GLP-1 TAM is real; the moat question is manufacturing, not demand

The bear case I keep hearing is "compounding pharmacies + biosimilars will crush pricing." Read the actual capacity commitments in the last two 10-Ks: the capex line is the tell. Demand was never the risk — fill-finish capacity was, and that's now being de-risked. I'd watch gross margin trajectory over the next 4 quarters more than script data.