Eli Lilly runs the "GLP-1 weight-loss drug revolution," while Moderna runs the "mRNA platform revaluation." These two narratives have different logics but share the same macro stress test. When the VIX is high, the healthcare sector is relatively resilient, but widening credit spreads will systematically compress the valuation multiples of targets like Moderna, which have high R&D investment and unstable profitability—this is precisely the biggest divergence point between the two narratives.
Overall, Eli Lilly has a deeper moat and is the choice for holding a core position; Moderna is more sensitive to the macro environment, so reduce its position first.
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
