Novo Nordisk Freezes Global Hiring Amid Market Challenges

Novo Nordisk, known for its Wegovy weight-loss drug, has initiated a global hiring freeze for roles deemed non-essential, according to a company disclosure on Wednesday. The freeze reflects efforts to manage financial difficulties following a substantial market value loss.

The pharmaceutical giant saw a massive $70 billion wiped from its market value in July, triggered by a profit warning. This came after Novo Nordisk rose to prominence as Europe's most valuable listed company in 2021 with the launch of Wegovy.

Newly appointed CEO Mike Doustdar, who took helm recently, hinted at possible layoffs as part of broader cost-saving measures. In an interview with Danish TV2, Doustdar stated the company is assessing all possible avenues to stabilize and strengthen its financial standing.

(With inputs from agencies.)