Ozempic Maker Novo Nordisk Closes In On Lego As Denmark's Most Valuable Brand: Report

Pharmaceutical giant Novo Nordisk A/S (NYSE:NVO) is reportedly set to overtake Denmark’s iconic toymaker, Lego A/S, as the nation’s most valuable brand.

For now, Lego continues to hold the title of the nation’s most valuable brand, a position it has maintained for nine consecutive years.

However, the pharmaceutical giant is rapidly gaining ground, thanks to the surging popularity of its weight-loss drugs on a global scale.

Lego’s brand value has modestly increased by 3% in the past year, reaching approximately $8 billion. In contrast, Novo Nordisk’s brand value soared by 59% to $5.1 billion, reported Bloomberg, citing the latest 2024 country rankings by Brand Finance, released on Wednesday.

Novo Nordisk’s meteoric rise in brand value is largely attributed to the explosive demand for its weight-loss medications, Ozempic and Wegovy.

Also Read: Ozempic, Wegovy Create Domino Effect As New Products Emerge Across Industries To Capture New Consumer Habits

These products have not only dominated the market but also become cultural phenomena, significantly enhancing Novo’s brand presence worldwide.

The success of Novo Nordisk has profound implications for Denmark’s economy. As Europe’s most valuable company by market value, Novo’s growth has been vital, influencing everything from interest rates to employment levels in Denmark.

In 2023, Denmark’s GDP growth was reported at 1.9%, a figure that would have been negligible without Novo’s contributions, per the report.

Despite their success, both Danish giants still trail far behind the global leader, Apple Inc. (NASDAQ:AAPL), whose brand is valued at a staggering $517 billion, making it the world’s most valuable, per Brand Finance, noted the report.

Novo Nordisk stock has gained more than 80% in the last 12 months. Investors can gain exposure to the stock via VanEck Pharmaceutical ETF (NASDAQ:PPH) and First Trust International Equity Opportunities ETF (NASDAQ:FPXI)

Price Action: NVO shares are trading higher by 0.82% at $142.95 at the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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