James Thomson

There's good business here.

Which, you know, you get that the companies have got to sell a bit of hope, but there doesn't seem to be the –

appreciation or intellectual honesty to say, yep, we've really got an issue here that we've really got to fix.

So I think it is sad.

It's definitely sad for shareholders, but it's sort of sad that –

One of our giants has got off the tracks a bit and doesn't quite seem to know how to get back on the tracks.

I think it'll take a long time.

CSL is a biotech business.

Drug development cycles are long.

Patient treatment cycles are long.

it'll take a while for this company to restore itself to its former glory.

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.