5 Most Valuable European Companies Heading into 2024

1.  Novo Nordisk A/S (NYSE:NVO)

Market value as at 31st October 2023 (in $ billions): 431.6

Topping the list of the 25 most valuable European companies heading into 2024 is Novo Nordisk A/S (NYSE:NVO), one of the most valuable pharmaceutical companies in the world. Novo Nordisk A/S (NYSE:NVO) recently dethroned LVMH to become Europe’s reigning country after the unmitigated success of Wegovy, a weigh-loss drug with spectacular results.

Novo Nordisk A/S (NYSE:NVO) mentioned Wegovy’s growth in its Q2 2023 earning calls, stating “Obesity care sales increased by 157%, mainly driven by the U.S. due to a strong Wegovy uptake and continued demand for Saxenda. The global branded obesity market expansion continues with a global volume growth of around 76%. In international operations, obesity care sales are driven by a strong Saxenda performance and the Wegovy launches in Denmark and Norway. We anticipate a continuation of the gradual rollout of Wegovy in international operations, which now includes Wegovy launches in Denmark, Norway, and Germany. In the U.S. alone, sales of Wegovy grew by 344%, and we continue to see an overwhelming demand for Wegovy. While supply capacity is gradually being expanded, the supply of the lower dose strengths will remain restricted to safeguard continuity of care. As mentioned by Doug, the supply of the lower Wegovy dose strengths in the U.S. will remain restricted to safeguard continuity of care while supply capacity is gradually being expanded. We expect that operating profit growth will be between 31% and 37% at constant exchange rates. This primarily reflects the sales growth outlook and continued investments in current and future growth drivers within R&D and commercial.”

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