Key View

• Following a recent deal termination, Janssen picks up with an agreement to acquire two experimental CAR-T therapies.
• The agreement will strengthen J&J's position within the CAR-T market, particularly with its focus on emerging bi-specific therapies.
• The deal will also support Janssen's and CBMG's growth ambitions over the medium

Key View

• We forecast a sharp slowdown in US real GDP growth from 2.1% in 2022 to 1.0% in 2023. This forecast assumes that the lagged impact of higher interest rates and ongoing banking sector stress will push the economy into a modest recession in H223 after a decent start to the year.
• However, there are several leading indicators that

Key View:

• Over the years, various carbon pricing schemes have been proposed at the federal level in the US, but the lack of bipartisan support for climate-related policies has blocked progress. This is unlikely to change in the foreseeable future.
• As such, state-level initiatives will continue to drive carbon pricing trends in the US, with

Key View

• Over April 10-15 2023, the AACR hosted its annual meeting in Orlando, Florida, with significant developments in the field of diagnostics.
• GRAIL and Adela presented positive results on methylation-based tests, giving promise to an emerging approach.
• Dxcover data shows the potential of its method of detecting colorectal cancer early.

Key View

• Picard Medical will become a pioneer in the TAH industry with the only FDA approved TAH following merge with Altitude Acquisition.
• We expect to see a rise in the use of TAH technology, driven by growing demand and technological advances.
• As the technology advances and numbers of procedures increase, we anticipate multiple risks to

Key View

• Over April 10-15 2023, the American Association for Cancer Research (AACR) hosted its annual meeting in Orlando, Florida.
• Merck announced largely positive sets of Keytruda data in a continued effort to expand the blockbuster’s indications.
• New data from Merck and Moderna bolsters research into cancer vaccines.
• Data from AstraZeneca

Key View

• Considerable uncertainty continues to surround the trajectory of monetary policy in the US, following the emergence of banking sector stress in mid-March that has seen the Fed switch to an even more data dependent approach.
• Employment and inflation data for March suggest that another 25bps hike to 5.25% is more likely than not in May

Key View

• We expect that the fungus Candida auris will continue to spread in healthcare facilities across the US in 2023, following recent increases in transmission post-Covid.
• Given that Candida auris is resistant to many antifungals, the spread will likely drive demand for infection control devices like UV robots.
• We expect the approval of

Key View

• Roche and Eli Lilly’s partnership will accelerate R&D for a potential first-ever Alzheimer's disease blood-based biomarker test.
• If approved, we expect the Elecsys Amyloid Plasma Panel test to face competition in the medium term as more blood-based biomarker tests for Alzheimer's disease enter the market.
• Development of a reliable

Key View

• US light vehicle sales will grow more than previously expected in 2023 due to weaker sales in 2022, although demand-side risks will still limit growth.
• Rising interest rates will particularly impact lower income consumers who are reliant on credit.
• Supply pressures will start to ease but inventories will remain low enough to keep