COPENHAGEN, Nov 6 (Reuters) - 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.

Sales of Wegovy totalled 17.3 billion Danish crowns ($2.49

billion) in the third quarter, ahead of the 15.9 billion

expected by analysts in a company-compiled consensus and up 48%

from the previous quarter.

The Wegovy sales beat may reassure investors worried the

Danish drugmaker was losing its lead to U.S. rival Eli Lilly ( LLY )

. Second-quarter sales fell short of analyst estimates.

Its shares were up 5% in pre-market trading.

Still total group sales, which rose 21% to 71.3 billion

crowns, came below the 72.3 billion crowns expected by analysts.

Novo Nordisk, a first-mover in an obesity drug market that

some analysts forecast could be worth about $150 billion by the

early 2030s, is going head to head with rival Eli Lilly ( LLY ) which

launched its drug Zepbound in December last year.

"Wegovy continues to gain momentum and clearly exceeds

expectations in the quarter," compensating for weaker diabetes

sales, Sydbank analyst Soren Lontoft Hansen said.

Wegovy and Zepbound are part of a class of drugs that mimic

an intestinal hormone called GLP-1, either on their own or in

combination with compounds that target a second hormone to

create a sense of fullness and reduce appetite.

The Denmark-based company said it now expects sales growth

this year of between 23% and 27% in local currencies, compared

to the previously guided range for 22% to 28% growth.

The company said the outlook reflected continued pricing

pressure on its obesity and diabetes drugs and the costs of

investing in expanding output of its existing drugs as well as

in its pipeline of next generation obesity drugs.

Operating profit growth this year is now seen at between 21%

and 27% in local currencies, compared to its previous forecast

of 20% to 28%.

Novo Nordisk has raised its 2024 sales growth

outlook twice since the beginning of the year. In August,

however, the company cut its expectations for operating profit

growth.

"The sales growth is driven by increasing demand for our

GLP-1-based diabetes and obesity treatments, and we are serving

more patients than ever before," CEO Lars Fruergaard Jorgensen

said in a statement.

Novo said operating profit between July and September rose

26% to 33.8 billion Danish crowns ($4.86 billion) compared with

33.6 billion forecast by analysts.

($1 = 6.9430 Danish crowns)