BiQ: Update to my Earlier Article on Novo-Nordisk 04/04/26

After this morning's article, in which I reported that Wegovy's moat in MACE risk reduction would protect its market share, I came across some new information.

On April 1st, CMS updated its new "Bridge" program to include Foundayo and Zepbound. This means that Medicare will begin covering Lilly's drugs for patients who meet certain BMI and comorbidity criteria, such as heart failure or hypertension, even without a formal MACE label.

This significantly changes the market dynamics. While Wegovy retains the strongest label for MACE risk reduction and will likely remain a favored option among cardiologists, the Bridge program significantly narrows Wegovy's advantage in this regard.

I still think NVO looks undervalued; however, this new information shrinks the margin of safety. I plan to spend more time looking into NVO this week and will share more information in the BiQ chat as it becomes available.

Please refer to the BiQAP Live spreadsheet on the Active Portfolio page or the iQCS for additional information.

NVO share price at time of publication: $36.67
BiQ ACB: $30.89

Please note that the BiQ ACB includes any open options positions, which are accounted for using a "worst case scenario" assumption, plus trading profits (and losses) around my core position.

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