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.

The Danish drugmaker, which became Europe’s most valuable company worth $650 billion last year on sales of its blockbuster weight-loss drug, is facing a pivotal moment as Wegovy loses market share, especially in the U.S.

Last week, competition from compounders — who make copycat medicines based on the same ingredients as Wegovy — prompted the company to cut its full-year sales and profit outlook. That took investors by surprise and wiped $95 billion off Novo’s market value.

On a media call on Wednesday, outgoing CEO Lars Fruergaard Jorgensen said the copycat marke

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