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Danish pharmaceutical giant Novo Nordisk said Wednesday it is trimming its growth expectations for its leading obesity and diabetes treatments as competition intensifies and pricing pressures mount in the weight loss market.

Net profit for the quarter came in at 20 billion Danish kroner ($3.1 billion) in line with the 20.12 billion Danish kroner anticipated by analysts in a FactSet poll.

Diabetes and obesity care were a key growth driver following the uptake of Wegovy and Ozempic, however the company lowered its expectations for growth, citing prescription trends, competition and pricing pressure.

Novo shares fell 4.5% at the opening bell on Wednesday, before reversing course to trade 1.7% higher. The

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