Novo Nordisk’s next‑generation obesity candidate CagriSema failed to meet non‑inferiority against Eli Lilly’s Zepbound in a head‑to‑head late‑stage trial, delivering roughly 20% average weight loss versus about 24% for Zepbound. The REDEFINE‑4 results dashed hopes that the combo would reclaim market share and sparked a steep share price reaction. Investors punished Novo’s stock amid concerns over commercial competitiveness in the increasingly crowded GLP‑1 and combo obesity market. The outcome raises questions about label differentiation and pricing strategy as competition and payer scrutiny intensify.