Ozempic Maker Overtakes LVMH as Biggest European Company
- Blockbuster drugs for obesity have buoyed Novo’s shares
- Novo stock has more than quadrupled since the end of 2018
This article is for subscribers only.
Danish drugmaker Novo Nordisk A/S on Friday surpassed French luxury powerhouse LVMH to become Europe’s most valuable company, buoyed by demand for its blockbuster obesity medicines.
Novo shares rose 2.1% in Copenhagen, boosting its market capitalization to the equivalent of almost $425 billion. LVMH fell 0.8% in Paris, valuing the company at about $420 billion. It was only this year that the French luxury conglomerate passed the milestone of becoming Europe’s first company with a market value exceeding $500 billion, only for the stock to slip back since.