"A leading factor in this decline was the announcement that semaglutide-the core ingredient in Novo Nordisk's blockbuster drugs Ozempic and Wegovy- failed to slow cognitive deterioration in two major clinical trials for Alzheimer's disease. Results from the EVOKE and EVOKE+ trials showed no significant advantage over a placebo, erasing hopes that the company could expand its diabetes and obesity franchise into neurodegenerative disorders."
""While treatment with semaglutide resulted in improvement of Alzheimer's disease-related biomarkers in both trials, this did not translate into a delay of disease progression," the company said. Analyst skepticism had been building, but this definitive trial failure has wiped out near-term prospects for growth from new indications. Investors question whether external acquisitions can make up for underperformance in the company's pipeline."
Novo Nordisk's U.S.-listed shares fell over 5% to a four-year low near $45, wiping out nearly half the company's value since early 2025. Semaglutide failed to slow cognitive decline in the EVOKE and EVOKE+ Alzheimer's trials despite improving related biomarkers, removing hopes for neurodegenerative indications. Analysts view the trial failure as erasing near-term growth prospects from new indications and raising doubts about pipeline performance and acquisition strategies. The company faces slowing sales growth for Wegovy and Ozempic, lower U.S. prescriptions, rising competition from rivals such as Eli Lilly, regulatory and pricing pressures, and scrutiny over a $2 billion licensing deal.
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