Novo Nordisk shares slide after new Alzheimer's pill shows no benefit

Novo Nordisk shares fell sharply in Copenhagen after a two-year review of the Evoke and Evoke+ Phase 3 trials showed that an oral version of semaglutide did not slow early-stage symptomatic Alzheimer’s disease. The stock dropped nearly 10 percent by afternoon trading on November 24, its steepest intraday decline since late July. The company’s shares are down 55 percent for the year, reaching levels last seen in 2021.

The trials followed 3,808 adults over two years. Researchers reported improvements in biomarkers associated with Alzheimer’s disease but saw no meaningful effect on cognitive decline, measured by the Clinical Dementia Rating scale. Novo said the final year of the studies will be halted.

In a statement, the company said semaglutide improved several biological indicators in both trials but failed to delay disease progression. Chief scientific officer Martin Holst Lange said the studies were launched despite a low chance of success and thanked participants and caregivers. He said the broader evidence base continues to support semaglutide’s role in treating type 2 diabetes, obesity and related conditions.

Goldman Sachs analyst James Quigley said the trials did not meet their primary endpoint and showed no difference between semaglutide and placebo. He said a one-year extension study will be discontinued and noted that topline data will be presented at a conference on December 3. He added that semaglutide performed as expected on safety and tolerability measures.

Quigley said his team had assigned a low probability of significant sales from semaglutide in Alzheimer’s disease. He said the financial impact of removing the program from forecasts is limited, though he noted investor worries about growth in 2026. He maintained a buy rating on the stock with a 12-month target of 393 Danish kroner.

Nordnet economist Per Hansen said investors had attached little value to the program, though hopes for a positive outcome remained.