Will REIMAGINE 4 Be A GLP-Won or Another GLP-Lost?

Research evidence excerpt

Will REIMAGINE 4 Be A GLP-Won or Another GLP-Lost?

Pharmaceuticals EU

Pharmaceuticals - EU - Market Underweight

NOVO NORDISK (NOVO-B) June 18, 2026

Will REIMAGINE 4 Be A GLP-Won or Another GLP-Lost? Rating:

Peer Perform

The Wolfe Byte Price: DKK245.45

With REIMAGINE 4 results approaching, we lay out our expectations. Cross-trial Price Target:

comparisons point to stronger HbA1c lowering with tirzepatide with relatively NM

comparable weight loss. Our base case? CagriSema demonstrates non-inferiority, View NOVO-B Model

but tirzepatide is numerically higher. View Comp Table

Company Information

We expect topline results from the REIMAGINE 4 trial imminently. Following a 52-Week Range DKK232 - DKK632

compelling REIMAGINE 1/2/3 symposium at ADA convincing us that CagriSema may Market Cap. (MM) DKK832,107

deserve a seat at the type 2 diabetes (T2D) treatment table, we'd argue investor Enterprise Value (MM) DKK1,195,684

Shares Out. (MM) 3,390.1

focus for the GLP-1/amylin dual agonist has now shifted to the fourth iteration of that Avg. Value Traded (MM) DKK3,037.36

program, REIMAGINE 4. The trial pits CagriSema (2.4 mg / 2.4 mg) against Lilly's (LLY) Dividend Yield 5.1%

tirzepatide (15 mg) in type 2 diabetes patients inadequately controlled on metformin,

with or without SGLT2 inhibitors. The co-primary endpoints studied are change in 550

HbA1c and body weight. And in light of tirzepatide's win versus CagriSema in the 500 450

REDEFINE 4 head-to-head trial (our note here), we'd argue REIMAGINE 4's outcome 400

350will be a defining moment for CagriSema's commercial opportunity.

We performed a cross-trial comparison using REIMAGINE 2 and SURPASS-3. 250

These two trials investigated CagriSema and tirzepatide, respectively, in a comparable 200