European stock markets experienced a broad pullback on Monday following renewed U.S. tariff threats against key exporters. Novo Nordisk shares fell by 2.96% on the pan-European trading session, underperforming the broader healthcare sector, as investors priced in potential disruptions to global supply chains and reduced investor confidence. The decline marked the largest one-day percentage drop for Novo Nordisk in four weeks, and came despite the company’s resilient fundamentals and strong order book for GLP-1 therapies in other regions.

Novo Nordisk’s newly launched oral formulation of its flagship weight-loss drug recorded impressive uptake in its first full week on the U.S. market. According to prescription tracking data, the oral product secured over 15,000 new patient starts within seven days of launch—approximately 30% above consensus forecasts. Specialty pharmacies reported that roughly one in four new prescriptions for GLP-1 weight-loss therapies in the first week were for the oral version, underlining strong patient and physician appetite for a convenient, needle-free alternative. Market analysts have revised upward their 2026 U.S. volume forecasts for the product by 20% following the robust initial rollout.

While short-term volatility from geopolitical trade risks may persist, Novo Nordisk’s leadership in the obesity and diabetes treatment market remains intact. The sharp early demand for oral Wegovy reinforces the company’s ability to drive share gains against peers that rely solely on injectable formats. Analysts now project that the oral franchise could contribute up to 5 percentage points of incremental revenue growth in 2026 versus prior guidance, making Novo Nordisk one of the top contributors to total industry growth in the GLP-1 category. Investors should weigh the ongoing macro uncertainty against the company’s product pipeline, which includes additional oral candidates slated for regulatory submissions later this year.