A Research Study to See How Well CagriSema Compared to Semaglutide, Cagrilintide and Placebo Lowers Blood Sugar and Body Weight in People With Type 2 Diabetes Treated With Metformin With or Without an SGLT2 Inhibitor

Inclusion Criteria:

• Male or female (sex at birth).

• Age 18 years or above at the time of signing the informed consent.

• Diagnosed with type 2 diabetes mellitus greater than or equal to 180 days beforescreening.

• Stable daily dose(s) greater than or equal to 90 days before screening of any of thefollowing antidiabetic drug(s) or combination regimen(s) at effective or maximumtolerated dose as judged by the investigator: metformin with or withoutSodium-Glucose Cotransporter-2 (SGLT2) inhibitors.

• Glycated haemoglobin (HbA1c) 7.0-10.5 percent (53-91 millimoles per mole [mmol/mol]) (both inclusive) as determined by central laboratory at screening.

• Body Mass Index (BMI) greater than or equal to 25 kilogram per square metre (kg/m^2) at screening. BMI will be calculated in the electronic case report form (eCRF) based on height and body weight at screening.

Exclusion Criteria:

• Renal impairment with estimated Glomerular Filtration Rate (eGFR) less than 30milliliters per minute per 1.73 square metre (mL/min/1.73 m^2) as determined bycentral laboratory at screening.

• Treatment with any medication for the indication of diabetes or obesity other thanstated in the inclusion criteria within 90 days before screening. However, shortterm insulin treatment for a maximum of 14 consecutive days and prior insulintreatment for gestational diabetes are allowed.

• Uncontrolled and potentially unstable diabetic retinopathy or maculopathy. Verifiedby an eye examination performed within 90 days before screening or in the periodbetween screening and randomisation.