On July 31, Novo-Nordisk A/S fell 8.2% in regular trading, trading at $46.885/share, with turnover of $304 million. The stock had declined as much as 10% intraday before partially recovering.

On the news front, Novo-Nordisk A/S announced that its investigational anti-inflammatory drug ziltivekimab failed to demonstrate a statistically significant reduction in major adverse cardiovascular events (MACE) compared with placebo in the ZEUS Phase 3 trial. The trial evaluated once-monthly ziltivekimab 15 mg in patients with atherosclerotic cardiovascular disease, chronic kidney disease, and inflammation. MACE was defined as cardiovascular death, non-fatal heart attack, or non-fatal stroke. The company noted that while the drug showed some biological effects, these did not translate into meaningful clinical benefit. Safety data showed higher serious infection rates in the ziltivekimab group. Two additional cardiovascular outcome trials evaluating the drug in heart failure and acute heart attack patients remain ongoing, with results expected in H1 of next year.

Separately, a US court ruled that the company must face shareholder litigation related to CagriSema clinical trial disclosures, further weighing on sentiment.

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