Novo Nordisk became Europe’s most valuable company by market capitalization in 2023.
The Danish pharmaceutical company overtook French luxury group LVMH in September 2023 as investors responded to demand for its diabetes and weight-management medicines. Novo Nordisk’s valuation was driven especially by Ozempic and Wegovy, which contain the active ingredient semaglutide.
Novo Nordisk began as a diabetes-focused business and has a long history of producing insulin. Its products are sold internationally, and the company has expanded research into obesity and related metabolic conditions.
The ranking can change with daily share-price movements and with currency conversions. “Most valuable” in this context means highest market capitalization among publicly traded European companies, not the greatest revenue, profit, or number of employees.