Novo Nordisk's (NVO) investors are worried its competition with Eli Lilly (LLY) is heating up and that the first-to-market GLP-1 leader is losing ground. Even with 72% of the global market share, the competition in the US has been pressuring the company's stock in recent months.

Novo Nordisk’s oral Wegovy pill for chronic weight loss is under FDA review. If approved, it would be the first oral GLP-1 for obesity.

Obesity drugmaker Novo Nordisk cut its sales forecasts on Wednesday for the first time since the launch of its Wegovy weight-loss drug four years ago, but its shares rose about 6% as the company anticipates a recovery in its biggest market in the U.