Growing obesity megacaps

Novo Nordisk market cap tops $500B on $21.6B in 2023 sales for semaglutide franchise

February 2, 2024 9:46 PM UTC

Booming obesity sales have driven the market cap of Novo Nordisk north of $500 billion.

On Wednesday, Novo Nordisk A/S (CSE:NOVO B; NYSE:NVO) reported DKK232.3 billion ($34.4 billion) in 2023 revenues, growing 36% at constant exchange rates over the prior year. Shares of the Danish biopharma surged to an all-time high of $116.12 during Wednesday’s trading session, before finishing up $5.72 to $114.74 to add over $25 billion in valuation. The stock ended the week at $113.70, giving Novo a market cap of about $507 billion...