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Novo Nordisk Shares Plunge 29% After CagriSema Falls Short of 25% Weight Loss Target

Dec 20, 2024, 12:30 PM

Novo Nordisk announced that its experimental obesity drug CagriSema achieved a 22.7% weight loss in adults with obesity or overweight in the REDEFINE 1 Phase 3 trial after 68 weeks. While this result demonstrated superior weight loss compared to semaglutide 2.4 mg (16.1%), cagrilintide 2.4 mg (11.8%), and placebo (2.3%), it fell short of the company's anticipated target of 25% weight loss. Following the announcement, Novo Nordisk's shares plunged as much as 29%, marking the largest single-day drop on record for the company and erasing over $140 billion in market value.