Denmark is one of the few countries in Europe with a growing economy, partly thanks to the Ozempic and Wegovy manufacturer Novo Nordisk's major successes. However, the luster has faded somewhat in recent times after a series of setbacks for the company's weight loss products on the American market. Now, there is a concern that the company's problems will become a burden for the Danish economy as a whole.
Low unemployment
But Las Olsen, who is chief economist at Danske Bank, is more positive and says that Novo Nordisk's problems coincidentally coincide with a positive development of the Danish economy.
It comes at a time when unemployment in Denmark is low, according to the latest figures 2.9 percent. Both this year and last year, we have had a growth of 3,000 jobs per month, so there will be good opportunities for those affected to find new jobs, he says.
More worrisome is that among consumers in Denmark, there is a concern about the world economy that can be fueled by messages indicating that Novo Nordisk's success has slowed down.
Private consumption in households is low in relation to incomes and can fall further now. This type of news can make it worse, says Las Olsen.
Saving billions
On September 10, Novo Nordisk announced that it will cut its workforce by 9,000 positions, of which 5,000 are in the company's Danish operations. Currently, the company has a total of 78,400 employees.
The cuts are expected to result in annual savings of eight billion Danish kronor by the end of 2026. This is happening at the same time as the company is now lowering its profit forecast for 2025.
