In response to President Trump’s threat of sweeping tariffs on eight European countries starting February 1, 2026, Novo Nordisk shares fell by 2.96% on Monday as investors reacted to potential headwinds for Danish exporters. Goldman Sachs projects that a 10% U.S. tariff could subtract 0.1–0.2% from GDP across affected nations, with Germany facing the largest export drag. Denmark’s economy, heavily reliant on pharmaceutical exports, would see a meaningful impact through reduced U.S. demand for medical products. Should tariffs rise to 25% by June 1, Goldman Sachs estimates a GDP drag of up to 0.5%, further threatening confidence in European growth and heightening market volatility for companies like Novo Nordisk that derive a significant portion of revenue from transatlantic sales.

Novo Nordisk’s newly launched oral formulation of Wegovy achieved unexpectedly strong demand in its first week on the U.S. market, contributing to a 9.1% rise in the company’s share count during trading. Early prescription data indicate more than 15,000 patients initiated therapy in the first seven days post-launch, a level comparable to initial demand for the injectable version. Analysts note that the pill’s convenience—eliminating the need for pre-dose food abstention—could accelerate adoption and expand the addressable U.S. obesity market beyond the current 2 million injectable users. If uptake sustains this trajectory, quarterly sales of oral Wegovy could exceed $200 million by Q2 2026, adding to the approximately 30% year-over-year growth already generated by the company’s GLP-1 weight-loss franchise.