Novo Nordisk Now Europe's Most Valuable Company

Novo Nordisk has surpassed Bernard Arnault's luxury goods giant, LVMH, to become Europe's most valuable company, as reported by Hanna Ziady for CNN.

As of Monday, Novo Nordisk boasted a market capitalization of 2.96 trillion Danish krone ($428 billion). I Photo: Siebuhr

Shares of the Danish pharmaceutical company have surged by 40% so far this year, driven by a surge in demand for its weight-loss drugs, Wegovy and Ozempic.

As of Monday, Novo Nordisk boasted a market capitalization of 2.96 trillion Danish krone ($428 billion). In comparison, LVMH's market value was approximately $416 billion.

The French firm, renowned for its Louis Vuitton handbags and Hennessy cognac, has been impacted by the slowdown in the Chinese economy, resulting in an 8% decline in its stock over the past six months.

Sales of Wegovy and Ozempic have experienced a dramatic upswing in recent months. Ozempic, a drug developed to treat type 2 diabetes that shares the same active ingredient as Wegovy, has been prescribed by some physicians to aid patients in weight loss.

Novo Nordisk achieved another milestone on Monday when it announced that Wegovy would now be available in the UK through a controlled and limited launch.

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