Novo Nordisk shares peaked at $135.66 in June 2024, then fell for two years
The maker of Ozempic and Rybelsus hit its highest closing share price in June 2024; the price record since then says nothing about drug safety, list prices or insurance coverage.
On June 25, 2024, Novo Nordisk's US-listed shares (ticker NVO) closed at $135.66, the highest closing price in the company's recorded history, according to adjusted price data that runs back to 2011 [1]. It marked the top of a long climb, and it was followed by more than two years of decline [1].
The figures are adjusted for splits and dividends, so they reflect total return rather than the raw prices quoted on any given day [1]. The shares ended 2021 at $49.94, 2022 at $61.25 and 2023 at $94.85, which put the June 2024 peak at nearly three times the 2021 close [1]. Novo Nordisk then finished 2024 at $79.73, down 15.94% from the end of 2023 [1].
The decline steepened in 2025. The company closed that year at $48.46, a drop of 39.22% and the largest annual fall in the table, which begins with 2012 [1]. The 2025 range ran from a high of $84.30 to a low of $42.74 [1].
Through September 14, 2026, the most recent close in the record, the shares stood at $43.45, down 10.34% from the 2025 close and about 68% below the June 2024 peak [1]. Over the prior 52 weeks the shares traded as high as $64.16 and as low as $35.12, with an average of $47.75 [1]. The same page lists Novo Nordisk's market value at $192.31 billion and revenue at $46.80 billion; it does not say which period the revenue figure covers [1].
The price record does not explain the decline. It ties the move to no specific product, supply problem, pricing decision or change in insurance coverage, and those questions are left unanswered by the data [1]. Novo Nordisk is based in Bagsværd, Denmark, and the products named on the same page include Ozempic, Rybelsus, Victoza, Saxenda and several insulin brands [1].
Why it matters for patients
A share price measures what investors will pay for a piece of a company. It is not a measure of whether a medicine works, whether it is safe, or whether a pharmacy has it in stock. This price record contains no information about the safety or effectiveness of any Novo Nordisk product, and no information about US list prices, copays or insurance coverage [1].
Investors trade these shares on expectations about future sales, competition and costs. Big swings in a drugmaker's stock are often read as a signal about expected demand for its medicines, but this price history alone does not show what buyers and sellers were reacting to [1]. For a patient, a lower share price does not by itself change a prior authorization, a copay or a refill [1].
Ozempic and Rybelsus are both semaglutide, and both appear on the product list on the same page [1]. The page does not break out how much revenue comes from any single drug, so the link between the stock price and any one prescription is not established here [1].
What happens next
The record updates with each new close; the most recent entry is September 14, 2026 [1]. Whether the shares recover or fall further has not been reported. The page does not list upcoming earnings dates, product approvals or other company events that could move the stock [1].
Sources
Semaglutides.org provides information only, not medical advice. Talk to a licensed provider about your own care before making changes. Some telehealth links are affiliate links and are labeled where they appear.