Mei Ri Jing Ji Xin Wen·2025-10-23 16:01Core Viewpoint - Novo Nordisk's announcement of the collective resignation of its chairman and six board members has shocked the global pharmaceutical industry, attributed to a failure to reach consensus with the controlling shareholder regarding the future composition of the board [1][4]. Group 1: Management Changes - The chairman Helge Lund and six board members, including five independent directors, will not seek re-election at the special shareholders' meeting on November 14 [4]. - The resignation follows the dismissal of CEO Lars Fruergaard Jørgensen in May, who had been in charge for over eight years, amid market challenges and stock price volatility [5]. - The new CEO Mike Doustdar took over in August, indicating a significant leadership transition within the company [5]. Group 2: Financial Performance and Market Position - Novo Nordisk has faced increasing competition, particularly from Eli Lilly's tirzepatide, which has led to a decline in its stock price by over 50% in the past year, reducing its market capitalization from over $500 billion to $237 billion [2][6]. - The company reported sales of 112.76 billion Danish Krone (approximately $16.63 billion) for its GLP-1 drug semaglutide in the first half of the year, surpassing Merck's Keytruda [6][8]. - However, the company is under pressure as its core patent for semaglutide is set to expire in 2026, leading to anticipated competition from generic versions [8]. Group 3: Restructuring and Cost-Cutting Measures - Novo Nordisk announced a significant restructuring plan, including the layoff of 9,000 employees, which constitutes about 11.5% of its workforce, aimed at streamlining operations and reallocating resources [9]. - The company expects to save 8 billion Danish Krone (approximately $1.26 billion) annually through this restructuring [9]. - Following two downward revisions of its 2025 earnings forecast, the company now anticipates sales growth of 8% to 14% and operating profit growth of 10% to 16% [9].