Nordic Edition

Novo’s Painful Reversal of Fortune Has Echoes of Insulin Wars

The drugmaker lost $60 billion in market value in a matter of days

Novo Nordisk signage on the floor of the New York Stock Exchange.Photographer: Michael Nagle/Bloomberg

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By Kati Pohjanpalo

February 6, 2026 at 11:16 AM UTC

Hi, this is Kati Pohjanpalo in Helsinki. Welcome to our weekly newsletter on what’s shaping economies and investments from the Arctic to the Baltic Sea. You can subscribe here.

“There’s no fast money here.”