Novo Nordisk, a multinational pharmaceutical company based in Denmark, is thinking about slashing 3,000 jobs from its global workforce and reducing its long-term financial outlook, according to an Endpoints News report.
The drugmaker, which specializes in producing insulin products, reportedly is looking to layoffs to shore up finances as it faces an "uncertain and unpredictable" market in the U.S.
The new cost-savings plan is largely driven by the windstorms mounting in the U.S. over drug pricing, especially Novo's insulin products, which already have come under fire for their high costs.
"We are operating in a dynamic environment that brings new challenges and opportunities every day, which means we continually assess and adjust plans as needed. And whenever we make important decisions, we will communicate them at the appropriate time," Novo Nordisk CEO Lars Fruergaard Jørgensen told Endpoints.
Novo is expected to announce the full cost-cutting plan in August, alongside its second quarter results.