Sales of Novo Nordisk's Wegovy weight loss drug increased by 67% in the second quarter, reaching 19.53 billion Danish kroner. This growth occurred despite ongoing competition from compounded drug makers and a recent reduction in the company's full-year sales growth forecast to between 8% and 14%. The company also reported an overall sales increase of 13% year-on-year, slightly exceeding analyst expectations.

Novo Nordisk announced plans to cut costs and sharpen its commercial focus following a decline in its share price. The company is facing challenges from increased competition, particularly from rival Eli Lilly and compounded pharmacies, which have been targeting Wegovy due to its strong brand recognition. Additionally, the appointment of a new CEO, Mike Doustdar, signals a shift in leadership as the company navigates these competitive pressures.