Novo Nordisk (NYSE:NVO) shares soared as the Danish pharma reported a new treatment reduced heart problems as well as weight in an ongoing trial.
Obesity treatment semaglutide (marketed as Wegovy) met its primary endpoint by reducing cardiovascular events by 20% in overweight or obese adults in the Select trial compared with a placebo.
“The double-blinded trial compared subcutaneous once-weekly semaglutide 2.4 mg with placebo as an adjunct to standard of care for prevention of major adverse cardiovascular events (MACEs) over a period of up to five years,” the company said in a statement.
The trial involved 17,604 patients aged 45 years or older with overweight or obesity and established cardiovascular disease and no prior history of diabetes.
Analysts had expected good results but said the outcome was very strong even so.
Martin Holst Lange, Novo Nordisk's executive vice president for development, commented: “People living with obesity have an increased risk of cardiovascular disease but to date, there are no approved weight management medications proven to deliver effective weight management while also reducing the risk of heart attack, stroke or cardiovascular death.”
He said the company will apply for regulatory approval for a label indication expansion for semaglutide 2.4 mg in the US and EU in 2023.
Wegovy, and a similar product called Ozempic also made by Novo Nordisk, are GLP -1 receptors and are administered as once-a-week injections and used to treat obesity and diabetes.
In combination, the two drugs produced 15.1% weight loss in overweight and diabetic patients who also followed a diet and exercise routine.
Shares rose 10% to US$178.60 in early US trading.