In 2024, Novo Nordisk was Europe’s most valuable company. Its blockbuster drugs used for weight loss, Ozempic and Wegovy, became a worldwide sensation. In the two years since, competition in the market intensified, and Novo Nordisk is no longer at the top—but it’s working on a comeback.

I spoke with Novo Nordisk’s CFO Karsten Munk Knudsen about the turnaround strategy, which is off to a good start with earnings that beat expectations in Q1. An excerpt from our conversation is later in this newsletter.

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Inflation is getting worse, approaching a three-year high. Prices in April were up 3.8% compared to a year before, increasing 0.6% in the last month alone, according to Bureau of Labor Statisti figures released this morning. And while energy costs drove much of the increase—up 17.9% in the last year—core inflation, minus food and fuel, was 2.8%.

As costs climb, views on the U.S. economy dropped to another record low this month in the University of Michigan’s consumer sentiment survey—down to 48.2, from 49.2 in April. Consumers said both tariffs and gas prices make them feel down on the economy—and gas prices continue to surge, hitting a nationwide average of $4.50 a gallon today, according to AAA. President Donald Trump said on Monday he will suspend the federal gas tax to give Americans a bit of a break, which is only 18.3 cents a gallon—far less than the average price increase in the last month.

Other indicators aren’t reflecting confidence. Last week, the U.S. debt grew to the size of the U.S. economy—a line not crossed since World War II, writes Forbes senior contributor Erik Sherman. This means higher borrowing costs and interest rates, and it should also usher in tighter financial conditions for the government. Sherman also writes that while jobs data looked promising, wide-ranging revisions in the last few months have shown the number of new jobs may be way off. After all, another federal government measure showing the total number of unemployed people, as well as those marginally attached to the labor force, has been steadily increasing to 8.2%—up 0.9% in just a year.

The CFO’s office is still experiencing a lot of turnover, but the hiring rate has slowed slightly compared to last year. According to new data from leadership advisory firm Russell Reynolds Associates exclusively shared with Forbes, 4.9% of global companies appointed a new CFO in the first quarter of 2026—down from the record 5.2% in Q1last year. There’s still a lot more turnover than usual—RRA notes the seven-year average........

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