Novo Nordisk Shares Drop After Heart Drug Trial Fails

Novo Nordisk saw its shares drop between 7% and 10% on July 31, 2026, following the failure of the ZEUS phase 3 clinical trial for its experimental heart drug ziltivekimab. The trial, which included over 6,300 patients with atherosclerotic cardiovascular disease, chronic kidney disease, and elevated inflammation, found that the drug did not lower the risk of major adverse cardiovascular events such as heart attacks, strokes, or cardiovascular deaths compared to a placebo.

Although ziltivekimab successfully inhibited the IL-6 inflammatory pathway and showed biological effects, the results were coupled with a higher rate of serious infections among patients. The company expects to record a non-cash impairment charge in the third quarter, though it stated the failure will not affect its 2026 adjusted operating profit outlook.

Investors and analysts view the setback as a blow to the company's efforts to diversify revenue beyond its GLP-1 obesity franchise, especially as it faces intense competition from Eli Lilly and Company. Two other late-stage trials for the drug, Hermes and Artemis, are expected to conclude in the first half of 2027. Despite the result, Chief Scientific Officer Martin Holst Lange maintained the company's strategic commitment to cardiovascular disease.