Wegovy maker Novo Nordisk warns of layoffs as competition grows | Business and Economy News

Novo Nordisk’s outgoing CEO, Lars Fruergaard Jorgensen, has warned that layoffs at the Danish pharmaceutical giant could be unavoidable as competition heats up against its blockbuster obesity drug Wegovy amid rising pressure from rival Eli Lilly.

Novo Nordisk – which became Europe’s most valuable company, worth $650bn, last year on booming sales of Wegovy – is facing a pivotal moment as the medicine loses market share and sees sales growth slow, especially in the United States.

It has…