Novo Plunges as Profit Forecast Cut, Wegovy Sales Fall Short.

Novo Nordisk, a Danish drugmaker, saw its shares drop after it lowered its profit forecast for the year due to disappointing sales of its weight-loss treatment, Wegovy. The company's operating profit is now expected to grow between 20% and 28%, slightly lower than its previous forecast. Novo Nordisk is competing with US rival Eli Lilly in the obesity drug market, which is projected to reach $130 billion by the end of the decade. Despite the setback, Novo Nordisk remains a leader in the industry, and the company plans to resubmit Wegovy for approval for the treatment of heart failure next year. [Extracted from the article]