After spending about as much time on the State of the Union as the President spent on health care in the speech, Kevin and Martin talked about a busy week in the health care public markets including some analyst skepticism around Humana’s 2026 margin guidance and MA MLR dynamics; Hims financial results and burgeoning investor distrust; and GoodRx’s role as a pharma channel.
They touch on Option Care’s Stelara biosimilar-driven margin compression, Fresenius’s improving value-based kidney care amid regulatory headwinds, and VBC updates from Agilon, Evolent, Privia, Clover, and Alignment, focusing on recontracting and risk transfer.
Plus, UHS price-driven growth, skepticism about AI ROI, an Allina–Innovaccer/Story Health cardiology partnership, and rising attention to 340B financing and HHS’s rebate pilot.
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