Shares in Novo Nordisk, the Danish maker of Ozempic and Wegovy, tumbled after studies showed the active ingredient in its hit weight-loss drugs didn’t slow the progress of Alzheimer’s disease.
Novo Nordisk stock recently stood about 5.7% lower.
The shares have tumbled by nearly three-quarters since hitting a peak at 1,028 Danish kroner in June last year.
That translates to a loss of market value that is approaching half a trillion dollars: in recent trading, Novo Nordisk’s market capitalization stood at about $190 billion, down about $468 billion from the June 2024 peak.
The company trades in the U.S. through American depositary receipts with the ticker NVO. These also dropped sharply.
The challenges faced by Novo Nordisk contrast with U.S. rival Eli Lilly, which recently became the first $1 trillion drugmaker. Lilly stock (LLY) edged up.