I think Ian Smith gave an honest assessment of the financial outlook for the company and it was sobering. I believe he limited his remarks to just the hepatitis C and cystic fibrosis programs because they will be the only revenue generators over the next couple of years. I do not think it indicates VX-787 and VX-509 are failing. He emphasized the importance of the Incivek revenues to the company but went on to say that he expected Incivek sales to continue falling and that Kalydeco sales would not fully compensate for this lost revenue. He also said they would be looking closely at their SG&A expenses which probably means they are concerned about the cash flow and "burn rate." The bottom line seems to be that the next couple of years will be challenging and they will probably continue to lose money until they can get the VX-809/Kalydeco combination on the market. It is likely to be a rough ride with respect to the share price but I believe the long term outlook is good.