Mad Money w/ Jim Cramer 1/12/26

Summary

Mad Money w/ Jim Cramer – 1/12/26 (January 13, 2026)

Host: Jim Cramer (CNBC)
Episode Theme:
This special edition of Mad Money, live from One Market in San Francisco, immerses listeners in the latest from the J.P. Morgan Healthcare Conference. Jim Cramer brings his signature energy as he addresses political headline risks, market sentiment, and sits down with the CEOs of several leading healthcare firms. The episode also features the classic Lightning Round, where Cramer fields stock questions from callers.

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Main Theme & Purpose

The episode orbits around the interplay between politics, policy, and market reactions, showcased through Cramer’s fiery commentary, and dives deep into healthcare innovation through CEO interviews with Novo Nordisk, Medtronic, Pfizer, and Bausch + Lomb. Cramer’s core aim is to empower and educate retail investors, helping them interpret complex headlines, understand Wall Street dynamics, and identify actionable investment opportunities.

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Key Discussion Points & Insights

1. Political Drama & Market Reaction

Cramer on Jay Powell Investigation & Rate Caps

• DOJ investigating Fed Chair Jay Powell over Federal Reserve HQ renovation (02:00). Cramer quips, “Time to pardon Jay Powell. The poor guy’s not a criminal. He doesn’t belong in prison.”
• Political motives possible (“...President’s doing this because the Fed isn’t cutting interest rates fast enough.”)
• Market barely reacts: “The market just doesn’t believe Jay Powell prosecuted or the credit card companies will get hit with an interest rate cap.” [03:55]
• Trump proposes capping credit card rates at 10% (04:30). Cramer warns this would reduce lending to riskier borrowers: "Some people are bad credit risks and these companies simply won’t lend to any of them unless they can get sovereign in interest rates.”
• Bottom Line: Markets bet that “following through would be nuts and very bad for stocks.” (05:20)

2. Audience Q&A and Stock Takes

• Shopify: Cramer calls it a buy, especially in light of a rally—sees further upside. (“Shopify goes higher...the market being a harsh taskmaster.”) [05:15]
• Lightning Round (39:00–40:11):
  • CubeSmart: “Not enough growth and there are others that are better. Let’s look at Prologis...that’s the best.”
  • Sony: “Yes, I’m going to say it is a buy. The stock is undervalued.”
  • Aquestive (AQSD): Down 38%, Cramer wants to research before answering.

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JP Morgan Healthcare Conference CEO Interviews

Novo Nordisk – Mike Dewstar, President & CEO

Focus: Oral version of Ozempic/WeGovy (GLP-1), obesity treatment, accessibility [08:04–18:48]

• Pill Version of Weight-Loss Drug:
  • Dewstar on injections: “There are a lot of people that like injections, but you’re probably right, people have been waiting for the pill.” [08:35]
  • Pills reduce social taboos, needle/injection and refrigeration challenges.
  • Expands market to those with aversion to injections or lack of refrigeration.
• Efficacy & Accessibility:
  • Pills match injectables in weight reduction: “Now you have a pill or a pen, both of which reduce your weight by 16.6% so you don’t need to compromise anymore.” [14:28]
  • Pricing tackled: “149, 149, 149... if you want to really make this accessible, then you have to put it at a price where everyone can afford it.” [12:37]
  • With insurance, as low as $25/month. [16:58]
• Fighting Unapproved Compounders:
  • Dewstar: “They’re knockoff products. This should be completely illegal... I would not want to give this to anyone I love.” [13:43]
• Rare Disease Pipeline:
  • Sickle cell drug (Etavo), new hemophilia treatment (“98% of the bleedings that were tested in the clinical trials were [stopped].” [18:01])

Notable Quotes:

• "If I take a pill today, you will not notice anything...If I pull up my shirt and inject myself in front of you, you start thinking about me." – Mike Dewstar [09:15]
• “$25 for something it was $1,300 two years ago.” – Jim Cramer [17:10]

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Medtronic – Jeff Martha, Chairman & CEO

Focus: Medical tech innovation, spin-off of diabetes unit, leadership in several device areas [20:26–28:46]

• AI Colonoscopy:
  • “We found that GI docs were missing roughly 26% of the polyps...in the real world...up to 50%. So the AI has been a home run.” – Jeff Martha [21:43]
• Hugo Robotic Surgery Platform: Costs less, modular, no dedicated room needed, pairing with laparoscopic tools.
• Cardiac Ablation Growth:
  • “We grew 70% last quarter and we’re now the fastest growing technology in that fast growing space.” [23:55]
• Spin-Off of Diabetes Unit:
  • “It’s more of a consumer business than the rest of Medtronic. We tend to sell to hospital.” [25:48]
  • Innovation in sensors, insulin delivery, and algorithms at all-time best.
• Hypertension Treatment (Renal Denervation):
  • “18 million people in the U.S. suffer from hypertension...50% of these patients quit the meds in one year. So the current standard care meds just doesn’t work.”
  • CMS and FDA gave broad national coverage/approval, commercial payers following. [27:40]

Notable Quotes:

• "Becoming an AI-assisted colonoscopy is rapidly becoming the standard of care." – Jeff Martha [21:43]
• “Kudos to CMS here that understood that. And FDA gave us breakthrough designation.” [28:03]

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Pfizer – Dr. Albert Bourla, Chairman & CEO

Focus: Future growth, weight loss pipeline, acquisitions, dividend security, U.S. drug price policy [29:09–38:38]

• Weight Loss Drug Ambitions:
  • “We are going to start 10 phase three studies this year...for ultra long acting GLP-1.” (Monthly injections, pill version in development.) [29:34]
• Acquisitions & Loss of Exclusivity:
  • Assembled pipeline via COVID proceeds: BioHeaven, Nortek, Seagen.
  • Bourla insists on value of Seagen: “If the products succeed, we paid very little for this company and paid fail. We paid a lot.” [32:42]
• Dividend Reassurance:
  • “I am the CEO and chairman and I say you just not worry about the dividend.” [33:19]
• Drug Pricing & Most Favored Nations (MFN):
  • “...We couldn’t have prices in the US for products that are two or three times higher than in Europe. So that is changing and will change.” [34:41]
• Vaccine Policy Friction with HHS:
  • “Everything they do, it is not science based, will cost lives. These are not things that are easy to [overcome].” [35:33]
• Growth Outlook:
  • Modest stagnation/decline until 2028: “We will have stagnation and probably small decline all the way to 28. Following that 29, 30, 31, 32. The CAGR…will be industry leading.” [36:37]
  • Cramer affirms he’ll reassure investors about the dividend in the Lightning Round: “I am not concerned about the dividend. I spoke directly to Dr. Albert Bourla.” [38:18]

Notable Quotes:

• “We are Pfizer so we are go all in.” – Albert Bourla [29:34]
• “There are many people who are watching. They get 6.7%. They are saying, you know what? This is a bond. I had a caller who said it’s a bond. It’s not a bond, it’s a common stock.” – Jim Cramer [33:00]

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Bausch + Lomb – Brent Saunders, Chairman & CEO

Focus: Contact lens/material innovation, pipeline breadth, restructuring, and strategic vision [40:30–47:22]

• Contact Lens Innovation:
  • “The first lens not made with silicon, but actually...made with hyaluronic acid, which is your eyes’ natural lubricant.” [41:41]
  • Aims to fix dryness and comfort issues for users.
• Glaucoma and Ocular Innovation:
  • New approaches to treatment, including restoring vision, not just pressure management.
  • Deepest product pipeline in 172-year history (60 programs).
• Embracing Disruption in Eye Care:
  • Combination therapy for dry eye, pain, new contact lens material, new IOLs, new surgical equipment.
• Consumer vs. Professional Market Merging:
  • Disruption in advertising and sales; increased use of AI and direct-to-consumer strategies.
  • “I don’t think there’s a clear line anymore.” [44:58]
• Openness to M&A and Shareholder Value:
  • Responsive to activist pressure (potential Cooper+Bausch combination): “Certainly that’s my true north. We run the company for our shareholders’ benefit...But we think a little longer term sometimes.” [45:26]
• Addressing Structure Challenges:
  • Despite parent company’s (Bausch Health) debt, CEO focuses on performance and growth:
    • “We have the plans, we’re executing and then drive innovation, have the best pipeline with the best products.” [46:44]

Notable Quotes:

• “We have the deepest pipeline...in our 172-year history.” – Brent Saunders [43:11]
• “On the merits, it makes sense for number three and number four to combine...” [45:53]
• “We talked about massive margin improvement...600 basis point margin improvement over the next three years and evenly spread out 200, 200, 200.” [46:23]

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Memorable Moments & Quotes (with Timestamps)

• Cramer on market skepticism:
  • “The market’s a harsh taskmaster. If it thinks you can be outflanked and outsmarted, it’s not going to do your bidding.” [05:20]
• Novo Nordisk on broadening access:
  • “If you want to really make this accessible, then you have to put it at a price where everyone can afford it.” – Mike Dewstar [12:37]
• Medtronic on AI in healthcare:
  • “AI has been a home run for this diagnostic.” – Jeff Martha [21:43]
• Pfizer’s dividend promise:
  • “You just not worry about the dividend.” – Albert Bourla [33:19]
• Bausch + Lomb on innovation:
  • “We have the deepest pipeline...in our 172-year history.” – Brent Saunders [43:11]

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Timestamps for Key Segments

| Segment | Speaker(s) | Timestamp | |-----------------------------------------------|--------------------|--------------| | Opening: Market & Politics | Jim Cramer | 01:42–05:59 | | Q&A: Shopify | Jim Cramer | 05:15 | | Novo Nordisk Interview | Jim Cramer, Dewstar| 08:04–18:48 | | Medtronic Interview | Jim Cramer, Martha | 20:26–28:46 | | Pfizer Interview | Cramer, Bourla | 29:09–38:38 | | Lightning Round | Jim Cramer | 39:00–40:11 | | Bausch + Lomb Interview | Cramer, Saunders | 40:30–47:22 |

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Original Tone & Energy

Cramer is his witty, fast-talking, and provocative best, grilling CEOs with pointed questions but offering optimism for breakthrough healthcare innovation. The guests respond candidly, reflecting excitement about scientific progress while also acknowledging business risks and competitive challenges.

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Summary for New Listeners

This episode distills market skepticism toward political noise, then takes listeners behind the curtain of healthcare innovation. Cramer’s interviews are packed with insights about the future of medicine—affordable obesity drugs, transformative devices, and pipeline investments poised to reshape major companies. The practical Lightning Round and sharp sound bites make it valuable for investors at any experience level, especially those following healthcare stocks.

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For further details or to review missed segments, visit madmoney.cnbc.com

Transcript

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Hey, I'm Kramer. Welcome to a special Mad Money from One Market in San Francisco. Welcome to Cramerica. Other people make friends. I'm just trying to make you some money. My job is not just to entertain, but to educate you. So call me at 1-800-743-CBC. Tweet me imKramer. Time to pardon Jay Powell. The poor guy's not a criminal. He doesn't belong in prison. I know you laugh, but today we learned that the Justice Department has launched a criminal investigation of Powell for something he said in Congress about the renovation of the Federal Reserve headquarters, which is coming in over budget. Of course, Powell says that the president's doing this because the Fed isn't cutting interest rates fast enough. The Just Spartan will never beat that. But I think Powell's got a point. While I'm not a fan of politically motivated prosecutions, at least Trump takes monetary policy seriously. If you're going to play games with the Justice Department, I can think of worse reasons than getting interest rates lower for the American people. If this is such a big deal, though, how come the stock market barely seemed to react? Dow gaining 86 points, S&P advanced 0.16%. Nasdaq climbed 0.26%. Oh it's simple. This is Wall street betting that it's not going to happen. Even some Republican senators are pushing back against the J. Powell prosecution. Besides, what's the point of going after this guy whose term ends in four months? And how often do you go after the customer when it's the contractor that runs over budget? Again, I'm a pal here, but I got to say this about President Trump. Usually when he does something that could terrify the markets, he changes his mind. Wall street freaked out last April when the initial Liberation Department Liberation Day tariff rates were announced. But then most of those tariffs ended up coming in at much, much lower levels. This time, money managers are betting that Trump won't follow through because they think following through would be nuts and very bad for stocks, which we know from post Liberation Day Trump doesn't want to happen. However, I still want a presidential pardon for Jay Powell because as any lawyer will tell you, a grand jury would indict a ham sandwich. You don't want to end up with a situation where the Fed chief actually gets prosecuted because that would end the very idea of Fed independence, or Justice Department independence for that matter. Still, nobody believes just pardon will actually go that far. This isn't the only news about presidential intervention in the economy that the market seems to be ignoring. President Trump has also decided that credit card companies will have to cap rates at 10% for a year. OK, of course Congress would need to pass actual legislation to make that happen, but I'm sure the President will be happy to call in the heads of the banks and try to browbeat them into following his orders. This is another where Wall street just doesn't seem to care because it's too over the top because the bank stocks actually opened up and spent the rest of the day rallying. If we actually cap credit card interest rates at 10%, the real victims would probably be the millions of Americans who no longer be able to borrow money. Some people are bad credit risks and these companies simply won't lend to any of them unless they can get sovereign in interest rates. I don't want to be the bull who cried bear, but you just be mandating a crash if these companies stop lending better simply print a lot of money. Here's the bottom line. The market's a harsh taskmaster. If it thinks you can be outflanked and outsmarted, it's not going to do your bidding. And that's what happened today. The market just doesn't believe Jay Powell prosecuted or the credit card companies will get hit with an interest rate cap. I bet the market's right. Let's take some calls. Let's go to Andy in New York. Andy hi Jim. Andy, what's up for taking my call? My pleasure. Taking my call. I would like your opinion on ticker symbol Shopify. All right. Now, Shopify lately under a little pressure. Look, I think it's wrong. To me, Shopify is a buy and today's actual rally is the right way to go. I go with that rally. Shopify goes higher. Today we saw the market being a harsh taskmaster. If it thinks you can be outsmarted, it's not going to do your bidding. I'm Anthony. Tonight I'm kicking off our coverage of the J.P. morgan Healthcare Conference with conversations with some of the biggest names in the space, including sources with Novgo, Nordisk, Medtronic, Pfizer and Balchan Loan. You're not going to want to miss any of it, so stay with Kramer.

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[Jim Cramer (Host)]

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[Jim Cramer (Host)]

Sometimes AT&T business Wireless connecting changes everything.

Novo Nordisk, the company Behind Ozempic and WeGovy, just launched a pill version of the revolutionary weight loss and diabetes drug. So while we're out here in San Francisco for the J.P. morgan Health Care Conference, we took the chance to check in with Mike Dewstar. He's the new president and CEO of Novo Nordisk itself. Take a look. It's great to have you on the show.

[Mike Dewstar (Novo Nordisk CEO)]

Thank you so much.

[Jim Cramer (Host)]

All right, let's go. For what everyone has wanted, no one likes to give themselves an injection. You've got a pill for glp. What's it like? How's. How's the business going?

[Mike Dewstar (Novo Nordisk CEO)]

It's going very well. First of all, I have to correct you, and there are a lot of people that like injections, but you're probably right. Well, we have, you know, around 10, 15 million people right now on GLP1 together with our competitor, so that's going well. But I think you have a point that there are a good group of people that basically have been waiting for, for the pill. After all, injection does come with injection phobia, needle phobia. It comes with taboo, societal taboo. And also it comes with the burden of refrigeration, which our pills does not have.

[Jim Cramer (Host)]

When someone opens your refrigerator, they want to see a beer, they don't want to see a needle.

[Mike Dewstar (Novo Nordisk CEO)]

That's true. I think. I think we are seeing actually that the pill is able to expand the market.

[Jim Cramer (Host)]

Yes.

[Mike Dewstar (Novo Nordisk CEO)]

For a large group of people that have been waiting predominantly, I would say the major barrier has been the taboo. You know, if I take a pill today, you will not notice anything and you just let it go by. If I pull up my shirt and inject myself in front of you, you start thinking about me. And a lot of people have been, of course, waiting to get rid of this taboo. But the refrigeration is an issue, and I would say it's an issue, especially for many of the markets now in us of course, it's probably better, but in many markets where refrigeration simply doesn't exist, not necessarily in people's homes, but imagine the cold chains that you need to. To. To move the product from A to.

[Jim Cramer (Host)]

B, and people don't know whether it's good or bad.

[Mike Dewstar (Novo Nordisk CEO)]

That's also true. So. So we are super excited.

[Jim Cramer (Host)]

Well, you should be. One of the things that I know that a competitor has told me over and over again is there is a belief after 13, 14 months, they didn't want to take the shot anymore. There wouldn't be any fatigue if it was a pill.

[Mike Dewstar (Novo Nordisk CEO)]

Well, we have to wait and see. I actually have come across a number of people that have started the injection and have said that once a week injection, let's say on a Saturday at home, is what they prefer compared to a daily pill. But I also have come across people in my own family that have said, any day, every day, single pill is better than any type of an injection. So I think the truth about obesity is that we treat it as one group of people. Right now, we say 2 billion people have obesity. The unfortunate fact is that this is a multiple diseases with different needs, different types of people, and you have to have the product offering that caters for all, which is what my company is about to do.

[Jim Cramer (Host)]

Mike, I am glad you're there and saying that because tell me, I'm going to mention some illnesses. You tell me whether it could work.

[Mike Dewstar (Novo Nordisk CEO)]

Hypertension, Absolutely. I think that one of the things that of course we take a look at many of our drugs, is it supporting and helping hypertension? I actually think it goes beyond hypertension. If you think about obesity as a disease, unfortunately, you don't die from obesity, you die from issues related to obesity. Hypertension being one. High lipid cardiovascular issues, kidney issues, liver.

[Jim Cramer (Host)]

Fatty liver, which for people should know, alcoholism can produce a fatty liver.

[Mike Dewstar (Novo Nordisk CEO)]

Absolutely, absolutely. And one of the things that we are really proud about this Vigovy pill is that as the name says, it's a vigovy. So it's not only reducing your weight actually at the same level, 16.6% as the injectable version of Vigov, which is quite unusual and we can discuss that a little bit later. But it also comes with the label that shows you the CV benefits, the cardiovascular benefits, because it's the same molecule, semaglutide. So I'm very happy that today, when you take one of these pills, you're not only supporting and helping your weight management, but you're also getting into some of the core mobilities that is associated with obesity.

[Jim Cramer (Host)]

And we knew when we first heard this that people said it will always cost, say, $1,000 a month and therefore would break the bank of whatever country, including ours, supported it. That turned out to be totally untrue.

[Mike Dewstar (Novo Nordisk CEO)]

149, 149, 149. So which is. Which is a learning. We have actually have had that if you want to really make this accessible, then you have to put it at a price where everyone can afford it.

[Jim Cramer (Host)]

And it's something that the President and you both agree on.

[Mike Dewstar (Novo Nordisk CEO)]

We have. We have, actually. And I think that it has been a good learning that that negotiation with the MFN opened up everyone's side that we have to. I mentioned 15 million people or so are on GLP1 in this market. There are 100 million people with obesity in US. Very few people talk about. What about the other 85 million everyone talks about is Novo winning versus Liddy, who's changed and the compounders that have a million patients over here. I think the unmet need is actually about the people who are not having their products. And a lot of those people are not getting their, their hands on these products not because they don't want to, because they couldn't afford it.

[Jim Cramer (Host)]

Okay, well, let's talk about the compounders. We know their organizations. I see their ads a fraction of the cost. Should I trust some compounder that really hasn't been approved by the FDA making.

[Mike Dewstar (Novo Nordisk CEO)]

A pill for me, they're, they're knockoff products. So this should be completely illegal. And I'm very surprised that in this country this is still legal. It shouldn't happen. This is something that happens typically. I wouldn't want to say Banana Republic, but it should really happen in emerging markets sometimes where you close your eyes and let it go by. But in us, to have products that come into the market with API from China that has not gone through rigorous testing of FDA is just a safety issue. Forget about the business side of it. I would not want to give this to anyone I love. And unfortunately, this is still continuing and we will continue to actually talk about it and fight it.

[Jim Cramer (Host)]

Okay, now there are some people who say, wait a second, this pill isn't as effective as an injection.

[Mike Dewstar (Novo Nordisk CEO)]

That's absolutely wrong. If they're talking about vigovipill. I think there is an element that pills are usually chemical entities. They're small molecules. And when you actually take a pill, it comes with the compromise that its counter injectable part then is more efficacious at the burden of injections. Wegovy pill is a biologics. This is a protein and peptide. And I think when he actually decided to encapsulate this protein with a special mechanism that it can bypass your gut enzymes and get to your bloodstream, most people thought this is just scientifically not possible. But we went through it and we did it. And I'm so happy that we succeeded because as a result, now you have a pill or a pen, both of which reduce your weight by 16.6% so you don't need to compromise anymore.

[Jim Cramer (Host)]

Okay, so tell me what happened. You had a firm lead in this and then Luly passed you. What occurred?

[Mike Dewstar (Novo Nordisk CEO)]

Yeah, I think what typically happened is the world started to think that we came to this business 30 years ago. Right.

[Jim Cramer (Host)]

When people felt diet and exercise was the key.

[Mike Dewstar (Novo Nordisk CEO)]

Absolutely. And when we went there, Jim, most of our peers, if not all of our peers, made fun of us. They actually, I remember many of our peers telling us, why are you guys going there? There is no money in it. And our company, and I'm of course a little bit subjective here, our company went there because we saw the patients. Obesity is a very visible disease. We saw the patients and we also noticed that these patients are typically those who are later on suffering from type 2 diabetes. And as we were in that business, we had to go there. But as we went, of course there, we have to learn that obesity in some ways, from a patient point of view, very different than diabetes. When a follower comes after you, they learn about your mistakes and they adapt some of those and then they benefit. And I think, you know, I have to give it to a Lilly. They've done well, but they also had the pleasure of seeing some of our mistakes and fixing those as they go.

[Jim Cramer (Host)]

Okay, they've been fixed and you've been instrumental in doing that. Tell us once again, if someone wants to get the cheapest version, what do they pay and what, where do they get it?

[Mike Dewstar (Novo Nordisk CEO)]

Well, if you have a copay and your insurance company agrees to, you know, your prescription being dispensed, then it's $25.

[Jim Cramer (Host)]

$25 for something. It was 1300 bucks two years ago. 1300amonth.

[Mike Dewstar (Novo Nordisk CEO)]

That's true. $25. If you have insurance now, if because of pre authorizations and or any obstacle that the insurance company puts upon you, you cannot go that route and you want to go through the E health providers, it could be through Novocare Pharmacy, our own pharmacy, or through some of our Partners, Weight Watchers, RO, LifeMD, Costco. Then the price for the initial dose is at 149 and then it basically goes to 199 and eventually to 249.

[Jim Cramer (Host)]

Still incredible. Now, I do not want to just. It's wrong to slight your rare disease efforts. You've got some really good things, but also sickle cell, which is proven to be impossible. It may not be correct. What have you got?

[Mike Dewstar (Novo Nordisk CEO)]

I think most people, of course, forget about our efforts in rare diseases because we're so predominantly known for diabetes and obesity. But we have some fantastic new launches coming up. We have of course, the sickle cell drug that you mentioned, Etavo. We also have something called Mime 8, which is stopping the bleeding for hemophilias better than anything else. 98% of the bleedings that were tested in the clinical trials were.

[Jim Cramer (Host)]

I remember when it was 70%.

[Mike Dewstar (Novo Nordisk CEO)]

So this is fantastic. And we're looking very much forward towards the end of this year to introduce all these drugs.

[Jim Cramer (Host)]

Excellent. Want to thank Mike Star. He's the President and CEO of Novo Nordisk once again. $25.

[Mike Dewstar (Novo Nordisk CEO)]

$25 if you have insurance.

[Jim Cramer (Host)]

Incredible. Thank you very thank you so much.

Coming up, can Medtronic continue to build on its productive 2025 gains? Kramer's asking the CEO how the medical tech giant will keep advancing in 2026.

Next, Choose to show up.

[Brent Saunders (Bausch + Lomb CEO)]

With the.

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[Jeff Marth (Medtronic CEO)]

I wake up.

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Hi, I'm Maria, Salon owner.

[Jim Cramer (Host)]

You know the jingle now discover the.

[AT&T Business Wireless Representative]

Facts about Ozempic, a GLP one. There's only one FDA approved Ozempic made by Novo Nordisk.

[Commercial Narrator / Advertiser]

Learn about the real thing.

Talk to your healthcare professional today. Call 1-833-OZEMPIC or visit ozempic.com to view the medication guide and to learn more about Ozempic. Semaglutide injection. 0.5mg 1mg and 2mg O O Ozempic.

[Jim Cramer (Host)]

This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Landsford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] MarketUpdatePodcast or find Schwab Market Update wherever you get your podcasts.

The stock of Medtronic, the medical device maker, finished 2025 up more than 20%, in part because it plans to spin off its diabetes unit as an independent company. Today they just got FDA approval for their new smart glucose pen System at the J.P. morgan Health Care Conference. I got a chance to catch up with Jeff, Martha. He is the chairman and CEO of Medtronic. Take a look. Jeff, welcome back to Man Bunny.

[Jeff Marth (Medtronic CEO)]

Thanks, Jim. It's good to be here.

[Jim Cramer (Host)]

So I remember what you said at this conference last year. You promised a couple of things. Some people might say, well, please, they can't get it done. Renal denervation. Who would actually pay for that? You talked about. Well, you mentioned that you were going to fix the diabetes business. Well you're going to spin it off. That's obviously the right thing to do. I read all these things and I think maybe you can have better than expected earnings.

[Jeff Marth (Medtronic CEO)]

Well, look, first of all, Jim, thanks for having me. It's good to be back at the conference this year. We're super excited because a lot of the things we talked about last year are all coming into place now and very tangible. And we're really excited to be talking about these generational growth drivers for the company.

[Jim Cramer (Host)]

I want to go first to Colin Oscar. Just because so many people are concerned about it. You talked about AI and how it might be able to catch the Much more than what is done now, the standard of care is rapidly going toward you.

[Jeff Marth (Medtronic CEO)]

Right. Becoming an AI assisted colonoscopy is rapidly becoming the standard of care. We did a clinical trial on this a few years ago and we found that the GI docs were missing roughly 26% of the polyps in the trial. But now that we've launched it out in the real world and it's gone much more scaled, we're finding that they're missing up to 50%. They're doing 10 colonoscopies a day, their eyes get tired and plus these polyps are hard to pick up. So the AI has been a home run for this diagnostic.

[Jim Cramer (Host)]

People are adopting that and it's done quickly. I know that many hospices in New York really switched you Hugo, another thing you promised there there's a more entrenched system, the intuitive surgical. Talk about, please, why hospitals should go with Hugo over isrg.

[Jeff Marth (Medtronic CEO)]

So first of all, Hugo's been something we've been working on for quite a while. Just got FDA approval in December. So it's new. And what this does, it's the first real competitive offering to intuitive. Right. There's a number of features about our robot, our system that physicians are excited about. The modularity. So it allows you to move it. You don't need a dedicated room, allows you to move it around the display allows for more situational awareness in the OR for the physician. There's a number of other cost per procedure, seems lower cost per procedure. So there's a number of technology features, but also the partnership approach we can take. Now that's the second thing is hospitals traditionally have purchased their soft tissue surgery technology by picking a vendor that cuts across their diverse needs. Open procedures and laparoscopic and now robotic assisted surgery. Medtronic is the only one that can serve all those needs and contract across all three in the U.S. once again.

[Jim Cramer (Host)]

Save the system Money, which is something you told me is very important and one of your goals.

[Brent Saunders (Bausch + Lomb CEO)]

Right.

[Jeff Marth (Medtronic CEO)]

The other thing about our system is, like I said, we don't need that dedicated room. But also the tower that powers the system can be used for both the robot as well as laparoscopic surgery. And the majority of surgery is still laparoscopic.

[Jim Cramer (Host)]

It looks like cardiac ablation. The pulse field ablation that you said would be there and be good I think is taking share.

[Jeff Marth (Medtronic CEO)]

It is now. We grew 70% last quarter and we're now the fastest growing technology in that fast growing space. And we believe we're marching towards market leadership.

[Jim Cramer (Host)]

Well, I should stop there and say that that would mean a lot for earnings per share. That is the most important area in terms of getting accelerated revenue growth.

[Jeff Marth (Medtronic CEO)]

Yes. It's like I said, huge market, fast growing and for us it's immediately been accretive to our operating margins. And over time, as we switch to selling less capital equipment and more catheters, it's that razor, razor blade model. And as we get more of those systems out there and we're selling more catheters, catheters, you're going to see impact positively our gross margin as well.

[Jim Cramer (Host)]

What's the resistance of doctors? I mean some of these people have just been using the same systems over and over again. Why would they switch to you?

[Jeff Marth (Medtronic CEO)]

Well, there actually hasn't been a lot of resistance. Honestly, this move from the radio frequency technology that has been the standard to pulse field ablation has been as rapid as we've seen in medtech ever. It's been a huge. People are talking about when you go back to going from bare metal stents to, you know, drug coded stance, it's been a fast movement to us and our main competitor and because it's faster, it's safer and it's highly effective and those. And you've got a huge patient pool now.

[Jim Cramer (Host)]

Elliot partners took a stake. Sometimes they're tough in the sense that they want real things right now. I don't know whether they couldn't agree pretty much with your whole game plan once they got in.

[Jeff Marth (Medtronic CEO)]

Well, look, their words, not mine. They came in with the thesis that we were at an inflection point in the company's history with all this innovation coming and they've been, the relationship's been constructive, you know, productive and they've been a good investor.

[Jim Cramer (Host)]

Well, did they agree with the idea that maybe diabetes, it's just a tough field. I know insulin's got a good business right there. Mini Med, good product. But maybe didn't fit in.

[Jeff Marth (Medtronic CEO)]

Yeah, it's more of a consumer business than the rest of Medtronic. We tend to sell to hospital.

[Jim Cramer (Host)]

I know this is the business is a lot more effective than business to consumer.

[Jeff Marth (Medtronic CEO)]

And so that being said, our diabetes business, Minimed, is a great business. And the reason we did it now, the reason we did it was the consumer versus business to business. The reason now is because the innovation they have right now is the best in the company's history. It's a complete ecosystem of sensors, insulin delivery devices and the best algorithm out there for insulin dependent patients.

[Jim Cramer (Host)]

Do people ever say, you know what the consumer, if they knew about you go, if they knew about your cardiac ablation and how well it's doing, they'll ask for it or is it just really about the hospital? And you're never going to get the consumer to say, I don't want intuitive, I want you though.

[Jeff Marth (Medtronic CEO)]

So look, there are several segments in medtech. Diabetes is more of a true consumer business. But in business to business, Medtech, where you're going to see medtech companies, including Medtronic, drive consumer awareness. Hypertension is a big one, right?

[Jim Cramer (Host)]

We can talk about that because your method is obviously superior to those who won't take the pills. Right? Talk about adoption.

[Jeff Marth (Medtronic CEO)]

So look, it's a brand, so let's take a step back on hypertension. 18 million people in the U.S. suffer from hypertension. 75% of those are uncontrolled silent killer. Right. 50% of these patients quit the meds in one year. So the current standard care meds just doesn't work. So you have this new to world therapy, right? No one really knows about it yet. And so doctors understand it. We've been studying it for 10 years. It's probably the most studied procedure at launch of anything in Medtech and it's highly effective and it's safe. So now we got to get the word out to consumers and we our brand is simplicity. The Simplicity blood pressure procedure.

[Jim Cramer (Host)]

Right.

[Jeff Marth (Medtronic CEO)]

Our intention is to make simplicity synonymous with hypertension management going forward.

[Jim Cramer (Host)]

Now, how about payment? Because that was something I was worried about. The authorities, they're willing to pay. Yep.

[Jeff Marth (Medtronic CEO)]

We just got the national coverage decision by Medicare which you told me you.

[Jim Cramer (Host)]

Could get and I was highly dubious, if only just because it's such a radical procedure. Right?

[Jeff Marth (Medtronic CEO)]

Well, radical in that it's new but it's easy and safe. It's not radical that way.

[Jim Cramer (Host)]

Well, we have a medical establishment that frankly is entrenched and we have pills and I wish everyone took the pills, but they don't.

[Jeff Marth (Medtronic CEO)]

They don't. And kudos to CMS here that understood that. And fda. FDA gave us a breakthrough designation. CMS came in with a broad national coverage decision for Medicare patients and now you're seeing the commercial payers follow suit.

[Jim Cramer (Host)]

And you haven't had any interaction with the Health and Human Services Robert Kennedy. You're not involved with any of the areas he seems that are strong to him personally?

[Jeff Marth (Medtronic CEO)]

No, not, not directly. We've worked collaboratively with Dr. Oz and his team at CMS and of course FDA we're working with constantly but not directly with Secretary.

[Jim Cramer (Host)]

All right, well congratulations on fulfilling everything you said at this conference last year. Not everybody did that, Jeff. Martha MEDTRONIC, Chairman and CEO thank you, Jeff.

[Jeff Marth (Medtronic CEO)]

Thank you, Jim.

[Jim Cramer (Host)]

Coming up, will 2026 be the year Pfizer breaks out of its rut? CEO Albert Borla is joining Cramer to break down what's coming down the company's pipeline next.

What's it going to take to get Pfizer moving higher again after years of underperformance? Is it too cheap to ignore? Now at the JP Morgan Health Care Conference I sat down with Dr. Albert Bourlo, the Chairman CEO of Pfizer to examine the company, its pipeline and its high yield.

[Mike Dewstar (Novo Nordisk CEO)]

Take a look.

[Jim Cramer (Host)]

Albert. The most exciting thing going to get right to it is weight loss. And you have decided you must be in there no matter what and not.

[Commercial Narrator / Advertiser]

Only to be there, but we decided that there should be a leading company to that. And I say that with not at all arrogance because I know that the leader right now is a wonderful company. They have wonderful pipeline and their CEO is fantastic. But we are Pfizer so we are go all in. We are going to start 10 phase three studies this year. 10 phase three studies.

[Jim Cramer (Host)]

Tell me what it's done for you.

[Commercial Narrator / Advertiser]

Oh, it is. We are expecting now data from the monthly dosing and that I hope in the first half of this year we will release and we hope to demonstrate how highly differentiated the Ultra Long Acting GLP1 it is compared to the Long Acting GLP1s of the others.

[Jim Cramer (Host)]

And how long is ultra long?

[Commercial Narrator / Advertiser]

It is a month. So we are going to have data probably for at least four months of people being on monthly how much and.

[Jim Cramer (Host)]

This is injection or pill?

[Commercial Narrator / Advertiser]

It is an injection but there is a pill also that is following.

[Jim Cramer (Host)]

Okay now the reason I bring it up immediately is that I remember when Merck had Mevacor they a tremendous drug cholesterol, but they weren't the winner in the end. Pfizer was the winner. It can happen like that, correct?

[Commercial Narrator / Advertiser]

Of course it can happen like that. And we have stories like that in multiple therapeutic areas. Pfizer is a powerhouse of executing and of course, commercial. And with a portfolio like that, I think we will be able to play a very significant role.

[Jim Cramer (Host)]

All right, well, the reason I wanted to start there is because the loss of exclusivity that you have 1.5 billion, 26 doubles in 2027, doubles again in 2028. It makes me feel. Wait a second. As a conservative investor, I can't trust your dividend.

[Commercial Narrator / Advertiser]

Yeah. Actually, I can tell you that you should not worry about the dividend. And you need to know that we were Preparing for this period. 26, 27, 28. We did all these acquisitions. Basically all the proceeds from COVID and much more were invested 80% in three companies. BioHeaven with Nortek Seeds and Material. Now. All right, well, all three are doing phenomenally well.

[Jim Cramer (Host)]

Well, hold on. Let's check that. C Gen has not been phenomenal. I don't know how you can say that for $43 billion. I've known you for a long time. I think you have to be a little more conservative about what you've seen and, and what you've got.

[Commercial Narrator / Advertiser]

Season we said that we were going to make $10 billion by year 2030, and we will. I can tell you that right now the season sales of the current portfolio are moving well ahead of our expectations when we did the deal. But also the pipeline is moving. For example, this year we are expecting the readout of the new generation of Seedsen that goes against lung cancer. That's a $60 billion market. If this study is positive, what's the portfolio?

[Jim Cramer (Host)]

I remember CGEN from the old Seattle Genetics, and I thought it would be brain. I thought it'd be kidney. I thought it'd be liver. They made expectations that. And those weren't yours, but they made expectations, made me think that 43 billion was cheap. And then once you got them, I'm concerned that they're not authentications.

[Commercial Narrator / Advertiser]

Actually, as we had discussed multiple times, expensive or cheap depends in our business if it is successful or not if the products will be successful or if the products will fail. The studies. If the products succeed, we paid very little for this company and paid fail. We paid a lot.

[Jim Cramer (Host)]

Right. And that's what I'm worried about. Look, the reason why I'm concerned about the dividend is there are many people who are watching. They get 6.7%. They are saying, you know what? This is A bond. I had a caller who said it's a bond. It's not a bond, it's a common stock.

[Commercial Narrator / Advertiser]

And I think that they should not worry at all about the dividend.

[Jim Cramer (Host)]

It's a strong statement.

[Commercial Narrator / Advertiser]

That's why I'm saying I'm the CEO and chairman and I say you just not worry about the dividend.

[Jim Cramer (Host)]

Okay, fair enough. And take your face value now. You spent 11 billion for Nortech. Are you able to get money back beyond just the simple migraine?

[Commercial Narrator / Advertiser]

Look in. It's not just a simple migraine. Right now the product, first of all is doing extremely well in migraine. But we are having a study right now that we expect to read out probably next year, maybe end of this year, but probably next year on menstrual migraines. This is a huge problem with women. And we hope that that new indications will take the product to a new level. And also we are starting a study this year for a chronic prevention. Chronic migraine means at least 15 episodes per month. Migraine episodes.

[Jim Cramer (Host)]

I had 26 months for aiming this and I can tell you it worked. I just don't know if it works for everybody else. And by the way, the awareness is just. Is subpar.

[Commercial Narrator / Advertiser]

Yeah. The study will show if it works for everybody else and the awareness can become better. But this one will be daily use so that you will not have migraines.

[Jim Cramer (Host)]

Okay, fair enough. I like that. Now, most favored nations. Good for all of us. Most favored nation. What was it like to be able to negotiate with the President? To be able to basically bring down your margins?

[Commercial Narrator / Advertiser]

Yes, I think we found a very, very good way to resolve a major uncertainty. It was not only the mfn, it was the tariffs. And those were creating an overhang over the entire industry. And I'm proud that Pfizer led the way. And now all 17 companies have signed contracts with the administration. I think we are. The gene was out of the bottle. We couldn't have prices in the US for products that are two or three times higher than in Europe. So that is changing and will change. Europe needs to pay their first set of innovation.

[Jim Cramer (Host)]

Okay.

[Commercial Narrator / Advertiser]

And Japan and Canada.

[Jim Cramer (Host)]

Fair enough. When I think of Pfizer, I think of vaccines. I think of life saving vaccines. I think of vaccines that would make it so. I don't even know what the world would look like without them. The Secretary of Health and Human Services does not agree with that. I think that he would say that many of your vaccines are not legitimate. What do you say to him?

[Commercial Narrator / Advertiser]

Look, I tried to maintain And I was successful to maintain a very good working relations with Bobby Kennedy, with the Secretary. And actually the MFN agreement is a testament to that. But in vaccines, it's an abyssus that is dividing the gap is huge. Everything they do, it is not science based, will cost lives. These are not things that are easy to. They are not, let's say not trivial. And I can tell you, and I say that although the changes in the schedule didn't affect Pfizer.

[Jim Cramer (Host)]

Well, do you not fear retribution for your stand, which is directly opposed to hhs?

[Commercial Narrator / Advertiser]

No, I don't think so because as I said, we maintain open dialogues and open ways of communication. Cdc, I don't agree at all. Many other things that they are doing. I agree the MFM deals, we did it together.

[Jim Cramer (Host)]

Fair enough. Now your, your CFO has said, I'm going to just quote him. You won't return to growth until you hit the end of the decade. Is that true? No growth till the end of the decade. Why do you say that?

[Commercial Narrator / Advertiser]

No, it's not true in that way. What is going to be it is that we will have stagnation and probably small decline all the way to 28. Following that 29, 30, 31, 32. The CAGR of that period will be industry leading. The compound annual growth will be industry leading. I know what I'm saying when I say industry leading. I know what are the projections for every other company. And in our calculations we will be leading the growth of the industry. 29, 30, 31, 30.

[Jim Cramer (Host)]

Okay, so Merck has been able to be really been able to address directly the low, the loss of exclusivity. Why has Pfizer not been able to right now make it so that 2027 is a year that it wouldn't be down?

[Commercial Narrator / Advertiser]

Because America's one. We have three years of loss of, loss of exclusive. We just enter with one and a half billion. We go next year with four and a half and then six and a half. And it's going to cost us those three years, the numbers that I just told you.

[Jim Cramer (Host)]

But you did have tremendous, tremendous amount of money that came in for Covid. You weren't able to make it so that you could just buy that growth.

[Commercial Narrator / Advertiser]

We did buy the growth and right now fast enough. Well, I would say that probably fast enough. Right now. Our loes are expected to be 18 billion, 17 billion in year 2028. This year probably will make 10 billion from new acquisitions and new launches with double digit growth. I can tell you now that next year, so this year 26. We will maintain the double digit growth.

[Jim Cramer (Host)]

Okay then what I'm going to say when someone calls in on Pfizer. My lightning round. I'm going to say I am not concerned about the dividend. I spoke directly to Dr. Albert Borland.

[Homes.com Narrator]

He is sh.

[Jim Cramer (Host)]

Sure. Can I say that?

[Commercial Narrator / Advertiser]

Yes.

[Jim Cramer (Host)]

Then I will. Albert Borel is the chairman and CEO of Pfizer Pfe. Thank you.

[Commercial Narrator / Advertiser]

Thank you very much. Happy New Year.

[Jim Cramer (Host)]

Coming up, Kramer takes your calls and the sky's the limit. It's a fast fire lightning round.

[Brent Saunders (Bausch + Lomb CEO)]

Next.

[Jim Cramer (Host)]

It is time. Stock present time. My staff prepares to grab it. Soon I'll be playing this out and then the lightning round is over. Are you ready, Steve? Daddy turn the light round craves Martin.

[Jeff Marth (Medtronic CEO)]

Sort of.

[Jim Cramer (Host)]

Lance and Marlon. Lance. Thank you for taking my call. Mr. Kramer, with a PE of 24 and a dividend of 5.7 is it smart to start a position in self storage company CubeSmart? Not enough growth and there are others that are better. Let's look. Take a with Prologis. Okay, that's the best. Let's go to Julian. Virginia. Julian. Hey, how you doing, Jim? Couldn't be better. What's going on? Hey, I have a question for you. Like it's a Sony like a goodbye. Yeah. Down a dollar. Yeah. Down a percent and a half. I think for the year that. Yes. I'm going to say it isn't buy. The stock is undervalued. Let's go to Paulo in California. Paolo. Hey Kramer. Brendan Meyer. Okay.

[Commercial Narrator / Advertiser]

And predirective aquestive aqsd. What are your thoughts on that?

[Jim Cramer (Host)]

All right, I am gonna have to look up what the heck happened. Down 38%. I want to see if that's an overreaction and then I come back with a more considerate answer that I can give you right now. And that, ladies and gentlemen, conclusion of the Lightning round.

The Lightning round is sponsored by Charles Schwab. Coming up after a bullish investor day, Bausch and Lomb has its sights set on a strong year. Kramer sitting down with the company's CEO for a closer look at its future.

[Commercial Narrator / Advertiser]

Next.

[Jim Cramer (Host)]

Jim Cramer. Die hard of the doll. Hey Jimmy. Love the show. My five year old grandson loves to watch your show. I have to thank you for making us money when it's there to be made. Our world is a better place with you in it. Could 2026 be the year that eye care company Bowser Loam finds its first footing at the J. Boeing Health Care conference? I checked in with Brent Saunders, the chairman and CEO of Balchan Loam to find out. Take a look. But you're changing the world. I was not aware that there was no new innovation in contact lens for 25 years. You're changing it.

[Brent Saunders (Bausch + Lomb CEO)]

We're certainly trying. We're super excited about our new bioactive lens platform. We get. We have it in clinical studies right now. We get data in a few months. But we think it's going to change the paradigm for contact lens wearers. No one's done it for so long.

[Mike Dewstar (Novo Nordisk CEO)]

It's so exciting.

[Jim Cramer (Host)]

As someone who wears them, I have a chronic problem with moisture. They just get dry, then they get stuck on my eyes. You want to fix that?

[Brent Saunders (Bausch + Lomb CEO)]

We do. And early data suggests that we did fix it. This should be the most comfortable lens. It's the first lens not made with silicon, but actually made. The polymer is made with hyaluronic acid, which is your eyes natural lubricant. So it's. It works biomimetically with the eye and the homeostasis of the eye. It's really an exciting project.

[Jim Cramer (Host)]

I remember last year when we spoke at the conference, and I have to tell you, I was afraid that Brent Saunders was too glib because you were talking about disrupting this. And I said, oh, please, give me a break. This is a company that's involved with a heavily indebted Bausch Health. It's a caretaker thing. But no, I mean, for instance, glaucoma there. It's. The standard of care has not been nearly as good as I realized.

[Brent Saunders (Bausch + Lomb CEO)]

No. It's been a game about lowering interocular pressure, which is a symptom of the disease. But the real disease is a. Is a neurodegenerative disease. And so we need something that. That helps restore vision. All glaucoma patients still lose visual function. And so we have this great asset in phase two. We'll get data also later this year that looks like we have proof of concept. We have a phase two study already that shows that we could improve, maintain IOP and improve vision, which is the holy grail for. For glaucoma.

[Jim Cramer (Host)]

Why don't you tell me some of the other things that you're doing that are disruptive because this is a company that used to be the leader, and then it kind of fell. And you're bringing it back.

[Brent Saunders (Bausch + Lomb CEO)]

Yeah, well, after 172 years of history. Right. You have a lot of highs and a lot of lows. We're both familiar with some of the lows of this company, but now we have the deepest pipeline. We've had in our 172 year history, we have 60 programs, many of them game changers. We have a combination program for dry eye which really is an important way to treat that disease. We have the first ocular pain product. We have a new contact lens material that's super exciting. We have new IOLs, we have new surgical equipment. So the next two, three years are going to be really robust with data and product approvals and growth.

[Jim Cramer (Host)]

Now there are people, some of us don't get much sleep and the way you can tell is that our eyes get red. Lumify is a radical change and you're doing this Lux. Tell me about it.

[Brent Saunders (Bausch + Lomb CEO)]

Yeah, so I just used Lumify right before I stepped on set so my eyes would look nice and white. But great product. It's been a great growth driver for us, but it needs to continuous innovation. So what we want to do is add hyaluronic acid, much like the contact lens into the formula to give it a silky smooth, moisturing, moisturizing feeling in the eye. So not just get that great whiteness, but make you feel really good too.

[Jim Cramer (Host)]

So how do you divide between business to consumer and business to business?

[Brent Saunders (Bausch + Lomb CEO)]

You know it's kind of merging, right? Yes, it's not so distinct anymore. And so, you know, a lot of our retail partners or professionals recommend consumer products and vice versa. And as you think about new advertising, right, it's not traditional linear TV like it used to be. It's really, we're using AI and we're creating content and things are moving at lightning speed. So I think it's disruptive. I don't think there's a clear line anymore.

[Jim Cramer (Host)]

Now you've also disrupted industries by saying, you know what, I'm going to go with whatever is right for shareholders. I'm not going to entrench. You are a deal person who works for the shareholder. There was a story about activist Jan pushing big contact lens combination Cooper and Bowser Loom. I expected to see you to say, well, listen, we're not, it's not the right time for us. You are open to do the right thing for shareholders, which may mean I want to make a lot of money for people instantly rather than multiple years.

[Brent Saunders (Bausch + Lomb CEO)]

Yeah, certainly that's my true north. Right. We run, we run the company for our shareholders benefit.

[Jim Cramer (Host)]

Right.

[Brent Saunders (Bausch + Lomb CEO)]

But we think a little longer term sometimes. And look, Jan, I, you know, I looked at their argument, it makes some sense. But we don't team up with activists either. So you know, we, I tend to only do friendly deals and deals where value can be created through good relationships and keeping employees.

[Jim Cramer (Host)]

But is it a time that this industry consolidated? There are too many players.

[Brent Saunders (Bausch + Lomb CEO)]

There are too many players. And on the merits, it makes sense for number three and number four to combine because there's a lot of big players, there's a lot of local players all over the world. And I think it would be good for consumers.

[Jim Cramer (Host)]

One last question. When I look at the ownership structure and I look at how troubled BHC Health is, how do you make it so that you can distinguish yourself as being a great growth company in light of the fact that the structure of ownership is, let's just say, challenging? Yeah.

[Brent Saunders (Bausch + Lomb CEO)]

So I focus on our performance. Right. We just, we just had an investor day. We gave a three year plan. We're talking about being the fastest growing company in the industry, which we've been doing for the last two years. We talked about massive margin improvement at 600 basis point margin improvement over the next three years and evenly spread out 200, 200, 200. So not a hockey stick.

[Jim Cramer (Host)]

Right.

[Brent Saunders (Bausch + Lomb CEO)]

We have the plans, we're executing and then drive innovation, have the best pipeline with the best products. Well then, then the rest should take.

[Jim Cramer (Host)]

Care of its the JP Morgan health care coverage. There's a lot of news here. What you say to me sounds like that the numbers for bounce and loan were too low.

[Brent Saunders (Bausch + Lomb CEO)]

Well, we had a lot of momentum going into the third quarter. Right.

[Jim Cramer (Host)]

Your seasoned practitioner. Are the number, are the estimates too low?

[Brent Saunders (Bausch + Lomb CEO)]

Well, I think the numbers we gave just six weeks ago at the New York Stock Exchange are the numbers. And so there are some analysts that are below that and they should.

[Jim Cramer (Host)]

Well, they're wrong.

[Brent Saunders (Bausch + Lomb CEO)]

They should come to our numbers because I'm very confident we'll deliver that.

[Jim Cramer (Host)]

Well, let's leave it at that. Brent Saunders, who is a moneymaker for multiple years and is also chairman and CEO of Balchan Loan, thank you so much. Thank you all. I appreciate it. Like I said, there's always a bull market somewhere and I promise try to find it. Just for you right here, man. Money. I'm Jim Cramer. See you tomorrow with more from the J.P. morgan Health Care Conference.

[Commercial Narrator / Advertiser]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable. But neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer USAA knows dynamic.

[Jim Cramer (Host)]

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[Jeff Marth (Medtronic CEO)]

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