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: the company’s earnings sparked fresh optimism as the drugmaker said revenue could grow by as much as 26 per cent this year and operating profit by up to 29 per cent at constant exchange rates. Picture: Getty

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.