we know amgen could be a competitor.so this is, i guess, the crucial time when you have to make investment decisions, when prices are high and you have more cash coming in. is that how you view it? lars: yes. to put a bit of color around it, the same forecast predicts that there will be, say, a billion people living with obesity in 2030, 2035. we are perhaps serving one million or two million of those today. so, there is a huge market opportunity, and there is a place for more. and then, you're right, that in most markets when you get more competition, and also over time, pricing moves down, because you start treating those who accept, say, the higher price point -- in the u.s., that's commercial insurance -- and then, over time, you get broader access, and you get patients paying a lower price. so if you just take our leading diabetes product in the u.s., since launch in 2018, the price we get after rebates, discounts, etc. is some 40% lower than when we launched. that's often not mentioned in, say, the political debate

and then you have some names that are bucking that trend, like amgen, gsk, astrazeneca. now health care is. normally seen as defensive. >> plays. >> but you're not. >> seeing. >> that play. >> out today. >> across the board. >> it is hard to know exactly how these tariffs are affecting different companies because the supply chains are a little bit more opaque. you might know where the factories are, but you don't know where the drugs are exactly going. but we don't expect that pharma will have as much of an impact as some of the other industries out there. scott. >> angelica, thank you for that. angelica peebles, let's bring in courtney garcia of payne capital management. now, max kettner of hsbc global research. courtney is a cnbc contributor. it's good to have you both with us. what do you make of this price action today, which is, as we said, been quite interesting. carey firestone, i might add, on the halftime report today, said when we were almost at the lows, hey, i wonder if we're going to finish positive today on the s&p and maybe she will end up being correct. >

maybe it's the next amgen or whatever. but if it doesn't it could go to zero.very tempting scenario sometimes. >> it's incredibly, incredibly tempting. you know, there are there are thousands of investors that are, you know, putting their careers on the line every day to try to figure this stuff out. it is i would. kind of characterize biotech as one of the only sectors in all of equities where single stock picking is pretty much the only way to make money. i mean, i've been covering the space for a while. over the past decade. the index is barely up. i mean, it's essentially flat. meanwhile, every other index that i can find has doubled or more. so there's an obvious issue with the broader complex. but like you alluded to, if you find the right asset, you can kill it. >> so jared, just back up here. we're at an ironic juncture. we have investors who are back in love with health care stocks for like the steadiness and some of the dividends and kind of unclear economic period of time. biotechs, no one wants to kind of go out on the risk curve there right now. ok