Novo Nordisk to Cut 9,000 Jobs as Competition Rises
Work News | New Stardom
Novo Nordisk’s expanded production facilities in Kalundborg, Denmark. Expansion announced November 2023, to be completed by 2029. Image: Novo Nordisk Media Library
Novo Nordisk, the Danish pharmaceutical leader behind blockbuster drugs Ozempic and Wegovy, will lay off 9,000 employees, over 11% of its global workforce, as part of a major restructuring announced today.
The company’s new CEO, Mike Doustdar, says the cuts are designed to simplify Novo Nordisk’s organizational structure, speed up decision-making, and focus on high-growth areas such as obesity and diabetes treatments. About 5,000 of the jobs lost will be in Denmark.
Despite record demand for its weight-loss and diabetes drugs, Novo Nordisk faces mounting competition from rivals including Eli Lilly. Leadership cited intensifying rivalry, the need to streamline costs, and pressure to maintain performance as key drivers of the restructuring.
Novo Nordisk’s share price has dropped nearly 46% this year, prompting a downward revision of its 2025 profit forecasts. The restructuring is expected to save over $1.25 billion annually by 2026, with most savings reinvested in research and development.
The layoff of 9,000 employees, one of the largest in European pharma this year, comes despite booming sales for Ozempic and Wegovy. The move highlights how global pharmaceutical leaders are under growing pressure to adapt to faster competition, changing technology, and rising costs.
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