Novo Nordisk became Europe’s most valuable listed company by market capitalization in 2023.
The Danish pharmaceutical company overtook French luxury group LVMH in September 2023, driven largely by investor demand for its diabetes and obesity medicines. Novo Nordisk’s products Ozempic and Wegovy contain semaglutide, a drug that helps regulate blood sugar and can promote weight loss.
Novo Nordisk began as a diabetes-focused company and has spent decades developing insulin and other treatments for metabolic diseases. The popularity of newer medicines greatly increased expectations for its future sales and profits.
Market-capitalization rankings can change quickly because they depend on share prices. Novo Nordisk’s position therefore reflected its market value at that time, rather than a permanent ranking of Europe’s biggest businesses by revenue or employees.