Novo Nordisk stock rose after the Danish pharma giant posted better-than-expected quarterly earnings even as sales of its blockbuster drugs Ozempic and Wegovy slowed, but cut its guidance for the year.

Novo Nordisk on Wednesday reported a better-than-expected rise in net profit but lowered its full-year sales growth forecast amid weaker sales of its blockbuster Wegovy weight loss drugs. Sales of the company's popular Wegovy obesity drug hit 17.

Novo Nordisk’s oral Wegovy pill for chronic weight loss is under FDA review. If approved, it would be the first oral GLP-1 for obesity.