Novo Nordisk’s (NVO) U.S.-listed shares fell close to 6% Monday after the drugmaker revealed the results of a Phase 3 trial for a new weight-loss treatment.

The maker of Ozempic and Wegovy said that after a 68-week trial, obese and overweight patients who took CagriSema and followed a treatment plan lost an average of 22.7% of their body weight compared to 2.3% for those in the placebo group.

About 40% of the group lost at least 25% of their body weight during the trial, and nearly a quarter lost 30% or more. Just 6% of the trial group stopped taking the drug, mainly due to gastrointestinal issues like nausea and constipation.

Novo Nordisk also published results from a second trial Monday, evaluating the drug’s effectiveness among overweight or obese patients with type 2 diabetes. At 68 weeks, the average weight loss was about 15.7% of a patient’s body weight, and the company said the second trial had similar safety results as the first.

CagriSema Yet to Achieve Reported Goal of 25% Average Weight Loss

Previous trial results for the drug weighed on Novo Nordisk’s shares, as CagriSema has yet to achieve the average weight loss of 25% that the company has reportedly hoped for. Shares have also been pressured by trials showing that rival Eli Lilly’s (LLY) Mounjaro and Zepbound, along with its drugs in development, are more effective at causing weight loss than Ozempic and Wegovy.

U.S.-listed shares of Novo Nordisk are down nearly 20% since the start of 2025 and have lost half their value over the past 12 months.

Separately, Novo Nordisk said it has ended its partnership with digital pharmacy Hims & Hers Health (HIMS), and will no longer allow the company to prescribe Wegovy. The companies announced the collaboration in April, but on Monday Novo Nordisk accused Hims of “illegal mass compounding and deceptive marketing.” Hims & Hers shares plummeted nearly 35% Monday.

This article has been updated since it was first published to reflect the latest share price information.