A Research Study to See How Much CagriSema Lowers Blood Sugar and Body Weight Compared to Tirzepatide 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 ≥ 180 days before screening.

• Stable daily dose(s) ≥ 90 days before screening of any of the following antidiabeticdrug(s) or combination regimen(s) at effective or maximum tolerated dose as judgedby the investigator: metformin with or without an sodium-glucose co-transporter-2 (SGLT2) inhibitor.

• HbA1c 7.0-10.5% (53-91 mmol/mol) (both inclusive) as determined by centrallaboratory at screening.

• Body mass index (BMI) of ≥ 30.0 kilogram per square meter (kg/m^2) at screening. BMIwill be calculated in the electronic case report form (eCRF) based on height andbody weight at screening.

Exclusion Criteria:

• Female who is pregnant, breast-feeding or intends to become pregnant or is ofchildbearing potential and not using a highly effective contraceptive method.

• Renal impairment with estimated Glomerular Filtration Rate < 30 milliliter perminute per 1.73 square meter (mL/min/1.73 m^2) as determined by central laboratoryat 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. Pharmacological pupil-dilation is a requirementunless using a digital fundus photography camera specified for non-dilatedexamination.