Boxes of Ozempic and Wegovy, manufactured by Novo Nordisk, can be found in pharmacies.
Holly Adams | Reuters
Shares of Danish pharmaceutical giant Novo Nordisk The company’s shares plunged more than 24% on Friday after it reported late-stage trial results for its experimental CagriSema weight-loss drug that fell short of expectations.
The maker of the popular Wegovy obesity drug said its new drug candidate helped patients lose 22.7% of their weight, down from the 25% the company had previously predicted to CNBC.
As of 12:30 noon London time, the stock had recovered some of its losses and was down about 18.8%. Stocks of Rival Obesity Drug Makers Eli Lilly and Company It was up 10% in pre-market trading, but is back about 5% from its highs.
The trial results deal a blow to expectations that CagriSema could become the next generation of obesity drugs. This two-drug injectable treatment combines Wegovy’s active ingredient, semaglutide, with the amylin analogue, cagrilintide. Emerging forms of weight loss treatment.
The Phase 3 trial was based on approximately 3,400 patients who were obese or overweight with one or more comorbidities and lasted 68 weeks.
However, Novo told CNBC that CagriSema performed better than Wegovy in weight loss and that its performance was “comparable to best-in-class treatments.”
“In the REDEFINE 1 trial, we are encouraged that CagriSema showed superior weight loss compared to semaglutide and cagrilintide monotherapy. Although only 57% of patients reached the highest CagriSema dose, we were encouraged by the results. This goal was achieved,” Martin Holst Lange, executive vice president of development at Novo Nordisk, said in a separate press release.
“Based on insights gained from the REDEFINE 1 trial, we plan to further explore the additional weight loss potential of CagriSema,” he added.
Novo added that topline and full results will be announced next year, with the drug expected to be submitted to regulators by the end of 2025.
Results from a second phase 3 trial, REDEFINE 2, in adults with type 2 diabetes who are obese or overweight, are expected in the first half of next year.
The company suffered another setback earlier this month when Head-to-head clinical trials Eli Lilly and Company’s Zepbound is shown to have better weight loss results than Wegovy.
The trial, sponsored by Eli Lilly and Company, showed that after 72 weeks, Zepbound helped patients lose an average of 20.2%, or about 50 pounds, while Wegovy helped patients lose an average of 13.7% over the same period. Novo said at the time it was waiting for complete data.
