The case for
Metabolic drugs turned out to affect far more than weight. Sequencing costs fell far enough to make genetic medicine economic, and the payer is a demographic wave already here.
Medicine shifts from treating disease late to extending the years a person stays healthy.
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Every holding, and why it is that size
Restore the book20.1%Eli Lilly
The broadest metabolic franchise and deepest follow-on pipeline.
LLY · Equity · $370.14 · $2.38T · Healthspan
−+×16.2%Novo Nordisk
The other half of the metabolic duopoly, with more pricing exposure.
NVO · Equity · $32.58 · $10B · Healthspan
−+×15.2%Vertex Pharmaceuticals
Genetic medicine that already generates cash, not just readouts.
VRTX · Equity · $71.80 · $1.30T · Healthspan
−+×11.6%Illumina
Sequencing is the instrument layer under everything genetic.
ILMN · Equity · $10.94 · $34B · Healthspan
−+×11.1%Regeneron
An antibody platform that has produced beyond one franchise.
REGN · Equity · $185.13 · $5B · Healthspan
−+×9.8%Thermo Fisher Scientific
Tools and reagents; paid whether or not a trial reads out.
TMO · Equity · $166.52 · $16B · Healthspan
−+×16%0–3 Month Treasury Bill ETF
Cash that still earns while the thesis is early.
SGOV · Treasury · $161.00 · $106B · Ballast
The case against
Drug pricing is a political target in every developed market. Patents expire on schedule, trials fail late and expensively, and the largest products already carry near-perfect expectations.
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