US EditionPublished • loading... • Updated
Drugmaker Novo Nordisk freezes hiring for non-critical jobs
Novo Nordisk faces a 59% share price drop and rising competition in obesity drugs, prompting a global hiring freeze and potential layoffs to control costs.
- Earlier this month, Maziar Mike Doustdar imposed a hiring freeze on non-business-critical roles at Novo Nordisk, Denmark-based pharmaceutical company.
- After a late-July profit warning, Novo Nordisk faced investor concern and leadership turnover amid stiff competition in obesity drugs Wegovy and Ozempic and sharp share declines since last year.
- With more than 77,000 employees, executives have said layoffs may be considered and Lars Fruergaard Jorgensen said the company 'probably won't be able to avoid layoffs' in a Reuters interview earlier this month.
- Focusing resources on core growth areas, Maziar Mike Doustdar said the firm must reallocate and relook at our cost base to finance future opportunities and keep diabetes and obesity franchises as priorities.
- In India, Novo plans to create at least 200 new jobs at its Bengaluru-based Global Business Services centre, complementing its expanded India team amid a global freeze on non-critical hires.
Insights by Ground AI
20 Articles
20 Articles
Danish pharmaceutical company Novo Nordisk has announced a global hiring freeze. The maker of the well-known diabetes and weight-loss drugs Ozempic and Wegovy recently appointed a new CEO, Maziar Mike Doustdar. He is trying to reduce costs amid increased competition in the market.
·Amsterdam, Netherlands (Kingdom of the)
Read Full Article
The company is facing competition from generic versions of its obesity drug Wegovy.
·Brazil
Read Full Article
Coverage Details
Total News Sources20
Leaning Left5Leaning Right5Center4Last UpdatedBias Distribution36% Left, 36% Right
Bias Distribution
- 36% of the sources lean Left, 36% of the sources lean Right
36% Right
L 36%
C 28%
R 36%
Factuality
To view factuality data please Upgrade to Premium
