James Thomson

And I'm not entirely convinced at the moment that they know how to do that.

They keep just saying, well, everything's basically okay.

No, there's a fundamentally decent business.

They are – this business in America where they turn –

They collect blood.

They turn it into plasma products for the treatment of kidney diseases and other rare diseases.

Immunoglobin.

I've said that wrong.

Immunoglobin.

Immunoglobin.

Thank you, Alan.

That is a good business.

No doubt about it.

It's a sector that CSL created.

But this is the sort of shame of it.

CSL was dominant, still is the largest producer and has the largest global market share.

But they're now the number three in America, which is the key market.

And, you know, there are questions over whether that, you know, basically whether competitors have sort of eaten their lunch.

So, look, you know, there is a fundamentally good business still throwing off lots of cash.

But this is a, you know, this is a business that has sold itself as a sort of growth engine.