Most commentary on Iran and the Strait of Hormuz starts with oil. That is understandable. It is also where too many biotech and pharma boards stop.

For our sector, this is not mainly an oil story. It is a strategy story. More precisely, it tests whether a business built on global supply chains, controlled logistics, outsourced manufacturing and tightly
managed clinical or launch timetables can still be executed when the price of certainty rises.