Weight-loss drug maker Novo Nordisk is Europe’s most valuable company at £338 billion

Danish maker of weight loss drug Wegovy has become Europe’s most valuable company, overtaking LVMH.

The value of shares in diabetes and weight loss medicine specialist Novo Nordisk has more than tripled since the start of 2021 – giving it a market value of more than £338 billion.

Shares rose 0.8 percent yesterday.

That puts it ahead of the French luxury giant, which owns Louis Vuitton, Dior and Moet, and is worth around £328 billion.

Novo Nordisk’s stock has risen on demand for Wegovy, an injection that users take once a week to fool the body into thinking it’s full, thereby helping patients lose weight.

Breakthrough: The value of shares in Novo Nordisk, a specialist in diabetes and weight-loss drugs, has more than tripled since the beginning of 2021

The drug is available from the NHS this week and is also being sold privately for up to £299 a month – although many suppliers are listing it as “sold out” due to demand.

Experts warn that the drug should not be viewed as a quick fix or a replacement for a healthy diet and exercise.

But analysts are already assuming that Wegovy could become one of the best-selling drugs in history.