It's obviously part of the entire issue of focusing on drug spending and cost and pricing which keeps coming up, but this issue itself is not a major issue.

Pharmacia reported earnings growth of 19 percent, but the pharmaceutical side was up more than 20 percent by itself, so that's the sustainable long-term piece when they spin off agriculture.

There were no surprises from AHP. I think that's a good trend in general.

I really think what you've had here is that they've all had the same issue, losing product patents. It's hard to simply offset that with cost cutting, but it's nothing systemic in the company.

What happened when Warner merged with Pfizer in the end of May is that you will have a much broader portfolio. You will have probably 10 different drugs growing at double-digit rates. One of the advances of this merger is to broaden the focus beyond just the two drugs.

From investors' perspective, the prognosis is really good here [in the pharmaceuticals sector].