Novo Nordisk’s next‑generation obesity candidate CagriSema failed to demonstrate non‑inferiority to Eli Lilly’s Zepbound in an open‑label Phase 3 head‑to‑head study, with CagriSema producing lower average weight loss at the trial’s endpoint. Novo reported roughly 20% weight loss versus higher figures for tirzepatide in the comparator arm, triggering a steep market reaction. Novo extended treatment duration in the study to 84 weeks to allow additional time for effect maturation, but the result remained insufficient to meet the non‑inferiority margin. Company executives stressed that CagriSema still produces clinically meaningful weight loss and will pursue regulatory review, while Wall Street analysts flagged commercial headwinds in an increasingly competitive GLP‑1/combination market. The outcome underscores intensifying late‑stage competition among obesity therapeutics and the commercial risk of head‑to‑head comparator trials before market entry.