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The Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while "artificially" inflating costs for patients. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly "defamatory" July report that claimed that the PBM industry is hiking drug prices. It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. The FTC said it remains "deeply troubled" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates.
Persons: Lina Khan, UnitedHealth, drugmakers Eli Lilly, Caremark, PBMs, Rahul Rao, Rao, Joe Biden's, Biden, Eli Lilly, Eli Lilly's Organizations: Federal Trade Commission, CVS, Cigna's, FTC, Sanofi, Novo Nordisk, Express, Competition Locations: Rayburn, Washington ,, U.S, drugmakers, FTC's
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSanofi CEO Paul Hudson: We have one of the best growth profiles in all of Big PharmaSanofi CEO Paul Hudson joins 'Squawk Box' to discuss the company's record demand for Dupixent, state of drug innovation in Europe, company outlook, and more.
Persons: Paul Hudson Organizations: Sanofi, Big Pharma Sanofi Locations: Europe
Analyst Alex Henderson reiterated his buy rating for the cybersecurity firm but lowered his price target to $375 from $425. JPMorgan analyst Kenneth Worthington attributed a higher assumption for total crypto market cap as one reason for his price target raise. "We see the cryptoecosystem in the midst of a material participation rally, benefitting Coinbase revenue generation near term," the analyst wrote. Analyst Eric Joseph's December 2025 price target of $8 implies a 51% decline ahead for the stock. He also maintained his $725 price target, which implies upside of 15.6% from Monday's close.
Persons: Oppenheimer, Needham, Alex Henderson, CrowdStrike, Henderson, Lisa Kailai Han, Keefe, Bruyette, Meyer Shields, Shields, — Lisa Kailai Han, Kenneth Worthington, JPMorgan downgrades, Eric Joseph's, Joseph, Chipmaker, Simon Coles, Coles, Jason Helfstein, NFLX, Fred Imbert Organizations: CNBC, Barclays, Netflix, Security, Aon, JPMorgan, Sanofi Locations: Woods, Coinbase, China, Monday's
Bristol Myers boosted its adjusted earnings for the year to between 60 and 90 cents a share, up 20 cents from its last forecast. AdvertisementOf Bristol Myers' existing drugs, Eliquis saw a 7% increase in sales year-over-year. Cancer drug Opdivo and blood cancer treatment Revlimid also saw promising results and beat quarterly sales estimates. The company reiterated its plan to cut $1.5 billion in costs by 2025, which was announced at its last quarterly earnings call. Bristol Myers is only the latest of a host of other drugmakers to raise their earnings guidance this week.
Persons: Myers, , Bristol Myers, Christopher Boerner, Eliquis, Revlimid, David Elkins, Boerner, AbbVie Organizations: Bristol, Myers Squibb, Service, Cancer, FDA, AstraZeneca, Roche, Sanofi Locations: Bristol
For Europe, the prime concern is tariffs," wrote Goldman analysts. "If the entire impact came in 2025 this would be enough to eliminate any growth that year (our current top-down forecast is 4%)," Goldman wrote. Within sectors, beneficiaries of rising trade risks tend to be defensive stocks such as utilities, health care as well as Europe's GRANOLAS stocks, according to the bank. But he says a "meaningful selloff" in mega tech will see other names "pushed down as collateral damage." And if the AI narrative plays out as expected, a material sell-off in Mega Tech will present a buying opportunity in those names as well," he wrote.
Persons: Biden, Donald Trump, Trump, Europe's, Goldman Sachs, Goldman, Louis Navellier, — CNBC's Michael Bloom Organizations: Bloomberg, Taiwan, Trump, U.S, JPMorgan, China Gas, Power, Huaneng, Republicans, National Security, Hire, GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, AstraZeneca, SAP, Sanofi, Liquide, Tobacco, Dassault Systemes, Intercontinental Hotels, Nvidia, Navellier, Associates, Mega Tech Locations: China, Taiwan, U.S, Hong Kong, Europe, United States, Germany, France, Stellantis
Joe Raedle | Getty ImagesAn Express Scripts spokesperson said the "prices of insulin and other medicines are set by their manufacturers, who have raised list prices repeatedly." They also create lists of medications — or formularies — that are covered by insurance and reimburse pharmacies for prescriptions. The investigation into insulin prices also examines drugmakers, but it is unclear whether they will be named in the upcoming lawsuits, Politico reported, citing people familiar with the matter. Eli Lilly , French drugmaker Sanofi and Danish pharmaceutical company Novo Nordisk control roughly 90% of the U.S. insulin market. Pharmacist Thomas Jensen looks over a prescription drug at the Rock Canyon Pharmacy in Provo, Utah, on May 9, 2019.
Persons: Lina Khan, Tom Williams, Joe Raedle, PBMs, Eli Lilly, Sanofi, Thomas Jensen, George Frey Organizations: Trade, Financial Services, General Government, CQ, Inc, Getty, Federal Trade Commission, CNBC, UnitedHealth, CVS, FTC, Politico, Novo Nordisk, Pharmacy Locations: Miami, U.S, Danish, Provo , Utah
Joe Raedle | Getty ImagesAn Express Scripts spokesperson said "the prices of insulin and other medicines are set by their manufacturers, who have raised list prices repeatedly." The FTC's investigation into insulin prices also examines drugmakers, but it is unclear whether they will be named in the upcoming lawsuits, Politico reported, citing sources. Eli Lilly , French drugmaker Sanofi and Danish pharmaceutical company Novo Nordisk control roughly 90% of the U.S. insulin market. They also create lists of medications – or formularies – that are covered by insurance and reimburse pharmacies for prescriptions. Pharmacist Thomas Jensen looks over a prescription drug at the Rock Canyon Pharmacy in Provo, Utah, on May 9, 2019.
Persons: Lina Khan, Tom Williams, Joe Raedle, Eli Lilly, Sanofi, Thomas Jensen, George Frey Organizations: Trade, Financial Services, General Government, CQ, Inc, Getty, Federal Trade Commission, CNBC, UnitedHealth, CVS, Politico, Novo Nordisk, Pharmacy Locations: Miami , Florida, Danish, U.S, Provo , Utah
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"My child was diagnosed at six [years old]," says the mega-star, who recently partnered with Beyond Type 1, an advocacy group for diabetes awareness. Type 1 diabetes is traditionally seen as "the youth version of diabetes," says Kristian Hurley, senior vice president of programs, advocacy, & health equity at Beyond Type 1. "For me, it was a bit by trial and error but I had to go through the process," to learn more about the condition, Usher Raymond IV, more commonly known as Usher, tells CNBC Make It. 88% of adults with Type 1 diabetes needed emergency care to treat symptoms before and after their diagnosis, an additional survey conducted by Beyond Type 1 shows. Similarly, 44% of caregivers for people living with Type 1 diabetes say they spent at least $10,000 for their loved one's emergency care visits.
Persons: Usher isn't, Kristian Hurley, Hurley, Raymond, Usher Raymond IV, Usher, it's Organizations: Sanofi, CNBC
Company logo of pharmaceutical company GlaxoSmithKline is seen at their Stevenage facility, Britain October 26, 2020. LONDON — Shares of British pharmaceuticals giant GSK plunged 9% Monday, after a U.S. court ruled that scientific evidence could be presented in a stack of lawsuits relating to the discontinued heartburn drug Zantac. The Delaware State Court late on Friday ruled that plaintiffs' expert witnesses could testify in the roughly 75,000 cases alleging the once-popular drug ranitidine — sold under the brand name Zantac in the U.S. — may cause cancer. The companies involved deny there is a scientific consensus that the drug can be linked to any later development of cancers. In a statement Friday, GSK said it disagreed with the latest Delaware ruling and would immediately seek an appeal.
Persons: ranitidine —, Brent Wisner, Wisner Baum, Zantac Organizations: GlaxoSmithKline, Stevenage, GSK, Delaware State Court, France's, Pfizer, Germany's Locations: Britain, Delaware, U.S, France's Sanofi
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSanofi chief on new partnership with OpenAI for AI-driven drug developmentEmmanuel Frenehard, Executive Vice President and Chief Digital Officer at Sanofi, discusses the company's new partnership with OpenAI and Formation Bio for AI-driven drug development.
Persons: OpenAI, Emmanuel Frenehard Organizations: Sanofi Locations: OpenAI
Shares of Novavax jumped as much as 50% on Monday as Wall Street cheered the company's new multibillion-dollar deal with French drugmaker Sanofi that sparked a dramatic turnaround for the struggling vaccine maker. Novavax's stock almost doubled on Friday after it announced the licensing agreement with Sanofi. Under the agreement, Sanofi will take a less than 5% stake in Novavax. Sanofi, one of the world's largest vaccine makers, will co-market Novavax's Covid vaccine in most countries starting in 2025. The deal also allows Sanofi to use Novavax's Covid shot and flagship vaccine technology, Matrix-M adjuvant, to develop new vaccine products.
Persons: Novavax, Sanofi, John Jacobs Organizations: French, Sanofi, Novavax, CNBC Locations: Novavax
Akamai Technologies — Shares of the cloud company fell more than 10% after issuing weak guidance for the second quarter. Akamai sees adjusted earnings ranging from $1.51 to $1.56 per share on revenue of $967 million to $986 million. Sweetgreen — The salad chain popped 5% after Sweetgreen reported first-quarter revenue of $158 million, topping the LSEG consensus estimate of $152 million. Analysts polled by FactSet called for a loss of 4 cents a share on revenue of $141.2 million. The DNA testing company posted a loss of 56 cents per share, while analysts had estimated a loss of 71 cents, per StreetAccount.
Persons: Akamai, Sweetgreen, Array's, FactSet, Bumble, StreetAccount, LSEG, Sanofi, Yelp's, Macheel, Jesse Pound, Michelle Fox Organizations: LSEG, , Gen, Revenue, Management, Unity Software, HSBC, 3M Locations: Norton
Sweetgreen — Sweetgreen popped 36% after surpassing first-quarter revenue expectations. The company also raised its full-year guidance for revenue and adjusted earnings before interest, taxes, depreciation and amortization. Array's first-quarter adjusted earnings came in at 6 cents per share on revenue of $153.4 million. Victoria's Secret — Shares rose almost 6% after the intimate apparel maker reported better-than-expected preliminary first-quarter results and reaffirmed its guidance. Mettler-Toledo posted first-quarter adjusted earnings of $8.89 per share on revenue of $925.9 million.
Persons: Sanofi, Sweetgreen, LSEG, Array's, FactSet, Natera, Insulet, JFrog, Yun Li, Michelle Fox, Brian Evans, Hakyung Kim, Darla Mercado Organizations: French, Taiwan Semiconductor Manufacturing, Unity Software, LSEG, Technologies, Akamai Technologies, Revenue, , Norton, Citi, Toledo —, Mettler Locations: Toledo
A health worker prepares a dose of the Novavax vaccine as the Dutch Health Service Organization starts with the Novavax vaccination program on March 21, 2022 in The Hague, Netherlands. Novavax on Friday said it has signed a multibillion-dollar deal with French drugmaker Sanofi to co-commercialize the company's Covid vaccine starting next year and develop combination shots targeting the coronavirus and the flu, among other efforts. Part of the deal allows Sanofi to use Novavax's Covid shot and flagship vaccine technology, Matrix-M adjuvant, to develop new vaccine products. Novavax is also entitled to royalty payments on Sanofi's sales of its Covid vaccine and combination shots targeting coronavirus and the flu. Under the deal, Sanofi will also take a less than 5% stake in Novavax.
Persons: Novavax, Sanofi, John Jacobs, Jacobs Organizations: Dutch Health Service Organization, French, CNBC, Health, Pfizer, Moderna, Sanofi Locations: The Hague, Netherlands, Novavax
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSanofi CEO Paul Hudson on Q1 results: Hope to gather even more momentum later this yearSanofi CEO Paul Hudson joins 'Squawk Box' to discuss the company's quarterly earnings results, drug pipeline outlook, and more.
Persons: Paul Hudson, Hope Organizations: Sanofi
Sanofi has reached an agreement in principle to settle 4,000 US lawsuits linking the discontinued heartburn drug Zantac to cancer, the company said on Wednesday. Sanofi still faces about 20,000 lawsuits over Zantac in Delaware state court. That judge concluded that the opinions of the plaintiffs’ expert witnesses that Zantac can cause cancer were not supported by sound science. “We are pushing forward aggressively against GSK and Boehringer Ingelheim and are preparing for multiple trials in California state court this year,” Moore said. Lawsuits began piling up from people who said they developed cancer after taking Zantac.
Persons: Sanofi, “ Sanofi, Boehringer, Boehringer Ingelheim, Jennifer Moore, Brent Wisner, ” Moore, Zantac, ranitidine Organizations: Court, Sanofi, GSK, Pfizer, Boehringer, US Food and Drug Administration Locations: Delaware, Zantac, Wilmington, Florida, California
A highly popular class of drugs for diabetes and obesity is showing early potential to help patients with Parkinson's disease, too. But more research is needed to determine whether newer iterations of GLP-1s from Novo Nordisk and Eli Lilly may also help Parkinson's patients. The trial followed 156 people with early Parkinson's disease for a year. But one group was given an additional daily injection of Sanofi's drug, while the other was given a placebo. But use of Sanofi's drug was associated with an increased risk of gastrointestinal side effects, which are common across all GLP-1s.
Persons: Eli Lilly, Sanofi, drugmaker Organizations: Sanofi, Novo Nordisk, The New England, French Ministry of Health, Prevention, CNBC Locations: Novo, France, The
The man, who is not named in the correspondence in compliance with German privacy rules, reported receiving 217 Covid shots between June 2021 and November 2023. Raising suspicionsAccording to his immunization history, the man got his first Covid vaccine in June 2021. The adaptive immune system is the subsection of the immune system that learns to recognize and respond to specific pathogens when you encounter them throughout your life, Miller said. Last week, the CDC updated its guidance to recommend an additional dose of the current Covid vaccine for people 65 and older. Less than a quarter of adults and only 13% of children in the US have gotten the most recently recommended Covid vaccine, according to CDC data.
Persons: hypervaccination ”, , Emily Happy Miller, ” Miller, , Dr, Kilian Schober, Friedrich, hypervaccination, ” Schober, Schober, Miller, Hypervaccination, that’s, Johnson, Sanjay Gupta Organizations: CNN, Albert Einstein College of Medicine, Alexander University Erlangen, Red Cross, RTL, Pfizer, Moderna, Johnson, Sanofi, CNN Health, Centers for Disease Control, CDC Locations: Magdeburg, Nürnberg, Saxony, Dresden, Eilenburg, United States
A TV presenter gets ready for the daily reporting from the floor of the German share price index DAX at the stock exchange in Frankfurt, Germany, November 15, 2023. LONDON — European markets are set to open higher on Friday to start the new trading month after a winning February, with euro zone inflation data due mid-morning. The European stock index notched an all-time high last month, powered by the 11 GRANOLAS large-cap stocks that made up half of the gains across the entire Stoxx 600. Focus will turn Friday to February's flash euro zone inflation reading, expected at 10 a.m. London time, with economists in a Reuters poll predicting the consumer price index rose 2.5% year on year, down from 2.8% in January. German consumer price inflation on Thursday came in line with forecasts at 2.7% year on year.
Persons: DAX Organizations: LONDON, GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, AstraZeneca, SAP, Sanofi, Focus, European Central Bank, ECB, Fed Locations: Frankfurt, Germany, London
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 19, 2024. Staff | ReutersOver the last 12 months, just 11 stocks made up half of the gains that powered the pan-European Stoxx 600 stock index to a record-high close on Friday. "From a Global point of view, the GRANOLAS have even outperformed the so-called Magnificent 7 over the past two years. Their (out)performance is even more impressive on a risk-adjusted basis: with a volatility 2x lower than for the Magnificent 7, the GRANOLAS help to boost the Sharpe ratio." "This suggests that, in Europe, nearly all revenue growth of the STOXX 600 will come from the GRANOLAS.
Persons: Goldman Sachs, Sanofi —, Goldman, Tim Hayes, Ned Davis, Hayes Organizations: Staff, Reuters, GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, AstraZeneca, SAP, Sanofi, Street, Ned, Ned Davis Research, CNBC Locations: Frankfurt, Germany, Europe
London CNN —The Magnificent 7 tech stocks have been a big part of the extraordinary US market rally. But there’s a rival group of companies powering European stocks to new heights with even better returns, by some measures. Dubbed the “Granolas,” those 11 companies accounted for 60% of the gains on Europe’s benchmark stock index over the past 12 months. They have even slightly outperformed the Magnificent 7 over a longer period, according to Goldman Sachs. Their standout performance has “raised the issue of concentration effects” in the region’s stock market, says Philip Lawlor, managing director of markets research at Wilshire Indexes.
Persons: London CNN —, Goldman Sachs, ASML, ” Goldman Sachs, Goldman Sachs, Guillaume Jaisson, Ozempic, , Philip Lawlor, ” Lawlor Organizations: London CNN, GSK, Roche, Novartis, Novo Nordisk, L’Oréal, AstraZeneca, SAP, Sanofi, , CNN, Danish, Wilshire Indexes, , Deutsche Bank Locations: LVMH, Europe, France, Germany, Denmark, Switzerland, Netherlands, United Kingdom, United States
The settlement is likely to benefit as many as 500,000 residents whether they have insurance or not, and it covers all Lilly brand-name insulin products, Ellison said at a news conference. Litigation remains pending against two other manufacturers named in the 2018 lawsuit, Sanofi-Aventis and Novo Nordisk. The American Diabetes Association says more than 8 million Americans use insulin, which the body needs to convert food into energy. President Joe Biden's 2022 Inflation Reduction Act capped out-of-pocket costs of insulin to people on Medicare to $35 a month, but only for seniors. Novo Nordisk last year also announced plans for insulin price cuts starting this year.
Persons: Eli Lilly, Lilly, Keith Ellison, Ellison, ” Ellison, Joe Biden's, Alec Smith, Nicole Smith, Holt, Organizations: PAUL, , Sanofi, Aventis, Novo Nordisk, American Diabetes Association, York, Medicare Locations: — Minnesota, Minnesota, California , Illinois, Arizona, Utah
However, others, like 25-year-old Cochrin, are still seeking some relief for the costs of insulin and other necessary diabetes tools, like insulin pumps and continuous glucose monitors. While the costs of insulin have skyrocketed, and the direct medical costs of treating diabetes have also increased by about 7% since 2017. AdvertisementEarlier this month, Cochrin posted a TikTok explaining that a 3-month supply of her insulin pumps would cost her $1,800, even after insurance. Her continuous glucose monitor doesn't cost her anything right now, but in the past, she paid $30 a month with insurance. AdvertisementDifferent people may have increased sensitivity to different types and brands of insulin, Cochrin said, but insurance companies sometimes only offer one option for coverage.
Persons: , Grace Cochrin's, Joe Biden, Eli Lilly, Sanofi, it's, Cochrin, She's, Campbell Hutton Organizations: Service, American Diabetes Association, National Institutes of Health, Business, White, US Department of Health, Human Services, that's Locations: Charlotte, North Carolina
All three major averages posted gains for the third consecutive week, lifted by solid quarterly earnings and positive economic data. Earnings season ramps up next week, with five of the Super Six mega-cap stocks delivering results. Employment numbers are the most important economic data, with Friday's January nonfarm payrolls report carrying the most weight. The January ISM Manufacturing report on Thursday and December's factory orders report Friday are expected to show the sector still in contraction mode. But earnings and commentary this week from peer Sartorious made us encouraged about a return to growth in 2024.
Persons: nonfarm, December's, Sartorious, We've, Stanley Black, Decker, We're, We'd, Royal Philips, Crane, Woodward, ServisFirst, Cadence Bancorporation, CADE, Johnson, Phillips, Avery Dennison, Columbus McKinnon, Robinson, SIRI, Cardinal Health, Parker, DOV, Pitney Bowes, Ferrari N.V, CSW, COLM, W.W, Grainger, Dwight Co, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Gross, Procter, Gamble, Gillette, Super, Consumer, JPM Healthcare, Amazon, Microsoft, Honeywell, Aerospace, Solutions, Apple Watch, Masimo, Vision Pro, Franklin Resources, Resource Partners, Bank of Marin Bancorp, Bank7 Corp, Pacific Premier Bancorp Inc, Provident Financial Holdings, Dynex, Cliffs Inc, Nucor Corp, Whirlpool Corp, F5 Networks, Capital Southwest Corp, Harbors Investment Corp, Crane Co, Payne, Equity, Heartland Financial, Cadence, FinWise Bancorp, Five Star Bancorp, PotlatchDeltic Corporation, Sanmina Corporation, Pfizer, General Motors Corp, United Parcel Service, JetBlue Airways Corporation, Smith Corp, Marathon Petroleum Corp, HCA Healthcare, Oshkosh Corporation, SYSCO Corp, Danaher Corp, Johnson Controls, M.D.C . Holdings, Commvault Systems Inc, Hope Bancorp, Hubbell Incorporated, Malibu Boats, Polaris Industries, Inc, Camden National Corp, Cambridge Bancorp, Microsoft Corp, Starbucks Corp, Devices, Electronic Arts Inc, Juniper Networks, Stryker Corp, Lending, Canadian, Canadian Pacific Kansas City Limited, Mondelez, Chubb Corporation, Modine Manufacturing, Partners, Management, Hawaiian Holdings, Manhattan Associates, Unum Group, UNM, Axos, Enova, Boston Properties, Boeing Co, Novo Nordisk, Mastercard Inc, Roper Technologies, Boston Scientific Corporation, MarketAxess Holdings, Fisher, Aptiv PLC, Hess Corp, Nasdaq, United Microelectronics Corp, Rockwell Automation, Teva Pharmaceutical Industries, Ltd, Avery, Avery Dennison Corp, Extreme Networks, Otis Worldwide Corporation, OTIS, Columbus, Columbus McKinnon Corp, Central Pacific Financial Corp, Brinker International, Fortive Corporation, Qualcomm, Technology, Metlife, Hanover Insurance, Barn Holdings, CONMED Corporation, DLH Holdings Corp, Meritage Homes Corporation, Honeywell International, Eaton Corp, Altria, Royal Caribbean Cruises Ltd, Merck, Co, Enterprise Products Partners, Dorian LPG, SiriusXM Holdings, Cardinal, Hannifin Corporation, Allegheny Technologies Incorporated, Tractor Supply Company, Trane Technologies, Dover Corp, Huntington Ingalls Industries, Brunswick Corporation, Dickinson, Canada Goose Holdings, Kirby Corp, WEC Energy Group, WestRock Company, Allegro MicroSystems, Ball Corporation, Broadridge Financial, BrightSphere Investment Group, CMS Energy Corp, Lancaster Colony Corp, Rogers Communications Inc, Sanofi, Apple, Atlassian Corporation, United States Steel Corp, Corp, Adtalem Global, Homes, DXC Technology Company, Eastman Chemical Company, Gen, Post Holdings, America, Columbia Sportswear Company, Exxon Mobil Corp, Chevron Corporation, Myers Squibb Co, CIGNA Corp, Regeneron Pharmaceuticals, Charter Communications, AON, Cboe, Dwight, Banco Santander, Jim Cramer's Charitable, CNBC, Apple Vision, Getty Locations: China, East, United States, Europe, Cleveland, Alexandria, California, Corning, Canadian Pacific, Teradyne, TER, Novo, Hanover, PBI, Skechers U.S.A, Bristol, Chile
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