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.