Novo Nordisk overtakes luxury group LVMH as Europe’s most valuable company

LONDON (Reuters) – Danish drugmaker Novo Nordisk (NYSE:) unseated LVMH as Europe’s most valuable listed company on Friday, ending the French luxury group’s 2-1/2 year-long reign at the top.

Novo Nordisk now has a market capitalisation of $421 billion, according to Refinitiv data. The French-listed LVMH has a market cap of $420.97 bln.

The pharma group has had a huge boost in recent weeks from investors betting on the increasingly lucrative weight-loss drug market, while LVMH has come under pressure, along with other luxury retailers as concern about growth in China has burgeoned.