Pharma
Novo becomes second ever European firm to breach $500bn market value
Novo Nordisk shares have gained 60 per cent in the past year, fuelled by surging demand for Ozempic and Wegovy
Novo Nordisk has became the second-ever European company to pass $500 billion (€547.25 billion) in market value, bolstered by an upbeat outlook for its blockbuster obesity drug.
Novo crossed the milestone on Wednesday as its shares gained as much as 4.1 per cent, reaching a level only attained by Dior owner LVMH.
The Danish pharma company has roared past the luxury-goods giant, vaulting into the limelight as Wegovy for obesity and a sister medicine for diabetes, Ozempic, proved they could help people shed unwanted weight by curbing their appetite.