Novo Nordisk Nears LVMH as Europe’s Biggest Firm by Market Value

In the race to be the biggest company by market value in Europe, a new contender is challenging the reign of luxury-goods behemoth LVMH.

(Bloomberg) — In the race to be the biggest company by market value in Europe, a new contender is challenging the reign of luxury-goods behemoth LVMH.

Drugmaker Novo Nordisk A/S’s capitalization on Tuesday jumped $60 billion to about $423 billion, closing in on LVMH’s $442 billion, and consolidating its position as the second-largest company in Europe.

The Danish drugmaker, originally specialized in diabetes care, has further gained investors’ favor over the past three years thanks to obesity medicines including blockbuster Wegovy. Since the end of 2020, the stock has tripled, overtaking other European megacaps including Nestle SE and ASML NV.

Novo Nordisk on Tuesday jumped as much as 19%, its biggest intraday gain on record, after a highly anticipated study showed that Wegovy reduced the risk of heart attacks and strokes. 

Read more: Novo Surges to New Record on ‘Home Run’ Drug Update: Street Wrap

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