Novo Nordisk's Market Value Soars to Over $506 Billion, Surpassing LVMH, Making It the Largest Company in Europe
Novo Nordisk, a Danish pharmaceutical company, reported a 31% increase in Danish kroner sales and a 36% increase in sales at constant exchange rates for 2023. Sales totaled 232.3 billion Danish kroner (around $33.7 billion). The strong performance was fueled by Novo Nordisk's diabetes and obesity care division, which soared 154% at constant exchange rates to 41.6 billion kroner ($6 billion.) Demand remains high for Novo Nordisk's weight loss drug Wegovy and diabetes drug Ozempic, which contain the same active ingredient. The company expects 18 to 26% sales growth in 2024, driven by demand for these two drugs.
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00:00 It's Benzinga and here's what's on the block. Novo Nordisk, a Danish pharmaceutical company,
00:05 reported a 31% increase in Danish kroner sales and a 36% increase in sales at constant exchange
00:11 rates for 2023. Sales totaled 232.3 billion Danish kroner. The strong performance was fueled
00:18 by Novo Nordisk's Diabetes and Obesity Care division, which soared 154% at constant exchange
00:25 rates to 41.6 billion kroner. Demand remains high for Novo Nordisk's weight loss drug,
00:31 Wegovy, and diabetes drug, Lozempic, which contain the same active ingredient.
00:36 The company expects 18 to 26% sales growth in 2024, driven by demand for these two drugs.
00:42 Novo Nordisk's market value rose to over $506 billion, making it the largest company in Europe
00:47 by market cap surpassing LVMH. For all things money, visit Benzinga.com.