horrifying i grow some of the world's best known drugs could soon be under a new roof we'll tell you why u.s. pharma giant pfizer is spinning off its biggest brands. also on the show like it or leave it europe's top court rules against that ubiquitous facebook like button on external web pages. and europe's single labor market has mostly been a boom for member countries with week job markets but some citizens are still off the books. median daily for who moved to italy. this is your business report i'm stephen beard in berlin thanks for joining us. us drug giant pfizer is spinning off its older branded medications into a merger with generic drug maker milan and pfizer would have a majority stake in the new business which would both sales of $20000000000.00 annually and own the rights to some of the most familiar brands of the pharmacy including advil and cholesterol pill limits or all of which have lost patent protection making them less profitable the spin off would allow pfizer to focus on newer patent protected medications which are more profitable and it comes as u.s. drug companies face intense

horrify agra some of the world's best known drugs could soon be under a new roof we'll tell you why u.s. pharma giant pfizer is spinning off its biggest brands. also on the show like it or leave it europe's top court rules against that ubiquitous facebook like.

. >> it declined 2.2% operationally whereas overseas it increased u.s. pharman is that what drove u.s. declining? is that driven by drug pricing pressure or what's going on in the u.s. >> two factors at play the generic and biosimilar we're experiencing that mostly in the u.s again, we think that's still very strong performance given the size of our portfolio, but the growth that we do have, as you know, is driven by volume for transformational medicines and not price. we had 6% price declines in 2018 we're seeing the same thing through the first half of 2019 at this point. so, again, we think that bodes very well that our products are being received well in the marketplace by physicians and patients and we're not relying on price >> so give us your response to the report that came out on friday that affected j&j stock driving it down 5% that was $15 billion at one point in market cap that got erased on this report. you said it wasn't new news. you disclosed the subpoena what is your response to this report from bloomberg that the department of justice has open

u.s. investigationinize to the formerror pharma business which separately raise its profit guidance, sending-month tie. >> after the reassure cancelled the listing for the uk light business on weak demand from individual investors >>> well, you can see right behind me old european industries is trading well this morning. and after zack -- and really cementing the case for a cut coming at the end of this months kw suggesting the cases that furtherer accommodation would be necessary. the market has gone from 25 basis points cut and a 25% at the it ends of july. so that's are been verierger for equity markets and european industries are a little buoyant on that as well. es forrer >> up about 1/4 of a percentage point. and a survey report are the month of june. some pause itative it sentiment there. oil recovery that's one of the reason the 5100 is doing so well. relative languid performance against other industries >>> make sure because it you're going to see their numbers coming out as well >> up about 1/4 off a point and girl up about half a percentage points as well the dollar has been tradi

u.s. from 2006 to 2012. purdue pharmaly criticized for its role in the epidemic, manufactured only 3% of the pills sold in the period. well, today the c.d.c. said tha1 deaths from overdoses declined last year. millions of photos representing 70 years of african american history are going up for auction tonight. portraits of muhammad ali chopping a tree, jazz legend miles davis chilling out, and motown records founder berry gordy with the supremes are among the treasures from the archives of "ebony" and "jet" magazines. johnson publishing is going bankrupt. its collection was last estimated to be worth around $47 million. we'll have some final thoughts from here on the southern border in just a moment. om here on the southern border in just a moment. we're carvana, the company who invented car vending machines and buying a car 100% online. now we've created a brand new way for you to sell your car. whether it's a year old or a few years old, we want to buy your car. so go to carvana and enter your license plate, answer a f

u.s. from 2006 to 2012. purdue pharmaticized for its role in the epidemic, manufactured only 3% of the pills sold in the period. well, today the c.d.c. said that for the first time since 1990, deaths from overdoses declined last year. millions of photos representing 70 years of african american history are going up for auction tonight. portraits of muhammad ali chopping a tree, jazz legend miles davis chilling out, and motown records founder berry gordy with the supremes are among the treasures from the archives of "ebony" and "jet" magazines. johnson publishing is going bankrupt. its collection was last estimated to be worth around $47 million. we'll have some final thoughts from here on the southern border in just a moment. >> o'donnell: a final note from here on the border-- it's important to remember that every picture has a story, like the border patrol agent born in mexico. agent eduardo cantu understands the american dream, because he says he's living it. he wants migrants to get that dream, but says, they need to

it's all coming to us as part of the largest civil action case against big pharma countries in u.s.ed. journalists at "the washington post" had to wage a, quote, year-long legal battle for access to these documents and data while the drug companies, dea, and justice department fought them every step of the way. one of those journalists joins us now this morning. thank you so much for being here, but more for what you've done and fighting this fight over the last year. how hard was it to get this, and why? >> well, thank you, guys. good morning. it was extremely difficult. we've been trying to get this data for three years now. it's been kept secret by the dea and by the drug companies, have fought very, very hard for the release of this information. basically what it does is provides a road map to the opioid epidemic. it traces the path of every pill in the united states from manufacturer to distributor to pharmacy in every single town, county, and city in america. >> amazing. >> and so it's quite a remarkable data set, and it shows that during that time frame from 2006 to 2012, in

they own produce pharma, which is facing 2000 lawsuits in the u.s.his role in the opioid crisis. the gallery was named after the family. approved thes purchase of a new american fighter jets. it is part of a plan to replace the country's aging soviet-built jets. in the $1.25 billion deal with lockheed martin includes ammunition, equipment, and pilot training. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. thank you. we have a headline from president trump. he is addressing the question of the debt ceiling and the budget agreement. he says "we are in good shape on the debt ceiling. " next week is the last week congress is in session so they need to get a deal. the president says hopefully we are in good shape on it. john hickenlooper, former governor of colorado, is here to give us a preview of the debate. this is bloomberg. ♪ david: you are watching "balance of power." i'm david westin. john hickenlooper build a successful busi

u.s. in virtually every state which has demanded big pharma be forced to pay up to help stop the epidemic.t to see? this is a huge deal. >> we are putting the disclaimer i appreciate it. i do represent doctors around the country that are being sued alongside with pharmaceutical companies. the biggest charge is causation. what caused their demise? the plaintiffs going forward have actually may be overdosed on the opiate addictions that it had. do they have a pre-existing condition to their compromise health? did they misuse the drug? many times, not many times, and just about every time that there is given a prescription doctors will warn the patient that is pursuant to proper medical care that there is possible addiction. then there one is given information provided with the drugs. everything is laid out for the patient in theory, that they could, have to be very careful when they are taking opiates that there is an addictive nature and therefore they have to be properly monitored. given all of that it will be difficult for the plaintiff to come forward and actually -- at least that is the

u.s. a "washington post" analysis found three companies make close to 90% of the opioids. activists pharma, sp e gx, and par pharmaceuticals. cnn has not been able to reach any of the companies yet. a spokeswoman for the company that acquired activis said the company cannot speak to any policies in place before that. a representative said spec produced opioids within a government-said quota and old sold to dea-approved distributors. the company that owns par declined to comment. >>> democrats and republicans have found common ground in trashing big tech. lawmakers grilled facebook executive david marcus tuesday about its digital currency proposal libra. and it was clear members do not trust facebook. >> facebook is dangerous. now facebook might not intend to be dangerous, but surely they don't respect the power of the technologies they're playing with like a toddler who's gotten his hands on a book of matches. facebook has burned down the house over and over and called every arson a learning experience. >> republican senator martha mcsally struck a similar tone saying, quote, instead of cl

>> we say joldersma here in the u.s. >> i'm going to say ma'am. is pharma opposed to reporting price increasing to the secretary? >> no. in fact, that's already publicly disclosed. >> what kind of problems do you see with the fair act? >> one leading concern is it is somewhat ambiguous but it appears that it could be applying retroactively because one of the triggers is a three-year trigger. you know, you think about that taking in fact in 2019 we are concerned that that is effectively imposing the requirement going back to price increases that were taken three years ago. that retroactivity seems not ideal and not a great precedent. you know, it's certainly challenging to comply with the law in good faith when the law was not even on the books at the time the conduct occurred. that's probably our top issue. >> the fair act requires, i believe, a 30-day notice. >> yes, sir. >> is that time acceptable? >> it does require a notification of price increases 30 days in advance. it goes to the secretary. we are concerned that that could lead to some negative behav

u.s. health care to see where we can be more effective. pharmaart of the profitable. it is 20% of that profitable. insurance is another component ,hat is about as equal in size and then there is the provider landscape, hospitals, physicians. people will be looking across for increased efficiency. drew: we spent the last more than a decade dealing with the idea that some piece of government legislation will come and completely remake the health care system. we still have a vibrant pharmaceutical industry and the vibrant insurance sector. we have tons and tons of venture capital and investor cash going to start up companies. companies are used to dealing with this environment. huge operations in washington, some of the biggest spenders on lobbying. this perpetual worry from washington is the cost of doing business in this industry. we talked about medicare for all. yes, it would be a major change. what has to happen for that to become law is a big hurdle. there are a lot of people that have doubts about whether or not we would actually see all of t

u.s. territory and. san juan puerto rico. now ivory coast as long as the world's leading cocoa producer but less well known as its all the export cola nuts output reached record highs last year and pharma say they're determined to become the world's number one producer and interest reports from a bubble. pruning quality used to get more not over the last 3 years farmers here have been improving the way they work and the yield from this 7 hectic collar not farm has doubled. 4 years ago zombie sizzle there was a cocoa farmer. unlike many others he says turning to colonise has been easy. having been a cook from before i had a little experience that is helping for me or for a new adventure it's not paying much at the moment but i think it's worth a try. west african traders especially from come here to ivory coast to buy some of the goods find their way to the middle east in 2013 ivory coast produce more color for me did 3 years for about half that of nigeria the world's number one producer but farmers here say they can be given over leader if they were given the same support and find i felt as a country school performance. there is little in the way of government support for the farmers b

u.s. to contain some of the price points out of these pharmaceutical companies do you think that that risk is pretty much baked in to the outlook for pharma majors at this point is the risk premium already priced in to the outlook >> i think drug price hag been a headwind for a long time that's likely to persist is it baked in when there's headline noise around drug pricing the sector underperforms more broadly if you look at the specifics, we had a walk back on the rebate rule, which was largely neutral from a pharma perspective, maybe hit other sub sectors like the insurers more. but i think the risk here is that the next set of proposals are more draconian for far phar. >> you say there are some companies in particular that are more exposed to that than others >> if you look at diversification of portfolio, novartis and astra are relatively insulated, they play in oncology and areas not as competitive. areas where there's a lot of generic exposure or competitive pressures like diabetes, these are the types of therapies that are more exposed to drug pricing risks. >> one other positive catalyst are the positive clinical data trials how

pharma within health care. merck,erck -- pfizer, all falling. we heard from president trump that he may be interested in introducing a favor nations pricing system where the u.s. would buy drugs based on the lowest prices paid by other countries. that is having an impact on health care stocks. chartst chart, this is a showing the s&p 500. we were in overbought territory. this is the rfi. if it is above the red line, that suggests we are in overbought territory. we have been looking at quite a big rally over the last few weeks. the s&p 500 up four of the last sundayeks and last closed a week of record highs. david: turkey has a new head of its central banks. we talk about what that means for the turkish economy. that is next and this is bloomberg. ♪ david: this is "balance of television.loomberg we turn to renita young for first word news. the justice renita: department says it will defer to legal team -- the justice department says will be shipping this matter to a root -- to a new team of lawyers. the supreme court already ruled against the change late last month. in new york, a federal grand jury has launched an investigation into gop -- into a gop fundrais

pharma history. >> we know that pfizer made a approach in january. >> a very keen fire but perhaps not a keen seller. >> the u.sr attempts to buy in under six months, the final offer for $117 billion which would have been the biggest pharmaceutical takeover ever. >> i arrived in london, opened my phone, and i had a message, my wife was at the hospital, so i called her, and she was fine, but it was a stressful day. then we arrived at the office and worked the whole day with the lawyers. day,e end of the first the bankers said, you have to know you will have less than a 10% share. so at the end of that day -- >> you didn't believe them, clearly. [laughter] mesometimes when people tell a project has a rate of success, i tell them, 20% is not bad, actually, if i only had a 10% chance of remaining independent. eateontinuing to try to crt the largest drug maker by sales, and lawmakers got increasingly critical. >> the most important intervention we can make is to back british jobs, british science, british r&d, british medicine and british technology, and that is why i asked the cabinet secretary and my ministers to

u.s. trade negotiations heading back to shanghai this week for the first high level talks since that trump/xi face to face last month what you need to expect coming up merger monday from big pharmao finance. the appetite for deals kicking in all around the world. >>> and disney doing something this year that no other studio has ever done before, oh, yeah, we still got five months to go in the year. so grab your e-ticket. it's monday, july 29th, "worldwide exchange" begins right now. ♪ y good morning, good afternoon, good evening and welcome from wherever in the world you may be watching i'm brian sullivan so happy to be back with you especially on this very busy monday bind us, shares of mylan labs, myl, stock is up 27% in the market deal with pfizer for their generic drug business may be eminent. without this morning's move, shares of mylan were down. th this reverse that. that will be your stock and your deal of the day. we'll get more on mylan and pfizer in just a minute. macro perspective, here is how your week is setting up right now. futures not giving us a lot of indication about this market so far. let's call it down 15. let's call it flat to be generous on a monday now,

it's -- it's just been the best access for people in the u.s wanting to get rid of the stock risk but wanting access to the space. >> and pharmada approved cannabis-based pharmaceutical on the market what do you think is a key driver going forward for a lot of the companies in this etf in terms of growth? is it the medical side in your view or the recreational side? >> i mean, the company is tilted, i should say the etf is tilted towards medical, but all advancements in the space, whether it be recreational or medical, i think will help the visibility and the interest in the space, and mj as an etf. gw was a great story the number one treatment for children's epileptic seizures. fda approves them. then look at other holdings. the almost 7.3% of the fund. it's the kind of story people want access to they see there continues to be growing interest globally in the space, acceptance. >> right. >> of cannabis and it's a great way to play it. >> sam, are you weed only or are you -- are you also involved in cbd? >> we have cbd so -- in fact, there are great applications of cbd that have also helped the fund and the interest in the fu

u.s. drug companies to increasingly look to european biotech's for growth? do you expect more impact on the sector? >> this is a creative way to join forces where pharmass to all of our pipeline without m&a. there has been an example in the past. i couldn't imagine that this could be a model for a future alliance between large pharma and biotechs. where a firm is able to type into the pipeline of the biotech -- tap into the pipeline of the biotech. i think you will likely see more of these models. nejra: great to have you with us. thank you so much for joining us. get the bloomberg business flash. ,> nara, the main ingredient might not have support to win reauthorization. that is according to germany's agriculture minister. swallow --uldn't follow austria in products. politicians are working on plans find safe alternatives. the boeing 737 max 8 is expected to stay grounded until 2020 according to the wall street journal. it cited sources in the faa saying there is no firm timeline for the plane's return. they have removed the max from the schedule for the beginning of november. onehe trade war heats up, -- is pivoting away from vietnam. it says the mo

of i agro some of the world's best known drugs could soon be under a new roof we'll tell you why u.s. pharma giant pfizer is spinning off its biggest brands. also on the show like it or leave it europe's top court rules against that ubiquitous facebook like button on external web pages. and europe's single labor market has mostly been a boom for member countries with weak job markets but some citizens are still off the books. median day laborer who moved to italy. this is your business report i'm stephen beers in berlin thanks for joining us. u.s. drug giant pfizer is spinning off its older branded medications into a merger with generic drug maker milan and pfizer would have a majority stake in the new business which would both sales of $20000000000.00 annually.