A head‑to‑head trial (REDEFINE 4) showed Eli Lilly’s marketed obesity drug Zepbound outperformed Novo Nordisk’s GLP‑1/amylin combo CagriSema, with Novo reporting that CagriSema did not match Zepbound’s weight‑loss results. Novo disclosed the outcome and investors reacted, sending the company’s shares down sharply. Market reaction included a roughly 15% share decline as analysts and investors reassessed Novo’s competitive positioning in obesity treatments. The clinical readout intensifies competition in the GLP‑1 and combination‑therapy market and shifts attention to follow‑on programs and commercial strategies as companies jockey for formulary placement and prescriber preference.