By A single clinical trial result unleashed pandemonium across European markets Thursday, with Novo Nordisk’s 7% collapse dragging down the entire healthcare sector. The Stoxx Europe 600 Healthcare Index fell 2.3% – its worst day since September 2023 – as investors reassessed valuations across the continent’s drugmakers.
Contagion Spreads:
- Roche (-1.8%) on diabetes drug concerns
- Sanofi (-2.1%) as GLP-1 pipeline doubts emerge
- AstraZeneca (-1.2%) despite no direct competition
- Danish OMX index fell 1.4% on Novo’s weighting
“The market is pricing in therapeutic obsolescence for injectables,” warned Bernstein analyst Wimal Kapadia, noting oral GLP-1s could capture 65% of the obesity market by 2030. Novo’s ADRs saw record volume of 18.2 million shares traded – 400% above its 30-day average.