Regeneron's capitulation to Trump—(https://www.cnbc.com/2026/04/23/regeneron-inks-drug-pricing-deal-with-trump-will-offer-hearing-loss-therapy-for-free.html)—marks another surrender in Big Pharma's losing war against political extortion. When an industry starts handing out cutting-edge drugs for free to appease politicians, you're witnessing structural revenue destruction, not smart dealmaking.

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