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All -- so much.
It's one of the largest drug companies in the world has a gloomy outlook for earnings in the year ahead are David Asman is in Beverly Hills, California.
For the -- and global conference with the CEO -- -- David.
Santa p.'s CEO was christened Steve -- he joins us now and and Chris you didn't have a good first quarter.
But you also warned that coming ahead we're not such great times why.
Well like a lot of in this -- companies in our industry were facing patent expiry son on the medicines that really have built sanity over the years it's nothing really new it's something that we've all seen that coming for quite some time.
What's critical for sanity is what's the next generation of growth gonna be driven by and we identified six growth platforms.
As well as hadn't done anything Genzyme at transaction lives here twenty billion dollar years -- executed right that's right.
And so that allows -- to have to look at growth on average of about 5% going out to when he fifteen and that's really what what is.
Is driving -- these results -- let me ask you about.
The world right now because you're closing down some operations in Europe and France and in the United Kingdom.
Is and yet you are keeping open in fact expanding some of your operations in the United States is that because you see dark times ahead in Europe.
I think Europe is gonna have fragile economy for a number of -- become what what was -- -- -- the US was I still believe it's.
The best place in the world to do research and development and particularly in the Boston Cambridge area.
And that was one of the reasons that we acquired -- let me just stop you there because a lot of people here argued that the corporate taxes are so high we know the highest in the world.
That that stops -- companies like yours from France coming over here doing business why weren't you put off by the high corporate taxes here.
Actually the corporate tax rate in France Germany in the US are all about the same.
And when it comes to research and development you gonna do that where you find really a lot of the best people -- the science is going on.
We've been actually very happy investing in in the Boston Cambridge -- but you know what's going on here at the Milken conference is equally important because.
You can see how much other countries are starting to spend and are indeed and so the leadership that the the US -- today is not guaranteed.
And if there isn't it to the continued commitment to education continued commitment to funding of the NIH.
Then you know we want you start to see that clarity commitment to slowing the growth of government.
Well I think he but we're -- looking for economic growth that's that's gonna be the critical thing and in Europe as well and you know at the end of the day economic growth comes because you can develop manufacture and sell goods and services governments don't do that.
So -- -- pretty clear that you know in the US in Europe we have to reduce the role of government.
-- -- business friendly environment where we can create jobs and then sell goods so.
Chris Lee barker at the rest here might not be so -- but regrets -- -- first quarter thank you thank you for coming in from --
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