WEBVTT - Lots More on What's Hot at JPM's Health Conference

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<v Speaker 1>How's San Francisco.

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<v Speaker 2>It's uh, it's great.

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<v Speaker 3>You know, like I think that a lot of people

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<v Speaker 3>told me it was going to be a dystopian healscape

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<v Speaker 3>and it's not.

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<v Speaker 1>Wait, it's the first time you've actually gone right to

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<v Speaker 1>the JP Morgan healthcare conference.

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<v Speaker 2>To this one. Yeah, the specific conference, And what's.

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<v Speaker 1>Your first impression of it? I guess is there anything

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<v Speaker 1>that surprised you.

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<v Speaker 2>I guess what really surprised me was the security.

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<v Speaker 3>Like I've been to conferences before where it's kind of

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<v Speaker 3>like you can't even go into the hotel without like

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<v Speaker 3>your past and they're really strict about it. So I

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<v Speaker 3>guess that was the most surprising thing. But other than that,

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<v Speaker 3>it's you know, the meetings are cool. Conference, It's still

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<v Speaker 3>a conference, right, Like, it's not I'm not going to

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<v Speaker 3>be like, oh god, this is you know, the coolest

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<v Speaker 3>thing I've ever seen in my life, although that did

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<v Speaker 3>kind of happen here with there was a company that

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<v Speaker 3>was presenting that has I guess like you can call

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<v Speaker 3>it like drug GPT, right, it's like artificial intelligence but

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<v Speaker 3>used to like find new drugs, and that was really cool.

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<v Speaker 4>I did a left one.

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<v Speaker 1>Jimmy Okay, Simony up barges, this isn't After School Special,

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<v Speaker 1>except I've decided I'm going to base my entire personality

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<v Speaker 1>going forward on campaigning for a strategic pork reserve in

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<v Speaker 1>the US.

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<v Speaker 4>Where's the best with imposta?

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<v Speaker 1>These are the important question? Is that robots taking over

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<v Speaker 1>the world. No.

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<v Speaker 4>I think that like in a couple of years, the

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<v Speaker 4>AI will do a really good job of making the

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<v Speaker 4>odd Lots podcast and people to say, I don't really

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<v Speaker 4>need to listen to Joe and Tracy anymore.

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<v Speaker 2>We do have.

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<v Speaker 1>Perfect You're listening to lots More where we catch up

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<v Speaker 1>with friends about what's going on right now, because.

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<v Speaker 4>Even when odd Lots is over, there's always lots more.

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<v Speaker 1>And we really do have the perfect guest. We're talking

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<v Speaker 1>to James Van Gelan of saitriniresearch dot com, also known

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<v Speaker 1>as Satrini on Twitter. You might remember him. We had

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<v Speaker 1>him on odd Thloughts back in August to talk about

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<v Speaker 1>weight loss drugs, including ozembic and how they were going

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<v Speaker 1>to chat everything. That was kind of a prescient conversation,

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<v Speaker 1>I think because since then we've seen even more excitement

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<v Speaker 1>for a lot of these drugs and the stocks have

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<v Speaker 1>taken off even more, James, is that what everyone's talking

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<v Speaker 1>about at that conference?

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<v Speaker 3>I think it's it's split kind of fifty to fifty

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<v Speaker 3>between the GLP one drugs and then the ADC cancer

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<v Speaker 3>stuff because of the side of Kinetics acquisition that was announced.

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<v Speaker 4>I don't like going to conferences. Typically, you know, everyone

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<v Speaker 4>licet in a while, they're okay, But what is like,

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<v Speaker 4>I know, like the JP Morgan Healthcare Conference. I know

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<v Speaker 4>it's a big deal. Why is it such a big deal?

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<v Speaker 4>What is it exactly? And like why this one in particular,

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<v Speaker 4>how did it become like such an important event for

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<v Speaker 4>healthcare investors.

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<v Speaker 2>I don't know the history of the conference, but when

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<v Speaker 2>you look at the agenda speaking here, it's you know,

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<v Speaker 2>everyone that's a big deal. Everyone that you would want

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<v Speaker 2>to know what they're doing, they're kind of here. I

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<v Speaker 2>think that there's even more value in just sitting in

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<v Speaker 2>some of the hotel bars, like over hearing how.

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<v Speaker 3>People are talking, you know, like people seem pretty optimistic

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<v Speaker 3>on like med tech in the funding environment, and that's

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<v Speaker 3>almost more valuable to me than the conference itself.

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<v Speaker 4>So, by the way, we're recording this January tenth, Novo

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<v Speaker 4>Nordisk hitting yet another all time high right now. It's

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<v Speaker 4>kind of crazy, Tracy, Like, for all of the hype

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<v Speaker 4>about the GLP one drugs, A, the stocks keep going

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<v Speaker 4>higher and B. I feel like every day there's some

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<v Speaker 4>other article or thing about here's another thing that they

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<v Speaker 4>do well, or another area that we're researching that shows

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<v Speaker 4>promise where it's not just about weight less, you know,

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<v Speaker 4>like compulsion or other things. Like it's pretty wild how

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<v Speaker 4>this is not slowing down.

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<v Speaker 1>This is my opportunity to reject the idea of the

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<v Speaker 1>all thoughts curse. Oh and that we top tech a

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<v Speaker 1>lot of these things. We did not top tick Nova

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<v Speaker 1>Nordisk stock. Okay, we were a.

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<v Speaker 4>Launch that we haven't top ticked.

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<v Speaker 2>Yeah.

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<v Speaker 3>Actually, I actually I actually when I got the invite

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<v Speaker 3>to come back, I remember everyone that was like, if

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<v Speaker 3>you go on a podcast and you talk about this trend,

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<v Speaker 3>like that's it, it's over, you know. So when I

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<v Speaker 3>got the invite to come back, I went and I

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<v Speaker 3>looked at like Lily and Novo and yeah, so I

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<v Speaker 3>think it's like eighty one percent of the time they

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<v Speaker 3>have been at all time highs since. Yeah, since that's so,

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<v Speaker 3>I think we can put the odlus course rum or two.

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<v Speaker 4>We're not trying to time the market. We're not here

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<v Speaker 4>to make recommendations, but we are just trying to establish

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<v Speaker 4>that not every time we talk about a trend it's

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<v Speaker 4>at the top. And I'll just say the other one.

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<v Speaker 4>We've done multiple episodes over the years, over the last

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<v Speaker 4>year relating to in Nvidia and semiconductors and Tracy and

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<v Speaker 4>Nvidia at another all time high today. So we're just

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<v Speaker 4>getting these on the record.

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<v Speaker 1>We're just journalists who want to be timely.

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<v Speaker 4>We're just journalists who want to be We just we

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<v Speaker 4>just want to be timely. Okay, So within the GLP

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<v Speaker 4>one world, what's hot? What are people talking about? What's

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<v Speaker 4>interesting within GLP ones?

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<v Speaker 2>Well, there's there's two main things. Right.

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<v Speaker 3>You got the oral drugs, and like Lily's CEO had

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<v Speaker 3>a fireside chat type thing, and.

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<v Speaker 2>I have this big realization.

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<v Speaker 3>I don't know if this was like common knowledge among

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<v Speaker 3>people that are healthcare specialists, but I had a big

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<v Speaker 3>realization that basically, with these oral drugs, it's not so

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<v Speaker 3>much about the fact that like patients don't want to

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<v Speaker 3>use these auto injectors, because as we've seen, people are

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<v Speaker 3>pretty much fine with the auto injectors. The thing is,

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<v Speaker 3>the auto injectors are super expensive and like very fight constrained,

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<v Speaker 3>so it's kind of like the oral drug, right, Like

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<v Speaker 3>it's very easy to make a pill, and the high.

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<v Speaker 2>Chain is like not the same as the auto injector.

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<v Speaker 3>So it turns out the way that he was speaking,

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<v Speaker 3>it really gave me the idea that like these oral drugs, right,

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<v Speaker 3>like Lily has orf and Novo has one too that's

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<v Speaker 3>in the in the works, and they seem to be

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<v Speaker 3>kind of like the rate limitter.

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<v Speaker 2>Right.

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<v Speaker 3>He had something that he said about how he sees

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<v Speaker 3>supply for these drugs being a constraint for you know,

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<v Speaker 3>the next ten years, and then he said, that's not

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<v Speaker 3>a bad thing, right, because we have you know, half

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<v Speaker 3>of we have I don't know, five hundred thousand people

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<v Speaker 3>in the US that are on these drugs and one

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<v Speaker 3>hundred and ten million.

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<v Speaker 2>People that theoretically could or should take them.

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<v Speaker 3>And that doesn't even count in Brazil or China or India.

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<v Speaker 2>Right, that's the main thing.

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<v Speaker 1>So one of the things that lives rent free in

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<v Speaker 1>my head ever since we first spoke to you was

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<v Speaker 1>Titan Stapler. Do you remember that, like this this company

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<v Speaker 1>that makes Titan stomach staplers, and I'm wondering, you know,

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<v Speaker 1>obviously people are talking about the sort of positive impact

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<v Speaker 1>of weight loss drugs GLP one on their bottom lines,

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<v Speaker 1>but is there anyone at the conference that you've heard

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<v Speaker 1>or seen talking about negative impact?

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<v Speaker 3>Honestly, I think that ever since right around the first

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<v Speaker 3>time we spoke, there was a wave of some people

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<v Speaker 3>that fell on the soul, so to speak, kind of

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<v Speaker 3>like how CHEG did with artificial intelligence. I think that

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<v Speaker 3>once they saw the stock reactions, once you come out

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<v Speaker 3>and you say, you know, GLP one drugs are killing us,

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<v Speaker 3>and then your stock goes down ten percent a day,

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<v Speaker 3>I think they're a little more careful about it now,

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<v Speaker 3>they're not readily offering that information. But also at the

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<v Speaker 3>same time, some obviously I had a very like high

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<v Speaker 3>conviction thesis on the idea that you know, sepath machines

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<v Speaker 3>and the Titan stapler and all these things would actively affected.

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<v Speaker 3>But it got so priced in so quickly, and some

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<v Speaker 3>of that was not GLP one stuff, right, Some of

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<v Speaker 3>that was basically just rates, Like don't attribute to GLP

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<v Speaker 3>one's what you can attribute to interest rates. I guess

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<v Speaker 3>and so I think with Medtech where it is, it's

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<v Speaker 3>kind of even with the impact there, they can kind

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<v Speaker 3>of say, okay, you know, but it's a little bit

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<v Speaker 3>better than you've heared.

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<v Speaker 4>Res Med a big maker of CPAP machines that's bounced

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<v Speaker 4>a little bit over the last few months. Those still

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<v Speaker 4>down from where it was a year ago.

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<v Speaker 2>You know.

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<v Speaker 4>I was walking back to the office from lunch today

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<v Speaker 4>and I saw a sign for weight Watchers about like

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<v Speaker 4>get on their GLP one program. So obviously they're trying

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<v Speaker 4>to like pivot to being a GLP one player, show

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<v Speaker 4>how they can fit in. But that's stock not doing

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<v Speaker 4>so well.

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<v Speaker 2>It's down.

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<v Speaker 1>Yeah.

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<v Speaker 2>Yeah.

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<v Speaker 3>Brown Trip went up like one hundred and fifty percent

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<v Speaker 3>then went all the way down. And the thing if

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<v Speaker 3>you're in the GLP one space at all and Eli

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<v Speaker 3>Lilly starts doing what you're doing, it's not great.

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<v Speaker 2>Tracy, Tracy.

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<v Speaker 4>I feel like investors, you know, they love to get

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<v Speaker 4>cute with things like I missed the Eli Lily trace

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<v Speaker 4>by this other company, and then you see, like you know,

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<v Speaker 4>in videos, the winners so far been the winner, Novo's

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<v Speaker 4>the winner Lily, and then all these other like secondary

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<v Speaker 4>tertiary plays. It's like kind of dice here.

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<v Speaker 1>Yeah, James, you mentioned something else that I think is

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<v Speaker 1>kind of like a big factor here, which is just

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<v Speaker 1>interest rates and the move we've seen there. And you

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<v Speaker 1>mentioned everyone being sort of enthusiastic about funding availability for

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<v Speaker 1>pharma going into twenty twenty four. How much is some

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<v Speaker 1>of this excitement just a pure rates play on the

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<v Speaker 1>cost of funding for you know, these companies that spend

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<v Speaker 1>a lot of money on research and development actually coming down.

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<v Speaker 3>I think it's like a rate of change thing, right.

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<v Speaker 3>It got so bad that even an incremental improvement is

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<v Speaker 3>going to be met with overwhelming kind of enthusiasm. Enthusiasm

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<v Speaker 3>because the regional bank stuff, you know, Silicon Valley Bank

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<v Speaker 3>collapsing hurt the biopharma and biotech industry significantly. And I

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<v Speaker 3>think that it's kind of been so long where rates

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<v Speaker 3>were just going up and everything's going to stay higher

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<v Speaker 3>for longer, and now you know, there's a glimmer of

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<v Speaker 3>hope on the horizon. And it's very easy if you're

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<v Speaker 3>in this industry and you've just been hearing no for

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<v Speaker 3>the past you know, year and a half, to say, oh, finally, you.

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<v Speaker 4>Know, wait, can we go back? I think you said

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<v Speaker 4>there were like two things in the GLP one space.

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<v Speaker 4>You mentioned auto injectors, and so I was curious what

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<v Speaker 4>the other one was.

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<v Speaker 3>The other thing is that we're kind of finding out, right,

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<v Speaker 3>I guess we already knew. But the thing with the

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<v Speaker 3>GLP one drugs is that they will make you lose weight, right,

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<v Speaker 3>and if you are morbidly obese, that's great. Now, the

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<v Speaker 3>problem is you are going to lose some muscle too.

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<v Speaker 3>Right when you say you lose weight, it's not necessarily

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<v Speaker 3>that all that weight is fat, and that can be

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<v Speaker 3>a problem just because kind of common sense, right, it's

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<v Speaker 3>better to have muscle mass. Muscle mass is great, especially

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<v Speaker 3>if you're diabetic, and also from like a cosmetic aesthetics perspective.

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<v Speaker 3>So now kind of the thing that everyone is focusing

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<v Speaker 3>on is finding a combination drug to be used alongside

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<v Speaker 3>these GLP WANs that makes it so that you either

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<v Speaker 3>do not lose muscle when you are losing fat, or

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<v Speaker 3>that you actually gain muscle. So there was some data

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<v Speaker 3>from Regeneron that was, in my opinion, just like everything

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<v Speaker 3>else that happens, very bullish. For Lily, they had an acquisition.

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<v Speaker 3>They bought Versatus for four billion dollars and Versatus has

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<v Speaker 3>a drug called the migramat and when you combine the

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<v Speaker 3>migramat with you.

0:11:22.240 --> 0:11:24.840
<v Speaker 2>Know, semaglue tide or another GLP one drug.

0:11:25.480 --> 0:11:28.240
<v Speaker 3>The phase one trial was showing that you will lose

0:11:28.440 --> 0:11:31.400
<v Speaker 3>twelve percent of your body weight, but you will also

0:11:31.520 --> 0:11:34.560
<v Speaker 3>increase your lean muscle mass by six percent, which is

0:11:34.920 --> 0:11:37.959
<v Speaker 3>a cheap code, right, Like there is nobody doesn't want

0:11:37.960 --> 0:11:39.640
<v Speaker 3>to lose ten percent of their body weight and then

0:11:39.679 --> 0:11:44.320
<v Speaker 3>also gain lean muscle mass. It's also very important with

0:11:44.400 --> 0:11:47.600
<v Speaker 3>like the elderly population, you know, because they if they

0:11:47.640 --> 0:11:51.479
<v Speaker 3>get weaker, then they're more at risk for falls or injuries,

0:11:51.520 --> 0:11:54.000
<v Speaker 3>and you know, making sure that like bone mineral density

0:11:54.040 --> 0:11:56.160
<v Speaker 3>stays high, so you know, but at the same time,

0:11:56.200 --> 0:11:58.120
<v Speaker 3>it's also if you make the drug that seems like

0:11:58.120 --> 0:11:58.959
<v Speaker 3>a money printer to me.

0:11:59.600 --> 0:12:03.560
<v Speaker 1>Well, so I think muscle building drugs already exist in

0:12:03.600 --> 0:12:06.600
<v Speaker 1>the form of anabolic steroids, although I doubt anyone's recommending

0:12:07.160 --> 0:12:09.079
<v Speaker 1>recommending that you go on a zempic and then take

0:12:09.120 --> 0:12:12.480
<v Speaker 1>steroids as well. But James, you mentioned at the very

0:12:12.480 --> 0:12:15.280
<v Speaker 1>beginning of this conversation that you saw something cool and

0:12:15.880 --> 0:12:18.920
<v Speaker 1>you sent me a little video of this and when

0:12:18.920 --> 0:12:20.520
<v Speaker 1>you send me the video, I had a sort of

0:12:20.679 --> 0:12:23.719
<v Speaker 1>realization that we are truly in the future in some

0:12:23.800 --> 0:12:26.439
<v Speaker 1>respects because you sent me a video of a presentation

0:12:27.280 --> 0:12:32.040
<v Speaker 1>of basically like an AI for drug development, so drug GPT,

0:12:32.640 --> 0:12:36.360
<v Speaker 1>and you recorded the video using your meta sunglasses.

0:12:36.640 --> 0:12:39.000
<v Speaker 3>I'm speaking to you guys right now on them. It

0:12:39.080 --> 0:12:43.360
<v Speaker 3>was definitely future coded for sure. I mean the thing was,

0:12:43.600 --> 0:12:47.600
<v Speaker 3>this was Recursion Pharma's presentation and theirs was at you know,

0:12:47.720 --> 0:12:50.280
<v Speaker 3>seven fifteen in the morning, so it wasn't very crowded,

0:12:50.320 --> 0:12:53.880
<v Speaker 3>and then Nvidio presented later, but Recursion was the one

0:12:53.880 --> 0:12:56.240
<v Speaker 3>that had the demo. They did it right in front

0:12:56.240 --> 0:12:58.520
<v Speaker 3>of you. It's like if you loaded up Chatgypt and

0:12:58.559 --> 0:13:01.480
<v Speaker 3>started asking you questions, but they where they It's called

0:13:01.559 --> 0:13:04.640
<v Speaker 3>low I call it drug GPT just because it's funny.

0:13:04.720 --> 0:13:09.480
<v Speaker 3>But they opened up this program and then started they said,

0:13:09.520 --> 0:13:11.880
<v Speaker 3>you know, give us a list of molecules that are

0:13:11.920 --> 0:13:16.000
<v Speaker 3>gonna target RAF one or and it just gave him

0:13:16.120 --> 0:13:19.000
<v Speaker 3>fifty new drugs and then they can refine it down

0:13:19.040 --> 0:13:21.680
<v Speaker 3>based on how likely it is to have this side

0:13:21.679 --> 0:13:24.040
<v Speaker 3>effect or that side effect, or where the structural activity

0:13:24.080 --> 0:13:28.080
<v Speaker 3>relationship is or you know, the dose response curve just

0:13:28.120 --> 0:13:30.679
<v Speaker 3>based on you know, this predictive.

0:13:30.360 --> 0:13:36.520
<v Speaker 2>AI and how do we know well, I mean, how

0:13:36.559 --> 0:13:37.760
<v Speaker 2>do we know that the problem?

0:13:37.840 --> 0:13:39.640
<v Speaker 4>Yeah, I mean like so like they like they give

0:13:39.679 --> 0:13:42.200
<v Speaker 4>you some molecules and stuff, but like, how does anyone

0:13:42.240 --> 0:13:45.040
<v Speaker 4>know that ultimately this is where does it go from there?

0:13:45.160 --> 0:13:47.760
<v Speaker 4>What's the evidence that this is uh, you know, produce

0:13:47.760 --> 0:13:51.200
<v Speaker 4>as drugs or find new combinations of molecules faster than

0:13:51.280 --> 0:13:52.120
<v Speaker 4>traditional routes.

0:13:53.360 --> 0:13:56.000
<v Speaker 2>Well, when he was doing it, yeah, kind of in

0:13:56.080 --> 0:13:57.960
<v Speaker 2>the audience, you have to assume that there are some

0:13:58.000 --> 0:14:01.560
<v Speaker 2>people that know biochemistry, and they got.

0:14:01.400 --> 0:14:04.080
<v Speaker 3>Into some stuff that you know, I couldn't really follow,

0:14:04.120 --> 0:14:06.320
<v Speaker 3>but he was talking about how, oh you know, if

0:14:06.440 --> 0:14:08.560
<v Speaker 3>there are any chemists in the audience, you'll recognize this

0:14:08.640 --> 0:14:11.960
<v Speaker 3>drug looks a lot like this drug. And basically they

0:14:12.559 --> 0:14:15.440
<v Speaker 3>went through the whole I mean, the thing is I

0:14:15.520 --> 0:14:17.320
<v Speaker 3>dropped out of at school, right, so, like I could

0:14:17.360 --> 0:14:21.520
<v Speaker 3>find very limited amount of time. But I think the

0:14:21.560 --> 0:14:24.440
<v Speaker 3>main point that they were getting across was that in

0:14:24.480 --> 0:14:28.800
<v Speaker 3>biotech and biopharmat they spend so much time and money

0:14:29.240 --> 0:14:32.640
<v Speaker 3>on things that might just not work. And if you

0:14:32.720 --> 0:14:36.360
<v Speaker 3>have a program that can basically make you faster to fail.

0:14:36.320 --> 0:14:37.880
<v Speaker 2>Right, where you're.

0:14:38.160 --> 0:14:40.720
<v Speaker 3>Kind of figuring out what's going to be a waste

0:14:40.720 --> 0:14:43.000
<v Speaker 3>of time and what might not be more effectively.

0:14:43.200 --> 0:14:44.800
<v Speaker 2>That's huge, right.

0:14:44.920 --> 0:14:47.280
<v Speaker 3>Maybe maybe it's not that this is going to find

0:14:47.480 --> 0:14:50.360
<v Speaker 3>the cure for cancer, but the company that you know

0:14:50.680 --> 0:14:53.360
<v Speaker 3>eventually does find the cure for cancer, they're going to

0:14:53.400 --> 0:14:55.080
<v Speaker 3>be a lot more efficient with it because they're not

0:14:55.120 --> 0:14:57.160
<v Speaker 3>going to be wasting their time on stuff that you know,

0:14:57.200 --> 0:14:59.480
<v Speaker 3>maybe this program can tell them obviously won't work.

0:15:00.040 --> 0:15:03.080
<v Speaker 1>Often are people mentioning AI in general at that conference?

0:15:03.120 --> 0:15:05.760
<v Speaker 1>I'm curious if it's sort of like infiltrating to the

0:15:05.800 --> 0:15:10.080
<v Speaker 1>degree that it seems to be in financials conferences for instance.

0:15:10.520 --> 0:15:12.440
<v Speaker 3>Oh yeah, it was a ton I mean, you know,

0:15:12.680 --> 0:15:15.560
<v Speaker 3>Lily didn't mention AI. Nova didn't mention AI. They had

0:15:15.640 --> 0:15:18.120
<v Speaker 3>their own thing. But then you know you had Sonofi

0:15:18.440 --> 0:15:21.560
<v Speaker 3>and Jen both talking about their new AI platforms, and

0:15:21.600 --> 0:15:24.560
<v Speaker 3>then Video was here. Right then Video presented here and

0:15:24.960 --> 0:15:28.880
<v Speaker 3>had a whole thing about their predictive analytics platform and

0:15:29.000 --> 0:15:32.520
<v Speaker 3>Boonemo and it was I mean, you guys should have

0:15:32.600 --> 0:15:38.600
<v Speaker 3>seen when the presenter from Nvidia concluded her speech, it

0:15:38.680 --> 0:15:41.640
<v Speaker 3>was like Night of the Walking Debt. Literally, the entire

0:15:41.680 --> 0:15:44.440
<v Speaker 3>audience just like shambling up, like just trying to get

0:15:44.480 --> 0:15:46.600
<v Speaker 3>a little bit of the in Vidia magic on speak.

0:15:48.840 --> 0:15:51.720
<v Speaker 1>Oh, that's always the most awkward moment at conferences when

0:15:51.720 --> 0:15:54.040
<v Speaker 1>the speakers get off stage and everyone kind of like

0:15:54.120 --> 0:15:57.600
<v Speaker 1>awkwardly stands around waiting for their chance to introduce themselves

0:15:57.640 --> 0:15:58.600
<v Speaker 1>in network.

0:15:58.320 --> 0:16:02.600
<v Speaker 4>Hand them MACR about their company. Yes, totally.

0:16:02.880 --> 0:16:04.760
<v Speaker 2>Yeah, I was worried it was going to get violent,

0:16:04.800 --> 0:16:04.880
<v Speaker 2>you know.

0:16:05.040 --> 0:16:08.160
<v Speaker 3>And like the other thing, the ratio is at these conferences,

0:16:08.280 --> 0:16:10.600
<v Speaker 3>like finance conferences not great and like this is like

0:16:10.640 --> 0:16:13.480
<v Speaker 3>a woman with ninety men and two women just send

0:16:13.720 --> 0:16:16.920
<v Speaker 3>That was like it was like not the coolest scene.

0:16:17.760 --> 0:16:20.160
<v Speaker 4>By the way, Tracy, you know what stock is at

0:16:20.360 --> 0:16:23.000
<v Speaker 4>basically the same level it was ten years ago.

0:16:23.480 --> 0:16:25.360
<v Speaker 1>I have no idea Pfizer.

0:16:26.080 --> 0:16:28.800
<v Speaker 4>Oh that's one company that my understanding is is not

0:16:29.040 --> 0:16:31.760
<v Speaker 4>in the game at all. On GOLP one. Of course,

0:16:31.760 --> 0:16:34.160
<v Speaker 4>it went nuts in twenty twenty one. Yeah, the hot

0:16:34.240 --> 0:16:38.080
<v Speaker 4>thing was COVID injections. But obviously I think many fewer

0:16:38.160 --> 0:16:41.200
<v Speaker 4>people these days are getting boosters than may people may

0:16:41.240 --> 0:16:43.720
<v Speaker 4>have expected two years ago. And that stock is literally

0:16:43.720 --> 0:16:45.600
<v Speaker 4>where it was. No, maybe it's paid dividend and stuff

0:16:45.600 --> 0:16:48.160
<v Speaker 4>since then. That's not literally where it was in twenty fourteen,

0:16:48.840 --> 0:16:50.920
<v Speaker 4>So don't miss the golp one.

0:16:51.640 --> 0:16:55.600
<v Speaker 2>Pfizer had an oral g g golp one and you know,

0:16:55.680 --> 0:16:57.440
<v Speaker 2>ditched it. The side effects were just too bad.

0:16:57.480 --> 0:16:59.440
<v Speaker 3>And that's that's gonna be like a serious risk to

0:16:59.440 --> 0:17:02.880
<v Speaker 3>look out for, right because you know, with the oral

0:17:02.920 --> 0:17:05.960
<v Speaker 3>preparations of these like peptides or like any really like

0:17:06.080 --> 0:17:09.280
<v Speaker 3>endocrine drug, there's always it seems at least, you know,

0:17:09.320 --> 0:17:10.639
<v Speaker 3>I don't have science to back this up, but it

0:17:10.640 --> 0:17:12.520
<v Speaker 3>seems like when you have an endocrine drug and you're

0:17:13.040 --> 0:17:15.399
<v Speaker 3>trying to turn it into an oral instead of you know,

0:17:15.400 --> 0:17:19.080
<v Speaker 3>an injectable, the side effects get really crazy. And that's

0:17:19.119 --> 0:17:23.000
<v Speaker 3>definitely I think the biggest risk to like lily Novo

0:17:23.480 --> 0:17:26.560
<v Speaker 3>would be one of them gets the oral and the

0:17:26.640 --> 0:17:29.680
<v Speaker 3>other one has side effects that are way too bad,

0:17:29.920 --> 0:17:32.600
<v Speaker 3>right because, like I said in the beginning, right that

0:17:32.680 --> 0:17:35.160
<v Speaker 3>the oral drug will make it so that they can

0:17:35.200 --> 0:17:38.280
<v Speaker 3>take advantage of this huge demand right there. They're constrained

0:17:38.280 --> 0:17:40.320
<v Speaker 3>by supply, but the supply.

0:17:40.080 --> 0:17:43.280
<v Speaker 2>Of the oral drug would you know, kind of alleviate that.

0:17:43.480 --> 0:17:45.480
<v Speaker 3>And if one of them has it then the other

0:17:45.520 --> 0:17:48.040
<v Speaker 3>one doesn't, that could really change the landscape.

0:17:48.440 --> 0:17:51.919
<v Speaker 1>So James, in addition to bringing us dispatches from the

0:17:51.960 --> 0:17:55.199
<v Speaker 1>JPM healthcare conference and being our sort of eyes on

0:17:55.240 --> 0:17:58.440
<v Speaker 1>the ground or sunglasses on the ground. Maybe what else

0:17:58.440 --> 0:17:59.960
<v Speaker 1>are you going to do in San Francisco? Like, who

0:18:00.000 --> 0:18:01.320
<v Speaker 1>are you talking to while you're there?

0:18:02.119 --> 0:18:02.320
<v Speaker 2>Oh?

0:18:02.359 --> 0:18:05.199
<v Speaker 3>You know, I I message all the people that I

0:18:05.280 --> 0:18:09.320
<v Speaker 3>know that have a kind of venture capital healthcare vibe.

0:18:09.359 --> 0:18:13.159
<v Speaker 3>And I'm not really super involved, Like I just like

0:18:13.240 --> 0:18:16.520
<v Speaker 3>trade and you know, I'm in my own office and

0:18:16.520 --> 0:18:18.960
<v Speaker 3>trading and I'm not super linked up with all the

0:18:18.960 --> 0:18:20.840
<v Speaker 3>finance people. So I didn't get invited to any of

0:18:20.920 --> 0:18:23.400
<v Speaker 3>the like events or anything. But you know, I can

0:18:23.440 --> 0:18:25.800
<v Speaker 3>still have a good time in San Francisco myself.

0:18:26.680 --> 0:18:28.879
<v Speaker 1>James, I think that's it. Oh yeah, go ahead.

0:18:29.480 --> 0:18:32.560
<v Speaker 2>I just want to say, Joe, well you are a

0:18:32.560 --> 0:18:33.440
<v Speaker 2>really musician.

0:18:34.080 --> 0:18:37.200
<v Speaker 4>Finally, finally a little respector on here. No, I appreciate

0:18:37.240 --> 0:18:40.400
<v Speaker 4>that I met James in person at our concert in December.

0:18:41.040 --> 0:18:42.679
<v Speaker 4>Very kind of you to say, on are thank you

0:18:42.680 --> 0:18:43.040
<v Speaker 4>so much.

0:18:43.840 --> 0:18:46.159
<v Speaker 2>I was surprised. Was I kind of expected it was

0:18:46.160 --> 0:18:47.080
<v Speaker 2>a joke, but you are.

0:18:48.640 --> 0:18:51.480
<v Speaker 4>Very very nice of you to say. Great, let's leave

0:18:51.520 --> 0:18:53.000
<v Speaker 4>it here. This is a great place to end it

0:18:53.040 --> 0:18:54.920
<v Speaker 4>on this note I love let's leave it here. There's

0:18:54.920 --> 0:18:56.560
<v Speaker 4>a great place to end. He kind of broke up

0:18:56.560 --> 0:18:57.560
<v Speaker 4>there at the end, so I don't know if we

0:18:57.640 --> 0:18:59.720
<v Speaker 4>got that on audio. I think I heard it.

0:19:00.960 --> 0:19:02.040
<v Speaker 2>I heard it, I heard it.

0:19:06.640 --> 0:19:09.760
<v Speaker 4>Lots More is produced by Carmen Rodriguez and Dashel Bennett,

0:19:09.800 --> 0:19:12.920
<v Speaker 4>with help from Moses Ondam and kil Brooks. Our sound

0:19:13.000 --> 0:19:15.760
<v Speaker 4>engineer is Blake Maples. Sage Bauman is the head of

0:19:15.760 --> 0:19:16.920
<v Speaker 4>Bloomberg Podcasts.

0:19:17.160 --> 0:19:20.320
<v Speaker 1>Please rate, review, and subscribe to Odd, Lots and Lots

0:19:20.320 --> 0:19:24.080
<v Speaker 1>More on your favorite podcast platforms, and remember that Bloomberg

0:19:24.080 --> 0:19:27.160
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0:19:27.240 --> 0:19:34.160
<v Speaker 1>connecting through Apple Podcasts. Thanks for listening. It's drug GPT

0:19:34.440 --> 0:19:35.360
<v Speaker 1>Joe Oh