Novo Nordisk CEO Mike Doustdar announced in a LinkedIn post on Friday that the company has largely completed notifying employees affected by its plan to cut 9,000 jobs globally. He noted that the layoffs are worldwide, but notification timelines vary due to differing local laws.

The job cuts are part of a restructuring plan initiated by Doustdar last month.

Currently, Novo Nordisk faces fierce competition in the U.S., the world's largest pharmaceutical market, particularly from Eli Lilly. The $150 billion weight-loss drug market is booming, and Novo Nordisk aims to achieve further breakthroughs.

The Danish pharmaceutical giant is also engaged in a bidding war with Pfizer over Metsera, a biotech firm specializing in obesity treatments, to secure rights to its experimental once-monthly GLP-1 injectable therapy.

Leading injectable weight-loss drugs on the market, including Novo Nordisk's Wegovy and Eli Lilly's Zepbound, currently require weekly injections. Metsera is among several companies developing experimental weight-loss treatments.