Danish drugmaker Novo Nordisk's stock was down nearly 20% in premarket trading Tuesday morning after the company cut its sales and profit estimates.

Danish pharmaceutical giant Novo Nordisk (NYSE:NVO) is watching its stock plummet 20% in morning trading after slashing its full-year sales and profit outlook for the second time this year. The announcement,

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Shares of Novo Nordisk skidded on Tuesday as the Danish drugmaker reduced its expectations on wildly popular drugs Ozempic and Wegovy.

Ozempic and Wegovy maker Novo Nordisk sees shares tumble on profit alert - The Danish firm blamed the move to slash its guidance on intense competition from rivals and copycat drugs in the US.

Novo Nordisk slashed its financial forecasts as it struggled to fight off competition in the United States. It also named a new chief executive, who highlighted the “urgency” of the moment.

Drugmaker struggled to adapt to very high demand and a market where celebrities are more influential than doctors

Shares in the maker of Ozempic crashed to three-year low after the pharma giant warned its injections were losing ground to rival jabs such as Mounjaro. More than a fifth was wiped off the value of Novo Nordisk on Tuesday, equivalent to a $70bn drop in its market cap.