Novo Nordisk A/S’s sales of the blockbuster weight-loss drug Wegovy leapt in the third quarter, a potential relief for investors after rival Eli Lilly & Co. reported disappointing obesity sales last week.

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.

When Novo Nordisk reports earnings Wednesday morning, investors will be seeking reassurance that they haven’t overestimated the market for the new GLP-1 weight-loss medicines. When Novo’s competitor Eli Lilly reported its earnings last week,

Hims & Hers Health reported third-quarter results that topped Street expectations Monday and said it plans to release a generic version of a Novo Nordisk diabetes and weight-loss drug as early as next year.