Uncategorized

We have the following comments about President Trump’s recent trade pronouncements, which are generally consistent with our views before he became president. We are skeptical that the 25% tariffs on Mexico and Canada, in response…

While investors in insurers and providers seem most concerned about the fate of the expiring enhanced ACA subsidies, which we still expect to be revised but ultimately extended later this year, other – albeit smaller…

Following GH’s announcement this AM of Medicare coverage of its tissue-naïve Reveal test for minimal residual disease (MRD) surveillance testing, we wanted to highlight some additional salient points omitted from the company’s press release. The…

We expect some potential market moving action this week in relation to:  1) President-elect Trump’s inauguration, 2) his potential executive orders (EOs) and 3) his public comments. Trump has promised 100 EOs in the first…

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…

We doubt Medicare Payment Advisory Commission’s (MedPAC) FY/CY26 Medicare payment recommendations for home health agencies, inpatient rehab facilities, skilled nursing facilities, hospices, dialysis centers, hospitals, and physician offices, which were voted on Thursday in nearly…

Our long-held belief has been that defense spending for FY25 would clock in at ~$920 billion; however, that figure seems too low in our view, given the recent news flow.  We now believe defense spending…

UnitedHealth’s (UNH) comments during its 4Q and full year 2024 earnings call about changes its it taking to head off certain public policy concerns (PBMs, prior authorization/claim denials) seem like the company is in catch-up…

We see little positive legislative movement for the sports gambling sector [DKNG, FLUT, CZR, MGM], since we do not expect any of the 11 states that have yet to legalize the practice to make further…

The FTC’s unanimously-supported release of its second interim report on pharmacy benefit managers (PBMs), focused on specialty drug dispensing at affiliated pharmacies [CVS, CI, UNH] that generated an extra $7.3B in revenue over six years,…