A pioneer in diabetes care, Novo Nordisk has operated for over 85 years. It claims 30% of the $100 billion 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 innovate in both diabetes and obesity therapies.