A Research Study to See How Much CagriSema Lowers Blood Sugar and Body Weight Compared to Placebo in People With Type 2 Diabetes Treated With Diet and Exercise

Inclusion Criteria:

• Male or female

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

• Diagnosed with type 2 diabetes >=30 days before screening

• HbA1c 7.0-9.5 percent (53-80 millimoles per mole [mmol/mol]) (both inclusive) asdetermined by central laboratory at screening

• Body mass index (BMI) >=23 kilograms 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 less than 30 milliliterper minute per 1.73 square meter (ml/min/1.73 m^2) as determined by centrallaboratory at screening

• Treatment with any medication for the indication of diabetes or obesity within 90days before screening. However, short term insulin treatment for a maximum of 14consecutive days and prior insulin treatment for gestational diabetes are allowed

• History of use of any injectable therapy for diabetes or obesity. 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 a fundus 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