Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: We were preparing for this period of loss of exclusivity.
Speaker 3: Is twenty six twenty eight. We did significant acquisitions.
Speaker 2: One of them is in obesity, as you said, but
Speaker 2: seeds them in oncology and nertech in Migraine, and this
Speaker 2: portfolio is performing extremely well. This year will be approximately
Speaker 2: ten billion dollars of sales growing double digit. Actually last
Speaker 2: year twenty five and twenty six will continue growing at
Speaker 2: a double digit. So I think after the twenty eight
Speaker 2: period of ELOWI is where we are not going to
Speaker 2: be a top line growth story. We will have exponential
Speaker 2: growth that will be leading the industry.
Speaker 1: So twenty it sounds like things improve, especially when you
Speaker 1: think about the growth forecast there. But until that time,
Speaker 1: you think about what you recently said at the fireside
Speaker 1: chat earlier today, no plans for buybacks. You do have
Speaker 1: these patent expirations coming up, and you don't expect to
Speaker 1: put a GLP one on the market until twenty twenty eight.
Speaker 1: So how do you keep investors engaged and attract new
Speaker 1: investors during that period.
Speaker 2: I think investors goes to see catalysts and this is
Speaker 2: a year, but it's very rich in catalysts. We are
Speaker 2: expecting redoubts of studies that they are significant. Two of
Speaker 2: them actually will be in obesity with Metterira portfolio. One
Speaker 2: it is the ultra long thirty days data, so the
Speaker 2: mastly dozing data that will come in the first half
Speaker 2: of this year. The other is the combination of zlp
Speaker 2: one and amelin that also will come this year. But
Speaker 2: there are many more. Rexfield, which is our Mama Mayloma drug,
Speaker 2: has a redoubt that if successful, doubles the population that
Speaker 2: we are going after.
Speaker 3: The vaccine against the teak.
Speaker 2: Thank you, which is a very big disease that there
Speaker 2: is no vaccines so far, and that's the first one
Speaker 2: lime disease.
Speaker 3: So there are very rich in catalysts.
Speaker 2: And of course we start a lot of facetree studies,
Speaker 2: so investors I think are watching all of that, and
Speaker 2: right now, of Alisa has a very low multiple, I
Speaker 2: think we should start migrating towards the average multiple and
Speaker 2: then exceeded as we go post our relain.
Speaker 1: So plenty of catalyst coming up. Let's talk specifically about
Speaker 1: met Sarah, because you want that hard fought getting more
Speaker 1: with novo nor Risks certainly fun for someone who can
Speaker 1: sent news to watch. When you think about the OBC market,
Speaker 1: though you know you mentioned that this would be once monthly.
Speaker 1: What do you see as the key differentiating factor when
Speaker 1: it comes to what met Sarah is developing.
Speaker 3: I think one it is the monthly dosing.
Speaker 2: That's a very clear differentiation that creates significant advantages not
Speaker 2: only in patient experience, but also in production and cost
Speaker 2: of goods and all of that. The second is the
Speaker 2: combination between a million and PDL one.
Speaker 3: We are looking for superior.
Speaker 2: Results than the current solos, So this combinations not only
Speaker 2: would be a monthly but hopefully can deliver better way
Speaker 2: loss place bodjusted and better tolerability, which are the two
Speaker 2: things that are the achillte heels of the ZLP.
Speaker 3: Ones right now.
Speaker 2: And of course there is an oral portfolio of peptides
Speaker 2: that is following. So it's a very complete, highly differentiated
Speaker 2: portfolio in the hands of a company. But it is
Speaker 2: very good in commercial activities, particularly when it comes to
Speaker 2: products that they are very much consumer driven. I remind
Speaker 2: you Viagra was a product that was behaving very similarly
Speaker 2: like like the ZLP one.
Speaker 1: Well, looking forward to those read outs as we get
Speaker 1: deeper into twenty twenty six. I do want to talk
Speaker 1: about M and A overall and what the strategy going
Speaker 1: forward is, because last year you marked up to fifteen
Speaker 1: billion dollars PERTY to help replenish the pipeline. Where are
Speaker 1: you now? Do you feel pretty satisfied with the portfolio
Speaker 1: at hand? Are you still looking for more deals.
Speaker 2: I'm very satisfied with the portfolio hand, and we invested
Speaker 2: almost ten of these fifteen billions, and then we have
Speaker 2: five to six that are remaining and we plan to
Speaker 2: invest them. We don't have to invest them, but we're
Speaker 2: trying to make sure that we will find the right assets,
Speaker 2: as we found with our oncology and obesity acquisitions.
Speaker 1: And when it comes to cost cutting, you know, last
Speaker 1: month you said that you're going to reinvest about five
Speaker 1: hundred million dollars from savings from your cost cutting efforts
Speaker 1: into R and D, and I'm curious, you know, where
Speaker 1: do you see that investment going. Should we be focusing
Speaker 1: on the obesity portfolio or there are other areas, Advisor
Speaker 1: where you.
Speaker 3: Plant it's let's start.
Speaker 2: The on college portfolio right now absorbs approximately forty percent
Speaker 2: of our investments and that will.
Speaker 3: Continue going up. But the newcomers are the.
Speaker 2: Obesity that, as I said, start with more than fifteen studies,
Speaker 2: ten of them will be pivotal face thory studies. This
Speaker 2: is a significant investment but also demonstrates how confident we
Speaker 2: are in investing in these molecules.
Speaker 1: And I do want to talk a little bit about
Speaker 1: the political landscape as well, because you were the first
Speaker 1: drug maker to strike a pricing deal with President Trump
Speaker 1: last year. And I know that this is pretty much
Speaker 1: an impossible question, but do you feel like you're out
Speaker 1: of the woods when it comes to surprising terror threats,
Speaker 1: price cuts, etc. What have your conversations with the White
Speaker 1: House indicated so far, As you.
Speaker 2: Said, is a very difficult question, but because of the
Speaker 2: uncertainty that we know exist always, but we have created
Speaker 2: very solid agreements and we have created a political environment
Speaker 2: that there is good willingness.
Speaker 3: From the White House to.
Speaker 2: Respect and actually to help to help us with pricing
Speaker 2: outside the US. They are helping us a lot actually
Speaker 2: with pricing outside the US, with UK being the most
Speaker 2: visible example.
Speaker 3: I think Secretary.
Speaker 2: Latnik as if the lot there in UK, they made
Speaker 2: changes in their system that will invest way more in
Speaker 2: innovative medicines than before.
Speaker 3: So I'm optimistic that it's behind us, and.
Speaker 1: I am curious. I mean, you think about how long
Speaker 1: you've been at the Helm Advisor, when you compare and
Speaker 1: contrast just the frequency of communications that you're having with
Speaker 1: the Trump administration, how does that compare to past presidents
Speaker 1: at this point.
Speaker 2: Look, I was very close with the Trump administration in
Speaker 2: the beginning. I was very close with the Biden administration
Speaker 2: because we had to work together with COVID's. With Trump,
Speaker 2: we work together to develop the vaccine. It was all
Speaker 2: his baby, right. The operation was speed, but with Biden
Speaker 2: was the period to scale it up to invest it.
Speaker 3: I would say that we were.
Speaker 2: Always very close to the Congress and to the White House.
Speaker 3: I spent a lot of time in Washington myself a lot.
Speaker 1: And given that you do spend so much time in Washington,
Speaker 1: and again, given that you were the first drugmaker to
Speaker 1: sign on to you know, these drug pricing deals, what
Speaker 1: takeaways you know would you give to other CEOs who
Speaker 1: are currently in conversation with the White House.
Speaker 2: I think, engage, engage and discuss. I think I'm very
Speaker 2: proud of what we did. I think what we did
Speaker 2: opened the way for the entire industry. Probably already serventing
Speaker 2: companies now have to sign up.
Speaker 3: And it is the same.
Speaker 2: Model, like we open and put to bed an issue
Speaker 2: that was not sustainable, the big difference in pricing between
Speaker 2: US and other originations, and now that it is probably
Speaker 2: resolved in a gradual way because it's all the new products,
Speaker 2: so it's a good deal and the other should engage
Speaker 2: and and do it the same