Novo Nordisk's weight-loss drug breakthroughs fail to halt stock decline

Novo Nordisk has faced financial struggles despite progress in its weight-loss drug pipeline. The company’s stock has fallen sharply over the past two years, dropping by around 68%. Recent trial results for new treatments like amycretin and semaglutide offer some hope, but revenue forecasts remain weak. The company’s latest drug, amycretin, showed promising results in phase 2 trials. Patients achieved up to 14.6% weight loss, with no clear plateau at higher doses. Novo Nordisk now plans to develop both injectable and oral versions of the treatment. Investors are waiting for phase 3 trial details and comparisons with rival GLP-1 drugs.

Meanwhile, semaglutide—already on the market—has demonstrated additional benefits. A 2.4 mg injection reduced obstructive sleep apnea cases by 52% compared to a placebo. It also lowered systolic blood pressure by an estimated 5.48 mmHg in patients with uncontrolled hypertension.

Financial pressures, however, continue to mount. Novo Nordisk has cut its revenue guidance multiple times for 2025 and expects a further decline in 2026. The oral Wegovy pill has been a rare success, attracting patients who prefer tablets over injections. Yet competition remains fierce, with Eli Lilly’s Zepbound outperforming Novo Nordisk’s CagriSema in weight-loss trials. Novo Nordisk is pushing ahead with amycretin’s development while relying on existing drugs like semaglutide to offset financial losses. The next key milestones include phase 3 trial designs and direct comparisons with competitors. For now, the company’s stock decline and revenue warnings highlight ongoing challenges in the weight-loss drug market.