Channeling the spirit of "Strawman" I'll float a bear case for Resmed. So much has been written that the share price drop isn't justified based on the new weight loss drugs. But maybe Resmed was just overvalued before? At current price we're looking at 20-25 PE for a mature company that will do well to grow around 10% a year. I'd say a company growing around 10% is worth a PE around 20. So even if Ozempic doesn't dent Resmed's growth, I still don't see huge value at current share price for Resmed.