Wegovy-maker Novo Nordisk will cut 9,000 jobs, or about 11.5% of its workforce, in a restructuring to save $1.26 billion annually, it said on Wednesday, as it battles rising pressure from US rival Eli Lilly

“Novo Nordisk today announced a company-wide transformation to simplify its organization, improve the speed of decision-making, and reallocate resources towards the company’s growth opportunities in diabetes and obesity,” it said in a statement.

The company, which is also known for its Ozempic diabetes treatment, already said in August that it had implemented a global hiring freeze covering job roles that were not critical for its business. 3

Novo, which currently has 78,400 positions globally, said about 5,000 of the job cuts will be in its native Denmark.

“Our markets are

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