[6-K] Novo-Nordisk A/S Current Report (Foreign Issuer)
Novo Nordisk is implementing a global transformation to speed decision-making and redirect resources toward diabetes and obesity growth opportunities. The company intends to reduce about 9,000 roles of its ~78,400 positions (approximately 5,000 of those in Denmark) and expects to deliver DKK 8 billion of annualised savings by the end of 2026. Management will incur one-off restructuring costs of DKK 8 billion, and it updated its full-year 2025 operating profit growth outlook to 4–10% at constant exchange rates, down from the prior 10–16% outlook—about a 6 percentage point reduction versus the August outlook. The transformation is presented as a response to recent slowdown in growth and increased organisational complexity, with additional initiatives planned to improve focus, performance culture and cost efficiency.
- Reallocation to core growth areas: Resources redirected to diabetes and obesity initiatives aiming to reach untreated patients
- Targeted cost savings: Expectation of DKK 8 billion of annualised savings by end of 2026
- Clear transformation objective: Measures intended to reduce organisational complexity and accelerate decision-making
- Large workforce reduction: Intention to cut approximately 9,000 roles (about 11% of ~78,400 positions), including ~5,000 in Denmark
- Material one-off charge: DKK 8 billion of restructuring costs expected
- Lowered profit outlook: Full-year 2025 operating profit growth revised to 4–10% at CER, ~6 percentage points below prior guidance
Insights
TL;DR: Large restructuring lowers 2025 operating profit growth and brings significant one-off charges but targets DKK 8bn annual cost savings by 2026.
The company’s plan to cut roughly 9,000 roles and incur DKK 8bn of one-off restructuring costs materially affects 2025 profitability, as reflected by the revised operating profit growth outlook of 4–10% at CER (about 6 percentage points lower than the prior range). The expected DKK 8bn of annualised savings by end-2026, if realised, could improve margins thereafter. Key near-term considerations are execution risk on headcount reductions, the timing of cost savings, and the cash/earnings impact of the DKK 8bn restructuring charge.
TL;DR: Significant workforce reductions and major restructuring raise governance and stakeholder-relations considerations during implementation.
The announced reduction of ~9,000 positions (~11% of workforce) including ~5,000 in Denmark requires careful legal and labour-market negotiations and presents reputational and transition risks. Governance focus should be on transparent RIF execution, employee communications, and oversight of cost-savings delivery versus the DKK 8bn charge. Investors will look for clear milestones and metrics tying the transformation to the stated DKK 8bn annualised savings goal.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 6-K
________________
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
September 10, 2025
________________
NOVO NORDISK A/S
(Exact name of Registrant as specified in its charter)
Novo Allé 1
DK- 2880, Bagsvaerd
Denmark
(Address of principal executive offices)
________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
| Form 20-F ☒ | Form 40-F ☐ |
Novo Nordisk to streamline operations and reinvest for growth
| • | Transformation to increase speed and redirect resources to growth opportunities within diabetes and obesity, aiming at reaching millions of untreated patients |
| • | Intention to reduce ~9,000 roles globally with the expectation to deliver DKK 8bn of annualised savings by the end of 2026 |
| • | One-off restructuring costs of DKK 8bn leading to an updated full-year 2025 operating profit growth outlook of 4–10% at CER |
Bagsværd, Denmark, 10 September 2025 – Novo Nordisk today announced a company-wide transformation to simplify its organisation, improve the speed of decision-making, and reallocate resources towards the company’s growth opportunities in diabetes and obesity. As part of the transformation, Novo Nordisk intends to reduce the global workforce by approximately 9,000 of the 78,400 positions in the company, with around 5,000 reductions expected in Denmark.
The transformation reflects the Company’s commitment to meet rising global demand while also competing in a more dynamic and consumer-driven obesity market, as evidenced by the recent slowdown in growth. Over the past years, Novo Nordisk’s rapid scaling has increased organisational complexity and costs. The transformation aims at addressing that complexity, so Novo Nordisk can invest more behind its science, commercial capabilities and manufacturing ramp-up – aiming to reach the millions of people who remain untreated.
Mike Doustdar, Novo Nordisk president and CEO, said: “As the global leader in obesity and diabetes, Novo Nordisk delivers life-changing products for patients worldwide. But our markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven. Our company must evolve as well. This means instilling an increased performance-based culture, deploying our resources ever more effectively, and prioritising investment where it will have the most impact – behind our leading therapy areas.”
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Investment priorities, timing and further initiatives
The workforce reduction is expected across the Company, including staff areas and headquarters functions, and is expected to deliver total annualised savings of around DKK 8 billion by the end of 2026. The savings will be redirected to growth opportunities in diabetes and obesity, including commercial execution initiatives and R&D programmes. The implementation will begin immediately, and the Company expects to communicate with affected employees over the next few months, pending negotiations as per local legal labour market requirements. Further, additional initiatives are to be implemented to enhance organisational focus, performance culture and speed of decision-making as well as cost efficiencies.
Novo Nordisk President and CEO Mike Doustdar added: “It is always difficult to see talented and valued colleagues go, but we are convinced that this is the right thing to do for the long-term success of Novo Nordisk. We need a shift in our mindset and approach so we can be faster and more agile. Our transformation plan is designed to deliver this. By realigning our resources now, we will be able to prioritise investments to drive sustainable growth and future innovation for the millions of patients with chronic diseases globally, particularly in diabetes and obesity.”
One-off financial implications
TThe company-wide transformation comes with an expected DKK 8 billion in net one-off restructuring costs, including impairment charges. Restructuring costs of around DKK 9 billion will be incurred in the third quarter of 2025, countered by savings of around DKK 1 billion in the fourth quarter. Consequently, Novo Nordisk expects an estimated one-off negative impact of around 6 percentage points on full-year operating profit growth at CER in 2025 compared to the operating profit outlook issued 6 August.
| Outlook 2025 | Expectations 10 September | Expectations 6 August |
| Operating profit growth (EBIT) at CER | 4-10% | 10-16% |
Depreciation, amortisation and impairment losses |
Around DKK 21 billion | Around DKK 17 billion |
This change in expectations for 2025 only factors in the one-off restructuring costs described above. The forward-looking statements section on page 26 in the Financial report for the first six months of 2025 (Company Announcement No 20/2025) also apply to this company announcement. Novo Nordisk’s disclosure of the financial results for the first nine months of 2025 and financial outlook for 2025 will be published on 5 November.
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Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 78,400 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Instagram, X, LinkedIn and YouTube.
Publication of inside information pursuant to Market Abuse Regulation, Article 17.
Contacts for further information
| Media: | ||
Ambre James-Brown |
Liz Skrbkova
(US) |
|
| Investors: | ||
Jacob Martin
Wiborg Rode |
Sina Meyer |
Max Ung |
Christoffer
Sho Togo Tullin |
Alex Bruce |
Frederik
Taylor Pitter |
Novo Nordisk A/S Investor Relations | Novo Allé 1 2880 Bagsværd Denmark | Telephone: +45 4444 8888 | www.novonordisk.com |
| Company announcement No 26 / 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.
| Date: September 10, 2025 |
NOVO NORDISK A/S
Maziar Mike Doustdar Chief Executive Officer |
FAQ
What workforce reductions did Novo Nordisk (NVO) announce?
How much annualised savings does Novo Nordisk expect from the transformation?
What restructuring costs will Novo Nordisk record?
How did Novo Nordisk update its 2025 operating profit growth outlook?
Why is Novo Nordisk undertaking this transformation?
