Raphael Stevens

Monday marks 10 years of Mary Barra’s tenure as CEO of General Motors.
It ushers in a crucial year for the Detroit automaker and for Barra’s legacy.
The automaker is facing challenges with EV demand and its Cruise autonomous driving unit, but those headwinds may play to Barra’s strengths.

Mary Barra, CEO of General Motors, at the New York Stock Exchange, Nov. 17, 2022.
Source: NYSE

DETROIT — Monday marks 10 years of Mary Barra’s tenure as CEO of General Motors, ushering in a crucial year for the Detroit automaker and for her legacy.
Over the past decade, Barra has been a dynamic executive, guiding the company through high-profile crises as the first female leader of a major automaker. Under her stewardship, GM has seen record profits, cultural changes and major achievements, including beating Wall Street earnings forecasts in 34 of the last 35 quarters, according to FactSet.

She’s regularly ranked as one of the most powerful business leaders in the world, with former and current executives describing her as a “visionary” and “inclusive” leader who has always remained focused on the task at hand.
That task, for much of Barra’s time at GM, has been to push the envelope and transform the largest U.S. automaker for sustained success. But her main business plans of late have failed to meet internal or external expectations, including her own.
Initiatives involving electric vehicles and autonomous vehicles have come under pressure, with EV rollout and demand slower than expected and GM majority-owned Cruise in crisis. The EV and AV businesses, along with emerging software initiatives, were major parts of lofty financial targets earmarked for 2025 and 2030.
GM says it can still achieve its goals — among them to double revenue by 2030 — by shifting focus, but it’s yet to detail how, without the help of its stated growth drivers.

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GM’s stock under CEO Mary Barra’s 10-year tenure.

“I always thought the EV and AV strategies were awfully ambitious and were more to show Wall Street that they were becoming a ‘tech company’ more than an auto company, trying to imitate Tesla too much in many ways,” said Michelle Krebs, an executive analyst with Cox Automotive, who previously covered GM as a reporter starting in the 1980s.

Public criticism of Barra has been scant, but Wall Street and investors are speaking through the company’s stock price.
Famed investor Warren Buffett’s Berkshire Hathaway, which took a major stake in GM in 2012, sold all its shares in the company without explanation during the third quarter of 2023.
GM stock closed Friday at $35.26 per share, down 10.5% under Barra’s tenure and off by nearly 50% from a high of more than $67 on Jan. 5, 2022.

Unplugged?

GM appeared to be the front-runner in recent years to challenge U.S. leader Tesla in electric vehicles with its new EV architecture and billions in investments.
Barra surprised many in 2021 by announcing that GM would end production of traditional internal combustion engine vehicles and exclusively offer consumers EVs by 2035. At the time, GM promised to transform the company and automotive industry through what Barra called “visionary investments,” including what would become $35 billion toward electric and autonomous vehicles by 2025.
She touted GM’s growth opportunities, including its next-generation “Ultium” EV architecture, and many other major automakers followed suit and announced similar electrification goals.
But GM has rolled out its next-gen EV models at a snail’s pace amid production snags. And its most recent model — the Chevy Blazer EV — has paused sales due to significant software problems.
GM’s EV sales last year totaled 75,883 units, or 2.9% of the company’s overall sales. It was third in EV sales behind Tesla, and Hyundai Motor, which includes Kia, according to Cox Automotive. However, a vast majority of GM’s EV sales were from its now-discontinued Chevrolet Bolt models.
Broad consumer demand for EVs hasn’t materialized the way GM or others had hoped, and many automakers have withdrawn or walked back the EV ambitions they set just a few years ago.

Mary Barra, GM chair and CEO, speaks during the unveiling of the Cadillac Celestiq electric sedan in Los Angeles, Oct. 17, 2022.
Frederic J. Brown | AFP | Getty Images

Barra said in December that while there’s still a path to exclusively offer EVs by 2035, customer demand will ultimately determine the pace of the company’s EV transition.
“We still have a plan in place that allows us to be all light-duty vehicles by 2035. But again … we’ll adjust based on where the customer is and where demand is,” she said. “But I do believe this transition will happen over a period of time.”
As early as 2017, GM’s EV focus was on getting as many electric vehicles to market as possible, promising to launch a mix of at least 20 new all-electric and hydrogen fuel-cell vehicles globally by 2023. Then, in November 2020, that goal post shifted, and the automaker said it would introduce at least 30 new EVs by 2025 and spend $27 billion — an amount that was later upped to $35 billion — on electric and autonomous vehicles.
GM has not released exact details about that spending, but executives last year confirmed the automaker was pushing back or cutting EV spending by billions.
In October, GM pulled its near-term EV targets that included selling 400,000 electric vehicles in North America between 2022 and mid-2024 as well as producing 100,000 EVs in North America during the second half of 2023.
The Detroit automaker and Honda Motor also canceled plans to jointly develop affordable EVs, which would have been a $5 billion capital project, and GM opted to instead revive the canceled Chevrolet Bolt as a new model in 2025.
GM maintains it will achieve low profit margins on EVs by 2025 as well as increase North American capacity for the vehicles to 1 million units by then. The automaker expects to maintain an 8% to 10% adjusted profit margin in North America through the transition.

Taking the wheel

If EVs have been struggling to capture consumer attention, autonomous vehicles and GM’s Cruise unit have been commanding it — but not for the reasons Barra would like.
Late last year Cruise transformed nearly overnight from one of GM’s greatest business opportunities into a growing liability.
Cruise, of which GM owns more than 80% and which Barra chairs, has confronted a wave of problems and investigations sparked by an Oct. 2 accident in which a pedestrian in San Francisco was dragged 20 feet by one of the unit’s self-driving cars after the person was struck by another vehicle.
Investigations into the incident are ongoing, GM said Friday.
Since the incident, Cruise’s robotaxi fleet has been grounded, pending the results of independent safety probes. Local and federal governments have launched their own investigations. Cruise leadership has been gutted: Its cofounders resigned and nine other leaders were ousted. And the venture laid off 24% of its workforce.
Beyond all of that, GM is massively cutting spending and growth plans for the business, including pausing production of a new robotaxi.

Mary Barra, chair and chief executive officer of General Motors, during an Automotive Press Association event in Detroit, Dec. 4, 2023.
Jeff Kowalsky | Bloomberg | Getty Images

Barra said during an Automotive Press Association meeting in Detroit in December that GM is “very focused on righting the ship” at Cruise.
Cruise was considered to be among the leaders in autonomous vehicles alongside Alphabet-backed Waymo, outlasting many other companies that have abandoned the segment.
The turmoil at Cruise also calls into question GM’s own plans to offer personal autonomous vehicles by as early as mid-decade, as well as the company’s next-generation driver-assistance system Ultra Cruise.
The Ultra Cruise system was initially planned to debut in 2023 and eventually be capable of driving itself in 95% of scenarios, but progress has been unclear.
Two sources familiar with the system told CNBC that the automaker is ending the Ultra Cruise program. One source said GM has decided to instead focus on the current Super Cruise system and expanding its capabilities rather than having two different, similarly named systems.
Darryll Harrison Jr., GM vice president of global technology communications, declined to comment on specifics of Ultra Cruise but said: “GM continues to expand access to and increase the capability of Super Cruise, our advanced driver assistance technology. Our focus remains on safely deploying this technology across GM brands and more vehicle categories while expanding to even more roads.”

Transformative legacy

Barra took over as CEO of GM in January 2014 when the company was still emerging from government ownership as a result of a 2009 bankruptcy and decades of mismanagement. She was brought in both to deal with the ghosts of GM’s past and to guide the automaker into a cleaner future.
“Mary was one of the few people in the original team that I thought understood that this thing was broken,” Barra’s predecessor Dan Akerson told CNBC in 2022.

GM Chairman and CEO Dan Akerson, left, announces he is stepping down during a town hall meeting at the GM Renaissance Center Global Headquarters in Detroit, Dec. 10, 2013. Listening are Mary Barra, the new CEO; Dan Ammann, the new president; and Mark Reuss, the new executive vice president for global product development, purchasing and supply chain.
Photo by Steve Fecht for General Motors

Barra’s philosophy as CEO and chair, a position she’s held since 2016, has been to address problems head-on. She routinely says the “best time to solve a problem is the minute you know about it.”
That philosophy has served her and GM well thus far, as Barra has navigated what seems like an unending string of crises in the past decade, the second-longest tenure of any CEO in the company’s 115-year history, after its founder.
Barra managed a recall of roughly 30 million vehicles beginning in 2014 after an ignition switch defect caused 120 deaths and led to a complete restructuring of GM’s safety operations.
“The way that she took the ignition switch recall and used it to really drive some deep change into the organization — she shook some things up,” said Stephanie Brinley, associate director of research at S&P Global Mobility. “And I think they’ve made a difference.”
Barra guided the company through the 2014 parts crisis and initiated several company restructurings across the globe, including exiting many unprofitable markets. That fat-trimming was in preparation for an expected disruption from the “mobility” or tech industries and the likes of Lyft, Uber, Apple and Google.
And, she fended off two activist-shareholder campaigns, including from David Einhorn’s Greenlight Capital, which pushed for seats on GM’s board and to initiate a split of GM’s common stock into two classes to help boost its share price.
Einhorn declined to comment through a spokesman on those efforts, Barra or GM, which the firm exited in 2020.

General Motors CEO Mary Barra testifies during a House Energy and Commerce Committee hearing on Capitol Hill in Washington, April 1, 2014.
Getty Images

The more recent challenges facing GM — Cruise, EV uncertainty, shifting priorities — play to Barra’s strengths. She’s discerning in the face of crisis and swift to cull where needed.
“She’s a good leader, and she’s a good listener. But she’s also tough when it comes to making difficult decisions for the shareholders. So far, what I’ve seen, she’s done an outstanding job,” former GM executive Gary Cowger, a mentor of Barra’s who died last year, previously told CNBC.
But as the headwinds compound and some on Wall Street lose confidence, 2024 is shaping up to be either the cherry on top of Barra’s career or an unexpected dent in her track record.
“The shift to EV and autonomous is one that’s just not that simple,” Brinley said. “It’s going to be a struggle for awhile and the success or failure on that is probably not really going to be known very well until well after her tenure.”
When asked in December about her tenure and legacy, Barra, 62, said she doesn’t think about it too much. She’s more focused on what’s in front of her.
“I’m an engineer, problem solver, let’s move forward,” she said. “I’m humbled and it’s a privilege to lead General Motors at this point in time. We’re in the midst of this really once-in-a-generation transformation and there’s so much that can be done.” More

Travelers often ignore safety demonstrations on flights, says the head of the largest flight attendant union in the U.S.
Passengers escaped two terrifying accidents on flights operated by Japan Airlines and Alaska Airlines in recent weeks.
Airlines have reduced the number of flight attendants on board while adding more seats over the last two decades.

A display showing the ‘fasten your seatbelt’ sign and the ‘no smoking’ sign illuminated on board an aircraft.
Jeff Overs | BBC News & Current Affairs | Getty Images

You trudge down the aisle to your seat. You double- and triple-check that you’ve arrived at the right row. You heave your luggage into the overhead bin and squeeze past your fellow passenger to settle into your seat.
Job done. Stress-filled boarding process complete. You zone out.

Never mind that flight attendants have begun their pre-flight safety demonstration, or that a video has begun to play informing you of the procedures in case of an emergency. You’re fine. You’ve seen this one before.
“The attention rate during the safety demos is extremely low,” says Sara Nelson, president of the Association of Flight Attendants-CWA, which represents cabin crews at United, Alaska, Frontier, Hawaiian and others.
There are many lessons to be learned from recent airline incidents, two in just the first week of the year. Among them: It’s time to start paying attention to the pre-take-off safety demonstrations.
On Jan. 2, all 379 people onboard a Japan Airlines Airbus 350-900 escaped the burning aircraft at Tokyo’s Haneda Airport after it collided with a Japanese coast guard plane carrying earthquake aid, killing five crewmembers on that aircraft.
Then, on Jan. 5, a door plug blew out of an Alaska Airlines Boeing 737 Max 9 when the two-month old plane was flying at 16,000 feet, sending oxygen masks down to passengers and leaving a gaping hole in the 26th row. No one was seriously injured on the flight, which returned to Portland, Oregon.

Both near-catastrophes underscore the importance of travelers paying attention to flight attendant safety information and instructions — before and during an accident.
Everyone from passengers to onlookers to aviation executives have commended the crews of those Japan Airlines and Alaska Airlines flights for shepherding passengers through safely.

Please direct your attention

It bears repeating that air travel is incredibly safe. There wasn’t a single fatal accident on a commercial passenger jet crash in 2023, one of the safest years on record.
But that track record is due in large part to safety regulations and protocols. And during those first few minutes of the flight when the door is closed and safety procedures are explained, there are distractions aplenty: streaming entertainment, emails and texts and, increasingly, gate-to-gate Wi-Fi.
Passengers didn’t pay much attention even before the days of smartphones, though, according to Nelson.
A bigger issue, she said, is that airlines have reduced flight attendant staffing on board over the years, while increasing the numbers of seats on each plane.
“Even though newspapers were a distraction and books and conversations before — so it’s not just about phones — I think when there were just more flight attendants directly in your face, more people were paying attention,” she said.
Airlines have gotten creative with how to capture travelers’ attentions during the safety briefing.
Some will pause any seatback screen entertainment during critical announcements. Others have introduced eye-catching production to video presentations to balance out the oft-repeated oxygen mask and life vest tutorials.
“The FAA requires airlines to provide pre-flight safety briefings on what to do if emergencies occur,” the Federal Aviation Administration said in a statement. “The briefings must contain specific information, but the FAA does not tell airlines how to present it.”
After the question of hearing safety instructions comes the natural question of heeding them.
The Japan Airlines inferno, which took 18 minutes to evacuate, avoided fatalities among travelers in part because passengers left their cabin bags behind, allowing for a speedier exit. The carrier’s safety briefing has clear animation about why travelers should not bring any luggage with them during an evacuation — and it appears it helped.
In 2016, American Airlines Flight 383 aborted takeoff after an engine failure, catching fire at Chicago’s O’Hare international Airport. The National Transportation Safety Board found that some passengers brought their carry-on luggage with them during the emergency evacuation, despite being told to leave their bags.
A U.S. Transportation Department watchdog said in 2020 that it found a dozen reports from aircraft evacuations between 2008 and 2018 in which crew members said passengers evacuated or tried to with their carry-on baggage.

Seatbelts on

Passengers are also best served to follow the seatbelt sign and strap in when seated even if the sign is off, per flight attendants instructions.
On Alaska Airlines Flight 1282, when the door plug panel blew out, the plane was not cruising altitude, which means passengers were likely seated and belted in, not walking around the cabin, and flight attendants’ beverage service hadn’t started. That likely helped prevent injury. The force of the event was so violent it ripped some headrests and seatbacks out of the plane, according to initial findings from a federal investigation.
Seatbelts also help avoid injury during turbulence.
“I think the flight attendants are doing great work,” said Anthony Brickhouse, a professor of aerospace safety at Embry-Riddle Aeronautical University. “The flying public needs to do better.”
Nelson said that more travelers pay attention to safety demos after an incident, like the Alaska flight, photos and videos of which were widely circulated on social media, but that it might not last.
“I’ve seen this happen throughout my career,” said Nelson, who joined United as a flight attendant in the 1990s and said passengers, jolted by a high-profile incident, often return to their lackadaisical ways. “The question is: Is it two weeks? Three? Maybe as much as six? There are short memories.” More

Paramount’s “Mean Girls” opened to an estimated $28 million at the domestic box office, on its way to a $32 million take for the holiday weekend.
The haul comes in on the high end of expectations and exceeds the $24.4 million opening that the Lindsay Lohan-led original snared two decades earlier.
It’s particularly impressive considering Paramount had initially commissioned the $36 million-budgeted film for a straight-to-streaming release.

Bebe Wood, Renee Rapp and Avantika Vandanapu star as The Plastics in the 2024 adaptation of “Mean Girls.”

You go, Glen Coco.
Paramount’s “Mean Girls,” a musical film adaptation of the Broadway show and beloved 2004 film of the same name, opened to an estimated $28 million at the domestic box office, on its way to a $32 million take for the holiday weekend.

The haul comes in on the high end of expectations and exceeds the $24.4 million opening that the Lindsay Lohan-led original snared two decades earlier. It’s particularly impressive considering Paramount had initially commissioned the $36 million-budgeted film for a straight-to-streaming release.
“It seems that ‘Mean Girls’ in any format and on every platform has a message that resonates strongly with audiences,” said Paul Dergarabedian, senior media analyst at Comscore. “Whether as a feature film comedy, a Broadway musical or a new big screen adaptation, Tina Fey’s vision for these characters has truly struck a chord with audiences some two decades after the release of the original on the big screen.”
The movie musical genre has struggled to appeal to moviegoers in recent years, but with Warner Bros.’ “Wonka” and “The Color Purple” alongside the new adaptation of “Mean Girls” it seems like audiences have reversed course.
Combine the musical talent and charisma of star Renee Rapp with the pervasive nostalgia of the original film, and the new “Mean Girls” had a lot to offer cinemagoers over the weekend.
“The success of Mean Girls this weekend is a case study in nostalgia successfully paired with a fresh and modern hook for today’s female audience,” said Shawn Robbins, chief analyst at BoxOffice.com. “Many who grew up with the original film returned for this revival alongside younger audiences and fans of the Broadway musical.”

The film skewed toward the female audience, with 75% of ticket sales being bought by women, but played well outside of the teen demographic, said Steve Buck, of movie data firm EntTelligence. In fact, the biggest percentage of ticket sales were for those aged 26 to 35, who accounted for 34% of all opening weekend ticket sales. Meanwhile, the coveted 18 to 25 demographic represented 26% of ticket sales.
“This is another showcase of how important it is for Hollywood to embrace Gen Z alongside their fellow Millennial moviegoers as the two key demographics driving theatrical box office right now,” said BoxOffice.com’s Robbins. “The cinema is a communal hub, and what’s more communal than the marriage of music with movies? Mean Girls is truly an [intellectual property] that’s evolved into a multi-threat pop culture standout.” More

An established but promising group of cancer drugs was a red-hot market in 2023, and more acquisitions and advancements are expected in the year ahead.
That was one clear takeaway from the JPMorgan Healthcare Conference in San Francisco.
Researchers say those drugs could have less toxicity – or unwanted effects on your body that could lead to harm – than standard chemotherapy.

Medical personnel use a mammogram to examine a woman’s breast for breast cancer.
Hannibal Hanschke | dpa | Picture Alliance | Getty Images

SAN FRANCISCO — An established but promising group of cancer drugs was a red-hot market in 2023, and more companies could look to the treatments to fuel growth in the year ahead.
That was one clear takeaway from the JPMorgan Healthcare Conference in San Francisco, the nation’s largest gathering of biotech and pharmaceutical executives, analysts and investors. 

During the four-day event, the biotech and pharmaceutical industry signaled its enthusiasm for antibody-drug conjugates, or ADCs, which deliver a cancer-killing therapy to specifically target and kill cancer cells and minimize damage to healthy ones. Meanwhile, standard chemotherapy is less selective – it can affect both cancer cells and healthy cells.
Johnson & Johnson last week announced a $2 billion acquisition of ADC-developer Ambrx Biopharma to beef up its existing pipeline of ADCs, which some researchers believe could be heralding a “new era” for cancer treatment. Other drugmakers such as Pfizer and Merck, which closed some of the more than 70 ADC-related deals over the last year, said those drugs will be key growth drivers for their businesses. 
Interest in the drugs will only continue this year, as some analysts expect more dealmaking and advancements in ADCs currently in development.
The factors fueling the recent rise of ADCs will not abate this year, and a fear of missing out among businesses that have not entered the market will only push more companies to enter the space, Andy Hsieh, an analyst at William Blair & Company, told CNBC. 
Those factors include increased confidence in ADC technology among companies and researchers, the potentially longer market exclusivity of those drugs and the rise of attractive ADCs from drugmakers in Asia.

The drugs also have potential to draw huge profits: ADCs could account for $31 billion of the $375 billion worldwide cancer market in 2028, according to estimates from the drug market research firm Evaluate. The market for those drugs in 2023 was estimated to be worth around $9.7 billion, another report from research firm MarketsandMarkets said.
“It’s kind of like FOMO, right? Everyone wants to gain exposure to [ADCs] and basically make it a cornerstone of their entire corporate strategy,” Hsieh told CNBC. “I really don’t see any sort of slowing down and it will very much, in our view, be a continuation of the 2023 momentum.” 

Why ADCs have become popular

ADCs aren’t new.
Roughly a dozen have won approvals from regulators worldwide, with the earliest coming in 2000. But dealmaking started to pick up in 2020 and “really take off” in 2022 and 2023, according to Daina Graybosch, senior research analyst at Leerink Partners covering immuno-oncology.
She called the recent rise of ADCs a “multi-decade innovation cycle,” where it took several years for the industry to make some “fundamental transformative innovation, which then unlocked more investment and a lot more potential.”
Improvements in ADC technology appeared to have made some newer iterations of the drugs more safe and effective, which boosted the industry’s confidence in their potential and encouraged more investments in the space. The steady surge of approvals and acquisitions over the last several years also contributed to that confidence, convincing some companies that ADCs have a “lower-risk development path,” Hsieh said.

A view of an AstraZeneca facility is seen during Prime Minister Scott Morrison’s visit on August 19, 2020 in Sydney, Australia.
Lisa Maree Williams | Getty Images News | Getty Images

Graybosch highlighted an ADC jointly developed by AstraZeneca and Japanese drugmaker Daiichi Sankyo called Enhertu, which she called the first of “the next-generation ADC” that had a greater breadth of treatment compared to older versions of the drugs. For example, Enhertu became the first ADC to show the ability to treat breast cancer patients with both high and low levels of a protein called HER2, which controls how breast cells grow, divide and repair damage.
Drugmakers have fine-tuned key components of ADCs over the last several years, such as the chemical bond that helps those drugs deliver a cancer-killing therapy to cancer cells, according to William Blair’s Hseih. He said companies are learning how to maximize the efficacy of those drugs “without getting into too much side effects.”
ADCs still have their drawbacks — for example, cancer tumors can develop resistance to them over time. And not all newer ADCs in development are successful: Last month, Sanofi scrapped its only experimental ADC after it fell short in a late-stage trial in lung cancer patients.
Graybosch also noted that companies from Japan and China have emerged as effective ADC developers that are rapidly “innovating tweaks” to the drugs and bringing ADCs to the market that could be better than older versions of the drugs.
U.S. and U.K.-based companies are inking deals with those international drugmakers, such as two licensing agreements GSK signed late last year with Chinese-based Hansoh Pharma for ADCs targeting several types of cancer.
The complexity of ADC technology has likely become another motivation for companies to invest in and develop the drugs, Hsieh noted. He said it could reduce the chances that other companies will create biosimilars, allowing drugmakers to keep ADC prices high for longer periods of time. 
Gilead’s approved ADC for breast cancer, Trodelvy, has a U.S. list price of more than $2,000 per vial. But some ADCs on the market have far higher list prices: An advanced ovarian cancer drug from biotech company ImmunoGen costs more than $6,000 per vial as of 2022.
List prices are before insurance and other rebates.

How some drugmakers are betting on ADCs

Merck now expects $20 billion in new cancer drug sales by the early to mid-2030s, thanks in part to its recent investments in ADCs, executives announced during the conference. That’s double the estimate the company provided during the same conference last year. 
The raised forecast signals Merck’s confidence in the future of its cancer drug offerings, even as its blockbuster immunotherapy Keytruda nears a loss of exclusivity in 2028. That will expose it to generic competition. 
Merck executives highlighted its up to $5.5 billion licensing agreement with Daiichi Sankyo to jointly develop three of the Japanese drugmaker’s experimental ADCs. This year, the company hopes to win an approval for one of those ADCs for the treatment of non-small cell lung cancer. 
“….We have a leading position now in antibody-drug conjugates, and we’ve done that through what I think is very smart deal-making,” Merck CEO Robert Davis said. He added that “what all of that really translates to is the potential for growth.”

Newly built Merck research facility located at 213 E Grand Ave in South San Francisco.
JasonDoiy | iStock Unreleased | Getty Images

Pfizer hopes ADCs will help the company turn around after a rocky 2023. Shares fell roughly 40% last year as Pfizer grappled with weakening demand for its Covid products and other commercial missteps. 
Pfizer CEO Albert Bourla told reporters that the company’s $34 billion acquisition of ADC-developer Seagen would help restore investor confidence in Pfizer, especially now that the deal is officially closed. 
Bourla noted that antibody-drug conjugates have become the hottest area of oncology, adding that Seagen’s expertise in ADCs will give Pfizer a huge advantage in developing those drugs further and establishing itself as a leader in cancer treatment. 
Pfizer believes the Seagen acquisition will bring in more than $10 billion in risk-adjusted sales by 2030. Seagen specifically brings four approved cancer drugs, including three ADCs, which will beef up Pfizer’s own ADC portfolio.  More