After two year of success, Novo Nordisk (NVO) is now retracting it reach and is cutting jobs after a large profit warning, Eshe Nelson of The New York Times reports. In Denmark, pharmaceutical industry’s exports, especially Novo Nordisk’s, helped keep the country out of a recession, but recent moves by the company now cast a shadow over its economy. The Danish pharmaceutical industry is dominated by Novo Nordisk and accounted for 11% of the country’s economic growth by the end of last year, but Novo’s cost-cutting could dampen the health of the economy.
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