Danish drugmaker Novo Nordisk briefly unseated LVMH as Europe's most valuable listed company in intraday trading on Friday, ending the French luxury group's 2-1/2 year-long reign at the top.
By 1030 GMT, LVMH's market value was again larger at around $423.9 billion while Novo's was around $421.9 billion.Novo's share price has roughly tripled in the past three years while that of LVMH, home to fashion labels Louis Vuitton and Dior, has doubled.
"The market share should be split relatively equally between Novo Nordisk and Eli Lilly, the two main companies behind obesity treatments," said Axelle Pinon, a member of Carmignac's investment committee.is expected to receive a U.S. weight loss approval for its similar drug, Mounjaro, later this year.
That result may help persuade insurers and health authorities to cover the cost of Wegovy, which is $1,300 a month in the United States, for a wider range of patients. European luxury stocks soared early in 2023 as investors pinned hopes on swift economic rebound after China lifted Covid-19 restrictions.and a crisis in the property sector have soured the outlook for the world's No.2 economy, weighing on a luxury sector that is heavily reliant on Chinese consumers.
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