Novo Nordisk, the maker โof theโ blockbuster weight-loss drug Wegovy, โannounced Wednesday โit will cut โ9,000 jobsโฃ – roughly 16% of its global workforce – in โa restructuring effort โขaimed at โขsaving 8 billion Danish crowns ($1.26 billion) annually. The move comesโ as theโค companyโ faces increased competition from U.S.โค rival Eli Lilly and navigates challenges from copycat versionsโ of Wegovy.”Novo nordisk today announced a company-wide transformation โto simplify its organisation, improveโ the speed of decision-making, and reallocate resources โขtowardsโฃ the company’s โgrowth opportunities in diabetes and obesity,” the company saeid in a โคstatement.
The โrestructuring followsโข a global hiring freeze โคimplemented in August,which covered all non-critical roles. Novo โขNordiskโ has experiencedโ significant demand for its diabetes and obesityโ treatments, but is concurrently working โto defend its market โposition โฃagainst emerging competitors. The company did not specify where the job cuts would be concentrated.