Ozempic maker to slash 9,000 jobs globally as competition intensifies

The maker of Ozempic and Wegovy has revealed plans to shed around 9,000 jobs globally as the company faces a fiercely competitive market for obesity drugs.

Novo Nordisk’s plans would result in around 11% of the pharmaceutical giant’s 78,400-strong workforce being axed.

The majority of the job cuts, around 5,000, are expected in its home market of Denmark.

A spokeswoman for the group said regions would be affected differently and it could not specify how its UK workforce may be impacted until the plans are finalised.

The company has an office based in Gatwick in the UK.

Novo Nordisk said it has grown rapidly to meet rising global demand for weight-loss and diabetes medication, but this has increased costs and complexities within its operations.

It also warned that it was taking action as the obesity market becomes more “competitive and consumer-driven”.

Novo Nordisk enjoyed a sharp rise in sales last year when popularity for weight-loss drugs ballooned around the world, with demand for its Wegovy injection pen exceeding supply.

However, sales growth has slowed this year as competition with rival drugmakers has intensified.

The company cautioned over “persistent use” of compounded, or copycat, versions of its drugs, many of which it called “unsafe and unlawful”.

It has also faced mounting competition from US drugmaker Eli Lilly’s rival weight loss jab Mounjaro.

Its president and chief executive Mike Doustdar said on Wednesday that the business “must evolve”, adding: “It is always difficult to see talented and valued colleagues go, but we are convinced that this is the right thing to do for the long-term success of Novo Nordisk.

“We need a shift in our mindset and approach so we can be faster and more agile.”

He added that by “realigning our resources now” the company can invest for growth, particularly in diabetes and obesity.

The restructuring is expected to cost around nine billion Danish kroner (£1 billion), incurred in the third quarter of 2025, Novo Nordisk warned.

It therefore said it was downgrading its profit outlook with the costs expected to knock around six percentage points off its full-year operating profit growth for 2025, compared with previous guidance.