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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: We were preparing for this period of loss of exclusivity.

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Speaker 3: Is twenty six twenty eight. We did significant acquisitions.

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Speaker 2: One of them is in obesity, as you said, but

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Speaker 2: seeds them in oncology and nertech in Migraine, and this

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Speaker 2: portfolio is performing extremely well. This year will be approximately

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Speaker 2: ten billion dollars of sales growing double digit. Actually last

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Speaker 2: year twenty five and twenty six will continue growing at

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Speaker 2: a double digit. So I think after the twenty eight

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Speaker 2: period of ELOWI is where we are not going to

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Speaker 2: be a top line growth story. We will have exponential

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Speaker 2: growth that will be leading the industry.

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Speaker 1: So twenty it sounds like things improve, especially when you

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Speaker 1: think about the growth forecast there. But until that time,

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Speaker 1: you think about what you recently said at the fireside

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Speaker 1: chat earlier today, no plans for buybacks. You do have

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Speaker 1: these patent expirations coming up, and you don't expect to

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Speaker 1: put a GLP one on the market until twenty twenty eight.

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Speaker 1: So how do you keep investors engaged and attract new

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Speaker 1: investors during that period.

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Speaker 2: I think investors goes to see catalysts and this is

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Speaker 2: a year, but it's very rich in catalysts. We are

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Speaker 2: expecting redoubts of studies that they are significant. Two of

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Speaker 2: them actually will be in obesity with Metterira portfolio. One

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Speaker 2: it is the ultra long thirty days data, so the

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Speaker 2: mastly dozing data that will come in the first half

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Speaker 2: of this year. The other is the combination of zlp

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Speaker 2: one and amelin that also will come this year. But

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Speaker 2: there are many more. Rexfield, which is our Mama Mayloma drug,

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Speaker 2: has a redoubt that if successful, doubles the population that

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Speaker 2: we are going after.

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Speaker 3: The vaccine against the teak.

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Speaker 2: Thank you, which is a very big disease that there

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Speaker 2: is no vaccines so far, and that's the first one

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Speaker 2: lime disease.

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Speaker 3: So there are very rich in catalysts.

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Speaker 2: And of course we start a lot of facetree studies,

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Speaker 2: so investors I think are watching all of that, and

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Speaker 2: right now, of Alisa has a very low multiple, I

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Speaker 2: think we should start migrating towards the average multiple and

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Speaker 2: then exceeded as we go post our relain.

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Speaker 1: So plenty of catalyst coming up. Let's talk specifically about

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Speaker 1: met Sarah, because you want that hard fought getting more

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Speaker 1: with novo nor Risks certainly fun for someone who can

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Speaker 1: sent news to watch. When you think about the OBC market,

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Speaker 1: though you know you mentioned that this would be once monthly.

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Speaker 1: What do you see as the key differentiating factor when

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Speaker 1: it comes to what met Sarah is developing.

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Speaker 3: I think one it is the monthly dosing.

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Speaker 2: That's a very clear differentiation that creates significant advantages not

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Speaker 2: only in patient experience, but also in production and cost

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Speaker 2: of goods and all of that. The second is the

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Speaker 2: combination between a million and PDL one.

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Speaker 3: We are looking for superior.

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Speaker 2: Results than the current solos, So this combinations not only

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Speaker 2: would be a monthly but hopefully can deliver better way

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Speaker 2: loss place bodjusted and better tolerability, which are the two

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Speaker 2: things that are the achillte heels of the ZLP.

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Speaker 3: Ones right now.

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Speaker 2: And of course there is an oral portfolio of peptides

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Speaker 2: that is following. So it's a very complete, highly differentiated

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Speaker 2: portfolio in the hands of a company. But it is

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Speaker 2: very good in commercial activities, particularly when it comes to

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Speaker 2: products that they are very much consumer driven. I remind

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Speaker 2: you Viagra was a product that was behaving very similarly

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Speaker 2: like like the ZLP one.

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Speaker 1: Well, looking forward to those read outs as we get

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Speaker 1: deeper into twenty twenty six. I do want to talk

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Speaker 1: about M and A overall and what the strategy going

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Speaker 1: forward is, because last year you marked up to fifteen

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Speaker 1: billion dollars PERTY to help replenish the pipeline. Where are

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Speaker 1: you now? Do you feel pretty satisfied with the portfolio

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Speaker 1: at hand? Are you still looking for more deals.

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Speaker 2: I'm very satisfied with the portfolio hand, and we invested

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Speaker 2: almost ten of these fifteen billions, and then we have

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Speaker 2: five to six that are remaining and we plan to

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Speaker 2: invest them. We don't have to invest them, but we're

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Speaker 2: trying to make sure that we will find the right assets,

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Speaker 2: as we found with our oncology and obesity acquisitions.

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Speaker 1: And when it comes to cost cutting, you know, last

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Speaker 1: month you said that you're going to reinvest about five

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Speaker 1: hundred million dollars from savings from your cost cutting efforts

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Speaker 1: into R and D, and I'm curious, you know, where

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Speaker 1: do you see that investment going. Should we be focusing

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Speaker 1: on the obesity portfolio or there are other areas, Advisor

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Speaker 1: where you.

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Speaker 3: Plant it's let's start.

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Speaker 2: The on college portfolio right now absorbs approximately forty percent

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Speaker 2: of our investments and that will.

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Speaker 3: Continue going up. But the newcomers are the.

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Speaker 2: Obesity that, as I said, start with more than fifteen studies,

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Speaker 2: ten of them will be pivotal face thory studies. This

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Speaker 2: is a significant investment but also demonstrates how confident we

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Speaker 2: are in investing in these molecules.

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Speaker 1: And I do want to talk a little bit about

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Speaker 1: the political landscape as well, because you were the first

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Speaker 1: drug maker to strike a pricing deal with President Trump

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Speaker 1: last year. And I know that this is pretty much

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Speaker 1: an impossible question, but do you feel like you're out

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Speaker 1: of the woods when it comes to surprising terror threats,

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Speaker 1: price cuts, etc. What have your conversations with the White

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Speaker 1: House indicated so far, As you.

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Speaker 2: Said, is a very difficult question, but because of the

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Speaker 2: uncertainty that we know exist always, but we have created

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Speaker 2: very solid agreements and we have created a political environment

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Speaker 2: that there is good willingness.

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Speaker 3: From the White House to.

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Speaker 2: Respect and actually to help to help us with pricing

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Speaker 2: outside the US. They are helping us a lot actually

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Speaker 2: with pricing outside the US, with UK being the most

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Speaker 2: visible example.

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Speaker 3: I think Secretary.

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Speaker 2: Latnik as if the lot there in UK, they made

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Speaker 2: changes in their system that will invest way more in

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Speaker 2: innovative medicines than before.

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Speaker 3: So I'm optimistic that it's behind us, and.

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Speaker 1: I am curious. I mean, you think about how long

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Speaker 1: you've been at the Helm Advisor, when you compare and

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Speaker 1: contrast just the frequency of communications that you're having with

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Speaker 1: the Trump administration, how does that compare to past presidents

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Speaker 1: at this point.

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Speaker 2: Look, I was very close with the Trump administration in

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Speaker 2: the beginning. I was very close with the Biden administration

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Speaker 2: because we had to work together with COVID's. With Trump,

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Speaker 2: we work together to develop the vaccine. It was all

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Speaker 2: his baby, right. The operation was speed, but with Biden

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Speaker 2: was the period to scale it up to invest it.

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Speaker 3: I would say that we were.

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Speaker 2: Always very close to the Congress and to the White House.

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Speaker 3: I spent a lot of time in Washington myself a lot.

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Speaker 1: And given that you do spend so much time in Washington,

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Speaker 1: and again, given that you were the first drugmaker to

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Speaker 1: sign on to you know, these drug pricing deals, what

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Speaker 1: takeaways you know would you give to other CEOs who

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Speaker 1: are currently in conversation with the White House.

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Speaker 2: I think, engage, engage and discuss. I think I'm very

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Speaker 2: proud of what we did. I think what we did

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Speaker 2: opened the way for the entire industry. Probably already serventing

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Speaker 2: companies now have to sign up.

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Speaker 3: And it is the same.

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Speaker 2: Model, like we open and put to bed an issue

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Speaker 2: that was not sustainable, the big difference in pricing between

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Speaker 2: US and other originations, and now that it is probably

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Speaker 2: resolved in a gradual way because it's all the new products,

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Speaker 2: so it's a good deal and the other should engage

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Speaker 2: and and do it the same