Ozempic and Wegovy Maker Novo Nordisk to Cut 9,000 Jobs
Novo Nordisk, the company behind Wegovy and Ozempic, is slashing around 9,000 jobs—about 11% of its global workforce—in a major restructuring move. New CEO Mike Doustdar said the cuts are part of a push to simplify operations, reduce complexity, and adapt to a “more competitive and consumer-driven” obesity market. About 5,000 of the roles will be cut in Denmark. The company says the move, which will cost around £927 million, should save a similar amount annually by 2026.
Doustdar, who took over in July after a rough patch that included slowing growth and disappointing trial results, said Novo needs to be “faster and more agile” to stay ahead. The drugmaker's rapid rise in popularity, fueled by celebrity-backed demand for weight-loss injections, has also led to skyrocketing costs. Now facing stiff competition from Eli Lilly's Mounjaro and cheaper alternatives, Novo has lowered its profit forecast for the year from 10–16% to 4–10%.
Though Wegovy and Ozempic remain bestsellers, the company’s dominance has slipped, especially in the U.S., and investors have been pushing for leaner operations. “We are convinced that this is the right thing to do for the long-term success of Novo Nordisk,” said Doustdar, while acknowledging the difficulty of letting staff go. More details will be released with the company’s next financial report in November.
