Novo Nordisk overtakes luxury group LVMH as Europe's most valuable company

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSLONDON - Danish drugmaker Novo Nordisk unseated LVMH as Europe's most valuable listed company on Friday, ending the French luxury group's 2-1/2 year-long reign at the top.

Novo Nordisk now has a market capitalisation of $421 billion, according to Refinitiv data. The French-listed LVMH has a market cap of $420.97 bln. The pharma group has had a huge boost in recent weeks from investors betting on the increasingly lucrative weight-loss drug market, while LVMH has come under pressure, along with other luxury retailers as concern about growth in China has burgeoned.

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Novo Nordisk is second most valuable company in Europe: ReportNovo Nordisk (NVO), who produces Ozempic and Wegovy, is the currently the second most valuable company in Europe, worth more than McDonald's (MCD) and Netflix (NFLX) combined, according to Chartr. Yahoo Finance Health Care Reporter Anjalee Khemlani discusses what's driving the company's value. 
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