White House drug caps hit mid-cap biotech today. Margin squeeze ahead?

The White House is announcing a new round of voluntary drug pricing deals with nearly a dozen mid-sized biotech firms today. Mega-caps like Pfizer and Eli Lilly absorbed the initial wave of these "most-favored-nation" Medicaid discounts, mid-caps operate on thinner margins and have less diversified pipelines. Should we view these "voluntary" concessions as a structural threat to mid-tier biotech cash flows, or will tariff relief and regulatory shortcuts offset the pricing pre

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