Amgen (AMGN), Eli Lilly (LLY) and Viking Therapeutics (VKTX) shares advanced 3.7%, 6.4% and 9.2%, respectively premarket Friday after Novo Nordisk's (NVO) CagriSema experimental obesity therapy fell short of expectations despite meeting the primary endpoint in a phase 3 trial.
Novo Nordisk said that at 68 weeks, those on CagriSema experienced a weight loss of 22.7%, lower than the company's expected 25%. The company's shares slipped 21% pre-bell.
Novo Nordisk's announcement comes a day after the US Food and Drug Administration said that Eli Lilly's tirzepatide injection products Zepbound and Mounjaro are no longer in shortage.
Amgen (AMGN) and Viking Therapeutics (VKTX) are separately developing their own obesity drugs.
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