Novo Nordisk, the Danish pharmaceutical giant behind the popular weight-loss drugs Ozempic and Wegovy, just announced plans to cut 11% of its workforce as competitors like Eli Lilly continue to encroach on its market share.

On September 10, Novo Nordisk shared in a press release that it intends to nix 9,000 positions out of its global workforce of 78,400. The company cited a more competitive obesity market, as well as a “recent slowdown in growth,” as two of the main reasons driving the move to reduce “organisational complexity and costs.”

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

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