Novo Nordisk Alzheimer's Trial Failure Sends Shares Lower

Novo Nordisk A/S (NVO) said on Nov. 24, 2025, that oral semaglutide did not significantly slow cognitive decline in two Phase 3 Alzheimer's trials, triggering a sharp drop in its shares.

Phase 3 Trial Results and Company Response

Two randomized, double-blind, placebo-controlled Phase 3 trials—evoke and evoke+—tested oral semaglutide, the active ingredient in Ozempic and Wegovy, in 3,808 adults with early-stage symptomatic Alzheimer's disease over two years. The trials evaluated whether the pill could slow cognitive decline compared with placebo alongside standard care.

Novo Nordisk said in a press release at 6:21 a.m. ET that the studies failed to meet their primary efficacy endpoint. Although treatment improved Alzheimer's-related biomarkers in both trials, these changes did not translate into a delay in disease progression. The company reported no new safety concerns and will discontinue the planned one-year extension for both trials. It also said it will not pursue an Alzheimer's indication or seek regulatory approval for semaglutide in this condition. Novo Nordisk initiated the program based on real-world evidence, preclinical data, and post-hoc analyses from diabetes and obesity studies.

Market Reaction and Outlook

Following the announcement, Novo Nordisk shares fell roughly 10% over the next 72 hours. The company did not update guidance on other pipeline programs or its financial outlook and confirmed it will not submit semaglutide for regulatory approval in Alzheimer's disease.

“While treatment with semaglutide resulted in improvement of Alzheimer's disease-related biomarkers in both trials, this did not translate into a delay of disease progression,” the company said.