Novo Nordisk (NYSE:NVO) shares plunged more than 20% before Friday’s opening bell after the drugmaker reported results from a late-stage trial of its weight loss drug CagriSema that fell short of expectations.
The company reported that patients in the trial achieved weight loss of 22.7% after 68 weeks, below the 25% it had previously guided.
Just 40.4% of patients achieved a weight loss of 25% or more.
The REDEFINE 1 trial included 3,417 participants with obesity or overweight and comorbidities, following a flexible protocol that allowed patients to modify their dosing throughout the 68-week study.
The treatment was well-tolerated, with mild to moderate gastrointestinal side effects.
Novo Nordisk (NYSE:NVO) plans to explore CagriSema’s potential further. Results from a Phase 3 trial in adults with type 2 diabetes and either obesity or overweight are expected in the first half of 2025.
Shares of Novo Nordisk fell 20.4% to about $82 pre-market. Meanwhile, rival weight loss drugmaker Eli Lilly saw its shares gain 7.6% at $815.