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Pharmaceuticals

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Available Articles on Pharmaceuticals

Analysis

Novo Nordisk vs Eli Lilly: Why NVO Converts More Revenue to Profit

Novo Nordisk outearns Eli Lilly on every margin metric: 84.7% gross margin vs 82.9%, 44.2% operating margin vs 44.4%, and 41.7% FCF margin vs ~27%. Yet LLY's 52% ROIC far exceeds NVO's—which appears as an anomalous -3.6%. This isn't a data error: NVO's negative invested capital reveals an extraordinarily asset-light business model where the standard ROIC formula breaks down. For margin-focused investors, NVO wins. For capital efficiency purists, LLY dominates.

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min read
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Analysis

Eli Lilly's 52% ROIC: GLP-1 Growth Engine vs AbbVie's Humira Cliff

Eli Lilly's ROIC doubled from 23% to 52% in 2.5 years as Mounjaro and Zepbound drove 54% revenue growth. Meanwhile, AbbVie's Humira declined 56% to biosimilar competition, testing whether Skyrizi and Rinvoq can fill a $20B revenue gap. This pharma divergence reveals how drug pipelines translate to capital efficiency.

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Analysis

Rare Earth Stocks: What the 10-Q Actually Says About USAR, MP, UUUU, NB, and PPTA

Five US-listed rare earth and critical minerals companies hold a combined ~$16 billion market cap. We computed cash runway, dilution velocity, and project funding gaps from their latest 10-Q XBRL data — then cross-referenced every government funding headline against what the SEC filings actually disclose. Key findings: NioCorp is 27% funded for the $1.14B Elk Creek Project with an EXIM timeline they 'cannot estimate.' Perpetua is 32% funded for a $2.2B project facing two federal lawsuits. NB shareholders have been diluted 210% from baseline. MP Materials is the only company with binding customer contracts and government price protection — but it's still burning $230M per year in free cash flow.

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Analysis

FCX vs SCCO: Why the Largest Copper Miner Earns the Lowest ROIC

We computed ROIC from XBRL financial data for every NYSE-listed copper miner with processed filings. Freeport-McMoRan (FCX) — the world's largest publicly traded copper producer — earns the lowest return on invested capital at 9.2%, while Southern Copper (SCCO) generates 24.2% on half the revenue. The 10-K filings reveal why: FCX's Indonesia operations depend on $2.82/lb gold credits to achieve negative cash costs, while SCCO's $0.89/lb cost structure is built on vertical integration and 60-year mine lives.

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16 min read
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Research

How SEC Filers Actually Report Cost of Revenue in XBRL — And Why Standard Extraction Misses $229 Billion

Our analysis of 2,100+ SEC filers reveals that cost of revenue reporting in XBRL is even more fragmented than revenue. Only 38% of filers use the most common element (CostOfGoodsAndServicesSold), 36% have no standard COGS element at all, and ExxonMobil's $199.5 billion in crude oil purchases is invisible to standard extraction — producing a misleading 100% gross margin.

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min read
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