VIEW IN BROWSER | SUBSCRIBE TUE, JAN 14, 2025 EDITOR'S NOTE Think a friend or colleague should be getting this newsletter? Share this link with them to sign up. Good afternoon from San Francisco! This week, Ashley and I are attending the annual JPMorgan Health Care Conference – the largest gathering of biotech and pharma execs, investors and analysts in the U.S. The conference is a pulse for what to expect from the health-care industry in 2025. Executives from companies large and small highlighted their key business and drug pipeline updates, but also weighed in on the Trump administration's potential impact on the sector and the outlook for the M&A and IPO markets. Notably, the conference appears to have beefed up security around the main venue – the Westin St. Francis Hotel – this year in light of the killing of Brian Thompson , the CEO of UnitedHealth Group's insurance arm, in New York City in December. Cluster of cops appear to be stationed in th...