In Denmark, on November 20, 2025, Novo Nordisk announced that an older oral version of its semaglutide drug, Rybelsus, did not achieve its primary objective during late-stage clinical trials aimed at slowing cognitive decline in Alzheimer’s patients. The trials involved 3,808 participants aged 55 to 85 and aimed for a 20% deceleration of cognitive decline over two years. This outcome prompted a 10% drop in Novo Nordisk's share price and raised questions about the viability of GLP-1 drugs in treating Alzheimer’s disease, a market that had been considered a potential growth opportunity for the company. The EVOKE and EVOKE+ trials were the first large-scale studies examining early-stage Alzheimer's patients taking Rybelsus. They awaited results as a potential indicator regarding the future of GLP-1 medications, which have found success in treating diabetes and obesity. There is an ongoing demand for new Alzheimer’s treatments, as current options are limited. Analysts had warned that the trials were high-risk endeavors, with the Swiss bank UBS estimating only a 10% chance of success. The disappointing trial results play into a larger narrative of increasing competition within the pharmaceutical industry, particularly as other companies, like Eli Lilly and the Eisai-Biogen partnership, have launched successful treatments for Alzheimer’s after years of failed trials. These competing drugs have shown the ability to slow cognitive decline but often require infusions or injections, potentially limiting their accessibility compared to an oral medication like Rybelsus. This failure represents a significant challenge for Novo Nordisk’s new CEO, Mike Doustdar, who took over in August 2025 amid declining sales of the company’s flagship products, Ozempic and Wegovy. The company's previous successes and rising share prices had raised hopes for new avenues of growth, particularly in addressing Alzheimer’s. However, following this setback, Novo's future ambitions in this area are now shrouded in uncertainty, with analysts cautious about the company's projected path as they face an increasingly competitive market landscape.