As part of a rebranding effort called ‘Lasting Health Starts Now,’ Novo Nordisk is changing its name to simply ‘Novo.’
The rebrand is an effort to update the company culture ‘The Novo Way,’ and to gain a greater market share, which Novo describes as bringing "better health to many more people." There is an emphasis on seeing changes immediately, such as through ensuring breakthrough science leads to real results for consumers.
A major reason for the rebrand are the challenges Novo is facing around sales for its obesity drugs. Shares in the company have dropped by around 15% this year, despite the release of an oral version of Wegovy that had resulted in more than 3 million prescriptions by June. Nonetheless, the company’s main competitor, Eli Lilly, maintains a 60.9% market share, while Novo keeps in second place with 38.8%. In addition, Novo has faced threats from a knockoff Wegovy pill, for which it has threatened legal and regulatory action.