Teva Pharmaceutical Industries Ltd (TEVA) 2025 Q4 法說會逐字稿

Hello, and welcome to the Teva Pharmaceuticals Industries Limited Q4 2025 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年第四季財報電話會議。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. Thank you for joining us on our fourth-quarter call.

謝謝你，亞歷克斯。各位早安，各位下午好。感謝您參加我們的第四季電話會議。

Before I turn it over to our CEO, Richard Francis, I just want to remind everyone that we will be making forward-looking statements on this call. Any statements we make are only as of today, and we undertake no obligation to update those statements subsequently. And if you have any questions about our forward-looking statements, feel free to see the appropriate sections in our SEC Forms 10-K and 10-Q.

在將發言權交給我們的執行長理查德·弗朗西斯之前，我只想提醒大家，我們將在本次電話會議上發表一些前瞻性聲明。我們所作的任何聲明僅代表截至今日的情況，我們不承擔日後更新這些聲明的義務。如果您對我們的前瞻性聲明有任何疑問，請隨時查看我們向美國證券交易委員會提交的 10-K 表格和 10-Q 表格中的相應章節。

With that, Richard Francis.

就這樣，理查德·弗朗西斯。

Thank you, Chris. Good morning, good afternoon, everybody. Great to have you on the call. Also on the call with me today will be Dr. Eric Hughes, Head of R&D and Chief Medical Officer, who will be walking you through some exciting developments in our pipeline; and then Eli Kalif, my CFO, who will go through the Q4 and the full-year results.

謝謝你，克里斯。各位早安，各位下午好。很高興你能參加通話。今天和我一起參加電話會議的還有研發主管兼首席醫療官埃里克·休斯博士，他將向大家介紹我們研發管線中的一些激動人心的進展；然後是我的首席財務官伊萊·卡利夫，他將介紹第四季度和全年業績。

So starting with, as I always do, the Pivot to Growth strategy and the progress we've made over the last three years. As you know, the foundation is the four pillars: deliver on our growth engines, I think you'll see in the results that we continue to have great momentum around our innovative portfolio of AUSTEDO, UZEDY, and AJOVY and some great progress on our innovation, so step-up innovation. You'll see that we filed olanzapine last year, completed the recruitment of the DARI study, dual-action rescue inhaler and started our Phase 3 study for duvakitug in UC and CD.

首先，我將像往常一樣，談談「轉向成長」策略以及我們在過去三年中取得的進展。如您所知，基礎是四大支柱：實現我們的成長引擎，我認為您將從結果中看到，我們圍繞 AUSTEDO、UZEDY 和 AJOVY 的創新產品組合繼續保持強勁勢頭，並在創新方面取得了一些重大進展，因此要加快創新步伐。你會看到，我們去年提交了奧氮平的申請，完成了 DARI 研究的招募，雙效急救吸入器，並開始了 duvakitug 在 UC 和 CD 中的 3 期研究。

And then sustained generics powerhouse, good progress. Our aim is to get this business back to stability, and we have done that. And now we see some exciting growth emerging from our biosimilars portfolio, and I'll talk a bit about that.

然後是持續的仿製藥強國，進展良好。我們的目標是讓這家企業恢復穩定，而我們已經做到了。現在我們看到生物相似藥產品組合出現了一些令人興奮的成長，我接下來會談談這方面的情況。

And then focus the business. This is all about making sure we allocate capital to the correct areas to give the best return. And we'll walk you through a bit of the progress we've had on our transformation program, which is the aim is to have $700 million of net savings by 2027. We made excellent progress in '25, and we're on track to hit the two-thirds by the end of this year 2026.

然後集中精力發展業務。這一切都是為了確保我們將資金分配到正確的領域，以獲得最佳回報。接下來，我們將帶您了解我們在轉型計劃方面取得的一些進展，該計劃的目標是到 2027 年實現 7 億美元的淨節省。我們在 2025 年取得了優異的進展，並且預計在 2026 年底前完成三分之二的目標。

So now moving on to the actual results. So I'm pleased with these results. Now, just to orientate you on this slide, the numbers on the left include the Sanofi milestones and the numbers on the right do not. So starting with the revenues. So a 5% increase in revenues at $17.3 billion. EBITDA grew 12% up to $5.3 billion. EPS grew 19% to $2.93 and free cash flow was up 16% to $2.4 billion. And our net debt to EBITDA is now at 2.5 times, which is, as you know, our goal for 2027 is to 2 times. So we're well on our way to do that.

現在來看實際結果。我對這個結果很滿意。現在，為了讓您更好地理解這張幻燈片，左側的數字包含了賽諾菲的里程碑，而右側的數字則不包含。那麼，先從收入說起。因此，營收成長5%，達到173億美元。息稅折舊攤提前利潤 (EBITDA) 成長 12%，達到 53 億美元。每股盈餘 (EPS)每股盈餘成長 19% 至 2.93 美元，自由現金流成長 16% 至 24 億美元。目前我們的淨債務與 EBITDA 比率為 2.5 倍，如您所知，我們 2027 年的目標是達到 2 倍。所以，我們正朝著這個目標穩步前進。

Now, a slide that I've shown over the last 12 quarters actually, to show that our return to growth, which was our strategy, part of the Pivot to Growth strategy when we launched it in 2023. And as you see, we've consecutively done this. And we did that in Q4, where the growth was up 11%. Now, that did include the milestone from Sanofi. If you take that away, we were slightly down at 1%.

現在，我展示了過去 12 個季度以來一直在展示的一張幻燈片，以表明我們重返成長的策略，這是我們在 2023 年推出的「轉向成長」策略的一部分。正如你所看到的，我們已經連續做到了這一點。我們在第四季度實現了這一目標，成長率達到 11%。當然，這其中也包括了賽諾菲的里程碑式成就。如果扣除這部分，我們的下降幅度略達 1%。

But let's look at it over a three-year period. So over a three-year period, these are impressive results, once again, reminding you that we had multiple years of sales decline. And so in 2023, we actually grew the business 4%; in '24, 11%; and then last year, 2%. So we're well on track for our CAGR of mid-single digit, as you can see from the slide there.

但讓我們以三年為週期來看一下。因此，在三年時間內取得這樣的成績令人印象深刻，這也再次提醒大家，我們曾經歷過多年的銷售下滑。因此，2023 年，我們的業務實際成長了 4%；2024 年成長了 11%；去年成長了 2%。因此，正如您從幻燈片中看到的那樣，我們正朝著中等個位數的複合年增長率穩步前進。

Now, let's get into a bit of detail as to what's driving these good results. So on the next slide, you'll see the innovative performance is one of the key areas of growth for us. And AUSTEDO, UZEDY, and AJOVY hit $3.1 billion for the year. This is up about 35%. So excellent results there. And I'm really pleased to tell you that in Q4, we surpassed $1 billion for our innovative portfolio that you see on the screen here.

現在，讓我們詳細了解是什麼因素促成了這些好結果。因此，在下一張投影片中，您將看到創新表現是我們成長的關鍵領域之一。AUSTEDO、UZEDY 和 AJOVY 三家公司全年營收達 31 億美元。比上年同期上漲了約35%。所以結果非常出色。我很高興地告訴大家，在第四季度，我們創新產品組合的銷售額突破了 10 億美元，您可以在螢幕上看到這些產品組合。

But in a bit more detail, AUSTEDO grew at 34% at $2.26 billion. UZEDY was up 63% at $191 million, and AJOVY continues to perform, was up 30% at $673 million. Our generics business was flat, worth noting this excludes Japan from these numbers.

但更具體地說，AUSTEDO 成長了 34%，達到 22.6 億美元。 UZEDY上漲 63% 至 1.91 億美元，AJOVY 繼續保持良好表現，上漲 30% 至 6.73 億美元。我們的仿製藥業務表現平平，值得注意的是，這些數據不包括日本市場。

Now, I've talked a lot about moving from a pure-play generics company to a biopharma company. I think these results show we clearly have done that. And now, it's a question of just how much we can keep driving this innovative portfolio and the pipeline that comes through.

現在，我已經多次談到從純粹的仿製藥公司轉型為生物製藥公司。我認為這些結果表明我們已經清楚地做到了這一點。現在的問題是，我們究竟能在多大程度上繼續推動這項創新產品組合和後續產品的研發。

Now, moving on to a bit more detail. I wanted to talk to you a bit about AUSTEDO. So AUSTEDO had a really strong quarter in quarter four, as you can see, $725 million, up 40% for the quarter. And for the full year, $2.2 billion, up 35%. And this was delivered with good underlying growth. As you can see, TRx is 10%, and there's a 19% rise in milligram volume. This is driven by both new patients and better adherence. It's worth noting that AUSTEDO XR now accounts for 60% of new patients.

現在，讓我們來看一些更詳細的資訊。我想和你談談AUSTEDO。正如你所看到的，AUSTEDO 在第四季度表現非常強勁，營收達到 7.25 億美元，比去年同期成長 40%。全年營收達 22 億美元，成長 35%。而且這一切都是在良好的潛在成長基礎上實現的。如您所見，TRx 為 10%，毫克數量增加了 19%。這主要得益於新患者的加入和患者依從性的提升。值得注意的是，AUSTEDO XR 目前佔新患者的 60%。

Now -- very impressive results here. Now we did have in Q4, these numbers did reflect some year-end inventory stocking and some favorable gross to net. And Eli will talk a bit more detail about that. But if you actually take that out, then we still grew at 20% in Q4.

現在——這裡的結果非常令人印象深刻。第四季度，這些數字確實反映了一些年末庫存積壓和一些有利的毛利淨利。伊萊會就此做更詳細的說明。但即使剔除這部分因素，我們第四季的成長率仍然達到了 20%。

So once again, the underlying growth of this product is very strong. And because of that, we're giving the guidance of $2.4 billion to $2.55 billion for 2025 (sic - see slide 10, "2026"). I think it's worth noting that if we do hit the upper end of that, then that means we've hit the $2.5 billion a year ahead of schedule. But we'll talk in a bit more detail of the puts and takes to that range.

所以，該產品的潛在成長動能依然非常強勁。因此，我們預計 2025 年的營收為 24 億美元至 25.5 億美元（原文如此 - 請參閱第 10 頁「2026 年」）。我認為值得注意的是，如果我們真的達到了上限，那就意味著我們提前實現了每年 25 億美元的目標。但我們將更詳細地討論該範圍內的買入和賣出策略。

Now, moving on to UZEDY. UZEDY also had another strong quarter, $55 million, up 28% and for the full year, up an impressive 63% to $191 million. TRx volume grew an impressive 123% year over year. And it's worth noting that more than 83% of the NBRx generated -- was generated by patients transitioning from oral therapies or treatment-naïve, which confirms that UZEDY is expanding the long-acting injectable market, not just taking share.

接下來，我們來看看 UZEDY。UZEDY 的季度業績也十分強勁，達到 5,500 萬美元，成長 28%；全年業績更是實現了驚人的 63% 的成長，達到 1.91 億美元。TRx交易量較去年同期成長123%，增幅驚人。值得注意的是，超過 83% 的 NBRx 是由從口服療法過渡到注射療法的患者或未接受過治療的患者產生的，這證實了 UZEDY 正在擴大長效注射市場，而不僅僅是搶佔市場份額。

Now, another impressive fact on UZEDY is it's the fastest-growing long-acting injectable in its category. And because of this momentum, our guidance reflects this. And as you see, we have a guidance of $250 million to $280 million for 2026.

UZEDY 的另一個令人印象深刻的事實是，它是同類產品中成長最快的長效注射。正因如此，我們的指導方針也反映了這一點。正如你所看到的，我們預計 2026 年的收入將在 2.5 億美元至 2.8 億美元之間。

Now moving on to AJOVY. AJOVY had a strong quarter as well, up 43% year on year at $211 million. And for the full year, it's $673 million, up 30%. So once again, for a product that's fairly mature, really strong growth. AJOVY continues to be number one preventative anti-CGRP injectable in the top US headache centers, and it leads in 30 markets across Europe and international. And this continued growth is driven by, I think, our commercial excellence, our ability to continue to take market share to manage the pricing and the payer environment in the US and to continue to expand in new geographies. And because of this strength, we're giving a guidance of $750 million to $790 million.

接下來是 AJOVY。AJOVY 的季度業績也十分強勁，年成長 43%，達到 2.11 億美元。全年累計收入為 6.73 億美元，成長 30%。所以再次證明，對於一款相當成熟的產品來說，成長動能非常強勁。AJOVY 仍然是美國頂級頭痛中心排名第一的預防性抗 CGRP 注射劑，並且在歐洲和國際 30 個市場中處於領先地位。我認為，這種持續成長的驅動力在於我們卓越的商業能力，我們能夠不斷擴大市場份額，從而掌控美國的定價和支付環境，並繼續在新的地區擴張。正因為這種強勁勢頭，我們給出的業績預期為 7.5 億美元至 7.9 億美元。

Now, moving on to the pipeline. So we talked about the products we have in the market and the excellent progress we made on those, but the pipeline is really exciting here. And I do want to mention this, even though I know Eric will talk a bit about it.

接下來，我們來看看管道部分。所以我們討論了我們目前在市場上銷售的產品以及我們在這些產品上取得的出色進展，但這裡的研發管線真的令人興奮。我想提一下這一點，儘管我知道艾瑞克會稍微談到這一點。

The things I always remind people about this slide is every product we're going to launch has a potential of over $1 billion. The size of the markets we're entering into are significant and our entry points into these markets are in the short term. And if you look at the total, the total of the portfolio can be over $10 billion of peak sales. There's an addition to this slide that some of you may not have seen, which is we will be announcing two new indications for duvakitug later this year, once again, highlighting that is a pipeline in a product.

我總是提醒大家，這張投影片所展示的是，我們即將推出的每一款產品都有可能創造超過 10 億美元的銷售額。我們進入的市場規模龐大，而且我們進入這些市場的切入點是短期的。如果從整體來看，該投資組合的峰值銷售額可超過 100 億美元。這張投影片上還有一點你們可能沒看到，那就是我們將在今年稍後宣布 duvakitug 的兩項新適應症，再次強調這是一個產品研發管線。

Now, moving on to our generics business. Our generics business, our aim was to get this back to stability, and we've done that. And the generics business was flat in 2025 versus 2024. Now, one of the things that I do always highlight is you need to look at the generics business over a multiyear period because of the fact that some years, you have more launches than others. That's just part of the business. And as you see here, our two-year CAGR is 6%.

接下來，我們來談談我們的仿製藥業務。我們的仿製藥業務的目標是使其恢復穩定，而我們已經做到了。2025 年仿製藥業務與 2024 年相比持平。現在，我一直強調的一點是，你需要從多年的角度來看待仿製藥業務，因為有些年份新藥上市的數量會比其他年份多。這只是生意的一部分。正如您在這裡看到的，我們兩年的複合年增長率為 6%。

But for 2025, the US grew at 2%; international markets, 1%; and Europe declined 2%. Now, we continue to see good performance from our biosimilars business, and I think I'll move on to that now to talk you through that.

但到 2025 年，美國成長了 2%；國際市場成長了 1%；歐洲下降了 2%。現在，我們的生物相似藥業務繼續保持良好的業績，我想接下來就詳細介紹一下這方面的情況。

And where we started with biosimilars over the last three years, we've made tremendous progress. It's worth noting that we now have 10 assets in the market globally, and we're going to launch six additional between now and the end of 2027. Then we have another 10 assets that are going to start launching from '28 and beyond.

過去三年，我們從生物相似藥起步，並取得了巨大的進步。值得注意的是，我們目前在全球市場上擁有 10 項資產，從現在到 2027 年底，我們還將推出 6 項新資產。然後我們還有另外 10 個資產將從 2028 年及以後開始陸續推出。

So some impressive numbers here. So the aim was to build a world-leading portfolio, and we've done that. In fact, I think we have the second-largest portfolio of biosimilars now in the industry, and we've launched the most biosimilars since 2020. And because of this, we're well on track to grow our biosimilars business by $400 million by 2027.

這裡有一些令人印象深刻的數據。因此，我們的目標是打造世界領先的投資組合，而我們做到了。事實上，我認為我們目前擁有業界第二大的生物相似藥產品組合，而且自 2020 年以來，我們推出的生物相似藥數量最多。正因如此，我們預計在 2027 年實現生物相似藥業務成長 4 億美元的目標。

Now to close out, as you've seen by some of the numbers we've talked about, we're well on track to hit our 2027 guidance. The CAGR, I talked about, we currently stand at 6%. The operating margin will go into a bit more detail, but with the success of our innovative portfolio, we're very confident about 30%. Net debt to EBITDA at 2 times, we're already at 2.5 times and cash to earnings is 80%, Eli will walk you through a bit more detail on that.

最後，正如你們從我們剛才討論的一些數字中看到的那樣，我們有望實現 2027 年的業績目標。我之前提到的複合年增長率，目前為 6%。營業利潤率稍後會詳細說明，但憑藉我們創新產品組合的成功，我們對 30% 的利潤率非常有信心。淨負債與 EBITDA 的比率為 2 倍，而我們目前已經達到 2.5 倍，現金與收益的比率為 80%，Eli 將為您詳細講解一下。

But with that, I'll hand you over to Eric to talk about our exciting pipeline.

接下來，我將把麥克風交給艾瑞克，讓他來談談我們令人興奮的管道項目。

Thank you, Richard. Starting with the slide that Richard went over briefly. One of the things about this pipeline is there's three Phase 3 programs and two burgeoning Phase 2 programs. And the market potential is big, like Richard mentioned. But more importantly, it's the unmet medical need that we take pride in and what we're potentially going to address. And finally, I'd like to say that we planned over five years for submissions. So we're very proud of the fact that we've turned around this innovative pipeline and moved it forward so quickly.

謝謝你，理查。首先，讓我們來看理查德簡單介紹的那張幻燈片。該研發管線的一個特點是，它包含三個第三階段項目和兩個正在蓬勃發展的第二階段項目。正如理查德所提到的那樣，市場潛力巨大。但更重要的是，我們引以為傲的是尚未滿足的醫療需求，以及我們可能要解決的問題。最後，我想說，我們為投稿做了五年多的規劃。因此，我們非常自豪地宣布，我們已經扭轉了這條創新產品線的局面，並使其迅速向前發展。

But I first want to highlight olanzapine LAI. We got the submission in on December 9, and we're looking forward to the EU submission in the second quarter of this year. We've shown that this olanzapine LAI that can address an unmet medical need in schizophrenia has great safety and efficacy, and we want to discuss that with the health authorities and hopefully get that approval at the end of this year. So something very exciting to look forward to.

但我首先想重點介紹一下奧氮平長效注射劑。我們已於 12 月 9 日提交了申請，並期待今年第二季向歐盟提交申請。我們已經證明，這種能夠滿足精神分裂症未滿足醫療需求的奧氮平長效注射劑具有良好的安全性和有效性，我們希望與衛生部門討論此事，並希望在今年年底獲得批准。所以，這是一件非常令人興奮的事情，值得期待。

Next, on our DARI program, our dual-action rescue inhaler, we're very proud of the fact that we finished the targeted enrollment of this study at the end of 2025. And in fact, we're going to continue enrolling it to accelerate the back end of the study. And the most important thing about that enrollment, one of the things that's most difficult is the fact it has pediatrics, adolescents, and adult patients. So I think that the opportunity here for a differentiated product of a dry powder inhaler and the fact that we have the potential to have adolescents and pediatrics in the label is a true differentiator for this program, addressing a large unmet medical need in asthma.

接下來，關於我們的 DARI 計畫（我們的雙效急救吸入器），我們非常自豪地宣布，我們在 2025 年底完成了這項研究的目標招募。事實上，我們將繼續招募受試者，以加快研究的後期階段。而招生過程中最重要的一點，也是最困難的一點，就是它同時招募兒科、青少年和成年患者。所以我認為，乾粉吸入器這種差異化產品的機會，以及我們有可能在標籤上包含青少年和兒童這一事實，是該項目真正的差異化優勢，可以滿足哮喘領域巨大的未滿足醫療需求。

And then moving on to duvakitug, a very exciting brand-new biologic class that's in development. A year ago, we showed really exciting Phase 2 data in both ulcerative colitis and Crohn's disease, posting very good numbers in both with a nice dose response. But now, we're excited to be looking forward to the maintenance data in the first half of this year.

接下來是 duvakitug，這是一個非常令人興奮的全新生物類藥物，目前正在研發中。一年前，我們在潰瘍性結腸炎和克隆氏症方面公佈了非常令人振奮的 2 期臨床試驗數據，在這兩個領域都取得了非常好的成績，劑量反應也很好。但現在，我們很高興能夠期待今年上半年的維護數據。

And the important thing about the maintenance data is that we will show hopefully the durability of response. And that's really what people need in ulcerative colitis and Crohn's disease. These are chronic diseases that people frequently fail on their advanced therapies and need more. So durability in the long term is most important.

維護資料的重要意義在於，我們希望能夠展示回應的持久性。而這正是潰瘍性結腸炎和克隆氏症患者真正需要的。這些都是慢性疾病，患者經常無法透過先進的療法治愈，需要更多治療。因此，長期耐用性才是最重要的。

And just a review, this represents 58 weeks of exposure, looking at two different doses given subcutaneously every four weeks. And Richard also mentioned that we started our Phase 3 programs with our partner, Sanofi, the SUNSCAPE and STARSCAPE, started right on time, and we're accelerating those programs and executing very well, and we'll be looking forward to new indications this year.

簡單回顧一下，這代表了 58 週的暴露時間，檢視了每四周皮下注射兩種不同劑量的情況。理查德也提到，我們與合作夥伴賽諾菲共同啟動了 3 期臨床試驗項目 SUNSCAPE 和 STARSCAPE，項目按時啟動，我們正在加速推進這些項目，執行情況也非常好，我們期待今年能有新的適應症。

And then moving on to anti-IL-15. We had a very exciting announcement at JPMorgan that Royalty Pharma provided funding for our program in vitiligo for a Phase 2/3 program. This is really great external validation of our program, what we will -- what we believe is a very differentiated product to address a number of unmet medical needs.

然後轉向抗IL-15。我們在摩根大通宣布了一個非常令人興奮的消息：Royalty Pharma 為我們治療白斑症的 2/3 期計畫提供了資金。這真是對我們專案的一次很好的外部驗證，我們相信這將是一款非常有差異化的產品，能夠滿足許多未被滿足的醫療需求。

First, in vitiligo, this is something that systemic therapies are needed for, and that results will be available in the first half of this year. But also celiac disease, we're running our second proof-of-concept study with a biopsy endpoint that will be available in the second half of this year. But in addition to that, alopecia areata, atopic dermatitis, and eosinophilic esophagitis are all possible targets for this very important cytokine.

首先，對於白斑症，需要進行系統性治療，預計今年上半年將有治療結果公佈。但對於乳糜瀉，我們正在進行第二項概念驗證研究，以切片為終點，研究結果將於今年下半年公佈。但除此之外，斑禿、異位性皮膚炎和嗜酸性食道炎都是這種非常重要的細胞激素的潛在標靶。

And then on to emrusolmin. One of the things I've been very impressed with is the rate at which we've been enrolling this study. This is a Phase 2 study looking at critical endpoints of an important unmet medical need.

然後是emrusolmin。令我印象深刻的一點是，我們這項研究的招募速度非常快。這是一項針對重要未滿足醫療需求的關鍵終點指標的二期研究。

I always like to remind people the mean survival in this disease after diagnosis is 6 to 10 years. So this is a very important unmet medical need. We are working hard to make sure that this study not only enrolls quickly, but we will over-enroll to make sure that this Phase 2 program is as pristine as powerful as possible, really potentially capitalizing on the ability to accelerate this approval.

我總是喜歡提醒人們，確診這種疾病後的平均存活期為 6 至 10 年。所以，這是一個非常重要的尚未滿足的醫療需求。我們正在努力確保這項研究不僅能快速招募受試者，而且還會超額招募，以確保這個二期計畫盡可能完美有效，真正有可能利用加速審批的能力。

And before I get on to my last slide, I just wanted to do a shout out for the AJOVY team at Teva. They've done a great job in generating data in migraine, and it's very satisfying to see our innovation is recognized by the New England Journal of Medicine with a publication this month. This is great work by the team and really got that sort of the approval for the only and first CGRP antagonist to be approved for pediatrics with episodic migraine. So very proud and great work and kudos to the team.

在我進入最後一張投影片之前，我想特別感謝 Teva 的 AJOVY 團隊。他們在偏頭痛資料收集方面做得非常出色，看到我們的創新成果在本月得到《新英格蘭醫學雜誌》的認可並發表，我們感到非常欣慰。這是團隊的出色工作，也確實為唯一獲準用於治療兒童發作性偏頭痛的 CGRP 拮抗劑獲得了批准。非常自豪，團隊做得太棒了，向你們致敬！

But finally, I just want to go over something that we take with great pride. We have a very exciting 2026 coming up with many different milestones in the R&D organization. The duvakitug data, as I mentioned, will come out in the first half. For anti-IL-15, vitiligo data in the first half and celiac data in the second half of 2026. We'll be looking for that final event in the asthma exacerbation study of DARI by the end of the year, which would be completing the Phase 3 study.

但最後，我只想談談我們引以為傲的事。2026 年即將到來，令人振奮，研發部門將迎來許多不同的里程碑。正如我之前提到的，杜瓦基圖格的數據將在上半年公佈。對於抗IL-15，白斑數據將於2026年上半年公佈，乳糜瀉數據將於2026年下半年公佈。我們將在年底前觀察 DARI 氣喘加重研究的最終事件，即完成第 3 期研究。

The emrusolmin will be targeting a futility analysis at the end of this year, even in the face of accelerating and increasing the enrollment in that Phase 2 study. And obviously, we're looking for the anticipated approval of olanzapine LAI at the end of the year, and we'll be talking about our first human data for our anti-PD-1 IL-2. So a really exciting year full of catalysts. We're looking forward to all these milestones.

即使 2 期研究的入組人數正在加快增加，emrusolmin 仍計劃在今年年底進行無效性分析。顯然，我們期待奧氮平 LAI 在年底獲得預期批准，我們還將討論我們抗 PD-1 IL-2 的首個人體數據。所以，這是充滿各種催化劑的激動人心的一年。我們期待著所有這些里程碑的實現。

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

接下來，我將把麥克風交給伊萊‧卡利夫。

Thank you, Eric, and good morning and good afternoon to everyone. I will review our 2025 financial results, focusing on our fourth-quarter performance, followed by our outlook for 2026.

謝謝你，艾瑞克，也祝大家早安/下午好。我將回顧我們 2025 年的財務業績，重點放在第四季度的表現，然後展望 2026 年的業績。

I would like to start with the following key messages that highlight our consistent execution throughout 2025. First, we delivered solid Q4 and full-year results, driven once again by our fast-growing innovative portfolio, which is also driving a meaningful shift in our margin profile. This was our third-consecutive year of growth since we launched our Pivot to Growth strategy.

首先，我想強調以下幾個關鍵訊息，這些訊息突出了我們在 2025 年全年的持續執行情況。首先，我們實現了穩健的第四季和全年業績，這再次得益於我們快速成長的創新產品組合，這也正在推動我們的利潤率結構發生重大轉變。這是自我們推出「轉型成長」策略以來連續第三年實現成長。

Second, we continue to strengthen our balance sheet with a net debt reduced to approximately $13 billion and a net debt-to-EBITDA ratio of 2.5 times, well on track to achieve our target of 2 times and our journey to investment-grade ratings.

其次，我們繼續加強資產負債表，淨債務減少至約 130 億美元，淨債務與 EBITDA 比率為 2.5 倍，正朝著 2 倍的目標穩步邁進，並朝著投資級評級的目標邁進。

Third, we made significant progress on our transformation programs, achieving $70 million of our planned savings in 2025, staying on track to deliver approximately $700 million savings by 2027, achieving our 30% non-GAAP operating margin targets.

第三，我們在轉型計畫方面取得了重大進展，在 2025 年實現了 7,000 萬美元的計畫節約，並預計在 2027 年實現約 7 億美元的節約，實現了 30% 的非 GAAP 營業利潤率目標。

And lastly, with our performance in 2025 and outlook for 2026, we are well-positioned to achieve our long-term financial targets for 2030.

最後，憑藉我們在 2025 年的業績和對 2026 年的展望，我們完全有能力實現 2030 年的長期財務目標。

Now, moving to slide 28. Before I start with the results, I would like to remind everyone that in the fourth quarter of 2025, Teva initiated a Phase 3 of UC and Crohn's indication for our duvakitug program. As per the collaboration agreement with Sanofi, we received $500 million in Q4 of 2025 for this development milestone. This payment positively contributed $500 million to both our revenue and free cash flow and had a positive contribution to our adjusted EBITDA of approximately $410 million.

現在，請看第 28 張投影片。在開始公佈結果之前，我想提醒大家，Teva 在 2025 年第四季啟動了我們 duvakitug 計畫治療潰瘍性結腸炎和克隆氏症適應症的 3 期臨床試驗。根據與賽諾菲的合作協議，我們將在 2025 年第四季收到 5 億美元，用於實現這一發展里程碑。這筆款項為我們的收入和自由現金流都帶來了 5 億美元的積極貢獻，並為我們調整後的 EBITDA 帶來了約 4.1 億美元的積極貢獻。

During this presentation, I will be discussing our results for the quarter and for the full year of 2025, excluding the impact of these milestone payments. In addition to these payments, I will also be excluding any contribution from the Japan business venture, which we divested on March 31, 2025, to help to provide you with a like-to-like comparison of our financial results.

在本次演講中，我將討論我們 2025 年第一季和全年的業績，但不包括這些里程碑付款的影響。除了這些款項外，我還會排除我們於 2025 年 3 月 31 日剝離的日本商業合資企業的任何貢獻，以便為您提供我們財務表現的同類比較。

Now, starting with our Q4 GAAP performance. Our Q4 revenue were approximately $4.2 billion, up 2% in US dollars or down 1% in local currency year over year. Our key innovative products, AUSTEDO, AJOVY, and UZEDY, continued strong momentum, all meeting or exceeding our guidance for the full year. This strong growth in our innovative portfolio and stable generics was offset by lower proceeds from the sale of certain product rights compared to Q4 2024.

現在，先來看看我們第四季的GAAP業績。我們第四季的營收約為 42 億美元，以美元計算年增 2%，以當地貨幣計算年減 1%。我們的主要創新產品 AUSTEDO、AJOVY 和 UZEDY 繼續保持強勁勢頭，全部達到或超過了我們全年的預期。與 2024 年第四季相比，我們創新產品組合和穩定仿製藥的強勁成長被某些產品權利出售所得的減少所抵銷。

GAAP net income and EPS were $480 million and $0.41, respectively, including the payments for the development milestones.

GAAP淨收入和每股盈餘分別為4.8億美元和0.41美元，包括開發里程碑付款。

Now, looking to our non-GAAP performance. Our non-GAAP gross margin increased by 80 basis points year over year to 56.2% and resulted in our full-year gross margin at 54.7%, well above the top end of our guidance range. This increase was mainly driven by a stronger-than-expected growth in our key innovative products, mainly AUSTEDO. Non-GAAP operating margin decreased by approximately 120 basis points year over year to 26.7%, mainly because of the higher planned investment in OpEx to support our innovative growth.

現在，讓我們來看看我們的非GAAP業績。我們的非GAAP毛利率年增80個基點至56.2%，全年毛利率達到54.7%，遠高於我們預期範圍的上限。這一成長主要得益於我們關鍵創新產品（主要是 AUSTEDO）超出預期的成長。非GAAP營業利潤率年減約120個基點至26.7%，主要原因是計劃增加營運支出投資以支持我們的創新成長。

Overall, we ended the quarter with a non-GAAP earnings per share of $0.68 compared to $0.70 in Q4 2024. Total non-GAAP adjustments in Q4 were $649 million. This included impairment charge of $77.3 million, mainly related to a manufacturing facility in Europe. Our free cash flow in Q4 was approximately $800 million and $1.9 billion for the full year, coming at the higher end of our guidance range, excluding the development milestones related to duvakitug.

整體而言，本季非GAAP每股收益為0.68美元，而2024年第四季為0.70美元。第四季非GAAP調整總額為6.49億美元。其中包括 7,730 萬美元的減損支出，主要與歐洲的一家製造工廠有關。我們第四季的自由現金流約為 8 億美元，全年自由現金流約為 19 億美元，均處於我們預期範圍的較高水平，不包括與 duvakitug 相關的開發里程碑。

Moving to slide 29. We are making significant progress in our Teva transformation programs to deliver targeted savings of approximately $700 million by 2027 through a well-defined and planned efforts. During 2025, we achieved $70 million of initial savings, demonstrating solid momentum and execution and continue to expect roughly two-thirds of our total savings target to be realized by the end of 2026. These transformation efforts, along with the ongoing portfolio shift towards high-growth and high-margin innovative products, provide a clear path to achieving our 30% operating margin target by 2027, even as we continue to invest in our business for long-term growth.

切換到第29張投影片。透過精心策劃的措施，我們在 Teva 轉型計畫中取得了重大進展，目標是在 2027 年前實現約 7 億美元的目標節省。2025 年，我們實現了 7,000 萬美元的初步節省，展現了強勁的發展勢頭和執行力，並繼續預計到 2026 年底，我們將實現總節省目標的三分之二左右。這些轉型舉措，以及持續將產品組合轉向高成長、高利潤的創新產品，為我們在 2027 年實現 30% 的營業利潤率目標提供了清晰的路徑，同時我們也將繼續投資於業務以實現長期成長。

Now, let me turn to our 2026 outlook. As I mentioned earlier, 2025 was a year of a strong progress on our Pivot to Growth strategy. We delivered revenue growth, expanded profits and margin, invested in our innovative products and pipeline, and made significant progress towards our journey to investment-grade ratings. In 2026, we remain focused on continuing this momentum and executing on accelerate growth path to our strategy.

現在，讓我們展望一下2026年。正如我之前提到的，2025 年是我們「轉型成長」策略取得強勁進展的一年。我們實現了營收成長，擴大了利潤和利潤率，投資於我們的創新產品和研發管線，並在邁向投資等級評級的道路上取得了重大進展。2026年，我們將繼續專注於維持這一勢頭，並執行加速成長策略。

Starting with our revenue guidance for 2026. We expect full-year revenue of $16.4 billion to $16.8 billion. This represents a range of approximately 1% growth to 2% decline compared to 2025 on a normal base, excluding the $500 million development milestone payments and $75 million contribution in 2025 for the Japan business venture. This revenue guidance is consistent with our previous communication and reflects continued strong momentum in our innovative portfolio, including AUSTEDO, AJOVY, and UZEDY combined with a low-single-digit growth in global generics business. It's expected to largely offset revenue headwinds of approximately $1.1 billion from generic Revlimid in 2026.

首先是我們對2026年營收的預測。我們預計全年營收為 164 億美元至 168 億美元。與 2025 年的正常基數相比，這代表著約 1% 的成長到 2% 的下降，但不包括 5 億美元的發展里程碑付款和 2025 年為日本商業合資企業提供的 7,500 萬美元的貢獻。這項收入預期與我們先前的溝通一致，反映了我們創新產品組合（包括 AUSTEDO、AJOVY 和 UZEDY）的持續強勁成長勢頭，以及全球仿製藥業務的低個位數成長。預計這將在很大程度上抵消2026年仿製藥瑞復美帶來的約11億美元的收入不利影響。

We expect non-GAAP gross margin in 2026 to be in the range of 54.5% to 55.5%, showing a further improvement over a strong 2025, driven again by the ongoing positive shift in our portfolio mix and the cost savings from our ongoing transformation programs. As a result, and as previously communicated, we expected our non-GAAP operating income and adjusted EBITDA to both growth in absolute dollars and as a percentage of revenue compared to 2025.

我們預計 2026 年非 GAAP 毛利率將在 54.5% 至 55.5% 之間，較 2025 年的強勁表現進一步改善，這再次得益於我們投資組合結構的持續積極轉變以及我們正在進行的轉型計劃帶來的成本節約。因此，正如之前所溝通的那樣，我們預計與 2025 年相比，我們的非 GAAP 營業收入和調整後 EBITDA 的絕對金額和占收入的百分比都將增長。

Our operating expenses are expected to be in the range of 27% to 28% of revenue with a higher impact of the transformation program cost savings in the second half of the year. We expect finance expenses to be approximately $800 million in 2026, lower than 2025, reflecting the reduced debt levels and ongoing deleveraging.

我們的營運費用預計將佔營收的 27% 至 28%，而轉型計畫的成本節約將在下半年產生更大的影響。我們預計 2026 年財務費用約為 8 億美元，低於 2025 年，這反映了債務水準的降低和持續的去槓桿化。

Our non-GAAP tax rate is expected to be in the range of 16% to 19%, slightly higher than 2025, which benefited partially from IP-related integration plans and the recognition of certain US tax attributes. This brings us to expected non-GAAP earnings per share range of $2.57 to $2.77. Our 2026 free cash flow is expected to be in the range of $2 billion to $2.4 billion, representing a strong ongoing improvement in our cash conversion profile and consistent with our long-term targets.

我們預期非GAAP稅率將在16%至19%之間，略高於2025年，這部分得益於與智慧財產權相關的整合計畫以及對某些美國稅收屬性的確認。由此，我們預期非GAAP每股盈餘將在2.57美元至2.77美元之間。我們預計2026年自由現金流將在20億美元至24億美元之間，代表我們現金轉換能力的持續強勁改善，並與我們的長期目標相符。

Now lastly, let me provide you with some directions on how we think about quarterly progression in 2026. We expect revenue to gradually increase over the course of the year with the revenue in the second half of 2026 slightly higher than the first half.

最後，讓我為大家提供一些關於我們如何考慮 2026 年季度進展的指導。我們預計營收將在今年內逐步成長，2026 年下半年的營收將略高於上半年。

Q1 is expected to be light, mainly due to the following: first, a year-over-year decline in our US generics revenue, mainly because of approximately $300 million in generic Revlimid revenue from Q1 of 2025 that is going away.

預計第一季業績將較為疲軟，主要原因如下：首先，美國仿製藥營收年減，主要是因為從 2025 年第一季起，約 3 億美元的仿製藥 Revlimid 營收將不再產生。

Second, on AUSTEDO, during Q4 of 2025, on top of AUSTEDO's strong underlying performance, we had the benefit of a year-end inventory build and a one-time gross to net of approximately $100 million. While we expect a strong year-over-year growth for AUSTEDO in Q1 2026, we expect Q1 revenue to reflect the sequential impact of these one-time benefits. We also expect AUSTEDO revenue in Q4 '26 to be potentially down year over year due to a different purchasing patterns and pricing environment ahead of the IRA implementation in January 2027.

其次，關於 AUSTEDO，在 2025 年第四季度，除了 AUSTEDO 強勁的基本面表現外，我們還受益於年末庫存增加和一次性毛利淨額約 1 億美元。雖然我們預計 AUSTEDO 在 2026 年第一季將實現強勁的同比增長，但我們預計第一季的營收將反映出這些一次性收益的連續性影響。我們也預計，由於 2027 年 1 月 IRA 實施之前採購模式和定價環境的變化，AUSTEDO 在 2026 年第四季的收入可能會比去年同期下降。

Our non-GAAP margins are also expected to be gradually ramped up over the course of the year, in line with the revenue trajectory as well as savings from the ongoing transformation programs. The one-time revenue dynamics that I just talked about will also impact gross margin in Q1 beyond the normal seasonality we see going from Q4 to Q1. Free cash flow is also expected to ramp up over the course of the year.

隨著營收成長以及持續轉型計畫帶來的成本節約，預計我們的非GAAP利潤率也將在年內逐步提高。我剛才提到的這種一次性收入動態，除了我們從第四季到第一季所看到的正常季節性影響之外，還會對第一季的毛利率產生影響。預計自由現金流也將在年內逐步增加。

Now on the next slide, I would like to highlight the strong free cash flow trajectory that we are on. There are three main elements that are going to continue to drive incremental free cash flow, going from approximately $1.9 billion in 2025, excluding duvakitug milestone payments to more than $3.5 billion by 2030.

接下來，我想在下一張投影片中重點介紹我們目前強勁的自由現金流發展動能。有三個主要因素將繼續推動自由現金流的成長，從 2025 年的約 19 億美元（不包括 duvakitug 里程碑付款）增加到 2030 年的超過 35 億美元。

First, our innovative portfolio is uniquely positioned to continue to grow strongly, driving higher margins and free cash flow. In addition, we are on track to achieve $700 million savings from transformation programs by 2027. We don't stop here, and we'll continue to drive modernization of Teva beyond 2027.

首先，我們創新的產品組合具有獨特的優勢，能夠持續強勁成長，從而推動更高的利潤率和自由現金流。此外，我們預計在 2027 年前透過轉型計畫節省 7 億美元。我們不會止步於此，我們將繼續推動梯瓦製藥在 2027 年以後的現代化進程。

Second, we continue to strengthen our balance sheet through working capital and CapEx optimization.

其次，我們將繼續透過優化營運資本和資本支出來強化資產負債表。

And lastly, we continue to deleverage, reduction in our debt expected to result in lower finance expenses by approximately 50% by 2030, and we expect to see a reduction in our legal payments over time.

最後，我們將繼續降低槓桿率，預計到 2030 年，債務減少將使財務支出降低約 50%，我們預計隨著時間的推移，我們的法律支出也會減少。

Now, turning to the next slide on capital allocation. Our capital allocation strategy is focused on driving our Pivot to Growth strategy. This means keep investing in our key growth drivers and our world-class innovative pipeline. We are also making significant progress towards our target of 2 times net debt-to-EBITDA and an investment-grade credit ratings. This progress is recognized consistently by the major credit rating agencies, including the recent upgrade by S&P and an improved outlook by Moody's.

現在，我們來看看下一張關於資本配置的幻燈片。我們的資本配置策略著重於推動我們的「轉型成長」策略。這意味著要繼續投資我們的關鍵成長驅動因素和世界一流的創新產品線。我們在實現淨債務與 EBITDA 比率為 2 倍以及獲得投資等級信用評級的目標方面也取得了顯著進展。這一進展得到了主要信用評級機構的一致認可，包括標普最近上調了評級，以及穆迪提高了評級展望。

With the progress we have been making, I expect to see us achieving these goals in not-too-distant future, which also position us very well to thoughtfully evaluate additional ways of returning capital to our shareholders.

憑藉我們目前取得的進展，我預計在不久的將來我們將實現這些目標，這也使我們能夠更好地認真評估向股東返還資本的其他方式。

Finally, before I conclude my review of our 2025 performance, I would like to reiterate our long-term targets. We are clearly on the journey to be a leading innovative biopharma company. With our growing innovative mix, a number of key pipeline developments this year, and our free cash flow trajectory, we are confident about the directions we are on to achieve our 2027 and 2030 financial targets.

最後，在結束對我們 2025 年業績的回顧之前，我想重申我們的長期目標。我們顯然正走在成為領先的創新生物製藥公司的道路上。憑藉我們不斷增長的創新組合、今年一系列重要的專案進展以及自由現金流的成長勢頭，我們對實現 2027 年和 2030 年財務目標的方向充滿信心。

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, and thank you, Eric. So the next slide I'm going to go on to here is the one Eric showed, but I think it's one that's worthy of being repeated. A really exciting year here for Teva with regards to milestones on our innovative portfolio.

謝謝你，伊萊，也謝謝你，艾瑞克。接下來我要看的幻燈片是埃里克展示過的，但我認為它值得再次展示。對於梯瓦製藥來說，今年是令人振奮的一年，我們在創新產品組合方面取得了許多里程碑式的成就。

We have seven milestones here on this slide. So very proud of that, very proud of what the team has achieved. Obviously, we have some exciting data around vitiligo and anti-IL-15 and celiac disease. We have the olanzapine launch later this year. We have the duvakitug maintenance data, the futility analysis, which could accelerate our ability to get to market with emrusolmin treating this very serious disease. So lots of opportunity here to continue this transition to a world-class biopharma company.

這張投影片上列出了七個里程碑。對此我感到非常自豪，為團隊所取得的成就感到非常自豪。顯然，我們有一些關於白斑、抗IL-15和乳糜瀉的令人興奮的數據。奧氮平將於今年稍後上市。我們有 duvakitug 的維持治療數據和無效性分析，這可以加快我們用 emrusolmin 治療這種非常嚴重的疾病並推向市場的能力。因此，這裡有很多機會可以繼續向世界一流的生物製藥公司轉型。

Congratulations once again to the R&D team for moving this through so quickly. In just three years, we progressed this pipeline at record speed.

再次恭喜研發團隊如此迅速地完成了這項工作。短短三年內，我們就以創紀錄的速度推進了這條管道的建設。

Now it's because of this pipeline, it's because of the continued strong performance we have in our innovative portfolio that I mentioned earlier and Eli also mentioned, is why we're confident about the opportunity to continue to grow Teva top and bottom line and why we think it's an attractive investment opportunity. Because as you can see here, not only do we have significant headroom for AUSTEDO, AJOVY, we have the LAI franchise with UZEDY performing well, but olanzapine about to join it this year.

正是由於這條產品線，由於我們創新產品組合的持續強勁表現（正如我之前提到的，Eli 也提到過），我們才對繼續提升 Teva 的營收和利潤充滿信心，也正是因為如此，我們認為這是一個有吸引力的投資機會。因為正如你在這裡看到的，我們不僅有 AUSTEDO 和 AJOVY 有很大的發展空間，LAI 系列產品 UZEDY 也表現出色，而且奧氮平今年也將加入其中。

I highlighted the amount of biosimilars that will be launched over the next few years. And then as we look forward, that pipeline, the readouts I just mentioned will start to come to fruition. So we'll be able to continue this momentum going forward.

我重點介紹了未來幾年將推出的生物相似藥的數量。展望未來，我剛才提到的那些成果將會開始逐步實現。因此，我們將能夠保持這種勢頭繼續前進。

To move on to my final slide, just to conclude. Our growth journey continues. We have three years of consecutive growth. We have a 6% CAGR. Our innovative brands are growing at double digit, and they have headroom to keep growing. We have near-term milestone readouts, seven in '26. And we have a stable outlook for our generics business, and we continue to focus on accelerating our Pivot to Growth journey.

最後，我來看最後一張投影片，作為總結。我們的成長之旅仍在繼續。我們已連續三年實現成長。我們的複合年增長率為 6%。我們旗下的創新品牌正以兩位數的速度成長，並且還有持續成長的空間。我們近期將公佈七項里程碑式的成果，其中七項將於 2026 年公佈。我們的仿製藥業務前景穩定，我們將繼續專注於加速轉型成長。

And with that, I'll open the floor to questions. Thank you.

接下來，我將開放提問環節。謝謝。

Thanks, Richard. (Event Instructions) And if time permits, we will be more than happy to answer additional questions from you if you get back in the queue. Thank you.

謝謝你，理查。（活動須知）如果時間允許，如果您重新排隊，我們將非常樂意回答您的其他問題。謝謝。

(Operator Instructions) David Amsellem, Piper Sandler.

（操作說明）David Amsellem，Piper Sandler。

Thanks. So I have one question on AUSTEDO and one on UZEDY. So helpful color on the guide, but I wanted to dig more deeply into the various pushes and pulls regarding AUSTEDO in 2026. Can you talk about net pricing dynamics and what's baked into your assumptions ex the gross to net favorability in 4Q and ex stocking? How should we be thinking about what your assumptions are regarding net pricing as we move through the year? And then how should we be thinking about what your assumptions are regarding volume growth, particularly on a per milligram basis. So that's number one.

謝謝。所以，我有一個關於AUSTEDO的問題，還有一個關於UZEDY的問題。指南中的顏色非常有幫助，但我想更深入地了解 2026 年 AUSTEDO 的各種推動因素和拉力。您能否談談淨定價動態，以及您的假設中包含了哪些因素（例如第四季度毛利與淨利差以及剔除庫存因素）？隨著一年時間的推移，我們應該如何看待您對淨定價的假設？那麼，我們應該如何看待您對銷售成長的假設，特別是每毫克計算的銷售成長。這是第一點。

And on UZEDY, kind of a similar question. There's a lot of volume growth, obviously, but there's obviously significant government exposure, particularly Medicaid. So how should we be thinking about net pricing there? And what kind of assumptions you baked into your UZEDY guidance? Thank you.

關於 UZEDY，也有類似的問題。顯然，業務量成長很快，但政府方面的風險敞口也很大，尤其是醫療補助計劃。那我們該如何考慮淨價呢？你在 UZEDY 指導中融入了哪些假設？謝謝。

Hi, David. Thanks for the questions. So let me start with AUSTEDO. I think the main point to highlight first here is we're really pleased with the momentum we have with the TRx growth we have, with the adoption of XR and the continued growth of the milligrams, as you saw there at 19%. So the fundamentals are really strong. We see a huge opportunity to continue to grow this from a TRx point of view with the amount of patients who are still untreated. So that fundamental is really strong.

你好，大衛。謝謝大家的提問。那麼，就讓我從AUSTEDO開始吧。我認為首先要強調的是，我們對 TRx 的成長勢頭非常滿意，XR 的普及和毫克劑量的持續增長，正如你所看到的，增長了 19%。所以基本面非常強。從治療藥物的角度來看，我們看到了巨大的發展機會，因為還有很多患者尚未接受治療。所以這個基本面非常強。

I think when it comes to the pricing, I think as we communicated last year, our aim has always been to make sure we get value and access. And so we've been very diligent about that for this year. And so obviously, it has got more competitive, but we've taken a very disciplined approach to that. And so I think we've maintained that value and access. So I don't think you could think of that as anything that's -- anything of any significance there.

我認為，就定價而言，正如我們去年所溝通的那樣，我們的目標始終是確保我們獲得價值和便利。所以今年我們在這方面一直非常認真。因此，競爭顯然變得更加激烈了，但我們採取了非常自律的方式來應對。所以我認為我們保持了這種價值和機會。所以我覺得你不能把那當作任何有意義的事。

And I think the thing to think about with AUSTEDO is what we've finished 2025 with some really strong growth, both on our top line as well as on our milligrams and TRx. And as I said, if you back out that inventory build and the gross to net is still very strong performance.

我認為對於 AUSTEDO 來說，值得思考的是，我們在 2025 年實現了非常強勁的成長，無論是在營收方面，還是在毫克和 TRx 方面。正如我所說，即使剔除庫存增加的影響，毛利與淨利的比率仍然非常強勁。

And so if you look at how we're performing across this range, I think we have a very strong range here. It does take into account some expectation that there may be some destocking in Q4 in 2026, but we'll see how that plays out.

因此，如果你看一下我們在這個範圍內的表現，我認為我們在這個範圍內表現非常出色。它確實考慮到了 2026 年第四季度可能會出現一些去庫存的預期，但我們將拭目以待。

But probably the final thing I'll say on AUSTEDO, just to help give some clarity. If you do look at the range we've got and you back out the inventory build that we had in Q4, the growth of the brand is about -- the range is from 11% to 18%. So very strong growth on what is a lot bigger base. So I think that helps answer your question on AUSTEDO.

但關於 AUSTEDO，我最後想說的是，希望能讓大家更清楚地了解狀況。如果你看我們目前的產品範圍，減去我們在第四季度累積的庫存，該品牌的成長率大約在 11% 到 18% 之間。因此，在更大的基數上實現了非常強勁的成長。所以我覺得這有助於回答你關於AUSTEDO的問題。

On UZEDY, then as you've seen, very strong growth on UZEDY, really strong growth on TRx and continued really good change in the dynamics of this market that shows the quality of the product.

如您所見，UZEDY 實現了非常強勁的成長，TRx 也實現了非常強勁的成長，並且該市場動態持續發生良好變化，這表明了產品的品質。

But to your question, I think it's always important to understand that we have Medicaid and Medicare. And so we have that mix. And obviously, we know one is more profitable than the other. And how that mix plays out, we've taken into account with our guidance and our range. But we see this product continued momentum, particularly as you look at the TRx being so high.

但對於你的問題，我認為始終重要的是要了解我們有醫療補助計劃（Medicaid）和醫療保險計劃（Medicare）。所以，我們就有了這種組合。顯然，我們知道其中一個比另一個更有利可圖。而這種組合最終會如何發揮作用，我們已經透過我們的指導和產品系列考慮到了這一點。但我們看到該產品勢頭持續強勁，尤其是考慮到 TRx 值如此之高。

So I think this product, we have a lot of enthusiasm around, but that's the fundamentals around the pricing. We factored them in, and it really comes down to those two channels.

所以我覺得大家對這款產品都充滿熱情，但價格方面的基本問題就在這裡。我們已經將這些因素考慮在內，最終取決於這兩個管道。

Thanks for the question, David.

謝謝你的提問，大衛。

Louise Chen, Scotiabank.

Louise Chen，加拿大豐業銀行。

Hi. Congrats on the quarter, and thanks for taking my questions here. So my first question was, I wanted to ask you where you see the greatest disconnect between what you're excited about in your pipeline and what the Street is really missing on those products?

你好。恭喜你本季取得好成績，謝謝你回答我的問題。所以我的第一個問題是，我想問您，您認為您目前研發管線中最令您興奮的產品與華爾街真正忽略的產品之間存在的最大差距在哪裡？

And then second one, just a follow-up on AUSTEDO, I wanted to ask you how we should think about modeling 2027 in light of IRA and any other pushes and pulls you see here? Thank you.

第二個問題，是關於AUSTEDO的後續問題，我想問您，鑑於IRA以及您看到的任何其他推動和拉動因素，我們應該如何考慮對2027年進行建模？謝謝。

Okay. Thanks for the questions there. So the pipeline, I'll probably tag team this a bit with Eric. What -- look, I'll never say anybody is missing anything because everybody is very experienced in this business. I do think that our pipeline has come along very fast, think of fast side, maybe that's caught people unaware. But I think the quality of our antibodies, the quality of anti-TL1, the quality of duvakitug, I think, will show out in the data.

好的。謝謝你提出的問題。所以，關於管道建設，我可能會和艾瑞克一起合作一下。什麼——聽著，我永遠不會說任何人錯過了什麼，因為每個人在這個行業都很有經驗。我確實認為我們的管道建設進展非常迅速，可以說是飛速發展，也許這讓人措手不及。但我認為，我們的抗體質量、抗TL1抗體的品質、duvakitug抗體的質量，我認為，都會在數據中反映出來。

So I think probably what's going to happen, I'd anticipate is as we turn over these cards and we see the data, then I think Teva will get recognized for what is a world-class pipeline. But it's probably a bit surprising for people to see just the quality of the pipeline that's emerged in such a short space of time.

所以我認為接下來可能會發生的事情是，當我們翻開這些卡片，看到數據之後，我認為梯瓦製藥將因其世界一流的研發管線而獲得認可。但對於人們來說，在如此短的時間內就建成如此高品質的管道，可能會有些驚訝。

But maybe I'll hand it to Eric to give his view on that.

不過或許我會把這個問題交給艾瑞克，讓他說說自己的看法。

Yes. Thank you, Richard, and thank you, Louise, for the question. I would emphasize something Richard said. I think the speed at which we turn around the innovative portfolio is quite honestly caught people by surprise. We've turned on a brand-new biologic for duvakitug, which is probably the best-in-class product for TL1A.

是的。謝謝理查德，也謝謝路易絲的提問。我想強調理查說過的一句話。說實話，我認為我們快速更新創新產品組合的速度著實讓人感到驚訝。我們已經啟用了一種全新的杜瓦基圖格生物製劑，它可能是治療 TL1A 的同類最佳產品。

We've launched or we will launch, hopefully, olanzapine LAI this year. But don't take our word for it. We've had external validation on four of these five programs. Olanzapine LAI got Royalty Pharma funding. Duvakitug was partnered with Sanofi, who saw the value.

我們已經推出或預計在今年推出奧氮平長效注射劑。但不要只聽我們的一面之詞。我們已經對這五個項目中的四個進行了外部驗證。奧氮平長效注射劑獲得了 Royalty Pharma 的資金支持。Duvakitug 與賽諾菲建立了合作關係，賽諾菲看到了它的價值。

The DARI program was acknowledged by Abingworth. The anti-IL-15 program was recently acknowledged again by Royalty Pharma. And even emrusolmin, we've received Fast Track designation and an orphan designation.

DARI計畫得到了Abingworth的認可。Royalty Pharma 最近再次認可了抗 IL-15 項目。就連 emrusolmin 也獲得了快速通道資格認定和孤兒藥物資格認定。

So across the entire innovative pipeline, we've accelerated them, I think, a little bit to the surprise of investors. But just look at the external validation that we've had in the pipeline and take that into consideration of your valuation.

因此，在整個創新產品線中，我們都加快了研發速度，我認為這讓投資人感到有些意外。但請看看我們正在籌備中的外部驗證，並在估值時將此考慮在內。

Thank you, Eric. And then moving on to your final question about -- I think it was sort of asking for guidance on AUSTEDO in 2027, which I'm not going to give. Obviously, we've said we're going to do $2.5 billion for AUSTEDO in 2027. We remain very committed to that. As you see in our range that we have announced today, there's a potential that we will hit $2.5 billion in 2026. So we'll have to see how this plays out.

謝謝你，埃里克。然後，接下來回答你的最後一個問題——我想你是想詢問關於 2027 年 AUSTEDO 的指導意見，但我不會給出答案。顯然，我們已經說過，我們將在 2027 年為 AUSTEDO 投入 25 億美元。我們對此始終堅定不移。正如您從我們今天公佈的產品系列中看到的那樣，我們有可能在 2026 年達到 25 億美元的營收。所以，我們得看看事情會如何發展。

I think the most important thing for AUSTEDO is to keep reminding everybody that 85% of people who suffer from tardive dyskinesia are still not treated. And so the opportunity to keep helping these patients to bring these patients in and give them therapy, I think, is a significant growth driver for AUSTEDO.

我認為對 AUSTEDO 來說最重要的是不斷提醒大家，85% 的遲發性運動障礙患者仍然沒有接受治療。因此，我認為，能夠繼續幫助這些患者，讓他們前來接受治療，是 AUSTEDO 的重要成長動力。

So we also have the work we're doing on making sure that people can benefit from AUSTEDO XR. And as you can see there, 60% of new patients go on to AUSTEDO XR, and we know that helps with compliance and adherence, which obviously also in turn increases value. So I think we have a lot of value drivers for AUSTEDO, but I really don't want to get drawn into 2027 guidance at this moment.

所以我們也在努力確保人們能夠從 AUSTEDO XR 中受益。正如你所看到的，60% 的新患者會繼續使用 AUSTEDO XR，我們知道這有助於提高依從性和堅持性，這顯然也會反過來增加價值。所以我認為AUSTEDO有很多價值驅動因素，但我現在真的不想多談2027年的業績指引。

I think what I'm hoping people would see is what we have great momentum from '25. We're carrying that into '26, and we'll talk about '27 maybe this time next year.

我希望大家看到的是，我們從 2025 年開始就保持著強勁的發展勢頭。我們將把這個理念延續到 2026 年，也許明年這個時候我們會討論 2027 年的事。

Thank you for your question.

謝謝你的提問。

Ash Verma, UBS.

阿什維爾馬，瑞銀集團。

Yeah, thanks for taking my questions. Congrats on all the progress. So maybe just first one, how are you thinking about funding the R&D? So increasingly seeing more royalties and/or profit share. Just when you think about it strategically, how do you balance not giving away attractive economics to your partner versus seeing a meaningful increase in your internal R&D spend as you fund the growing pipeline?

謝謝你回答我的問題。祝賀你們取得的所有進展。那麼，或許先問第一個問題，您打算如何為研發提供資金？因此，越來越多的人開始獲得版稅和/或利潤分成。從策略角度考慮，如何在不向合作夥伴讓步的同時，又能透過增加內部研發支出來資助不斷增長的產品線，從而實現兩者之間的平衡呢？

And then secondly, on the TL1A upcoming maintenance data, we've seen some competitors that the maintenance data versus the induction sort of went up on efficacy measures by high-single digit to mid-teens in terms of percentage points. Is that a fair expectation to have as you look towards your upcoming results? Thanks.

其次，關於 TL1A 即將發布的維護數據，我們看到一些競爭對手的維護數據與導入數據相比，在療效指標方面提高了接近兩位數到十幾個百分點。展望即將到來的成績，這樣的預期是否合理？謝謝。

Hi, Ash. Thanks for the question. I'll tag team this with Eric again. But on the R&D funding, I think the question was, how are you going to fund this? Are you going to be giving away value if you keep doing these partnerships?

嗨，Ash。謝謝你的提問。我會再次和艾瑞克搭檔完成這項工作。但關於研發經費，我認為問題是，你打算如何募款？如果繼續進行這些合作，你是否會損害自身的價值？

So I think the way we think about it is we have a big late-stage pipeline. We have a lot of opportunities to drive significant value creation. And when you have a good pipeline, in my experience, and my belief is it's about moving it faster to the market to have patients benefit from it and to get revenue. And so we're moving a big pipeline really quickly here.

所以我覺得我們看待這個問題的方式是，我們擁有龐大的後期研發管線。我們有很多機會創造巨大的價值。以我的經驗和信念來看，當你擁有良好的產品線時，關鍵在於更快地將其推向市場，讓患者從中受益並獲得收入。所以，我們正在這裡快速推動一條大型管道的建設。

Now, how does it impact the economics? It really doesn't impact the economics in any meaningful way for a couple of reasons. One is these -- all these brands will be above $1 billion. Some of them will be multiple-billion brands.

那麼，這會對經濟產生什麼影響呢？由於以下兩個原因，它實際上對經濟沒有任何實質的影響。其中之一就是這些品牌——所有這些品牌的市值都將超過10億美元。其中一些將成為價值數十億美元的品牌。

The second thing is, which is an interesting fact that I think people miss on Teva is we're starting with a company with a very different gross margin than many other biopharma companies. So every time we launch an innovative product, it transforms our gross margin, which transforms our ability to drive EBITDA to drive EPS and cash flow. So as I said, the fact that these are not in any way giving away value in the broadest sense. But even with regard to Teva, they don't because of where we actually start this journey.

第二點是，我認為人們在看待梯瓦製藥時忽略了一個有趣的事實，那就是我們是一家毛利率與其他許多生物製藥公司截然不同的公司。因此，每當我們推出創新產品時，都會改變我們的毛利率，從而改變我們推動 EBITDA 進而推動 EPS 和現金流的能力。正如我所說，事實上，這些並沒有在最廣泛的意義上貶值。但即便對梯瓦製藥來說，他們也不會這樣做，因為我們這段旅程的起點不同。

The other thing I'd also like to highlight on this, we are launching so many products over such a short period of time that, that is the focus we're on. And we're going to have a potential to launch four products in five years, and we're going to actually announce more and more indications. So I think the pipeline is about making sure we move it quickly to the market. But in no way are we giving away value. I'd say we're accelerating value because of the speed we're moving.

關於這一點，我還想強調一點，我們在很短的時間內推出了許多產品，這就是我們目前的重點。我們有可能在五年內推出四款產品，而且我們還會宣布越來越多的適應症。所以我認為，產品線的關鍵在於確保我們能夠快速地將產品推向市場。但我們絕對沒有白白送任何價值。我認為，我們前進的速度正在加速價值的提升。

And then with regard to the key to the TL1A maintenance data, what are our expectations? I'll hand it over to Eric to answer, and then I'll conclude.

那麼，關於TL1A維護資料的關鍵訊息，我們有什麼預期呢？我會把這個問題交給艾瑞克來回答，然後我再總結。

Sure. Yeah. Thanks, Ash, for the question regarding what we anticipate from the maintenance data of TL1A. So I'd start off by saying what's the history we've been telling with regard to duvakitug at Teva. We started by saying that we found in our in vitro work that we had the most potent antibody, the most selective antibody, and the one that probably has the lowest antidrug antibodies. I think it's about 3% to 5% we saw in our Phase 2 study.

當然。是的。謝謝 Ash 提出的問題，關於我們對 TL1A 維護資料的預期。所以，首先我想說的是，關於 Teva 的 duvakitug，我們一直在講述怎樣的歷史。我們首先指出，我們在體外實驗中發現，我們擁有效力最強的抗體、選擇性最高的抗體，以及抗藥性抗體含量可能最低的抗體。我認為我們在二期研究中觀察到的比例約為 3% 到 5%。

So with that, we went into our Phase 2 program that we executed very well at speed. And then we came up with the highest reported numbers for both ulcerative colitis in Crohn's disease in two very well-controlled and run studies.

因此，我們進入了第二階段計劃，並且迅速而順利地執行了該計劃。然後，我們在兩項控制良好、運作嚴謹的研究中，得出了潰瘍性結腸炎和克隆氏症報告病例數的最高數字。

So the in vitro translated into a very good result in Phase 2. So if you translate that into what we anticipate in the maintenance, if you think that we have the most potent, the most selective, the lowest antidrug antibodies, and that we can execute the study well, I would hope that when we lock the database, we see great results. So I'm bullish on it. Hopefully, that comes true, but we'll see what the data shows.

因此，體外實驗的結果在二期臨床試驗中得到了很好的體現。所以，如果你把這轉化成我們對維護工作的預期，如果你認為我們擁有最有效、最具選擇性、抗藥抗體最低的藥物，並且我們能夠很好地執行這項研究，我希望當我們鎖定資料庫時，我們會看到很好的結果。所以我很看好它。希望如此，但我們也要看看數據如何顯示。

Thanks, Eric. We stand by the fact that we have and we believe we have the best TL1A. Thank you for the question asked. Next question.

謝謝你，埃里克。我們堅持認為我們擁有最好的TL1A。感謝您提出的問題。下一個問題。

Jason Gerberry, Bank of America.

傑森‧格伯里，美國銀行。

Hey, guys. Thanks for the questions. One for Eli, just I didn't catch this, but can you talk about in 2026 guide, sort of what's the gross margin outlook versus the OpEx spend ratio? I think the latter would be in that 27% to 28% range you guys have talked about historically, but I just wanted to make sure that, that was confirmed from a modeling perspective.

嘿，夥計們。謝謝大家的提問。給 Eli 的一個問題，我沒注意到，你能談談 2026 年的指導方針嗎？例如毛利率前景與營運支出比率的關係？我認為後者應該在你們過去討論過的 27% 到 28% 的範圍內，但我只是想從模型角度確認一下。

And then just for my follow-up, on vitiligo, I was trying to maybe understand kind of what we're going to get with this upcoming Phase 1b. Will we get VASI75 scores through the full evaluable period? Are you expecting most of these 30-plus patients to make it through the full evaluable period? Just kind of wondering how robust that data will be. Thanks.

然後，為了跟進白斑症的問題，我試著去了解即將到來的 1b 期臨床試驗會為我們帶來什麼。我們能否在整個評估期內獲得 VASI75 分數？您認為這 30 多名患者中的大多數都能順利完成整個評估期嗎？我只是想知道這些數據的可靠性如何。謝謝。

Thanks, Jason. Thanks for the question. So over to you, Eli, on the gross margin.

謝謝你，傑森。謝謝你的提問。那麼，接下來就交給 Eli 來談談毛利率了。

Jason, thanks for the question. So on gross margin, we end up the year, if we exclude the two milestone payments at a 54.7% gross margin. We are looking to be in the range of 54.5% to 55.5% in 2026. In terms of the OpEx, there are kind of mainly two dynamics there.

傑森，謝謝你的提問。因此，如果排除兩筆里程碑付款，我們最終的毛利率為 54.7%。我們預計到 2026 年，這一比例將達到 54.5% 至 55.5%。就營運支出而言，主要有兩種動態因素。

First of all, and as I mentioned in my prepared remarks, we're going to see a bit higher OpEx, still in the range between 27% to 28% in the first half versus the second half just because of the revenue dynamics during the year.

首先，正如我在準備好的演講稿中提到的，由於年內收入的波動，上半年的營運支出將略高於下半年，仍將在 27% 到 28% 之間。

But there is also another element inside the OpEx, we're going to see more reduction in our G&A and actually shifting that reduction in between R&D and sales and marketing and able to stabilize it at the range of 27% to 28%. So this one didn't change versus our prior communication.

但營運支出中還有另一個因素，我們將看到一般及行政費用進一步減少，實際上，我們將把這種減少分配到研發、銷售和行銷等各個方面，並能夠將其穩定在 27% 到 28% 的範圍內。所以這次的情況和我們之前的溝通並沒有什麼不同。

Yeah. And the thing I'd add on to that, Jason, is gross margin is a really exciting story for us because as you see, as we continue to grow our innovative portfolio, we continue to launch products, that gross margin will just keep going up. It's just going to be a question of how much, but it will keep going up because of the fact that we're changing our portfolio so dramatically.

是的。傑森，我還要補充一點，毛利率對我們來說是一個非常令人興奮的消息，因為正如你所看到的，隨著我們不斷擴大創新產品組合，不斷推出新產品，毛利率只會不斷上升。問題只是漲幅會有多大，但由於我們大幅調整投資組合，漲幅還會持續增加。

Now, with regard to the vitiligo data, I'll hand over to Eric.

現在，關於白斑的數據，我將把發言權交給艾瑞克。

Yeah. Thank you, Jason, for the question. So the data that we're going to be presenting in the first half of 2026 is a single-arm study for patients with vitiligo. It's about 38 patients in total. It will have the traditional and known endpoints for this field, which is facial VASI and total VASI.

是的。謝謝你的提問，傑森。因此，我們將在 2026 年上半年公佈的數據是一項針對白斑症患者的單臂研究。總共有大約38名患者。它將具有該領域傳統的、已知的終點，即面部 VASI 和總 VASI。

So it will be easily comparable to other treatments out there. And that reminds me the important thing here is that there are limited treatments for vitiligo today. There's one approved, which is a topical that only covers 10% of your body. And ones that are in development are the ones that what we need, things that are systemic in treatment, not only the face, but the entire body, more than just 10%.

因此，它很容易與其他治療方法相媲美。這讓我意識到，目前治療白斑症的方法非常有限。目前有一種核准的藥物，它是外用藥，只能覆蓋身體的 10%。而正在研發中的那些，正是我們需要的，是系統性的治療方法，不僅針對臉部，而是針對整個身體，而不僅僅是10%。

So one of the exciting things we think about when we talk about our anti-IL-15 program in vitiligo is this has the potential to be a once subcutaneous shot every three months. So a quarterly shot potentially to treat a systemic disease. So we're looking forward to that. You'll -- I think you'll get data that we'll be able to compare it to other treatments out there in development and approved.

因此，當我們談到我們針對白斑症的抗 IL-15 療法時，我們想到的一件令人興奮的事情是，它有可能只需每三個月皮下注射一次。因此，可能需要每季注射一次，以治療全身性疾病。所以我們很期待。我認為你會得到一些數據，我們可以將這些數據與目前正在研發和已獲批准的其他療法進行比較。

Chris Schott, JPMorgan.

克里斯‧肖特，摩根大通。

Just sticking on IL-15. On the development time lines in vitiligo, can you just elaborate what exactly you need for that 2031 pathway versus '34? And I guess, is there a similar opportunity in celiac there as well?

就用IL-15吧。關於白斑的發展時間線，您能否詳細說明一下，2031 年的路徑與 2034 年的路徑相比，具體需要哪些條件？我想，乳糜瀉領域是否也有類似的機會呢？

And if I can just do a really quick one, just coming back to AUSTEDO. I think you were talking about roughly $100 million benefit in 4Q, and it sounds like that's between rebate and inventory. Just when we think about destocking in 1Q, can you just clarify how much of that was inventory and how much was kind of this reversal of rebates?

如果我能快速回答一個問題，就回到AUSTEDO這個主題。我想你之前說的是第四季大約 1 億美元的收益，聽起來這筆錢包括了回饋和庫存。當我們考慮第一季的去庫存時，您能否澄清一下其中有多少是庫存，又有多少是返利的逆轉？

Thanks for the question, Chris. Eric, do you want to start with the anti-IL-15, vitiligo, and celiac?

謝謝你的提問，克里斯。艾瑞克，你想先從抗I-15、白斑和乳糜瀉開始嗎？

Sure. So thank you for the question on IL-15. So just to start off with IL-15 is it's a key cytokine in a number of different indications I mentioned before. We're working on vitiligo and celiac. I'm excited by both the potential for alopecia areata, atopic dermatitis, or eosinophilic esophagitis. They're all interesting and important for this cytokine.

當然。感謝您提出關於IL-15的問題。首先要說明的是，IL-15 是一種關鍵細胞因子，在先前提到的許多不同適應症中都發揮作用。我們正在研究白癜風和乳糜瀉。我對斑禿、異位性皮膚炎或嗜酸性食道炎的可能性都感到興奮。它們都對這種細胞激素來說既有趣又重要。

For vitiligo, we're particularly excited because this is a program that we can move quickly. It has precedents for the regulatory endpoint. It's an endpoint that you can easily measure. You see the results. So that makes it a little bit more easy. And there's an unmet medical need here. We need systemic therapies, as I mentioned before.

對於白斑，我們尤其感到興奮，因為這是一個我們可以快速推進的項目。它在監管終點方面有先例。這是一個很容易衡量的終點指標。結果顯而易見。這樣就容易多了。這裡存在著尚未滿足的醫療需求。正如我之前提到的，我們需要係統性的治療方法。

So we're thinking out of the box at Teva, we are accelerating this program in a clever pathway of a Phase 2 and Phase 3 study that we can work very quickly with the regulators. So the potential for a once quarterly dose subcutaneous shot is very exciting for us.

因此，我們在梯瓦公司跳出固有思維模式，透過巧妙的第二階段和第三期研究路徑加速推進該項目，以便我們能夠與監管機構快速合作。因此，每季一次皮下注射的潛力讓我們非常興奮。

Thanks, Eric. And then on the AUSTEDO question, Chris, the way to think about that $100 million is the vast majority, the vast majority pretty much was the inventory. So that's why, obviously, we have a lot of confidence about 2026 in our numbers. So hopefully, that helps, Chris.

謝謝你，埃里克。至於 AUSTEDO 的問題，Chris，要理解這 1 億美元，絕大部分，絕大部分幾乎都是庫存。所以很顯然，我們對 2026 年的數據非常有信心。希望這對你有幫助，克里斯。

Umer Raffat, Evercore ISI.

Umer Raffat，Evercore ISI。

Morning, guys. Thanks for taking my question. If I look at the delta versus consensus this quarter, it looks like it's driven by sales and marketing when I take out the one-timer impact of the milestone. And coincidentally, I feel like this is probably the highest sales and marketing spend quarter we've seen in the last three years or so. So I'm curious why that is, especially because it's happening in the middle of the transformation that's underway, number one.

早上好，各位。謝謝您回答我的問題。如果我看一下本季與一般預期之間的差異，剔除里程碑事件的一次性影響後，看起來是由銷售和行銷驅動的。巧合的是，我覺得這可能是近三年來銷售和行銷支出最高的一個季度。所以我很好奇這是為什麼，尤其是因為這正值變革之中，這是第一點。

Secondly, for '26 guidance, is it fair to say that the Royalty Pharma $75 million payment for Phase 2b is embedded within the EBITDA? And is there any other milestones that are baked into the EBITDA guidance as well from TL1A or anything else? And then finally, on vitiligo, OPZELURA obviously has not necessarily done too well, but as Eric pointed out, has limited coverage. But is it fair to say that on the scores like OPZELURA showing about 30% facial VASI75 score, you would want to be tracking meaningfully north considering Royalty Pharma is all excited and they're not funding celiac only doing vitiligo. I'm just curious about your overall take on expectations.

其次，對於 2026 年的業績指引，是否可以說 Royalty Pharma 支付的 7,500 萬美元 2b 期款項已包含在 EBITDA 中？除了 TL1A 或其他方面之外，EBITDA 指引中是否還有其他里程碑？最後，就白斑而言，OPZELURA 顯然沒有取得太大的成功，但正如 Eric 指出的那樣，它的覆蓋範圍有限。但是，如果像 OPZELURA 這樣臉部 VASI75 評分達到 30% 左右的藥物，考慮到 Royalty Pharma 對此非常興奮，而且他們不資助乳糜瀉藥物，只專注於白斑藥物，那麼我們是否應該密切關注其顯著的上升趨勢呢？我只是好奇你對期望的整體看法。

Hi, Umer. Thanks for the questions. You got a few into that one question there. So thanks for that. On the sales and marketing and the OpEx, I'll hand that to Eli to talk about.

你好，Umer。謝謝大家的提問。你在那題裡問了好幾個問題。謝謝。關於銷售、行銷和營運支出方面，我會交給 Eli 來談談。

Okay. Umer. So first of all, about the question about Royalty Pharma, out of the $75 million, the way that we're viewing, it's actually going to spread over '26 and '27 with a third out of the $75 million going to happen in '26. It's more kind of backloaded for '26 year. And that's the only thing that's embedded there. We don't have any other, I would say, assumptions in our EBITDA related to TL1A milestones or anything like that.

好的。烏麥爾。首先，關於 Royalty Pharma 的問題，在我們看來，這 7,500 萬美元實際上將在 2026 年和 2027 年分期支付，其中三分之一將在 2026 年支付。更像是為 2026 年預留的預算。而那隻是其中唯一嵌入的東西。我想說，我們的 EBITDA 中沒有任何其他與 TL1A 里程碑或其他類似事項相關的假設。

As far as related to the sales and marketing, if you actually back out the higher revenue due to the milestone, you get to kind of a 15.4% on sales and marketing. But going forward, next year, we're going to see that one actually 16%, and why? Because we are keeping investing in our growth engine, which is AUSTEDO and actually heading to next year, building kind of investment into our olanzapine launch. So we're going to see that one increasing.

就銷售和行銷而言，如果扣除里程碑帶來的較高收入，銷售和行銷方面的支出佔比約為 15.4%。但展望未來，明年我們將看到這一比例實際上達到 16%，為什麼呢？因為我們一直在投資我們的成長引擎，也就是 AUSTEDO，而且實際上明年我們將加大對奧氮平上市的投資。所以我們將會看到這個數字上升。

But all in all, the whole bucket going to be, from a dollar perspective, really kind of flat, but also from a percentage perspective due to the fact that you will see our transformation program going to impact the G&A, as I mentioned to Jason, and that's kind of a reduction in G&A going to split in between the R&D investment and into the sales and marketing.

但總的來說，從美元的角度來看，整個預算實際上會比較平穩，從百分比的角度來看也是如此，因為正如我跟傑森提到的，我們的轉型計劃將會影響一般及行政費用，而這部分一般及行政費用的減少將分配到研發投資和銷售營銷中。

Thanks, Eli. And look, one thing I'll just add on to the back of that before I hand it over to Eric. If you think about the guidance for this year, the EBITDA range, I think, is showing the value of the programs we put in place, the value of driving our innovative portfolio, the fact that when we talk about our transformation program, it was $700 million of net savings after investing in our growth drivers. And so we've allowed ourselves to make sure that we can drive this innovative portfolio, which helps drive that EBITDA, but at the same time, our efficiency programs help also drive the EBITDA.

謝謝你，伊萊。還有一件事，在我把它交給艾瑞克之前，我會在背面補充。如果你考慮今年的業績指引，我認為 EBITDA 範圍體現了我們所實施的項目的價值，體現了我們創新產品組合的價值，也體現了我們轉型計劃的價值——在投資於我們的增長驅動因素之後，淨節省了 7 億美元。因此，我們確保能夠推動這項創新產品組合的發展，這有助於提高 EBITDA，但同時，我們的效率提升計畫也有助於提高 EBITDA。

So I think we're very pleased and proud of the fact that our EBITDA starts with a 5 in front of it, which I think is important. But we're very mindful of how we spend our money and where we allocate our capital.

所以我覺得我們非常高興和自豪，因為我們的 EBITDA 前面有個 5，我認為這很重要。但我們非常注重如何花錢以及如何分配資金。

When it comes to vitiligo, I'll hand that over to Eric.

至於白癜風，我會把這個問題交給艾瑞克來解答。

Thank you, Umer, for the question. So when it comes to what data we've seen with the topical out there today and what's in development, I always want to be competitive on any endpoint what you talk about. So hopefully, when we lock the database and get that results, we can show that we're competitive against what's available.

謝謝烏默的提問。所以，就我們目前看到的相關數據以及正在開發中的技術而言，我總是希望在任何你所說的終點上保持競爭力。所以，希望當我們鎖定資料庫並獲得結果後，能夠證明我們在現有產品中具有競爭力。

But again, let's focus again what patients need. They need systemic therapy that's conveniently given. So it's almost inappropriate to compare it to a topical on 10% of your body. But certainly, we hope to be competitive.

但是，我們還是要再次強調，患者真正需要的是什麼。他們需要方便易用的全身性治療。所以，把它和塗抹在身體 10% 面積上的外用藥進行比較幾乎是不恰當的。但我們當然希望具備競爭力。

Les Sulewski, Truist.

萊斯·蘇萊夫斯基，Truist。

Good morning. Thanks for the questions. Congrats on the progress. I just wanted to focus on the biosimilars side. So what's the launch cadence and expected profitability profile, particularly given the US channel and PBM dynamics? And then what are the prerequisites for targeting the 10 new products beyond 2028?

早安.謝謝大家的提問。恭喜你取得進展。我只想專注於生物相似藥方面。那麼，考慮到美國通路和藥品福利管理機構 (PBM) 的動態，該產品的上市節奏和預期獲利能力如何？那麼，在 2028 年後推出這 10 款新產品的前提是什麼？

And you've previously evaluated or mentioned reevaluating BD within the space. So what type of, whether it's in-licensing, co-development or tuck-ins fits your leverage and margin profile today? And has that bar changed given the latest policy dynamics? Thank you.

而且您之前也評估過或提到重新評估該領域的 BD。那麼，無論是引進許可、合作開發或補充開發，哪種類型的合作方式最符合您目前的槓桿率和利潤率狀況呢？鑑於最新的政策動態，此標準是否有所改變？謝謝。

Thanks for the questions. So talking about biosimilars, yeah, it's an exciting time. And I think the fact that we built the second-largest portfolio and continue to add to it in such a short space of time is a testament to the prioritization we put behind it.

謝謝大家的提問。所以說到生物類似藥，是的，這是一個令人興奮的時代。我認為，我們在如此短的時間內建立了第二大的投資組合，而且還在不斷擴大，這證明了我們對投資組合的重視程度。

But to sort of give you a bit of specifics and -- when we talk about -- we have 10 in the market now, we have 6 to launch between now and '27. Those six -- majority of those will be across both US and Europe, which is important because we haven't actually had a presence in Europe of any significance. And we know that market is a market with quicker uptake, more predictability, and some very clear returns. So excited about that.

但為了給您一些具體細節——當我們談到——我們現在市場上有 10 款產品，從現在到 2027 年，我們還有 6 款產品即將推出。這六個地點——其中大部分將分佈在美國和歐洲，這很重要，因為我們實際上在歐洲沒有任何重要的業務。我們知道，這個市場是一個接受速度更快、可預測性更高、回報也更明確的市場。對此我感到非常興奮。

And to name just a few, we have biosimilar Prolia, biosimilar Xgeva, biosimilar Simponi, biosimilar Eylea, and biosimilar Xolair. So we have a lot coming through of those markets and most of those are in both. I think it's Simponi that's just in the US.

例如，我們有生物相似藥Prolia、生物相似藥Xgeva、生物相似藥Simponi、生物相似藥Eylea和生物相似藥Xolair。所以，我們有許多來自這些市場的產品，其中大部分都同時來自這兩個市場。我認為只有美國才有Simponi這個名字。

Now, you highlighted the 10. And you sort of -- in your question, it sounded like we had targeted 10. No, we have 10. They are in our pipeline. But we're just going to add to that. So we have 10, which is why I said we can start launching '28 onwards, but we are continually adding to that.

現在，你把第 10 項標出來了。而你——從你的問題中，聽起來好像我們的目標是 10。不，我們有10個。它們正在我們的研發計劃中。但我們還要在此基礎上增加一些內容。所以我們現在有 10 個，這就是為什麼我說我們可以從 2028 年開始推出，但我們還在增加。

And the final part of your question is doing this through partnerships, how does that work out in gross margin. So we are going to continue doing it through partnerships, and it still is attractive from a gross margin point of view with the right partnership. It's still accretive to our business, our generics business significantly. So that's how we do it. And you'll probably start to see some deals coming through already in the first half of this year as we already build out this portfolio beyond the '26.

你問題的最後一部分是關於透過合作關係來實現這一點，這對毛利率有何影響。因此，我們將繼續透過合作來實現這一目標，而且從毛利率的角度來看，只要找到合適的合作夥伴，這種方式仍然很有吸引力。它仍然對我們的業務，尤其是我們的仿製藥業務，產生顯著的正面影響。這就是我們的做法。隨著我們在 2026 年之後繼續拓展投資組合，今年上半年你可能會看到一些交易達成。

And then the final thing I'll add on that, this biosimilar portfolio is coming through thick and fast, and that's going to really help us drive the generics business going forward, both in Europe and in the US. But thanks for your question.

最後，我要補充一點，這個生物相似藥產品組合正在迅速湧現，這將真正幫助我們推動仿製藥業務的未來發展，無論是在歐洲還是在美國。不過，謝謝你的提問。

Les, could you repeat your BD question, please?

萊斯，你能再說一次你的BD問題嗎？

Essentially, I just wanted to get a sense of if there's a potential for you to kind of dive a little bit deeper via BD within the space, if there's anything available out there via partnerships that you've previously had and essentially what's your strategy for that space?

我主要是想了解一下，在這個領域，你是否有可能透過業務拓展（BD）進行更深入的探索，你之前是否有任何合作關係可以利用，以及你在這個領域的策略是什麼？

Sorry, are you asking about biosimilars?

不好意思，您問的是生物相似藥嗎？

Yeah. So that's what I thought. So that's -- I think I answered that question, Les. We'll continue to do the partnerships. Some of those we already have good, big partnerships with companies that we think we can have the potential to expand those, whether that's mAbxience, whether that's Samsung.

是的。我也是這麼想的。所以——我想我已經回答了這個問題，萊斯。我們將繼續進行合作。我們已經與其中一些公司建立了良好的、大型的合作關係，我們認為我們有潛力擴大這些合作關係，無論是 mAbxience 還是三星。

So I think we're looking at expanding. But also we have other companies that have approached us to be their partner because obviously, the performance we've had in the US has been impressive. We have the fastest-growing biosimilar Humira. We have a very fast-growing business now in the US. So I think people are seeing that. But yes, it will be through partnerships, the majority of it. Thanks for your question, Les.

所以我覺得我們正在考慮擴張。但也有其他公司主動聯繫我們，希望成為他們的合作夥伴，因為很顯然，我們在美國的表現令人印象深刻。我們擁有成長速度最快的生物相似藥阿達木單抗（Humira）。我們目前在美國的業務發展非常迅速。所以我覺得大家都看到了這一點。是的，大部分將透過合作來實現。謝謝你的提問，萊斯。

Dennis Ding, Jefferies.

丹尼斯丁，傑富瑞集團。

Thanks for taking my questions. I had two, if I may. Number one, sort of a big picture question on R&D. What is your R&D philosophy at Teva? And I guess how much derisking do you think we'll get around the R&D platform from the data readouts this year? I'm also curious what else could be planned for 2027 as you advance some of these newer drugs forward?

謝謝您回答我的問題。如果可以的話，我想說我有兩個。第一，一個關於研發的大局性問題。Teva的研發理念是什麼？那麼，你認為我們今年從數據解讀中能為研發平台降低多少風險呢？我也很想知道，隨著你們推動這些新藥的研發，2027年還有哪些計畫？

And then number two, just a question around BD. I'm curious as you transition to a novel biopharma company, if your BD philosophy has changed at all and if Teva might be interested in doing acquisitions in, let's say, the classic biotech space rather than what's historically been spec pharma. Thanks.

第二題，是關於BD的一個問題。我很好奇，隨著您轉型為新型生物製藥公司，您的業務拓展理念是否有所改變，以及梯瓦是否有興趣在傳統生物技術領域進行收購，而不是在歷史上一直是特殊製藥領域的領域進行收購。謝謝。

Thanks, Dennis. Thanks for the question. I'll tag team that with Eric and maybe start on the philosophy of R&D or maybe we call it the strategy.

謝謝你，丹尼斯。謝謝你的提問。我會和艾瑞克一起合作，或許可以著手研究研發理念，或者我們也可以稱之為策略。

Yeah. No, thank you for the question, Dennis. And this is a very important question. And I think that the philosophy in the way that we operate at Teva is we are ruthlessly driven by data.

是的。不，謝謝你的提問，丹尼斯。這是一個非常重要的問題。我認為，梯瓦的經營理念是，我們以數據為導向，毫不妥協。

We have, first and foremost, a pipeline in Phase 3 and Phase 2 that's relatively de-risked. I think emrusolmin is probably the lowest on the probability of success. But when you think about our programs, we use known science, we combine it in a way that will execute well and quickly with regulatory approvals. And that's based and driven solely on data.

首先，我們擁有風險相對較低的第三階段和第二階段產品線。我認為 emrusolmin 的成功機率可能是最低的。但當你思考我們的專案時，你會發現我們運用已知的科學知識，並將其以一種能夠有效、快速地執行並獲得監管部門批准的方式結合起來。而這一切都是基於數據並由數據驅動的。

One of the things I've noticed and been able to achieve here at Teva is when we see data, we pivot and we move forward with it. That's something I hadn't been able to do in my career in other places.

我在梯瓦製藥注意到並取得的一項成就是，當我們看到數據時，我們會調整策略並根據數據向前推進。這是我在其他地方的職業生涯中一直未能做到的事情。

So speed and execution driven by data with this philosophy of known science and derisked assets is how we will move forward. I think that's baked into every one of our programs at this point.

因此，我們將以數據驅動的速度和執行力，秉持已知科學和降低風險資產的理念，向前邁進。我認為這一點目前已經融入我們所有的專案中。

Thanks, Eric. And then to move on to your next question, you said what about BD and as we pivot into a biopharma company. So firstly, thank you for the recognition that we are pivoting. And I think we pivoted. But anyway, we'll keep showing that with the pipeline as it comes out.

謝謝你，埃里克。然後，接下來回答你的下一個問題，你問到 BD 以及我們轉型成為生物製藥公司的情況。首先，感謝大家認可我們正在轉型。我認為我們成功轉型了。但無論如何，我們會繼續展示管道的進展。

But yes, we are actively looking at BD. We think we have a commercial powerhouse of the team. I think you've seen that with the results of AUSTEDO, UZEDY, and AJOVY. And so we want to add to that team. Now that said, we have, as Eric highlighted, a really exciting pipeline.

是的，我們正在積極關注BD。我們認為我們擁有一支極具商業實力的團隊。我想你已經從 AUSTEDO、UZEDY 和 AJOVY 的結果中看到了這一點。因此，我們希望擴充這個團隊。話雖如此，正如艾瑞克所強調的那樣，我們確實擁有一個非常令人振奮的人才儲備。

So the organic growth we have coming through is impressive. So we're not desperate to do BD. We don't have to. At the same time, it fits into our TA areas of CNS neurology and immunology, then I think it's very synergistic, and it makes a lot of sense, so we are very active in that.

因此，我們所取得的自然成長令人印象深刻。所以我們並不急於做BD。我們不必這樣做。同時，它也符合我們在中樞神經系統神經病學和免疫學領域的TA方向，我認為這非常具有協同效應，也很有意義，所以我們在這方面非常積極。

What is interesting, I think, within the last year to 18 months, the amount of approaches we've had has significantly increased. And I think that's because they see Teva as a partner both from an R&D perspective, the speed which we move things through the clinic is exciting, but also primarily because of the commercial capability and muscle we have and the focus we give assets when we have an asset, whether it's in development, we focus and we move it quickly, whether it's in the market, we focus and we actually drive sales.

我認為有趣的是，在過去一年到一年半的時間裡，我們收到的申請數量顯著增加了。我認為這是因為他們把梯瓦視為合作夥伴，不僅從研發的角度來看，我們推進臨床試驗的速度令人興奮，而且主要還是因為我們擁有的商業能力和實力，以及我們對資產的專注。無論資產處於研發階段，我們都會專注於快速推進；無論資產已經上市，我們都會專注於推動銷售。

So I think we'll hopefully be able to talk about some things going forward, but we are very disciplined in our capital allocation, and we think it's the right asset at the right time at the right price, we'll definitely do it. But because of the pipeline we have that's coming through, we can stick to that in a very disciplined way, and we will because going back to that fourth pillar of the Pivot to Growth strategy, it's about focused capital allocation, making sure we give a good return on that in the short, medium, and long term and create value for shareholders. So thanks for your question, Dennis.

所以我覺得我們以後或許可以談一些事情，但我們在資本配置方面非常謹慎，如果我們認為這是在合適的時間以合適的價格買到的合適資產，我們肯定會買。但由於我們目前有穩定的專案儲備，我們可以非常有紀律地堅持下去，而且我們也會這樣做，因為回到「轉向成長」策略的第四個支柱，那就是集中資本配置，確保我們在短期、中期和長期都能獲得良好的回報，並為股東創造價值。謝謝你的提問，丹尼斯。

And I think with that, I think that is the final question. We went over a bit, but I think we did start a couple of minutes late. So thank you for your questions and your interest in Teva, and I look forward to following this up later with our Q1 results. Thank you.

我想，這就是最後一個問題了。我們超時了一點，但我想我們確實遲到了幾分鐘才開始。感謝您提出的問題以及對梯瓦製藥的關注，我期待稍後與您分享我們第一季的業績。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。