novo nordisk The company announced Monday that it will rebrand its name to “Novo” and revamp its corporate culture in an effort to regain market share in the obesity treatment field.
The Danish drugmaker called the changes the start of a new chapter as it struggles with intense competition from its biggest rivals. Eli Lilly Investor pressure to deliver new blockbuster products and chart a path toward long-term growth. Novo is preparing to detail its changes to its business strategy at its Capital Markets Day event on September 21st.
Novo CEO Mike Doustdar said in an exclusive interview with CNBC that the rebrand and culture change are “part of the same package” as the company evolves its strategy as it seeks to win back customers from Lilly.
“I don’t think it’s any secret that the external environment and what’s happened to Novo Nordisk over the last four to five years has forced us to reflect on how we need to recalibrate and rethink the next 10 years and what shifts we need to make in our strategic direction,” he told CNBC.
“This job is perfect for us,” Dusdahl said, adding that Novo needs to improve several aspects, from research and development and manufacturing to sales and marketing, to be able to compete in the obesity drug market.
Novo’s stock price has fallen about 15% this year, despite the successful launch of its oral version of Wegoby, which had more than 3 million prescriptions as of June. The company recently halted three clinical trials involving experimental cardiovascular drugs. The challenge comes as Lilly continues to lag in the obesity category, with market share of 38.8% in the second quarter compared to 60.9% for Lilly, according to Lilly’s earnings call citing data from IQVIA.
In the release, Novo also announced broader corporate branding changes centered around the phrase “Sustaining Health Starts Now,” which promotes the idea that patients should make progress toward long-term health now rather than later. The company said the marketing was an effort to build relevance and trust with the public and other stakeholders, and “bring groundbreaking science closer to people’s everyday lives.”
Asked whether the rebranding and culture refresh was due to Novo’s recent decline in market share due to obesity, Dusdal said the changes were not due to a setback in competition, but rather an adaptation to a dramatically different operating environment.
Novo Nordisk CEO Maziar Mike Doesdahl waits for the start of the pharmaceutical company’s annual general meeting on March 26, 2026 in Copenhagen, Denmark.
Tom Little | Reuters
He said the rapid growth in obesity treatment has changed Novo’s patient base, moving the market toward a more consumer-oriented model, with patients on and off treatment more frequently than with traditional diabetes treatment. As a result, Novo needs to focus more on meeting patients where they are, while increasing the speed and clarity of decision-making to keep pace with the evolving market, Dusdar said.
“Compared to just 10 years ago, our operating environment has changed tremendously,” he told CNBC.
Novo Nordisk will remain the company’s legal name, according to the release. Its original name dates back to the 1989 merger of two competing Danish pharmaceutical companies, Novo Therapeutisk Laboratorium and Nordisk Insulin Laboratory.
The company said its culture will be based on a new set of four principles that will help it gain an edge in an increasingly competitive market as more products reach direct to consumers.
These principles innovate with the patient as the main focus, improve the company’s performance to “create greater value for all stakeholders,” set clearer priorities and simpler workflows, and never compromise patient safety and ethics.
“When you think about strategy, it’s really the journey you’re on and setting the direction for the company to go,” Dusdahl said. “But you also need action. You also need cultural elements to ensure your colleagues and yourself are able to execute on the strategy.”
Despite the challenges, Novo has a big tailwind this year with the launch of an oral version of Wegovy. In addition to its explosive launch, the drug had a head start over Lilly’s rival weight loss drug Foundayo.
Dusdahl said Novo maintains a “major share” of the oral market despite competition, and doctors noted that Wigovy’s tablets are more effective than Lilly’s, resulting in about 17% weight loss.
