European equities sold off sharply on renewed U.S. tariff threats, with Novo Nordisk among the hardest-hit large exporters. In Monday trading, the company’s shares fell 2.96% after President Trump announced the potential imposition of a 10% tariff on imports from eight European nations starting February 1, 2026, rising to 25% by June 1 if no agreement is reached. Goldman Sachs estimates that such measures could shave 0.1%–0.2% off real GDP across affected economies under the initial tariff and up to 0.5% under the higher rate. Germany stands to lose most, with exports equivalent to 3%–3.5% of GDP at risk, but the drag on euro-area growth is projected at around 0.1% under both tariff scenarios. Investors cited concerns that weaker economic growth in key markets, particularly Germany and France, would curb demand for premium healthcare products, contributing to the broader sell-off in European pharma stocks.

Novo Nordisk reported a robust start to U.S. prescriptions for its newly launched oral formulation of Wegovy, with first-week demand exceeding supply forecasts by 15%. Specialty pharmacies in major metropolitan areas logged over 20,000 new patient starts in the first five business days of January, despite initial distribution constraints. Analysts at Jefferies note that the tablet’s once-daily dosing and elimination of the 30-minute pre- and post-meal administration window give it a competitive edge over injectable rivals. Market research firm Symphony Health projects that oral Wegovy could capture up to 30% of the U.S. obesity-treatment market within 12 months, translating into incremental annual sales of $1.2 billion. Management reiterated plans to expand manufacturing capacity in Denmark and Brazil to meet anticipated demand, targeting a fourfold increase in monthly output by mid-2026.