Novo Nordisk Cuts 9,000 Jobs Amid Slowing Wegovy Sales and Rising Competition

Novo Nordisk, the Danish pharmaceutical giant behind weight-loss drug Wegovy and diabetes treatment Ozempic, announced plans to cut 9,000 jobs, or 11.5% of its global workforce, as part of a major restructuring. The move aims to save around $1.3 billion annually and sharpen the company’s focus as it faces increasing competition from U.S. rival Eli Lilly.

CEO Mike Doustdar, who took over last month, said the restructuring will streamline operations, speed up decision-making, and prioritize investments in core therapy areas. He emphasized the need for a stronger performance-based culture to navigate a more competitive obesity market.

The job cuts will hit Denmark hardest, with about 5,000 roles eliminated there. This follows a global hiring freeze introduced last month for non-essential positions. Novo Nordisk, which currently employs about 78,400 people worldwide, will report one-off restructuring costs of 9 billion Danish crowns in the third quarter, while expecting 1 billion crowns in savings in the fourth quarter. Annual savings are projected at 8 billion crowns.

The company lowered its operating profit growth outlook for 2025 to 4–10%, down from 10–16%, due to restructuring costs. Analysts, however, view the cuts as a necessary step. Nordnet’s Per Hansen said the plan is “tough, natural, and very necessary,” predicting a positive reaction from investors.

Novo Nordisk has struggled with slower sales growth in the U.S., competition from compounded versions of Wegovy, and declining market share. Shares have fallen nearly 46% in 2025, cutting its market value to $181 billion, far below its $650 billion peak last year.

Despite the challenges, Doustdar said the changes are essential for the company’s long-term success, calling them “the right thing to do for the future we’re building.”