11:44 AM EDT, 06/26/2024 (MT Newswires) -- (Updates with details in second to fourth paragraphs, and share price movement in the last paragraph.)

Novo Nordisk A/S ( NVO ) said Wednesday it will recognize an impairment loss of around 5.7 billion Danish krone ($816.2 million) in Q2 after its Clarion-CKD phase 3 trial failed to meet its primary endpoint.

The trial investigated ocedurenone in patients with uncontrolled hypertension and advanced chronic kidney disease, the company said.

Novo Nordisk ( NVO ) said it decided to stop the study after an independent data monitoring committee determined that the trial did not meet its primary endpoint of change in systolic blood pressure from baseline to week 12.

Novo said the impairment loss will have an estimated negative impact of around 6 percentage points on operating profit growth at constant exchange rates in 2024 compared to the guidance stated in its financial report for the quarter ended March 31.

Shares of the company fell more than 2% in recent trading.

Price: 143.79, Change: -3.12, Percent Change: -2.12