Novo Nordisk A/S (NVO,NOVOB.CO,NOV.DE), a Danish pharmaceutical company, said on Wednesday that it intends to slash around 9,000 jobs of the 78,400 roles, with around 5,000 reductions in Denmark.
This move, to be implemented with immediate effect, aims to redirect resources to growth opportunities within diabetes and obesity.
The workforce reduction is expected to deliver total annualized savings of around DKK 8 billion by the end of 2026. The savings will be redirected to growth opportunities in diabetes and obesity, including commercial execution initiatives and research and development programs.
The company-wide job reduction process is projected to result in DKK 8 billion in net one-off restructuring costs, including impairment charges. Restructuring costs of around DKK 9 billion will be incurred in the third quarter, countered by savings of around DKK 1 billion in the fourth quarter.
In addition, Novo Nordisk has revised down its annual outlook. The company now expects operating profit growth (EBIT) at CER of 4% to 10%, compared with the earlier guidance of 10% to 16%.
The drug maker now anticipates depreciation, amortization, and impairment losses of DKK 21 billion, higher than DKK 17 billion previously.
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