Drugmaker Novo Nordisk briefly overtakes LVMH as Europe’s most valuable company

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Reuters UK

By Lucy Raitano and Danilo Masoni LONDON (Reuters) -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. LVMH, the World’s biggest luxury retailer, has been hurt by growing concerns about the outlook for the Chinese economy. Novo is meanwhile riding a wave of demand for its highly effective diabetes and weight-loss drugs Ozempic and Wegovy, which has sent its earnings and shares to record highs. Its shares have risen around 17% since it announced on Aug. 8 t…

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