Thesis
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GLP-1 Goes Mass Market

GLP-1 drugs go from shortage to mass market. The companies that make, supply and prescribe them win.

1Y +11.3%
Since published −0.8%
1Y ago Today

Holdings

  1. Eli Lilly LLY · Direct beneficiary 28%

    The category leader, with the broadest GLP-1 lineup and heavy investment in new manufacturing capacity.

  2. Novo Nordisk NVO · Direct beneficiary 22%

    The other scaled GLP-1 maker; volume growth depends on it keeping share as supply loosens.

  3. Thermo Fisher TMO · Picks & shovels 14%

    Contract manufacturing and fill-finish capacity that drug makers rent when demand outruns their own plants.

  4. Danaher DHR · Picks & shovels 12%

    Sells the equipment and consumables used to produce biologic and peptide drugs at scale.

  5. Hims & Hers HIMS · Distribution 10%

    A direct-to-consumer telehealth platform that prescribes GLP-1s to cash-pay patients.

  6. DexCom DXCM · Adjacent 7%

    Continuous glucose monitors are used by many of the same metabolic patients.

  7. Abbott ABT · Adjacent 7%

    Its FreeStyle Libre is the other leading continuous glucose monitor.

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