Novo Nordisk’s experimental obesity combo CagriSema failed to meet non‑inferiority versus Eli Lilly’s Zepbound in a head‑to‑head Phase 3 trial, prompting fresh investor concern and strategic repositioning. The trial outcome showed lower average weight loss with CagriSema, denting Novo’s hopes of regaining market leadership in GLP‑1/amylin therapies. In response to competitive pressure and recent clinical setbacks, Novo announced material list‑price reductions for its GLP‑1 medicines, cutting U.S. list prices by up to 50% for Wegovy and Ozempic starting in 2027. The pricing move aims to blunt affordability critiques and preserve demand amid intensifying rivalry from Lilly and others. The twin developments—a pivotal head‑to‑head defeat and an aggressive pricing reset—illustrate how clinical outcomes and commercial strategy are now tightly coupled in the obesity drug market. Payers, competitors, and biopharma CFOs will view these moves as signals to recalibrate access strategies and launch economics for next‑generation metabolic drugs.