meg tirrell has that for us. >> if you look at pfizer's forecast, it does look like a post-covid landscape 2023 is going to be a trough year, the lowest year in terms of revenue for their vaccine and covid anti-viral $30 billion less in revenue than the $100 billion record revenue that they posted for 2022. fourth quarter was essentially inline but you saw the stock weak because of that 2023 forecast they're expecting $21 billion in sales for the vaccine and anti-viral drug. that was about $9 billion short of what the street was looking for. pfizer laid out in granular terms how they're putting that expectation together and they do expect that after this year they will start to see covid revenues start to increase again, guys. >> meg, what does pfizer have in the pipeline to get the company past covid >> it's another huge question. they are really doubling down on vaccines we've seen a lot of activity in rsv. pfizer is one of the key players there. some of the products that they have acquired are for migraine and sickle cell disease so we'll watch that as well. >> thank you very much, meg

rob califf. >> a personal agenda i see what's happening meg tirrell and kristin peck. >>> the emerging running off with the bulls but if you think buying exposure is the way to go, you might want to think twice. 'lte ywel llou how the pros are positioning next . >>> welcome back one more thing before we go and that's emerging markets. the emerging markets index is up 14% over the past three months as you can see here. seema moody has a look at where and who institution institutional are seeing growth and why china is a part of it. >> we've been speaking to funding managers. this year they're more interested in finding secular growth stories to invest in. strategists at goldman sachs showing 70% of emerging markets benchmark funds right now are overweight mexico and brazil, while only 30% are overweight china. they say that's one of the reasons they see more upside potential in china morgan stanley expecting an additional 16% gain in chinese stocks by the end of 2023. and they're also anticipating investors to diversify their chinese holdings going beyond the large cap tech names we foc

meg tirrell and dr. califf. >>> still to come we will dive deeper into the health care area first you'll hear from the ceo of medtronic in today's working lunch and serrat sethy, joins us to explain why pharmacies could be a good value play . >>> welcome back let's get over to the bond market where we've seen major action lately. rick santelli with the latest. rick >> yes we had a 3-year note auction that went well usually short-term are hard to push on investors because of how closely they follow the fed. 2-year you can see around 1:00 eastern rates dropped a bit. something else interesting, let's do a double, two-day of 2s today the yields didn't quite take out yesterday's highs, but notice a two day of 10s they did. even though it's subtle there's more steepening dynamic to the markets today and long dated treasures seem to be finding more sellers, something to pay close attention to look at 10s minus bunds, the spread is the tightest its been since october 2020 let's call it 27 months. and finally, h

meg tirrell with the latest from pfizer >>> big call on meta ahead of earnings tomorrow.ompany was initiated just a short time ago with a buy rating and a $200 price target. rich greenfield of lightshed partners, the man behind that call, joins us live. it's good to see you again it's been a while. i know you like living on the edge a little bit and being a cont contrarian you've never shied away from that but right before earnings now, why? >> the reality is things are starting to get better you're seeing meta bounce off the bottom and we could be criticized for being late. it was in the 90s not that long ago. three years ago this thing was over 200, a year ago over 300. this is clearly a stock that is still down significant ly off is highs. what people are missing 2023 will not be an amazing year. you will see progression and things getting better. we are betting on over the course of the next three to six months a sense the earnings power of meta in '24 and '25 is substantially greater than what people are expecting now and i think that's what will be the big unlock fo

the ceo made some cautious comments meg tirrell has more hi, meg. >> hey, kelly, it is comments at the jpmorgan healthcare conference caught a lot of attention. the ceo had an carb outlook that he outlines. things going on in china in terms of covid, security measures in europe, all of that. so we'll be watching the 2023 guidance very closely. the company is also in the midst of spinning off the consumers units. what will remain of medical devices, and they expect to see recovery from medical devices when people were not getting procedures done. pharma, closely watched is the covid vaccine. j&j has largely de-emphasized it, or at least cut that back significantly. that will be something to watch really closely as well >> boris, on that note, do you think they're exposed to segments of the markets you want to be in, or would you stay away from the stock >> i think they're a dividend aristocrat their long-term market share is great. so long term they look strong, but there's a damocles hold on them because of the to have lawsuits they have tried to spin away those liabilities by using a

meg tirrell is here to explain this is what we talked about yesterday and the talc liabilities. a court of appeals dismissed j&j's attempt to dismiss the claim. j&j is saying they'll appeal or challenge third circuit ruling they say we continue to stand behind the safety of johnson & johnson baby powder which does not contain asbestos or cause can cancer >> i assume they did a texas two-step >> that is the legal name for the way they sacarved out the liabilities and filed that company for bankruptcy the idea they said was to create this pool that would take care of all of this together and sort of a neat and tidy way they put $2 billion into that. we don't know what the liabilities could mount up to if they have to go through them individually we have seen up to $2 billion for that one award lone. these could mount and get quite large. >> let me be inpolitmpolite here >> johnson & johnson seized this spunoff company with $2 billion and says it's going bankrupt to limb the amount of liability they would have to pay that seems a little too cute to me >> you summarized the third ci

. >>> the our meg tirrell has been on the ground speaking with a lot of ceos, including the leaders ofzer and moderna. she joins us now hi, meg. >> reporter: hey, melissa. the big quest is what is next after the massive growth they have seen? but, of course, the covid pandemic is very real in places like china we asked both leaders what they're doing with that country. here's what they said. >> so far they have shown tremendous -- and it was registering china months ago, and we were giving -- now that china is opening, the cases are skyrocketing, from what we are hearing, so we are sending as much paxlovid as we can. >> we're actively in discussion and hoping something will happen, but of course -- it's not sure where they land in the end. >> moderna is saying they're in discussions about the covid vaccine. of course, a lot of questions about what that market ends up looking like in the united states stephane bancel says that the government has asked them to turn to a more traditional vaccine for the next season, and the pricing may be around $110 to $130. we'll have to see where that

rejected the drugmaker's plan to use bankruptcy court to resolve thousands of talc injury lawsuits meg tirrell the details. hey, meg. >> hey, mike this is a closely watched decision, and as for background, there were about 38,000 cases filed against j&j around its talc baby powder and similar products claiming these were linked to patients' cancers. now there are more than 38,000 they were sort of litigating these one by one and the legal outcomes have been mixed they were winning some, lost some, and the biggest penalty they paid so far was more than $2 billion to try to put all of these together and head off that piling up, j&j spun the talc liabilities into a separate entity they then put into bankruptcy protection. this was a maneuver referred to as a texas two step because it takes advantage of texas laws. this appeals court came out and said you can't do that this unit was not actually under financial distress, and it can't take advantage of the bankruptcy system j&j saying it's going to challenge the third circuit's ruling and said, quote, resolving this matter as quickly and efficientl

meg tirrell has that story good to see you. what's the setup >> it's a really interesting setup.ting biogen stock could swing either direction. if you go back to june of 2021 that's when biogen and their japanese partner got approval for last alzheimer's drug, and stock went up. it's come back down since then as they price it as $56,000 a year there were a lot of debates around whether this drug actually worked. there were safety concerns around it. and then centers for medicare/medicaid services declined to cover it except in certain clinical trials. that's a decision that will stretch into this next drug as well if it's approved. it is expected to get accelerated approval from the fda today. this one is being led by the japanese partner, eisai. it had a positive phase 3 trial so it's a different setup. priced lower, potentially $20,000 to $30,000 it still has the same side effects, perhaps less of them. brain swelling and brain bleeding is what people are looking for there. rbc estimates biogen stood could go above $300 on approval today. if it's delayed or any other problems,

have just reopened they were halted after winning approval for the alzheimer's drug let's get to meg tirrell what's the story welcome back to you, meg >> well, thank you, sara biogen stock looks like it's up about 6% there reopening some analysts had estimated the stock would go above 300 it's 288 now this is largely what analysts were expecting for the approval of this alzheimer's drug it is the second alzheimer's drug from biogen and its partner. this one was led by eisai with all of the clinical development and the fda process. eisai has announced the price of this drug, $26,500 per year per patient. that is in line with what analysts had expected. it was higher than what a pricing watchdog had said would be cost effective. they had said $20,000. we'll see how that is digested by people who will pay for this drug that is the tricky thing medicare had come out from the last alzheimer's drug and said, we're not going to cover any of theis alzheimer's drugs targeting plague are buildups in the brain except for in clinical trials that limits how they get paid for. so that's the next key quest

. >> well, now let's bring in meg tirrell. ere are a lot of concerns about how this reopening will go from a health standpoint meg, this is not a country that has been very forthright where with the data, to say the least. certainly investors i have spoken to said they are tracking satellite imagery and crematorium data to get a sense of how this reopening is going so far what can you tell us >> it's really bleak we are hearing the same thing from public health experts it's absolutely horrible i think what steve said is what i'm hearing from the public health community, which is they are probably not going to get through unscathed in terms of a productivity standpoint because there is so of disease spreading there. the numbers that we are hearing from china are not believed by anybody outside of china the most recent number they gave in terms of deaths was about 60,000 from when they reopened to a few days ago and the expectations are that that is probably a lot higher. he mentioned the expectation that the upcoming lunar new y

meg tirrell joins us. >> this sounds bad, but it's less bad than the headline might imply. based on its trial, showing clearance of these amyloid plaques. it wants to see data on at least 100 patients taking the drug up to 12 months in this study patients could stop, and enough did that that they didn't reach 100 patients taking the drug for a full year. that is the only thing the fda said the reason they were not approving it now the other thing to consider here is of course lily has a larger phase three three expected to read out results in the second quarter. after that they're going to file for full approval. and right now based on accelerated approval, these drugs don't have broad medicare coverage it really wasn't going to make a huge difference if it got out there now. that's why you're not seeing the stock down more today. there is the negative headline around that. lilly is down and biogen that makes the approved drug we saw get on the market but it's not being used yet, their stocks are up today. >> exactly i did see a headline that this fda request extends biogen

that great cancer vaccine data >> exactly, and still something hopeful on the rsv front as well meg tirrell in december are falling about 27% from the previous year. if you're planning on looking for bargens in housing this spring, but real estate ceo says you might be in for a surprise she'll join us next. your dedicated fidelity advisor can help you open those doors. for you, mama. through personalized money management that can evolve with new chapters. and they can proactively view your entire portfolio. with an eye on taxes and the impact of risk. so you can enjoy moments together. because doors were meant to be opened. ♪♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? ♪♪ >>> to housing prices have fallen about 30% my next guest says it could be still lu

and meg tirrell joins us now with another special guest hey, meg >> hey, joe.u for being with us. two months into the new job, off the heels of this approval on friday of your new alzheimer's drug let's start with taking the job. you were the ceo of sante fe, and you does some venture type stuff in boston. why bio gen now. >> it is great to be with you, meg. bio gen is one of the founding companies of our industry. in fact it was probably one of the first companies presenting here over 40 years ago it has had some great people and great products, provided a lot of talent and inspiration i think to the industry which has now grown so amazingly so, it's had a few challenges in the past and we need to get it back on a growth track so it just felt like it was a great company to come work with and it is actually a lot of fun being become with the team. >> so tell us about that strategy to get back on the growth track you haven't laid out the specifically strategy but how are you looking at it in broad strokes? >> well i think there is a lot of things underestimated

jpmorgan's annual health care conference as we said is kicking off today in san francisco megty meg tirrell>> i have rob davis with us. >> thank you for having me, meg. >> a big question everyone has for merck, you have keytruda but it makes up so much of your business and huge question is, can you diversify away from it i think you have news this morning potentially along those lines. >> i appreciate the question, first and foremost we're really excited about the performance we've had over the last 12, 18 months, they've been doing exceptionally well, focused on addressing the next decade, if you will, beyond keytruda and i feel good about the progress we're making in r&d in our internal program but able to augment it through business development and what i'm happy about is we're looking at oncology, we now believe as we look at our ability to broaden oncology and new mechanisms away from keytruda we have the opportunity to generate greater than $10 billion in revenue as we look out into the early to m mid-2030s from a suite of -- >> yes. >> and small molecules that cover a whole suite of

the vaccine race is heating back up and this time it is not over covid-19 meg tirrell with that storyong can covid and flu. moderna yesterday reporting its phase 3 trial in rsv is in the same mrna technology, that vaccine was 84% effective in the trial in adults aging 60 plus. it was well tolerated with no safety concerns identified and they plan to submit for regulatory approval in the first half of this year. that puts them in a tight race with other companies like pfizer and glaxosmithkline, which are already at the fda with their vaccines you can see all of those stocks down right now as moderna is up. j&j and bavarian nordic in phase 3 trials moderna is the only one pursuing the mrna pathway pfizer has more traditional technology recompetent protein, as does gsk. j&j similar as the covid vaccine. you can see how the race is shaping up experts say it's great we will potentially have options for rsv because it is a disease that causes a lot of hospitalizations and deaths. morgan stanley saying this is a big market opportunity 7 to $10 billion in potential sales in the adulting mark