For years, there was no stopping Novo Nordisk, the Danish drugmaker behind Ozempic. Its diabetes drug became a cultural phenomenon for its ability to induce drastic weight loss while also reducing the risk of heart attacks and other serious diseases in people with obesity. Its potential to transform the health care industry made it a darling of the stock market, surging to become the most valuable company in Europe.

Then, suddenly, its fortunes took a turn.

Novo Nordisk’s share price has plummeted more than 50% this year, pushing it out of the Top 10 list of Europe’s most valuable companies. The company bewildered analysts in May when it abruptly said it would replace its CEO, and it has seemed unable to keep ahead of competition from American drugmaker Eli Lilly and the prevalence of ch

See Full Page