Novo Nordisk (NYSE: NVO) is taking it on the chin this morning, after revealing the latest clinical trial results for weight loss using its CagriSema drug (a 50-50 mix of amylin analog cagrilintide and Novo’s glucagon-like peptide-1 (GLP-1) receptor agonist). After an 84-week trial, Novo reported that its patients achieved 23% weight loss with the drug.
That sounds like pretty good news, but investors don’t seem to like the number — and as of 10:10 a.m. ET, Novo Nordisk stock is down 14.8%.
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Why are investors upset? Basically, because the point of the trial was for Novo Nordisk to demonstrate that a 2.4/2.4 mg dose of CagriSema could outperform a 15 mg dose of tirzepatide (the active ingredient in Eli Lilly‘s (NYSE: LLY) Zepbound and Mounjaro after 84 weeks’ usage.
But it didn’t.
809 people afflicted with both obesity and at least one comorbidity participated in the trial. At the endpoint, those taking CagriSema lost an average of 23% of their body weight (which started at 114.2 kg on average). Those taking Eli Lilly’s GLP-1 drug lost 25.5%.
Novo Nordisk says it was “pleased with the weight loss of 23% for CagriSema,” and still plans to proceed to a “higher-dose CagriSema trial.” But for now at least, the bad news is that Novo’s wonder-drug — while still objectively wonderful — is a bit less amazing than Eli Lilly’s Zepbound and Mounjaro.
At last report, Novo Nordisk had forecast that its sales and earnings would both decline 5% to 13% in 2026. Investors had been hoping that positive findings on CagriSema might help Novo to bounce back quickly. With CagriSema’s prospects now dimming, investors may need to wait a bit longer for a rebound.
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