Novo Nordisk A/S, maker of the blockbuster weight-loss drug Wegovy, announced on Wednesday it will cut 9,000 jobs — about 11% of its workforce — as part of a sweeping restructuring. The Danish pharmaceutical giant said the overhaul aims to simplify operations, speed up decision-making, and shift resources to core growth areas in diabetes and obesity.
The cuts, including 5,000 positions in Denmark, are expected to save 8 billion Danish crowns ($1.25 billion) annually. CEO Mike Doustdar, who took over last month, said the company needs to adapt as the obesity drug market grows increasingly competitive and consumer-driven.
Once Europe’s most valuable listed company, Novo Nordisk has lowered its earnings forecast for the third time this year, now projecting operating profit growth of 4–10%, down sharply from its initial 19–27% outlook.
The company’s rapid expansion during Wegovy’s boom years nearly doubled its workforce, from 43,700 in 2020 to 78,400 today. But rising competition from U.S. rival Eli Lilly and production bottlenecks — which led the FDA to temporarily allow pharmacies to compound copycat versions of Wegovy and Ozempic — have pressured the company’s growth.
