Investors wiped $70 billion off Novo Nordisk's market value on Tuesday after the maker of weight-loss drug Wegovy issued a profit warning and named a new CEO, as it battles rising competition in the obesity drug market.

Investors wiped $70 billion off Novo Nordisk’s market value on Tuesday after the maker of weight-loss drug Wegovy issued a profit warning and named a new CEO, as it battles rising competition in the obesity drug market.

Shares in Wegovy maker Novo Nordisk fell further on Wednesday as analysts warned of persistent competition from copycat drugs in the United States, a day after a profit warning and the naming of a new CEO prompted investors to wipe $70 billion off the drugmaker's value.

The deal was Novo Nordisk’s bid to grab back market share from the cheaper, knockoff versions that Hims & Hers and other telehealth companies were selling. But within weeks, Nov

Novo Nordisk A/S’s best-sellers Ozempic and Wegovy transformed the firm into a global pharmaceutical giant. But four years after Wegovy’s US launch, the Danish drugmaker’s growth is slowing. About one million patients in the US are taking cheaper copycat options.