Eli Lilly's GLP-1 and metabolic franchise can compound demand and cash flows while rate fears punish leveraged AI stories. It is preferable as a defensive-growth holding into its October 29 earnings over chasing a chip bounce. Continued healthcare volume leadership would support the sleeve; if semiconductors reclaim leadership first, the rotation is already crowded the other way. x.com  x.com 

Sandoz is entering a golden decade for biosimilars as innovator drugmakers face their biggest patent cliffs in decades. Q2 net sales rose 9% to $3.01 billion, slightly above the $2.99 billion consensus, and biosimilar sales rose 22% at constant currencies after 18% in Q1, a trend the company expects to continue all year. Biosimilars sell much cheaper because they carry little R&D cost, and Sandoz benefits as drugmakers such as former parent Novartis lose exclusivity. x.com 

Novartis wasted $12 billion buying Avidity, a company with clear reasons not to own, which reflects bad management where incompetence starts at the top. x.com  x.com  x.com