EconomicsEconomics

Novo’s Stock Rout Distorts Danish Consumer Mood, Watchdog Says

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Novo’s obesity and diabetes drugs have long fueled Denmark’s growth.

Photographer: Dhiraj Singh/BloombergFacebookXLinkedInEmailLinkGiftGift this articleContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowFacebookXLinkedInEmailLinkGiftBy Sara SjolinOctober 21, 2025 at 10:00 AM UTCBookmarkSave

The downturn at Novo Nordisk A/S could deal a further blow to Danish consumer confidence, with the drugmaker’s slumping shares threatening to deepen pessimism and cloud the economy’s real strength, according to Denmark’s fiscal watchdog.

The pharmaceutical giant, whose obesity and diabetes drugs have long fueled Denmark’s growth, earlier this year cut its 2025 forecast, leading to “substantial” declines in the local stock market, the Danish Economic Councils said in a report on Tuesday. Novo shares have tanked more than 40% in 2025, dragging the Copenhagen benchmark index down to make it one of Europe’s worst performers this year.

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