Novo Nordisk to cut 1,000 jobs to 'prioritize investments in key product launches'

Around 1,000 jobs are to go at Danish diabetes giant Novo Nordisk (NOV: N), which amounts to nearly 2.4% of its total global workforce.

This action has been described in a Novo Nordisk statement as “one of several actions taken to reduce operating costs as the company faces a challenging competitive environment in 2017, especially in its large US market.”

Novo Nordisk’s share price had dropped by more than 1.5% by mid-afternoon on Thursday following the announcement about the job cuts, which are expected to affect research and development (R&D) and headquarter staff functions, as well as positions in the global commercial organisation.