Danish Novo Nordisk is not the first: changes in the ranking of the most expensive companies in Europe
24 March 14:21
German software developer SAP SE has managed to increase sales of cloud technologies and become the most expensive company in Europe thanks to the introduction of artificial intelligence. This was reported by Bloomberg, according to Komersant ukrainskyi.
On Monday, the company’s shares rose by 2.3%, bringing SAP’s estimated value to 312 billion euros ($338 billion). It is also reported that over the past year, SAP shares have increased by 40%. The company’s focus on cloud businesses has allowed it to sell more profitable products with artificial intelligence features, which has contributed to revenue growth.
“SAP is proud to be recognized as the most valuable company in Europe. Our continued investment in the cloud, artificial intelligence and innovation reflects our commitment to digital transformation and long-term growth for companies around the world,” a company spokesperson told Bloomberg.
Analysts estimate that SAP’s sales will grow by 12% this year. It is important that the company is insulated from the economic problems of Europe due to its large presence in the United States, its largest market. SAP’s sales in the United States in the fourth quarter amounted to 2.9 billion euros, or approximately 31% of total revenue.
And what about the previous leader of the most expensive
Danish drugmaker Novo Nordisk Novo Nordisk lost the top spot in Europe after its shares fell by about half after hitting a record high in June.
As Liga.net reminds, Novo Nordisk has been on top since September 2023, when its share price went up sharply after the launch of the anti-obesity drug Wegovy. In a few months, it became the second European company to ever surpass the $500 billion market capitalization mark.
In January 2025, Novo Nordisk briefly lost the status of the largest company in Europe by market value to the French conglomerate LVMH.
Over the past year, Novo Nordisk’s capitalization has fallen by more than 41%. And since the beginning of 2025, Novo Nordisk has lost 18% amid controversial trials of a new generation of CagriSema weight loss injections. On Monday, the company’s shares suffered another decline of 0.9%.
What is known about the new most expensive company in Europe
SAP SE is the largest developer of enterprise software in Europe and the third largest in the world after Microsoft and Oracle. The headquarters is located in Waldorf.
The company was founded in 1972 by former IBM employees who decided to focus on creating software for enterprises. SAP was one of the first companies to develop products that allowed payroll and accounting using a mainframe (high-performance computer).
Who is among the leaders of the Ukrainian market
Based on the financial statements of Ukrainian business for 2024, published by the State Statistics Service, Evropeiska Pravda has compiled a rating of the country’s two hundred largest companies.
It is reported that in 2024, the total revenue of the 200 largest Ukrainian companies amounted to UAH 5.3 trillion. This is 15% more than in 2023 (UAH 4.6 trillion) and exceeds last year’s inflation rate (12%).
But the most important thing is that the leader has changed. While in 2023, the ATB-Market chain of Gennadiy Butkevych and partners generated the highest revenue, in 2024, Rinat Akhmetov’s D.Trading showed the highest revenue. Its revenue increased by 30% to UAH 215 billion.
This was due to a 64% increase in the electricity tariff for households. As a result, the sector’s revenue grew by an average of 23% in 2024.
The state-owned trader Energy Company of Ukraine had the highest growth rate in the sector: by 226% to UAH 22.3 billion. The energy sector companies in the top 200 by revenue accounted for UAH 1.15 trillion.
At the end of last year, Forbes also published its rating, in this case of the largest companies in Ukraine.
Metinvest is at the top of the Forbes TOP 200 list. Its turnover in 2023 amounted to UAH 270.5 billion. DTEK, another corporation owned by Rinat Akhmetov, is in second place, having generated UAH 200 billion in turnover in 2023. ATB is in third place.
