On Friday, the Danish government significantly revised its economic growth forecast for 2023, lowering it from 3% to 1.4%. This adjustment is primarily attributed to the slower sales performance of the country's pharmaceutical giant, Novo Nordisk. According to the Danish Ministry of Economic Affairs, Novo Nordisk has lost market share due to inventory build-ups and increased competition in the weight-loss drug market. Moreover, despite the reassurance offered by the EU-US trade agreement, the European pharmaceutical industry continues to face the threat of high US tariffs, which has further dampened Denmark's economic growth outlook.

In parallel, Novo Nordisk is also contending with the competitive pressure from generic drugs in the United States, which is compressing its sales opportunities. Consequently, Danish exports to the US have witnessed a notable decline in early 2025, following a substantial surge towards the end of 2024.