Adds operating profit in paragraph 3, background in paragraphs 4-8

COPENHAGEN, May 6 (Reuters) - Novo Nordisk NOVOb.CO, the maker of weight-loss drug Wegovy, on Wednesday reported a first-quarter adjusted operating profit above expectations.

The Danish drugmaker is banking on demand for its new weight-loss pill as competition with U.S. rival Eli Lilly LLY.N intensifies and investors demand proof that fast-rising volumes can offset a bruising obesity drug price war.

Novo said its adjusted operating profit was 32.86 billion Danish crowns ($5.16 billion) in the first quarter against a mean forecast of 28.74 billion according to a company-compiled poll.

Novo has spent much of the past year on the defensive, grappling with setbacks including disappointing trial results for its next-generation obesity drug, weaker than expected sales and a share price slide that has erased more than $400 billion in market value since its 2024 peak.

Under new CEO Mike Doustdar, Novo Nordisk is pinning a near-term recovery on its newly launched Wegovy pill, with margins already under pressure following last year's price cuts to the group's blockbuster weight-loss injection.

But Novo Nordisk's window as the only oral obesity pill on the U.S. market slammed shut in early April when Eli Lilly LLY.N received FDA approval for its competing drug Foundayo, intensifying the battle with its main rival.

Novo Nordisk's share price is down almost 40% in the last 12 months, lagging Lilly's rise of around 18% over the same period, though the stock has been slowly tracking upwards since late March on rising hopes for its weight-loss pill.

Main rival Lilly last week hiked its full-year profit and revenue forecasts as surging demand for its weight-loss and diabetes drugs helped offset lower prices across U.S. and international markets.