Legal & Regulatory Actions - Novo Nordisk is expanding legal action to protect patents from unsafe, non-FDA approved semaglutide [1] - Novo Nordisk has filed 132 lawsuits in federal court regarding compounded GLP-1s [7] - The President sent letters to 17 large drug makers asking them to lower drug prices in the US [11] Company Performance & Strategy - Novo Nordisk significantly lowered its full-year guidance partly due to compounded GLP-1s [6] - Offboarding of consumers to branded drugs like Ozempic and Wegovy is occurring [4] - Pfizer beat earnings expectations due to strength across most of its drugs and vaccines [9] - Pfizer is planning to cut approximately $8 billion in costs [10] - Pfizer raised its full-year adjusted EPS due to cost-cutting and a lower tax rate [10] Market Dynamics & Competition - Compounding has been primarily focused on semaglutide, the main ingredient in Ozempic and Wegovy [8] - Analysts are not expecting the compounding issue to be as significant for Eli Lilly as it is for Novo Nordisk [8] - Discussions between drug companies and the administration regarding drug prices are ongoing [12]