The company behind diabetes and obesity phenomena Ozempic and Wegovy is overweight.

Novo Nordisk became Europe’s most valuable company last month, overtaking luxury goods maker LVMH, which itself took the title from food company Nestlé in 2021. All three companies are global stars that dominate the small European stages where they play, but the Danish drug company is now an extreme case. This might be a reason why the shares trade at a discount to those of its closest peer, U.S.-listed Eli Lilly.