The maker of weight-loss drug Wegovy closed as Europe’s most valuable company on Monday, drawing attention to the potential of pills that can fulfill the age-old desire to effortlessly make people slimmer.
Novo Nordisk closed 0.7% higher in Denmark, boosted by the launch of Wegovy in the U.K., to overtake French luxury goods maker LVMH as the firm with the biggest market capitalization in Europe. Shares of the pharmaceutical company have added 41% this year and were heading higher in early trading Tuesday.
Indianapolis-based Eli Lilly is Novo Nordisk’s biggest competitor in weight-loss drugs, and it has applied for regulatory approval for its drug Mounjaro to treat obesity. The market is big and growing. Last month, researchers showed that Wegovy helped heart-failure patients gain stamina in a study published in the New England Journal of Medicine.
Novo Nordisk’s market value is now around $420 billion. That’s similar to Eli Lilly ‘s at $417 billion, and just below Exxon Mobil’s at $422 billion. Wegovy launched in the U.S. in June 2021. In Europe, it’s also available in Norway, Denmark, and Germany.
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