Novo Nordisk reported that its investigational combination obesity shot CagriSema failed to show non‑inferiority to Eli Lilly’s marketed Zepbound in a head‑to‑head Phase 3 trial. CagriSema achieved roughly 20% mean weight loss over the study period versus about 24% for Zepbound, leaving Novo unable to claim parity in the comparator study. The result intensified investor pressure on Novo’s obesity franchise, which has been contesting pricing and market share in an increasingly competitive GLP‑1 era. Novo executives emphasized that CagriSema retains a strong label potential, but the head‑to‑head miss raises questions about market positioning and pricing strategy against established tirzepatide treatment.