Analysts tentatively welcomed Novo’s new corporate rebrand—so long as it comes with a larger change to the company’s overall business strategy.
After nearly four decades, Novo Nordisk is shedding the second half of its name to become simply Novo, while literally turning around the famous Apis bull in the Danish company’s iconic logo to signal a new path forward.
“Healthcare must become more responsive, relevant and easier to fit into everyday life. Our brand and culture are strategically important and will enhance how we operate and compete, but the reason we exist will not change,” CEO Mike Maziar Doustdar said in a Monday morning statement. “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.”
The rebrand comes after a tumultuous season for the Danish drugmaker, which has been struggling to regain control of the GLP-1 market from fierce rival Eli Lilly. BMO Capital Markets analysts wondered if the rebrand will coincide with a new business strategy. Company leadership is expected to host a capital markets day on September 21 to discuss the path forward.
“2026 has been marked by the impressive strength of the Wegovy Pill launch, but we’ve consistently said that one launch, in one country, does not a turnaround make,” BMO wrote in a Sunday note as news of the rebrand broke in the Danish media.
BMO overall has been satisfied with Doustdar’s leadership since taking the helm last year. But more needs to be done, the analysts said.
The company’s shares have declined more than 7% to $43.07 in the past five days. This compares to a high of around $147 midway through 2024 when Novo led the GLP-1 race.
“Since his appointment as CEO, we applaud Doustdar’s actions in righting the ship. Still, more would need to occur for us to be more constructive on the company, specifically outlining (and executing) on path to durable revenue and earnings growth,” the firm wrote.
Specifically, Novo needs to add higher-value products to its portfolio and expand beyond obesity and diabetes. “We’re not suggesting that obesity is not important, but we want to see expansion (organically or inorganically driven),” BMO wrote. This could include indications like cardiovascular, hypertension, lung disease or rare disease.
That Novo is officially dropping the “Nordisk” from branding may not make much difference. BMO pointed out that investors, analysts and the media have long used Novo as shortform for the company.
“Sure, this adds simplicity, but does it materially change anything? Hard to say,” BMO wrote.
Lilly has long used the short form of its name, dropping the “Eli” in common usage while maintaining the full corporate branding.
“If these changes spur additional cultural shifts internally that drive performance, then we’re all for them,” BMO said. “What we would not want is this rebrand to become a distraction that otherwise dilutes from serious strategic refinement and execution.”
Along with the new name, Novo has adopted a new slogan: “Lasting Health Starts Now” plus an updated culture centered on “The Novo Way.” This new culture is a way to set “out the behaviors and ways of working needed to innovate and lead in a faster, more competitive and increasingly consumer-driven market,” the company explained. The Novo Way is centered on customer obsession, competitiveness, clarity and care and integrity, according to the release.
Novo’s iconic Apis bull also got a rebrand, with the animal flipped around to face forward toward the future. Novo Nordisk will remain the company’s legal name.
Novo the drugmaker is owned in part by Novo Holdings, which is owned in full by the Novo Nordisk Foundation, a major philanthropic organization.
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