NVO Stock Slumps After Late-Stage Trial Fails Primary Goal – Retail Says ‘Current Revenue Drivers’ Still Intact

Novo’s Phase 3 trial showed that investigational drug Ziltivekimab did not reduce major adverse cardiovascular events compared with the placebo

• Ziltivekimab is being developed to treat patients with people with atherosclerotic cardiovascular disease, chronic kidney disease, and inflammation.
• Novo Nordisk said the trial outcome will not change its 2026 adjusted operating profit outlook.
• The firm will continue to study Ziltivekimab in two separate trials.

Shares of Novo Nordisk (NVO) crashed more than 8% on Friday and are heading for their worst day in more than five months, after the company’s Phase 3 trial evaluating its investigational drug Ziltivekimab missed the primary objective of reducing cardiovascular risks.

Despite the slump, NVO shares are on track to end in the green for a fourth straight month.

How Ziltivekimab Performed In The Trial 

The ZEUS Phase 3 trial tested Ziltivekimab, an investigational antibody that targets the IL-6 pathway for people with atherosclerotic cardiovascular disease (ASCVD), chronic kidney disease (CKD), and inflammation. IL-6, or Interleukin-6, is a protein that helps regulate inflammation and infection responses.

While the trial showed that Ziltivekimab successfully engaged its intended biological target, it did not reduce major adverse cardiovascular events (MACE) compared with placebo. Overall side effects and serious side effects were similar in patients treated with Ziltivekimab and those who received placebo.

ZEUS enrolled more than 6,300 participants and evaluated once-monthly Ziltivekimab 15 mg against placebo. MACE included cardiovascular death, non-fatal heart attack, or non-fatal stroke.

Trial Failure Will Not Impact FY2026 Operating Profit

Novo Nordisk said the ZEUS trial outcome will not change its 2026 adjusted operating profit outlook, although the company expects to record a non-cash impairment charge in the third quarter of 2026.

The company said it will continue with two ongoing cardiovascular studies of Ziltivekimab - HERMES in heart failure and ARTEMIS in patients recovering from an acute heart attack - with results expected in the first half of 2027.

Retail Calls NVO Stock Slump An Overreaction

Retail sentiment on Stocktwits remained in the ‘bullish’ territory over the past 24 hours, amid ‘high’ message volumes. NVO was among the top trending tickers on the platform at the time of writing.

One user said that while the trial failure was disappointing, it doesn’t affect Novo’s “current revenue drivers—Ozempic, Wegovy, and the rest of its diabetes and obesity portfolio.”

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Another user viewed the slump as an ‘overreaction’ as the therapy wasn’t expected to generate near-term profits.

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NVO shares are down 1.5% so far this year.

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