The emergence of Wegovy, a revolutionary weight-loss drug, has propelled Novo Nordisk to become Europe’s most valuable company. This groundbreaking pill has ignited intrigue and sparked hope among countless individuals yearning for an effortless solution to shed excess weight.
Novo Nordisk, listed as ticker “NVO” in Denmark, experienced a 0.7% increase in its stock value following the launch of Wegovy in the United Kingdom. This monumental achievement allowed the pharmaceutical giant to surpass LVMH, the renowned French luxury goods manufacturer, in terms of market capitalization. With a remarkable 41% increase in shares this year, Novo Nordisk is poised for further success as early trading on Tuesday indicated upward momentum.
Eli Lilly, headquartered in Indianapolis, emerges as Novo Nordisk’s primary contender in the weight-loss drugs market. The pharmaceutical competitor has recently submitted its drug, Mounjaro, for regulatory approval to address obesity-related issues. It is evident that the weight-loss medication sector is thriving and expanding rapidly. Notably, a study published in the prestigious New England Journal of Medicine revealed that Wegovy has demonstrated the ability to enhance stamina in heart-failure patients.
Presently, Novo Nordisk boasts a stunning market value of approximately $420 billion. This figure bears striking similarity to Eli Lilly’s market capitalization of $417 billion and narrowly trails behind Exxon Mobil’s $422 billion valuation.
After its launch in the United States in June 2021, Wegovy swiftly captured attention and is now also available in Norway, Denmark, and Germany.