COPENHAGEN—Shares in Novo Nordisk rose more than 3 percent on Wednesday after the Danish drug developer delivered a better-than-expected earnings outlook for 2022 despite missing fourth-quarter operating profit expectations. The world’s largest diabetes drug developer expects to generate sales growth of between 6 percent and 10 percent in local currencies in 2022 and deliver operating profit growth of 4 percent to 8 percent. “This reflects an underlying unchanged positive growth momentum for Novo Nordisk,” Sydbank analyst Soren Lontoft told Reuters, adding that he would be raising his estimates. Jefferies analysts said Novo’s operating profit forecast reflected lower margin pressure than feared. Novo reported a fourth-quarter operating profit of 13.63 billion Danish crowns ($2.06 billion), an increase of 16 percent over the corresponding period last year, but below an average of 14.36 billion forecast by analysts in a Refinitiv poll. Higher sales and distribution costs in addition to higher research and …