Analysis Group

ASCO Genitourinary Cancers Symposium

Mon, 09 Mar 2026 19:57:05 Z

Researchers from Analysis Group’s HEOR, Epidemiology & Market Access practice will present six posters at the American Society of Clinical Oncology’s (ASCO’s) annual Genitourinary Cancers Symposium, which will be held February 26–28, 2026, in San Francisco, CA.

The firm’s poster presentations will include:

Poster Session A: Prostate Cancer – February 26

Abstract 338: “Patient (pt) preferences for treatment (tx) of non-metastatic hormone-sensitive prostate cancer (nmHSPC): A discrete choice experiment (DCE)” coauthored by an Analysis Group team – including Managing Principal Hongbo Yang, Vice President Weiguang Xue, and Manager Yan Meng – in collaboration with researchers from START Carolinas/Carolina Urologic Research Center, University Hospital Schleswig-Holstein, and Astellas Pharma.

This study was sponsored by Astellas Pharma.

Abstract 106: “Real-world comparison of prostate-specific antigen (PSA) response in metastatic castration-sensitive prostate cancer (mCSPC) patients treated with apalutamide (APA) without docetaxel vs darolutamide (DARO) without docetaxel,” coauthored by an Analysis Group team – including Vice President Dominic Pilon, Manager Carmine Rossi, Associate Frederic Kinkead, and Senior Research Professionals Alessio Palladino and Gordon Wong – in collaboration with researchers from Chesapeake Urology, New Jersey Urology, the Winship Cancer Institute of Emory University, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 343: “Real-world clinical outcomes among patients with localized prostate cancer (LPC) undergoing radical prostatectomy (RP),” coauthored by an Analysis Group team – including Vice President Dominic Pilon, Manager Carmine Rossi, Associate Frederic Kinkead, and Senior Research Professionals Francesca Lee, Yuxi Wang, and Gordon Wong – in collaboration with researchers from Advent Health Urology, Chesapeake Urology, New Jersey Urology, START Carolinas/Carolina Urologic Research Center, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 180: “Real-world (RW) outcomes associated with enzalutamide (enza) vs apalutamide (apa) in metastatic castration sensitive prostate cancer (mCSPC): Analysis of United States (US) oncology electronic health record (EHR) data,” coauthored by an Analysis Group team – including Managing Principals Maral DerSarkissian and Mei Sheng Duh, Vice President Priyanka Bobbili, and Associate Naiyu Chen – in collaboration with researchers from the Dana-Farber Cancer Institute, Astellas Pharma, and Pfizer.

This study was sponsored by Astellas Pharma and Pfizer.

Poster Session B: Prostate Cancer and Urothelial Carcinoma – February 27

Abstract 709: “Quality of care (QoC) measures among patients with recurrent, papillary-only Bacillus Calmette-Guérin (BCG)-experienced high-risk non-muscle invasive bladder cancer (HR-NMIBC),” coauthored by an Analysis Group team – including Vice Presidents Bruno Émond and Dominic Pilon, Managers Rebecca Bungay and Carmine Rossi, and Senior Analyst Steven Liu – in collaboration with researchers from the Stanford University School of Medicine, Medstar Georgetown University Hospital, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 708: “Front-line (1L) treatment and recurrence patterns among patients with high-risk non–muscle-invasive bladder cancer (HR-NMIBC) with papillary carcinoma (PAP) or carcinoma in situ (CIS) following Bacillus Calmette-Guérin (BCG) or other intravesical therapies (IVT),” coauthored by an Analysis Group team – including Vice Presidents Bruno Émond and Dominic Pilon, Managers Rebecca Bungay and Carmine Rossi, and Senior Analyst Steven Liu – in collaboration with researchers from the Stanford University School of Medicine, Medstar Georgetown University Hospital, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Generative AI for Disease Modeling

Mon, 09 Mar 2026 18:09:24 Z

Principal Jimmy Royer, Director of Data Science Max Leroux, and Senior Data Scientist Intekhab Hossain will lead an American Statistical Association webinar on generative AI (GenAI) and its use in disease modeling. The webinar will highlight Analysis Group’s Dynamic Evaluation of Cardiometabolic Obesity Disease (DECODE) GenAI model, a digital twin that can simulate long-term benefits of weight loss on cardiometabolic conditions. Webinar attendees will learn how DECODE uses longitudinal data to model obesity progression, and how GenAI models can inform health economics and outcomes research and policy decisions.

Antitrust Updates – Damages, Big Data and FTC Trends

Fri, 06 Mar 2026 17:56:04 Z

At a conference hosted by the State Bar of Georgia’s Antitrust Law Section, Principal Juliette Caminade will discuss evolving trends in injury and damages analysis in the era of two-sided platforms and monopolization cases. The discussion is part of the broader conference program titled Antitrust Updates – Damages, Big Data and FTC Trends.

The conversation will be moderated by David Schwartz (Bryan Cave Leighton Paisner) and will also feature Rosa M. Abrantes-Metz (BRG).

2026 Intellectual Property Institute

Thu, 05 Mar 2026 15:56:05 Z

Analysis Group Managing Principal Jeff Kinrich will join the panel “Calculating Victory: In-House Strategies and Recent Updates for Patent Damages” at USC’s 2026 Intellectual Property Institute in Santa Monica.

The session will bring together in-house counsel, outside counsel, and damages experts to discuss the evolving role of in-house legal teams in shaping patent damages strategies. Panelists will examine strategic decisions typically addressed by outside counsel and experts, provide updates on recent pivotal cases – including Rex Medical v. Intuitive Surgical and EcoFactor, Inc. v. Google LLC – and explore current trends in apportionment and licensing comparability that influence damages claims.

Analysis Group Collaborates with Research Partners to Explore Disparities in Treatment of Patients with Chronic Spontaneous Urticaria

Mon, 02 Mar 2026 19:53:23 Z

Chronic spontaneous urticaria (CSU) is a condition characterized by itching, hives, and tissue swelling lasting over six weeks without an identifiable trigger. The recommended first-line treatment for CSU is H1-antihistamines, and more advanced treatments, such as biologics, can provide targeted approaches to achieving clinical remission. Systemic corticosteroids (prescription medications that reduce inflammation) are recommended for short-term use during acute flare-ups, however frequent and/or prolonged use of systemic corticosteroids can result in serious adverse events (AEs). Despite such treatments, a large proportion of patients experience a prolonged disease journey and health inequities in the care CSU patients receive are not fully understood.

An Analysis Group team led by Vice President Irina Pivneva, Manager Jason Doran, and Associate Frederic Kinkead collaborated with researchers from Novartis on three posters on CSU presented at the American College of Allergy, Asthma & Immunology (ACAAI) 2025 Annual Scientific Meeting. Their research used data from a large US health insurance claims database to evaluate disparities in the management of CSU.

In the first poster, the researchers assessed the treatment patterns and health care resource utilization (HCRU) of CSU patients according to race and ethnicity and insurance coverage. The highest proportion of corticosteroid use and emergency room visits were among Black patients with Medicaid, suggesting more uncontrolled disease in this population. Despite this, only 10% of Black patients with Medicaid received advanced, or biologic, treatment, suggesting disparities in CSU management.

For the second poster, the team examined treatment patterns and HCRU in CSU patients according to specialist visits, including dermatologist and allergist visits. They observed that patients with both allergist and dermatologist visits received higher proportions of biologics as compared with other groups, and that patients who only visited an allergist had a higher degree of biologic use and a shorter wait time to initiate this advanced treatment option as compared with patients who only visited dermatologists or primary care physicians. The researchers observed a high proportion of patients with CSU-related corticosteroid use, inpatient admissions, and emergency room and urgent care visits, suggesting both a high level of uncontrolled disease across all groups and an unmet need for more effective treatment options.

In the third poster, the researchers described systemic corticosteroid use and its associated outcomes in CSU patients in the US. Corticosteroid use, they observed, was associated with the occurrence of adverse events (AEs) such as lipid disorders and hypertension, and prolonged use was generally associated with more frequent AEs and greater AE-related HCRU. The team concluded by noting that provider guidelines support restricting corticosteroids to short-term use and only as a rescue treatment for managing CSU.

The researchers concluded that, while more research is needed, disparities in CSU management do exist and there is an unmet need for more CSU treatment options.

View poster: Racial, Ethnic, And Socioeconomic Disparities in Chronic Spontaneous Urticaria: A United States Claims Database Study

View poster: Treatment Patterns in Patients With Chronic Spontaneous Urticaria: Results From a US Claims Database Study

View poster: Adverse Events Associated With Corticosteroid Use in Chronic Spontaneous Urticaria Management

Team of Analysis Group Consultants Considers the Costs and Benefits of a Sub-Annual Market for the PJM Region

Thu, 26 Feb 2026 18:51:18 Z

For PJM Interconnection – a regional transmission organization (RTO) that coordinates wholesale electricity in 13 states and the District of Columbia – a team from Analysis Group completed a study of its capacity market as part of an effort to meet future power needs. The study was conducted in response to an issue charge brought by Pennsylvania Governor Josh Shapiro. According to the charge, PJM’s existing annual market auction structure was “suboptimal.” Furthermore, in order to account for accelerated demand growth since the implementation of PJM’s 2007 capacity market, “there is a pressing need to implement a sub-annual capacity model, which could provide ‘near-term achievable improvements to the market’s ability to meet resource adequacy requirements in an efficient, least-cost manner.’”

The Analysis Group team included Principal Todd Schatzki; Vice President Joseph Cavicchi; Manager Phillip Ross; Associates Dan Dychala, Claire Paoli, and Kirill Rudov; and Senior Analysts Aditya Acharya and Sanjam Chhabra. The team evaluated the potential benefits of a sub-annual market given PJM’s evolving loads and mix of generation resources, and assessed tradeoffs in sub-annual market design options. It also conducted a quantitative analysis using a capacity market simulation model, which estimated changes in prices, payments, production costs, and reliability under current and long-run market conditions.

The team identified multiple benefits to PJM from adopting a sub-annual market, including more accurate pricing to improve short-term resource allocation and long-term resource investment, more accurate accounting for resource and system features, improved alignment of resource compensation with performance, and greater flexibility in adapting to market conditions.

The study follows previous work by Analysis Group on New England’s RTO which includes the adopted recommendation to develop prompt and seasonal markets.

Read the study

ASCO Genitourinary Cancers Symposium

Wed, 25 Feb 2026 15:31:37 Z

The firm’s poster presentations will include:

Poster Session A: Prostate Cancer – February 26

Abstract 338: “Patient (pt) preferences for treatment (tx) of non-metastatic hormone-sensitive prostate cancer (nmHSPC): A discrete choice experiment (DCE),” coauthored by an Analysis Group team – including Managing Principal Hongbo Yang, Vice President Weiguang Xue, and Manager Yan Meng – in collaboration with researchers from START Carolinas/Carolina Urologic Research Center, University Hospital Schleswig-Holstein, and Astellas Pharma.

This study was sponsored by Astellas Pharma.

Abstract 106: “Real-world comparison of prostate-specific antigen (PSA) response in metastatic castration-sensitive prostate cancer (mCSPC) patients treated with apalutamide (APA) without docetaxel vs darolutamide (DARO) without docetaxel,” coauthored by an Analysis Group team – including Vice President Dominic Pilon, Manager Carmine Rossi, Associate Frederic Kinkead, and Senior Research Professionals Alessio Palladino and Gordon Wong – in collaboration with researchers from Chesapeake Urology, New Jersey Urology, the Winship Cancer Institute of Emory University, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 343: “Real-world clinical outcomes among patients with localized prostate cancer (LPC) undergoing radical prostatectomy (RP),” coauthored by an Analysis Group team – including Vice President Dominic Pilon, Manager Carmine Rossi, Associate Frederic Kinkead, and Senior Research Professionals Francesca Lee, Yuxi Wang, and Gordon Wong – in collaboration with researchers from Advent Health Urology, Chesapeake Urology, New Jersey Urology, START Carolinas/Carolina Urologic Research Center, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 180: “Real-world (RW) outcomes associated with enzalutamide (enza) vs apalutamide (apa) in metastatic castration sensitive prostate cancer (mCSPC): Analysis of United States (US) oncology electronic health record (EHR) data,” coauthored by an Analysis Group team – including Managing Principals Maral DerSarkissian and Mei Sheng Duh, Vice President Priyanka Bobbili, and Associate Naiyu Chen – in collaboration with researchers from the Dana-Farber Cancer Institute, Astellas Pharma, and Pfizer.

This study was sponsored by Astellas Pharma and Pfizer.

Poster Session B: Prostate Cancer and Urothelial Carcinoma – February 27

Abstract 709: “Quality of care (QoC) measures among patients with recurrent, papillary-only Bacillus Calmette-Guérin (BCG)-experienced high-risk non-muscle invasive bladder cancer (HR-NMIBC),” coauthored by an Analysis Group team – including Vice Presidents Bruno Émond and Dominic Pilon, Managers Rebecca Bungay and Carmine Rossi, and Senior Analyst Steven Liu – in collaboration with researchers from the Stanford University School of Medicine, Medstar Georgetown University Hospital, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 708: “Front-line (1L) treatment and recurrence patterns among patients with high-risk non–muscle-invasive bladder cancer (HR-NMIBC) with papillary carcinoma (PAP) or carcinoma in situ (CIS) following Bacillus Calmette-Guérin (BCG) or other intravesical therapies (IVT),” coauthored by an Analysis Group team – including Vice Presidents Bruno Émond and Dominic Pilon, Managers Rebecca Bungay and Carmine Rossi, and Senior Analyst Steven Liu – in collaboration with researchers from the Stanford University School of Medicine, Medstar Georgetown University Hospital, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

MIT Sloan Healthcare and Bioinnovations Conference

Fri, 20 Feb 2026 19:02:24 Z

At the MIT Sloan Healthcare and Bioinnovations Conference, Analysis Group Vice President Priyanka Bobbili will moderate the “Next Frontier of Cardiovascular Innovation” panel, which will explore emerging breakthroughs in cardiovascular therapeutics and management, spanning pharmaceutical, medical device, and digital health innovation. Panelists will examine how advances across these areas intersect with challenges related to access, integration, and care delivery across the full patient journey.

Panelists will include Elazer Edelman (Massachusetts Institute of Technology; Harvard Medical School; Brigham and Women’s Hospital), Glen Fantuzzi (Johnson & Johnson), Cecilie Heerdegen Jepsen (Novo Nordisk), and Shyamal Patel (Oura).

Analysis Group is a proud sponsor of this event.

Analysis Group Congratulates Authors of Four Articles Distinguished with Nominations for 2026 Concurrences Antitrust Writing Awards

Wed, 18 Feb 2026 17:00:35 Z

Analysis Group congratulates 12 of its competition experts, the authors of four articles nominated for the 2026 Concurrences Antitrust Writing Awards. A joint initiative with The George Washington University Competition Law Center, the Antitrust Writing Awards will present both juried and readers’ choice winners at a gala dinner in Washington, DC, on March 24, 2026, the day before the opening of the American Bar Association’s Antitrust Spring Meeting.

Online voting for readers’ choice awards is open until March 3, 2026.

Our nominated articles:

Academic Articles: Mergers

“Sustainability Considerations in EU Merger Control,” Jay Modrall, Associate Claire Paoli, and Vice President Joshua White; Journal of Antitrust Enforcement, November 25, 2025

Business Articles: General Economics

“The Relationship Between Pricing Transparency and Price Competition in the US Health Care Industry,” Manager Juan Carvajal, Vice President Christopher Ody, and Affiliate Christopher Whaley; American Bar Association Antitrust Law Section Website, November 5, 2024
“The Role of Private Equity in the Entrepreneurial Ecosystem,” Managing Principal Lauren Hunt, Vice President Dasha Anosova, and Affiliate Yael Hochberg; American Bar Association Antitrust Law Section Website, June 16, 2025

Business Articles: Concerted Practices

“Recent Developments in Labor Market Antitrust Enforcement in the United States, Europe, Canada, and China,” Managing Principal Jee-Yeon Lehmann, Manager Olivia Althans, and Vice Presidents Yeseul Hyun and Federico Mantovanelli; American Bar Association Antitrust Law Section Website, October 11, 2024

View the list of nominated Analysis Group Articles

View the complete list of nominated Academic Articles

View the complete list of nominated Business Articles

Analysis Group Consultants Summarize ABA Antitrust Webinar on Innovation Competition

Wed, 18 Feb 2026 15:41:04 Z

In a webinar recap published by the American Bar Association (ABA) Antitrust Law Section, Analysis Group Vice President Olga Kozlova Guglielmi, Associate András Jagadits, and coauthor Laia Chueca Azlor of Amadeus IT Group summarize a September 2025 ABA panel discussion exploring how innovation is reshaping competition analysis and merger enforcement. Moderated by Dr. Kozlova Guglielmi, the panel featured Professor Florian Ederer (Boston University), Meghan Rissmiller (Freshfields), Rahul Rao (White & Case; former deputy director of the FTC Bureau of Competition), and Michaela Spero (Amadeus IT Group).

The panel examined emerging antitrust challenges associated with innovation-driven mergers, including the assessment of nascent competition, “killer acquisitions,” and patterns of repeated acquisitions. Panelists discussed the difficulty of applying traditional market-definition tools to forward-looking transactions involving products and technologies that may not yet exist, as well as the treatment of innovation competition under the 2023 Merger Guidelines. The discussion underscored the inherent difficulty of evaluating innovation-driven mergers, where competitive effects depend on uncertain technological trajectories, evolving business models, and products that may never fully materialize.

The conversation also addressed the impact of mergers on innovation incentives, the limits of structural remedies in innovation-intensive markets, and the growing importance of cross-jurisdictional coordination in merger review. Drawing on recent enforcement actions and court decisions in the US and Europe, the panelists emphasized that innovation competition remains one of the most complex and dynamic areas of antitrust law, with firms facing heightened scrutiny and evolving regulatory approaches.

Read the recap

Analysis Group Consultants Examine Potential Risks and Mitigating Factors of Acquihires

Tue, 17 Feb 2026 22:57:13 Z

A Federal Trade Commission (FTC) leader recently raised concerns over the talent acquisition practice known as “acquihiring.” Speaking at a Concurrences Tech Antitrust Conference in January 2026, FTC Commissioner Mark Meador warned that companies buying smaller firms solely for recruiting talent may be engaging in anticompetitive behavior.

Meador’s comments, which included the phrase “buy and kill but for the skill,” highlighted the increase in “acquihires,” concerns from regulators, and questions concerning the pro- and anticompetitive aspects of the practice.

Analysis Group consultants dive into this question in a recent CPI Antitrust Chronicle article, in which they explain that “[r]egulators and scholars have raised four principal concerns. That acquihires may function as disguised ‘killer acquisitions,’ reduce incentives for startup investment, enable inefficient ‘talent hoarding,’ or create labor market power.”

The article, coauthored by Managing Principal Rebecca Kirk Fair, Principal Juliette Caminade, Manager Zsolt Udvari, and Associate Jeanne Vellard Smith, examines potential concerns raised by regulators and academics around acquihiring. The research includes consideration of “reverse acquihiring,” in which a business hires the startup’s employees and licenses its intellectual property rather than buying the company outright. Some competition watchdogs worry that “reverse acquihires” are an attempt to avoid the typical scrutiny applied to traditional acquisitions, even though they consider such deals to be, in substance, acquisitions under a different name. As such, these watchdogs suggest that these deals should be subject to similar oversight.

However, the authors note the mitigating factors that can temper such concerns. One such factor differentiating these deals from other asset acquisitions is the independence of labor movement: Research showing that acquihired employees leave their jobs at a higher rate than other workers suggests that structural changes to the labor market from acquihiring are less durable than changes to other markets, therefore limiting the potential for long-term competitive harm from acquihires compared to traditional acquisitions. Another mitigating factor is that a startup’s acquisition does not automatically signal an end to the startup’s operations. Since post-merger integration “may be neither the objective nor the outcome of the transaction,” the authors write, some concerns voiced by competition authorities may not apply. Ultimately, the authors emphasize the need to reflect on the relative risks and benefits of further regulatory oversight.

Read the article

Revisiting Airline Antitrust

Tue, 17 Feb 2026 17:24:16 Z

Managing Principal Maria E. Garibotti will moderate the American Bar Association Antitrust Law Section’s Revisiting Airline Antitrust webinar. The program will examine recent developments in airline competition policy, including the US Department of Justice and US Department of Transportation’s withdrawal of support for antitrust immunity for the Delta Air Lines–Aeromexico joint venture, the injunction against the American Airlines–JetBlue Northeast Alliance, the abandoned JetBlue–Spirit merger, and the agencies’ call for comments on the state of competition in the airline industry.

Panelists include Daniel Culley (Cleary Gottlieb), Ed Duffy (Baker Botts), and Jeffrey Prince (Indiana University). Together, they will explore what distinguishes airline antitrust enforcement and consider the implications of recent agency actions for joint ventures and industry structure.

Affiliate Russell Wermers and Analysis Group Coauthors Discuss the Evaluation of Target Date Fund Performance in the Journal of Investment Management

Fri, 13 Feb 2026 19:38:55 Z

Target date funds (TDFs) are professionally managed portfolios that provide dynamic asset allocation and asset management, typically with the goal of reducing risk exposure as investors approach retirement. TDFs play a pivotal role in US retirement plans, accounting for more than one-third of 401(k) plan assets. TDFs have also attracted substantial assets from investors in other types of accounts, with total TDF assets exceeding $4 trillion.

In an article published in the Journal of Investment Management, Analysis Group Managing Principal D. Lee Heavner, Vice Presidents Ahmer Nabi and Katie Williams, and affiliate Russell Wermers overview the strategies and structures of TDFs, discuss the heterogeneity across TDFs, and provide a framework to guide the evaluation of the quality and performance of TDFs. The paper identifies several considerations that may inform investors’ fund evaluation, including the fund’s historical performance, qualitative aspects of the fund manager’s experience and research capabilities, and the choice of benchmark to which the fund is compared. The authors explain that an evaluation of TDFs should assess both the TDF’s investment strategy and glide path, as well as fund characteristics that could impact the fund’s likelihood of producing the desired risk level and expected return.

Read more (subscription required)

Established Financial Consultancy Ricol Lasteyrie Joins Analysis Group

Fri, 13 Feb 2026 14:03:11 Z

Analysis Group has formalized its agreement to join forces with Ricol Lasteyrie, a long-established Paris-based consultancy known for its financial, extra-financial, and governance expertise in France and in Europe. The partnership, first announced in November, will expand the reach and capabilities of both firms across Europe and worldwide.

Founded in 1986, Ricol Lasteyrie has long been recognized for its rigor, independence, and strength in strategic financial matters and complex disputes. Together, the firms will offer clients expanded expertise in areas such as competition, commercial disputes, arbitration, accounting, valuation, and compliance with environmental, social, and governance (ESG) standards. Analysis Group will extend its presence in Europe, with the ability to offer clients insight into market-specific dynamics to complement our well-known expertise in economics, finance, and antitrust, while Ricol Lasteyrie will add depth to its record of supporting a wide variety of European corporations, investors, and institutions with their most complex strategic, financial, and litigation matters.

In December, René Ricol, Jean-Charles de Lasteyrie, Gilles de Courcel, Pierre Deheunynck and their teams joined Analysis Group’s Paris office alongside Antoine Chapsal, Emmanuel Frot, Lisa Pinheiro, Marc Van Audenrode and their colleagues. The combined European team – based in Paris, London, and Brussels – will now include more than 100 professionals. They will continue to collaborate closely with Analysis Group’s North American offices, strengthening the firm’s transatlantic capabilities.

About Analysis Group

Analysis Group is one of the largest international economics consulting firms, with more than 1,500 professionals across 15 offices in North America, Europe, and Asia. Since 1981, we have provided expertise in economics, finance, health care analytics, and strategy to top law firms, Fortune Global 500 companies, and government agencies worldwide. Our internal experts, together with our network of affiliated experts from academia, industry, and government, offer our clients exceptional breadth and depth of expertise.

About Ricol Lasteyrie

Founded in 1986 by René Ricol, Jean-Charles de Lasteyrie, and Gilles de Courcel, and managed by Pierre Deheunynck, Ricol Lasteyrie is a French consulting firm recognized for its expertise in financial strategy, litigation support, valuation, and compliance/ESG advisory. Based in Paris, the firm serves executives, corporations, and investors with a focus on rigor, independence, and ethics.

Analysis Group Earns Top Three Spot in Vault’s Consulting 50

Thu, 12 Feb 2026 15:54:50 Z

Analysis Group is proud to announce that it has been ranked as one of the top three consulting firms to work for by Vault’s Consulting 50. The firm’s third-place standing marks an increase from last year’s eighth-place position among all North American consulting firms. The survey showed high scores in categories such as relationships with supervisors, job satisfaction, and several measures related to inclusion. In delivering its ranking, Vault referenced Analysis Group’s “culture of training and mentorship,” as well as the firm’s flexible internal staffing system, which “allows its consultants to explore new practice areas and take ownership of their career growth.”

“We place a lot of emphasis on mentorship at all levels of the organization starting with analysts,” said Analysis Group CEO Pierre Cremieux. “Supporting our colleagues as they develop new skills and methods of problem solving is key to maintaining the firm’s unique culture and rigorous approach to assisting our clients in all our work – from complex litigation to health care, technology, and energy-related issues.”

For the second year in a row, Analysis Group took the top spot for economic consulting. The firm also moved up the ranking for data analytics consulting – rising from 12th to eighth place.

The Vault Consulting 50 is based on multiple criteria, including prestige, firm culture, work-life balance, compensation, and overall business outlook. Vault collects input from external consulting professionals and survey feedback from firm employees. A weighted formula is applied to the data, which then determines the final scores.

The following comments are examples of the feedback collected in support of Analysis Group’s rankings:

“The company exceeds expectations in fostering a welcoming and supportive work environment. From the hiring stage, emphasis is placed on selecting individuals who are not only skilled but also pleasant to work with.”
“Analysis Group is committed to inclusion, and it is widely recognized as an important part of our company’s culture.”
“The best aspect is that there is extensive and unique on-the-job mentoring due to the nature of [the] work supporting world-leading testifying experts. This work results in a lot of one-on-one interaction between junior staff and very notable economists, [academics, and scientists].”

View the rankings

Learn more about Analysis Group’s ranking

Vice President Cyril Hariton Joins Competition Panel, Highlights Economic Consideration Related to Third-Party Access for Digital Infrastructures

Wed, 11 Feb 2026 18:44:11 Z

Vice President Cyril Hariton joined a Concurrences panel entitled “Access, Innovation, and Competition in the Digital Age.” The panel was moderated by Aymeric de Moncuit (Mayer Brown) and featured Giuseppe Conte (European Commission), Tero Louko (Google), and Laila Medina (Court of Justice of the European Union).

Much of the panel discussion focused on the judgment by the Court of Justice of the European Union, on questions raised in the context of a dispute between Google’s parent company, Alphabet, and Italy’s competition and market authority. In its ruling, the court determined that an owner’s refusal to ensure interoperability between their open digital infrastructure – that is, one not built exclusively for its owner’s needs – and a third-party app may constitute an abuse of a dominant position, even if that infrastructure isn’t essential to the third party.

As the conversation shifted to the “semi-open” nature of some infrastructures, Dr. Hariton, who specializes in industrial organization and competition economics, encouraged focusing on the competitive effects of specific access regimes instead of the form of the infrastructure that third-parties seek access to. Dr. Hariton recommended that regulators should focus on how the infrastructure owners’ business models can incorporate specific forms of third-party access, and what the potential effects of that access are likely to be on the incentives to invest and innovate.

Dr. Hariton further made the point that increased regulatory scrutiny of open digital infrastructures could result in a decline in investments aimed at improving them, even in cases when the added scrutiny does not lead to the development of more closed infrastructures.

Read the key takeaways

Vice President Cyril Hariton Joins Competition Panel, Highlights Economic Consideration Related to Third-Party Access for Digital Infrastructures

Wed, 11 Feb 2026 18:37:25 Z

Read the key takeaways

Analysis Group Consultants Use Humira to Examine Biosimilar Competition Landscape

Thu, 05 Feb 2026 16:41:23 Z

Several large pharmacy benefit managers (PBMs) have removed Humira (the branded name for the anti-inflammatory biologic adalimumab) from their national preferred formularies over the past two years, leaving only biosimilars covered. This and other similar events provide insights into how a range of factors continue to shape the broader competitive landscape for biologics and biosimilars.

In an article published in Law360, Analysis Group Managing Principals Andrée-Anne Fournier and Pavel Darling and Vice President Michael Carson examine these dynamics and their implications for both economic and legal analyses. The authors outline how the US Food and Drug Administration’s (FDA’s) updated draft guidance may accelerate biosimilar uptake by streamlining pathways for their approval, and they highlight the growing presence of private-label- distributed biosimilars such as Cordavis’ Hyrimoz. The authors also explore how biosimilar adoption shifted after the April 2024 CVS Caremark formulary change, with commercial plans exhibiting meaningfully higher uptake than government-funded plans.

Ms. Fournier, Mr. Darling, and Mr. Carson note that Humira offers an important real-world test of the Biologics Price Competition and Innovation Act framework, and they highlight how additional factors such as rebate structures, patent-related challenges, and evolving regulatory standards may shape future litigation involving biologics and biosimilars. Because heterogeneity in pricing, rebate structures, and other factors may well persist, they emphasize the need for continued research into the economic drivers of biosimilar adoption, as well as the importance of grounding legal and policy decisions in robust empirical evidence.

Read the article

AI & Antitrust Series, Episode 2: Foundation Models and LLMs

Wed, 04 Feb 2026 19:30:16 Z

Analysis Group Principal Juliette Caminade will serve as moderator for the American Bar Association Antitrust Law Section’s AI & Antitrust Series, Episode 2: Foundation Models and LLMs. The webinar will examine the extent to which AI foundation models and large language models are raising competition questions. The panel will demystify how these technologies work, explore developing vertical theories of harm and enforcement priorities, and consider how antitrust frameworks can adapt to fast-moving AI innovation. Panelists include Christina Ma (Wachtell Lipton Rosen & Katz), Doha Mekki (University of California, Berkeley School of Law), and James Allan (University of Massachusetts Amherst), and Kostis Hatzitaskos (Cornerstone Research).

Analysis Group Researchers Co-Investigate the Real-World Effects of Berotralstat on Hereditary Angioedema Attack Rates

Wed, 04 Feb 2026 15:06:24 Z

Hereditary angioedema (HAE) is a rare genetic disorder that can cause painful and sometimes fatal episodes of tissue swelling. While patients with HAE can experience substantial clinical and economic burdens related to their disease, berotralstat (an oral long-term prophylactic treatment) has been clinically shown to prevent HAE attacks and prior studies have associated it with reduced HAE attack rates.

To further explore this topic, an Analysis Group team led by Principal François Laliberté, Manager Sean MacKnight, and Associate Ramya Ramasubramanian collaborated with researchers from BioCryst; ENT and Allergy Associates; the University of California, Los Angeles; and Allergy and Asthma Research Associates on a first-of-its-kind study analyzing self-reported HAE attack rates before and after berotralstat initiation, stratified by patients’ HAE type and baseline attack frequency. The analysis used specialty pharmacy data from Optime Care, Inc., the sole dispenser of berotralstat in the US. In an article on their research, the authors detail their methods for comparing monthly attack rates after versus before berotralstat initiation using regression models and assigning HAE type based on laboratory values. They conclude that “people diagnosed and living with HAE had fewer HAE attacks after starting berotralstat,” regardless of the frequency of attacks that patients were experiencing before starting berotralstat.

Read the article

GCR Antitrust Awards 2026: Affiliate Catherine Tucker and Analysis Group Competition Work Nominated Across Several Categories

Tue, 03 Feb 2026 20:40:08 Z

Analysis Group is pleased to share that academic affiliate Catherine Tucker has been selected as a nominee for Economist of the Year by Global Competition Review in connection with the 2026 GCR Awards, which recognize “creative, strategic, and innovative” competition work in 2025. In addition, Analysis Group provided economic analyses for five competition matters that have been nominated for awards in various categories, including Matter of the Year.

Congratulations to Professor Tucker, Analysis Group’s affiliates and clients, and to all the GCR Award nominees. The following were among the nominees selected for online voting, which is open until February 9:

“Economist of the year”: Catherine Tucker (Analysis Group)

Professor Tucker is an industrial organization economist whose expertise in the competition dynamics of digital platforms and advertising-supported business models was exemplified in her recent testimony on behalf of Meta in two high-profile antitrust matters. In Federal Trade Commission v. Meta Platforms, Inc., Judge James Boasberg of the US District Court for the District of Columbia relied on Professor Tucker’s opinion that the success of Meta’s advertising business resulted from innovation in ad quality rather than an exercise of market power in a ruling that gave Meta a complete victory. In Maximilian Klein, et al., v. Meta Platforms, Inc. (users), Professor Tucker testified at deposition on both class certification and merits issues, rebutting the plaintiffs’ expert’s assumption that Meta would compensate Facebook users for using the platform and opining that the expert could not reliably show class-wide harm using common methods. Judge James Donato denied certification of the class of Facebook users and granted summary judgment in favor of Meta, citing Professor Tucker’s reports in his opinions.

“Matter of the year” and “Behavioural matter of the year – Americas”: FTC v. Meta

In a landmark antitrust matter, Meta (then known as Facebook) successfully defended itself against claims by the Federal Trade Commission (FTC) that it held a monopoly in the market for personal social networking (PSN) and that it maintained its dominant position by purchasing Instagram in 2012 and WhatsApp in 2014 to eliminate competition in the PSN market, in violation of the Sherman Act.

An Analysis Group team led by Managing Principal Aaron Yeater and Vice Presidents Hitesh Makhija and David Toniatti was retained on behalf of Meta and supported Catherine Tucker, who testified at deposition and trial. Professor Tucker opined that the success of Meta’s advertising business was due to innovation in ad quality rather than to an exercise of market power. Judge Boasberg determined that the acquisitions of Instagram and WhatsApp were not anticompetitive, giving Meta a complete victory. Judge Boasberg relied heavily on Professor Tucker’s trial testimony to support his finding that Meta’s advertising strategy was not evidence of anticompetitive conduct but, rather, of an improvement in advertising features and an increase in ad quality, setting a precedent for the evaluation of antitrust harm in markets with so-called “zero-price” products.

“Behavioural matter of the year – Europe”: European Commission RPM probe into luxury fashion companies

In this matter, the European Commission (EC) opened an investigation into Italian luxury fashion brand Guccio Gucci SpA, along with two other luxury fashion companies, for allegedly interfering with independent multi-brand retailers’ ability to set their own prices for Gucci products in violation of EU competition rules. Gucci was accused of engaging in resale price maintenance (RPM) practices that allegedly included restricting retail prices, maximum discounts, and online sales for Gucci products such as apparel, handbags, and leather goods.

Analysis Group was retained on behalf of Gucci to provide economic consultation in connection with the EC’s investigation. Managing Principal Antoine Chapsal and Principal Emmanuel Frot conducted a market study of the luxury industry and on the information conveyed by prices in this sector as well as a theoretical model of RPM in the luxury industry. Gucci cooperated with the EC under the antitrust cooperation procedures, with the EC noting that Gucci provided “evidence with significant added value” early in the investigation. Gucci’s cooperation resulted in a 50% fine reduction.

“Litigation of the year – Cartel defence”: Banks win dismissal of LIBOR manipulation in US class action

In a high-profile and long-running antitrust multidistrict litigation (MDL), a group of plaintiffs accused several major banks of engaging in a horizonal price-fixing conspiracy to suppress the US Dollar London Interbank Offer Rate (LIBOR), an interest-rate benchmark. The plaintiffs – a certified class of investors who purchased LIBOR-based financial instruments and numerous opt-out plaintiffs – claimed that the defendants conspired to suppress LIBOR, resulting in financial harm, including through lower interest rates on plaintiffs’ investments.

Analysis Group was retained on behalf of the defendants; a team led by Managing Principals Michael Beauregard and Marissa Ginn supported academic affiliate Professor R. Glenn Hubbard, who analyzed class certification issues and rebutted the plaintiffs’ experts’ calculation of what LIBOR would have been in a “but-for” world without the alleged suppression. Judge Naomi Reice Buchwald of the US District Court for the Southern District of New York rejected all the plaintiffs’ claims, excluded the testimony of some of the plaintiffs’ experts, and granted the defendants’ motions to decertify the class of individual plaintiff investors and for summary judgment. Repeatedly referencing Professor Hubbard’s rebuttal analysis, the judge rejected the plaintiffs’ allegations as “economically senseless.”

“Litigation of the year – Non-Cartel defence”: Maximilian Klein v. Meta Platforms

In a massive, high-profile antitrust class action, Facebook users (the proposed “user” class) claimed that Meta misrepresented its data protection and privacy practices, allowing it to attract more users, obtain and maintain market power in the alleged social networking services market, and diminish competition. The plaintiffs claimed that, but for Meta’s alleged market power, the company would have had to pay users to use Facebook.

Analysis Group was retained on behalf of Meta, and a team led by Managing Principal Aaron Yeater and Vice Presidents Ishita Rajani and Carlos Chiapa supported three experts who testified at deposition on class certification and merits issues. Catherine Tucker opined that the plaintiffs’ expert’s methodology could not reliably show antitrust injury because the expert’s novel theory that Meta would compensate users for using Facebook was unsupported by either economics or real-world business practice. Professor Yael Hochberg evaluated the plaintiffs’ claim that accounting profit margins serve as a legitimate indicator of monopoly power, and Analysis Group Managing Principal Rebecca Kirk Fair evaluated the plaintiffs’ survey evidence. Citing Professor Tucker’s submissions, Judge James Donato of the US District Court for the Northern District of California excluded the opposing expert’s opinions, which resulted in a denial of certification of the user class and summary judgment in favor of Meta.

“Litigation of the year – Non-Cartel prosecution”: Regeneron Pharmaceuticals v. Amgen

In a groundbreaking antitrust matter, Regeneron Pharmaceuticals succeeded in challenging competitor Amgen’s practice of offering cross-product discounts, conduct that was previously investigated by the US Department of Justice (DOJ). Regeneron alleged that Amgen had undercut sales for Praluent, Regeneron’s cholesterol-reducing biologic, by illegally bundling it’s competing drug, Repatha, with rebates for discounts for unrelated drugs. Regeneron argued that the bundling violated the Sherman Act by making it economically unfeasible for Regeneron to continue to sell Praluent.

Analysis Group Managing Principal Divya Mathur testified at trial on behalf of Regeneron on her assessment of damages for Amgen’s alleged anticompetitive conduct along with other experts. An Analysis Group team lead by Managing Principal Aaron Yeater and Vice President Ishita Rajani supported. A jury in the US District Court of Delaware found in Regeneron’s favor, holding that Amgen’s bundling scheme violated the Sherman Act. The jury assessed compensatory damages of $135.6 million, the exact amount calculated by Dr. Mathur in her submissions, and punitive damages of $271.2 million.

Online ballots may be submitted here.

Aditi Mehta, Former DOJ Antitrust Leader, Joins Analysis Group as Managing Principal

Thu, 29 Jan 2026 19:47:30 Z

Analysis Group is pleased to welcome Aditi Mehta, a highly accomplished antitrust economist and competition policy expert, to the firm as a Managing Principal. Dr. Mehta, who will be based in the firm’s Washington, DC, office, brings more than 15 years of experience at the US Department of Justice Antitrust Division, where she most recently served as the economics director of enforcement. Her addition strengthens Analysis Group’s Antitrust & Competition practice and will broaden the scope of its regulatory and enforcement work.

Dr. Mehta specializes in antitrust economics, merger analysis, and competition policy, with deep expertise in both merger and conduct investigations. During her tenure at the Antitrust Division, she played a leading role in many of the agency’s highest-profile investigations and litigation matters, including US v. Google, US v. Apple, and US v. AT&T. As economics director of enforcement, Dr. Mehta oversaw economic analysis across the division’s entire merger and conduct docket, supervising teams of economists across multiple sections and advising on enforcement strategy decisions in some of the most consequential competition matters in the US.

Before serving as director, Dr Mehta spent a decade as an assistant chief and chief in the Economics Analysis Group, where she led teams of economists working on prominent investigations across a wide range of industries and played a key role in developing and refining the Antitrust Division’s analytical and empirical approaches to merger review and competition policy. She has presented her work at leading institutions, including the Fordham University School of Law and the Brookings Institution, and previously served as an adjunct professor of economics at Johns Hopkins University.

“Aditi’s depth of experience at the very highest levels of antitrust enforcement is exceptional,” said Pierre Cremieux, CEO of Analysis Group. “Her arrival significantly bolsters our antitrust practice and enhances our ability to support clients facing complex merger reviews and competition matters in an increasingly rigorous enforcement environment. We are thrilled to welcome her to the firm.”

Dr. Mehta received her Ph.D. in economics from Boston University and her B.A. in economics from Wesleyan University.

17th Annual SCOPE: Powering the Future of Clinical Research, February 2-5, 2026

Thu, 29 Jan 2026 14:04:04 Z

At SCOPE 2026, Managing Principal Mei Sheng Duh will speak on the panel “Innovating Siteless Registries: How Payors, Pharma, and Analytics are Shaping the Future of Evidence Generation.” The session will examine how payor-based data ecosystems and integrated analytics can improve patient registry recruitment and accelerate timelines, drawing on real-world evidence and siteless registry approaches.

The panel will feature moderator Krystyna Amalfe (Evernorth Health Services) and co-panelists Ria Westergaard (Evernorth Health Services), Sameer Ghate (Merck), and Shawn Edmonds (CVS Health).

Analysis Group Helps Client Secure Federal Approval for $26.6 Billion Energy Merger

Wed, 28 Jan 2026 15:08:27 Z

Analysis Group was retained by Energy Capital Partners (ECP) and Calpine in the $26.6 billion merger of Calpine with Constellation. Calpine is one of the largest US producers of electricity from natural gas and geothermal power. The transaction created the United States’ largest producer of electricity as well as one of the largest competitive retail electric suppliers in the country, with a combined 2.5 million customers.

An Analysis Group team led by Principal Eric Korman, Vice Presidents Megan Accordino and Joseph Cavicchi, and Managers Robert Calzaretta and Phillip Ross helped ECP and Calpine secure approval for the merger from the US Department of Justice and the Federal Energy Regulatory Commission.

BYU Law Winter Deals Conference

Tue, 27 Jan 2026 19:35:29 Z

At BYU Law’s 2026 Winter Deals Conference, Managing Principal Lauren Hunt will join a panel commenting on the paper “Private Equity, Public Capital, and Litigation Risk” by Ludovic Phalippou (Saïd Business School, University of Oxford) and Wiliam J. Magnuson (Texas A&M University School of Law). Analysis Group is pleased to be a sponsor of this event.

In Two Coauthored Articles, Analysis Group Consultants Consider Future of EU Merger Review in Light of Sustainability Mandates

Tue, 27 Jan 2026 18:20:14 Z

As the European Commission (EC) works to revise its Horizontal and Non-Horizontal Merger Guidelines, it faces the challenge of balancing the imperatives of preserving competition, encouraging innovation, and integrating sustainability objectives. How it will do so is unclear, and it may well be a significant milestone in the tenure of Teresa Ribera, the EC’s Executive Vice-President (EVP) for a Clean, Just and Competitive Transition. In two articles, Analysis Group Vice President Joshua White, Associate Claire Paoli and coauthor Jay Modrall of Norton Rose Fulbright consider several issues around how the EC’s task might be accomplished, and the possible consequences.

In “Sustainability Considerations in EU merger control,” an article published in the Journal of Antitrust Enforcement, Mr. White, Ms. Paoli, and Mr. Modrall examine the EC’s decisional practice and economic evidence around integrating sustainability benefits into merger assessments. They discuss how sustainability considerations have emerged as a parameter of competition in market definition and competitive assessments, potentially disadvantaging transactions between parties that advance sustainability objectives. The authors consider whether the current framework for the “efficiency defence” can accommodate sustainability considerations, and how revisions to the Merger Guidelines could enable a more balanced assessment of a transaction’s potential benefits and harms.

In “Will the New EUMR Guidelines Be a Significant Impediment to Sustainability?,” an article published in Concurrences, the authors undertake a practical examination of how the current Merger Guidelines account for sustainability benefits, outlining several considerations for the Commission’s ongoing review. They argue that modernizing the treatment of efficiencies – by broadening the scope of consumer benefits, extending time horizons, and applying consistent evidentiary standards – would better align EU merger control with EVP Ribera’s mandate and the objectives of the Clean Industrial Deal.

Read the Journal of Antitrust Enforcement article (subscription required)
Read the Concurrences article

In Two Coauthored Articles, Analysis Group Consultants Consider Future of EU Merger Review in Light of Sustainability Mandates

Tue, 27 Jan 2026 17:24:59 Z

Click here to read the Journal of Antitrust Enforcement article (subscription required)

Click here to read the Concurrences article

Analysis Group Researchers Examine Surrogate Measurements for Overall Survival in Bladder Cancer Studies

Mon, 26 Jan 2026 16:47:43 Z

In clinical trials, overall survival (OS) is the gold standard of primary endpoints for evaluating novel cancer therapies. However, as novel treatments for various types of bladder cancer rapidly advance, there is an increasing need for clinical endpoints that allow for more efficient evaluation of survival outcomes. Endpoints such as event-free survival (EFS) and complete response rate (CRR) have been recommended by the International Bladder Cancer Group and the Society for Immunotherapy of Cancer to facilitate drug evaluation and accelerate patient access to novel treatments, but their validity as surrogate measurements for OS remains under study.

To help bridge this gap, Analysis Group teams collaborated with academic and industry researchers to conduct a pair of studies assessing the surrogacy relationship between EFS and OS and between CRR and OS among patients with bladder cancer.

In the first study, a group led by Vice President Yan Song, Manager Aozhou Wu, and Associate Yipeng Gao, collaborated with researchers from Merck and Weill Cornell Medicine to evaluate EFS as a surrogate endpoint for OS in neoadjuvant-treated muscle-invasive bladder cancer (MIBC). In an article on their research, the authors indicate that EFS may be used to assist regulatory and reimbursement decision making regarding new and existing MIBC therapies.

In the second study, a team headed by Vice Presidents Kalé Kponee-Shovein and Yan Song and Associates Yipeng Gao and Jingyi Liu worked with collaborators from Merck and The University of Texas MD Anderson Cancer Center on first-of-its-kind research examining the surrogacy between both EFS and OS and CRR and OS among patients with high-risk non-muscle-invasive bladder cancer (HR NMIBC). Detailing their findings in an article, the authors conclude that EFS could reliably predict treatment effects on OS among Bacillus Calmette-Guérin (BCG) vaccine-naïve or -remote patients with HR NMIBC. They also found an association between OS and CRR, noting that further evidence from larger clinical trials will be critical going forward to help understand CRR’s role.

Read the MIBC article
Read the HR NMIBC article

Analysis Group Consultants Examine Potential Risks and Mitigating Factors of Acquihires

Tue, 20 Jan 2026 16:48:05 Z

Read the article

Making AI Work: What Firms and Workers Need

Thu, 15 Jan 2026 19:08:58 Z

Analysis Group Manager Timothy J. Spittle will join a moderated panel discussion at Making AI Work: What Firms and Workers Need, a conference hosted by the Georgetown University Center for Business and Public Policy and the World Bank. The panel will explore how firms and workers can learn to effectively work with AI, alongside academic, industry, and policy experts. Mr. Spittle will draw on Analysis Group’s recent in-house randomized field experiment with Georgetown University’s Dr. Timothy DeStefano on the use of structured, task-specific guidance in AI-enabled workflows, as well as the firm’s internal efforts to integrate AI into consulting work and the Data Science team’s experience developing AI solutions for clients.

Analysis Group and Affiliate Judith Chevalier Help Google Defeat Advertiser Class Certification in Major Antitrust Litigation on Digital Advertising

Wed, 14 Jan 2026 21:57:29 Z

Analysis Group was retained on behalf of Google in a major multi-district class-action antitrust litigation related to Google’s digital advertising exchange business practices. The proposed class, consisting of advertisers that placed ads on third-party websites using the Google Ads ad-buying tool, alleged that Google acquired and maintained monopoly power in the claimed digital advertising exchange market by implementing certain pricing rules and other anticompetitive practices in its digital advertising auctions. The plaintiffs claimed that Google’s actions increased sales volume on its AdX digital advertising exchange and caused advertisers to pay higher prices to place ads than they would have but for the allegedly anticompetitive practices.

Analysis Group academic affiliate Judith Chevalier submitted an expert rebuttal report and provided deposition testimony evaluating the plaintiffs’ damages expert’s analysis of the volume of business allegedly affected by Google’s auction practices and the amount by which advertisers allegedly overpaid for ad impressions as a result of Google’s alleged market power. Professor Chevalier challenged the opposing expert’s damages model, observing that a substantial proportion of at-issue transactions were placed on Google’s AdSense platform rather than its AdX exchange.

Judge Kevin Castel of the US District Court for the Southern District of New York denied certification of the advertiser class and cited Professor Chevalier’s rebuttal analysis in his opinion: “One of Google’s experts, Judith Chevalier, Ph.D., has opined persuasively that [the plaintiffs’ expert’s] analysis fails to explain how the claimed auction manipulations directed to AdX impacted the prices that advertisers paid on AdSense transactions.” The court held that the lead plaintiff’s claims were not representative of the class and that the plaintiffs failed to establish a common method across class members to demonstrate antitrust injury and damages.

Professor Chevalier was supported by an Analysis Group team led by Managing Principal Chris Borek and Vice Presidents John M. Browning, Shogo Hamasaki, Peter C. Jones, Riccardo Marchingiglio, and Kate Schofield.

Global Competition Review Recognizes Analysis Group as an Outstanding Global Economic Consulting Firm

Wed, 14 Jan 2026 19:18:39 Z

Once again, Global Competition Review (GCR) has identified Analysis Group as a leader in the world of competition economics in its GCR 100. The annual rankings highlight top antitrust economic consulting firms, evaluated by size of practice, reputation, and work on impactful competition matters during the previous year. Among other things, GCR noted the recent addition of Competition Expert Pierre Régibeau, former chief competition economist at the European Commission’s Directorate-General for Competition (DG COMP).

“I’m pleased that Analysis Group’s rigorous antitrust work has been recognized in this year’s GCR 100 rankings,” said CEO Pierre Cremieux. “Understanding today’s competition landscape requires the kind of insights demonstrated by our consultants and experts in their work on mergers, antitrust litigation, and government investigations.”

GCR also highlighted Analysis Group’s significant role in many of the past year’s noteworthy antitrust cases around the world, including:

Federal Trade Commission, et al. v. The Kroger Company, et al.
Analysis Group assisted the Federal Trade Commission (FTC) in its review of the proposed $24.6 billion merger between Kroger and Albertsons, the first- and second-largest supermarket retailers in the US, respectively. The firm supported two experts, who addressed the claimed efficiencies that would result from the merger and the divestiture plan. The parties abandoned the transaction after the district court granted a preliminary injunction, finding that the FTC was likely to prevail on its claim that the merger would harm competition in the retail grocery market. GCR named Managing Principal Aaron Yeater Economist of the Year for his testimony on the claimed efficiencies of the merger.

Methanex’s Acquisition of OCI Global
Analysis Group supported Methanex, a large Canadian producer and distributor of methanol, in connection with its planned acquisition of OCI Global’s international methanol operations. Our team assisted with Methanex’s submissions to US, UK, and EU regulators by examining production capacity, global pricing, transportation costs, and market entry and exit. The merger was cleared in the US without divestitures and cleared without remedies at Phase 1 by DG COMP.

European Commission Investigation of Gucci
Analysis Group provided economic consultation to Italian luxury fashion brand Guccio Gucci SpA related to the European Commission’s investigation into its alleged resale price maintenance (RPM) practices. Gucci was accused of imposing the retail price at which independent multi-brand retailers sell Gucci products, including handbags and leather goods. An Analysis Group team worked on a market study of the luxury industry and on the information conveyed by prices in this sector, as well as on a theoretical model of RPM in the luxury industry.

Regeneron Pharmaceuticals, Inc. v. Amgen, Inc.
Analysis Group assisted Regeneron Pharmaceuticals in its lawsuit against competitor Amgen. Regeneron alleged that Amgen unfairly undercut sales of Regeneron’s cholesterol-reducing biologic by illegally bundling its competing drug with rebates for discounts on an unrelated drug. Our expert testified at trial, assessing damages associated with Amgen’s alleged anticompetitive conduct. A jury found in Regeneron’s favor and assessed compensatory damages in the exact amount calculated by our expert, as well as punitive damages.

Read the GCR profile

Working with Expert Witnesses in the Generative AI Era: Practical Guidance for Counsel

Wed, 14 Jan 2026 17:16:30 Z

Managing Principal Lisa Pinheiro will lead a Boston Bar Association webinar on generative AI (GenAI) and its use in litigation. The webinar will provide a non-technical, practitioner-focused primer on how GenAI works and its limitations, particularly in the context of expert work. Joined by Analysis Group Associate General Counsel Elizabeth Mooney, Ms. Pinheiro will highlight real-world litigation examples and ongoing research related to GenAI guidance and training. Participants will come away with practical suggestions for responsible use of GenAI and for conducting productive conversations with expert witnesses.

Analysis Group Congratulates Authors of Four Articles Distinguished with Nominations for 2026 Concurrences Antitrust Writing Awards

Tue, 13 Jan 2026 16:34:57 Z

Online voting for readers’ choice awards is open until March 3, 2026.

Our nominated articles:

Academic Articles: Mergers

“Sustainability Considerations in EU Merger Control,” Jay Modrall, Associate Claire Paoli, and Vice President Joshua White; Journal of Antitrust Enforcement, November 25, 2025

Business Articles: General Economics

“The Relationship Between Pricing Transparency and Price Competition in the US Health Care Industry,” Manager Juan Carvajal, Vice President Christopher Ody, and Affiliate Christopher Whaley; American Bar Association Antitrust Law Section Website, November 5, 2024
“The Role of Private Equity in the Entrepreneurial Ecosystem,” Managing Principal Lauren Hunt, Vice President Dasha Anosova, and Affiliate Yael Hochberg; American Bar Association Antitrust Law Section Website, June 16, 2025

Business Articles: Concerted Practices

“Recent Developments in Labor Market Antitrust Enforcement in the United States, Europe, Canada, and China,” Managing Principal Jee-Yeon Lehmann, Manager Olivia Althans, and Vice Presidents Yeseul Hyun and Federico Mantovanelli; American Bar Association Antitrust Law Section Website, October 11, 2024

View the list of nominated Analysis Group Articles

View the complete list of nominated Academic Articles

View the complete list of nominated Business Articles

9th Biennial Next Generation of Antitrust, Data Privacy & Data Protection Scholars Conference

Mon, 12 Jan 2026 17:19:14 Z

At the 9th Biennial Next Generation of Antitrust, Data Privacy & Data Protection Scholars Conference, Principal Juliette Caminade will serve as a session discussant for the “Competition, Privacy and Data Issues” session. The session will explore the intersection of algorithmic decision making, privacy regulation, and competition in digital markets. Panelists will include Aditya Karanam (The University of Texas at Dallas), Shunyao Yan (Santa Clara University), Guangyin Chen (University of Southern California), and H. Tai Lam (University of California, Los Angeles).

2026 Power Markets Conference

Fri, 09 Jan 2026 17:29:28 Z

Principle Todd Schatzki will join a panel at the 2026 Power Markets Conference to discuss rising electricity costs. The panel, “Decoding the Electricity Bill – Poles, Power & Policy,” will be moderated by Nicholas Hutchings (NextEra Energy Resources), and the other panelists will include Dan Dolan (New England Power Generators Association), Ron Gerwatowski (Rhode Island Public Utilities Commission), and Sandy Grace (National Grid). The conference is presented by the Northeast Energy & Commerce Association, and will feature additional panels and presentations on rising demand, resource challenges, and future investment in affordable energy.

Analysis Group is pleased to be a corporate sponsor of the conference.

Slam Dunk Settlement for Racing Teams Owned by Michael Jordan, Denny Hamlin, and Bob Jenkins in NASCAR Antitrust Suit

Wed, 07 Jan 2026 19:22:02 Z

Analysis Group was retained by Winston & Strawn on behalf of 23XI Racing and Front Row Motorsports, the plaintiffs in an antitrust litigation against the National Association for Stock Car Auto Racing (NASCAR). Front Row Motorsports and 23XI Racing are both stock car racing teams; Front Row Motorsports is owned by entrepreneur Bob Jenkins, and 23XI Racing is co-owned by retired basketball star Michael Jordan and decorated stock car driver Denny Hamlin. The two teams alleged that NASCAR took anticompetitive actions in the premier stock car racing market, including acquiring racetracks and imposing restrictive agreements that prevented the tracks from hosting non-NASCAR events; requiring teams to use proprietary cars – which stayed under NASCAR ownership – and only allowing car parts to be bought from NASCAR-approved suppliers; and imposing non-compete clauses on teams and team owners.

An Analysis Group team led by Managing Principal Brad Rice, Vice Presidents Ahmer Nabi and Kristof Zetenyi, and Managers Diego Focanti and Neal Tan supported affiliated expert Edward Snyder, who filed multiple expert reports and testified at deposition and trial on liability and damages issues. Professor Snyder conducted an industry analysis, analyzed NASCAR’s alleged anticompetitive conduct, identified how the market for premier stock car racing teams would operate absent NASCAR’s actions, and estimated damages to the plaintiffs. He opined that as early as 2015, NASCAR allegedly created barriers to entry by preventing potential competitors from obtaining venues, teams, and cars. He also opined that NASCAR Cup Series teams were compensated below a competitive market rate. A second Analysis Group team led by Dr. Rice, Vice Presidents Jaclyn Cotton, Ali Dahir, and Hadrien Vasdeboncoeur, and Manager Christopher Lako supported Managing Principal Maureen Chakraborty, who filed an expert report and testified at deposition, rebutting NASCAR’s claim that it would have been insolvent had it needed to pay the increased revenue shares to teams.

After eight days of testimony, a mid-trial settlement was reached in the US District Court for the Western District of North Carolina. According to a joint statement from NASCAR, 23XI Racing, and Front Row Motorsports, NASCAR will amend existing charter agreements to reflect the updated terms as well as provide for an “evergreen” charter. Winston & Strawn released a statement saying that the settlement “delivers long-term structural stability for all NASCAR Cup Series teams, and creates the conditions for meaningful competitive and commercial growth across the sport.”

Affiliate Catherine Tucker and Analysis Group Coauthors Contribute Chapter on Privacy, Competition, and Regulation to Research Handbook on Data, Privacy and Competition Law

Tue, 06 Jan 2026 20:18:35 Z

For the Research Handbook on Data, Privacy and Competition Law, academic affiliate Catherine Tucker, Vice President Philipp Tillmann, and Manager Olga Kozlova Guglielmi coauthored a chapter on the economics of consumer privacy and competition. In “The Interplay of Consumer Privacy, Competition, and Regulation,” the authors explore the economics of consumer privacy and competition and discuss how regulation of consumer privacy interacts with competition.

The authors review literature suggesting consumers’ valuation of privacy is heterogeneous and context dependent and note that consumers’ observed choices (e.g., their willingness to share photos online) and their general reported preference for data privacy are often contradictory. This “privacy paradox” may reflect consumers’ limited capacity to review and understand privacy terms as well as their willingness to trade off privacy for product benefits such as more relevant search results. The authors explain that, although consumer privacy can be framed as a product feature on which firms compete, greater competition does not necessarily lead to better privacy protections. For example, when product functionality is negatively correlated with privacy, such as with dating apps that leverage personal information to improve the quality of matches, competition may lead firms to invest in or promote product features that are more reliant on data sharing, which can reduce privacy. The authors conclude that the increasingly stringent regulation of privacy can have “nuanced and sometimes unintended effects on consumer privacy and competition.” Specifically, they evaluate evidence that regulation may disproportionally favor larger companies due to the costs of compliance and because both firms and consumers may be more willing to share their data with established vendors.

Research Handbook on Data, Privacy and Competition Law is available for sale on the Edward Elgar Publishing website.

The NABE Econ + Law Summit

Sun, 04 Jan 2026 22:33:26 Z

Analysis Group consultants will join panels at the NABE Econ + Law Summit, where economists, attorneys, and policy leaders will explore questions at the intersection of markets and legal decision making.

Managing Principal Rebecca Kirk Fair will join “Outlook for Economics Careers in Regulation, Enforcement, and Litigation.”
Principal Paul Hibbard and Vice President Megan Accordino will join “Economics of Energy & Environment Litigation and Consulting.”
Principal Jimmy Royer will join “AI Transformation and the Future of Litigation and Legal Decision Making.”
Vice President Jonathan Borck will join “How Economic Experts Are Built and Chosen.”

Analysis Group is pleased to be a founding partner sponsor of the event.

Analysis Group Launches In-House Experiment to Understand Impact of Structured Guidance on Use of AI

Fri, 19 Dec 2025 19:00:12 Z

The rapid rise of AI has fueled hopes of major productivity gains across industries. Yet many organizations still struggle to provide guidance on AI adoption, and many have failed to identify measurable improvements in performance or output. According to a recent survey, 61% of organizations opt to restrict employee use of tools like ChatGPT, and more than a quarter have banned them outright. Beyond the question of whether or not tomorrow’s firms will use tools like ChatGPT, which seems like a foregone conclusion, a pressing issue is to determine how AI can be deployed in real-world workflows to ensure safe, reliable, quality- and productivity-enhancing effects.

An Experiment to Understand the Impact of Structured Guidance on the Use of AI

Analysis Group and Professor Timothy DeStefano – Associate Research Professor at Georgetown University’s McDonough School of Business and an applied economist specializing in digital technology, AI, and firm productivity – have partnered in an ongoing study of AI integration, including a series of scientifically designed and implemented field experiments. The firm recently launched a randomized field experiment focused on systematic literature review (SLR) tasks that demand accuracy, synthesis, and judgment in evaluating previously published works. The experiment compared employee performance when using AI tools independently versus using AI tools paired with structured guidance and training tailored to the task, in order to isolate the impact of AI on work quality and efficiency.

Initial findings are promising, indicating that structured, task-specific guidance grounded in workflow design, rather than mere tool familiarity, can transform AI use so that, in addition to being a time-saving step, it’s also a quality-improvement tool.

Pilot study participants highlighted that the structured guidance helped them shift their cognitive focus, as they were able to reallocate their time and effort from manual extraction to critical review, reconciliation, and decision making. Participants also noted that they benefited from the emphasis within the structured guidance on how to systematically review the work of the AI outputs, which improved their overall quality of work.

Key Takeaway

These early findings point to a powerful insight for organizations: The real value of AI may depend less on the technology itself and more on the structure that surrounds its use. Firms eager to adopt AI tools often focus on access and speed, but effective integration requires thoughtful design around human workflows, guidance, and feedback loops. The likely result will be not only greater productivity, but higher-quality insights.

What’s Next

Professor DeStefano is supported by an Analysis Group team led by Managing Principals Chris Borek and Mihran Yenikomshian, Principal Jimmy Royer, Managers Timothy Spittle and Gregory Weiss, and Associate Karen Yang. They will continue to expand this research, broadening the participation and tracking outcomes over a sustained period. Findings will be shared in an upcoming paper.

Vice President Joshua White Considers Role of Denigration in Competition Analysis at CompLaw Pharma

Fri, 19 Dec 2025 16:36:22 Z

Analysis Group Vice President Joshua White participated in “Denigration: Implications of Teva and Vifor,” a panel at the CompLaw Pharma conference in Brussels. The session was moderated by Anne Robert (Sidley) and featured panelists Jacob Westin (Sandoz AG), Despoina Samara (GSK), and Aileen Murtagh (Biomarin). The discussion explored the emerging theory of denigration as a form of exclusionary abuse, drawing on the recent cases CSL Vifor and Teva, and considered their broader implications for the life sciences sector.

Mr. White opened by summarizing key elements of the European Commission’s commitments decision in CSL Vifor, which followed an investigation in which Analysis Group advised the company, and then discussed the parallel decision by the UK’s Competition and Markets Authority. The debate then turned to what constitutes objectively reliable evidence in company communications relating to safety and efficacy of medications. On that topic, Mr. White reflected on the European Commission’s preference for randomized controlled trials and underscored the resulting tension with medicines regulators over the role and reliability of real-world evidence (RWE). He noted that RWE is increasingly recognized across the pharmaceutical industry as a key source of information on safety signals, usage patterns, long-term outcomes, and treatment effectiveness. Mr. White added that limiting the ability to communicate based on RWE may constrain the flow of valuable information to health care professionals. He also emphasized the growing importance of rigorous health economics and outcomes research (HEOR) analyses to ensure that RWE is generated and interpreted in a scientifically robust manner.

Mr. White concluded by noting that the stricter advertising rules in the proposed EU pharmaceutical package may encourage a more effects-based approach to denigration cases. He stressed the inherent ambiguity in disparagement cases and highlighted that even scientifically supported communications by an incumbent may constitute an abuse in certain circumstances, according to the current approach of competition authorities. He therefore emphasized the need for a careful assessment of both the potential and the actual impact of communications on competition.

Vice President Joshua White Considers Role of Denigration in Competition Analysis at CompLaw Pharma

Fri, 19 Dec 2025 16:33:35 Z

Affiliate Catherine Tucker and Analysis Group Coauthors Contribute Chapter on Privacy, Competition, and Regulation to Research Handbook on Data, Privacy and Competition Law

Thu, 18 Dec 2025 15:00:59 Z

Research Handbook on Data, Privacy and Competition Law is available for sale on the Edward Elgar Publishing website.

Informa CompLaw: Pharma

Wed, 17 Dec 2025 19:29:57 Z

Vice President Joshua White will participate in a panel discussion at Informa CompLaw: Pharma, exploring the implications of Teva and Vifor for promotional efforts, internal processes, codes of ethics, and broader compliance practices. Panelists will also address how these developments may influence biosimilar litigations. Mr. White will be joined by Anne Robert (Sidley), Jacob Westin (Sandoz AG), Despoina Samara (GSK), and Aileen Murtagh (Biomarin).

Principal Hristina Bojadzieva Bartlett and Affiliate Keri Pearlson Join Analysis Group–Cohosted Panel on Cybersecurity and Arbitration During New York Arbitration Week

Wed, 17 Dec 2025 14:38:35 Z

Principal Hristina Bojadzieva Bartlett and academic affiliate Keri Pearlson joined the Analysis Group and Crowell & Moring panel “Cybersecurity and Arbitration: Emerging Threats and Evolving Standards” during New York International Arbitration Week. The panel was moderated by Randa Adra (Crowell & Moring) and also included Mark Morril (Morril ADR) and Andrew Erber (Honeywell).

Panelists began by sharing insights on the evolving landscape of cyberthreats and risk, discussing the uptick in the frequency and sophistication of cyberattacks, the role of humans and AI in security breaches, and corporate strategies for building resilience to cyberthreats. Reflecting on the surge in disputes involving cybercrime, panelists noted the frequent need for multiple experts in such matters and the complexity of establishing liability and quantifying harm when responsibility for the breach may be shared, such as in disputes where multiple events within the purview of different parties might have contributed to the data breach. Despite rising litigation in this area, multiple panelists suggested that arbitration may be a preferable forum for resolving cybersecurity disputes, especially B2B ones, given the confidential nature of the proceedings, the ability to appoint an expert tribunal, and party autonomy to tailor the expert process to the facts of the dispute.

The discussion concluded with practical lessons for firms and practitioners around cybersecurity and related disputes, including bringing the topic of cybersecurity to the forefront of firm conversations and taking steps to manage risk.

Principal Jimmy Royer and Coauthors Discuss Improving Access to AI Inputs in Management and Business Review

Mon, 15 Dec 2025 16:50:48 Z

To harness the economic benefits of AI, firms must have access to AI “building blocks”: high-quality data, reliable AI models, computing infrastructure and resources, and AI specialists, all of which could require significant investment. AI adoption also involves managing risk, including ethical use considerations, data security risks, and regulatory and legal compliance. Firms that successfully implement AI technologies will be better positioned to compete in the new digital economy, but such outcomes depend on firms accessing these essential AI inputs.

In an article published in Management and Business Review, Principal Jimmy Royer and Professors Lee Tiedrich and Mohsen Foroughifar identify possible barriers that may prevent firms from accessing AI inputs and discuss possible cost-effective solutions such as using infrastructure as a service (IAAS) and licensing commercially available AI tools. The article concludes by reiterating the importance of stakeholder collaboration for improving access to AI inputs: “If policymakers, industry leaders, researchers, civil society, and data rights holders work together to promote legal compliance and trusted technological progress, we will advance innovation, drive economic growth, and encourage the use of AI for social good, building a dynamic and trustworthy market for an increasingly digital world.”

Read the article

Managing Principal Maria Garibotti Testifies in Sentencing Phase of Criminal Antitrust Wage-Fixing Case US v. Lopez

Fri, 12 Dec 2025 15:32:05 Z

The US Department of Justice (DOJ) won a rare criminal conviction in an antitrust wage-fixing case against Eduardo Lopez, the former CEO of Nevada home health agency Community Home Health Care (CHHC). Mr. Lopez was criminally indicted for conspiring with competitors to fix the wages of registered nurses and licensed practical nurses employed by home health agencies in the Las Vegas area, allegedly suppressing competition and restricting wages. A federal jury found the defendant guilty of participating in a wage-fixing conspiracy and of wire fraud related to the sale of his company.

Although not involved in the merits phase of the case, Analysis Group was retained on behalf of the defendant in the sentencing phase to analyze the economic impact of the defendant’s actions. A team led by Managing Principal Andrea Okie and Vice President Kerri Holmsten supported Managing Principal Maria Garibotti, who testified at the criminal sentencing hearing on her analysis of the volume of commerce affected by the defendant’s wage-fixing conspiracy. Dr. Garibotti’s analysis found that the wages paid by home health agencies where the defendant worked were stable or rising during the at-issue period, and that CHHC in particular paid wage rates at the top of or higher than the agreed-to hourly range during the defendant’s employment. She opined that there was no economic evidence that the defendant’s wage-fixing conspiracy impacted actual wages.

Consistent with Dr. Garibotti’s testimony, a federal judge in the District of Nevada returned a sentence that did not institute any antitrust restitution fine.

Blog Post by Analysis Group Authors Considers Sustainability in EU Merger Review

Thu, 11 Dec 2025 16:41:08 Z

In her 2024 mission letter, European Commission President Ursula von der Leyen tasked Teresa Ribera, Executive Vice-President for a Clean, Just and Competitive Transition, with “modernis[ing] the EU’s competition policy to ensure it supports European companies to innovate, compete and lead world-wide and contributes to our wider objectives on competitiveness and sustainability, social fairness and security.” As the Commission advances its review of the Horizontal and Non-Horizontal Merger Guidelines, questions remain as to how sustainability considerations will be integrated into merger assessments under the revised framework.

In a blog post on the Kluwer Competition Law Blog, Analysis Group Vice President Joshua White, Senior Analyst Claire Paoli, and coauthor Jay Modrall (Norton Rose Fulbright) reflect on the implications of this ongoing review. The authors caution that the Commission’s recent public consultation suggests that, rather than expanding the scope for recognising sustainability benefits, the revised Guidelines may further tighten the “efficiency defence.” As a result, they may, paradoxically, disadvantage transactions between firms that advance sustainability objectives despite their potential contributions to advancing the EU’s sustainability goals. “Fortunately,” they write, the EU’s merger review process “provides the Commission considerable flexibility to address EU policy objectives within an updated framework for the consideration of efficiencies.” A more balanced approach, they conclude, would help the Commission deliver on EVP Ribera’s mandate to modernise competition policy in support of the EU’s Clean Industrial Deal.

Read the blog post

Blog Post by Analysis Group Authors Considers Sustainability in EU Merger Review

Thu, 11 Dec 2025 16:36:07 Z

Read the blog post

ISPOR Europe 2025

Wed, 10 Dec 2025 18:02:23 Z

Analysis Group, a global leader in health economics and outcomes research (HEOR), will present an educational symposium and 11 research posters at ISPOR Europe 2025, which will be hosted at the Scottish Event Campus in Glasgow, Scotland.

Managing Principal Eric Wu, Principal Jimmy Royer, Vice President Rajeev Ayyagari, and Dr. Frank Hu (Harvard T.H. Chan School of Public Health) will present an educational symposium titled “Generative AI: Driving the Next Era of Evidence-Based Medicine.” The symposium will explore the frontiers of GenAI, highlight key developments and challenges, and showcase its applications in HEOR and RWE. It will also introduce a new RWE research initiative jointly launched by Harvard T.H. Chan School of Public Health and Analysis Group to advance precision health and apply AI to deepen our understanding of disease and treatment outcomes.

Further details on the symposium and posters are available in our ISPOR 2025 Presentation Guide and on ISPOR’s website.

Analysis Group Cohosts Panel on Cryptocurrency and AI in Shareholder Disputes at the 2025 ADR Festival in Seoul

Wed, 10 Dec 2025 16:21:26 Z

Analysis Group Vice Presidents Mark Berberian and Hyun Lee joined a panel discussion moderated by Rohit Bhat (Freshfields) on cryptocurrency and AI in shareholder disputes at the 2025 Seoul ADR Festival, which is a week of arbitration-related programming. The panel, which was cohosted by Analysis Group and Freshfields, also featured insights from Nick Lingard (Freshfields), John Choong (Freshfields), Sup-Joon Byun (Kim & Chang), Saemee Kim (Lee & Ko), and Seokchun Yun (42Dot).

The speakers began the discussion with observations of emerging trends in recent shareholder disputes, including how valuation and liability issues have evolved in AI and crypto-related arbitrations. Mr. Berberian shared insights on cryptocurrency valuation issues, including the use of discounts to account for liquidity. Dr. Lee presented valuation approaches for highly volatile, early-stage firms, such as those in AI, and discussed other common valuation concerns in shareholder disputes, including the interplay between valuation date as a legal construct and as a method of economic measurement, particularly in the context of highly volatile assets.

The panel concluded by exploring the Korean phenomena of crypto assets trading at a premium and equities trading at a discount compared to global prices, known as the “Kimchi premium” and the “Korea discount,” respectively. Speakers noted that both concepts frequently arise in shareholder disputes and discussed what these phenomena reveal about investor behavior, market efficiency, and governance in Korea. The panelists shared their perspectives on the future of these premiums and discounts in light of an evolving regulatory environment.

Vice President Joshua White Discusses the Interplay Between UK Merger Control and the “Pro-Growth Agenda”

Wed, 10 Dec 2025 15:45:36 Z

Vice President Joshua White participated in the panel “Assessing the Interplay between Merger Control and the ‘Pro-Growth Agenda’” at the ThoughtLeaders4 Merger Control Forum 2025 in London. The session was moderated by Peter Harper (Eversheds Sutherland) and featured panellists Becket McGrath (Euclid Law), Francesca Sala (Oxera), Ronan Scanlan (Steptoe), and Alex Williams OBE (UK Department for Business and Trade). The discussion explored the evolving role of competition enforcement in the UK, focusing on how the Competition and Markets Authority’s (CMA’s) recent approach to merger control aligns with broader government ambitions for economic growth.

Mr. White began by proposing a re-examination of how “growth” is defined in this context, suggesting that policymakers look beyond foreign investment levels toward broader indicators of economic growth. Referencing the work of Nobel laureate Philippe Aghion, Mr. White discussed the relationship between competition levels and innovation, highlighting the role of the latter as a driver of economic growth.

Turning to merger control, and reflecting on the UK government’s strategic steer, Mr. White underscored the need for greater transparency around merger review outcomes emerging from the CMA’s briefing paper process – insights which are typically not made public. He noted that such transparency is increasingly important, given the growing complexity of markets and theories of harm, and added that visibility into the CMA’s evolving thinking and areas of focus could benefit investment and enhance merger outcome predictability. Mr. White additionally highlighted the importance of balancing efficiencies in merger review as a mechanism for incorporating industrial policy considerations in merger control.

Vice President Joshua White Discusses the Interplay Between UK Merger Control and the “Pro-Growth Agenda”

Wed, 10 Dec 2025 15:43:05 Z

AI and Innovation

Tue, 09 Dec 2025 17:52:10 Z

Manager Cecilia Caliandro will join a roundtable discussion with industry and policy leaders exploring how AI is shaping firms’ innovation processes. She will be joined by Cécile Huet (European Commission), Fabio Luzzi (Tapestry Inc.), Ann Nowé (University of Ghent), and Danbee Song (Korea Institute for Industrial Economics and Trade). Cher Li (Aston Business School) will moderate the session.

Access, Innovation, and Competition in the Digital Age

Mon, 08 Dec 2025 18:00:31 Z

Vice President Cyril Hariton will join a Concurrences panel that will debate how Europe can strike the right balance between access, innovation, and competition in digital markets. Panelists will discuss insights from recent EU case law, Article 102 TFEU, the Digital Markets Act, challenges with compliance and operational constraints, and opportunities and risks that arise in innovation-driven collaborations.

Dr. Hariton will be joined by Brice Allibert (DG Comp), Tero Louko (Google), and Laila Medina (Court of Justice of the European Union).

Significant Victory for Analysis Group Clients in LIBOR Antitrust Class Action

Wed, 03 Dec 2025 15:24:10 Z

In a high-profile and long-running antitrust case, Analysis Group was retained by the defense on behalf of major banks accused in a multidistrict litigation (MDL) of engaging in a horizonal price-fixing conspiracy to suppress the US Dollar London Interbank Offer Rate (LIBOR), an interest-rate benchmark. The plaintiffs – a certified class of investors who purchased LIBOR-based financial instruments during the relevant period and numerous opt-out plaintiffs – claimed that the defendants conspired to suppress (reduce) LIBOR, resulting in financial harm, including through lower interest rates on plaintiffs’ investments.

An Analysis Group team supported the work of Professor R. Glenn Hubbard who filed multiple expert reports and provided deposition testimony both on class certification issues and to rebut the analysis of the plaintiffs’ experts’ calculation of what LIBOR would have been in a “but-for” world without the defendants’ alleged conduct. Touching on an issue critical to the plaintiffs’ claim that the defendants had suppressed LIBOR, Professor Hubbard identified flaws in the plaintiffs’ experts’ economic models, including the use of an inappropriate benchmark rate to model the but-for world and the failure to appropriately consider the global financial crisis as an alternative explanation for why LIBOR diverged from that benchmark rate during the at-issue period.

A judge in the US District Court for the Southern District of New York rejected all the plaintiffs’ claims, excluded the testimony of some of the plaintiffs’ experts, and granted the defendants’ motions to decertify the class of individual plaintiff investors and for summary judgment. The judge found that, due to the plaintiffs’ failure to establish a reliable estimate of but-for LIBOR, they “cannot establish that they suffered an injury as a result of defendants’ conduct.” Repeatedly referencing Professor Hubbard’s rebuttal critiques of the plaintiffs’ economic models, the judge rejected the plaintiffs’ allegations as “economically senseless.” In granting summary judgment, she concluded, “Having found that plaintiffs failed to proffer evidence sufficient to raise a triable issue of fact as to conspiracy and suppression, all of plaintiffs’ claims fail.”

Professor Hubbard was supported by an Analysis Group team led by Managing Principals Michael Beauregard and Marissa Ginn and Vice Presidents Alix Duhaime-Ross, Michal Popiel, Ludmila Rovba, and Andrew Stichman.

67th ASH Annual Meeting and Exposition to Feature Analysis Group Research on Malignancies, Blood Disorders, and More

Tue, 02 Dec 2025 18:20:00 Z

Analysis Group consultants had 19 abstracts accepted to the 67th American Society of Hematology (ASH) Annual Meeting and Exposition, taking place December 6–9, 2025, in Orlando, Florida. Among these, two have been selected for podium presentations, 13 for research posters, and four for the abstract-only category.

Analysis Group’s podium presentations will include:

Association Between Increased Patients’ Out-of-Pocket Costs for Apixaban and Oral Anticoagulant Discontinuation in High-Risk Patients with Atrial Fibrillation – A Retrospective Medicare Claims Study

December 8, 2025, 4:00 p.m., OCCC – W304ABCD

Coauthors: Vice President Dominick Latrémouille-Viau, Manager Aolin Wang, Senior Analysts Grace Chen and Abigail Zion, and researchers from Pfizer and Bristol Myers Squibb (BMS).

This study was sponsored by Pfizer and BMS.

A Comparison of Real-World Outcomes of Asciminib Versus ATP-Competitive Tyrosine Kinase Inhibitors as Second-Line Treatment in Patients with Chronic Myeloid Leukemia in Chronic Phase

December 7, 2025, 5:15 p.m., OCCC – W414CD

Coauthors: Managing Principal Annie Guérin, Vice President Dominick Latrémouille-Viau, Manager Carmine Rossi, Senior Research Professionals Remi Bellefleur and Nathan Gobeil, and researchers from Novartis and the Medical College of Wisconsin.

This study was sponsored by Novartis.

The firm’s posters are expected to be presented in Halls C–E of the Orange County Convention Center (West Concourse), featuring research on:

Survival and Clinical Outcomes in Patients with Myelofibrosis and New or Worsening Anemia Treated with Ruxolitinib: A Systematic Review and Meta-Analysis

December 6, 2025, 5:30–7:30 p.m.

Coauthors: Managing Principal James Signorovitch, Vice President Gautam Sajeev, Manager Mirko Fillbrunn, Associate Shuang Wang, and researchers from Moffitt Cancer Center; IRCCS Azienda Ospedaliero-Universitaria di Bologna, Istituto di Ematologia “Seràgnoli”; Cleveland Clinic Taussig Cancer Institute; and GSK.

This study was sponsored by GSK.

Improved Overall Survival in Patients with Advanced Systemic Mastocytosis Treated with Avapritinib Versus Real-World Therapy Based on Mutation-Adjusted Risk Score (MARS) Stratification

December 8, 2025, 6:00–8:00 p.m.

Coauthors: Managing Principal Mei Sheng Duh, Vice President Priyanka Bobbili, Manager Aolin Wang, Senior Analyst Manasi Mohan, Analyst Anyu Zhu, and researchers from University Hospital Mannheim, Heidelberg University; Stanford Cancer Institute/Stanford University School of Medicine; Virgen del Valle Hospital; Guy’s & St Thomas’ NHS Foundation Trust of Guy’s Hospital; Blueprint Medicines; Dana-Farber Cancer Institute; Medical University of Vienna; and Necker-Enfants Malades Hospital.

This study was sponsored by Blueprint Medicines.

Real-World Incidence and Management of Non-ICANS Neurologic Events Following Ciltacabtagene Autoleucel in Multiple Myeloma

December 7, 2025, 6:00–8:00 p.m.

Coauthors: Vice President Bruno Émond, Manager Jessica Maitland, and researchers from Moffitt Cancer Center; Johnson & Johnson; Legend Biotech USA; and City of Hope.

This study was sponsored by Johnson & Johnson and Legend Biotech USA.

Treatment with Asciminib As a Second Line after One Prior Tyrosine Kinase Inhibitor (TKI) in Patients with Chronic-Phase Chronic Myeloid Leukemia (CML-CP) – A Chart Review Study in the United States

December 6, 2025, 5:30–7:30 p.m.

Coauthors: Vice President Jia Zhong, Manager Chelsey Yang, and researchers from the Institute of Hematology & Blood Diseases Hospital; Chinese Academy of Medical Sciences & Peking Union Medical College; and Tianjin Institutes of Health Science.

This study was sponsored by Takeda.

In-Class Transition from Bortezomib to Ixazomib-Based Regimens in Transplant-Ineligible Patients with Newly Diagnosed Multiple Myeloma: A Retrospective, Observational, Real-World Study Conducted in China

Accepted in the abstract-only category

This study was sponsored by Takeda.

Ixazomib Combined with Daratumumab-Based Regimens as First-Line Therapy for Transplant-Ineligible Patients with Newly Diagnosed Multiple Myeloma: A Real-World Historical Database Analysis from China

Accepted in the abstract-only category

This study was sponsored by Takeda.

Mortality Associated with Warm Autoimmune Hemolytic Anemia Among Medicare Beneficiaries

December 6, 2025, 5:30–7:30 p.m.

Coauthors: Vice Presidents Dominic Pilon and Masha Zhdanava, Associate Porpong Boonmak, Senior Analyst Grace Chen, Analyst Daisy Liu, and researchers from Johnson & Johnson and Mayo Clinic Hematology & Oncology (Johnson & Johnson sponsor).

Real-World Treatment Patterns and Clinical Outcomes of Therapies in Primary Immune Thrombocytopenia

December 8, 2025, 6:00–8:00 p.m.

Coauthors: Managing Principal Hongbo Yang, Manager Su Zhang, Senior Analyst Jingyi Chen, Analyst Allister Ho, and researchers from University of Washington; Fred Hutch Cancer Center; and Novartis.

This study was sponsored by Novartis.

The Humanistic Burden of Patients with Chronic Myeloid Leukemia (CML) Treated with First-Line (1L) Tyrosine Kinase Inhibitors (TKIs)

December 8, 2025, 6:00–8:00 p.m.

Coauthors: Managing Principal Annie Guérin, Vice President Dominick Latrémouille-Viau, Manager Nisha Hazra, Associate Yan Meng, and researchers from University of California; CML Buster Foundation; The Leukemia & Lymphoma Society; Novartis; Ipsos; and the Medical College of Wisconsin.

This study was sponsored by Novartis.

Real-World Treatment Patterns, Outcomes, and Unmet Needs in Patients with Ph+ ALL Receiving Tyrosine Kinase Inhibitors in the United States: Emerging Trends and the Role of Asciminib-Based Combinations

December 8, 2025, 6:00–8:00 p.m.

Coauthors: Managing Principal Annie Guérin, Vice President Dominick Latrémouille-Viau, Manager Carmine Rossi, Associate Frédéric Kinkead, and researchers from Dana-Farber Cancer Institute; Novartis; and The University of Texas MD Anderson Cancer Center.

This study was sponsored by Novartis.

Real-World Analysis of Asciminib as First-Line Therapy in Patients with Newly Diagnosed Chronic Myeloid Leukemia in Chronic Phase: A Chart Review Study in the United States

Accepted in the abstract-only category

Coauthors: Managing Principal Annie Guérin, Vice President Dominick Latrémouille-Viau, Manager Carmine Rossi, Senior Research Professional Remi Bellefleur, and researchers from Novartis and the Medical College of Wisconsin.

This study was sponsored by Novartis.

Differences in Patient-Reported Time Toxicity Between Bispecific Antibody (BsAb) options: Impact of Treatment Duration and Dosing Frequency on Patient-Reported Time Burden in Relapsed/Refractory (R/R) Follicular Lymphoma (FL) and Diffuse Large B-cell Lymphoma (DLBCL)

December 8, 2025, 6:00–8:00 p.m.

Coauthors: Managing Principal Annie Guérin, Vice President Dominick Latrémouille-Viau, Associate Rebecca Bungay, and researchers from University of Colorado School of Medicine; Mayo Clinic; Fred Hutchinson Cancer Center; University of Washington; UT Health San Antonio MD Anderson Cancer Center; University of Wisconsin; Cancer Support Community; Memorial Sloan Kettering Cancer Center; and Genentech.

This study was sponsored by Genentech.

Patient Preferences and Factors Affecting Patient Treatment Decisions for Chronic Lymphocytic Leukemia (CLL) in Japan

December 7, 2025, 6:00–8:00 p.m.

Coauthors: Manager Todor Totev, Associate Yan Meng, Senior Analyst Zhuo Chen, and researchers from National Hospital Organization Osaka National Hospital; Koga Community Hospital; BeOne Medicines; and Mayo Clinic.

This study was sponsored by BeOne Medicines.

Evaluation of Venetoclax Initiation Prophylaxis and Monitoring Outcomes at Each Dose Level and Time Point in Patients with Chronic Lymphocytic Leukemia: A Real-World Experience

December 7, 2025, 6:00–8:00 p.m.

Coauthors: Managing Principal Annie Guérin, Vice President Irina Pivneva, Senior Research Professional Talissa Watson, and researchers from Lineberger Comprehensive Cancer Center, University of North Carolina at Chapel Hill; Fred Hutchinson Cancer Research Center; University of Washington; Winship Cancer Institute of Emory University; Columbia University; AbbVie; Cleveland Clinic; Dana-Farber Cancer Institute; Churchill Hospital, Oxford University; Nottingham University Hospitals NHS Trust; John Theurer Cancer Center, Hackensack Meridian Health; Mayo Clinic; Wilmot Cancer Institute, University of Rochester Medical Center; Novant Health Cancer Institute; Stanford Cancer Institute, Stanford University; Memorial Sloan Kettering Cancer Center; Rutgers Cancer Institute of New Jersey; Hôpital Maisonneuve-Rosemont, University of Montreal; Dartmouth-Hitchcock Medical Center; Tufts Medical Center; Lowell General Hospital; University of Massachusetts; and Levine Cancer Institute / Atrium Health, Wake Forest University School of Medicine.

This study was sponsored by AbbVie.

Evaluating Patient Preferences for Chronic Lymphocytic Leukemia (CLL) in Korea: A Discrete Choice Experiment

Accepted in the abstract-only category

Coauthors: Vice President Dominic Pilon, Associate Yan Meng, Senior Research Professional Fengyi Jiang, and researchers from Gachon University Gil Hospital; BeOne Medicines; and Mayo Clinic.

This study was sponsored by BeOne Medicines.

Real-World Treatment Characteristics and Outcomes in Patients with Von Willebrand Disease Treated Prophylactically with Plasma-Derived or Recombinant Von Willebrand Factor in Europe: A Multi-Center, Retrospective Study

December 7, 2025, 6:00–8:00 p.m.

Coauthors: Managing Principal Elyse Swallow, Vice President Irina Pivneva, Manager Sakshi Sethi, and researchers from IMD Blood Coagulation Center Hochtaunus; Bordeaux University Hospital; Haemostasis Clinical Center; Takeda; Lille University Hospital; Hannover Medical School; and Nantes University Hospital.

This study was sponsored by Takeda.

Real-World Treatment Patterns and Clinical Outcomes in Patients with Essential Thrombocythemia Treated with Cytoreductive Therapy: A Retrospective Analysis of Electronic Health Records Data

December 6, 2025, 5:30–7:30 p.m.

Coauthors: Managing Principal Mei Sheng Duh, Vice President Rose Chang, Vice President Priyanka Bobbili, Senior Analyst Louise Clear, Senior Analyst Zhuo Chen, Senior Analyst Yidan Ma, and researchers from Harvard Medical School; Dana-Farber Cancer Institute; Merck; Mass General Brigham; and Massachusetts General Hospital.

This study was sponsored by Merck.

Global Competition Review Recognizes Analysis Group as an Outstanding Global Economic Consulting Firm

Tue, 02 Dec 2025 16:34:37 Z

GCR also highlighted Analysis Group’s significant role in many of the past year’s noteworthy antitrust cases around the world, including:

Federal Trade Commission, et al. v. The Kroger Company, et al.

Analysis Group assisted the Federal Trade Commission (FTC) in its review of the proposed $24.6 billion merger between Kroger and Albertsons, the first- and second-largest supermarket retailers in the US, respectively. The firm supported two experts, who addressed the claimed efficiencies that would result from the merger and the divestiture plan. The parties abandoned the transaction after the district court granted a preliminary injunction, finding that the FTC was likely to prevail on its claim that the merger would harm competition in the retail grocery market. GCR named Managing Principal Aaron Yeater Economist of the Year for his testimony on the claimed efficiencies of the merger.

Methanex’s Acquisition of OCI Global

Analysis Group supported Methanex, a large Canadian producer and distributor of methanol, in connection with its planned acquisition of OCI Global’s international methanol operations. Our team assisted with Methanex’s submissions to US, UK, and EU regulators by examining production capacity, global pricing, transportation costs, and market entry and exit. The merger was cleared in the US without divestitures and cleared without remedies at Phase 1 by DG COMP.

European Commission Investigation of Gucci

Analysis Group provided economic consultation to Italian luxury fashion brand Guccio Gucci SpA related to the European Commission’s investigation into its alleged resale price maintenance (RPM) practices. Gucci was accused of imposing the retail price at which independent multi-brand retailers sell Gucci products, including handbags and leather goods. An Analysis Group team worked on a market study of the luxury industry and on the information conveyed by prices in this sector, as well as on a theoretical model of RPM in the luxury industry.

Regeneron Pharmaceuticals, Inc. v. Amgen, Inc.

Analysis Group assisted Regeneron Pharmaceuticals in its lawsuit against competitor Amgen. Regeneron alleged that Amgen unfairly undercut sales of Regeneron’s cholesterol-reducing biologic by illegally bundling its competing drug with rebates for discounts on an unrelated drug. Our expert testified at trial, assessing damages associated with Amgen’s alleged anticompetitive conduct. A jury found in Regeneron’s favor and assessed compensatory damages in the exact amount calculated by our expert, as well as punitive damages.

Read the GCR profile

Analysis Group’s Pierre Régibeau Weighs Legal and Economic Approaches to Trade Defense Investigation in Panel Moderated by Vice President Pierre Lissot

Tue, 02 Dec 2025 15:59:22 Z

Analysis Group Competition Expert Pierre Régibeau examined the complementarity of legal and economic approaches to trade defense investigations during a panel discussion at the firm’s Brussels office. The event was co-hosted by DS Avocats and moderated by Analysis Group Vice President Pierre Lissot. The other panelists were Dimana Todorova (DS Avocats) and Marthe Talleu (Gerflor).

Using a European anti-dumping investigation as an example, the panelists discussed the conditions required to successfully lodge a complaint before the Directorate-General for Trade – the EU’s trade authority – and how standard economic techniques can be applied to analyze the legal criteria set out in anti-dumping regulations. For complainants, these techniques can be used to track the causal link between any dumping and injury. For defendants and users, they can be applied to assess product similarity and to evaluate the impact of potential anti-dumping duties.

The panel also highlighted that several analytical methodologies – such as determining the substitutability of products, the pass-through of higher charges to prices, or equilibrium analysis – used in antitrust investigations and merger control cases can be applied in trade defense investigations as well.

Analysis Group’s Pierre Régibeau Weighs Legal and Economic Approaches to Trade Defense Investigation in Panel Moderated by Vice President Pierre Lissot

Tue, 02 Dec 2025 15:56:46 Z

Analysis Group Cohosts Panel on Cryptocurrency and AI in Shareholder Disputes at the 2025 ADR Festival in Seoul

Mon, 01 Dec 2025 18:38:39 Z

Analysis Group Forms Partnership with Distinguished French Consultancy Ricol Lasteyrie, Strengthening the Reach of Both Firms

Wed, 26 Nov 2025 18:11:39 Z

Analysis Group, one of the world’s largest economic consulting firms, has joined forces with Ricol Lasteyrie, a long-established Paris-based consultancy known for its financial, extra-financial, and governance expertise in France and in Europe. The partnership, announced by the firms today, brings together two highly regarded businesses to offer clients in Europe and worldwide an integrated approach that combines the deep resources of both firms.

As a firm founded in 1986 and recognized for its rigor and independence, Ricol Lasteyrie has long supported senior executives, investors, and institutions on strategic financial matters and complex disputes. Its heritage and proven reliability position the firm as a trusted advisor to leaders navigating demanding market environments.

Together, the teams will provide expanded expertise in areas such as competition, commercial disputes, arbitration, accounting, valuation, and compliance with environmental, social, and governance (ESG) standards. Each will benefit from the integration: Analysis Group will extend its presence in Europe, with the ability to offer clients insight into market-specific dynamics to complement our well-known expertise in economics and antitrust, while Ricol Lasteyrie will add depth to its record of supporting a wide variety of European corporations, investors, and institutions with their most complex strategic, financial, and litigation matters.

“Analysis Group has handled numerous matters where deep financial expertise would have perfectly complemented our economic analyses,” said Managing Principal Antoine Chapsal, head of Analysis Group’s European offices. “The recognized financial and strategic capabilities of the Ricol Lasteyrie team, combined with our experience in competition and litigation in both Europe and North America, will allow us to serve our clients with even greater precision and breadth.”

“My view of the market today led me to call on economists to provide complementary insight and meet my clients’ new requirements,” said René Ricol, chairman and founding partner of Ricol Lasteyrie. “After a year of collaboration on complex matters, bringing our firms together became the obvious next step.”

The combined European team – based in Paris, London, and Brussels – will now include more than 100 professionals. They will continue to collaborate closely with Analysis Group’s North American offices, strengthening the firm’s transatlantic capabilities and offering clients comprehensive, data-driven perspectives on evolving market dynamics.

“Our integration with Ricol Lasteyrie underscores our long-term investment in people and the power of global collaboration,” said Pierre Cremieux, CEO of Analysis Group. “Together, we will continue to cultivate top talent and share expertise across borders to solve our clients’ most complex challenges.”

“This partnership reflects our shared commitment to analytical rigor, independence, and intellectual curiosity,” added Dr. Chapsal. “By uniting our strengths, we can provide the highest-quality support to companies navigating today’s evolving economic, regulatory, and geopolitical environment.”

About Analysis Group

About Ricol Lasteyrie

Analysis Group Forms Partnership with Distinguished French Consultancy Ricol Lasteyrie, Strengthening the Reach of Both Firms

Wed, 26 Nov 2025 18:07:42 Z

About Analysis Group

About Ricol Lasteyrie

Analysis Group Consultants Explore Brand Confusion in the Era of Private Labels

Tue, 25 Nov 2025 16:06:13 Z

Recent lawsuits such as J.M. Smucker v. Trader Joe’s and Mondelēz v. Aldi have highlighted the fine line between healthy competition and unlawful imitation in the grocery sector. National-brand manufacturers have argued that certain private-label products too closely resemble the packaging and trade dress of established branded items.

In an article published in Law360, Analysis Group Principal Laura O’Laughlin, Vice President Elizabeth Milsark, and Manager Justin LaTorraca examine how the rise of private-label products and the evolution of grocery retail formats are reshaping traditional assessments of consumer confusion under the Lanham Act. They discuss how limited-assortment retailers such as Aldi and Trader Joe’s use brand strategies that blur distinctions between retailer and manufacturer, thereby influencing consumer perceptions of source, sponsorship, or affiliation.

The article further explores how differences in retail context – whether branded and private-label products share shelf space or appear primarily in curated, limited-assortment stores – may affect how courts assess similarity, competitive proximity, evidence of confusion, and consumer care. The authors note that “assessing consumer confusion in the private-label setting requires attention to how retail format, assortment strategy, and consumer expectations interact.” As private-label programs continue to gain loyalty and market share, they suggest, courts and litigants may need to reexamine how retail environment and assortment strategy shape consumer expectations and the potential for confusion.

Read the article

Enforcer Series: Australia and New Zealand

Tue, 25 Nov 2025 14:07:55 Z

Vice President Ishita Rajani will moderate an ABA webinar in which enforcers from Australia and New Zealand will discuss the current state of cartel enforcement in their jurisdictions. Panelists will include Leah Won (Australian Competition and Consumer Commission) and Grant Chamberlain (New Zealand Commerce Commission).

Federal Jury Clears Novo Nordisk in False Claims Act Case that Included Testimony by Analysis Group Affiliate Anupam Jena

Mon, 24 Nov 2025 14:23:41 Z

Analysis Group was retained by Sidley Austin on behalf of Novo Nordisk in a whistleblower lawsuit alleging that the company promoted its hemophilia drug, NovoSeven, for off-label use and provided kickbacks to physicians and patients, in violation of the False Claims Act and Anti-Kickback Statute. The plaintiffs – the State of Washington and Dr. Jamie Siegel, Novo Nordisk’s former director of hematology – alleged that Novo Nordisk promoted NovoSeven for unapproved uses, including at higher doses and for prophylactic treatment, and that these practices, along with improper payments and benefits provided to physicians and patients through patient assistance programs and sponsored events, caused the submission of false claims to Medicaid and Medicare.

An Analysis Group team led by Managing Principal Andrée-Anne Fournier and Vice President Atang Gilika supported affiliated expert Dr. Anupam B. Jena, Professor of Health Care Policy and Medicine at Harvard Medical School. Dr. Jena submitted expert reports and provided deposition and trial testimony on issues of causation and pharmaceutical industry practices, including the factors that influence physicians’ prescribing decisions, the role of patient assistance programs in supporting care, and common interactions between drug manufacturers and physicians. He opined that there was no evidence that health care providers had prescribed NovoSeven more frequently than they otherwise would have.

Following a trial in the US District Court for the Western District of Washington, a jury cleared Novo Nordisk on all claims, rejecting allegations of Medicaid and Medicare fraud. The verdict concluded a decade-long legal dispute and confirmed that the plaintiffs had failed to establish any causal connection between Novo Nordisk’s actions and the submission of false claims.

Testimony by Analysis Group Affiliate Catherine Tucker Cited in Landmark Antitrust Case Win by Meta

Fri, 21 Nov 2025 19:00:02 Z

Analysis Group was retained on behalf of Meta in a landmark antitrust suit brought by the Federal Trade Commission (FTC). The FTC charged that Meta (then known as Facebook) held a monopoly in the market for personal social networking (PSN) and that it maintained its dominant position by purchasing Instagram in 2012 and WhatsApp in 2014 to eliminate competition in the PSN market, in violation of Section 2 of the Sherman Act.

An Analysis Group team led by Managing Principal Aaron Yeater, Vice Presidents Hitesh Makhija and David Toniatti, and Managers Heather Banic and Kritika Narula supported academic affiliate Catherine Tucker, who filed expert reports and testified at deposition and trial. Professor Tucker opined that the success of Meta’s advertising business was due to innovation in ad quality rather than to an exercise of market power.

Judge James Boasberg of the US District Court for the District of Columbia ruled in Meta’s favor, giving the company a complete victory. Relying heavily on Professor Tucker’s trial testimony, Judge Boasberg found that Meta’s advertising strategy was not evidence of anticompetitive conduct but, rather, of an improvement in advertising features and an increase in ad quality.

Analysis Group Consultants Contribute to Award-Winning Research on Real-World Outcomes in Multiple Myeloma

Thu, 20 Nov 2025 20:59:30 Z

Analysis Group researchers collaborated on a study recognized as the best abstract in myeloma at the 2025 Lymphoma, Leukemia & Myeloma (LLM) Congress. This work was presented as a podium session titled Real-world Description of Non-ICANS Neurologic Events Among Patients with Relapsed or Refractory Multiple Myeloma Treated with Ciltacabtagene Autoleucel Using Two Large US Databases.

Vice President Bruno Émond and Manager Jessica Maitland were part of a team that analyzed real-world data (RWD) on the occurrence of non-immune effector cell-associated neurotoxicity syndrome (non-ICANS) neurological events in patients who received ciltacabtagene autoleucel (cilta-cel), a CAR-T cell therapy used to treat relapsed or refractory multiple myeloma. Two retrospective databases were used to analyze patients who received cilta-cel in clinical practice to better understand these events outside of controlled clinical trials.

This research is the first to use RWD to evaluate non-ICANS neurological events in patients treated with cilta-cel, across multiple databases. Dr. Zaina P. Qureshi of Johnson & Johnson presented the study during the “Advancing Treatments in Myeloma” session at the Congress.

Further details on the presentation are available on the LLM Congress 2025 website.

Informa CompLaw: Pharma

Wed, 19 Nov 2025 20:26:42 Z

AI and Antitrust: A Technical Primer

Wed, 19 Nov 2025 19:17:56 Z

Analysis Group academic affiliate Emma Frejinger will lead an American Bar Association (ABA) webinar that will provide a technical primer on AI for antitrust practitioners, moderated by Manager Timothy J. Spittle. The session will explain key AI concepts for antitrust lawyers, including how systems are built, the roles of data and models, and design tradeoffs. The discussants will share a vocabulary and framework that antitrust lawyers can use to engage with AI matters.

Analysis Group Celebrates New Brussels Location with Competition Expert Pierre Régibeau

Mon, 17 Nov 2025 19:25:49 Z

Colleagues and clients gathered at a private reception in Brussels last week to celebrate Analysis Group’s new Brussels office location and to welcome notable competition expert Pierre Régibeau to the firm. Dr. Régibeau, the former chief competition economist at the European Commission’s Directorate-General for Competition (DG COMP), brings to Analysis Group deep knowledge of competition policy, vertical restraints and abuse of dominance, international trade, and the economics of digital platforms and innovation. His competition expertise and unique perspective on industrial organization is expected to benefit his colleagues and Analysis Group’s global clients alike.

Analysis Group Celebrates New Brussels Location with Competition Expert Pierre Régibeau

Mon, 17 Nov 2025 18:53:55 Z

Cybersecurity and Arbitration: Emerging Threats and Evolving Standards

Fri, 14 Nov 2025 21:11:58 Z

Analysis Group and Crowell & Moring will cohost a panel of experienced practitioners, experts, and in-house counsel, who will address some of the most pressing issues at the intersection of arbitration and cybersecurity. The panelists will discuss recent developments and best practices in cybersecurity, the rise in disputes related to cyber breaches, and the role of arbitration as a tool for resolving these disputes.

Panelists will include Analysis Group Principal Hristina Bojadzieva Bartlett and affiliated expert Keri Pearlson (MIT Sloan School of Management), as well as Mark Morril (Morril ADR), Andrew Erber (Honeywell), Ian Laird (Crowell & Moring), and moderator Randa Adra (Crowell & Moring).

New England Electricity Restructuring Roundtable

Wed, 12 Nov 2025 16:15:48 Z

Senior Advisor Susan Tierney will join a panel at the New England Electricity Restructuring Roundtable to discuss observations and insights on changes that have occurred in the region’s electricity systems over the 30-year period during which the Roundtable has convened stakeholders in New England. She will be joined by Gordon van Welie (ISO New England), Rebecca Tepper (Massachusetts Executive Office of Energy & Environmental Affairs), and moderator Jonathan Raab (Raab Associates).

33rd Annual US-Canada Executive Energy Conference

Tue, 11 Nov 2025 14:00:39 Z

Analysis Group Principal Paul Hibbard will moderate the annual C-suite fireside chat at the NECBC’s US-Canada Executive Energy Conference. Senior executives will discuss the current state of the sustainable energy transition, impacts of policy and corporate strategy shifts, cross-sector collaboration, and the leadership approaches required to enable and accelerate a reliable, economically viable energy transition across North America. Mr. Hibbard will be joined by Kimberly Harriman (Avangrid), Will Hazelip (National Grid Ventures, US Northeast), Cynthia Hansen (Enbridge), and John O’Brien (JERA Americas).

HardTalk New York

Mon, 10 Nov 2025 18:37:17 Z

Vice President Carletta Wong will join a panel on navigating damages claims with too much or too little information. She will be joined by Lauren Friedman (King & Spalding), Camila Biral (Demarest), Benno Kimmelman (independent arbitrator), and Katie Gonzalez (Cleary Gottlieb).

AI and Innovation

Tue, 04 Nov 2025 16:53:05 Z

GAR Live: Women in Arbitration

Fri, 31 Oct 2025 14:00:19 Z

Principal Jessica Resch will join a fireside chat exploring career paths in international arbitration. Ms. Resch and Clea Bigelow-Nuttall (Greenberg Traurig) will discuss their careers, expertise, and paths to partnership – and how to continue building from there. Marieke Schaink (A&O Shearman) will moderate the discussion.

Analysis Group is pleased to sponsor this event.

GAR Live: Women in Arbitration

Thu, 30 Oct 2025 16:11:45 Z

Analysis Group is pleased to sponsor this event.

GCR Live: Global Merger Control

Wed, 22 Oct 2025 13:58:09 Z

Analysis Group Competition Expert Pierre Régibeau will join the panel Merger control: the new equilibrium at GCR’s upcoming global mergers conference. Panelists will discuss the intersection of industrial policy and merger control, as well as the role of efficiencies in merger reviews, illustrated through several case studies. He will be joined by Alessandro Gropelli (Connect Europe), Annamaria Mangiaracina (Linklaters), and Paul Reeve (RBB Economics), with Nick Levy (Cleary Gottlieb) as moderator.

Analysis Group is pleased to be a sponsor of this event.

Kimchi Premium and Korea Discount: Cryptocurrency, AI, and Shareholder Disputes – A Luncheon Panel Discussion

Tue, 21 Oct 2025 13:25:44 Z

Vice Presidents Mark Berberian and Hyun Lee will join a panel on cryptocurrency, AI, and shareholder disputes, hosted by Freshfields and Analysis Group, at the 2025 Seoul ADR Festival. The panel will bring together legal and economic perspectives to examine how tribunals and courts have addressed emerging valuation and liquidity questions related to AI and cryptocurrency. The panelists will also explore lessons for future cross-border arbitration and Korea’s dynamic financial markets, and share the latest academic research from leading economists.

Mr. Berberian and Dr. Lee will be joined by panelists Sup-Joon Byun (Kim & Chang), John Choong (Freshfields), Saemee Kim (Lee & Ko), and Seokchun Yun (42Dot). Rohit Bhat (Freshfields) will moderate the session, with Nick Lingard (Freshfields LLP) delivering opening remarks.

Merger Control Forum 2025

Fri, 17 Oct 2025 14:39:54 Z

Vice President Joshua White will join the panel “Assessing the Interplay between Merger Control and the ‘Pro-Growth Agenda’” at TL4 Competition’s Merger Control Forum 2025. Panelists will discuss industrial policy and competition, governments’ strategic direction and the CMA, and the impact of FDI and FSR notification process on the “pro-growth agenda.” He will be joined by Alex Williams (Department of Business and Trade), Becket McGrath (Euclid Law), Ronan Scanlan (Steptoe), and Francesca Sala (Oxera).

ISPOR Europe 2025

Fri, 17 Oct 2025 13:16:27 Z

Further details on the symposium and posters are available in our ISPOR 2025 Presentation Guide and on ISPOR’s website.

Global Class Actions Symposium 2025

Thu, 16 Oct 2025 14:38:02 Z

Managing Principal Kris Comeaux will moderate the panel “Impact of Arbitration Clauses in Class Actions and the Rise of Mass Arbitration” at GLG’s Global Class Actions Symposium 2025. The discussion will explore how arbitration clauses affect class action litigation, with a focus on the growth of mass arbitrations. Panelists will examine recent legal strategies and developments and their implications for claimants, defendants, and the courts.

Ms. Comeaux will be joined by Michael McTigue (Skadden), Amy Morrissey Turk (McGuireWoods), and Jonathan D. Waisnor (Labaton Keller Sucharow).

GCR Live: Global Merger Control

Tue, 14 Oct 2025 16:44:35 Z

Analysis Group is pleased to be a sponsor of this event.

Pharma Law USA

Wed, 08 Oct 2025 16:27:59 Z

Vice President Nori Mehta will join the “Navigating the Inflation Reduction Act, 340B Drug Program Litigation & Other Developments in Pricing” panel at the Informa Pharma Law USA conference. Panelists will discuss the administration’s approach to drug pricing negotiations, challenges surrounding the 340B program, updates on the Inflation Reduction Act, and recent court cases involving Johnson & Johnson, Eli Lilly, Novartis, and Sanofi. Ms. Mehta will be joined by Andrew J. Twinamatsiko (Georgetown Law), Charley John (Walgreen Co.), and Judy Haron (PhRMA).

Merger Control Forum 2025

Wed, 08 Oct 2025 12:41:32 Z

ACI’s Forum on Pharma & Biotech Patent Litigation USA

Mon, 06 Oct 2025 13:31:46 Z

Vice President Michael Carson will join a panel on best practices for using expert witnesses in life sciences patent litigation. Panelists will share strategies for finding and choosing experts, using experts effectively, and weighing the impact of expert testimony against the cost of engagement. He will be joined by Mark Kelley (MoloLamken) and Lars Taavola (Mallinckrodt Pharmaceuticals).

Northwestern Empirical Research Conference on Standardization

Wed, 17 Sep 2025 15:34:57 Z

Vice President Yuan Tian will discuss standard essential patents (SEPs) and the value of 5G at the fifth annual Northwestern Empirical Research Conference on Standardization. The event will highlight policy-relevant issues in technology standardization. He will be joined by Justus Baron of Northwestern University.

Analysis Group is pleased to sponsor this event.

Advertising & Marketing Law: What’s New, What’s Next

Mon, 15 Sep 2025 15:07:18 Z

Principal Laura O’Laughlin will join a panel on practical applications for drip pricing and behavioral economics at the OBA’s Advertising & Marketing Law: What’s New, What’s Next conference. Panelists, including Saeid Kermani (Trent University) and Anita Banicevic (Davies), will examine how these economic concepts can inform assessments of consumer impact, shape liability arguments, and influence the quantification of damages.

ISPOR Real-World Evidence Summit 2025

Thu, 04 Sep 2025 20:21:08 Z

At the ISPOR Real-World Evidence Summit, Analysis Group Vice President Jenny Zhou will moderate the symposium “Advances in Real-World Evidence and AI Applications: Aligning Global Objectives with Local Data Realities”. Panelists will include Principal Jimmy Royer, Vice President Jia Zhong and Professor of Statistical Genetics Liming Liang (Harvard T.H. Chan School of Public Health).

The session will explore how collaboration with varied data sources, coupled with innovative analytical strategies and AI-enabled methodologies, can address challenges and maximize the value of real-world data (RWD). Presenters will illustrate how diverse RWD sources – including electronic medical records, disease registries, and population-based cohorts – can be curated and enhanced to support research that is both context-sensitive and globally relevant. In addition, they will present shared data platforms designed to foster international collaboration.

The session will take place from 16:45 to 17:45 JST in room Ho-O-no-Ma 1 at the Tokyo Prince Hotel.

41st International Society for Pharmacoepidemiology (ISPE) Annual Meeting

Thu, 04 Sep 2025 20:10:02 Z

Analysis Group, a global leader in drug safety epidemiology and regulatory real-world evidence (RWE), will present two podium presentations and four research posters at the 41st annual meeting of the International Society for Pharmacoepidemiology (ISPE).

Three Analysis Group vice presidents will participate in podium presentations at the meeting:

Sunday, August 24, 10:30 a.m.–12:00 p.m. ET, Room 202AB

Vice President Marianne Cunnington will co-moderate a session of presentations on pregnancy epidemiology titled “The Algorithm Awakens: Pregnancy and Data”

Monday, August 25, 5:00 p.m. ET, Room 208AB

Vice President Rose Chang will be the presenting author of “Development of a Rule-based Definition of Clinically Ready for Discharge Status in Hospitalized Patients with Complicated Urinary Tract Infection Treated with Intravenous Carbapenems”

Monday, August 25, 5:15 p.m. ET, Room 208AB

Vice President Priyanka Bobbili will be the presenting author of “Patient-Reported Outcomes Among Patients with Triple-Class Refractory Multiple Myeloma in Real-World Clinical Practice: A Prospective, Multi-Site Observational Study – Interim Results”

Additionally, researchers from Analysis Group – including Managing Principals Mei Sheng Duh and Maral DerSarkissian, Vice Presidents Marianne Cunnington and Lynn Huynh, and Managers Catherine Nguyen, Aolin Wang, and Mu Cheng – will present four posters at the meeting on the following topics:

Poster Session A: Sunday, August 24, 8:00 a.m.–6:00 p.m. ET

Leveraging Real-World Data for Regulatory Commitment: Methodological Considerations in a Post-Approval Safety Study Evaluating the Risk of Atrial Fibrillation (AF) Following Respiratory Syncytial Virus (RSV) Vaccination
Real-World Effectiveness of Ravulizumab in Adults With aHUS who Switched to Ravulizumab Within 3 Months of Eculizumab Treatment (aHUS IMPACT)

Poster Session B: Monday, August 25, 8:00 a.m.–6:00 p.m. ET

Integrating the Patient Perspective Within Real-World Evidence: A Case Study Linking Routinely Collected Patient-Reported Outcomes and Electronic Health Records from Mass General Brigham Healthcare System

Poster Session C: Tuesday, August 26, 8:00 a.m.–1:30 p.m. ET

Association of Hepatitis B Surface Antigen Loss (HBsAg) with Clinical Outcomes Among Patients with Chronic Hepatitis B Virus (HBV) Infection: A Retrospective Cohort Study in the United States (US)

Further details on the podium presentations and posters are available in our 2025 ISPE Presentation Guide. Analysis Group is a proud gold sponsor of this meeting.

New England Electricity Restructuring Roundtable

Thu, 04 Sep 2025 13:34:52 Z

Principal Paul Hibbard will join a panel evaluating the reliability and affordability of various energy resource options for New England. Mr. Hibbard will address the array of policies and programs needed to deliver peak load reduction and demand response sufficient to reduce costs, enhance reliability, and improve resource adequacy. He will be joined by Alicia Barton (Vineyard Offshore), Nathan Phelps (Vote Solar), Armond Cohen (Clean Air Task Force), and John O’Brien (JERA Americas).

New Frontiers of Antitrust Conference

Fri, 22 Aug 2025 16:00:50 Z

Managing Principal Antoine Chapsal will join a panel examining recent developments in merger control and foreign investment regulation across Europe at Concurrences’ New Frontiers of Antitrust conference. The discussion will cover structural versus behavioral remedies, first-mover advantage as a source of anticompetitive risk, the EU’s Foreign Subsidies Regulation and foreign direct investment regime, and the UK’s National Security and Investment Act. Panelists will include Aude-Laure Delbac (European Commission), Thomas Ernoult (DG Trésor), Karima El Sammaa (ArcelorMittal), Damien Levie (DG Trade), Séverine Schrameck (Cleary Gottlieb), and moderator Francesco Martucci (Panthéon-Assas University).

New Frontiers of Antitrust Conference

Wed, 20 Aug 2025 13:12:06 Z

The Next Big Thing: Innovation Competition Hot Topics

Tue, 19 Aug 2025 13:27:03 Z

Manager Olga Kozlova Guglielmi will moderate an ABA webinar exploring how innovation is reshaping merger enforcement in technology markets. As frameworks for assessing innovation competition continue to develop, the panel will bring together diverse perspectives to examine critical issues such as nascent competition, killer acquisitions, and acquihires.

Panelists will include Florian Ederer (Boston University), Meghan Rissmiller (Freshfields), Rahul Rao (White & Case), and Michaela Spero (Amadeus).

41st International Society for Pharmacoepidemiology (ISPE) Annual Meeting

Wed, 06 Aug 2025 17:35:44 Z

Three Analysis Group vice presidents will participate in podium presentations at the meeting:

Sunday, August 24, 10:30 a.m.–12:00 p.m. ET, Room 202AB

Vice President Marianne Cunnington will co-moderate a session of presentations on pregnancy epidemiology titled “The Algorithm Awakens: Pregnancy and Data”

Monday, August 25, 5:00 p.m. ET, Room 208AB

Vice President Rose Chang will be the presenting author of “Development of a Rule-based Definition of Clinically Ready for Discharge Status in Hospitalized Patients with Complicated Urinary Tract Infection Treated with Intravenous Carbapenems”

Monday, August 25, 5:15 p.m. ET, Room 208AB

Vice President Priyanka Bobbili will be the presenting author of “Patient-Reported Outcomes Among Patients with Triple-Class Refractory Multiple Myeloma in Real-World Clinical Practice: A Prospective, Multi-Site Observational Study – Interim Results”

Poster Session A: Sunday, August 24, 8:00 a.m.–6:00 p.m. ET

Leveraging Real-World Data for Regulatory Commitment: Methodological Considerations in a Post-Approval Safety Study Evaluating the Risk of Atrial Fibrillation (AF) Following Respiratory Syncytial Virus (RSV) Vaccination
Real-World Effectiveness of Ravulizumab in Adults With aHUS who Switched to Ravulizumab Within 3 Months of Eculizumab Treatment (aHUS IMPACT)

Poster Session B: Monday, August 25, 8:00 a.m.–6:00 p.m. ET

Integrating the Patient Perspective Within Real-World Evidence: A Case Study Linking Routinely Collected Patient-Reported Outcomes and Electronic Health Records from Mass General Brigham Healthcare System

Poster Session C: Tuesday, August 26, 8:00 a.m.–1:30 p.m. ET

Association of Hepatitis B Surface Antigen Loss (HBsAg) with Clinical Outcomes Among Patients with Chronic Hepatitis B Virus (HBV) Infection: A Retrospective Cohort Study in the United States (US)

Further details on the podium presentations and posters are available in our 2025 ISPE Presentation Guide. Analysis Group is a proud gold sponsor of this meeting.

12th Annual Summit for Women Leaders in Life Sciences Law

Tue, 01 Jul 2025 21:03:54 Z

Managing Principal Andrée-Anne Fournier will moderate “Navigating the Anticipated Rise in Fraud & Abuse Enforcement Actions: From HHS, OIG, Anti-Kickback, False Claims and Beyond” at the 12th Annual Summit for Women Leaders in Life Sciences. The panel will discuss emerging fraud and abuse enforcement risks in the life sciences sector. Ms. Fournier will be joined by panelists Ariane Horn (Arnold & Porter), DeNae Thomas (Paul Hastings), and Lauren Papenhausen (White & Case). They will explore recent policy shifts, the latest government initiatives and priorities, and effective strategies for proactive compliance. Analysis Group is pleased to sponsor this event.

Industrial Policy: Possible Tools and Possible Outcomes

Thu, 29 May 2025 15:19:04 Z

Analysis Group Chairman Martha Samuelson will moderate an upcoming webinar on industrial policy hosted by the American Bar Association (ABA) and the Thought Leadership in Antitrust Law & Academia task force. Ms. Samuelson will be joined by Sherrod Brown (The Dignity of Work Institute), Eleanor Fox (New York University School of Law), Analysis Group affiliate R. Glenn Hubbard (Columbia Business School), Lawrence H. Summers (Harvard Kennedy School), and Tim Wu (Columbia Law School). The panelists will discuss the benefits, risks, and potential outcomes of using tariffs, trade regulation, subsidies, and antitrust policy tools to promote a domestic agenda.

14th Annual Conference of the American Society of Health Economists

Thu, 22 May 2025 14:02:29 Z

At the 14th annual conference of the American Society of Health Economists (ASHEcon), Analysis Group affiliate Professor Anthony T. LoSasso will receive the ASHEcon Distinguished Service Award, which recognizes significant positive contributions to the field of health economics on a national scale.

Analysis Group is proud to be a platinum-level sponsor of this event, as well as a sponsor of ASHEcon’s early-career mentoring session.