Novo Nordisk Shares Plunge as Weight-Loss Drug CagriSema Disappoints in Trials
Novo Nordisk’s shares experienced a significant drop on Monday, February 23, 2026, after clinical trial results for its highly anticipated weight-loss drug, CagriSema, fell short of investor expectations. The drug, intended to surpass the efficacy of existing treatments like Wegovy and Ozempic, was labeled “obsolete” by some analysts following the disappointing data.
CagriSema: A Combination Approach
CagriSema combines cagrilintide, which mimics the pancreatic hormone amylin, with semaglutide, the active ingredient in Wegovy, and Ozempic. Semaglutide works by suppressing appetite and promoting feelings of fullness. The combination was expected to deliver greater weight loss than Wegovy alone.
Trial Results Fall Short
The late-stage study, involving 809 participants, aimed to demonstrate that CagriSema was at least as effective as Eli Lilly’s Zepbound (tirzepatide), a leading anti-obesity drug. However, CagriSema resulted in an average weight loss of 23% after 84 weeks, compared to 25.5% for tirzepatide. Novo Nordisk stated the treatment “did not achieve its primary endpoint of demonstrating non-inferiority on weight loss” compared to tirzepatide.
Market Reaction and Analyst Commentary
Novo Nordisk’s share price plummeted 16.5% in Copenhagen, reaching its lowest level since June 2021, coinciding with the launch of Wegovy. This represents a nearly 60% loss over the past year. Conversely, Eli Lilly’s stock rose 4.3% on Wall Street.
Søren Løntoft Hansen, a senior analyst at Denmark’s AL Sydbank, described the results as “a swing and a miss,” questioning whether the data would impact Novo Nordisk’s decision to launch the drug. Emmanuel Papadakis at Deutsche Bank suggested CagriSema appeared “somewhat obsolete” as a competitive upgrade to semaglutide or an alternative to tirzepatide.
Novo Nordisk’s Response and Future Plans
Novo Nordisk CEO Mike Doustdar defended the drug, calling it “a fantastic drug” and stating that as the first amylin-based product, it would have the best weight-loss label of any marketed product. The company is hopeful that another study, focusing on a higher dose of CagriSema, will yield more positive results. Novo Nordisk has already submitted the medication to the US Food and Drug Administration (FDA) for approval based on earlier trial data, anticipating a decision later in 2026.
Recent Price Adjustments for Wegovy and Ozempic
Despite the setback with CagriSema, Novo Nordisk has recently implemented price reductions for Wegovy and Ozempic. As of November 17, 2025, the monthly cost for injectable Wegovy and Ozempic was lowered to $349, down from $499. Novel customers can purchase .25 mg and .5 mg versions for $199 for the first two months, an offer valid through March 31, 2026. USA Today reports these cuts arrive after pressure from the Trump administration and competition from compounding pharmacies offering cheaper alternatives.
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