Novo Nordisk received a welcome boost on Monday as new trial data suggested its blockbuster weight-loss drug Wegovy offers stronger heart-protective benefits than rival treatments, helping the Danish pharmaceutical giant steady investor sentiment amid mounting U.S. market headwinds.
The study, released Sunday, found that patients with obesity and cardiovascular disease who took semaglutide — the active ingredient in Wegovy — experienced a 57% greater reduction in the risk of heart attack, stroke, or death compared with patients using tirzepatide, the active compound in Eli Lilly’s Zepbound and Mounjaro.
Although the analysis was based on real-world outcomes rather than a randomized controlled trial — the “gold standard” for clinical testing — the findings add to evidence that Wegovy’s cardiovascular benefits may be unique to the semaglutide molecule. Novo Nordisk reported that such events were rare overall, occurring in 0.1% of Wegovy users versus 0.4% of those on tirzepatide.
“This growing body of evidence suggests the heart-protective benefits seen with Wegovy are specific to semaglutide and cannot be assumed for other GLP-1 or GIP/GLP-1 therapies,” the company said.
Novo Nordisk and Eli Lilly remain locked in an intensifying battle to dominate the multibillion-dollar weight-loss drug market, both racing to launch next-generation treatments and oral versions of their injectable medications. Their rivalry has been amplified by soaring global demand, persistent shortages, and the rise of copycat compounders selling unauthorized versions of their drugs.
The stakes are high: weight-loss medications, particularly GLP-1 receptor agonists like Wegovy, Ozempic, Mounjaro, and Zepbound, have reshaped the pharmaceutical sector, with potential applications extending far beyond obesity into areas such as liver disease, Alzheimer’s, sleep apnea, and even addiction.
Stock prices of both firms have often moved sharply on clinical trial updates, reflecting investor appetite for any competitive advantage in the crowded space. Novo Nordisk shares rose around 3% on Monday, buoyed by the latest data.
Market analysts called the findings encouraging but cautioned against overconfidence.
“This could be a game changer if confirmed, but the market reaction shows investors are encouraged, not euphoric,” said Michael Field, chief equity strategist at Morningstar. “Rivals in this space have a long history of leapfrogging one another. Still, this demonstrates why you can never underestimate the innovative capacity of large pharmaceutical firms.”
Sheena Berry, healthcare analyst at Quilter Cheviot, echoed the sentiment, calling the study a “positive development” for Novo Nordisk but warning against firm conclusions in direct comparisons with Eli Lilly’s therapies. “After a challenging stretch, this offers a promotional advantage, and shares are up accordingly. Investors will watch closely to see if results like this can reignite growth momentum.”
Despite Monday’s bump, Novo Nordisk remains under pressure in its most important market.
After becoming Europe’s most valuable listed company in late 2023 thanks to Wegovy and Ozempic sales, Novo has since stumbled. Its share price fell 10.6% in 2024 and is down another 40% so far in 2025, dragging Denmark’s economic outlook lower given the country’s reliance on pharmaceutical exports.
The company is also caught in U.S. political and regulatory crosswinds. President Donald Trump’s administration has demanded lower drug prices, pushed manufacturers to shift production stateside, and introduced new tariff measures clouding global supply chains. At the same time, aggressive competition from Eli Lilly and other entrants threatens Novo’s U.S. market share.
Even so, analysts note that the global weight-loss drug boom remains in its early innings, and Novo Nordisk’s ability to demonstrate meaningful health benefits beyond weight reduction could help secure its competitive edge.
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