Novo Nordisk A/S (NYSE:NVO) saw its stock decline 2.1% in premarket trading after Spain’s health ministry initiated an inquiry into the company’s obesity awareness campaign, which may have violated the country’s strict prescription drug advertising regulations.
The Danish pharmaceutical leader is facing scrutiny following concerns that the campaign’s website, removed on June 24, might have amounted to indirect promotion of prescription medications—something prohibited under Spanish law. The ministry’s review focuses on whether the campaign breached rules against both direct and indirect advertising of prescription drugs.
As reported by The BMJ, the campaign prominently featured Novo Nordisk branding and incorporated visuals resembling official content warnings. While it was endorsed by several medical societies, critics have argued that its messaging was overly aggressive and relied heavily on fear tactics.
This investigation comes at a critical moment for Novo Nordisk, which has experienced soaring demand worldwide for its GLP-1 receptor agonists, such as semaglutide—sold as Ozempic for diabetes and Wegovy for obesity. These drugs have been hailed as major advances in obesity treatment but have also ignited discussions around medicalization, access disparities, and questions about sustained efficacy.
With Novo Nordisk’s market value having surged thanks to these weight-management therapies, regulatory attention on its promotional activities holds notable implications for shareholders.