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Shelby Knowles | Bloomberg | Getty ImagesDanish pharmaceutical giant Novo Nordisk on Wednesday announced plans to cut around 9,000 roles, or roughly 11.5% of its global workforce."Novo Nordisk today announced a company-wide transformation to simplify its organisation, imve the speed of decision-making, and reallocate resources towards the company's growth opportunities in diabetes and obesity," the company, which duces the Wegovy weight loss medication, said in a statement."As part of the transformation, Novo Nordisk intends to reduce the global workforce by apximately 9,000 of the 78,400 positions in the company, with around 5,000 reductions expected in Denmark." s were up 2.5% by at 8:18 a.m.
London time (3:18 a.m. ET), paring earlier losses.
The company said the headcount reduction would incur a one-off cost of 8 billion Danish kroner ($1.26 billion).As a result of the one-off costs, the company said its now expect full-year operating fit growth of 4% to 10% at constant exchange rates, down from the 10% to 16% outlined in its second-quarter results in August.The overhaul marks the first major move by CEO and President Maziar Mike Doustdar, who took the reins at the pharma giant last month ing the surprise ouster of Lars Fruergaard Jørgensen.
Novo Nordisk, once the first mover in weight-loss drugs, has been struggling to maintain market — especially in the key U.S.
region — amid a slew of supply chain issues and increased competition from rival Eli Lilly and cheaper compounded weight loss drugs.Meantime, the firm has struggled to shake negative sentiment ing a series of disappointing trial results for its next-generation obesity drug candidate CagriSema."Our are evolving, particularly in obesity, as it has become more competitive and consumer-driven.
Our company must evolve as well.
This means instilling an increased performance-based culture, deploying our resources ever more effectively, and prioritising investment where it will have the most impact – behind our leading therapy areas," Doustdar said in a statement.During a July investor call confirming his appointment, Doustdar had said he was assuming the role with a sense of "urgency" and three key priorities.
Those included defending Novo's leadership in diabetes and obesity treatment, fostering a high performance culture and realigning the company's cost base and driving efficiencies.This is a story and will be d shortly.