Novo Nordisk rebrands as 'Novo', announces cultural reset
Novo Nordisk rebrands as 'Novo', announces cultural reset Sept 14 - Novo Nordisk NOVOb.CO is changing its day-to-day name to 'Novo', and taking a new approach to company culture as it looks to claw back ground in the fierce obesity drug race, the Danish drugmaker said on Monday.
Novo, which is slated to unveil details on its business strategy during a Capital Markets Day on September 21, will keep 'Novo Nordisk A/S' as its legal name.
The company set out on Monday a new cultural strategy it called "The Novo Way", centred around four principles — customer obsession, competitiveness, clarity, and care and integrity.
The move comes as it faces fierce competition from rival weight-loss drug maker Eli Lilly, investor pressure to deliver new blockbusters, and setbacks to its medicine pipeline.
The company's Copenhagen shares are down nearly 15% this year, even as its oral GLP-1 outpaces Eli Lilly by hundreds of thousands of U.S. prescriptions per week, according to IQVIA data provided by an analyst.
Commercial gains have been overshadowed by pipeline trouble, capped by last week’s decision to scrap two late-stage trials for its experimental heart drug ziltivekimab.
(Reporting by Patrick Wingrove in London; Editing by Jan Harvey)
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