Novo Nordisk, the maker of popular weight-loss drugs Wegovy and Ozempic, announced it will cut 9,000 jobs globally. This decision comes as the company faces increased competition and a warning of falling profits due to emerging "knock-off" weight-loss medications.

• The job cuts represent 11% of Novo Nordisk's global workforce.
• New Chief Executive Mike Doustdar described the move as necessary for the company's evolution in a more competitive and consumer-driven market.
• Novo Nordisk aims to cut costs by 8 billion Danish kroner (approximately £927 million) by the end of next year.
• Rival company Eli Lilly, producer of Mounjaro, recently hiked its price by up to 170% in the UK, increasing a month's supply of the highest dose from £122 to £330.