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September 10, 2025

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Novo Nordisk, the Danish pharmaceutical giant behind the obesity drug Wegovy, said on Wednesday it will cut about 9,000 jobs globally in a major restructuring effort, aiming to save 8 billion Danish crowns ($1.26 billion) annually.

The move underscores the growing pressure the company faces from its US rival Eli Lilly as the weight-loss drug market becomes increasingly crowded and competitive.

The company, which currently employs 78,400 people worldwide, said approximately 5,000 of the planned job reductions will be in Denmark.

“Our markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven. Our company must evolve as well,” newly appointed CEO Mike Doustdar said in the statement.

“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,” he added.

Costs and financial impact

Novo said restructuring costs of about 9 billion Danish crowns will be incurred in the third quarter of 2025. However, it also expects 1 billion crowns of savings in the fourth quarter, it said.

It also warned that the overhaul would carry a one-off negative impact of around six percentage points on its full-year operating profit growth at constant exchange rates next year.

Novo said its operating profit growth this year is now expected at between 4% and 10%, down from between 10% and 16% seen last month, changing solely due to the restructuring costs.

It also projected depreciation, amortisation, and impairment losses of 21 billion crowns, higher than its earlier estimate of 17 billion crowns.

Growth slowdown weighs on shares

Novo Nordisk, once Europe’s most valuable listed company with a market value of $650 billion in 2023, has seen its growth slow significantly.

Last month, the company warned that revenues would fall well short of earlier forecasts, citing competition from Eli Lilly’s Mounjaro and Zepbound, as well as the rise of cheaper copycat versions of its drugs.

The company’s Copenhagen-listed shares are down nearly 47% so far this year, reflecting investor concerns over the competitive landscape and Novo’s ability to maintain its dominance in the GLP-1 drug segment.

Doustdar’s leadership began on August 7, 2025, following the exit of Lars Fruergaard Jørgensen.

However, the timing of his appointment coincided with a sharp cut to Novo’s sales forecast which has also sent investor confidence tumbling.

Adding to the pressure, Denmark’s government recently lowered its 2025 economic growth forecast to 1.4% from 3%, citing weaker prospects for Novo Nordisk and new US tariffs on Danish exports.

For a company that once outpaced the size of Denmark’s economy, Novo’s latest restructuring marks a critical juncture in its bid to defend market share and restore growth momentum.

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Sen. Josh Hawley, R-Mo., called to ‘open the courtroom doors’ so parents can sue Meta, accusing founder and CEO Mark Zuckerberg of misleading Congress after whistleblowers detailed child safety failures on the company’s virtual reality (VR) platforms.

Two former Meta researchers told a Senate panel Tuesday that the company buried child harm evidence in VR, killed age-verification studies and let AI chatbots flirt with kids, prompting a bipartisan push to pass measures protecting minors online.

‘The claims at the heart of this hearing are nonsense; they’re based on selectively leaked internal documents that were picked specifically to craft a false narrative,’ a Meta spokesperson said. 

‘The truth is there was never any blanket prohibition on conducting research with young people and, since the start of 2022, Meta approved nearly 180 Reality Labs-related studies on issues including youth safety and well-being.’

Testifying before the Senate were Cayce Savage and Jason Sattizahn, both former Meta researchers.

Sattizahn alleged Meta routinely prioritized engagement and profit over safety — especially for kids — and manipulated or erased research showing harm.

He said despite attempts to curb data collection, the studies researchers could run still showed the company’s products endangered users.

Germany once banned Meta’s VR sales over data treatment concerns; after sales resumed in 2022, Sattizahn was sent to conduct research there.

He said he understood Meta was trying to show its VR headsets were safe for Germans.

But when research uncovered that underage children using Meta VR in Germany were subjected to demands for sex acts, nude photos and other acts children should never be exposed to, Sattizahn alleged Meta demanded all evidence be erased.

‘My research still revealed emotional and psychological damage, particularly to women who were sexually solicited, molested or worse,’ he testified. ‘In response, Meta demanded I change my research in the future to not gather this data on emotional and psychological harm.’

Savage testified she led youth safety research in VR and likewise said Meta prioritized engagement over child safety.

She said the company employed suppression tactics, including editing reports, demanding deletions and threatening jobs.

Hawley asked Savage why it was important for Meta to have children under 13 using VR. She told him kids drive household adoption of gaming devices, which means more money for Meta.

‘So, this is about profits at the end of the day,’ Hawley told Savage while seeking clarification on whether Meta will do anything for a profit, including exposing children to vile sexual abuse.

‘When I was doing research to identify the harms that children were facing in VR, which I had to be sneaky about because legal wouldn’t actually let me do it, I identified that Roblox, the app on in VR, was being used by coordinated pedophile rings,’ Savage said. ‘They set up strip clubs, and they paid children to strip.’

She added that Robux could be converted into real money.

Savage said she flagged the issue to Meta, saying under no circumstances should Meta host the Roblox app on the headset.

‘You can now download it in their app store,’ she said.

Later, under questioning, Savage told the panel she estimates any child in a social VR space will come in contact with, or be directly exposed to, something inappropriate.

‘She said every single child who goes into the platform will 100% be exposed to child sex abuse material. Every single one,’ Hawley told Fox News Digital Tuesday evening. ‘I just come back to the fact that we have got to protect our children. 

‘It can’t be that if you go online as a kid, you are 100% likely to be sexually abused, and that’s what the witnesses said today. If you are online, if you’re on their virtual reality program platform rather, you are going to get sexually abused. That was their testimony.’

Hawley called out Zuckerberg for testifying on Jan. 31, 2024, that Meta does not allow people under the age of 13 on the service.

During his testimony last year, the CEO said anyone under the age of 13 will be removed from the service, and, in response to another question, Zuckerberg said Meta does not want users under the age of 13.

Hawley said Zuckerberg misled Americans with that testimony, pointing to whistleblowers who said under-13 users are rampant on the platform.

‘I don’t see how you can square what he told us under oath last year with what these whistleblowers said today,’ Hawley told Fox News Digital. ‘But that’s true of a lot of his statements. I mean, he said over and over, whether it’s the safety protocols Facebook has put into place, that’s not true. 

‘Whether it’s regarding their work in China, he said, ‘Oh, we don’t do work in China.’ That is not true. He said, ‘We don’t have any contacts with the Chinese government.’ That’s not true. So, I mean, we’re really piling up a long list here.’

Hawley said he has called for Zuckerberg to testify again under oath, though he’s heard Meta isn’t interested.

Ultimately, Hawley said, it was time to ‘open the courtroom doors’ so victims and families can sue Meta for failing to protect children.

‘It is abundantly clear to me that it is time to allow parents and victims to sue this company,’ he said. ‘They have got to be able to get into court and to get in front of a jury and hold this company accountable, and that begins with Mark Zuckerberg. There has to be accountability. We have to open the courtroom doors and allow victims to have their day in court.’

Earlier this year, Hawley said he advanced legislation through the Judiciary Committee that would allow victims of child sex abuse online to sue Facebook or any Big Tech company where harm happens.

‘I don’t think we’re going to see real change at these companies until this becomes law and parents and victims can get into court and hold these people accountable,’ he said. ‘The bottom line is we’ve got to protect our kids. I mean, they’re making money by stealing the innocence of our children.’

Meta told Fox News Digital the company is training its artificial intelligence bots to not respond to teenagers on self-harm, suicide, disorder eating and potentially inappropriate romantic conversations, regardless of content. The company is also working to limit teen access to a select group of AI characters, ‘for now.’

Sen. Marsha Blackburn, R-Tenn., closed the meeting by inviting anyone from Meta to testify or challenge what was said.

‘I think that they see there is truly bipartisan anger, not only with Meta, but with these other social media platforms and virtual reality platforms and chatbots that are intentionally, knowingly harming our children,’ she said. ‘This has got to stop. Enough is enough.’

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