, manufacturer of GLP-1 antagonist drugs Wegovy and Ozempic, now has a higher market capitalisation than the yearly GDP of its home country, Denmark.
At the time of writing the International Monetary Fund to reach $405.6bn, whilst Novo鈥檚 market cap sits around $418.1bn.
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By GlobalDataNovo has been a specialist diabetes drug manufacturer for over 100 years and has enjoyed reasonable success in this niche, but since FDA approval of Ozempic for diabetes in 2017 its growth has been unstoppable. The company is now the second most valuable in Europe after luxury conglomerate LVMH, owner of the Louis Vuitton, Dior and Hennessy brands among others.
The drugs鈥� unique appeal is that they not only regulate blood glucose levels but also lead to weight loss, which further helps reduce symptoms of type-2 diabetes. Even for those without diabetes, Ozempic is often prescribed off-label as a weight-loss drug, spurred on by . Its sister drug Wegovy was approved for weight loss in 2021.
(28 August) that the drug company鈥檚 impact on the Danish economy is so large that the country has been able to keep interest rates lower than EU states and that pharmaceutical companies accounted for almost all of the growth in the country last year.
This impact may grow in coming months as Wegovy has recently been found to reduce the risk of heart failure in obese patients, potentially further expanding the drug鈥檚 applicability. In fact, the main limiting factor may be Novo鈥檚 ability to produce enough - the two drugs have been in shortage for nearly two years as demand has outstripped the company鈥檚 supply.
In the long run, the company鈥檚 growth may slow as the US government and competitor drug Tirzepatide, developed by Eli Lilly, .
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