The layoffs come amid sluggish sales as competition heats up in the weight-loss drug market.
The layoffs come amid sluggish sales as competition heats up in the weight-loss drug market.
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Novo Nordisk, the maker of blockbuster weight loss medication Wegovy, will cut 9,000 jobs amid growing competition in the industry led by US rival Eli Lilly.
The Danish pharmaceutical giant announced the cuts on Wednesday, marking the largest layoff in Denmark’s history. The restructuring is slated to save the company 8 billion Danish crowns ($1.25bn) annually.
Sales slump especially in the US market as Wegovy’s grip on the obesity drug market loosens.
Novo Nordisk, which produces Wegovy and Ozempic, said roughly 9,000 roles would be cut, with 5,000 of these reductions expected…
The Danish firm, which also produces Wegovy, has warned of increased pressure from "knock-off" drugs.
The Danish weight loss drug-maker claims "knock-off" treatments are hitting growth.
Danish pharmaceutical giant Novo Nordisk on Tuesday cut its full-year sales and profit guidance.
The Wegovy obesity drug maker on Wednesday announced plans to trim 11.5% of its workforce.
Novo Nordisk job cuts a necessary reset after hypergrowth, analysts say
