Novo Nordisk Cuts 9,000 Jobs Globally Amid Weight-Loss Drug Competition

Novo Nordisk is undertaking a global restructuring initiative that includes cutting approximately 9,000 jobs to strengthen its long-term growth strategy and sharpen its focus on obesity and diabetes therapies amid rising competition, particularly from Eli Lilly in the U.S. market. CEO Mike Doustdar announced that most impacted employees have been notified, with the pace of notifications varying by local legal requirements. The layoffs affect numerous departments, including human resources, clinical development, marketing, and finance, and include over 800 jobs cut at the company's U.S. headquarters in New Jersey. Despite the job reductions, Doustdar emphasized the company's commitment to transparency and respect during the process, praising the impacted employees and encouraging other employers to consider them for new opportunities. This restructuring follows dissatisfaction within Novo Nordisk's board over the company's pace in the obesity market, prompting a more aggressive strategic shift. The company’s shares have reacted negatively to the news, reflecting investor concerns amid the intense competition in the lucrative weight-loss drug market.