08:32 AM EDT, 08/22/2025 (MT Newswires) -- Novo Nordisk ( NVO ) will reduce the current year bonuses for employees eligible for short-term incentives in Denmark due to slower growth and a lowered forecast, Bloomberg News reported Friday, citing a company spokesperson.

The move is part of new Chief Executive Maziar Mike Doustdar's cost-cutting measures, which also include a global hiring freeze for non-business-critical positions, the report said.

Novo is under pressure from Eli Lilly ( LLY ) , whose weight loss drugs are projected to overtake Novo's sales this year, as well as from cheaper generic versions of Ozempic and Wegovy, the news outlet reported.

Novo Nordisk ( NVO ) did not immediately respond to MT Newswires' request for comment.

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