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Press Release

Novo Nordisk announces plans to reduce workforce by approximately 1,000 employees

Novo Nordisk A/S
Posted on: 29 Sep 16

Bagsværd, Denmark, 29 September 2016 - Novo Nordisk has today announced its intention to reduce its workforce by approximately 1,000 employees of the 42,300 positions in the company's global organisation.

This is 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.

The reductions are expected to affect R&D units and headquarter staff functions, as well as positions in the global commercial organisation. Around 500 of the layoffs are expected to be in Denmark.

The majority of layoffs are expected to be communicated to affected employees over the next two months, pending negotiations as per local legal labour market requirements.

The workforce reduction and the costs associated herewith do not change the financial outlook for 2016 communicated in connection with Novo Nordisk's half-year financial statement on 5 August 2016.

"We deeply regret that good colleagues stand to lose their jobs, and it has been a difficult decision to make," says President and CEO Lars Rebien Sørensen. "However, we have concluded that it is needed in order for us to have a sustainable balance between income and costs. In the current situation, we have to prioritise investments in key product launches that will bring innovation to patients and drive our future growth."

Further information
Media:   
Mike Rulis+45 3079 3573 mike@novonordisk.com
Ken Inchausti (US)+1 609 786 8316 kiau@novonordisk.com
 

Investors:
  
Peter Hugreffe Ankersen+45 3075 9085 phak@novonordisk.com
Melanie Raouzeos+45 3075 3479 mrz@novonordisk.com
Hanna Ögren+45 3079 8519 haoe@novonordisk.com
Kasper Veje (US)+1 609 235 8567  kpvj@novonordisk.com

Company announcement No 66 / 2016

PR160929_NN_plans_UK


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Novo Nordisk A/S via GlobeNewswire
HUG#2045282
GlobeNewswire
globenewswire.com

Last updated on: 29/09/2016

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