(AOF) – The Danish pharmaceutical group Novo Nordisk became the first European capitalization on Friday, stealing its crown from the king of luxury, LVMH. The former had a market capitalization of $421 billion and the latter $420.97 billion, according to Refinitiv data and information provided by the company cited by Reuters. LVMH had itself snatched first place in the list of European groups listed on the stock market from the agri-food specialist Nestlé in 2021.
If the latter’s job is to feed people, Novo Nordisk owes its recent good fortune on the stock market to its drug Wegovy against obesity. It also has the property of reducing the risk of heart disease by 20%. Its announcements in early August have enabled the pharmaceutical group to jump more than 16% over the past month. Novo Nordisk now has a capitalization higher than the GDP of its country of origin, Denmark.
For its part, LVMH fell by nearly 8% in August, penalized by the poor performance of the Chinese economy. The French group also suffered from the normalization of its growth in the second quarter after several years of acceleration. The world number one in luxury is now down 13% from its historic high of 902 euros at the end of April. LVMH then became the first company to exceed 500 billion euros in market capitalization.
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