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SAP leapfrogs Novo Nordisk to become Europe’s most valuable company
Milestone caps a 40% rally in past year for German software group
Shares of SAP have risen more than 40 per cent in the past year as investors have welcomed the shift of its business customers to the cloud, and the group has ridden the wave of enthusiasm for artificial intelligence. Founded by five former IBM employees in 1972, SAP has in recent years made progress in shifting its model away from selling on-premise software licences towards cloud service contracts, a more predictable and lucrative business. Novo Nordisk, which has vied with French luxury group LVMH for Europe’s top spot over the past two years, this month published a second set of worse than expected trial results for CagriSema, a potential successor treatment to Ozempic and Wegovy.
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