Novo Nordisk reported that its next‑generation obesity candidate CagriSema failed to demonstrate non‑inferiority to Eli Lilly’s Zepbound in a head‑to‑head late‑stage trial, producing less weight loss and prompting a sharp share decline. The REDEFINE 4 comparator readout showed a clinically meaningful weight loss for CagriSema but not enough to beat tirzepatide, undermining Novo’s attempt to reclaim market leadership in anti‑obesity medicines. Separately, Novo’s China trial of a triple‑agonist (‘triple‑G’) posted nearly 20% mean weight loss at 24 weeks in a midstage readout, offering a parallel development path but one likely to reach market later. Together the results emphasize intensified competition in obesity therapeutics and raise commercial and labeling questions ahead of multiple regulatory decisions.