Whatever you think of medicalization of moderate obesity, the GLP-1 inhibitors semaglutide and tirzeparide (aka Ozempic, Wegowy and Zepbound) are truly groundbreaking. It takes a lot for me to admit something approaches imatinib in innovation and importance, and they are there! Incredibly, the drug companies that developed them are considered losers in the upside-down world of American finance:
Since their peak last year, the decline is more pronounced. Novo Nordisk has lost $367bn in value since its peak in June 2024, a fall of more than two-thirds, while Lilly has fallen 29 per cent from a record valuation last year, wiping $250bn off its market capitalisation.
In a decision that was short-termist and reactionary to the extreme, Novo Nordisk even fired their longstanding CEO over it.
The kicker comes from a healthcare fund manager quoted near the end of the article:
“If you’re a generalist investor, why are you putting money here, versus buying an AI stock, [given] the headwinds of both tariffs and the most favoured nation policy?” he added.
What are we even doing here?