Why did Novo Nordisk stock fall on February 24?

Cagrisema trial results failed to show tirzepatide non-inferiority in a head-to-head obesity study. That weak outcome reduced confidence in Novo’s post-semaglutide growth path and reinforced Eli Lilly’s lead. Investors rotated to the perceived class leader, and Novo shares dropped about 15% to 16% on the day as risk premiums rose.

What does tirzepatide non-inferiority mean in this context?

Non-inferiority tests whether a new therapy is not unacceptably worse than a comparator by a preset margin. Here, Cagrisema did not meet that bar versus tirzepatide on weight loss. Missing it suggests weaker efficacy or less compelling differentiation, which can hurt adoption, pricing power, and the investment case until more data arrive.

How does this affect Eli Lilly Zepbound and LLY shares?

The result supports Zepbound’s leadership in obesity, which helps LLY sentiment. On February 24, Lilly shares rose modestly while Novo fell sharply. Investors often reward the clearer winner in a category when a rival stumbles. Continued performance, supply, and guidance from Lilly will shape how long this relative strength lasts.

What is the impact on German supplier Gerresheimer (GXI.DE)?

German suppliers linked to injectables and packaging can feel pressure when GLP-1 growth expectations fall. Gerresheimer traded near €20.86, far below its 52-week high, with valuation near 0.47x book and leverage elevated. If order visibility softens, near-term risk stays high. Investors should monitor margins, leverage, and contract updates closely.

Is Novo Nordisk stock a buy after the drop?

Valuation improved, with a low-teens P/E and a 3% dividend yield, but event risk is higher. Many investors may wait for a base on the chart or for May earnings to clarify pipeline plans. Staged entries and strict risk limits can help. Pairing with Lilly may balance competitive risk for some portfolios.

Global Market Insights

NVO Stock Today: Cagrisema Miss Triggers 15% Slide – February 24

ByDanny Kontos February 24, 2026

Novo Nordisk stock fell about 15% on 24 February after Cagrisema trial results failed to show tirzepatide non-inferiority in a head-to-head obesity study. The setback strengthens Eli Lilly’s Zepbound lead and raises questions about Novo’s growth beyond semaglutide. We saw investors rotate toward Lilly as suppliers faced pressure. For Germany, the read-across hit packaging names, with Gerresheimer in focus. We break down what changed, how markets reacted, and what to watch into guidance and earnings. Our goal is clear, data-led context for retail investors in Germany.