Healthcare

#1 global peptide CDMO. Makes the API for Wegovy, Zepbound, and 88+ approved peptide drugs plus 267 in late-stage trials.

Swiss CDMO that develops and manufactures peptides (and oligonucleotides) at GMP scale for pharma customers . The single most important supplier in the GLP-1 supply chain. Largest commercial-scale third-party peptide CDMO globally. Each GLP-1 peptide requires 30–40 SPPS coupling cycles. Capacity expansion underway at Bubendorf "Building K," Vista CA (~1 metric ton/year), St Helens UK, and a new Sisseln site.

#2 global peptide CDMO. €100M Malmö SPPS expansion underway.

Swiss #2 peptide CDMO behind Bachem. Smaller, more turnaround-focused. €100M Malmö SPPS expansion underway. Higher beta way to play the same GLP-1 thesis with more upside if execution holds — but also more downside if customers concentrate orders at Bachem.

Largest CDMO globally — small molecules, biologics, cell/gene, peptides. Broader exposure than pure-play peptide names.

Largest CDMO globally — handles small molecules, biologics, cell/gene therapy, and peptides for pharma customers. FY26 sales growth confirmed at 11–12%. Lower-beta diversified way to own the picks-and-shovels theme without single-peptide concentration. Less GLP-1 leverage but more growth durability.

Filtration, chromatography, and analytics for every biologics manufacturer. Recovery from 2024 destocking now underway.

Makes filtration, chromatography resins, and process analytics for biologics manufacturers. Q1 2026 revenue $194M (+15%); adjusted EPS $0.48 vs $0.38 estimate. Recovery from the 2024 destocking is now clearly underway.

European bioprocessing pure-play. ~20% global bioprocessing equipment share. Single-use bioreactor leader.

European bioprocessing pure-play. ~20% global bioprocessing equipment share; leader in single-use bioreactors . Q1 2026 sales €748M (+5%). Recovery from destocking is the multi-year setup. Premium valuation reflects quality and moat.

Cytiva division = dominant single-use bioreactor. Diversified life-sciences tools.

Diversified life-sciences tools conglomerate. Cytiva division is the dominant single-use bioreactor maker . The lowest-beta way to own bioprocessing as a long-term compounder. Less GLP-1 leverage than Bachem but much more durable revenue mix.

Broadest life-sciences tools + diagnostics + CDMO. Investor Day May 20 reaffirmed 7% organic CAGR target.

Broadest life-sciences-tools company — instruments, consumables, diagnostics, CDMO (PPD). Investor Day May 20, 2026 reaffirmed 7% organic CAGR target. The blue-chip core position for healthcare picks-and-shovels.

Italian maker of pre-filled syringes, cartridges, and vials for biopharma. GLP-1 pure-play in packaging.

Italian specialist in pre-filled syringes (PFS), cartridges, and vials for biopharma . Q1 2026 revenue +10% constant currency; PFS revenue +20% YoY; GLP-1s = 21–22% of total revenue ; High-Value Solutions (HVS) 47% of revenue. Latina and Fishers, Indiana capacity scaling.

Near-monopoly in rubber stoppers/elastomers for biologics. Every GLP-1 pen needs one.

Near-monopoly position in rubber stoppers and elastomers for biologics. Every Wegovy, every Mounjaro, every monoclonal antibody is sealed by a West stopper. The most boring, most durable name in this entire sector. Lower beta than Stevanato.

~60% of global DNA sequencing instrument placements. SomaLogic acquisition completed Jan 2026.

Per Mordor Intelligence (2025), Illumina retains roughly 60% of global next-gen sequencing instrument placements (down from ~70–80% in earlier years). Completed SomaLogic acquisition January 30, 2026, adding proteomics integration. Razor/razor-blade business model: sell instruments at modest margin, then sell sequencing reagents (consumables) at very high margin for the instrument's 10-year life.

>60% share of veterinary diagnostics. Classic razor/razor-blade model.

Sells diagnostic instruments and consumables to veterinary clinics . Over 60% share of the vet diagnostics market. Razor/razor-blade: place instruments at clinics, then sell reagents and test kits for the next decade. Q1 revenue +14%; raised guidance.

Waters, Bruker, Agilent, Mettler-Toledo, Revvity — the lab-instrument oligopoly.

Tight oligopoly of mass spec, chromatography, and lab instruments. Waters, Bruker, Agilent, Mettler-Toledo, and Revvity all dominate specific niches with high reagent/consumable attach. Recovering from 2024 destocking. Group exposure preferred over single-name concentration.

Dominant research animal models and preclinical CRO.

Dominant supplier of research animal models (mice, primates) and preclinical contract research services. Every new drug goes through CRL-style preclinical work. Recovery thesis post-2024 biotech-funding destocking.

~90% of US prescription pharma distribution between them. Group classification.

The three giants of US pharma distribution. ~90% of prescriptions flow through these three companies . Low margin, high turnover, monopoly-like. Specialty distribution (oncology, biologics, GLP-1 cold chain) is the higher-margin growth angle. Lower-beta sector exposure that quietly compounds.

Reference only — fill-finish CDMO acquired by Novo Holdings at $63.50, $16.5B EV.

Reference only. Catalent was acquired by Novo Holdings December 2024 at $63.50/share, $16.5B enterprise value. Three fill-finish sites were sold directly to Novo Nordisk for GLP-1 production. No longer publicly investable — included to flag that GLP-1 fill-finish capacity has been partially internalized by Novo.

Mounjaro + Zepbound + Alzheimer's franchise — the leader of the duopoly

The leader of the GLP-1 wave . Mounjaro (diabetes) + Zepbound (obesity) — both same compound, tirzepatide — currently outselling Novo's Wegovy/Ozempic and growing faster. Pipeline: retatrutide (triple-agonist, even better weight loss), oral orforglipron (pill form coming 2025-26), Kisunla (Alzheimer's), Mirikizumab (Crohn's). Manufacturing build-out is on a scale not seen since the antibiotics era.

Wegovy/Ozempic — the other half of the duopoly

Danish pharma company with Ozempic (diabetes) and Wegovy (obesity) — semaglutide compound. Plus Saxenda (older obesity drug) and a deep diabetes franchise. Lost the lead to Lilly in 2024-25 in both weight-loss efficacy and prescription growth. Pipeline: amycretin (oral GLP-1+amylin combo, Phase 2 data strong), CagriSema (next-gen obesity, Phase 3 disappointment 2024).

VK2735 dual-agonist GLP-1 — small-cap M&A target

Pure-play biotech with VK2735 — a Phase 3 dual-agonist that showed up to 15% weight loss in Phase 2 . Without Lilly/Novo-level manufacturing, the only realistic path to scale is M&A. Every quarter without a deal makes the M&A thesis stretch further, but the asset remains real and clinically derisked. Volatile around any pharma earnings call where M&A could be hinted at.