Question-and-Answer Session
Operator
Thank you. (Operator instructions) And our first question comes from Barclays Capital in the line of Larry Marsh. Please go ahead sir.
Larry Marsh – Barclays Capital
Okay, thanks and good morning, Dave and Mike. Thanks for the detail. Let me just step back just a second and learn want something of you, Dave which is, if we have this conversation a year ago talking about drug market growth of 4% to 5%, I know you guys did better than that this year, but now we are talking about a much different environment. And as you put on your (inaudible), are you concern about the rapid deceleration that we’re seeing in the marketplace? As you think about the next three years, do you worry that there not going to be a particular catalyst to acceleration as we sort of think through ’09 and 2010 in the economy or from your sense of perspective, do you have confidence that this is going to be more of a short-term phenomenon rather than a bigger change in trend as you work in the market.
David Yost
Thanks for the question, Larry. There are some bad things about being old but one of the things that’s good about being old and having been in the industry for almost 35 years is you kind of get a perspective. And because of that, Larry, I am not concerned about the long-term growth rates of this industry. I think what we’ve got right now is really somewhat of a short-term phenomenon. I think it’s aggravated and exacerbated by the economic financial turbulence that we’ve got going. So I am not concerned about it.
The first thing, when you look at growth rates, you have to ask why and if part of the reason that the growth rates, and remember we’re talking about growth here. We’re just talking about relative growth rate. And if the growth rates are a little slower and that’s a function of generic penetration, that can be very good for companies like ours.
So, the first issue is why, the second place is where and if the slowdown may be occurring in segments of the market where you don’t have participation, that can also be a mitigating factor. And the last and probably one of the most important, Larry, is we think we have a great ability to adapt. And no matter what those market conditions are, we’re highly confident that we’ve got the discipline to react to them.
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