Mad Money w/ Jim Cramer – 1/12/26 (January 13, 2026)

Host: Jim Cramer (CNBC)
Episode Theme:
This special edition of Mad Money, live from One Market in San Francisco, immerses listeners in the latest from the J.P. Morgan Healthcare Conference. Jim Cramer brings his signature energy as he addresses political headline risks, market sentiment, and sits down with the CEOs of several leading healthcare firms. The episode also features the classic Lightning Round, where Cramer fields stock questions from callers.

Main Theme & Purpose

The episode orbits around the interplay between politics, policy, and market reactions, showcased through Cramer’s fiery commentary, and dives deep into healthcare innovation through CEO interviews with Novo Nordisk, Medtronic, Pfizer, and Bausch + Lomb. Cramer’s core aim is to empower and educate retail investors, helping them interpret complex headlines, understand Wall Street dynamics, and identify actionable investment opportunities.

Key Discussion Points & Insights

1. Political Drama & Market Reaction

Cramer on Jay Powell Investigation & Rate Caps

• DOJ investigating Fed Chair Jay Powell over Federal Reserve HQ renovation (02:00). Cramer quips, “Time to pardon Jay Powell. The poor guy’s not a criminal. He doesn’t belong in prison.”
• Political motives possible (“...President’s doing this because the Fed isn’t cutting interest rates fast enough.”)
• Market barely reacts: “The market just doesn’t believe Jay Powell prosecuted or the credit card companies will get hit with an interest rate cap.” [03:55]
• Trump proposes capping credit card rates at 10% (04:30). Cramer warns this would reduce lending to riskier borrowers: "Some people are bad credit risks and these companies simply won’t lend to any of them unless they can get sovereign in interest rates.”
• Bottom Line: Markets bet that “following through would be nuts and very bad for stocks.” (05:20)

2. Audience Q&A and Stock Takes

• Shopify: Cramer calls it a buy, especially in light of a rally—sees further upside. (“Shopify goes higher...the market being a harsh taskmaster.”) [05:15]
• Lightning Round (39:00–40:11):
  • CubeSmart: “Not enough growth and there are others that are better. Let’s look at Prologis...that’s the best.”
  • Sony: “Yes, I’m going to say it is a buy. The stock is undervalued.”
  • Aquestive (AQSD): Down 38%, Cramer wants to research before answering.

JP Morgan Healthcare Conference CEO Interviews

Novo Nordisk – Mike Dewstar, President & CEO

Focus: Oral version of Ozempic/WeGovy (GLP-1), obesity treatment, accessibility [08:04–18:48]

• Pill Version of Weight-Loss Drug:
  • Dewstar on injections: “There are a lot of people that like injections, but you’re probably right, people have been waiting for the pill.” [08:35]
  • Pills reduce social taboos, needle/injection and refrigeration challenges.
  • Expands market to those with aversion to injections or lack of refrigeration.
• Efficacy & Accessibility:
  • Pills match injectables in weight reduction: “Now you have a pill or a pen, both of which reduce your weight by 16.6% so you don’t need to compromise anymore.” [14:28]
  • Pricing tackled: “149, 149, 149... if you want to really make this accessible, then you have to put it at a price where everyone can afford it.” [12:37]
  • With insurance, as low as $25/month. [16:58]
• Fighting Unapproved Compounders:
  • Dewstar: “They’re knockoff products. This should be completely illegal... I would not want to give this to anyone I love.” [13:43]
• Rare Disease Pipeline:
  • Sickle cell drug (Etavo), new hemophilia treatment (“98% of the bleedings that were tested in the clinical trials were [stopped].” [18:01])

Notable Quotes:

• "If I take a pill today, you will not notice anything...If I pull up my shirt and inject myself in front of you, you start thinking about me." – Mike Dewstar [09:15]
• “$25 for something it was $1,300 two years ago.” – Jim Cramer [17:10]

Medtronic – Jeff Martha, Chairman & CEO

Focus: Medical tech innovation, spin-off of diabetes unit, leadership in several device areas [20:26–28:46]

• AI Colonoscopy:
  • “We found that GI docs were missing roughly 26% of the polyps...in the real world...up to 50%. So the AI has been a home run.” – Jeff Martha [21:43]
• Hugo Robotic Surgery Platform: Costs less, modular, no dedicated room needed, pairing with laparoscopic tools.
• Cardiac Ablation Growth:
  • “We grew 70% last quarter and we’re now the fastest growing technology in that fast growing space.” [23:55]
• Spin-Off of Diabetes Unit:
  • “It’s more of a consumer business than the rest of Medtronic. We tend to sell to hospital.” [25:48]
  • Innovation in sensors, insulin delivery, and algorithms at all-time best.
• Hypertension Treatment (Renal Denervation):
  • “18 million people in the U.S. suffer from hypertension...50% of these patients quit the meds in one year. So the current standard care meds just doesn’t work.”
  • CMS and FDA gave broad national coverage/approval, commercial payers following. [27:40]

Notable Quotes:

• "Becoming an AI-assisted colonoscopy is rapidly becoming the standard of care." – Jeff Martha [21:43]
• “Kudos to CMS here that understood that. And FDA gave us breakthrough designation.” [28:03]

Pfizer – Dr. Albert Bourla, Chairman & CEO

Focus: Future growth, weight loss pipeline, acquisitions, dividend security, U.S. drug price policy [29:09–38:38]

• Weight Loss Drug Ambitions:
  • “We are going to start 10 phase three studies this year...for ultra long acting GLP-1.” (Monthly injections, pill version in development.) [29:34]
• Acquisitions & Loss of Exclusivity:
  • Assembled pipeline via COVID proceeds: BioHeaven, Nortek, Seagen.
  • Bourla insists on value of Seagen: “If the products succeed, we paid very little for this company and paid fail. We paid a lot.” [32:42]
• Dividend Reassurance:
  • “I am the CEO and chairman and I say you just not worry about the dividend.” [33:19]
• Drug Pricing & Most Favored Nations (MFN):
  • “...We couldn’t have prices in the US for products that are two or three times higher than in Europe. So that is changing and will change.” [34:41]
• Vaccine Policy Friction with HHS:
  • “Everything they do, it is not science based, will cost lives. These are not things that are easy to [overcome].” [35:33]
• Growth Outlook:
  • Modest stagnation/decline until 2028: “We will have stagnation and probably small decline all the way to 28. Following that 29, 30, 31, 32. The CAGR…will be industry leading.” [36:37]
  • Cramer affirms he’ll reassure investors about the dividend in the Lightning Round: “I am not concerned about the dividend. I spoke directly to Dr. Albert Bourla.” [38:18]

Notable Quotes:

• “We are Pfizer so we are go all in.” – Albert Bourla [29:34]
• “There are many people who are watching. They get 6.7%. They are saying, you know what? This is a bond. I had a caller who said it’s a bond. It’s not a bond, it’s a common stock.” – Jim Cramer [33:00]

Bausch + Lomb – Brent Saunders, Chairman & CEO

Focus: Contact lens/material innovation, pipeline breadth, restructuring, and strategic vision [40:30–47:22]

• Contact Lens Innovation:
  • “The first lens not made with silicon, but actually...made with hyaluronic acid, which is your eyes’ natural lubricant.” [41:41]
  • Aims to fix dryness and comfort issues for users.
• Glaucoma and Ocular Innovation:
  • New approaches to treatment, including restoring vision, not just pressure management.
  • Deepest product pipeline in 172-year history (60 programs).
• Embracing Disruption in Eye Care:
  • Combination therapy for dry eye, pain, new contact lens material, new IOLs, new surgical equipment.
• Consumer vs. Professional Market Merging:
  • Disruption in advertising and sales; increased use of AI and direct-to-consumer strategies.
  • “I don’t think there’s a clear line anymore.” [44:58]
• Openness to M&A and Shareholder Value:
  • Responsive to activist pressure (potential Cooper+Bausch combination): “Certainly that’s my true north. We run the company for our shareholders’ benefit...But we think a little longer term sometimes.” [45:26]
• Addressing Structure Challenges:
  • Despite parent company’s (Bausch Health) debt, CEO focuses on performance and growth:
    • “We have the plans, we’re executing and then drive innovation, have the best pipeline with the best products.” [46:44]

Notable Quotes:

• “We have the deepest pipeline...in our 172-year history.” – Brent Saunders [43:11]
• “On the merits, it makes sense for number three and number four to combine...” [45:53]
• “We talked about massive margin improvement...600 basis point margin improvement over the next three years and evenly spread out 200, 200, 200.” [46:23]

Memorable Moments & Quotes (with Timestamps)

• Cramer on market skepticism:
  • “The market’s a harsh taskmaster. If it thinks you can be outflanked and outsmarted, it’s not going to do your bidding.” [05:20]
• Novo Nordisk on broadening access:
  • “If you want to really make this accessible, then you have to put it at a price where everyone can afford it.” – Mike Dewstar [12:37]
• Medtronic on AI in healthcare:
  • “AI has been a home run for this diagnostic.” – Jeff Martha [21:43]
• Pfizer’s dividend promise:
  • “You just not worry about the dividend.” – Albert Bourla [33:19]
• Bausch + Lomb on innovation:
  • “We have the deepest pipeline...in our 172-year history.” – Brent Saunders [43:11]

Timestamps for Key Segments

| Segment | Speaker(s) | Timestamp | |-----------------------------------------------|--------------------|--------------| | Opening: Market & Politics | Jim Cramer | 01:42–05:59 | | Q&A: Shopify | Jim Cramer | 05:15 | | Novo Nordisk Interview | Jim Cramer, Dewstar| 08:04–18:48 | | Medtronic Interview | Jim Cramer, Martha | 20:26–28:46 | | Pfizer Interview | Cramer, Bourla | 29:09–38:38 | | Lightning Round | Jim Cramer | 39:00–40:11 | | Bausch + Lomb Interview | Cramer, Saunders | 40:30–47:22 |

Original Tone & Energy

Cramer is his witty, fast-talking, and provocative best, grilling CEOs with pointed questions but offering optimism for breakthrough healthcare innovation. The guests respond candidly, reflecting excitement about scientific progress while also acknowledging business risks and competitive challenges.

Summary for New Listeners

This episode distills market skepticism toward political noise, then takes listeners behind the curtain of healthcare innovation. Cramer’s interviews are packed with insights about the future of medicine—affordable obesity drugs, transformative devices, and pipeline investments poised to reshape major companies. The practical Lightning Round and sharp sound bites make it valuable for investors at any experience level, especially those following healthcare stocks.

For further details or to review missed segments, visit madmoney.cnbc.com