Novo Nordisk is simplifying its corporate identity to Novo while retaining its legal name, Novo Nordisk A/S (NVO), and ending a $285 million licensing agreement with Ascendis Pharma for a once-monthly obesity and diabetes treatment. The overhaul comes as Eli Lilly gains ground with Mounjaro and Zepbound, while Novo faces declining market share, rising transformation costs and a projected 5% to 13% fall in 2026 sales. Novo will introduce a right-facing Apis bull logo, the slogan Lasting Health Starts Now and a new corporate culture framework. Ascendis will independently develop TransCon semaglutide, while Novo has also halted or suspended several other programs. CEO Mike Doustdar is expected to outline new strategic ambitions at the company’s Capital Markets Day on September 21. Novo retains a large Wegovy franchise and expanding indications, but its pipeline must improve before semaglutide faces a patent cliff early next decade.