Novo Nordisk is to cut costs as the Wegovy-maker battles competition from rival Eli Lilly and copycat versions of its obesity drug, with lower growth expected for its treatments in the second half of the year.

Novo Nordisk said second-quarter sales of its blockbuster Wegovy weight-loss drug soared 67% on year, despite waves of U.S. patients using generic unbranded versions of the drug.The Danish company last week slashed full-year guidance,

Danish drugmaker Novo Nordisk is facing a major challenge to its blockbuster weight-loss drug Wegovy. Booming sales of Wegovy powered the company to become Europe's most valuable, but it has lost over $400 billion in market capitalization since mid last year as competition from U.