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Jump to Key Points Sept 14 - Novo Nordisk 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.
- Rebrands day-to-day name to "Novo"; legal name remains Novo Nordisk A/S.
- New culture strategy: "The Novo Way" = customer obsession, competitiveness, clarity, care/integrity.
- Move aims to regain ground in obesity-drug race vs Eli Lilly.
- Shares ↓ nearly 15% YTD amid investor pressure + pipeline setbacks.
- Oral GLP-1 leads Lilly by hundreds of thousands U.S. Rx/week; ziltivekimab trials scrapped.
• 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)
