Novo Nordisk's CagriSema Edges Out Tirzepatid as Pipeline Deals and Brand Overhaul Aim to Halt 23% Slide
Published on 09/30/2026 at 07:00 | Editorial boerse-global.de
Fresh clinical evidence and a pair of licensing moves are giving Novo Nordisk plenty to talk about, even if the stock market has yet to be impressed. At the European diabetes congress EASD in Milan, the Danish drugmaker unveiled data showing its combination therapy CagriSema delivered a mean weight loss of 12.4% in patients with type 2 diabetes, outpacing Eli Lilly's tirzepatid, which achieved 9.0% at the 5 mg dose tested over the same period.
The results, from the head-to-head REIMAGINE 5 trial, were first disclosed on September 21, when the company reported an estimated average weight reduction of 12.4% for the 1.0 mg / 1.0 mg dose of the cagrilintide-semaglutide combination, against 9.1% for participants on 5 mg tirzepatid. Novo Nordisk is counting on CagriSema to defend its turf in the obesity and diabetes arena. A filing already sits with the US Food and Drug Administration, a decision is expected before the year is out, and management is targeting an actual market launch in early 2027.
Cardiovascular Data Adds Another String to the Bow
Beyond weight loss, Novo Nordisk is working to convince physicians and payers that its flagship semaglutide holds up on harder endpoints. A retrospective analysis covering 636,525 adults with type 2 diabetes found that raising the semaglutide dose cut the risk of major cardiovascular events by 6% compared with switching patients to Lilly's tirzepatid, the company said yesterday. With competition for diabetes and obesity market share intensifying for months, such outcomes data matter as much as raw sales figures — clinical superiority on secondary conditions like vascular damage and heart attacks is moving to the center of prescribing and reimbursement decisions.
Tablets, Licensing Deals and a Broader Bet
While injectables grab the headlines, Novo Nordisk is pushing hard on oral therapies. In the US, the Wegovy pill now accounts for 30% of all prescriptions written under that brand name. The company aims to have at least five obesity and diabetes programs in or through phase 3 by 2030.
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External deals are part of that strategy. On Friday, Novo Nordisk secured rights to the PharmaShell platform technology from Sweden's Nanexa for up to five development programs spanning obesity, type 2 diabetes and cardiometabolic disease. Yesterday brought a licensing agreement with Jiangsu Hengrui for HRS-1596, an orally administered dual GLP-1/GIP receptor agonist dosed weekly. The pact carries a total volume of up to USD 2.6 billion, including a USD 300 million upfront payment, and grants Novo Nordisk worldwide rights outside Greater China, with development and commercialization milestones able to lift the overall figure to that ceiling.
Analysts Stay Cautious
Not everyone is cheering. BMO Capital kept its "Market Perform" rating on Novo Nordisk and left its price target at USD 47.00, viewing the Hengrui acquisition as a long-term pipeline option while stressing the candidate's very early stage of development. The project, the analysts noted, will have no near-term bearing on the competitive dynamics of the company's revenue-driving main products.
Deutsche Bank cut its price target on the shares from DKK 265 to DKK 245 on September 22, retaining a sell recommendation, and Bank of America Securities rated the stock "Hold" on Friday.
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The market's muted mood has persisted for months. In yesterday's session the stock slipped 0.9%, closing at EUR 33.77, bringing year-to-date losses to 23%. Whether the reported data advantages can durably ease pressure in the cardiometabolic market is now the key question for investors.
A New Look to Match the Ambition
Alongside the clinical updates, Jens Pii Olesen, General Manager of Novo Italia, used the Milan stage to present a refreshed brand identity. Shortening the external name to Novo and adopting the tagline "Lasting health starts now," the company wants to underscore its stated goal of accelerating treatments and access to new therapies worldwide.
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