A recent analysis indicates that Novo Nordisk's stock has fallen 29% over the past 12 months, as its new weight-loss drug candidates face stiff competition from Eli Lilly. Novo Nordisk's CagriSema, a combination of cagrilintide and semaglutide, was submitted to the U.S. Food and Drug Administration (FDA) in December 2025, with a review expected this year. However, Phase 3 trial data showed CagriSema achieved 23% weight loss, trailing Eli Lilly's already-approved Zepbound (tirzepatide) which showed 25.5%.