Morning. Good morning, everyone. My name is Kevin Mannix, Senior Vice President of Investor Relations for Teva. I'd like to welcome you to Teva's Third Quarter 2015 Investor Meeting. I'd also like to welcome everyone who is joining us remotely by phone and on the web. A copy of the slides as well as this morning's press release can be found on our website, tevapharm.com, under the Investor Relations section as well as on the Teva Investor Relations app. Discussions during today's event will include certain financial measures that were not prepared – discussions during today's event will include certain financial measures that were not prepared in accordance with generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in this morning's press release. We'd ask that you take a moment to read the forward-looking statement on slide 2 regarding our projections in our presentation as well as in our earnings release. During today's presentation and Q&A management will make projections or other forward-looking statements, which are dependent upon future matters or events. Before we kick things off I'd like to take just a quick moment to run through this morning's lineup of speakers, which can also be found on slide 3. Including a review of the third quarter results we will have approximately an hour of presentations from Erez Vigodman, Teva's President and CEO; Eyal Desheh, our CFO; Siggi Olafsson, President and CEO of Global Generics Medicine; Dr. Michael Hayden, President of Global R&D and Chief Scientific Officer. We'll then spend the rest of the available time taking any of your questions ending no later than 10 a.m. And also joining us for the Q&A session is Dr. Rob Koremans, President and CEO of Global Specialty Medicines; Dr.…

Thank you. Thank you very much, Erez. Very happy to provide the financial review for yet another very good quarter for Teva. We have been beating and raising our results for quite some time, and we do it this quarter. We're not taking this for granted. A lot of work been invested in making these results happen, which is our obligations to you. So review this quarter. Revenues were 5% down due to currency impact, which I will show in a couple of slides. But they were 3% up in real terms, very strong gross margin, very good cost control, very strong cash flow, which I will review in more detail. And see how our cash flow picture is really supporting our ability to go with inorganic growth in business development transactions. When we look at the year-to-date results, very, very strong on minus-2% revenue, but 6% growth in real term. We have very, very strong results to deliver, 9% in all line items, 9% increase year over year. In real terms, constant currency, this is 11% growth that we are delivering for operating income, net income, and earning per share. And a strong cash flow for the year. I will show a forecast of how we believe our cash flow is going to end the year. And last but not least, EBITDA. A lot of focus on EBITDA these days around Teva. $5 billion year to date for the first three quarters of EBITDA. Very strong supporting our credit, supporting our cash flow, and supporting our results. Foreign exchange. We continue to see headwind compared to last year. Most of the decline of major international currencies against the dollar happened in Q4 last year to remind you. So we compare Q3 to Q3 we see a real decline, which…

Okay. We're going to start the Q&A right now. Gentlemen, if you could just join us on stage. And there are going to be a couple people walking around with mics. Just get everybody settled. Yeah.

Thanks. Good morning. Liav Abraham from Citi. Firstly on the Actavis Generics transaction, Siggi, can you just remind us what if anything could derail the transaction? And this is – is it 100% go? Is there anything that could stop it from happening? Secondly, for you on EpiPen you spoke about a second half 2016 launch. Can you talk about your confidence level in a second half 2016 approval? Any additional commentary on your interactions with FDA? And then thirdly, perhaps for Michael or Erez, interested in your capacity for incremental branded deals, given your success with Labrys and Auspex. And to what extent this is a focus and feasible from a balance sheet perspective over the next 12 months. Also given the dynamics in terms of asset prices at the moment. Thanks very much. Erez Vigodman - President, Chief Executive Officer & Director: So I'll start with number three. Will modeled $5 billion of capacity for additional BD transactions until the end of 2016. Rimsa basically occupies $2 billion out of $5 billion, rest is going to be dedicated for Specialty deals until the end of 2016. And as we go along with the integration and basically generate a caseload from the business combination, we'll very rapidly be able 2017 onwards to continue directing our resources towards the Specialty deals in order to bolster further the Specialty pipeline. Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: So we have on question one around the deal. The deal with Actavis is fully sealed. You can read it from the MPA. Obviously the MPA is available online. The only thing is the customary antitrust issue that needs to be reviewed before closing, so no other transaction can derail our acquisition of Actavis Generics. With regards to the EpiPen, my comfort, I think I will comment on that when or if I see the complete response letter, because it's important to not – I really don't know what the issues are. At this point in time the reason why I'm making this statement is having been in this industry for 22 years, I know that we are not at the point of getting approval. There's an action date before the end of the year, so we felt it was important to inform you that we expect a complete response letter. With regard to my comfort I think let leave to see what the FDA comes up with in December, and I'm then happy to talk about my comfort. Erez Vigodman - President, Chief Executive Officer & Director: So there is – I want to underscore it. There is no way out from the Actavis transaction. No way out. We sealed it in the agreement with Allergan. It's clear. I am underscoring given the basically noises around us, no way out. The deal is sealed.

Randall?

Randall Stanicky from RBC Capital Markets. I just want to follow up on that. Siggi, does the fact that you have a CRL make you more confident that you are looking at an AB-rated approval versus a non-interchangeable approval, number one? Number two, we published some work this week that suggested that the average target action dates as a percent of overall backlog for companies was 7% in June. And now is 30% to 60% of the overall backlog for most companies. Can you confirm where you're at with respect to that? And then the follow-up to that would be, what's your best guess of a hit rate there? Obviously you can get an approval, a tentative, or a complete response letter. And it's early. I don't think we know. But is it 50-50? I mean how are you thinking about the potential for I guess an approval bump off of these target action dates? Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: So if we take the target action date, so we are getting them, quite a few of them for our backlog. We are probably – I don't know the exact number but we are probably close to the average you mentioned in your question. In terms of what actually we get, I think really the FDA has stepped up. I told some of you that FDA was disappointing in first quarter where the backlog even increased. I think now we are have started to sit down to negotiate a new PDUFA which somehow has impacted I think the acceleration of the FDA. FDA has also presented to us the – how many new reviewers they have working on it. And really I think FDA has also stepped up in terms of communication and working with us. So in terms of the action days we feel that they pretty much – they meet them so far. But you either get the complete response letter or an action on your application. With regards to the comfort as I've said before, our EpiPen was followed by 505 BA application. And it doesn't automatically switch into a 505(b)(2) overnight. There's no magic that can happen down in Washington. So my assumption is, and we still think we are going for an AB-rated EpiPen. That's our strategy. And until I see what I get in the complete response letter I don't think – I can't even speculate. But our application is for AB-rated, not for non-AB-rated.

But the back and forth so far with FDA suggests that you're on the path for an interchangeable... Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: We have had multiple interaction with the FDA, and so far there's no roadblock. But basically the review isn't far enough to get action of approved on or declined.

Doug [Tsao]? Can we get a microphone? Erez Vigodman - President, Chief Executive Officer & Director: Go ahead. Doug, you're next. Yeah. Please go ahead.

Oh, okay. Thank you. Thank you for taking my questions. So I had quite a few here. First question I had was your thoughts on a generic Restasis. And if you will acquire something like that through the Actavis deal. And then secondly, any update on how we should think about divestitures needed to actually close the deal? And then last thing here is just on your thoughts on the budget debt ceiling proposal and the potential limit to generic drug price increases. Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: All right. So let's start on generic Revlimid. Of course I love that asset. There is only one filer, and that will be coming with the transaction. The challenge there – just keep in mind the challenge there is not the formulation of the product itself. It has to do with the availability of the RLD of the product. I have said it before I think Celgene is at the high tide of settling this issue, because who knows what comes up from discovery. So I think it would be an opportunity at some point in time to sit down. I obviously from my previous life, I know the application, I know the status of it. But somehow I managed to forget that all when I signed my CDA and left Actavis to join Teva. But I think we have a great comfort in the asset that we are getting over and it's a good opportunity. The brand has been growing extremely well. And what we have in hand here is I think something – it's probably not 2016. But going forward I think it's a great opportunity for the new Teva. No question about it. In terms of the proposed legislation on pricing control on generics,…

The divestitures. Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: The divestitures.

Yeah. Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: So as we told you in the beginning, in our modeling we were very conservative in our modeling, which we showed you when we announced the deal. So far we are well within that conservative. So it doesn't affect the model. But it's too early. Basically the decision on the divestiture comes at the last moment. I think today we have a very healthy discussion both with the European Commission and the U.S. FTC. No surprises, really no surprises. I think in Europe just to keep in mind the main divestiture would be in U.K. and Ireland. And then the U.S. we are moving along, but it's exactly as we expected in the beginning and within the limit of the business model we put forward of impact of divestitures.

Well can you – oh sorry. Just can you just comment on... Erez Vigodman - President, Chief Executive Officer & Director: All right. Doug [Tsao] and then Chris [Schott]. Kevin? Kevin, speaker please?

Question. Erez Vigodman - President, Chief Executive Officer & Director: Right.

Yeah, could you just follow up, Siggi, on what your pricing trends are here in the U.S. for the Generic business and abroad? Certainly I think there's a lot of questions that we get about how sustainable pricing trends are in the Generic business. And then secondly, on the complete response letter for EpiPen that you think you will get, do you think it would be unreasonable for the FDA to ask you to do a head-to-head study versus EpiPen? Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: So on the pricing, I think pricing is obviously based on the competition. We have talked about that the overall pricing trend is down. What will change that? Obviously there is different things. I think the consolidation of the customers affect pricing. I think the backlog when the FDA releases the backlog of 3,000 NDA affect pricing. I still think the pricing environment has been quite favorable for Generics versus 6 years ago. But it's impossible for me to guess how – what will happen. For me to guess what the FDA is thinking I think it's highly unlikely a head-to-head study, because first of all it's an injectable product. So it's not the bioavailability of the product we are talking about here, it's an epinephrine that's injected to the body. So it's not the bioavailability. So I think that's highly unlikely, but obviously I can't comment on what the FDA is going to do.

Just really quickly I mean there have been other BX-rated epinephrine injections made available in the U.S. market, but never an AB-rated version. And I think the question the market has is, what is the hurdle that you think you have to cross to get that AB rating? Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: And that's exactly I hope to tell you when I see the complete response letter.

Okay. Great. Thanks. Erez Vigodman - President, Chief Executive Officer & Director: Yeah. Go ahead.

Thank you. Doug Tsao from Barclays. So, Siggi, maybe a first question for you in terms of how you see durability of GRANIX, given the fact that we now have RTO, a true biosimilar to the Neupogen product approved? And then also maybe for Rob a comment in terms of Copaxone 40 milligram, sort of what you've seen in the 20 milligram market with the competition from Glatopa in terms of what you've learned and the durability of that brand's – the franchise of that thus far that gives you sort of more confidence when we sort of think ahead to 2017 or 2018? Or whenever you potentially have competition there sort of on the ground, what you're seeing, that is enabling you to sort of keep that share instead. Erez Vigodman - President, Chief Executive Officer & Director: So I think probably Rob is the best one on both these questions. Robert Koremans - President & CEO-Global Specialty Medicines: So let me talk about Copaxone. What we are seeing is really an incredible durability. Basically patients, doctors continue to stick with the products, they feel confident, they trust these products. And it's very important, and they've been on it for many years. Right? And its combination of our patient solutions, the way we interact with our patients, the trust they have in the brand itself, and also doctors and really also payers supporting that in full. And the dynamics at the moment are better than what we could've predicted 2 years ago. And we're seeing that going forward. We expect like this is not going to change dramatically. So Copaxone really is an incredible product in that respect. And the way we bring it to market with the Shared Solutions, our sales force, the medical force, and the relationship we have with the payers is working quite nicely. And so we don't see that going forward going to be changed dramatically at all. Copaxone 40 also really offers a value over Copaxone 20. The three times week injection, it really makes a different for the patients. And what you see in Europe where we're now launching the products as well, in fact in Germany we've taken the largest number of new patients on the market, beating Tecfidera in taking new patients in there. So when you bring Copaxone 40 in those markets, you see an altogether new dynamic, which is really good. I think it's important to remember, because in the statements there's also volume goes down a little bit, but Copaxone 40 you use less volume then on Copaxone 20. So there's an automatic impact of that when you switch and you convert. And going forward we feel very, very confident that we understand what's happening and don't see any major changes in that. Right? The dynamics are just very, very favorable.

GRANIX?

GRANIX. Robert Koremans - President & CEO-Global Specialty Medicines: GRANIX is really – at the moment it's close to 25%. Going forward we don't expect also major impacts there. It's really doing well, it's holding, and we expect that it will hold its ground there. It's a combination of being – the different dynamics in the market of clinics and hospitals have different buying patterns. We have a fairly high share in the hospital part. And we expect that we will be able to do that. And what Siggi alluded to before, the ability to deal with the hospitals on a bigger level from the Generics and very specifically on the customers, the deal with the G-CSF. That combination works out really well, so we're confident in that field as well.

Do you see an opportunity to pick up some additional share through any sort of additional contracting with sort of IDNs and hospital chains? Robert Koremans - President & CEO-Global Specialty Medicines: We expect that it will stay stable. We obviously try to get better, but in our forecast models everything is more like – more stable market share there.

Should I go? Okay. Thanks. Marc Goodman at UBS. Siggi, can you talk about a little more detail in some of the key o-U.S. markets? Japan seems to be a continued weak area. What are you going to do to kind of fix Japan? And then secondly, on the margins you had a very aggressive goal over several years to improve margins. Can you talk about like where you are on that? And if you need to re-up those goals, because you've met them so easily? And if – where you can move there? And then lastly just on the OTC business, we haven't talked a lot about that. But it seems like it's going really well. Can you talk about like what's going so well? Why? Thanks. Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: Yeah. So I think if I go quickly through the markets outside of U.S. With regards to the Europe, our European business is really going well. I think the top three markets in Europe for us now are U.K., Germany, and Italy. All of them are really firing on all cylinders, mainly also due to very successful launches. Pregabalin was a big launch for us in Germany. The U.K. team, I think the supply chain in the U.K. is – has improved significantly, and we have taken opportunity when there are shortages from other companies. And in Italy we have steadily be building our business in Italy. There's challenges of course in pricing in Germany and Italy, but I think the breadth of the portfolio we are offering and also really the leadership team we have in these markets have made this a very good market. I don't know if you saw earlier this week, but the Spanish government changed the discount…

Chris, questions?

Great. Chris Schott from JPMorgan. So a couple questions here. First on Rimsa. Can you just talk about the multiple paid for that asset, relative to putting capital to work into other Specialty deals? Or even just reducing the equity associated with the Allergan deal? I guess just help us understand how quickly can you take advantage of the platform there? Because it does seem like the multiple on the current business seemed high relative to maybe some historical comps there. Second question is on the timing of synergies from Allergan. I think originally you kind of roughly talked maybe a third, a third, a third in terms of how quickly you can achieve those. Now you've done some more time on integration planning, is there any ability to pull that forward faster? And then my final question was just a bigger picture one. I think we've had some questions about pricing. We've had – on the generic side. I mean how do you respond to the questions – we get this quite often now. Just the generic industry is kind of at its peak now. You guys are creating a clear dominant player in that space, but it's a space that its best days are behind it. And just – I think people are struggling with actually the multiple of the stock, et cetera. Just can you keep growing this business, even with the platform you have? And just any thoughts you have on that front would be appreciated. Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: Yeah. So let me start on the first question – no, on the last question first in terms of the generic industry. So we have talked about it many of you over the years. For all the 22 years I've…

Timing of synergies.

(1:44:52-1:44:57) Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: Yeah. So if we think about Rimsa, we obviously didn't give the multiple, we gave the revenue in 2014 and obviously the acquisition price of $2.3 billion. First of all, the multiples in the growth market are significantly higher than in the rest of the market, simply because the opportunity is greater. The going price in Latin America, in markets that are growing double digit like Mexico, there is a higher multiple, that's number one. Secondly, what we are doing here is a Specialty platform. Their infrastructure is like NTE, 505(b)(2) Specialty products on the liquid branded Generics and OTC. So really they are running a Specialty operation in terms of sales force, all the things like that. That's number two. Number three, is with the Actavis Generics acquisition we get approximately 30 to 40 products in Mexico, which we needed a platform to sell. Teva was undersized in this market significantly before. What we have now is a platform to take these products to the market. And the fourth point is around the Teva strategy around Mexico. What we have done is basically we have over-invested in Mexico. What I mean by that is we have treated Mexico as a key market, even though we didn't have really the sales infrastructure to take advantage of that. So we have over-filed in a way too many products in that market. And the same applies on the Specialty side, which gives us a significant growth. So we haven't given out the growth. We might do it at our – because this is not the – we are not giving guidance here. But there will be a significant growth of this platform going forward with all these pillars. And we are…

Thanks. It's Gregg Gilbert from DB. On Copaxone first, could you remind us the key exclusivity periods that expire outside the U.S.? And then within the U.S. I can understand why you'd want to quantify a very negative scenario in 2017. But I see David [Stark] falling asleep over here. Maybe you could tell us what would have to happen legally to actually see Generics in 2017, because I think folks are assuming that's a likely case, as opposed to a worst case. And on bendamustine, Rob, can you share some commercial strategy at this phase, given how close it is and how important it is? And whether Eagle's launch of a different benda product in 2016 factors into your thinking at all. Erez Vigodman - President, Chief Executive Officer & Director: So let me maybe start, and Rob will take over. We spelled out in a very consistent manner during the last 2 years that we strongly believe in the – our 40 milligram IP. And there were a lot of question that were posed to us during – and question that – especially after the patent office has instituted the IPR. And we decided that we are open enough to discuss with the Street scenario which is different. For us it is the less likely scenario, but it's a scenario that we need also to prepare our self for that scenario. And we believe we are fully prepared. Look at everything we have done during the last 2 years in a quest to diversify net revenues and profits in a form from – to diversify in general away from Copaxone in particular. Okay? Now at the end of the day when we come at with a scenario which is very conservative, $1.2 billion 2017 is very conservative scenario,…

Thank you. You spoke about the respiratory business a little bit. But what stood out in the third quarter results was the rapid growth of both ProAir and QVAR, up 34% and 44%. Could you elaborate a little bit more on why those products are growing so rapidly? What the benefit is? And what your medium- to long-term outlook is for those products? Robert Koremans - President & CEO-Global Specialty Medicines: So I think both ProAir and QVAR you see there's a little bit of an uptick as well in net sales, due to we have a conversion. So there's the Clobex that's come and there's a – it's not related to prescription. But both products continue to do really, really well. There's a real growth in just about 10% or so. We have in QVAR, we've introduced a dose counter. And with the benefits that I discussed before, it is really helping patients. And you see the uptake there, it's very good. People see it and it has continued to stay. We expect it will continue to grow steadily going forward. ProAir, we have the RespiClick form in the market as well, which is – since we really started launching in June, there's a lot of education that still needs to happen around that product. It's different, it's not and MDI, but a multi-dose dry-powder inhaler with all the benefits that we can see in terms of intuitive views and really delivering into the lungs much better. It's also something that patients feel different. The aerosol you feel in your mouth often. So we have to really explain this and educate patients. And that's going to take a bit of time. And so far we still need to up there on the RespiClick. ProAir, it's the overall product brand is doing really well. And going forward it's a beautiful opportunity into 2016. And we're happy with that. Right? But the focus is going forward on the promotion will be on the RespiClick form, which has a longer life, a better protection, and offers benefits to patients.

Good morning. This is Sumant Kulkarni from Bank of America Merrill Lynch. I have three quick questions. First, how quickly does Teva need to move in terms of biosimilar business development to get to where it wants to be and what it wants to achieve on that front? Second, do you want to gain more scale in genetic injectables? And third, do you have any target rates for switches on Copaxone 40 milligrams outside the U.S.? Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: Yeah. So let me take the first two. Biosimilars is a very good question. Remember that we have today a revenue of approximately $350 million from biosimilars. These are all that they've won plus GRANIX in the U.S. with (1:54:59) is a biosimilars but registered under the VLA. We have a strategy in place for wave two with Lonza joint venture, which we walked away from. We currently have in our pipeline three biosimilars, but with a focus on wave three. I think and we have said it previously we are looking at some kind of partnership. It's important to us. We have a lot of offered to the partnership in terms of R&D. I think our biologic R&D, which is obviously doing the Specialty products in reslizumab and Labrys, but also biobetters and biosimilars (1:55:38-1:55:44) infrastructure, where we talk about the space between Specialty and Generics are essential to sell the biosimilars. So I think we clearly are looking for partnership in this field. There is an opportunity. The time is ticking on us for sure. But we really will be a player in this space. The question is, how do you select to come into this space? Again do you want to play in the wave two space? Or should we focus on wave three more than anything else? In terms of injectables it's a fair question, because 2010 – or 2009 in fact Teva was one of the leader in injectables. There was a quality incident around that time that took our revenue down. The good thing now is with the operation, TGO strategy that Carlo [de Notaristefani] and his team have been doing. We really have done an amazing job in both relaunching products but also moving it to a different plants around the world. So slowly we are growing our share. Also exciting is with the Actavis Generics, there comes a big pipeline of Generic products into that field. So I think going forward we will be a much, much stronger player in injectables than we are today.

And the – it was the... Robert Koremans - President & CEO-Global Specialty Medicines: Copaxone, right? So the uptake, it's now in Europe in 14 markets. And frankly in a country like Germany the uptake of Copaxone 40 and the conversion from the 20 daily to the three times weekly 40 is even faster than what we've seen in the U.S. So it's really doing well. And what's also very, very striking and for us very encouraging is the fact that we're picking up not just switches from Copaxone 20 but also new patients. And it's actually the number one product in new patients in the German market for instance. In Europe it typically takes about a year before it's rolled out. And this is a product that was registered many, many, many years ago before there was centralized procedures. So there are three or four waves or registration procedures going in. So we expect to be launching in Europe over the next 18 months really. And that's the time lines that are related to getting the registrations and getting the prices. We just got the registration in Russia, which is a tendered market. Now you have to get into those tenders. And we're racing to be there. Clearly we'll have to compete also with the [Copaxone] 20 in the same tenders. The opportunity short term in Russia is probably smaller than what we've seen traditionally with the [Copaxone] 20. But we're excited to get the opportunity as well, adding it to our [Copaxone] 20 offering. And it really strengthens our franchise position there. And that's what we've seen, not just in the U.S. We're seeing it in every country where we're launching. It really helps us in – continue to lead – to be the leading products in the MS space. Erez Vigodman - President, Chief Executive Officer & Director: 25% today, that's the average... Robert Koremans - President & CEO-Global Specialty Medicines: Today. Erez Vigodman - President, Chief Executive Officer & Director: Yeah. Adoption rate, but uptake is impressive.

Great. Thanks very much. Andrew Finkelstein from Susquehanna. I was hoping on the Generic side, since we have perspectives here that looked at the Barr deal internally and from an external perspective. What were the learnings from that transaction that could be applied to buying the Allergan business, which is driven by first-to-file opportunities in the U.S. and how that can be sustained as an engine going forward? Then on the branded side if you could talk in any more detail about how the Copaxone net pricing looks? The impact having Glatopa on the market, what that means in terms of the net price you're getting on the 20 milligram and the 40 milligram? And also from the patients' perspective? How the economics look in terms of what's out of pocket for them? And then finally in emerging markets if you could review how you do the due diligence for transactions like that to make sure that you can operate as successfully in those markets as a domestic company with the compliance that's needed from your perspective? Thanks. Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: Yeah. So I'll take one and three. I think first of all the beauty is Teva has done multiple transaction through the period. I think been very successful, especially successful in delivering synergies. The company has always delivered the synergies. And in terms of integration there's lessons to be learned. Some things we've done extremely well, and some things we could have done better, especially around people and retaining people. I think also maybe I bring to the table the experience of having bought the Actavis Generic business twice before. So buying it for a third time I think gives a little bit of a comfort in that we understand how to…

On Copaxone so the product is competitively priced per se. We really would make sure that patients have access to this product, no what plan they are on, no matter what part of the health insurance coverage they are in the U.S. Copaxone 40 doesn't have any co-pay. And on 20 it really depends on their plans, but we really make sure that people have access to this product. Obviously the gross to net, the discounts have increased a little bit on Copaxone 20 with generics, but nothing that wasn't expected or foreseen by us. And so far we don't see any signs that this is changing. Erez Vigodman - President, Chief Executive Officer & Director: Okay. So maybe something that I would like to add here. We're very – and are very responsible in everything that portends to prices on the Generics side and on the Specialty side. And I would even put it another way, all the improvements you see in our – in margins is not driven by price. It is driven by quantities and by mix and by efficiency measures. Not by price, 2014, 2015, and that's a very important message.

Okay. Thank you very much. Thank you for joining us today. If you have other questions we'll be available to answer them. Thank you. Erez Vigodman - President, Chief Executive Officer & Director: So just we thank you for joining us today and have a good day. Sigurdur Oli Olafsson - CEO & President-Global Generic Medicines Group: Thank you.

Thank you.