Novo Nordisk, the maker of in-demand drugs Ozempic and Wegovy, said it will cut thousands of global jobs to simplify operations and reallocate resources toward its diabetes and obesity drugs as rivals take a bite out of the market share.

The company announced on Wednesday that it intends to reduce the global workforce by approximately 9,000 of the 78,400 positions in the company, with around 5,000 cuts expected in its home country of Denmark.

The company is putting more money and effort into how it sells its diabetes and obesity products and by developing new medicines to target those conditions.

The cuts will take place across the company, including staff areas and headquarters functions. The company will begin notifying employees over the next few months.

Novo Nordisk said the trans

See Full Page