The study seeks to determine how well semaglutide, the study medication, works in people suffering from overweight or obesity over a period of 68 weeks along with a 7-week follow-up period. Participants will be randomly assigned to receive semaglutide or an inactive placebo. All participants will receive diet and physical activity counseling. Participants will inject themselves once-weekly with study medication. The primary measure of the study will be weight change.