Novo Nordisk’s market value has fallen roughly 70% from its 2024 high, erasing about €430 billion as investors fret over intensifying competition for blockbuster obesity drugs and the possibility of new trade barriers. In India, the patent on semaglutide is nearing expiry, and local manufacturers including Dr. Reddy’s Laboratories, Cipla, Sun Pharmaceutical and Mankind Pharma are preparing so-called Day-1 launches of cut-price generics. Analysts expect the move to sharply lower prices in the nation’s ₹628-crore anti-obesity market and add to global pressure on the Danish company’s flagship therapies Ozempic and Wegovy. Competitive pricing is also escalating in the United States, where digital-health platform Noom has begun selling a low dose of compounded semaglutide for an introductory $119, rising to $199 after the first month. Barclays cautioned that price erosion across the broader GLP-1 drug class could arrive “faster and more deeply” than previously forecast. Adding to the turmoil, Novo Nordisk disclosed it had received an unsolicited mini-tender offer from Canada’s TRC Capital to buy up to two million shares—less than 0.1% of the stock in issue. The company said it remains neutral on the proposal and is not recommending shareholders accept the below-market bid. The flurry of setbacks has renewed concern that the drugmaker’s difficulties could ripple through Denmark’s economy and weigh further on global healthcare equities already lagging the broader market this year.