Posted 3/8/2024, 12:15:00 PM
Novo Nordisk Soars Past Tesla in Value on 'Blockbuster' New Weight Loss Pill Results
- Novo Nordisk's market cap surpassed Tesla's after positive trial results for a new weight loss pill, amycretin
- Amycretin was more powerful than Novo's injectable Wegovy in trials, with 13.1% weight loss in 12 weeks vs Wegovy's 6%
- Novo's shares hit a record high, making it the world's 12th most valuable company at over $600 billion market cap
- The obesity drug market is heating up with rivals like Zealand Pharma and Eli Lilly developing competing weight loss drugs
- Analysts predict the obesity drug industry will be worth $100 billion by the end of the decade amid rising demand