Shares of Danish pharmaceutical company Novo Nordisk fell sharply on November 24, 2025, following disappointing results from clinical trials of its weight loss drug, semaglutide. The company’s stock hit a four-year low after it was revealed that the drug did not slow the progression of Alzheimer’s disease as initially hoped.
Novo Nordisk aimed to repurpose semaglutide, the active ingredient in its popular weight loss injections Wegovy and Ozempic, as a potential treatment for dementia. Early indications had prompted optimism, but results from two large-scale clinical studies revealed no statistically significant benefits for patients with mild cognitive impairment or mild dementia related to Alzheimer’s.
In the trials, which involved 3,808 participants aged between 55 and 85, half received oral semaglutide while the other half were given a placebo. The findings indicated that semaglutide did not lead to a meaningful reduction in the progression of Alzheimer’s disease compared to the placebo group. As a result, Novo Nordisk’s market value dropped by 12 percent.
Responses from Health Experts
Martin Holst Lange, chief scientific officer and executive vice president of research and development at Novo Nordisk, expressed disappointment over the results. He stated, “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.” He emphasized that while semaglutide did not prove effective in this context, it remains beneficial for individuals with type 2 diabetes, obesity, and related health issues.
Fiona Carragher, chief policy and research officer at the Alzheimer’s Society, noted the disappointing nature of the trial results. “It’s very disappointing that these eagerly awaited results are not what we hoped for,” she stated. She further emphasized that no trial is wasted, as they contribute to the development of better drugs and research methodologies in the future. Carragher highlighted the ongoing need for research, pointing out that over 130 Alzheimer’s drugs are currently in clinical trials, with approximately 30 in late-stage trials, which represent the final step before regulatory consideration.
Carragher also called for increased government investment in early diagnosis initiatives. “There is a critical window of opportunity to prepare for other disease-modifying treatments coming down the track,” she said. “One in three people with dementia don’t currently have a diagnosis, and we must avoid a situation where regulators approve treatments but too many people don’t receive them because they lack early and accurate diagnoses.”
Broader Implications for Alzheimer’s Research
Dr. Susan Kohlhaas, executive director of research at Alzheimer’s Research UK, acknowledged the challenges presented by the trial results. She remarked, “Today’s disappointing results on semaglutide will come as a blow for people affected by Alzheimer’s.” Kohlhaas pointed out that Alzheimer’s disease is driven by various biological processes, suggesting that no single treatment is likely to suffice. She urged for a focus on understanding these processes in greater detail to develop multifaceted treatments that could effectively address the disease.
The results of these trials underscore the complexities of Alzheimer’s research and the ongoing challenges faced in finding effective treatments. As the field continues to evolve, experts remain hopeful that the lessons learned will contribute to future breakthroughs in the battle against this debilitating condition.
