Ozempic Creator Novo Nordisk to Slash 9,000 Jobs by End of 2026

The company lowered its earnings outlook in August, citing increased competition in the U.S. obesity market.

The anti-diabetic medication Ozempic made by Danish pharmaceutical company Novo Nordisk is seen in Paris on Feb. 23, 2023. Joel Saget/AFP via Getty Images

Denmark-based Novo Nordisk, the manufacturer of the popular Ozempic diabetes medication, announced on Sept. 10 that it plans to reduce its global workforce by 9,000 employees by the end of 2026 amid intensifying competition in the obesity market, particularly in the United States.

In a company statement, Novo Nordisk said the reduction is needed to increase speed and redirect resources to more growth opportunities within the diabetes and obesity treatment industry. The company predicts savings of DKK (the Danish Krone) 8 billion, about $1.25 billion, by the end of 2026.

With its current global workforce of 78,400, the firm is predicting that around 5,000 of those job reductions will be expected in Denmark.

“As the global leader in obesity and diabetes, Novo Nordisk delivers life-changing products for patients worldwide. But our markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven,” Novo Nordisk president and CEO Mike Doustdar said in the statement.

Doustdar said that the firm plans to invest more in science, commercial capabilities, and manufacturing upgrades to reach millions of people who remain untreated.

The workforce reduction is expected across the company, including staff areas and headquarters functions. Company leaders plan to communicate with those affected employees over the next few months.

Novo Nordisk stated that the resulting savings from those salaries will then be redirected to advancing opportunities in diabetes and obesity treatments, including research and development programs.

The statement indicates that the company-wide transformation has an estimated DKK 8 billion in net one-off restructuring costs, while restructuring costs of about DKK 9 billion, or $1.41 billion, will be taken on during the third quarter of 2025. Savings of approximately DKK 1 billion, around $157 million, are expected during the 2025 fourth quarter.

In its first-half financial report on Aug. 6, Novo Nordisk lowered its sales and operating profit growth outlook for the second half of the year to 8–14 percent and 10–16 percent, respectively, citing slower market expansion and increased competition, especially in the U.S. obesity market.

“The outlook is related to lower growth expectations for Wegovy in the U.S. obesity market, for Ozempic in the U.S. GLP-1 diabetes market, as well as for Wegovy in select international operations markets,” the company said at the time.

Founded in 1923, Novo Nordisk is a global healthcare company operating in 80 countries and marketing its products in a total of 170 nations.

One of its more popular medications is Ozempic, which is used to treat type 2 diabetes. Seen advertised in countless television commercials, Ozempic is an injectable prescription medicine that helps to manage blood sugar and reduce the risk of major cardiovascular events like a heart attack, stroke, or death in adults with type 2 diabetes.