Novo Nordisk’s outgoing CEO, Lars Fruergaard Jorgensen, has warned that layoffs at the Danish pharmaceutical giant could be unavoidable as competition heats up against its blockbuster obesity drug Wegovy amid rising pressure from rival Eli Lilly.

Novo Nordisk cautioned on Wednesday that it expects continued competition this year from copycat versions of its Wegovy obesity drug, as it battled pressure from compounding pharmacies in the United States and rival Eli Lilly.

The outgoing chief executive of Novo Nordisk has revealed plans to ramp-up cost cutting 'efficiencies' across the business, as the drugmaker battles to fend off rivals.