Fat jab firm Novo has shed 13,000 staff in the past year as it slims down in the face of fierce competition.

The company, which makes anti-obesity drug Wegovy and diabetes medicine Ozempic, said it cut 9,000 jobs while a further 4,000 workers left and were not replaced.

The update came as boss Mike Doustdar outlined his plans to revive the Danish firm’s fortunes in a presentation to investors.

Novo has fallen behind arch-rival Eli Lilly in the multibillion-pound weight-loss drugs market as shares fell 9 per cent in early trading.

The stock has also tumbled more than 70 per cent since its peak in mid-2024.

Doustdar has been cutting costs as Eli Lilly’s Mounjaro and Zepbound weight-loss drugs outsell Wegovy.

The company is also racing to reassure investors that it can navigate patent expirations for semaglutide – the active ingredient in Wegovy and Ozempic – in the early 2030s.

Doustdar said Novo, which dropped Nordisk from its name last week, now aims to launch more than five new blockbuster drugs by 2030 with sales of £17billion in 2035.

He hopes to reach more than 60million patients globally by 2030 and scale up manufacturing tenfold to supply 15million patients with oral obesity therapies by the end of the decade.

But the update failed to quell investor concerns – sending the shares tumbling.

Derren Nathan, head of equity research at Hargreaves Lansdown, said: ‘Novo is trying to rebuild confidence in the growth story, but so far it looks more like a strategic roadmap than a fresh clinical or commercial catalyst.

‘The ambitions are noble, but the competitive backdrop has shifted. Eli Lilly has taken the high ground in market share and is still seen as having stronger near-term obesity pipeline momentum.

‘There is still plenty of runway in obesity. Patients are behaving more like consumers, so convenience, tolerability and ease of use matter alongside headline efficacy.

‘The share price reaction shows this remains an evolution of the investment case, not a revolution. The valuation leaves scope for meaningful upside if management delivers, but investors are likely to need patience while they wait for proof points on execution, pipeline differentiation and competitive positioning.’