The company narrowed its full-year guidance as its blockbuster weight-loss drug soars in popularity.

Novo Nordisk reported forecast-beating third-quarter sales of its popular Wegovy weight-loss drug on Wednesday, reassuring investors worried that demand was slowing and it could lose the race in the fast-growing obesity drug market.

Novo Nordisk A/S shares rose as surging sales of the blockbuster weight-loss treatment Wegovy reassured investors after rival Eli Lilly & Co. reported disappointing sales of its obesity treatment last week.

Semaglutide, the scientific name for Novo’s GLP-1 diabetes drug Ozempic and obesity drug Wegovy, has been on the shortage list for over two years, with different doses being listed in shortage at various times.

Novo Nordisk is lifting curbs on prescriptions of its weight-loss drug Wegovy in the United States and is increasing supply in that market, its CEO said on Wednesday.

It is a sign that Novo Nordisk’s efforts to ramp up the supply of those drugs are starting to pay off, as demand continues to skyrocket in the U.S.

Novo Nordisk on Wednesday reported better-than-expected quarterly sales of its popular Wegovy weight-loss drug and narrowed its 2024 outlook for the year, in a mixed set of results reflecting growing competition in the fast-growing obesity drug market.