“Is the biosimilar market a failure with respect to these pharmacy benefit drugs like Humira? Maybe in March it was, but in April it’s starting to look functional again.”

 “It is too early to hang up a ‘mission accomplished’ sign. The large PBMs make money every step of the way when they stick with the brand and it will take a lot to shake them from that mindset.”

 “CVS has put their stake in the ground that they’re going to create a marketplace where one biosimilar manufacturer is rewarded... I think that you’re going to see other PBMs gradually get to that place because if they want competitive market dynamics, they have to start to reward biosimilars.”

 “I think a lot of people are now expecting pretty meaningful erosion of AbbVie’s US Humira business this year.”

 “Full year 2024 guidance has not been reduced. This in effect creates an ‘implied’ 2H of 2024 guidance that is perhaps excessively optimistic.”

 “Against this backdrop, Parker recommended investors be overweight in health care and energy sectors, where he believes companies are more likely to meet estimates, and to be equal-weight in technology — where he prefers 'accelerating but low-growth software and AI-semiconductors.'”