Shares of Novo Nordisk ( NVO ) , the pharmaceutical giant behind “miracle” weightloss drugs Ozempic and Wegovy, took a hit in pre-market trading on Wednesday, following the announcement of its second-quarter results, which fell short of expectations. The company also revised its operating profit outlook downwards.

What Happened: Novo Nordisk’s shares dipped by 2.94% in pre-market trading after the company reported a second-quarter net profit of 20.05 billion Danish kroner ($2.93 billion). CNBC reported that this missed the LSEG aggregate forecast of 20.9 billion Danish kroner.

The company also has now revised its operating profit outlook for 2024, expecting growth between 20% and 28%, down from the previously projected range of 22% to 30%. However, the company raised its sales growth expectations for 2024 to 22% to 28%, following a 55% increase in second-quarter sales of its popular weight loss drug, Wegovy, compared to the same period in 2023.

See Also: What’s Going On With Eli Lilly and Company Shares Friday

Why It Matters: The dip in Novo Nordisk’s shares comes despite unusual options activity observed on Tuesday, suggesting that deep-pocketed investors were adopting a bullish approach towards the company. This level of activity was considered out of the ordinary and indicated that something significant might be on the horizon for Novo Nordisk ( NVO ).

Additionally, Novo Nordisk’s weight loss drug, Wegovy, is facing increasing competition from Eli Lilly’s Zepbound. Due to ongoing supply issues, some doctors are prioritizing availability when prescribing these medications, which could potentially impact the sales of Wegovy.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari