We believe that the industry is only at the initial phases of what we think will be a very significant consolidation.

Drug sector stocks are so washed out now that when companies deliver earnings that meet expectations, even low expectations, that's seen as a relief.

Lilly to us is going to emerge as the drug company of the decade.

There's isolated incidents of companies (warning) because of patent expiration or pipeline problems or both, but they are very isolated.

Warner-Lambert is trying to maximize the price paid for the company. They think that they are entitled to a higher price, and this facilitates that.

Will Rogers once said, 'If you find yourself in a hole, the first thing to do is stop digging.' Medicare is in a deep hole. Maybe it is time to stop digging.