Novo Nordisk trims 2025 profit outlook again and cuts about 9,000 jobs

Novo Nordisk is cutting about 9,000 jobs across its global operations and has lowered its 2025 profit outlook for a second time ^[1].

The Danish drugmaker said the reductions amount to about 11% of its workforce, based on a count of 78,400 positions from BMO Capital Markets. Around 5,000 of the affected roles are in Denmark ^[1]. Novo said the cuts begin right away and should free up roughly $1.25 billion a year in savings by 2026 ^[1].

Carrying out the plan will be costly up front. Novo expects 9 billion Danish kroner, about $1.41 billion, in one-time charges, mostly severance and impairments, landing in its third-quarter 2025 results. Those costs are partly offset by 1 billion kroner, or roughly $160 million, of savings in the fourth quarter ^[1].

On earnings, the company now expects operating profit to grow 4% to 10% at constant currencies for the full year. That replaces the 10% to 16% range Novo had been using, which was itself a reduction from the 16% to 24% target announced in May ^[1]. Novo attributed about 6 percentage points of the change to the "one-off negative impact" of the restructuring ^[1].

Maziar Mike Doustdar, the company's new chief executive, described the overhaul as a way to make decisions faster and build what he called an "increased performance-based culture." He said Novo would deploy its "resources ever more effectively" and concentrate "investment where it will have the most impact." "Our markets are evolving," Doustdar said. "Our company must evolve as well." ^[1]

Novo said the savings will go toward "growth opportunities in diabetes and obesity," with emphasis on commercial execution and research and development ^[1]. Analysts at BMO wrote that the reorganization "is a clear step in the right direction," while adding that Novo still has to show "concrete results." Their note pointed to a share price down roughly 37% for the year and listed what it called past errors: "underinvestment in manufacturing, over promising on clinical data (CagriSema), being slow-to-act in launching [direct-to-consumer], and a tepid initial response to compounders" ^[1].

Why it matters for patients

Novo Nordisk makes medicines for diabetes and obesity ^[1]. Nothing in the announcement changes whether those products are available, what they cost or how they are prescribed; no recall, supply restriction or price move has been reported ^[1].

The company says the savings will be funneled back into diabetes and obesity, the same areas that pay for manufacturing capacity, product launches and studies ^[1]. BMO's mention of manufacturing as a place of past underinvestment identifies it as a point of criticism, though the analysts did not tie it to any specific shortage ^[1].

It has not been disclosed whether the job cuts will reach teams handling patient support, insurance questions or access programs ^[1]. Novo also has not said whether the restructuring will affect how its medicines reach US pharmacies or what they cost there ^[1].

What happens next

Novo plans to publish third-quarter 2025 results on Nov. 5 ^[1]. The company said the new guidance covers only the restructuring charges, which leaves open the chance of further changes tied to the underlying business ^[1]. No other dates related to the reorganization have been announced ^[1].