Biopharma

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…

Key Takeaways: We are initially skeptical that Trump’s selection of Robert F. Kennedy Jr. (RFK) to lead HHS can survive Senate confirmation but, if we are wrong, would note that any HHS secretary is constrained…

Key Takeaways: We continue to think legislation to allow Medicare Part D coverage of anti-obesity medications (AOMs) [Eli Lilly (LLY), Novo Nordisk (NVO)] is unlikely to pass this year, despite the relatively modest budgetary estimates…