Novo Nordisk on Wednesday managed the unusual feat of seeing its stock price rise after reducing its earnings outlook. But that’s reflective of the tough times the Danish maker of Ozempic and other weight-loss drugs has had.

U.S.-listed shares of Novo Nordisk are jumping in premarket trading Wednesday even as the Danish pharmaceutical giant lowered its full-year outlook.

It became clear over the first quarter that the amount of business that had gone to the compounders was just significantly bigger than what we had anticipated,” Novo Chief Fi