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While CMS’s finalized GLOBE most favored nation (MFN) rule for Medicare Part B meaningfully narrows its reach / implications, we view its methodology for excluding manufacturers participating in the GENEROUS MFN Medicaid model as legally…

With CMS likely to release its final CY27 Medicare Hospital Outpatient Prospective Payment System (OPPS) rule in early November, we continue to expect a substantial cut to Medicare payment for 340B-acquired drugs administered in participating…

With data center moratoriums recently gaining steam across the country, we do not expect political opposition to data centers to fade after the midterms. Governors facing elections in 2027 and 2028 may face growing pressure…

This week is the Senate’s last scheduled week before the elections. Senators plan to pass the Protect College Sports Act on Monday, an odd legislative choice, in our view, when voters are focused on inflation…

We have moved our odds to a 60% chance of Democrats retaking the Senate from our previous assessment of 50/50. We continue to believe there is an 85% chance the House flips control to the…

The FDA appears likely to approve Grail’s (GRAL) Galleri by ~1Q27 following yesterday’s advisory committee vote, though we suspect a narrowed label, removal of the word “early” from its indication for the “detection of multiple…

This afternoon’s White House announcement of additional Obamacare anti-fraud actions does not change the direction of the ACA reset underway over the past year, nor our expectations for 2027 and 2028. While the actions appear…

President Trump’s comments today at the UN—and despite the calls for regulation from the large AI frontier models CEOs—reinforces our view that this administration intends to maintain a light-touch approach to AI regulation absent a…

CMS’s preliminary CY27 rates for lab codes targeted through the next phase of adjustments under the Protecting Access to Medicare Act (PAMA), released last night, appear largely consistent with the ~$100 M risk projections previously…

The week ahead will be busy despite the fact that the House has left Washington until after the midterm elections. The Senate is scheduled to remain in session through Oct. 2 but could complete its…