Big Pharma’s “Patent Cliff” & Overheard on Earnings

Summary

Brew Markets: Big Pharma’s “Patent Cliff” & Overheard on Earnings

Podcast: Brew Markets
Host: Morning Brew (featuring Jon Curto, Emily Miliron, Neil Freiman)
Date: June 22, 2026

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Episode Overview

This Brew Markets episode explores critical stock market stories of the day with a focus on Big Pharma's looming "patent cliff" and strategies to hedge against it, headlined by AbbVie’s $11 billion acquisition of Apogee Therapeutics. The episode also spotlights the surprising stock market surge for Getty Images following its OpenAI partnership, reviews UPS’s healthcare logistics expansion, and wraps up Q1 earnings season with a lighthearted “Overheard on Earnings” quote guessing game featuring Neil Freiman.

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Key Discussion Points & Insights

1. AbbVie’s $11 Billion Bet to Navigate the Patent Cliff

[00:26–03:52]

• News headline: AbbVie (ABBV) is acquiring Apogee Therapeutics for $10.9 billion (a 49% premium at $135/share).
• Background: AbbVie’s immunology division (Sky-rizi and Rinvoq) makes up nearly half its revenue. The blockbuster anti-inflammatory drug Humira—once the industry’s most valuable—lost U.S. patent exclusivity in 2023, triggering steep revenue decline from generic competition.
• Strategic Context: This deal is part of a broader M&A wave as large biopharma firms race to restock drug pipelines before revenues fall off the “patent cliff”—the rapid revenue drop after patents expire.
• Deal Details:
  • Apogee brings no approved drugs or product revenue, but its experimental eczema treatment is about to enter phase 3 trials and could rival Regeneron’s Dupixent.
  • “AbbVie says the purchase will give the company the ‘size, scale and expertise to address some of the most complex diseases in immunology.’” (Jon Curto, [02:56])
• Market Reaction:
  • Regeneron flat, J&J up ~1%, Apogee up 47%, AbbVie up nearly 7%—a vote of investor confidence.
  • Context: AbbVie’s last major acquisition was Allergan (maker of Botox) for $63 billion in 2019.

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2. Getty Images Surges on OpenAI Deal

[04:54–06:04]

• Getty Images (GETY) stock jumps 100% after securing a licensing deal with OpenAI.
  • Getty images will appear in ChatGPT’s search/discovery but will not be used for AI model training.
• Company Challenge: Getty’s business is threatened by AI-generated images; past attempts to build in-house AI or sue AI image generators (e.g., Stability AI) were unsuccessful.
• Market Narrative: The OpenAI deal repositions Getty as a visual content supplier—less vulnerable to AI disintermediation.
  • “Investors do seem optimistic… hope that the deal can change the narrative around Getty, making it into a visual content supplier and less at risk of substitution.” (Jon Curto, [05:12])

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3. UPS Expands Pharma Logistics Network

[06:04–06:44]

• UPS (UPS) invests $48 million to build 27 temperature-controlled facilities across America, Europe, and Asia.
  • This move targets high-demand “cold chain” logistics for pharmaceuticals—especially for weight-loss/diabetes GLP-1 drugs like Wegovy and Ozempic that require refrigeration.
• Strategy:
  • A shift towards high-margin healthcare logistics.
  • CEO reports UPS has grown healthcare market share annually since 2021.
• Cultural note: “Most times when I visit people these days… there is some sort of frozen drug in the fridge.” (Jon Curto, [06:35])

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4. Google Executive Departures & AI Race

[06:44–07:15]

• Alphabet (GOOGL) down over 5% following news that DeepMind VP John Jumper is moving to Anthropic; another major AI researcher recently left for OpenAI.
• Industry Implication:
  • Seen as evidence that OpenAI and Anthropic are outpacing Google and Meta in the business market for AI tools.

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5. Overheard on Earnings: Q1 Game Show with Neil Freiman

[07:15–17:57]

A playful segment in which Neil Freiman must guess which CEO made a peculiar or memorable remark on recent earnings calls, with Jon Curto as quizmaster.

Memorable Quotes & Game Highlights

• Peanut Butter & Jelly Story

  • Quote: “So it is, if you think about it holistically, a peanut butter and jelly story.”
    — Smucker’s CEO [09:00]
  • Answer rationale: A reference to Smuckers’ Uncrustables (a top product).

• “Oil for the Modern Internet”

  • Quote: “Our platform’s conversations are like oil for the modern Internet, a foundational resource powering the next generation of technology.”
    — Reddit CEO [10:31]
  • Why Reddit? Used for AI training; vast content archive.

• Avocado the AI Assistant

  • Quote: “Avocado, our AI assistant, continues to deliver real benefits by streamlining hiring and freeing up more time for our managers.”
    — Chipotle CEO [11:41]
  • Fun fact: Block’s AI is called “Goose.”

• “Tear Down This Wall” in Design

  • Quote: “Mr. Gorbachev, tear down this wall. We believe that there are those with taste and no scale. And those with scale and no taste. The global design market has spent the last half century comfortable with that division.”
    — RH (Restoration Hardware) CEO [12:22]
  • Commentary: RH is blending luxury scale with accessible design.

• Signature Reporting Goes Video

  • Quote: “Our signature reporting now regularly comes to life in reporter videos from John Kerry’s journey to unmask the Bitcoin creator to climate reporter Raymond Zhong’s two-month expedition to Antarctica.”
    — New York Times CEO [14:36]
  • Strategic note: NYT expanding into multimedia and interactive formats.

• Gas Prices Impacting California Retail

  • Quote: “The increase in fuel prices has reduced customer discretionary spending… approximately 45% of our stores in the US are in California where gas prices have climbed over $6 a gallon.”
    — Gen Korean BBQ House CEO [16:22]

Score: Neil goes 5/6, thoughtfully discusses his rationales, and jokes about cross-country biases.

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Memorable Moments & Quotes

• On Humira’s Patent Cliff:

  • “In 2023, AbbVie lost US patent exclusivity for Humira, opening the door to cheaper copycat or generic versions. The influx of competition triggered a steep drop in the drug’s revenue.” (Jon Curto, [01:49])

• On Getty’s Changing Fortunes:

  • “Getty had previously… unsuccessfully sued Stability AI… The result has been a selloff with shares… down nearly 55% this year, the stock closing at just 61 cents last week. Investors do seem optimistic on this arrangement.” (Emily Miliron & Jon Curto, [04:54–05:12])

• Reddit as Oil of the Internet:

  • “Our platform’s conversations are like oil for the modern Internet, a foundational resource powering the next generation of technology.” (Reddit CEO, as quoted by Jon Curto, [10:31])

• On RH’s Over-the-Top CEO:

  • “Just from that memory and the Mr. Gorbachev tear down this wall and all the histrionics, I’ll go RH.” (Neil Freiman, [12:52])

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Key Timestamps for Segments

• AbbVie & Patent Cliff Explained: [00:26–03:52]
• Getty Images & OpenAI: [04:54–06:04]
• UPS Pharma Logistics Expansion: [06:04–06:44]
• Google Exec Departures: [06:44–07:15]
• Overheard on Earnings Game Show: [07:15–17:57]
  • Peanut Butter & Jelly quote: [09:00]
  • Oil for the Modern Internet: [10:31]
  • Avocado AI Assistant: [11:41]
  • Design “Tear Down This Wall” quote: [12:22]
  • Signature reporting videos: [14:36]
  • California gas prices quote: [16:22]

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Thematic Takeaways

• Pharmaceutical M&A is driven by the race to refill blockbuster pipelines before patents expire (“patent cliff”).
• Media and content businesses are trying to find their place in the AI landscape, with licensing deals signaling a way forward.
• “Overheard on Earnings” highlights the sometimes quirky, colorful language executives use—and how cultural touchstones (like PB&J or “tear down this wall”) pervade even quarterly calls.
• The show maintains a witty, conversational tone—balancing industry insights with trivia and humor.

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This episode offers a succinct but rich survey of today’s market headlines—a must-listen (or read!) for investors who want to understand the business stories behind the stock moves.

Transcript

[A]

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[B]

Getty Images the stock price for the stock photo company nearly doubling today. We have the latest on the company's evolving relationship with AI. Overheard on earnings we shine a light on some of the more peculiar moments from the earnings season that was and the patent cliff and how to hedge against it. We explore today's $11 billion pharma deal and how it supports the drug pipeline for Monday, June 22nd. It's Brew Markets Daily and is on assignment. I'm John Cruteau. More market details to come, but first it's just merger Monday. AbbVie confirmed today that it would buy Apogee Therapeutics for $10.9 billion as it looks to bolster its next gen immunology pipeline. Abbvie Ticker ABBV is a biotech behemoth with a $400 billion market cap in patents on those drugs you see advertised throughout the evening TV schedule, like Skyrizi and Rinvoq. Those two specifically are part of AbbVie's highly lucrative immunology business, which is largely driven by the success of that blockbuster drug, Skyrizi. Last quarter. The segment Overall brought in $7.3 billion to AbbVie, representing nearly half of the company's total revenue for the period. And although Skyrizi and Revoq lead the company's portfolio today, the segment was previously anchored by another Abbvie property, Humira, the anti inflammatory drug that for half a decade was the industry's most valuable medicine. But then came the patent cliff. In 2023, AbbVie lost US patent exclusivity for Humira, opening the door to cheaper copycat or generic versions. The influx of competition triggered a steep drop in the drug's revenue. Well, today's deal is the latest in a string of biopharma acquisitions this year as large drug makers look to restock their pipelines ahead of their blockbusters. Hitting that patent cliff, Abbvie Skyrizi is also facing increasing competition from rivals like Johnson and Johnson, which developed a competing pill which patients may prefer over a quarterly injection. So what did Abbvie just add to its pipeline. Well, Apogee is clinical stage. No approved drugs, no product revenue. But the company's experimental eczema drug is entering phase three studies later this year. It's seen as a potential rival to Dupixent from Regeneron Pharmaceuticals and treats moderate to severe atopic dermatitis, the most common form of eczema. And now I sound like one of those TV ads. In terms of the terms, Abbvie said it would pay $135 a share in cash, a 49% premium to Apogee's Thursday closing price of $90. The boards of both companies have approved the deal and it's expected to close in the third quarter. Here's the market's reaction. Shares in Regeneron Pharmaceuticals are trading flat today. Johnson and Johnson is up about a percent. Meanwhile, shares in Apogee are up 47% to $132 and shares in AbbVie up nearly 7%. Investors seem supportive of the deal, which would be the company's biggest acquisition since it purchased the maker of Botox for $63 billion in 2019. That deal dwarfing today's $11 billion tie up. AbbVie says the purchase will give the company the quote size, scale and expertise to address some of the most complex diseases in immunology. We'll keep watching. Coming up in a moment, a spin through some of the headlines that are moving markets today, including UPS making its own pharma plans. But first, this episode is brought to you by aflac.

[A]

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To learn more, head to aflac.com brewmarkets that's aflac.com brewmarkets well, in a moment, I welcome Morning Brew Daily's own Neil Freiman into the studio to play a game. Hopefully he's been paying attention to Q1 earnings. But first, let's run through headlines from today's trading session with the help of our supervising producer, Emily Miliron. All right, Emily, kick us off.

[A]

Thanks for having me, John. I'm happy to be here.

[B]

Yeah.

[A]

Let's start with if you can't beat em, join em. Shares of Getty Images ticker G E T Y jumped 100% today after the photography repository announced a licensing deal with OpenAI as a part of the arrangement. Image from Getty's library will appear in the search and discovery features of ChatGPT, but they will not be used to train future OpenAI models.

[B]

Getty has been trying to navigate its approach to AI with fears that AI will poach its stock photo business with realistic computer generated images. Getty had previously tried unsuccessfully to develop its own AI image generator and unsuccessfully sued Stability AI, a developer of another popular tool. The result has been a sell off with shares in Getty down nearly 55% this year, the stock closing at just 61 cents last last week. Investors do seem optimistic on this arrangement. They hope that the deal can change the narrative around Getty, making it into a visual content supplier and less at risk of substitution and back to healthcare, but more in a roundabout way. Shares in UPS ticker UPS are trading up 3% today after the company announced a 48 million dollar investment in its cold chain logistics network.

[A]

Yeah, the story is super interesting. UPS will build out 27 temperature controlled facilities spanning the Americ, Europe and Asia as the company moves to accommodate surging demand for pharmaceuticals, namely GLP1s like WeGovy and Ozempic that must remain refrigerated throughout the supply chain. UPS has been signaling this transition toward higher margin services, namely healthcare. On the April 1st quarter earnings call, UPS CEO highlighted that it had grown its share of the healthcare market in each year going back to 2021.

[B]

Most times when I visit people these days and I open the fridge to get a drink, there is some sort of frozen drug in the fridge.

[A]

There is. It's crazy.

[B]

It's very popular. Finally, shares in Alphabet ticker g o o gl Google are down over 5% today following announcement that Google DeepMind Vice President John Jumper is leaving for Anthropic. This a week after one of Google's most prominent researchers, Noam Shazir, announced he was leaving for OpenAI.

[A]

Yeah, we had a couple teams in the office talking about this today. Analysts are seeing signs that when it comes to selling AI coding to businesses, OpenAI and Anthropic be pulling away from Google and Meta. These departures support that narrative.

[B]

That's right. Well, we made it through the hectic Earnings season. It is summer. We thought we'd have some fun, so I invited Neil Fremant into the studio today to play a game called Overheard on Earnings. Neil, of course, is the co host of the morning Brew daily podcast and might be one of the longest tenured staffers here at the building. So I figured he'd excel at the game. We shall see. And of course, for regular listeners to Brew Markets, this should be a breeze. Neil Freiman, thank you so much for joining us on Brew Markets. It's a very special crossover episode today. So you and Toby host Trivia Nights. You love games. The question before we get started, do you prefer to host or to play?

[C]

I prefer. I actually like them both. Yeah, I mean, they're. They stretch different muscles of the brain. I do like answering questions, but at the same time, it's fun to be able to command a room. I mean, I have to do is ask questions, and 150 people at a bar are just going to be live, locked in.

[B]

All right, well, today we're going to play a game called Overheard on Earnings Brew Markets. We love listening to the quarterly earnings calls. We get some nuggets, some interesting quotes that come out from the CEOs, so we've collected a few of them over the first quarter. This is the end of earnings season. You have to tell us the company the CEO was speaking for. And it's multiple choice. Does that work for you? Sure. All right, we're going to kick things off with an Overheard on Earnings game show intro. Okay, let's get to Q1. Okay. Welcome to the hot seat, Neil. Number one, overheard on earnings, this company CEO said so it is, if you think about it holistically, a peanut butter and jelly story. Was it a Smucker CEO, B, Kraft, Heinz, another food conglomerate, or C, PepsiCo, a peanut butter and jelly story.

[C]

All right, so I don't remember this particular deal exactly, but for me, it seems like this CEO is talking about a merger that they made with another company to combine some sort of portfolio that works together in harmony, like peanut butter and jelly.

[B]

All right, so which is your answer? Smuckers, Kraft, Heinz, or PepsiCo?

[C]

I think from what I remember, I don't think PepsiCo made that big of a deal. So I'm deciding between the other two, and I will go Smuckers.

[B]

Oh, that's correct. That's correct. Of course, the peanut butter and jelly story is the Smucker's story. He was talking about Uncrustables, which has made a billion dollars. It's One of the company's most profitable. Now, if you had gone with Pepsi in 2022, Pepsi did point out that peanut butter and jelly is bought about 20% of the time together, but snacks and soda are bought 55% of the time together, making them more peanut butter and jelly than peanut butter and jelly.

[C]

I don't do jelly.

[B]

Oh.

[C]

For whatever reason, I just only do peanut butter growing up. Yeah. And I've stuck with that for some reason.

[B]

So you just need a peanut butter and a peanut butter story for your investment thesis. Yeah.

[C]

That sound.

[B]

All right, number two, overheard on earnings. This company CEO said our platform's conversations are like oil for the modern Internet, a foundational resource powering the next generation of technology. Is that.

[C]

I don't think I need a. Okay, go with it for this.

[B]

Which company do you think it is?

[C]

Our platform's conversations are like oil for the modern Internet. Foundational resource powering the next generation of technology. I think that is Reddit.

[B]

Oh, that's correct. Correct. It is Reddit. I gave you the options of Yelp, where there is not really discussion, but comments. Reddit and Spotify. Of course. Reddit, with its 25 billion posts and comments that feature what previously were human conversations. We're not sure anymore. A training resource for AI. Are you a Redditor?

[C]

I mean, I've increasingly used Reddit. Yeah. And. And I would say maybe five to 10 years ago, it seemed very intimidating and like most of my tech forward friends were using it. And now I've started finding myself attaching Reddit to Google searches and going on more for anything from like theater and TV and movie reviews to I need some new golf shorts. And honestly, the content is great.

[B]

I agree. I like it for travel. Yeah, like good travel.

[C]

That too. Yeah, absolutely.

[B]

All right, number three, overheard on earnings. This company CEO said Avocado, our AI assistant, continues to deliver real benefits by streamlining, hiring and freeing up more time for our managers. Which CEO said that? Was it the CEO of A Block B, Chipotle or see Instacart?

[C]

I don't get guac on my burritos or burrito bowls, but I do think this one is Chipotle.

[B]

That's correct. Oh, that's correct. Because Ava Kado is. If you're looking at it, it's Avocado right now. I threw in Block in there because they have a name for their AI agent and it's Goose. Oh, they're internal Goose.

[C]

That works. Are you sure? Is it Avocado or Avocado? But you're going like, oh, this is an actual thing. Person's name.

[B]

I looked it up, and it's two. There's a space. It's not spelled as one word.

[C]

So if it's Ava, it's Ava.

[B]

We work with someone on our team here named Ava. And so that's where I got that information. Number four.

[C]

Okay.

[B]

Okay. Overheard on earnings. We're doing six of these. Probably this company CEO said, Mr. Gorbachev, tear down this wall. We believe that there are those with taste and no scale. And those with scale and no taste. The global design market has spent the last half century comfortable with that division. So which CEO? Tear down this wall. A little historical reference.

[C]

Yes.

[B]

Okay, let's go to your options. A, was it the CEO of rh, B, the CEO of Wayfair or C, Warby Parker?

[C]

I have no idea. But I remember from a couple of years ago, the RH CEO has a flair for the dramatic. He watched his stock. He watched. I think it was during Liberation Day when Trump was announcing the tariffs. He was watching his stock plummet by 40% and was just. Was just talking on the call as it was happening and then just offered a bunch of expletives. So just from that, just from that memory and the Mr. Gorbachev tell down, tear down this wall and all the histrionics. I'll go rh.

[B]

Oh, that's correct. That is correct. Neil, nice job. You're remembering your work here on the newsletter and the historical significance there, Right? So RH is trying. That was originally Restoration Hardware. They rebranded over a decade ago. And he's talking about this idea of luxury, but that's accessible to the masses, so it can scale up. They're doing new RH Estates luxury furniture line, but you don't have to be in the trades to access it. Okay.

[C]

You're doing great.

[B]

You're four for four.

[C]

Yeah, I'm feeling good.

[B]

Have these been more challenging or easier than you thought?

[C]

I would say maybe the. Maybe the first one was. Was challenging a little bit. I guess I was taking a stab in the dark. But then they've got increasingly easier. But also I. This is what I do. Like, I just read business news all. All day, so I would hope I would score decently.

[B]

Go to number five. We'll see if you can get a 100% score. Number five. Overheard on earnings. This company CEO said our signature reporting now regularly comes to life in reporter videos from John Kerry's journey to unmask the Bitcoin creator to climate reporter Raymond Zhong's two Month exped. Antarctica. Which CEO said that? Was it A, the CEO of the Washington Post, B, USA Today or C, the New York Times?

[C]

I may be cheating here, but I think the New York Times is the only publicly traded company of this, so.

[B]

Oh, that's correct.

[C]

You're correct. The only one that it could have been because you're doing earnings.

[B]

I. Great insight. And I was going to try to trip you up on that because yes, the Washington Post is privately held. Now I did look up that USA Today is a publicly traded company. It sort of spun off from Gannett a couple years ago. And so that could have been an option. But you were right to go with the New York Times if you needed one more clue because I know you like these games. A bonus quote from that earnings call. Quote. We officially launched our first multiplayer game called Crossplay.

[C]

Yeah. Do you play?

[B]

I don't play Crossplay. Are you a player?

[C]

I am a big crossword guy. So I do the cross. The full crossword every single day and then when I'm done that and don't have anything else to do and I still have a subway ride, I'll dabble in spelling bee. But for the most part, I am very committed to the, to the crossroad. I try to do it every single day.

[B]

And cross play, you can play with someone else.

[C]

Cross play is. Yeah, it's the. Their words with friends and you can play with somebody else. But I just never. That never super interested me compared to the crossword.

[B]

All right, well, if you get all six of these right, maybe we can be friends on cross play. All right, number six, the final one. Going for 100% score. Which CEO said overheard on earnings. The increase in fuel prices has reduced customer discretionary spending. This impact has been particularly pronounced as approximately 45% of our stores in the US are in California where gas prices have climbed over $6 a gallon. So we're wondering which CEO has a California based business. And A, is it Portillo's? B, Cracker Barrel, the old country store or C gen Korean barbecue house?

[C]

Oh, this one you thought you would do? I thought I would do. In and out. Give me a layup. I don't know. Let's eliminate Cracker Barrel. I think they are middle America Southeast. I don't think that they have 45% of the locations in California. I could be wrong.

[B]

According to my research, they have zero locations.

[C]

There we go.

[B]

In California.

[C]

Okay, you're already, you're. You're helping me along. I don't know Portillo's, but I grew up on the east Coast. I grew up in the Northeast and haven't really left. So I. That's a contender because if they have a bunch of stores there might be in California where I spent a little less time. And same with, with Jen, Korean barbecue House. I would be, I don't know. Let's go with Portillo's.

[B]

Okay.

[C]

Oh, no. I faltered on the last.

[B]

I think folks in the Midwest, specifically Chicago, might know Portillo's.

[C]

They are going to crucify me. They're going to be like, you think that Portillo's is mostly in California, but I just have never been, I've never been around it.

[B]

And maybe Jen will come after you

[C]

and Jen will come in for not. For not tapping them in as in California. So I'm showing my east coast bias here.

[B]

Well, that was the fun of it was that we have at least bias. But we know about Cracker Barrel.

[C]

We know about Cracker Barrel and we successfully eliminated them. But I'm sorry that your. Your prices have gotten so high, but hopefully since this call, gas prices have calmed down a bit. Maybe not in California. There's still probably like 550 or something.

[B]

Lot of state taxes there. I was a resident for a time. Well, Neil, thank you so much. 5 out of 6. Thank you for being here.

[C]

Thank you.

[B]

Okay, let's get into Q1 and we'll have you back next time.

[C]

Awesome. Thanks for having me.

[A]

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[B]

I once tried to make one of those little ships in one.

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[B]

well, it's 4pm on the east Coast. The market's wrapping up for the day in light of the licensing deal between Getty and OpenAI. Here is our stock Stock photo of the day the Einstein of Wall street on the trading floor, head in hand. That's because The S&P 500 finished down a third of a percent. The Nasdaq hit by a tech sell off, finished down one and a third percent. That includes shares in SpaceX, which was down over 16% today, and the Dow finishing up three tenths of a percent. Before we go, I wanted to mention the passing of former Fed Chairman Alan Greenspan, who died today at the age of 100. First taking the top position in 1987, Greenspan was ultimately appointed by four different presidents and became the central bank's second longest serving chairman with nearly two decades in the seat. Many remembrances today are highlighting the ups and downs for the US Economy during his leadership, including an economic boom that began in the 1990s and culminated with the implosion of the Internet bubble in 2000. It was during that run up in December 1996 that he may have cemented his notoriety by coining the term irrational exuberance, describing the behavior of investors who were snapping up high priced assets with reckless abandon. The phrase became iconic in financial circles and was inextricably linked to the skyrocketing tech stocks that ultimately crashed less than four years later. The remainder of Greenspan's tenure was marked by an aggressive rate cutting campaign with successive rounds of monetary easing that sent benchmark rates from 6 and a half percent to 1% in just three years. In her statement today, Greenspan's wife, NBC News correspondent Andrea Mitchell, added that Greenspan had, quote, an irrational exuberance for baseball, the Washington Commanders, tennis, golf and music, especially jazz. That's all for today's Brew Markets Daily. Brew Markets Daily is hosted by Anne Barry and produced by Jon Curto, Tarka Delatif, Aveni Laroya and Emily Milian. Our Technical director is Uchena Waugu. Brittany Dotako is our audio engineer, Catering by Stu Markets and the president of Morning Brew Inc. Is Devin Emery. Wake up tomorrow with the Morning Brew newsletter and tune in to Neil and Toby on Morning Brew Daily. We'll see you back here tomorrow. Same time, same place.

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