Health Care Outlook 2025

Mar. 13, 2025

Host: Ritu Baral, Daniel Brennan, Phil Nadeau, Ph.D., Joseph Thome, Ph.D., Tyler Van Buren, Yaron Werber, M.D., MBA

In this video we highlight some key health care outlook themes for 2025, that were explored during the TD Cowen 45th Annual Health Care conference. Including:

Innovation in immunology and inflammation
Advances in precision medicine
Novel neuropsychiatric drugs (especially those with psychedelic mechanisms),
New therapies for pain management,
The reemergence of the large cap tools sector,
And successful Small-Mid cap biotech drug launches

This clip should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this clip was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of clip. The views and opinions expressed in this clip are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this clip. The information contained in this clip does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this clip and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Ritu Baral

Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Ritu Baral
Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Biography

Ritu Baral joined TD Cowen in August 2014 as a senior biotechnology analyst and managing director. Ms. Baral has more than nineteen years of experience in biotechnology finance, including over sixteen years in biotechnology equity research. Her coverage has focused on rare diseases and neurology. From August 2006 until June 2014, she held a series of positions in biotechnology equity research at Canaccord Genuity, including senior analyst and managing director. Before that, Ms. Baral was an equity research associate at JMP Securities and a senior associate at the Trout Group. Previously, she was a research associate at Columbia University’s Department of Medicine, where she participated in neuroendocrine research focused on appetite and metabolism regulation, and completed graduate coursework in immunology.

Ms. Baral graduated with a BA in biological sciences from Barnard College. She is involved in a number of rare disease patient advocacy organizations, including as a board member of the Everylife Foundation for Rare Disease and the Industry Advisory Board of the National Tay-Sachs and Allied Diseases Foundation. She was previously on the board of directors of the Pulmonary Fibrosis Foundation.

Daniel Brennan

Managing Director, Research, Health Care - Life Science & Diagnostic Tools Research Analyst, TD Cowen

Daniel Brennan
Managing Director, Research, Health Care - Life Science & Diagnostic Tools Research Analyst, TD Cowen

Biography

At TD Cowen, Dan is responsible for providing research coverage on a diverse group of companies across the Life Science & Diagnostics Tools’ industry. This includes identifying key investment debates, building financial models, generating research reports, including ‘Ahead of the Curve’ deep dive analysis, making stock recommendations and engaging with clients and TD Cowen representatives.

Daniel Brennan is a senior analyst covering Life Science & Diagnostic Tools. Prior to joining TD Cowen, Dan was a Managing Director and senior Life Science & Diagnostic Tools analyst at UBS. Prior to UBS, he was a senior health care analyst at Columbus Circle Investors. Dan also spent 19 years at Morgan Stanley, where he served, amongst other roles, as the health care sector equity sales specialist and later as the senior Life Science & Diagnostic Tools analyst.

Mr. Brennan holds a BA in economics from Georgetown University, and an MBA from Harvard University. He is also a CFA® charterholder.

Phil Nadeau, Ph.D.

Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Phil Nadeau, Ph.D.
Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Biography

Philip Nadeau is a managing director and senior research analyst on the biotechnology team at TD Cowen. He joined TD Cowen in 2000 and is responsible for covering approximately 25 large-, mid-, and small-cap biotechnology stocks. TD Cowen’s biotechnology team has consistently been among the top-ranked teams in the Greenwich Survey. Dr. Nadeau has been recognized in The Wall Street Journal’s “Best on the Street” rankings and in the Institutional Investor poll. His views on biotechnology topics are often quoted by national news services such as Reuters, Bloomberg and the Dow Jones newswires. Prior to joining TD Cowen, he was a research assistant at Children’s Hospital, Boston.

Dr. Nadeau has an SB/MEng in electrical engineering and computer science from MIT and a Ph.D. in Neurobiology from Harvard University.

Joseph Thome, PhD

Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Joseph Thome, PhD
Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Biography

Joseph Thome is a managing director and senior research analyst on TD Cowen’s biotechnology team. Dr. Thome was selected as a “Rising Star in Equity Research” by Business Insider in 2021 and the TD Cowen biotechnology team has consistently been among the top-ranked teams in the Greenwich Survey.

Prior to joining TD Cowen in March 2016, Dr. Thome was an NIH pre-doctoral research fellow at Columbia University, studying the compartmentalization and maintenance of the human T cell immune response from infancy into adulthood. His research has been published in several prestigious journals including Cell and Nature Medicine.

Dr. Thome received a BA with high honors in chemistry and biochemistry from Oberlin College and a Ph.D. in microbiology and immunology from Columbia University, where he was granted the Dean’s Award for Excellence in Research.

Tyler Van Buren

Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Tyler Van Buren
Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Biography

Tyler Van Buren is a Managing Director and senior equity research analyst on the biotechnology team at TD Cowen.

Mr. Van Buren has a decade and a half of equity research experience and is responsible for providing analysis on large-, mid-, and small-cap biotechnology stocks. His views on biotechnology topics are often quoted by national news services such as Bloomberg, Endpoints News, Reuters, STAT, and the Wall Street Journal, and he has been featured as a guest on CNBC and Fox News.

Prior to rejoining TD Cowen, Mr. Van Buren was a Managing Director and senior biotechnology equity research analyst at Piper Sandler (previously Piper Jaffray) for over three years. Prior to Piper Sandler, Mr. Van Buren spent five years on the biopharma research team at TD Cowen. Previously, Van Buren was a founding member and Managing Director at LifeSci Advisors where he helped build the firm’s biotechnology research practice. Earlier in his career, he worked at Amylin Pharmaceuticals, Lithera Pharmaceuticals, the Sanford-Burnham Medical Research Institute, and the U.S. Department of Agriculture.

Mr. Van Buren earned a master’s degree in biology and a bachelor’s degree in biochemistry and cellular biology from the University of California, San Diego.
HCBiopharma

Yaron Werber, M.D., MBA

Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Yaron Werber, M.D., MBA
Managing Director, Health Care – Biotechnology Research Analyst, TD Cowen

Biography

Dr. Yaron Werber is a Managing Director and senior research analyst on TD Cowen’s biotechnology team. In this role, Dr. Werber is responsible for providing analysis on large-, mid-, and small-cap biotechnology stocks. Dr. Werber has 20+ years of experience as a research analyst in the financial services industry and has served as an executive in a public biotechnology company.

Prior to rejoining TD Cowen, Dr. Werber was a founding team member, chief business and financial officer, treasurer and secretary of Ovid Therapeutics, a biotechnology company focused on developing transformative drugs for orphan disorders of the brain. In this role, Dr. Werber established and was responsible for all financial planning and reporting, business development, strategy, operations/IT and investor and public relations and human resources functionality. Dr. Werber also led negotiations to secure several pipeline compounds including an innovative partnership with Takeda Pharmaceutical Company, a deal that expanded Ovid’s pipeline and pioneered a novel approach for partnering the focused expertise of small biotech with big pharma.

This deal was chosen by Scrip as a finalist for the 2017 Best Partnership Alliance Award. In addition, Dr. Werber oversaw all financing activities and led a $75 million Series B round in 2015 and Ovid’s $75 million IPO in 2017. In that capacity, Dr. Werber was selected as an “Emerging Pharma Leader” by Pharmaceutical Executive magazine in 2017.

Prior to joining Ovid, Dr. Werber worked at Citi from 2004 to 2015, where he most recently served as a managing director and head of U.S. healthcare and biotech equity research. During his tenure at Citi, Dr. Werber led a team that conducted in-depth analyses of life science companies at all stages of development, ranging from successful, profitable companies to recently public and privately held companies. Previously, Dr. Werber was a senior biotech analyst and vice president at SG Cowen Securities Corporation from 2001- 2004.

Dr. Werber has been awarded several accolades for performance and stock picking, he has been highly ranked by Institutional Investor magazine, has received awards from Starmine and was voted among the top five analysts in biotech in the Wall Street Journal’s “Best on the Street” Greenwich survey. He has frequently been featured as a guest on CNBC, Fox News, Bloomberg News and has been quoted in the Wall Street Journal, New York Times, Fortune, Forbes, Bloomberg thestreet.com and BioCentury.
Dr. Werber earned his B.S. in Biology from Tufts University, cum laude, and a combined M.D./MBA degree from Tufts University School of Medicine where he was a Terner Scholar.

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