As bad as things may seem, Novo Nordisk still has a robust diabetes and obesity business that should grow over the years.

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European shares were muted on Wednesday as losses in Novo Nordisk offset strength in energy stocks, with investors also tracking software shares and awaiting a key inflation report.

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Novo Nordisk’s U.S.-traded shares slid 13% Tuesday after the drugmaker unexpectedly warned that its 2026 sales would decline more sharply than expected, as pricing pressure weighs on U.S. sales of its ...