In 2023, Danish drugmaker Novo Nordisk briefly surpassed the luxury conglomerate LVMH to become Europe’s most valuable company by market capitalization. Its share price was propelled upward by soaring sales of its breakthrough weight-loss drugs Ozempic and Wegovy.
After pioneering GLP-1 treatments to combat obesity, Novo Nordisk has struggled to build on this success. Eli Lilly, its U.S. rival and the maker of Mounjaro, has eaten into Novo Nordisk’s market share and expects to launch its own weight-loss pill in Europe and the U.K. in early 2027. Since 2024, Eli Lilly’s share price has almost doubled, while Novo Nordisk’s has dropped by 70%.
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