Mad Money w/ Jim Cramer – January 14, 2026

A Special West Coast Edition from the J.P. Morgan Healthcare Conference

Episode Overview

Jim Cramer delivers a west coast, San Francisco-based special episode of Mad Money, focusing on the fusion of artificial intelligence and healthcare innovation, earnings season on Wall Street, and the latest inside scoop from the annual J.P. Morgan Healthcare Conference. The episode features deep-dive interviews with top healthcare CEOs from Novartis, Amgen, Regeneron, and Cardinal Health, alongside Cramer’s fiery market commentary and his signature Lightning Round.

Key Discussion Points and Insights

Market Overview & Sentiment (01:41 – 07:05)

• Market Mood Swings: Cramer compares the market’s temperament to "a three-year-old child—very hard to please," noting volatile reactions to both bad and good news. He highlights a “tsunami” of selling after JP Morgan’s earnings and CEO Jamie Dimon's ongoing caution (04:04).
  • Quote: "The market gets so angry over nothing. It's just plain irritable. Very hard to please, like a three-year-old child. But when you make it happy, the inner child giggles and your stocks will soar." – Jim Cramer (01:46)
• Artificial Intelligence & Healthcare: Cramer spotlights a new Nvidia–Eli Lilly San Francisco facility for AI-driven drug discovery, bemoaning Wall Street’s lackluster interest in this transformative step.
• Sector Rotation:
  • Software Slump: AI fears pressure stocks like Salesforce, Adobe, and ServiceNow.
  • Hardware Surge: Intel and AMD benefit from AI infrastructure demand.
  • Retail Rally: Discounters and big-box stores like Dollar General, Walmart, Target, and Home Depot surge on the back of tame inflation and lower interest rates.
    • Quote: “Stocks aren't supposed to levitate like this.” – Jim Cramer (05:30)
• Healthcare Value Call: Cramer highlights undervalued pharma stocks after attending J.P. Morgan's conference, suggesting major healthcare players are perfect for a low-inflation, low-rate environment (06:10).
• AI & Energy Paradox: Observes backlash against clean energy for data centers, and how Alphabet/Google currently seems best positioned in AI applications.

Novartis: Unlocking Value and Pioneering Innovation

Interview with Dr. Vas Narasimhan, CEO (10:12 – 18:41)

• Refocusing the Company:
  • Novartis exited Sandoz and Alcon, unlocking $160B in value and streamlining into a biopharma pure play.
  • CEO credits "betting on our innovation power" and "believing in our science" for growth.
  • Quote: “We've been able to unlock over $160 billion of value by becoming a pure play.” – Vas Narasimhan (11:11)
• Targeted R&D and Cost Control: Noted for industry-leading margins through operational discipline.
• Tackling Complex Diseases: Novartis is making bold moves in neuromuscular diseases with unique RNA technology platforms while competitors chase obesity drugs.
  • Quote: “Obesity… Well served. What about all of these other patients that need solutions? And that's where we want to focus our energy.” – Vas Narasimhan (13:59)
• Policy and Drug Pricing: Discusses pragmatic agreements with US and G7 on drug pricing to ensure innovation continues.
  • Quote: “The U.S. is who is underpinning innovation in our sector… We need to change that.” (15:20)
• AI in Drug Discovery:
  • AI is already speeding up clinical trial enrollment and site selection, but transformative impact will take a decade.
  • “I do believe in drug discovery in a five to ten year view. This is going to be transformative. But I think the hype cycle is making people too impatient.” – Vas Narasimhan (17:46)

Amgen: Weight Loss Drugs and the Power of Biologics

Interview with Bob Bradway, CEO (20:12 – 27:21)

• GLP-1 Drug Innovation: Amgen’s “maritide” weight-loss drug is explored as a long-acting (potentially quarterly) therapy. Main focus: improving patient persistence, overcoming drop-off challenges.
  • “Persistence is the name of the game. The benefit comes from being on therapy.” – Bob Bradway (22:25)
• Rare Disease Growth: Amgen’s acquisition of Horizon pays off, adding a $5B/year rare disease business—contradicting initial skepticism about acquisition value.
• Repatha’s Cardiovascular Impact:
  • Medication lowers LDL cholesterol, shown to reduce heart attack risk by 36%.
  • Bradway and Cramer campaign to raise awareness among doctors and patients.
  • Quote: “Lower is better. And the data have shown over and over again that lower is better. The sooner you get lower, the better.” – Bob Bradway (24:58)
• Defensive Portfolio: No looming patent cliffs, steady diversified revenue growth.

Regeneron: A Pipeline “From Our Own Labs”

Interview with Dr. Len Schleifer, CEO (28:08 – 35:58)

• Leadership Legacy: Schleifer marks tenure as America’s longest-serving CEO (per Cramer).
• Blockbuster Drugs:
  • Dupixent: Approved for 8 indications, used by over a million patients, described as a “pipeline in a product.”
  • Eylea HD: Now a $2B/year retinal disease franchise.
  • Libatyo: Shows 68% risk reduction for recurrence in challenging skin cancers.
• Realism About AI: Regeneron is bullish on AI for technical analysis, but skeptical about AI as an independent drug inventor.
  • Quote: “AI isn’t going to invent the drugs… AI can do certain things… But it's not going to magically say, can you come up with a better show than Mad Money?” – Len Schleifer (32:54, 33:03)
• Organic Innovation Over M&A: Emphasizes success in creating approved drugs from internal research vs. risky acquisitions.
• Cholesterol/Obesity Combo Drug: Suggests Regeneron's Praluent (cuts LDL by 50–60%) combined with GLP-1s could be a future “game changer” for heart disease and obesity.

Lightning Round: Cramer’s Rapid-Fire Stock Takes

(36:18 – 38:47)

• NewtekOne: Cramer promises to research this high-yield bank.
• Texas Instruments (TXN): Hold—hasn’t joined the recent semiconductor rally but likely will.
• Crane Co.: Good, diversified industrial play.
• Catalyst Pharmaceuticals: Like, undervalued with real earnings.
• GPCR (Oral GLP-1 competitor): Interesting, but fully priced—prefers Lilly.

Cardinal Health: Disrupting the “Middleman” Narrative

Interview with Jason Hollister, CEO (39:48 – 47:22)

• Transformation Story:
  • Cardinal focused on core distribution, sold non-core businesses, expanded into high-growth specialties.
  • Quote: “We exited some businesses, we exited some countries… then we acquired some faster growing, more specialized areas in the specialty space… pruned the portfolio.” – Jason Hollister (40:27)
• Diabetes and Home Care: Investments in automation and new distribution centers enable rapid, reliable delivery for home diabetes management products.
• Deep Integration with Care Providers: Management services support doctors’ practices, allowing clinicians to focus on care while Cardinal handles complex business needs.
• Moat and Operational Excellence: Automation improved quality, productivity, and safety; scaling to meet growing needs in urology, nutrition, ostomy, and more.
• Financial Performance: Raised EPS forecast, specialty division growing briskly (16% CAGR, $50B+ in revenue).
• Strategic Ethos: Cardinal wants to be seen as “backbone” of healthcare, critical to system efficiency and cost control.
  • “We are the backbone of the industry and that's why we are confident that we'll continue to provide a lot of value.” – Jason Hollister (47:14)

Notable Quotes & Timestamps

• On the market’s mood: “The market gets so angry over nothing. It's just plain irritable. Very hard to please, like a three-year-old child. But when you make it happy, the inner child giggles and your stocks will soar.” – Jim Cramer (01:46)
• Novartis value creation: “We've been able to unlock over $160 billion of value by becoming a pure play.” – Vas Narasimhan (11:11)
• On drug pricing: “The U.S. is who is underpinning innovation in our sector… We need to change that.” – Vas Narasimhan (15:20)
• AI’s real value: “I do believe in drug discovery in a five to ten year view. This is going to be transformative. But I think the hype cycle is making people too impatient.” – Vas Narasimhan (17:46)
• Cholesterol mantra: “Lower is better. And the data have shown over and over again that lower is better.” – Bob Bradway (24:58)
• Repatha’s benefits: “We were able to further reduce the risk of heart attack, in fact, by 36%.” – Bob Bradway (24:11)
• On AI limits: “AI isn’t going to invent the drugs… AI can do certain things, but… if people think that's going to do it, I hope they believe that because it just gives us a bigger competitive edge.” – Len Schleifer (32:54)
• Middlemen myth-busting: “We are the backbone the industry and that's why we are confident that we'll continue to provide a lot of value.” – Jason Hollister (47:14)

Key Timestamps for Segments

• Market Overview & Earnings Season Start: 01:41–07:05
• Interview: Novartis CEO Dr. Vas Narasimhan: 10:12–18:41
• Interview: Amgen CEO Bob Bradway: 20:12–27:21
• Interview: Regeneron CEO Dr. Len Schleifer: 28:08–35:58
• Lightning Round: 36:18–38:47
• Interview: Cardinal Health CEO Jason Hollister: 39:48–47:22

Overall Tone and Style

Cramer's high-energy, witty, and highly opinionated style sets the tone for the episode. He is upbeat about innovation—especially in healthcare—cautiously optimistic about markets, and remains candid in both his praise and skepticism regarding companies’ strategies and Wall Street narratives. Interviews with CEOs are lively, direct, and insightful, pairing technical achievements with frank business talk.

This episode is an essential listen for investors interested in AI’s real impact on healthcare, big pharma innovation, and clear-eyed stock market strategies—delivered with Cramer’s trademark enthusiasm and the rare access of the J.P. Morgan Healthcare Conference.