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3w ago

Novo Nordisk to Cut 9,000 Jobs in Global Restructuring

The overhaul redirects savings to obesity and diabetes priorities under new CEO Mike Doustdar.

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An employee works on the production line at the Novo Nordisk factory in Hilleroed on September 26, 2023. Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark, aiming to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. On June 12, 2023, the company announced plans to invest 15.9 billion Danish kroner to expand an existing Active Pharmaceutical Ingredient (API) production facility in the country. (Photo by Sergei GAPON / AFP) (Photo by SERGEI GAPON/AFP via Getty Images)

Overview

  • The layoffs represent about 11% to 11.5% of the 78,400-employee workforce, including roughly 5,000 positions in Denmark.
  • Novo Nordisk projects annualized savings of about 8 billion Danish kroner by the end of 2026 and expects roughly 9 billion kroner in one-time restructuring charges this quarter.
  • The company lowered its 2025 operating profit growth outlook to 4%–10% from 10%–16% in August, issuing its third profit warning of the year.
  • Management said the move responds to slowing momentum for Wegovy and Ozempic, increased competition from Eli Lilly, and continued use of compounded semaglutide products.
  • Implementation begins immediately, with notifications and timelines varying by country, and savings will be reinvested in R&D, manufacturing capacity, and market access for diabetes and obesity therapies.