Novo Nordisk: 9,000 jobs to be cut as part of restructuring

By: Trademagazin Date: 2025. 09. 10. 09:00

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Denmark’s Novo Nordisk has cut its operating profit growth forecast for the second time in six weeks and announced major job cuts. The maker of drugs Wegovy and Ozempic is preparing to cut 9,000 jobs, affecting 11 percent of the company’s 78,400 global workforce. Of the cuts, 5,000 will be in Denmark.

The restructuring is aimed at saving the company about 8 billion Danish kroner ($1.25 billion) by the end of 2026. The one-time cost of the steps could be 8 billion kroner, while savings of 1 billion kroner are also expected in the fourth quarter. The company has lowered its annual operating profit growth forecast to 4-10 percent from the previous 10-16 percent.

New CEO Mike Doustdar emphasized that they want to introduce a performance-based culture and focus investments in areas where the greatest market impact can be achieved. The savings will be used primarily to develop diabetes and obesity drugs.

Novo Nordisk has expanded rapidly in recent years due to demand for anti-obesity drugs, but this has caused organizational difficulties and additional costs. In late July, the company’s shares fell 30 percent in a single day, reducing its market value by about $93 billion, after the company cut its revenue and sales expectations.

The market outlook is worsened by the emergence of cheaper, copycat versions of the drugs in the United States. American regulations allow pharmacies to make copies of the drugs in case of shortages, which puts pressure on sales of the original products.