Novo Nordisk unveiled its latest data for a weight-loss drug candidate, but shares of the maker of Wegovy and Ozempic tumbled as the results missed investors’ expectations and reignited concerns about Novo’s rivalry with Eli Lilly.

Novo Nordisk's CagriSema achieved significant weight loss in phase 3 trials, though safety concerns may limit its edge over existing and pipeline rivals.

Results from the Phase III REDEFINE 1 trial show that CagriSema led to a 22.7% mean weight reduction at 68 weeks in adults with overweight or obesity and a weight-related medical condition, but without diabetes.