“Novo is close to LVMH as the stock with the largest market capitalization in Europe, reflecting the recent success of Novo’s products, while recent trends for LVMH have been more mixed,” said Marcel Stotzel, co-manager of Fidelity European Fund and Fidelity European Trust.
Stotzel said both stocks remain key holdings in his funds.
Novo’s shares are near all-time highs, underscoring investor appreciation for a strategy that has given the company a first-mover advantage in a booming market for obesity drugs.
This market is expected to reach $100 billion in annual sales within a decade. Today, sales are around $6 billion, according to Barclays.