Novo Nordisk: capacity is the whole story from here

The mechanism is capacity conversion. Fill-finish lines are built and validated on a multi-year schedule, and validated capacity, not demand, sets the revenue ceiling in any given year. Capacity is disclosed as a capital project with dates. Two additional lines are validated this year and a third next, which sets the supply curve independently of demand. The position: long on Novo Nordisk, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. The risk is a manufacturing failure or a regulatory hold on a new line, which converts a capacity story into a multi-quarter delay with no offset.