Novo Nordisk A/S (NVO) shares surged 5.07% in Wednesday's pre-market trading following the release of its first-quarter earnings report, which exceeded analyst expectations. The Danish pharmaceutical giant, known for its weight loss drug Wegovy, reported earnings per share of DKK 6.53, surpassing the consensus estimate of DKK 6.11 and marking a significant increase from DKK 5.68 in the same quarter last year.

The company's revenue also impressed investors, rising 19.5% to DKK 78.09 billion, slightly above the analyst forecast of DKK 78.08 billion. This strong financial performance comes amid Novo Nordisk's aggressive efforts to maintain its market share in the highly competitive weight loss drug market, particularly against rival Eli Lilly.

Novo Nordisk's recent strategic moves appear to be paying off. The company has announced deals with telehealth companies to sell Wegovy directly to cash-paying consumers, potentially capturing patients transitioning from compounded semaglutide. Additionally, a significant agreement with CVS Health's pharmacy benefit manager to make Wegovy the preferred GLP-1 medicine on major formularies has been seen as a positive development for the company. These initiatives, coupled with the strong earnings report, have reignited investor confidence in Novo Nordisk's ability to compete effectively in the evolving weight loss medicine market.