Key View

• The safety of medical devices will improve following the FDA’s 2024 Center for Devices and Radiological Health (CDRH) Safety Report. 
• Respiratory and cardiovascular devices will continue to be the most common Class I recalled products.
• Medical device recalls will have a limited impact to medical device manufacturers in the long term.

The

Latest Development: T-Mobile USA has agreed to partner with private equity company EQT as co-investors in Lumos Networks, a regional fibre-to-the-home (FTTH) provider. The aim is to invest a total of USD1.45bn to expand Lumos' fibre networks past 3.5mn premises by the end of 2028. The deal represents the most significant expansion of T-Mobile's

Key View

• Roche’s latest Columvi data will support the drug’s full approval in the US and Europe.
• Approval as an earlier line treatment will give Roche an edge over AbbVie and Genmab’s Epkinly.
• Bispecific therapies will continue to attract interest from cancer drugmakers.

Roche’s latest Columvi (glofitamab) data will support the drug’s full

Key View

• For the time being, we believe that the outcome of the 2024 US presidential election remains too close to call, as we envisage a very close race between President Joe Biden and his predecessor, Donald Trump. The possibility that Trump will return to the presidency is raising concerns at home and abroad about potential shifts in US

Key View 

• Alvotech will be the global frontrunner for ustekinumab biosimilars following its latest approval of Selarsdi in the US.  
• Johnson & Johnson will delay new entrants with ongoing patent litigation settlements, although the 2024 and 2025 patent cliffs are quickly approaching.  
• Stelara revenue will be impacted immediately following

Latest Development: In a significant shift in regulatory approach, the FDA is urging Congress to eliminate the interchangeability designation that has long differentiated biosimilars in the US market. This proposed legislative change is set to resolve the confusion stemming from a two-tier system that has inadvertently created misconceptions

Key View

• We continue to forecast that the US budget deficit will narrow from 6.3% of GDP to 5.8% in FY24 (October-September), with incoming data largely in keeping with this view.
• Relative to a second Trump presidency (average FY25-28: 6.5% of GDP, end of period: 6.2%), we expect that a Biden victory would result in a somewhat narrower

Key View

• We still expect the Fed will cut its funds rate by 100bps this year to 4.50%, beginning in June. A further 175bps will follow next year that will take the funds rate down to 3.00% by December 2025.
• The Fed left the funds rate unchanged at 5.50%, but officials maintained their guidance for three cuts this year (to 4.75%) despite

Key View

• Recent data from the US Environmental Protection Agency highlight a significant rise in Sustainable Aviation Fuel (SAF) consumption. In just two years, usage soared from about 5mn gallons in 2021 to 15.8mn gallons in 2022, and then to 24.5mn gallons in 2023.
• The US aspires to reach a target SAF usage of 3bn gallons by 2030, a

The Latest: On March 14 2024, Bristol Myers Squibb (BMS) secured an accelerated FDA approval for Breyanzi (lisocabtagene maraleucel) as the first and only CAR T-cell therapy for adults with relapsed or refractory chronic lymphocytic leukaemia (CLL) or small lymphocytic lymphoma (SLL). The approval is based on positive results from a Phase I/II