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.

Booming sales of Wegovy powered the company to become Europe's most valuable, but it has lost over $400 billion in market capitalization since mid last year as competition from U.S. rival Eli Lilly and Co (LLY.N) and copycat rivals has hardened.