Since their peak last year, the decline is more pronounced. Novo Nordisk<\/a> has lost $367bn in value since its peak in June 2024, a fall of more than two-thirds, while Lilly<\/a> has fallen 29 per cent from a record valuation last year, wiping $250bn off its market capitalisation. <\/p>\n The makers of weight-loss drugs are vulnerable to stock market swings like any other area of the pharma sector, said Evan Seigerman, an analyst at BMO Capital Markets.<\/p>\n \u201cThe obesity franchise businesses were supposed to save everyone\u2009.\u2009.\u2009.\u2009but in reality, these are complex markets with ups and downs and risks,\u201d he said.<\/p>\n Denmark\u2019s Novo Nordisk, which ousted its chief executive<\/a> in May, has fallen 49 per cent this year, shedding $166bn in value, and has been losing ground to Lilly. Its fourth-largest shareholder, Norway\u2019s $2tn oil fund, this week said its holdings in the group had lost $1.2bn in value in the first half of the year. <\/p>\n Lilly has lost $86bn in value in 2025, an 11 per cent drop, with the stock selling off this month after it reported a disappointing trial result<\/a> for its highly anticipated oral weight-loss drug orforglipron. Its shares this week traded at their lowest since February 2024 before mounting a partial recovery. <\/p>\n The combined drop in the companies\u2019 market capitalisation this year is roughly equivalent to the entire value of luxury goods group Herm\u00e8s, one of Europe\u2019s most valuable corporates. <\/p>\n