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    Home > Finance > Software maker SAP unseats Novo Nordisk as Europe's largest company
    Finance

    Software maker SAP unseats Novo Nordisk as Europe's largest company

    Published by Global Banking & Finance Review®

    Posted on March 24, 2025

    2 min read

    Last updated: January 24, 2026

    Software maker SAP unseats Novo Nordisk as Europe's largest company - Finance news and analysis from Global Banking & Finance Review
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    Quick Summary

    SAP has become Europe's largest company by market cap, surpassing Novo Nordisk, driven by its cloud business and AI investments.

    SAP Surpasses Novo Nordisk as Europe's Top Company

    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)

    Key Takeaways

    • •SAP overtakes Novo Nordisk in market capitalization.
    • •SAP's cloud business benefits from AI investments.
    • •SAP shares have surged 160% since 2022.
    • •Novo Nordisk shares underperform due to drug trial results.
    • •SAP is Europe's largest software maker.

    Frequently Asked Questions about Software maker SAP unseats Novo Nordisk as Europe's largest company

    1What is the main topic?

    The article discusses SAP overtaking Novo Nordisk as Europe's largest company by market capitalization.

    2Why did SAP's market cap increase?

    SAP's market cap increased due to optimism in its cloud business and investments in generative AI.

    3How has Novo Nordisk performed recently?

    Novo Nordisk's shares have underperformed due to disappointing results from drug trials.

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