Novo shares hit lowest level since 2021 after defeat of promising next-gen drug 'CagriSema'. Entering the era of Eli Lilly's dominance and the ripple effects on related stocks

On February 23, 2026, a decisive event occurred in the obesity treatment (anti-obesity drug) sector, which has been driving the global pharmaceutical market, fundamentally shaking the market's competitive structure and capital allocation. Danish pharmaceutical giant Novo Nordisk announced that the top-line results of the Phase 3 clinical trial (REDEFINE 4) for its next-generation obesity treatment 'CagriSema' fell significantly short of market expectations. The company's stock price plummeted 16.43% from the previous day to $39.63 on the New York market, marking its lowest level since 2021. The company's market capitalization has fallen by approximately 70% from its 2024 peak, and a serious downward valuation adjustment is underway.