After ousting CEO, Novo Nordisk reclaims crown as largest European company

Dow Jones
06/13

MW After ousting CEO, Novo Nordisk reclaims crown as largest European company

By Steve Goldstein

Novo Nordisk's shock decision to oust its chief executive has resulted in the Ozempic maker once again becoming Europe's largest by market capitalization.

Novo Nordisk's ADR $(NVO)$ (DK:NOVO.B), at Thursday's close, valued the drugmaker at $357.9 billion, while SAP $(SAP)$ (XE:SAP), the German software company, is worth $353 billion.

Last month, Novo Nordisk said Lars Fruergaard Jørgensen was stepping down after eight years running the company, after the charitable foundation that is its main owner called for change. Novo Nordisk's stock had faltered as it encountered competition from rival Eli Lilly and a key developmental drug didn't perform as well at a trial as hoped.

Though not immediately, that move to push out its CEO sparked a 28% rally in the Copenhagen-listed shares.

The Financial Times has reported that an activist investor, Parvus, was building a stake to help influence the appointment of a new CEO.

-Steve Goldstein

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June 13, 2025 04:48 ET (08:48 GMT)

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