Novo Nordisk revealed plans to reduce its workforce by approximately 11.5%, cutting around 9,000 jobs globally as part of a major restructuring initiative. The move aims to streamline management layers and focus on growth areas in diabetes and obesity treatment. Novo Nordisk’s GLP-1 franchise, including semaglutide products Wegovy and Ozempic, generated substantial revenues in the first half of 2025, but the company faces intensifying competition from Eli Lilly’s GLP-1 drugs like tirzepatide. Novo Nordisk’s market capitalization has halved since mid-2024, reflecting challenges from rivals and market pressures. Analysts view the layoffs as necessary but painful steps to sharpen the company’s commercial execution.