Betting the farm

We knew going in that the Friday Novo Nordisk earnings report and corresponding call would be all about GLP-1’ s and that’s exactly what we got. Before we go into a more detailed analysis things for Novo can be summed up this way- the insulin market has fully commoditized making volume growth critical as prices will continue to contract – the battleground for making money has become the expanding GLP-1 market where Novo is doing quite nicely. Also as expected Rybselsus dominated the Q&A session as everyone wants to know how much will it actually cost . . .

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