Novo Nordisk, the pharmaceutical company behind Ozempic and the adjacent medication Wegovy, has announced plans to lay off a significant number of workers amid growing competition in the weight-loss space.

On Wednesday, the Danish drugmaker said it would be cutting about 9,000 positions, including 5,000 in Denmark, equating to just over 11 percent of its 78,400-strong workforce. Novo Nordisk estimates that the move will deliver about 8 billion krone ($1.3 billion) in yearly savings by the end of 2026.

Why It Matters

Novo Nordisk has secured a dominant position in the obesity drug market, with its product Ozempic having become synonymous with medical weight loss in recent years thanks in part to celebrity adoption and endorsements . However, the company has recently reported financial

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