Novo Nordisk announced plans to cut approximately 9,000 employees as part of a major restructuring to sharpen commercial focus and reallocate resources towards growth areas in diabetes and obesity treatments. The Danish biotech, propelled by its GLP-1 franchise including semaglutide-based drugs Ozempic and Wegovy, faces challenges including market competition from Eli Lilly’s tirzepatide products and oral GLP-1 candidates achieving strong trial results. Novo’s market capitalization has declined significantly, reflecting the competitive and operational pressures in the sector.