NVO

Novo Nordisk manufactures diabetes treatments including insulin and GLP-1 receptor agonists like Ozempic and Wegovy, which have exploded into blockbuster obesity medications generating $21 billion in 2023 sales. The company controls roughly half the global insulin market and owns the manufacturing infrastructure for GLP-1 drugs that competitors struggle to replicate at scale. Wegovy's launch in major European markets throughout 2024 creates a massive runway beyond the supply-constrained U.S. rollout. Trading at 11x earnings despite 60% ROE and 82% gross margins, the stock looks divorced from the obesity drug revolution it's leading. Supply constraints that hammered 2023 revenue are lifting as new production facilities come online in 2024.