Cowen

Recorded on 03/15/24 TD Cowen Analyst Yaron Werber speaks with award-winning biotech journalist Luke Timmerman about Luke's love of mountaineering, and how he has been able to leverage his passion and expertise for a great cause with his Timmerman Traverse treks. These expeditions bring together diverse and intrepid groups of biotech professionals to undertake climbs such as Mount Kilimanjaro, the Presidential Traverse, or Mount Everest Base Camp as fundraising campaigns to battle cancer, poverty, and soon sickle cell disease, with $9M raised to date. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 03/18/23 In this episode, Roman Schweizer, TD Cowen's WRG Geopolitics & Defense Analyst, discusses the recently released FY25 DoD budget with a reporter roundtable and a panel of budget experts. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 02/21/24 Optimize Your Face With The Resurfacing Compound. Tina Chen Craig reveals the secrets to U Beauty's customer & science-centric innovation. U Beauty, founded in 2019, became famous with their hero product, their daily all-in-one Resurfacing Compound serum. U Beauty's SIREN Capsule Technology focuses treatment on specific skin areas & neutralizes free radicals. The modern beauty market is overwhelming and filled with new ingredients, techniques, experiences, and brands, making efficacy and education a key priority for brands. TD Cowen's New Platforms, Retail & Luxury Analyst Oliver Chen speaks with Tina Chen Craig, founder of U Beauty, to discuss how U Beauty is tackling cosmetic confusion through results-oriented, multi-tasking products. We discuss the rise of "skintellectuals," key digital vs. brick & mortar distribution considerations, marketing strategy, and how to outperform in an increasingly competitive beauty industry. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 03/08/24 In this episode, TD Cowen Washington Research Group's Chris Krueger discusses the main 3 topics for the 2024 election – the Presidential race between Biden and Trump (with 4 key variables), the Congressional undercard, and what all this means for policy in 2025 and beyond. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 02/21/24 We sat down with Stefano Curti, Chief Brands Officer for Consumer Beauty, to highlight some of our key takeaways from our Glowing Ahead Beauty & Wellness Summit on February 13, 2024, and explore COTY's opportunities that leverage fragrance, distribution & innovation expertise. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 02/15/24 In this episode, TD Cowen Washington Research Group's Chris Krueger breaks down three areas to watch in the next six weeks: 1) the fate of the two fiscal packages & looming government shutdown risk, 2) special election takeaways & impact on 2024, and 3) a catalyst-rich policy environment through Q1. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 02/15/24 In this episode, TD Cowen Analysts Roman Schweizer, Cai von Rumohr, and Gautam Khanna discuss a few of their key observations and takeaways from this year's Aerospace & Defense Conference. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 02/05/24 TD Cowen hosts Jason Karp, Founder & CEO of HumanCo, on this episode of Retail Visionaries. HumanCo is a holding company focused on delivering better-for-you products that make it easy to live a healthy life. This episode covers Jason's career from hedge fund manager to growing several food brands and starting HumanCo. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 02/06/24 In this episode, we take a look at the changing landscape for pharmacy reimbursement and the push towards a cost-plus model of reimbursement. Over the last few decades, growth in pharmaceutical utilization and an increasing mix of specialty drugs has helped drive strong performance for many participants in the pharmaceutical supply chain. As the largest channel for prescriptions, retail pharmacies have been an important part of helping drive growth in the industry. However, pharmacies, having faced years of margin pressure, have not seen the same degree of benefit as others in the supply chain. For many years, pharmacies have dealt with lack of transparency in how drugs are priced, as well as uncertainty about whether reimbursement will adequately cover the cost of drugs and time associated with patient care. For more than a decade, with increasing levels of generic substitution, retail pharmacies have been able to manage their margins by cross subsidizing potential losses they would see on brand drugs with the profits they would gain on generics. But, with generics now making up more than 90% of prescriptions, the benefit from generic conversions and the ability to cross-subsidize has been maxed out and the pharmacy reimbursement model is clearly in need of change. To help us discuss this topic, we're joined by Michael Rothrock, who brings more than 20 years of experience within Managed Care as well as the PBM industry. Before starting Allegheny Strategic Partners, Mr. Rothrock was the VP of Pharma Strategy and Contracting at Express Scripts, where he was responsible for leading Commercial and Medicare formulary contracting and strategy. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 01/23/24 Furnishing Dreams & Disrupting an Industry. TD Cowen hosts Shawn Nelson, Founder & CEO of Lovesac, on this episode of Retail Visionaries. Lovesac is a modern furniture brand with fully customizable products such as The World's Most Adaptive CouchTM & The World's Most Comfortable SeatTM. We explore strategies & lessons from a high-end direct-to consumer retailer with 200+ showrooms. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 01/25/24 In this episode, Larry Wieseneck, Head of Global Investment Banking at TD Securities and David Erickson, Senior Fellow at The Wharton School, discuss the current state, potential catalysts, and outlooks for the IPO, M&A, and Private Equity/Venture markets. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 01/25/24 In this episode, TD Cowen Washington Research Group's Chris Krueger discusses six wild cards for the 2024 election: the economy, abortion, third-party challengers, Trump Trials/Biden Impeachment, the Summer Conventions, and Congressional races. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 01/10/24 In this episode, TD Cowen Washington Research Group's Roman Schweizer discusses the top geopolitical and defense issues in Washington with a reporter roundtable and has an in-depth discussion on the military and civil space with Todd Harrison from AEI. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 01/05/24 In this episode, TD Cowen Washington Research Group's Chris Krueger breaks the year in Washington into three tracks that are currently running parallel, but will begin to intersect next week: policy cliffs, elections, and legal/constitutional questions. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 12/13/23 CEO John Hopkins, and CFO Ramsey Hamady of NuScale Power, join Marc Bianchi to discuss termination of the Carbon Free Power Project, NuScale's cost structure, value proposition, and the outlook going forward. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 12/08/23 In this episode, we take a look at the pharmacy benefit management, or PBM, industry which has been instrumental in managing down the cost of prescription drugs and plays a vital role in holding back the rising cost of healthcare. Yet the industry is not without controversy, often criticized for lack of transparency and misaligned incentives, particularly around rebates. But it's also an industry that has continued to evolve as the healthcare landscape has changed. More recently, we've seen new entrants enter the market using technology to disrupt the status quo, and in this episode we explore how we've gotten to where we are, who's to blame, and how we solve the biggest issue: making drugs more affordable for the consumer. To discuss this topic, we're joined by Mark Thierer, Co-Founder and CEO of Waltz Health, and Jeff Park, President of Waltz Health. Mark and Jeff, both longtime PBM industry veterans, have helped transform the industry over the past 20+ years starting with SXC Health Solutions growing it into Catamaran, which became one of the major players in the PBM industry before being sold to UNH's OptumRx in 2015 for $13B. They are now back with Waltz Health, a digital health company developing technology-enabled ways to bring down prescription drug costs. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 12/04/23 Understanding Walmart's Environmental, Social & Governance Blueprint. TD Cowen hosts Kathleen McLaughlin, Chief Sustainability Officer of Walmart, on this episode of Retail Visionaries. Walmart's ESG initiatives strive to create opportunity, enhance sustainability, strengthen communities, and uphold the highest standards of ethics and integrity. We explore an approach to profits with a purpose. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 12/04/23 Julie Kozeracki, Senior Advisor at DOE's Loan Programs Office, joins Marc Bianchi to discuss the DOE's liftoff series report on advanced nuclear, implications/learnings from the recent UAMPS termination, and how the industry order book is shaping up. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 12/04/23 Helane Becker, TD Cowen's Airlines and Aircraft Leasing analyst, and Kevin Kopelman, TD Cowen's Hotel and OTA Analyst, discuss the 2024 outlook for the travel sector. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 11/21/23 Dan Poneman, CEO of Centrus Energy, joins TD Cowen's Marc Bianchi to discuss uranium enrichment, the U.S. dependency on Russian supplies, and how Centrus is positioned to grow U.S. enrichment capabilities, including producing HALEU for advanced reactors. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 12/08/24 In this episode, TD Cowen Washington Research Group's Chris Krueger discusses the three major races – White House, Senate, and House – and explains the geography, math, and timeframe along with three potential wild cards. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 11/27/23 In this episode, TD Cowen Washington Research Group's Roman Schweizer discusses the top geopolitical and defense issues in Washington with a reporter roundtable and has an in-depth discussion with retired USMC Major General Arnold Punaro of the Punaro Group. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 11/10/23 TD Cowen analyst Yaron Werber speaks with Chris Garabedian, co-founder, chairman, and CEO of Xontogeny and Portfolio Manager of the Perceptive Advisors Ventures Fund. Chris shares his insights about 1) what makes or breaks a successful biotech from his time at Gilead, Celgene, and Sarepta, 2) how investing has changed now that interest rates are high and capital is expensive, and 3) his investment philosophy at Xontogeny and advice to other early-stage investors. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 11/06/23 TD Cowen hosts Dave Heath, CEO & Co-Founder of Bombas, on this podcast episode. Bombas is a premium comfort-focused sock & apparel brand on a mission to help those in need. In this episode, we explore strategies for innovation & growth through direct to consumer retail. Bombas is in its 10th year of business and recently surpassed 100mm donated items. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 10/20/23 TD Cowen's New Platforms, Retail, & Luxury Analyst, Oliver Chen, hosts Winnie Park, CEO of Forever 21. In this episode, Oliver and Winnie discuss redefining the Forever 21 brand and balancing fashion trend, speed, quality, and value to connect with customers. Other topics covered include Forever 21's partnership with SHEIN, driving cultural relevance, and planning the assortment for both breadth and depth. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 10/10/23 TD Cowen analyst Yaron Werber speaks with Daphne Zohar, founder and CEO of PureTech, and Brad Loncar, founder of BiotechTV about their unique experiences as biotech entrepreneurs. Daphne discusses the innovative “hub and spoke” model she pioneered with PureTech, while Brad describes his transition from biotech investor to communicator and his long-term vision for BiotechTV. Both showcase the benefits of taking an unorthodox approach, finding where their differentiation can be leveraged to fill an unmet need, and having the conviction/dedication to actualize their goals. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 10/13/23 The increase in spending for prescription drugs has been a major driver of annual increases in employer healthcare costs for many years. Over the last decade, the issue has been exacerbated by the growth of specialty drugs. Managing coverage and access is often beyond the scope of the average self-insured employer. With the introduction of new high-cost drugs, like GLP1s, the complexity of managing the pharmacy benefit is expected to increase. Given the evolving landscape, we want to provide a deeper look into how plan sponsors can navigate important decisions in coverage and access. To discuss this topic, we are joined by Vaughan Reele. Vaughan is a Certified Employee Benefit Specialist with 35 years of experience in the benefits industry. He is currently a Pharmacy Benefit Management Consultant at USI Insurance Services. Vaughan has provided strategic advice and support to plan sponsors on all aspects of employee benefit plans, and more recently he has focused on PBM risk management consulting. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 09/28/23 TD Cowen analyst Yaron Werber speaks with Geoff von Maltzahn, general partner at Flagship Pioneering and founding CEO & current Director of Generate Biomedicines, about the AI revolution in biotech, and how generative biology has impacted both the drug development process and his approach towards designing and building companies. The ability of machines to recognize patterns at scale impossible for the human mind could help elucidate the common “rule book” underlying protein interactions, enabling the rapid generation of optimized protein therapies for any given target. More so, unlike human innovation (which tends to dissipate in larger organizations), AI models get wiser the more data flows into them, tapping into an “intelligence of scale” in which greater scale compounds discovery prowess. The key is building the right culture centered around machine learning, enabling data sciences to be the driver and not just aggregator of data, and having the right expertise at both data informatics, science, manufacturing, and technology to achieve scale, and validate and enhance the platform. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 09/12/23 In this episode, Larry Wieseneck, Co-Head of Global Investment Banking at TD Securities and David Erickson, Senior Fellow at The Wharton School, discuss the current state and near-term outlooks for the IPO, M&A, and Private Equity/Venture markets. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 09/06/23 In this episode, Cowen's Retail Analyst, Jonna Kim, speaks with Andrew Dudum, CEO and Co-Founder of Hims & Hers, which is the leading health and wellness platform on a mission to help individuals feel great through the power of better health. Hims & Hers has disrupted the traditional healthcare market via digitization and personalization and we explore key differentiation of the platform and potential growth opportunities. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 07/12/23 In this episode, TD Cowen Washington Research Group's Chris Krueger discusses five major issues to navigate over expiring government funding on Oct 1 in under ten minutes. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 07/18/23 In this episode, Cowen's New Platforms, Retail & Luxury Analyst, Oliver Chen, speaks with Rachel Glass, founder of GLOSSLAB. GLOSSLAB is a membership-based manicures and pedicures platform that provides waterless services, hospital-grade sterilization, single-use tools, and air filtration. We explore the future of beauty and selfcare and how GLOSSLAB stands for empowering people and inspiring confidence one manicure at a time. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 08/14/23 American Airlines is working toward achieving net zero carbon emissions by 2050. The airline has contracted for SAF but is also working with others to create meaningful fuel savings that include more efficient routings. American recently published its latest sustainability report. We spent some time talking with Jill Blickstein, American's VP of Sustainability. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 07/26/23 Over the last decade, data and analytics have become increasingly engrained in the healthcare system. Given the evolving landscape, we wanted to provide a deeper look into the different types of healthcare data currently available, as well as the users and use cases. This podcast is intended to be the first in a series on healthcare data, and in this episode we provide a general overview of how healthcare data is currently being used, with subsequent podcasts exploring subsets of healthcare data in more depth. To discuss this topic, we are joined by Paul Reuscher. After spending the early part of his career in academia researching health economic outcomes, Mr. Reuscher eventually joined IMS Health, now a part of IQVIA, first as a product manager then eventually helping develop what is now IQVIA's anonymized patient data solution. He subsequently led a similar development program for DRG, which is now a part of Clarivate. Paul currently is Vice President of Clinical Data Products at Forian, a healthcare data intelligence company. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/02/23 TD Cowen hosts Keith George, Co-Founder & CEO of Cortina, a rapidly growing eCommerce marketplace platform for celebrity & media brands like Poosh by Kourtney Kardashian and Airmail by Graydon Carter. Learn more about the next chapter for retail marketplaces, as influencers, creators & brands seek alternatives to the traditional affiliate marketing model. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/07/23 In our discussion with YUM! CFO Chris Turner, we focus on YUM's franchisee selection criteria, proprietary digital infrastructure, and relentless pursuit of improving ROIC to fuel the portfolio's development engine. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 07/12/23 TD Cowen analyst Yaron Werber speaks with John Murphy, Chief Policy Officer & Healthcare Counsel at the Biotechnology Innovation Organization (BIO) about how the Inflation Reduction Act (IRA) will impact innovation in biotech. We discuss how key drug pricing reform provisions of the IRA (e.g., orphan drug exclusion, calculation of maximum fair price, small molecule vs biologics) might impact incentive structures in drug development, the likelihood of revisions to the bill near term, its potential effects on formulary/benefit design, and the first wave of IRA litigation. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/07/23 In this episode, John Kernan, TD Cowen's Retail & Consumer Brands analyst is joined by FIGS CoFounder & CEO, Trina Spear at the 7th Annual Future of the Consumer Conference in New York. FIGS has grown rapidly from $55MM in sales in 2018 to $506MM in 2022 and Ms. Spear discusses how FIGS has disrupted the medical apparel market through materials innovation, a direct-to-consumer business model and community-based activation which has enabled superior margins and return on invested capital. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 07/12/23 With 6 months to the first primary ballots being cast, TD Cowen Washington Research Group's Chris Krueger level sets the 2024 election & its impact on the upcoming $3.5T tax cliff. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/30/23 Over the last decade, contract research organizations (CROs) have become an increasingly important stakeholder in the clinical trial process. Over half of biopharma R&D budgets are outsourced to CROs, up from less than one-third ten years ago. With the high costs of drug development and importance of time to approval, CROs are relied upon for trial expertise, site networks, and abilities to accelerate KPIs such as study start up and recruitment timelines. Following a period of heightened biopharma funding during the pandemic that fueled demand for CRO services, we now enter a period of uncertainty as to where R&D budgets go from here and whether CROs can innovate their people-intensive processes to improve drug development costs and timelines going forward. To discuss these topics, we are joined by Rene Stephens. Rene leads Renatus Consulting, an independent advisory to CRO and life science clients. His experience spans the outsourced clinical trial procurement process, including procurement and contract negotiation during his time at Pfizer and Astellas, as well as business development during his time at inVentiv Health. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/07/23 In our discussion, Starbucks CFO, Rachel Ruggeri, discusses the importance of the Starbucks Experience in this relationship economy and how that Experience is laying the platform for future growth. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/16/23 On the heels of Automate, the premier automation/robotics/technology trade show established by the sector's leading advocate ,TD Cowen's Joe Giordano spoke with Automate's long-time President Jeff Burnstein about key themes in the sector, how cutting-edge technology has evolved, and how themes like AI will impact the sector going forward. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/06/23 Oliver Chen, TD Cowen's Retail, New Platforms, and Luxury Analyst, is joined by Harmit Singh, Chief Financial and Growth Officer at Levi Strauss & Co, live at the 7th Annual Future of the Consumer Conference in New York. Harmit discusses LEVI's impressive apparel transformation, cutting-edge innovation, and leadership in experiential, omni-channel capabilities. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/15/23 Our podcast series features thought leaders across the restaurant and restaurant technology universe, focusing on the most pertinent topics in these industries. We caught up with Chipotle's Chief Corporate Affairs and Food Safety Officer Laurie Schalow on the 2022 Sustainability Report Update and ESG priorities that are central to Chipotle's culture. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/06/23 Democratizing Fashion Through an Apparel Transformation. In this episode, TD Cowen's New Platforms, Retail & Luxury Analyst, Oliver Chen speaks with Denise Incandela, Executive Vice President of the Apparel Division and Private Brands for Walmart U.S. We explore key innovations and transformations within WMT's apparel division, which focus on driving closet share gains across national, private, and elevated brands through re-envisioned experiences both in-store and online tailored for outfitting inspiration. Store remodels in the apparel section will include updated fixtures, including video displays and mannequins, premier brand shops, widened aisles and reduced clutter, and larger category shops such as denim. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 06/15/23 Dr. Kris Singh, founder and CEO of Holtec International, joins Marc Bianchi to discuss Holtec's small modular reactor, the SMR-160. The discussion covers Holtec's unique approach which includes among other things, integrated manufacturing and efforts to utilize decommissioned nuclear sites in the U.S. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 05/09/23 Over the past 5-10 years, digital health has emerged as an integral part of healthcare delivery, introducing a whole host of new services from virtual care, to fertility benefits, to chronic condition management, and more. More often than not, these services have been designed as employee benefits and sit alongside existing traditional benefit options. But with so many choices in the market, with many saying they do the same thing, how do employers and employees know what is real and what isn't, what's working and what's not? To help us discuss this topic and more, I'm joined by Zane Burke, CEO of Quantum Health, one of the leading healthcare navigation companies. An internationally recognized healthcare IT leader, Mr. Burke was most recently CEO of Livongo, and prior to that spent more than two decades at Cerner, where he ended his time as President. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 05/04/23 On today's podcast, we take a deeper look into regional bank troubles. We discuss its root causes, knock-on effects, and policy implications, as well as the experience of Canadian banks relative to U.S. regional and money center banks. We talk about today's “speed of money” and the power and ability of social media to act as a crisis accelerant, contributing to a GameStop-like moment for regional banks. Our featured guests are Mario Mendonca, senior financial services analyst for TD Securities, and Jaret Seiberg, Financial Services and Housing Policy Analyst for TD Cowen Washington Research Group. TD Cowen's Thematic Outlook Podcast Series focuses on emerging growth and disruptive innovation and is hosted by Bill Bird, TD Cowen's Head of Thematic Content. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 04/28/23 In this episode, Larry Wieseneck, Co-Head of Global Investment Banking at TD Securities and David Erickson, Senior Fellow at The Wharton Business School, are joined by Larry's Co-Head, Tim Wiggan to discuss the current state of the financial markets and share advice for companies on how to manage their business and balance sheet during this time. They also speak about what has been learned, so far, two months into TD's Cowen acquisition and integration. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 04/21/23 In this episode we discuss what's going on with telehealth, or more exactly, what's not going on with telehealth. After demonstrating the ability to successfully deliver effective care during the pandemic, with adoption rates in the range of 80-90%, we've seen telehealth utilization drop dramatically back to the 10-15% range. While still well above pre-pandemic levels, it's a far cry from what we saw during the height of the pandemic. So why has this been the case, what can be done about it, and what's next for virtual care? To explore this topic, we're joined by Dr. William Morris. Will is the former Executive Medical Director of Cleveland Clinic Innovations and Ventures, is a member of the Cleveland Clinic Board of Governors, and currently works at Google Cloud's Healthcare and Life Sciences Solutions business. For Disclosures, click here bit.ly/3cPHkNW

Recorded on 04/17/23 TD Cowen analyst Yaron Werber speaks with David Epstein, CEO of Seagen, and Laura Hamill, former EVP, Global Commercial Operations at Gilead Sciences and SVP, General Manager of US Commercial Operations at Amgen, to discuss owning their role as a C-suite executive, accountability, and being a leader in biotech companies. David and Laura offer insights on the difference between being functional area leader vs being a company leader, thinking like a CEO and not just as a head of a functional area, and highlight the key traits of successful management teams, which include clarity of purpose, willingness to prioritize and make tough early decisions, being accountable, working diligently to make the right decisions, and fostering a cohesive and communicative company culture. For Disclosures, click here bit.ly/3cPHkNW