Novo Nordisk: Ziltivekimab failure in Phase 3 ZEUS trial removes potential multibillion asset from Novo’s pipeline

Research evidence excerpt

Novo Nordisk: Ziltivekimab failure in Phase 3 ZEUS trial removes potential multibillion asset from Novo’s pipeline

J P M O R G A N Europe Equity Research

31 July 2026

Novo Nordisk Neutral

NOVOb.CO, NOVOB DC

Ziltivekimab failure in Phase 3 ZEUS trial removes Price (30 Jul 26):Dkr330.90

potential multibillion asset from Novo’s pipeline

European Pharmaceuticals &

This afternoon, Novo announced that the ZEUS trial investigating ziltivekimab in Biotechnology

patients with ASCVD, CKD, and hsCRP ≥2 mg/L, showed no benefit on the Richard Vosser AC

primary endpoint of major adverse cardiovascular events (MACE) risk reduction (44-20) 7742-6652

versus placebo, with a HR of 0.99 (95% CI: 0.88, 1.11). On safety, the rates of AEs richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

were similar in the ziltivekimab and placebo arms and, although serious infections

Sophia Graeff Buhl Nielsen

were higher in the ziltivekimab arm, no difference in all-cause mortality was

(44-20) 7742-3918

observed. The detailed results of the trial will be presented at an upcoming sophia.graeffbuhlnielsen@jpmorgan.com

scientific meeting in 2026, which we expect could be at AHA (November 6-9). J.P. Morgan Securities plc

Zain Ebrahim

Given the lack of efficacy benefit in the ZEUS trials, we see the two ongoing trials: (44-20) 3493-1163

HERMES, in patients with Heart Failure, and ARTEMIS, in patients following an zain.ebrahim@jpmorgan.com

acute heart attack, which will continue and are expected to readout in 1H’27, as J.P. Morgan Securities plc

highly unlikely to show any benefit of ziltivekimab. Latest Consensus estimates Khushi Bihani

include only c.$1.2bn/DKK7.8bn sales for ziltivekimab in 2033, which reflects 2% (91-22) 6157-4103

of 2033 overall sales. khushi.bihani@jpmorgan.com

J.P.