Novo Nordisk ZEUS: Ziltivekimab’s rule over cardiovascular risk should be confirmed in 3Q’26 readout

Research evidence excerpt

Novo Nordisk ZEUS: Ziltivekimab’s rule over cardiovascular risk should be confirmed in 3Q’26 readout

J P M O R G A N Europe Equity Research

09 June 2026

Novo Nordisk Neutral

NOVOb.CO, NOVOB DC

ZEUS: Ziltivekimab’s rule over cardiovascular risk Price (08 Jun 26):Dkr272.00

should be confirmed in 3Q’26 readout Price Target (Jun-27):Dkr250.00

Ahead of the upcoming Phase III ZEUS readout for ziltivekimab in patients with European Pharmaceuticals &

atherosclerotic cardiovascular disease (ASCVD), chronic kidney disease (CKD), Biotechnology

and systemic inflammation, expected in 3Q’26, we have analysed the statistical Richard Vosser AC

hurdles for success and the chances of ziltivekimab efficacy delivering a (44-20) 7742-6652

statistically significant result. Our analysis points to ziltivekimab needing to richard.vosser@jpmorgan.com

demonstrate a 12% benefit (HR=0.88) on the composite primary endpoint of 3- J.P. Morgan Securities plc

point major adverse cardiovascular events (MACE): non-fatal stroke, non-fatal Sophia Graeff Buhl Nielsen

myocardial infarction or cardiovascular death up to 48 months for the result to be (44-20) 7742-3918

sophia.graeffbuhlnielsen@jpmorgan.com

statistically significant. To analyse the potential for efficacy of ziltivekimab to J.P. Morgan Securities plc

clear this bar in ZEUS, we have first examined the relationship between Zain Ebrahim

inflammation (hsCRP) and CV risk (MACE) in the CANTOS trial and applied this (44-20) 3493-1163

to the impact of ziltivekimab on hsCRP demonstrated in its Phase II RESCUE trial. zain.ebrahim@jpmorgan.com

In addition, we have examined the potential differences in trial design and baseline J.P. Morgan Securities plc

patient demographics between ZEUS and CANTOS that could affect the efficacy Dhitee Goel