Denmark’s Novo Nordisk briefly surpassed French luxury goods giant LVMH to become the most valuable company in Europe, driven by investor enthusiasm for its weight loss drugs.
According to Refinitiv data cited by Reuters, Novo Nordisk’s market capitalization, including unlisted stock, was $421 billion at 9:43 a.m. London time, while LVMH’s market capitalization stood at $420.97 billion.
LVMH reclaimed the top position it held for two-and-a-half years by 11 a.m. London time, but Novo Nordisk remains a close contender.
Novo Nordisk is the manufacturer of Ozempic and Wegovy, two drugs that have garnered significant attention for their potential in weight loss treatments.
In August, the company announced positive results from clinical trials of Wegovy, showing a 20% decrease in the risk of serious heart problems and heart-related deaths. Over the past three years, Novo Nordisk’s share price has more than tripled, with a 66% increase in the last 12 months.
Denmark has revised up its GDP annual growth forecast to 1.2% from 0.6% due to the positive impact of the pharmaceutical industry.
LVMH, the parent company of luxury brands such as Louis Vuitton, Moët & Chandon, and Tiffany, has experienced record-high stock prices in the past three years, thanks to resilient luxury spending. Its CEO, Bernard Arnault, is among the world’s wealthiest individuals.
However, LVMH’s share price has declined in recent months due to tempered expectations of a recovery in Chinese travel and spending.
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