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Novo Nordisk says it's cutting 9,000 workers amid increased competition for its obesity drug Wegovy

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Danish pharmaceutical company Novo Nordisk, maker of weight-loss drug Wegovy, Wednesday it is cutting 9,000 jobs, or 11% of its workforce, amid increased competition for obesity medications. 

The company said it will cut about 5,000 jobs in Denmark, although it didn't disclose where the remaining 4,000 reductions will be located.  Novo Nordisk also makes Ozempic, a diabetes drug that also can result in weight loss. 

The streamlining would save $1.25 billion by the end of 2026, savings that are to be redirected to diabetes and obesity, including research and development, the company said. The company said that the reductions are necessary because of a "more dynamic and consumer-driven obesity market," which has resulted in slower growth. 

The company said implementation of the job cuts would begin immediately and that it would let the affected employees know over the next few months depending on local labor rules. The company, which is based in Bagsvaerd just outside Copenhagen, has 78,400 workers.

"Our markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven," said President and CEO Mike Doustdar in the statement. "Our company must evolve as well. This means instilling an increased performance-based culture, deploying our resources ever more effectively, and prioritizing investment where it will have the most impact — behind our leading therapy areas."

Shares of Novo Nordisk rose 58 cents, or 1.1%, to $54.88 in pre-market trading.

Doustdar became CEO in May after his predecessor, Lars Fruergaard Jorgensen, left the company after the share price fell and as the company faced competition from weight-loss drugs from competitor Eli Lilly. 

Shares had skyrocketed after the introduction of Wegovy and Ozempic, which are both based on the same basic ingredient, semaglutide.

At the peak, the company's market capitalization — or the combined price of all its shares — exceeded Denmark's annual gross domestic product and made it Europe's most valuable company.

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