Danish pharmaceutical giant Novo Nordisk A/S announced on Wednesday that it would lower its growth expectations for its key obesity and diabetes treatments.

The company reported a quarterly net profit of 20 billion Danish kroner (approximately $3.1 billion), in line with analysts' expectations of 20.12 billion kroner, according to a FactSet survey.

Following the widespread adoption of Wegovy and Ozempic, diabetes and obesity treatments became major growth drivers for the company. However, Novo Nordisk cited prescription trends, competition, and pricing pressures as reasons for revising its growth outlook downward.

Shares of Novo Nordisk, listed in Copenhagen, have fallen more than 50% year-to-date, as a series of challenges have shaken investor confidence in what was once Europe's most valuable company.

Beyond disappointing trial results, intensifying competition in the obesity drug market, and challenges from U.S. drug pricing and tariff policies, Novo Nordisk also faces leadership changes and opposition to a key acquisition.

As a result, analysts remain divided on the stock. Jefferies recently downgraded it to "underperform," while Berenberg remains optimistic, stating that Novo Nordisk has reached a "peak of uncertainty."

The bank noted, "Novo Nordisk’s exceptional growth trajectory and industry-leading R&D returns justify a higher valuation premium than its peers."

**Bid for Metsera** Last week, Novo Nordisk made a competitive bid to acquire U.S. obesity biotech firm Metsera, surpassing an offer from American pharmaceutical giant Pfizer.

On Monday, Pfizer filed a second lawsuit against Novo Nordisk and Metsera, alleging that Novo Nordisk’s acquisition bid for the smaller company was anti-competitive.

A Novo Nordisk spokesperson dismissed the claims as "false and baseless" in a statement.

On Tuesday, Novo Nordisk raised its offer for Metsera, now valuing the deal at up to $10 billion, compared to an earlier bid of around $9 billion.

Novo Nordisk stated, "The company believes the proposal, including the transaction structure, complies with all applicable laws, serves the best interests of patients—who will benefit from our commitment to innovation—and aligns with Metsera shareholders' interests." The deal remains subject to the terms of Pfizer’s merger agreement with Metsera.

Metsera confirmed on Tuesday that the revised offer was "superior" to Pfizer’s amended bid.