Sales for Novo Nordisk’s Wegovy weight loss pill totaled $497 million, falling below analysts’ expectations|Morten Siebuhr|CC BY-NC 2.0

Novo Nordisk’s shares fell 6% after its surprise earnings release showed a narrow sales miss for its new Wegovy weight loss pill, and a trial setback for its next-generation obesity drug CagriSema.

Despite the negative market reaction, the Danish pharmaceutical company reported an 11% year-on-year increase in adjusted operating profit to $5.16 billion. It also raised its full-year outlook for sales and operating profit growth.

Sales of the Wegovy pill totaled $497 million, falling short of analysts’ expectations amid pricing pressures and shifts in wholesaler inventory.

Novo battles US-based Eli Lilly for dominance in the obesity drug market projected to top $100 billion by 2030.