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.

Second-quarter sales of the blockbuster drug soared 67% on year, despite millions of U.S. patients using generic unbranded versions of the drug.

Novo Nordisk is to cut costs as the Wegovy-maker battles competition from rival Eli Lilly and copycat versions of its obesity drug, with lower growth expected for its treatments in the second half of the year.