Published by Global Banking & Finance Review®
Posted on March 24, 2025
2 min readLast updated: January 24, 2026
Add as preferred source on GoogleSAP has become Europe's largest company by market cap, surpassing Novo Nordisk, driven by its cloud business and AI investments.
By Lucy Raitano and Samuel Indyk
LONDON (Reuters) -German software company SAP overtook Danish healthcare company Novo Nordisk as Europe's largest company by market capitalisation on Monday.
At 0900 GMT, SAP had a market cap of $340 billion, slightly more than Novo Nordisk, according to Reuters calculations using LSEG Workspace data.
SAP is Europe's largest software maker, providing business application software used by companies for finance, sales, supply chain and other functions.
Its shares have surged in recent years, in part due to optimism that its cloud business will be a major beneficiary of recent investment in generative artificial intelligence.
While SAP shares are up 7% so far in 2025, underperforming the broader European STOXX 600 index, which is up 8.3% year-to-date, they have clocked a total return of 160% since the end of 2022, far outperforming the STOXX 600's 28%.
In contrast, Novo Nordisk shares have underperformed the market in recent months after data from trials of its experimental next-generation obesity drug Cagrisema disappointed investors.
The Danish healthcare firm unseated luxury retailer LVMH as Europe's largest company in September 2023.
(Reporting by Lucy Raitano and Samuel Indyk, editing by Alun John and)
The article discusses SAP overtaking Novo Nordisk as Europe's largest company by market capitalization.
SAP's market cap increased due to optimism in its cloud business and investments in generative AI.
Novo Nordisk's shares have underperformed due to disappointing results from drug trials.
Explore more articles in the Finance category
