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The valuation gap between $LLY and $NVO has to be the dumbest thing I've seen this year. Novo Nordisk: $16 B net profit Eli Lilly: $18 B net profit The exact same business model and segment, nearly the same size. Eli Lilly is just slightly bigger and grows a little bit faster. Yet one of them is trading 60% below ATH at a 15.4x P/E, while the other one sits at ATH's with a 54x P/E and is worth 4 times the other company. How does this make any sense?