Novo Nordisk has announced a rebrand, shortening its day-to-day name to 'Novo' and updating its corporate culture and logo. This strategic shift is aimed at increasing brand recognition in the competitive obesity drug market, where it faces intense competition from Eli Lilly. The legal name of the company will remain Novo Nordisk A/S, which dates back to the 1989 merger of Novo Terapeutisk Laboratorium and Nordisk Insulinlaboratorium.
The rebranding includes a new slogan, 'Lasting Health Starts Now,' emphasizing immediate progress towards long-term well-being. The company also unveiled 'The Novo Way,' a new set of four cultural principles: Customer Obsession, Competitiveness, Clarity, and Care & Integrity. These principles are intended to foster greater focus, speed, and impact, especially as more of its products move to a direct-to-consumer model and to enhance value for stakeholders.
The rebranding comes as Novo Nordisk seeks to regain market share in the obesity space. Despite the successful launch of the oral version of Wegovy, which surpassed 3 million prescriptions by June, the company's shares have dropped about 15% this year. It currently holds 38.8% of the obesity market share, trailing Eli Lilly's 60.9% as of the second quarter. The company recently scrapped three trials for an experimental cardiovascular drug, adding to investor pressure for new blockbuster products. Novo plans to detail its updated business strategy at its Capital Markets Day on September 21.
