As Novo Nordisk continues its epic battle with Eli Lilly for market share in the increasingly competitive obesity and diabetes space, Novo is launching a major rebrand of its business, logo and name.
Much like GSK (formerly GlaxoSmithKline) and the once Sanofi-Aventis (now just Sanofi), Novo Nordisk is slimming down its brand. While Novo Nordisk A/S remains the legal global company name, “Novo” will become its everyday branding.
“The rebrand is designed to be more memorable and relevant to the way people engage with their health today,” the company said in a statement Monday morning.
The changes don't stop there. Novo’s Apis bull logo will now face right instead of left, a literal nod to the future.
The whole new approach is being dubbed “Lasting Health Starts Now,” which is “based on the idea that lasting health begins today, not someday, through progress people can see and feel day by day,” the company said in its release.
Tied to the rebrand is another new corporate layer being dubbed “The Novo Way.” This is being set out as a new set of principles “that will underpin the company's culture.” This includes “ways of working needed to innovate and lead in a faster, more competitive and increasingly consumer-driven market,” Novo said.
That’s the key element here as Novo faces an uphill battle against longtime rival Eli Lilly. Novo markets blockbuster meds Wegovy (injection and pill) and Ozempic for obesity and diabetes.
But over the last two years, it has faced a major challenge from Lilly and its obesity and diabetes franchise in the form of Zepbound, Mounjaro and, more recently, Foundayo.
Novo’s shares have fallen hard since hitting a peak two years ago as Lilly has been on the ascent. The U.S. pharma's shares have reached a market capitalization above $1 trillion this year, as investors have tended to favor Lilly’s approach over Novo’s.
Today's announcement comes several months after Novo made some tweaks to its semaglutide franchise, removing the Rybelsus drug name and creating the Ozempic pill instead, while also using the Wegovy pill and Wegovy injection names as it looked to simplify its drug branding.
The Danish drugmaker will likely hope this morning's wider company rebrand marks a partial reset as the pharma continues to try and rebuild momentum.
“People have always been at the center of Novo’s science,” Novo CEO Mike Doustdar said in a statement.
“Healthcare must become more responsive, relevant and easier to fit into everyday life,” Doustdar added. “Our brand and culture are strategically important and will enhance how we operate and compete, but the reason we exist will not change. We remain true to our purpose of changing people’s lives and are ambitious about our future to help them have lasting health, starting right now.”
Novo's move follows a series of Big Pharma change-ups in the post-COVID era, including name changes, rebranding, new logos and a general coming out into the light for the likes of Johnson & Johnson, GSK, Sanofi, Pfizer and more.