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The streamlining would save 8 billion Danish krone ($1.25 billion) by the end of 2026, savings that are to be redirected to diabetes and obesity, including research and development, the company said. Novo Nordisk also makes Ozempic, a diabetes drug that also can result in weight loss.

The company said implementation of the job cuts would begin immediately and that it would let the affected employees know over the next few months depending on local labor rules. The company, which is based in Bagsvaerd just outside Copenhagen, has 78,400 workers.

“Our markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven,� said President and CEO Mike Doustdar. "Our company must evolve as well. This means instilling an increased performance-based culture, deploying our resources ever more effectively, and prioritizing investment where it will have the most impact — behind our leading therapy areas.�

Doustdar became CEO in May after his predecessor, Lars Fruergaard Jorgensen, left the company after the share price fell and as the company faced competition from weight-loss drugs from competitor Eli Lilly. Shares had skyrocketed after the introduction of Wegovy and Ozempic, which are both based on the same basic ingredient, semaglutide.

At the peak, the company’s market capitalization — or the combined price of all its shares — exceeded Denmark’s annual gross domestic product and made it Europe’s most valuable company.