Every few months, the Biomedical Advanced Research and Development Authority — the procurement arm of HHS — exercises another option on an mRNA countermeasure contract, replenishes the Strategic National Stockpile, or issues a new award for next-generation influenza or H5N1 avian flu candidates. These are not one-time pandemic windfalls. BARDA operates on multi-year base-plus-option contract structures designed explicitly for platform continuity. The mechanism is durable: Congress funds the SNS replenishment, BARDA awards and extends, and the platform holder collects before a single outbreak occurs. The market treats this as noise. That is the inefficiency.