Wegovy obesity drug frenzy drives Novo past $500bn stock market value

Novo Nordisk’s earnings sparked fresh optimism as the company said revenue could grow by as much as 26% this year and operating profit by up to 29%

Wegovy weight loss drug: Some analysts are sceptical that the stock market performance of drugmaker Novo can last.

Denmark's Novo Nordisk has become the second-ever European company to pass $500bn in stock market value, bolstered by an upbeat outlook for its blockbuster obesity drug Wegovy.

Novo crossed the valuation line on Wednesday, reaching a level only attained by Dior-owner Louis Vuitton LVMH, as its shares extended recent gains.