Obesity drug maker Novo Nordisk (NYSE:NVO) shares rose as much as 10% in pre-market Tuesday to hit new record highs after the company said its Wegovy treatment cut the risk of heart issues by 20% in a select trial.
Shares in the rival Eli Lilly (NYSE:LLY) surged nearly 7% on the update with the company expected to report its second-quarter results before the bell on Tuesday.
Novo Nordisk’s trial enrolled 17,604 adults aged 45 years or older with overweight or obesity and established cardiovascular disease (CVD) with no prior history of diabetes.
“The trial achieved its primary objective by demonstrating a statistically significant and superior reduction in MACE of 20% for people treated with semaglutide 2.4 mg compared to placebo,” the company said in a press release.
Martin Holst Lange, executive vice president for development at Novo Nordisk, said that the results from this “landmark trial” have “demonstrated that semaglutide 2.4 mg has the potential to change how obesity is regarded and treated.”
The company will now file for regulatory approval in the U.S. and EU in 2023.