Novo Nordisk layoffs: 9,000 jobs cut as weight-loss drug competition with Eli Lilly heats up

Core Insights - Novo Nordisk plans to cut 11% of its workforce in response to increasing competition from rivals like Eli Lilly in the weight-loss drug market [1] Company Summary - Novo Nordisk is known for its weight-loss drugs, Ozempic and Wegovy, which have gained significant popularity [1] - The workforce reduction indicates a strategic response to market pressures and competitive dynamics [1] Industry Summary - The weight-loss drug market is becoming increasingly competitive, with companies like Eli Lilly posing a threat to Novo Nordisk's market share [1] - The announcement reflects broader trends in the pharmaceutical industry where companies may need to adapt to maintain their competitive edge [1]