Novo Nordisk Exits Parkinson Therapy, Fortifies Weight-Loss Empire With High-Dose Wegovy Data and Pill Revenue

Novo Nordisk is clearing its research decks. The Danish pharma giant has handed over worldwide rights to its experimental Parkinson’s cell therapy, STEM-PD, to Boston-based startup Cellular Intelligence. In return, Novo receives an equity stake in the AI specialist, plus potential milestone payments and future royalties. The move caps the closure of Novo’s cell therapy unit, which wound down at the end of 2025. Cellular Intelligence plans to use artificial intelligence to manufacture the therapy more cheaply and launch a Phase 2 study in early 2027.

The divestment sharpens Novo’s focus on its obesity franchise, which was on full display at the European Congress on Obesity in Istanbul (May 12–15). The company dropped 52 abstracts covering Wegovy, the oral semaglutide variant, and the dual-action candidate CagriSema. High-dose Wegovy (7.2 mg) delivered a 20.7% average weight loss over 72 weeks in the STEP-UP programme, versus 17.5% for the standard dose. Early responders who tolerated the higher dose shed 27.7% of their body weight. Crucially, 84% of that loss came from fat mass, with muscle strength and physical function preserved; belly fat, measured by MRI, shrank by more than 30%.

Novo also spotlighted women’s health across different life stages. Premenopausal women lost an average of 22.6% of their body weight, and more than four in ten shed at least a quarter. Wegovy users saw a 42–45% lower risk of migraine after six months and a 25% lower depression risk compared with hormone therapy alone during menopause.

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Beyond the congress hall, the oral Wegovy tablet is gaining traction. In the first quarter after its US launch, the pill generated the equivalent of 2.26 billion Danish kroner in revenue. That performance helped lift management’s outlook for 2026. Novo now expects a currency-adjusted revenue and profit decline of 4% to 12% — a narrower drop than the slightly steeper fall it had previously pencilled in.

Price pressure, however, is building in Canada. Health Canada approved the first generic version of Ozempic (from Dr. Reddy’s) on April 28; Apotex followed, and seven more applications are under review. Once three generics are on the market, Canadian regulations mandate a 65% reduction off the list price. BMO analyst Evan Seigerman called the approvals a possible trigger for eroding international semaglutide receipts. The core US patent on semaglutide runs until 2032, providing a temporary buffer.

The stock has rallied strongly from its March trough near €30. On Tuesday it closed at €39.66, up 0.61%, but by the time of the secondary report it had touched €40.60 — a 26% gain over the month. Despite the recovery, the shares remain down 11.22% year-to-date and 34.90% over twelve months.

The next major catalyst is the FDA decision on CagriSema, expected by the end of 2026. Until then, Novo must translate Wegovy’s clinical breadth into volume, price stability, and a credible pipeline edge — all while fending off Eli Lilly’s Zepbound, which is charging aggressively into the obesity market.

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