Les Funtleyder Quotations

When you start seeing these big, big products coming off patent, there's plenty for most of them to cut. It is quite possible that all of them have plenty more to cut if they want to.

Nobody has any idea how this is going to turn out. But it's going to overhang the stock for the next six to nine months.

Getting larger really does matter. Scale helps because it helps drive greater discounts. The more enrollees you have, the better off you are in terms of costs.

For most of the U.S. companies, it's more about cost control than revenue growth. I think you'll see more of this the rest of the year until we start seeing pipeline products get to market.

It certainly will encourage more people to sue. This is going to be a decade-long process. It's probably going to make Merck reserve more money.

That was the first upside surprise for Merck in a long time.

We figured there would be some deterioration, but not like this. It looks like problems across the board.

This is probably not the last deal you'll see in this sector.

A lot of people feel like they've missed it and the best days of the sector are behind it so why jump in when there's even a hint of medical cost trends going in the wrong direction.

They're getting rid of unnecessary things and using the money to fund research and development.

At least we can measure whether the company is meeting its goals or not.

In terms of body language, management seemed a little more defensive to us than usual. Moreover, we find the lack of guidance from a company with the scale and savvy of Pfizer worrisome; it suggests to us that the company doesn't know itself about the future performance of its own internal operations.

For Pfizer, it offers some hope for the future that they can get novel products to market. This proves that they have drug development capability and points to a brighter future 18 months out.

The list is relatively short. There aren't that many companies who could take it.