Novo Nordisk A/S (NYSE:NVO) is rebranding to “Novo” as it strategizes to regain its market share in the obesity drug space.
On Monday, the Danish company announced its rebranding plans and an update to its corporate culture. The changes are part of the company’s strategy to be revealed at its Capital Markets Day event on September 21.
Novo also unveiled a company-wide rebrand centered around the phrase “Lasting Health Starts Now.” The company said this marketing approach aims to foster trust and relevance with the public and stakeholders and to bring “breakthrough science closer to people’s daily lives.”
Despite the rebranding, Novo Nordisk will retain its legal name, which dates back to the 1989 merger of Danish pharmaceutical companies Novo Terapeutisk Laboratorium and Nordisk Insulinlaboratorium.
The company plans to build its corporate culture around four priorities: patient-focused innovation, stronger performance, clearer priorities and simpler workflows, and an uncompromising commitment to patient safety and ethics.
Novo Battles Market Share Losses
The rebranding comes at a crucial time for Novo. Novo’s shares are down 17.79% this year despite strong uptake of oral Wegovy, which surpassed 3 million prescriptions by June. The company also scrapped three trials of an experimental cardiovascular drug and continues to lose ground to Eli Lilly And Co. (NYSE:LLY) in the obesity market, holding 38.8% share versus Lilly’s 60.9% in Q2, as per IQVIA data cited by Eli Lilly in its latest earnings presentation.
Despite its broader challenges, Novo Nordisk’s oral Wegovy has seen strong uptake, surpassing 3 million U.S. prescriptions since its January launch, while weekly prescriptions continued to climb in September.
Earlier this month, Novo reported positive results from the STEP Young Phase 3 trial evaluating once-weekly semaglutide in children aged six to under 12 with obesity. The trial met its primary endpoint, showing a greater reduction in BMI with semaglutide than placebo.
After 68 weeks, 40.4% of children receiving semaglutide were no longer classified as having obesity, compared with 0% in the placebo group. Both groups also received lifestyle interventions, including a reduced-calorie diet and increased physical activity.
Benzinga’s Edge Rankings place NVO in the 93rd percentile for quality and the 85th percentile for value, reflecting its strong performance in both areas. Benzinga’s screener allows you to compare NVO’s performance with its peers.
Price Action: NVO stock was up 0.85% in Monday’s pre-market trade, after declining 21.51% over the past year, as per Benzinga Pro. On Friday, it fell 2.14% to close at $43.07.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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