We have long believed that the risks to the green energy tax provisions in the Inflation Reduction Act (IRA) were higher than the markets believed as Republicans look for offsets to pay for the reconciliation…

We continue to believe there is no better than a 1- in- 4 chance for Congress to enact a tax hike on Royal Caribbean (RCL), Carnival Corporation (CCL), and Norwegian Cruise Lines Holdings (NCLH) in…

Today’s Office of Management and Budget (OMB) posting that it is reviewing a proposed CMS regulation about appropriate use of Medicaid provider taxes offers too little information to appropriately size the threat to hospitals (UHS,…

Congress returns from recess next week where work is expected to pick up on the reconciliation/tax bill, with various committees beginning to mark up the legislation over the next two weeks. During the next month…

Following oral arguments this morning, we continue to believe that the Supreme Court will preserve HHS authority to enforce mandatory cost-free coverage of U.S. Preventive Services Task Force (USPSTF) recommendations, preserving the positive status quo…

With the Supreme Court (SCOTUS) to hear oral arguments this morning 10-11 am ET [live stream] on the legality of mandatory cost-free coverage of U.S. Preventive Services Task Force (USPSTF) recommendations, we reiterate our long-held…

We hosted a conference call yesterday with a trade expert, who has advised various politicians in Washington, and give our takeaways and update views on trade. You can click here for a link to the…

Despite investor fears of a return of Most Favored Nation (MFN) pricing efforts under Trump, explicit endorsement of such a policy is notably absent from this week’s Executive Order (EO) on drug pricing, despite multiple…

With press reports indicating that the White House will seek NIH funding cuts of more than 40% in its upcoming FY26 budget release, the overhang on life science tools (LST) names [BRKR, ILMN, AVTR, A,…

President Trump’s executive order (EO) on biopharma yesterday suggests the hospital sector is a larger target than administration officials have let on to date and seems to proffer more substance about additional ways to garner…

With the Trump administration announcing its long-anticipated Section 232 pharmaceutical investigation yesterday, laying the foundation for eventual tariffs on the space, we expect this to move much quicker than the typical 232 case (e.g., 2-3…

Friday’s draft FY26 rate rule for Medicare inpatient hospital services brings incremental benefits for the likes of BSX, DXCM, ABT, and MMSI through proposed endorsement of new technology add-on payments (NTAP) that we expect to…

Medicare’s proposed FY26 payment regulations for inpatient hospitals [HCA, THC, CYH, ARDT, UHS, MPW, municipal bond-backed facilities], inpatient rehab facilities (IRFs) [EHC, SEM], hospices [CHE, ADUS, Gentiva], long-term care hospitals (LTCHs) [SEM, Kindred], skilled nursing…

We want to let you know that we are working to set up a trade /tariff conference call for next Wednesday, so keep an eye on your inbox for details.   Below are some quick…

Today’s successful Senate confirmation of Mark Meador to join the FTC as a commissioner paves the way for the FTC to officially resume its antitrust litigation against the pharmacy benefit managers (PBMs) [CVS, CI, UNH,…