Bloomberg Intelligence BI Weekend: Novo Pill, Retail Earnings, Restaurant Sales
Nov 28, 2025
Sam Fazeli, a senior pharmaceuticals analyst, discusses the setbacks faced by Novo Nordisk’s Alzheimer’s pill trials, emphasizing the challenges in early-stage testing. Michael Halen, a senior restaurant analyst, shares insights on November restaurant sales, noting government shutdown impacts and pricing strategies in quick-service chains. He highlights the inflation in beef costs affecting margins and explores Kohl's comeback with private brands, along with Abercrombie's mixed performance compared to Hollister.
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Semaglutide Pill Disappoints In Alzheimer's Trials
- Novo Nordisk's semaglutide pill failed Alzheimer's cognitive endpoints but showed biomarker changes prompting more analysis.
- The failure raises questions about dose, delivery form, and whether injections or redesigned molecules merit further trials.
Alzheimer's Market Requires Early, Costly Wins
- Alzheimer's market is huge but requires early intervention and long, costly trials to slow progression before full dementia.
- Successful disease-modifying drugs could rival obesity market value but hinge on demonstrating early-stage benefits.
Anticipate Short-Term Restaurant Weakness
- Expect November restaurant sales weakness from the government shutdown and tough prior-year comps.
- Monitor December for a modest rebound and a more favorable first half of next year, per BI forecasts.