Raphael Stevens

The Food and Drug Administration will consider drug affordability when granting companies new vouchers that speed up approvals of some treatments, the agency’s Commissioner Marty Makary told CNBC.
The FDA in June announced a new national priority voucher plan that aims to cut drug review times to one-to-two months for companies it says are supporting “U.S. national interests,” but previous announcements did not explicitly mention making drugs more affordable as a criterion.
But it is unclear how the Trump administration will consider affordability when reviewing a drug, as prices for a product’s launch are usually determined after an approval in the U.S.

The Food and Drug Administration will consider drug affordability when granting companies new vouchers that speed up approvals of some treatments, the agency’s Commissioner Marty Makary told CNBC on Friday. 
The FDA in June announced a national priority voucher plan that aims to cut drug review times to one-to-two months for companies it says are supporting “U.S. national interests.” But previous announcements on the voucher program did not explicitly mention making drugs more affordable as a criterion. 

“We are including the affordability of drugs as a national priority,” Makary told CNBC.
Lowering drug prices is a key goal of the Trump administration, which is facing a tough balancing act as it threatens to impose up to 200% tariffs on pharmaceuticals imported into the U.S. in a bid to reshore drug manufacturing.

Commissioner of the Food and Drugs Administration Marty Makary speaks at a news conference on removing synthetic dyes from America’s food supply, at the Health and Human Services Headquarters in Washington, DC on April 22, 2025.
Nathan Posner | Anadolu | Getty Images

Makary added that President Donald Trump is “very adamant that he would lower drug prices for Americans, and he doesn’t like it that Americans are getting ripped off with drugs that are two, five, 10 times higher” in the U.S. compared to other developed countries.
But it is unclear how the Trump administration will consider affordability when reviewing a drug, as prices for a product’s launch are usually determined after an approval in the U.S.
The FDA’s website currently outlines four examples of “national priorities” that will be used to determine which companies will get a voucher under the new program. That includes addressing a health crisis in the U.S., delivering “more innovative cures” to Americans, addressing unmet public health needs and “increasing domestic drug manufacturing as a national security issue.” 

Drug affordability may have been included previously, according to a Wall Street Journal report in June. 
A spokesperson for the Department of Health and Human Services confirmed that the FDA will consider drug affordability for the program, adding the criteria aren’t limited to earlier examples.
When asked to provide examples of a health crisis that companies can meet with their drugs, Makary said he wants to see a cure for Type 1 diabetes, more treatments for neurodegenerative diseases and a universal flu shot “so we don’t have to try to guess which strain is coming.” 
He also said he wants to see more treatments for stage 4 cancer, or when the disease has spread from its original site to distant parts of the body. 
“We have a committee that’s set up that will determine which products and companies will get these vouchers as part of a pilot,” Makary said. “But we’ve got to try new things. We’ve got to ask ourselves, why does it take so long to come to market? And we want to see more cures and meaningful treatments for Americans.”
The FDA will give out new vouchers this year. After a one-year pilot phase, the agency may increase the number of quick approvals it gives to companies.
Some Wall Street analysts have previously said the voucher program could be more effective than tariffs at encouraging drugmakers to bring their manufacturing to the U.S. 
But questions remain about the risks of speeding up drug reviews to as little as 30 days, which is the fastest the FDA has ever done.
Another potential concern is whether the FDA will offer vouchers to political allies of the Trump administration, which could include companies that agency staff would normally scrutinize.  More

IMAX is rapidly gaining market share and poised for growth in the coming years.
CEO Rich Gelfond is forecasting a $1.2 billion year for the company, which would be a record for the 55-year-old business. Wall Street analysts expect 2026 will be even better.
The company has around 1,700 screens worldwide and contracts to build about 500 more.

General atmosphere during an IMAX private screening for the movie “First Man” at an AMC theater in New York City on Oct. 10, 2018.
Lars Niki | Getty Images Entertainment | Getty Images

More than a year before “F1: The Movie” would eventually hit theaters, Apple struck a deal with IMAX.
The studio secured the use of IMAX’s camera technology as well as a three-week release in its theaters, a partnership that helped the film generate nearly $300 million globally in its first 10 days in cinemas.

More than 20% of that haul came from IMAX screenings. In the U.S. and Canada, the company’s theaters have accounted for 25% of all domestic ticket sales for the film. That feat is made even more impressive by the fact that IMAX screens represent less than 1% of the total movie screens worldwide.
Two other films released this year have exceeded 20% market share for the company — Warner Bros.’ “Sinners” and Paramount’s “Mission: Impossible – The Final Reckoning.”
It’s a sign of strength for IMAX’s place in the rapidly evolving film industry.
IMAX has long been a coveted destination for theatrical releases, but as consumer tastes continue to shift toward premium experiences, it’s quickly gaining market share and poised for exponential growth in the coming years.
CEO Rich Gelfond is forecasting a $1.2 billion year at the global box for the company, which would be 33% higher than 2024’s haul and a record for the 55-year-old business. Wall Street analysts expect 2026 will be even better.

“Post-pandemic a lot of activities, especially event activities, have really done well [for] premium brands,” Gelfond told CNBC. “You look at concerts, ticket prices went up. Premium seats have gone up. You look at sporting events, same kind of thing. Broadway. I think people, although they enjoy staying at home, streaming and watching streaming products, when they go out of the home, they want something sufficient distinguished from that.”
Investors have rallied behind IMAX stock. Shares of the company are up roughly 60% in the last 12 months.

IMAX screens are notably larger than standard movie screens and the theaters feature immersive audio systems. The company doesn’t just screen movies, many of the films that appear in IMAX were shot using cameras and technology developed by the company specifically tailored to the IMAX viewing experience.
“This year, we have eight movies in a row in North America that were filmed with IMAX cameras, and typically the box office goes higher when you shoot with the cameras,” Gelfond said. “And there’s a couple reasons for that. One, it’s a better way of watching it and listening to it. But also, the filmmakers typically get behind it more, and they tell their audiences that it’s the best way to see their work. And I think that’s a powerful impetus for audiences to go to IMAX.”
These “filmed for IMAX” titles include features like Christopher Nolan’s “Oppenheimer,” Denis Villeneuve’s “Dune” films and even the latest “Mission: Impossible” flick from Tom Cruise.
Tickets to see a film in IMAX typically cost a few dollars more than standard movie tickets, which can help to boost a box office haul.
“The more ‘filmed for IMAX’ titles, the more outperformance you seen on the film for IMAX titles,” said Alicia Reese, analyst at Wedbush. “The better the margins are going to be. As you see margins improve in 2025, you’re going to see not just better quality title signings in 2026, but what I expect to see is that the studios will take more ownership of the marketing campaigns with even greater upside.”

General views of the TCL Chinese Theatre promoting the new Tom Cruise film ‘Mission: Impossible The Final Reckoning’ in IMAX on May 23, 2025 in Hollywood, California.
Aaronp/bauer-griffin | Gc Images | Getty Images

Roth’s Eric Handler said that IMAX has a “high-class problem of too much content availability.”
The “F1” deal for three weeks of screen programming meant that Universal’s “Jurassic World Rebirth” got edged out: the film missed out on a domestic IMAX release and was only featured on IMAX screens in China. That film will also appear in IMAX screens in Japan next month.
Domestically, the movie slate is strong is 2025 and 2026, with a number of major franchise film releases on the books. Warner Bros.’ “Superman” hits theaters Friday, and coming soon is Disney and Marvel’s “Fantastic Four: First Steps.” Then Universal’s “Wicked: For Good” arrives ahead of the Thanksgiving holiday and Disney’s “Avatar: Fire and Ash” hits theaters just before Christmas.
2026 kicks off with Amazon’s “Project Hail Mary” and will also feature a new Avengers film, the first theatrical Star Wars release since 2019, a sequel to “The Super Mario Bros. Movie,” a live-action “Moana” as well as “Toy Story 5” and “Shrek 5.” And also in the mix is Nolan’s next feature film “The Odyssey.”
New Hollywood releases are just one piece of IMAX’s box office success.
“Not only are they benefiting from Hollywood’s recovery, they’re also taking advantage of the global footprint and showing local language movies in China, in Japan and South Korea and parts of Europe,” said Eric Handler, analyst at Roth.
He noted that “Ne Zha 2,” a Chinese release that has generated more than $2 billion in global ticket sales, was a particularly strong local language film for IMAX. The company generated nearly $170 million in receipts from screening the film.
And there’s still room for IMAX to grow.
The company currently has around 1,700 screens worldwide, around 400 of which are in North America. Gelfond told CNBC that the company has contracts to build about 500 more IMAX screens.
He said the company would share more specific details during its earnings report, which is due to be released later this month.
“We signed almost as many new theaters this year as we signed for the whole year last year,” Gelfond said. “So there’s a lot of growth.”
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. More

Philanthropy is facing a crisis with the tax-and-spending bill targeting wealthy donors and the social safety net.
Iconiq, the wealth manager that counts Mark Zuckerberg as a client, gets entrepreneurs to band together to tackle global issues like climate change.
Iconiq’s Matti Navellou told CNBC that the firm has gotten $900 million out the door in less than a decade and described how the process works.

Meta CEO Mark Zuckerberg and Square CEO Jack Dorsey.
Manuel Orbegozo | Handout | Reuters

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Even as tax changes may reduce giving by the wealthy, a leading investment firm is pioneering a new model of philanthropy that could spur big donors to act now.

Iconiq Capital, which started in Silicon Valley with clients like Mark Zuckerberg and Jack Dorsey, has created collaborative philanthropy funds to jump-start giving. These so-called co-labs pool clients’ capital to make multiyear grants to a group of nonprofits focused on causes like climate equity and economic mobility. 
The most recent co-lab targets youth mental health and has raised $112 million from 10 families, with a goal of $200 million by the end of the year. Iconiq Impact, the firm’s charitable giving arm, has advised on nearly $900 million in grants over six years, mostly through the co-labs.
Iconiq Impact head Matti Navellou joined the San Francisco-based firm from UNICEF six years ago. She built the co-lab program after hearing that clients wanted to learn about philanthropy from their peers.
“It is a really lonely journey, and it’s hard to find peers at the same wealth level who are struggling with the same type of challenges,” she said. “How do you navigate the amount of people constantly pitching you? And how do you know where to focus?”
The nonprofit sector’s woes are compounded by President Donald Trump’s tax bill, which reduces tax incentives for wealthy donors and makes steep cuts to social safety net programs. Nonprofit groups, including the 30,000-member strong National Council of Nonprofits, said charities will have fewer dollars at their disposal while their services are more needed.

Navellou said charitable giving is more crucial than ever due to slashed federal funding. 
“There are so many areas where, truly, philanthropy can move the needle right now, and so this structure that has been set up is problematic because it doesn’t actually incentivize accountability for spending that money for what it is designed for, which is funding nonprofits,” said Navellou. “We aim to influence the faster movement of dollars out the door.”
Time is of the essence, but most Iconiq clients are busy founders who have little time to focus on philanthropy and have yet to build foundations, Navellou said. Foundations aren’t necessarily built for speed either, she said, as they are only required to donate 5% a year. Donor-advised funds are a popular low-effort option, but they aren’t obligated to disburse funds to charity.
The co-labs allow clients to direct funds to charities quicker and with less effort. Iconiq develops a “portfolio” of charities in concert with clients after a series of in-person and Zoom gatherings with fellow funders and outside experts on causes of interest. After weeks of conversations, Iconiq develops the “portfolio” with the funders’ blessing and takes care of the rest.
“What this does is it enables them to just move money much faster when they are in that time period of their life running companies,” Navellou said. 

Matti Navellou, head of ICONIQ Impact, speaks with donors at the Ocean Co-Lab Community Retreat in Monterey, CA.
Courtesy of Matti Navellou

Getting donors to trust not only Iconiq but also the charities, rather than micromanaging how the funds are allocated, is key to the process, she said. The multiyear, unrestricted grants allow charity leaders to focus on the work rather than the fundraising, she added. 
Bill Smith, founder and CEO of grantee Inseparable, said flexible funding allows nonprofits to adapt to a volatile policy climate. Inseparable is one of 25 nonprofits in the youth mental health co-lab, receiving about $1.3 million a year for five years starting this past December.
“One of the hardest things when you’re running an organization, especially an advocacy organization, where we have changing circumstances with different administrations and what’s going on in states all over the country — the flexibility of having unrestricted money lets us go where we need to go and do what we need to do without constraints from a funder,” he said.
Looking forward, Navellou said she wants to scale Iconiq Impact’s giving, which is made easier with collaborative contributions. Donors who aren’t Iconiq clients are welcome to participate in the co-labs, but funders are generally required to donate a single-digit million sum annually over three to five years, she said. 
After Iconiq’s charity portfolios are designed, they are “open source,” she said, meaning other donors can follow on with commitments of as little as $250,000 a year. It’s convenient for younger entrepreneurs who want to dip their toes in philanthropy, she said.

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The great wealth transfer may be promising for philanthropy, Navellou said. She has noticed that the young adult children of Iconiq clients are quicker to act and care more about measurable impact rather than specific causes.
“There’s certainly a young cohort that do think about philanthropy differently, and I would say, are much more impatient around changing things and leveraging that capital in different ways, including through impact investing,” she said. “And I’d say they’re also issue agnostic, which is really interesting. They often will ask questions around data and letting the data inform and guide what they do, rather than coming to the table and saying, ‘I really want to move the needle on this issue.'”
Women are expected to receive about 70% of the $124 trillion that will pass down over the next 25 years, according to Cerulli Associates. This also bodes well for charitable giving, Navellou said. 
“What we’ve seen anecdotally, although there is data backing this as well, is that women tend to be more generous,” she said. “One area that’s really exciting is just a lot more female led philanthropy. We’re seeing that, and we’re really excited to build on that momentum that we’re seeing.” More

Patrick Mahomes spoke to CNBC Sport about his coffee habit and what drew him to investing in Throne Sport Coffee.
He’s also a minority owner in multiple sports teams and said he would be interested in a stake in the Chiefs one day.
He said players will need more rest if the NFL changes its season to 18 games from 17.

Kansas City Chiefs quarterback Patrick Mahomes has added “coffee entrepreneur” to his already packed resume.
The three-time Super Bowl champion has invested in Throne Sport Coffee, adding to the 29-year-old superstar’s portfolio off the field.

As his Chiefs and the rest of the NFL gear up for the upcoming season, Mahomes spoke to CNBC about his interest in coffee, his growing investment portfolio in sports properties, stadium politics in Kansas City and his take on an 18-game NFL season.

Investing in his coffee habit

Patrick Mahomes is a top investor in Throne Sport Coffee.
Courtesy of Throne Sport Coffee

Mahomes became the second largest investor in Throne Sport Coffee in May 2024, with an undisclosed stake.
Today, he’s not only an investor, but also the brand’s lead pitchman and product tester — and a daily drinker.
“It actually started in my first year in the NFL,” Mahomes told CNBC of his coffee habit. “I was in a lot of meetings, and coffee became a functional need. But then I started to really love it, especially black coffee.”
When CEO, founder and beverage industry veteran Mike Fedele approached him with a ready-to-drink option designed to be a healthier caffeine boost, he said it felt like a natural fit for him.

“I really fell in love with just the taste and trying to make sure that what I was putting into my body was good,” he said.
Fedele, who has worked with major brands like Coca-Cola and BodyArmor, said Throne stands out because it has 10 grams of protein and 40% less sugar than competitors. Throne coffee has about 50 calories in it with 1 gram of sugar.
For comparison, a ready-to-drink Starbucks Frappuccino can have as many as 300 calories and 47 grams of sugar.
“Given how frequently people that care about what they’re putting into their bodies consume coffee, I felt there needed to be a better for you option,” he said.
Mahomes said his daily caffeine habit includes three coffees a day: one when he wakes up, another before meetings, and a third ahead of afternoon prep.
“It’s probably too much,” he laughed, “but with Throne, I know I’m putting something clean in my body, no junk, no sugar, and added electrolytes, and B vitamins.”
On game days? He said he tones it down to just one or two.
The ready-to-drink coffee market is a rapidly growing category. Americans spent $17.7 billion on the category in 2023, according to Technomic.
Despite its growth prospects, Throne is competing in a crowded coffee space, with coffee shop competitors rounding out their ready-to-drink offering. Starbucks announced this week that it is expanding its ready-to-drink lineup, citing the latest consumer trends and growth of the category.

Mahomes’ expanding investment playbook

Chiefs quarterback Patrick Mahomes is competing for his 3rd Super Bowl ring.
Jamie Squire | Getty Images Sport | Getty Images

Throne is just one part of Mahomes’ growing investment portfolio. The three-time Super Bowl MVP also holds minority stakes in MLB’s Kansas City Royals, Sporting Kansas City of the MLS and the NWSL’s KC Current, along with Alpine F1.
“I love sports. I love how they bring people together: families, communities. That’s what I want to invest in,” Mahomes said.
So does that mean he’s eyeing a future ownership stake in the Chiefs?
“That would be cool,” he said. “Hopefully a long time from now, but yeah, I’d love to be a part of the team after I’m done playing. They’ve done so much for me.”

Stadium politics and the business of football

The Chiefs’ stadium future is still undecided, as the franchise is deciding whether to renovate Arrowhead Stadium or build a new stadium in Kansas. Mahomes didn’t say where he would prefer the team to play.
“Arrowhead is special. You feel the history. But wherever we play, the fans will show up,” he said.
The Chiefs were recently granted a one-year extension to make a decision on their future stadium.
On leaguewide issues, Mahomes said he’s cautious about proposals for an 18-game NFL season and international expansion, including the Chiefs’ Week 1 game in Brazil.
“More games are tough on the body. If we’re going to go to 18, we need more bye weeks. Same with international games, planning matters.” More

Levi Strauss anticipates its sales and profits will grow more than it had expected this year — as long as tariffs don’t get any higher.
The jeans maker issued guidance that incorporated the new 30% tariff on Chinese imports, where Levi’s does little manufacturing, and 10% on the rest of the world, which is expected to change.
CEO Michelle Gass told CNBC the company is doing what it can to absorb costs to avoid steep price increases.

Workers perfom their duties at the Nien Hsing Textile factory, a global manufacturer of Levi’s jeans, on the outskirts of Maseru, the capital of Lesotho, a small Southern African kingdom that U.S. President Donald Trump ridiculed last month, April 4, 2025. 
Siphiwe Sibeko | Reuters

Levi Strauss raised its full-year guidance Thursday and said it’s working to absorb some of the costs it’s facing from higher tariffs, but that could change as President Donald Trump’s trade policy evolves. 
The denim maker doesn’t disclose its key manufacturing hubs, but much of its supply comes from Southeast Asia. Many countries in the region have been targeted by Trump’s so-called reciprocal tariff plan. 

Levi’s is currently expecting its full-year adjusted earnings to be between $1.25 to $1.30 per share, up from a prior forecast of between $1.20 and $1.25 and better than the $1.23 analysts had expected, according to LSEG. However, that forecast only assumes a 30% tariff on China, where Levi’s manufactures about 1% of its products, and a 10% tariff on the rest of the world, which could change as Trump negotiates trade deals with key manufacturing regions. 
In an interview with CNBC, Levi’s finance chief Harmit Singh said most of Levi’s sourcing is from countries like Pakistan, Bangladesh and Indonesia. Trump in recent days threatened Bangladesh and Indonesia with duties of more than 30%. It’s unclear how much of Levi’s products are sourced from those regions, and 60% of Levi’s business is outside of the U.S. 
For now, Levi’s said it’s planning to absorb what it can. As policy currently stands, it anticipates tariffs will only impact the business by $25 million to $30 million for the rest of the year, or 2 to 3 cents on earnings per share. 
“We are doing our part. We are absorbing some of the costs. What helps is that our business is so strong,” said CEO Michelle Gass. “We have been pulling back on promotions anyway, that’s leading to more full-price selling, and some of our new innovation, our new fits, we’re pricing at a premium, and they’re buying. So all of those things help us navigate this time of having the tariff headwind.” 
When asked by an analyst if Levi’s should have raised its guidance during such an uncertain time for the economy, Singh said the company expects its consumer to keep spending.

“Given that we’ve had three quarters of high single digit growth, we see the momentum continuing, because the consumer … is generally resilient and a continued fan of the brand,” he said.
Beyond tariffs, Levi’s delivered fiscal second quarter earnings that beat expectations on the top and bottom lines. Here’s how the jeans company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: 22 cents adjusted vs. 13 cents expected
Revenue: $1.45 billion vs. $1.37 billion expected

Levi’s shares rose about 8% in extended trading.
The company’s reported net income for the three-month period that ended June 1 was $67 million, or 17 cents per share, compared with $18 million, or 4 cents per share, a year earlier. Excluding one-time charges related to restructuring and impairment expenses, among other costs, Levi posted earnings per share of 22 cents. 
Sales rose to $1.45 billion, up about 6% from $1.36 billion a year earlier. 
Given strong demand, Levi’s raised its full-year revenue guidance and now expects sales to rise between 1% and 2%, up from previous guidance of down 1% to 2%. That range is well ahead of expectations. Analysts had expected revenue to decline by 5.2%, according to LSEG. 
Levi’s did cut its gross margin guidance by 0.2 percentage points, and now expects gross margin to grow by 0.8 percentage points because of the impact tariffs are having on profits. 
For its current quarter, Levi expects sales to be up between 3% and 4%, well ahead of expectations of a 4.6% decline, according to LSEG. It expects earnings per share to be between 28 cents and 30 cents, roughly in line with expectations of 30 cents, according to LSEG.
Since Gass took over as the retailer’s CEO, she’s worked to cut off underperforming parts of the business. In May, the company announced it would sell its Dockers brand to Authentic Brands Group.
She’s also worked to drive direct sales to consumers, focused on e-commerce and stores rather than wholesale partners like Macy’s and Kohl’s, because it comes with higher margins and gives the company better insights into its customers. 
“We are operating with greater rigor and discipline and really infusing the entire company with a [direct-to-consumer] first mindset,” said Gass on a call with analysts. “Our owned and operated channels represent over half of our business, and they continue to deliver consistent, healthy comps alongside improving profitability.”
While e-commerce comes with better data insights into shoppers, it can be a costly and complex channel to operate and it’s tough for some companies to make money from digital sales. That was true for Levi’s too, but online sales are now profitable because it’s able to leverage its costs better through scale, Singh told analysts.
During the quarter, Levi’s gross margin reached what it called a record 62.6%, driven by fewer markdowns, lower product costs and 11% growth in direct sales. 
Levi’s, which has long catered to a male shopper, is also trying to win over female consumers and expand from a denim company to one known for a wide range of apparel. During the quarter, it saw wins from those efforts, with revenue for women’s apparel up 14% and sales of tops up 16%. Levi’s women’s category is the retailer’s “highest gross margin business,” said Singh.
“The consumer is definitely responding and voting for this direction. So as we look ahead, we’re confident,” Gass told CNBC. “We know that there’s uncertainty in the world right now, but the consumer is proving quite resilient for Levi’s.” 
At the core of Levi’s strategy is ensuring it’s still relevant with consumers. A recent partnership with Beyonce has helped the company stay top of mind with shoppers, especially as the singer continues her Cowboy Carter tour.In May, the company launched a limited-edition drop of Beyonce x Levi’s T-shirts, the first product to come from the collaboration.It also started a partnership with Nike, which went live on Thursday on Levi’s website and some of its stores. The collection includes a denim-inspired take on the Air Max 95. More