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Novo Nordisk dethroned as Europe’s biggest company by market capitalization

Jan 20, 2025, 7:12am EST
Europe
Injection pens and boxes of Novo Nordisk’s weight loss drug Wegovy
Victoria Klesty/Illustration/File Photo/Reuters
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Novo Nordisk lost its title of Europe’s biggest company by market capitalization to the luxury-goods maker LVMH.

The Danish pharmaceutical giant’s value rocketed upwards in recent years, driven by the success of its weight-loss drug Wegovy, while LVMH stumbled thanks to a drop in consumer demand in China. But US regulators are expected to slash the price they pay for Wegovy, and rivals such as Eli Lilly’s Mounjaro have eaten into its market dominance, meaning Novo Nordisk’s shares have fallen 40% since June.

Meanwhile, the luxury sector seems poised for a US-driven revival, especially since “President-elect Donald Trump’s preference for lower taxes and looser regulations could… boost demand,” Bloomberg reported.

A chart comparing Novo Nordisk’s share-price performance to that of LVMH.
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