Shares of Novo Nordisk A/S plunged after the company surprised investors with a forecast pointing to a sharp drop in sales, underscoring the growing intensity of price competition in the obesity drug market.

Novo Nordisk’s stock surged after the U.S. Food and Drug Administration approved the drugmaker’s weight-loss pill, giving the Danish company a boost in the competitive race to bring an effective oral obesity treatment to market and helping it regain momentum against rival Eli Lilly.

Shares of Danish pharmaceutical giant Novo Nordisk rose in early trade on Monday after the company abandoned its bid for U.S. weight-loss drug developer Metsera. The move ends a bidding contest with Pfizer, which secured the deal for $10 billion.

Shares of Novo Nordisk and Eli Lilly dropped on Friday following U.S. President Donald Trump’s announcement that the price of Novo’s Ozempic — a diabetes drug also used off-label for weight loss — would be reduced.

Novo Nordisk shares surged on Monday, rising as much as 5% at the open, after U.S. regulators granted accelerated approval for its weight-loss drug Wegovy to treat a progressive liver condition known as MASH.