Novo Nordisk (NVO) said Friday that its experimental obesity therapy, CagriSema, met the primary endpoint in a phase 3 trial, showing superior weight loss compared to a placebo, but the results fell short of its expectations.

The company said at 68 weeks, those on CagriSema experienced a weight loss of 22.7%, but that was below the company's expectations for the drug to deliver 25% weight loss.

The weight loss observed from CagriSema did, however, surpass the reductions of 11.8% for cagrilintide 2.4 mg, 16.1% for semaglutide 2.4 mg, and 2.3% for placebo.

The study showed that 57.3% of patients treated with CagriSema were on the highest dose compared to 82.5% with cagrilintide 2.4 mg and 70.2% with semaglutide 2.4 mg, as the trial was flexible, allowing patients to modify their dosing.

Additionally, 40.4% of CagriSema patients lost 25% or more of their body weight, compared to just 6% with cagrilintide, 16.2% with semaglutide, and 0.9% with placebo.

Novo Nordisk said it expects results from its second phase 3 trial in adults with type 2 diabetes and obesity or overweight to be available in H1 2025.

Shares of the company fell 28% in premarket activity.