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Novo Nordisk (NYSE:NVO) announced a corporate rebranding initiative under which it will use "Novo" as its everyday operating name while retaining Novo Nordisk A/S as its legal global company name.

The pharmaceutical company also introduced a new tagline, "Lasting Health Starts Now," alongside a cultural framework called "The Novo Way."

The updated visual identity will retain the company's Apis bull logo while incorporating a revised design. Novo said the changes are intended to provide a more consistent identity across its medicines, partnerships and communications with stakeholders.

"The Novo Way" is based on four principles: customer obsession, competitiveness, clarity, and care and integrity.

The company said the framework will provide a behavioural foundation for its operations.

"Healthcare must become more responsive, relevant and easier to fit into everyday life," said Mike Doustdar, president and CEO. "Our brand and culture are strategically important and will enhance how we operate and compete, but the reason we exist will not change."

Tania Sabroe, executive vice president of People, Organisation and Corporate Affairs, said the brand and cultural changes are intended to work together as the company develops its competitive position and relationships with healthcare partners.

Novo plans to provide a detailed overview of its updated corporate strategy at a Capital Markets Day in London on September 21.

Novo Nordisk stock price