The Danish pharmaceutical titan Novo Nordisk has become Europe's most valuable listed company, achieving a staggering market valuation that momentarily surpassed the entire annual economic output of its home country. This historic milestone was driven by insatiable global demand for its revolutionary weight-loss injection, Wegovy.
Shares in the company surged by over 8% to a record high on the Copenhagen stock exchange, pushing its market capitalisation to an eye-watering £405 billion (3.85 trillion Danish kroner). This figure briefly exceeded the 2022 gross domestic product (GDP) of Denmark, which was estimated at 3.76 trillion kroner.
A Pharmaceutical Juggernaut
The investor frenzy follows the publication of a landmark study that demonstrated Wegovy's benefits extend far beyond mere weight loss. The widely publicised 'Select' trial proved the drug significantly reduces the risk of heart attacks, strokes, and cardiovascular-related deaths by a remarkable 20%.
This data has been a game-changer, effectively transforming Wegovy from a lifestyle drug into a life-saving medication in the eyes of investors and healthcare providers. It paves the way for broader insurance coverage and prescriptions within national health systems, including the UK's NHS.
Racing to Meet Unprecedented Demand
Novo Nordisk, alongside its American rival Eli Lilly, is at the forefront of a medical revolution. The company is now scrambling to scale up production capacity to meet what seems to be limitless global demand.
This production ramp-up is not just a business priority but a national one for Denmark. The company's expansion is significantly boosting Danish economic growth while simultaneously applying downward pressure on the country's inflation rate.
The phenomenal success of Wegovy and its sister diabetes drug, Ozempic, has made Novo Nordisk a European champion, dwarfing the value of long-established giants like LVMH and ASML and highlighting the immense commercial power of the pharmaceuticals sector.
