Novo Nordisk’s outgoing CEO, Lars Fruergaard Jorgensen, has warned that layoffs at the Danish pharmaceutical giant could be unavoidable as competition heats up against its blockbuster obesity drug Wegovy amid rising pressure from rival Eli Lilly.

Novo Nordisk said second-quarter sales of its blockbuster Wegovy weight-loss drug soared 67% on year, despite waves of U.S. patients using generic unbranded versions of the drug.The Danish company last week slashed full-year guidance,