President Trump's threat of additional tariffs on Danish goods is unlikely to impact Novo Nordisk significantly, according to Nordnet investment economist Per Hansen. This is because most, if not all, of the drugmaker's sales to the U.S. market are produced within the U.S. However, Hansen noted that the details of the tariffs remain scarce, and it's unclear if duties would apply to Danish products regardless of their manufacturing location. Novo Nordisk had previously agreed to cut prices of its weight-loss drugs in the U.S., a deal that included a three-year exemption from tariffs. Shares of Novo Nordisk fell 2.9% following the news.
Nordic indexes experienced a decline after President Trump's promise to impose 10% tariffs on European countries as part of his efforts to pressure Denmark into selling Greenland. The Danish OMXC 20 index dropped 2.9%, while the Swedish OMXS 30 and Norwegian OBX fell 2.1% and 1.4%, respectively. Pharmaceutical companies in Copenhagen saw the steepest sell-offs. Genmab dropped 6.45%, while Zealand Pharma and Coloplast both fell around 4.8%. Mega-cap Novo Nordisk also declined by 2.9%. Luxury jeweler Pandora, particularly exposed to escalating U.S. tariffs with 17% of its revenue tied to goods exported to the U.S., tumbled 3.7%.
Separately, Bayer is anticipated to open higher after the U.S. Supreme Court agreed to hear its challenge to litigation claiming its weedkiller, Roundup, causes cancer. Jefferies analysts predict a positive share price response, stating that the court's decision is incrementally positive and could influence the tens of thousands of remaining claims. The decision also improves Bayer's negotiating position for a potential settlement. Shares closed Friday at 41.515 euros.
