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, SGLT2 Inhibitor or Both

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 daysbefore screening.

• Stable daily dose(s) >= 90 days before screening of any of the followingantidiabetic drug(s) or combination regimen(s) at effective or maximum tolerateddose as judged by the investigator:

• Metformin

• sodium-glucose co-transporter 2 inhibitor (SGLT2i)

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

• Body mass index (BMI) >= 30 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 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 anti-diabetic or anti-obesity medication (irrespective ofindication) other than stated in the inclusion criteria within 90 days beforescreening. However, short term insulin treatment for a maximum of 14 consecutivedays is 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.