Novo Nordisk Stops Two Ziltivekimab Heart Failure Trials After Futility Verdict

NVO has halted two Phase III trials of ziltivekimab, HERMES and ATHENA, after an interim analysis returned a futility verdict. The decision was reported on September 7 and follows the failure of ZEUS, a third ziltivekimab trial, on July 31. Three setbacks in six weeks is what makes this more than a single-trial disappointment.

Ziltivekimab is an anti-inflammatory antibody targeting interleukin-6, and it was the most substantial non-obesity asset in Novo's late-stage pipeline. The cardiovascular inflammation thesis behind it is the reason the program mattered: it was the company's attempt to build a second commercial pillar alongside GLP-1s rather than an incremental line extension.

One trial survives. ARTEMIS, which studies patients recovering from a heart attack, continues, with results expected in the first half of 2027. That is now the entire remaining readout for the program, and a narrow population relative to the heart-failure indications just abandoned.

Sell-side reaction has been to trim rather than to capitulate: Seeking Alpha moved to Hold, arguing that continued GLP-1 franchise strength offsets the pipeline damage without justifying a constructive stance. That framing is a fair statement of the tension. Novo's near-term earnings do not depend on ziltivekimab, but its diversification argument largely did. What to watch: the ARTEMIS readout in 2027, whether management redirects the freed R&D spend into acquisitions, and whether the pipeline discount now attached to the shares narrows or persists.

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