Novo Nordisk Faces a Defining Week as ZEUS Trial Wraps and CagriSema Lawsuit Advances

Novo Nordisk stock rises 6.74% as ZEUS cardiovascular trial completes, but a shareholder lawsuit over CagriSema obesity data moves toward discovery after judge denies dismissal.

Novo Nordisk’s stock has clawed back ground over the past week, but the Danish drugmaker enters a critical stretch where two very different narratives are converging. On one side, a long-running cardiovascular trial has reached completion, offering hope for pipeline diversification. On the other, a shareholder lawsuit over the CagriSema obesity study is moving toward discovery after a judge refused to toss the case.

Shares closed at €45.20 in German trading on Wednesday, up 1.23% on the day and 6.74% over the prior seven sessions. The stock now sits 49.42% above its 2026 low of €30.25 from March 2, yet remains 17.61% below the year’s peak of €54.86 reached on January 23.

ZEUS Trial Reaches Finish Line

The immediate catalyst for the recent uptick isn’t a product launch or earnings beat — it’s a clinical trial registry update. The ZEUS cardiovascular outcomes study, which began enrollment in August 2021, was officially marked as complete on July 27, 2026. Patient follow-up has ended, and full data analysis is now underway.

ZEUS tests a novel cardiovascular compound distinct from Novo Nordisk’s blockbuster GLP-1 franchise, which includes Ozempic and Wegovy. While completion alone doesn’t reveal results, it marks a milestone in de-risking a program that could become a second growth engine alongside the company’s metabolic drugs. Strong data would challenge rivals developing anti-inflammatory heart therapies; weak results would reignite questions about pipeline depth and valuation.

The trial sits within a broader pipeline expansion. Novo Nordisk has recently launched Phase 3 studies in the AMAZE program for the obesity candidate Zenagamtide and continues advancing CagriSema development, signaling a deliberate push beyond its established product lines.

Legal Setback in New Jersey

That same Wednesday, a federal judge in New Jersey dealt Novo Nordisk a legal blow. Judge Robert Kirsch denied the company’s motion to dismiss a shareholder class action tied to the CagriSema REDEFINE-1 study, allowing core allegations about tolerability and dosing design to proceed to discovery.

The lawsuit stems from December 2024 data showing CagriSema patients lost an average of 20.4% of body weight on an intent-to-treat basis — and 22.7% among those who completed the study — both falling short of expectations. The flexible dosing protocol meant only 57% of participants reached the highest dose. According to Bloomberg Law, Kirsch found sufficient evidence that chief scientific officer Martin Holst Lange may have acted intentionally when making public statements about the trial. The court did, however, dismiss the claim that the originally targeted 25% weight reduction was a binding promise, calling it merely “aspirational.”

Novo Nordisk has denied all allegations and vowed to continue its defense. The stock cratered 17.83% in New York and 20.7% in Copenhagen when the underwhelming data first hit, wiping out roughly $72 billion in market value. While the share price has since recovered from that trough, the January high remains distant — a gap the company’s legal team will be working to close as much as its commercial one.

Earnings and Pricing Pressure Loom

The legal calendar now runs parallel to a packed commercial schedule. On August 5, Novo Nordisk reports first-half 2026 results. Analysts expect earnings per share of $0.82, down 15.46% year over year, on revenue of $11.27 billion, a 3.58% decline.

The subdued consensus reflects intensifying competition from Eli Lilly in diabetes and obesity, as well as structural pricing pressure. Novo Nordisk announced plans to cut U.S. list prices for its GLP-1 drugs by up to 50% starting January 2027, settling on a uniform $675 monthly price for Wegovy, Ozempic, and Rybelsus — down from roughly $1,350 for Wegovy today. The move aims to ease the burden on insured patients with high deductibles, while Medicare beneficiaries already benefit from a negotiated price of $274.

In the first quarter, Ozempic and Wegovy together generated 63.2 billion Danish kroner, representing 65% of total group revenue. The oral Wegovy tablet, launched in the U.S. in January, has already surpassed 3 million prescriptions and received European Union approval in July. The oral version of Ozempic got U.S. clearance in May.

To signal confidence, Novo Nordisk increased its share buyback program by 1 billion Danish kroner. It has also sued Eli Lilly over allegedly misleading advertising comparing Zepbound to Wegovy, seeking an injunction and damages.

A Pivotal Intersection

For investors, the coming days bundle together multiple events: the gradual release of ZEUS data, the August 5 earnings report, and the advancing CagriSema litigation. The stock’s recent rally has been real but incomplete — a full trend reversal will require fundamental support from both the pipeline and the courtroom. Zacks Investment Research has assigned Novo Nordisk its lowest rating of “Strong Sell,” citing the expected revenue and profit declines.

The ZEUS completion provides a near-term sentiment boost, but it does nothing to alter the competitive dynamics that have weighed on the stock. Only when both the clinical data and the quarterly numbers are in hand will it become clear whether the recovery has legs — or whether the legal overhang and pricing reset will keep the shares pinned below their January peak.