Novo Nordisk reducing 185 jobs while adding another 70 under pricing pressure

Novo Nordisk has determined to slash 185 employees in its commercial revamp while add another 70 in dealing with intense pricing pressure in its pivotal diabetes business.

The company is "evolving its commercial model to position the organization to be more competitive, withstand market challenges and fully leverage the significant innovations we are bringing to customers and patients," Novo's spokesperson said via email. "As part of this effort, we are restructuring the commercial organization and some existing positions, approximately 185, are being eliminated while new roles, approximately 70, are also being created."

The cuts come right on the heels of Novo's third-quarter results, when it reported sales that slightly missed Wall Street consensus expectations due to shortfalls for diabetes drugs Tresiba and Levemir. Revenues for the quarter were up 2% over last year and profits were up 5%, the Danish drugmaker reported.

"After the changes are implemented, we expect to have roughly the same number of employees or actual people working at (Novo Nordisk) as we do today," Novo's spokesperson continued. "We know this can be disruptive to our employees and we’ll offer our full support to those affected, including consideration for new positions when appropriate."