Wegovy, Ozempic sales miss analyst forecasts
Group trims profit outlook, slightly upgrades sales outlook
Competition to Wegovy in U.S. will not affect sales, CEO says
Impairment loss hits operating profit
Shares down 6 in early trading

LONDON, Aug 7 Reuters Novo Nordisk on Wednesday trimmed its fullyear profit outlook after reporting weakerthanexpected quarterly sales of its popular weightloss drug Wegovy, stirring worries among investors about stiffening competition from Eli Lilly.

The results end a prolonged streak of positive earnings news from the first mover in the obesity drug race which has seen its value surge to more than 500 billion, making it Europe39;s most valuable listed company.

Novo shares, which have soared some 230 since June 2021, fell as much as 7.7 in early trading and were down 4.7 by 0803 GMT, the third biggest faller on the broader STOXX 600 and within sight of their February lows.

Secondquarter profit also missed expectations, potentially deepening investor worries that Novo39;s dominance in the fastgrowing obesity drug market which some forecast could be worth about 150 billion by the early 2030s is at risk as it races to expand capacity to meet demand.

The soft secondquarter results are in sharp contrast to the massive sales and earnings beats we have seen last year, said Markus Manns, a portfolio manager at Novo shareholder Union Investment in Germany.

CEO Lars Fruergaard Jorgensen downplayed concerns over competition from U.S….