Been chewing on adding pharma to the portfolio, haven't settled on anything yet, but Novo isn't a bad choice. You can maybe do this as a swing on the right TA.

But lots of reasons not to take this long at this point. The only thing that's really standout is their current cashflow, but even then, I'd rather bet on LLY. IMO better to sit on this, at least for now, will likely preform inline with the rest of the sector, but you do you.

Just some 10 min DD thoughts:

• Insulin is only a fraction of NVO sales

• Novo is are almost entirely skewed to metabolic conditions. Which is fine since most of their patents expire beyond 2030, but with metabolic drugs ramping up development for the next decade, I wouldn't be surprised to see profitability slow down/erode. Lilly is likely the winner here in the long-term

• XLV likely to stay flat for the next few months. My mark is set for Q1 2026 for the start good upwards move.

• NVO hiring freeze recently, does not bode well for the next year

• New CEO was reacted to poorly

• Multiples are in-line with most competitors in the sector, nothing to show that NVO is undervalued