Shares of Novo Nordisk dropped on Monday following the announcement of results from a trial of its next-generation weight-loss drug, CagriSema. The drug helped obese or overweight adults with type 2 diabetes lose 15.7% of their body weight over 68 weeks.
At 11:22 a.m. London time, Novo Nordisk’s stock was down by 6.3%.
The company, which produces the highly successful weight-loss drug Wegovy, had previously predicted that CagriSema could lead to a 25% weight loss in patients. In a separate late-stage trial published in December, CagriSema helped patients lose 22.7% of their weight.
CagriSema is being studied as a treatment for both weight loss in overweight or obese adults and as a therapy for adults with type 2 diabetes. Novo Nordisk expects to file for regulatory approval for the drug in the first quarter of 2026.
Shares of U.S. competitor Eli Lilly, maker of the weight-loss drug Mounjaro, briefly rose after the update from Novo Nordisk, but were down 1.2% by 11:34 a.m. London time.
Investors had hoped that CagriSema would emerge as a next-generation weight-loss drug. The treatment, which is injected once a week, combines cagrilintide and semaglutide, the active ingredient in Wegovy.
The phase 3 trial of CagriSema included 1,206 participants with an average baseline body weight of 102kg (225 lb).
Despite the negative investor reaction on Monday, Novo Nordisk highlighted the “superior weight loss” achieved by those taking CagriSema, compared to those who received a placebo. The placebo group lost only 3.1% of their body weight over the 68-week period.
Novo Nordisk also emphasized that the drug appeared to have a “safe and well-tolerated profile,” with mild to moderate gastrointestinal symptoms being the most common side effect. These symptoms lessened over time, the company noted.
Last week, Novo Nordisk launched an online pharmacy called Novocare, offering Wegovy at a discounted price of $499 per month.
The success of its weight-loss drugs, including Wegovy and Ozempic, has helped Novo Nordisk become one of the most valuable companies in the world.
