The logos of Danish drugmaker Novo Nordisk, maker of the blockbuster diabetes and weight-loss remedies Ozempic and Wegovy is seen exterior theri constructing as the corporate presents the annual report at Novo Nordisk in Bagsvaerd, Denmark, on February 5, 2025.
Mads Claus Rasmussen | Afp | Getty Photos
Denmark on Friday slashed its annual development forecast to 1.4% from 3%, largely attributable to weaker expectations for pharmaceutical big Novo Nordisk.
Denmark has recorded sturdy annual development in recent times, with its economic system increasing 3.7% final yr, boosted largely by pharmaceutical exports.
Danish pharma big Novo Nordisk makes blockbuster weight administration medication Ozempic and Wegovy.
The economic system ministry famous that Denmark’s U.S. exports fell considerably in early 2025 after an enormous spike in late 2024, attributable to each stock build-up and elevated competitors within the weight reduction drug market, which has seen Novo lose market share.
Generic medicines are additionally squeezing gross sales alternatives within the U.S., it stated.
Europe’s pharmaceutical sector has been rocked this yr by the menace of sky-high U.S. tariffs, although some certainty has now been supplied by the EU-U.S. commerce deal.
The Danish economic system ministry stated U.S. tariffs had additionally weighed on its development forecast.
“Progress within the first quarter of 2025 has additionally been weaker than beforehand anticipated. Along with the American tariff will increase and downwardly adjusted expectations for the pharmaceutical trade, this has given rise to a big downward adjustment of the estimate for GDP development in 2025,” it stated in an announcement, in keeping with Google translate.
The ministry harassed, nevertheless, that regardless of the decrease development forecast, its economic system stays sturdy general, with excessive employment and inflation anticipated to be beneath 2% on an annual foundation.
It in the meantime revised its development forecast for 2026 increased, to 2.1% from 1.4%, on expectations for increased personal and public consumption.
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