LONDON (Reuters) - Danish drugmaker Novo Nordisk 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.
Reporting by Lucy Raitano; Editing by Amanda Cooper