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Industry Update Equity Research

Congress Returns from Recess as Work on Reconciliation 2.0 Continues… Continued from page 1.

Two Senate committees have plans to markup reconciliation text this week before sending it to the

Senate floor, with hope the bill will be passed in both chambers and on the President’s desk by June 1.

Republican lawmakers are also talking about a potential third reconciliation bill later this year, which

could include a much wider set of priorities, like healthcare affordability and waste, fraud, and abuse,

that have been left out of Reconciliation 2.0. While the potential for Reconciliation 3.0 remains live, it is

unclear how many GOP Members of Congress are really pushing for this effort privately and whether

the Administration would throw its weight behind another reconciliation bill.

FDA Head May Soon Be Fired, Other Health Leadership Changes… Continued from page 1. Within

FDA, the controversial Center for Biologics Evaluation and Research Director Dr. Vinay Prasad

departed the FDA at the end of April, and his deputy, Katherine Szarama, was named as Acting

Director while the FDA’s search for a permanent replacement continues. Additionally, citing challenges

with securing the votes necessary to advance her nomination, President Trump withdrew Dr. Casey

Means’ nomination for Surgeon General and nominated Dr. Nicole Saphier, a physician, Fox News

commentator, and podcaster with more mainstream than MAHA health views, to be Surgeon General.

Dr. Saphier is the third individual nominated to the post during President Trump’s second term.

White House Estimates Massive Savings from MFN Deals… Continued from page 1. The Council

projects that drugmakers' agreements to launch new drugs in the U.S., in all markets, at prices