NVO Stock Down 9% as CagriSema Misses Target in Second Obesity Study

Core Insights - Novo Nordisk's CagriSema has met its primary endpoint in a late-stage study for obesity treatment in patients with type 2 diabetes, showing significant weight loss compared to placebo [1][3] Study Results - In the Phase III REDEFINE 2 study, CagriSema resulted in a weight loss of 15.7% after 68 weeks, while the placebo group experienced a weight loss of only 3.1% [3] - The study also achieved a co-primary endpoint, with 89.7% of patients on CagriSema losing 5% or more of their body weight, compared to 30.3% in the placebo group [3] - A flexible dosing protocol allowed 61.9% of patients to reach the highest dose of CagriSema by the end of the study [2] Market Reaction - Despite the positive study results, Novo Nordisk's shares fell by 9.4% due to the weight loss not meeting the company's guidance of 25% [4] - Over the past three months, Novo Nordisk's shares have decreased by 27.3%, contrasting with a 6.3% growth in the industry [5] Safety Profile - CagriSema was well-tolerated, with adverse events primarily being mild to moderate gastrointestinal issues [6] Future Plans - Novo Nordisk plans to submit a regulatory application for CagriSema in the first quarter of 2026 and is conducting additional studies under the REDEFINE Program [8][9]