CagriSema, considered a successor to Wegovy, is Novo Nordisk’s most likely route of gaining GLP-1RA market share back from Eli Lilly.

Novo Nordisk defended its next-generation obesity drug candidate CagriSema on Wednesday following late-stage trial data published in December that disappointed investors and wiped $125 billion from its market value.

The Danish maker of Ozempic and Wegovy reported a 25 percent increase in sales to $40.6 billion, but said it expected slower growth this year.

Investors are upset at a lack of clarity over the results of Wegovy successor CagriSema after trials published in December.

Novo Nordisk is under pressure from investors for more information about its next-generation obesity drug candidate CagriSema amid a lack of clarity over trial results that hammered its shares in December.

Novo Nordisk's CagriSema trial raised concerns as patients reported weight loss but significant side effects. Investors question trial protocols and transparency as Novo plans a new study.

A Novo Nordisk A/S investor says the pharmaceutical company’s failure to disclose how it tested experimental obesity shot CagriSema caused economic damage after patients lost less weight using the drug than previously predicted.

Novo Nordisk said on Wednesday it plan to file its experimental next-generation obesity drug CagriSema for regulatory approval during the first quarter of next year, slightly later than its previous expectation to file towards end-2025.