priorities.

目前，我們決定不再繼續進行這些討論，因為我們未能達成符合梯瓦長期優先事項和股東利益的協議。雖然這個過程並未促成與最初買家的交易，但近期地緣政治環境和市場狀況的變化增強了TAPI對潛在買家的吸引力。我們仍然將TAPI視為一項寶貴的資產，但它與我們轉向成長優先事項的策略無關。

We are now initiating a renewed sale process to explore alternative options and maximize potential value creation. We will provide further updates pending a transaction or other determination. Moving on to our 2025 non-GAAP outlook in slide 33.

我們現在啟動新的出售流程，以探索其他選擇並最大限度地創造潛在價值。待交易或其他決定出爐後，我們將提供進一步的更新資訊。接下來，我們將在第 33 頁介紹我們對 2025 年非 GAAP 財務狀況的展望。

Our performance year to date reflects consistent execution across our pivot to growth priorities with a solid revenue growth, margin expansion and cash flow generation despite the tough prior year comparables in our generics business. Based on our year-to-date results and with the two months left in the year, we are tightening our 2025 outlook range for revenue, operating profit, adjusted EBITDA and EPS.

儘管去年同期仿製藥業務面臨嚴峻的挑戰，但我們今年迄今為止的業績反映了我們在轉向成長重點方面持續的執行力，實現了穩健的收入成長、利潤率擴張和現金流產生。根據我們今年迄今的業績，以及今年還剩下的兩個月，我們將收緊 2025 年的收入、營業利潤、調整後 EBITDA 和每股收益的預期範圍。

Starting with revenue. Consistent with the direction we shared last quarter, we are tightening the full year guidance range to be between $16.8 billion and $17 billion. Our innovative portfolio continues to perform very well, specifically AUSTEDO, driven by strong demand and our commercial execution.

首先從營收說起。與上個季度我們公佈的方向一致，我們將全年業績預期範圍收窄至 168 億美元至 170 億美元之間。在強勁的需求和我們高效的商業執行下，我們的創新產品組合持續表現出色，尤其是 AUSTEDO。

With the strong year-to-date performance, we are increasing our full year outlook for AUSTEDO by $50 million to $100 million to a new range of $2.05 billion to $2.15 billion, reflecting a full year growth of 21% to 27% year over year.

鑑於今年迄今的強勁表現，我們將AUSTEDO的全年預期上調5000萬至1億美元，達到20.5億至21.5億美元的新區間，反映出全年同比增長21%至27%。

However, as we discussed last quarter, we expect our global generics revenue for the full year to be flat in local currency compared to 2024. This is mainly due to the tough year comparison deals in the timing of certain launches as well softness in certain markets.

然而，正如我們上個季度所討論的，我們預計全年全球仿製藥收入（以當地貨幣計算）將與 2024 年持平。這主要是因為去年同期某些產品上市時間較為艱難，以及某些市場疲軟所致。

Moving to the other elements of our financial outlook. With a strong year-to-date performance, we now expect our non-GAAP gross margin to be at the higher end of our guidance range of 53% to 54%. This implies a slightly lower margin in Q4 compared to Q3, mainly due to generic Revlimid seasonality as the majority of our volume allocation was sold by the end of Q3.

接下來，我們來看看財務展望的其他要素。憑藉今年迄今的強勁業績，我們現在預計非GAAP毛利率將達到我們先前預期範圍53%至54%的上限。這意味著第四季的利潤率比第三季略低，主要是由於瑞復美仿製藥的季節性因素，因為我們的大部分銷售分配在第三季末就已經售罄。

We're also increasing the lower end of our non-GAAP outlook range for adjusted EBITDA, operating income and EPS, consistent with our year-to-date results and expected ongoing strength in our innovation portfolio, along with the savings from our transformation programs.

我們還提高了調整後 EBITDA、營業收入和每股收益的非 GAAP 預期範圍的下限，這與我們今年迄今為止的業績以及我們創新組合的預期持續強勁勢頭，以及轉型計劃帶來的節省相一致。

While we continue to wait for clarity around potential US tariffs on pharmaceuticals, including the outcome of the ongoing 232 investigation, we are encouraged by the statement so far from the administration regarding possible generics exemptions. Our 2025 guidance continue to already reflect confirmed tariffs that are in place. We continue to expect our operating expenses to be between 27% and 28% of revenue.

雖然我們仍在等待有關美國可能對藥品徵收關稅的明確消息，包括正在進行的 232 調查的結果，但我們對政府迄今為止就可能的仿製藥豁免發表的聲明感到鼓舞。我們2025年的指導意見仍然反映了已確定的現行關稅。我們預計營運費用仍將佔收入的 27% 至 28%。

Our free cash flow guidance range remains the same between $1.6 billion to $1.9 billion. I would like to reiterate that our full year guidance does not include the development milestone related to the Phase 3 initiation of duvakitug UC and Crohn's indications.

我們的自由現金流預期範圍保持不變，介於 16 億美元至 19 億美元之間。我想重申，我們全年的績效指引不包括與 duvakitug 治療潰瘍性結腸炎和克隆氏症適應症的 3 期臨床試驗啟動相關的里程碑開發成果。

That said, to assist you with your modeling, we want to highlight that the expected contribution from this development milestone is dependent on the timing of each of these two studies. Based on the current time lines, we expect to earn one development milestone in Q4 2025, with the remainder expected in Q1 2026. For Q4 2025, we expect the first development milestone to contribute $250 million to revenue and approximately $200 million to EBITDA and free cash flow, net of certain transaction-related costs.

也就是說，為了幫助您進行建模，我們想強調，這項發展里程碑的預期貢獻取決於這兩項研究的時間表。根據目前的進度安排，我們預計將在 2025 年第四季實現一個開發里程碑，其餘里程碑預計將在 2026 年第一季實現。預計到 2025 年第四季度，第一個開發里程碑將為公司帶來 2.5 億美元的收入，並為 EBITDA 和自由現金流貢獻約 2 億美元（扣除某些交易相關成本）。

This first development milestone is expected to contribute approximately $0.14 to the EPS. Now turning to the next slide on capital allocation. Our capital allocation approach remains disciplined and focused on supporting our pivot to growth strategy and strengthening our balance sheet.

預計這一個開發里程碑將為每股收益貢獻約 0.14 美元。現在來看下一張投影片，關於資本配置。我們的資本配置方式依然嚴謹，專注於支持我們向成長策略的轉型和加強我們的資產負債表。

As I mentioned in the beginning, we are consistently reducing our debt while investing in our go-to-market capabilities and innovation. With the ongoing improvement in our free cash flow, we are on track to reach our net debt-to-EBITDA target of 2 times by 2027 and then to sustain around that level thereafter.

正如我開頭所提到的，我們一直在不斷減少債務，同時增加對市場拓展能力和創新的投資。隨著自由現金流的持續改善，我們預計在 2027 年實現淨債務與 EBITDA 比率 2 倍的目標，並在此後保持在該水平附近。

In addition to our ongoing deleveraging and progress towards an investment-grade ratings, our disciplined execution also position us well thoughtfully evaluate additional ways of returning capital to our shareholders. Finally, before I conclude my review of our third quarter performance, I would like to reaffirm our 2027 financial targets. The outcome of the IRA negotiation for AUSTEDO further emphasize our conviction and provides additional clarity to deliver on these midterm goals.

除了我們持續的去槓桿化和向投資級評級邁進之外，我們嚴謹的執行力也使我們能夠深思熟慮地評估向股東返還資本的其他方式。最後，在結束第三季業績的回顧之前，我想重申我們2027年的財務目標。AUSTEDO 的 IRA 談判結果進一步鞏固了我們的信念，並為實現這些中期目標提供了更多清晰的想法。

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

接下來，我將把發言權交還給理查德，請他作總結發言。

Thank you, Eli. Before I conclude, let me remind you of some of the growth drivers that we have here at Teva. As you -- as we expect our innovative portfolio to continue to drive growth beyond 2027, you can see that we have a significant amount of opportunity to do this. Currently anchored on AUSTEDO, which we reiterated our target of reaching more than $2.5 billion in '27 and greater than $3 billion in peak sales based on the conclusion of our IRA negotiations with CMS.

謝謝你，伊萊。在結束之前，我想提醒大家Teva的一些成長驅動因素。如您所知——正如我們預期我們的創新產品組合將在 2027 年以後繼續推動成長一樣，您可以看到我們在這方面有很大的機會。目前，我們以 AUSTEDO 為核心，重申了我們在 2027 年實現超過 25 億美元，並在與 CMS 完成 IRA 談判後實現超過 30 億美元的銷售高峰目標。

Along with the innovative products UZEDY, AJOVY, we will continue to drive our product mix and profitability. But also to build on Eric's remarks, we are preparing for exciting innovative product launches in the next few years, which should set a foundation for growth in years to come.

憑藉創新產品 UZEDY 和 AJOVY，我們將繼續推動產品組合和獲利能力的提升。此外，正如艾瑞克所說，我們正在為未來幾年推出令人興奮的創新產品做準備，這將為未來幾年的成長奠定基礎。

If you move on to my final slide, just some final thoughts. In Q3, in '25, we continue to deliver on our pivot to growth strategy with the 11th consecutive quarter of growth, growing our innovative franchise at 33%. We have a clear path towards our 30% operating margin and our other 2027 targets.

如果您繼續往下看我的最後一張投影片，還有一些最後的想法。2025 年第三季度，我們繼續推動向成長策略的轉型，連續第 11 個季度實現成長，創新業務成長了 33%。我們朝著 30% 的營業利潤率和其他 2027 年目標邁出了清晰的步伐。

We're advancing our innovative pipeline with near-term and long-term catalysts and Teva transformation is well on track to deliver the $700 million in savings we committed to. And with that, I would like to open the floor for the Q&A. Thank you.

我們正在利用近期和長期催化劑來推進創新產品線，Teva 的轉型進展順利，並有望實現我們承諾的 7 億美元節省目標。接下來，我將進入問答環節。謝謝。

Thank you, Richard. Alex, if you could -- sorry, Alex, if you could please go ahead with question queue and we ask if you could limit yourself to one question and one brief follow-up, and of course if there's additional time, we're happy to let you back in the queue for more questions. Go ahead, Alex. Thanks.

謝謝你，理查。Alex，如果您可以——抱歉，Alex，如果您可以的話，請您先進入提問隊列，我們懇請您盡量只提一個問題，並簡要地補充一個後續問題。當然，如果還有時間，我們很樂意讓您重新回到隊列中提問更多問題。請繼續，亞歷克斯。謝謝。

(Operator Instructions) Dennis Ding, Jefferies.

（操作說明）丹尼斯‧丁，傑富瑞。

Maybe one on AUSTEDO and IRA. Thanks for the comment and glad to see that you're reiterating the long-term AUSTEDO guidance. I'm curious what additional color you can give in terms of your own internal expectations going into the negotiations and how the negotiated price relates to the current Medicare net price.

或許可以寫一篇關於AUSTEDO和IRA的文章。感謝您的評論，很高興看到您重申了AUSTEDO的長期指導原則。我很想知道，您在談判前的內部預期以及談判價格與當前醫療保險淨價之間的關係，還能提供哪些補充資訊。

Dennis, thanks for the question. Well, as I mentioned on the call, how it met with our expectations, it was in line with what we had forecast when we set the forecast back in May 2023. So we had anticipated that we would be in the list, and we would be negotiating with CMS. And so because of that, that's why we remain very confident about hitting our $2.5 billion revenue. With regard to the latter part of your question about, I think it was net price, we're not going to comment on that, obviously, for competitive reasons.

丹尼斯，謝謝你的提問。正如我在電話會議上提到的，它符合我們的預期，與我們在 2023 年 5 月做出預測時所預測的情況一致。因此，我們預料到我們會進入名單，並且會與CMS進行談判。也因為如此，我們才對實現 25 億美元的營收目標充滿信心。關於您問題的後半部分，我認為是指淨價，顯然，出於競爭原因，我們不會對此發表評論。

But I'll just reiterate the fact that we believe that we have the ability to hit our $2.5 billion in revenue, one because it's in line with what we forecasted, but I would also like to remind everybody that tardive dyskinesia remains a highly underdiagnosed and undertreated condition. 85% of patients who suffer from this condition are not on therapy.

但我還是要重申，我們相信我們有能力實現25億美元的營收目標，一方面是因為這與我們的預測相符，另一方面我也想提醒大家，遲發性運動障礙仍然是一種診斷和治療嚴重不足的疾病。 85%的遲發性運動障礙患者沒有接受治療。

And so we see a great opportunity to help those patients and continue to keep growing AUSTEDO in '26 and beyond, hence, reiterating the $3 billion -- greater than $3 billion peak sales for AUSTEDO. And so I think those are the things I keep in mind as you think about the future for AUSTEDO. Thank you.

因此，我們看到了一個幫助這些患者的絕佳機會，並希望在 2026 年及以後繼續發展 AUSTEDO，因此，我們重申 AUSTEDO 的峰值銷售額將達到 30 億美元——超過 30 億美元。所以我認為，在思考AUSTEDO的未來時，我應該牢記這些因素。謝謝。

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

I had a question on AUSTEDO as well. So your competitor talked on its call about this dosing creep, if you will. In other words, the per milligram pricing structure and higher doses mean more revenue per patient. And what they've said is that health plans are essentially catching on to that and that there is a potential migration over to the competitor product.

我也有關於AUSTEDO的問題。所以你的競爭對手在電話會議上談到了這種劑量遞增的問題。換句話說，以毫克計價和更高的劑量意味著每位患者可獲得更高的收入。他們表示，醫療保險計劃基本上已經意識到這一點，並且有可能出現轉移到競爭對手產品的情況。

So I was just wondering if you can give us some color on the pricing structure of AUSTEDO XR and if that's having ramifications in terms of access to AUSTEDO XR. That's number one. And then secondly, how is that going to inform how you're thinking about commercial contracting for '26 and the extent to which you might make more concessions on price just to get into a better access position vis-a-vis your competitor?

所以我想知道您能否詳細介紹一下 AUSTEDO XR 的定價結構，以及這是否會對 AUSTEDO XR 的獲取產生影響。這是第一點。其次，這將如何影響你對 2026 年商業合約的思考，以及為了在競爭中獲得更好的市場地位，你會在多大程度上在價格上做出更多讓步？

Thanks, David. Thanks for the question. I'm not going to talk about what the competitors are saying. I'll focus on what we do here at Teva. And just to highlight, AUSTEDO's growth is much more about treating this underserved market, as I've said in the past, and our ability as a team to constantly execute.

謝謝你，大衛。謝謝你的提問。我不會評論競爭對手說了什麼。我將重點介紹我們在梯瓦公司所做的事情。需要強調的是，正如我之前所說，AUSTEDO 的發展更在於服務這個服務不足的市場，以及我們團隊不斷執行的能力。

And I'll remind everybody, when we started this journey back in 2023, peak sales of AUSTEDO were forecast to be $1.4 billion. And as you see, we're going to exceed $2 billion this year.

我還要提醒大家，當我們在 2023 年開啟這段旅程時，AUSTEDO 的銷售高峰預計為 14 億美元。正如你所看到的，我們今年的收入將超過20億美元。

And that is down to what we've done as a company and the capability we have built. But when it goes to talking about the milligrams per dose, we've been very clear about the benefits of patients taking AUSTEDO XR and how that helps them with compliance and adherence.

這都歸功於我們公司所做的工作以及我們所建立的能力。但說到每劑的毫克數，我們已經非常清楚地說明了服用 AUSTEDO XR 的患者的好處，以及這如何幫助他們提高依從性和堅持性。

And this is very much in line with also what was put in our Phase 3 trial to allow physicians to have the flexibility to get to the patients on the optimal dose. So what we're seeing is just a natural progression from moving from BID to AUSTEDO XR and the physicians having that flexibility to get patients on the right dose.

這與我們在 3 期試驗中製定的方案非常一致，該方案旨在讓醫生能夠靈活地為患者提供最佳劑量。所以我們看到的是從每日兩次用藥 (BID) 到 AUSTEDO XR 的自然發展過程，醫生可以靈活地為患者選擇合適的劑量。

The final part of your question, I think, was about access. And I think I highlighted in my presentation the fact that we're always very thoughtful about how we manage access with value.

我認為，你問題的最後一部分是關於獲取途徑的。我認為我在演講中強調了我們始終非常重視如何以價值的方式管理存取權限。

We've continued to do that with AUSTEDO. We've done that very successfully, by the way, with our other brands in UZEDY and AJOVY. And I think we have a really strong capability for doing that. But I'll go back to what is driving our confidence in AUSTEDO is two things. The capability that we have within this team within Teva and the underserved market, 85% of patients who could be on therapy are not on therapy.

我們一直與AUSTEDO合作這項工作。順便說一句，我們已經透過 UZEDY 和 AJOVY 這兩個品牌非常成功地做到了這一點。我認為我們完全有能力做到這一點。但我還是要回到我們對 AUSTEDO 充滿信心的兩點原因。我們團隊在梯瓦製藥和未充分服務的市場中擁有這樣的能力，85% 的患者本應接受治療，但卻沒有接受治療。

And those are the two things that we focus on. But thank you for the question, David.

這就是我們關注的兩件事。不過，謝謝你的提問，大衛。

Jason Gerberry, Bank of America.

傑森‧格伯里，美國銀行。

So my question is just on OpEx in 2026. And it looks like the consensus has combined R&D and SG&A at around $4.8 billion, so pretty much flat on a year-on-year basis. Is that consistent with how you see the cost optimizations flowing through the P&L to navigate the Revlimid roll-off? And then my brief follow-up is just, can you comment at all if AUSTEDO XR was included or excluded in IRA? I know that there was a litigation tied to that.

所以我的問題只是關於2026年的營運支出。看來，市場普遍認為研發與銷售、管理及行政費用合計約 48 億美元，與去年基本持平。這是否與您看到的透過損益表進行成本優化以應對瑞復美停產的方式一致？然後我的簡短後續問題是，您能否就 AUSTEDO XR 是否包含在 IRA 中發表一些評論？我知道這件事牽涉到一起訴訟。

And so I'm just wondering if you can offer any clarity there.

所以我想知道您是否能對此做出一些解釋。

So I'll hand the OpEx question -- so thank you, Jason, for the question. I'll hand that to Eli to answer.

那我就把營運支出的問題交給你了——謝謝 Jason 的提問。這個問題交給伊萊回答。

Thanks, Jason, for the question. So the way to think about the development of the OpEx for '26, we always mentioned that from now onwards, as part of the $700 million savings, part of them will go into COGS and -- but the majority will go into the OpEx. And as much as we actually keep growing and able to fuel our profit, you will see us in the range between 27% to 28%. That will not change. But we will actually be able to expand our OP as well our EBITDA.

謝謝傑森的提問。因此，在考慮 2026 年營運支出發展時，我們一直提到，從現在開始，作為 7 億美元節省的一部分，其中一部分將用於降低銷售成本，而大部分將用於營運支出。而且，隨著我們持續成長並能夠提高利潤，我們的利潤率將保持在 27% 到 28% 之間。這一點不會改變。但實際上，我們將能夠擴大我們的營業利潤以及息稅折舊攤提前利潤。

So the way to think about it is that around two-thirds of the $700 million on savings we'll be able to accomplish by end of '26 already, but we will start to see also part of it impacting our COGS. But the main element that will move with the COGS will be actually in '27. But I can tell you that most of the savings we'll be able to accomplish by end of '26 and most of them related with OpEx. And therefore, you should think about the 27% to 28% as a run rate.

所以，我們可以這樣理解：到 2026 年底，我們就能實現 7 億美元節省目標中的大約三分之二，但我們也將開始看到其中一部分對我們的銷售成本產生影響。但隨著成本變動而變化的主要因素實際上將在 '27 中出現。但我可以告訴你，到 2026 年底，我們將能夠實現的大部分節省都與營運支出有關。因此，你應該把 27% 到 28% 看作是運行率。

Thanks, Eli. And to answer your second question with regard to AUSTEDO XR being included in the IRA negotiations, the answer is yes.

謝謝你，伊萊。至於你提出的第二個問題，即 AUSTEDO XR 是否會被納入 IRA 談判，答案是肯定的。

Chris Schott, JPMorgan.

克里斯‧肖特，摩根大通。

Just to shift gears a little bit. Can you talk a little bit about your EU generic dynamics? I know you're facing some tougher comps there this year. But I was wondering if anything has changed in those underlying markets we should be thinking about as we think about the growth going forward? And just a quick follow-up.

稍微換個話題。您能談談歐盟通用動態嗎？我知道你今年要面對一些更強的對手。但我很想知道，在考慮未來成長時，我們應該關注的那些基礎市場是否發生了任何變化？還有一個後續問題。

I know the TAPI process. Just a little bit more color in terms of why restart the process here versus just deciding to keep the asset. Just maybe talk a little bit about just the broader appetite for these API assets in the market right now.

我了解TAPI流程。這裡稍微補充一點，說明為什麼要重新啟動這個流程，而不是直接決定保留資產。或許可以稍微談談目前市場對這些 API 資產的整體需求。

Thanks, Chris. Thanks for the questions. So going to the EU Generics business. If I can take you back to when we started talking about Teva and our generics business back in '23, I can remember explain to everybody, this is a market leader of scale in Europe. And so the ability to grow this business, we should think of it growing around a 2% CAGR rate just because of its scale and size.

謝謝你，克里斯。謝謝大家的提問。所以，我要進軍歐盟仿製藥市場了。如果我能帶你回到 2023 年我們開始談論 Teva 和我們的仿製藥業務的時候，我記得當時我向所有人解釋說，這是歐洲規模最大的市場領導者。因此，就該業務的成長能力而言，我們應該考慮到其規模和體量，預計其複合年增長率約為 2%。

Now obviously, I was proved wrong in the last two years as the business grew higher than that. But that was down to a couple of factors. One is we had more launches over those years as well as we had competitors struggling to supply and because of our manufacturing capability, we could step in. And so those two things happen.

很顯然，過去兩年業務成長遠超預期，證明我錯了。但這主要歸因於幾個因素。一方面，這些年來我們推出了更多產品；另一方面，我們的競爭對手難以供貨，而憑藉我們的製造能力，我們能夠及時介入。於是，這兩件事就發生了。

And I think what you're seeing versus this quarter versus the last year is a similar theme. What we have is more launches that we had in 2023 -- sorry, in Q3 2024. We also had some tender wins, which are two-year tender periods. And we also had supply issues from competitors. Those were no longer the case.

我認為，本季與去年同期相比，呈現出相似的趨勢。我們現在的計劃是比 2023 年（抱歉，是 2024 年第三季）更多的產品發布。我們也贏得了一些投標項目，投標期為兩年。我們也面臨來自競爭對手的供貨問題。情況已不再如此。

So that's how I think about it. And that's why I go back to think about our generics business over a CAGR -- two-year CAGR because if you think about a two-year CAGR, these things smooth out, and that's how we think about it. And as we've had conversations, I always remind people that we think about our generics business going forward in that 2% CAGR period, one, because just of the scale we have.

我就是這麼想的。這就是為什麼我更傾向於用兩年的複合年增長率來衡量我們的仿製藥業務，因為如果用兩年的複合年增長率來衡量，這些變化就會趨於平緩，而我們也正是這樣看待這個問題的。正如我們之前討論的那樣，我總是提醒大家，我們應該在2%的複合年增長率時期內考慮我們的仿製藥業務，首先是因為我們擁有如此龐大的規模。

Now that said, one thing I do want to reiterate is our biosimilar business, while getting traction in the US, we will start now to launch and we have launched some products and biosimilars in the EU, and that will start to build momentum, more so post 2027, but we have a good pipeline coming through in Europe. And we know that's a mature biosimilar market.

話雖如此，我還是要重申一點，那就是我們的生物類似藥業務，雖然它在美國已經取得了一定的進展，但我們現在將開始在歐盟推出一些產品和生物類似藥，而且我們已經在歐盟推出了一些產品和生物類似藥，這將開始形成勢頭，尤其是在 2027 年之後，但我們在歐洲有一個良好的產品線正在開發中。我們知道這是一個成熟的生物相似藥市場。

And so those are things that are going to start to maybe add to that growth in Europe going forward. But I hope that answers your question. With regard to TAPI, I'll give that question to Eli to talk about why restart it and not keep it. So over to you, Eli.

因此，這些因素或許會在未來促進歐洲的成長。但我希望這能解答你的疑問。關於 TAPI，我會把這個問題交給 Eli，讓他談談為什麼要重啟它而不是保留它。那麼，接下來就交給你了，伊萊。

Yes. Chris, thanks for the question. So look, we were -- during all the process, we were very transparent, and as we mentioned, we actually decided not to progress with exclusive discussion that we had with a certain buyer. And the reason for that is that we see TAPI as a strategic going forward for Teva in terms of our ability to keep sourcing API when it's actually moving as a stand-alone.

是的。克里斯，謝謝你的提問。所以你看，在整個過程中，我們都非常透明，而且正如我們所提到的，我們實際上決定不再繼續與某個買家進行獨家洽談。原因在於，我們認為 TAPI 對 Teva 而言具有戰略意義，因為它使我們能夠在 API 真正發展成為獨立產品時繼續採購 API。

You need to remember, it's not just a business that we have on the shelf and you divest it and you move forward, this is strategic for us going forward and our ability to make sure that we are providing additional value on short term and long term to our future progress and growth.

你要記住，這不僅僅是我們擱置起來出售的一項業務，然後我們就可以繼續前進。這對我們未來的發展具有戰略意義，它關係到我們能否確保在短期和長期內為我們的未來進步和成長創造更多價值。

It's super important. Turn out that certain elements in terms of the discussion didn't went according to the terms that we view how the deal should move on. And therefore, we made that decision. And also, we need to remember that the market condition now changed. Since we launched this sales process.

這非常重要。結果發現，討論中的某些環節並沒有按照我們認為交易應該如何進行的方式進行。因此，我們做出了這個決定。此外，我們還需要記住，市場狀況已經改變了。自從我們啟動這項銷售流程以來。

Recent geopolitical development, as I mentioned, and some trade policies highlight some continued attractiveness for TAPI in terms of the landscape. So therefore, we decided to initiate revised strategic review and review the sales process. And as I mentioned, we'll keep all updated and provide further updates pending the transaction or any other determination around this process.

正如我之前提到的，最近的地緣政治發展以及一些貿易政策凸顯了TAPI在地理格局方面仍然具有一定的吸引力。因此，我們決定啟動修訂後的策略審查，並審查銷售流程。正如我之前提到的，我們會隨時更新最新情況，並在交易完成或與此過程相關的任何其他決定出爐後提供進一步的更新資訊。

Maybe if I can add, just so Eli is not misunderstood there. When he says it's strategic, what he means is they're one of our largest API suppliers, and we need to ensure that any contract we have has the right terms, not just for the purchaser, but also for Teva going forward, both for our in-line products and our pipeline.

或許我可以補充一點，以免 Eli 被誤解。他說這是策略性的，意思是說他們是我們最大的原料藥供應商之一，我們需要確保我們簽訂的任何合約都有合適的條款，不僅對買方有利，對梯瓦製藥的未來發展也有利，無論是對我們現有的產品還是對我們未來的研發管線都有利。

Our next question comes from Ashwani of UBS.

我們的下一個問題來自瑞銀集團的阿什瓦尼。

Congratulations for the strong update. Maybe just like quickly on the 2026 revenue EBITDA, I wanted to understand like if you can continue to deliver growth on both these metrics just as a part of your long-term goals. We have Revlimid phasing out, but you have pretty meaningful cost savings outlined and also talked favorably about AUSTEDO formulary. And then just as a quick follow-up. So the 3Q AUSTEDO looks pretty strong.

恭喜此次更新效果顯著。或許可以像快速了解 2026 年的營收 EBITDA 一樣，我想了解一下，作為長期目標的一部分，你們能否繼續在這兩個指標上實現成長。瑞復美正在逐步淘汰，但你們概述了相當有意義的成本節約方案，並且對 AUSTEDO 處方集也給予了正面評價。然後，我再快速補充一點。所以第三季AUSTEDO的表現相當強勁。

Is this primarily like regular way underlying demand? Or is there any type of a onetime benefit in this? Normally, you have like a pretty strong 4Q, but with this reiterated guide, it seems like it's indicating a down quarter in 4Q.

這主要類似常規的潛在需求嗎？或者說，這樣做有什麼一次性的好處嗎？通常情況下，第四季業績會相當強勁，但根據這份重申的指南來看，似乎預示著第四季業績將會下滑。

Ash, thanks for your question. So starting on the EBITDA, just to remind you, and I think Eli touched upon this in his remarks, the EBITDA is driven by a couple of things next year. And I think it's important to understand this. One is our innovative portfolio has real momentum. As I said, it was up 33% in Q3.

Ash，謝謝你的提問。那麼，首先來說說 EBITDA，提醒一下大家，我認為 Eli 在他的演講中也提到了這一點，明年的 EBITDA 將受到幾個因素的影響。我認為理解這一點很重要。其一是我們創新產品組合具有真正的發展動能。正如我所說，第三季成長了 33%。

And these are products were all growing. So we continue to see great growth rates in those. And by the way, we've spoken about this in the past. These are very high gross margin products. So that really does help impact the EBITDA.

這些產品都在成長。因此，我們持續看到這些領域保持著強勁的成長動能。順便說一句，我們以前也討論過這個問題。這些產品的毛利率非常高。所以這確實會對 EBITDA 產生影響。

So that's one. And then on the -- one of the slides that Eli and I both showed is on the transformation of Teva and the organizational effectiveness. We are on track to do exactly what we set out to do in '25, and that means that our guide to two-thirds of the $700 million net savings for 2026, we feel highly confident about.

這是其中之一。然後，我和 Eli 都展示的其中一張幻燈片是關於 Teva 的轉型和組織效率的。我們正按計畫推進，力爭在 2025 年實現我們設定的目標，這意味著我們對 2026 年實現 7 億美元淨節省目標的三分之二充滿信心。

So if you just put those two things together, that really gives us confidence about our EBITDA. But I would probably take this opportunity to then talk about, well, we have some other things around our generics business where now we've lost generic Revlimid.

所以，如果把這兩件事結合起來，就真的讓我們對我們的 EBITDA 充滿信心了。但我可能會藉此機會談談，嗯，我們仿製藥業務還有一些其他的事情，例如我們失去了仿製藥瑞復美。

There are three components which help us drive our generics business going forward, and that is our generics, our complex and our OTC. And as we've mentioned in the past, we have the ability to compensate for that generic Revlimid by the end of 2027 because we have those three different growth drivers and the scale we have in those three different businesses.

有三個組成部分幫助我們推動仿製藥業務向前發展，那就是我們的仿製藥、複雜藥品和非處方藥。正如我們之前提到的，我們有能力在 2027 年底前彌補仿製藥 Revlimid 的缺口，因為我們擁有這三個不同的成長動力，以及我們在這三個不同業務領域所擁有的規模。

So I think that answers that part of the question. With regard to the one on AUSTEDO, and I think you talked about the strong Q3 and how does that impact Q4? And was there anything behind that? I think there's just a couple of dynamics in that. Firstly, the fundamentals of AUSTEDO are really strong.

所以我覺得這部分問題已經回答了。關於AUSTEDO，我想您談到了強勁的第三季業績，以及這會對第四季產生什麼影響？這背後是否另有隱情？我認為這裡面只有幾個因素在起作用。首先，AUSTEDO 的基本面非常強勁。

It's really important to understand. So as you see with regard to our TRx, our milligrams, our growth rates, I think the team has continued to execute at a high level consistently. And I think we've seen that for quarter on quarter on quarter. Now one of the things I just would mention, and I think I mentioned on the last call, in Q3 2024 and Q2 2024, there was some channel stocking with regard to AUSTEDO XR.

理解這一點非常重要。所以正如你所看到的，就我們的 TRx、毫克數和成長率而言，我認為團隊一直保持著高水準的執行力。而且我認為我們已經連續幾個季度都看到了這種情況。現在我想提一下，而且我認為我在上次電話會議上也提到過，在 2024 年第三季和 2024 年第二季度，AUSTEDO XR 有一些通路庫存。

So that created a slightly different comparison as well as we had some slight gross to net adjustments in AUSTEDO, which are favorable in Q3 of this year. But if you take those out, it doesn't really change the directory much of AUSTEDO.

因此，這也造成了略有不同的比較，同時AUSTEDO也進行了一些毛利到淨利的輕微調整，這對今年第三季有利。但如果你把這些移除，AUSTEDO 的目錄結構其實不會改變太多。

And so I always think about looking at AUSTEDO over a yearly period, a multi-quarter period because I think we've been consistent in hitting our numbers and hitting our targets, and we're very accurate about that. So that's the way I think about it. So I don't anticipate anything very significant in quarter four.

因此，我總是會考慮從年度或多個季度的角度來看待 AUSTEDO，因為我認為我們一直都能穩定地達到我們的數字和目標，而且我們在這方面非常準確。我就是這麼想的。所以我預計第四季不會有什麼特別重大的事情發生。

The one thing that we always manage as well as we can, but it's not completely down to us is the channel. And we've been very disciplined in making sure the channel has the right stock, but obviously, that's something which we don't have complete control over, but we've shown good discipline there. So I hope that answers your questions, Ash, and thanks for the questions.

有一件事我們一直盡力做到最好，但這並不完全取決於我們，那就是通路。我們一直非常自律地確保頻道擁有合適的庫存，但顯然，這是我們無法完全控制的事情，但我們在這方面表現出了良好的自律性。希望我的回答能解答你的疑問，Ash，謝謝你的提問。

Les Sulewski, Truist Securities.

Les Sulewski，Truist Securities。

So we saw the FDA propose new guidance around biosimilars to reduce comparative efficacy study and potentially speed up the approval process. So three questions on this for you. One, how will this updated guidance impact your long-term biosimilar strategy?

因此，我們看到 FDA 提出了關於生物相似藥的新指導方針，以減少比較療效研究，並有可能加快審批過程。關於這一點，我有三個問題想問你。第一，這項更新後的指引將如何影響您的長期生物相似藥策略？

And then two, on the opposing side, do you see a scenario of additional competition where we'll ultimately see biosimilar price erosion curves resemble traditional generics? And then third, what further investments do you think are needed to give you a more competitive edge?

其次，另一方面，您是否認為隨著競爭加劇，生物相似藥的價格下降曲線最終會與傳統仿製藥的價格下降曲線相似？第三，您認為還需要哪些進一步的投資來提升您的競爭優勢？

And I guess, ultimately, do you see a scenario where the US reaches a point where the BLA process and the patient access becomes just as favorable versus the EU?

我想，最終，您是否認為美國有可能達到這樣的程度：生物製品許可申請流程和病患准入條件與歐盟一樣有利？

Okay. Yes, that was a multidimensional question. So thank you for that, Les. I think I'll start it off, but I'll also lead into my colleague, Eric here, who obviously is close to that because of the pipeline we have. So firstly, we're pleased with the FDA and that initiation of removing Phase 3 studies.

好的。是的，這是一個多維度的問題。所以，謝謝你，萊斯。我想我會先開始，但我也會把話題引到我的同事艾瑞克身上，由於我們擁有人才儲備，他顯然也與此密切相關。首先，我們對FDA啟動取消3期研究的決定感到滿意。

I think that's the right thing to do. I think that helps. And that's based on data. We have a substantial amount of data now in the development of these biosimilars across many, many products as an industry, and I think this is the right thing to do.

我認為這樣做是對的。我覺得這樣有幫助。這是基於數據的。現在，我們作為一個產業，在眾多產品的生物相似藥開發方面累積了大量數據，我認為這是正確的做法。

Does it change our strategy? Absolutely not. I think it reinforces the quality of the strategy we set out for biosimilars in 2023. And to remind you what that strategy was, our strategy was to have the largest -- one of the largest portfolios of biosimilars going forward, and we're going to do that through partnerships. We do that through partnerships because it allowed us to have the largest portfolio because it allowed an efficient allocation of capital.

這會改變我們的策略嗎？絕對不是。我認為這強化了我們為 2023 年生物相似藥制定的策略的品質。為了提醒大家我們的策略是什麼，我們的策略是擁有規模最大的生物相似藥產品組合之一，我們將透過合作來實現這一目標。我們透過合作來實現這一點，因為這使我們能夠擁有最大的投資組合，因為這使我們能夠有效地配置資本。

We also believe at the time that there was going to be uncertainty around what the future regulation was going to be. And so we didn't want to be initiating and allocating capital to things that may no longer be needed.

我們當時也認為，未來的監理政策會存在不確定性。因此，我們不想啟動和分配資金到可能不再需要的事情上。

An example is starting Phase 3s, which are -- they're no longer needed going forward. So I think we thought about where the puck was going. We made a strategy to where the puck was going, and I'm pleased to say I think we've been proven right on that.

例如，啟動第三階段，但這些階段──以後就不再需要了。所以我覺得我們當時都在考慮冰球會往哪裡去。我們制定了預測冰球運動軌跡的策略，我很高興地說，我認為我們的策略已被證明是正確的。

But ultimately, our strategy is about having a large portfolio. As I've just highlighted, we have 10 in the market. We have six we're going to launch by '27, and then we're going to have more going forward. With regard to price erosion, I think a good analog is to look at Europe. And Europe is a very mature biosimilar market and, one, I know particularly well.

但歸根究底，我們的策略是擁有龐大的投資組合。正如我剛才提到的，我們目前在市場上有 10 款這樣的產品。到 2027 年，我們將推出六款產品，之後還會推出更多。關於價格侵蝕，我認為一個很好的類比是看看歐洲。歐洲是一個非常成熟的生物相似藥市場，而且，我對這個市場尤其了解。

And what you see there is good penetration. You see that there is some price erosion, but it hits a steady state at a certain time, which allows a high level of profitability still within this category.

你看到的是良好的滲透效果。你可以看到價格有所下降，但到了某個時候會達到穩定狀態，這使得該類別仍然能夠實現較高的盈利能力。

What I'd also highlight in that market because you did talk a bit about whether the US will replicate it, is you also see an expansion of these molecules and these biologics used in patient population because they are less expensive, they're used earlier in the treatment of these diseases. So you get an increase in volume and obviously offset some of the decrease in price.

我還想強調一下這個市場的情況，因為你剛才也談到了美國是否會效仿，那就是這些分子和生物製劑的使用範圍正在擴大，因為它們價格更低，而且在這些疾病的早期治療中也得到了應用。這樣一來，銷量就會增加，顯然可以抵銷一部分價格下降的影響。

So those are just some of the dynamics. And I do believe the US will catch up to that. But when you have a broad portfolio and we're launching more in Europe, we're not necessarily beholden to exactly when that happens because of the scale and the size. But maybe, Eric, you could give a bit more detail on your views on this.

以上只是其中的一些動態因素。我相信美國終將迎頭趕上。但是，當我們的產品組合很廣泛，我們在歐洲推出更多產品時，由於規模和體積的限制，我們不一定要拘泥於特定時間。不過，艾瑞克，或許你可以更詳細地談談你的看法。

Yes, I can just give a few points to support what you just said. We work closely with the FDA and have frequent communications with regards to a pretty large biosimilars portfolio. We really anticipated the fact that they were going to be removing Phase 3 from the requirement for most programs and agree with this decision. The technical assessment really has been proven to be the most important thing when it comes to biosimilars, something we do very well.

是的，我可以舉幾點來支持你剛才所說的話。我們與FDA密切合作，並就相當龐大的生物相似藥產品組合進行頻繁溝通。我們早就預料到他們會取消大多數專案對第三階段的要求，並同意這項決定。技術評估已被證明是生物相似藥領域最重要的環節，而這正是我們非常擅長的。

And this is going to decrease the cost of production and approval of biosimilars. It fits perfectly and facilitates the pivot to growth strategy that we put together in the past and really, it supports a lot of the good decisions we've made over the years about how we will do biosimilars at Teva. So it was a welcome decision. It was something we were looking forward to and really fits perfectly into the plan.

這將降低生物相似藥的生產和審批成本。它完美契合併促進了我們過去製定的成長策略轉型，而且實際上，它支持了我們多年來在梯瓦如何開展生物相似藥業務方面做出的許多正確決定。所以這是一個令人欣喜的決定。這是我們一直期待的事情，而且與計劃非常契合。

Thanks, Eric. And maybe one thing I'd just like to add on, and I forgot it obviously, removing the Phase 3 need reduces cost significantly. But I would also like to highlight the cost for developing a biosimilar are still high, a lot higher than any other generic, any other complex generic.

謝謝你，埃里克。還有一點我想補充一下，顯然我忘了說，取消第三階段的需求可以大幅降低成本。但我還想強調，開發生物相似藥的成本仍然很高，比任何其他仿製藥，任何其他複雜的仿製藥都要高得多。

So I just think that the capital allocation doesn't disappear and the cost of it doesn't disappear. So hence, the number of people coming into the market will I still think be restricted based on that.

所以我認為，資本配置不會消失，其成本也不會消失。因此，我認為進入市場的人數仍將受到上述因素的限制。

And the ultimate is not just can you develop it and manufacture it, do you have an efficient go-to-market capability. And I think what we're starting to show in the US and we'll show in Europe is we do have that. And that front end is very important when maintaining a growth and profitability in your biosimilar portfolio. So thanks for the question, Les.

最終的問題不僅是你能不能研發生產，還要看你是否有高效率的市場推廣能力。我認為我們在美國已經開始展現，也將在歐洲展現的是，我們確實擁有這種能力。而前端對於維持生物相似藥產品組合的成長和獲利能力至關重要。謝謝你的提問，萊斯。

Umer Raffat, Evercore ISI.

Umer Raffat，Evercore ISI。

You said CMS agreement is in line with your modeling expectations. Is it reasonable to assume that's about 50% or so in the ballpark? And then secondly, to get to your 2027 $2.5 billion in sales, are you assuming volume gains because of this IRA cut versus Ingrezza to get to that number or not?

您說CMS協議符合您的建模預期。假設這個數字在 50% 左右是否合理？其次，為了實現 2027 年 25 億美元的銷售額目標，您是假設由於 IRA 削減而導致銷量增長，還是假設 Ingrezza 能夠達到該數字？

And then finally, obviously, olanzapine, I feel like it's taking a bit longer than we all anticipated. But at this point, is there any possibility that you could get a commissioner voucher to accelerate that? Or should we not be thinking about that?

最後，很顯然，奧氮平，我覺得它起效比我們所有人預期的都要慢。但是，目前是否有可能獲得專員券來加快審批流程？或者我們根本不該考慮這個問題？

Umer, thanks for your questions. So with regard to CMS, it was in line with our expectations that we set out in 2023. You threw out a number there, which I'm not going to comment on because I think that was maybe trying to tease me out to give you a number, and I'm not going to do that. I'll just say it's in line, and that's why we remain very confident about our $2.5 billion in '27. And I remind people, greater than $3 billion peak sales.

烏默，謝謝你的提問。因此，就內容管理系統而言，它符合我們在 2023 年設定的期望。你剛才拋出了一個數字，我不會對此發表評論，因為我覺得你可能是想引誘我說出一個數字，但我不會這麼做。我只能說它符合預期，這就是為什麼我們對 2027 年實現 25 億美元的目標仍然非常有信心。我還要提醒大家，峰值銷售額超過 30 億美元。

You did touch a bit about do we see volume gains within this. And this is not something we've -- without going into the detail of our forecasting model, we go back to capturing more patients, making patients more adherent and compliant and all of those fundamentals.

您剛才稍微提到了我們是否會看到銷售成長的問題。而這並不是我們一直以來都在做的事情——無需贅述我們的預測模型細節，我們最終還是要回到如何吸引更多患者、如何提高患者的依從性和遵醫囑性以及所有這些基本面。

I think what though you have touched upon is something that we're going to understand a bit more in January as the first wave of drugs that were negotiated and CMS start to come through and play out. And we'll see what are the dynamics that happen there, and we'll use that to adjust our modeling as we go forward.

我認為你剛才提到的問題，我們會在一月份更加了解，因為第一批經過談判的藥物和 CMS 將會開始生效並發揮作用。我們將觀察那裡發生的動態變化，並以此調整我們未來的模型。

And I hope, you, as others will agree, we're very thoughtful about how we model and how we forecast. And at least over the last few years, I think we've been pretty accurate in what has been quite a dynamic environment. Now with regard to olanzapine, I'll hand that one to Eric to comment on whether we could get a Commissioner's voucher.

我希望您和其他人都會同意，我們在建模和預測方面都非常用心。至少在過去幾年裡，我認為我們在這樣一個瞬息萬變的環境中，預測都相當準確。至於奧氮平，我將把這個問題交給埃里克來評論我們是否可以獲得專員代金券。

Yes. Thank you for the question, Umer. And to start off with, we're right on track with what we plan for the submission of the olanzapine LAI in this quarter. With regard to your question on the Commissioner voucher, that's one of the things we've been reviewing within Teva. One of the great things about Teva is we have biosimilars, a whole portfolio of generics and innovative medicines.

是的。謝謝你的提問，烏默。首先，我們正按計畫推進本季度奧氮平長效注射劑的提交工作。關於您提出的專員代金券問題，這是我們 Teva 內部一直在審查的事情之一。Teva 的一大優勢在於我們擁有生物相似藥、全系列仿製藥和創新藥物。

So the potential for where we could see a Commissioner voucher is broad. So we're reviewing that now and looking to see what the most optimal -- optimally timed and valuable program is that we seek one of those out for, but more to come on that in the future.

因此，專員代金券的潛在應用範圍很廣。所以我們現在正在審查這個問題，並尋找最理想、時機最佳、最有價值的方案，為此我們正在努力尋找其中一個方案，但未來會有更多相關資訊。

Thanks, Eric.

謝謝你，埃里克。

Matt Dellatorre, Goldman Sachs.

Matt Dellatorre，高盛集團。

Congrats on the quarter and the AUSTEDO agreement. Maybe first on duvakitug, now that the Phase 3 IBD studies are up and running, how are you thinking about enrollment time lines and potential data readouts there? And then could you comment on any progress on the indication expansion strategy beyond IBD? For instance, could we see proof-of-concept studies announced over the near term?

恭喜本季業績以及與AUSTEDO達成的協議。或許首先在 duvakitug 上，既然 3 期 IBD 研究已經啟動並運行，您如何看待入組時間表和潛在的數據解讀？那麼，您能否談談在IBD以外的適應症擴展策略方面取得的進展？例如，我們能否在近期內看到概念驗證研究的發表？

And then maybe just as my follow-up on capital allocation, could you talk about the key priorities in 2026? And as we think about the free cash flow inflection, what are the key points of focus to achieve that full year '27 guide?

那麼，關於資本配置，您能否談談 2026 年的關鍵優先事項？當我們考慮自由現金流拐點時，要實現 2027 年全年業績指引，重點關注哪些方面？

Matt, thanks for the questions. I'll hand the first one straight over to Eric on the Phase 3 and the potential Phase 2s.

馬特，謝謝你的提問。我會直接把第三階段和可能的第二階段的工作交給艾瑞克。

Yes. So thank you for the question. This is one of the things I'm most excited about the design that we've put together with Sanofi. It's all about execution now. As I said it earlier in my comments, this has been the fastest transition from Phase 2 to Phase 3 with regards to this MOA of all the programs out there, which we're very proud of.

是的。謝謝你的提問。這是我們與賽諾菲共同設計的產品中，我最興奮的地方之一。現在一切都取決於執行力。正如我之前在評論中所說，就這份諒解備忘錄而言，這是所有專案中從第二階段過渡到第三階段最快的，我們為此感到非常自豪。

So it speaks to our executional abilities in this partnership. The design itself is really designed to make sure that we maximize the enrollment with the feeder arm that it will get to our maintenance and increase our safety numbers in the program.

這體現了我們在此次合作中的執行能力。設計本身旨在確保我們最大限度地提高輸送至我們維護部門的人員數量，並增加我們專案中的安全人員數量。

It's a very convenient and patient-centric design with regards to subcutaneous treatment and the rerandomization. These are all things that will make it ideally suited for patients. And we're also putting a lot of effort in on how we execute the program with regards to the logistics and our vendors that we use. So it's been a really great collaboration with Sanofi.

就皮下治療和重新隨機分組而言，這是一個非常方便且以患者為中心的設計。這些因素都使它成為患者的理想選擇。我們也在物流和供應商方面投入了大量精力來執行該計劃。所以與賽諾菲的合作非常愉快。

I think we're building upon a lot of momentum and success that we have going into a Phase 3 program with a Phase 2 program that was probably had the highest numbers with regards to its efficacy and it's the data set that we produce, these are all good signals of starting a Phase 3 program.

我認為，我們正憑藉第二階段專案取得的巨大勢頭和成功進入第三階段專案。第二階段計畫在療效方面可能取得了最高的數字，而我們產生的數據集也表明，這些都是啟動第三階段計畫的良好訊號。

So when it comes to execution, that's what we're going to focus on right now. And I think that we're set up very well to be in the horse race, if not in the middle of it, but hopefully coming up very close to the beginning of it. So that's very well suited. Now with regards to your question about other indications, it's great to see the excitement around this MOA.

所以，在執行方面，這就是我們現在要關注的重點。我認為我們已經做好了充分的準備，即使不能進入競爭的核心位置，也希望能在競爭的起跑線上佔據有利位置。所以這非常合適。至於你問到的其他適應症，很高興看到大家對這種作用機制感到興奮。

I mean one of the things about it is the fact that it could touch so many different pathway cytokine signaling pathways in multiple indications. You can see many different Phase 2 programs initiating now. We have a plan with Sanofi, and we'll let you know when those studies start. For now, we're going to keep it close to the chest. But that, in addition to the excitement around different combinations in the future is also something we've been thinking about heavily.

我的意思是，它的好處之一是它能夠影響多種適應症中的許多不同的細胞激素信號通路。現在可以看到許多不同的第二階段專案正在啟動。我們與賽諾菲公司有合作計劃，研究開始時我們會通知您。目前，我們暫時保密。但是，除了對未來不同組合的興奮之外，這也是我們一直在認真思考的問題。

But right now, to begin this discussion is all about the execution of the study, enrolling the study and making sure that we show the value in ulcerative colitis and Crohn's disease now.

但現在，開始這場討論的關鍵在於研究的執行，包括招募研究對象，並確保我們現在就能證明研究在潰瘍性結腸炎和克隆氏症方面的價值。

Thank you, Eric. And now on the next two questions on capital allocation and free cash flow inflection. I'm going to hand those to Eli. Before I do, I do like the fact that you've highlighted our free cash flow inflection because that is something which we are starting to communicate and people are starting to see with the growth of the company, the growth of the innovative, the decrease of the debt, the growth of the EBITDA that this ultimately changes our free cash flow position.

謝謝你，埃里克。接下來是關於資本配置和自由現金流拐點的兩個問題。我要把那些交給伊萊。在此之前，我很高興您強調了我們的自由現金流拐點，因為這是我們開始溝通的內容，人們也開始看到，隨著公司的發展、創新能力的提升、債務的減少以及 EBITDA 的增長，這最終會改變我們的自由現金流狀況。

So thanks for highlighting the Matt and seeing that. But I'll hand on to -- hand over to Eli to talk about our capital allocation going forward.

所以，感謝你注意到馬特並給予關注。但我會把麥克風交給 Eli，讓他來談談我們未來的資本配置。

Yes. Matt, thank you for the question. So first of all, I'll start with the free cash flow. You mentioned about how we should think about that trend that we mentioned beyond '27. There are three main dynamics there.

是的。馬特，謝謝你的提問。首先，我將從自由現金流開始。你提到了我們應該如何看待我們之前提到的2027年以後的那個趨勢。這裡有三個主要動態因素。

First of all, it's the mix, right? If you look on the top line and how we're progressing with the top line and how it's going to flow through and convert both profit into free cash flow with the innovative, I would say, portfolio that we have, and we are keeping on investing in our growth driver. The fact that the $700 million of savings is going to actually enable us to drive more efficient COGS with high gross margin as well, I would say, to optimize our OpEx.

首先，關鍵在於混合比例，對吧？如果你看看營收，看看我們營收的成長情況，看看它將如何流動，如何透過我們擁有的創新產品組合將利潤轉化為自由現金流，並且我們將繼續投資於我們的成長驅動力。節省的 7 億美元實際上將使我們能夠提高銷售成本效率，同時提高毛利率，從而優化我們的營運支出。

Those two elements are already in progress. There are another two that we need to remember. One, we paid for our debt this quarter. From now until October 26, like 13 months, we don't have any maturities, there's $1.8 billion in October, and there is a $2.8 billion in March, May in '27, early '27. If you think about $4.5 billion, $4.6 billion with our current weighted cost of capital of our outstanding debt of 4.8% you get $200 million to $250 million that we're going to take out from a run rate, both from financial expenses going forward and pure free cash flow impact.

這兩個方面已經在進行中。還有另外兩個我們要記住。第一，我們本季償還了債務。從現在到 10 月 26 日，大約 13 個月的時間裡，我們沒有任何到期債務，10 月份有 18 億美元到期，3 月份有 28 億美元到期，5 月份有 28 億美元到期，2027 年初有 2027 年初有 20 億美元到期。如果以我們目前未償債務的加權資本成本 4.8% 來計算，45 億美元到 46 億美元，那麼我們將從日常營運中削減 2 億美元到 2.5 億美元，這既包括未來的財務支出，也包括純粹的自由現金流影響。

And then on top of it, our progress on our working capital, you can actually see ourselves running below 4% going from '27 onwards on our revenue. All these actually enable us to convert high free cash flow. As far as related to next year capital allocation, we're actually looking on more, I would say, ability to be able to compete on certain opportunities related to business development that align strategically to our portfolio and to make sure that we are able to provide value to our shareholders.

此外，從 2027 年開始，我們的營運資本成長率實際上低於 4%，這進一步推動了我們的發展。所有這些都使我們能夠將高額自由現金流轉化為實際收益。至於明年的資本配置，我們實際上更關注的是，我們能否在某些與業務發展相關的、符合我們策略投資組合的機會中保持競爭力，並確保我們能夠為股東創造價值。

And as we move forward to make synergetic activities around that piece, we'll keep looking on, of course, reducing our debt. And as we move forward, we might also look on some -- certain other elements related to capital and shareholder returns.

當然，在我們繼續圍繞這一部分開展協同活動的同時，我們也會繼續關注並減少債務。隨著我們不斷深入研究，我們可能也會關註一些與資本和股東回報相關的其他因素。

And we will, for sure, during '26, and we hope also in our next earnings calls, provide some more colors around that capital returns to shareholders.

我們肯定會在 2026 年，並且希望在下次財報電話會議上，向股東提供更多關於資本回報的資訊。

Thanks, Eli. Thanks, Matt, thanks for your question.

謝謝你，伊萊。謝謝馬特，謝謝你的提問。

At this time, we currently have no further questions. So I'll hand it back to Richard Francis for any further remarks.

目前我們沒有其他問題。那麼，我將把問題交還給理查德·弗朗西斯，讓他再發表意見。

So thank you, everybody, for participating in the call. We do appreciate your interest in Teva, and we look forward to giving you update on our full year results early next year. Thank you.

謝謝大家參與這次電話會議。我們非常感謝您對梯瓦製藥的關注，並期待在明年初向您報告我們的全年業績。謝謝。

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

感謝各位參加今天的電話會議。現在您可以斷開線路了。