Novo Nordisk, the maker of the blockbuster weight-loss drug Wegovy, announced Wednesday it will cut 9,000 jobs – roughly 16% of its global workforce – in a restructuring effort aimed at saving 8 billion Danish crowns ($1.26 billion) annually. The move comes as the company faces increased competition from U.S. rival Eli Lilly and navigates challenges from copycat versions of Wegovy.”Novo nordisk today announced a company-wide transformation to simplify its organisation, improve the speed of decision-making, and reallocate resources towards the company’s growth opportunities in diabetes and obesity,” the company saeid in a statement.
The restructuring follows a global hiring freeze implemented in August,which covered all non-critical roles. Novo Nordisk has experienced significant demand for its diabetes and obesity treatments, but is concurrently working to defend its market position against emerging competitors. The company did not specify where the job cuts would be concentrated.
