Second-quarter sales of the blockbuster drug soared 67% on year, despite millions of U.S. patients using generic unbranded versions of the drug.

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.S. rival Eli Lilly and Co (LLY.N) and copycat rivals has hardened.

STORY: Novo Nordisk said Wednesday it would cut costs as it takes on growing competition.The Danish firm faces a growing challenge from U.S. giant Eli Lilly, as well as copycat versions of its own Wegovy obesity drug.