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.

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

Novo Nordisk’s shock profit downgrade and 22% share price plunge spooked global markets. But for ResMed shareholders, the story could have a silver lining — with sentiment finally shifting back toward a more balanced view of sleep apnoea treatment.