Danish Novo Nordisk surpasses LVMH as Europe’s most valuable company

Danish pharmaceutical company Novo Nordisk has surpassed LVMH and is now Europe’s most valuable listed company.

LVMH, the world’s biggest luxury retailer, is currently suffering due to growing concerns about the outlook for the Chinese economy.

Meanwhile, Novo Nordisk is thriving because of the high demand for its diabetes and weight-loss drugs Ozempic and Wegovy. The popular drugs have sent the Danish company’s earnings and shares to record highs. Novo’s shares have increased with nearly 17% since it announced on August 8, that a large study showed that Wegovy also has clear cardiovascular benefits.

As of Friday, September 1, Novo Nordisk had a market capitalization of around $424.7 billion, including unlisted stock. In comparison, French-listed LVMH had a market cap of $420.1 billion. Novo’s share price has roughly tripled in the past three years while that of LVMH has only doubled.

“Novo closing in on LVMH as Europe’s biggest market cap stock is a reflection of Novo’s recent product success while LVMH’s recent trends have been more mixed,” said Marcel Stotzel, co-portfolio manager of Fidelity European Fund and Fidelity Europe Stotzel.

Source: bignewsnetwork.com

About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

View all posts by Miabell Mallikka

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