Alternative compounded versions of Novo Nordisk’s blockbuster weight-loss and diabetes drugs have hurt its sales, particularly in the U.S.

Novo Nordisk on Wednesday managed the unusual feat of seeing its stock price rise after reducing its earnings outlook. But that’s reflective of the tough times the Danish maker of Ozempic and other weight-loss drugs has had.

Novo Nordisk has slashed its full-year revenue and profit forecasts for the first time since launching its blockbuster weight-loss drug Wegovy, as unauthorised compounded versions of its GLP-1 drugs eat into sales — particularly in the United States,