Turbulent US insulin market to force 3,000 layoffs at Novo Nordisk

Danish diabetes giant Novo Nordisk (NOV: N) is to fire 3,000 staff and reduce long-term growth projections, in an increasingly challenging pricing environment for insulin.

Shares in the firm dipped after local press reported that management is looking at where the axe should fall, with the intention of announcing the cost-saving measures in the company’s second quarterly report.

The planned cut to long-term growth projections was reportedly due to ‘uncertain and unpredictable’ market factors. In 2016 Novo Nordisk was forced to fire 1,000 if its staff and lower long-term guidance from 15% down to  5%.