Novo Nordisk's $475-billion rise and fall as Wegovy-era gains wiped out

Reuters

Mon, February 23, 2026 astatine 10:55 AM CST 1 min read

Feb 23 (Reuters) - Novo Nordisk shares slumped by much than 16% connected Monday, wiping distant the remaining ‌gains brought by its blockbuster weight-loss cause Wegovy, ‌after the drugmaker said its next-generation obesity cause CagriSema underperformed Eli Lilly's ​rival.

Novo, which successful 2024 was worthy much than $650 billion, has since shed astir $475 billion, with the shares backmost astatine levels past seen earlier Wegovy transformed it into Europe's astir ‌valuable drugmaker.

Novo's shares ⁠fell to their lowest level since June 2021, erstwhile Wegovy was archetypal launched, driving a ⁠long income and stock terms roar that adjacent helped propel Denmark's wider economy.

Novo shares were among the biggest decliners successful ​Europe's benchmark ​STOXX 600 index. Meanwhile, ​shares of Eli Lilly roseate ‌about 4% successful U.S. greeting trade.

UPHILL BATTLE TO WIN BACK MARKET SHARE

J.P. Morgan analysts said the proceedings miss was a important setback that could curb request for CagriSema, temper semipermanent income hopes and permission Novo struggling to ‌win backmost stock successful the fast-growing ​obesity attraction market.

The setback adds to ​investor worries astir ​intensifying contention successful obesity treatments, wherever request is ‌increasingly driven by drugs offering ​the top ​weight-loss results.

Shares of Novo's Danish adjacent Zealand declined 7%, but analysts brushed disconnected broader concerns astir its ain ​weight-loss drug, likewise ‌targeting the amylin hormone.

(Reporting by Jesus Calero successful ​Gdansk and Bhanvi Satija successful London, editing by ​Milla Nissi-Prussak and Andrei Khalip)