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Novo Nordisk’s closely-watched Alzheimer’s trials of an older oral version of its semaglutide drug failed to help slow the progression of the brain-wasting disease, the firm said on Monday, a blow to the obesity drug giant that sent its shares sliding. The trials, which Novo had previously called a “lottery ticket” to underline its highly uncertain outcome, were testing whether the medicine could slow cognitive decline in patients. The setback scuppers hopes for Novo that Alzheimer’s could open a major new market for GLP-1 medicines such as semaglutide, as it faces rising competition to its blockbuster drugs in its core treatment areas of obesity and diabetes. Erik Berg-Johnsen, portfolio manager at Novo shareholder Storebrand Asset Management, told Reuters that the trial failure was likely “a nail in the coffin” for using its products against Alzheimer’s. “The fact that the study was discontinued after two years, despite a planned third year extension, suggests that semaglutide offers virtually no benefit in slowing Alzheimer’s progression.” Novo’s trial was being closely watched as an indication about whether GLP-1 drugs – used by millions for diabetes and weight loss – might slow disease progress. The drug tested was Rybelsus, a pill approved only for type 2 diabetes. Like Novo’s blockbusters Ozempic and Wegovy, it contains semaglutide. ‘LOTTERY TICKET’ LOSES OUT The company’s Executive Vice President for Product and Portfolio Strategy, Ludovic Helfgott, had described the Alzheimer’s trials as a “lottery ticket” in September, referring to its uncertain prospects yet huge potential. Alzheimer’s disease and other dementias affect more than 55 million people globally. There is no cure. “While semaglutide did not demonstrate efficacy in slowing the progression of Alzheimer’s disease, the extensive body of evidence supporting semaglutide continues to provide benefits for individuals with type 2 diabetes, obesity, and related comorbidities,” Chief Scientific Officer Martin Holst Lange said in a statement. The results from the two trials of early-stage patients, called EVOKE and EVOKE+, are another setback for the Danish drugmaker and new CEO Mike Doustdar, which had seen booming success, driven by Ozempic and Wegovy, before slowing sales growth and a tumbling share price prompted a CEO change and mass layoffs. The setback reinforces analyst scepticism about Novo’s Alzheimer’s ambitions, with UBS having estimated just a 10% probability of success. Henrik Hallengreen Laustsen, Jyske Bank analyst, said however that a 10% share price fall on Monday looked like an “overreaction”. Sydbank analyst Soren Lontoft Hansen said that the failure was not a surprise for Novo, which has had a tough year with slowing sales of its key weight-loss drugs, management overhaul and rising competition from U.S. peer Eli Lilly . “The share’s reaction is probably more due to the bad sentiment around the Novo Nordisk shares and the negative news flow over the past year – perhaps there was hope for a little tailwind from this study.” PARTICIPANTS AGED 55 TO 85 Shares of Biogen jumped about 5% premarket following news of Novo’s Alzheimer’s trial failure. Biogen and partner Eisai’s Leqembi and rival Eli Lilly’s Kisunla are the only approved treatments for Alzheimer’s in the United States. Both drugs require infusions or injections and can cause significant side effects. “There was some fear that Ozempic might reduce the opportunity for Leqembi and other Alzheimer’s drugs by preventing progression of disease. So these data lift a potential competitive overhang,” said Cantor analyst Eric Schmidt. The Rybelsus trials, covering a combined 3,808 patients, were the first large trials for patients with early stage Alzheimer’s. The trials used a ratings system to assess clinical changes in areas such as memory and how patients were able to care for themselves over a two-year period. The studies aimed for a 20% slowing of cognitive decline, trial details show. Wall Street analysts viewed the trials as high-risk, high-reward, and had said the data would determine if Novo’s Alzheimer’s programme could become a future growth driver. Stine Jacobsen, Maggie Fick and Jacob Gronholt-Pedersen, Reuters
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E-Commerce
Old Brick Farm, where Larry Doll raises chickens, turkeys and ducks, was fortunate this Thanksgiving season.Doll’s small farm west of Detroit had no cases of bird flu, despite an ongoing outbreak that killed more than 2 million U.S. turkeys in the last three months alone. He also avoided another disease, avian metapneumovirus, which causes turkeys to lay fewer eggs.“I try to keep the operation as clean as possible, and not bringing other animals in from other farms helps mitigate that risk as well,” said Doll, whose farm has been in his family for five generations.But Doll still saw the impact as those diseases shrank the U.S. turkey flock to a 40-year low this year. The hatchery where he gets his turkey chicks had fewer available this year. He plans to order another 100 hatchlings soon, even though they won’t arrive until July.“If you don’t get your order in early, you’re not going to get it,” he said. Thanksgiving costs vary The shrinking population is expected to cause wholesale turkey prices to rise 44% this year, according to the U.S. Department of Agriculture. Despite the increase, many stores are offering discounted or even free turkeys to soften the potential blow to Thanksgiving meal budgets. But even if the bird is cheaper than last year, the ingredients to prepare the rest of the holiday feast may not be. Tariffs on imported steel, for example, have increased prices for canned goods.As of Nov. 17, a basket of 11 Thanksgiving staples including a 10-pound frozen turkey, 10 Russet potatoes, a box of stuffing and cans of corn, green beans and cranberry sauce cost $58.81, or 4.1% more than last year, according to Datasembly, a market research company that surveys weekly prices at 150,000 U.S. stores. That’s higher than the average price increase for food eaten at home, which rose 2.7% in September, according to the U.S. Bureau of Labor Statistics.Datasembly showed a 2% decline in the retail price of a 10-pound turkey as of Nov. 17. Pricing out Thanksgiving meals isn’t an exact science, and the firm’s tally differed from other estimates.The American Farm Bureau Federation, which uses volunteer shoppers in all 50 states to survey prices, reported that Thanksgiving dinner for 10 would cost $55.16 this year, or 5% less than last year. The Wells Fargo Agri-Food Institute, using NielsenIQ data from September, estimated that feeding 10 people on Thursday using store-brand products would cost $80 this year, which is 2% to 3% lower than last year’s estimate. Tempting turkey prices Grocery chains are also offering deals to attract shoppers. Discount grocer Aldi is advertising a $40 meal for 10 with 21 items. Kroger said shoppers could feed 10 people for under $50 with its menu of store-brand products.Earlier this month, President Donald Trump touted Walmart’s Thanksgiving meal basket, which he said was 25% cheaper than last year. But that was because Walmart included a different assortment and fewer products overall this year.“We’re seeing some promotions being implemented in an effort to draw customers into the store,” David Ortega, a professor of food economics and policy at Michigan State University, said.That’s despite a sharp increase in wholesale turkey prices since August. In the second week of November, frozen 8-16 pound hens were averaging $1.77 per pound, up 81% from the same period last year, according to Mark Jordan, the executive director of Leap Market Analytics, which closely follows the poultry and livestock markets.Avian viruses are the main culprit. But another reason for turkey’s higher wholesale prices has been an increase in consumer demand as other meats have gotten more expensive, Jordan said. Beef prices were up 14% in September compared to last year, for example.“For a big chunk of the population, they look at steak cuts and say, ‘I can’t or I don’t want to pay $30 a pound,'” Jordan said.That’s the case for Paul Nadeau, a retired consultant from Austin, Texas, who plans to smoke a turkey this week. Nadeau said he usually smokes a brisket over Thanksgiving weekend, but the beef brisket he buys would now cost more than $100. Turkey prices are also up at his local H-E-B supermarket, he said, but not by as much.“I don’t know of anything that’s down in price since last year except for eggs,” Nadeau said. Tariffs and weather Trump’s tariffs on imported steel and aluminum are also raising prices. Farok Contractor, a distinguished professor of management and global business at the Rutgers Business School, said customers are paying 10 cents to 40 cents more per can when companies pass on the full cost of tariffs.Tariffs may be partly to blame for the increased cost of jellied cranberry sauce, which was up 38% from last year in Datasembly’s survey. But weather was also a factor. U.S. cranberry production is expected to be down 9% this year, hurt by drought conditions in Massachusetts, according to the U.S. Department of Agriculture.In Illinois, where most of the country’s canning pumpkins are grown, dry weather actually helped pumpkins avoid diseases that are more prevalent in wet conditions, said Raghela Scavuzzo, an associate director of food systems development at the Illinois Farm Bureau and the executive director of the Illinois Specialty Growers Association. Datasembly found that a 30-ounce can of pumpkin pie mix cost 5% less than last year. Farm to table Back at Old Brick Farm, which has been in his family since 1864, Doll walked among his turkeys the week before Thanksgiving, patting their heads as they waddled between their warm barn and an open pasture. In a few days, he planned to deliver them to an Amish butcher.Doll sold all 92 turkeys he raised this year, with customers paying $6.50 per pound for what many tell him is the best turkey they’ve ever tasted. He enjoys a little profit, he said, and the good feeling of supplying a holiday meal.“I just love it, to think that, you know, not only are we providing them food, but the centerpiece of their Thanksgiving dinner,” he said. Associated Press Video Journalist Mike Householder contributed. Dee-Ann Durbin, AP Business Writer
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E-Commerce
The Thanksgiving holiday is nearly upon us, which means tens of millions of Americans will be traveling nationwide this week to visit their loved ones and celebrate around the dinner table with them on Thursday. The majority of that travel both to and from Turkey Day destinations is expected to kick off tomorrow, Tuesday, November 25, and run through Monday, December 1, which are the dates the American Automobile Association (AAA) defines as the 2025 Thanksgiving holiday period. Its the busiest travel period for Americans, even beating out holidays like the Fourth of July and Christmas. While several million Americans are expected to make their Thanksgiving journeys by air or train, the overwhelming majoritymore than 73 million this yearare expected to travel by car. If that includes you, youll want to pay attention to the latest data compiled by AAA. It reveals the best times to hit the roads during the upcoming holiday period and the times you should avoid being on the streets if you don’t want to experience the worst of the increased traffic congestion. Best times to hit the roads for the Thanksgiving travel period Except on Thanksgiving Day on Thursday, any other time that you travel during this Thanksgiving holiday period, you are likely to see more road congestion than usual. However, some times of the day are likely to see less travel congestion than others. Here are the best times to be in the car this Thanksgiving period if you want to avoid the worst of traffic, according to information compiled by AAA from transportation data and insights provider INRIX: Tuesday, November 25: Before 12 p.m. Wednesday, November 26: Before 11 a.m. Thursday, November 27 (Thanksgiving): Minimal Traffic Impact Expected Friday, November 28: Before 11 a.m. Saturday, November 29: Before 10 a.m. Sunday, November 30: Before 11 a.m. Monday, December 1: Before 8 p.m. Worst times to hit the roads for the Thanksgiving travel period INRIX says that Tuesday and Wednesday afternoon are expected to feature the heaviest congestion before Thanksgiving, and the Sunday after Thanksgiving is expected to see the heaviest traffic for return home journeys. The firm says that the worst times to be on the roads due to traffic congestion during the entire holiday period are as follows: Tuesday, November 25: 12 p.m.9 p.m. Wednesday, November 26: 11 a.m.8 p.m. Thursday, November 27 (Thanksgiving): Minimal Traffic Impact Expected Friday, November 28: 1 p.m.7 p.m. Saturday, November 29: 1 p.m.8 p.m. Sunday, November 30: 11 a.m.8 p.m. Monday, December 1: 12 p.m.8 p.m. More than 73 million people will travel by car this Thanksgiving AAA says 73.28 million people will take to the roads in cars this Thanksgiving holiday period. Thats 1.3 million more than the 71.99 million travelers who took to the roads during the 2024 Thanksgiving periodan increase of about 1.8%. It’s also 2.7 million more than those who took to the road in 2019, the last Thanksgiving before the outbreak of the pandemic. But travelers this week wont only be taking to the roads to get to and from their Thanksgiving festivities. AAA says that while automobile travel will make up 89.6% of all travel in America during this Thanksgiving holiday period, millions of Americans will also be taking to the skies and rails. The association expects 6.07 million travelers to take flights during this holiday period, and another 2.48 million to travel by other modes of transportation, including buses, trains, and cruise ships. In total, AAA expects the number of travelers in America to reach 81.83 million this Thanksgiving holiday travel period. Thats a 2% increase from last year, when 80.22 million people traveled. And its 5.2% more than the 77.78 travelers who took to the road, skies, and rails in 2019.
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