Headlines
Drugmaker Novo Nordisk freezes hiring for non-critical jobs
Published by Global Banking & Finance Review®
Posted on August 20, 2025
1 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on August 20, 2025
1 min readLast updated: January 22, 2026
Novo Nordisk has announced a global hiring freeze for non-critical roles due to market pressures and competition from Eli Lilly, potentially leading to layoffs.
COPENHAGEN (Reuters) -Wegovy-maker Novo Nordisk 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.
(Reporting by Jacob Gronholt-Pedersen and Louise Rasmussen, editing by Stine Jacobsen and Terje Solsvik)
Novo Nordisk has implemented a hiring freeze in non-business critical areas due to rising competition and market pressures, particularly from rival Eli Lilly.
In July, investors wiped $70 billion off Novo Nordisk's market value following a profit warning, indicating significant concern over the company's financial outlook.
The new CEO of Novo Nordisk is Mike Doustdar, who took over on August 7 and has indicated a focus on cost savings and potential layoffs.
Wegovy is a blockbuster obesity drug developed by Novo Nordisk, which has significantly contributed to the company's market value and growth since its launch in 2021.
The hiring freeze suggests that Novo Nordisk is taking proactive measures to manage costs and navigate competitive pressures, which may also lead to layoffs in the future.
Explore more articles in the Headlines category
