On the heels of announcing new introductory prices for self-pay patients of its semaglutide products Wegovy and Ozempic, Novo Nordisk’s stock fell following the company’s announcement of unsuccessful topline results from its Evoke and Evoke+ Phase III trials.

The two trials were double-blind, randomized, and included a total of 3,808 adult participants aged 55-85, evaluating the efficacy and safety of Novo Nordisk’s oral semaglutide Rybelsus, compared to placebo, on top of standard of care.¹

Novo Nordisk based its decision to pursue an Alzheimer’s disease indication with semaglutide on real-world evidence studies, and pre-clinical models, along with post-hoc analyses from diabetes and obesity trials.¹

The trials were referred to as a “lottery ticket” from Novo Nordisk, as the company viewed trial outcomes as “highly uncertain.”²

“Based on the significant unmet need in Alzheimer’s disease as well as a number of indicative data points, we felt we had a responsibility to explore semaglutide’s potential, despite a low likelihood of success. We are proud to have conducted two well-controlled phase III trials in Alzheimer’s disease that meet the highest standards of research and rigorous methodology,” said Martin Holst Lange, chief scientific officer and executive vice president of research and development at Novo Nordisk. “We sincerely thank all participants and their caregivers for their meaningful contributions. While semaglutide did

not demonstrate efficacy in slowing the progression of Alzheimer’s disease, the extensive body of evidence supporting semaglutide continues to provide benefits for individuals with type II diabetes, obesity, and related comorbidities.”

Novo Nordisk’s stock reacts to the Evoke and Evoke+ Phase III trial results

Following the company’s announcement of lackluster results from both its Phase III trials, Novo’s shares dropped nearly 9% pre-market, a significant shift the company hasn’t seen in its shares since its executive board mix-up back in October.

This marks another setback for Novo Nordisk, as the company’s shares are down over 50% on the year following layoffs and growing competition in the GLP-1 market.¹

What is Novo Nordisk’s plans after unsuccessful trial results from Evoke and Evoke+?

Both the Evoke and Evoke+ trials were slated to be completed over the course of three years, attempting to confirm superiority of semaglutide versus placebo in the reduction of progression of Alzheimer’s disease, as measured by the change in Clinical Dementia Rating – Sum of Boxes (CDR-SB) score compared to baseline, however after unsuccessful results Novo Nordisk is expected to discontinue the one-year extension plan for the study based on the efficacy results observed in the overall study population.¹

Erik Berg-Johnsen, portfolio manager at Novo shareholder Storebrand asset management, touched on the trial’s results, telling Reuters that the trial failure was likely "a nail in the coffin" for using Novo Nordisk products against Alzheimer's, saying, "The fact that the study was discontinued after two years, despite a planned third year extension, suggests that semaglutide offers virtually no benefit in slowing Alzheimer's progression."

Sources

1. Novo Nordisk A/S: Evoke phase 3 trials did not demonstrate a statistically significant reduction in Alzheimer's disease progression. Novo Nordisk. November 24, 2025. https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=916462
2. Jacobsen S, Fick M, Gronholt-Pedersen J. Novo Nordisk Alzheimer's drug trials fail in blow to weight-loss giant. Reuters. November 24, 2025. https://www.reuters.com/business/healthcare-pharmaceuticals/novo-nordisk-says-alzheimers-drug-trial-fails-meet-main-goal-2025-11-24/