The Danish drugmaker has ended French luxury group LVMH’s two-and-a-half-year reign as the most valuable company in Europe.
Novo Nordisk’s stock price kept climbing in European trading on Tuesday morning after the Danish drugmaker dethroned French LVMH (Louis Vuitton Moet Hennessy) as the continent’s most valuable company, based on its market capitalisation.
Its exact worth may vary as stock prices fluctuate, but Novo Nordisk’s share price was hiking at 11:00 CET and valued at about DKK1,317 ($190), putting the company’s total worth at about US$428 billion.
The company appears to be solidfying its place on the top spot after it briefly overtook LVMH on Friday last week.
Its market position means it’s worth more than the GDP of its home country: Denmark’s yearly GDP was a little more than $400 billion last year.
Meanwhile, the share price of LVMH, the world’s biggest luxury retailer, keeps sliding as Tuesday’s trading continues.
It stood at below €760 as of 11:00, an 1.8% reduction from its position at close on Monday (€772.60). LVMH’s market value is a bit more than $410 billion.
Novo is meanwhile riding a wave of demand for its diabetes and weight-loss drugs Ozempic and Wegovy, which has sent its earnings and shares to record highs.
The increasing price further reflects investors’ faith in the Danish drugmaker’s decision to launch Wegovy in the UK on Monday.