Going into 2024, 's (NASDAQ: DXCM) shares were up a whopping 14 times over the last 10 years. The company's continuous glucose monitoring (CGM) devices enjoyed tremendous demand from individuals with diabetes.

However, last week was the worst for DexCom stock since the company's initial public offering (IPO) in April 2005. Shares of the medical device maker plunged over 40% following DexCom's second-quarter update, as the company reported lower-than-expected sales and reduced its full-year guidance. Are Eli Lilly's (NYSE: LLY) and Novo Nordisk's (NYSE: NVO) drugs to blame?

At first blush, it might seem odd to think that Lilly and Novo Nordisk had anything to do with DexCom's sharp decline. So why are the two drugmakers even in the picture?

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Source Fool.com