Novo Nordisk is to cut costs as the Wegovy-maker battles competition from rival Eli Lilly and copycat versions of its obesity drug, with lower growth expected for its treatments in the second half of the year.

Novo, valued at $650 billion in June last year, has shed over two-thirds of its value since. Its latest market cap is around $212 billion. (Reporting by Maggie Fick and Jacob Gronholt-Pedersen; Editing by Adam Jourdan and Nick Zieminski)

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.