Ann: Market Update, page-99

CSL operates in more speciality areas which face lower competition, and the medicines it makes have a manufacturing element which benefits from scale advantages. That is why CSL trades at higher multiples than traditional mass market pharma companies, in addition to its darling status in a small market. Novo Nordisk is probably a good comparable to CSL, versus say a big pharma company. Niche specialised treatment areas usually requiring repeat use of the product by the patient, as opposed to searching for the next blockbuster before the patent on the last one runs out. Having said that, Novo Nordisk has struck absolute gold with its obesity drug Ozempic.