The company is laying off 9,000 employees at once, there will be a saving of $ 1.25 billion

Massive Layoff: Danish pharma company Novo Nordisk announced that it will eliminate the jobs of 9,000 employees. 5,000 of these jobs will go to Denmark. The company makes the popular obesity-reducing drug Wegovy and the diabetes drug Ozempic. The company said that this step has been taken to reduce difficulties, make decisions faster and focus on growth opportunities in obesity and diabetes drugs. This layoff is about 11 percent of the company’s total workforce.

The company will save $ 1.25 billion

This will save the company about 8 billion Danish Kroner ($ 1.25 billion) by the end of the year 2026, which will be invested in research and development (R&D). This will be spent especially on medicines related to obesity and diabetes.

Layoffs will happen immediately

The company is headquartered in Bagsvaerd near Copenhagen and currently has 78,400 employees. The layoff process will begin immediately and affected employees will be notified in the coming months in accordance with local labor laws.

The market is changing rapidly

The company’s new CEO Mike Doustdar took office in May. He said that the market is changing rapidly and obesity has become a competitive and consumer-based sector. Therefore, the company will also have to change and use resources more effectively.

Due to Wegovy and Ozempic, the company’s market cap once exceeded Denmark’s annual GDP and it became Europe’s most valuable company.