Why Read?

• Understand potential side effects of GLP-1s (such as Novo Nordisk’s Ozempic and Wegovy) in treatment of Diabetes and Obesity
• Understand potential for mass migration away from GLP-1s in favour of lifestyle change to tackle Diabetes and Obesity and what impact this would have on Novo Nordisk
• Understand upside market potential for Ozempic and Wegovy in key US market
• Understand litigation costs in Pharma sector and potential risks for Novo Nordisk
• Understand potential downward pricing pressure for semaglutide-based GLP-1s 

What’s New?

• Summary of, and references to, key medical literature on benefits and side effects of GLP-1s in treatment of Diabetes and Obesity. Evaluating muscle loss associated with GLP-1 use and implications for blood sugar level control. Why % body fat, not weight loss is the better target for health yet GLP-1s and pharma and medical industries at large continue to chase a suboptimal target
• Estimation of potential US GLP-1 net sales for Diabetes and Obesity separately over next 9 years, both market-wide and for Novo Nordisk’s Ozempic and Wegovy
• Base, bear and bull case financial projections and DCF valuation

Questions Answered

• How do Diabetes and Obesity patients compare GLP-1 use vs lifestyle change to address their conditions?
• How big a cliff could there be for Novo Nordisk’s EBITDA in the event GLP-1s fall out of favour?