Novo Shares Gain As Wegovy Shows Big Edge Over Lilly’s Tirzepatide In Heart Study  

Novo Nordisk shares rose in Copenhagen trading on Monday after the pharmaceutical giant reported on Sunday that its weight-loss drug Wegovy reduced the risk of heart attack, stroke, or death by 57% compared with tirzepatide, the active ingredient in Eli Lilly’s Mounjaro and Zepbound.

The new findings come from a STEER real-world study, which collected evidence from patient experiences at the European Society of Cardiology in Madrid, Spain. The study investigated the risk of major adverse cardiovascular events with Wegovy compared with tirzepatide treatment in people with overweight or obesity and cardiovascular disease. 

“Compared with tirzepatide, Wegovy showed a significant 57% greater risk reduction for heart attack, stroke and cardiovascular-related death or death from any cause, in people with overweight or obesity and CVD, who did not have any gaps in their treatment lasting more than 30 days,” Novo wrote in a press release. 

UBS analyst Tricia Wright commented on the results: 

While this was not a randomized controlled trial, Novo said the study adds to growing evidence suggesting that the heart-protective benefits seen with Wegovy are specific to its key ingredient semaglutide and therefore cannot be extended to other GLP-1 drugs, such as tirzepatide. These findings could give a lift to Novo, which has been losing US market share to Zepbound.

These findings could give a lift to Novo, which has been losing U.S. market share to Zepbound.

Novo bulls have been searching – especially Goldman analysts – for a positive news cycle for the pharma giant after shares have tumbled 70% since peaking in June 2024.

Compounding GLP-1 headwind has been a headache for the industry:

• Novo Shares Crash Most On Record After Forecast Slashed On Compounded GLP-1 Headwinds

However, Novo shares have rebounded 26% since bottoming in early August. There has been some positive news flow:

• Novo Shares Gain As Wegovy Wins FDA Approval For Liver Disease

As we’ve previously mentioned:

For Novo shares to rebound meaningfully, the company must address compounded GLP-1 knockoffs that have flooded the U.S. market, undermining demand and slowing Wegovy’s expansion. Novo noted in its earnings release earlier this month that it is “pursuing multiple strategies, including litigation, to protect patients from knockoff ‘semaglutide’ drugs.” Meanwhile, the clock is ticking for HIMS.

Novo’s decline must have been a rough ride for Goldman clients after listening to superbull analyst James Quigley.