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• Novo targets DKK150B+ ($23B) in risk-adjusted pipeline sales by 2035 and more than five multi-blockbuster launches.
• CagriSema showed 12.4% weight loss vs. 9.1% for $LLY Eli Lilly’s tirzepatide in Phase 3, while delivering 21% weight reduction vs. placebo.
• Investors focused on limited near-term catalysts and continued obesity market share erosion to Lilly, with Novo shares now down ~17% YTD.
