WHEN: Today, Monday, January 11th
WHERE: CNBC's Business Day Programming
Following are excerpts from the unofficial transcripts of CNBC EXCLUSIVE interviews with Eli Lilly CEO John Lechleiter, Novartis CEO Joseph Jimenez and Pfizer CEO Ian Read and Allergan CEO Brent Saunders on CNBC today, Monday, January 11th. Following are links to the interviews on CNBC.com: http://video.cnbc.com/gallery/?video=3000478553, http://video.cnbc.com/gallery/?video=3000478486, http://video.cnbc.com/gallery/?video=3000478519 and http://video.cnbc.com/gallery/?video=3000478123.
All references must be sourced to CNBC.
John Lechleiter, Eli Lilly CEO:
LECHLEITER ON DRUG PRICING
We focus on drug pricing based on value, the value that the medicine brings to the patient, the value that the medicine brings to the healthcare system, clearly at a point in time where we were losing patents starting in 2011, many of these products of ours at that time became available in very low cost generic forms and I think that some of the sound bites, some of the noise you hear around pricing neglects the fact that we often must pay deep discounts in a market based environment where we're competing, in many cases, against other alternative therapies including those low cost generics.
LECHLEITER ON INVESTORS
I think that investors are going to be cautious given that this is an election year coming up. I think there are aspects of our industry that our easily demagogued in an election year process. Having said that, I think that the fundamentals in our industry have never been stronger our substrate is a great base of science that we work from and I think you are seeing today meaningful advances in our fight against cancer certainly Lily I think is well positioned in the area of Alzheimer's research so I'm actually very optimistic about the year ahead, particularly given that Lilly is now out of its period of patent expirations, launching new products and getting back to growth.
Joseph Jimenez, Novartis CEO:
JIMENEZ ON CANCER PRICING
When we first launched Gleevec it was just for one indication, chronic mild leukemia, but then there were many other indications, so we continued to study the drug. We continued to show that the drug was valuable in other indications within cancer and so we needed to be rewarded for that innovation and we're pricing according to that. If you think about cancer pricing you have to think about the value that we are creating. Remember, this is a deadly disease, innovation has to continue to be rewarded or we're just not going to be able to see the kind of breakthroughs that we have seen, even just in the last year.
Ian Read , Pfizer CEO and Brent Saunders, Allergan CEO:
READ ON DEAL
We constructed the deal within the laws of the United States. We constructed it after two notices from Treasury. So you know, we're confident that we've taken steps to ensure the deal should close.
READ ON POLITICAL ISSUE
We're in an election year. Its politics. In reality, the pharmaceutical industry represents ten percent of the healthcare spend. We're the most efficient ten percent. Most pharmaceutical companies like Pfizer, we make our products available up to 400 percent of the poverty level for individuals who have no insurance or poor insurance. So I think it's a political issue when you look at inside the total healthcare spend.
SAUNDERS ON DEAL
Under a normal course this deal should close this year. We'll go through the appropriate antitrust reviews. That should take several months. And then the deal – and then our shareholders will vote and the deal should close….We think this deal is a really strong strategic fit. It's bringing together two great companies. And we're very excited about getting this deal closed. You know, whether it's because of this concern you raised about whether the deal will close or some other issues around the size. I mean this is a mega cap company. Arguably the fourth largest company in the world when it closes. So it will take a awhile. But we're very confident it will come together.
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