£15k invested in these dividend shares could yield an enormous second income!
Here are two high-yield dividend stocks that could help diversify an investor's portfolio:
Dividend share
Sector
Dividend yield
Taylor Wimpey (LSE:TW)
Housebuilding
8.6%
Bluefield Solar Income Fund (LSE:BSIF)
Renewable energy
9%
As you can see, the prospective yields on these stocks smash the broader average for FTSE 100 and FTSE 250 shares (both at 3.4%). Dividends are never guaranteed, but if broker forecasts are accurate, a £15,000 lump sum invested equally across them would produce a £1,320 passive income this year alone.
Here's why I think both shares are worth considering.
Taylor Wimpey
Latest trading numbers from Barratt Redrow have reminded investors of the ongoing perils facing the housebuilders.
On Tuesday (15 July), it said completions were a disappointing 16,565 last year, missing a targeted 16,800-17,200. This was due to 'consumer caution and mortgage rates not falling as quickly as hoped', the Footsie company noted.
Conditions may remain tough as the UK economy splutters. But I'm confident Taylor Wimpey's industry-leading balance sheet means it should still at least be able to continue paying large dividends.
It remains highly cash generative, and ended 2024 with more than half a billion pounds (£564.8m) in net cash.
That's not to say I believe Taylor Wimpey's recent sales revival is about to run out of steam, though. Its order book — which rose to 8,153 homes as of 27 April from 7,742 a year earlier — could continue building as interest rates seemingly have further to fall.
I'm certainly expecting the FTSE 100 share to perform strongly over the long term, helped by intensifying mortgage market competition and planned changes to home loan regulations. These include allowing lenders to offer more mortgages based on more than 4.5 times a homebuyer's annual income.
This measure alone could help a further 36,000 first-time buyers get onto the property ladder. As the UK's population steadily grows, I'm optimistic housebuilders like this will remain excellent dividend payers.
Bluefield Solar Income Fund
Bluefield Solar also stands to gain from falling interest rates that reduce borrowing costs and boost asset values. But like Taylor Wimpey, renewable energy stocks like this also face other dangers over the next year.
In this case, the costs to build green energy projects are rising, casting doubts over their future profitability and plans for expansion. But on balance, I think this FTSE 250 investment trust is another great dividend share to consider.
By focusing on energy-generating assets, it can expect earnings to remain stable over time, underpinned by the stable nature of energy demand. This is especially attractive today, with trade tariffs threatening to throw the global economy (and with it profits for many UK shares) off the rails.
A reason why I like Bluefield Solar specifically is its strategy of investing mostly in Britain, where government policy is especially supportive of the renewable energy sector. Over the long term, I expect dividends here to rise strongly along with earnings, driven by growing demand for greener power sources.
The post £15k invested in these dividend shares could yield an enormous second income! appeared first on The Motley Fool UK.
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Royston Wild has positions in Barratt Redrow and Taylor Wimpey Plc. The Motley Fool UK has recommended Barratt Redrow. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.
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She added: 'In too many areas, regulation still acts as a boot on the neck of businesses, choking off the enterprise and innovation that is the lifeblood of growth.' Shortly after the meeting, Mr Bailey said 'I don't use those terms' when asked about Ms Reeves's remarks on regulation. He also said: 'We cannot compromise on basic financial stability, that would be my overall message.' Last year Revolut was approved for a UK banking licence after a lengthy process with regulators, however its banking division still has a limit on deposits it can receive until it receives full approval from regulators. The Bank of England declined to comment. The Treasury has been contacted for comment. The governor of the Bank of England has reportedly blocked a meeting planned by Chancellor Rachel Reeves to address the regulation of Revolut, in a sign of potential friction between the Government and the central bank. 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The 'Leeds reforms', unveiled in the West Yorkshire city earlier this month, are set to be the biggest set of changes to financial services for more than a decade, according to the Government. Labour is hoping that cutting red tape in the financial services sector and other industries can help accelerate growth in the economy. In her annual Mansion House speech to the financial services sector earlier this month, she urged regulators to resist 'excessive caution'. She added: 'In too many areas, regulation still acts as a boot on the neck of businesses, choking off the enterprise and innovation that is the lifeblood of growth.' Shortly after the meeting, Mr Bailey said 'I don't use those terms' when asked about Ms Reeves's remarks on regulation. He also said: 'We cannot compromise on basic financial stability, that would be my overall message.' 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"Despite these welcome developments, tariffs remain historically high, and global policy remains highly uncertain, with only a few countries having reached fully fleshed-out trade agreements," IMF chief economist Pierre-Olivier Gourinchas said in a speech in Washington that accompanied the report's release. Output projections could be cut by 0.3% for 2026 if tariffs are reset at higher levels on the August 1 deadline given by Trump, Gourinchas added. Read more on Yahoo Finance UK How US stocks are faring at the opening bell United Health reports mixed second quarter UnitedHealth Group (UNH) reported second quarter earnings on Tuesday beating Wall Street's expectations on the top line by a small margin, and missing on the bottom line. But its earnings continue a trend of higher-than-expected costs in the industry this quarter. 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The company reported revenues of $111.6bn, compared to Wall Street forecasts of $111.53bn, and adjusted earnings per share (EPS) of $4.08, compared to $4.59 expected by the Street. The revenues are up nearly $13bn compared to the second quarter in 2024. But margins have shrunk, from 4.3% in 2024 to 3.1% this quarter. The company also updated its guidance for the full year, after pulling it last quarter. It now expects revenues between $445.5bn to $448.0bn, and adjust earnings of at least $16 per share. UnitedHealth's stock fell more than 3% in premarket trading on Tuesday after the report. Read more on Yahoo Finance Spotify stock slides in premarket following earnings Our US team writes: Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19bn ($4.86bn), missing analyst expectations of €4.27bn, though up from €3.81bn in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104m vs guidance," the company said in the earnings release. Operating income also came in below expectations, pressured by €116m in social charges, higher payroll and related costs, and an unfavourable revenue mix. Guidance for the current quarter likewise fell short of Wall Street estimates and "incorporates €25m in social charges based on a Q2 close share price of $767.30," the company noted. Read more on Yahoo Finance Our US team writes: Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19bn ($4.86bn), missing analyst expectations of €4.27bn, though up from €3.81bn in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104m vs guidance," the company said in the earnings release. Operating income also came in below expectations, pressured by €116m in social charges, higher payroll and related costs, and an unfavourable revenue mix. Guidance for the current quarter likewise fell short of Wall Street estimates and "incorporates €25m in social charges based on a Q2 close share price of $767.30," the company noted. Read more on Yahoo Finance Car giant Stellantis warns of €1.5bn tariff hit Stellantis (STLA), darling of the EU auto industry, warned on Tuesday that tariffs have meant a €300m hit for the April to June quarter, with the toll potentially rising a further €1.2bn for the final six months of the year. The prediction comes just days after the EU and US struck a notional trade deal — a pact that so far has little detail. The Vauxhall maker reported a 23% drop in shipments to its North American market in the first half of the year. Its share price lagged by mid-morning following the report. Stellantis (STLA), darling of the EU auto industry, warned on Tuesday that tariffs have meant a €300m hit for the April to June quarter, with the toll potentially rising a further €1.2bn for the final six months of the year. The prediction comes just days after the EU and US struck a notional trade deal — a pact that so far has little detail. The Vauxhall maker reported a 23% drop in shipments to its North American market in the first half of the year. Its share price lagged by mid-morning following the report. FTSE risers and fallers UK mortgage approvals head higher in June The Bank of England's latest data shows: The number of mortgage approvals on house purchases for June was 64,167, up 1.4% from 63,288 in May. There have been two consecutive months of growth. Approvals are up 5.6% when compared to the 60,761 seen in June 2024. "A second consecutive monthly increase in mortgage approvals, despite the challenges faced in the broader market, is an encouraging sign for the mortgage sector and demonstrates that the market is very much on the up following the brief lull caused by the recent stamp duty deadline," said Jonathan Samuels, CEO of specialist lender Octane Capital. "This momentum is further supported by recent regulatory changes, including adjustments to loan-to-income caps and, with affordability continuing to improve, we expect the positivity seen over the past nine months to persist.' The Bank of England's latest data shows: The number of mortgage approvals on house purchases for June was 64,167, up 1.4% from 63,288 in May. There have been two consecutive months of growth. Approvals are up 5.6% when compared to the 60,761 seen in June 2024. "A second consecutive monthly increase in mortgage approvals, despite the challenges faced in the broader market, is an encouraging sign for the mortgage sector and demonstrates that the market is very much on the up following the brief lull caused by the recent stamp duty deadline," said Jonathan Samuels, CEO of specialist lender Octane Capital. "This momentum is further supported by recent regulatory changes, including adjustments to loan-to-income caps and, with affordability continuing to improve, we expect the positivity seen over the past nine months to persist.' AstraZeneca reminds market of its value Russ Mould, investment director at AJ Bell, said: Russ Mould, investment director at AJ Bell, said: Greggs faces up to challenging environment Shares were down by 3% as Greggs (GRG.L) reported a 14% drop in pre-tax profit for the first half of the year, as winter storms and summer heatwaves kept customers away from its high street shops, adding to an already challenging consumer environment. The bakery chain, known for its sausage rolls and steak bakes, said profits fell to £63.5m in the six months to the end of June, down from £74.1m a year earlier. While total sales rose 7% to £1.03bn, the increase was not enough to offset a decline in margins and footfall. Company-managed shop like-for-like sales rose 2.6%, while franchised locations grew 4.8%. Greggs, which operates more than 2,600 stores across the UK, said the decline in profits 'reflected challenging market footfall and the phasing of cost headwinds that have particularly impacted the first half of the year.' 'These challenges were compounded by heavy snow and strong winds in January and unusually hot weather in June, which had a material impact on consumer behaviour and lowered like-for-like sales,' the company said. More than 200 shops in Scotland and Wales were temporarily closed during Storm Éowyn in late January, when a rare red warning was issued due to hurricane-force winds, heavy rain, and snow. Cost inflation was also a factor, with overall cost pressures running at 5.4% in the first half. Full-year cost inflation is expected to be around 6%. Greggs spent £3m on expanding manufacturing, logistics, and technology capabilities, and completed 108 shop refurbishments, up from 81 a year earlier. Chief executive Roisin Currie described the first half as a 'challenging market' with weak consumer confidence. 'People are saving, not spending,' she said. The interim dividend was held steady at 19p. While full-year sales are expected to remain resilient, profits are forecast to come in 'modestly below the level achieved in 2024.' Mark Crouch, market analyst at eToro, said: 'Greggs' 14% drop in first-half profit caps a bitter 10 months for the UKs favourite baker. "Management blames hot weather for weaker sales, but that doesn't account for a 50% collapse in market value. The more plausible culprit is the timing of Greggs expansion strategy, stretching margins, just as the consumer picture turns more fragile. 'Greggs has long been a reliable read on the UK high street. Its sudden stumble suggests consumers may not just be cooling on sausage rolls, but that appetite across the high street may be waning more broadly. "With inflation easing and real wages recovering, the macro backdrop should, in theory, be supportive. That it isn't showing up in Greggs' numbers, is a red flag. 'Greggs' brand still holds a strong place in the market, but scale isn't helping if margins and volumes can't keep up. The pressure is now squarely on management to regain the initiative, and not just blame it on the weather.' Read more on Yahoo Finance UK Shares were down by 3% as Greggs (GRG.L) reported a 14% drop in pre-tax profit for the first half of the year, as winter storms and summer heatwaves kept customers away from its high street shops, adding to an already challenging consumer environment. The bakery chain, known for its sausage rolls and steak bakes, said profits fell to £63.5m in the six months to the end of June, down from £74.1m a year earlier. While total sales rose 7% to £1.03bn, the increase was not enough to offset a decline in margins and footfall. Company-managed shop like-for-like sales rose 2.6%, while franchised locations grew 4.8%. Greggs, which operates more than 2,600 stores across the UK, said the decline in profits 'reflected challenging market footfall and the phasing of cost headwinds that have particularly impacted the first half of the year.' 'These challenges were compounded by heavy snow and strong winds in January and unusually hot weather in June, which had a material impact on consumer behaviour and lowered like-for-like sales,' the company said. More than 200 shops in Scotland and Wales were temporarily closed during Storm Éowyn in late January, when a rare red warning was issued due to hurricane-force winds, heavy rain, and snow. Cost inflation was also a factor, with overall cost pressures running at 5.4% in the first half. Full-year cost inflation is expected to be around 6%. Greggs spent £3m on expanding manufacturing, logistics, and technology capabilities, and completed 108 shop refurbishments, up from 81 a year earlier. Chief executive Roisin Currie described the first half as a 'challenging market' with weak consumer confidence. 'People are saving, not spending,' she said. The interim dividend was held steady at 19p. While full-year sales are expected to remain resilient, profits are forecast to come in 'modestly below the level achieved in 2024.' Mark Crouch, market analyst at eToro, said: 'Greggs' 14% drop in first-half profit caps a bitter 10 months for the UKs favourite baker. "Management blames hot weather for weaker sales, but that doesn't account for a 50% collapse in market value. The more plausible culprit is the timing of Greggs expansion strategy, stretching margins, just as the consumer picture turns more fragile. 'Greggs has long been a reliable read on the UK high street. Its sudden stumble suggests consumers may not just be cooling on sausage rolls, but that appetite across the high street may be waning more broadly. "With inflation easing and real wages recovering, the macro backdrop should, in theory, be supportive. That it isn't showing up in Greggs' numbers, is a red flag. 'Greggs' brand still holds a strong place in the market, but scale isn't helping if margins and volumes can't keep up. The pressure is now squarely on management to regain the initiative, and not just blame it on the weather.' Read more on Yahoo Finance UK Tea and meat feed UK food price increases Yahoo Finance UK's Pedro Goncalves writes: UK families are paying more every time they go grocery shopping, as food price inflation surged for the sixth consecutive month in July, driven by a rise in the costs of meat and tea, according to the British Retail Consortium (BRC). The figures show that food prices are now 4% higher than a year ago, up from 3.7% in June and surpassing the three-month average of 3.5%. Fresh food inflation remained steady at 3.2%, while ambient food prices saw a more significant jump, climbing to 5.1% compared to last June, up from 4.3% the previous month. Overall, shop price inflation also increased, rising to 0.7% in July, up from 0.4% in June, and above the three-month average of 0.3%. Helen Dickinson, chief executive of the BRC, warned that the increase in food price inflation will be felt by households across the country. 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month," she said. "Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices." Read more on Yahoo Finance UK Yahoo Finance UK's Pedro Goncalves writes: UK families are paying more every time they go grocery shopping, as food price inflation surged for the sixth consecutive month in July, driven by a rise in the costs of meat and tea, according to the British Retail Consortium (BRC). The figures show that food prices are now 4% higher than a year ago, up from 3.7% in June and surpassing the three-month average of 3.5%. Fresh food inflation remained steady at 3.2%, while ambient food prices saw a more significant jump, climbing to 5.1% compared to last June, up from 4.3% the previous month. Overall, shop price inflation also increased, rising to 0.7% in July, up from 0.4% in June, and above the three-month average of 0.3%. Helen Dickinson, chief executive of the BRC, warned that the increase in food price inflation will be felt by households across the country. 'Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month," she said. "Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices." Read more on Yahoo Finance UK Average rent surges to £2,712 in London and £1,365 across UK The cost of rent in London has climbed for a 15th consecutive quarter to hit a record high of £2,712 per month, while tenants across the rest of the UK are paying on average £1,365. The data from property site Rightmove (RMV.L) showed that new tenants are now paying an average of £417 more in monthly rent compared to 2020. This is a 44% increase in rents, well above the 36% rise in average earnings over the same period. Rightmove's property expert Colleen Babcock said: 'Despite another new record in average asking rents for tenants, the big picture is that yearly rent increases continue to slow, which is good news for tenants." "Supply and demand is slowly rebalancing towards more normal levels, though we still have a way to go before we reach pre-2020 levels of available homes for tenants. The good news is that the latest industry snapshot suggests more investors are taking out buy-to-let loans compared with last year, which should help to bring even more homes to the rental market.' Read more on Yahoo Finance UK The cost of rent in London has climbed for a 15th consecutive quarter to hit a record high of £2,712 per month, while tenants across the rest of the UK are paying on average £1,365. The data from property site Rightmove (RMV.L) showed that new tenants are now paying an average of £417 more in monthly rent compared to 2020. This is a 44% increase in rents, well above the 36% rise in average earnings over the same period. Rightmove's property expert Colleen Babcock said: 'Despite another new record in average asking rents for tenants, the big picture is that yearly rent increases continue to slow, which is good news for tenants." "Supply and demand is slowly rebalancing towards more normal levels, though we still have a way to go before we reach pre-2020 levels of available homes for tenants. The good news is that the latest industry snapshot suggests more investors are taking out buy-to-let loans compared with last year, which should help to bring even more homes to the rental market.' Read more on Yahoo Finance UK How Barclays shares are faring in early trade Barclays announces £1bn buyback Yahoo Finance UK's Vicky McKeever writes: Barclays (BARC.L) beat profit expectations in the second quarter and announced a further £1bn in share buybacks. Pre-tax profit rose 28% in the second quarter to £2.84bn, results released on Tuesday showed. That exceeded expectations of £2.24bn, according to consensus estimates provided by the bank. For the first half, profit before tax totalled £5.2bn, which was up 23% from the same period last year. Total income was up 14% in the second quarter at £7.19bn, which was also ahead of expectations of £7.01bn. Group net interest income — the gap between what the bank pays out to savers and receives from borrowers in interest — excluding Barclays Investment Bank and head office, came in at £3.1bn, up 13% year-on-year. Barclays also recorded a return on tangible equity — a key measure of profitability — of 12.3% in the second quarter, up from 9.9% for the same period in 2024. Read more on Yahoo Finance UK Yahoo Finance UK's Vicky McKeever writes: Barclays (BARC.L) beat profit expectations in the second quarter and announced a further £1bn in share buybacks. Pre-tax profit rose 28% in the second quarter to £2.84bn, results released on Tuesday showed. That exceeded expectations of £2.24bn, according to consensus estimates provided by the bank. For the first half, profit before tax totalled £5.2bn, which was up 23% from the same period last year. Total income was up 14% in the second quarter at £7.19bn, which was also ahead of expectations of £7.01bn. Group net interest income — the gap between what the bank pays out to savers and receives from borrowers in interest — excluding Barclays Investment Bank and head office, came in at £3.1bn, up 13% year-on-year. Barclays also recorded a return on tangible equity — a key measure of profitability — of 12.3% in the second quarter, up from 9.9% for the same period in 2024. Read more on Yahoo Finance UK US stock futures higher ahead of Fed and earnings Our US team writes: US stock futures made gains as Wall Street prepared for fresh earnings and economic data amid a blockbuster week poised to shake markets. Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) gained 0.2%. While contracts on the Nasdaq 100 (NQ=F) ticked up 0.3%. On Monday, the S&P 500 and Nasdaq eked out record highs amid an otherwise subdued trading session as Wall Street digested a new trade deal between the US and EU. Our US team writes: US stock futures made gains as Wall Street prepared for fresh earnings and economic data amid a blockbuster week poised to shake markets. Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) gained 0.2%. While contracts on the Nasdaq 100 (NQ=F) ticked up 0.3%. On Monday, the S&P 500 and Nasdaq eked out record highs amid an otherwise subdued trading session as Wall Street digested a new trade deal between the US and EU. Good morning! Hello from London. Lucy Harley-McKeown here — ready to bring you the business and markets news of the day. We kicked off the week with an EU-US trade deal. There will no doubt be more details on that to come. In central bank news, the US's Federal Reserve kicks of a two-day meeting about rates today. Traders are also readying themselves for a week of earnings. This morning in London: Barclays' (BARC.L) second quarter report In the US we're looking out for: Visa (V), Procter & Gamble (PG), United Health (UNH), Boeing (BA), Spotify (SPOT), Starbuck's (SBUX), among others. Let's get to it. Hello from London. Lucy Harley-McKeown here — ready to bring you the business and markets news of the day. We kicked off the week with an EU-US trade deal. There will no doubt be more details on that to come. In central bank news, the US's Federal Reserve kicks of a two-day meeting about rates today. Traders are also readying themselves for a week of earnings. This morning in London: Barclays' (BARC.L) second quarter report In the US we're looking out for: Visa (V), Procter & Gamble (PG), United Health (UNH), Boeing (BA), Spotify (SPOT), Starbuck's (SBUX), among others. Let's get to it.
Yahoo
9 hours ago
- Yahoo
AstraZeneca CFO talks tariffs & shifting focus to US market
AstraZeneca's (AZN) revenue hit a record high in the second quarter, driven by cancer drug sales and growth in the US market. AstraZeneca CFO Aradhana Sarin sits down with Market Catalysts host Julie Hyman and Yahoo Finance Senior Healthcare Reporter Anjalee Khemlani to discuss the company's strategy to focus on the US and the impact of tariffs. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts here. I wonder on the Obviously, the company is celebrating the fact that you hit the largest revenues reported for the quarter. That's really good news, especially as the stated goal is to grow by 2030, and half of that to be part of the US. Talk to me about that and the shift to being a quote-unquote American company now, rather than a sort of UK-based one that we've thought of all these years. Uh, so we, you know, last May, we set this ambition of achieving 80 billion in revenues by 2030, which was almost, you know, doubling our revenues from a 2023 base. Um, and, uh, the US is our our fastest growing market. Uh, when we stack, we don't stack very highly right now, uh, in the US when when you compare pharma revenues because a lot of the pharma companies in the US have much bigger sort of revenue base, but we're growing very fast and our hope is that we'll come, you know, in in in the top five and have half of our revenue. We also set an ambition to have 20 new medicines by 2030. And, um, we already have nine of them and, uh, we announced results for another five of them. So hopefully, uh, that shows that we're on track to to achieve that goal. Well, talk to me about why the US is growing that much far faster. Is it because the dynamics of the healthcare system help boost revenues with more prescribing the the way the PBM system is set up? What are the factors that are helping you grow and are helping you stay confident about achieving that goal? So, there are a bunch of different factors. Um, I think the US is still probably the the best market in the world that rewards innovation. Uh, and we are an innovation-driven company. And so, when new therapies come, you know, we we had a product for breast cancer in her two. Uh, we announced data for another breast cancer product. But as soon as new therapy comes, um, the US market is almost the first to provide access to patients for that new therapy. Uh, secondly, physicians are really, um, you know, we go to Congresses like ASCO where there's, you know, tens of thousands of oncology physicians. They're really into, um, looking at the data and making data-driven decisions. So, again, the, you know, the physicians want the best for their patients and patients are able to get access to medicines very quickly once, you know, drug is approved and so forth in the in the innovative space. In many other markets in the world, that whole process to get approval and then get access and reimbursement just takes a very long time. So that's one reason. Um, the second reason, uh, I think particularly beneficial for oncology medicines, uh, is the part D reform. Uh, so on one hand, the part D reform that was enacted hurts us because we are responsible for paying 20% in the catastrophic phase. But from a patient standpoint, if you're a patient, um, you know, in Medicare, your out of pocket is capped at $2,000. So you can get the best therapy and have no more to pay out of pocket, right? So being in that patient population and getting the best access to medicines and the best care and have your out of pocket limited, uh, is is also great for patients. Um, so I think it's it's where physicians and patients and innovation is rewarded. And that's why it's growing faster given our portfolio is all innovative medicines. So, so let's turn then to the manufacturing base rate and the investment that you're making in the US. And I have to ask about tariffs because we even as we discussed it this morning, this new EU sort of framework agreement, it's still sort of unclear. Are pharmaceuticals coming from the EU exempt? Are they not exempt? It seems a little unclear. So how under what assumption are you operating and how do you operate in that kind of environment? Um, yeah, so you know, I would say this is not a tariff is obviously new, but how we've been thinking about our strategic manufacturing, um, is probably goes back three, four years. So post COVID, we made a strategic decision because we're such a global company that we needed to have segregated supply chains. Um, so for example, uh, in in China and in the emerging markets, we supply a lot of that product from China. Um, in the US, majority of the product is supplied from the US and and so forth in Europe. There is, uh, you know, small minority of product, handful of products actually that we still import from Europe into the US. But we do have excess capacity in the US to manufacture those products. Uh, so what we're, you know, we have 11 manufacturing sites in in the US. So our intention once the tariffs, etc. were were announced and there was talks of tariffs, uh, in the short term was just manage through inventory, so build more inventory in in the US. Um, but we've also started tech transfers for those products which we do import and that those tech transfers would be completed, you know, within a within a year or so, so that we can be fully, you know, not just have the majority, but 100% of it being manufactured in in the US. Um, this new facility that we announced, uh, was part of the plan anyway, but that's a separate has nothing to do with tariffs. It's actually based on the demand that we see potentially for our cardiovascular for new cardiovascular medicine. So, um, but you know, you're right, I think there is a little bit of confusion on when the tariffs are going to be implemented. Um, there is from what I've heard, it is a 15%, but there's also talk that that's the cap. Uh, and, uh, the administration is sort of going to wait for the 232 investigation to actually put them into effect or decide. So, uh, in either case, I think we're very well prepared and and we probably have less exposure than than many companies. 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