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Pfizer Trumps Q3'14 Profit Target


CNBC – October 28, 2014 Analyst overview of Pfizer's current hurdles, including attrition in established franchises and a lack of maturity in newer innovative products.

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Raghuram Selvaraju, Head of Healthcare, Aegis Capital: Quite frankly, we saw a great deal of attrition in the established franchises that Pfizer possesses. The only ones that we really saw growth in are, for example, drugs like Lyrica (pregabalin), which is now contributing nearly 10% of Pfizer's overall revenue base. And that's still on patent protection out to 2018, as well as Pfizer's well-established vaccines franchise, with the flagship there being Prevnar (pneumococcal 7-valent conjugate vaccine, diphtheria CRM197 protein). But clearly, Pfizer needs to extract more value from their innovator products, growing franchises like Xeljanz (tofacitinib) for rheumatoid arthritis (RA), and Eliquis (apixaban), which is a blood disorder drug. And those franchises just haven't matured enough, aren't generating enough in sales to take the pressure off Pfizer, and try to shoulder some of the heavy lifting away from the established product franchises like Lipitor (atorvastatin) and Celebrex (celecoxib), which as you are probably aware, have been sort of on the patent expiration cliff front for quite some time, and are facing progressively more and more generic competition in various territories every day.
CNBC Anchor: Right. OK. But when people think of Pfizer, I mean, the big story that they think about, and the first thing that comes to mind, is about inversions, and do they still pursue a tax-related inversion deal? Because from my understanding, Pfizer pays a higher comparative tax rate than their peer averages in the pharma space. I mean, why is Pfizer still paying 27% in taxes, compared to everybody else who's paying 18%?
RS: I mean, that's actually a very good question. A lot of it has to do with where Pfizer generates the bulk of its revenue. A great deal of Pfizer's high-margin sales still come from the U.S. market. And even though Pfizer has historically been very aggressive about managing its tax position - they have a very, very large team of in-house tax attorneys - I think that it's been on their mind to do an inversion for quite some time. And, I think that they've lagged behind some of their peers a little bit, which is why if you compare them to the average peer group, they pay 27% [and] the peer group pays 18%. But, it's really been a question of what inversion target is big enough to make sense for Pfizer. And the most obvious one was AstraZeneca. Clearly, that's been put on the back burner for now, but we heard [Pfizer CEO (Chief Executive Officer)] Ian Read earlier today on Pfizer's earnings call saying that the prospect of doing an inversion is certainly not out of the question for Pfizer, even with the new Treasury [Department] (DOT) legislation in place. I'd point out that one particular aspect that makes inversions attractive - earnings stripping - is actually something that was not addressed by the Treasury [Department] legislation at all. So, there's still a possibility that Pfizer could do an inversion-linked transaction at some point in the near future. It's been a while since Pfizer did its last mega-merger. This is a company that likes to grow using these mega-mergers. The last one, I'll remind you, was Wyeth in 2009. So, it's always possible that Pfizer could come back to the table and launch a new bid for AstraZeneca. Under U.K. takeover law, they could do that as early as next month.

  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    a great deal 大量;很多; 极其
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    a great deal of attrition 大量减少
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    aggressive 侵袭性的【形容词】1. 侵略的,侵犯的 2. 借故生端的;爱打架的 3. 有进取心的,积极行动的 (opp. retiring)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    anchor 【名词】1. 锚;新闻主播 2. 桩; 支架; 依靠; 【不及物动词】1. 抛锚; 2. 停泊;固定; 【及物动词】1. 抛锚泊(船); 2. 把…固定住
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    apixaban 阿哌沙班(一种新的口服抗凝药物)◆【商品名】Eliquis (艾乐妥)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    arthritis 关节炎 【名词】
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    at some point 在某个时候; 在某种情况下
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    atorvastatin 阿托伐他汀 <降血脂药>◆【商品名】Lipitor
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    attorney 律师 【名词】1. (美国)辩护律师;(英古)事务律师(现在用 solicitor ); 2. 代理人;代言人
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    average peer group 同行业平均(税率)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    blood 血液【名词】1. 血,血液;生命液; 2. 血族,血统;种族;家族(关系);家世;门第;名门,门阀;贵族血统; 3. 生命,活力;元气; 4. 流血,杀戮,杀人(罪),牺牲; 5. 血气;气质,气性,脾气;热情;激怒;肉欲;兽欲; 6. (主英)血气方刚的人;花花公子,纨袴子; 7. (集合词)人员; 8. (树木、果子等的)赤色汁液;(美俚)蕃茄酱; 9. (马的)纯种
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    blood disorder 血液疾病
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    blood disorder drug 血液病变治疗药物
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    burner 燃烧器;灯头
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    capital 资本【名词】1. 首都;首府; 2. 大写(字母); 3. 资本;基金;股款,本钱;资源;资方,资产阶级; 【形容词】1. 首位的,最重要的,主要的,基本的,根本的; 2. (口语)优秀的,上好的,第一流的; 3. 大写(字母)的; 4. 应处死刑的;致命的; 5. 资本的
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    celecoxib 塞来考昔 <抗关节炎药, 环氧化酶2(COX-2)抑制剂>◆【商品名】Celebrex
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    certainly not out of the question 当然不是没有可能
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    Chief Executive Officer 首席执行官;执行总裁◆CEO
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    come back to the table 返回谈判桌
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    comparative 比较【形容词】1. 比较(上)的; 2. 相当的,还可以的; 3. 【语法】比较级的; 4. (委婉语)(广告等)比较性的,攻击竞争者的; 【名词】1. 可匹敌者;可比拟物; 2. (the comparative)【语法】比较级
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    competition 竞争【名词】1. 竞争; 2. 比赛,竞赛; 3. 【生物学】生存竞争
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    conjugate 共轭【形容词】成对的;结合的;【语法】同源[根]的;【数、物、化】共轭的,缀合的;【生物学】配合的;【植物;植物学】对生的; 【及物动词】1. 使结合,使配合; 2. 【语法】列举(动词)变化,变位; 【不及物动词】1. 结合;(动物)交尾;【生物学】配合; 2. 【语法】(动词)变化
  • conjugate vaccine 结合疫苗
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    contribute 贡献【及物动词】1. 捐赠(款项); 2. 投稿(给杂志等); 3. 贡献出; 【不及物动词】1. 出力,作出贡献; 2. 捐款,捐献; 3. 投稿
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    diphtheria 白喉
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    disorder 障碍【名词】1. 无秩序,混乱,杂乱;不合手续; 2. 骚乱,纷扰; 3. 小病,(身心机能的)失调; 4. 【化学】无序; 【及物动词】1. 扰乱,使混乱; 2. 使(身心等)失调,使(神经等)错乱
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    drugged 【及物动词】用药麻醉;使服药;使服毒品
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    earnings 【名词】收入
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    earnings call 电话会议上宣布收入
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    earnings stripping 收益剥离
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    Eliquis 阿哌沙班(急性冠脉综合征)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    establish 【及物动词】 1. 建立;设立;创办 2. 安置,安顿 3. 使立足于 4. 制定,规定(法律、法规等)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    established franchise 现有特许专营销售
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    established product 现有产品
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    established product franchise 已有的药品特许专营销售
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    executive 【名词】1. 行政部门;行政官;执行委员会; 2. 【美商】总经理,董事; 【形容词】1. 执行的,实行的,实施的,有执行权力[手腕]的;行政(上)的; 2. 行政官的;总经理的
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    executive officer 主管人员
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    expiration 【名词】1. 呼气 2. 终止,截止;期满
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    extract 【及物动词】1. 推导出;演绎;推断出(原理等) 2. 萃取;提取;榨出 3. 摘出(要点 4. 推断出 【数学】开(方),求(根)【名词】1. 提出物;蒸馏品;精华【药学】浸膏 2. 拔萃;摘录,摘记,抄
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    extract more value 获取更多价值
  • Extracting Microarray Gene Expression Patterns and Identifying co-expressed Genes 提取微阵列基因表达模式和确认共表达基因◆【略】EPIG
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    flagship 旗舰【名词】(比喻)(同类事物中)最优良或最重要的一个
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    franchise 【名词】1. 专营权; 特许权 2. 控制权;管辖权 3. (私人公司或社团所享有的)某种特许权 4. 保险契约规定的免赔限度,免赔额 5.选举权;公民权;参政权;【历史】(某种)豁免权【及物动词】1. 给…以特(许)权; 2. 赋与…以选举权[市民权、公民权、参政权]
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    frankly 坦率地说
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    generic 【名词】仿制药; 【形容词】1. 【生物学】属的,类的; 2. 一般的,普通的; 3. (商品)未注册的;不受商标注册保护的; 4. 【语法】全称的,总称的
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    generic competition 来自仿制药制造商的竞争
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    growing franchise 不断增加新药特许专营权
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    healthcare 医疗保健;医疗卫生;健康服务
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    hearing 聆讯 【名词】1. 听(动作或过程); 2. 听力,听觉; 3. 发言机会; 4. 审问; 5. 听得见的范围; 6. 意见听取会
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    high-margin sales 高利润率销售
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    higher comparative tax rate 相对较高的税率
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    historically 从历史上看【副词】在历史上,从历史观点上说
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    housing 壳体; 住房
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    in place 现有
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    in the near future 在不远的将来
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    in-house 在内部
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    in-house tax attorney 公司内部的税务律师
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    innovator 革新者【名词】改革者
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    innovator product 创新产品
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    inversion 反演【名词】1. 倒转,反转,逆转;倒置,转换; 2. 倒置物,颠倒现象; 3. 【语法】倒装法,语序倒置法;(语言的)卷舌; 4. 【数学】反演; 5. 【音乐】(和音、主题等的)转回; 6. 【化学】转化; 7. 【机械工程】(四杆机构的)机架变化; 8. 【医学】内翻; 9. 【精神病学】同性恋; 10. 【气象学】逆温,逆增; 11. 【生物学】(染色体的)倒位; 12. 【电学】(直流电
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    inversion deal 反转交易;旨在避免美国税收的海外收购
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    inversion target 税务反转交易目标
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    inversion-linked transaction 税务反转交易
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    lagging 滞后
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    legislation 立法【名词】1. 立法; 2. (集合词)法规; 3. 立法机构的审议事项
  • lifting 吊装
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    Lipitor 立普妥◆【通用名称】atorvastatin
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    Lyrica 普瑞巴林(治疗纤维肌痛的药物)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    margin 边距【名词】1. 边缘;边缘部分;范围,限界;【军事】图廓; 2. (版心外)空白;栏外,栏外注解; 3. 【商业】原价和卖价之差,赚头;【股票】保证金,垫头,储备; 4. 余裕,余地,余额; 5. 差数;幅度; 【及物动词】给…镶边;在…加旁注;【股票】为…付保险金
  • margin sale 利润销售
  • mature 【形容词】1. 成熟的,成年人; 2. 充分考虑的; 3. (票据等)到期的; 【及物动词】使…成熟; 使完善; 【不及物动词】成熟; 到期
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    mega-merger 非常大的合并
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    merger 并购【名词】(企业等的)合并,并吞;结合;合并者;【法律】托拉斯(=trust)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    more and more generic competition 越来越多的仿制药竞争
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    on the back burner 次要地位
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    out of the question 不可能
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    overall revenue base 整体收入基数
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    particular 特别是【形容词】特定,特别,特殊,特别是,尤其是,尤其,具体,个别,独特,某
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    patent 专利 【名词】1. 专利(权);专利品; 2. 独享的权利,特权 【形容词】1. 专利的;获得专利权保护的; 2. 新奇的 3. 显然的;公开的; 4. 开展的,扩张的;【植物】张开的,伸展的 【及物动词】1. 授予专利; 2. 取得…的专利
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    patent expiration 专利到期
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    patent expiration cliff front 药品专利保护濒临失效
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    patent protection 专利保护
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    peer 同行【1名词】1. 贵族; 2. 同辈,同事,伙伴;同等的人;同等地位的公民;【1及物动词】1. 可与…相比,和…同等; 2. 把…封为贵族; 【不及物动词】同等,比得上; 【不及物动词】1. 瞪着看,凝视; 2. 朦胧出现,隐约可见;出现
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    peer average 行业平均水平
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    peer group 同行业; 同辈群体
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    pharma space 医药行业
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    pneumococcal 肺炎球菌
  • pneumococcal 7-valent conjugate vaccine 肺炎球菌7价缀合疫苗
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    pneumococcal 7-valent conjugate vaccine, diphtheria CRM197 protein 肺炎球菌7价结合疫苗,白喉CRM197蛋白
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    point out 指出
  • pregabalin 普瑞巴林
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    pressure 压力【名词】压,气压,压强,高压,加压
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    Prevnar 肺炎球菌疫苗
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    progressively more and more generic competition 逐渐越来越多的仿制药竞争
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    prospect 前景【名词】1. 眼界,风景,景色;展望;(房屋的)方向; 2. 希望,前途;远见;预料; 3. 形势;情景,景色; 4. 可能成为顾客[应征者]的人; 5. 探矿有希望的地区; 6. 矿石样品; 7. 试掘;【地质学;地理学】勘探
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    protection 保护【名词】防护,保障
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    protein 蛋白【名词】【化学】朊,蛋白(质)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    questioning 1. 疑问;质问 2. 询问; 审问
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    quite frankly 坦率地说
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    revenue 收入【名词】1. (国家的)岁入;税收;(土地、财产等的)收入,收益,所得;(个人的)固定收入;总收入;收入项目;财源; 2. 税务署;(美俚)税务官
  • revenue base 收入基础
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    rheumatoid 类风湿; 类风湿性
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    rheumatoid arthritis 类风湿性关节炎◆【略】RA
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    rights [法] 权利;权限;权益 [All rights reserved] 版权所有
  • shoulder 肩膀【名词】肩,肩部,肩关节,肩头,肩负着;肩负【及物动词】承担
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    stripping 【名词】1. 剥离,剥脱; 2. [化学]汽提,蒸汽脱附
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    take the pressure off 减除压力
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    takeover 收购【名词】接收,接管(政权等)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    tax 税【名词】税收,税务,纳税,征税,税款,税制,税费,税率,课税,所得税
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    tax position 税务情况
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    tax rate 税率
  • tax-related 税收相关
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    tax-related inversion deal 避税反转交易
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    territory 领土【名词】领地,境内,地盘,地区,本港,国土,领域,港
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    that's been put on the back burner for now 到目前为止该提案一直被撂在一边
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    the bulk of its revenue 大部分收入
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    the heavy lifting 艰巨的任务
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    the most obvious 最明显的
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    the prospect of doing an inversion 进行税务反转交易的可能性
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    tofacitinib 托法替尼◆【商品名】Xeljanz
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    transaction 交易记录【名词】1. 办理,处理;交易;业务,事务; 2.【法律】和解; 3. (学会等的)会议记录;学报; 4.【心理学】相互影响
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    treasury 库务署【名词】1. 宝库,宝藏; 2. 金库; (the T-) 英国财政部;国库;国库券,公债券; 3. 贮藏所,库房; 4. 宝典,宝鉴;知识宝库(指人或书籍); 5. (剧、俚)剧团团员的周薪
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    Treasury Department 财政部◆ Department of the Treasury (DOT)
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    try to shoulder some of the heavy lifting 试图承受部分售销收入负担
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    vaccine 疫苗【名词】1. 疫苗,牛痘苗;菌苗; 2. 【计算机】免疫程序软件,抗病毒软件
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    various territories 不同地域市场
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    well-established 良好建立的; 已完善的
  • Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615
    well-established vaccines franchise 完善的疫苗产品特许专营权
Sound e31a43d441998f862b764d17930467a5a23de45c433219259bed5eb42e3a7615