Danish pharmaceutical giant Novo Nordisk on Tuesday cut its full-year sales and profit guidance, citing weaker growth expectations for its Wegovy obesity drug in the key U.S. market. Shares were down 17% at 12:30 p.m. London time, shortly after the announcement (7:30 a.m. ET).

President Donald Trump sent letters to 17 of the world’s largest pharmaceutical companies — including Eli Lilly & Co., Novo Nordisk A/S and Pfizer Inc. — insisting they slash their US prices on new drugs to the lowest amount paid by certain other countries.