AMGN (US)

The White House’s Rx pricing agreement with PFE yesterday – with the promise of additional company deals next week – may provide industry with some incremental goodwill, but we are dubious that it takes broader…

The White House’s Office of Management & Budget’s (OMB) disclosure this morning that it is reviewing what appears to be a Most Favored Nation (MFN) drug pricing model is consistent with our long-held expectations, if…

With President Trump demanding “binding commitments” from drug manufacturers to offer Most Favored Nation (MFN) pricing by Sept. 29, we outline company-specific revenue risks and our expectations for an eventual regulatory proposal in 4Q25 /…

Investors should view today’s drug pricing Executive Order (EO) with relief, and while the biopharma industry remains on notice for potential future regulatory actions, we suspect the courts would intervene to stop any overly broad…

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…

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…