$VKTX Read the full post **“Number two most widely used bear theories on X: ‘LLY dominates obesity.’ ‘No room for late entrants.’ Both are null thesis. See the picture below Look at statins — the classic example. One drug dominated, but multiple late entrants still became blockbusters over time. The market wasn’t ‘crowded,’ it was stratified. Clinical strength determined winners, not timing. Obesity will behave like Statins: the best drugs take share, late entrants with superior drug profiles still become multi-billion franchises. Here's a classic snapshot of Statins usage and blockbuster status over time. There were roughly 5+ statins approved over time. Here's the timeline. 1) Lovastatin was approved in 1987 (Merck) 2) Pravastatin was approved in 1987 (Bristol-Myers) 3) Simvastatin was approved in 1991 (Merck) 4) Lipitor was approved in 1997 (Pfizer). Ten years after the first statin was approved and became the most successful drug for Pfizer even it came to the market so late. 5) Crestor was approved in 2003 (AstraZeneca). It became another blockbuster drug despite getting to the market after so many drugs already competing for the same crowded space.