James Thomson

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.

And it's not – it doesn't seem to – it's stuck in low gear at the moment.

Well, I think so, Alan, but –

The reason, you know, what we've discovered in the last little while, I think, is that the company now admits itself.

It became too bureaucratic.

It didn't respond to competitors enough.

Competitors have come in and changed the pricing structure of the market, introduced other products.

I take your point that maybe the market got ahead of itself with the valuation of this business.

I get that.

But there's no real excuse for the market leader to take its foot off the gas and allow competitors to eat its lunch.