Ozempic maker surpasses Tesla

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Novo Nordisk, the pharmaceutical company known for producing the weight-loss drugs Wegovy and Ozempic, has recently surpassed Tesla in market valuation. Following the announcement of positive early trial data for a new obesity drug called amycretin, Novo Nordisk's shares surged over 8%, reaching a market value of $566 billion. This surge in stock price was driven by the Phase I trial results of amycretin, which showed a significant weight loss of 13.1% in participants after 12 weeks, compared to the 6% weight loss at the same time point for Wegovy2. The success of Wegovy and Ozempic, which are GLP-1 agonists originally designed to treat type 2 diabetes, has contributed to Novo Nordisk's rapid growth. These drugs have been shown to reduce food cravings and slow stomach emptying, leading to weight loss. The company's focus on diabetes and weight-loss therapies is now expanding to include cardiovascular disease treatments, especially after Wegovy demonstrated a clear cardiovascular benefit in a large study2. Novo Nordisk's market performance has been remarkable, with its shares rising more than three-fold since the launch of Wegovy in the United States in June 2021. The company has become Europe's most valuable listed company, surpassing luxury brand LVMH, and is now ranked as the 12th most valuable company globally2. Nearly half of Novo Nordisk's current valuation is attributed to its pipeline of new experimental drugs, such as amycretin, indicating strong investor confidence in the company's future prospects2. This development comes in the context of Tesla's market cap falling to $581 billion after a 12% drop in stock price following a disappointing earnings report, which saw the electric vehicle maker miss revenue and profit estimates and signal weak growth for the year ahead5.
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