Novo Nordisk shares fell as much as 10% on Friday after the company's experimental heart medicine ziltivekimab failed to reduce major adverse cardiovascular events compared to placebo in a late-stage trial. The Copenhagen-listed stock traded below 300 kroner as American depositary receipts dropped roughly 8.6% in premarket trading.
The phase 3 ZEUS study involved more than 6,300 patients with atherosclerotic cardiovascular disease, chronic kidney disease and elevated inflammation. Ziltivekimab, which is not yet an approved drug, did not lower the risk of serious cardiovascular events versus placebo. The company said the setback will result in a non-cash impairment charge in the third quarter but will not affect its 2026 adjusted operating profit guidance. Novo Nordisk is continuing two additional studies of the drug.
The disappointing data came days before Novo Nordisk is due to report second-quarter earnings. The shares were already down roughly 70% from their mid-2024 peak entering Friday's session.