Novo Nordisk's $475-billion rise and fall as Wegovy-era gains wiped out

Core Viewpoint - Novo Nordisk's shares dropped over 16% following the underperformance of its next-generation obesity drug CagriSema compared to Eli Lilly's product, resulting in a significant loss of market value and investor confidence [1][2]. Group 1: Company Performance - Novo Nordisk's market capitalization fell from over $650 billion in 2024 to a loss of approximately $475 billion, returning shares to levels last seen before the launch of Wegovy [1]. - The company's shares reached their lowest point since June 2021, marking the end of a significant sales and share price boom driven by Wegovy [2]. Group 2: Market Competition - The underperformance of CagriSema is viewed as a major setback that may limit its market demand and long-term sales potential, complicating Novo's efforts to regain market share in the rapidly growing obesity treatment sector [2]. - Increased competition in the obesity treatment market is raising concerns among investors, as demand is increasingly focused on drugs that provide the most substantial weight-loss results [3].