Bandaids or tylenol those products are wellknown products produced by Johnson Johnson. The Johnson Johnson is also a giant in many other areas. Its now taking a leading role in preparing a vaccine for covet covid19. Its ceo is alex gorsky. A west point trained former military man who has done an incredible job over the last eight years making this company the most valuable Healthcare Company in the world. Some people say the most commonly spoken words in the english language today are can you hear me, because of low zoom phenomenon. I assume in your case the most commonly asked question of you is when is the vaccine coming so you must get asked this about every hour on the hour so why dont i just do this as well when is your vaccine coming well coming . Usually every 15 minutes or so i get asked that. More proud of the incredible work our scientists and engineers have been doing over the past nine months to put us in the position we are today with a vaccine. Ordinarilyat would take five or seven years, we have been able to do in a matter of months. It is remarkable. Without their hard work and dedication, probably 40,000 of our 150,000 employees, mostly in factories, facilities, laboratories, have still been working. Theyve been going literally around the clock to make that possible. We still have a lot of work to do but we made a lot of progress and well be finding out a lot more in the coming weeks and months. But consistent with what we talked about recently, when we announced phase three trial we would expect by late this year early next year we should be in a position to begin reviews with regulatory authorities to see if our vaccine is in fact safe, effective, and could be considered for an emergency use authorization in the u. S. And around the world. Even if you have emergency use authorization, to be realistic, it will not be ready until next year . Thats a good timeframe to be planning on. On phase 3. Epend that can depend on the instance of the virus. That has an impact on the Statistical Analysis you will be using in your study. It will depend on how well our vaccine is doing in the study and what kind of efficacy rates they get. For planning purposes, if you think about late 2020, early 2021, those are the kind of timelines that are realistic. Number of other ceos and vaccine manufacturers have issued a letter saying you dont want to be politically pressured to have a certain date. Can you articulate why you felt the need for that letter . We think its an incredibly important time for the pharmaceutical industry, let alone each of our companies. It is absolutely critical during a time when everything becomes politicized that we rely on data, science, on wellestablished regulatory guidelines to guide all of our decisions regarding the development and the actual utilization of these vaccines. Collectively, making it very explicit that our commitment, our pledge to following those established guidelines was very important to maintain the trust, the confidence of the people around the world regarding the safety and efficacy and accessibility of these vaccines. In a recent survey, only 19 of americans are prepared to take a vaccine if available. Is it a surprise some are not ready to take it . Is it because of the perceived politicization . It is not a surprise. It is consistent with what you see with the annual flu vaccine. It can range from 20 , perhaps in some of the best states, as high as 40 or 50 . I goodresident biden afternoon, everyone. Kamala and i are here to make a brief statement, and i am sure we will have more to say later, and tomorrow. Let me begin by thanking the press for being here, and thanking everyone else. My fellow americans, yesterday once again prove that micro c is the heartbeat of this nation talk today, the big news is President Trump and the first lady have contracted the coronavirus. Is that his surprise to you that that could happen . I think it demonstrates we are all vulnerable, and we need to be very vigilant and diligent in the actions we are taking to prevent this virus from spreading any further. Largestthe ceo of the Healthcare Company in the u. S. , the 10th Largest Company by market cap in the entire u. S. , market value of about almost 400 billion, you have to be very careful, because i think it would look bad if the ceo of the Largest Health care company got the virus. What do you do to protect yourself . All of us have a huge responsibility to take care of ourselves. Certainly those of us like myself in this position where we have a responsibility for others have to make sure we put the safety of our employees, friends, and family first in everything that we do. It starts with the simple things. One of the things we have learned most through this pandemic is by making sure we are using social distancing, wearing masks, washing our hands, doing everything we can to prevent the spread of the virus are the important steps to take. And dealing with it for the long term. Vaccines of what everyone has focused on, but also therapeutics. People may have already contracted the disease or already have the virus. Is there progress being made on therapeutics that might help people with the disease . Thats a great point, there is no one silver bullet. Its really important for everyone to understand it will take a holistic approach. We will likely be dealing with this not only as a pandemic, but for several years going forward. Likelihood, it will take a combination of therapeutics for patients who are sick him a vaccines to prevent it from happening in the first place. Last but not least, the protocols that have done a great job. In terms work to do, of reducing actual mortality and morbidity. The things talked about, remdesivir, hydrochloric when, and convalescent plasma. But you would not say those things are therapeutics that will solve the problem. Each end of themselves. There will be various opportunities. We will learn with convalescent plasma where they are most effective, in what patient populations. An older population, could they be used in an elder care facility where you see an outbreak in a more aggressive way . Should antivirals be used early in the disease . . We are developing information as we speak, and we will learn more in the coming weeks and months. Hindsight is 2020. Looking back, what would you say the cdc or the fda, or the white house or hhs should have done differently . Is there anything you would recommend in the future if they are overseeing this kind of Pandemic Response . You are right. When we look backwards, things always seem clear. Almost allo say that of us have underestimated the dramatic impact of this outbreak. If you would have asked most people eight or nine months ago if you would ever see the kind of impact we are seeing around the world right now, few would have gotten it right. But i think there are lessons to be learned. First and foremost, the importance of Global Public health. Going forward, we will understand much better that if we dont have Global Public health security, we dont have national security, we dont have economic security, and we will not have security in society. I think the importance of being prepared and making sure weve of protocols in place, certain products to a preposition, also move from a maniacal focus on efficiency and effectiveness in certain cases resiliency and sustainability, particularly for these kinds of situations. Were you surprised how dependent johnson and johnson and other Health Care Industry was on manufacturing things in china and offshore so far ppe and other things we almost had to beg the chinese to get material . Will that change in the future . Were you surprised at the extent we were depended on offshore production . Fort is an important lesson all industries, not only the healthcare care industry, but every supply chain. Over the last several decades, the globally integrated supply tremendouseaped rewards. In terms of efficiency and effectiveness for so many companies. I think its important for us to realize weve got to make sure we have the kind of redundancy and resiliency when these types of situations arise. We are looking across our supply chain as we speak to say what are the things where we can still take advantage of so many of the efficiencies from what we were doing before, but what other things do we need to think about . Reshoring, what other capabilities do we have to think about ensuring in future pandemics we are all better positioned and better prepared . If a doctor says you need a bandaid, i will give you a shot, and put a bandaid, it is another companys product, do you take it off . I had that happen one time. A bicycling accident where i had to get stitches. I went to the local hospital and made sure they were our sutures. I get energy from being out and engaging with our employees, customers, i spent my entire best toeally doing my get to know people on a personal basis, being out and about. As thing i have long known ceo is the higher you go, either more troubling the news gets, or the funnier your jokes can be. Unless you are out engaging with employees day today, you can become insulated. Its finding a way to do that via zoom, it took a little bit of time. Something we are learning and adapting today by day. How do you think the world will change for Johnson Johnson once the pandemic is behind us . I hope we come to a new and Better Normal rather than the old normal. Our value system, along with innovation, do depend on proximity, collaboration, and working together. That being said, we also feel going forward, we should not just fall back into the exact same habits when we fly halfway around the world for the same two hour meeting the way we did before . Maybe not. But we need to have the same large gatherings at the kind of frequency that people will be five days in the office five days versus the otherss . We know over the long term, allowing people to get together, creating informal connections and networks around the company, is really important to maintain. Our value system, culture, as well as innovation and products and services. Lets talk about how you went from a graduate of west point to becoming the ceo of this company. Where did you grow up . 20, couldnt have imagined 40, 60 years ago that i would ever be in this position. I was born in kansas city, kansas. My grandparents were immigrants and opened up small stores, worked in meat packing plants in kansas city. Earlythere through my years. My father was through with his job when i was about 12 years old, to a little town in the lower peninsula of michigan. What propelled you to go to west point . I was very fortunate. Both my mother and father worked. My father started as a salesman at gerber baby food. He worked his way. He was also a korean war veteran. He stayed in the army reserves. My mother taught special education students. I thought it was natural when you were growing up that your father not only went to work and your mother went to work, but one weekend a month, he would put a uniform on to serve his country. I was inspired by that. I was one of six children. Going to a place like west point not only would afford me an opportunity for great education and a career, but it was also an economical way to do it, one where i can pay my own way through. I put that together and found it to be a really attractive path. I was fortunate thats what i was able to follow. When you graduated, you wanted to be a Health Care Executive . How long did you stay in the military . I graduated, like all of my classmates, i went into the army in the lieutenant. I went to europe for my very first role. I was stationed back in the u. S. And the seventh infantry division. I endedsix years where my service as a captain. I was a battery commander and Rapid Deployment force unit. Thats where i made my decision to exit the army and join Johnson Johnson. You also have an mba from wharton. When did you have time to do that . The army, ieft started as a Sales Representative at Johnson Johnson. It was part of a Leadership Development program. I felt getting the skills, understanding the customers, learning what doctors, surgeons, nurses, using our products on a daytoday basis, that was an important experience to get. Then i went into sales management, later into marketing. I studied engineering in college. I realized if i was going to have the skills and business i necessary,eally going back and getting exposed much more in depth to accounting, finance, strategy, other things, it was going to be important. I was very fortunate they wharton, my program at where i went and completed that at an early point in my career. You start out in marketing with a subsidiary of johnson and johnson. At the time you did that, did you say somebody who starts out as a marketing person for the subsidiary surely should rise up to be the ceo someday . Did you ever imagine you could rise up . Did you always have that as your goal . No. I did realize getting exposure and experience with many different aspects of our business early in my career was important. Marketing was one place where you can interface with research and development to understand our products, where you would engage with your finance counterparts, supply chain people, so it was really the kind of position to expose you to all aspects of the organization. Bethat time, i aspired to able to run one of our divisions. Things took on a life of their own. 2012, aboutsince eight years or so, for most ceos of fortune 500 companies, unless they are founders, five or six years is fairly average. But you are very young and in good shape. Is your plan to do this for a long time in the future . I am fortunate to be the seventh ceo at johnson and johnson. One of the great characteristics of the company is the long tenure my predecessors have had, the continuity, consistency, and the kind of long range thinking it imbued into the organization. I am proud to have been part of that. I am as excited today about what im seeing in terms of science and technology, the potential. Look at the vaccine. We could not have imagined that about 10 months ago. Is a constant stream of new opportunities, challenges you are facing along the way. Like everybody, i would always consider ways of how you can continue to serve other stakeholders, serve others. I think ive got the best job in the world most days. You are a fitness expert, a person cares a lot about fitness. Always running, exercising. I assume you are doing more to stay in shape . Do you exercise a lot every day . Yes, i do. I learned a long time ago, even during my time in the military, that one of the most important things you can do to ensure that wounded, to you are be healthy in the first place. I think one of the things we are learning about this disease is the healthier you are, if you contact the disease, the better prepared you are going to be to be able to survive and get through it in a much better manner. Like many others, i have been doing my best to deal with the situation, getting out of the house and taking care of myself. Always puti a priority on taking care of myself, staying healthy, get the kind of rest i need, eat the right way. I think doing these things not only helps in your daily life, but will affect a situation like covid19. When you are running the biggest Health Care Company in the u. S. , i guess you are worried somebody might see you eating a french fry, or you gained an extra pound, do you feel you have to be careful because everyone is watching you . No, i dont worry about that. What important about life and in so many things is balance. Especiallyweek, given my travel schedule, demands, im pretty strict about what i eat and the kind of rituals i put in place. It keeps me on pace, whether i am in new brunswick, china, traveling around the world. To have akend, i like burger from time to time, or that steak. Thats why i work so hard and try and keep fit along the way. I find by having that balance, i can take care of myself, but also have fun. You are in good shape, but eventually, you have you go to the doctor for annual physicals. If a doctor says you need a bandaid, and puts a bandaid on that is not a bandaid, its another companys product, do you take it off, so you can only use Johnson Johnson products on me . I had it happen one time. I had a bicycling accident where i had to get stitches in my hand. When i went to the local hospital, i made sure they were our sutures. Replaced, ihip have one of my products in my hip. It feels great. It was a life changer for me once i had that procedure done. I appreciate you giving us this much time. I hope the vaccine comes as soon as possible in a healthy and good way. You can rest assured we will be working 24 7 doing everything we can to make that possible between now and then. Congress, capitol hill, futures basically unchanged. 9 30. Ust coming up to a backdrop of uncertainty as to who has won the president ial election. Joe biden winning michigan and wisconsin, putting him on the brink of taking the white house from donald trump. The president opens up a legal fight to stop vote counting in at least two states. Be the real savior for joe biden. He is six shy of getting that magical 270 electoral votes. We have six electoral votes available in nevada. Axis futures unchanged, equity markets moving to the upside. Lets get to the first word news. The election result remains unclear. Increasingly tied. Both sides insisting they are on track for victory. Joe biden saying he will win once the remaining votes are counted. President trump has been casting doubt on the veracity of mailin ballots. Biden winning michigan and wisconsin. The president s team wants a recount, with less then a one percentage point margin of victory. The Trump Campaign has filed lawsuits in pennsylvania, georgia, and michigan to contest both counts trending toward joe biden. They said they h