Novo Nordisk rebrands as ’Novo’, announces cultural reset

On September 14, Danish pharmaceutical company Novo Nordisk announced it would rebrand itself as 'Novo' and introduce a new company culture strategy in an effort to regain ground in the highly competitive obesity drug market. The company intends to disclose its business strategy during a Capital Markets Day on September 21, while retaining its current legal name, Novo Nordisk A/S.

Novo Nordisk unveiled its new cultural approach, titled 'The Novo Way,' which centers on four key principles: customer obsession, competitiveness, clarity, and care and integrity. The company faces significant challenges, including fierce competition from rival weight-loss drug maker Eli Lilly, investor pressure to develop new blockbuster medications, and setbacks in its own drug pipeline.

Despite its oral GLP-1 medication outpacing Eli Lilly in terms of prescriptions, Novo Nordisk's shares on the Copenhagen stock exchange have dropped nearly 15% this year. Investors have been wary of the company's progress, as commercial successes have been overshadowed by pipeline troubles. Last week, the company made the difficult decision to cancel two late-stage trials for its experimental heart drug, ziltivekimab.