Karl Thiel

So, hopefully, the impact will ultimately be less than it could have been.

But it's still extremely disruptive and it's going to work through the funnel for years.

Yeah, I think that's right.

I do think there is an expectation that some of the most radical moves made by the administration will be mitigated or reversed at some point.

It's pretty clearly broken.

I mean, you could argue that it's not a breaker.

And I would say that that's, you know, fair enough.

I mean, this is a drug company that's well over 100 years old.

It came to us on our scorecard through Celgene.

That's right.

You know, Bristol acquired Celgene.

And swallowed a breaker.

Exactly.

It swallowed a breaker and has, you know,

continued to struggle since.

And I would say that it is a broken breaker that I've come to believe in again.

And that is basically a valuation argument.

So this is not usually where we're coming from for rule breakers, but I think it's a reasonably compelling case.

in which you have a company that's guided for earnings per share in the $6.50 range there, a little bit to either side of that.

Revenue is going to be around $47 billion this year.