Goldman Sachs warned that proposed U.S. tariffs on imports from eight European countries prompted a sharp sell-off in major exporters, with Novo Nordisk shares falling 2.96% on the day of the announcement. The research note estimates that a 10% tariff effective February 1, 2026, could shave 0.1%–0.2% off real GDP across affected economies. Germany would face the largest hit—exports equivalent to 3%–3.5% of its GDP subject to the levy—while the euro area as a whole would see about a 0.1% drag. Should tariffs rise to 25% by June 1, the GDP impact could swell to between 0.25% and 0.5%, compounding last year’s 0.4% drag from existing measures. In this environment, investors have grown concerned that any escalation could undermine demand for Novo Nordisk’s European operations and put additional pressure on its export-driven growth.

In its first week on the U.S. market, oral Wegovy recorded prescription volumes that outpaced the company’s initial launch forecasts by approximately 30%, according to pharmacy fill-rate data. Shares of Novo Nordisk jumped 9.1% following reports that over 12,000 prescriptions were written in the first five business days of January. Analysts note that strong early uptake underscores patient and physician enthusiasm for a noninjection alternative in the weight-loss category. With the oral formulation now accounting for nearly 15% of total weekly weight-loss prescriptions for the company in the U.S., consensus estimates for 2026 have been raised by an average of 8% to reflect faster anticipated market penetration.