Obesity Drug Hit Makes Novo Nordisk More Valuable Than Nestle

It’s the Wegovy effect.

The blockbuster weight-loss drug, a hit with Hollywood and Silicon Valley celebrities, has more than doubled the market value of Novo Nordisk A/Ssince 2021 and looks set to be a cash cow for the Danish firm for years to come.

Wegovy has flown off the shelves since it gained US approval in June 2021, alongside Ozempic, its diabetes drug that has also been used as an appetite-suppressant. With obesity care sales at Novo Nordisk more than doubling in 2022, its market value has soared to 2.3 trillion Danish kroner ($336 billion), making it Europe’s ...