Novo Nordisk announced it has reduced its workforce by 13,000 over the past year as part of cost-cutting efforts under CEO Mike Doustdar. The move comes as the maker of Ozempic and Wegovy faces intensifying competition from Eli Lilly in the obesity-drug market. Last year, Novo cut 9,000 jobs, including 5,000 in Denmark, from a workforce of 78,400.

An additional 4,000 departures occurred in the past year, mostly due to natural attrition and unfilled roles. Shares fell up to 7% on Monday as investors reacted to Doustdar’s turnaround plan, which includes launching more than five "multi-blockbuster" drugs by 2030 across obesity, diabetes, and blood disorders, targeting DKK150bn ($23bn) in new sales by 2035. Novo aims to diversify into liver and cardiovascular health and pursue acquisitions to strengthen its pipeline.

Semaglutide, the active ingredient in Ozempic and Wegovy, has lost patent protection in India, Brazil, Turkey, and China, and faces exclusivity loss in Europe and the US from the early 2030s, increasing pressure to innovate.