Novo Nordisk said Wednesday it plans to cut approximately 9,000 jobs globally as part of a major restructuring aimed at refocusing on its core diabetes and obesity drug businesses amid slowing growth.
The Danish drugmaker said the cuts, which represent more than 11% of its 78,400-person workforce, will include around 5,000 positions in its home country.
The company expects the move to generate annualized savings of 8 billion Danish Kroner by the end of 2026, which it plans to reinvest in research and commercial efforts.
The transformation follows a period of rapid scaling that increased complexity and costs, according to the company, which is facing a more competitive and consumer-driven obesity market.
“Our markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven,” said President and CEO Mike Doustdar.
“Our company must evolve as well.”
Novo Nordisk will take a one-off restructuring charge of 8 billion Danish Kroner, leading it to lower its 2025 operating profit growth forecast to a range of 4% to 10%, down from a previous outlook of 10% to 16%.
The job cuts are the largest in the company's recent history, following smaller workforce reductions in 2016 and 2018 aimed at adapting to market pressures.
The restructuring comes even as the company expands the use of its blockbuster weight-loss drug Wegovy and advances next-generation obesity treatments.
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