Novo Nordisk expects continued competition from copycat versions of its blockbuster Wegovy obesity drug this year and could face layoffs as it battles rising pressure from main U.S. rival Eli Lilly, the Danish drugmaker warned on Wednesday.

Novo Nordisk faces a critical phase with its obesity drug Wegovy as it confronts competition from Eli Lilly and potential job cuts. Despite lucrative past sales, Novo warns of slower growth due to rival generics and compounding pharmacies,

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)