Novo Nordisk (NVO) continued its downward spiral and fell 3.8% in premarket trade, a day after the Danish drugmaker slashed its full-year outlook, weighed down by its obesity drug franchise led by its GLP-1 medication semaglutide.

The deal was Novo Nordisk’s bid to grab back market share from the cheaper, knockoff versions that Hims & Hers and other telehealth companies were selling. But within weeks, Nov

Novo Nordisk A/S’s best-sellers Ozempic and Wegovy transformed the firm into a global pharmaceutical giant. But four years after Wegovy’s US launch, the Danish drugmaker’s growth is slowing. About one million patients in the US are taking cheaper copycat options.