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.

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

Novo Nordisk's CEO said on Wednesday side-effects were not a problem in the trial of its next-generation obesity drug candidate CagriSema as the company considers dosage escalation and trial length for a new study.

The Danish maker of Ozempic and Wegovy reported a 25 percent increase in sales to $40.6 billion, but said it expected slower growth this year.

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.

Novo Nordisk is under pressure from investors for more information about its next-generation obesity drug candidate CagriSema amid a lack of clarity over trial results that hammered its shares in December.