Shares of Novo tumbled as much as 30% in Copenhagen on Tuesday, sliding to their lowest level since February 2022 after the company issued a trading update that disappointed investors. The sell-off extends a rough year for the pharmaceuticals group, whose stock is now down about 44% since January amid rising costs and a string of negative developments that have eroded confidence in its earnings outlook. Novo said it will discuss the update and its outlook with analysts on a conference call scheduled for 14:30 CEST.