CagriSema’s 25% Weight-Loss Result Raises the Stakes for Novo

ANDRIEVSKII.CH | October 22, 2026

Novo Nordisk’s experimental drug CagriSema delivered average weight loss of 25% in women over 68 weeks, versus 3% with placebo. The findings come from a post-study analysis of Phase 3 data covering approximately 2,300 women with obesity or overweight.

CagriSema combines semaglutide, the active ingredient in Wegovy and Ozempic, with cagrilintide, which targets the amylin pathway regulating hunger and fullness.

A separate analysis of around 1,900 women found weight reductions of 26.7% before perimenopause, 24.8% during perimenopause and 23.1% after menopause. Waist circumference decreased across all groups.

The key qualification: these estimates assume uninterrupted treatment. Both analyses were conducted after the trial, and their findings require confirmation. In the overall trial population, weight loss averaged 22.7%, compared with 2.3% with placebo.

For investors, the question is whether Novo can translate clinical benefits into sales. Earlier results fell short of Wall Street’s expectations. The company maintains that CagriSema offers sufficient efficacy and differentiation to generate substantial demand.

Andrievskii Verdict

The GLP-1 sector is gaining momentum. In my view, its leaders, Novo Nordisk and Eli Lilly, deserve a place in the defensive portion of a portfolio, although their shares remain exposed to market risks.

Demand is already substantial: Gallup found that 11% of U.S. adults used GLP-1 medicines for weight loss in 2026, up from 3% in 2024. J.P. Morgan forecasts a $200 billion global incretin market, including GLP-1 treatments, and approximately 30 million U.S. users by 2030. That signals considerable growth potential over the coming years—not guaranteed investment returns.

Disclaimer: This publication is provided for informational purposes only and does not constitute personalised investment advice or a recommendation to buy or sell securities. Investments in financial instruments involve risks, including the potential loss of capital.

Aleksei Andrievskii | Advisory Board Member, Bendura Bank AG | Liechtenstein