Karl Thiel

They're not in danger of dropping out of profitability.

In fact, their portfolio of new drugs is growing quite nicely and being offset by legacy drugs that are seeing declines.

I think it's a pretty surefire way to collect a very nice yield, and then I think eventually start to see some price appreciation as that very, very pessimistic multiple

Just kind of even comes back a little bit.

Yeah.

I think even just any sign that they're going to be able to return to growth will do that.

They have some fast-growing newer drugs that are relatively new introductions, and they made some interesting acquisitions around radiopharma, for instance, and some next-gen oncology drugs.

I think this is a point in which there are lots of reasons to be negative, but you're sort of at, I don't want to say we're necessarily at peak negativity, but I would say that there's definitely a very dark cloud hanging over the company, and any sign that that's lightening up could help with the actual stock price, even while you're just collecting the dividend.

Well, you know, let me, I'll put it back to you just a little bit, which is beyond that concern, which, you know, hard to say how people are regarding it.

Do you think there's a concern just that, you know, the client base is, as you say, you know, mostly self-insured companies, that there's just a sort of simple cyclical economic concern around layoffs and sort of economic contraction around some of those companies, you know, that might be

That might be something that's holding the company down and also something that you presume we get past.

All right.

I'll test my ability to make compound sentences.

Argin-X, based in the Netherlands, is a very successful biopharma company, sells a drug called Vivegard, mostly for myasthenia gravis.

Sales jumped 97% to $949 million in the second quarter.

That's nearly a $4 billion run rate and still growing.

You are right.

Yes, but any market this good attracts a lot of competitors, and there are some very serious ones that could be better than Viveguard.

And seen.

Yes.