Is Novo Nordisk (NVO) Stock Finally Turning a Corner With Amycretin Weight-Loss Drug?

TLDR

• Novo Nordisk presented new post hoc data on Wegovy (semaglutide) at the ADA 2026 Scientific Sessions, covering sleep apnea, asthma, blood pressure, and liver health.
• Phase 2 trial data for amycretin showed up to 14.6% weight loss and a 1.71 percentage point A1C reduction over 36 weeks.
• Amycretin is a single-molecule dual GLP-1 and amylin receptor agonist, now heading to phase 3 trials.
• NVO stock has lost around 68% of its value over the past two years due to competition and pipeline setbacks.
• The oral Wegovy pill is attracting new patients, and pipeline candidates like UBT251 add further options beyond semaglutide.

Novo Nordisk stock has dropped roughly 68% over the past two years. That’s a steep fall for a company that once looked unstoppable in the weight-loss drug market. But there’s a lot happening under the hood right now.

Novo Nordisk A/S, NVO

At the American Diabetes Association’s 2026 Scientific Sessions, Novo Nordisk presented a batch of post hoc analyses from its SELECT, STEP, ESSENCE, and OASIS clinical trials. The data focused on how semaglutide — the active ingredient in Wegovy and Ozempic — affects conditions beyond just weight loss.

One analysis found semaglutide injection 2.4 mg was associated with a 52% lower incidence of obstructive sleep apnea compared to placebo, with a hazard ratio of 0.48. Among participants without OSA at baseline, there were 30 new cases in the semaglutide group versus 65 in the placebo group.

Another analysis looked at asthma. Patients with established cardiovascular disease, asthma, and obesity treated with semaglutide had fewer asthma-related adverse events — 27 versus 46 in the placebo group, with a hazard ratio of 0.58. There was also a 38.9% reduction in hsCRP, a key inflammation marker.

On blood pressure, a pooled analysis of STEP trial data found semaglutide reduced systolic blood pressure by an estimated 5.48 mmHg more than placebo in patients with uncontrolled hypertension. Diastolic pressure dropped by 2.73 mmHg.

Liver health data from the ESSENCE trial showed consistent improvements in cardiometabolic risk factors and liver markers up to week 72, regardless of baseline blood sugar levels.

Amycretin Phase 2 Data Moves the Needle

The bigger news may be amycretin. Novo Nordisk released phase 2 data showing the drug — a single-molecule dual GLP-1 and amylin receptor agonist — delivered up to 14.6% weight loss and a 1.71 percentage point drop in A1C from a 7.8% baseline over 36 weeks. The placebo group saw just 2.1% weight loss.

Crucially, there was no clear weight loss plateau at higher doses. That dose-dependent profile is what investors and researchers want to see heading into phase 3.

Unlike CagriSema, which combines two separate molecules, amycretin is a single molecule. That could mean better efficacy and simpler manufacturing. Novo Nordisk plans to develop both injectable and oral versions.

What’s Been Dragging the Stock

The past two years have been tough. Eli Lilly’s Zepbound showed better weight-loss results in clinical trials, and CagriSema fell short of the 25% mean weight loss target management had projected. It also lost a head-to-head trial against Zepbound.

Revenue has taken a hit. Novo Nordisk cut its guidance multiple times in 2025 and currently expects revenue to decline for fiscal year 2026.

The oral Wegovy pill has been a bright spot, pulling in new patients who were reluctant to use injections. Pipeline candidate UBT251, a triple gut hormone agonist, has shown promising phase 2 results in China.

Amycretin phase 3 design details and any head-to-head data against competing GLP-1 drugs will be the next key milestones to watch.

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