How Novo Nordisk Hurt Denmark’s Economy

Novo Nordisk stock is down 35% this year. (SERGEI GAPON/AFP via Getty Images)

Denmark cut its annual growth outlook on Friday—and one of the Scandinavian country’s best-known companies may be a part of the problem.

The economy ministry said in a press release that it was slashing its forecast for GDP growth to 1.4%, down from 3% previously.

The Danish krone slid 0.1% against the dollar on Friday. Copenhagen’s flagship OMX stock-market index dropped 0.9%.

The ministry blamed the slowdown on sweeping U.S. tariffs, which it said would weigh on exports, but faltering demand for drugs made by pharma giant Novo Nordisk may be another factor behind the guidance cut. The company didn’t immediately respond to a request for comment from Barron’s.

Demand for Novo’s flagship products Wegovy and Ozempic has faltered this year, in a slowdown Barron’s has called the bursting of the obesity-drugs bubble. That’s dragged down Denmark’s exports to countries such as the U.S., which in turn has weighed on growth.

Novo’s American depositary receipts have tumbled 35% this year. The benchmark S&P 500 is up 11% in 2025.

Write to George Glover at george.glover@dowjones.com