Novo Nordisk cautioned on Wednesday that it expects continued competition this year from copycat versions of its Wegovy obesity drug, as it battled pressure from compounding pharmacies in the United States and rival Eli Lilly.

Sales of Novo Nordisk's blockbuster Wegovy obesity drug rose 67% in the second quarter despite continued competition from compounded drug makers. The pharma giant last week cut its full-year guidance and named Mike Doustdar as its new CEO.

Novo Nordisk (NVO) said Wednesday it will cut costs as it faces increasing competition from Eli Lilly (LLY) and generic versions of its obesity drug Wegovy, with slower growth expected for its treatments in the second half of the year.