Shares of Novo Nordisk (NVO) - Get Report were lower Thursday after announcing layoffs across its global business. The diabetes and obesity drugs manufacturer will cut 1,000 staff jobs, including 500 in Denmark. The reductions represent slightly more than 2% of its workforce. The company's outgoing CEO Lars Rebien Sorensen said the jobs cuts were needed in order to have a sustainable balance between income and costs. The move comes as competition for the company's diabetes treatments has grown in recent months and health insurance providers have been successful at using that competition to force down pricing.
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