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.

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.

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 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.