Novo Nordisk's Cardiometabolic Portfolio, Led by Semaglutide, Looks Underappreciated

A pioneer in diabetes care, Novo Nordisk has been in the business for over 85 years. It claims 34% of the $80 billion-plus diabetes treatment market and roughly half of the more than $15 billion insulin market. Diabetes' prevalence is expected to soar in the coming decades as a result of an increasingly overweight and aging population, and we expect Novo to maintain its wide moat as it continues to dominate in diabetes and obesity therapy innovation.