Shares of Copenhagen-listed Novo Nordisk slid by more than 10% in mid-morning trading on Monday following the company's announcement that its experimental obesity drug CagriSema did not reach the primary endpoint in an open-label, head-to-head clinical trial.
The trial had been structured to determine whether CagriSema could match or avoid lagging behind Eli Lilly's Tirzepatide in reducing body weight. Novo Nordisk said the primary endpoint was not met in that comparison.
Investors have already been watching Novo closely after the company established a strong position in obesity treatment with products such as Wegovy and Ozempic. The firm now confronts heightened rivalry from Eli Lilly and from telehealth companies marketing lower-cost copycat versions of obesity drugs. Market volatility for the company has been significant; in 2025, shares of Novo experienced a 49% decline.
In parallel with the trial news, Novo said last week it will nominate two veterans from the drug industry to its board of directors. The company also installed Lars Rebien Sorensen as board chairman. Sorensen is a prominent voice who had criticized management for not responding more quickly to competitive challenges in the U.S. market.
The combination of the clinical trial setback and ongoing competitive pressures has produced a swift market reaction, as reflected in the more than 10% drop in the company's Copenhagen-listed shares during mid-morning trading on Monday. The company did not provide additional new data beyond the outcome that the primary endpoint was not achieved in the head-to-head study.
This report reflects the information released by the company concerning the trial outcome, recent board nominations, and the market response. Further developments or additional company disclosures may provide more context on CagriSema's clinical profile and strategic implications for Novo Nordisk's market position.