In the wake of Goldman Sachs’ warning that U.S. tariffs of 10% on eight European countries could shave 0.1–0.2% off regional GDP beginning February 1, 2026, Novo Nordisk saw its shares decline 2.96% on the day European markets reopened. The EURO STOXX 50 fell 1.4% and the STOXX Europe 600 dropped 1.2%, as investors sold large exporters exposed to potential U.S. import duties. Germany, with export tariffs equivalent to up to 3.5% of GDP under broad measures, was highlighted as most vulnerable, but the broader euro area—including Denmark and Sweden, home to major insulin and GLP-1 production facilities—could face a 0.1% GDP drag. Market strategists warned that rising geopolitical tensions could amplify confidence shocks, exacerbating volatility in healthcare names reliant on cross-Atlantic trade flows.

Novo Nordisk’s launch of its oral GLP-1 therapy, marketed as Wegovy, in early January triggered a significant uptick in U.S. prescription activity. Company reports indicate that first-week demand outpaced sell-through expectations, prompting analysts to revise 2026 U.S. volume forecasts upward by 15%. On the news, Novo Nordisk shares surged 9.1%, trading at volumes nearly double their 30-day average. Physicians cited patient preference for a non-injectable format and the absence of food-avoidance requirements as key drivers. Several pharmacy benefit managers have already initiated formulary listings ahead of the February refill cycle, underscoring confidence in sustained off-label adoption for weight management beyond diabetes care.