Lilly and Novo still dominate the market for weight-loss and diabetes drugs, but the race is heating up in more ways than one.

Novo Nordisk on Friday revealed disappointing results in a late-stage trial for its experimental next-generation obesity drug CagriSema, wiping as much as $125 billion off its market value.

The drug helped patients reduce their weight by only 22.7 per cent, falling short of the anticipated result. Novo’s shares dropped to its lowest point since August 2023 after the disappointing trial r