Novo Nordisk defended its next-generation obesity drug candidate CagriSema on Wednesday following late-stage trial data published in December that disappointed investors and wiped $125 billion from its market value.

Investors are upset at a lack of clarity over the results of Wegovy successor CagriSema after trials published in December.

Novo Nordisk said on Wednesday it plan to file its experimental next-generation obesity drug CagriSema for regulatory approval during the first quarter of next year, slightly later than its previous expectation to file towards end-2025.

Novo’s newest GLP-1, CagriSema, is the first big test of Novo Nordisk’s future as the leader in the obesity treatment market. The drug is more potent than Ozempic and Wegovy, expanding treatment to heavier patients while perhaps reducing treatment times for other individuals.

Novo Nordisk reported Q4 sales of $11.96 billion, beating estimates. The company plans a new phase 3 trial for CagriSema in 2025, with results expected in Q1.

Novo Nordisk on Wednesday said its new trial of its next-generation obesity drug candidate CagriSema will look at dose escalation and trial length to further show the drug's potential, after data in December disappointed the market.