https://www.midgardfinance.com/blog/ Pharma pipelines, European equities, and financial data en https://www.midgardfinance.com/blog/2026/08/08/glp1-race-splits-q2-2026/ https://www.midgardfinance.com/blog/2026/08/08/glp1-race-splits-q2-2026/ Sat, 08 Aug 2026 12:00:00 -0000 Novo Nordisk and Eli Lilly reported Q2 2026 the same week to opposite reactions. On Lilly's own measures it leads incretins in both regions, though Novo claims the larger share by volume abroad - and Novo's oral Wegovy pill is the fastest volume launch the class has produced. https://www.midgardfinance.com/blog/2026/07/06/china-glp1-obesity-challengers/ https://www.midgardfinance.com/blog/2026/07/06/china-glp1-obesity-challengers/ Mon, 06 Jul 2026 12:00:00 -0000 Chinese GLP-1 drugs post Western-level weight loss with strikingly low side-effect dropouts. The trials are shorter and some data is unaudited - but Lilly, AstraZeneca and Merck have already licensed in. https://www.midgardfinance.com/blog/2026/05/21/glp1-obesity-scorecard-2026/ https://www.midgardfinance.com/blog/2026/05/21/glp1-obesity-scorecard-2026/ Thu, 21 May 2026 12:00:00 -0000 Two of the most closely watched pipeline readouts in obesity pharmacology are now in. After REDEFINE 4 (CagriSema vs tirzepatide) and TRIUMPH-1 (retatrutide), it is finally possible to draw a real competitive map. This post scores each drug on what the data actually shows. https://www.midgardfinance.com/blog/2026/05/18/asml-ai-chip-arms-race/ https://www.midgardfinance.com/blog/2026/05/18/asml-ai-chip-arms-race/ Mon, 18 May 2026 12:00:00 -0000 Cerebras IPO'd at 133x revenue last week. NVIDIA trades at 25x. ASML - the Dutch monopolist whose machines manufacture every advanced chip in the race - trades at 16x. The supply chain arithmetic is hiding in plain sight. https://www.midgardfinance.com/blog/2026/05/15/glp1-trial-inclusion-criteria-drift/ https://www.midgardfinance.com/blog/2026/05/15/glp1-trial-inclusion-criteria-drift/ Fri, 15 May 2026 12:00:00 -0000 The headline weight-loss percentages from liraglutide, semaglutide, and tirzepatide trials look like a straight-line march of progress. They are not. Inclusion criteria have shifted systematically over a decade, changing who gets enrolled and for how long - making cross-trial comparisons unreliable without a head-to-head. https://www.midgardfinance.com/blog/2026/05/10/pandora-q1-2026/ https://www.midgardfinance.com/blog/2026/05/10/pandora-q1-2026/ Sun, 10 May 2026 12:00:00 -0000 Revenue flat like-for-like in a soft consumer environment, but a 370bp gross margin headwind from commodities, FX and tariffs was absorbed down to just 90bp net - demonstrating the margin resilience at the core of the model. https://www.midgardfinance.com/blog/2025/07/21/the-obesity-drug-chessboard-after-ada2025-with-q2-earnings-in-play/ https://www.midgardfinance.com/blog/2025/07/21/the-obesity-drug-chessboard-after-ada2025-with-q2-earnings-in-play/ Mon, 21 Jul 2025 12:00:00 -0000 Quick status check on Novo, Lilly, and rivals after ADA 2025 - just ahead of Q2 earnings. https://www.midgardfinance.com/blog/2025/01/26/the-next-wave-of-obesity-drugs-opportunities-and-risks-for-investors/ https://www.midgardfinance.com/blog/2025/01/26/the-next-wave-of-obesity-drugs-opportunities-and-risks-for-investors/ Sun, 26 Jan 2025 12:00:00 -0000 GLP-1 weight loss drugs Wegovy® (semaglutide) and Zepbound® (tirzepatide) from Novo Nordisk and Eli Lilly hit markets like a tsunami, when they were approved in June 2021 and November 2023 , due to their unprecedented weight-loss efficacy 🌊 The next waves might not be as colossal, but they still hol https://www.midgardfinance.com/blog/2023/05/06/will-regional-banks-survive-and-thrive-after-the-2023-banking-crisis/ https://www.midgardfinance.com/blog/2023/05/06/will-regional-banks-survive-and-thrive-after-the-2023-banking-crisis/ Sat, 06 May 2023 12:00:00 -0000 The 2023 banking crisis has led to the collapse of some prominent regional banks, raising concerns about the future of this sector. This post will explore the reasons behind the collapse of Silicon Valley Bank ( $SIVB ), Signature Bank ($SBNY), and First Republic Bank ($FRC), and analyze whether oth https://www.midgardfinance.com/blog/2022/05/22/what-happens-next-following-fda-approval-of-mounjaro-from-eli-lilly-for-diabetes/ https://www.midgardfinance.com/blog/2022/05/22/what-happens-next-following-fda-approval-of-mounjaro-from-eli-lilly-for-diabetes/ Sun, 22 May 2022 12:00:00 -0000 The FDA on May 13th approved the dual GIP-GLP1-agonist Mounjaro ® (tirzepatide) from Eli Lilly for diabetes following the completion of the SURPASS studies (e.g. SURPASS-2 NCT03987919 ). https://www.midgardfinance.com/blog/2021/11/13/novo-nordisk-2021q3-wegovy-bottlenecks/ https://www.midgardfinance.com/blog/2021/11/13/novo-nordisk-2021q3-wegovy-bottlenecks/ Sat, 13 Nov 2021 12:00:00 -0000 Novo Nordisk continues to succeed in the GLP-1 space with semaglutide ( Ozempic ®, Rybelsus ® and Wegovy ®). https://www.midgardfinance.com/blog/2021/08/04/novo-nordisk-q2-saw-approval-of-wegovy-and-continued-growth-of-ozempic-sales/ https://www.midgardfinance.com/blog/2021/08/04/novo-nordisk-q2-saw-approval-of-wegovy-and-continued-growth-of-ozempic-sales/ Wed, 04 Aug 2021 12:00:00 -0000 Novo Nordisk sales and operating profit grew at 12% and 9%, respectively, at constant exchange rates. The FDA approved the once-weekly injectable anti-obesity drug Wegovy® (semaglutide) on June 4th. https://www.midgardfinance.com/blog/2020/10/30/novo-nordisk-gains-glp-1-market-share-within-and-outside-the-us-but-sees-new-saxenda-prescriptions-curbed-by-covid-19/ https://www.midgardfinance.com/blog/2020/10/30/novo-nordisk-gains-glp-1-market-share-within-and-outside-the-us-but-sees-new-saxenda-prescriptions-curbed-by-covid-19/ Fri, 30 Oct 2020 12:00:00 -0000 Novo Nordisk has gained market share in diabetes (29.2%), GLP-1 (49.9%) and insulin (44.5%). https://www.midgardfinance.com/blog/2020/08/31/visualization-of-growth-in-the-covid-19-impacted-quarters/ https://www.midgardfinance.com/blog/2020/08/31/visualization-of-growth-in-the-covid-19-impacted-quarters/ Mon, 31 Aug 2020 12:00:00 -0000 The first and second quarter of 2020 were unusual in many ways. More than a third of S&P500 companies temporarily or permanently withdrew guidance for the full year due to uncertainty surrounding impacts from COVID-19 according to FactSet . This article seeks to visualize the growth in each of t https://www.midgardfinance.com/blog/2020/08/10/best-selling-and-fastest-growing-drugs-in-the-2nd-quarter-of-2020/ https://www.midgardfinance.com/blog/2020/08/10/best-selling-and-fastest-growing-drugs-in-the-2nd-quarter-of-2020/ Mon, 10 Aug 2020 12:00:00 -0000 Once more Humira® from AbbVie is the best selling drug of the quarter ($4,837M) despite headwinds in Europe from biosimilars Amgevita®, Amsparity®, Halimatoz®, Hefiya®, Hulio®, Hyrimoz®, Idacio® and Imraldi®. In the US Humira® will in 2023 lose market exclusivity to the biosimilars Amjevita®, Cyltez https://www.midgardfinance.com/blog/2020/08/06/novo-nordisk-grows-glp-1-market-share-in-the-us-with-ozempic-and-rybelsus/ https://www.midgardfinance.com/blog/2020/08/06/novo-nordisk-grows-glp-1-market-share-in-the-us-with-ozempic-and-rybelsus/ Thu, 06 Aug 2020 12:00:00 -0000 Novo Nordisk has reported their 2nd quarter results . https://www.midgardfinance.com/blog/2020/07/13/sector-sizes-of-the-sp-500-over-time/ https://www.midgardfinance.com/blog/2020/07/13/sector-sizes-of-the-sp-500-over-time/ Mon, 13 Jul 2020 12:00:00 -0000 The largest sectors and companies of the S&P 500 by market capitalization have changed over time. Prior to the dot-com bubble bursting in March 2000 the technology sector made up a third of the S&P 500 thanks to companies such as Microsoft, Cisco, Intel, Lucent Technologies, IBM, America Onl https://www.midgardfinance.com/blog/2020/05/07/novo-nordisk-mostly-unaffected-by-covid-19-in-q1/ https://www.midgardfinance.com/blog/2020/05/07/novo-nordisk-mostly-unaffected-by-covid-19-in-q1/ Thu, 07 May 2020 12:00:00 -0000 Novo Nordisk is with the exception of the postponement of new clinical trials mostly unaffected by COVID-19. Sales in Q1 were however positively affected by stock piling of insulin. Growth continues to be spearheaded by Ozempic®, whereas Victoza® and Levemir® in the US continue to lead the decline. https://www.midgardfinance.com/blog/2020/03/02/kraft-heinz-can-pay-down-its-29b-debt-and-maintain-its-2b-dividend/ https://www.midgardfinance.com/blog/2020/03/02/kraft-heinz-can-pay-down-its-29b-debt-and-maintain-its-2b-dividend/ Mon, 02 Mar 2020 12:00:00 -0000 Kraft Heinz issued a press release on their Q4 earnings on February 13th. Kraft Heinz pays an annual dividend of approximately $500M and has debt of approximately $29B. Is Kraft Heinz able to maintain the current dividend while paying down the debt? CFO Paulo Basilio had the following comments on th https://www.midgardfinance.com/blog/2020/03/02/ab-inbev-continues-to-deleverage-and-offers-value/ https://www.midgardfinance.com/blog/2020/03/02/ab-inbev-continues-to-deleverage-and-offers-value/ Mon, 02 Mar 2020 12:00:00 -0000 AB InBev ($BUD, $ABI.BR) issued a press release on their Q4 earnings on February 27th.