Novo Nordisk slumps to almost 5-yr lows after obesity drug trial disappoints investors

Zealand Pharma A/S

23/02/2026 11:25

Updates with analyst comments, share move

** Shares in Novo Nordisk NOVOb.CO slump 16% after the Danish pharmaceutical giant said its experimental obesity drug failed to meet the primary endpoint in a trial designed to show non-inferiority to Eli Lilly's LLY.N tirzepatide in reducing weight

** Novo Nordisk said CagriSema achieved a 23% reduction in body weight over 84 weeks, compared to 25.5% for tirzepatide in the trial

** J.P.Morgan says today's "disappointing" results likely will curtail the competitiveness of the product in the market

** "Inferiority to Zepbound means it is unlikely to help Novo retake market share in obesity," it adds

** Nordnet's Per Hansen says disappointing news means CagriSema is a big letdown to investors

** The stock hits its lowest level since June 2021, when the Danish company officially launched its Wegovy drug in the U.S.

** Peer Zealand Pharma's ZELA.CO shares fall 6%

 (Reporting by Jagoda Darlak and Boleslaw Lasocki in Gdansk)

 ((Jagoda.Darlak@thomsonreuters.com; +48 58 769 65 40;))