Novo Nordisk on Monday revealed weaker-than-expected data from a second late-stage trial of its obesity drug candidate CagriSema, knocking shares and stoking worries that rival Eli Lilly may be gaining an edge over the company in the weight-loss drugs market. - REUTERS
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00:00Shares of Novo Nordisk tumbled 10 percent Monday morning, after the drugmaker revealed
00:06weaker-than-expected data about its latest obesity drug candidate, Cagricema.
00:12Investors were hoping a second late-stage trial would show the drug was a more potent
00:17successor to Novo's blockbuster weight-loss drug, Wagovi.
00:22They were also betting on it being more effective than Eli Lilly's rival treatment, Monjaro,
00:28also known as ZepBound.
00:30But that's where Novo's new drug fell short.
00:33Data showed that patients using Cagricema for 68 weeks lost 13.7 percent of their weight.
00:41A Jefferies analyst's note said that was less than the 15 percent they believed was needed
00:45to prove it was more potent than Monjaro.
00:49The data comes after Novo in December revealed results from a separate trial of Cagricema
00:54that also disappointed investors, wiping as much as $125 billion off its market value.
01:02Novo's Wagovi, once the most popular weight-loss drug in America, now has fewer total weekly
01:08prescriptions than Lilly's ZepBound.