The Danish-maker of Wegovy and Ozempic has warned that its full-year sales and profits will not grow as quickly as expected as more "knock-off" weight-loss drugs emerge.
Novo Nordisk's share price tumbled by more than 20% as it cut its outlook and named a new chief executive to replace Lars Fruergaard Jørgensen, whose surprise exit was announced in May.
Maziar Mike Doustdar, currently vice president of Novo Nordisk's international business, will take over on 7 August.
As well as slower-than-forecast growth for Wegovy in the US obesity market, Novo Nordisk also said that sales of Ozempic to Americans with diabetes would be lower.
Novo Nordisk has seen its market value tumble as other weight-loss treatments have come onto the market.
