European stocks flat after Novo Nordisk issues bleak forecast, energy holds up

European shares were muted on Wednesday as losses in Novo Nordisk offset strength in energy stocks, with investors also tracking software shares and awaiting a key inflation report.

The pan-European STOXX 600 .STOXX was flat at 618.26 points by 0812 GMT, with healthcare .SXDP down 1.9% and leading sector losses.

Novo NordiskNOVOb.CO shares slumped 18.7% after the Wegovy maker said it expects its sales and operating profit in 2026 to fall year on year as the company battles a competitive weight-loss drug market.

A 1.3% rise in energy stocks .SXEP, tracking higher crude prices as geopolitical tensions simmered between the United States and Iran, helped limit losses.

The Danish stock index .OMXC20 slid 7.8% and was on track for its biggest daily fall since July 2025.

Meanwhile, traders were also keeping an eye on European software companies that came under pressure in the previous session after Anthropic's launch of plug-ins stoked fears of AI-fuelled disruptions world-wide.

Tech .SX8P and media stocks .SXMP slipped 0.3% and 0.5%, respectively after logging steep declines on Tuesday.

Investors are also awaiting January eurozone inflation data due later in the day. Economists polled by Reuters expect inflation at 1.7%, below the European Central Bank’s 2% target as price pressures ease.

-Reporting by Avinash P and Johann M Cherian in Bengaluru; Editing by Nivedita Bhattacharjee/Reuters