Shares of Novo Nordisk (NYSE: NVO) are falling this week, down 33% as of 3:27 p.m. ET on Friday. The drop comes as the S&P 500 lost 2.4%, and the Nasdaq-100 lost 2.2%. The Danish pharmaceutical giant's stock was hit after it released disappointing earnings showing that sales of its blockbuster GLP-1 drugs remain weaker than hoped.

Investors weren’t buying the dip en masse this time. Novo’s ADRs were down 3.5% to $52.04 in premarket trading Wednesday. Coming into Wednesday trading, they were down nearly 60% in the past 12 months, down 37% since the day of the CagriSema update.

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.