Novo Nordisk market cap surpasses Tesla on new obesity pill trial data

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The logo of Danish pharmaceutical company is pictured at their headquarters in Bagsvaerd outside of Copenhagen, Denmark on February 1, 2017.

Liselotte Sabroe | AFP | Getty Images

Wegovy obesity drug maker Novo Nordisk surpassed Tesla in market value, after fresh early trial data showed positive results for its new experimental weight loss pill.

Shares of the Danish company hit a record high on Thursday, rallying by as much as 8%, after telling investors that a Phase I trial of the company’s amycretin pill showed 13.1% weight loss in participants after 12 weeks.

Novo Nordisk is now the 12th most valuable company in the world, with a market cap of $604 billion — ahead of Tesla’s $569 billion, according to FactSet data.

Shares were trading slightly lower on Friday, down 0.5%, by 10:00 a.m. London time.

Top 15 companies by market capitalization

Name Ticker Sector Market value ($ bn)
Microsoft Corp MSFT Technology 3,040.1
Apple Inc. AAPL Technology 2,609.7
NVIDIA Corp NVDA Technology 2,316.7
Saudi Aramco 2222-SA Energy 2,048.6
Amazon.com, Inc. AMZN Consumer Non-Cyclicals 1,836.7
Alphabet Inc. GOOGL Technology 1,675.6
Meta Platforms Inc META Technology 1,305.8
Berkshire Hathaway BRK.B Finance 869.6
Eli Lilly and Company LLY Healthcare 741.3
Broadcom Inc. AVGO Technology 652.0
Taiwan Semiconductor TSM Technology 625.1
Novo Nordisk NVO Healthcare 608.1
Tesla, Inc. TSLA Consumer Cyclicals 569.0
Visa Inc. Class A V Finance 559.0
JPMorgan Chase JPM Finance 541.1

The uptick of Thursday extends a months-long rally for Novo Nordisk, as excitement grows around weight loss drugs and their potential wider applications. The company is now the most valuable in Europe, with a valuation larger than Denmark’s total gross domestic product last year.

The early amycretin data marks a fresh milestone for Novo Nordisk, potentially offering a more effective and less intrusive alternative to its already widely successful injection-based Wegovy and Ozempic drugs. Wegovy showed weight loss of 6% in a 12-week trial, while Ozempic is a diabetes treatment.

A Phase II trial of amycretin will begin in the second half of this year, with results expected in early 2026, the company said Thursday. The treatment will then be subject to Phase III and Phase IV trials — a process which could take years.

Still Novo’s head of development Martin Holst Lange said Friday that he anticipated that the pill could be available to consumers “within this decade.”

“I never commit to timelines but I would be very comfortable to say at the very least within this decade,” Lange he said, according to Reuters.

Weight-loss drugs poised for big 2024 as demand surges

— CNBC’s Ganesh Rao contributed to this story.

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