The Danish Pharmaceutical group known as Novo Nordisk has become Europe’s most valuable company after the group introduced its extremely successful weight-loss drug Wegovy.
The drug maker introduced Wegovy to UK markets on Monday following an extremely successful launch within the U.S. back in June of 2021. The perceived success of the initial launch of the Drug within the UK allowed for Novo Nordisk’s share price to close on Monday up 0.7% giving the company a market capitalization of $428 billion.
Novo Nordisk’s closing price set a new record for the UK’s most valuable company dethroning the French luxury brand LVMH which closed at $419 billion.
Novo Nordisk is the leading producer, by sales, of diabetes and weight-loss drugs and some analysts state that the company could reach $140 billion in sales worldwide. The drug Wegovy also obtained significant popularity due to its ability to reduce the likelihood of serious cardiac events, such as a heart attack, by 20%.
Source: Wall Street Journal