Novo Nordisk market cap surpasses Tesla on new obesity pill trial data

Novo Nordisk market cap surpasses Tesla on new obesity pill trial data

Novo Nordisk market cap surpasses Tesla on new obesity pill trial data

The logo of Danish pharmaceutical company is pictured at their headquarters in Bagsvaerd outside of Copenhagen, Denmark on February 1, 2017.

Liselotte Sabroe | AFP | Getty Images

Wegovy obesity drug maker Novo Nordisk surpassed Tesla in market value Thursday, after fresh early trial data showed positive results for its new experimental weight loss pill.

Shares of the Danish company hit a record high in the previous session, rallying by as much as 8%, after telling investors that a Phase I trial of the company’s amycretin pill showed 13.1% weight loss in participants after 12 weeks.

Novo Nordisk is now the 12th most valuable company in the world, with a market cap of $604 billion — ahead of Tesla’s $569 billion, according to FactSet data.

Top 15 companies by market capitalization

Name Ticker Sector Market value ($ bn)
Microsoft Corp MSFT Technology 3,040.1
Apple Inc. AAPL Technology 2,609.7
NVIDIA Corp NVDA Technology 2,316.7
Saudi Aramco 2222-SA Energy 2,048.6, Inc. AMZN Consumer Non-Cyclicals 1,836.7
Alphabet Inc. GOOGL Technology 1,675.6
Meta Platforms Inc META Technology 1,305.8
Berkshire Hathaway BRK.B Finance 869.6
Eli Lilly and Company LLY Healthcare 741.3
Broadcom Inc. AVGO Technology 652.0
Taiwan Semiconductor TSM Technology 625.1
Novo Nordisk NVO Healthcare 608.1
Tesla, Inc. TSLA Consumer Cyclicals 569.0
Visa Inc. Class A V Finance 559.0
JPMorgan Chase JPM Finance 541.1

Source: FactSet, Mar. 8

The uptick of Thursday extends a months-long rally for Novo Nordisk, as excitement grows around weight loss drugs and their wider applications. The company is now the most valuable in Europe, with a valuation larger than Denmark’s total gross domestic product last year.

Shares were trading slightly lower on Friday, down 0.3%, by 9:35 a.m. London time.

Weight-loss drugs poised for big 2024 as demand surges

This is a breaking news item, and it is being updated.

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