NOVO NORDISK (N, TP DKR270.0): Novo Nordisk reported solid 3Q16 sales broadly in line with consensus and CS, and operating profit and EPS 2.5% ahead of expectations. However, the speed of US diabetes deterioration has taken Novo by surprise and the company has: (1) trimmed 2016 guidance, (2) indicated new 2017 guidance for flat to low single digit EBIT growth, and (3) cut long-term guidance from 10% EBIT CAGR to 5%. Novo is entering a period of significant growth uncertainty. With price uncertainty and the DEVOTE trial yet to read out we see better opportunities elsewhere.