In the wake of President Trump’s threat to impose tariffs on eight European countries, European benchmarks fell sharply on Monday. The broad STOXX Europe 600 index dropped 1.2%, while export-heavy names suffered the most severe losses. Novo Nordisk shares declined 2.96% on the session, underperforming the sector as investors feared a hit to global demand. According to Goldman Sachs economist Giovanni Pierdomenico, an initial 10% U.S. tariff set to take effect February 1, 2026, could reduce euro-area GDP by around 0.1% and shave as much as 0.2% off Germany’s output, where pharmaceutical exports represent a significant share of external sales. The potential for a further escalation to a 25% duty by June 1, 2026, would deepen the GDP drag to between 0.25% and 0.5%, amplifying concerns over confidence and financial market volatility.

Novo Nordisk’s first-week U.S. launch of its oral Wegovy has generated unexpectedly strong uptake, propelling shares up 9.1% following the early January debut. While the company has not disclosed exact prescription volumes, preliminary pharmacy data indicate that prescription counts surpassed analyst forecasts by roughly 30% during the initial week. Market research firm RXInsight reports more than 12,000 scripts dispensed in the first five trading days, underscoring robust physician and patient adoption of the oral GLP-1 therapy. Investors are encouraged by the therapy’s convenience relative to injectable alternatives, with payers granting formulary access on par with the established injectable formulation. Novo Nordisk expects the oral version to capture 15%–20% of total Wegovy revenue by year-end, reinforcing its leadership in the fast-growing weight-management segment.