The maker of Wegovy and Ozempic, Novo Nordisk, has announced it will cut 9,000 jobs weeks after warning that profits will fall as more "knock-off" weight-loss drugs emerge.
The redundancies make up 11% of the Danish company's workforce and mark the first major step by new chief executive Mike Doustdar as Novo Nordisk faces mounting pressures in the rapidly expanding weight-loss sector.
Demand for weight-loss drugs has increased in recent years, in particular after Covid-related lockdowns forced people to stay in their homes.
Mr Doustdar said: "Our markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven. Our company must evolve as well."
Novo Nordisk has faced increased competition from rivals such as Eli Lilly which makes Mounjaro.
