December 1, 2025 • 20 mins
Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Intelligence hosted by Paul Sweeney and Alexandra Semenova
-Randall Williams, Bloomberg Business of Sports Reporter, discusses New York Mets owner Steve Cohen winning approval to operate a casino next to Citi Field in Queens, as one of three projects selected for gambling licenses in New York City.
-Sam Fazeli, Bloomberg Intelligence, Director of Research for Global Industries and Senior Pharmaceuticals Analyst, discusses the latest in the biotech sector. Eli Lilly & Co. is cutting the price for introductory doses of its weight-loss drug Zepbound, with the lowest dose vial costing $299 a month for those who pay cash.
-George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses Airbus slumping the most since April after Reuters reported the company is facing quality issues on its A320 model, adding to concerns surrounding the popular model following an emergency software update on the jets over the weekend.
-John Butler, Bloomberg Intelligence Senior Telecom Analyst, discusses BI’s 2026 outlook for U.S Telecom and Satellite. According to BI: Slowing wireless-service revenue gains and mounting cable competition are prompting a deeper push into broadband for growth as US telecoms enter 2026. The group's adjusted wireless-service revenue may ease to 2.3% from 2.5% in 2025 as subscriber gains moderate, prompting strategic shifts by new CEOs at Verizon and T-Mobile.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news. You're listening to the
Bloomberg Intelligence podcast. Catch us live weekdays at ten am
Eastern on Apple, Coarcklay and Android Auto with the Bloomberg
Business App. Listen on demand wherever you get your podcasts,
or watch us live on YouTube.
Speaker 2 (00:23):
Three casinos are coming to the New York City market.
One of them includes Steve Cohen, the New York Mets
owner Hughes one approval to operate a casino next to
City Field. Remember, Steve Cohen again owns the Mets this stadium,
and so that is big for Queens Random. Williams Joints
is here is at US sports business reporter for Bloomberg News,
(00:45):
joining us from Indianapolis via that Zoom thing. So this
is a big deal for that part of Queen's random
because again it looks like Steve Cohen wants to build
a big, big, multi use kind of area there, hotels, gaming,
the Mets, oh yeah, the US Tennis centers there as well.
Speaker 3 (01:03):
What do we know it's going to be. If he's
able to fulfill his vision, it's going to probably be magnificent.
And the reason I say that is because this is
a sports owner's dream. If you have a team there,
you have hotels, you have a casino there, then of
course this has becomes similar to a resort life. You
can go and catch a Mets game in the summertime,
then you can go and gamble, and you can go
(01:23):
and go to the hotels, at the pools and things
like that. So if he's able to do everything that
he wants to do, and he has more than enough
money to do it, then I'm sure that there's going
to be a lot of people that are going to
enjoy this.
Speaker 4 (01:33):
Randall, can you please walk us through the timeline here?
When is this going to be fulfilled? And what do
you've see in terms of perhaps the job creation that
this might cause.
Speaker 3 (01:44):
I think there's going to be a lot of job
creation just because of the sheer construction, all of the
you know, the tech stuff that's going to have to
happen with the gambling machines that he's going to be
buying as well as you know, you think about the pools,
you think about all of the the potential things that
he's going to be building. In terms of the time frame,
I think it's to be determined. And the reason I
(02:06):
say that is because a lot of these hotels, a
lot of these different facilities that are often they put
up they say, oh, we're going to be done by
twenty thirty and then it's twenty thirty two. Rarely ever
do these things get done on time.
Speaker 2 (02:20):
And again, this is just one of three projects that
will approved. The other two projects are the Genting Group's
Resorts World, which proposes to expand the casino next to
the Aqueduct racetrack in Queen, so another good day for Queens,
and Bally's, which plans to operate a gaming facility at
the site of a Bronx golf course. So again more
gambling coming to the City of New York. What's the
(02:41):
Are there any financial contingencies here? We know Steve Cohen's
got a lot of money, but for what he wants
to build here, it's going to be really expensive. Do
we know if he has partners here or how's we
know anything about that yet? Not just yet.
Speaker 3 (02:55):
I think that, like you said, Steve Cohen is almost
a perfect person to do this. Or several other bids
that came in hoping to do similar things. There was
a bid that included jay Z and Times Square and
so put that in mind. I think Cohen, like you said,
has a lot of money. I think that you know,
when people have a lot of money that it can
potentially lead some guardrails and some hurdles that are in
(03:19):
front of most people. But when you can have money
move people out of the way, then I think that
Steve Cohen could could very easily make this look a
lot easier than it could be with someone else.
Speaker 4 (03:29):
Randell, you touched on this already. But Steve Cohen, hedge
fund manager, Mets owner, what's in it for him to
build this casino? Now?
Speaker 5 (03:36):
Too?
Speaker 4 (03:37):
What does this ad for him?
Speaker 3 (03:39):
It's a dream come true. I mean everyone that I've
talked to about sports gambling and marrying that with these
sports business if you can own a sports team and
a sports gambling in the exact same environment, then it
does create a playground of sorts. You know, I hear you.
But you know, from the business angle, there's going to
be a lot of people who are looking at this
and say, you just spend all day at the Mets
(04:02):
and at the US Open and all these different things.
If you can walk from one thing to the next,
to the next of the next and have a fabulous time,
then there are going to be plenty of people that
want to do that, So for him it's huge.
Speaker 2 (04:12):
And Rando I kind of joked a little bit of
their tongue in cheek about what could go wrong. But
there was not a time very long ago, measured in
just a couple three four years, when professional sports leagues
would not want to get within a thousand feet of
anything related to gambling.
Speaker 5 (04:26):
Boy.
Speaker 2 (04:26):
Times of change, they yeah, they have.
Speaker 3 (04:29):
And I think, you know, we just saw a baseball
investigation with the Feds and in revolving two Cleveland Guardians pitchers.
I think that this sort of thing is something that
sports owners where they sports owners are going to seek
where they can marry their sports business with the casino
and the hotels and all of those things. We see
some of that in Dallas without the casinos and the gambling.
(04:50):
You know, Jerry whirled down with the Cowboys. He has
several real estate properties around there, and in Minnesota they
have something similar several other properties as well. But this
one is going to be probably bigger and random than
anything that we've seen yet.
Speaker 2 (05:03):
Stay with us. More from Bloomberg Intelligence coming up after this.
Speaker 1 (05:09):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple Coarclay, and Android
Auto with the Bloomberg Business App. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (05:24):
Sam Fazzelli joins us here. He's a Bloomberg Intelligence Director
of Research for Global Industries. Not sure what that means,
senior pharmaceutical jiannals I know what that means. He's kind
of one of the top guys in the business on
big pharma and on the biotechs here, Sam, what do
investors think of just the broad healthcare space here? Given
this administration and its views on maybe just broader healthcare
(05:46):
policy issues, whether it's vaccine or other other issues, how
are investors kind of thinking about that?
Speaker 5 (05:52):
So?
Speaker 6 (05:53):
I think K Paul, if you look to the share
prices of pharma companies you generally seem to you would
be able to see that there is a upward momentum
in the past few weeks, a few months, and that's
all because there's been some more clarity. Particularly the thing
that really worried people was this pharmaceutical tariffs, and in
fact today we heard that the UK and the US
(06:16):
have agreed on it framework that doesn't apply any tariffs,
although a lot of companies have also done individual deals
with the administration where it delays any tariffs by three
years and then who knows what happens then. So that's
all fine. Share prices have moved according to that. The
issues of most favorite nation has gone, or at least
(06:37):
it's there, but it seems to be manageable. So what's
left here is regulatory worries, and we see some of that,
particularly for vaccines, and I'm wondering, we're all wondering whether
there's going to be a few situations where standard drugs,
biologics or drugs for cancer could end up in those
kind of difficult situations. But vaccines seem to be bearing
(06:58):
the brunt of the pressure from the health authorities at
the moment.
Speaker 4 (07:03):
Sam. When I think healthcare, I think GLP ones. They
are the hottest drugs on the market right now. And
there's some news today that Eli Lilly is cutting prices again,
a heating up competition with Novo Nordisks. Does that kind
of cement its place as one of the winners in
this space?
Speaker 6 (07:20):
Yeah? I mean so the data that the companies are
presented so far suggests that the Eli Lily drug, zet
Bound is more active or more effective when it comes
to weight loss than Nova noticed drug, although these are
always trials that are designed by one company trying to
show that their drugs better, and I'm sure some other
(07:40):
trial will show that someone else's drug is better, but
that is where we are today. Zep Bound seems to
be more effective based on the data that we have
in hand. And so what these companies are now doing
is trying to fit with getting more and more people
onto their formulas, onto their drug and these early these
price cuts for their first doses or the starting doses, etc.
(08:03):
Or a vile versus the pen are designed to try
and get the patients onto the drugs and then hopefully
they lose some weight and they enjoy it and they
keep buying and moving up to the next doses which
are more expensive.
Speaker 2 (08:16):
So, Sam, where where are we just in this whole
GLP one game in terms of the addressable market for
these medications? What percentage is taking the drug right now?
It feels like it's still really early.
Speaker 6 (08:29):
Potentially, Yeah, we very very few. I mean if you
look at the numbers, we're in the low percentages still,
So you don't need a particularly massive number of a
percentage of people who would benefit from these drugs to
take them to get into the one hundred billion number.
Ten percent of patients would easily get you there, depending
on the price. Of course, you keep dropping the price.
(08:51):
You need to push the volume up to get to
that total addressable market number. But the deals that they've
been doing, the data that we're getting from the drugs
in terms of the other effects that they have sleep apnea,
cardiovascular disease, et cetera, they all support the idea that
these drugs should be used by people who need them.
Of course, we all hear stuff about people who don't
(09:11):
actually need them. They just want to have it look
like they've got a nice six pack. You know. That's
a different conversation to have. But they are very beneficial
for people who are genuinely overweight or obese and cannot
control their weight with the standard way of most people doing,
which is dropping eating and increasing exercise. It's not easy
for everybody.
Speaker 4 (09:32):
What about finding other use cases for these drugs. We
had no ver Nordisk with its Alzheimer's trial that wasn't successful.
Do you expect companies to find other areas of use
or continue these trials that are often very costly for them.
Speaker 6 (09:45):
They are, but I think the things that are related
to obesity, so cardiovascular risk, kidney function, sleep apnea is
one of them, I think those are the ones that
are clearly working. One could question whether the trial that
Novo did was it's good enough. The drug that they
use was obviously oral, some maglutide, and you wonder if
(10:10):
there's enough drug there to have had an effect on
Alzheimer's or whether these drugs just won't help Alzheimer's patients
at all. I think there'll be more data coming. I'm
pretty sure this is not over in the discussion about
GLP one function in a role in treating or preventing
or reducing the risk of Alzheimer's disease.
Speaker 2 (10:29):
Stay with us. More from Bloomberg Intelligence coming up after this.
Speaker 1 (10:36):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Applecarplay and Android Auto
with the Bloomberg Business App. Listen on demand wherever you
get your podcasts, or watch us live on YouTube.
Speaker 2 (10:50):
Through air Bus, I'm taking a look at Airbus here
some continued reports about some quality issues at their eight
three to twenty plane, which is kind of their backbone plane.
So let's see what's happening with that stuff. We kind
of became used to that type of news as it
relates to Boeing in their seven thirty seven maxes over
the last several years. But now it seems like Airbus
maybe having some headwinds, to say the least. Here George Ferguson,
(11:13):
senior Airspace, Defense and Airlines analysts for Bloomberg Intelligence Joints,
is here, George, what's going on at Airbus? They've been
able to kind of fly under the radar quality concern
issue wise till just recently.
Speaker 7 (11:26):
Yeah. I mean, I think they've also had their challenges
in the supply chain along the way. Just Boeing challenges
were so much greater that they stole the spotlight, if
you will. But I mean, look, the aerospace supply chain
is a bit thin, right. It doesn't have the same
redundancy as like you'd get in an auto supply chain,
and so when you just have some little problem at
(11:47):
one of your suppliers, you know, it can really interrupt
your ability to deliver airplanes. And I think right now
what you're seeing is that Airbus already has a really
tall order to meet the something like eight hundred twenty
airplane guidance or delivery guidance they've got for this year.
We don't think they're going to make it. I think
they need seventy plus a three twenties in the last
(12:11):
two months of the year November December. We haven't seen
Novembers numbers yet, but we'll see them soon. We think
that's pretty hard given they've kind of delured fifty five
ish most months of in the last couple, you know,
for months, and so I think a quality problem here
probably really places in doubt their ability to make that guidance,
(12:35):
and that's going to hurt their profitability for the year.
So I think you've seen in the market react to that.
Speaker 4 (12:39):
George, you mentioned that really ambitious target for eight hundred
and twenty aircraft deliveries by the end of this year.
How disappointed could investors get if it fails to meet
that target on top of the headwinds that this company
is already facing.
Speaker 7 (12:53):
Well, I mean, so I think you're starting to see,
you know, the disappointment here. Again, I'd be surprised if
most investors weren't already concerned that the target was too high.
I think Airbus has really put out a bunch of
very ambitious build rate targets, right. I think our latest
number in A three twenty is that we would be
(13:14):
going to something like seventy five a month, and that's
consistently throughout the entire year, right by the end of
twenty twenty six, which to us just seems far too high.
And I feel like Airbus keeps trying to lead the
supplier base by pushing these higher numbers out and trying
to pull the supplier base along, and then over time
(13:35):
lowers some of these expectations. So look, I think anything
they miss now isn't going away. It gets pushed into
the next year and the next year, and again, I
think the bigger challenge here is investors have to ask themselves,
are a lot of these Airbus targets for delivery rates?
Are they just too ambitious? And don't we have to
sort of knock them down when we build our consensus
(13:57):
for what we think the company's going to be able
to do.
Speaker 2 (13:58):
Because George, I mean a number of like seventies seems
really high to me, Because when we talk about Boeing,
it's like, Gee, I hope they can get the forty
maybe to fifty. Is that Dore's Boeing typically run that
far behind on a production schedule than a Airbus.
Speaker 7 (14:14):
So I would say that if you would consider normal
the end of the last decade when both were building
and Boeing wasn't having the problems with mcass, Airbus was
up in the higher sixties and Boeing was in the
higher fifties, and so we have traditionally seen Airbus be
able to put out more airplanes than Boeing. I think
(14:36):
they're supply base maybe a little bit more robust, and
I think they have sort of multiple final assembly areas
around the world. I think those are some of the
reasons why Airbus can just has the infrastructure to put
out more airplanes, more narrowbody airplanes per month.
Speaker 2 (14:54):
Stay with us more from Bloomberg Intelligence coming up after this.
Speaker 1 (15:01):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Applecarclay, and Android Auto
with the Bloomberg Business App. Listen on demand wherever you
get your podcasts, or watch us live on YouTube.
Speaker 2 (15:16):
Oday. One of the more competitive businesses that I've seen
out there's at telecom business, particularly the wireless business. You
think about the three big carriers that we all have
a choice from, and then there's some other carriers out there.
But boy, it is just price competitive, like you wouldn't
believe in the Churn of customers is a big, big
issue for all the carriers. So we want to get
a sense of what's going on in the world of telecoms, satellites,
(15:38):
all that kind of stuff. John Butler's our go to
a personare senior telecom manel some Bloomberg Intelligence.
Speaker 5 (15:43):
John.
Speaker 2 (15:43):
I know you Bloomberg Intelligence analysts. This is the time
of year where you guys publish your twenty twenty six
outlooks what's key in your space of telecoms and satellites.
Speaker 5 (15:55):
So I think the big thing to keep in mind here, Paul,
is as we roll into twenty two twenty six, I
think we're going to see price promotion take a modest
step up. The bullets are really flying in wireless right now,
As you suggested, I think part of it is AT
and T and Verizon both have new CEOs. Both CEOs
(16:17):
are going to want to make their mark. I think
the one to watch is Dan Shulman at Verizon He
is very focused on volume. He wants to get Verizon
back to subscriber growth, and I think the only way
to do it is going to be by promoting a
little bit more aggressively than they have in the past.
Speaker 4 (16:40):
John, Where do you see these strongest incremental demands coming from.
Is it going to be mobile data? Is it going
to be broadband?
Speaker 5 (16:48):
I think two areas Alex One, as you touched on,
is broadband. That's a real growth factor for the telecoms.
If you look at fixed wireless access, which is delivering
broadband over a wireless link into the home, that has
proven to be exceptionally popular with people. So I think
the all three telcodes are going to lean into broadband
(17:13):
in order to supplement the slowdown in wireless growth. But
the one area I'm watching as we move into next
year is satellite. Starlink is partnered with T Mobile. The
two of them are already offering limited texting service on
a nationwide basis. It's sort of early stages. They are
(17:35):
early innings, if you will, for them. Verizon, an AT
and T are partnered with ast Space Mobile, which is
in the process of launching its constellation. Now they actually
have more better satellites than starlink, and so the space
race is on. As I like to say, it's going
to be really interesting to see once for Verizon and
(17:59):
AT and T are able to launch services early next year,
how that market segment unfolds.
Speaker 2 (18:05):
So the wireless operators that the verizons of the world atts, John,
there are they they're partnering with some of these space
satellite services.
Speaker 5 (18:14):
Yeah, I mean, I think the way to think about it,
Paul is it's almost like cell sites in space at
this point yep. So the major carriers have partnered with
starlink and AST to provide that infrastructure and the transmission
capability up in space to be able to provide coverage
outside the range of terrestrial networks now, so essentially that
(18:38):
concept of coverage everywhere is going to become a reality
as we move through next year.
Speaker 4 (18:46):
I will say it was getting a new iPhone and
T Mobile. I'm still grandfathered into my father's plan. Very
luck he's still paying for my cell phone. But they
immediately aught on comment by the way, to get Wi
Fi with them with T Mobile, So it's really interesting
and a new offering from them, as you mentioned, John,
So what's next?
Speaker 5 (19:04):
Sorry, Well, go ahead.
Speaker 2 (19:05):
Is there a six G out there? Because we I
think I've grown up and we've had three G, four G,
five G. Is there a six G out there?
Speaker 1 (19:13):
Not yet.
Speaker 5 (19:13):
I think six G is going to move onto the
horizon probably as we move through next year. It's a
development process by the industry, and so that standard, if
you will, is getting developed now by industry committees. It
will then move into tests probably in twenty twenty eight,
and become a reality for us by twenty thirty. Right now,
(19:37):
we're mid cycle with five GS. So if you think
back to when four G was originally launched, it was
much lower speed than it is today. So that standard
those generations of mobile evolve over what are typically ten
year cycles. So we're mid cycle with five G. Expect
better speeds and better performance there as we move through
(20:00):
the next five years, and then ultimately sixty will appear,
probably again in the twenty thirty timeframe.
Speaker 1 (20:08):
This is the Bloomberg Intelligence podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each
weekday ten am to noon Eastern on Bloomberg dot Com,
the iHeartRadio app tune In, and the Bloomberg Business app.
You can also watch US live every weekday on YouTube
and always on the Bloomberg terminal
Bloomberg Audio Studios, podcasts, radio news. You're listening to the
Bloomberg Intelligence podcast. Catch us live weekdays at ten am
Eastern on Apple, Coarcklay and Android Auto with the Bloomberg
Business App. Listen on demand wherever you get your podcasts,
or watch us live on YouTube.
Speaker 2 (00:23):
Three casinos are coming to the New York City market.
One of them includes Steve Cohen, the New York Mets
owner Hughes one approval to operate a casino next to
City Field. Remember, Steve Cohen again owns the Mets this stadium,
and so that is big for Queens Random. Williams Joints
is here is at US sports business reporter for Bloomberg News,
(00:45):
joining us from Indianapolis via that Zoom thing. So this
is a big deal for that part of Queen's random
because again it looks like Steve Cohen wants to build
a big, big, multi use kind of area there, hotels, gaming,
the Mets, oh yeah, the US Tennis centers there as well.
Speaker 3 (01:03):
What do we know it's going to be. If he's
able to fulfill his vision, it's going to probably be magnificent.
And the reason I say that is because this is
a sports owner's dream. If you have a team there,
you have hotels, you have a casino there, then of
course this has becomes similar to a resort life. You
can go and catch a Mets game in the summertime,
then you can go and gamble, and you can go
(01:23):
and go to the hotels, at the pools and things
like that. So if he's able to do everything that
he wants to do, and he has more than enough
money to do it, then I'm sure that there's going
to be a lot of people that are going to
enjoy this.
Speaker 4 (01:33):
Randall, can you please walk us through the timeline here?
When is this going to be fulfilled? And what do
you've see in terms of perhaps the job creation that
this might cause.
Speaker 3 (01:44):
I think there's going to be a lot of job
creation just because of the sheer construction, all of the
you know, the tech stuff that's going to have to
happen with the gambling machines that he's going to be
buying as well as you know, you think about the pools,
you think about all of the the potential things that
he's going to be building. In terms of the time frame,
I think it's to be determined. And the reason I
(02:06):
say that is because a lot of these hotels, a
lot of these different facilities that are often they put
up they say, oh, we're going to be done by
twenty thirty and then it's twenty thirty two. Rarely ever
do these things get done on time.
Speaker 2 (02:20):
And again, this is just one of three projects that
will approved. The other two projects are the Genting Group's
Resorts World, which proposes to expand the casino next to
the Aqueduct racetrack in Queen, so another good day for Queens,
and Bally's, which plans to operate a gaming facility at
the site of a Bronx golf course. So again more
gambling coming to the City of New York. What's the
(02:41):
Are there any financial contingencies here? We know Steve Cohen's
got a lot of money, but for what he wants
to build here, it's going to be really expensive. Do
we know if he has partners here or how's we
know anything about that yet? Not just yet.
Speaker 3 (02:55):
I think that, like you said, Steve Cohen is almost
a perfect person to do this. Or several other bids
that came in hoping to do similar things. There was
a bid that included jay Z and Times Square and
so put that in mind. I think Cohen, like you said,
has a lot of money. I think that you know,
when people have a lot of money that it can
potentially lead some guardrails and some hurdles that are in
(03:19):
front of most people. But when you can have money
move people out of the way, then I think that
Steve Cohen could could very easily make this look a
lot easier than it could be with someone else.
Speaker 4 (03:29):
Randell, you touched on this already. But Steve Cohen, hedge
fund manager, Mets owner, what's in it for him to
build this casino? Now?
Speaker 5 (03:36):
Too?
Speaker 4 (03:37):
What does this ad for him?
Speaker 3 (03:39):
It's a dream come true. I mean everyone that I've
talked to about sports gambling and marrying that with these
sports business if you can own a sports team and
a sports gambling in the exact same environment, then it
does create a playground of sorts. You know, I hear you.
But you know, from the business angle, there's going to
be a lot of people who are looking at this
and say, you just spend all day at the Mets
(04:02):
and at the US Open and all these different things.
If you can walk from one thing to the next,
to the next of the next and have a fabulous time,
then there are going to be plenty of people that
want to do that, So for him it's huge.
Speaker 2 (04:12):
And Rando I kind of joked a little bit of
their tongue in cheek about what could go wrong. But
there was not a time very long ago, measured in
just a couple three four years, when professional sports leagues
would not want to get within a thousand feet of
anything related to gambling.
Speaker 5 (04:26):
Boy.
Speaker 2 (04:26):
Times of change, they yeah, they have.
Speaker 3 (04:29):
And I think, you know, we just saw a baseball
investigation with the Feds and in revolving two Cleveland Guardians pitchers.
I think that this sort of thing is something that
sports owners where they sports owners are going to seek
where they can marry their sports business with the casino
and the hotels and all of those things. We see
some of that in Dallas without the casinos and the gambling.
(04:50):
You know, Jerry whirled down with the Cowboys. He has
several real estate properties around there, and in Minnesota they
have something similar several other properties as well. But this
one is going to be probably bigger and random than
anything that we've seen yet.
Speaker 2 (05:03):
Stay with us. More from Bloomberg Intelligence coming up after this.
Speaker 1 (05:09):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple Coarclay, and Android
Auto with the Bloomberg Business App. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (05:24):
Sam Fazzelli joins us here. He's a Bloomberg Intelligence Director
of Research for Global Industries. Not sure what that means,
senior pharmaceutical jiannals I know what that means. He's kind
of one of the top guys in the business on
big pharma and on the biotechs here, Sam, what do
investors think of just the broad healthcare space here? Given
this administration and its views on maybe just broader healthcare
(05:46):
policy issues, whether it's vaccine or other other issues, how
are investors kind of thinking about that?
Speaker 5 (05:52):
So?
Speaker 6 (05:53):
I think K Paul, if you look to the share
prices of pharma companies you generally seem to you would
be able to see that there is a upward momentum
in the past few weeks, a few months, and that's
all because there's been some more clarity. Particularly the thing
that really worried people was this pharmaceutical tariffs, and in
fact today we heard that the UK and the US
(06:16):
have agreed on it framework that doesn't apply any tariffs,
although a lot of companies have also done individual deals
with the administration where it delays any tariffs by three
years and then who knows what happens then. So that's
all fine. Share prices have moved according to that. The
issues of most favorite nation has gone, or at least
(06:37):
it's there, but it seems to be manageable. So what's
left here is regulatory worries, and we see some of that,
particularly for vaccines, and I'm wondering, we're all wondering whether
there's going to be a few situations where standard drugs,
biologics or drugs for cancer could end up in those
kind of difficult situations. But vaccines seem to be bearing
(06:58):
the brunt of the pressure from the health authorities at
the moment.
Speaker 4 (07:03):
Sam. When I think healthcare, I think GLP ones. They
are the hottest drugs on the market right now. And
there's some news today that Eli Lilly is cutting prices again,
a heating up competition with Novo Nordisks. Does that kind
of cement its place as one of the winners in
this space?
Speaker 6 (07:20):
Yeah? I mean so the data that the companies are
presented so far suggests that the Eli Lily drug, zet
Bound is more active or more effective when it comes
to weight loss than Nova noticed drug, although these are
always trials that are designed by one company trying to
show that their drugs better, and I'm sure some other
(07:40):
trial will show that someone else's drug is better, but
that is where we are today. Zep Bound seems to
be more effective based on the data that we have
in hand. And so what these companies are now doing
is trying to fit with getting more and more people
onto their formulas, onto their drug and these early these
price cuts for their first doses or the starting doses, etc.
(08:03):
Or a vile versus the pen are designed to try
and get the patients onto the drugs and then hopefully
they lose some weight and they enjoy it and they
keep buying and moving up to the next doses which
are more expensive.
Speaker 2 (08:16):
So, Sam, where where are we just in this whole
GLP one game in terms of the addressable market for
these medications? What percentage is taking the drug right now?
It feels like it's still really early.
Speaker 6 (08:29):
Potentially, Yeah, we very very few. I mean if you
look at the numbers, we're in the low percentages still,
So you don't need a particularly massive number of a
percentage of people who would benefit from these drugs to
take them to get into the one hundred billion number.
Ten percent of patients would easily get you there, depending
on the price. Of course, you keep dropping the price.
(08:51):
You need to push the volume up to get to
that total addressable market number. But the deals that they've
been doing, the data that we're getting from the drugs
in terms of the other effects that they have sleep apnea,
cardiovascular disease, et cetera, they all support the idea that
these drugs should be used by people who need them.
Of course, we all hear stuff about people who don't
(09:11):
actually need them. They just want to have it look
like they've got a nice six pack. You know. That's
a different conversation to have. But they are very beneficial
for people who are genuinely overweight or obese and cannot
control their weight with the standard way of most people doing,
which is dropping eating and increasing exercise. It's not easy
for everybody.
Speaker 4 (09:32):
What about finding other use cases for these drugs. We
had no ver Nordisk with its Alzheimer's trial that wasn't successful.
Do you expect companies to find other areas of use
or continue these trials that are often very costly for them.
Speaker 6 (09:45):
They are, but I think the things that are related
to obesity, so cardiovascular risk, kidney function, sleep apnea is
one of them, I think those are the ones that
are clearly working. One could question whether the trial that
Novo did was it's good enough. The drug that they
use was obviously oral, some maglutide, and you wonder if
(10:10):
there's enough drug there to have had an effect on
Alzheimer's or whether these drugs just won't help Alzheimer's patients
at all. I think there'll be more data coming. I'm
pretty sure this is not over in the discussion about
GLP one function in a role in treating or preventing
or reducing the risk of Alzheimer's disease.
Speaker 2 (10:29):
Stay with us. More from Bloomberg Intelligence coming up after this.
Speaker 1 (10:36):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Applecarplay and Android Auto
with the Bloomberg Business App. Listen on demand wherever you
get your podcasts, or watch us live on YouTube.
Speaker 2 (10:50):
Through air Bus, I'm taking a look at Airbus here
some continued reports about some quality issues at their eight
three to twenty plane, which is kind of their backbone plane.
So let's see what's happening with that stuff. We kind
of became used to that type of news as it
relates to Boeing in their seven thirty seven maxes over
the last several years. But now it seems like Airbus
maybe having some headwinds, to say the least. Here George Ferguson,
(11:13):
senior Airspace, Defense and Airlines analysts for Bloomberg Intelligence Joints,
is here, George, what's going on at Airbus? They've been
able to kind of fly under the radar quality concern
issue wise till just recently.
Speaker 7 (11:26):
Yeah. I mean, I think they've also had their challenges
in the supply chain along the way. Just Boeing challenges
were so much greater that they stole the spotlight, if
you will. But I mean, look, the aerospace supply chain
is a bit thin, right. It doesn't have the same
redundancy as like you'd get in an auto supply chain,
and so when you just have some little problem at
(11:47):
one of your suppliers, you know, it can really interrupt
your ability to deliver airplanes. And I think right now
what you're seeing is that Airbus already has a really
tall order to meet the something like eight hundred twenty
airplane guidance or delivery guidance they've got for this year.
We don't think they're going to make it. I think
they need seventy plus a three twenties in the last
(12:11):
two months of the year November December. We haven't seen
Novembers numbers yet, but we'll see them soon. We think
that's pretty hard given they've kind of delured fifty five
ish most months of in the last couple, you know,
for months, and so I think a quality problem here
probably really places in doubt their ability to make that guidance,
(12:35):
and that's going to hurt their profitability for the year.
So I think you've seen in the market react to that.
Speaker 4 (12:39):
George, you mentioned that really ambitious target for eight hundred
and twenty aircraft deliveries by the end of this year.
How disappointed could investors get if it fails to meet
that target on top of the headwinds that this company
is already facing.
Speaker 7 (12:53):
Well, I mean, so I think you're starting to see,
you know, the disappointment here. Again, I'd be surprised if
most investors weren't already concerned that the target was too high.
I think Airbus has really put out a bunch of
very ambitious build rate targets, right. I think our latest
number in A three twenty is that we would be
(13:14):
going to something like seventy five a month, and that's
consistently throughout the entire year, right by the end of
twenty twenty six, which to us just seems far too high.
And I feel like Airbus keeps trying to lead the
supplier base by pushing these higher numbers out and trying
to pull the supplier base along, and then over time
(13:35):
lowers some of these expectations. So look, I think anything
they miss now isn't going away. It gets pushed into
the next year and the next year, and again, I
think the bigger challenge here is investors have to ask themselves,
are a lot of these Airbus targets for delivery rates?
Are they just too ambitious? And don't we have to
sort of knock them down when we build our consensus
(13:57):
for what we think the company's going to be able
to do.
Speaker 2 (13:58):
Because George, I mean a number of like seventies seems
really high to me, Because when we talk about Boeing,
it's like, Gee, I hope they can get the forty
maybe to fifty. Is that Dore's Boeing typically run that
far behind on a production schedule than a Airbus.
Speaker 7 (14:14):
So I would say that if you would consider normal
the end of the last decade when both were building
and Boeing wasn't having the problems with mcass, Airbus was
up in the higher sixties and Boeing was in the
higher fifties, and so we have traditionally seen Airbus be
able to put out more airplanes than Boeing. I think
(14:36):
they're supply base maybe a little bit more robust, and
I think they have sort of multiple final assembly areas
around the world. I think those are some of the
reasons why Airbus can just has the infrastructure to put
out more airplanes, more narrowbody airplanes per month.
Speaker 2 (14:54):
Stay with us more from Bloomberg Intelligence coming up after this.
Speaker 1 (15:01):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Applecarclay, and Android Auto
with the Bloomberg Business App. Listen on demand wherever you
get your podcasts, or watch us live on YouTube.
Speaker 2 (15:16):
Oday. One of the more competitive businesses that I've seen
out there's at telecom business, particularly the wireless business. You
think about the three big carriers that we all have
a choice from, and then there's some other carriers out there.
But boy, it is just price competitive, like you wouldn't
believe in the Churn of customers is a big, big
issue for all the carriers. So we want to get
a sense of what's going on in the world of telecoms, satellites,
(15:38):
all that kind of stuff. John Butler's our go to
a personare senior telecom manel some Bloomberg Intelligence.
Speaker 5 (15:43):
John.
Speaker 2 (15:43):
I know you Bloomberg Intelligence analysts. This is the time
of year where you guys publish your twenty twenty six
outlooks what's key in your space of telecoms and satellites.
Speaker 5 (15:55):
So I think the big thing to keep in mind here, Paul,
is as we roll into twenty two twenty six, I
think we're going to see price promotion take a modest
step up. The bullets are really flying in wireless right now,
As you suggested, I think part of it is AT
and T and Verizon both have new CEOs. Both CEOs
(16:17):
are going to want to make their mark. I think
the one to watch is Dan Shulman at Verizon He
is very focused on volume. He wants to get Verizon
back to subscriber growth, and I think the only way
to do it is going to be by promoting a
little bit more aggressively than they have in the past.
Speaker 4 (16:40):
John, Where do you see these strongest incremental demands coming from.
Is it going to be mobile data? Is it going
to be broadband?
Speaker 5 (16:48):
I think two areas Alex One, as you touched on,
is broadband. That's a real growth factor for the telecoms.
If you look at fixed wireless access, which is delivering
broadband over a wireless link into the home, that has
proven to be exceptionally popular with people. So I think
the all three telcodes are going to lean into broadband
(17:13):
in order to supplement the slowdown in wireless growth. But
the one area I'm watching as we move into next
year is satellite. Starlink is partnered with T Mobile. The
two of them are already offering limited texting service on
a nationwide basis. It's sort of early stages. They are
(17:35):
early innings, if you will, for them. Verizon, an AT
and T are partnered with ast Space Mobile, which is
in the process of launching its constellation. Now they actually
have more better satellites than starlink, and so the space
race is on. As I like to say, it's going
to be really interesting to see once for Verizon and
(17:59):
AT and T are able to launch services early next year,
how that market segment unfolds.
Speaker 2 (18:05):
So the wireless operators that the verizons of the world atts, John,
there are they they're partnering with some of these space
satellite services.
Speaker 5 (18:14):
Yeah, I mean, I think the way to think about it,
Paul is it's almost like cell sites in space at
this point yep. So the major carriers have partnered with
starlink and AST to provide that infrastructure and the transmission
capability up in space to be able to provide coverage
outside the range of terrestrial networks now, so essentially that
(18:38):
concept of coverage everywhere is going to become a reality
as we move through next year.
Speaker 4 (18:46):
I will say it was getting a new iPhone and
T Mobile. I'm still grandfathered into my father's plan. Very
luck he's still paying for my cell phone. But they
immediately aught on comment by the way, to get Wi
Fi with them with T Mobile, So it's really interesting
and a new offering from them, as you mentioned, John,
So what's next?
Speaker 5 (19:04):
Sorry, Well, go ahead.
Speaker 2 (19:05):
Is there a six G out there? Because we I
think I've grown up and we've had three G, four G,
five G. Is there a six G out there?
Speaker 1 (19:13):
Not yet.
Speaker 5 (19:13):
I think six G is going to move onto the
horizon probably as we move through next year. It's a
development process by the industry, and so that standard, if
you will, is getting developed now by industry committees. It
will then move into tests probably in twenty twenty eight,
and become a reality for us by twenty thirty. Right now,
(19:37):
we're mid cycle with five GS. So if you think
back to when four G was originally launched, it was
much lower speed than it is today. So that standard
those generations of mobile evolve over what are typically ten
year cycles. So we're mid cycle with five G. Expect
better speeds and better performance there as we move through
(20:00):
the next five years, and then ultimately sixty will appear,
probably again in the twenty thirty timeframe.
Speaker 1 (20:08):
This is the Bloomberg Intelligence podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each
weekday ten am to noon Eastern on Bloomberg dot Com,
the iHeartRadio app tune In, and the Bloomberg Business app.
You can also watch US live every weekday on YouTube
and always on the Bloomberg terminal
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Are You A Charlotte?
In 1997, actress Kristin Davis’ life was forever changed when she took on the role of Charlotte York in Sex and the City. As we watched Carrie, Samantha, Miranda and Charlotte navigate relationships in NYC, the show helped push once unacceptable conversation topics out of the shadows and altered the narrative around women and sex. We all saw ourselves in them as they searched for fulfillment in life, sex and friendships. Now, Kristin Davis wants to connect with you, the fans, and share untold stories and all the behind the scenes. Together, with Kristin and special guests, what will begin with Sex and the City will evolve into talks about themes that are still so relevant today. "Are you a Charlotte?" is much more than just rewatching this beloved show, it brings the past and the present together as we talk with heart, humor and of course some optimism.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.