Novo Nordisk to cut 9,000 jobs to save $1.25 billion
Novo Nordisk, the company behind Ozempic and Wegovy, is letting go of about 9,000 employees worldwide—11% of its staff—in a big shakeup to save $1.25 billion a year by 2026.
Around 5,000 of these job cuts are happening in Denmark. The goal? Tighten up operations and double down on diabetes and obesity treatments.
Layoffs are about adapting to a faster-paced, more competitive market
CEO Maziar Mike Doustdar says the layoffs are all about adapting to a faster-paced, more competitive market.
With new rivals like Eli Lilly's Mounjaro and gray market versions from compounding pharmacies increasing competitive pressure and contributing to profit warnings this year, Novo Nordisk is feeling the pressure to stay ahead.
Company will put those savings right back into research and development
The company says it'll put those savings right back into research and development for its main therapies.
Fun fact: Novo Nordisk has been at the forefront of diabetes care since way back in 1923—over 100 years!