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Novo Nordisk Tells Staff to Return to Office Full-Time
Novo Nordisk aims to save $1.25 billion annually by cutting 11% of its workforce and focusing investments on obesity and diabetes treatments to counter growing market competition.
- On Thursday, Novo Nordisk ordered all staff to return to the office as its new CEO seeks faster decision-making and stronger commercial execution, following similar moves by JPMorgan Chase and U.S. federal workers.
- Facing intense rivalry, Novo Nordisk announced cuts of about 9,000 jobs worldwide to lower costs and revitalize growth, impacting over 11% of its 78,400 employees, including around 5,000 in Denmark amid rising obesity and diabetes market competitors.
- According to company guidance, Mike Doustdar, Chief Executive Officer of Novo Nordisk, said `This means instilling an increased performance-based culture and prioritizing investment where it will have the most impact,` to justify the restructuring and reinvestment in obesity and diabetes treatments.
- Employees of Novo Nordisk will begin receiving notifications in the coming months and may negotiate individual agreements, while HK Privat expressed surprise and Kim Jung Olsen said, `Working from home and a vibrant office culture are not necessarily mutually exclusive`.
- The move aims to reallocate about $1.25B by 2026 to fund obesity drug investment as rivals like Eli Lilly earn $10.4 billion from tirzepatide products, while compounding pharmacies dent Novo's profits.
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13 Articles
13 Articles
Novo Nordisk tells staff to return to office full-time
Wegovy-maker Novo Nordisk said it had told all its staff to return to the office as the drugmaker's new CEO tries to accelerate decision-making and improve its commercial execution amid intense competition in the obesity drug market.
·Ireland
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Office employees at Novo Nordisk will basically have to be at the office five days a week from now on.
·Copenhagen, Denmark
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Coverage Details
Total News Sources13
Leaning Left2Leaning Right0Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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