Viatris Inc (VTRS) 2022 Q2 法說會逐字稿

Good morning. My name is Leo, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Viatris 2022 Second Quarter Earnings Call and Webcast. (Operator Instructions)

早安.我叫 Leo，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Viatris 2022 年第二季財報電話會議和網路廣播。 （操作員指示）

Thank you. I'll now turn the call over to Bill Szablewski, Head of Global Capital Markets. Please go ahead.

謝謝。現在我將把電話轉給全球資本市場主管 Bill Szablewski。請繼續。

Thank you, and good morning, everyone. Welcome to our second quarter 2022 earnings call. Joining me today is Michael Goettler, our Chief Executive Officer; Rajiv Malik, our President; and Sanjeev Narula, our Chief Financial Officer. A copy of today's presentation and other earnings materials are available on our website at investor.viatris.com.

謝謝大家，早安。歡迎參加我們的 2022 年第二季財報電話會議。今天與我一起出席的是我們的執行長 Michael Goettler；我們的總裁拉吉夫·馬利克 (Rajiv Malik)；以及我們的財務長 Sanjeev Narula。今天的簡報和其他收益資料的副本可在我們的網站 investor.viatris.com 上找到。

During today's discussion, we will be making forward-looking statements on a number of matters, including our financial guidance for 2022 and various strategic initiatives. These forward-looking statements are subject to risks and uncertainties that could cause future results or events to differ materially from today's projections. Please refer to Slide 2 of the presentation and our SEC filings for a full explanation of these risks and uncertainties.

在今天的討論中，我們將就許多事項做出前瞻性陳述，包括 2022 年的財務指導和各種策略舉措。這些前瞻性陳述受風險和不確定性的影響，可能導致未來結果或事件與今天的預測有重大差異。請參閱簡報的第 2 張投影片和我們向美國證券交易委員會 (SEC) 提交的文件，以取得有關這些風險和不確定性的完整解釋。

We will also be referring to certain actual and projected non-GAAP financial measures to supplement investors' understanding of our financial performance. Non-GAAP financial measures are reconciled to comparable GAAP measures on our website and in today's presentation.

我們也將參考某些實際和預期的非公認會計準則財務指標，以補充投資者對我們財務表現的了解。非公認會計準則 (Non-GAAP) 財務指標與我們網站和今天的簡報中的可比較公認會計準則 (GAAP) 指標進行了協調。

With that, now I'd like to hand the call over to Michael.

說完這些，現在我想把電話交給麥可。

Thank you, Bill, and good morning, everybody. Thank you all for joining us for our second quarter 2022 earnings call.

謝謝你，比爾，大家早安。感謝大家參加我們的 2022 年第二季財報電話會議。

I'm proud to report that we're hitting on all cylinders operationally, even while foreign exchange rates continue to be challenging, and we have now demonstrated 6 consecutive quarters of strong performance. We're delivering on our financial and strategic commitments, and we're making great progress on the reshaping initiatives, which we announced in February.

我很自豪地報告，儘管外匯匯率繼續充滿挑戰，但我們在營運方面仍全力以赴，並且已經連續六個季度表現出色。我們正在履行財務和戰略承諾，並在二月宣布的重塑計劃方面取得了重大進展。

Remember, Viatris was designed with diversification and resilience in mind. We believe our geographic and product diversity allows us to balance occasional headwinds in one part of the business with opportunities in others, which we expect will enable us to deliver consistent and predictable performance over time.

請記住，Viatris 的設計考慮了多樣化和彈性。我們相信，我們的地域和產品多樣性使我們能夠平衡業務某一部分偶爾出現的逆風與其他部分出現的機遇，我們預計這將使我們能夠隨著時間的推移提供一致且可預測的業績。

We are reaffirming our full year 2022 financial guidance ranges for adjusted EBITDA and free cash flow. Because of our continued strong operational performance, we believe that we can absorb the foreign exchange rate impact within those ranges.

我們重申 2022 年全年調整後 EBITDA 和自由現金流的財務指引範圍。由於我們持續強勁的營運業績，我們相信我們可以吸收這些範圍內的外匯匯率影響。

However, we are revising our full year 2022 financial guidance range for total revenue, solely to reflect our current expectation of the negative impact of foreign exchange rates. You will hear later more specific commentary on the guidance ranges for all 3 of these metrics, including our consideration of the foreign exchange rate impacts.

然而，我們正在修改 2022 年全年總收入的財務指導範圍，只是為了反映我們目前對外匯匯率負面影響的預期。稍後您將聽到有關這三個指標的指導範圍的更具體的評論，包括我們對外匯匯率影響的考慮。

Now let me share some highlights from the quarter. In the second quarter, we reported total revenue of $4.12 billion and adjusted EBITDA of $1.48 billion. Free cash flow generation continues to be strong at USD 719 million for the quarter.

現在讓我分享本季的一些亮點。第二季度，我們的總營收為 41.2 億美元，調整後 EBITDA 為 14.8 億美元。本季自由現金流持續保持強勁，達到 7.19 億美元。

I'm pleased with our solid performance across segments this quarter, particularly in China and our operational growth in Europe. Our continued strong performance has enabled us to continue to deliver on our financial commitments for debt repayment and returning capital to shareholders through the payment of our dividends.

我對本季我們各部門的穩健表現感到滿意，特別是在中國市場以及我們在歐洲的營運成長。我們持續強勁的業績使我們能夠繼續履行償還債務和透過支付股息向股東返還資本的財務承諾。

In the first half of the year, we paid down approximately $1.5 billion in debt, and we're on track to achieve approximately $2 billion in debt repayment for the year. We continue to be committed to maintaining our investment-grade rating, which is something that we believe really differentiates us from our peers.

今年上半年，我們償還了約 15 億美元的債務，全年可望償還約 20 億美元的債務。我們將繼續致力於維持我們的投資級評級，我們相信這就是我們與同行真正的區別。

Our Board of Directors has again authorized payment of a quarterly dividend of $0.12 per share. And we're very proud that our internal development engine continues to deliver key pipeline milestones, which we believe positions us well to continue to move up the value chain. Overall, we're on track for approximately USD 600 million in new product revenue for the full year, and we look forward to the anticipated launch of lenalidomide in the second half of 2022.

我們的董事會再次批准支付每股 0.12 美元的季度股息。我們非常自豪，我們的內部開發引擎繼續提供關鍵的管道里程碑，我們相信這使我們能夠繼續提升價值鏈。總體而言，我們全年新產品收入預計將達到約 6 億美元，我們期待在 2022 年下半年推出來那度胺。

And finally, we're continuing our successful integration, capturing synergies and simplifying our processes and our organization. By the end of this year, we expect to have exited substantially all transitional service agreements with Pfizer. In addition, we are seeing continued strong engagement for our employees, who are all working diligently to execute on our priorities.

最後，我們將持續成功整合，發揮綜效，簡化流程和組織。到今年年底，我們預計將退出與輝瑞公司簽訂的幾乎所有過渡服務協議。此外，我們看到員工的參與度持續保持高水平，他們都在勤奮工作以執行我們的優先事項。

And as you remember, in February, we announced a significant global reshaping initiative to unlock trapped value and build what we expect to be a simpler, stronger and more focused company that's well positioned to deliver more access to patients and more value to shareholders. We continue to make good progress on the biosimilar transaction with our partner, Biocon Biologics.

大家還記得，今年二月，我們宣布了一項重大的全球重塑計劃，旨在釋放被困價值，並打造一個我們期望的更簡單、更強大、更專注的公司，從而為患者提供更多治療機會，為股東創造更多價值。我們與合作夥伴 Biocon Biologics 在生物相似藥交易方面繼續取得良好進展。

The transaction received key antitrust clearances in the U.S., India and other markets, and we are still targeting a deal close in the second half of this year. While we await final regulatory approval from the Reserve Bank of India, the 2 companies have been working productively to put plans and transition service agreements in place to ensure business continuity for patients, customers, and importantly, our colleagues.

該交易已獲得美國、印度和其他市場的關鍵反壟斷批准，我們仍計劃在今年下半年完成交易。在我們等待印度儲備銀行的最終監管批准的同時，兩家公司一直在積極制定計劃和過渡服務協議，以確保患者、客戶以及同事的業務連續性。

We're also making good progress on the previously announced divestitures of other select noncore assets. And we continue to expect to execute against these plans by the end of 2023.

我們在先前宣布的其他非核心資產剝離方面也取得了良好進展。我們仍預計在 2023 年底前執行這些計畫。

With regard to business development, we further ramped up our inorganic activities in our global health care gateway. We're looking at everything. We remain therapeutic area agnostic, and our business development efforts are centered on bolt-on and tuck-in opportunities that match our 3 identified therapeutic areas or moving up the value chain as well as other opportunities.

在業務發展方面，我們進一步加強了全球醫療保健入口網站的無機活動。我們正在觀察一切。我們仍然對治療領域持不可知論，我們的業務發展努力集中在與我們確定的 3 個治療領域相匹配的附加和補充機會或提升價值鏈以及其他機會上。

In summary, we had a very strong quarter, and we're excited about the future we're building for Viatris. The entire company is focused on executing on the initiatives we set forth for the business, meeting or exceeding our operational goals that we have set, generating significant free cash flow and unlocking value while reshaping our company for a stronger future.

總而言之，我們本季表現非常強勁，我們對 Viatris 的未來充滿期待。整個公司都專注於執行我們為業務制定的計劃，達到或超越我們設定的營運目標，產生大量自由現金流並釋放價值，同時重塑公司以實現更強大的未來。

With that, let me turn it over to Rajiv. Rajiv?

說完這些，讓我把麥克風交給拉吉夫。拉吉夫？

That's Michael, and good morning, everyone. For 6 consecutive quarters, we have consistently executed against our overall operational priorities. Our strong operational performance this quarter reflects the resilience of the diversified business we have deliberately built.

我是邁克爾，大家早安。連續六個季度，我們始終如一地執行我們的整體營運重點。本季強勁的營運業績體現了我們精心打造的多元化業務的韌性。

As shared before, we are not dependent on any one market or any one product, and we remain agile and opportunist in how we manage the business with the goal of maximizing the strengths of each market and address unforeseen challenges. Our execution has been and continues to be a team effort. And I would like to thank our colleagues for delivering another solid quarter and continuing to meet our customer commitments.

如同先前所述，我們並不依賴任何一個市場或任何一種產品，我們在業務管理上保持敏捷和機會主義，目標是最大限度地發揮每個市場的優勢並應對不可預見的挑戰。我們的執行一直是、並且將繼續是團隊合作的結果。我要感謝我們的同事們又一個季度的穩健表現，並繼續履行我們對客戶的承諾。

The strong business performance and the execution of our underlying plan in the first half of the year, supported by consistent supply, gives us the confidence that the momentum will continue for the second half and deliver our operational commitments for the year. We also continue to expect to achieve over approximately $600 million new launch revenue target for '22.

上半年強勁的業務表現和基本計劃的執行，加上穩定的供應支持，讓我們有信心下半年能夠繼續保持這一勢頭，並兌現我們全年的營運承諾。我們也繼續預計實現 2022 年約 6 億美元的新推出收入目標。

Moving to our quarterly segment results. I will be making certain comparisons to second quarter 2021 results on a constant currency basis as well as comparisons on an operational basis versus our plan that supports our guidance. These comparisons exclude the impact of foreign currency exchange.

轉向我們的季度分部業績。我將根據固定匯率與 2021 年第二季的業績進行某些比較，並在營運基礎上與支持我們指導的計劃進行比較。這些比較不包括外匯兌換的影響。

Our North America business represents a balanced portfolio consisting of several brands, complex drug devices and many other generic products. We believe this mix provides the business enhanced stability and predictability.

我們的北美業務代表著一個均衡的產品組合，包括多個品牌、複雜的藥物設備和許多其他仿製藥。我們相信這種組合能為業務提供更高的穩定性和可預測性。

Yupelri continues to grow and delivered high teens, and EpiPen performed better than we expected. We experienced healthy demand for our Generics portfolio, while [Canada] once again delivered a better-than-expected performance. We look forward to the expected launch of lenalidomide in the second half of the year.

Yupelri 繼續成長並取得了高銷量，EpiPen 的表現也超出了我們的預期。我們的仿製藥產品組合需求旺盛，而[加拿大]的業績再次優於預期。我們期待來那度胺於今年下半年順利上市。

Regarding Breyna, our FDA-approved generic to Symbicort, we anticipate a ruling from the district court in the coming months on the trial that was held in May. We also have a separate case, brought on a newly issued patent that is in front of a different judge in the same court. We remain prepared operationally and continue to look forward to bringing the product to market at the earliest possible date as these court cases develop.

關於 Breyna（我們經 FDA 批准的 Symbicort 仿製藥），我們預計地方法院將在未來幾個月內對 5 月舉行的審判作出裁決。我們還有一個單獨的案件，涉及一項新頒發的專利，目前由同一法院的另一位法官審理。我們將繼續做好營運準備，並繼續期待隨著這些法庭案件的發展儘早將產品推向市場。

Our European business had another strong quarter, delivering 8% year-over-year growth. Creon, Dymista, Brufen and our Thrombosis portfolio showed solid performance. France, Germany, Italy and Spain led the growth. The region also benefited from certain customer purchasing patterns in the quarter. We expect that the new launches across Europe will be another key driver for '22 performance.

我們的歐洲業務又度過了一個強勁的季度，年增了 8%。 Creon、Dymista、Brufen 和我們的血栓形成產品組合表現穩健。法國、德國、義大利和西班牙引領了成長。該地區也受益於本季某些客戶的購買模式。我們預計，歐洲各地的新產品發布將成為 22 年業績的另一個關鍵驅動力。

The Emerging Markets segment delivered another quarter of consistent performance and was in line with our expectations. We delivered strong performance in key markets like South Korea, Brazil and Malaysia and in key brands like Lyrica and Norvasc. The year-over-year change was driven by previously disclosed anticipated ARV therapy landscape changes and sales of a certain COVID-related products in '21. Excluding these 2 items, total net sales were flat to the prior year.

新興市場部門本季再次表現穩定，符合我們的預期。我們在韓國、巴西和馬來西亞等主要市場以及 Lyrica 和 Norvasc 等主要品牌上取得了強勁表現。與去年同期相比的變化是由先前披露的預期抗逆轉錄病毒療法格局變化和 21 年某些 COVID 相關產品的銷售情況所驅動。除這兩項外，總淨銷售額與上年持平。

Our JANZ segment performance this quarter was driven by better-than-expected performance of our Generics business as well as our off-patent branded portfolio. Lyrica and Celebrex in Japan came in better than expected. Additionally, the Generics portfolio in Japan benefited from favorable market dynamics. The Generics portfolio in Australia also performed better than our expectations, which will be further supported by the addition of a key wholesale and pharmacy customer.

本季度，我們 JANZ 部門的業績得益於仿製藥業務以及非專利品牌產品組合優於預期的業績。日本的 Lyrica 和 Celebrex 銷售量比預期好。此外，日本的仿製藥產品組合也受益於有利的市場動態。澳洲的仿製藥產品組合表現也優於我們的預期，而增加一個關鍵的批發和藥局客戶將進一步支持這一表現。

Greater China continued its strong performance and exceeded our expectations this quarter with 1% year-over-year operational growth. Our ability to manage the business and supply chain effectively through the COVID lockdown period is a testament to our commercial strength in this market.

大中華區本季持續保持強勁表現，較去年同期成長 1%，超越我們的預期。我們在 COVID 封鎖期間有效管理業務和供應鏈的能力證明了我們在這個市場的商業實力。

Our hospital channel again demonstrated a strong performance, led by Lipitor and Norvasc. We are on track to meet our full year expectations as we continue to navigate the evolving health care policy. We also continue to make steady progress in building up our R&D portfolio for China.

我們的醫院管道再次表現強勁，以立普妥和絡活喜為首。隨著我們繼續遵循不斷發展的醫療保健政策，我們有望實現全年預期。我們在為中國建立研發組合方面也持續取得穩定進展。

I will now share an update on our pipeline, which builds upon our strong legacy in the development of value-added complex products and our extensive scientific capabilities. I'm pleased to report that we have been able to successfully manage the trial of glatiramer acetate once-monthly and remain on schedule despite the unfortunate situation in Ukraine. We expect to read out our Phase III clinical trial by the end of this September, and we remain on track to make our U.S. submission in quarter 1 '23.

現在，我將分享我們產品線的最新進展，該產品線建立在我們開發增值複雜產品方面的悠久歷史和廣泛的科學能力之上。我很高興地報告，儘管烏克蘭局勢不幸，我們仍然能夠成功管理每月一次的醋酸格拉替雷試驗，並且仍能按計劃進行。我們預計將在今年 9 月底之前完成我們的 III 期臨床試驗，並且我們預計在 2023 年第一季向美國提交申請。

We received FDA approval of fingolimod, which is a generic to Gilenya, and are on track to launch in the U.S. in '24, timed with our settlement date. We filed our submission to Octreotide MR in U.S. in this May, which keeps us on track to launch in '24.

我們已獲得 FDA 對芬戈莫德的批准，它是 Gilenya 的仿製藥，預計將於 2024 年在美國上市，與我們的結算日期一致。我們於今年 5 月向美國 Octreotide MR 提交了申請，這使我們能夠按計劃在 2024 年推出該產品。

Our new, in essence, ophthalmic program, MR-139, for the treatment of moderate-to-severe chronic blepharitis is making steady progress. And we intend to submit the IND for this program at the end of the year in order to initiate the Phase III clinical trial in quarter 1 '23.

我們的全新眼科計畫 MR-139 用於治療中度至重度慢性瞼緣炎，正在取得穩定進展。我們打算在今年底提交該計畫的 IND，以便在 2023 年第一季啟動 III 期臨床試驗。

We are making steady progress on our biosimilar to BOTOX program with Revance. We are targeting a BLA submission in 2025, and we remain committed to the launch of this complex biosimilar at the earliest possible launch in the United States.

我們與 Revance 合作的 BOTOX 生物相似藥計畫正在穩步推進。我們的目標是在 2025 年提交 BLA，並將繼續致力於儘早在美國推出這種複雜的生物相似藥。

And finally, Biocon expects FDA site inspection of 2 of its sites to be conducted in the next few weeks, which hopefully will pave the way for biosimilar bevacizumab and insulin as part of approvals later this year. We believe we are well positioned to add more complex products and pursue additional opportunities to further move up the value chain by leveraging our global health care gateway and strengthen our pipeline in the previously stated therapeutic areas of GI, ophthalmology and dermatology.

最後，Biocon 預計 FDA 將在未來幾週內對其 2 個工廠進行現場檢查，希望這將為今年稍後生物相似藥貝伐單抗和胰島素的批准鋪平道路。我們相信，透過利用我們的全球醫療保健入口網站並加強我們在先前提到的胃腸道、眼科和皮膚科治療領域的產品線，我們有能力增加更複雜的產品，並尋求更多機會進一步提升價值鏈。

And lastly, an update on integration. I'm pleased to report that we continue to make significant progress. As you may recall, the legacy Upjohn business was heavily dependent on Pfizer's systems and infrastructure, which was supported by a significant transition services agreement.

最後，關於整合的更新。我很高興地報告，我們繼續取得重大進展。您可能還記得，傳統的 Upjohn 業務嚴重依賴輝瑞的系統和基礎設施，而這得到了重要的過渡服務協議的支持。

We are currently on track to exit the remaining Pfizer TSAs by end of this year, and I would like to thank our colleagues from Viatris and Pfizer around the world supporting this important initiative. We are also on track to achieve at least $1 billion in cumulative cost synergies by the end of 2023.

我們目前預計在今年年底前退出剩餘的輝瑞 TSA，我要感謝來自世界各地的 Viatris 和輝瑞同事對這項重要舉措的支持。我們也預計在 2023 年底前實現至少 10 億美元的累積成本綜效。

With that, let me now turn the call over to Sanjeev.

說完這些，現在讓我把電話轉給 Sanjeev。

Thanks, Rajiv, and good morning, everyone. Slides 16 and 17 show second quarter financial highlights as well as results for the first half of this year.

謝謝，拉吉夫，大家早安。第 16 和 17 張幻燈片展示了第二季度的財務亮點以及今年上半年的業績。

For the quarter and first half of 2022, the operations of the business were in line or slightly ahead of our expectation. This performance is across our global diversified portfolio of Brands, Generics and Complex Products. As anticipated, operational revenue was solidly in line with our expectation, but slightly down compared to prior year.

2022年本季及上半年，業務運作符合或略高於我們的預期。這項業績體現在我們遍佈全球的多元化品牌、仿製藥和複合產品組合。正如預期的那樣，營業收入與我們的預期基本一致，但與去年相比略有下降。

Adjusted EBITDA and free cash flow were ahead of expectation, and we were able to offset foreign exchange headwinds. The business benefited from strong adjusted gross margin, lower adjusted SG&A due to the realization of synergy and disciplined spend management. Cash flow benefited from our cash optimization initiative and reduction in onetime cash costs.

調整後的 EBITDA 和自由現金流超出預期，我們能夠抵消外匯不利因素。由於實現了協同效應和嚴格的支出管理，該業務受益於強勁的調整後毛利率和較低的調整後銷售、一般及行政費用。現金流受益於我們的現金優化措施和一次性現金成本的降低。

Moving to Slide 18. For the quarter, we have seen dollar strengthening significantly against major currencies, including the euro. As a result, net of hedging activities, foreign exchange had an impact of approximately 7% on net sales versus the second quarter 2021. Net sales were in line with our expectation on an operational basis, down versus prior year by approximately 3% due to anticipated drivers.

轉到投影片 18。本季，我們看到美元兌包括歐元在內的主要貨幣大幅走強。因此，扣除對沖活動後，與 2021 年第二季相比，外匯對淨銷售額的影響約為 7%。淨銷售額符合我們的營運預期，由於預期驅動因素，較上年下降約 3%。

Our developed market business has a strong quarter and were operationally flat versus prior year. This performance was driven by strong growth in Europe due to category diversity, partially offset by anticipated competition on key products in North America.

我們的已開發市場業務本季表現強勁，營運狀況與去年同期持平。這一業績得益於歐洲市場因產品類別多元化而實現的強勁增長，但被北美主要產品預期面臨的競爭所部分抵消。

As anticipated, other base business erosion was primarily driven by lower ARV volumes due to the anticipated change in therapy landscape and lower sales of certain COVID-related product. New product revenue was driven by interchangeable insulin glargine in North America.

正如預期的那樣，其他基礎業務的下滑主要是由於治療格局的預期變化導致抗逆轉錄病毒藥物銷量下降以及某些 COVID 相關產品的銷售下降。新產品收入主要由北美可互換甘精胰島素推動。

Despite foreign exchange headwinds, we had another solid quarter of adjusted EBITDA that were ahead of our expectations. Adjusted gross margin was driven by strong brand performance and favorable segment and product mix. SG&A continues to benefit from our synergies, integration activities and disciplined spend management.

儘管面臨外匯逆風，我們仍度過了一個穩健的季度，調整後 EBITDA 超出了我們的預期。調整後的毛利率受到強勁的品牌表現以及有利的細分市場和產品組合的推動。銷售、一般及行政費用持續受惠於我們的綜效、整合活動和嚴格的支出管理。

Turning to Slide 19. We had another excellent quarter with better-than-expected free cash flow of more than $700 million, up significantly versus the prior year. This improvement in our cash flow conversion was driven by positive changing -- changes in the operational working capital and lower onetime cash cost. Free cash flow through the first half of the year was strong at $1.8 billion, an increase of approximately 40% or $500 million compared to same period last year.

翻到第 19 張投影片。我們又度過了一個出色的季度，自由現金流優於預期，超過 7 億美元，與前一年相比大幅成長。我們的現金流轉換率的提高是由積極的變化所推動的——營運資本的變化和一次性現金成本的降低。今年上半年的自由現金流強勁，達到 18 億美元，與去年同期相比成長約 40% 或 5 億美元。

Slide 20 illustrates our capital allocation framework and the strong and consistent history of free cash flow generation since the formation of Viatris. I'm proud to say that over the last 6 quarters, the company had generated more than $4.3 billion of free cash flow.

幻燈片 20 展示了我們的資本配置框架以及自 Viatris 成立以來強勁而持續的自由現金流產生歷史。我很自豪地說，在過去的 6 個季度中，該公司產生了超過 43 億美元的自由現金流。

We are well over the halfway mark of our goal of generating more than $8 billion in free cash flow by the end of 2023. This has allowed us to deliver on our capital allocation commitment. For the year so far, we have repaid approximately $1.5 billion of debt and more than $3.5 billion since the beginning of 2021.

到 2023 年底，我們的自由現金流將超過 80 億美元，這目標目前已完成過半。這使我們能夠兌現資本配置承諾。今年迄今為止，我們已償還約 15 億美元的債務，自 2021 年初以來已償還超過 35 億美元的債務。

Additionally, we have paid approximately $219 million in dividend this year and approximately $690 million in dividends since the beginning of 2021. We remain committed to our 2022 debt repayment target of approximately $2 billion. This will strengthen our balance sheet and support our commitment to maintain an investment-grade rating.

此外，我們今年已支付約 2.19 億美元的股息，自 2021 年初以來已支付約 6.9 億美元的股息。我們仍致力於實現 2022 年約 20 億美元的債務償還目標。這將加強我們的資產負債表並支持我們對維持投資等級評級的承諾。

We expect to accelerate financial flexibility through the anticipated closing of biosimilar transaction in the second half of 2020 (sic) [2022], which we expect to net approximately $1.6 billion after-tax proceeds. As we look ahead, we expect our capital allocation framework will broaden with potential share repurchases in tuck-in or bolt-on business development opportunities.

我們預計透過預計在 2020 年下半年 [2022] 完成的生物相似藥交易來加速財務靈活性，我們預計該交易將獲得約 16 億美元的稅後收益。展望未來，我們預期我們的資本配置架構將會擴大，潛在的股票回購將會促進補充或附加業務發展機會。

Before I discuss our revised 2022 financial guidance, if you recall, our commentary may mention we would reassess the foreign exchange impact on total revenue, adjusted EBITDA and free cash flow. The dollar has strengthened significantly across major currencies, and approximately 70% of our business is nondollar-denominated.

在我討論我們修訂後的 2022 年財務指南之前，如果您還記得的話，我們的評論可能會提到我們將重新評估外匯對總收入、調整後 EBITDA 和自由現金流的影響。美元在主要貨幣中大幅走強，我們約 70% 的業務是非美元計價的。

Moving to Slide 23. The business is in a strong position through first 6 months of the year. And we expect full year revenue to be in line, if not slightly ahead, of our expectation on an operational basis.

轉到投影片 23。今年前 6 個月，公司業務狀況良好。我們預計全年收入將與我們的營運預期一致，甚至略高於預期。

With respect to our revenue guidance, we now estimate an approximately 7% foreign exchange headwind on a full year basis, assuming July rate hold for the remainder of the year. As a result, we're revising our revenue guidance range by $800 million to $16.2 billion to $16.7 billion.

關於我們的收入指引，我們目前估計全年外匯逆風約為 7%，假設 7 月利率在今年剩餘時間內保持不變。因此，我們將營收預期範圍上調 8 億美元，至 162 億美元至 167 億美元。

Our revised revenue guidance takes into account foreign exchange impact through the first half of the year and approximately $600 million, split evenly between third and fourth quarter of 2022. Operationally, we expect revenue will be driven by continued ramp-up of new products, including the U.S. launch of lenalidomide in the second half and the seasonality of Influvac in developed markets.

我們修訂後的收入指引已考慮了今年上半年的外匯影響以及約 6 億美元的收入，這部分收入將平均分配在 2022 年第三季和第四季。在營運方面，我們預計收入將受到新產品持續成長的推動，包括下半年來那度胺在美國的上市以及 Influvac 在已開發市場的季節性。

Because of our continuing strong execution and operational performance, we currently expect to be able to absorb the foreign exchange headwind within our free cash flow range and also our adjusted EBITDA range. As it relates to adjusted EBITDA, we may end up towards the lower end of the range.

由於我們持續強勁的執行力和營運表現，我們目前預計能夠在自由現金流範圍和調整後的 EBITDA 範圍內吸收外匯逆風。由於它與調整後的 EBITDA 相關，我們最終可能會處於該範圍的低端。

Our expectation to absorb foreign exchange headwind is due to several factors, including positive product mix benefiting gross margin, favorable SG&A due to synergies and expense management as well as increased cash optimization initiatives and lower CapEx. Now let me cover some of the expected drivers for financial performance for the second half.

我們預期吸收外匯逆風是由於幾個因素，包括有利於毛利率的積極產品組合、由於協同效應和費用管理而產生的有利的銷售、一般及行政費用，以及增加的現金優化舉措和降低的資本支出。現在讓我來介紹一下下半年財務表現的一些預期驅動因素。

We expect sequential increase in SG&A and R&D in the second half of the year. We expect cash flow will be heavily weighted to the first half of the year, mainly due to the timing of onetime cash costs, of which we expect approximately 2/3 to come in the second half of the year. This includes the previously announced EpiPen litigation settlement, which was paid in July. In addition, we expect capital expenditure to ramp up in the second half of the year.

我們預計下半年銷售、一般及行政開支和研發費用將較上季增加。我們預計現金流量將主要集中在上半年，主要是由於一次性現金成本的時間安排，我們預計其中約三分之二將出現在下半年。其中包括先前宣布的 EpiPen 訴訟和解金，該款項已於 7 月支付。此外，我們預計下半年資本支出將會增加。

We're pleased with the strong first half performance. The momentum we see in the operations of the business position us well for the remainder of the year. Our capital allocation framework, including debt paydown goals, commitment to dividend and the value we see in maintaining an investment grade, will continue to be important drivers in creating long-term value.

我們對上半年的強勁表現感到滿意。我們在業務運營中看到的勢頭為我們在今年剩餘時間內取得良好表現奠定了基礎。我們的資本配置框架，包括債務償還目標、股利承諾以及我們認為維持投資等級的價值，將繼續成為創造長期價值的重要驅動力。

Now I'd like to turn the call back to the operator to open the call for Q&As.

現在我想將電話轉回給接線生，開始問答環節。

(Operator Instructions) We'll take our first question from Jason Gerberry of Bank of America.

（操作員指示）我們將回答美國銀行的 Jason Gerberry 提出的第一個問題。

This is Bob in on for Jason Gerberry. So I just wanted to focus on China. Do you have any exposure to upcoming rounds of VBP? And if so, can you size and provide some timing when you'd expect to see any impact?

這是 Bob 為 Jason Gerberry 所做的報道。所以我只想關注中國。您是否了解即將舉行的 VBP 活動？如果是的話，您能否估算一下預計會出現影響的時間並提供一些時間表？

Okay. Thank you for the question. Rajiv, do you want to talk about VBP in China?

好的。謝謝你的提問。 Rajiv，你想談談 VBP 在中國的情況嗎？

Yes. Yes, thanks, Bob. I think -- as far as China is concerned, we have been living with this evolving health care policy, VBP, now Europe and the U.K. So VBP lived through the COVID cycles. And we continue to see a strong performance from one of its kind. I think it's a very strong commercial infrastructure. So we have -- our team has managed the business well, the transition well. And both the channels, the hospital channel as well as the [Arcadia] continue to perform better than our expectations.

是的。是的，謝謝，鮑伯。我認為——就中國而言，我們一直在遵循不斷發展的醫療保健政策 VBP，現在歐洲和英國也是如此。因此，VBP 經歷了 COVID 週期。我們繼續看到同類產品中的強勁表現。我認為這是一個非常強大的商業基礎設施。因此，我們的團隊很好地管理了業務，並很好地完成了過渡。醫院管道以及 [Arcadia] 這兩個管道的表現都超出了我們的預期。

Our next question is from Elliot Wilbur of Raymond James.

我們的下一個問題來自雷蒙詹姆斯公司的艾略特威爾伯。

Just one question for Sanjeev. I just wanted to get a little bit more detail in terms of the change in outlook with respect to FX and then the anticipated impact on the EBITDA and free cash flow line. So I think at the beginning of the year when you first provided initial outlook, you talked about an FX impact, roughly $350 million, then there was an anticipated negative impact of about 35% of that to the EBITDA line.

只想問 Sanjeev 一個問題。我只是想更詳細地了解外匯前景的變化以及對 EBITDA 和自由現金流的預期影響。因此我認為，當您在今年年初首次提供初步展望時，您談到了外匯影響，大約 3.5 億美元，然後預計其中約 35% 會對 EBITDA 線產生負面影響。

Now obviously, you have a much bigger potential headwind coming from FX, but not really any impact to the EBITDA or free cash flow line. So maybe you could just go into a little bit more detail in terms of what's offsetting that, whether it may be just effectiveness of your hedging programs and some hedging gains, or if it's really just more about sort of the natural mix of the business and then just having the appropriate sort of natural offsets or hedges to that.

現在顯然，外匯帶來的潛在阻力要大得多，但對 EBITDA 或自由現金流實際上並沒有任何影響。因此，也許您可以更詳細地說明抵消因素，無論是您的對沖計劃的有效性和一些對沖收益，還是實際上只是業務的自然組合，然後採取適當的自然抵消或對沖措施。

Thanks, Elliot. So let me unpack that, just a couple of things I want to just -- so first of all, I think put the FX aside, as we've said in our opening remarks, business is performing very well operationally. Whether you look at segments, you look at new product revenues, our spend management, cash flow generations, pipeline, business is performing as expected, if not slightly ahead for the first 2 quarters. And that's the outlook we have for the rest of the year. So that's -- keep that in the mind, and that's kind of what is going on.

謝謝，艾略特。所以讓我來解釋一下，我只想說幾件事——首先，我認為把外匯放在一邊，正如我們在開場白中所說的那樣，業務運營表現非常好。無論您看哪個部門，還是看新產品收入、我們的支出管理、現金流量產生、管道，業務表現都符合預期，甚至前兩個季度略有領先。這就是我們對今年剩餘時間的展望。所以——請記住這一點，這就是正在發生的事情。

In terms of FX, when we gave our guidance back in February, we had anticipated approximately 2% FX impact, roughly $350 million in the top line. And that's what we showed that in that guidance shift. And then what has happened is when we came out in May for our first quarter call, we highlighted that there's going to be additional 2% FX impact on top of that, based on the rates there were at the time of our conference call in May because dollar has further strengthened.

就外匯而言，當我們在二月給出指引時，我們預計外匯影響約為 2%，營業收入約為 3.5 億美元。這就是我們在指導轉變中所展現的。然後發生的事情是，當我們在 5 月召開第一季電話會議時，我們強調，基於 5 月電話會議時的匯率，由於美元進一步走強，外匯影響還將增加 2%。

Now when we are in July, that's what we've upgraded, we updated the guidance. The overall FX impact on the top line is incremental of 5%. So 2% was built into the guidance, 5% is what we have. That's the 7% that we've gotten there. And that's just a function of, Elliot, 70% of our business is non-U.S. dollar-denominated. 45% of foreign exchange impact comes from euro. And euro is at historical low, as you know about that. We do have the hedging programs in the company, the industry standard layering we do. And to the extent we can, and this -- the impact that we talked about is reflective of that.

現在到了七月份，我們已經升級並更新了指導。外匯對營業收入的整體影響增加了 5%。因此，指導中設定了 2%，而我們實際擁有的是 5%。這就是我們所達到的 7%。這只是因為，艾略特，我們 70% 的業務都是非美元計價的。 45%的外匯影響來自歐元。如你所知，歐元正處於歷史低點。我們公司確實有對沖計劃，我們實行的是行業標準分層。在我們力所能及的範圍內，我們所談論的影響就反映了這一點。

Coming to the last part of your question in terms of how we are able to offset that. Clearly, we are able to offset because of the operational strength of the business. So if you look at the EBITDA, we have done -- so far, we are ahead of gross margin because of the favorable mix in terms of our product segment and excellent control on the cost of goods.

回到你問題的最後一部分，關於我們如何能夠抵消這一點。顯然，我們能夠憑藉業務營運實力來抵消這一損失。因此，如果你看一下 EBITDA，我們已經做到了——到目前為止，我們的毛利率領先於其他公司，因為我們的產品部門結構良好，而且對商品成本控制得非常好。

And then on the SG&A line, we are doing better with synergies and disciplined expense management. Both is going to help on the EBITDA line to be able to offset the impact of that. And as you noticed, we've actually increased the gross margin midpoint by 50 basis points on a full year basis because of the strength that we've seen in our business so far.

然後在銷售、一般及行政費用方面，我們透過綜效和嚴格的費用管理做得更好。兩者都將有助於 EBITDA 線抵消其影響。正如您所注意到的，由於我們迄今為止業務的強勁表現，我們實際上已將全年毛利率中點提高了 50 個基點。

Coming to the last point about free cash flow. We've actually done very well, as you see in the first 2 quarters, over 40% versus last year. We continue to see strength in our cash optimization initiatives. That will actually help. And then there's some lower -- of one CapEx cost that we're going to be able to offset. So we feel very confident about the EBITDA range and the free cash flow range that we provided.

最後談談關於自由現金流的問題。事實上，我們做得非常好，正如您在前兩個季度所看到的，與去年相比增長了 40% 以上。我們的現金優化措施持續發揮強勁作用。這確實有幫助。然後我們會得到一些較低的資本支出成本，我們可以抵銷這些成本。因此，我們對我們提供的 EBITDA 範圍和自由現金流範圍非常有信心。

Our next question is from Chris Schott of JPMorgan.

下一個問題來自摩根大通的克里斯·肖特 (Chris Schott)。

I just want a little bit more color on additional divestitures in terms of just how far along are these discussions. And maybe kind of more broadly, does the rising rate environment we're currently in, is that impacting how prospective bidders are thinking about valuation or even just the sort of assets that you may be looking to sell? So just any more color on that would be much appreciated.

我只是想進一步了解額外資產剝離的討論進展如何。也許從更廣泛的角度來看，我們目前所處的利率上升環境是否會影響潛在競標者對估值的看法，甚至只是影響您可能想要出售的資產類型？因此，如能提供更多詳細信息，我們將不勝感激。

Chris, Thanks for the question. Look, as I said in the opening remarks, let me first talk a little bit about Biocon. The progress there is clear. We're making good progress. We received all the antitrust clearances. And we made good progress with our partner. Biocon also is setting up TSAs, talking about transition and all of these things. So that's on track for closing in the second half. We're very, very confident about that.

克里斯，謝謝你的提問。正如我在開場白中所說的那樣，首先讓我來談談 Biocon。那裡的進展是顯而易見的。我們正在取得良好進展。我們獲得了所有反壟斷許可。我們與合作夥伴取得了良好的進展。 Biocon 也正在設立 TSA，討論轉型和所有這些事情。因此，這將預計在下半年完成。我們對此非常有信心。

Now on the other divestitures, I also said we're on track. We said we're going to close this by the end of 2023, and we're making good progress there as well. And as far as valuation is concerned, really, it's not so much of a concern for us at the moment. I think these are high-value assets. They're a well-performing business. So fundamentally, nothing changed on that, and we'll give an update as we go on.

現在談到其他資產剝離，我也說過我們正在按計劃進行。我們說過將在 2023 年底前完成這項工作，我們也取得了良好的進展。至於估值，實際上，目前我們並不太擔心。我認為這些都是高價值資產。他們是一家業績良好的企業。因此從根本上來說，這沒有任何改變，我們會隨時更新資訊。

Our next question is from Umer Raffat of Evercore.

我們的下一個問題來自 Evercore 的 Umer Raffat。

I have a question or clarification, if I may. On capital allocation, especially after the Biocon deal closes, there's been an investor question on how the dynamic nature of the market right now could or could not impact how you're thinking about whether you will have preferences around buyback versus debt paydown versus possibly SMID biotech M&A. So I'd be curious what your latest temperature is on that.

如果可以的話，我有一個問題或澄清。關於資本配置，特別是在 Biocon 交易結束後，投資者提出了一個問題，即目前市場的動態性質會如何影響您考慮是否優先考慮回購、債務償還或可能的 SMID 生物技術併購。所以我很好奇你最近的體溫是多少。

And also on the glatiramer study, is the data in-house already? Because it looks like the 52-week endpoint was hit back in May time frame. So I'm just trying to understand sort of the amount of time it's taking to get the data processed.

另外，關於格拉替雷的研究，數據是否已經在內部了？因為看起來 52 週的終點在 5 月的時間範圍內受到了打擊。所以我只是想了解處理資料需要花費多少時間。

Very good. So I'll take the first question, and Rajiv, maybe you can address the second one. So Umer, on capital allocation, look, we're very consistent. Our strategy is very clear. First of all, the bases, we're confident to meet our '22 and '23 financial commitments, which includes dividends. You saw our Board has yet again declared $0.12 per share dividend. Debt paydown, Sanjeev gave you an update on -- about the progress, the good progress we're making there and then maintaining investment grade. That's the baseline.

非常好。我來回答第一個問題，拉吉夫，也許你可以回答第二個問題。因此，Umer，在資本配置方面，我們非常一致。我們的戰略非常明確。首先，我們有信心履行 2022 年和 2023 年的財務承諾，其中包括股息。您看到我們的董事會再次宣布每股 0.12 美元的股息。債務償還，Sanjeev 向您通報了進展情況，我們在那裡取得了良好的進展，並保持了投資等級。這是底線。

As we look ahead, we expect to close the Biocon transaction in the second half of '22, which will provide us optionality and flexibility with [good capital] allocation. And then the other noncore asset divestiture also remain on track for '23.

展望未來，我們預計將在 2022 年下半年完成 Biocon 交易，這將為我們提供 [良好資本] 配置的選擇性和靈活性。其他非核心資產剝離也將在 23 年繼續進行。

So with regard to share buybacks, other capital allocation decisions, we'll make those decisions with value for shareholders in mind at the right time and for the right reasons, considering all the circumstances at the time. And Rajiv, you want to talk about...

因此，對於股票回購和其他資本配置決策，我們會在適當的時間，出於適當的理由，考慮當時的所有情況，為股東創造價值。拉吉夫，你想談談…

Yes. And Umer, regarding the GA once-monthly, as you remember, we had already indicated that about 10% of the patients for this trial were in the Ukraine. And in fact, we were anticipating at one point of time, there might be more delay in managing that, but I think the team did a great job. And we're going [back] to my prepared remarks, as I've mentioned, we will be having a readout of these results sometime in the middle of the September. So we're looking forward to that and sharing with you the result.

是的。 Umer，關於每月一次的 GA，您記得，我們​​已經指出，參加此次試驗的患者中約有 10% 來自烏克蘭。事實上，我們曾經一度預計，管理這個問題可能會有更多的延遲，但我認為團隊做得很好。我們回到我準備好的發言，正如我所提到的，我們將在九月中旬的某個時候公佈這些結果。因此，我們期待著這一點並與您分享結果。

We'll take our next question from Gary Nachman of BMO Capital Markets.

我們將回答 BMO 資本市場的 Gary Nachman 提出的下一個問題。

On your scaling back efforts on spending in order to manage the EBITDA as you face these FX headwinds, how much of that will come back? And how much of these costs are permanent? So how much was, I guess, from original cost synergies? And how much of that might be new?

在面臨外匯逆風的情況下，為了管理 EBITDA，你們縮減了支出，其中有多少可以恢復？這些成本中有多少是永久性的？那我猜有多少是來自最初的成本綜效？其中有多少可能是新的？

And then just talk about some of the other levers that you have to improve cash flow, like the working capital and the reduction in CapEx. How should we think about those trends going forward? And then also the improvements in gross margin, how that should trend for rest of the year and into next year? And how durable those improvements are?

然後談談改善現金流的其他一些手段，例如營運資金和資本支出的減少。我們該如何看待這些未來的趨勢？那麼毛利率也有所提高，那麼今年剩餘時間和明年的趨勢如何？這些改進能持續多久？

Rajiv, I would ask you to start on that and maybe, Sanjeev, you can add.

拉吉夫，我想請你從那方面開始，也許，桑吉夫，你可以補充一下。

Okay. Sure. So Gary, let me take all 3 items one by one. So clearly, as you heard in our remarks, we are managing our synergies and integration very well and expect to achieve our synergy target that we laid out. And then we're doing exceedingly well on managing the expenses. So clearly, all those items are going to stick. And there is clearly obviously some benefit that we're getting because of the FX, as you see.

好的。當然。那麼，加里，讓我逐一拿走這 3 件物品。顯然，正如您在我們的發言中所聽到的，我們正在很好地管理我們的協同效應和整合，並期望實現我們制定的協同效應目標。我們在管理費用方面做得非常好。顯然，所有這些項目都會保留下來。如您所見，我們顯然透過 FX 獲得了一些好處。

But all the items that we are seeing in terms of our SG&A line are sticky and sustainable over a period of time. Clearly, as we look for the second half of the year, there is going to be a little bit of a ramp-up because of the timing of the spend. But overall, we feel good about the trajectory of our SG&A line.

但就銷售、一般及行政費用而言，我們看到的所有項目在一段時間內都是黏性的和可持續的。顯然，展望下半年，由於支出時機的原因，支出將略有增加。但整體而言，我們對銷售、一般及行政開支的走勢感到滿意。

With regard to, again, on the free cash flow, the improvement that we're doing are of permanent nature. These are fundamental drivers of working capital, whether you're looking at how we pay, how we receive. Those are fundamental drivers of the changes that we're doing and how we operate, and they're going to stay with us.

再次強調，關於自由現金流，我們正在進行的改進是永久性的。這些都是營運資本的基本驅動因素，無論您關注的是我們如何支付，如何收款。這些是我們正在進行的變革以及我們運作方式的根本驅動力，它們將會一直伴隨著我們。

And clearly, there is some benefit that we're getting this year a little bit on the lower CapEx. But essentially the broader point about improvement in cash flow will sustain and help us on the coming years, and then lowering onetime cash costs, which is again is a permanent benefit that we see as we go forward.

顯然，今年我們在降低資本支出方面獲得了一些好處。但從本質上講，改善現金流的更廣泛意義將在未來幾年維持並幫助我們，然後降低一次性現金成本，這也是我們在未來看到的永久性利益。

The last item is on the gross margin. Clearly, as we see in the first 2 quarters, we have a better product mix. We're getting better products, the higher gross margin and from geographies, which have a higher gross margin, and that our cost controls are doing very well on the cost lines. So again, those benefits are going to stick with us for the remaining of the year. And then as we come out with the next year's guidance, we'll provide more details on that.

最後一項是毛利率。顯然，正如我們在前兩個季度所看到的那樣，我們擁有更好的產品組合。我們從毛利率較高的地區獲得了更好的產品、更高的毛利率，而且我們的成本控制在成本線上做得很好。所以，這些好處將在今年剩餘時間內繼續伴隨我們。當我們發布明年的指導時，我們將提供更多細節。

Yes. And I think overall, overall comment I would make is our business is strong. We now have 6 quarters of strong operational performance. This is not that -- we're not in the cost-cutting business or cost cutting or achieving results. We're doing this to set up the business and strengthen the business over the long term.

是的。我認為整體而言，我的整體評價是我們的生意很強勁。我們目前已連續六個季度保持強勁的營運表現。事實並非如此——我們不從事削減成本的業務，也不削減成本或取得成果。我們這樣做是為了建立業務並長期加強業務。

Our next question is from Greg Fraser of Truist Securities.

我們的下一個問題來自 Truist Securities 的 Greg Fraser。

On the glatiramer program, what's the bar for success in the Phase III study? If that's perceived to look similar to Copaxone in tolerability as favorable, is that a win? And how are you thinking about the commercial potential of that product?

關於格拉替雷項目，第三階段研究的成功標準是什麼？如果認為其耐受性與 Copaxone 相似，那麼這算勝利嗎？您如何看待該產品的商業潛力？

Sorry, just for clarification, you're a little bit unclear. Which study are you asking about?

抱歉，只是為了澄清一下，你有點不清楚。您詢問的是哪一項研究？

The glatiramer once-monthly.

每月服用一次格拉替雷。

And what was your question, sorry?

抱歉，您的問題是什麼？

The bar for success and what you're hoping to see in that study and also how you're thinking about commercial potential.

成功的標準以及您希望在該研究中看到什麼以及您如何看待商業潛力。

Yes, it's on the RRMS. And very clearly, we are looking into the improvement [score]around that. It's not the progressive study, the relapsing one. And that -- it's very much at the moment with the indication of the Copaxone is. What we are looking forward is the effectiveness once monthly.

是的，它在 RRMS 上。很顯然，我們正在研究這方面的改進[分數]。這不是進步的研究，而是復發的研究。目前，Copaxone 的適應症正是如此。我們期待的是每月一次的有效性。

Yes. It's a nonpriority drug.

是的。這是一種非優先藥物。

Yes. It's a nonpriority drug.

是的。這是一種非優先藥物。

Our next question is from Ash Verma of UBS.

我們的下一個問題來自瑞銀的 Ash Verma。

So just wanted to understand the levers for 2023 top and bottom line. We see consensus at $16.5 billion and $5.8 billion of EBITDA. Does that look like the right ballpark to you, just directionally speaking? Your partner, Biocon, recently identified biosimilars as like a $1.1 billion and $250 million top and bottom driver for 2023. So as you look at your 2023 numbers, does the consensus represent like an adequate step down to you?

所以只是想了解 2023 年頂線和底線的槓桿。我們預計其預期利潤為 165 億美元，EBITDA 為 58 億美元。從方向上看，這對您來說看起來是正確的嗎？您的合作夥伴 Biocon 最近將生物相似藥確定為 2023 年銷售額的頂峰和底端驅動力，分別為 11 億美元和 2.5 億美元。那麼，當您查看 2023 年的數據時，這項共識是否對您來說代表著足夠的下降？

And my second question is just around like investing in the business. So clearly, you're absorbing a lot of cost on the OpEx side. How is inflation playing in all of this? You haven't made any comments on that. I'm just curious, how much of your OpEx is being driven up by higher inflation that is resulting you to optimize your spend base even more versus than you would have otherwise?

我的第二個問題是關於企業投資。顯然，您在營運支出方面承擔了大量成本。通貨膨脹在這一切中扮演什麼角色？您尚未對此發表任何評論。我只是好奇，您的營運支出中有多少是受到通貨膨脹率上升的影響而增加的，這導致您比其他情況下更加優化支出基礎？

Thank you. So we're not giving 2023 guidance. So that's what I would just say for the first question. For the second business, look, our business is strong. And I want to remind you, we were actually -- when we gave guidance, we already foresaw and included inflation in the guidance that we gave. We're actually, I think, one of the few companies that did that. And so versus that at the time, we are performing as expected, and the business will go on very strong. Rajiv, do you want to add?

謝謝。因此我們不會給予 2023 年的指導。這就是我對第一個問題的回答。對於第二項業務，你看，我們的業務很強勁。我想提醒你們，實際上，當我們給予指導時，我們已經預見了通貨膨脹，並將其納入了我們給予的指導中。我認為，我們實際上是少數這樣做的公司之一。因此與當時相比，我們的表現符合預期，業務將繼續保持強勁成長。拉吉夫，你想補充嗎？

No, I mean the only thing I will add, we are not cutting the cost to manage it. It's exactly we are running and driving the business as we had planned. And we are hitting on all cylinders to -- whether it's by segment or by operations or it's for the cost of goods.

不，我只想補充一點，我們不會削減管理成本。我們正是按照計劃來運作和推動業務的。我們正在全力以赴——無論是按部門、按營運還是按商品成本。

And the final point is, again, continue to look at the cash flow generation. As you saw that in the sixth quarter, it's very, very strong. And as you get into the next year, those benefits will continue. And then as we reduce the onetime cash costs, you're going to continue to see significant cash flow generation of the company.

最後一點是，繼續關注現金流的產生。正如你在第六節看到的，它的表現非常非常強勁。進入下一年，這些好處仍將持續。然後，隨著我們降低一次性現金成本，您將繼續看到公司產生可觀的現金流。

We'll move next to David Amsellem of Piper Sandler.

接下來我們來談談 Piper Sandler 的 David Amsellem。

So just had a couple of high-level questions just on capital deployment. And certainly, you've talked about this in the past. But as you start looking at assets to buy, do you start to look at prioritizing share buybacks differently or not prioritizing them at all? And then also, as you're looking at assets to buy a, say, larger transaction down the road, how do you think about the dividend? Just help us understand your view of the stock process.

所以我只是就資本部署提出了幾個高層問題。當然，您過去也談過這個問題。但是，當您開始考慮購買資產時，您是否會開始以不同的方式優先考慮股票回購，或者根本不優先考慮股票回購？而且，當您考慮購買資產，比如說，將來進行更大規模的交易時，您如何看待股息？只需幫助我們了解您對股票流程的看法。

Sure. David, let me reiterate again that we've been very clear and consistent about what our capital allocation priorities are. Again, there is -- so the base -- the base is that we need to hit our '22, and we will hit our '22 and '23 financial commitments. That includes the dividends. We're committed to the dividend. That includes debt paydown, which we're very committed to, and it improves maintaining investment grade.

當然。大衛，讓我再次重申，我們對於資本配置的優先事項一直非常明確且一致。再說一次，基礎是我們需要實現我們的 22 年目標，並且我們將實現我們的 22 年和 23 年財務承諾。其中包括股息。我們致力於派發紅利。其中包括償還債務，我們對此非常重視，這也有利於維持投資等級。

Then with the divestitures we have, we get optionality. The Biocon transaction, for the first time, which we expect to close in the second half, we get optionality. And then with the other [drafts], which we are on track for end of '23, we get additional optionality. And we do make the right decisions with shareholder value -- [Viatris] shareholders in mind, at the right time, for the right reasons, given all the circumstances at that time, right? So -- but you know where our commitment is on that.

然後，透過剝離資產，我們獲得了選擇權。我們預計 Biocon 交易將在下半年首次完成，我們獲得了選擇權。然後，隨著其他[草案]的出台，我們將在 23 年底前獲得額外的選擇權。我們確實會做出正確的決策，以股東價值為出發點——[Viatris] 考慮到股東，在正確的時間，出於正確的理由，考慮到當時的所有情況，對嗎？所以——但你知道我們對此的承諾是什麼。

On assets that we're looking at for business development, nothing really has changed from the analysis that we did. We continue to believe that the therapeutic areas that we picked from moving up the value chain are the right ones. I think that gets confirmed. And -- but we also continue to be GA agnostic. And as we said, we look at all opportunities.

對於我們為業務發展而關注的資產，與我們所做的分析相比，實際上並沒有什麼變化。我們始終相信，我們從價值鏈上游所選擇的治療領域是正確的。我認為這已經得到證實。而 — — 但我們也繼續對 GA 持不可知論態度。正如我們所說，我們會關注所有機會。

The global health care gateway, as you said, is always an integral part of our strategy. It's integral part of our business model to leverage our global infrastructure, to leverage the commercial platforms that we have, to strengthen the business for the long term. We're very disciplined about this. I think we've proven that over the last 6 quarters. You should always expect us to look at all opportunities, organic or inorganic, as we go on.

正如您所說，全球醫療保健入口網站始終是我們策略不可或缺的一部分。利用我們的全球基礎設施、利用我們現有的商業平台來長期加強業務是我們商業模式不可或缺的一部分。我們對此非常自律。我認為我們已經在過去六個季度證明了這一點。您應該始終期望我們在前進的過程中尋找所有機會，無論是有機的還是無機的。

And David, to your point about dividend, just kind of want to reiterate. Commitment to dividend continues to be a priority in returning capital to shareholders. That's very important for us, and that will be a priority as we go forward.

大衛，關於你關於股利的觀點，我只是想重申。承諾派發股利仍是向股東返還資本的首​​要任務。這對我們來說非常重要，這將是我們今後工作的重點。

We'll take that question from Nathan Rich of Goldman Sachs.

我們將回答高盛的 Nathan Rich 提出的這個問題。

I'll ask both upfront. First, I wanted to ask on whether you've seen any change in underlying pricing trends for the Generics portfolio. I think kind of looking at results from peers so far this quarter, the updates have been a bit mixed. I'm just curious kind of what you're seeing. And then is inflation changing the conversation with the buying groups at all and maybe potentially support the pricing going forward?

我會提前詢問兩者。首先，我想問您是否看到仿製藥產品組合的潛在定價趨勢有任何變化。我認為從本季迄今同業的業績來看，更新結果有些混亂。我只是好奇你看到了什麼。那麼通貨膨脹是否會改變與購買群體的對話，並可能支持未來的定價？

And then you highlighted the progress with the Biocon divestiture. I guess, could you give us an update on the other kind of noncore assets that you might be looking to divest? And kind of what you're seeing currently in terms of time frame for when we might hear more on that front.

然後您強調了 Biocon 資產剝離的進展。我想，您能否向我們介紹一下您可能想要剝離的其他非核心資產的最新情況？就目前所見，我們何時可能會聽到更多關於這方面的消息。

So let me take the second question first because we're reporting [after business]. We're on track for end of '23, and we're going to give you updates as we go along, as it happens. On the pricing dynamics, I think, it's very important you understand the difference in the portfolios between different companies that make comments on it. And Rajiv, maybe you can comment.

因此，請允許我先回答第二個問題，因為我們是在[業務後]進行報告。我們正按計劃在 23 年底完成工作，並且我們會隨時向您提供最新進展。關於定價動態，我認為，了解對此發表評論的不同公司之間的投資組合差異非常重要。拉吉夫，也許你可以發表評論。

Yes, Nathan, any pricing -- underlying pricing trend is an outcome of the portfolio. And we have, for years, consistently worked to shape our portfolio to have -- yes, of course, we will have some generic commodities, but more and more of the complex hard-to-make mix, with a different sort of erosion profile. And as an outcome of that, I can talk not of this quarter, but for the last several quarters, we have consistently seen -- at a company level, we have a price erosion of about -- at an enterprise level at about 3%, 4%. When it comes to North America, even at this quarter, except some exceptional items, we have seen about the 3 -- about 4% price erosion. So we see the continuing trend of mid-single digits.

是的，內森，任何定價——潛在的定價趨勢都是投資組合的結果。多年來，我們一直致力於塑造我們的產品組合——是的，當然，我們將擁有一些通用商品，但越來越多的複雜而難以製造的混合物，具有不同類型的侵蝕特徵。因此，我不能談論這個季度，但在過去的幾個季度中，我們一直看到 - 在公司層面，我們的價格下降了約 - 在企業層面約為 3％ 或 4％。就北美而言，即使在本季度，除了一些特殊項目外，我們已經看到大約 3-4％ 的價格下降。因此，我們看到中等個位數的趨勢持續存在。

Now has inflation changed the pricing sort of some of these discussions? You would expect that. And what has actually started making a difference is the buyers are also seeing the rationalization as every company is undertaking, especially around oral solid products. They see that many companies discontinuing those products. And I think that's sending a bigger message to the buyers that the sustainability of this very important industry is, first time, I think it's coming -- or being put on the table when we go back and have those discussions.

那麼通貨膨脹是否改變了這些討論中的一些定價方式？你會期待這一點。而真正開始產生影響的是，買家也看到了每家公司都在進行的合理化改革，尤其是口服固體產品。他們發現許多公司停止生產這些產品。我認為這向買家傳遞了一個更大的信息，即這個非常重要的行業的可持續性是第一次出現——或者當我們回去進行這些討論時被擺上檯面。

Because the cash flows of this business are so important for us to reinvest and bringing in more and more hard-to-make products like whether it's Advair or Symbicort and that can go on. So there's a balance. And I think there's a discussion which is right at this time on the table, and I'm glad that we are having those kind of discussions rather than just pricing discussions.

因為這項業務的現金流量對於我們進行再投資和引進越來越多難以生產的產品（例如 Advair 或 Symbicort）非常重要，而且這種情況還可以繼續下去。因此存在一個平衡點。我認為目前正在進行一場討論，我很高興我們正在進行這樣的討論，而不僅僅是價格討論。

Okay. I think that concludes our quarterly earnings call. I'll reiterate, I hope you got the message. We're hitting on all cylinders operationally. We now demonstrated, which we're very proud of, 6 quarters of strong consecutive operational performance, was taking to our and delivering on our financial commitments. And we're also making great progress on our reshaping initiatives, and we look forward to updating you more as we go along. Thank you very much.

好的。我想我們的季度收益電話會議到此結束。我再重申一遍，希望你收到了訊息。我們正在全力以赴開展工作。我們現在證明，我們非常自豪的是，連續六個季度的強勁營運業績，正在履行我們的財務承諾。我們的重塑計劃也取得了巨大進展，我們期待在此過程中為您提供更多更新資訊。非常感謝。

This does conclude today's Viatris 2022 Second Quarter Earnings Call and Webcast. Please disconnect your line at this time, and have a wonderful day.

今天的 Viatris 2022 年第二季財報電話會議和網路廣播到此結束。此時請斷開您的線路，祝您有美好的一天。