Tag Archives: REDEFINE

Novo Raises FY ’26 Guidance but Investors Appear Unimpressed; Q2 ’26 Earnings

Novo Nordisk hosted its Q2 ’26 earnings call and provided updates across its diabetes and obesity businesses (view press release; view slides). Following the increase in FY 2026 adjusted sales guidance (now 0% to -6% vs. -4% to -12%) due to increased demand across its GLP-1RA franchise, the company’s stock is up ~1.3%. The drop in stock yesterday, after releasing its Q2 ’26 business updates (previous FENIX insight), was due to US Wegovy pill sales narrowly missing analyst consensus (view article), in addition to cagrisema failing to achieve non-inferior A1C reductions vs. tirzepatide in the Ph3 REIMAGINE 4 H2H study. Separately, Novo announced it won a preliminary injunction against Ceban Ziekenhuisfarmacie B.V., ordering the company to immediately stop selling a compounded semaglutide nasal spray infringing on Novo’s IP (view press release).

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Novo Nordisk ADA 2026 Investor Event

Novo Nordisk hosted an investor event in conjunction with ADA 2026 and provided updates across its obesity pipeline, including cagrisema, zenagamtide, and its early-stage development efforts (view slides). Below, FENIX provides highlights and insights from the investor webcast.

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Wegovy Pill Shines As Novo Raises FY 2026 guidance; Q1 ’26 Earnings Update

Novo Nordisk hosted its Q1 ’26 earnings call and provided updates across its diabetes and obesity businesses (view press release; view slides). Of note, the company’s stock is up ~3% after raising its FY 2026 adjusted sales guidance to -4% to -12% (previously -5% to -13%), driven by a “best-in-class” US launch of Wegovy Pill and strong GLP-1RA demand in OUS markets. Below, FENIX provides highlights and insights from the Q1 ’26 earnings call.

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Cagrisema Gets Redefined

Novo Nordisk announced topline results from the open-label Ph3 REDEFINE-4 study evaluating 2.4mg cagrisema (QW SC GLP-1/amylin dual agonist) H2H vs. 15mg tirzepatide (QW SC GLP-1/GIP dual agonist) in patients with obesity (view CT.gov record). An associated call was held (view slides). Of note, the trial did not achieve its primary endpoint of demonstrating non-inferiority on weight loss for cagrisema compared to tirzepatide after 84 weeks. As a result, Novo’s stock is down ~15%. Additional details from the press release and call are outlined below, including FENIX’s thoughts if commercializing cagrisema still makes sense and what BD cravings may remain.

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