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.

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, valued at $650 billion in June last year, has shed over two-thirds of its value since. Its latest market cap is around $212 billion. (Reporting by Maggie Fick and Jacob Gronholt-Pedersen; Editing by Adam Jourdan and Nick Zieminski)