Novo Nordisk said its investigational obesity combination CagriSema produced 23% mean weight loss in a late‑stage head‑to‑head trial but was outperformed by Eli Lilly’s marketed tirzepatide (Zepbound), which delivered 25.5%. The REDEFINE 4 result triggered a sharp negative market reaction for Novo and renewed debate over positioning among next‑generation obesity agents. Novo’s executives defended CagriSema’s profile and ongoing regulatory plans, noting the program has an FDA submission under review with an expected decision timeline tied to prior filings. Company leaders highlighted differences in trial design and the open‑label format as potential factors, but acknowledged the competitive landscape in obesity therapeutics remains highly aggressive.