Novo Nordisk will cut 9,000 jobs. In 2025 profit estimates revised three times
Novo employees had expected job cuts since Mike Doustdar took over as CEO last month
1' min read
1' min read
Novo Nordisk A/S will cut 9,000 jobs worldwide, aiming to save DKK 8 billion (USD 1.3 billion) by the end of 2026, and has made the third cut of the year to its profit forecast.
The Danish pharmaceutical company aims to save DKK 8 billion (USD 1.3 billion) by the end of 2026 with the cuts, which will affect 11% of its workforce, including5,000 reductions in Denmark.
Novo stated that operating profit will grow between 4% and 10% at constant exchange rates. In February the Danish company predicted that profits could grow by up to 27%.
On Wednesday, Novo announced a company-wide transformation to simplify its organisation, improve the speed of decision-making and reallocate resources towards growth opportunities in diabetes and obesity.
Novo employees have been contemplating job cuts since Mike Doustdar took over as CEO last month and have called for more discipline and prudence when it comes to spending. Novo is struggling to regain its position after losing leadership in the US obesity market to rival Eli Lilly & Co.
