The Phase 3 topline obesity data from Novo Nordisk's CagriSema has not met expectations, according to UBS analyst Trung Huynh. This is seen as a positive development for competitors Eli Lilly and Amgen.

CagriSema reported an average weight loss of 20.4%, which is significantly lower than Novo's previous guidance of 25% and less effective than Lilly's tirzepatide at a comparable timepoint. The analyst suggests that this reinforces tirzepatide's position as the leading treatment.

Furthermore, the findings are viewed favorably for Amgen, as CagriSema's efficacy now appears to be more similar to MariTide, which may have issues with gastrointestinal tolerability. This could make MariTide's monthly titration regimen more attractive in comparison.