Novo Nordisk is to cut 11 per cent of jobs and has reduced its profit guidance for this year, as the Danish maker of weight-loss drugs Ozempic and Wegovy struggles to fend off competition from US rival Eli Lilly.
The drugmaker said it would cut 9,000 jobs — including 5,000 in its home country of Denmark — out of a workforce of 78,400. It estimated it would save DKr8bn ($1.3bn) a year by 2026 from the move.
Novo said it would cost DKr8bn in restructuring charges, leading it to cut its operating profit growth forecast for this year from 10-16 per cent to 4-10 per cent.
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