I think the earnings thing was the big thing. And even before that figure was announced, the earnings for the year had been downgraded from above $5 a share for the past two quarters.

The patents that are expiring make up a significant portion of their results. They’re not going to be one of the top growth stories — probably only single-digit (percentage-wise) in 2000 and 2001.

People have come to expect that. We did see some exciting drugs, we did get to see some new things. But it might have fallen short of past meetings.

(Large-cap) stocks provide the same relative safety and advantages that large-cap drug stocks provide. Despite the economic environment, people do need their drugs. Large-cap drug stocks are seen as a safe haven with relatively inelastic...

In order for the small caps to really come back into favor, I think some of the valuations of these drug stocks will have to either remain where they are or come down a bit.