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Amgen today announcing a $900 million expansion of its Ohio Biotech manufacturing facility. Yop finance is Angeli Camlani joining us now with the details on this. So this is the latest, right, of this sort of reshoring of pharma manufacturing.

That's right. And you can see all these companies basically jumping in line to make announcements for things that may have actually already been pre-planned or in the works for a number of years or months. Uh Amgen is the latest for that right now with that $900 million expansion in addition to a $1 billion announcement last month, I believe, or a little bit earlier for North Carolina. And so that just adds to what we're seeing. Um, there you see it on your screen. And that that adds to what they've said is like a total since the Tax Act of 2017. And that's something that I found kind of interesting with something that has been happening. If you take a look at the numbers for all the different companies that have made announcements in the recent past, the largest by far, $55 billion from Johnson & Johnson, and then on the smaller end moves like Amgen as well. And this is uh being credited to some of the moves that they've made as a result of the tax cut act in 2017. So it seems like maybe some of this is, uh, you know, tariff fear and trying to, you know, play towards the administration, but it also seems to be attributed to uh ongoing.

Right. Yeah, and it's I I do wonder as well, you know, one of the things that we've tried to suss out when lots of companies come out, make these announcements was it things they were already planning. Exactly, yeah. Now they are that that now they are making these, you know, maybe with more fanfare in order to, you know, secure a favor or conversely not incur the wrath of the administration.

Definitely more fanfare. I mean, we saw the Eli Lilly announcement, uh, for that $27 billion in DC of all places. Um, the 55 billion from J&J is a huge number. And largely and earnings these used to just go by like as just a single line item. You would never hear them call it out and make sure to ensure that it's in the press release, it's in vis it's visible to folks like us. So.

How much more expensive is it for them to do their manufacturing in the US?

That is something that we are just getting, uh, a handle on. It also depends on what specifically is going to be taxed. That's the part of the equation that is still unknown. We know that there's a report out, I believe, uh, today that looked at, um, you know, what the overall cost would be, something in the ballpark of $51 billion. But if you're looking at that, um, that just talks about the whole cost of the product. And so the portions of it, which is somewhere in the ballpark of 30% that comes from, uh, China and and India and the like. And then you've got, you know, 70% of all products coming overseas. It's a very big mixed bag. And so piecing, you know, getting those pieces out, um, is still in the works.

Yeah. Novax shares sinking today. What can you tell us more about?

Yes, for Novax, they have really been. I mean, since this company tried to come out with a vaccine, it has just been under pressure. Oh, still on the topic of its COVID-19 vaccine, the FDA taking a second look, asking for a new trial. And this is just as the company was about to essentially hand the reins over to a partner, that's Sanofi, to get the product commercialized and finally approved outside of authorization. So just another, uh, speed bump essentially.

sign, maybe to give it up on a couple of other names that were advancing and getting regulatory pressure just let go of those.

Well, we did see already the pullback from the Trump administration on next gen COVID-19 vaccine. So there is definitely a focus on this specific product.