Novo’s market capitalization rose to the equivalent of just over $421 billion shortly after the start of trading on Friday, nudging past LVMH by a tiny fraction. It was only this year that the French luxury conglomerate passed the milestone of becoming Europe’s first company with a market value exceeding $500 billion, only for the stock to slip back.
Behind the rapid emergence of the Novo drugs is the GLP-1 agonist, a molecule initially identified to help people with diabetes regulate their blood sugar, but whose appetite-suppressing effects were quickly found to also help people lose weight. The drugs have since become so popular that regulators around the world have raised alarm that Ozempic may not reach diabetics who depend on the injection.
Novo’s stock has more than quadrupled since the end of 2018, overtaking other European behemoths like Nestle SA, as well as pharmaceutical rivals Roche Holding AG and Novartis AG. The latest boost came in August when a landmark trial showed that Wegovy cuts the risk of heart disease by a fifth. The study may broaden access further by aiding Novo in reimbursement discussions with insurers who might otherwise balk at Wegovy’s cost.
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