Tom King

I think Carl said it pretty well.

I think we've seen the current skepticism around vaccines and mRNA-based therapies.

I think Carl put it pretty well.

You just got to factor that into your risks when you consider the sector and those particular subsectors within the biotech industry.

I'm going to go with the beat, because I think that guidance is always arranged so that it's possible easy, more likely to beat.

So, that would be my guess.

Well, in terms of the possibility of a miss, I would probably put that a little bit higher than for Eli Lilly.

Novo Nordisk has been on the back for a little bit the last couple of years.

They've got a new CEO.

They've been having some struggles with various things.

So just for that reason, I would rank the possibility of a miss slightly higher.

And the same sort of logic applies to the initiation of that dividend.

I'm guessing that in a time of uncertainty for them, they'd rather hang on to the cash.

So I would say that's probably unlikely, but there may well be more to it than that.

Yeah, sure.

Well, for the quarter, it was pretty much what they said it would be.

It was $104 million in revenue for the first quarter of 2026, which ended December the 31st, 2025, which is pretty much exactly what they had said it would be when they announced their preliminary results on January the 12th.

Still unprofitable, but getting better.

The bigger picture here is more interesting for me, though, the longer-term trend in Twist Biosciences.

So it's a company that first crossed my radar, I think, in 2020.