Danish pharmaceutical leader Novo Nordisk announced significant downward revisions to its 2025 sales and operating profit forecasts due to competition from low-cost semaglutide knockoffs impacting obesity drug Wegovy and diabetes drug Ozempic. The company projected sales growth of 8% to 14%, reduced from the prior 13% to 21%, prompting a greater than 20% slump in its stock price. Concurrently, veteran executive Maziar Mike Doustdar was appointed as the new CEO, succeeding Lars Fruergaard Jørgensen. The company also reorganized R&D, merging units to bolster innovation in response to market challenges.