Novo Nordisk announces plans to reduce workforce

News Hour:

Novo Nordisk has today announced its intention to reduce its workforce by approximately 1,000 employees of the 42,300 positions in the company’s global organization.

This is one of the several actions taken to reduce operating costs as the company faces a challenging competitive environment in 2017, especially in its large US market.

The reductions are expected to affect R&D units and headquarter staff functions, as well as positions in the global commercial organization. Around 500 of the layoffs are expected to be in Denmark.

Lars Rebien Sørensen, CEO of Novo Nordisk

Lars Rebien Sørensen, CEO of Novo Nordisk

“We deeply regret that good colleagues stand to lose their jobs, and it has been a difficult decision to make,” says President and CEO Lars Rebien Sørensen.

“However, we have concluded that it is needed in order for us to have a sustainable balance between income and costs. In the current situation, we have to prioritize investments in key product launches that will bring innovation to patients and drive our future growth.”

The majority of layoffs are expected to be communicated to affected employees over the next two months, pending negotiations as per local legal labor market requirements.

The workforce reduction and the costs associated herewith do not change the financial outlook for 2016 communicated in connection with Novo Nordisk’s half-year financial statement on 5 August 2016.

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