SAP ousts Novo Nordisk from the throne of Europe's most valuable company
Kyiv • UNN
German software developer SAP has overtaken Danish pharmaceutical giant Novo Nordisk to become Europe's most valuable company, with a valuation of €312 billion. SAP shares rose by 40%.
The German company SAP, which develops software, has replaced the Danish pharmaceutical giant Novo Nordisk as the most expensive company in Europe.
UNN reports with reference to Вloomberg and Handelsblatt.
Novo Nordisk is no longer the most expensive company in Europe whose shares are listed on the stock exchange. The Danish pharmaceutical company, headquartered in the suburbs of Copenhagen, was overtaken by the German software developer SAP.
Over the past year, SAP shares have grown by 40% due to the growth in sales of cloud technologies and artificial intelligence offerings.
As of 10:57 a.m. in Frankfurt, SAP shares were up 0.9%, valuing the company at about 312 billion euros ($338 billion). This put it ahead of Novo Nordisk.
According to data collected by Bloomberg, SAP has contributed the most to the growth of the benchmark Stoxx 600 index by 30% since the end of 2022. Shares have risen by more than 150% over this period and have driven approximately 8% of the index's growth.
Novo Nordisk lost its first place in Europe after its shares fell by about half after reaching a record high in June.
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