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.

CagriSema, which underperformed expectations in its first Phase 3 test, will be studied at different doses and for longer duration in the new trial.

Novo Nordisk's CagriSema trial raised concerns as patients reported weight loss but significant side effects. Investors question trial protocols and transparency as Novo plans a new study.