Shares in Novo Nordisk fell as much as 6% on Friday before recovering some ground later in the session, extending recent losses that threaten to wipe out all the gains since the drugmaker launched its blockbuster weight-loss treatment Wegovy four years ago.

Novo Nordisk appoints Maziar Mike Doustdar as the new CEO to tackle falling sales and shares amid stiff competition in the weight-loss drug industry, specifically from Eli Lilly's Zepbound. The change in leadership comes after the removal of former CEO Lars Fruergaard Jorgensen and growing concerns about the company's U.