Wall Street has fallen into a repeating pattern this autumn: Strategists discover another sector that the obesity medicines from Eli Lilly and Novo Nordisk will supposedly decimate, and investors rush to sell. It has happened in packaged foods, medical devices, and restaurants, among others.
Investors had worried that the new obesity drugs, which are also approved to treat Type 2 diabetes, would eat away at sales of the Libre and other Abbott diabetes products. Ford said use of the Libre is actually complementary with the new obesity drugs, known as GLP-1 receptor agonists. In a note Thursday, Mizuho analyst Anthony Petrone wrote that uptake of the FreeStyle Libre in combination with GLP-1 drugs can sustain the Libre’s growth profile, “at least over the near-term.”
In other words, despite the enormous revenue potential for the GLP-1 drugs, the actual number of patients likely to take them in the foreseeable future isn’t actually so large, in the context of some of these markets.
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