Novo Nordisk revealed on Monday that it has trimmed 13,000 positions over the past twelve months, as the weight-loss drugmaker continues its cost-reduction drive amid intensifying competition.

The announcement coincided with CEO Mike Doustdar's investor day in London, where he unveiled a revitalization strategy targeting multiple blockbuster drug launches and expansion into entirely new therapeutic areas.

As the manufacturer behind Ozempic and Wegovy, Novo Nordisk has fallen behind Eli Lilly in the multi-billion-dollar obesity medication market. Under Doustdar's leadership, the company has pursued aggressive cost-cutting measures.

Last year, the group eliminated 9,000 roles from its workforce of 78,400 employees, including 5,000 cuts in its home market of Denmark. In materials presented to investors, Novo Nordisk stated that an additional 4,000 people have left the company over the past year. A spokesperson attributed most of this attrition to natural turnover, alongside the company's decision not to fill certain vacant positions.

Last week, Novo Nordisk removed "Nordisk" from its everyday public name. On Monday morning, shares fell as much as 7% in response to Doustdar's transformation plan.

The turnaround strategy promises to deliver more than five "multi-blockbuster drugs" by 2030, opening up new pharmaceutical categories. With patent exclusivity expiring in multiple markets for its semaglutide-based weight-loss and diabetes treatments, Novo Nordisk urgently needs to diversify its pipeline to shield against revenue erosion.

Doustdar stated that by 2035, Novo Nordisk will evolve into "a larger and more diversified enterprise." Beyond expanding its portfolio across obesity, diabetes, and hematology, the company will venture into new therapeutic areas such as liver and cardiovascular diseases.

Novo Nordisk has set a target of achieving combined annual sales of 150 billion Danish kroner (approximately $23 billion) from new pipeline drugs by 2035—compared to the group's total sales of 309 billion Danish kroner last year. Doustdar added that the company would bolster its pipeline through acquisitions, but emphasized that "we won't prioritize deal size; we'll evaluate asset quality first."

"Our pipeline is near the top tier... In areas where we have gaps, shareholders can expect us to be more proactive in business development and acquisitions," he said.

Investors are looking to Novo Nordisk to reclaim market share lost to Eli Lilly. Lilly's Mounjaro injection has already outsold Novo Nordisk's Wegovy, while the Danish company also contends with competition from generic manufacturers.

Semaglutide, the core ingredient in both Ozempic and Wegovy, has already lost patent protection this year in India, Brazil, Türkiye, and China. In the early 2030s, exclusivity will also expire in Europe and the United States.

Recent months have brought setbacks in several clinical trials for Novo Nordisk, including a phase 3 failure for a drug designed to reduce heart attack risk. However, the company retains a lead over Eli Lilly in oral weight-loss medications, with its next-generation obesity drug CagriSema expected to launch next year.

On Monday, Novo Nordisk released fresh clinical data for CagriSema in diabetes patients: the 1.0mg dose achieved average weight reduction of 12.4%. By comparison, Eli Lilly's weight-loss treatment, based on the active ingredient tirzepatide at a 5mg dose, produced an average reduction of 9.1%.

Chief Scientific Officer Martin Holst Lange indicated that starting next year, the R&D division plans to advance up to 15 human clinical trials annually.