Weight-Loss Drug Frenzy Cements Novo Nordisk as Europe’s Most Valuable Company
- Ozempic maker’s market value overtook luxury giant last month
- Buzz around weight-loss drugs boosts stock while luxury slumps
A scientist uses a culture flask and pipette in the cell therapy labs at the Novo Nordisk A/S research facilities in Malov, Denmark.
Photographer: Carsten Snejbjerg/BloombergThis article is for subscribers only.
Little more than a month since becoming Europe’s most valuable listed company, Novo Nordisk A/S has stretched its lead to more than $100 billion as the buzz around weight-loss drugs gets ever louder.
The Danish pharmaceutical maker overtook LVMH at the beginning of September, and since then has accelerated clear as its rising share price has coincided with a slump in luxury stocks. On Friday, Novo hiked its sales and operating profit forecasts for 2023, sending its shares as much as 4.5% higher.