In an earlier edition of Life Support (Issue 1, 2 April 2025) we highlighted some of the initial moves of the nascent Trump administration and what we considered to be the likely potential impacts on the life sciences sector. As we run into the final weeks of 2025, we look to some of the more significant outcomes within a fast-moving landscape and discuss what these might indicate for companies and investors over the longer term, and highlight selected coverage stocks with US exposure.