Weight-loss drug maker Novo Nordisk is Europe's most valuable firm at £338bn

The Danish maker of weight loss drug Wegovy has become Europe’s most valuable company, overtaking LVMH. 

Shares in Novo Nordisk, a specialist in diabetes and weight loss medicines, have more than tripled in value since the start of 2021 – giving it a market value of more than £338billion. 

Shares climbed 0.8 per cent yesterday.

This puts it ahead of the French luxury giant that owns Louis Vuitton, Dior and Moet, and is worth around £328billion.

Novo Nordisk’s stock has surged amid demand for Wegovy, an injection that users take once a week to trick the body into thinking it is full, helping patients to lose weight. 

Breakthrough: Shares in Novo Nordisk, a specialist in diabetes and weight loss medicines, have more than tripled in value since the start of 2021 

The drug became available on the NHS this week and is also sold privately at up to £299 a month – although many suppliers are showing it as ‘out of stock’ because of demand. 

Experts have warned the drug should not be considered a quick fix or substitute for a healthy diet and exercise. 

But analysts are already predicting Wegovy could become one of the best-selling medicines in history.