TD Cowen Insights

Recorded on 03/03/26

TD Cowen senior biotech analyst Ritu Baral speaks with Praxis CEO Marcio Souza at TD Cowen’s 46th Annual Health Care Conference to discuss FDA functionality following recent leadership changes and destaffing, approaches to working with the agency on complex datasets, and implications for the broader biotech sector. Drawing on Praxis’s extensive regulatory experience, Souza notes that despite chronic FDA understaffing, engagement with the Office of Neuroscience has remained stable and highly productive. He underscores the value of incorporating FDA guidance early in endpoint and trial design in areas such as essential tremor, where regulatory precedent is limited, and emphasizes that frequent, senior-level interaction and a patient-centric framing of complex data can help drive alignment and constructive regulatory dialogue. He adds that investors can gauge the quality of a developer’s relationship with the agency by looking at the recency of FDA communications and the level of senior leadership engagement during recent interactions.

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Recorded on 03/02/26

TD Cowen's Health Care Technology Analyst Charles Rhyee speaks with Adam Kautzner, PharmD, President of Express Scripts and Evernorth Care Management, a part of The Cigna Group, at TD Cowen’s 46th Annual Health Care Conference to discuss how the industry is beginning to move away from rebates, and what that means for patients, employers, drug makers, pharmacies and PBMs. The role of the PBM has been a contentious topic for years but seemingly has come to an inflection point with the recent passage of reform legislation, along with Cigna's recent settlement with the FTC. And coming out of all this is a changing world for drug reimbursement. Along with greater transparency, the market is increasingly moving further away from rebates. This is most recently expressed by new Cigna's rebate-free model announced last October.

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Recorded on 02/12/26

Trust, Engaging Content, & Experiences Shape Leading Luxury Car Ecosystem. duPont REGISTRY is the world's leading luxury automotive ecosystem that encapsulates the culture, community, and commerce of the high-end automotive lifestyle. Operating in the $110bn luxury used-car market, which is expected to double in the next 10 years, duPont REGISTRY is a heritage brand being transformed and has no exact competitors. In this episode, we host CEO Antoine Tessier. Prior to joining duPont REGISTRY, he spent 12 years at LVMH, most recently as the Chief Technology Officer for LVMH Americas. We discuss a range of topics, from connecting buyers and sellers of fine automobiles around the globe to creating digital experiences.

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Recorded on 02/05/26
TD Cowen financial policy analyst Jaret Seiberg hosts TD Cowen's Two Cents Podcast, which this month looks at what we can expect from Kevin Warsh, who is President Trump's pick to replace Jerome Powell as Federal Reserve chair. To help us assess the impact on interest rates, we bring in Gennadiy Goldberg, Head of US Rates Strategy  at TD Securities. We also present our market and policy recaps and preview the month ahead for financial policy.

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Recorded on 01/30/26
In this episode, Roman Schweizer, TD Cowen’s WRG geopolitics & defense analyst, is joined by an all-star reporter roundtable to discuss FY26 & FY27 budgets and Reconciliation 2.0. They also discuss DoW's latest push to fund multi-year deals for munitions increases, some surprise charges during earnings, and how company managements have discussed investments, buybacks, and dividends. And there's a new National Defense Strategy that’s much different than the prior one.

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