they wrap up a deal with glaxo. they bought the glaxo cancer drugs as well.rmed a joint venture for their consumer health care products. how long does it take to shake this out and carry on delivering? >> you are right. the last year has been a transformational year for novartis. i would say they started the year very strongly, especially on the productivity side beating estimates by some 12% encore operating profit. as you said, glaxo oncology business only contributed one month, but we've seen now a big contribution from this business which is around $2 billion. as you said they've invested on the vaccine business. that will also help on the margin. i would say that they are really improving. they have created novartis business services. that will also save on the cost. jonathan: good stuff. you call it a huge execution year for the company as well. two blockbuster drugs launching. what do you expect to come from them? odile: you are right. there are really two or three points here to highlight. the execution on the acquisition of glaxo oncology business, t

they brought in glaxo cancer drugs. kind of a complete reshaping of the country.s quarter is the first taste we are getting of what that new company is going to look like, the glaxo deal just having been completed in early march. so far, so good. they were ahead of what the market is looking for. what they created is a company slightly smaller on the top line but more profitable on the bottom line. investors like that. guy: sometimes it is nice to report in dollars and sometimes it is not this being the latter. simeon: exactly right. they were up against a u.s. dollar headwind for the full year. they were estimating a 12% hit to their operating income from that. today, they've said it could be a little worse than that. let's see how the rest of the year pans out. francine: bloomberg health reporter, simeon bennett. guy: coming up, we are going to speak to a company that is going to be offering that to small and medium-sized companies. ♪ francine: welcome back to "the pulse." guy: good morning. here are the bloomberg top stories. francine: a key gauge of chinese ma