Denmark’s largest pension fund has boosted its stake in Novo Nordisk A/S this year, betting the obesity drugmaker will outpace rivals beyond the US market where its struggles have led to two profit warnings.

The state-controlled ATP almost doubled its Novo stake in the first six months of 2025 to 4.81 million shares as of the end of June, statements show. The current share price values the holding at about $270 million.

The period included Novo’s profit warning in May but not the second on July 29, which triggered its biggest share drop on record amid investors’ concern about the intense competition facing its blockbuster Wegovy treatment in the US.

“We’re investing in a company we knew was pressured, but we believe that the company can turn things around and return to the growth track,

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