Novo Nordisk slips after CagriSema data

Shares in Novo Nordisk NOVOb.CO are down around 3% after it presented full results from two late-stage trials of its experimental weight-loss drug CagriSema

Jefferies says the CagriSema data met expectations, but remains cautious on opportunity due to focus on U.S. market and potential manufacturing challenges

The broker points out investors were surprised by lack of beneficial lean mass preservation with CagriSema against Eli Lilly's LLY.N tirzepatide, sold under the brand name Zepbound for weight loss

"We think CagriSema's efficacy looks undifferentiated and tolerability looks incrementally worse compared to Tirzepatide," it says

On Amycretin, Novo's other experimental drug, Jefferies says high placebo rates in gastrointestinal side effects hamper comparison to other trials

However, J.P.Morgan notes efficacy data show CagriSema's weight loss profile potentially as strong as Zepbound's, with 40% of patients achieving at least 25% weight loss

JPM sees the CagriSema's profile as potentially more competitive than perceived