Wegovy maker Novo Nordisk said it is rebranding as Novo, as the Danish drugmaker prepares to give a strategy update later this month.

The company said Monday that its new corporate identity with the single Novo name aims to make it more recognizable and consistent in the way it reaches people to compete in an increasingly consumer-driven market for obesity medications.

"'Novo' will be used as the name of the company day-to-day, while Novo Nordisk A/S remains the legal global company name," it said.

The company said it would emphasize competitiveness in its corporate culture going forward. The rebrand and shift in culture are part of changes Novo plans to introduce to deliver on its business objectives, it added.

Novo has scheduled an event with investors for Sept. 21, when it expects to provide an update on its new corporate strategy.