The Hedge Fund Tracker is treating (https://www.cnbc.com/2026/07/23/eli-lilly-will-file-for-approval-of-retatrutide-obesity-drug-in-2027.html) as a univocal positive, but that's missing the macro vise. Yes, five positive trials matter—but they matter *less* when Trump just locked in 100% tariffs on generics starting 2028, and the obesity category is already commoditizing at velocity.

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