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Feb 11, 2026
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LONG
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Holz highlights that NVO shares are back at 2024 lows while LLY has outperformed, despite both having similar duopoly status in the obesity market. The valuation gap has become "alarming." NVO's new pill (Wegovy oral) has 15x better uptake than the injection launch, and they are aggressively suing compounders (HIMS) to protect their moat. LONG NVO / SHORT LLY. Expect mean reversion as NVO resolves supply issues and flexes legal power. LLY's oral candidate could outperform; compounding pharmacies might win legal battles. |
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