In 2023, Danish drugmaker Novo Nordisk briefly surpassed the luxury conglomerate LVMH to become Europe’s most valuable company by market capitalization. After pioneering GLP-1 treatments to combat obesity, Novo Nordisk has struggled to build on this success. Karsten Munk Knudsen, CFO at Novo Nordisk, admits it has been a “rocky road” for the business. One drug Novo Nordisk had pinned its hopes on as a future growth driver was ziltivekimab—a cardiovascular drug. Novo Nordisk’s share price dropped almost 6% following the release of its first-half financial results on Aug. 4.