German software giant SAP has overtaken Denmark's Novo Nordisk (NYSE:NVO) to become Europe's largest company by market cap.
SAP's market cap of $340 billion edged past the maker of weightloss drugs, according to Reuters calculations using LSEG data.
Novo, which became Europe's number one in 2023, has seen its shares slim 19% in the year to date while SAP shares are up 7%.
The Danish drugmaker soared 400% between the start of 2020 and the middle of last year as investors gobbled up its stock following successful trials and initial sales of its fat-busting and diabetes drugs Wegovy/Ozempic.
Novo edged out French-listed luxury brands group LVMH off the top spot, which it held since 2021 after taking the crown from Nestle.
LVMH's valuation is now just over €300 billion, down a third from all-time highs of 2023.