Novo Nordisk's U.S.-listed shares are surging 9% Friday morning after the Danish drugmaker reported early stage results for its amycretin weight-loss drug.

The new treatment targets gut hormone GLP-1 but also mimics amylin, a hormone released by the pancreas that suppresses hunger.

One of Novo Nordisk's next-generation obesity shots to follow up on its success with Wegovy helped patients lose 22% of their weight in 36 weeks, according to early-stage trial results on Friday, boosting the drugmaker's shares.

Just how much Medicare price negotiations will negatively impact Novo Nordisk, though, depends on what the final negotiated prices for Ozempic, Wegovy, and Rybelsus will be. In Medicare's negotiations for 2026, the new prices achieved an average of 22% savings.

Novo Nordisk has reported 22% weight loss in people who received weekly amycretin injections for 36 weeks, triggering an 11% jump in the Danish drugmaker’s share price in premarket trading.

Novo Nordisk said a higher dose of its drug Wegovy led to greater weight loss in patients during a late-stage trial, but the results fell short of the weight loss achieved with Eli Lilly's rival drug Zepbound,

Novo Nordisk is currently leading the market for incretin therapies with semaglutide-based products Ozempic for type 2 diabetes and Wegovy for obesity, but is coming under competitive pressure from rival therapies from Eli Lilly based on dual GIP/GLP-1 agonist tirzepatide.

Wegovy, the weight-loss brand of semaglutide, has a recommended maintenance dose of 2.4 mg. Novo ran the Phase III STEP UP trial to evaluate the effect of increasing the maximum dose to 7.2 mg. The trial randomized 1,407 adults with obesity, but not diabetes, to receive either 7.2 mg or 2.4 mg of semaglutide or placebo.

Novo Nordisk shares rose sharply after the Danish pharmaceutical giant said an experimental weight-loss shot helped patients lose 22% of their bodyweight in a clinical trial.