Novo Nordisk freezes hiring in push to rein in costs
is to freeze hiring in an effort to control costs at the drug maker.
The halt will apply across all markets and departments, with the exception of business-critical roles, a company spokeswoman said on Wednesday.
Novo's new chief executive officer, Maziar Mike Doustdar, has signaled that job cuts may be part of a promised revamp, telling reporters last month that Novo needs to exercise greater discipline and prudence on spending. He said he plans to review the company's cost base.
The maker of Wegovy and Ozempic, which employs close to 500 people in Ireland, is fighting to claw back ground after losing its lead in the US obesity market to rival Eli Lilly & Co. Lilly's weight-loss franchise is poised to overtake Novo's this year and may hold more than half of a $100 billion global obesity market by 2030, Bloomberg Intelligence analyst Michael Shah said.
Novo ousted its longtime CEO in the second quarter as the foundation that controls the company pushed for an overhaul, and Doustdar took over earlier this month.
Novo's workforce mushroomed to more than 78,000 people in recent years as the drugmaker rushed to boost production of its blockbusters Ozempic and Wegovy. On Wednesday, the company's website had just over 400 jobs posted globally, most of them in China and the U.S. Only eight positions were open in its home market of Denmark. --Bloomberg
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