Overview

• The company will cut about 11% of its workforce, with more than half of the reductions in Denmark, targeting roughly 8 billion Danish kroner in annual savings by the end of 2026.
• Management lowered its outlook for the third time this year and now expects an operating margin of 4% to 10%, down from July guidance of 10% to 16%.
• Shares fell more than 20% intraday following the restructuring and guidance update.
• Competitive pressure includes an expected lower-cost oral obesity drug from Eli Lilly and the availability of cheaper imitative or compounded products at U.S. pharmacies, according to reporting.
• Novo Nordisk expanded rapidly during the Ozempic and Wegovy boom, growing headcount from 43,700 to 78,400 since 2020, before a leadership change placed Doustdar in charge in early August.