Denmark-based Novo Nordisk (NVO) has cut dozens of jobs at its largest U.S. facility for its leading obesity and diabetes drugs, according to a Reuters review of LinkedIn posts. The layoffs indicate where the company is making cuts as part of a major restructuring under new CEO Mike Doustdar.
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Novo Nordisk is a global pharmaceutical company specializing in diabetes, obesity, and rare disease treatments, including its blockbuster drugs Wegovy and Ozempic.
More About the Job Cuts
The newly reported layoffs at Novo Nordisk affected manufacturing staff, including quality control personnel and production line technicians, at the company’s main Clayton, North Carolina plant, as well as other facilities in the state. Out of those affected, 47 employees publicly noted that they were laid off or seeking new work, according to the report.
Notably, the company’s Clayton facility produces semaglutide, the active ingredient in Wegovy and Ozempic. The plant handles key manufacturing steps, including filling, finishing, and packaging the injections. It will also play an important role in producing the upcoming pill version of Wegovy once it is launched.
While these cuts represent only a small portion of the company’s planned 9,000 global job reductions, they highlight that even frontline production roles in the top U.S. market for Wegovy are being reduced. The move is part of Novo Nordisk’s effort to streamline operations, cut costs, and regain ground amid competition from Eli Lilly (LLY).
Novo Targets $1.25B in Annual Savings by 2026
In September, Novo Nordisk said it would cut around 9,000 jobs to save $1.25 billion annually by 2026. The company also lowered its 2025 profit growth forecast, the second reduction in six weeks.
This was the first major action by Doustdar, who took over in August after Wegovy sales slowed sharply. He said the plan will simplify the company’s structure, speed up decision-making, and redirect funds toward growth in diabetes and obesity treatments.
Is Novo Nordisk a Good Stock to Buy Now?
According to TipRanks, NVO stock has received a Moderate Buy consensus rating based on five Buys, two Holds, and one Sell assigned in the last three months. The Novo Nordisk share price forecast stands at $59.63, which is similar to the current trading level.
