Wegovy-maker Novo Nordisk said on Wednesday it will sharpen its commercial focus and reduce costs, after a major profit warning and new CEO announcement last week wiped some $95 billion of value from the company's stock.

Sales of Novo Nordisk's blockbuster Wegovy obesity drug rose 67% in the second quarter despite continued competition from compounded drug makers. The pharma giant last week cut its full-year guidance and named Mike Doustdar as its new CEO.

Novo Nordisk has announced the filing of 14 new lawsuits against the sale of unapproved compounded drugs claiming to contain semaglutide, an active ingredient in its weight-loss and diabetes drugs, Wegovy and Ozempic,