Novo Nordisk Drops After Semaglutide Shows No Alzheimer’s Benefit

Novo Nordisk (NVO) shares fell nearly 9% after the company announced disappointing trial results for oral semaglutide, the core ingredient behind blockbuster drugs Ozempic and Wegovy. The late-stage studies found no statistically significant slowing of early-stage Alzheimer’s disease compared to placebo.

Trial Overview

The company reported results from two rigorous clinical trials:

Randomised, double-blinded design
3,808 adults enrolled
Oral semaglutide tested against placebo
Conducted alongside standard of care therapies
Focused on early-stage Alzheimer’s disease progression

What the Results Showed

Semaglutide did not slow cognitive decline or disease progression.
The drug improved some Alzheimer’s-related biomarkers, but…
These improvements did not translate into meaningful clinical benefits.
Novo Nordisk reiterated the trials were run despite a low likelihood of success.

Company Response

Martin Holst Lange, Chief Scientific Officer, noted:

Semaglutide did not demonstrate efficacy in slowing Alzheimer’s progression.
However, the drug still has a strong evidence base in approved uses:

Type 2 diabetes
Obesity
Related metabolic conditions

Injectable semaglutide — Ozempic and Wegovy — remains fully approved for these indications.

Market Reaction

Novo Nordisk (NVO) fell ~9% in Europe.
US-listed ADRs dropped by a similar magnitude.
Investors reacted sharply to the failed push into a massive, unmet Alzheimer’s market.