Johnson & Johnson (JNJ) Earnings Call Transcript & Summary

Good afternoon, everybody. I'm Chris Schott at JPMorgan, and I'm joined by my colleague, Robbie Marcus. And we're very pleased today to be hosting a fireside chat with J&J's management. From the company, we have Alex Gorsky, the company's Chairman and CEO; as well as Joe Wolk, the company's CFO. So Alex and Joe, first of all, thanks for joining us today.

I thought maybe just to kick off, I think to say the least, we're coming off an unprecedented 2020 for the health care industry and the world as a whole. Maybe just reflect back a little bit in terms of the pandemic response and the impact you see having on the industry going forward. So what have we learned from responding to the pandemic? What can we take away from that and we've kind of built into the core business from there?

Well, Chris, first of all, thank you very much for having us. And congratulations to JPMorgan at to being flexible and agile to adapt to this new environment that we're in and staging the conference in the manner that you're doing. And look, I think as all of us look back over 2020, there -- we're going to find ourselves using that word unprecedented in so many different ways. There's a few of us who likely would have predicted that would be where we are today in terms of the impact that this virus has had on our society, it had in our economy, health care systems, let alone on each of us in a very personal way. And look, before I ever start about statistics, I do like to reflect that this has, in fact, impacted just millions of people around the world. Unfortunately, who have lost their lives. And I think by now, most of us likely know either a friend or family member who's been directly impacted or in fact, whose life may have been taken by COVID-19. And in health care, I think it's critical for all of us to always keep the patients first in everything that we do. And so I think it's important to start with that. Next, I think without a doubt, this has not only changed our company, but I think this has changed the way likely we think about health care as a society for years to come. That being said, I do think that it can be done in a way that offers us an opportunity to bring about significant positive change. But clearly, it's stressed us, it's challenged us in many different ways. And I would start first, Chris, with just public health. Unfortunately, public health has always been about the number 12 of the top 10 priorities for many people around the world. What we've learned now is that without public health, we can't have national security, financial security, even security in society. I think we've certainly learned a lot about the importance of science and technology and how transformational both those things can be, science certainly in being able to bring these -- the kind of vaccines, I know we'll talk more about later in record time, but also technology and the way we use it, whether it's data science to better understand the condition itself or, frankly, how to bring some of these therapeutics and vaccines to the market in a much faster way. I think we learned how to collaborate in ways not only between the companies but among regulators, with customers in a lot of different manners and ways of connecting that we couldn't have imagined before. And look, I also think all of us have learned a lot about the importance of taking care of our employees in new ways, about the resiliency, the kind of grit that's necessary for us to be able to continue to serve our customers and patients. So I think there's a lot of lessons that we've learned, a lot more to be learned and certainly much to apply as we go forward.

Good. So Chris, maybe I'll jump in here. And as we look back on 2020 and move into 2021, the COVID pandemic clearly remains front and center for everybody, especially when we're looking at medical device performance. So on the one hand, the trough we saw in second quarter was less severe than what we thought yet still very dramatic. And we saw a much faster-than-expected recovery in third quarter as Johnson & Johnson and the whole industry benefited from deferred procedure capture. But on the other hand, we look across the world, and we see rising case volumes. And we see localized deferral of procedures and lockdowns in Europe and other places. So I know you haven't preannounced your fourth quarter results. We'll get to that in a week or 2. But maybe you could just help us understand what kind of impact you've seen across your businesses into the end of 2020 as COVID has kept moving higher.

Sure, Robbie. Look, I'd start with maybe a couple of higher-order observations and then drill down into some of the details. I think, first, it's a real testament to the doctors, the surgeons, the nurses, the health care workers out there on the front lines every day that hospitals have been able to respond in the way that they have over the past 11 months. When you look back, especially in the early days, in areas of ground zero whether it was Italy, New York, New Jersey, some of those places, the influx of patients that they had come in, the way they had to react very quickly to put the appropriate kind of protocols and treatment patterns into place. And then if you look at the improvements that have been made over the course of the last 10 months in morbidity and mortality as patients were hospitalized and again, better understanding of how to treat these patients, how to take care of them, how to triage them, it's quite remarkable. It's -- clearly, we're still in the middle of it, and it's unacceptable that we're still seeing the virus spread, and it's still taking a very significant toll. But on a relative basis, I think health care systems around the world, let alone in this country, have responded in a very significant way. And predicting forward is always difficult. I think we learned that with this virus in particular. When we go -- if I look back, clearly, second quarter was quite a [indiscernible] for us when we saw our business down in excess of 30%. But we believe that was to be expected when you saw elective procedures around the world drop anywhere between 50% and 75%. And what we saw in the second quarter, as you highlighted, was a very significant rebound to where our business was down a little over 3%. We saw Asia Pacific come back significantly, actually being positive. We've seen areas like Europe, based upon their health care structures, return but still be down. In the second quarter, they were down as much as 40%, 50%. We saw them come back to about down 10% in the third quarter. And the United States was in somewhat of a similar rate. Even in the United States, you see differences between certain areas that are being hit in a very significant way, for example, right now in California and some other places and how different hospital systems have responded. But I think, overall, in this country, hospital systems have responded in a way that allows them to keep procedures going. They're trying to manage beds. They're trying to manage staffing, in particular, is quite an issue right now. At the end of third quarter, we issued guidance that would reflect fourth -- or that would predict fourth quarter performance would be somewhat consistent with what we saw in quarter 3 as our base case. However, if we saw continued increase in the rates of transmission and hospitalization, we might see some downside of that. But look, we're watching it very closely. We're obviously staying in close contact with customers again, not only here in the United States, but around the world and trying to work with them as well to do everything we can to help not only manage their current caseload with COVID, but to keep procedures going because as we all know, if we're not treating those patients, the long-term implications of delayed diagnostics, delayed surgeries, delayed treatments will be significant, not only for those systems, but in fact, for all of society.

Great. Maybe just staying on the same topic of COVID. J&J has obviously moved very quickly with regards to a vaccine. So maybe can we ask the latest update in terms of time lines for your study. And with 2 other vaccines with EUAs in the U.S., just maybe give us a little bit of context of what role you see J&J playing within the vaccine market.

Yes. Thanks, Chris. Great question. First of all, I just think it's important to acknowledge the tremendous work that's been done by our entire industry. As I mentioned earlier, you think in January, we are literally just getting some of the sequencing information about the spike protein on the coronavirus. And I think here we are 10, 11 months later with almost half a dozen vaccines in serious contention to make it through the clinic and actually be helping patients. I think few people would likely have made that bet at that time, given the time lines and just the uncertainty around new technologies and what would usually be expected with a vaccine discovery and development program. And I think it says a lot about the investments that the industry has made. I think it says a lot about the scientists, the researchers and about the industry being willing to take appropriate risks in these areas but at the same time, to work collaboratively, to be transparent, to follow the science so that we're in the position that we are today. In our case, we were fortunate in that we did have and do have vaccine experience based upon what we had done with our vector door in the Ebola and HIV and other programs in Africa. Our Ad26 platform, in fact, had been used at that time, I think, at more than 80,000 people in a wide variety of different conditions. So we had significant experience certainly with the safety and saw how it could be applied. We spend a lot of time upfront, I guess, following the philosophy of let's measure 2 or 3 times and cut once to make sure that we felt that we optimized the approach that we took. We had several different options. But once we became confident on the candidate based on our best projections on efficacy, on things like manufacturing, volume production and yields, we selected our candidate. And as you know, I believe it was in March, we quickly went into Phase I/IIa. We're able to garner very encouraging information about antibody response and even cellular response. We kicked off our larger trial in short order thereafter. Our initial target was over 60,000 patients. And based upon the infection rate and some other parameters, of course, we've decided to close that trial at 45,000 patients. We're monitoring them. And again, I think, overall, if you look at the diversity and the recruitment that we were able to do, the quality and the information we're able to gather in that time line, it's -- again, it's quite remarkable. We're in the final stages of that analysis as we speak. We hope to have that information very soon. Simultaneously, we've -- as we all know, not only is it the discovery and the development, but it's about the production. And in year 2, we started from a good place with our PER.C6 technology, but we quickly reached out. We partnered with several other companies like Emergent, like Catalent, working with others around the world like Bio E and others. And now we feel increasingly confident in our ability to make sure that we've got broad access for this. Our goals announced earlier were to have hundreds of millions of doses available as we worked our way through the first half of this year and close to 1 billion by the time we ended this year. We're still on track to be able to achieve those volumes. And again, we're working night and day to see what else can we do to accelerate that even more in an effective and safe, compliant, high-quality manner. And of course, we've also worked very collaborate with BARDA and others to try to ensure that we could do this in the most robust and the fastest way possible. We have committed to doing it on a not-for-profit basis to ensure that cost is not a barrier to access. We're committed to making sure this is done not only in the United States and Europe and developed markets but developing markets as well. And we'll be working very hard in the coming weeks and months hopefully as we were able to announce this data and then take the next steps depending on the decisions and the recommendations by regulators around the world.

Great. We'll keep our fingers crossed waiting for that data and certainly a need for some more products out in the market. So best of luck with that.

Hey, Chris? Chris, if I just add one other thing. I think what's really important here is we don't see Pfizer, Moderna, any of the companies out there, GSK, we're cheering for all of those companies because as we all know right now, especially as we see variance mutations, which is really incumbent upon all of all society around the world is to get these vaccines not only distributed but administered to try to minimize some of the adaptation that we're seeing with the virus as soon as possible. So the more options that we have, the more convenient that we can make it, the easier. And also it's really incumbent upon all of us to work closely with governments at the federal, at the state level, local levels, region levels to do everything we can to increase confidence to facilitate the administration and to actually, as they would say, let's get people vaccinated because that's what's really going to make a difference with COVID-19.

Absolutely. Absolutely. Maybe just a bigger picture question as I think about your business units. It's -- at J&J, the longer-term goals have been to grow its businesses faster than kind of the respective end markets that you compete in. I think we're on year 8 or 9 of pharma with above-average market growth. It seems like the med device business has been a little more choppy, but we've got some good momentum kind of building on that franchise prior to COVID hitting. So maybe just talk about the strategy to, on one hand, extend the growth in pharma, maintain this above-average growth; and second, to provide, I guess, more sustained growth as we think about whether it's the device business or Consumer business. Talk a little bit about how you think about positioning the company for those objectives over time.

Absolutely. Well, look, Chris, we think growth is important in so many ways. One, being able to reach additional patients and consumers around the world, to help them live better lives, longer and happier lives along the way is critical. Growth in the company is important because, look, when you're growing as an organization, that just gives you so much more wherewithal regarding your ability to invest to provide opportunities, both for your portfolio and your products but also for your people in your organization. So clearly, our goal has been and continues to be how do we grow at and above the market rate even when you're a company our size and scale. Many would say the larger you are, the more complex, the more challenging the math becomes, of course. But nonetheless, we think to ensure competitiveness and again, ultimately striving to reach more patients and consumers, growth should -- must be part of our goal. In our case, as you mentioned, as you look across our portfolio, our pharmaceutical group has really had a sustained and strong track record of growth now really going on 10 years. And I think it's a combination of great innovation, great execution, great collaboration on partnerships with many different companies that have enabled us to bring breakthroughs to market. If you think about it, we have more than 11 blockbuster platforms. The majority of those are right now growing at a double-digit growth rate. And that's been in spite of multiple loss of exclusivity, generic entrants into the market. So while many early on thought, well, can that continue? And was it a run of good luck? We would suggest that it's really based upon the kind of disciplined, thoughtful, committed approach that we've taken through those years. It starts with our core platforms and the strength and the breadth that you see and again, those 11 that I mentioned. And within that group, our growth potential is significant not only because we have about 50 line extensions and new indications, 10 of which we think have about $0.5 billion opportunity. But I'd also encourage you to think of that as being somewhat derisked because these are products that are already on the market that have a significant database set up around them. So it's not as though we're launching a new NME, which literally by definition is going to carry a bit more risk. So we're excited about that. Next, it's about the pipeline that we have. More than 10 compounds that we expect to file or launch over the next several years, all of which have more than $1 billion worth of potential. These are really exciting areas, certainly in areas such as oncology. For example, the CD3, both the CD3 and the BCMA CD3 that we have and things like multiple myeloma, if you look at what we have in immunology, of course. The recent addition of Momenta, we're very excited about that as well. And even coming up in this year, if you look at the launch of things like Ponesimod or CAR-T in multiple myeloma, we've got a lot of near-term as well as longer-term compounds that we're quite excited about in terms of their ability to really help patients be differentiated in the marketplace and continue, I think, a very strong track record of growth. Then -- and look, and we continue to look for new opportunities as we go forward as well, which I know we'll probably talk about later. In our Medical Device franchise, you're right, it has been a bit bumpier. But here, too, we're very encouraged, particularly if you look at -- since 2017, I think our growth rate was about 1.5 points. And if you look at the way we ended 2019, we were growing at just about 4%, which, again, considering a $26 billion, $27 billion portfolio across a range of diverse areas, where we were very encouraged with, and we're certainly committed to accelerating that even further going forward. If I look at each one of those, we're excited about the continued turnaround in our Orthopaedics business. I think recently, particularly if you look at trends and things like hips, trauma, even spine, we're seeing green shoots. We're seeing reasons to be positive. Clearly, COVID has impacted these areas. But if we look at the fundamental market share across those, for example, those different platforms, we think we're holding or gaining share in most of them. We're very proud of the long-standing performance we've had in our EP business. I mean I think we had double-digit growth there now for, gosh, almost 8 or 9 years and again, launching new products. In our surgical business, too, whether it's biosurgery, which has shown very good growth in the 5% range, and some of the new launches that we have in our energy and our endocutter business, it portends well for the future. And of course, what we're quite excited about is the digital and robotic opportunity. We shared that with all of you during our Investor Relations Day just recently. I think Ashley and her team have done a great job of taking the very best of Auris and Verb and pulling them together and something that again, we're not looking at as a 1- or 2-year opportunity, but something that we see as something to influence that business for the next decade. And we've made very good progress. And again, we think that's going to offer some real exciting -- and by the way, it's not only on our surgical platform, but it's with VELYS in our robotics platform, and it's also with Monarch, which we're very excited about for combination therapies in areas such as lung cancer. And of course, our vision business, we have a great track record with our contact lenses. It's been some work in our vision surgery business. But there, we've got a nice stream of, I think, more than 6 different launches with our TECNIS IOL line coming up that will reassert our competitiveness in that area. And then finally, in Consumer, look, I think that COVID, particularly over the past year, has demonstrated really the importance of people, of families, of self-care overall. And our team started several years ago on a journey of really committing to areas of science-based innovation, professionally-endorsed innovation, particularly in our OTC line with things like TYLENOL, PEPCID, ZYRTEC, of applying that -- those same kind of capabilities in our beauty and skin lines, which we've seen with NEUTROGENA and AVEENO do very well also even during this period. And look, the brand recognition of the desire to use brands with signs such as LISTERINE, our oral care franchise has also done well. We've seen significant acceleration in our e-commerce and online business. It's now reaching a very significant portion, growing at, I believe, 60% in Q3. So we're seeing nice rebound there. So we think all 3 of these franchises, interesting, if you asked me now sitting here in January of 2020, I feel we are actually better positioned as we start 2021 versus where we were at the beginning of 2020 last year, both in the near term and the long term.

Chris, I might add to that. As Alex mentioned, it's certainly important for each of those segments to grow, but it's also a profitable growth component to it that we value highly. So if you look at Pharmaceuticals, we're already near the top of the peer set, yet we continue to invest significantly year upon year increasing investment in R&D and innovation. The same with Medical Devices, making sure that we have a competitive, if not slightly above track record within R&D investment there. And then in Consumer, a significant progress made by that team. You go back about 2 or 3 years ago, we were probably in the low teens in terms of operating margins. Today, we're at or slightly above benchmark. So the growth is also accompanied by, I would say, better earnings potential on each of these businesses.

Great point.

So Alex or Joe, Johnson & Johnson over the past few years hasn't been shy about acquiring companies or divesting companies. And you're flushed with cash now. You have a lot of great products you've acquired over the years through M&A across all 3 businesses. And it's been a key part of your strategy. So as you sit here today, looking out at valuations where they are, what's your current view of the M&A landscape? And how does that differ across the 3 different businesses?

Sure. Maybe I'll start, Joe, and you can take it from there.

Okay.

Look, we're a big believer in internal and external innovation. In fact, if you look at our investments over the past several years, there's a pretty consistent run rate, as Joe mentioned, where we're investing what we're investing in R&D versus -- internally versus what we're investing externally. We think that ensures that ultimately that we get to the best science, the best new technology, and that's where we can make the biggest difference for patients. And about 50% of our innovation tends to be sourced externally. And so we're going to -- we would expect to continue to invest in both of these areas in a pretty significant way. Now the majority of the time, we love to do the smaller tuck-in opportunities where we go out and we identify something like we did with the DARZALEX very early on to see the science, to apply our clinical, our regulatory, ultimately our commercial or reimbursement skills and create a blockbuster. I think that's one of the reasons we have 25-plus $1 billion platforms across Johnson & Johnson. And we think not only does that allow us to really accelerate innovation, but we also think it enables us to create a lot of value along the way as well. And so we're remaining committed to that. At the same time, when we see certain opportunities, whether it was like Actelion or Momenta, we're not afraid to go out and make a significant investment. We also did that with Auris. We've done that with AMO. And here too, if we see technology or science that is complementary to ours where we can create a new foundation or a new platform that we can really grow or where there's some synergy opportunity, we'll certainly do that. We tend to focus on growth more than we do reducing. And again, we would expect that to continue. And by their very nature, smaller deals tend to be less complex. They tend to be somewhat easier to do. But for the right opportunity, we certainly wouldn't shy away from looking at other larger opportunities. But again, they would kind of have to fit the criteria that we set forth in terms of the difference it makes with patients and customers, the value creation opportunity and our ability to actually execute at a very high level.

Yes. I think Alex captured it. The only thing I might add is that when we look at opportunities where we've been most successful is when we've got a specific scientific expertise, a commercial capability or global scale that we can capitalize on to create that value. We're very, I'd say, fundamental with respect to a discounted cash flow analysis, applying just not the weighted average cost of capital, but a hurdle rate on top of whatever risk may be inherited in a particular opportunity to make sure that we compensate shareholders for the risk that we're bearing on their behalf. But it really comes back to that insight, that capability that we have that is currently not possessed by the asset holder or that we're very unique -- uniquely qualified to bring to the table.

Robbie and Chris, just one other quick thing that I want to mention, certainly appropriate for this conference, given the number of early-stage companies that are here. It's also demonstrating the ability to be innovative about how you could construct some of these opportunities and deals as well. And I think, again, if you go back to Pharmacyclics, Actelion, if you look at what we did with Auris and other deals along the way, creating a construct that's truly in the best interest for all of those stakeholders that enable us to really work together, to maintain some of the key people with some key capabilities of the company or the technology that we're acquiring is so important. And I think when you do that successfully, you also create a nice pattern, an expectation for the future, which we've been able to do. So one thing gets the other. And again, we'd expect to continue that going forward.

Great. Just a follow-up on the BD question. As a greater percent of your business over time is skewed towards the pharma portfolios given the growth we've seen, I guess how important is balancing out the diversification of the overall J&J portfolio as you think about the fact, capital deployment? So do you -- I realize it's going to be driven by what the opportunity and the fit is. But at some point, if the business is too heavily tilted towards pharma versus other divisions, does that start to factor into your capital allocation priorities in any way?

Chris, of course. I mean -- but it's one of many criteria. And as you just mentioned, we tend to start with where is the science, where is the technology going? Where do we really think that we can make a difference? And look, in many ways, the advancements that we've seen in areas of immunology, oncology, for example, in our pharmaceutical area over the past 10 years have been very, very significant. And so focusing again on where is that science going is likely the first criteria, again making sure that it can be value creating. There are a lot of opportunities out there. But if ultimately, we can't demonstrate that by, again, adding our clinical development, our regulatory, reimbursement and our marketing skills that we can't create additional value, then that can make it extremely difficult. And so that's another criteria. And then, of course, we look at portfolio balance along the way. And here, I think there's been certain areas in our portfolio where we said divestitures are really important point, not because these were bad businesses per se or products. But we felt that if we compare to how they were going to be prioritized in our portfolio versus perhaps on their own or in a business with other complementary products that they can do better, allowing us to redeploy that capital into some of these areas where we think it's ultimately going to be a higher return. And so I think that's the way we don't tend to take an algorithm approach saying it's going to be 1/3, 1/3 and 1/3, balances one of those elements. And I think if you look across even the last several years, some of the acquisitions that I mentioned Auris, AMO, Dr. Ci:Labo, [ Darveys ], we have invested in a pretty diverse way across all of our businesses, and we would continue to expect that going forward.

Great. And maybe just a last one for me on business development. As I think about some of the liabilities that are outstanding for the company, does that affect business development or your capital deployment thinking in any way? Or is that kind of, given the financial flexibility and cash flows, is that not a consideration?

Yes. So Chris, I think, certainly, it's always a consideration, right, because of some of the settlements that are being bandied about specifically around opioids. But it's not something that's restricted to Johnson & Johnson. You mentioned our ability to generate cash last year in 2019, it was close to $20 billion. We've got the AAA credit rating. And you know our capital priorities in terms of dividends, BD, as you suggested here, and then from time to time, share repurchase, in addition to really the first priority of making sure we keep the business healthy with overindexed investment in innovation. So because of the capital, the cash flow that we can generate on a yearly basis, in addition to what we can seek in the capital markets should the need arise. It really isn't something that's a, I'll say, a detriment or a hurdle that couldn't be overcome, should we see the right opportunity or opportunities out there in any given year.

Great.

So we've talked about this in past few years, but one of the ways we've seen some medtech peers, particularly Johnson & Johnson, to create value is by either divesting lower-growth assets or bringing in higher-growth adjacencies, something you've done a good job at both. In the recent years, we've seen more of the former versus the latter where you exited the advanced sterilization products and diabetes. And you've shown a willingness to add to the portfolio through acquisitions like Auris, which is clearly a high-growth area. So as we look forward to 2021 and beyond, how should we be thinking about the inorganic strategy for medtech? I know you touched on this a bit forward, but I just wanted to get more of a medtech look given how many assets are available out there?

Sure. Look, we remain very excited about the opportunities presented in our Medical Device business and even more so now that I think under Ashley's leadership, along with a great group of leaders under the team, we think are definitely picking up momentum as we've gone through 2019 and 2020 in terms of both the throughput on their innovation pipelines with new product launches as well as the level of execution in the field. And so for example, if I look over the last several years, whether it was Orthotaxy in the robotics space for our Orthopaedics business, Megadyne in our surgery business, the others that you mentioned, Auris as well as even AMO, we think each of those areas has rich opportunities. And look, we're continuing to look in all of those areas to say what other ways can we expand, can we complement, can we improve our offerings going forward. We do look at other spaces that are complementary to this as well as part of an ongoing process that we have. But I think it's fair to say that we would like to see our rate of tuck-in acquisitions and our level of investment in medtech continue and actually accelerate as we go forward.

Alex, one question just kind of came up as you were talking earlier about the pipeline you're developing in pharma. J&J just run into some LOEs as we look to the mid part of this decade. And I guess which is, do you think you can maintain above-average industry growth through that period in that, on one hand, it does seem like that there's some big products going. But when I think about the line extensions you have, when you think about the pipeline you've built out so far, is that a reasonable target to think about? Again, this is not just maybe a target for next year or 2, but even looking out through STELARA, et cetera, that we can think about above-average growth?

Well, Chris, I guess, one advantage you have after having been in the role as long as I have now for about 9 years coming up is that you start to see some of these things in a historical perspective. And I do think history can be a pretty good indicator or predictor of future performance. And if you look at our Pharmaceutical business, especially over the last several years, whether it was REMICADE, whether it was ZYTIGA, whether it was hepatitis C, time in and time again, our group has overcome multibillion-dollar episodes of LOEs, biosimilars, generic entrants and has continued this pattern at or above market growth through these periods. And again, I think it really gets back to one, with that really significant emphasis on execution on exactly how that gets done, we could talk about a number of those and some of the early predictions versus how the way they actually transpire based upon the way that our team was able to execute in the field. Number two, a lot of it was driven by innovation. So it wasn't -- yes, it was only about REMICADE maybe 7 years ago, but then who would have imagined SIMPONI, STELARA, [indiscernible] would be where they are today in terms of multibillion-dollar platforms. And again, with a range of indications, not only in RA and psoriasis but also across the GI indications as well. So I think it's that kind of combination that gives us the confidence. And look, our teams are constantly doing the strategic planning to look at what's going to happen in the coming years. And again, what are we doing as we manage products as we manage our portfolio to keep the growth rate going, to continue to differentiate our products, to continue to reach more patients and consumers around the world. And so we don't think that it's an accident. We don't think that it's -- as I mentioned earlier, it's been good luck, but I think it's really been the result of the kind of discipline and diligence and frankly, resources that we've put into it to keep that kind of growth and expansion going.

And Chris, just maybe double down on what Alex says, there's some very exciting assets in the pipeline that we either just recently filed and in the process of being filed, I think, of amivantamab for small cell lung cancer. We've filed that, I think it was early December, for monotherapy. We look to combine that with lazertinib to have a big impact in nonsmall cell lung cancer. I think the vaccines platform, while all the focus has been on COVID-19 and our candidate for that, it's a broader portfolio that we've been studying for better than a decade now and investing in around HIV and potentially RSV. The acquisition from Momenta certainly is going to add right in that STELARA time horizon. And then the CAR-T and bispecifics, which we've already started enrolling submission with that earlier or later in 2020. So we are very confident, and we tend to -- we plan to outline this sometime this year. We'll hear more on the earnings date with our pharma update to the analyst community.

Great. Well, I think we're just about out of time. Really appreciate the comments. We'll be watching closely for that vaccine data and for the updates of the company with the earnings in a few weeks. But thanks again for joining us today.

Well, Chris and Robbie, thank you very much for having us. And look, we will be working 24/7 round the clock and until we are successful with this. And really appreciate the discussion today. Thank you.

Thank you.

Thanks, guys.