German software company SAP (SAPG.DE) surpassed Danish healthcare giant Novo Nordisk (NOVOb.CO) as Europe's largest company by market capitalization on Monday. As of 0900 GMT, SAP's market cap stood at $340 billion, slightly exceeding that of Novo Nordisk, according to Reuters calculations based on LSEG Workspace data.
SAP, Europe's largest software company, specializes in business application software that supports finance, sales, supply chain management, and other corporate functions.
SAP’s shares have surged in recent years, driven in part by optimism that its cloud business will benefit from increased investment in generative artificial intelligence.
While SAP shares have gained 7% in 2025—lagging behind the broader European STOXX 600 index, which is up 8.3% year-to-date—they have delivered a total return of 160% since the end of 2022, significantly outperforming the STOXX 600’s 28% gain.
In contrast, Novo Nordisk shares have underperformed in recent months following investor disappointment over trial data for its experimental next-generation obesity drug, Cagrisema.
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