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Umer Rappat

Senior Managing Director at Evercore ISI

Umer Raffat is a Senior Managing Director at Evercore ISI, where he heads coverage of large-cap therapeutics across biotech, major pharmaceuticals, and specialty pharmaceuticals. He covers prominent companies such as Amgen, Bristol-Myers Squibb, Merck, Cigna, and Humana, and has earned 22 first-place Institutional Investor rankings, although his TipRanks success rate is 38% with an average transaction return of -10.7%. Raffat began his equity research career at Deutsche Bank in 2010 under Dr. Mark Schoenebaum, moving to Evercore ISI shortly thereafter, and was inducted into the Institutional Investor Hall of Fame in 2020. He holds an undergraduate degree in biology from the University of Texas at Arlington and a master’s from the Harvard School of Public Health.

Umer Rappat's questions to TEVA PHARMACEUTICAL INDUSTRIES (TEVA) leadership

Question · Q2 2025

Umer Rappat of Evercore ISI inquired about the expected discount range for AUSTEDO under IRA negotiations and the potential impact of newly announced European tariffs.

Answer

President & CEO Richard Francis stated the company would not comment on ongoing IRA negotiations with CMS. Regarding tariffs, Francis and EVP & CFO Eli Kalif explained that Teva has a flexible value chain with limited China exposure and has absorbed confirmed tariffs into its 2025 guidance, seeing no meaningful impact from the ambiguous European announcements at this time.

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