The lower bound is concerned. We have a less scope. It would be worthwhile because thats an important way in which they cushion the shocks to the economy. Without getting into specifics that there were ways in which the fiscal policy shifts in the economy could be strengthened with which what help take some burden off of Monetary Policy. They cited it as a reason they were reluctant to raise rates in june. I have not heard anything that they might want to delay raising rates in november. Can you explain why they regard that as a greater problem. There were three dissents atthin what the cause of disagreement was and what does policy policymakers thought. We are very focused on evaluated giving the way the economy is operating i am not going to get into politics. Those are factors that we dont consider and im not going to get involved in commenting on the election. If we continue on the current path with something that you would need to remove over time. There is general agreement because of participants on that. What is the right timing. We have active discussions. And it represents a judgment on the part of some of my colleagues that it is important to begin that process now. There are risks in waiting too long to remove accommodations and we need to take a forwardlooking approach making policy of where the economy is heading. And taking account to the risks and there were two particular risks that we need to think about and balance. One is the risk that the economy runs too hot that the labor market tightens too much the unemployment falls into a very low level that we need to tighten policy in a less gradual way than with would be ideal. It is very difficult thing to accomplish to gently create a bit more slack in the labor markets. We could cause a recession and the process it something we certainly wouldnt want to be responsible for we would all like to have a very long expansion with the labor market operating well for many years. That we could create Downside Risk it is something we would like to avoid. It might be essential to avoiding that. Inflation is below the 2 objective. We make sure that we get back to 2 and i have routinely a number of expectations that are running at the low range of their historical range. It would also be risk from not seen infliction move back to the objective. And exactly how to balance these two risks which is more serious can it affect the magnitude. At a time when the public is losing faith did they discuss the importance of today to dispel the thinking is not politically compromised. We dont discuss politics and our meetings. I cant recall any meeting that i have ever attended where politics has been a matter of discussion. I think the public if they had been watching our meeting on tv today would have the deep intellectual delete. And to come out of the balance. To act responsibly and that is my commitment to the American People. It is an institution that is not political and that we are striving to do our very best to pursue the goals that congress has assigned to us which are important once. Does it concern you for what donald trump is said about the Federal Reserve that he could go back and look at the minutes and look for signs of the that thats been politically motivated. I have no concern that the fed is politically motivated. It is important that we maintain the confidence. Everybody may not agree with them but i hope the public well understand that we are striving to do our best to pursue the goals that you matter to all of us. Are you worried the bubbles can form in the economy we were to meet monitor its only something one can tell and the valuations are high but still valuation. We it its something we have discussed. We are in the supervision with the banks as i indicated. To make sure that underwriting standards are found on these loans. Its something that we work at with the stress test. Of what happened to the political positions. And of course i think the state of the Banking System has improved substantially. We are focused on such things. A quick question on regulation. The scandal at wells fargo. I note that there are other regulators that have looked into this. You are also a regulator of wells fargo. Have you opened this. Risk management and corporate governance. Are you looking at them broadly across the Banking System right now . So in this is specific case it took place in the national bank. They have responsibility there. And on the consumer side it is the we work cooperatively and closely with those organizations and in terms of our overall supervisory responsibility for wealth walls and other large banking organizations we are very focused and this will be a particular focus of our supervision Going Forward over the next year or so on the compliance environment to make sure the board of directors we had been distressed to see banking organizations responding with a particular and what we would really want to see is robust procedures that ensure the employees are always in the legal and ethical manner. The washington post. Maybe the most serious discussions about the last several decades. If they were to be that as a political issue. John with american banker. Back to the question about wells fargo. One of the concerns that has been raised that this scandal has raised is that the bank itself said it does not know what was happening. There are thousands of employees involved in this. Do you think that leaving aside the question of walls specifically that the best prudential prudential step would be to break it up. So we have High Expectations for what we expect to be in place. Any banking organization. We expect there to be robust systems of Risk Management strong audit functions it is monitoring and supervising and Holding Senior management accountable for things that happened throughout the organization they may be challenging. At this point just because an organization is large and cant live up to the standards. And those are expectations we intend to hold banking organizations responsible for putting in place that kind of Risk Management and compliance environment im not endorsing a general conclusion that banks of that size are too big to manage i believe they can be may be challenging in that so we expect thank you. I have a question about the rate trajectory that they outline today. There is clearly a wide range. Three quarters of a point in 200018. They bring us to two and half to two and half in the long run. At the same time the median forecast is 2 for the next two years and 1. 8 thereafter. I should add that the most optimistic is of all of that projections outlined here. If Economic Growth is gonna be that slow for that long where will the inflationary of 250 basis points. If notnflation is there another explanation. The projections for growth are slow. We have further written down our estimate of the longer run normal it will pick up from the miserable half over the last five years. Now, why we would do that. Slow growth is a factor slow productivity growth is a factor that influences the longer run normal you can write down the productivity growth. One factor that is responsible that is an important reason for revising down the neutral rate. Lets go to the part of your question about inflation. We have a labor market that generated an average of about 230,000 jobs a month. And so far this year has been generating about a hundred thousand jobs a month and thats a very solid pace of job growth and a pace that likely is not sustainable in the long run it is certainly sustainable for some for the amount of time. That tightness in the labor market. And resource utilization and the sad fact is that we are getting that healthy pace of job Market Growth with very slow growth in output. I dont think it bears on the inflation outlook. And has prompted a downward shift is a huge concern. Back to wells fargo. Obviously this was more of a Consumer Finance kind of a question but im wondering if you think it does pose other questions if its widespread across a big bank and you had mentioned this is gonna be a supervisory focus over the coming years. Are there any adjustments that you can speak to that might be warranted given this information. As i mentioned we are good to be focusing on compliance Risk Management and board oversight not only at walls but also across bank holding companies. The abuses of consumers that we saw in sub prime lending ultimately did become safety and sound issues we need to have a concern and we will focus there. I cant really give you specifics be on that a large number of democrats would like bankers removed from the board they would like to see the private ownership that they would be brought i want to know what you thought of those two proposals they did set up in the Federal Reserve act and then serving on the boards of directors. Inside the Federal Reserve when we are charged supervision of banks those conflicts of interest are not allowed. That they are not allowed only the class pnc so, i want to make sure that the public has confidence that in spite of the fact that we do have this banker involvement in our boards of directors is not giving rise to any conflicts in the policy. That set up if it is changed it raises questions it raises conflict issues. In the reserve bank. And i would simply caution if that is looked at it is entitled to do they think through carefully. You mentioned in the previous answer and need to be forwardlooking. He also pointed to the economy not overheating as a reason you could hold off on raising rates at this one. Monetary policy. Do you think this timeline has changed since the financial crisis or due to the use of unconventional tools that they use and how does that factor into your decisionmaking. That statement is due to milton friedman. It is one of the essential things to understand about Monetary Policy and is not fundamentally changed at all. That is why i believe we have to be forwardoking and im not in favor of the whites of their eyes approach. We need to operate based on forecast. They have changed a lot. History doesnt always replace itself. Inflation can pick up to the highly undesirable levels. The consequence of that could be that the higher inflation takes place its very costly to reduce and absolutely none of us want to relive an episode like that and so i believe that it is important to be forwardlooking. When i can make that mistake again. But the structure changes. It has changed significantly since the bad days of the 70s when the fed have to face we have seen inflation respond less to the economy to movements in the Unemployment Rate that sometimes said the rate is a flatter. Thats something we need to factor in to our decisionmaking. And perhaps that has been the result of a long. Of low and stable inflation it is something that we did not had in the 1970s and in addition we have to be attentive to the fact that we now have a long time frame when inflation is there. We see some signs i would conclude that the wouldbe would be well anchored at 2 . There could be possible a possible slippage there. We are a long way from facing the problems that japan faces but they also we always had a reminder to us that we also would not want to find ourselves where inflation is chronically running below our objective. And with the lowest neutral rate that becomes more important. Things are changed but the principle of forwardlooking is there. You just mentioned that that Major Program problems one of the solutions that has been proposed widely as better is better job skills. Many economists say that some workers are standing on the sidelines because they lack new job skills. They dont have the authority to finance or run its own jobtraining program but would you want that authority from congress and is it at all frustrating that you know one of the solutions to fixing a major issue in the economy but you cant take the concrete steps to solving the issue. I do think job training and job skills are important and we do work in Community Development trying to in the local communities where the reserve banks operate to try to foster broader understanding of what kind of programs work and how Community Organizations and state and local governments can put in place programs that will be helpful. I recently visited a program that was very impressive in philadelphia. I visited some in chicago and other places i do believe its possible to design programs that will help people overcome obstacles in getting jobs that are available but i definitely think while we can play some role in facilitating an understanding of what works and what doesnt work that can be helpful its certainly worthwhile for policymakers at the federal level with state and local levels to be focusing on this because i think its an area that would be helpful in making progress so i think we have seen some modest pickup in wage growth. Its running a little bit higher than it was over the last two years by a number of important measures. And we have seen Income Growth pick up recently. I think the census report was encouraging. Showing that there are income gains both because of more jobs and higher paying jobs. It is helping many families. We expect the Unemployment Rate to decline further. We expect labor Market Conditions to improve. My hope and expectation we will see some further pickup in wage growth and that it will be broadly beneficial to american households. Thank you. Liz janet yellen wrapping it up here. No change and still waiting but the Federal Reserve chair made it pretty clear one increase this year will be quote, appropriate. I dont know if you believe that. A lot of people dont right now. She just wrapped up this News Conference by was more than a half hour long in d. C. The fed held its fire leaving rates unchanged but yellen said the case for an increase has strengthened. We heard that before. This time her cohorts decided to wait for further evidence. At this rate well wait forever. She said the it does not show a lack of confidence in the economist. She sees labor market increasing and next meeting is november 1st, seven days before the election. Yellen said, it is still considered a live meeting, meaning there may be a chance for a hike but it is really december people are looking at. Of course there is 59 chance at the second but that may change. Wall street loves it all. Look at markets for the moment. Nasdaq in particular hit a lifetime intraday high. It is currently on track for a record close. Look at the dow. It spiked right after the decision was announced. We can look at the intraday on the dow in particular. Decision was announced 2 00 p. M. Eastern. Moderated a bit. Started to hit sessions highs and went further specifically, i thought this was interesting, where she said we do risk being late on this and we dont want to risk an overheated economy. I dont think there is a risk of that at least at the moment. Look at prices on the ten year treasurys notes. The yield falling, 1. 66 . The u. S. Dollar was already down this morning when the bank of japan shifted how its going to move forward when it comes to stimulus, because stimulus stopped working there decades ago. That is turning lower following the announcement. Dollar trading off session lows. Look at the dollar for a second. Look at it here. Versus u. S. Dollar, major currencyies higher versus the greenback. Most pronounced move, gold bass flat. It jumped. Right now. Were up 17. 90. That is good for 1 1 3 gain. Gold mining stocks surged across the board. Barrick gold, these are all up seven, 8 . Oil hitting one week high. Had very little to do with the fed t highs after a surprise drop in weekly inventorieses. Inventories fell 1. 2 million barrels. That is a pretty significant drop. It is up a buck 45 at 45. 51. Yellen said, one rate hike this year. Put odds of that happening now near 60 . All this fed talk did not force us to take eye off the few other balls flying in d. C. Wells fargo is falling 1 and 3 . John stumpf officially received an invitation to testify in front of the House Financial Services committee. With knew they wanted him there. We heard that from jeb hands zarlink the chairman. Committee. The hearing is scheduled for september 29th. This following the Senate Banking hearing yesterday where trump apologized but still continued to get hammered. Lets take it to d. C. Right now. This is another house hearing. That is heather bresch, ceo of mylan, reading her statement defending the price hike, some called them pricegouging, of the lifesaving epipen. Were expecting a pretty lively q a session. Well keep our eye on that at the moment. Mylans stock has been hammered since the scandal began right before back to school time. Today it is up about 1 1 2 . Heather bresch said she is very frustrated by the price hikes. A lot of people question that frustration considering it really helped her compensation go from 2 million a year up to about 18 million currently. Lets get back to the fed. Well bring in the allstar lineup. Lori rothman on floor of new york stock exchange. S ps erin gibbs and Steven Whiting are in the batters box. Lets get right to it. We have jon hilsenrath. You were in the room. Let me get to you first. You asked an interesting question, after four other questions about how the fed appears to be looking rather political. The whole thing in advance of the election. What jumped out at you here with janet yellen . Well, she certainly got a lot of questions about politics today. I think that is inevitable. We have an election coming up and donald trump, the republican nominee, has politicized the fed by calling out janet yellen and saying that she is trying to support the Obama Administration with low Interest Rates. I asked her to respond to that. She said emphatically that the fed doesnt even talk about politics at its meetings. And she also liz do you believe that . You know, i think these are very technocratic individuals. I think they try to filter out politics as much as they can but the second part of her answer im a little dubious about. I asked her if the, if the november meeting that is coming up is a live meeting for the fed, if they would actually raise Interest Rates the week before an election. She said it is a live meeting. I kind of doubt that. I think they want to stay as far as away from doing anything around the election as they can, that november will come and go with no fed action. Liz jon, i know theyre in a tough position but it is really beginning to look like the excuses are constantly coming and i want to play something because this jumped out at me and i know a lot of other people. She explained, she asked herself why should we not hike this time around . So that was an Interesting Exchange where she asked the question everybody was thinking, she gave a really bizarre answer. Lets listen. So why didnt we raise the federal funds rate at todays meeting . With labor market slack being taken up somewhat sloyer pace than in previous years, scope for some further improvement in the labor market remaining, and inflation continuing to run below our 2 target, we chose to wait for further evidence of continued progress toward our objectives. Liz it is the old labor market slack being taken up a little more slowly. That was the first time i heard that one. Almost sounded like a convoluted of disinflation which gets so wonky. I will give props to steve liesman. He said, you keep moving the goalposts. So, you know, what she is trying to argue there is basically very simple. The Unemployment Rate hasnt moved this year. It has been stuck around 5 . Liz which is low though. Its low but it is not moving lower and her argument this economy still has some room to run because the Unemployment Rate isnt coming down, because workers are coming in from the sidelines. And filling these jobs that are opening up. They still, they think the economy has room to run. And thats her argument why theyre not moving right now. Liz again the markets love this we just hit dow session highs. Nasdaq hit a lifetime high. Want to get to lori rothman on the floor of the new york stock exchange. What are you seeing, what are you hearing . Nasdaq hit a record a few moments ago. It is interesting. It was upbeat press conference. Markets absolutely loved what fed chief janet yellen had to say. What i thought was telling, biggest move in gold. Of all the Asset Classes we watch want to see reaction and saw Interest Rates come down and really spiked because yellen said inflation, expects 2 target over the next two to three years. You know, i think you hit on this too, liz, there is list of not raising rates in enough time. So, you know it is just really, really telling you see that this Interest Rate forecast, if you looked at fed funds futures predicting december rate. You had discussion with john about the fed not being politicized. No one is looking at november. But december before the end of the year, likely to see tightening. You have to work in the bank of japan and what it did with its Interest Rate of strategy, keeping benchmark 10year at zero which is currently negative rates. There is a lot of rate management going on and talking to get the markets to come to the exact place, that sort of goldilocks place if you will, so the fed can proceed and manage the economy the way it, however you want to interpret it, sees best. Liz how people invest around this constantly moving target is a very tough thing. That is why we brought in two of our next guests. I want to introduce erin gibbs of s p and Steven Whiting. If you forgive me we have to go back to d. C. They started q a session in the house where mylan ceo youre very bright here. If youre collecting 274, or 275 for two right now and youre going to do the generic to save people money youre going to charge 300, your revenue goes up. How does it go down . That is wholesale acquisition cost is 300. We cut the wholesale acquisition. You only changed name. This is why we dont believe you. If the price goes from 608 to 300, your collection on that is actually higher and youre telling me your net profit is going to go down . Sir, what im saying is the wholesale acquisition cost and i know ive he provided this too, if you want to put it up, the wholesale acquisition cost is what is going to 300. What we will actually receive were estimating at 200. We believe it will be less than that. Just as what we received the you said you will sell it direct. We offered that as option. How much does that cost to a consumer . 300is what you told me. We hope that everybody will get it through the channels of, all of the programs. The patient reduces the cost for everybody across all the channels. Wait a minute. Patient reduces the cost. Explain that to me. By introducing a generic which is truly unprecedented, i mean we cut the price in half. It is unprecedented to raise the price 500, 500 . So youre raising it to lower it but your net revenue goes up. How can you say it goes down . What with we receive is the 200. You said youre selling it direct for 300. We said that the wholesale Acquisition Price would be 300. Youve got to help clarify for for us because this does not make sense. And i dont know how you suddenly offer that generic. Let me go to dr. Throckmorton for a second. What is the current fda backlog, not, not just for epinephrine, but what is the current backlog liz heather bresch, ceo of mylan holding up a chart which how she said mylans profit was less than what it had been but what people thought it would b if you go all the way to 2007, epipens were 57 bucks. Theyre now about the 600 for a pair of two. She claims they dropped it. The hope is the price will somehow come down. Congressman jason chaffetz, republican at the House Oversight committee said, you got to explain that better. You would have thought she might have come a little more clearly prepared. She may have more, but there is that thing. If you go all the way to the left, epipens were 57 for one. Look to the right. Now 200. Folks, the important point a lot of people are upset about, life saving device for food allergy sufferers hasnt changed a bit. Still costs 4 to make. So at the moment the monopoly working very well for mylan. Well keep an eye on that. Markets still at session highs. Let me bring in erin gibbs and Steven Whiting. Youre at private wealth at citi. The fed had opportunity to make an important statement. Number one that were not in emergency Economic Situation anymore. Economy is not great but not an emergency. Do you think they will raise in december . I think they will raise in december. They will see better date that than they saw in august. I thought it was interesting, that chair yellen was asked for the longterm funds rate. 3. 75. What sort of paradise would you need to get to in order to go from here to there . The point is they probably wont do that over the course of this economic cycle. And you know, sort of the Big Questions are, not, well, today was crucial to raise the funds rate but there was so much easing over the course of the crisis that as she said in the commentary that that creates risks of bubbles and that can be destablizing ultimately. Liz erin, over at s p, and again when you look at how to involve your clients, and how to invest around this, sure sounds like a lot of gobbledygook, when one minute theyre waiting for better labor numbers. Then labor numbers are okay but now the labor slack is not taken up quickly enough. What are you telling clients and our viewers how to invest through this language that seems to be very confusing to a lot of people watching . I think one. Key points she made, she talked about investment levels have been low and productivity growth has been slow and she specifically says, productivity growth means that we dont have a better standard of living. Right . So that means that people just dont have more money to grow. Were not seeing corporate profits grow as quickly. So we need the quantitative easing in order to keep that stimulus keeping going. Yes, we do have increased jobs but we want people to make more money, right . We want the wage growth. We want that productivity growth. So i think thats when well real going to see ultimately the corporate profits start really growing as in 2017. Lowering of rates down to. 6 what we expect in one rate hike in december. Liz were looking at the market spiking at moment. We are also as i mentioned and promised a lot of our viewers we would keep idea on what is going on in d. C. Right now heather bresch, ceo, is being asked specifically, gayle manchin, head of association of state boards of education how she got an assist of her, her mind was requiring a lot of state boards of education to hold epipens on hand. Lets listen. I applaud, federal legislatures and state legislatures who quickly recognized these tragic events and they could be largely preventable and legislation began to get passed to allow schools to stock epinephrine. We launched epipen for school program, which i said we have given 700,000 free pens to over 66,000 schools with no strings attached. Hoped one of the benefits would be that the other 65,000 schools will participate and receive free epipens. During this period of time, you know the burden on schools from a policy perspective, training perspective. So we gave amounts to various groups, whether it was the National School board, National Education association, National School nurses, that we could help and only helping to fund them, train personnel and educate so that people could recognize an anaphylactic event and know how to use an know how to ad minister product. My mother has dedicated her life to education. Has been a volunteer for years and rotated one year into the president of the National School board in 2012. And then rotated out. We have continued to work with these organizations to continue to help train and educate. So while people may want to criticize mylan for giving free pens and having access in Public Places to epipens, i certainly thought it was a very cheap shot to bring my mother into this. Now recognize mr. Cummings. Thank you. Thank you very much. Miss bresch, on august 29th the committee sent you a bipartisan request for documents. We included a simple request and i quote, we asked for the companys profits from the sales of epipen for each year since acquisition. End of quote. Do you recall getting that . Did you see that . Yes, sir. Your company has started to produce documents. We appreciate that. We now have information about your marketing expenses and a number of other costs but one thing that is absent, miss bresch, from your document production is your profits for each year. Given how much you are now charging for epipen, i think the American People have a right to know how much you and your fellow executives are making off of exorbitant prices youre charging for this drug. So lets start with last year. I see you got all kind of charts, so maybe this is on one of those charts. How much profit did you make in 2015 from the sale of epipens, in 2015 . So, so, sir, what i think we provided is what i did as in my testimony, 50 per pen is our profit. That is direct epipen. That is not taking Company Allocation or anything else out of that, other than just direct related epipen costs. Do you have a number for me . How many did you sell . We sold, i will give you roughly over the last 12 months number, about four million packs of two. So eight million pens but four million packs of two. According to the documents you had net revenues of 900 million in 2015 for epipens that was after all rebates and discounts, that right . What we recognize is the 274 per pen. So our revenue is calculated on that average of what mylan receives. According to these documents you spent 97 million on marketing in 2015 alone. And that is a huge amount and thats what the documents say. So that brings you to a number, your number down to about 815 million, would you agree . Sir, im not sure what documents, what youre what i can confirm you dont know how much youre making off of these pens . We spent about a billion dollars on epipens since 08. The next document says you spent 255 million on costs of goods sold in 2015. So that brings the total to 560 million. And that is Pretty Simple math. So okay, you have patient sir stance programs, and School Based Programs for epipens. But the documents do not say how much you spent on them last year. So how much did you spend on those programs in 2015 for epipens . Sir, i dont have the exact breakout, like i said, when i took the walk from 274 with cost of goods coming out at 69, which gets you to the 205. Down about 105 for epipen related costs which is what takes you to the 100 for two or 50 per pen of process. Fellow behind you is getting a chart. Maybe that will help us. Okay. So, this is your biggest product, is that right . Yes, sir. Are you telling me you dont know how much you spent on Patient Assistance Programs an schoolbased programs last year, is that what youre saying . I just dont have it broken out. I said about 105 would be epipen related. All of those costs for marketing as well as Patient Assistance Program an Everything Else from that we spent, disease awareness. We have done quite a bit on just anaphylaxis itself. There was such unawareness even what anaphylaxis was over last eight years the ability to educate about not only is anaphylaxis something obviously that is lifethreatening we now know at least 25 to 30 of the time when someone goes into anaphylaxis they never had a known allergy before, whether child or adult, which drove us to want to get it to public place. That leads me to the next question. We have some 43 Million People that are possible Customer Base but let me ask you this. How about, lets talk about r d. How much did mylan spend on research and Development Products directly, projects that directly related to epipens in 2015 . Sir, we actually, weve spent over the years trying to do several things that failed in trying can we talk about 2015 . And were, we hope that within the next 12 month well have approved a new formulation that will extend the shelf life. That is not what i asked you. I said how much did you spend on r d in 2015. And i think the hearing is about epipens and i got to tell you, i talked about in my Opening Statement about ropeadoping. That is what im feeling like. I feel like youre just, youre not giving me answer, maam. Around i think it is, in fairness to us, you knew what this hearing was about. You knew what our concerns were. And i just, i am asking questions that, youre the ceo. Yes, sir. And i would think you would know. I mean seems like this stuff would be at the top of your head. Sir, as a company, mylan spent 50 million this year 7,750,000,000 a year on r d. It is not broken down so much in products. What i can tell you overwhelming majority we spent on access and awareness programs. Like i said weve been developing over the years, working on smaller, different devices due to patient feedback. What we were successful reformulating it so it will have a formal shelf life. That extends time needed between refills. Can we stop right there, right there. Sure. Put a pen in that one. This longer shelf life, how are we coming with that . Right now it is about a year, is that right . 18 months. 18 months. How long are we trying to get it up to . I thought it was a year but im glad to hear it was 18 months but go ahead. What are your researchers, what are you projecting . 24 months is what were hopeful more, maybe even longer. Minimum of 24 months. How soon will we know . Your researchers, since youre spending all this money what are your researchers telling you . How soon will they say they have an answer . Were looking to submit it within days to the fda. Weve been working on this a couple of years and it will be, with 24 months but you do, you continue to, after you submit it to the fda youre able to continue to work on stability and theres a opportunity that it could go longer. But we at minimum 24 months. Im running out of time. I have only a minute left. How about this . Would you agree that you made hundreds of millions of dollars of profit in 2015 based on the sale of epipens alone . Sir, we have 11 billion company. I run 11 billiondollars company. Yes, epipen is our largest product but by no means driving the entire performance of your country. You answered my question. You agree that you made hundreds of millions of dollars in profit in 2015 based on sale of epipens . Yes, sir. Thank you. Miss bresch, here is what, im almost finished. Miss bresch, here is what i want. I want you to produce to this committee a breakdown each year, past 10 years, since you acquired this drug in 2007. I want you to include a detailed list of all your costs for each year. All of your expenses for each year. All of your profits for each year, for epipen. That is what we asked for nearly a month ago. The chairman is real big on documents. I am too. It makes, very unfair to us when we ask you for documents, and we dont get what we want. Because what that means is, is that the hearing is over, as i said before. You go back, you fly back to wherever your company is, and we are then, we have lost a chance to get the kind of information we need. With that i yield back. Thank the gentleman. Now recognize the gentleman from in florida, mr. Mica, for five minutes. Thank you, mr. Chairman. Dr. Throckmorton, there is no generic available for competition to the epipen, is there . There is no Generic Product to any autoinjector formulation of epinephrine. The generic form that miss bresch is talking about is, socalled authorized to generic. Yeah. Which as previously hely characterized is the brand name product marketed without the brand name on its label. It isnt a generic the way do you have under consideration, Public Knowledge, anyone producing, attempting to produce a. Nair again knarich competition. It is Public Knowledge people are looking at that. You have to approve them. Do you have any considered to be for approval now . I cant comment on any specific applications. No, but do you have applications now . They would have to be approved . How long have you had the application. Im sorry i cant comment. You cant tell us im sorry i cant comment because we need to know. One way to bring the price down is to have competition, wouldnt that be correct . That. Would you let the commit me know how many applications you have, dont have to tell us the name and how long you have them and how long you are processing. I cant provide that information. That is not acceptable to come here on this subject and not have that answer. So the pens available and i understand under the Affordable Care act, there are some exceptions, is that correct . Im sorry . Under the Affordable Care act, is the epipen available . Currently there are two products that are available on the market. Both of them have been approved as new drug products. So the first is the epipen. The other is a product called adrenacrush. That is another epinephrine autoinjector is available through pharmacies. How long would it take to get a generic approved and on the market . Beginning in october, on october 1st we committed to 10month review times for any new application. Some products i want to know how long you have had any applications . You cant tell me . I am sorry i cant provide that information but i can tell you in addition to the 10month clock we committed to beginning on october 1st, some products particularly high Public Health value, including first generics are eligible for priority review. Those would happen more quickly. Thank you. Miss bresch, in a media interview you said as Health Insurance, the Health Insurance environment evolved given the implementation of the Affordable Care act, patients and families enrolled in high deductible Health Insurance plans who are uninsured or who pay cash at the pharmacy have faced higher costs for their medicine, is that correct . Yes. Uhhuh. And the chairman talked and the staff had talked about the ingredients cost about a dollar, is that correct . No, sir. We pay 69 for the cost of goods, for the epipen. 69. For two. For two. Is this your major Profit Center or, for the company . So, sir it represent is this your major Profit Center . It is our largest product. Is it your major Profit Center. So its it is your major Profit Center. It is our largest product but we have one of the things that concerns us, some people cant get this for their family, their kids. The prices are high. There isnt competition. Around then also reported that top five executives within your Company Earned a collective 292 million from 2011 to 2015, is that correct . Sir, i think there is that correct . What is your salary . What was your salary last year . About 18 million. About 18 million. Sound like youre doing pretty well on this. How does, how does your compensation compare to peers in your, in the industry . It is in the middle. It is in the middle. Some with even bigger salaries . Yes, sir. Okay. Were any of your payments or executive compensation packages