Danish drugmaker Novo Nordisk said it will use the name “Novo” in its branding and will also overhaul its corporate culture, presenting the move as the start of a new chapter as it tries to regain ground in the obesity drug market.
The company said the changes come as it faces strong competition from Eli Lilly and pressure from investors to produce new blockbuster medicines and set out a clearer path to long-term growth. Novo plans to provide more detail on its strategy changes at its Capital Markets Day event on Sept. 21.
The broader rebranding campaign is built around the phrase “Lasting Health Starts Now.” According to the company, the message is meant to stress that patients should begin making progress toward long-term well-being immediately rather than later. Novo said the campaign is intended to build relevance and trust with the public and other stakeholders and to bring “breakthrough science closer to people’s daily lives.”
Even with the successful launch of the oral version of Wegovy, Novo shares are down about 15% this year. As of June, prescriptions for the pill form of Wegovy had surpassed 3 million. At the same time, the company recently scrapped three trials involving an experimental cardiovascular drug.
Novo continues to trail Eli Lilly in obesity treatments. A Lilly earnings presentation citing IQVIA data said Novo held 38.8% market share in the second quarter, compared with Lilly’s 60.9%.
The company also said Novo Nordisk will remain its legal name. That name dates back to the 1989 merger of two competing Danish pharmaceutical companies, Novo Terapeutisk Laboratorium and Nordisk Insulinlaboratorium.
According to the release, Novo’s updated corporate culture will be based on four principles: innovating with patients as the main focus, improving performance to “create greater value for all stakeholders,” setting clearer priorities and simpler workflows, and never compromising on patient safety and ethics.
Despite competitive and research setbacks, the oral version of Wegovy has been one of the company’s key tailwinds this year. In addition to its rapid uptake, the product benefited from reaching the market ahead of Lilly’s rival weight-loss pill, Foundayo.
