Background
Novo Nordisk (NVO) has had a few self-inflicted wounds the past few years, exacerbated by a deflationary environment in the US diabetes market, especially since the insulin mega-blockbuster from Sanofi (SNY), Lantus, gained biosimilar competition. This affected pricing of NVO's insulins, notably its own blockbuster insulin, Levemir. With a CEO change and stability at the top of NVO's US organization, and with growth outside of the US and EU, NVO generated low single-digit sales growth in local currencies last year. The ADRs closed Monday at $49.43, leaving the shares in