0700 GMT - Novo Nordisk shares are expected to come under pressure in Europe this morning, but to a lesser degree than the 6% drop in U.S. trading yesterday, Jyske Bank's Henrik Hallengreen Laustsen writes. The company significantly beat estimates in the second quarter and raised its outlook more than expected. Sales and earnings were both above expectations in the quarter, driven by Ozempic, while the Wegovy pill performed largely as forecast. Consensus estimates might be increased by approximately 3% if expectations are raised to the midpoint of the new guidance, he adds. However, a study of its CagriSema drug showed that the product is no better than Eli Lilly's Mounjaro in diabetes, which could pressure CagriSema estimates and thus Novo's long-term growth profile, which remains one of investors' biggest concerns.