Shares of Novo Nordisk (NYSE: NVO) fell more than 3% in pre-market trading Monday after Eli Lilly’s Zepbound outperformed Wegovy in a head-to-head weight loss trial.

In the 72-week SURMOUNT-5 trial, adults with obesity or overweight and at least one weight-related medical condition—excluding diabetes—achieved an average weight loss of 20.2% on Zepbound, compared to 13.7% on Wegovy. This translates to a 47% greater relative reduction in body weight for patients taking Zepbound.
Zepbound also outperformed Wegovy in key secondary endpoints. In the trial, 64.6% of participants on Zepbound lost at least 15% of their body weight, versus 40.1% for those on Wegovy. Additionally, waist circumference reduction was more pronounced in the Zepbound group.
Both drugs were administered at their maximum approved doses. Zepbound’s safety profile was consistent with previous studies, with gastrointestinal side effects being the most common.
The trial results were presented at the European Congress on Obesity.
As of the latest update, Novo Nordisk (NYSE: NVO) shares are down 3.54%, trading at $63.44.
Meanwhile, global pharmaceutical stocks, including Eli Lilly (NYSE: LLY), took a hit after U.S. President Donald Trump announced plans to sign an executive order to reduce prescription drug prices in the United States by 30%-80%.
The policy, which Trump described as “most favored nation” pricing, would align U.S. drug costs with those of other high-income countries.
Analysts warned that the move could put pressure on profits at multinational pharmaceutical companies that rely heavily on the U.S. market, where prescription drug prices are nearly three times higher than in other wealthy nations.
“It’s not clear whether the order will apply to all government purchases or just some,” analysts at Vital Knowledge wrote in a note to clients. “But the move is aggressive and negative for the pharma/biotech industry.”

Salman Akhtar is a finance, stocks, and technology journalist with years of experience across various news organizations. He has contributed his expertise to outlets such as 24NewsHD, TrimFeed, The Voice Pakistan, and TheTechBasic. Salman is passionate about making complex topics accessible to a broad audience. His dedication to delivering accurate and timely information has established him as a trusted voice in the industry. Read Full Bio