By: Novo Nordisk, the shaper of celebrated weight-loss narcotics Ozempic and Wegovy, announced it is laying disconnected about 9,000 workers successful an effort to “streamline operations.”
The institution made the announcement connected Wednesday, saying it planned to trim 11 per cent of its world workforce pinch the anticipation it will spot C$1.7 cardinal successful savings by the extremity of 2026. The institution has 78,400 employees.
Employees affected will beryllium contacted by the institution complete the adjacent fewer months, according to the company.
Mike Doustdar, president and CEO of Novo Nordisk, said successful a news merchandise that the displacement was needed because of really the markets for weight-loss narcotics are “evolving.”
“Our markets are evolving, peculiarly successful obesity, arsenic it has go much competitory and consumer-driven,” Doustdar said. “Our institution must germinate arsenic well. This intends instilling an accrued performance-based culture, deploying our resources much effectively, and prioritising finance wherever it will person the about effect – down our starring therapy areas.”
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Novo Nordisk has faced increasing competition, pinch U.S.-based Eli Lilly overtaking the Danish institution successful the obesity and glucosuria markets.
Eli Lilly’s Zepbound overtook Wegovy successful play prescriptions successful the U.S. earlier this year, though Wegovy’s prescriptions began to summation quickly complete the summer, narrowing that lead.
But the institution has besides faced a activity of compounded copycat drugs.
Amid the competition, Novo Nordisk is now trying to boost output while gathering rising request for its merchandise and preparing for the merchandise of the pill shape of Wegovy.
“This is the caller CEO’s first awesome move to simplify Novo’s building and redirect resources toward maturation successful glucosuria and obesity,” said Michael Novod, caput of equity investigation for Denmark astatine Nordea Bank.
Doustdar told Danish media successful a telephone this week that the institution plans to reinvest the savings from layoffs into its supplier pipeline and obesity launches successful caller markets, pointing to the rising costs of a commercialized strategy that includes trading its narcotics via user platforms specified arsenic telehealth to beryllium much competitive.
In its news release, Novo Nordisk said the layoffs would beryllium companywide, including impacts to its unit areas and headquarters.
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