Wegovy-maker Novo Nordisk (NOVOb.CO), opens new tab has implemented a global hiring freeze covering job roles that are not critical for its business, the company said on Wednesday.
The company is battling competition from copycat versions of its blockbuster Wegovy obesity drug this year and could face layoffs as it battles rising pressure from its main rival Eli Lilly.
“We currently have a hiring freeze in non-business critical areas,” the company said in an emailed statement, without elaborating.
Investors in July wiped $70 billion off the drugmaker’s market value, after Novo – which became Europe’s most valuable listed company following the launch of Wegovy in 2021 – issued a profit warning and named a company veteran as its new CEO.
The new CEO, Mike Doustdar, who took the helm on August 7, told Danish broadcaster TV2 on his first day in office that he would look for cost savings throughout the company and also consider layoffs.
