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Novo Nordisk's Hypertension Drug Study Fails to Meet Goal

Novo Nordisk (NYSE: NVO) lost 2.2% on Jun 26 after the company announced the failure of a late-stage study evaluating ocedurenone to treat patients with uncontrolled hypertension and advanced chronic kidney disease (CKD). Consequently, the company said that it will recognize an impairment loss of around DKK 5.7 billion related to the intangible assets in the second quarter of 2024. Such recognition is expected to negatively impact operating profit growth by around 6 percentage points at the constant exchange rate (CER) in 2024. This adjustment revises the previously stated operating profit outlook of 22% to 30% growth at CER, as communicated in their financial report for the first quarter of 2024. Novo Nordisk is slated to announce its financial results for the first six months of 2024 and update its financial outlook for 2024 on Aug 7, 2024. Based on interim analysis, an independent data monitoring determined that the study did not meet its primary endpoint of reducing systolic blood pressure from baseline. This conclusion triggered Novo Nordisk's decision to halt the ...