Novo Nordisk, the maker of Ozempic and Wegovy, announced it will cut 9,000 jobs globally, representing 11 percent of its workforce. This move comes as the Danish pharmaceutical giant faces increasing competition in the anti-obesity treatment market and aims for a company-wide transformation.

• The job cuts, including 5,000 in Denmark, are expected to save 8 billion kroner ($1.3 billion).
• Novo Nordisk lowered its operating profit growth forecast for the third time this year, now expecting between 4 and 10 percent.
• Chief Executive Mike Doustdar stated the cuts are part of evolving the company in a more competitive market, especially in obesity treatments, facing rivals like Eli Lilly.