Novo Nordisk ’s big bet to improve on the success of its weight-loss drug franchise hit a stumbling block Friday, wiping out nearly $100 billion of the drugmaker’s stock-market value.

Key Takeaways Novo Nordisk's U.S.-listed shares tumbled over 19% Friday morning after it released data from a new weight loss drug trial.The new drug, CagriSema, led patients to lose 22.7% of their body weight on average,

Novo Nordisk’s latest attempt in weight loss, a combination drug called CagriSema, matched the bar set by Lilly’s currently approved medicine, Zepbound, but didn’t cleanly surpass it in late-stage clinical trial findings reported Friday.