Novo Nordisk to cut workforce by approximately 1000 employees

The reductions are expected to affect R&D units and headquarter staff functions.

This is one of several actions taken to reduce operating costs as the company faces a challenging competitive environment in 2017, especially in its large US market.

The reductions are expected to affect R&D units and headquarter staff functions, as well as positions in the global commercial organisation. Around 500 of the layoffs are expected to be in Denmark.

The majority of layoffs are expected to be communicated to affected employees during the next 2 months, pending negotiations as per local legal labour market requirements.

The workforce reduction and the costs associated herewith do not change the financial outlook for 2016 communicated in connection with Novo Nordisk's half-year financial statement on 5 August 2016.

"We deeply regret that good colleagues stand to lose their jobs, and it has been a difficult decision to make," says President and CEO Lars Rebien Sørensen. "However, we have concluded that it is needed 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."