Novo Nordisk is now the highest valued company in Europe.
👉 Background: Novo Nordisk is the Danish pharmaceutical company that's behind the diabetes drug called Ozempic. Originally, it was developed to help people manage Type 2 diabetes. But it had a side-effect that helped people lose a heap of weight.
👉 What happened: Now, after its success as a weight loss drug, Novo Nordisk has clocked a market capitalisation of $428 billion USD, officially making them the highest valued company in Europe.
👉 What else: Novo has raked in about $7 billion USD in profit - that's 30% more than they made last year. And the company has grown so much that there's a massive influx of US dollars flocking into Denmark's economy.
💡The fortunes of one successful company can change the fortunes of a whole nation. As a result of the drugs popularity, Novo Nordisk has brought an influx of foreign currency into Denmark.
💡Ozempic is not only proving fruitful for Novo Nordisk and its investors, but it's also reshaping the Danish economy.
💡And Novo Nordisk isn't the first company to literally carry a whole country's economy on its shoulders. Samsung reportedly accounts for around 20% of South Korea's whole GDP. Talk about punching above your weight!
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