So what’s hold­ing back Pfiz­er and Gilead from the re­al­ly big M&A deals we’ve all been wait­ing for?

Ja­mi Ru­bin at Gold­man Sachs doesn’t mess around. So when her turn came to ask Pfiz­er CEO Ian Read a ques­tion dur­ing the Q1 call with an­a­lysts, she was her typ­i­cal­ly blunt self.

Ru­bin: You and the se­nior man­age­ment team have for some time now been sig­nal­ing a de­sire to go big­ger, do­ing a larg­er-scale trans­ac­tion, and I’m just cu­ri­ous to know what’s hold­ing you back. It’s now May 2, not that I’m im­pa­tient, but is it cor­po­rate tax re­form? Is it some­thing else? Can you re­mind us what you’re look­ing for ex­act­ly, and what are the trig­ger points for mak­ing you de­cide to pull the trig­ger?

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