Four weeks after the dramatic dismissal of CEO Lars Fruergaard Jørgensen, Novo Nordisk has reclaimed its title as Europe’s most valuable company. This resurgence comes amidst a leadership vacuum, raising questions about the factors driving the company’s performance.

Despite the absence of a permanent CEO, Novo Nordisk’s share price has surged by nearly 22 percent since May 16. This increase surpasses the seven percent rise of its main competitor, Eli Lilly, during the same period.

Analysts attribute the upward trend to several key factors. Positive prescription data for Wegovy in the United States suggests that Novo Nordisk’s strategies to address generic competition are proving effective. Recent prescription numbers for Wegovy are the highest since the beginning of the year.

Concerns about Novo Nordisk losing ground to Eli Lilly appear to have eased. The company’s decision to expedite the testing of its promising new drug, Amycretin, has instilled renewed confidence in its pipeline. Amycretin will proceed directly to phase 3 trials in the first quarter of 2026, both in injection and tablet form.

Initial trials have demonstrated Amycretin’s potential, with obese individuals experiencing a 22 percent weight loss in just 36 weeks. This result surpasses the efficacy of both Wegovy and Eli Lilly’s Zepbound.

Some analysts believe that the share price had fallen too low, reflecting overly pessimistic earnings projections. This sentiment may be contributing to the recent recovery.

Despite the positive developments, experts caution that the leadership vacuum remains a significant challenge for Novo Nordisk. The lack of a permanent CEO can negatively impact the organization’s culture, work ethic, and overall direction.

As of June 13, 2025, Novo Nordisk’s value is estimated at $356 billion, placing it ahead of other European giants such as SAP, ASML, and Hérmés.