Novo Nordisk A/S surged on expectations that some competition for its blockbuster obesity shot Wegovy will subside, paving the way for a sales rebound later this year.

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.