glasgow93, I think it's overdone, although there may be a bit further to go yet.
The worries, I believe, are the challenge of the generics and the menace of the Democrats. The first is simply a matter of management getting off its arse: they can't rest on their laurels but need to improve the pipeline. A slow process normally, but it could be accelerated by buying half a dozen smallish companies out of petty cash - Cenes, Alizyme, GW, etc etc. And the Democrats are not a real problem yet, not for a couple of years, and may never be. Politicians say a lot more than they do.
I agree with montyhedge that there should be a good run up to February.
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