Viatris Inc (VTRS) 2022 Q4 法說會逐字稿

Good morning, everyone. Welcome to our Q4 2022 earnings and 2023 guidance call. With us today is our Executive Chairman, Robert Coury; CEO, Michael Goettler; incoming CEO, Scott Smith; President, Rajiv Malik; and CFO, Sanjeev Narula.

大家，早安。歡迎來到我們的 2022 年第四季度收益和 2023 年指導電話會議。今天和我們在一起的是我們的執行主席 Robert Coury；首席執行官邁克爾·戈特勒；即將上任的首席執行官斯科特·史密斯；總統拉吉夫·馬利克；首席財務官 Sanjeev Narula。

During today's call, we will be making forward-looking statements on a number of matters, including our financial guidance for 2023 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 today's slide presentation and our SEC filings for a full explanation of those risks and uncertainties and the limits applicable to forward-looking statements. We will be referring to certain actual and projected non-GAAP financial measures to supplement investors' understanding and assessment of our financial performance. Reconciliations of those non-GAAP measures to the most directly comparable GAAP measures are available on our website and in the appendix of today's slide presentation. An archived copy of today's presentation and other earnings materials will be available on our website at investor.viatris.com following the conclusion of today's call.

在今天的電話會議中，我們將就許多事項發表前瞻性聲明，包括我們 2023 年的財務指南和各種戰略舉措。這些前瞻性陳述受風險和不確定因素的影響，這些風險和不確定因素可能導致未來的結果或事件與今天的預測存在重大差異。請參閱今天的幻燈片演示和我們向美國證券交易委員會提交的文件，了解對這些風險和不確定性以及適用於前瞻性陳述的限制的完整解釋。我們將參考某些實際和預計的非 GAAP 財務措施，以補充投資者對我們財務業績的理解和評估。這些非 GAAP 措施與最直接可比的 GAAP 措施的調節可在我們的網站和今天幻燈片演示的附錄中找到。今天的電話會議結束後，將在我們的網站 investor.viatris.com 上提供今天的演示文稿和其他收益材料的存檔副本。

With that, let me welcome Robert Coury.

就此，讓我歡迎羅伯特·庫裡。

Good morning. When I spoke with you on November 7, I shared my excitement for all that I saw ahead for Viatris as we begin to approach the end of Phase I of our strategic plan, which, as you know, has been our setup phase. And now as we prepare to enter Phase II beginning in 2024, I am pleased to report with our eighth consecutive successful quarter of execution behind us, the rebasing of our business model is well underway. And though we are not giving guidance for 2024, I am even more confident today that we will not only generate a minimum of $2.3 billion of free cash flows, excluding transaction costs and taxes, but now also see the potential for accelerated top line growth from 2023 to 2024 as well. This is on top of the expected top line growth you saw in this morning's press release between 2022 and 2023, after excluding the full year impact of the biosimilars business in 2022.

早上好。當我在 11 月 7 日與您交談時，當我們開始接近戰略計劃第一階段的末尾時，我對 Viatris 的所有前景感到興奮，正如您所知，這是我們的準備階段。現在，當我們準備從 2024 年開始進入第二階段時，我很高興地報告，我們已經連續第八個成功的執行季度，我們的商業模式正在重新調整。雖然我們沒有給出 2024 年的指導，但我今天更有信心，我們不僅會產生至少 23 億美元的自由現金流（不包括交易成本和稅收），而且現在還會看到加速收入增長的潛力2023 年至 2024 年也是如此。這是您在今天上午的新聞稿中看到的 2022 年至 2023 年預期收入增長的基礎，該增長不包括 2022 年生物仿製藥業務的全年影響。

Now turning to the other press release you saw this morning. The Board of Directors has appointed Scott Smith as Viatris' new Chief Executive Officer, effective April 1. Scott will lead the company in the execution of our previously announce Phase II strategy. Scott has been a member of the Viatris Board since December of 2022 and is a deeply knowledgeable senior global biotechnology pharmaceutical executive with over 35 years of experience, including as a former President and Chief Operating Officer of Celgene Corporation, where he built and oversaw the clinical development, registration, launch and global commercial success of the blockbuster drug, Otezla.

現在轉到您今天早上看到的另一份新聞稿。董事會已任命 Scott Smith 為 Viatris 的新首席執行官，自 4 月 1 日起生效。Scott 將領導公司執行我們先前宣布的 II 期戰略。自 2022 年 12 月以來，斯科特一直是 Viatris 董事會成員，是一位知識淵博的高級全球生物技術製藥高管，擁有超過 35 年的經驗，包括擔任 Celgene Corporation 的前總裁兼首席運營官，在那裡他建立並監督臨床重磅藥物 Otezla 的開發、註冊、上市和全球商業成功。

Most recently, Scott has served as the President of BioAtla, a publicly traded global biotechnology company focused on the development of conditionally active biologic antibody therapeutics. The Board view Scott as a seasoned builder who possesses vast global commercial and pharmaceutical expertise and a proven ability to build, grow and manage large complex organizations. We see his strong commercial and strategic expertise being complemented by his experience in organically building product franchises and executing business development and partnering activities.

最近，Scott 擔任 BioAtla 的總裁，BioAtla 是一家上市的全球生物技術公司，專注於開發有條件的活性生物抗體療法。董事會認為 Scott 是一位經驗豐富的建設者，他擁有豐富的全球商業和製藥專業知識，以及建立、發展和管理大型複雜組織的成熟能力。我們看到他強大的商業和戰略專業知識與他在有機地建立產品特許經營權以及執行業務發展和合作活動方面的經驗相輔相成。

He also has substantial experience in the development of regulatory and clinical strategies that bring products to market. I personally have been very impressed with Scott's overall approach to leadership, his deep industry knowledge and forward-looking business mindset. With our foundation now firmly in place and as we enter into Phase II of our strategic plan, the Board truly believes that Scott is well positioned for success as he leads the growth of Viatris in the years ahead.

他還在製定將產品推向市場的監管和臨床策略方面擁有豐富的經驗。我個人對斯科特的整體領導方式、深厚的行業知識和前瞻性的商業思維印象深刻。隨著我們的基礎穩固到位，隨著我們進入戰略計劃的第二階段，董事會堅信 Scott 在未來幾年領導 Viatris 的發展時為成功做好了充分準備。

We are excited to welcome Scott and believe that he is absolutely the right choice to lead the company into the next phase of our journey. I'd now like to turn the call over to Scott to say a few words himself. Scott?

我們很高興歡迎斯科特，並相信他絕對是帶領公司進入下一階段旅程的正確選擇。我現在想把電話轉給斯科特，讓他自己說幾句話。斯科特？

Thank you, Robert, and good morning to everybody on the call. It's an incredibly exciting time to become Viatris' CEO. I watch closely in November as the company laid out the next important steps in its well-crafted strategic plan, including its commitment to its future capital allocation priorities, which I totally support. Since then and particularly after joining the Board and seeing their incredible level of engagement, I've been extremely impressed by everyone that I've met during this process and have also been inspired by all that has been accomplished in such a short period of time.

謝謝你，羅伯特，早上好所有的電話會議。成為 Viatris 的首席執行官是一個令人難以置信的激動人心的時刻。我在 11 月密切關注該公司在其精心製定的戰略計劃中製定了接下來的重要步驟，包括其對未來資本配置優先事項的承諾，我完全支持這一點。從那時起，尤其是在加入董事會並看到他們令人難以置信的參與度之後，我對在此過程中遇到的每個人都印象深刻，並且對在如此短的時間內所取得的成就感到鼓舞.

I strongly identify with Viatris' culture, which, when combined with the company's strategic forward-looking mindset, makes it a natural fit for me. Just as importantly, I'm also motivated by the company's strong financial profile and financial flexibility, which has one of the strongest balance sheets in the sector. I can see many additional opportunities and options for Viatris to accelerate its growth in the coming years. I believe that my franchise building, business development and recent biotech experiences, coupled with the great platform we have to work from, can accelerate Viatris' momentum and help deliver on its full value and potential.

我非常認同 Viatris 的文化，這種文化與公司的戰略前瞻性思維相結合，使其非常適合我。同樣重要的是，我還受到公司強大的財務狀況和財務靈活性的激勵，該公司擁有該行業最強大的資產負債表之一。我可以看到 Viatris 在未來幾年加速增長的許多其他機會和選擇。我相信我的特許經營建立、業務發展和最近的生物技術經驗，再加上我們必須賴以工作的偉大平台，可以加速 Viatris 的發展勢頭，並幫助實現其全部價值和潛力。

I would like to thank Robert and the Board for this amazing opportunity and look forward to collaborating with Michael during this transition. I am very excited about the prospect of working with the Board, Rajiv Malik, Sanjeev Narula, and the entire management team on the execution ahead. And lastly, to the company's 37,000 employees, I am honored to have the opportunity to serve each of you and look forward to working with all of you in the near future as we continue to deliver on Viatris' mission to empower people worldwide to live healthier at every stage of life.

我要感謝羅伯特和董事會給我這個難得的機會，並期待在此過渡期間與邁克爾合作。我對與董事會、Rajiv Malik、Sanjeev Narula 和整個管理團隊就未來的執行工作的前景感到非常興奮。最後，對於公司的 37,000 名員工，我很榮幸有機會為你們每個人服務，並期待在不久的將來與你們所有人一起工作，因為我們將繼續履行 Viatris 的使命，讓全世界的人們過上更健康的生活在人生的每一個階段。

Thank you, Scott. The Board and I very much look forward to supporting Scott during the execution of our Phase II strategy. While continuing to remain focused on identifying additional opportunities to further unlock value for our shareholders. Also, as Scott mentioned, Michael will be working closely with him to support a smooth transition and will then step down as CEO and as a member of the Board of Directors on April 1 of this year. I and the Board would like to personally thank Michael for his service and his dedication during this critical time of the creation of Viatris and the establishment of the ongoing execution of our Phase I strategy.

謝謝你，斯科特。董事會和我非常期待在執行我們的第二階段戰略期間支持 Scott。同時繼續專注於尋找更多機會，進一步為我們的股東釋放價值。此外，正如斯科特提到的那樣，邁克爾將與他密切合作以支持平穩過渡，然後將於今年 4 月 1 日辭去首席執行官和董事會成員的職務。我和董事會要親自感謝邁克爾在創建 Viatris 和建立持續執行我們的第一階段戰略的關鍵時刻所做的服務和奉獻。

We wish him nothing but the best as he moves forward. With that said, I do look forward to answering your questions in the Q&A session. But for now, I'd like to turn the call over to Michael, so he can add a few comments and then also lead the walk-through of our 2022 fourth quarter and full year earnings. Michael?

在他前進的過程中，我們只希望他一切順利。話雖如此，我確實期待在問答環節中回答您的問題。但現在，我想把電話轉給邁克爾，這樣他就可以添加一些評論，然後還可以引導我們 2022 年第四季度和全年收益的演練。邁克爾？

Thank you, Robert. We began this journey 3.5 years ago when we first made plans to embark on an unprecedented endeavor to combine Mylan and Upjohn to get a company that would spend the divide between generic and branded medicines to more fully address patients' expectations and needs around the world. Now it's been my sincere honor to serve as Viatris' first CEO for the past 2 years. The opportunity to create a new kind of global health care company has been experienced that I will never forget.

謝謝你，羅伯特。我們在 3.5 年前開始了這一旅程，當時我們首次計劃開展一項前所未有的努力，將 Mylan 和 Upjohn 合併，成立一家公司，利用仿製藥和品牌藥之間的鴻溝，更充分地滿足全球患者的期望和需求。在過去的 2 年裡，我非常榮幸地擔任 Viatris 的第一任首席執行官。創建新型全球醫療保健公司的機會讓我永遠不會忘記。

And I want to thank Robert, the entire Viatris Board of Directors, Rajiv, Sanjeev, my leadership team, but most especially all of all Viatris' colleagues around the world whose tireless effort laid the foundation for what I believe to be a truly bright future. As Viatris now embarks on its Phase II of a strategic plan, this is now a natural time for a transition. And I'm pleased to welcome Scott into Viatris, I'm looking forward to supporting him during this transition as he is now well positioned to continue to build on the company's momentum.

我要感謝 Robert，整個 Viatris 董事會，Rajiv，Sanjeev，我的領導團隊，尤其是 Viatris 在世界各地的所有同事，他們的不懈努力為我認為真正光明的未來奠定了基礎.隨著 Viatris 現在開始其戰略計劃的第二階段，現在是過渡的自然時機。我很高興歡迎 Scott 加入 Viatris，我期待在這個過渡期間支持他，因為他現在處於有利地位，可以繼續鞏固公司的發展勢頭。

And now, as usual, here are some highlights for 2022. Quarter 4 was another strong quarter, in line with our expectations, taking into account the Biocon transaction and IPR&D accounting. For Viatris, this is the eighth consecutive quarter of strong operational performance, closing out another strong year. In 2022, we delivered total revenue of approximately USD 16.3 billion, adjusted EBITDA of approximately USD 5.8 billion and free cash flow of approximately $2.5 billion on a reported basis at approximately $2.8 billion after adjusting for the transaction costs and taxes associated with the Biocon transition.

現在，和往常一樣，這裡有一些 2022 年的亮點。考慮到 Biocon 交易和 IPR&D 會計，第四季度是另一個強勁的季度，符合我們的預期。對於 Viatris 而言，這是連續第八個季度實現強勁的運營業績，結束了又一個強勁的年度。 2022 年，我們的總收入約為 163 億美元，調整後的 EBITDA 約為 58 億美元，自由現金流約為 25 億美元，在調整了與 Biocon 過渡相關的交易成本和稅收後，約為 28 億美元。

This strong performance has not only enabled us to continue to deliver on our Phase I commitments, but has also built a solid foundation, setting our company up for 2024 and beyond. Our integration plans have captured approximately $750 million in synergies to date, and we're well on track to capture at least $1 billion of cost synergies by the end of Phase I and we've exited substantially all the transitional services agreements with Pfizer.

這種強勁的表現不僅使我們能夠繼續履行第一階段的承諾，而且還奠定了堅實的基礎，為 2024 年及以後的公司奠定了基礎。迄今為止，我們的整合計劃已經獲得了大約 7.5 億美元的協同效應，並且我們有望在第一階段結束時獲得至少 10 億美元的成本協同效應，並且我們已經退出了與輝瑞公司的所有過渡服務協議。

As of the end of 2022, we've paid down approximately $3.3 billion for the year-end debt and approximately $5.4 billion since the beginning of 2021. We continue to exercise financial discipline, maintaining our investment-grade rating and continuing to reduce our gross leverage towards our long-term target of 3x. We're returning capital to shareholders. Our Board of Directors just has approved a 2023 dividend policy of $0.48 per share and has declared a first quarter dividend of $0.12 per share.

截至 2022 年底，我們已經償還了約 33 億美元的年終債務和自 2021 年初以來的約 54 億美元。我們繼續遵守財務紀律，維持我們的投資級評級，並繼續降低我們的毛利率實現我們 3 倍的長期目標。我們正在向股東返還資本。我們的董事會剛剛批准了 2023 年每股 0.48 美元的股息政策，並宣布了每股 0.12 美元的第一季度股息。

And cumulatively, since the formation of Viatris, we've already returned nearly $1 billion to shareholders through dividend payments alone. In January and February of this year, we've executed $250 million of our $1 billion share repurchase authorization. Now combined with the projected annual dividend, this represents an increase to date of more than 40% in return to shareholders over 2022 or put it another way, 33% of the midpoint of our free cash flow guidance for 2023.

累積起來，自 Viatris 成立以來，我們僅通過股息支付就已經向股東返還了近 10 億美元。今年 1 月和 2 月，我們執行了 10 億美元股票回購授權中的 2.5 億美元。現在加上預計的年度股息，這意味著到 2022 年為止，股東回報增加了 40% 以上，或者換句話說，是我們 2023 年自由現金流指引中點的 33%。

In addition to that, we're continuing to execute on our plans to reshape our company for the future. In November, we completed our transaction with Biocon Biologics to create what we expect to be a unique, fully integrated global biosimilars leader. And as we provide transitional services to Biocon, we're deeply committed to doing our power to help Biocon Biologics succeed.

除此之外，我們將繼續執行我們為未來重塑公司的計劃。 11 月，我們完成了與 Biocon Biologics 的交易，創建了我們期望成為獨特的、完全整合的全球生物仿製藥領導者。當我們為 Biocon 提供過渡服務時，我們堅定地致力於盡我們的力量幫助 Biocon Biologics 取得成功。

In January, we completed the acquisitions of Oyster Point Pharma and Famy Life Sciences to establish our new Viatris Eye Care division. And as we said, we anticipate the combined assets of these acquisitions to add to the top line immediately and growing strong double digits from there, reaching at least $1 billion in sales by 2028. Coupled with the strength of our organic pipeline, especially our complex injectables and novel product franchises, both of which also have the potential to reach $1 billion in peak net sales each by 2028.

1 月，我們完成了對 Oyster Point Pharma 和 Famy Life Sciences 的收購，成立了我們新的 Viatris Eye Care 部門。正如我們所說，我們預計這些收購的合併資產將立即增加收入，並從那裡增長強勁的兩位數，到 2028 年銷售額至少達到 10 億美元。再加上我們有機管道的實力，尤其是我們的綜合設施注射劑和新產品特許經營權，到 2028 年，這兩者的淨銷售額峰值都有可能達到 10 億美元。

This kind of business transaction is a very important component of our strategy. And finally, we remain on track to execute our planned and announced divestitures. Today, we'll also be sharing the 2023 full year guidance ranges for total revenue, EBITDA and free cash flow, which Sanjeev will give more details on in a moment.

這種業務交易是我們戰略中非常重要的組成部分。最後，我們繼續按計劃執行我們計劃和宣布的資產剝離。今天，我們還將分享 2023 年全年總收入、EBITDA 和自由現金流的指導範圍，Sanjeev 稍後將提供更多詳細信息。

Let me summarize. By being laser-focused on our Phase I priorities, integrating the 2 organizations, generating $1 billion in cost synergies, deleveraging the balance sheet and strengthening the balance sheet, paying down at least $6.5 billion in debt, reducing our gross leverage towards our long-term target of 3x, maintaining our investment-grade credit rating, returning capital to shareholders through quarterly dividends and the share repurchase programs and reshaping the company through key divestitures and acquisitions, we are successfully stabilizing the business.

讓我總結一下。通過專注於我們第一階段的優先事項，整合這兩個組織，產生 10 億美元的成本協同效應，去槓桿化資產負債表並加強資產負債表，償還至少 65 億美元的債務，降低我們長期的總槓桿率3 倍的長期目標，維持我們的投資級信用評級，通過季度股息和股票回購計劃向股東返還資本，並通過關鍵資產剝離和收購重塑公司，我們成功地穩定了業務。

And as a result, although we're not giving guidance beyond 2023, we're confident in our expectation that 2024 will begin a period of renewed growth for Viatris and generate at least $2.3 billion in free cash flows per year, excluding transaction costs and taxes, of which we intend to earmark approximately 50% annually to be returned to shareholders in form of dividends or share repurchases.

因此，儘管我們不提供 2023 年以後的指導，但我們有信心預計 2024 年將開始 Viatris 的新增長期，每年至少產生 23 億美元的自由現金流，不包括交易成本和稅收，我們打算每年指定約 50% 以股息或股票回購的形式返還給股東。

And now for one final time, let me turn it over to Rajiv and Sanjeev to share more details. Rajiv?

現在最後一次，讓我把它轉交給 Rajiv 和 Sanjeev 來分享更多細節。拉吉夫？

Thanks, Michael, and good morning, everyone. 2022 was another solid year of business execution and performance. We met our stated commitments, including delivering the pipeline, integrating and capturing synergies and most importantly, stabilizing the base business. We are really excited with how we see 2023 shaping up, and nothing has changed from what we shared with you on November 7 as we prepare for 2024. Our path to return to growth in Phase II is clear announced about continued execution, which is what we do best. One of the key drivers behind the stability of our business is the understanding and effective management of our established brands. This was further evidenced by the better-than-expected performance of this category in 2022, driven by year-over-year growth from brands like Creon, Lipitor, Celebrex, Dymista and Yupelri, while Norvasc and Amitiza and Effexor held their ground. We expect this stabilization to continue into 2023 and beyond.

謝謝，邁克爾，大家早上好。 2022 年是業務執行和業績表現出色的又一年。我們履行了既定承諾，包括交付管道、整合和獲取協同效應，最重要的是，穩定了基礎業務。我們對 2023 年的前景感到非常興奮，在我們為 2024 年做準備時，我們在 11 月 7 日與您分享的內容沒有任何變化。我們在第二階段恢復增長的道路明確宣布了繼續執行，這就是我們做到最好。我們業務穩定背後的關鍵驅動力之一是對我們知名品牌的理解和有效管理。受 Creon、Lipitor、Celebrex、Dymista 和 Yupelri 等品牌同比增長的推動，該類別在 2022 年的表現好於預期，而 Norvasc 和 Amitiza 以及 Effexor 保持了自己的地位，進一步證明了這一點。我們預計這種穩定將持續到 2023 年及以後。

Let me now turn to the commercial segments and our expectations for this year. I will be making certain comparisons to 2022 results on a constant currency basis, which excludes the negative impact of foreign exchange as well as excluding the biosimilars business from 2022. Our 2023 business is on a growth path. We expect to deliver approximately $500 million in new launches, plus $56 million in revenue from Tyrvaya, which more than offsets 2.9% erosion of our base business.

現在讓我談談商業領域和我們對今年的期望。我將在固定貨幣的基礎上與 2022 年的結果進行某些比較，這排除了外彙的負面影響以及從 2022 年開始的生物仿製藥業務。我們 2023 年的業務正處於增長軌道。我們預計將交付約 5 億美元的新產品，加上 Tyrvaya 的 5600 萬美元收入，這足以抵消我們基礎業務 2.9% 的侵蝕。

As Robert mentioned in his prepared remarks, while we are not giving guidance beyond 2023, we see the potential for accelerated top line growth as we go into 2024 and beyond. Developed Markets grew by 1% in 2022 on the strength of European growth, offsetting the decline in North America. For '23, we expect this segment to remain flattish. Europe grew by 4%, primarily driven by the stability of our Branded business, new launches and a strong performance from countries like France and Italy.

正如羅伯特在準備好的發言中提到的那樣，雖然我們不會提供 2023 年以後的指導，但我們看到了在進入 2024 年及以後加速收入增長的潛力。 2022 年發達市場在歐洲增長的推動下增長了 1%，抵消了北美的下滑。對於 23 年，我們預計該細分市場將保持平穩。歐洲增長了 4%，主要受我們品牌業務的穩定性、新品發布以及法國和意大利等國家/地區的強勁表現推動。

In 2023, we believe we are well positioned to further grow this region by 3%, led by brands like Creon, Influvac, Lipitor and our thrombosis portfolio. In North America, despite the solid performance of Yupelri, the business declined by 4% as we navigated the competitive headwinds on key products like Wixela and loss of exclusivity on Miacalcin and Perforomist. We project Yupelri to continue to have strong double-digit growth in 2023, which will help offset the continued competitive pressures on certain key products.

到 2023 年，我們相信在 Creon、Influvac、Lipitor 和我們的血栓組合等品牌的帶領下，我們已做好準備在該地區進一步增長 3%。在北美，儘管 Yupelri 表現穩健，但由於我們應對 Wixela 等關鍵產品的競爭逆風以及失去 Miacalcin 和 Perforomist 的獨家經營權，該業務下降了 4%。我們預計 Yupelri 將在 2023 年繼續保持兩位數的強勁增長，這將有助於抵消某些關鍵產品的持續競爭壓力。

These market dynamics will be the primary reasons for our expectation of an approximate 3% decline in 2023. That said, we are excited and look forward to bringing several new products, including generic Symbicort to market this year. Greater China again performed strongly and grew by 3% year-over-year, despite COVID lockdowns in this region. Our hospital business performed relatively better than retail. We believe China has significantly improved the cost efficiency of the medical reimbursement funds while achieving their goals of providing the broader coverage of health care to its population through the successful implementation of VBP and other policies.

這些市場動態將是我們預計 2023 年下降約 3% 的主要原因。也就是說，我們很高興並期待今年將包括仿製藥 Symbicort 在內的幾款新產品推向市場。大中華區再次表現強勁，同比增長 3%，儘管該地區因 COVID 疫情而實施封鎖。我們的醫院業務表現相對優於零售業務。我們認為，通過成功實施 VBP 和其他政策，中國已顯著提高了醫療報銷基金的成本效率，同時實現了為其人口提供更廣泛醫療保健的目標。

At the same time, market has evolved towards publicly reimbursed channel and private paid channels. We have made significant progress in adapting our business model to the evolving market dynamics while focusing on value-added activities to help patients manage their chronic disease states more effectively. These investments are helping us expand the private pay market and also leverage our brand equity in this channel. Keeping in mind the evolving policy framework, we have modeled a small year-over-year decline for 2023.

同時，市場已經向公共報銷渠道和私人付費渠道發展。我們在調整我們的商業模式以適應不斷變化的市場動態方面取得了重大進展，同時專注於增值活動以幫助患者更有效地管理他們的慢性疾病狀態。這些投資正在幫助我們擴大私人支付市場，並在該渠道中利用我們的品牌資產。考慮到不斷變化的政策框架，我們模擬了 2023 年的同比小幅下降。

Emerging Markets performed in line with expectations and benefited from a solid performance of the overall branded business, led by markets such as Middle East, Turkey and Korea. Going into '23, we are projecting this segment to grow by 4% year-over-year, primarily driven by our branded business. Our Gen segment performed in line with our expectations while continuing to be impacted by the government driven price regulations in this region. While our brand Creon grew both in volume and value, our other 2 key brands, Amitiza and Effexor showed solid volume growth in 2022. We anticipate strong volume growth to the continue for our key brands for '23. This segment is expected to decline by 4% in 2023.

新興市場的表現符合預期，並受益於以中東、土耳其和韓國等市場為首的整體品牌業務的穩健表現。進入 23 年，我們預計該細分市場將同比增長 4%，主要由我們的品牌業務推動。我們的發電部門表現符合我們的預期，同時繼續受到該地區政府推動的價格法規的影響。雖然我們的品牌 Creon 在數量和價值上都有增長，但我們的其他兩個主要品牌 Amitiza 和 Effexor 在 2022 年表現出穩健的銷量增長。我們預計我們的主要品牌在 23 年將繼續保持強勁的銷量增長。預計該細分市場將在 2023 年下降 4%。

Now let me turn to our newly formed Eye Care division. We are pleased with the tailwinds that we expect with Tyrvaya in 2023. Since the beginning of this year, Medicare Part D coverage has grown from 2% to 32.5% of covered lives . We also launched a 90-day script program, and we are already seeing an uptick in the total prescriptions midway through this high deductible period of the year. We are significantly investing in the business and intend to launch a direct-to-consumer campaign in the fourth quarter of this year that is anticipated to start delivering results in early 2024.

現在讓我談談我們新成立的眼部護理部門。我們對 Tyrvaya 在 2023 年的預期順風感到滿意。自今年年初以來，醫療保險 D 部分的覆蓋率已從 2% 增加到 32.5%。我們還推出了一個為期 90 天的腳本程序，在今年這個高免賠額期的中途，我們已經看到總處方量有所增加。我們正在對該業務進行大量投資，並打算在今年第四季度發起一項直接面向消費者的活動，預計將於 2024 年初開始取得成果。

Switching to our deep eye care pipeline. Our NDA review for reversal of mydriasis program was accepted and has been granted a PDUFA date of September 28 of this year. We have made the decision to terminate our Stage 1 neurotrophic keratopathy program because it failed to meet the primary endpoint in the Phase II OlympiA study. We have started enrollment in the first pivotal Phase III trial for presbyopia and are also on track to initiate the first Phase III study for the treatment of blepharitis in 2023.

切換到我們的深層眼部護理管道。我們對逆轉散瞳計劃的 NDA 審查被接受，並已獲得今年 9 月 28 日的 PDUFA 日期。我們已決定終止我們的 1 期神經營養性角膜病項目，因為它未能達到 II 期 OlympiA 研究的主要終點。我們已經開始參加第一個關鍵的老花眼 III 期試驗，並有望在 2023 年啟動第一個治療瞼緣炎的 III 期研究。

With the positive momentum of Tyrvaya and continued progress in our pipeline, we remain confident that our Eye care division will deliver $1 billion in net sales by 2028. 2022 was a very productive year from a science perspective. We are very pleased with the progress of our complex injectable pipeline. Currently, we have 10 ANDAs under review with FDA and have secured several first-to-market generic product opportunities such as Sandostatin LAR, Ozempic, Wegovy and Abilify Maintena. We expect to file a number of complex injectables in 2023, including MR-117 for the treatment of breast cancer, MR-150 indicated for use in the iron deficient anemia and MR-151 for the use in the treatment of certain bleeding disorders.

憑藉 Tyrvaya 的積極勢頭和我們管道的持續進展，我們仍然相信我們的眼部護理部門將在 2028 年之前實現 10 億美元的淨銷售額。從科學的角度來看，2022 年是非常富有成效的一年。我們對我們複雜的注射管道的進展感到非常高興。目前，我們有 10 個 ANDA 正在接受 FDA 審查，並獲得了多個仿製藥產品的首次上市機會，例如 Sandostatin LAR、Ozempic、Wegovy 和 Abilify Maintena。我們預計將在 2023 年提交一些複雜的注射劑，包括用於治療乳腺癌的 MR-117、用於治療缺鐵性貧血的 MR-150 和用於治療某些出血性疾病的 MR-151。

Our novel and complex product programs have also progressed well in 2022. As you are aware, our partner, Mapi, has successfully completed the Phase III trial for our glatiramer once monthly, and we are on track to submit this NDA to FDA by this April. We have also initiated a Phase III trial for expanding the indication of Effexor ER in Japan and have also made good progress on the recruitment of subjects into our Xulane Low Dose clinical program.

我們新穎而復雜的產品計劃在 2022 年也取得了良好進展。如您所知，我們的合作夥伴 Mapi 已成功完成每月一次的格拉替雷 III 期試驗，我們有望在今年 4 月之前向 FDA 提交此 NDA .我們還在日本啟動了一項 III 期試驗，以擴大 Effexor ER 的適應症，並且在招募受試者進入我們的 Xulane 低劑量臨床計劃方面也取得了良好進展。

Looking ahead into '23, we believe we are well positioned to initiate Phase III trial for our meloxicam rapid onset of action dosage form, which we believe has opioid sparing attributes. We also remain on track to initiate our clinical program for our biosimilar to Botox later this year.

展望 23 年，我們相信我們已準備好啟動我們的美洛昔康快速起效劑型的 III 期試驗，我們認為該劑型具有阿片類藥物保留屬性。我們還將在今年晚些時候啟動我們的保妥適生物仿製藥臨床計劃。

For our core and complex generics, we made over 100 additional submissions globally in 2022, and we expect to see this trend continue through 2023. Our program for complex generic MR-153 indicated for treatment of type 2 diabetes and MR-154 indicated for the treatment of SMA are well on track. For China, 8 products were filed with FDA in 2022, including generic Symbicort. And we plan to submit additional 10 products this year in China.

對於我們的核心和復雜仿製藥，我們在 2022 年在全球範圍內又提交了 100 多份申請，我們預計這一趨勢將持續到 2023 年。我們的複雜仿製藥 MR-153 計劃用於治療 2 型糖尿病，MR-154 用於SMA 的治療進展順利。對於中國，2022 年有 8 個產品向 FDA 備案，包括仿製藥信必可。我們計劃今年在中國提交額外的 10 種產品。

Our operations had yet another year of solid performance, delivering high customer service levels, and we see this strength continuing throughout 2023. From an integration point of view, we were able to exit substantially all the transition services with Pfizer in 2022 and are well on our path to achieve $1 billion in cost synergies by end of this year. Before I conclude, I would like to thank our colleagues for their hard work and commitment that delivered another year of strong performance.

我們的運營又一年表現穩健，提供了高水平的客戶服務，我們認為這種優勢將持續到 2023 年。從整合的角度來看，我們能夠在 2022 年基本上退出輝瑞的所有過渡服務，並且進展順利我們到今年年底實現 10 億美元成本協同效應的路徑。在我結束之前，我要感謝我們的同事們的辛勤工作和承諾，讓我們又取得了強勁的業績。

With that, I will now hand the call over to Sanjeev.

有了這個，我現在將把電話交給 Sanjeev。

Thank you, Rajiv, and good morning, everyone. Let me start with what you heard from Robert, in particular as it relates to 2024. We continue to feel confident about the starting point for Phase II as communicated in November of last year, and nothing has changed from then to now. As mentioned, although we are not giving guidance beyond 2023, we expect to have at least $2.3 billion in free cash flow from the underlying business in 2024 before any divestment, cost and taxes.

謝謝拉吉夫，大家早上好。讓我從你從羅伯特那裡聽到的開始，特別是與 2024 年相關的內容。我們繼續對去年 11 月傳達的第二階段的起點充滿信心，從那時到現在沒有任何變化。如前所述，儘管我們不提供 2023 年以後的指導，但我們預計在 2024 年基礎業務中至少有 23 億美元的自由現金流，不包括任何撤資、成本和稅收。

This reflects the expected cash flow generation after removing the planned divestiture. 2022 was another strong year for the company, enabling us to deliver on our Phase I commitment while further investing in our business. We're taking bold steps in reshaping the company and remain confident in our strategy to return to growth in Phase II.

這反映了去除計劃剝離後預期產生的現金流量。 2022 年對公司來說又是強勁的一年，這使我們能夠在進一步投資於我們的業務的同時兌現第一階段的承諾。我們正在採取大膽措施重塑公司，並對我們在第二階段恢復增長的戰略充滿信心。

Moving to Slide 26. We finished the year on a strong note across total revenue, adjusted EBITDA and free cash flow and results were in line with our expectations. Recall that our previous guidance included full year contribution from biosimilar business. As a result, because of the Biocon transaction closing in late November, we're adjusting our guidance down by approximately $86 million in total revenue, $31 million in adjusted EBITDA and $20 million in free cash flow relating to the exclusion of results since closing.

轉到幻燈片 26。我們以強勁的總收入、調整後的 EBITDA 和自由現金流結束了這一年，結果符合我們的預期。回想一下，我們之前的指導包括生物仿製藥業務的全年貢獻。因此，由於 Biocon 交易於 11 月下旬結束，我們將我們的指導下調了約 8600 萬美元的總收入、3100 萬美元的調整後 EBITDA 和 2000 萬美元的自由現金流，這些與排除自交易結束以來的結果有關。

Also impacting adjusted EBITDA and free cash flow was $36 million of acquired IPR&D, which was not included in the guidance. Free cash flow also impacted by $254 million of transaction costs and taxes related to the Biocon transaction. Excluding this impact, free cash flow would have been $2.8 billion on a full year basis.

同樣影響調整後的 EBITDA 和自由現金流的是 3600 萬美元的收購 IPR&D，這沒有包括在指南中。自由現金流還受到與 Biocon 交易相關的 2.54 億美元交易成本和稅收的影響。排除這一影響，全年自由現金流為 28 億美元。

Now turning to Slide 27. Revenue was impacted by foreign exchange, given our significant international operation. Excluding this impact, we're encouraged by the operational stability and diversification of our global portfolio. As mentioned on the third quarter call, we anticipated adjusted gross margin to moderate in Q4 due to continued inflationary headwinds and product mix. On a full year basis, adjusted gross margin came in at the high end of our expectation at 58.9%, driven by strong brand performance.

現在轉到幻燈片 27。考慮到我們重要的國際業務，收入受到外匯影響。排除這種影響，我們對全球投資組合的運營穩定性和多元化感到鼓舞。正如第三季度電話會議所述，由於持續的通脹逆風和產品組合，我們預計第四季度調整後的毛利率將放緩。在全年基礎上，在強勁的品牌表現的推動下，調整後的毛利率達到我們預期的高端 58.9%。

Adjusted SG&A and adjusted R&D came in line with our expectations and included certain investments we made in Q4 to support our 2023 plan. We had a very strong year of cash flow generation, reflecting our underlying operational performance and continued organizational priority on cash optimization initiatives. As mentioned before, free cash flow in fourth quarter was impacted by Biocon transaction. And excluding this would have been $243 million in Q4 2022.

調整後的 SG&A 和調整後的研發符合我們的預期，其中包括我們在第四季度為支持我們的 2023 年計劃而進行的某些投資。我們的現金流產生非常強勁的一年，反映了我們的基本運營績效和組織對現金優化計劃的持續優先考慮。如前所述，第四季度的自由現金流受到 Biocon 交易的影響。不包括這一點，2022 年第四季度的收入為 2.43 億美元。

Slide 28 illustrates the uses of the upfront cash proceeds received upon the closing of Biocon transaction. It is important to note that the gross proceeds of approximately $2 billion are included in the cash flow from investing activities, while the related tax and transaction costs are included as negative cash flows from the operating activities. The net proceeds serve to accelerate debt pay down, fund the eye care acquisition and execute on share repurchase in Q1 2023.

幻燈片 28 說明了 Biocon 交易結束時收到的預付現金收益的用途。需要注意的是，約20億美元的募集資金總額計入投資活動產生的現金流量，而相關稅費和交易成本計入經營活動產生的負現金流量。所得款項淨額用於加速償還債務、為眼科保健收購提供資金並在 2023 年第一季度執行股票回購。

Slide 29 illustrates the continued prioritization of debt pay down, which has resulted in total pay down of approximately $5.4 billion over the last 8 quarters. As a result, and irrespective of the divestiture proceeds, we expect to meet our commitment of paying down at least $6.5 billion during Phase I. We exited 2022 with a gross average of approximately 3.2x. These deliberate actions taken by the company reinforce our commitment to the investment-grade rating.

幻燈片 29 說明了持續優先償還債務，這導致過去 8 個季度的總償還額約為 54 億美元。因此，無論資產剝離收益如何，我們都希望在第一階段履行支付至少 65 億美元的承諾。到 2022 年，我們的毛利率平均約為 3.2 倍。公司採取的這些深思熟慮的行動加強了我們對投資級評級的承諾。

Another priority is returning capital to our shareholders, which included approximately $580 million in dividend in 2022 and more than $980 million since the beginning of 2021.

另一個優先事項是向我們的股東返還資本，其中包括 2022 年的約 5.8 億美元股息和自 2021 年初以來的超過 9.8 億美元。

Slide 31 and 32 speak to the assumptions and guidance for 2023, which we expect to be a bridge year to get to our starting point in 2024. In 2023, we expect continued strengthening of our financial profile, which includes our expectation that total revenue will grow versus 2022, excluding the contribution of biosimilar.

幻燈片 31 和 32 談到了 2023 年的假設和指導，我們預計 2024 年將是到達起點的過渡年。2023 年，我們預計我們的財務狀況將繼續加強，其中包括我們預計總收入將與 2022 年相比增長，不包括生物仿製藥的貢獻。

Investment into Eye Care division and our strong pipeline for future growth. Another strong year of expected free cash flow generation and our capital allocation framework, which includes debt paydown and significantly enhanced capital return to our shareholders. As previously mentioned, the timing of planned divestiture may create fluctuation in our future reported results. The guidance we presented today includes the anticipated full year performance of businesses that we expect to divest.

投資眼部護理部門和我們未來增長的強大渠道。預計自由現金流的產生和我們的資本配置框架又是強勁的一年，其中包括償還債務和顯著提高對股東的資本回報。如前所述，計劃剝離的時間可能會導致我們未來報告的結果出現波動。我們今天提供的指南包括我們預期剝離的業務的預期全年業績。

Similar to Biocon transaction, we will provide as much transparency as possible on the expected impact to our guidance and results as and when these transactions are announced. As it relates to key metrics, we expect slight moderation in our gross margin relative to 2022 levels. This includes the expected pricing impact on key products, base business erosion and the continued inflation impact. With respect to acquired IPR&D, we do not include any amount in our guidance related to unsigned deal.

與 Biocon 交易類似，我們將在宣布這些交易時盡可能透明地說明對我們的指導和結果的預期影響。由於涉及關鍵指標，我們預計我們的毛利率相對於 2022 年的水平將略有放緩。這包括對主要產品的預期定價影響、基礎業務侵蝕和持續的通貨膨脹影響。關於收購的 IPR&D，我們在與未簽署交易相關的指導中不包括任何金額。

Now let me explain the anticipated phasing for this year. We expect total revenue and adjusted EBITDA to be higher in the second half, due to ramp up new products and normal product seasonality. Specifically, we expect Q1 to be the lowest quarter for the total revenue and adjusted EBITDA. We estimated free cash flow will be evenly weighted between first half and second half.

現在讓我解釋一下今年的預期階段。由於新產品的增加和正常的產品季節性，我們預計下半年的總收入和調整後的 EBITDA 會更高。具體來說，我們預計第一季度是總收入和調整後 EBITDA 最低的一個季度。我們估計自由現金流將在上半年和下半年平均分配權重。

In general, Q2 and Q4 tend to be lower due to timing of semiannual interest payments. It is important to note in the revenue guidance walk on Slide 33, the 2022 adjusted number of $15.65 billion excludes the 11-month biosimilar revenue included in our reported results. On a comparable basis, at the midpoint of revenue guidance, we expect total revenue of the underlying business will grow in 2023.

一般來說，由於每半年一次的利息支付時間，Q2 和 Q4 往往會較低。重要的是要注意幻燈片 33 上的收入指引，2022 年調整後的數字 156.5 億美元不包括我們報告結果中包含的 11 個月生物仿製藥收入。在可比基礎上，在收入指引的中點，我們預計基礎業務的總收入將在 2023 年增長。

Based on January FX rate, full year guidance assumes minimum foreign exchange impact on total revenue, adjusted EBITDA and free cash flow. We remain encouraged by the operational performance of our segment, stability in global brands and expectation of approximately $500 million in new launches. In addition, we expect $56 million in revenue from Tyrvaya of our new eye care product.

根據 1 月匯率，全年指導假設外匯對總收入、調整後 EBITDA 和自由現金流的影響最小。我們仍然對我們部門的經營業績、全球品牌的穩定性以及新推出的約 5 億美元的預期感到鼓舞。此外，我們預計新眼部護理產品 Tyrvaya 將帶來 5600 萬美元的收入。

On Slide 34 are few items that will impact adjusted EBITDA. First, we expect adjusted gross margin to be impacted from continued competition on key products. Next, adjusted gross margin of new products is expected to be above the company average. Third, we're investing in Eye Care division, which includes commercial infrastructure and DTC investment in the second half of the year. We're making further investment to advance the deep Phase III ready eye care pipeline. And lastly, other bucket includes the impact of continued inflation and investment with some offsetting benefit, including synergies.

在幻燈片 34 上，很少有項目會影響調整後的 EBITDA。首先，我們預計調整後的毛利率將受到關鍵產品持續競爭的影響。接下來，新產品調整後的毛利率有望高於公司平均水平。第三，我們正在投資眼部護理部門，其中包括下半年的商業基礎設施和 DTC 投資。我們正在進一步投資，以推進深度 III 期眼科護理管道。最後，其他桶包括持續通貨膨脹和投資的影響以及一些抵消的好處，包括協同效應。

Turning to Slide 35. We expect another strong year of free cash flow generation as a result of expected lower onetime cash cost and continued focus on cash optimization initiatives.

轉到幻燈片 35。我們預計，由於預期一次性現金成本較低以及對現金優化計劃的持續關注，我們預計自由現金流的產生又是一個強勁的一年。

On Slide 36, I will now turn to our financial commitment, including return of capital to shareholders. To start, we have completed $250 million of share buyback out of the previously announced $1 billion repurchase authorization. In addition, we anticipate an annual dividend of $0.48 per share.

在幻燈片 36 上，我現在將轉向我們的財務承諾，包括向股東返還資本。首先，我們已經完成了先前宣布的 10 億美元回購授權中 2.5 億美元的股票回購。此外，我們預計每股年度股息為 0.48 美元。

Taken together, this will increase our capital return by over 40% versus 2022. This represents a minimum payout of approximately 33% of the midpoint of free cash flow guidance. In addition to capital return, we will continue to prioritize debt reduction and expect to pay down our scheduled maturity of $1.3 billion in 2023, and thereby, we expect to deliver on our commitment of $6.5 billion of debt paydown in Phase I.

總而言之，與 2022 年相比，這將使我們的資本回報率提高 40% 以上。這意味著最低支出約為自由現金流量指引中點的 33%。除了資本回報，我們將繼續優先考慮減少債務，並預計在 2023 年償還預定到期的 13 億美元債務，因此，我們預計將在第一階段兌現 65 億美元的債務償還承諾。

This is irrespective of proceeds from the divestiture. This is continued evidence of progress towards our stated gross leverage target of 3x. Within an extraordinarily strong financial position and are benefiting from our investment-grade rating in this rising interest rate environment. With nearly all of our capital structure being fixed rate, we expect interest expense for 2023 to be flat versus 2022.

這與資產剝離的收益無關。這繼續證明我們在實現我們規定的 3 倍總槓桿率目標方面取得了進展。在異常強勁的財務狀況下，在這種不斷上升的利率環境中受益於我們的投資級評級。由於我們幾乎所有的資本結構都是固定利率，我們預計 2023 年的利息支出將與 2022 年持平。

In closing, we are well positioned for a strong start in 2023, which we considered our bridge year. The reshaping initiative will serve to strengthen the company and set us up well heading into 2024 and beyond.

最後，我們已準備好在 2023 年取得良好開端，我們認為 2023 年是我們的橋樑年。重塑計劃將有助於加強公司實力，並讓我們順利邁向 2024 年及以後。

With that, I will hand it back to the operator to begin Q&As.

有了這個，我會把它交還給接線員開始問答。

(Operator Instructions) We'll take our first question from Chris Schott with JPMorgan.

（操作員說明）我們將從摩根大通的 Chris Schott 那裡提出我們的第一個問題。

Maybe just a bigger picture one to start out. I'm just trying to get my hands -- maybe a question for Robert and Scott. Just trying to understand the timing of the CEO transition here a bit more, I guess, it seems like you laid out a strategy kind of last fall. It seems like we're in the midst of kind of a divestiture repositioning of the company right now. So can you just talk a little bit about kind of why now on the transition versus either before we went down this process or a later in the process?

也許只是一個更大的圖景開始。我只是想抓住我的手——也許是羅伯特和斯科特的問題。只是想更多地了解 CEO 交接的時間，我想，您似乎在去年秋天制定了一項戰略。看起來我們現在正處於對公司進行剝離重新定位的過程中。那麼，您能否談談為什麼現在要進行過渡，而不是在我們進行此流程之前或之後進行？

And if I just got a second clarification one on the 2024 free cash flow number. I know you're not giving formal guidance, but that $2.3 billion of free cash flow, just are on the same page, can you just elaborate what's included in that number as we think about whatever you can say on EBITDA versus onetime costs, what you have for divestitures, et cetera? I think just trying to make sure we're in the rate adjustments to the $2.3 billion.

如果我剛剛得到關於 2024 年自由現金流量數字的第二次澄清。我知道你沒有給出正式的指導，但是 23 億美元的自由現金流，只是在同一頁上，你能否詳細說明這個數字中包含的內容，因為我們考慮你可以說的關於 EBITDA 與一次性成本的任何內容，什麼你有資產剝離，等等？我想只是想確保我們將利率調整到 23 億美元。

First, I would not say that we're repositioning the company at all. I would say the news today is all about preparation, not change. I think -- as you look from day 1, we laid out a 2-phase process. Phase I, which had to do all about integration, synergizing and really execution in bringing the 2 organizations together. We believe that Michael leading the Upjohn division at that time, Sanjeev's rolled at that time, we felt that those 2 leaders coming together with our leadership was the absolute right leadership for Phase I.

首先，我根本不會說我們正在重新定位公司。我會說今天的新聞都是關於準備，而不是改變。我認為——從第一天開始，我們就制定了一個兩階段流程。第一階段，必須完成所有關於整合、協同和真正執行的工作，以將兩個組織結合在一起。我們認為當時 Michael 領導 Upjohn 部門，Sanjeev 領導當時，我們認為這兩位領導者與我們的領導層一起是第一階段絕對正確的領導層。

And it's really demonstrated and proved out to be actually the perfect right decision because the company has been stabilized, the organization has been integrated, our synergies are well on target. So this is -- and then, of course, in November 7, we -- the Board of Directors and management, we laid out a very clear strategy for Phase II. So once you lay out that vision, once you understand what the strategy is, and then you put together an execution plan, the simple last step is who is the right leader with the right background to support that strategy going forward.

事實證明，這實際上是一個完美的正確決定，因為公司已經穩定下來，組織已經整合，我們的協同效應也達到了目標。所以這是 - 然後，當然，在 11 月 7 日，我們 - 董事會和管理層，我們為第二階段製定了非常明確的戰略。因此，一旦您制定了該願景，一旦您了解了戰略是什麼，然後製定了執行計劃，那麼簡單的最後一步就是誰是具有正確背景的正確領導者來支持該戰略向前發展。

So really, this is a very natural, authentic handoff from Michael to Scott, when you look at the both backgrounds, but you should expect that this is not a repositioning or a change or a change in strategy. In fact, I think, Scott in his prepared remarks has said so. But Scott, let you say a few words about your view of this.

所以真的，這是從邁克爾到斯科特的非常自然、真實的交接，當你看到這兩個背景時，但你應該預料到這不是重新定位、改變或戰略改變。事實上，我認為，斯科特在他準備好的發言稿中已經說過了。但是斯科特，讓你談談你對此的看法。

Yes, I want to thank you for the question, Chris, and I want to be very, very clear, I fully support the strategy that's been laid out, including the capital allocation strategy. On the November 7 strategic reset certainly caught my attention. And then being on the Board since late 2022, I've had a chance to really deeply understand the strategy and where it's going, and I fully support it. The strategy and the way it's laid out is part of what made this opportunity very attractive to me. And I'm here to work with the team to execute it, not to deviate from it.

是的，我要感謝你提出這個問題，克里斯，我想非常非常清楚，我完全支持已經制定的戰略，包括資本配置戰略。 11 月 7 日的戰略重置確實引起了我的注意。自 2022 年底以來加入董事會，我有機會真正深入了解該戰略及其發展方向，我完全支持它。該策略及其佈局方式是使這個機會對我非常有吸引力的部分原因。我來這裡是為了與團隊一起執行它，而不是偏離它。

Sanjeev, do you want to hit this?

Sanjeev，你想打這個嗎？

Yes, yes. So sure. Chris, so nothing has changed from November 7, Chris, when we talked about that, including the fact that we provided an outlook of $2.3 billion on free cash flow for 2024. Chris, you've seen, we've demonstrated last 2 years a very strong cash flow generation in the company. The entire focus on that, and that's allowed us to meet our Phase I commitment thus far. And that momentum will continue from that.

是的是的。所以肯定。克里斯，所以從 11 月 7 日開始，克里斯，當我們談到這一點時，一切都沒有改變，包括我們提供的 2024 年自由現金流量展望為 23 億美元這一事實。克里斯，你已經看到，我們已經證明了過去 2 年公司產生非常強勁的現金流。全部關注於此，這使我們能夠實現迄今為止的第一階段承諾。這種勢頭將繼續下去。

So what's included in $2.3 billion are essentially a couple of things. First is, we've considered all the divested business out of that number from $2.3 billion. What it does not include any divestment cost and any taxes on the divestment proceeds, which will actually be funded out of for the proceeds. So that's the number that takes into account all the divestment, and we feel very confident about where we are. The guidance that we've given today, Chris, has a line of sight to all the moving pieces, and we remain very confident about $2.3 billion outlook in 2024.

因此，23 億美元中包含的基本上是兩件事。首先，我們已經從 23 億美元的數字中考慮了所有剝離的業務。它不包括任何撤資成本和對撤資收益徵收的任何稅款，這些稅款實際上將從收益中撥出。所以這是考慮到所有撤資的數字，我們對我們所處的位置非常有信心。克里斯，我們今天給出的指導對所有移動的部分都有一個視線，我們仍然對 2024 年 23 億美元的前景充滿信心。

Yes. And I guess the only thing I would add, Chris, we said the word at least $2.3 billion for 2024, taken into consideration everything that Sanjeev said. And so I believe even the onetime cost, I think we are extremely confident that we're going to be able to, hopefully -- again, we're not giving guidance. I don't want people to think we're giving guidance, but we thought that, that metric was very critical.

是的。我想我唯一要補充的是，克里斯，我們說到 2024 年至少需要 23 億美元，並考慮了 Sanjeev 所說的一切。因此，我相信即使是一次性成本，我認為我們也非常有信心我們能夠，希望——再一次，我們沒有提供指導。我不希望人們認為我們在提供指導，但我們認為該指標非常關鍵。

So look, hopefully, we'll even be able to absorb even the onetime costs. I think the new piece of information that we telegraph today, even though we're not giving guidance for '24 and the fact that we're showing growth now in '23 top line over '22 when you take out the biosimilars business, is the accelerated growth we see in top line from '23 to '24 now. And I do think in the last call, we were asked in terms of, again, I think maybe with (inaudible) question, is it fair to say if we look at the EBITDA conversion for cash flowing, how you back into EBITDA? I think the range of the [4 6 to 5] was -- what my answer was on November 7, and that hasn't changed at all.

所以看，希望我們甚至能夠承擔一次性成本。我認為我們今天發布的新信息，即使我們沒有為 24 年提供指導，而且當你拿出生物仿製藥業務時，我們現在顯示 23 年收入超過 22 年的增長這一事實是我們現在看到從 23 歲到 24 歲的收入加速增長。我確實認為在上次電話會議中，我們再次被問及（聽不清）問題，如果我們查看現金流的 EBITDA 轉換，你如何回到 EBITDA 是否公平？我認為 [4 6 到 5] 的範圍是——我在 11 月 7 日的回答是什麼，而且根本沒有改變。

Our next question will come from Glen Santangelo with Jefferies.

我們的下一個問題將來自 Jefferies 的 Glen Santangelo。

Robert, I just wanted to follow up on these noncore divestitures. I mean you all said a number of times that everything sort of remains on track. I was just wondering if you could sort of comment on the tone of those negotiations? And are you still comfortable with the level of proceeds from these transactions that you discussed historically, because you threw out some pretty high valuation multiples on those sales?

羅伯特，我只是想跟進這些非核心資產剝離。我的意思是你們都說過很多次一切都在正軌上。我只是想知道你是否可以對這些談判的基調發表評論？你是否仍然對你過去討論過的這些交易的收益水平感到滿意，因為你在這些銷售中放棄了一些相當高的估值倍數？

And then, I guess, just a follow-up to that would be assuming you are, I mean, that's a lot of cash coming in the door. I was wondering if you could just sort of revisit some of your capital allocation priorities. I mean you gave in the slide deck, your capital allocation framework for the free cash flow, but that's a lot more money, and I'm trying to think about how you may want to deploy that vis-a-vis business development versus pay down versus repo?

然後，我想，只是假設你的後續行動是，我的意思是，有很多現金進來了。我想知道你是否可以重新審視你的一些資本分配優先事項。我的意思是你在幻燈片中給出了自由現金流的資本分配框架，但那是更多的錢，我正在考慮你可能希望如何部署相對於業務發展與薪酬的關係下跌與回購？

No, no, thank you, Glen, that was pretty powerful. First, let me try to go from the beginning. Let's say that if you could read my body language, but you can't listen to my voice. We don't need these divestitures to hit all of our Phase I targets. You heard from Sanjeev, we will be using operating cash flows, especially to meet our pay down of debt of at least $6.5 billion. So we don't -- as a starting point, when you don't need to do the divestitures, but you want to do them because of the longer-term strategy and how we thought about where we want to take the company going forward, that's probably your best starting position when it comes to divesting or like where you want to get a telegraph from a negotiation perspective, I think all the prospective the people that we saw on the other side of the table, the potential acquirers, I think that they know that, I think that they see that and I think at the end, I'm very happy with where things are, especially in the OTC business, which I think is the more material one.

不，不，謝謝你，格倫，這非常強大。首先，讓我試著從頭開始。比方說，如果你能讀懂我的肢體語言，但你聽不懂我的聲音。我們不需要這些資產剝離來實現我們所有的第一階段目標。你從 Sanjeev 那裡聽說，我們將使用運營現金流，特別是用來償還至少 65 億美元的債務。所以我們不——作為一個起點，當你不需要進行資產剝離，但你想這樣做是因為長期戰略以及我們如何考慮我們希望公司向前發展的方向，這可能是你最好的開始位置，當涉及到剝離或者你想從談判的角度得到電報時，我認為我們在桌子另一邊看到的所有潛在的人，潛在的收購者，我認為他們知道這一點，我認為他們看到了這一點，我認為最後，我對事情的進展感到非常滿意，尤其是在場外交易業務中，我認為這是更重要的業務。

And I do think that we have a very strong process. The process will happen naturally. We still feel very strong that we're going to announce at the very minimum, all 3 of these things within this calendar year. And once you lock down the announcements, it really doesn't matter when the proceeds come in. But to your last point, we do expect in terms of capital allocation to meet once again our priorities, as we stated over and over again. We will use all proceeds first to pay down debt, to hit our target of 3.0 leverage ratio. That's what we promised at the rating agencies. That's what we intend on doing.

我確實認為我們有一個非常強大的流程。這個過程會自然發生。我們仍然堅信我們將在本日曆年內至少宣布所有這 3 件事。一旦你鎖定公告，收益何時進入真的無關緊要。但對於你的最後一點，我們確實希望在資本配置方面再次滿足我們的優先事項，正如我們一遍又一遍地說的那樣。我們將首先使用所有收益來償還債務，以達到我們 3.0 槓桿率的目標。這就是我們向評級機構承諾的。這就是我們打算做的。

And all excess cash will be used for other type of investments. We fully intend on meeting the 50% return of capital to shareholders, both in dividends and stock repurchases. And look, with our stock price where it's at and us not being fully recognized for the value we believe that we created, we look at stock buybacks as one of the best investments that the company can deploy today. So I would think more like that.

所有多餘的現金將用於其他類型的投資。我們完全打算通過股息和股票回購向股東返還 50% 的資本。看看我們的股價，我們認為我們創造的價值沒有得到充分認可，我們將股票回購視為公司今天可以部署的最佳投資之一。所以我會更像那樣想。

And in terms of inorganic activity, I really believe that the Oyster Point framework is a framework that you guys ought to consider as we go forward with the other excess cash after the return of capital we intend on deploying into the business.

就無機活動而言，我真的相信 Oyster Point 框架是你們應該考慮的框架，因為我們在打算部署到業務中的資本返還後繼續使用其他多餘現金。

Our next question will come from Balaji Prasad with Barclays.

我們的下一個問題將來自巴克萊銀行的 Balaji Prasad。

A couple of ones -- a couple of questions from me. Firstly, there's a fair bit of detail in the pipeline, excited to see that amongst the most proximate opportunities, I want to focus on to glatiramer depot and also Tyrvaya launch, but still. So with glatiramer, we met with a partner recently, they expect of around 5,000 patients to be prescribed in the first year of launch and then expect to reach around 20,000 to 40,000 patients per year.

幾個——我的幾個問題。首先，管道中有相當多的細節，很高興看到在最接近的機會中，我想專注於 glatiramer depot 和 Tyrvaya 的推出，但仍然如此。因此，對於格拉替雷，我們最近會見了一個合作夥伴，他們預計在推出的第一年將有大約 5,000 名患者接受處方，然後預計每年會達到約 20,000 至 40,000 名患者。

I would like to get your confidence level on these expectations and what would revenue trajectory look like? Secondly, on Tyrvaya, could you also please help us understand your peak expectations? And the EBITDA spend that you expect this year, a bigger part in the spend, what percent of this is recurring and what is one-off spend in 2023?

我想了解您對這些預期的信心水平，收入軌跡會是什麼樣子？其次，關於 Tyrvaya，您能否也幫助我們了解您的最高期望？你預計今年的 EBITDA 支出，在支出中佔更大比例，其中有多少百分比是經常性的，2023 年的一次性支出是多少？

So I think Balaji on due time, you will get confirmation from us about the trajectory and the patients and all that. But I think it's going to be a very meaningful product from '24, '25 onwards for us. But I'll tell you more excited I am is about the science behind it, the data we have seen, analyzed because perception is maybe it's just a convenient place, not even if a convenient place, it's 1 injection against (inaudible) injections, which is the current therapy, 40-milligram against [4 80]. But more importantly, I think we have seen the insights and the data that the statistical significance we are seeing in the standard disability score, the EDSS, which basically connects directly to the quality of life.

所以我認為 Balaji 在適當的時候，你會從我們那裡得到關於軌跡和病人等等的確認。但我認為從 24 世紀、25 世紀開始，這對我們來說將是一個非常有意義的產品。但我會告訴你，我更興奮的是它背後的科學，我們看到的數據，分析因為感知可能它只是一個方便的地方，即使是一個方便的地方，它是 1 次注射對（聽不清）注射，這是目前的治療方法，40 毫克對 [4·80]。但更重要的是，我認為我們已經看到了我們在標準殘疾評分 EDSS 中看到的統計意義的見解和數據，它基本上與生活質量直接相關。

That's where I think we're excitement is that we'll be able to build it in the label and that will drive that. So more -- and more over that this platform, you should be tuning to see that this platform can be the platform which we may potentially use for many extendedly steeper form for 505(b)(2) opportunities like the glatiramer acetate. So...

這就是我認為我們感到興奮的地方，我們將能夠在標籤中構建它，這將推動它。因此，在這個平台上，你應該調整更多，看看這個平台可以成為我們可能用於許多更陡峭形式的平台，如醋酸格拉替雷等 505(b)(2) 機會。所以...

Yes. This is Jeff Nau, and I want to give you an update on the question about Tyrvaya. Thanks for asking that question. In 2023, we expect that we will more than double revenue for Tyrvaya. There are a number of key fundamental drivers behind that number. The first being Medicare Part D coverage, which we did not have very minimal last year, we've grown that to almost 32.5% already. We expect that to continue to grow this year. We've also launched a 90-day script program, and we're investing in the business. And so we're really excited about investing in that from a marketing perspective. And so we expect to have a great year this year.

是的。我是 Jeff Nau，我想向您介紹有關 Tyrvaya 的最新問題。謝謝你問這個問題。到 2023 年，我們預計 Tyrvaya 的收入將增加一倍以上。該數字背後有許多關鍵的基本驅動因素。第一個是 Medicare D 部分的覆蓋率，去年我們的覆蓋率不是很低，我們已經將其增加到近 32.5%。我們預計今年會繼續增長。我們還推出了一個為期 90 天的腳本程序，我們正在投資這項業務。因此，我們對從營銷角度投資於此感到非常興奮。因此，我們希望今年有一個偉大的一年。

And Balaji, regarding the point about the investment, we saw that in the bridge that we provided on the IT division, SG&A investment, that's a function of investment in our field force, investment in the marketing program and the investment in direct to consumers that we'll be implementing later in this year.

Balaji，關於投資的要點，我們看到，在我們為 IT 部門提供的橋樑中，SG&A 投資，這是對我們現場人員的投資、對營銷計劃的投資以及對直接面向消費者的投資的功能我們將在今年晚些時候實施。

And investment in science.

以及對科學的投資。

And investment in science, in the R&D absolutely.

以及對科學的投資，絕對是對研發的投資。

Our next question will come from Jason Gerberry with Bank of America.

我們的下一個問題將來自美國銀行的 Jason Gerberry。

Just looking at the product level disclosure. So Lipitor and Norvasc has held up pretty nicely. I think it was about $2.4 billion in revenue. So looks like those products have weathered the VBP process. And I'm just trying to get a sense if you can speak to the extent to which sales of these products are still concentrated in China. And really trying to just frame product concentration risk, it would seem like these 2 products probably contribute a pretty substantial amount of EBITDA by our estimate, maybe even close to $2 billion.

只看產品級別的披露。所以 Lipitor 和 Norvasc 的表現相當不錯。我認為這大約是 24 億美元的收入。所以看起來這些產品已經通過了 VBP 流程。如果你能談談這些產品的銷售在多大程度上仍然集中在中國，我只是想了解一下。並且真的試圖只考慮產品集中風險，根據我們的估計，這兩種產品似乎可能貢獻了相當可觀的 EBITDA，甚至可能接近 20 億美元。

So just wanted to get any framing that you can offer there? And then just on sort of the 2028 outlook for the $1 billion in additional revenue, is there any specific Famy product that you'd say is the biggest contributor to that?

所以只是想獲得您可以在那裡提供的任何框架？然後，就 2028 年 10 億美元的額外收入前景而言，您認為 Famy 是否有任何特定產品對此貢獻最大？

Let me talk about China and the Lipitor and Norvasc. So even if we analyze these products and many other brands is that one of the reasons behind the stability is the effective management of these established brands. So we've seen the Lipitor, Norvasc and Xanax, whether it's in emerging markets or in Europe, steadying up and/or having even 1%, 2% growth over there. But China is, I would say, our business continues to perform solid. Despite COVID lockdowns, you see the strength in the business. And we have a great team and commercial infrastructure in China, which has very well understood the nuances as well as the rationale behind this policy framework where we are completely, as I said, agree with the China government's initiative to expand the sales.

先說中國和立普妥和諾華。所以即使我們分析這些產品和很多其他品牌一樣，穩定背後的原因之一是這些老牌品牌的有效管理。因此，我們已經看到立普妥、諾華和 Xanax，無論是在新興市場還是在歐洲，都在穩步上升和/或在那裡甚至有 1%、2% 的增長。但我想說，我們的業務在中國繼續表現穩健。儘管 COVID 封鎖，您仍能看到業務的實力。我們在中國擁有一支優秀的團隊和商業基礎設施，非常了解這一政策框架背後的細微差別和基本原理，正如我所說，我們完全同意中國政府擴大銷售的舉措。

But I think the business has evolved into 2 segments, public reimbursement channel and private pay channels. And we have adopted our business so that we can capture the patient from the -- when it moves from the public reimbursement channel to the private pay channel. And just from the modeling perspective, yes, we have modeled a flattish, but small decline, but the business is hitting on all cylinders.

但我認為業務已經演變為兩個部分，公共報銷渠道和私人支付渠道。我們已經採用了我們的業務，以便我們可以從 - 當它從公共報銷渠道轉移到私人支付渠道時捕獲患者。從建模的角度來看，是的，我們模擬了一個平穩但小幅下降的模型，但業務正在全力以赴。

And then I'll touch base on the eye care portfolio and pipeline. I think what's important here is these numbers that we've shared are really risk adjusted. And when you look at the entire portfolio, we see that of that $1 billion target, about 60% will come globally from dry eye disease assets. About 2/3 of those from the U.S. and about 1/3 of those from the rest of the world. Approximately 20% will come from blepharitis globally and approximately 20% will come from all other assets in the pipeline. But as you can see, we have a robust pipeline with a number of different indications with significant unmet need.

然後我將談談眼部護理產品組合和管道。我認為這裡重要的是我們分享的這些數字確實經過了風險調整。當您查看整個投資組合時，我們看到在 10 億美元的目標中，全球約 60% 將來自乾眼病資產。大約 2/3 來自美國，大約 1/3 來自世界其他地區。全球約 20% 將來自瞼緣炎，約 20% 將來自管道中的所有其他資產。但正如您所看到的，我們有一個強大的管道，其中包含許多不同的適應症，這些適應症存在重大未滿足的需求。

And if I can just add, just to highlight, blepharitis, presbyopia and reversal of mydriasis, these are some unmet need or there is no prescribed established therapy. So that's why these products fit in very nicely over there.

如果我可以補充一點，只是為了強調，瞼緣炎、老花眼和瞳孔散大的逆轉，這些都是一些未滿足的需求，或者沒有規定的既定療法。這就是為什麼這些產品非常適合那裡的原因。

Our next question comes from Elliot Wilbur with Raymond James.

我們的下一個問題來自 Elliot Wilbur 和 Raymond James。

A question for Rajiv. Just to respect -- with respect to new product launch expectations in 2023, actual performance in 2022, those numbers never seem to overperform expectations. I'm wondering if you could just maybe provide a little bit of color in terms of performance in 2022, whether revenue from new products was lighter than expected due to performance of the assets? Or was it more about the timing of approvals?

拉吉夫的問題。只是尊重——關於 2023 年新產品發布的預期，2022 年的實際表現，這些數字似乎從未超過預期。我想知道您是否可以在 2022 年的業績方面提供一點色彩，新產品的收入是否由於資產的業績而低於預期？或者更多的是關於批准的時間？

And then thinking about some of the factors that sort of should give us more confidence in your expectations for 2023, looking at some of the expected approvals, I mean products like iron sucrose, I mean those been through multiple iterations at FDA, not sure how important that is in terms of its contribution to the total. But just if you could highlight 1 or 2 factors that we should be thinking about that sort of bolster your confidence in the new product outlook for 2023?

然後考慮一些因素，這些因素應該會讓我們對您對 2023 年的期望更有信心，看看一些預期的批准，我的意思是蔗糖鐵等產品，我的意思是那些在 FDA 進行了多次迭代，不確定如何重要的是它對總數的貢獻。但是，您是否可以強調我們應該考慮的一兩個因素，以增強您對 2023 年新產品前景的信心？

Yes, let me first answer your '22 question. And it was not underperforming of the approved asset. It was more from some delay. And if you recall, Elliot, '22 included a couple of biosimilars where we were getting -- waiting for the first approval of (inaudible), and that didn't happen because of the issues with the Biocon facility. So that was primary reason behind that miss.

是的，讓我先回答你的 '22 問題。而且它的表現並不遜於批准的資產。這更多是由於一些延遲。如果你還記得，Elliot，'22 包括我們獲得的幾個生物仿製藥 - 等待（聽不清）的第一次批准，但由於 Biocon 設施的問題而沒有發生。所以這是那個失誤背後的主要原因。

But going into '23, as we have always said to you, we're not dependent upon one product over here. Every product is risk-adjusted, products like Symbicort, and we still have the tailing effect of the products like lenalidomide this year. But yes, iron sucrose, it is a complex product you will appreciate. And when you are trying to bring a first to the market, there can be sometimes more iterations.

但是進入 23 年，正如我們一直對您說的那樣，我們不依賴於這裡的一種產品。每個產品都是風險調整的，像信必可這樣的產品，我們今年還有像來那度胺這樣的產品的拖尾效應。但是，是的，蔗糖鐵，它是一種您會喜歡的複雜產品。當您嘗試將第一個產品推向市場時，有時可能會有更多的迭代。

But we are at a point with a science where we see it happening. And all those factors have been considered to build this '23 number. And I feel very confident at the beginning of the year that this number, as I said, put out 98% of these products are either approved or already launched or a couple of products are pending approval, that's where the iron sucrose comes in.

但我們正處於一個我們看到它正在發生的科學階段。所有這些因素都被考慮到了建立這個'23 數字。我在今年年初非常有信心，正如我所說，這些產品中有 98% 已經獲得批准或已經推出，或者一些產品正在等待批准，這就是蔗糖鐵的用武之地。

Our next question will come from Ash Verma with UBS.

我們的下一個問題將來自瑞銀的 Ash Verma。

So I have two on capital allocation real quick. So what drove the decision to keep the dividend per share flat this year? I know, last year, we saw a 9% growth. And then on share repurchases, any change in thinking on the timing here in the light of President Biden calling for a quadrupling of tax and buybacks?

所以我有兩個非常快速的資本配置。那麼是什麼推動了今年保持每股股息持平的決定呢？我知道，去年我們看到了 9% 的增長。然後關於股票回購，鑑於拜登總統呼籲將稅收和回購翻兩番，對時機的想法有什麼變化嗎？

Ash -- I think, look, Ash, I think we're -- the promises made and the promises kept is total shareholder return, okay? That was always predicated upon both the dividend and a share buyback. We said we were going to have a dividend when we first started out. We thought that was important that we follow through and execute and establish a baseline for the dividend.

Ash——我想，你看，Ash，我認為我們——做出的承諾和信守的承諾是股東的總回報，好嗎？這始終取決於股息和股票回購。我們說我們剛開始的時候會分紅。我們認為，重要的是我們要貫徹執行並為股息建立基線。

But when your security is trading at the levels of where our security is trading, I mean, it doesn't take a rocket scientist to know that the best investment that we have for any excess capital is to buy our own company back, and that's what you should be expecting from us. And until we see levels within the security that better represent what the valuation in terms of what we believe that we created, we're going to continue to buy our shares back.

但是，當你的證券交易水平與我們的證券交易水平相同時，我的意思是，不需要火箭科學家就知道我們對任何過剩資本的最佳投資是回購我們自己的公司，這就是您應該對我們有什麼期望。在我們看到安全水平能夠更好地代表我們認為我們創造的價值之前，我們將繼續回購我們的股票。

So I would strongly ask the investment community to stick with what we said from day 1, total shareholder return is a combination of both dividend and share buyback. And as Sanjeev pointed out, I believe, just at this point alone, we've already returned a 33% of the free cash flow and an increase of how much percentage?

因此，我強烈要求投資界堅持我們從第一天開始就說過的話，即股東總回報是股息和股票回購的結合。正如 Sanjeev 指出的那樣，我相信，僅在這一點上，我們已經返還了 33% 的自由現金流，並且增加了多少百分比？

40% -- at minimum 40%.

40%——至少 40%。

And a return of 40% greater than we did all of '22. And you guys should expect that going forward. And remember, as we go into 2024, I believe the company will be well positioned to convert from a valuation from this EBITDA, especially as we pay down our debt and get it to the 3x to really convert it over to an adjusted earnings per share strategy. I see tremendous growth as an adjusted earnings per share because of our capital allocation commitment to the investment community of return at least 50% through the dividend and more importantly, the share buyback.

回報比我們 22 年全年的回報高出 40%。你們應該期待未來的發展。請記住，隨著我們進入 2024 年，我相信公司將能夠很好地從這個 EBITDA 的估值進行轉換，尤其是當我們償還債務並將其提高到 3 倍以真正將其轉換為調整後的每股收益時戰略。我認為調整後每股收益的巨大增長是因為我們對投資界的資本配置承諾通過股息和更重要的股票回購回報至少 50%。

Our next question will come from Gary Nachman with BMO.

我們的下一個問題將來自 BMO 的 Gary Nachman。

First one for Scott. Do you think you might want to do anything differently in terms of positioning the company to be more successful on the branded side of the house, given your experience there? And I'm curious how you think about some of the planned initiatives to expand into areas like ophthalmology, GI and derm, that's been talked about in the past?

斯科特的第一個。考慮到您在品牌方面的經驗，您是否認為您可能希望在定位公司方面做些不同的事情，以便在品牌方面取得更大的成功？我很好奇您如何看待過去曾討論過的一些計劃擴展到眼科、胃腸道和真皮等領域的舉措？

So what do you hope to leverage on the branded side in terms of your experience? And then for the team, just in North America, with the guidance down 3% this year, just at what point do you think the new product revenue will be able to offset that base erosion and return to growth in North America? Is that something that can happen next year based on the trajectory that you're seeing? And maybe talk about if you're still comfortable maintaining that same level of base erosion now going forward?

那麼，就您的體驗而言，您希望在品牌方面發揮什麼作用？然後對於團隊來說，僅在北美，今年的指導下降了 3%，您認為新產品收入在什麼時候能夠抵消基數侵蝕並恢復北美增長？根據您所看到的軌跡，明年會發生這種情況嗎？也許談談你現在是否仍然願意保持相同水平的基礎侵蝕？

Rajiv, why don't you take this backwards. Why don't you go first and then let's Scott close.

拉吉夫，你為什麼不把這個倒過來。你為什麼不先走，然後讓 Scott 結束。

Yes. So first of all, overall, from a stability point of view, I'm very clear when I was speaking, this is sustainable stability, and we see, in fact, accelerating the top line growth. We are not giving guidance, but we are projecting that this stability enhanced ability will lead to that.

是的。因此，首先，總體而言，從穩定性的角度來看，我在講話時非常清楚，這是可持續的穩定性，我們看到，事實上，收入增長正在加速。我們沒有提供指導，但我們預計這種穩定性增強的能力將導致這種情況。

Coming directly to North America, there are no major -- no LOEs for North America. And why say for us, the (inaudible) the LOEs for the North American business. We don't see any major LOEs. And from '24 onwards, your expectation is right. You should be seeing North America coming back to the growth and all the basic erosion being offset by the new launches of North America.

直接來到北美，沒有主要的 - 北美沒有 LOE。為什麼要為我們說北美業務的（聽不清）LOE。我們沒有看到任何主要的 LOE。從 24 年開始，您的期望是正確的。你應該看到北美恢復增長，所有基本侵蝕都被北美的新推出所抵消。

So Gary, thank you very much for the question. I think a very important part of the strategy is moving up the value chain as we move into part 2 and beyond. I think the eye care transactions that happened recently are a very good model for the way that we're going to want to do [BD] going forward. You mentioned the therapeutic areas of interest, obviously, through my branded experience with (inaudible) others, I'm very familiar with the GI space and with, of course, the derm space.

加里，非常感謝你提出這個問題。我認為該戰略的一個非常重要的部分是在我們進入第 2 部分及以後時向上移動價值鏈。我認為最近發生的眼部護理交易是我們未來想要做的 [BD] 方式的一個很好的模型。你提到了感興趣的治療領域，顯然，通過我與（聽不清）其他人的品牌經驗，我非常熟悉 GI 空間，當然還有真皮空間。

These are 2 areas that I think fit our strategy very, very well. But I will say, I think I want to a little bit opportunistic as well. If there are opportunities outside of these TIs that fit our model going forward, we should be very open-minded to engage in those as well. So this, to me, is a very, very important and exciting part of the strategy, moving up the value chain, and I'm really excited to be leading that effort.

我認為這兩個領域非常非常適合我們的戰略。但我會說，我想我也想有點機會主義。如果在這些 TI 之外有適合我們未來模式的機會，我們也應該以非常開放的心態參與其中。因此，對我來說，這是該戰略中非常非常重要且令人興奮的部分，它可以提升價值鏈，我很高興能夠領導這項工作。

Our next question will come from David Amsellem with Piper Sandler.

我們的下一個問題將來自 David Amsellem 和 Piper Sandler。

I wanted to drill down more on your longer-term expectations on complex products and also brands. You talked about novel and complex products about $1 billion of peak sales by 2028. I know you addressed glatiramer once monthly. But just wondering what are the other products that you think stand out here, like, for instance, the meloxicam product? Post-surgery, there was one that was recently discontinued. So I'm just wondering what makes you think that's a great opportunity for instance.

我想深入了解您對複雜產品和品牌的長期期望。你談到了到 2028 年銷售額達到 10 億美元的新奇複雜產品。我知道你每個月都會談到格拉替雷。但只是想知道您認為在這裡脫穎而出的其他產品是什麼，例如美洛昔康產品？手術後，有一個最近停產了。所以我只是想知道是什麼讓你認為這是一個很好的機會。

And then regarding the brand side on eye care, you said it's mostly dry eye. Just to be clear, is that Tyrvaya? Is that -- are there other products? I mean can you just help me better understand the mix there?

然後關於眼部護理的品牌方面，您說主要是乾眼症。澄清一下，那是 Tyrvaya 嗎？那是——還有其他產品嗎？我的意思是你能幫我更好地理解那裡的混音嗎？

Okay. Let me just start. And I think I'd rather you not speak about any one particular product, but the franchises that we outlined on November 7. So the ophthalmics being one, the complex generics being another, Rajiv, why don't you outline each of the franchises, and then let's articulate a little bit about what's inside those franchises?

好的。讓我開始吧。而且我想我寧願你不談論任何一個特定的產品，而是我們在 11 月 7 日概述的特許經營權。所以眼科是一個，複雜的仿製藥是另一個，拉吉夫，你為什麼不概述每個特許經營權，然後讓我們闡明一下這些特許經營權中的內容？

Yes. We talked about extensively about 3 buckets of billion-dollar franchises. One was the eye care -- or sorry, one was eye care, of course, which is the latest one. But then complex injectables and the third was the complex products. And given complex injectables, almost 10 products are already under review with FDA with 7 first market position secured over there. And many more, like I said, 3 to 4 products are category into the filing in '23. And we have about 33 products in the pipeline.

是的。我們廣泛討論了 3 個價值數十億美元的特許經營權。一個是眼部護理——或者抱歉，一個是眼部護理，當然是最新的。然後是複雜的注射劑，第三種是複雜的產品。考慮到復雜的注射劑，近 10 種產品已經在接受 FDA 審查，其中 7 種產品獲得了第一市場地位。還有更多，就像我說的，3 到 4 種產品在 23 年的申請中被歸類。我們有大約 33 種產品正在籌備中。

Now they're all -- you can follow like model. But then we go to the complex 505(b)(2) whether it's Botox, whether it's Xulane Low Dose, GA and we didn't discontinue meloxicam Meloxicam, in fact, is advancing very nicely. We just concluded Phase IIb. We have end of the Phase II study with -- the meeting with FDA scheduled in the next few weeks, in fact, a couple of months.

現在他們都是——你可以效仿。但隨後我們進入複雜的 505(b)(2)，無論是保妥適，還是 Xulane Low Dose，GA，我們都沒有停止使用美洛昔康美洛昔康，事實上，美洛昔康進展非常順利。我們剛剛結束了 IIb 階段。我們已經結束了 II 期研究——與 FDA 的會議計劃在接下來的幾週內舉行，實際上是幾個月。

And that product will be heading into the clinical Phase III clinical studies later this year. So there's a lot going on in that bucket because both Botox, Xulane Low Dose meloxicam Phase III later this year.

該產品將於今年晚些時候進入臨床 III 期臨床研究。所以這個桶裡發生了很多事情，因為今年晚些時候肉毒桿菌素、Xulane 低劑量美洛昔康 III 期。

Yes. And David, I would just say when you look at the franchises and you look at their makeup and the word complexity should also telegraph how much competition we anticipate at market formation and also the type of pricing that we anticipate as well.

是的。大衛，我只想說，當您查看特許經營權並查看它們的構成時，複雜性一詞也應該表明我們在市場形成時預期的競爭程度以及我們預期的定價類型。

And also, let's not underestimate the pipeline, which is for markets like China, Japan and Europe separately because to offset their basic erosion. That pipeline never existed. That pipeline has been created. So that pipeline will be also coming into the play.

而且，我們不要低估管道，它分別面向中國、日本和歐洲等市場，因為可以抵消它們的基本侵蝕。該管道從未存在過。該管道已創建。因此，該管道也將發揮作用。

(inaudible)

（聽不清）

And so when we talk about the eye care franchise and dry eye, in particular, I think one of the things that's really important to appreciate what the pipeline is Tyrvaya really has a very unique mechanism of action. It's the only product out there that stimulates the production of natural tear film. When you think about dry eye disease, it's a multifactorial disease. So we won't stop understanding how to treat this disease just because we're launched Tyrvaya and we're selling Tyrvaya. There may be other mechanisms that can be added in there. And that's the nice part about Tyrvaya.

因此，當我們特別談論眼部護理專營權和乾眼症時，我認為其中一件非常重要的事情是了解管道是什麼 Tyrvaya 確實具有非常獨特的作用機制。它是唯一能刺激天然淚膜生成的產品。當您想到干眼病時，它是一種多因素疾病。因此，我們不會因為推出 Tyrvaya 並銷售 Tyrvaya 就停止了解如何治療這種疾病。可能還有其他機制可以添加到那裡。這就是 Tyrvaya 的優點。

It really is a product that stands by itself and is able to be used with any other dry eye product that's out there in the market. The other thing that I think is really important is we haven't really scratched the surface outside of the U.S., and that's really important market to go into and with the power of Viatris and all the supply chain and the ability to grow outside the U.S., I think that's something that we look forward to as well.

它確實是一種獨立的產品，可以與市場上的任何其他乾眼症產品一起使用。我認為非常重要的另一件事是我們還沒有真正觸及美國以外的表面，這是一個非常重要的市場，憑藉 Viatris 的力量和所有供應鏈以及在美國以外發展的能力。 ，我認為這也是我們期待的事情。

Our next question will come from Umer Raffat with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Umer Rafat。

I have two, if I may, and both for Robert today actually. Robert, I feel like I don't have a good explanation for why Michael is leaving. And I'd be curious how you lay that out, especially also in the context of with all the divestitures that Viatris is doing, the Upjohn component of the business only got bigger, but also just the timing of the departure. Like I don't think this was telegraphed and everyone is quite confused candidly.

如果可以的話，我有兩個，實際上都是今天給羅伯特的。羅伯特，我覺得我對邁克爾離開的原因沒有很好的解釋。我很好奇你是如何佈局的，尤其是在 Viatris 正在進行的所有資產剝離的背景下，業務的 Upjohn 部分只會變得更大，但也只是離開的時間。就像我不認為這是電報一樣，坦率地說，每個人都很困惑。

And the second 1 is, I know Ian Read left in December as well. Are these 2 things related or not? And it's hard not to think about these 2 things together?

第二個 1 是，我知道 Ian Read 也在 12 月離開了。這兩件事是否相關？很難不同時考慮這兩件事？

Well, Umer, you can look at the glass half empty or you can look at the glass half full. So you're looking at it from that perspective, thank you for the question and the opportunity. Quite frankly, the glass is only half full and just half full and still filling. This is a very natural -- let's start with Ian Read, okay? You should probably know that Ian was on the Board and could not have gotten more support from Ian when it came to Scott Smith, okay?

好吧，烏默爾，你可以看看半空的杯子，也可以看看半滿的杯子。所以你是從那個角度來看的，謝謝你提出這個問題和這個機會。坦率地說，玻璃杯只有半滿，還有一半還滿著。這是很自然的——讓我們從 Ian Read 開始，好嗎？您可能應該知道 Ian 是董事會成員，並且在涉及到 Scott Smith 時無法從 Ian 那裡得到更多支持，好嗎？

Ian was absolutely a part of the vote to bring them on. Ian actually, quite frankly, given his deep industry knowledge, Ian actually gave us quite a bit of strong advice and support for Scott. And I can tell you that he's fully supportive of Scott, understands the strategy. Ian brought a lot of value to us on that Board. And quite frankly, I'm sorry, he wanted to move on. He's got a lot of other things going on.

伊恩絕對是支持他們的投票的一部分。實際上，坦率地說，Ian 憑藉其深厚的行業知識，實際上給了我們很多對 Scott 的強烈建議和支持。我可以告訴你，他完全支持斯科特，理解這個策略。 Ian 在董事會上為我們帶來了很多價值。坦率地說，對不起，他想繼續前進。他還有很多其他事情要做。

But I think even his departure was all again for all the right reasons. So I'm very thankful for Ian, and I'm very thankful he was here to give the advice to us about Scott. Ian's obviously had a long history with Scott's former boss and having that insight was really invaluable to us from the Board.

但我認為即使是他的離開也是出於所有正確的理由。所以我非常感謝 Ian，我非常感謝他能來這裡給我們關於 Scott 的建議。 Ian 顯然與 Scott 的前任老闆有著悠久的歷史，並且擁有這種洞察力對董事會來說非常寶貴。

Let me just say this, when you say about where we are in our business life cycle. Look, most companies make transitions when there's a problem. Most companies make transitions when something is going on in the company or there's an event. Why is it -- why should it be viewed any -- why should be viewed as the glass half empty versus half full when we were highly articulated about what we wanted to get done in Phase I, I articulated why Michael was absolutely the right one to bring the organizations together, given him and Sanjeev actually ran the Upjohn division, we're integration, managing that product portfolio. And now that we're here and looking forward, we laid out Phase II.

當您談到我們在業務生命週期中所處的位置時，讓我這麼說。看，大多數公司在出現問題時都會進行過渡。大多數公司在公司發生某些事情或發生事件時進行過渡。為什麼它——為什麼它應該被視為任何東西——當我們高度闡明我們想要在第一階段完成的事情時，為什麼它應該被視為半空與半滿的玻璃杯，我闡明了為什麼邁克爾絕對是正確的人考慮到他和 Sanjeev 實際上管理著 Upjohn 部門，將組織整合在一起，我們正在整合，管理該產品組合。現在我們在這裡並期待著，我們制定了第二階段。

And I think I've been crystal clear. And the vision that we laid out on November 7, I think the strategy behind the vision, the execution plan that we put in place and now to try to find the best right leader. And if you look at Scott's background, his background, this is right in his sweet spot. The level of experience he brings, the builder that he is, all the things that you've heard me say, I think that this is much more of a natural transgression and companies should not be viewed as making changes for -- because anything is negative.

我想我已經很清楚了。還有我們在 11 月 7 日制定的願景，我認為是願景背後的戰略，我們制定的執行計劃以及現在試圖找到最合適的領導者。如果你看看斯科特的背景，他的背景，這正是他的最佳選擇。他帶來的經驗水平，他是建設者，你聽到我說的所有事情，我認為這更像是一種自然的違規行為，公司不應該被視為做出改變——因為任何事情都是消極的。

I think you can hear it in Michael's voice, I think, yes, I think that there should be nothing looked upon other than preparation. We are only months away from entering Phase II. I think Michael's transition with Scott and Scott's ability to get his feet on the ground as we get ready, these next few months before we enter our Phase II in 2024 and beyond is, honestly, it's a real advantage for any new leader coming in to have that runway before we hit 2024 in Phase II and beyond. There's really nothing more than that, Umer.

我想你可以從邁克爾的聲音中聽到，我想，是的，我認為除了準備之外不應該考慮其他任何事情。我們距離進入第二階段只有幾個月的時間。我認為 Michael 與 Scott 的交接以及 Scott 在我們準備好時腳踏實地的能力，在我們進入 2024 年及以後的第二階段之前的接下來幾個月，老實說，這對任何新領導者來說都是一個真正的優勢在我們進入第二階段及以後的 2024 年之前擁有那條跑道。烏默爾，真的僅此而已。

And I'll be glad to answer any follow-up that you have on that as well.

我也很樂意回答您對此的任何後續行動。

Our next question will come from Greg Fraser with Truist.

我們的下一個問題將來自 Truist 的 Greg Fraser。

For the $500 million of new product revenue that you expect this year, what are the most important 2 to 3 contributors to that number? And just a quick follow-up on glatiramer, the once monthly program, how much sales do you generate with your generic tax zone? And how are you thinking about the potential impact of the once monthly product on your generic sales?

對於您預計今年 5 億美元的新產品收入，最重要的 2 到 3 個貢獻者是什麼？只需快速跟進 glatiramer，每月一次的計劃，您的通用稅區產生了多少銷售額？您如何看待每月一次的產品對您的通用銷售的潛在影響？

The Copaxone, you can pick up from the IMS data where we have about 51% market share. We have slowly built it over the last 3 to 4 years. Today, we have about more than what Tyrvaya had in this market, and it's been a meaningful product for several years. And Copaxone once a month will be a very meaningful product as we launch this product later second half of '24 and beyond that.

Copaxone，你可以從我們擁有大約 51% 市場份額的 IMS 數據中獲取。在過去的 3 到 4 年裡，我們慢慢地構建了它。今天，我們在這個市場上擁有的不僅僅是 Tyrvaya，而且多年來它一直是一種有意義的產品。每月一次的 Copaxone 將是一個非常有意義的產品，因為我們將在 24 世紀下半年及以後推出該產品。

So -- and on $500 million, as I always said, we never built it on sort of this pipeline of $500 million. It's not on one product. So there's a tailing effect of lenalidomide in this, of course, but then there is a product like Symbicort, which we have been very publicly telling you where we are and that's a risk-adjusted basis. We are looking forward to launch these products in '23. So there are many more products like that. But yes, if you ask me to call out, those are 2 examples.

所以——就像我一直說的那樣，在 5 億美元的基礎上，我們從來沒有把它建立在這種 5 億美元的管道上。它不在一種產品上。因此，當然，來那度胺在這方面有拖尾效應，但還有像 Symbicort 這樣的產品，我們一直非常公開地告訴你我們在哪裡，這是一個風險調整的基礎。我們期待在 23 年推出這些產品。所以有更多這樣的產品。但是，是的，如果你讓我大聲疾呼，那是兩個例子。

At this time, I have no further questions in queue. I will turn the call back over to Michael Goettler, CEO, to make a few closing remarks.

目前，我沒有其他問題要排隊了。我將把電話轉回給首席執行官邁克爾戈特勒，讓他做一些結束語。

Okay. Thank you, operator. And I guess last time I get to get the closing remarks in this forum. But I want to thank everybody for the good questions and the interest in the company. We obviously, I think as you heard from the tone of our voice and from what we presented as a company, are in a position of strength. We're looking back at 8 quarters of consecutive strong execution. We're looking forward, and we're confident in Phase II. And I think you can see that already in the guidance that we gave for 2023, starting with revenue growth and the confidence that we have.

好的。謝謝你，運營商。我想上次我得到了這個論壇的閉幕詞。但我要感謝大家提出的好問題和對公司的興趣。顯然，我認為，正如您從我們的語氣和我們作為一家公司所展示的那樣聽到的那樣，我們處於優勢地位。我們正在回顧連續 8 個季度的強勁執行情況。我們很期待，我們對第二階段充滿信心。我認為您已經在我們為 2023 年提供的指導中看到了這一點，從收入增長和我們的信心開始。

And finally, you also heard from Scott, the continued commitment to the capital allocation commitments that we made. So with that, I think we're closing the call. Thank you very much.

最後，您還從 Scott 那裡聽到了我們對資本配置承諾的持續承諾。因此，我認為我們正在結束通話。非常感謝。

Thank you. This does conclude today's Viatris 2022 Fourth Quarter and 2023 Guidance Call and Webcast. Please disconnect your line at this time, and have a wonderful day.

謝謝。這確實結束了今天的 Viatris 2022 年第四季度和 2023 年指導電話和網絡廣播。請此時斷開您的線路，祝您有美好的一天。