We are seeing Swiss pharmaceuticals react to the, I feel like it's the tariffs sentiment that's hitting Swiss stocks altogether, but also the drug pricing story from Friday as well. Just walk us through how these drug makers have responded, how much room to manoeuvre they actually have. So firstly, there's a lot of uncertainty still for Swiss pharma companies.So the 39% is not actually going to hit them immediately. They sort of have a short stay of execution in some ways, but at the same time they know tha ...

President Trump demanding that major drug makers lower the prices that they charge Americans in the next 60 days. In a series of letters sent yesterday, President told companies to offer the full portfolio of their drugs uh to Medicaid patients at the same prices paid abroad. This is what's known as most favored uh nation rule.Trump also told drug makers to guarantee that Medicare, Medicaid, and private insurance patients get the same lower overseas prices for all newly approved medicines, and he demanded c ...

According to recent data, the prices that Americans have been paying for brandame drugs are more than three times the price other similar similarly developed nations pay. The president is determined to solve this problem and took further action today. He has signed 17 letters to pharmaceutical companies CEOs and I would like to read you one of these letters to the CEO of Eli Liy.On May 12th, 2025, I signed an executive order delivering most favored nation prescription drug pricing to American patients to st ...

RT unusual_whales (@unusual_whales)BREAKING: Trump says he has asked drugmakers to cut US prices of drugs in 60 days, or face consequences. ...

All right, look at some new data uh from RSM. They say about more than 40% of the branded drugs we use here in the US, they come from Europe, about 18% of gener. So really, how big of an impact will these tariffs have not only on pricing but availability.>> Well, I think uh you know what was really causing investors the most concern was that this was completely uncharted territory. We've never seen tariffs in the pharma sector before. Um and um so it was a lot of sort of a guessing game of what the final ra ...

Healthcare Sector Performance & Outlook - Healthcare sector experienced its worst three-year performance in over a decade, with a 25% increase compared to the S&P 500's 57% gain [1] - The healthcare sector's outlook hinges on clarity regarding drug pricing policies, particularly concerning the Most Favored Nation (MFN) [3][9] Drug Pricing & Policy Uncertainty - Uncertainty surrounding the scope of MFN drug pricing policy (Part B vs Part D, commercial spillover) is causing hesitation among generalist investors [2][5][6] - The industry anticipates MFN policy to be limited to Part B (injectable drugs) with potential for improved price points and US-only launches for new drugs, maintaining price integrity [5][8] Innovation & Investment - There is strong innovation within the biotech space, encouraging investment, with broad consensus supporting continued innovation [7] Company Earnings - Managed care companies like Sigma and Humana, along with large-cap pharma including Bristol Myers and Merck, are reporting earnings this week [1]

We are talking to industry constantly to figure out how we can be helpful. Which of their products being proposed are in line with our national priorities. That is meeting a large unmet public health need.Domesticating manufacturing as a national security issue. Increasing the affordability of drugs, which is an access problem. This president does not like to see Americans getting ripped off.And we've been paying more for drugs than in many wealthy countries around the world. Can you do anything about that. ...

Spain wants to create a two-tier pricing system for certain drugs that are in high demand after facing supply shortages due to off-label use of the medication https://t.co/4j6aH4R4Dp ...

Summary of US Large Cap Pharmaceuticals: Mid-Year State Of Play Industry Overview - The report focuses on the US Large Cap Pharmaceuticals sector, analyzing key companies such as ABBV, LLY, JNJ, MRK, BMY, and PFE [6][5][32]. Core Insights and Arguments 1. **Revenue Growth and Stability**: Projected revenues from growth/stable products for 2025-2030 are as follows: ABBV at $10.39 billion, LLY at $3.06 billion, JNJ at $1.68 billion, MRK at $1.37 billion, BMY at $0.60 billion, and PFE at $0.54 billion [5]. 2. **Patent Cliff Exposure**: The number of years to the next major patent cliff varies, with ABBV and MRK at 3.5 years, while LLY and JNJ face longer timelines [5]. 3. **Market Sentiment**: The report indicates a "Launch Trade" momentum, with high investor psychology impacting stock performance, particularly for ABBV and GILD as popular longs, while MRK is viewed as a funding underweight [6]. 4. **Macro Environment**: A friendlier US macro backdrop with diminished recession risks and benign inflation data is noted, which could complicate the case for large-cap biopharma relative to other sectors [6]. 5. **Drug Pricing Uncertainty**: Ongoing debates regarding drug pricing and potential implementation of Most Favored Nation (MFN) pricing are highlighted as significant uncertainties affecting investor sentiment [6]. 6. **Key Catalysts for 2H25**: Important upcoming catalysts include LLY's ATTAIN-1 data for an oral obesity pill, BMY's ADEPT-2 Phase 3 data for Alzheimer's treatment, and MRK's CADENCE trial outcomes [6]. Additional Important Considerations 1. **Tariff Implications**: The report discusses potential tariffs on pharmaceuticals, with an expected starting rate of 25% on transfer pricing, potentially dropping to around 10% based on negotiations [6]. 2. **Investor Positioning**: The healthcare sector is experiencing a positioning cleanse, with Medtech favored over large-cap biopharma [6]. 3. **Earnings Setup**: Investor sentiment is more comfortable with ABBV, PFE, and LLY, while concerns are raised regarding BMY's performance [6]. 4. **Government Exposure**: The report notes that government end-market exposure varies significantly among companies, with LLY and MRK having over 35% exposure to Medicare/Medicaid revenues [5]. Conclusion The US Large Cap Pharmaceuticals sector is navigating a complex landscape characterized by macroeconomic factors, regulatory uncertainties, and evolving investor sentiment. Key companies are positioned differently based on their revenue growth potential, patent cliff exposure, and government market dependencies. The upcoming catalysts and tariff implications will be critical in shaping the sector's performance in the second half of 2025.

Investment Rating - The report indicates a positive shift in sentiment within the healthcare sector, particularly among biopharma and MedTech companies, suggesting a constructive outlook for investment opportunities [3][6][11]. Core Insights - There is a notable constructive engagement between biopharma companies and the administration regarding drug pricing, although visibility on future actions remains low [3][7]. - The MedTech environment is characterized by robust capital expenditure and stable utilization trends, indicating a healthy operational landscape [6][11]. - Companies are actively pursuing business development and M&A opportunities, particularly in therapeutic areas like immunology and obesity [6][8]. - The report highlights a focus on upcoming catalysts and events that could influence market dynamics, including key conferences and regulatory approvals [9][19]. Summary by Sections US Pharma - Large-cap pharma companies expressed a continued appetite for business development, with a focus on immunology and internal medicine [5][6]. - Pricing dynamics in the obesity sector are under scrutiny, with companies like LLY and PFE discussing their strategies amidst evolving market conditions [8][11]. EU Pharma - Uncertainty remains regarding the timing and impact of tariffs, with companies exploring inventory management and manufacturing strategies to mitigate risks [11][12]. - The implementation of Most Favored Nation (MFN) pricing is still unclear, but companies are strategizing to protect against potential impacts [11][12]. Biotechnology - Companies like AMGN and GILD are actively engaging with policymakers to advocate for patient access and value, while also monitoring the impact of tariffs on their operations [16][18]. - The focus on M&A and business development remains strong, with companies looking for innovative opportunities to enhance their pipelines [27][28]. Key Upcoming Catalysts - Significant upcoming events include the ADA conference and various PDUFA dates, which are expected to provide critical data and insights into ongoing developments in the sector [9][19][20]. - Companies are preparing for important readouts and regulatory decisions that could shape their future growth trajectories [19][30].