Novo Nordisk expects continued competition from copycat versions of its blockbuster Wegovy obesity drug this year and could face layoffs as it battles rising pressure from main U.S. rival Eli Lilly, the Danish drugmaker warned on Wednesday.

Novo Nordisk (NVO) said Wednesday it will cut costs as it faces increasing competition from Eli Lilly (LLY) and generic versions of its obesity drug Wegovy, with slower growth expected for its treatments in the second half of the year.