Novo Nordisk shares dive 9% after heart medicine fails trial

Novo Nordisk (NVO) shares plunged as much as 10% on Friday after the company announced its late-stage trial for ziltivekimab failed to meet its primary endpoint. The experimental heart medicine did not produce a statistically significant reduction in major adverse cardiovascular events (MACE) compared to placebo, the Danish drugmaker said Friday.

The failure marks a setback for Novo Nordisk's efforts to expand beyond its core diabetes and obesity franchises. Ziltivekimab was being tested as a treatment aimed at reducing cardiovascular risk, a large addressable market given the global burden of heart disease. The trial's inability to demonstrate meaningful MACE reduction eliminates a potential growth driver for the company.

The sharp selloff reflects investor disappointment in the pipeline miss. With Novo Nordisk's GLP-1 products Ozempic and Wegovy driving much of the company's recent momentum, the market had been watching cardiovascular programs as a way to diversify revenue streams and support valuation.