[cooper_ganglia]

Novo is a success story, sure, but it's not uniquely dominant. Eli Lilly is more than 3x bigger in the same space, and J&J, Merck, Pfizer all rival or surpass it.

Pharma as a whole is still dwarfed by the trillion-dollar US tech giants that the EU has no equivalent of. One standout doesn't change the broader lag.