Take us back to 1988 when you started the company, what the vision was and maybe how that has turned into what Regeneron is today.

Yeah, it's been a long time.

And you mentioned Warren Buffett, by the way, before we get to 1988.

So a couple of people in my family keep track of who's the longest continuous serving CEO of a large public company.

And that was always Warren Buffett, Warren Buffett.

I just ran into Warren at a conference and I thanked him for retiring because that moved me up in the longest serving CEO, continuous labor public position.

company.

Big opportunity

Adeno.

Adeno-associated.

The, the, the most important thing is that everybody came together on this one, our scientists, the patients, the doctors, the FDA, the commissioners voucher.

People have been making comments about the FDA, that they're lowering the standards.

I [laughs] can guarantee you they're not.

We had so much up and back on this.

They're, they're keeping the standards high, but this program says if there's an important program, let's move it along fast.

It was tougher for you because you don't have as many drugs, uh, as, as, as big of a wheelhouse to where you can say, "Okay, I can lower the prices on these and still make money on these others." Explain what happened with this deal.

You also have data that says it doesn't work.

Yeah.

Look, there's two ways that you can get products.

And by the way, getting products is really, really hard.

I should add probably three or four more reallys there.

You can source them from your own labs or you can try and buy them from other people.

Very few people can source them from their own labs.

And cholesterol's much more of a killer than people realize.

What were the early days like? And it was hard yards for a while.

Yeah, yes and no.

I mean, it was a lot of fun.

We thought, I mean, we're pretty naive.

We didn't know really diddly about drug development.

We were really good scientists and knew a lot about clinical medicine.

And the notion was, the founding idea of the company was, there were all these growth factors that were coming around, growth hormone, and epigen was coming to view at Amgen, Neupogen was on the horizon, but there were no real, there was only one growth factor.

I assume that's kind of core of the culture of Regeneron, but maybe you could talk about how that comes to life.

Should there be an opt-in policy instead of an opt-out policy as it exists today? How do I know that you're going to protect my safety and my standards and my privacy?

Yeah, you know, the details of the consent forms and what have you is something that the court is looking over very carefully.

As far as if we were the winner, I think we have a long history of protecting people's genetic and other health information, and we take that extremely seriously.

But once again, we're trying to set this balance.

You know, there's a commission called the National Security Commission on Emerging Biotechnology.

And actually, Eric Schmidt of Google fame is one of the commissioners.

They recognize that we're in a big competitive situation here.

it will say

Why does this have so many indications? What is it about that works for so many different ways?

Right.

So it turns out that some people have what's called type 2 inflammation.

It's a type of allergic inflammation, and it gets manifested in many different ways.

In some people, it gets manifested as eczema in other people gets manifest this asthma some people gets manifest this chronic obstructive pulmonary disease some people is esophagitis some people is nasal polyps, but it's all this common theme is Type 2 inflammation so our drug naturally if it's been able to block type 2 inflammation will work in a variety of diseases with type 2 inflammation is the driver and

Now, what do you think happened to, I know it's up to me to talk about the stock, but how did the analysts get so trapped in the idea that all that mattered was the biosimilars in Amgen? Because it's the opportunity for people who think long-term to be able to buy.

Yeah, I mean, I think that people have a hard time a little bit with Regeneron.

When you have a company that has two mega blockbusters, 40 things in the pipeline, 40 things, it's hard to focus.