Novo Nordisk Cuts 9,000 Jobs Globally in Major Restructuring

Novo Nordisk, the Danish pharmaceutical giant known for its Wegovy and Ozempic medications, announced a major restructuring plan involving the cutting of 9,000 jobs, approximately 11.5% of its global workforce, to save around 8 billion Danish crowns annually. This company-wide transformation aims to simplify the organizational structure, accelerate decision-making, and reallocate resources toward growth opportunities in the diabetes and obesity markets amid intensifying competition, particularly from U.S. rival Eli Lilly. The restructuring includes about 5,000 job cuts in Denmark and is accompanied by one-off net costs estimated at 8 billion Danish crowns, leading Novo Nordisk to further lower its 2025 operating profit growth forecast. CEO Mike Doustdar emphasized the need for the company to evolve, instilling a performance-based culture and prioritizing investment in its leading therapy areas to respond to changing consumer demands and market dynamics. The company faces challenges as Wegovy's market share and sales growth slow, partly due to the emergence of copycat versions of the drug and increased competition, particularly in the U.S. market. Novo Nordisk plans to reinvest savings from the restructuring to maintain its market position and capitalize on high-growth potential sectors.