Novo Nordisk has received approval for its weight-loss pill in the U.S., aiming to regain ground from competitor Eli Lilly. The approval may lead to a rebound for Novo after a tough year of declining shares and profit warnings. The company has faced challenges from Lilly’s drug Zepbound, which has surpassed Novo’s Wegovy in U.S. prescriptions. Novo’s market cap has dropped over $400 billion due to competition and rising costs, with its value premium slipping and share price falling against rivals. The company, once Europe’s most valuable listed company, has seen its market cap drop from $650 billion to over $240 billion. Novo is working to turn around its fortunes under new CEO Mike Doustdar, who has announced 9,000 job cuts globally to reduce costs and refocus the firm.

Read more at Yahoo Finance: Novo Nordisk’s weight-loss challenge in five charts