Novo Nordisk cuts profit outlook after weaker sales of weight-loss drug Wegovy

Danish company, which also makes Ozempic, faces increasing competition from US rival Eli Lilly

Novo Nordisk has cut its annual profit expectations after posting weaker-than-expected sales of its weight-loss drug Wegovy, fuelling investor concerns over growing competition and sending its shares lower.

The Danish drugmaker's market value has soared over the past year, making it the most valuable company in Europe, on the back of the success of its obesity and diabetes injections Wegovy and Ozempic, used by celebrities including Elon Musk and Oprah Winfrey. However, the company faces increasing competition from its US rival Eli Lilly's drugs Zepbound and Mounjaro.