The Zhitong Finance App learned that with the success of weight loss and diabetes drugs, Danish pharmaceutical company Novo Nordisk (NVO.US) surpassed luxury retailer LVMH on Friday, making it the most valuable listed company in Europe.
According to Refinitiv's data and stock data disclosed by the company, Novo Nordisk's market value once reached 421 billion US dollars (including unlisted stocks), surpassing LVMH's 420.97 billion US dollars.
The change in market capitalization also ended LVMH's dominance as the EU's most valuable company for two and a half years. LVMH has maintained this title since February 2021, when the group replaced consumer goods company Nestle (NSRGY.US).
Driven by market demand for diet pills, Novo Nordisk's stock price has soared. Also, since tests have shown that its Wegovy drug also has heart-protecting effects, the stock price rose about 17% on a trading day in early August, marking the biggest one-day increase in at least 20 years.
In the first half of this year, Novo Nordisk's sales in the field of diabetes and obesity care increased 36% year-on-year to 99 billion Danish kroner.