Shares in Novo Nordisk fell as much as 6% on Friday to their lowest since August 2021, extending recent losses to wipe out almost all the gains made since the drugmaker launched its blockbuster weight-loss treatment Wegovy.

Partially as a result, Novo Nordisk stock has steadily declined since last summer. Over the past year, NVO shares are down more than 57%. And since the beginning of 2025, the company’s share price has declined more than 35%. As of the time of this writing, NVO shares are down just over 20% this morning to $55.17 per share.

U.S.-listed shares of Novo Nordisk sank in premarket trading Tuesday after the Danish drugmaker cut its full-year outlook and named a new CEO.