SAP Topples Novo to Become Europe’s Biggest Listed Company

German software developer SAP SE unseated Danish weight-loss drug maker Novo Nordisk A/S as Europe’s most-valuable public company.

Shares of SAP, which have surged as the Walldorf, Germany-based firm boosts cloud sales with a range of new artificial intelligence offerings, rose as much as 2.3% on Monday. They were up 0.9% at 10:57 a.m. in Frankfurt, valuing the firm at about €312 billion ($338 billion). That tipped it past Novo Nordisk, whose shares have declined 18% this year due to disappointing trials of its next-generation weight-loss shot CagriSema.