Novo Nordisk (Ozempic)

12343.365 - 12367.869 Ben Gilbert

Now, Novo Nordisk, on the other hand, massively outperforms their peers. And there's been this really interesting trend where ROIC for pharma as an industry over the last 50 years has declined, but the variance between companies has increased. And so Novo far outperforms the median pharma company in terms of return on invested capital. But there's companies that way underperform too.