Biotech – Marty Mak Fly: Predictable Volatility Continues with a Potential Change Coming at Helm of FDA

Research evidence excerpt

Biotech – Marty Mak Fly: Predictable Volatility Continues with a Potential Change Coming at Helm of FDA

Truist Securities

Equity Research Report May 12, 2026

HEALTHCARE: Biotechnology

Biotech – Marty Mak Fly: Predictable

Volatility Continues with a Potential Truist Securities Biotech Team

BiotechTeam@truist.com Change Coming at Helm of FDA

Chatter across several news outlets on the unconfirmed dismissal of Dr. Martin

Gregory Renza, M.D. 'Marty' Makary, the FDA Commissioner, by President Trump over the weekend and

212-419-4617 just now with Politico citing that the regulatory head will be resigning today. If verified,

Gregory.Renza@truist.com this would mark yet another in a string of high-profile departures from the Regulatory

body over the past year-and-a-half, which most recently included the headline-heavy

Danielle Brill, Pharm.D. exit of Dr. Vinay Prasad, former CBER Director. Interestingly, these shifts reflect majority

212-303-4110 views by our surveyed investors coming into this year on short tenures by elected

Danielle.Brill@truist.com officials.

Srikripa Devarakonda, Ph.D.

212-303-4173 While these headlines (and potentially more) are likely to capture sector attention,

Srikripa.Devarakonda@truist.com we continue to see manageable impact to regulatory proceedings and sector

sentiment given the predictable volatility that can be expected from the sector

Les Sulewski news flow.

212-303-1745

Leszek.Sulewski@truist.com Several news outlets including Bloomberg, WSJ, and Politico, have reported

that FDA Commissioner Dr. Marty Makary is set to be removed by the President

with Politico most recently citing sources of a resignation and the naming of Anish Nikhanj, Ph.D. Deputy Commissioner for Food, Kyle Diamantas, as interim head. While still yet 212-326-3106