Research @ Citi Episode 56: Thankful for Health - AI, Vaccines, and Weight loss
Nov 20, 2025
Geoff Meacham, Global Head of Healthcare at Citi, shares insights on the rapidly evolving healthcare landscape. He discusses AI's expected impact on drug development by 2028-2030 and the potential for increased interest from generalist investors. Geoff also examines the future of GLP-1 drugs, highlighting their shift from injectables to orals, and the implications for patient affordability. The conversation touches on M&A activity in biotech and the evolving pricing strategies in the pharmaceutical sector, making for a compelling listen for healthcare enthusiasts.
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AI's Long Road To Visible Returns
- AI will speed drug development and help find new targets but major impacts will take years to show.
- Geoff Meacham expects a visible report card around 2028–2030 as investments mature.
Lilly Dominates Generalist Interest
- Lilly has been the standout mega-cap biopharma drawing generalist investor attention.
- Most other large pharmas show mid- to high-single-digit growth, limiting broad sector interest.
Watch Policy, Then Pipeline
- Expect diminishing headline risk from tariffs and price-cut threats after recent MFN and onshoring moves.
- Monitor pipeline breakthroughs in 2026 for disruptive assets across pain, cell therapy, GLP-1 expansion, and other areas.