Novo to Cut 11% of Staff as Obesity Competition Takes Toll

Novo Nordisk A/S will slash 9,000 jobs globally and cut its profit forecast for the third time this year as it fights to recover ground lost to its more efficient rival Eli Lilly & Co. in the booming obesity drug market.

The Danish maker of Ozempic and Wegovy said Wednesday it aims to save 8 billion kroner ($1.3 billion) by the end of 2026, plowing the money back into new drug development and sales. The cuts will hit 11% of its workforce, including 5,000 reductions in Denmark, where mass layoffs are highly unusual.