Novo Nordisk cuts 13,000 global jobs in major shift

Job cuts at Danish drug giant Novo are larger than expected. The company is cutting 13,000 global jobs instead of 9,000. Over 7,000 of these job cuts are in Denmark. This restructuring directly affects the local job market for skilled workers.

CEO Mike Doustdar announced the numbers at an event in London. Novo previously planned to cut 9,000 jobs around the world. At that time, 5,000 Danish roles were set to go. Danish newspaper Børsen tracked staff numbers in Denmark. Danish staff dropped from 33,820 last September to 26,511 this July.

Doustdar said saved money is being reinvested in research. The company wants to build better long-term competitiveness. Novo aims to launch five major blockbuster products before 2030. Each blockbuster product nets sales over 6.5 billion Danish kroner annually. The firm also plans to produce more weight loss pills. Company shares fell by just over five percent after the update. This report was originally published by news outlet The Local.