Europe’s new champ: How SAP’s tech bet paid off against Novo Nordisk

SAP, Europe's top software maker, has seen massive growth thanks to its cloud and AI-driven business solutions. While its stock is up 7% in 2025, its total return since 2022 has soared 160%, far outpacing the broader market. Will SAP keep the lead, or will Novo Nordisk bounce back?
Image source: lifeatsap/ChattyLion/AI

German software giant SAP has overtaken Danish pharmaceutical company Novo Nordisk as Europe’s largest company by market capitalization. As of March 24, 2025, SAP’s market value reached $340 billion, surpassing Novo Nordisk, according to Reuters calculations using LSEG Workspace data. SAP, known for its enterprise software solutions in finance, sales,…

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