Ozempic, Cetaphil Makers Brace for Impact From Trump Tariffs

The European makers of Ozempic for diabetes and Cetaphil for dry skin said they would feel an impact from President Donald Trump’s threatened tariffs, adding to a chorus of warnings from executives.

Novo Nordisk A/S, which makes Wegovy for obesity as well as Ozempic, isn’t “immune” to tariffs, Chief Executive Officer Lars Fruergaard Jorgensen said Thursday, despite pouring billions into US production. Over the longer term, the Danish company expects to make more medicines for the US market inside the country, and last year announced plans for a $4.1 billion factory in North Carolina.

“We still have products ...