It looked to be a very strong quarter. I'm surprised by how strong the HIV franchise was.

The stock has gotten a lot cheaper.

We remain cautious until we see significant evidence of accelerating sales, operational and commercial execution, and improved long-term visibility on sales and earnings growth.

We believe continued strong oncology sales and operational execution will sustain the premium multiple versus the peer group.

It's clear that there is an increased investor focus, government focus and public focus on anything to do with infectious diseases, particularly flu.

There are several drivers for potential earnings growth that I don't think are reflected in the stock.