Greetings and welcome to the Teva Pharmaceutical Industries third quarter 2009 results conference call. At this time all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) It is now my pleasure to introduce your host, Ms. Elana Holzman. Thank you, you may begin.

Thank you, Diego. Good morning and good afternoon everyone. Welcome to Teva’s third quarter 2009 earnings call. We hope you had a chance to review our press release which we issued earlier this morning. A copy of the press release is available on our website at www.tevapharm.com. Additionally, we are conducting a live webcast of this call that is also available on our website. Today, we are joined by Shlomo Yanai, President and CEO, Eyal Desheh, Chief Financial Officer; Bill Marth, President and CEO of Teva North America; Moshe Manor, Group Vice President, Global Branded Products and Gerard Van Odijk, President and CEO of Teva Europe. Shlomo and Eyal will begin by providing an overview of our results. Please note that Shlomo will be referring in his prepared comments to non-GAAP gross margins, operating profit, net income and EPS. Eyal will provide additional detail on the items excluded from our non-GAAP results. We will then open the call for question-and-answer period. Before we proceed with the call, I would like to remind everyone that the Safe Harbor language contained in today’s press release also pertains to this conference call and Webcast. Shlomo?

Thank you, Elana. Welcome, everyone and thank you for joining us today as we review Teva’s results for the third quarter of 2009. This was it superb quarter for Teva with record breaking results across the board, including record sales, gross and operating profit, net income, cash flow and EPS. Teva’s net sales in Q3 reached a record $3.6 billion with gross margin of 68.2%. We approached the $1 billion mark in quarterly operating profit reaching $997 million, a 42% increase over the third quarter of 2008 and for the first time we crossed the billion dollar mark in quarterly cash flow from operations. Net income in the quarter reached $806 million and all of this ultimately brought us to EPS of $0.89. Teva’s growth involves the top and bottom line in Q3 was driven by contributions from the across our many direct businesses and geographies as well as by the continued efficiency of the Barr integration, a subject that we will say more about after a quick review of the performance of our major businesses during the quarter. In North America, we had an excellent quarter with Pharma sales of $2.2 billion up 34% over the third quarter of 2008. Sales were lead by our U.S. generic business which benefited from the launch of Generic Ortho Tri-Cyclen Lo and Generic Eloxatin as well as by continued sales of the generic version of Lotrel and Adderall XR and a solid performance from our base business. Since the start of the year we have launched 17 new products in the US, representing annual brand sales of $11.5 billion. This has increased our product portfolio to a level in access of 400 molecules. Our pipeline now totals 210 files representing $113 billion of brand sales, 83 of these are files or certified…

Thank you, Shlomo and good day everyone. I hope you’ve had an opportunity to review the press release we issued earlier today. As you can see, the positive momentum in our business continued into the third quarter of the year and we’re reporting today another record quarter for Teva in terms of sales, GAAP and non-GAAP operating income, net income and non-GAAP EPS there’s a lot of record. Equally important, cash flow and free cash flow reached record highs. These results were driven by a good product mix, tight expense control and continued progress with our integration with Barr. During the quarter, we also work to strengthen the balance sheet and to improve our financial leverage even further. Before we go into the numbers I would like to remind everyone that we are presenting GAAP and non-GAAP results, in a non-GAAP presentation we have excluded the following items this quarter. Amortization of purchase intangible assets and inventory step up totaling $147 million of which $138 million are included in COGS and the remaining $9 million are in sales of marketing, $47 million in restructuring costs, these cost partially reflect the integration of our facilities in Germany with total Barr operation in Germany and we moved our operation into Barr and closed down our offices while reduced headcount of the Teva employees, these expenses are part of the P&L and part of the EPS as we do when we get closed down the Barr facility. $37 million in impairment of assets these amount result primarily from the write off of product rights, $13 million in legal settlement in connection with the product of four litigation and in addition, the related tax benefits of $87 million. You should note that the items excluded in deriving at our non-GAAP result in the third…

Thank you. We will now conduct a question-and-answer session. (Operator Instructions) Our first question comes from Randall Stanicky with Goldman Sachs; please state your question.

Great, thanks guys. Just one question and then a follow-up, Shlomo, based on your comments today around M&A, should we read that to see any change in your interest in either generic versus a brand deal or the size of potential deal?

No, my message was actually nothing has been changed. Our strategy is as I explain many times that our major business is India, generic arena. This is where we see more potential to growth. We have in addition a very interesting and very profitable branded business, which we NIOSH and going to grow as well and a lot of important things of how we are evaluating and how we are targeting and later how we are integrating the acquisition and Teva is an accretive company, we’ll continue to acquire companies in due time, so I don’t want to raise any speculation on any other kind of misunderstanding about the Teva future.

Okay, fair enough. Then a follow up that maybe for Eyal, on the lines in the R&D spending in general, how do you think about the JV investment and in the reimbursement that line items down ran a little bit from the last quarter to this quarter. So, as we think about modeling over the next several quarters how should we think about the contribution from those two angles?

This quarter, we had a much smaller reimbursement was about $8 million, which reduced our R&D expenses quarterly as far as I know there’s nothing much left from these reimbursement and everything in the future will be done jointly by the contribution for the two companies equally, the last of the two statements.

So, how much should we expect you to contribute to the JV going forward on a quarterly basis?

In terms of our investment and our share investment by view I repeat the question I don’t think that we ever communicated on a product line by product line level, but on an annual basis we’re talking about tens of millions of dollars, not hundreds.

Okay, thank you.

Our next question comes from Scott Hirsch with Credit Suisse; please state your question.

First, you noted that in the gross margin expansion or in the gross margin in general you saw at least partly part of that was driven by better gross margin in the US base generic business and I’m kind of curious how pricing situation is overall.

Bill, will you take this?

Sure, thanks for the questions, Scott right now, the base business has been very strong, obviously you do know that some of our competitors have had some issues in the market so we have been able to pick up some of those products and we’ve picked those up in our pricing and not at previous pricing so we’re looking for both share growth as well as some positive pricing trend, as well as the things that Teva does everyday with driving down its API cost and driving up the sufficiency, so all of those have combined to make the base a little bit more profitable.

What is your flexibility in pricing for Copaxone compared to I guess the Avonex and Betaseron, Rebif? Is there still more room for pricing flexibility?

Well, I think at this point in time that we are priced competitively. We don’t want to be the lowest price in the market nor are we necessarily the highest, so we’ll wait and take our time and see what happens with the market.

Then just lastly, does settlement legislation here change the way you think about at risk launches, post 30 month stays? Does this model change in the future in anyway?

The thing about the legislation that’s currently out there is it almost favors Teva in the situation that we are able to launch our product at risk and at that point in time all of the settlements we have recently entered, you go back to ethinyl estradiol, Ortho Tri-Cyclen® Lo if all been the same sort of settlement which is totally appropriate within the current legislation which is a date of entry settlement, so in a strange sort of way, if the settlement Bill goes through, I’m pretty well convinced the only people who will be able to settle will be Teva.

Interesting. Okay, thank you.

Our next question comes from Rich Silver with Barclays Capital; please state your question. .

Just on Copaxone, it seem likes it’s increasingly difficult to forecast, at least for us year-over-year we’re looking at 11% growth and you reported 53% year-over-year growth and there was only about a 10% price increase. Can you help us reconcile the script in the sales growth and what might account for this other than price and I have one follow-up.

Hi Rich; first of all, you should see that a different quarter of 50% of the Copaxone growth came from quantity, not from price. I think that this is a very good example to show the quality of the Copaxone in the long term with more holistic point of looking and I think that Copaxone will continue to increase to get as the safety, which is a very important part. It’s again and again pulled by this product to the MS patients. Now on the other hand, I don’t think that you should take this quarter, which we are very proud of as the kind of the quarter that will give you a new Barr of our growth rate of Copaxone. I think Copaxone continued to grow, but sometimes and again as you will know a quarter is not the right way to measure a Copaxone future. Moshe, if you would like to add on to that please jump in.

I think the growth in Copaxone as we see it in the U.S. and outside the U.S. is mainly driven by quantities and share growth and I think Copaxone as of the uniqueness, we believe that Copaxone will continue to grow and continue to out pace market growth in all of the rest of the year and in 2010 as well.

Historically, the inventory levels have been relatively low, so can we still assume that again this difference, which doesn’t seem to be accounted for by price has nothing to do with any kind of inventory changes?

Yes Rich, this is Bill Marth. No, we haven’t seen any inventory changes. Right now we’re in the 20 days area, 21, 22 days inventory is out there. So it’s remained fairly constant. So we’re pretty happy with that.

Okay, just one follow-up on R&D. Eyal, on the last call, when R&D spending seemed to come in a little lower because of the longer reimbursement, you said for the year a 6.8% to 7.2% range for full year R&D spend as a percentage of revenues is a good number. Is that still the case?

No, I don’t think so. I think I mentioned that in my opening comments, the thing what we have done during the year, we looked at R&D and the throughput of R&D, what we got from the Barr acquisition, the level of [performance] that we have, how can we deliver more without expanding resources and I think that the 7% average that we predicted for the year. I will not have a clear number in our strategic plan. We are planning to peak at around this time and then to start leveling down. I think we peaked a little earlier and the number is good, but it could be somewhat lower; having said that, Q4 is going to be definitely higher than Q3 in absolute numbers and probably also in percentage of sales, because we’re planning a lot of activities both on the generic and beyond generic part for Q2, but we do not make up to do at 7% from R&D margin.

So next year, do you think that would be still at 7% or below that number?

We are not yet on the 2010 because we are in a planning process, but let me jump in here by emphasizing one thing that I believe that it’s important to say when we are talking about Teva’s R&D. We remain committed to our plan to double our generic R&D out groups from the 2007 level, when we initially launched our strategy for the next years. As for this year, I can assure you that we doubled the number of our submissions and what counts or what really counts, is the output and not the expense. As Eyal said, part of the Barr pipeline has enabled us to keep the R&D expenses lower. Now to a certain degree in the R&D, we will double the output for our R&D, so our future is safe and actually even bright, but when it comes to other part of our R&D, that could ramp up the level of investment or expenses in R&D, because as Eyal said, we have also innovative R&D product and Bio-G product and some specialty R&D activities as well.

Thank you.

Our next question comes from Chris Schott with JP Morgan; please state your question.

Great, thanks. First question is just can you elaborate a little bit on the trends you’re seeing in your Western European business and I guess, I had a bit of turbulence still in the French market. I guess, specifically what you’re looking at to turn these markets around for Teva and I said, a follow-up from there.

Eyal, would you take this question please?

Yes, Bill, with pleasure. First of all let me say, if you look at what the overall European dynamics has been as exactly it’s been turbulence, but there has been some clear spots of good news in there as well. Altogether we could say that, we are very happy with the performance as mentioned of our business in Poland, which is by the way the only European market that hasn’t gone into recession. We are very happy with what’s happening in Germany. We’re growing our business there and we’re seeing our position in around about the number five position in the marketplace being cemented there. Three, we see our Central European business taken up extremely well, the branded part of that business, is branded generics markets. We are really performing very well, we’re growing our share in places like Hungary, but in many other markets in that area we’re doing extremely well and although there is a slowdown of the economy in some places, even a bad situation with negative growth, we’ve continued to grow our share there. We are continuing to build on the success of the acquisition last year in Spain of Bentley and we’re growing our business there and although the total market is slightly behind our expectations, we expect that to pick up, because there is a clear growing demand for the sort of medicine that we bring to the market. The generics market is clearly underdeveloped there, but then turn to Markets like the U.K. and the Netherlands, where there is much more of price competition. We see in these markets that in particular in the trade and the wholesale, there is a lot of tension and there’s a lot of margin being squeezed out and in those circumstances, we are doing very well. We’re…

Great, thank you. Just a follow-up on just the U.S. side, on the U.S. generic business, can you comment specifically, did you see any benefit from EpiDex supply interruptions with the Q3 results or is that more of an opportunity we should think about in Q4 and beyond? Thanks.

Thanks for the question, Chris. The EpiDex share, you don’t see it show up in our share right now. EpiDex did have products in the market. They were blocked in bringing further products into the market. We overlapped on 60 some different products and we think we did pretty well there. I think you’ll see the share gains in the future. We’re now looking to drive our share in the U.S. generic market to around 25% up from where it currently is, so we think that we’ve done pretty well with that.

Great, thank you.

Our next question comes from Greg Gilbert with Banc of America/Merrill Lynch; please state your question.

Thanks. First for Eyal and Shlomo, just to avoid any speculation, can you tell us which financial metrics and time periods you will specifically be discussing on January 5?

Yes, when we talk about our strategic plan between the January 5 and the end of 2016 and in terms of financial metrics, I’m afraid we’re not going to be very innovative, we’re going to talk about sales, expenses, profit, business drivers, how the company is going to look like, engines of growth and everything you talk about when you discuss strategy.

Great, thanks.

I hope that answered.

Yes, certainly and then my follow-up is about Copaxone. Do you have any update on the high concentration Copaxone and if not, when will we get that and then Shlomo, you talked about Copaxone patents in 2014 and 2015. The 2014 ones in the Orange Book, can you expound on the patent or patents that go to 2015 and those non-Orange Book patents or patents in other countries? Thanks.

Moshe, would you lend a voice on the patent issue on ‘14, ‘15, and then we’ll get back to the rest of your question.

So the question on the patent outside the U.S., that’s for 2010 and ‘15 and my another question on the going touch and then...

I’m sorry, I was just making sure there were no patents in the U.S., that you were alluding to that go past 2014, is that correct?

Yes. Definitely and above the injection volume, actually we already completed the enrollment of the study about 150 patients and we’ll have the results at the end of this year or the beginning of next year and based on the results we’ll make a decision out and move forward with the project as well.

Thanks.

Our next question comes from John Boris with Citi; please state your question.

Thanks for taking the questions. First question just back to M&A, I think in your criteria, Shlomo that you laid out one of the most offer new products, can you be a little bit more specific you had indicated a preference for branded products relative to generic products. So is that a bit of a change from your last commentary and then you provide any insight into the size of the deal that you’ve in the past collared, the size of the type of the deal that you’re going to do, but can you provide any insight into that and then I have a follow-up for Bill.

Can you be so kind and repeat the first part of the question, because we hear it here very badly.

Sure. It has to do with M&A, the criteria that you outlined as far as your approach to acquisitions. I think you indicated, Shlomo, to offer new products. Can you be a bit more specific about your preference for branded products relative to generic products and again your former stated you’ve indicated you wanted to drive your branded share as a percent of total sales higher? Then on size of deal, you’ve collared the size of the type of the deal that you’re interested in doing. Can you provide any commentary as to whether your previous statements about size of deal are still intact or whether you’ve changed that and then I have a follow-up for Bill Marth.

Okay, first of all, the criteria that I mentioned are the same criteria for buying or acquiring the companies or acquiring products. They are the same that the rationale is the same rationale. As I said, we’re going to discuss more about our strategy on the January meeting and we will cover there of course an update, a strategic vision for the timetables, the time range that Eyal just said, i.e., till 2015. Generally speaking, I can say that we see even in the non-current future, Teva major business of the generic business and of course, we’ll grow in also in parallel percentage or awfully speaking the same ratio our blended in the blended business in the blended business, we will put some more focus and what we call the specialty segment where we believe there is a good future for Teva. Because we’ll maintain our growth strategy and I’m sure that we will enhance and do some enhancement in those part of the business, but this is generally what I can comment on acquisition now. Regarding the size is not I think the real issue. The real issue is the strategic fit and the economics and the accretion element as I mentioned before, these are the three major components that we are looking for and definitely based on our capabilities and our strategy, we will hit or try to stick to these criteria.

Okay, thanks and for Bill, on Prevacid, how you’re thinking about that opportunity? How it’s shaping up in terms of how you’re going to capitalize on not only the capsule formation, but an update on the legal situation around the OTT formulation?

Yes, John as you may know, right now on the OTT, that is still before the Judge and we have not heard from her yet so we are hopeful that we will hear before November 10, and that’s probably about all we can say on that. With respect to the capitals of course, we do expect that it will launch on November 10. We have the attentive at this point in time. Of course, we have heard that Sandos is going to be the AG that’s about all we’ve heard, so it’s a very fluid situation. We hope it will be favorable for us and we’re cautiously optimistic.

Thank you.

Thank you. Our next question comes from Ken Cacciatore - Cowen & Co; please state your question.

Hi, guys, thanks. Bill, can you comment on the Shire litigation concerning Adderall XR, if can you put context around that seems like you’re not satisfied with the amount of products you’re getting? Also maybe could you give us a regulatory update on Lovenox, for both and you if you’re aware of anything surrounding your competitor? Eyal, I believe original revenue guidance was $14.1 billion $14.6 billion in 2009 and that clearly seems like if you’re going to be falling below the range? Can you just give us some sense as to why that is? I think that was even currency adjusted, did we just miss a launch that you thought you were going to have in your numbers or maybe put a little bit of context around that? Thank you.

Maybe we’ll start with the revenue. Shlomo, do you want to take that one?

Ken, let me first take the one on the top line forecast. I’m sure that as we know, this has been and continues to be a very volatile year, especially when it comes to a foreign exchange rate, as you just seen just the first three quarters of this year, we experienced a negative effect of our top line of $670 million, only this quarter we said $160 million negative impact. So this was very volatile and developing which makes it very difficult to provide a precise projection regarding the top line this year, but back to your question, I would say that we expect to be in the neighborhood of $14 billion and definitely we’ll do our best even though the dollar from moving part even though FX and others as you mentioned that we would be in our numbers.

Great and then maybe Bill’s quite maybe…?

Yes, Ken, good morning. On the Adderall, right now, obviously we don’t like to comment on ongoing litigation, but what I would say is that it’s a very simple situation of we think the agreement is quite clear that Shire needs to supply us what we’ve requested and we don’t think they’re doing a very good job at that so I think I’ll leave it at that. Your second question was with respect to Lovenox. Again, I wish, I had a Crystal ball and could tell you exactly that when that approvals come and I can’t really comment too much for the other players in the market. I’m not sure where Momenta is right now and I’m not sure about Amphastar. What I do know is that we see application progressing very nicely. We’re getting very normal questions back around labeling and all of the typical stuff. So we do see activity and very positive activity.

Thank you. Our next question comes from Ronny Gal with Sanford Bernstein; please state your question.

Good morning. Thank you for taking my question. First, I’m looking at my model and looking at your range for 2010, therefore 40 and 4.60 and thank you very much for providing it, but there seems to be a lot that is still in litigation and I was wondering if this is essentially your best guess now, but if obviously litigation cases work the way through the court in 2010, the possible range of outcome is much wider than 40 then 4.40 and 4.60 and I do have a follow-up.

Ronny, hi, it’s Shlomo. Again to apologize, we hear your voice very turbulent, so if you can be so kind and repeat your question?

Sure. I mentioned that, you gave us a nice guidance, the 4.40 to 4.60 next year, but there seems to be a lot more that is still in some of the courts right now and I was wondering if this is simply the number you’re willing to commit to now and if things work through the courts obviously your guidance will have to change?

I think now we heard you well, thank you. It’s Eyal, I’ll take that and Bill you may jump in and add, because you’re on of course in the United States, but it’s a simple standard answer. I mean, we tried to risk adjust our business plan. We know that we’re now going to win every case, but we know that we are going to win some. We try to bring everything into consideration and be sure that we know we are predicting. They’re moving parts, I mean there’s no doubt and it could go a little higher and it could even go a little lower, but there are other parts in our business, which are not intended for litigation. So that’s where we are and at this time of year we are all busy and finalizing our work plan, working how to do, making sure that what we predicted early this year is still valid and they are in the middle of the evaluation. Bill, do you want to add something on the litigation part?

Yes, Ronny, just a couple of follow-ups. I mean of course and we talked over and over again about the venlafaxine and people know that, but there’s a lot of other cases out there such as we feel pretty good about Angiomax, Gemzar. We’ve already talked about Mirapex comes at the beginning of the year. We’re very hopeful on the appeal on Vista and Temodar is just to name a few is an exciting opportunity for 2010.

Very good and second I guess this is more of a global question. You kind of there was a nice discussion there quite earlier about potentially pushing up the R&D a little bit towards the 7% rate year throughout, but if kind of looking at your business model once they’re branded, two third generic and looking at the branded R&D of around 15% and I know you want to keep your R&D level low, but it looks thinking about your investment rate, shouldn’t as R&D line be closer to 10% as opposed to closer to 7% two or three years out?

No, I don’t think so. I think that the more we look into our future and you’ll remember that we are willing to maintain the ratio, roughly the current between the branded business and the generic business. We believe that we will do more than okay in the current numbers. It’s important to emphasize that from my perspective, its expectative is the name it’s not the end. The end is where we are willing to grow, what are the products we would like to develop and we come to the conclusion, that this is the products or this is what we would like to be in then we will dedicate the plans or whatever is needed in order to be there. Right now, we think that we are doing it, we are achieving our target without R&D and we have a different kind of R&D in Teva in the like level. So you should not expect us to go into the finish kind of with numbers.

So do you believe that your current branded pipeline is wide enough to support your growth in the three to five years out?

Generally speaking, to where we would like to be, I believe so and definitely part of our long term future would be not only organic R&D in this respect but also to a certain degree some acquisitions that would compliment our immediate portfolio to support our future projected sales in our branded part of the business.

Thank you.

Our next question comes from Elliott Wilbur with Needham & Co.; please State your question.

Good morning and a question for Shlomo, if you could just comment on performance trends in the TAPI business in the quarter. I know during your last strategic review you talked about this being roughly a $1 billion business by 2012, but sales have continued to remain relatively soft. I still think we’re tracking roughly around 2006 levels. So I’m just sort of puzzled frankly kind of given to strengthen the overall generic business worldwide, why we’re not seeing stronger performance trends in that segment? Then maybe just a follow-up question for Bill, if you could just give us kind of your latest read on where exactly we are with respect to Biologic’s legislation and what we should be looking for there? Just maybe some color commentary on the notion that 12 years is a significant set back for the generic industry and thinking there is that while obviously, to longer period of time than what you hope, the reality is that at least economically, you could be looking at products that are multiples above kind of where they are in the seven year in the life and 12 year, so I’m wondering how damaging you really think that is, thanks.

Let me first answer the TAPI part of your question. You have to be aware that, when we acquire companies, actually, we also acquire part of our customers, so from that point of view, the Barr acquisition actually took a third party or external customer and make it a determined one. So what you see in the TAPI numbers, actually the third party business or the external part of the business and I’m just giving it as an example, because as we grow the business, TAPI is more busy with supplying Teva’s internal needs and definitely in the same time we would like to grow our external business a part of the number that we see is, because that we actually move part of our customers into our internal universe. So we TAPI continue to grow the business, TAPI is the largest API producer in global terms and that’s basically what I can say on the TAPI product. Bill.

Thanks for the question, Elliott. There was a couple of perspectives here on biogenerics. I mean, first as the Chairman of the Association I have to say that, you probably did see the letter we sent to the White House asking the Biologics legislation is stripped from healthcare reform, because we think with 12 years of exclusivity and really the troubles around the evergreen, it’s just not helpful. It doesn’t really create any competitive situation for the generic industry, so that’s my Chairman in GPHA. That said, from a Teva position, we’re going after these products whether we have to do it through an ADLA or ADLA, and we’ve talked a lot about our filing or GCSF and again, we are hopeful that we will get that accomplished yet this year. We are hopeful that we will get that accomplished yet this year. We are hopeful about products like Neugranin, which is the Albumin infusion, HCA to the Albumin infusion GCSF. So we’re going to go after these products one way or another as Teva. So as I’ve commented many times to the press, don’t feel bad to Teva. Teva is going to be in these markets regardless. What I would feel bad for unfortunately is for the American consumer, because I think they’re getting a bad deal.

Thank you. Our final question comes from Mark Goodman with UBS; please state your question.

Two questions; first, Bill, you talked about Adderall XR a little bit, but I guess I’m just a little confused. I mean was last quarter a big quarter of Adderall XR in this quarter, was it a very light quarter because of supply issues? Is that the way we should think about it and we’re hoping to get it back together in the fourth quarter?

Yes Mark, I think you need to think about the supply issues as kind of post 180 day issues. This is going to be a tough market as far as supply I think. The way the situation is worked out right now. In supply side, there’s not a lot of inventory out there. So right now, we are hopeful that our litigation will shake some things.

Okay and then the other question has to do with the innovative business, some of the products, we seen a lot of press releases just over the past three or four months. Can you talk about just some milestones and things that we should watch for and on the innovative side when will we see products hit the market whether it’s Europe or U.S., just over the next 12 months, just give us a flavor for what we should see?

Yes. This is Moshe. I think first of all, as we discussed near term opportunities on the Copaxone and 0.5 M&A then we talk about the Azilect in ADAGIO and the results on the ADAGIO study and then the goals going forward. In addition, if you look at the innovative on the branded pipeline, I think we have a few interesting products, definitely laquinimod. We believe that laquinimod is a huge potential for us and looking at the MS competitive landscape in the coming years. We have the private loan product that we’re going to see results in next year and this is a very interesting opportunity for us and other indications that we are developing with laquinimod. So all-in-all, this are relatively I think midterm opportunity and on the innovative side. We need to remember that on the other segment as well we are developing other branches that respiratory as well we’re developing a few products on respiratory and we have a good development plan for our women’s health business going forward and definitely the biology is one of our growth engines let’s say beyond 2010 and ‘13 or ‘14 timeframe, so all-in-all if you look at the entire spectrum to branded activities, which means that we have a good pipeline and interesting robust growth going forward.

Thank you. I would like to turn the floor back over to Shlomo Yanai for closing comments.

Thank you all very much for joining us today and I look forward to seeing you in New York on January 5. Have a good day.

Ladies and Gentlemen, this concludes today’s teleconference. You may disconnect your lines at this time. Thank you all for your participation.