Novo Nordisk to cut 9,000 jobs as Eli Lilly competition intensifies
AI-Generated Summary
Novo Nordisk announced it will cut 9,000 jobs globally and lower its profit guidance for the third time this year. This decision stems from intensifying competition in the obesity drug market, particularly from Eli Lilly, which has impacted sales of its key weight-loss products Ozempic and Wegovy. The pharmaceutical giant aims to save DKK8 billion annually by 2026 through these restructuring efforts.
In a nutshell
This move signals a significant strategic shift for Novo Nordisk, emphasizing cost-cutting and adaptation to a more competitive and consumer-driven obesity market. The job cuts highlight the intense pressure on pharmaceutical companies to innovate and maintain market leadership, especially when facing strong rivals and clinical trial setbacks.
Source: Euronews
