Novo Nordisk, the Danish drugmaker behind Ozempic and other weight loss and diabetes drugs, announced today that it would cut 11% of its global workforce as it seeks to lower costs and rejuvenate the company’s growth prospects.

The company will shed about 9,000 jobs, 5,000 of which will be in Denmark, and expects the decision will save 8 billion Danish kroner ($1.3 billion) a year by the end of 2026.

The job cuts are the latest in a string of gloomy announcements from the drugmaker, which has recently replaced its CEO, issued a big profit warning and seen its share price plummet.

Just over a year ago, Novo Nordisk was seemingly growing in every direction: more staff, more production facilities, more market value. For a while, it was Europe’s most valuable public company.

But the past y

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