Denmark’s heavy reliance on a handful of global champions is under scrutiny as Novo Nordisk and Ørsted, two of its flagship companies, show signs of strain. Novo Nordisk, famed for its obesity drugs Ozempic and Wegovy, is cutting 9,000 jobs—more than half in Denmark—after losing ground to U.S. rival Eli Lilly. Ørsted, once the poster child for offshore wind, has been hit by soaring costs, supply chain delays and U.S. political hurdles, forcing it to raise billions in new capital. The situation has drawn comparisons with Finland’s “Nokia moment,” when the collapse of a single dominant firm shook the national economy. Denmark’s top ten companies now generate revenues equal to 45% of GDP, and Novo alone accounts for around 5%, leaving the state budget and welfare spending vulnerable to swings in corporate fortunes. Analysts note that Denmark’s finances remain strong and its firms are still profitable, but warn that over-reliance on a few giants leaves the country exposed. The challenge now is to diversify growth and avoid repeating Finland’s painful lesson in economic dependence.
