Novo Nordisk's Oral Obesity Push Gains Traction as CagriSema Delivers 22.4% Weight Loss

Novo Nordisk presented CagriSema trial data showing 22.4% weight loss and real-world oral Wegovy switch results at the EASD meeting in Milan.

Fresh clinical and real-world evidence landed in Milan on Wednesday, giving Novo Nordisk a double dose of data to bolster its metabolic portfolio. At the annual meeting of the European Association for the Study of Diabetes (EASD), the Danish drugmaker unveiled results for its lead combination candidate CagriSema alongside practical findings on switching patients to an oral formulation of Wegovy.

The headline-grabbing figure came from a 52-week trial in adults with obesity, where CagriSema achieved a 22.4% reduction in body weight versus placebo. Participants with type-2 diabetes also recorded meaningful weight loss, and a companion analysis pointed to preserved bone balance. Neurological measurements further suggested the compound alters how patients respond to calorie-dense foods, a mechanism that could help curb cravings.

Real-World Switch Data Backs Oral Wegovy

Beyond the pipeline flagship, Novo Nordisk presented results from the OCTANE investigation, which tracked 194 patients who had previously received injectable GLP-1 therapies before transitioning to the Wegovy pill. Over three months, these individuals shed an average of 4.1% of their body weight, according to data drawn from the telemedicine platform Ro. For the company, such real-world evidence is a key lever in demonstrating that oral formulations can hold their own in everyday clinical practice, a point of growing importance in the fiercely contested obesity market.

The Copenhagen-based group had signalled ahead of the congress that it would showcase 44 abstracts in total, spanning semaglutide as well as development candidates like CagriSema and Zenagamtide and other cardiometabolic projects.

Long-Term Ambitions Meet Analyst Caution

Operationally, Novo Nordisk is staking out an ambitious path. Management aims to treat more than 60 million patients worldwide by 2030 and to launch over five medicines with multi-blockbuster status by then. By 2035, the company is targeting pipeline revenue exceeding DKK 150 billion, with annual sales growth between 2026 and 2030 expected to land in line with the industry average.

Market watchers, however, remain guarded. Deutsche Bank Research reiterated its "Sell" rating on the shares on 22 September and trimmed its price target to DKK 245 from DKK 265, according to media reports. The broader analyst community is split: Rothschild & Co Redburn sees the stock at DKK 457, while Intron Health sets a target of just DKK 200. Across all houses, the twelve-month consensus price target sits at DKK 312.

The divergence reflects the tug-of-war facing the company. Its existing blockbusters continue to generate substantial revenue, yet competition from alternative therapeutic approaches by rival pharma groups is intensifying.

External Pipeline Gets a Boost

Alongside its in-house research, Novo Nordisk is advancing its external pipeline. Martin Holst Lange, the company's head of research and development, indicated to Bloomberg that a novel weight-loss pill stemming from its partnership with Hengrui Pharma could reach the market by 2030. Novo Nordisk has secured global development and commercialisation rights to the candidate HRS-1596 outside Greater China, a move designed to broaden its portfolio with oral alternatives.

On the trading floor, the stock reflected the mixed sentiment. Shares changed hands at EUR 33.44, down 1.0% on the day, extending their year-to-date decline to 24%.