modest positive for the stock, modest because they have 6,000 cases behind this one.

Otherwise you are just creating a stalemate. Shareholders want to know who is going to be in charge.

been a long time in coming.

By our calculation, Pfizer’s consumer business has an implied market value of $4.6 billion but could be sold for 2 to 2.5 times that amount, or $10 billion.

Merck and Pfizer would probably lose money from a moratorium, … They have portfolios that would benefit from DTC advertising.

In our view, Pfizer is in fact defensive and has demonstrated that it can weather the blows in a measured fashion due to its dramatic scale advantage and strong balance sheet.

We’re left with a company with a litany of problems and a management that has zero credibility. I think some heads will roll and they will be very vulnerable to take-out.

The company has gone through a radical transformation,

It’s hard to think of a government agency Schering-Plough wasn’t being investigated by.

I don’t think that DTC advertising is a bad thing; I just think in some instances it went too far,

They made the consensus numbers even after taking that charge. The stock has already been pummeled in the last few years. I think with all things taken into account, the earnings were a little better...

The only company which is a clear growth vehicle in our view is Schering-Plough.

The market is under-penetrated, that’s for sure.

Wyeth is really standing out relative to its peers currently because it has a fairly young portfolio of new drugs,

That hasn’t helped anyone much. We’re in an environment now where labels are becoming so riddled with warnings that people don’t know what to do.

You’ve got to give product away in Africa. There’s a natural arbitrage where the prices get pressure around the world.

They can get a good price for it and it’s probably undervalued in their portfolio. It’s not so much about them getting out of that business much as it’s about unleashing shareholder value.

Pfizer clearly is a company with tremendous disregard for the generic drug industry and is not given to settling. But it is not altogether unlikely that Pfizer could settle its litigation. If Pfizer could translate...

I think it’s sort of a meaningless statement from their perspective and they’re trying to grab victory out of this by taking a posture that makes them look altruistic, … I also think they’re trying...

Obviously, it’s a huge market and it’s growing.

How much we do depends on how much of the financing plan comes through.

Lilly has been more innovative than most other companies but done worse at execution. There’s betting on a pipeline that hasn’t panned out in the past.

Although the full force of the impact of Hurricanes Katrina and Rita will not be fully known for some time, it is clear that the scope of the devastation is unprecedented for the local economies...

It’s a potentially politically charged issue because you’re talking about vaccinating people against sexually transmitted diseases when they’re 12 or 13.

I think people are coming to the realization that this is going to be a marathon that’s going to be running for a period of time and [Merck is] unlikely to pay any money out...

Strong companies are going to survive in this sector, and they’re going to look more like Pfizer than not.

It’s a wild card. If it works, great, but I don’t think there’s a tremendous amount of visibility right now. It’s been a long time in the making at Merck and there have been disappointments...

Investors and company managements will likely focus on the benefits of restructuring and the improving new product flow for late 2006.

If it’s universally recommended then obviously people are going to be getting the vaccine much more broadly.

Three months ago, Wall Street was telling Pfizer to fold up its tent and go home. Now some of the things we’ve been waiting for are coming.

The restructuring is not heroic by any stretch of the imagination.

It doesn’t change much. But it does point people to the higher end of the range.

We believe Merck has put in place an aggressive, but achievable strategic plan.

Investors don’t want to make the bet because it’s too hard to call.

Recent results provide clear evidence of the turnaround at Schering-Plough and the positive momentum of the cholesterol joint venture.

You want to educate people on the condition and how to avoid it.

Expectations are fairly low, and these companies will deliver results that are in-line, or slightly better than expectations.

This is as good as it gets for Pfizer. They won a victory on both patents — well beyond our expectations.

A lot of their big drugs are going to lose patent protection, without the introduction of new drugs that will offset that, … buy.

Fourth-quarter 2005 sales of key brands were generally below our forecasts.

I would say that Merck’s been so adamant in its position that I would be extremely surprised if they change their position after only two cases,

Despite the pressures that Pfizer has faced and will face on the top line, the company will be able to deliver on their earnings target, in part aided by introduction of their new drugs.

I just don’t think it’s a big deal, … There certainly isn’t any evidence linking Viagra with these reports. There is a risk with this form of blindness from diabetes and cardiovascular disease, and those...

There is a 10-year lag in R&D spending, … The spending that they’re doing today isn’t going to be visible in terms of products for quite some time.

New drugs are not going to build billion dollar sales in a few weeks. It takes years to do that.

You’ve got to give product away in Africa, … There’s a natural arbitrage where the prices get pressure around the world.

Bristol-Myers earnings will be down this year but then we expect to see a recovery based on the introduction of new drugs and cost cuts.

I wouldn’t say [Prozac] is selling well, … It’s nice that they preserved $182 million from the Prozac franchise, but it was $2 billion, so it’s not real meaningful for Lilly.

The only way this company can improve their earnings is through pursuing a merger or by being acquired. It’s not very innovative, but it’s what they’re going to have to do.

It’s a pretty attractive property. Four billion dollar consumer businesses don’t go on the market every day.