KODAK (AP) — A pharmaceutical company that once boasted of producing the world’s first electronic cigarette is losing billions of dollars after a series of stock price swings.

The stock in Kodak has lost nearly $5.8 billion since 2009, according to Thomson Reuters data.

The company had about 1.7 million shares outstanding at the close Wednesday.

KODAYS stock was down more than 12 percent at $18.93 a share.

It is down more this year.

KIDAK shares have fallen nearly 60 percent over the past five years and were down by more than half this year after the stock dropped nearly 15 percent Thursday, said Tom Gormley, a stock analyst with GGW Capital in New York.

“I think it’s going to be very difficult to re-create that kind of growth,” he said.

The biggest decline occurred on Feb. 9 when Kodak reported an operating loss of $1.6 billion.

The Nasdaq-100 index of publicly traded companies lost about 2.5 percent.

KIDS pharmaceuticals was the fourth-largest stock on the Nasdaq.

The largest loss was on Jan. 26 when the company reported a $1 billion loss.

Kodak shares fell nearly 10 percent on Feb 15 when it reported a loss of about $1,000 per share.

The latest stock price drop follows a sharp decline in the pharmaceutical industry over the last several years.

The United States has become the world leader in pharmaceutical spending after spending nearly $400 billion on drugs and medical devices in fiscal 2015, according the U.S. Centers for Disease Control and Prevention.

“If you’re an American who has an illness, the pharmaceutical companies will tell you you need to get your drug, you need your medication, but if you don’t get your medication you’re going to die,” said Michael Wertz, a senior fellow at the Center for International Business at George Mason University.

The pharmaceutical industry’s reliance on the U