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.

Novo Nordisk said on Friday its experimental next-generation obesity drug CagriSema helped overweight patients cut their weight by 22.7% in a late-stage trial, below the 25% it had expected, wiping as much as $125 billion off the company's value.

Shares in Ozempic maker Novo Nordisk crashed, after an experimental anti-obesity shot fell short of expectations. The shares recently stood about 23% lower in Copenhagen. That put the stock on course for its lowest close since August 2023.

Novo Nordisk said on Friday its experimental next-generation obesity drug CagriSema helped patients cut their weight by 22.7% in a late-stage trial, below the 25% it had expected, wiping as much as $125 billion off its market value.

Novo Nordisk’s (NVO) next-gen weight loss therapy, CagriSema, caused up to ~23% of weight loss compared to ~16% of weight loss in those who received its FDA-approved obesity therapy, semaglutide, in a Phase 3 trial over 68 weeks,