On September 1, Novo Nordisk briefly surpassed LVMH to become the world’s most valuable luxury goods company. The Danish pharmaceutical company’s market capitalization reached $428 billion, while LVMH’s was $419 billion. Novo Nordisk introduced its obesity drug Wegovy in the UK after launching it in the US in June 2021. The drug will be introduced in a controlled and limited launch in the UK. Novo Nordisk’s biggest competitor, Eli Lilly, has applied for regulatory approval to use its diabetes drug Mounjaro to treat obesity. Wegovy has been successful, leading to a significant increase in Novo Nordisk’s share price, which has quadrupled since 2018 and gained 41% this year. The drug also reduces the risk of serious cardiac events by 20%.