Shares of Danish pharmaceutical giant Novo Nordisk A/S soared to a new record high on Thursday after the company reported progress in its pill-based next-generation obesity treatment during an investor event. 

Investors cheered when Novo released the results of a Phase I trial of the amycretin pill version, which showed participants lost about 13.1% after 12 weeks. This compares to a 6% weight loss drop after 12 weeks in the trial for its injectable Wegovy drug. 

Amycretin uses the same GLP-1 hormone as other weight-loss drugs, such as Wegovy and Lilly's Zepbound. The key is that it also stimulates the hormone amylin, which regulates hunger. 

The study's results boosted Novo shares in Copenhagen by as much as 8% to 918 krone a share.

The company's head of research and development, Martin Lange Holst, expects the Phase II trial of amycretin to begin in the second half of this year. Results are expected in early 2026. 

Novo's next-generation projects are outlined in this slide. 

"Novo has made clear that the amycretin molecule likely will form the foundation of the company's rapidly growing pipeline," said Guggenheim analyst Seamus Fernandez.

Last week, Berenberg Bank analysts wrote in a note to clients that nearly half of Novo's current valuation has been built on the company's pipeline of new experimental drugs.