Novo Nordisk to cut 1,000 jobs worldwide – The Post

Novo Nordisk to cut 1,000 jobs worldwide

500 of the redundancies are in Denmark

500 jobs in Denmark are being axed (photo: Novo Nordisk)
September 29th, 2016 10:17 am| by Christian W
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The Danish biotech giant Novo Nordisk has announced plans to lay off  500 employees in Denmark and 1,000 jobs in total in the wake of some disappointing interim results in August.

The company said the layoffs were among several actions that will be taken to reduce operating costs ahead of a challenging 2017 – particularly in its significant US market.

“We deeply regret that good colleagues stand to lose their jobs, and it has been a difficult decision to make,” said Novo Nordisk CEO Lars Rebien Sørensen.

“However, we have concluded that it is needed in order for us to have a sustainable balance between income and costs. In the current situation, we have to prioritise investments in key product launches that will bring innovation to patients and drive our future growth.”

READ MORE: New insulin product reflects well on Novo Nordisk financial results

Streamlining process
According to Novo Nordisk, the majority of the employees being let go are employed at the company’s research and development department, its headquarters, and its global commercial organisation.

The impacted employees will be advised of their job loss over the next two months.

Sørensen himself will also be leaving the company following his announcement earlier this month that he would be stepping down at the end of the year.