Danish pharmaceutical company Novo, a maker of weight-loss drugs, cut 13,000 jobs last year, the Financial Times (FT) reported.
Before the cuts, Novo had 78,400 employees. The cuts are due to the company's continued cost-cutting amid increasing competition. Novo has lost ground in the obesity drug market to US drugmaker Eli Lilly.
Novo shares fell 7% after Chief Executive Mike Dowstar outlined his plans. They include a pledge to launch more than five “blockbuster“ drugs by the end of the company's 10th anniversary in a bid to improve productivity and diversify the business.