Novo Nordisk NYSE:NVO fell 7.42% in Copenhagen after reporting that ziltivekimab failed to reduce major adverse cardiovascular events in the ZEUS phase 3 trial. The hazard ratio against placebo was 0.99, meaning no measurable difference, with a confidence interval of 0.88 to 1.11.
Ziltivekimab demonstrated target engagement and inhibition of the IL-6 pathway, with the expected reductions in free IL-6 and high-sensitivity C-reactive protein, but that did not translate into fewer cardiovascular deaths, non-fatal heart attacks or non-fatal strokes. ZEUS was double-blind and placebo-controlled, enrolling more than 6,300 people with atherosclerotic cardiovascular disease, chronic kidney disease and inflammation, on once-monthly 15 mg dosing.
Overall adverse events and serious adverse events matched placebo and there was no difference in all-cause mortality, though a higher proportion of patients on ziltivekimab had serious infections. "This does not change our strategic commitment to cardiovascular disease," said Martin Holst Lange, Novo's chief scientific officer.
The outcome won't affect Novo's 2026 adjusted operating profit outlook but will produce a non-cash impairment charge in the third quarter. HERMES in heart failure and ARTEMIS in patients following an acute heart attack both continue, due to read out in the first half of 2027. Full ZEUS results are expected later this year.