Ozempic Country's AI Bet Shows It Learned Nokia’s Lesson
Denmark is using its weight-loss dominance to build muscle.
Remember when these ruled the world?
Photographer: MARKKU ULANDER/AFPRemember Nokia Oyj, Finland’s economic miracle that turned to dust? The Danes do. Their own mini-boom of recent years has been largely fueled by one firm, Ozempic maker Novo Nordisk A/S, whose diabetes and weight-loss medications are under competitive assault from US rival Eli Lilly & Co. Novo’s share price has halved in six months; it’s given up its crown of Europe’s most valuable firm to SAP SE.
This reflects deflating hype rather than a crisis. Novo sales are still forecast to grow at double-digit rates this year, according to Bloomberg Intelligence, with Denmark’s economy set to grow above the European average. But throw in the risk of a Trump tariff war over Greenland, and you can see why there’s more fear than there used to be of a Nokia moment in a small export-reliant country of 6 million whose multinationals like AP Moller Maersk A/S and Vestas Wind Systems A/S punch well above their weight.