Weight loss drugmaker Novo Nordisk cuts annual profit forecast as Wegovy sales fall short

Novo is vying with US rival Eli Lilly for supremacy in the pharmaceutical industry’s fastest-growing new market: obesity drugs.

Novo shares have gained 27% this year through Tuesday’s close.

Novo Nordisk reported disappointing sales of its blockbuster weight-loss treatment Wegovy, a rare setback for the Danish drugmaker as it braces for more competition in the booming market.

Revenue from the drug was hit by higher-than-expected price concessions to US managers of pharmacy benefits in the latest quarter, chief financial Karsten Knudsen said in a conference call with journalists.