Novo Nordisk A/S surged on expectations that some competition for its blockbuster obesity shot Wegovy will subside, paving the way for a sales rebound later this year.

Novo Nordisk on Wednesday reported a better-than-expected rise in net profit but lowered its full-year sales growth forecast.

Obesity drugmaker Novo Nordisk downgraded its 2025 sales forecast on Wednesday, ending a four-year stretch of steady guidance increases since the launch of its Wegovy weight-loss drug, as U.S. prescriptions ceased to grow.