No one stays on top forever. It’s a lesson that Ozempic maker Novo Nordisk may be painfully learning about. The Danish pharmaceutical company has enacted a hiring freeze—the latest sign of a sinking financial outlook for the once-titan of the obesity treatment world.

COPENHAGEN (Reuters) -Wegovy-maker Novo Nordisk has implemented a global hiring freeze covering job roles that are not critical for its business, the company said on Wednesday. The company is battling competition from copycat versions of its blockbuster Wegovy obesity drug this year and could face layoffs as it battles rising pressure from its main rival Eli Lilly.

Novo Nordisk may pursue layoffs as its new CEO focuses on efficiency while facing intensifying obesity drug competition.