Novo Nordisk's US-listed shares faced a significant decline as trading commenced on Friday, triggered by clinical trial findings regarding CagriSema, the company's investigational weight loss medication. This therapy resulted in a weight loss of 22.7% over 68 weeks in patients, based on data from a phase 3 study presented on Friday.
Despite this achievement, the outcome did not meet the pharmaceutical giant's target of 25% weight loss previously discussed during its third-quarter earnings call in November. On the New York Stock Exchange, Novo Nordisk's shares dropped an alarming 20% during morning trading sessions. The study noted that around 40% of participants managed to lose 25% or more of their body weight within the same 68-week period, encompassing a total of 3,417 patients enrolled in the research. CagriSema is a fixed-dose blend of semaglutide, which serves as the active component in Novo's established Wegovy obesity treatment, alongside cagrilintide, an amylin analog.
The trial met its primary endpoint by showcasing 'a statistically significant and superior weight loss' compared to placebo. Furthermore, the study indicated that CagriSema exhibited a safe profile, being generally well-tolerated among participants, with gastrointestinal issues being the most frequent adverse effect reported.
Martin Holst Lange, executive vice president for development at Novo Nordisk, expressed optimism: 'We are encouraged by the weight loss profile of CagriSema demonstrating superiority over both semaglutide and cagrilintide in monotherapy in the Redefine 1 trial,' he stated in the company’s announcement.
'With the insights obtained from this trial, we intend to further investigate the additional weight loss potential of CagriSema.' Looking ahead, Novo Nordisk plans to unveil results from a second phase 3 trial focusing on the drug in adults suffering from type 2 diabetes, who are either obese or overweight, within the first half of the upcoming year..