Shares in Wegovy maker Novo Nordisk fell around 4% on Friday to their lowest since August 2021, after U.S. President Donald Trump sent letters to major pharmaceutical firms to cut drug prices in the United States.

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.