Novo Nordisk slashed its 2025 outlook for the second time this year, projecting sales growth of 8%–14% in constant currencies and operating profit expansion of 10%–16%. The Danish drugmaker had previously forecast increases of 13%–21% and 16%–24%, respectively. The cut reflects slower-than-expected uptake of the weight-loss injection Wegovy and diabetes drug Ozempic in the United States, where inexpensive compounded versions of semaglutide continue to circulate despite an FDA grace-period expiry in May. Novo also cited intensified competition from Eli Lilly’s rival GLP-1 treatment Zepbound and a weaker trajectory for Wegovy in some international markets. Investors reacted sharply: the stock plunged nearly 30% in Copenhagen trading, its steepest single-day decline on record, erasing roughly US$70 billion of market value and taking the shares back to early-2022 levels. Alongside the profit warning, Novo Nordisk named longtime executive Maziar Mike Doustdar as chief executive officer, succeeding Lars Fruergaard Jørgensen on 7 August. Doustdar, currently head of international operations, will also oversee a reorganisation that merges the company’s early-stage and late-stage research units under a single R&D chief as management seeks to regain momentum in the obesity and diabetes markets.