阿斯利康11月12日召开三季报电话会，投资者非常关注高管相关调查进展，多个机构进行追问。
公司回应要点：目前针对个人，公司未有被问询或接触，运营正常，比如国谈进展顺利，未受影响；关于涉案员工数，解释了案件背景及调查逻辑，无法充分掌握；沟通了合规体系改变，比如销售总监轮岗等，确保不在一个区域待太久。整体来讲，公司掌握信息有限且较早期，很难具体评估；由于明年达格列净潜在集采，中国区增速预估比今年低；目前国际区域包括中国市场由Ruud Dobber负责。
内容来自三季报会议纪要，中文为机翻，请以英文为准。
一、CEO 开场白摘录：
Taking a closer look at our total revenue performance in the first nine months of the year, we continue to benefit from our global -- broad global presence. Our company is growing across all regions and we continue to strengthen our capabilities in many markets around the world, most notably in the emerging markets outside of China, where for another quarter of our performance is standing out from our peers with 30% growth in the year to date.
细看我们今年前九个月的总收入表现，我们继续受益于我们的广泛全球存在。公司在所有地区都在增长，我们在世界各地的许多市场中不断加强能力，尤其是在中国以外的新兴市场，我们在本季度的表现再次超越同行，截至今年为止实现了30%的增长。
And you can see now the very good distribution of our revenue across the world, 43% in the U.S., 21% in Europe, 13% in China. It's very pleasing to see the emerging markets outside of China are now bigger than China, with 14% of our revenue and 9% for the established rest of the world. So very strong distribution. But we want to see even more growth in the U.S. over the next few years as part of our 2030 ambition.
现在你可以看到我们收入在全球分布非常良好，美国占43%，欧洲占21%，中国占13%。令人高兴的是，中国以外的新兴市场的份额现在超过了中国，占我们收入的14%，而成熟市场的其他部分则占9%。所以分布非常强劲。但我们希望在接下来的几年里在美国实现更快的增长，作为我们2030愿景的一部分。
And this is why we decided today here in New York to announce this $3.5 billion investment in the U.S. in manufacturing and R&D. The U.S. is, of course, a very important market that supports innovation, and we will continue to invest to grow fast in this part of the world. But very, very good growth across the world in the emerging markets in China, but also very much outside of China.
这就是为什么我们今天在纽约宣布了这项35亿美元的投资计划，用于在美国的制造和研发。美国当然是一个支持创新的重要市场，我们将继续投资以在这个地区快速成长。但是，全球各地的增长都非常好，不仅在中国的新兴市场，在中国以外的市场也是如此。
With this chart, I'd like to take a moment to address recent developments in China, which, of course, have been the subject of a lot of speculation. We are actually not privy to the details of any of these investigations. If requested, we'll cooperate fully as we have in the past. As you can imagine, I personally take these matters very seriously, and the whole company also takes it, of course, very, very seriously.
我想花一点时间来讨论中国最近的发展情况，这当然一直是很多猜测的主题。实际上，我们并不了解这些调查的任何细节。如果需要，我们将像过去一样全力合作。可以想象，我个人对这些问题非常重视，整个公司也同样非常重视。
It's important to realize we don't have many details. We haven't been approached as a company. We will, of course, collaborate with the authorities if requested to do this, but we have very limited information, and today we would like to focus on Q3 to the extent possible, unless there are questions relating to China that haven't been answered before by Aradhana last week when she organized the call.
重要的是要意识到我们没有很多细节。我们作为公司尚未被接触过。当然，如果我们被要求这样做，我们将与当局合作，但我们掌握的信息非常有限，今天我们希望能够尽可能地专注于第三季度，除非有之前Aradhana上周组织的电话会议上未回答的关于中国的问题。
Importantly, we remain committed to our presence in China and we will continue to invest in the country to support the discovery and the delivery of our life-changing medicines. And finally, we're doing what we can to support our employees in China. They're all hard at work. They're all very focused and continuing to develop our pipeline, but also our portfolio of marketed products.
重要的是，我们仍然致力于在中国的存在，并将继续投资于该国，以支持我们改变生命药物的发现和交付。最后，我们正在尽我们所能支持我们在中国的员工。他们都在努力工作，非常专注，继续开发我们的产品线，同时也发展我们已上市的产品组合。
I just want to take a moment to thank all these employees for their continued dedication to our purpose. We have 17,000 employees in China and all these employees are working very hard and making us all happy with how they have developed our presence in China over the last few years.
我想借此机会感谢所有这些员工对我们目标的持续奉献。我们在中国有17,000名员工，所有这些员工都在非常努力地工作，使我们在过去几年中在中国的存在得到了很好的发展。
二、问答环节：
James Gordon -- Analyst
Hello. James Gordon, J.P. Morgan. Thanks for taking the two questions. 詹姆斯·戈登 -- 分析师
您好。我是詹姆斯·戈登，来自摩根大通。感谢接受我的两个问题。 The first question was U.S. election implications and where you're investing. So do you see any impact from the U.S. presidential election on Astra's business in terms of higher tariffs or maybe lower corporate tax or anything else? 第一个问题是关于美国选举的影响和你们的投资方向。你认为美国总统选举会对阿斯利康的业务产生什么影响，比如更高的关税或可能更低的企业税或其他方面？ And I saw the $3.5 billion U.S. investment in manufacturing research. Is there any connection there? Are you going to shift more of your investment into the U.S.? Is that even more of a focus now? 我注意到35亿美元在美国制造和研究上的投资。这里有没有联系？你们是否会将更多的投资转向美国？这是否是现在的更大重点？ And the second question was confidence in the 2025 outlook. 第二个问题是关于2025年的展望的信心。 So if I look at the 2025 consensus of the new updated 2024 implied EPS level, is looking for low double-digit EPS growth. So how comfortable are you with that growth outlook? 如果我查看2025年的共识，以及新的更新后的2024年隐含每股收益水平，是在寻求个位数的双位数每股收益增长。那么你对这个增长前景有多大的信心？ I can hear comments on topline strength and leverage over SG&A, but also we've had a pull forward on the Lynparza milestone. There's questions on China, IRA, financial expense and maybe the election, depending what you said in the first question. 我听到了有关收入增长和销售管理费用杠杆的评论，但我们也提前实现了Lynparza的里程碑。有关于中国、IRA（通胀削减法案）、财务费用和可能的选举的问题，这取决于你在第一个问题中的回答。 So should we be a bit more cautious than that in 2025 or is that achievable maybe? 因此，我们在2025年是否应该更加谨慎一些，还是说这是可以实现的目标？ |
| Pascal Soriot -- Executive Director and Chief Executive Officer
OK. Thanks. Thanks, James. So the first question, the pharmaceuticals typically are not subject to those import duties.好的，谢谢。谢谢，詹姆斯。所以第一个问题，通常药品不受那些进口关税的影响。Having said that, it's academic in our case because we don't import pharmaceuticals into the U.S. from China. So that is really a question that doesn't apply to us because we source our products for the U.S., we source them either from the U.S. directly or from Europe typically.尽管如此，对于我们来说这只是一个理论问题，因为我们不从中国向美国进口药品。所以这个问题其实不适用于我们，因为我们在美国销售的产品要么直接来自美国，要么通常来自欧洲。So there's really no issue of sourcing products from China. So that's the first point. And as we explained in the past, we've really tried over the last few years to build supply chains that can, on the one hand, supply what you might call the western world, U.S., Europe and a few others. And then we have a separate supply chain for China and some of the emerging markets.所以实际上不存在从中国采购产品的议题。这是第一点。正如我们过去解释的那样，我们在过去几年里确实努力构建能够供应所谓的西方世界，即美国、欧洲和其他几个国家的供应链。然后我们还有为中国和一些新兴市场单独设立的供应链。So that's the answer to the first question. The second question, actually, and your first question about the U.S. elections, I mean, the reason we invest very substantially in the U.S. is that, we all know the U.S. is a very important market, both in terms of providing our medicines to patients, but also in terms of innovation, and we really want to be at the heart of this country in terms of manufacturing, but also R&D.所以这是对第一个问题的回答。至于第二个问题，以及你关于美国选举的第一个问题，我们之所以在美国进行大量投资，是因为大家都知道美国是一个非常重要的市场，无论是向患者提供我们的药物，还是在创新方面，我们都希望在美国的核心位置进行生产和研发。I mean, we are building this new site in Kendall Square in Boston because it's an important location for research and development. Now, we see the economy should actually continue to grow strongly in the U.S. next year, the year after, and then, a number of economic indicator -- number of participants in the economy seem to believe that, too, and a strong economy will support a strong healthcare, which, of course, assumedly will also support the delivery of medicines.也就是说，我们在波士顿肯德尔广场建设新基地是因为那里对于研发而言是一个重要的地点。现在，我们认为美国经济明年及之后的一年里将继续强劲增长，而且经济中的许多参与者似乎也相信这一点，强大的经济将支持强大的医疗保健系统，当然，这也将支持药物的供应。So all of that makes us really enthusiastic about the U.S. market. In our plan, the U.S. should increase its participation to our total revenue. The other area that is growing very nicely, of course, is the emerging markets out of China.所以这一切都让我们对美国市场充满热情。在我们的计划中，美国对我们总收入的贡献应该会增加。另一个增长非常良好的领域当然是中国之外的新兴市场。Now, in terms of your other question with 2025, it's relatively simple, actually. I mean, look at where we are today. We are growing almost 20% in topline, right? So we've got enormous momentum moving into the Q4, but also next year.关于2025年的问题，其实相对简单。看看我们现在的位置，我们的收入几乎增长了20%，对吧？所以我们进入第四季度，乃至明年的势头非常强劲。So we've got this momentum into next year, running at sort of 20% growth rate. Now, we know what the headwinds are. I mean, we know about IRA. We know about VBP, Farxiga in China.所以这种势头延续到明年，以大约20%的增长率运行。现在，我们知道有哪些不利因素。我们知道IRA（通胀削减法案）。我们知道VBP（集采），以及Farxiga达格列净在中国的情况。We don't know exactly when, but we know it's going to happen next year. And so those are headwinds. But on the other hand, we have enormous momentum across the entire portfolio, but also across the entire world.我们不知道具体什么时候会发生，但知道它将在明年发生。所以这些都是不利因素。但另一方面，我们在整个产品组合以及全球范围内都有着巨大的动力。So I'm not saying next year we will go by the same amount of this year. Of course not. But even if you decelerate this a little bit, and then you assume some leverage, because we've been working on P&L leverage for many years, it's relatively easy to get to a conclusion that confirms what Aradhana was saying before.所以我不是说明年我们会保持与今年相同的增长幅度。当然不会。但即使稍微减速一些，考虑到我们多年来一直在努力提高利润表的杠杆作用，得出一个确认阿拉达纳之前所说结论的结论是相对容易的。We're very confident with the outlook for next year. Not only for next year, but the year after, actually. So net-net is, we are actually confident for the outlook next year.我们对明年的展望非常有信心。不仅仅是明年，还包括后年。所以总体来说，我们对明年的展望是有信心的。 |
