Novo Nordisk Shares Fall 8% on CagriSema Trial Results

Novo Nordisk's shares fell over 8% following the disappointing results of its next-generation obesity drug, CagriSema, which showed weight loss of 15.7% in participants, compared to the expected 25%. This latest Phase 3 trial involved patients with obesity and Type 2 diabetes and revealed that 62% of participants were on the highest dose by the end of the study. The results have raised concerns that CagriSema does not outperform Eli Lilly's Mounjaro, which has gained market share with over 20% weight loss. Analysts have revised their sales forecasts for CagriSema down to approximately $7.25 billion, significantly lower than earlier estimates. Novo plans to file for FDA approval of CagriSema in early 2026, while the competition in the weight-loss drug market intensifies. The company's shares have faced volatility, reflecting investor anxiety over the drug's potential performance in the market.