Core Viewpoint - Novo Nordisk is cutting 9,000 jobs, representing 11% of its global workforce, due to declining sales of its weight-loss drug Wegovy and increased competition from Eli Lilly's Mounjaro, alongside challenges from generic drugmakers and potential US tariffs [1][3][8] Group 1: Job Cuts and Financial Impact - The job cuts will save Novo Nordisk approximately 8 billion kroner (£930 million) annually by 2026, but will incur one-off restructuring charges of 8 billion kroner [3][4] - The company has revised its operating profit growth forecast for the year from 10%-16% down to 4%-10% due to these changes [4] Group 2: Market Competition and Product Performance - Eli Lilly's Mounjaro has been shown to be more effective than Wegovy in weight loss, contributing to Wegovy's declining sales [3][5] - Novo Nordisk's new obesity drug, CagriSema, has also underperformed in clinical trials compared to Mounjaro [5] Group 3: Industry Challenges - The US market has seen a rise in compounded weight-loss medications, which are sold at lower prices, further impacting Novo Nordisk's sales [6] - The company faces ongoing threats of sector-specific tariffs from the US government, which could affect its operations [7][8] Group 4: Company Strategy and Leadership - The job cuts are part of a strategic shift under new CEO Mike Doustdar, aimed at making the company more agile and redirecting funds towards research and development [4][5][8] - Novo Nordisk had previously expanded its workforce by 75% over five years due to the success of its weight-loss drugs [8]