Figured it out. I’m using a function like this.
function the_dynamic_content() {
global $page, $pages;
$content = $pages[$page-1];
if ( preg_match('/<!--more(.*?)?-->/', $content, $matches) ) {
$content = explode($matches[0], $content, 2);
$before_more = apply_filters('the_content', $content[0]);
$before_more = str_replace(']]>', ']]>', $before_more);
$after_more = apply_filters('the_content', $content[1]);
$after_more = str_replace(']]>', ']]>', $after_more);
echo '<div class="teaser">'.$before_more.'</div>';
echo '<div class="more"><div>'.$after_more.'</div></div>';
echo '<div class="more-link"></div>';
} else {
$content = apply_filters('the_content', $content);
$content = str_replace(']]>', ']]>', $content);
echo $content;
}
}