- Ozempic-maker Novo Nordisk is Europe’s second-largest firm by market capitalization.
- It’s additionally boosting Denmark’s financial system all by itself.
- Denmark’s GDP grew 1.7% in 1H 2023. It would’ve contracted by 0.3% if not for the pharma sector.
Weight loss drug Ozempic is such a blockbuster hit that its maker, Novo Nordisk, has grow to be one of the crucial high-profile corporations in Europe.
Novo Nordisk’s share value is up over 40% this 12 months, taking its market capitalization to 2.3 trillion Danish Kroner, or $328 billion. In comparability, the market cap of LVMH Moët Hennessy Louis Vuitton — Europe’s most respected firm now — is 376.95 billion euros or $402 billion.
Novo Nordisk’s beautiful inventory rise this 12 months got here on the again of its two blockbuster weight reduction medicine, Ozempic and Wegovy. The two merchandise have been massive hits within the US for his or her remedy of weight problems. Elon Musk and Amy Schumer have additionally stated they’ve used the merchandise.
Novo Nordisk’s earnings within the first half of 2023 have been boosted by the blockbuster weight reduction medicine. The firm posted 107.7 billion Danish kroner, or $15.5 billion, in whole revenues for the interval — round 30% greater than a 12 months in the past.
Not solely that, Novo Nordisk has additionally been propping up Denmark’s financial system all by itself.
Denmark’s GDP grew by 1.7% within the first half of 2023 from a 12 months in the past, in accordance with official statistics — all due to the pharmaceutical sector. The financial system would’ve contracted by 0.3% if it weren’t for the pharma trade, the nation’s statistics division stated on August 31.
“If it wasn’t for Novo Nordisk, there wouldn’t have been any growth in the first six months of the year, Las Olsen, the chief economist at Danske Bank, told AFP on September 6.
Jonas Petersen, an analyst at Denmark’s statistics department, further told the AFP that the trend is “altering the image of the financial system.”
Novo Nordisk can be growing hiring and has been bringing in billions of US {dollars} from its drug exports to the US.
The firm’s share value closed 2.4% decrease at 666.50 Danish krone on Friday. The inventory is up 42% thus far this 12 months.
Denmark’s statistics division and Danske Bank’s Olsen didn’t instantly reply to requests from Insider for remark despatched exterior common enterprise hours.
