Novo Nordisk defended its next-generation obesity drug candidate CagriSema on Wednesday following late-stage trial data published in December that disappointed investors and wiped $125 billion from its market value.

CagriSema, which underperformed expectations in its first Phase 3 test, will be studied at different doses and for longer duration in the new trial.

Ozempic and Wegovy maker Novo Nordisk quieted Wall Street’s concerns with its fourth-quarter results and 2025 outlook.