Danish pharmaceutical company Novo Nordisk, maker of weight-loss drug Wegovy, said Wednesday it is cutting 9,000 jobs, or 11% of its workforce, amid increased competition for obesity medications.

The company said it will cut about 5,000 jobs in Denmark, although it didn't disclose where the remaining 4,000 reductions will be located. Novo Nordisk also makes Ozempic, a diabetes drug that also can result in weight loss.

The streamlining would save $1.25 billion by the end of 2026, savings that are to be redirected to diabetes and obesity, including research and development, the company said. The company said that the reductions are necessary because of a "more dynamic and consumer-driven obesity market," which has resulted in slower growth.

The company said implementation of the job cu

See Full Page