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

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.