Tag Archives: zenagamtide

Novo Initiates Ph3 Zenagamtide Obesity and Knee OA Study; Biohaven Completes Enrollment in its Ph2b Obesity Study

Two cardiometabolic-related news items have been observed: Novo Nordisk has initiated its Ph3 AMAZE 5 study of zenagamtide in knee OA (view CT.gov record); and Biohaven announced it completed enrollment for its Ph2b POC study evaluating QW and QM formulations of taldefgrobep alfa (view press release). Below, FENIX provides highlights and insights on the respective news items, including thoughts on Novo’s decision not to conduct AMAZE 5 H2H vs. tirzepatide.

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Novo Headwinds to Persist in 2026; Q4 ’25 Earnings Updates

Novo Nordisk hosted its Q4 ’25 earnings call (view press release; view slides) and provided updates across its diabetes and obesity business. Of note, the company’s stock is down ~20% following lower than expected FY 2026 sales guidance of -5% to -13%, vs. the Street’s low-single-digit expectations (view article). Management attributed the outlook to increased incretin pricing pressure, intensifying US competition, and ex-US patent expiries. Of note, Novo will be hosting its 2026 Capital Markets Day on September 21 in London, UK. Below, FENIX provides highlights and insights from the Q4 ’25 earnings call.

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