Pharmaceutical giant Novo Nordisk announced plans to cut 9,000 jobs worldwide, including 5,000 in Denmark, as it shifts focus toward its booming diabetes and obesity drug portfolio, which includes Wegovy. The layoffs represent more than 10% of the company’s workforce and are aimed at streamlining decision-making and reallocating resources to its most profitable sectors.

CEO Mike Doustdar, who assumed leadership in August, said the restructuring is necessary to remain competitive as the obesity drug market becomes increasingly consumer-driven. The company expects the cuts to result in a $1.26 billion one-time cost and has lowered its operational profit growth forecast to 4–10%, down from 10–16%.

While the layoffs are concentrated in Europe, the decision reflects broader global shifts in the pharmaceutical industry, where companies are consolidating to prioritize high-demand therapies. For Canada, where Novo Nordisk has a presence, the move underscores both the potential opportunities in biotech and the volatility of multinational corporate strategies. Despite overall strength in the Canadian labour market, specialized pharmaceutical roles remain vulnerable to global restructuring trends, even as demand for obesity and diabetes treatments rises.

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Andrew Sookdeo’s original article, “Novo Nordisk to cut 9,000 jobs; shift focus to diabetes, weight loss” was published in Yahoo Finance News on September 10, 2025. Read the Full Yahoo Finance News story.