The pharma company's Wegovy medication helps it overtake luxury goods maker LVMH, with a market value of around $420 billion.
The maker of weight-loss drug Wegovy closed as Europe’s most valuable company on Monday, drawing attention to the potential of pills that can fulfill the age-old desire to effortlessly make people slimmer.
Novo Nordisk closed 0.7% higher in Denmark, boosted by the launch of Wegovy in the U.K., to overtake French luxury goods maker LVMH as the firm with the biggest market capitalization in Europe. Shares of the pharmaceutical company have added 41% this year and were heading higher in early trading Tuesday.
Indianapolis-based Eli Lilly is Novo Nordisk’s biggest competitor in weight-loss drugs, and it has applied for regulatory approval for its drug Mounjaro to treat obesity. The market is big and growing. Last month, researchers showed that Wegovy helped heart-failure patients gain stamina in a study published in the New England Journal of Medicine.
Novo Nordisk’s market value is now around $420 billion. That’s similar to Eli Lilly ‘s at $417 billion, and just below Exxon Mobil’s at $422 billion. Wegovy launched in the U.S. in June 2021. In Europe, it’s also available in Norway, Denmark, and Germany.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Novo Nordisk launches weight-loss drug Wegovy in UKNovo Nordisk launched its weight-loss injection Wegovy in Britain on Monday, its second debut in Europe in just over a month as the drugmaker seeks to expand in the region even as it struggles to keep up with soaring demand.
Read more »
Weight-Loss Drug Wegovy Launches In U.K. As Shares Of Drugmaker Novo Nordisk Hit New PeakIn August, Novo Nordisk's CEO said it could “take quite some years” for the company to meet soaring demand for the popular drug.
Read more »
Novo Nordisk's Wegovy weight loss drug launches in the UKNovo Nordisk launched its Wegovy weight loss injection in the U.K. Monday, furthering the drug’s rollout in Europe despite ongoing supply constraints.
Read more »
European stocks head for lower open as sentiment sours slightly; Novo Nordisk to start session as Europe's most valuable firmEuropean markets are heading for a negative open Tuesday as sentiment gradually soured in Monday’s trading session.
Read more »
European stocks open lower as sentiment sours; Novo Nordisk starts as Europe's most valuable firm for first timeEuropean markets opened lower Tuesday after sentiment gradually soured in Monday's trading session.
Read more »
Europe stocks fall as sentiment sours; euro zone PMIs revised down; Novo Nordisk starts as most valuable firm for first timeEuropean markets opened lower Tuesday after sentiment gradually soured in Monday's trading session.
Read more »