Novo Nordisk Shares Plummet After Obesity Drug Fails to Beat Rival

CagriSema treatment misses primary goal in head-to-head trial against Eli Lilly's Zepbound

Published on Feb. 23, 2026

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Novo Nordisk's shares fell sharply after the Danish drugmaker said its experimental obesity treatment CagriSema failed to beat the weight loss delivered by Eli Lilly's Zepbound in a late-stage clinical trial. People treated with CagriSema achieved a 23% weight loss compared to 25.5% with Zepbound, missing the trial's primary goal of showing CagriSema was noninferior to Lilly's drug.

Why it matters

The disappointing trial results are a setback for Novo Nordisk in its efforts to regain ground lost to Eli Lilly in the lucrative obesity-drug market. CagriSema was once the company's big bet to improve on the success of its weight-loss drug franchise, but the failure adds to challenges Novo Nordisk is facing in the obesity market it helped pioneer.

The details

Novo Nordisk said it submitted an application to the FDA in December for CagriSema and anticipates a decision by late 2026. The company said it is exploring higher-dose combinations of CagriSema in additional trials to try to improve its weight-loss potential.

  • The late-stage study comparing CagriSema and Zepbound lasted 84 weeks.
  • Novo Nordisk submitted its application for CagriSema to the FDA in December.

The players

Novo Nordisk

A Danish pharmaceutical company that is a leader in the obesity-drug market.

Eli Lilly

An American pharmaceutical company that markets the obesity drug Zepbound, which outperformed Novo Nordisk's CagriSema in the clinical trial.

Zepbound

Eli Lilly's obesity drug, which achieved 25.5% weight loss in the trial compared to 23% for Novo Nordisk's CagriSema.

CagriSema

Novo Nordisk's experimental obesity treatment that combines the company's blockbuster semaglutide drug with an experimental drug called cagrilintide.

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What’s next

Novo Nordisk said it anticipates a decision from the FDA on its CagriSema application by late 2026. The company also said it is exploring higher-dose combinations of CagriSema in additional trials to try to improve its weight-loss potential.

The takeaway

The failure of Novo Nordisk's CagriSema to outperform Eli Lilly's Zepbound in a head-to-head trial highlights the intense competition in the obesity-drug market and the challenges Novo Nordisk faces in maintaining its leadership position as new treatments emerge.