(Reuters) -Denmark has cut its 2025 economic growth forecast to 1.4% from 3%, citing weaker prospects for pharmaceutical giant Novo Nordisk, Bloomberg News reported on Thursday, citing government documents.
The government highlighted a significant decline in exports, now expected to grow by just 0.9% in 2025 compared to a May forecast of 4.3%, largely due to Novo Nordisk losing U.S. market share, the report said.
Earlier in July, the obesity drugmaker cut its full-year sales and operating profit forecasts for the second time this year, as the maker of weight-loss drug Wegovy is struggling to convince investors it can remain competitive in the obesity drug boom against U.S. rival Eli Lilly .
Denmark’s Economy Minister Stephanie Lose is set to present the revised outlook at a press conference on Friday in Copenhagen, the report added.
“We expect that the pharmaceutical industry will continue to be of great importance to the Danish economy, even though we cannot expect the same extraordinarily large growth as in recent years,” Bloomberg quoted Lose as saying in the documents.
Denmark’s Ministry of Economic Affairs and Novo Nordisk did not immediately respond to Reuters’ requests for comments. Reuters could not immediately verify the report.
(Reporting by Bipasha Dey in Bengaluru; Editing by Cynthia Osterman)
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