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Shares in Novo Nordisk tumbled as much as 20 per cent after a next-generation obesity drug from one of Europe’s biggest companies missed its goal for an average of 25 per cent weight loss.

CagriSema helped patients lose an average of 22.7 per cent of their body weight in a late-stage trial, Novo Nordisk said on Friday, only marginally beating the record of rival Eli Lilly’s Mounjaro. About 40 per cent of patients achieved 25 per cent weight loss over the 68 weeks.

Patients receiving Mounjaro lost an average of 22.5 per cent of their weight in phase 3 trials when taken as part of a regime of improved diet and exercise, while those on Wegovy lost an average of about 15 per cent in similar conditions.

This is a developing story