Investors wiped $70 billion off Novo Nordisk's market value on Tuesday after the maker of weight-loss drug Wegovy issued a profit warning and named a new CEO, as it battles rising competition in the obesity drug market.

While Novo Nordisk blamed rival drugs and its own tepid expansion for downgrades to sales and profit growth, some analysts said the company had been too slow to pursue the market for people willing to pay for its weight-loss treatments.

The pharmaceutical giant cut its guidance and said U.S. sales of Ozempic grew more slowly.