Heather Bresch

Thank you, Kris, and good morning, everyone, and thank you for joining us today. Before we get started, I'd like to welcome and recognize all of our fellow employees around the world for their passion and hard work. We delivered very strong results this quarter. On behalf of the Board of Directors and our entire management team, I would like to thank each and every one of them.

Our diverse global platform has once again delivered strong results, representing a great start to 2012. Double-digit growth on our North American Asia/Pacific and Specialty businesses allowed us to deliver robust financial results despite persistent macroeconomic headwinds in certain regions, specifically Europe and Australia. We are reaffirming our 2012 guidance of $2.30 to $2.50 per share and we see opportunities for upside during the year. Further, the strength of our platforms, first-in-class science and robust product portfolio give us continued confidence in our long-term growth target for 2013 and beyond.

During the first quarter, we generated total adjusted revenues of $1.58 billion, an increase of 11% on a constant currency basis as compared to last year's first quarter revenues of $1.45 billion. On the bottom line, we delivered adjusted diluted earnings per share of $0.52, an 18% increase over the $0.44 per share we delivered during the first quarter of '11.

In our North American Generics business, third-party net revenues for the quarter were $777 million, up more than 15% from the comparable year-ago period. This strong result was driven in part by launches of 11 new products in the U.S., including Ibandronate and Escitalopram, our first equivalent product that generated the highest and fastest conversion rate in versus generic launch we've seen in recent history. We also enjoyed strong sales in the U.S. on many of our existing products.

Further, consistent with the strength of our R&D capabilities 2 of the 8 first quarter products submissions we made in the U.S. are first-to-file opportunities. Currently we have 171 ANDAs pending FDA approval, 40 of which are potential first to file. Regarding our neurology franchise which is our strategic growth drivers, we're awaiting the court's ruling in the Copaxone patent infringement case whose trial concluded in September of 2011. We remain convinced that we have an AB-rated product and look forward to securing approval in the second half of this year. While we eagerly anticipate the court's ruling and regulatory approval, I'd like to remind everybody that we are not relying on this product to achieve our 2013 target of $275 million. We also are pleased with our performance in Canada, and it's another example of the robustness of our global pipeline.

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