The Globe and Mail reports in its Thursday, Sept. 11, edition that Novo Nordisk announced on Wednesday it will cut 9,000 jobs to boost growth and compete against U.S. rival Eli Lilly and various copycat drugs. A Reuters dispatch to The Globe reports that the restructuring, including the largest layoff in Denmark's history, is expected to save eight billion Danish crowns ($1.25-billion (U.S.)) annually and comes as Novo Nordisk is battling to revive its fortunes under a new chief executive officer after it lost its lead to Eli Lilly in the obesity and diabetes markets. Sales growth has stalled and shares have slumped, knocking $450-billion (U.S.) off the Danish company's market cap since the middle of last year and hurting the local economy. The company issued its third profit warning this year on Wednesday, citing nine billion crowns in one-off costs tied to the overhaul. ATG Healthcare portfolio manager Lukas Leu says: "They need to reignite investor confidence with an appealing growth story for the future. The obesity market was misjudged. It's much more consumer-driven than anticipated, and Novo expanded organizational complexity too quickly." Investors in July wiped some $70-billion (U.S.) off Novo's market value.