There’s a new king of the European content, with the title changing hands for the first time years. 👑
We last talked about LVMH in June, when it became the first European company to pass a $500 billion valuation. Since then, it’s fallen on fears of a slower-than-anticipated recovery in China, allowing a competitor to catch up.
Today, Danish pharmaceutical giant Novo Nordisk officially surpassed its value, claiming the title of Europe’s largest company. As for what’s driving the stock? The company continues to grow in hopes that its latest products can help people shrink.
The drugmaker’s Ozempic and Wegovy products have experienced massive demand over their potential weight loss uses. That’s created a massive “arms race” as competitors look to create their own versions of the drugs. Besides cosmetic benefits, analysts are focused on the ability of these drugs to reduce the risk of major cardiovascular events associated with being overweight or obese. 🔻
It’s unclear what the potential market size will end up being. But for now, investors are betting big on $NVO shares. 🤩
