Novo Nordisk revealed plans to reduce its global workforce by approximately 11.5%, cutting about 9,000 jobs to sharpen its focus on growth areas like diabetes and obesity. Despite strong revenues from its GLP-1 drugs Ozempic and Wegovy, the company faces mounting competitive pressure from Eli Lilly and wider market challenges that have caused its market capitalization to plunge by two-thirds since mid-2024. This restructuring aims to streamline management layers and bolster commercial execution amid a dynamic biopharma landscape.