Summary

• Novo Nordisk A/S is upgraded to Hold as the FDA moves to restrict compounded GLP-1s, potentially easing pricing and competition pressures.
• NVO's recent partnership with Hims & Hers Health, Inc. aims to transition patients to FDA-approved GLP-1 drugs, but HIMS remains product-agnostic and well positioned.
• NVO faces ongoing headwinds: missed guidance, restructuring, and competitive threats from Eli Lilly and potential generics, despite strong products like Wegovy.
• HIMS benefits from diversified weight loss offerings and favorable valuation metrics, supporting a buy case, while NVO's outlook remains cautious pending further catalysts.
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News broke yesterday that the FDA is proposing to exclude the globally best-selling prescription drug molecules semaglutide, tirzepatide and liraglutide from its 503B bulk list, "finding no clinical need for outsourcing facilities to compound these drugs from

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