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As we head into this weekend, below are our latest thoughts on the healthcare components of the reconciliation bill and where things stand and what changes may be in store. This afternoon’s sidelining of the…

Nearly five hours of testimony from HHS Secretary RFK Jr. yesterday on the administration’s FY26 budget request leaves us with little additional confidence in the overall trajectory for NIH spending and – by extension –…

We view the IRA green energy tax credits in the House Ways and Means Committee as a worst-case scenario. We believe that, in aggregate, these tax breaks won’t get worse when the Senate cobbles together…

We continue to assign high odds that the reconciliation / tax bill will pass by late July / early August. The bill included many corporate and individual tax provisions. We focus on the corporate provisions…

Yesterday’s CMS proposal confirms our suspicion that the agency would seek to tighten state provider taxes – primarily those on managed care [ELV, UNH, CNC, MOH, CVS, CI, OSCR]– used to secure sizable federal Medicaid…

We continue to believe that President Trump’s reciprocal tariffs face a real risk from the U.S. Court of International Trade (CIT) case, V.O.S. Selections, Inc. v. Trump, which will be heard today. In what might…

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…

This week is an important week for the reconciliation / tax bill as three important committees plan to mark up their versions of the bill. In addition, President Trump is scheduled to sign an executive…

The House Energy & Commerce Committee’s (E&C) reconciliation draft (text and summary) seems to largely align with our expectations regarding cuts / risks in Medicaid, Obamacare, and pharmacy benefit managers (PBM).  While there were still…

On the heels of the UK trade deal announced this morning, we have the following updates on: China trade talks; The U.S. Court of International Trade reciprocal trade case; and Potential semiconductor tariffs. On trade…