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Novo Nordisk to cut 9,000 jobs as profits dip
Novo Nordisk is letting go of 9,000 employees worldwide—about 11% of its team—as it faces tougher competition from US pharma giant Eli Lilly and sees sales dip for its popular drugs Ozempic and Wegovy.
The company has also lowered its profit growth forecast for this year.
Layoffs part of plan to save 8 billion kroner annually
The layoffs, including 5,000 jobs in Denmark, are part of a plan to save eight billion kroner each year by 2026.
Novo's market value has dropped over 60% in the past year, and its new obesity drug CagriSema failed to outperform Eli Lilly's Mounjaro in weight loss.
CEO Mike Doustdar indicates that these tough moves are about building a more agile company that can stay competitive long-term.