On September 21, Novo-Nordisk A/S declined 5.1% in regular trading, trading at $40.615/share, with turnover of $238 million.

Multiple catalysts pressured the stock on the same day. The company reported that its weight-loss drug candidate CagriSema achieved 12.4% average weight loss versus 9.1% for Eli Lilly's tirzepatide in a head-to-head Phase 3 trial, and 21% weight reduction versus placebo in another study. Despite the clinical superiority, the market appeared underwhelmed by the magnitude of the results, sending shares lower.

Adding to the pressure, the company held its Capital Markets Day in London — the first under new CEO Mike Doustdar — where it outlined targets of 150 billion Danish kroner in pipeline sales by 2035 and at least five multi-blockbusters by 2030. Major shareholders including Baillie Gifford publicly urged the company to pursue acquisitions to reduce its over-reliance on GLP-1 therapies, which account for over 90% of revenue. Separately, semaglutide was linked to a rare blinding eye condition, adding to safety concerns around its flagship product.

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