Novo Nordisk, the pharmaceutical giant behind popular obesity treatments Ozempic and Wegovy, is experiencing a dramatic downturn as its stock plummets by over 20% following a series of negative announcements. The company has issued profit warnings and slashed its sales forecasts, attributed to increasing competition and challenges in the weight-loss drug market. Additionally, Novo Nordisk has appointed Maziar Mike Doustdar as its new CEO in an effort to address these ongoing issues. The leadership change comes with concerns from investors about the impact on sales, particularly in the U.S. market, where sales are expected to slow. This sequence of events has led to a massive $70 billion drop in market value, marking one of the worst days for Novo Nordisk in decades.