Summary
Novo Nordisk, the company that makes Ozempic, plans to cut 9,000 jobs, which is about 11% of its workforce. This decision comes as the company faces increased competition in the weight-loss drug market and aims to cut costs by 8 billion Danish kroner. The CEO, Mike Doustdar, stated that changes in the market require the company to adapt for long-term success.
Key Facts
- Novo Nordisk plans to cut 9,000 jobs, which is 11% of its employees.
- The cuts are part of a cost-saving plan totaling 8 billion Danish kroner.
- The company's new CEO is Mike Doustdar.
- Increased competition in the weight-loss drug market prompted the job cuts.
- Eli Lilly, a competitor, raised the price of its weight-loss drug, Mounjaro, in the UK.
- A month's supply of the highest dose of Mounjaro will go up from £122 to £330.
- Novo Nordisk had warned in July that its sales and profits would not grow as expected.
- The company will discuss job cuts with employees following local labor laws.
