Biopharma

Amid reports that HHS is considering steps to curtail direct-to-consumer (DTC) drug advertisements – with negative implications for high spenders in this area [ABBV, NVO, REGN] – we see significant impediments to how far /…

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…

Apropos of our note on the subject earlier today, there are reports this afternoon that as early as Monday, May 12 President Trump “is expected to sign an executive order directing aides to pursue ……

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…

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 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…

With no more than a perfunctory reference this afternoon, CMS announces that it will not be finalizing a Biden proposal to allow Medicare Part D plans to cover anti-obesity medications (AOMs) while requiring it of…

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…

Following our pre-rule report yesterday on CMS’s proposal to extend Medicare / Medicaid coverage to anti-obesity medications (AOMs), we update our assumptions below based on the details included in the release itself. More specifically: We…

While likely implying a ~2% revenue tailwind for LLY and NVO, if implemented, we take a cautious view of this morning’s surprise White House announcement that it intends to facilitate broader Medicare / Medicaid coverage…