Novo Nordisk’s stock is experiencing a steep drop following major clinical setbacks and intensifying competitive pressure in the weight-loss-drug market.
U.S.-listed shares fell over 5% on Monday to a four-year low, around $45, continuing a downward spiral that has seen the company lose nearly half its value since the beginning of 2025.
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 addressing 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.
