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. ...

Core Viewpoint - Milestone Pharmaceuticals Inc. has initiated an underwritten public offering of its common shares and warrants to fund the clinical development and commercial launch of etripamil for paroxysmal supraventricular tachycardia (PSVT) [1][2]. Group 1: Offering Details - The offering includes common shares, Series A warrants, Series B warrants, and pre-funded warrants for certain investors [1]. - The offering is subject to market conditions, and there is no assurance regarding its completion or the actual size and terms [1]. - The offering is conducted under a shelf registration statement declared effective by the SEC on November 22, 2024 [3]. Group 2: Use of Proceeds - Net proceeds from the offering will be used alongside existing cash to fund the clinical development and commercial launch of etripamil for PSVT, as well as for working capital and general corporate purposes [2]. Group 3: Company Overview - Milestone Pharmaceuticals is focused on developing and commercializing innovative cardiovascular medicines, with a recent New Drug Application submitted to the FDA for etripamil targeting PSVT [5].

Group 1: Canopy Growth - Canopy Growth has been a disappointing investment over the past five years, with a significant decline in net revenue and increased losses per share [3][4] - The cannabis industry faces challenges such as legal and regulatory issues, competition from illicit markets, and oversupply, particularly in Canada [5][6] - Despite cost-cutting efforts and a focus on in-demand products, the long-term outlook for Canopy Growth remains bleak, with expectations of further stock decline [6][7] Group 2: Novavax - Novavax reported substantial revenue growth in the first quarter, with revenue of $666.7 million and a net income of $518.6 million, a significant improvement from the previous year [8] - The company has positive results from phase 3 studies for its influenza and combination COVID-19 vaccines, along with partnerships with major pharmaceutical companies [8][9] - However, the long-term sustainability of Novavax's performance is questionable due to market unpredictability, competition from leaders like Moderna and Pfizer, and reliance on external funding for future trials [10][12][13]

Core Points - The FDA has accepted Milestone Pharmaceuticals' response to the Complete Response Letter (CRL) for CARDAMYST™ (etripamil) nasal spray, with a new PDUFA target action date set for December 13, 2025 [1][5] - Milestone has extended its $75 million Royalty Purchase Agreement with RTW Investments until December 31, 2025, to support the planned launch of CARDAMYST following FDA approval [2][4] FDA Review and Response - The FDA's acceptance of the response to the CRL is a significant milestone for CARDAMYST, and the company is optimistic about a potential approval decision later this year [3] - Milestone's response to the CRL included results from additional in-vitro studies and a plan to transfer manufacturing duties to vendors with recent FDA inspection history [5][6] Royalty Purchase Agreement - The Royalty Purchase Agreement allows RTW to purchase tiered royalty payments on etripamil's annual net product sales in exchange for a $75 million purchase price, contingent on FDA approval by December 31, 2025 [4] - The amendment to the agreement reflects RTW's ongoing commitment to Milestone and provides a future funding source for the company [2][3] Product Overview - Etripamil is a novel calcium channel blocker nasal spray designed for self-administration to treat paroxysmal supraventricular tachycardia (PSVT) and atrial fibrillation with rapid ventricular response (AFib-RVR) [7][9] - If approved, CARDAMYST™ aims to offer a new treatment option for patients, allowing for on-demand care and self-management [7][9] Clinical Development - Etripamil has completed a Phase 3 clinical program for PSVT and a Phase 2 trial for AFib-RVR, indicating a robust clinical development pathway [8]

Core Viewpoint - The article highlights the potential investment opportunities in healthcare companies Merck and Bristol Myers Squibb, which are currently undervalued due to company-specific challenges but have strong long-term prospects. Group 1: Merck - Merck is nearing the loss of patent exclusivity for its key drug Keytruda, which is expected to face biosimilars by the end of the decade [4] - Despite the challenges, Merck's subcutaneous version of Keytruda has shown positive phase 3 results, potentially extending its patent exclusivity into the next decade [5] - The subcutaneous formulation is easier and faster to administer, reducing patient and physician time in the administration process by 49.7% and 45.7% respectively [6] - Merck has a strong pipeline with new approvals, including Winrevair and Enflonsia, and offers a reliable dividend program [7][8] - The stock's forward price-to-earnings ratio is 9.1, significantly lower than the healthcare industry average of 16.3, indicating potential upside for long-term investors [8] Group 2: Bristol Myers Squibb - Bristol Myers Squibb is facing patent expiration for its cancer drug Opdivo and has already lost exclusivity for Revlimid and Sprycel [9] - The company reported a 6% year-over-year revenue decline to $11.2 billion in the first quarter, but its growth portfolio saw a 16% increase in sales to $5.6 billion [11] - BMS has received recent approvals, including a subcutaneous version of Opdivo, which will help mitigate losses from biosimilar competition [10] - The company has a robust pipeline and is expected to secure additional approvals, positioning it to navigate current challenges [12] - Bristol Myers Squibb's stock is undervalued with a forward P/E ratio of 7, suggesting strong long-term return potential despite a 17% decline this year [13]

Company Overview and Financial Status - Crinetics has a strong financial position with $1.3 billion in cash, cash equivalents, and investments[31] - The company anticipates its first commercial launch this year and holds IP rights into the 2040s[31] Pipeline Programs and Focus - Crinetics is developing paltusotine, with a PDUFA date in September 2025, for acromegaly[27] - The company is developing CRN12755, a TSHR antagonist, for Graves' Hyperthyroidism and Graves' Orbitopathy (TED), with plans for an IND submission[123] - Crinetics is advancing CRN10329, an SST3 agonist, for Autosomal Dominant Polycystic Kidney Disease (ADPKD), with IND-enabling studies ongoing[150] - The company is developing CRN09682, a nonpeptide drug conjugate (NDC), targeting SST2-expressing tumors, currently in Phase 1/2 study[254] Market and Patient Reach - Graves' Hyperthyroidism affects over 3 million individuals in the US, with a significant portion developing TED[75] - ADPKD affects approximately 145,000 diagnosed patients in the US, with 50% developing end-stage kidney disease[130, 131] - The addressable patient population for Graves' Orbitopathy (TED) is up to approximately 170,000 incident cases[120]

Company Strategy & Market Opportunity - Lilly aims to provide freedom from diabetes, eliminate serious health issues caused by obesity, and reduce cardiovascular deaths[10] - The company estimates a significant addressable market of over 170 million patients by 2030 for obesity and related conditions[13] - Outside of the US, the addressable market is expected to be approximately 1 billion patients[15] Orforglipron Development Program - Orforglipron, a GLP-1 small molecule, has a broad development plan including studies for Type 2 Diabetes, obesity, hypertension, and obstructive sleep apnea[20] - In the ACHIEVE-1 trial, all three doses of orforglipron achieved superiority versus placebo in reducing HbA1c levels in patients with Type 2 Diabetes[27] - ACHIEVE-1 trial data showed significant reductions in HbA1c observed as early as 4 weeks, with approximately 3/4 of patients achieving an ADA HbA1c target of less than 7%, and 2/3 reaching HbA1c ≤6.5%[27] - ACHIEVE-1 trial also demonstrated dose-dependent reduction in body weight, with approximately 2/3 of patients achieving ≥5% weight reduction and approximately 1/3 achieving ≥10% weight reduction[30] - Topline results for ATTAIN-1, an orforglipron trial in obesity, are expected in Q3 2025[39] Retatrutide Development Program - Retatrutide is undergoing global development with the TRIUMPH program for obesity and related complications, and the TRANSCEND program for Type 2 Diabetes[41] - Topline results for TRIUMPH-4, a retatrutide trial in knee osteoarthritis pain and overweight or obesity, are expected in Q4 2025[48] Tirzepatide & Early Phase Pipeline - The SURPASS-CVOT trial is designed to evaluate tirzepatide against dulaglutide in patients with established cardiovascular disease[51] - Eloralintide, a selective amylin receptor agonist, showed weight loss up to 11.3% in Phase 1 trials and is well-tolerated with less than 10% incidence of GI side effects[60]

SGR-1505 Development & Rationale - Schrödinger's computational platform aims to improve drug discovery success rates by accurately calculating molecular properties [8, 10] - MALT1 is identified as a key regulator of NF-κB signaling in B-cells and T-cells, making it a potential target for B-cell malignancies where BTK inhibitor resistance develops [18] - The company rapidly designed SGR-1505, a best-in-class MALT1 inhibitor, by modeling 8.2 billion compounds and synthesizing 78 in the SGR-1505 series within 10 months [21] Phase 1 Clinical Trial Results - The Phase 1 study of SGR-1505 showed a favorable safety profile and was well-tolerated in patients with relapsed/refractory B-cell neoplasms [36, 42] - Approximately 43% of patients experienced treatment-related adverse events (TRAEs), and there were no dose-limiting toxicities or deaths due to treatment-emergent adverse events (TEAEs) [44] - SGR-1505 demonstrated strong target engagement, with ~90% inhibition of IL-2 in the majority of PD-evaluable patients treated at ≥150 mg QD and all Q12H doses at steady state [47] - Encouraging preliminary efficacy was observed across a range of B-cell malignancies, including monotherapy signals in CLL and Waldenström macroglobulinemia (WM) [36, 49] Market Opportunity & Future Steps - There is a potential MALT1 opportunity in higher-risk CLL patients, as well as in relapsed/refractory lymphoma where resistance to BTK agents has emerged [29, 60, 67] - The company plans to discuss the recommended Phase 2 dose with the FDA later this year [57] - Preclinical data suggests that combining SGR-1505 with BTK and/or BCL-2 inhibitors may lead to deeper anti-tumor activity [66] - Ibrutinib, a BTK inhibitor, has achieved $10.9 billion in sales, indicating a significant market for B-cell malignancy treatments [68]

Biogen's Strategic Direction - Biogen is broadening its portfolio across Neuro, Immunology & Rare Disease, aiming for long-term sustainable growth[4,17] - Approximately 50% of Biogen's total company revenue is projected to come from outside of MS, including Biosimilars[17] Felzartamab's Potential in Nephrology - Felzartamab targets CD38-expressing cells, offering a differentiated approach for antibody-mediated diseases[27,29] - Phase 3 programs for Felzartamab are underway, targeting Antibody Mediated Rejection (AMR), IgA Nephropathy (IgAN), and Primary Membranous Nephropathy (PMN)[106] Antibody Mediated Rejection (AMR) - Late AMR affects approximately 11,000 patients in the U S, with >75% transplant loss and a median graft survival of ~2 years after diagnosis[36,37,40] - In a Phase 2 study, Felzartamab treatment resulted in >80% biopsy late AMR resolution at week 24, compared to 20% in the placebo group[53] - A Phase 3 study for Felzartamab in late AMR is underway, with data expected in 2027[56] IgA Nephropathy (IgAN) - IgAN affects approximately 130,000 patients in the U S, with up to 40% of patients reaching end-stage kidney disease within 20 years of diagnosis[61] - Phase 2 data showed that with 5 months of Felzartamab treatment, patients had sustained clinical benefit out to 2 years, with ~50% UPCR reduction at 24 months in the 9-dose group[69,71] - A Phase 3 study for Felzartamab in IgAN is designed to demonstrate improvement in kidney function, with data expected in 2029[74] Primary Membranous Nephropathy (PMN) - PMN affects approximately 36,000 patients in the U S, with up to 40% progressing to end-stage kidney disease within 15 years[80,81,103] - Phase 2 data showed robust and sustained reductions in anti-PLA2R and improvements in both newly diagnosed/relapsed (NDR) and refractory PMN patients[103] - A Phase 3 study for Felzartamab in PMN is designed to demonstrate complete remission of proteinuria, with data expected in 2029[100]

Core Viewpoint - The healthcare industry, with annual expenditures of $4.9 trillion in the U.S., presents significant opportunities for dividend investing through quality companies that exhibit consistent growth and strong financial health [1][4]. Group 1: Medtronic - Medtronic is a leading healthcare technology company with a focus on cardiovascular, diabetes, medical-surgical, and neuroscience products, conducting over 190 active clinical trials and holding 43,000 active patents [4][6]. - The company has a history of 47 consecutive annual dividend increases and is on track to become a Dividend King upon its 50th increase, currently yielding 3.2% [5][6]. - Analysts project Medtronic's earnings to grow by 6% to 7% annually over the next three to five years, supported by strategic moves such as spinning off its diabetes business [6][5]. Group 2: AbbVie - AbbVie is a pharmaceutical giant known for its successful drug Humira and has effectively transitioned post-patent expiration, with new drugs Rinvoq and Skyrizi showing promise [8][10]. - The company has achieved 53 consecutive dividend increases since its 2013 spin-off from Abbott Laboratories, currently yielding 3.5% and averaging a 7.7% increase in dividends over the past five years [9][10]. - Analysts expect AbbVie to generate nearly $60 billion in revenue this year, with long-term earnings growth projected at 13% annually, highlighting its strong product development capabilities [10][9]. Group 3: Johnson & Johnson - Johnson & Johnson is a highly recognized healthcare company that spun off its consumer segment in 2023 to focus on pharmaceuticals and medical devices [11][12]. - The company boasts an AAA credit rating and has maintained 62 consecutive years of dividend payments and increases [12][13]. - Analysts forecast earnings growth of just over 6% annually for the next three to five years, with a dividend payout ratio of only 50% of estimated earnings for 2025, starting with a yield of 3.3% [13][12].