Novo Nordisk to Cut 9,000 Jobs in Major Restructuring Amid Growing Competition

COPENHAGEN, Sept 10 – Novo Nordisk, the Danish pharmaceutical giant behind weight-loss drug Wegovy, announced on Wednesday it will cut 9,000 jobs, or 11.5 per cent of its global workforce, as part of a sweeping restructuring plan aimed at saving 8 billion Danish crowns (US$1.26 billion) annually.

The company, which also manufactures the diabetes treatment Ozempic, said about 5,000 of the job losses will occur in Denmark. Newly appointed CEO Mike Doustdar said the move was necessary to streamline operations, speed up decision-making, and reallocate resources to growth areas in diabetes and obesity treatments.

Novo Nordisk

“This means instilling a performance-based culture, deploying resources more effectively, and prioritising investment where it will have the most impact,” Doustdar said in a statement.

As part of the overhaul, Novo will incur one-off restructuring costs of 9 billion Danish crowns in the third quarter but expects to save 1 billion crowns by the fourth quarter.

The cuts come as Novo battles increasing competition from US rival Eli Lilly and faces slowing sales of Wegovy in the United States, partly due to shortages and rival copycat drugs. Shares in the drugmaker have dropped nearly 46 per cent this year.

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