German software giant SAP is now Europe’s most valuable company

The latest trial results for CagriSema, Novo Nordisk’s new experimental weight-loss drug, disappointed investors. In a study released earlier this month, patients without Type 2 diabetes on CagriSema reduced their weight by 22.7% over 68 weeks, down from the previous 25% forecast — and patients with Type 2 diabetes lost only 15.7% of their weight.

Furthermore, the company announced that it was spending up to $2 billion to license a Chinese-made weight-loss drug that could potentially rival Ozempic, as reported by Barron’s on Monday morning.

Novo Nordisk’s decline means that the title of Europe’s most valuable company has just this morning passed to German software giant SAP, which now boasts a market cap of some $339 billion, having excited investors about the potential of its AI-driven cloud data business.

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