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.

The Bagsvaerd, Denmark, company said that if the application is approved, Wegovy would become the first oral formulation of a GLP-1 drug for chronic weight management.