⁃ Participants must have a body mass index (BMI) ≥27 kilograms per square meter (kg/m²) and ≤50 kg/m² with stable body weight for at least 3 months

⁃ Participants with or without type 2 diabetes mellitus (T2DM)

• If with T2DM, hemoglobin A1c (HbA1c) ≤9.5%

⁃ Participants must be willing to undergo baseline and endpoint liver biopsies

⁃ Participants must have histologic diagnosis of NASH with stage 2 or 3 fibrosis by liver biopsy

⁃ Participants must not have known or suspected alcohol abuse (\>14 units/week for women and \>21 units/week for men) or active substance abuse

⁃ Participants must not have evidence of cirrhosis or other forms of liver disease

⁃ Participants must not have heart attack, stroke, or hospitalization for congestive heart failure in the past 6 months

⁃ Participants must not have active cancer within the last 5 years

⁃ Participants must not have uncontrolled high blood pressure

⁃ Participants must not have renal impairment with estimated glomerular filtration rate (eGFR) \<30 milliters/minute/1.73m²; for participants on metformin, eGFR \<45 mL/min/1.73m²

⁃ Participants must not have a diagnosis of type 1 diabetes

⁃ Participants must not have a history of pancreatitis (acute or chronic)

⁃ Participants must not have calcitonin ≥35 nanograms per liter

⁃ Participant must not have family or personal history of multiple endocrine neoplasia type 2 or medullary thyroid carcinoma (family is defined as a first degree relative)

⁃ Female participants must not be pregnant, breast-feeding, or intend to become pregnant or of childbearing potential and not using adequate contraceptive method (adequate contraceptive measures as required by local regulation or practice)