Shares in Wegovy maker Novo Nordisk continued to slide on Wednesday as analysts warned of persistent competition from copycat drugs in the U.S., a day after a profit warning and the naming of a new CEO prompted investors to wipe $70 billion off the drugmaker's value.

Partially a result, Novo Nordisk has steadily declined since last summer. Over the past year, NVO shares are down more than 57%. And since the beginning of 2025, the company’s share price has declined more than 35%. As of the time of this writing, NVO shares are down just over 20% this morning to $55.17 per share.

July 29 (UPI) -- Novo Nordisk announced Tuesday that Mike Doustdar has been appointed as the company's new CEO. Doustdar steps into the role succeeding Lars Fruergaard Jorgensen, effective Aug. 7, 2025, which will also serve as Joregensens last day.