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.

Novo Nordisk’s latest attempt in weight loss, a combination drug called CagriSema, matched the bar set by Lilly’s currently approved medicine, Zepbound, but didn’t cleanly surpass it in late-stage clinical trial findings reported Friday.

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