Subject: Re: Novo Nordisk $NVO. (x-post)
Some factors that might partly contribute to 'why the last few years earnings amounted to nothing':

1) GLP1 agonists prevent the development of diabetes. A large part of Novo's non-GLP1 business is making insulin - 50% of global supply.

2) Higher risk environment for pharma with Trump; e.g. forcing down prices (which happened to Novo), threatening tariffs.

3) Higher bond rates, bigger discount on future earnings perhaps.

4) Possibly Trump's friends front-running this announcement which just came out hours ago:

https://www.ft.com/content/25e...

"Trump administration announces new tariffs on pharmaceuticals "

https://www.euractiv.com/news/...

" Trump hits EU innovative pharma with 15% tariffs
Branded drugs face duties for the first time, while generics remain exempt "

TRS