CNBC January 21, 2025
Annika Kim Constantino, Ashley Capoot

A version of this article first appeared in CNBC’s Healthy Returns newsletter, which brings the latest health-care news straight to your inbox. Subscribe here to receive future editions.

I’m back in New York City after spending nearly a week in San Francisco for the annual JPMorgan Health Care Conference – the largest gathering in the U.S. of biotech and pharma execs, investors and analysts (and health reporters, of course).

The week featured questions about the incoming Trump administration, updates on business outlooks and drug portfolios, heightened security on the ground and, for the first time in recent memory, sunny weather in San Francisco.

The news kept coming all week, even after the conference ended mid-Thursday. The Biden administration...

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