In a sweeping restructuring move, Danish Pharmaceutical Novo Nordisk will cut 9,000 jobs or 12 per cent of the workforce.
The decision, released on Wednesday, aims to save $1.3 billion and focus on Diabetes and Obesity.
The layoffs come at a critical time for the world’s leading producer of diabetes and weight loss drugs, as it faces mounting competitive pressure from US rival Eli Lilly.
Novo Nordisk’s blockbuster drugs, Wegovy and Ozempic, face slower growth and market share loss in the USA.
Of the 9,000 job cuts, nearly 5,000 are expected in Denmark, the company’s home base.
The announcement follows a global hiring freeze imposed last month for non-critical roles.
The company currently employs around 78,400 people worldwide.
He reaffirmed that Novo Nordisk’s long-term mission remains unchanged, that is, to deepen its leadership in diabetes and obesity and continue to fight against serious chronic disease.
Explaining the rationale, Doustdar, the CEO, wrote on LinkedIn that the changes will help realign resources towards high-impact research and commercial initiatives.
“Sometimes the hardest decisions are the right ones for the future we’re building,” Doustdar said, expressing confidence in the company.
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