ABBV (US)


June 18, 2025

Rx Advertisements & RFK: Legal Guardrails

By John Leppard

Amid reports that HHS is considering steps to curtail direct-to-consumer (DTC) drug advertisements – with negative implications for high spenders in this area [ABBV, NVO, REGN] – we see significant impediments to how far /…

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May 7, 2025

Rx Most Favored Nation (MFN) Estimates

By John Leppard

We continue to assign ~35% odds to Congress including Medicaid Most Favored Nation (MFN) price controls into its broader reconciliation bill given: (A) the complexities of such a policy; (B) the expedited timeline lawmakers are…

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January 17, 2025

[NVO, BHC, TEVA] Quantifying IRA Price Negotiation Risks

By John Leppard

Our analysis of the drugs included in the CY27 cycle of price negotiations under the Inflation Reduction Act (IRA) announced this morning implies a 3%-4% headwind for NVO relative to consensus CY27 revenues, with a…

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