September 29, 2016 / 6:11 AM / a year ago

Novo Nordisk to axe 1,000 jobs in cost-cutting drive

COPENHAGEN, Sept 29 (Reuters) - The world’s largest insulin maker, Novo Nordisk, is to cut 1,000 jobs as a part of a plan to reduce costs as it faces a challenging competitive environment in 2017, especially in the large U.S. market, the company said on Thursday.

The Danish group, which has a global workforce of 42,300, said around 500 of the lay-offs would be in Denmark. The headcount reduction and associated costs would not change the financial outlook for 2016, it added.

“We have concluded that it is needed in order for us to have a sustainable balance between income and costs,” Chief Executive Lars Rebien Sorensen said in a statement. (Reporting by Annabella Pultz Nielsen; Editing by Ben Hirschler)

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